Technical analysis of USD/JPY for November 24, 2014

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Fundamental overview:


USD/JPY is expected to consolidate. Liquidity was thin in Asia on Monday as financial markets in Japan were shut for a public holiday. USD/JPY is undermined by the Japan's finance minister Aso's remark on Friday that the recent fall in yen had been too fast. USD/JPY is also weighed by lower U.S. Treasury yields (10-year at 2.315% versus 2.333% late Thursday), buy-yen orders from Japan's exporters. But USD/JPY losses are tempered by the sell-yen orders from Japan's importers, Bank of Japan's large-scale easing policy and the positive dollar sentiment (ICE spot dollar index last 88.41 versus 87.67 early Friday) on divergent Federal Reserve's monetary policy versus that of other major central banks and stronger-than-expected rise in Kansas City Fed manufacturing production index to 9 in November from 3 in October (versus forecast of 5), yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 5.01% to 12.9; S&P 500 hit all-time high 2,071.46 Friday before closing up 0.52% at 2,063.5) after China's central bank cut interest rates for the first time in more than two years and the European Central Bank's president reiterated that the ECB was ready to expand its stimulus program.


Technical comment:
Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at the overbought levels, 5 and 15-day moving averages are advancing.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 119 and the second target at 119.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 116.75. A break of this target would push the pair further downwards and one may expect the second target at 116.35. The pivot point is at 117.40.


Resistance levels:

119

119.70

120


Support levels:

116.75

116.35

116.05


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Technical analysis of NZD/USD for November 24, 2014

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Fundamental overview:


Technical comment:
NZD/USD is expected to trade with a bullish bias. It is supported by the Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment and NZD-USD interest differential. But NZD/USD gains are tempered by the positive dollar sentiment, weak dairy prices; and Kiwi sales on buoyant AUD/NZD cross. Daily chart is mixed as stochastics is bearish near the overbought levels, but MACD is in a bullish mode.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7910 and the second target at 0.7945. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7820. A break of this target would push the pair further downwards and one may expect the second target at 0.7790. The pivot point is at 0.7850.


Resistance levels:

0.7910

0.7945

0.8005

Support levels:

0.7820

0.7790

0.7750


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Technical analysis of GBP/JPY for November 24, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to trade in a higher range. It is weighed by the weak euro sentiment after ECB President Draghi's signal of more aggressive monetary easing. Sterling sentiment is dented after PM Cameron's Conservative Party's loss of parliament seat to the U.K. Independence Party, which advocates the U.K.'s exit from the EU, in a vote Thursday. GBP/USD is also weighed by the positive dollar sentiment.


Technical comment:

Daily chart is mixed as MACD is bullish, but stochastics is turned bearish at the overbought levels.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 186.15 and the second target at 187. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 183.35. A break of this target would push the pair further downwards and one may expect the second target at 182.80. The pivot point is at 184.15.


Resistance levels:

186.15

187

187.75

Support levels:

183.35

182.80

182.35


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Technical analysis of GBP/JPY for November 24, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to trade in a higher range. It is weighed by the weak euro sentiment after ECB President Draghi's signal of more aggressive monetary easing. Sterling sentiment is dented after PM Cameron's Conservative Party's loss of parliament seat to the U.K. Independence Party, which advocates the U.K.'s exit from the EU, in a vote Thursday. GBP/USD is also weighed by the positive dollar sentiment.


Technical comment:

Daily chart is mixed as MACD is bullish, but stochastics is turned bearish at the overbought levels.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 186.15 and the second target at 187. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 183.35. A break of this target would push the pair further downwards and one may expect the second target at 182.80. The pivot point is at 184.15.


Resistance levels:

186.15

187

187.75

Support levels:

183.35

182.80

182.35


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Gold : analysis for November 24, 2014

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Overview :


Since our last analysis, gold has been trading sidewas around the price of 1,195.00. We are waiting for a larger volume and stronger price action on the market. According to the daily time frame, we can observe weak demand, which is a sign that buying looks risky. We can observe rejection from our Fibonacci retracement 61.8% at the price of 1,208.00, which caused price to start a bearish phase. I have placed Fibonacci expansion to find potential support levels and I got Fibonacci expansion 61.8% at the price of 1,194.00 (currently on the test), Fibonacci expansion 100% at the price of 1,188.00 and Fibonacci expansion 161.8% at the price of 1,177.00. If the price breaks the level of 1,194.00 in a high volume and strong price action, we may see potential testing the level of 1,188.00. Be careful when buying at this stage but watch for buying opportunities after a bearish corrective phase.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,203.71


R2: 1,204.59


R3: 1,206.00


Support levels:


S1: 1,200.89


S2: 1,200.01


S3: 1,198.60


Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).


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EUR/NZD : analysis for November 24, 2014

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Overview:


In our last analysis, EUR/NZD has been trading downwards. As we expected, the price rejected from the level of 1.6035 and tested the level of 1.5641. According to the daily time frame, we can observe supply in an ultra high volume (selling climax), which is a sign that selling EUR/NZD at this stage looks very risky and that we may see a potential absorption phase. According to the 4H time frame, we can oberve a bullish corrective phase. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5790 and Fibonacci retracement 61.8% at the price of 1.5885. If the price breaks breaks the level of 1.5820, we will have an absorption volume. Anyway, if we don't see an absorption volume. If we see larger reaction from sellers and bearish continuation, our next down station will be around the price of 1.5515.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5896


R2: 1.5971


R3: 1.6092


Support levels:


S1: 1.5654


S2: 1.5579


S3: 1.5458


Trading recommendations: Be careful when selling EUR/NZD since we got strong selling climax in the background.


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Elliott wave analysis of EUR/NZD for November 24 - 2014

2014-11-24-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5862


R2: 1.5818


R1: 1.5785


Current spot: 1.5751


S1: 1.5738


S2: 1.5683


S3: 1.5643


Technical summary:


The decline to a new low at 1.5643, does not really fit the picture, but we still think that wave iv of the expanded diagonal either has ended or will end with a slight new low just below 1.5643 for a rally towards 1.6446 on the way higher to 1.6800. Short term, we should expect resistance near 1.5785 for one final decline to 1.5643 or just below before a new strong rally higher.


Trading recommendation:


We will buy EUR at 1.5655 with a stop at 1.5520.


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Elliott wave analysis of EUR/JPY for November 24 - 2014

2014-11-24-EURJPY-15M.png


Today's support and resistance levels:


R3: 147.92


R2: 147.45


R1: 147.01


Current spot: 146.70


S1: 146.52


S2: 146.29


S3: 146.03


Technical summary:


The decline from 149.13 does have impulsive characters. Short term, we will be looking for resistance next to 147.01 for one more impulsive decline to the 144.83 - 145.25 area to end wave a of the correction. We will be looking for a deeper decline in wave (ii) towards 142.06 before the correction in wave (ii) is over and wave (iii) higher is expected.


Trading recommendation:


We will sell EUR at 146.90 with a stop at 147.92 and take profit at 145.50.


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Weekly technical levels of EUR/USD for November 24-28, 2014

The weekly technical levels of EUR/USD pair:


eurusd_pp.png

Intraday trading recommendations :



  • The EUR/USD pair probably is going to move between the levels of 1.2310 and 1.2460 on November 24, 2014. The level of 1.2310 will indicate strong support. The intraday resistance will set at the price of 1.2460. So, we expect that the level of 1.2560 will form a new double top at this price. Therefore, it will be wise to buy above the area of 1.2330 with the first target at 1.2422 (minor resistance), then it will continue towards the level of 1.3454 in order to test the weekly pivot point. The stop loss should be placed below 1.2310.


Observations :



  • The trend still calls for a bullish market from the level of 1.2330.

  • The support will set at the level of 1.2310.

  • The resistance has already placed at 1.2460.

  • So, we expect a range of 84 pips.

  • The weekly pivot point is set at 1.2450. So, above the price of 1.2460 it will be a good sign to confirm for a bullish market.


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#USDX Technical analysis for November 24, 2014

The Dollar index has broken above its resistance on Friday and is back testing it now. The trend is bullish both in short- and long-term. The bullish flag pattern within the longer-term bullish flag confirms that our target is 91. So, there is increasing chance of reaching that level before a deeper pullback correction for the Dollar.


usdx.jpg

Black line = support


The Dollar index remains above the Ichimoku cloud and has broken above the previous double top price level of 88.15. The cloud is thin and this is not a good sign. We could see a short-term pull back towards 87.95 but this support should hold and prices should continue higher, otherwise we will be in danger of seeing another fake break out. Critical support at 87.50-87.30 must hold for the bullish longer-term trend to remain in control.


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The long-term trend remains bullish. The bullish flag within the bullish flag confirms our bullish target of 91. On a daily basis, critical support is found at 87.80, so a daily close above it keeps the bullish trend intact.


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Weekly technical levels of GBP/USD for November 24-28, 2014

The weekly technical levels of GBP/USD pair:


gbpusd_pp.png

Trading recommendations :



  • According to previous events, the price of GBP/USD pair has still been trapped between 23.6% of Fibonacci retracement and 61.8% in H1 chart. So, these ratios will coincide with the levels of 1.5624 and 1.5680 respectively.

  • Long buying:

  • Buy above the level of 1.5590 (the double bottom) with the first target of 1.5660 in order to test the weekly pivot point, it might resume to 1.5680 today.

  • However, the stop loss should always be in account, for that it will quite safe to set the stop loss at the level of 1.5565. Also, it should be noted that support 1 is set at the 1.5585 level.



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Gold Technical analysis for November 24, 2014

Gold price continues to trade around the 61.8% retracement level. The trend is neutral as we have not seen a clear break above $1,200 yet. A clear break above $1,200 could push Gold price towards $1,225. Critical short-term support is found at $1,190-$1,174. I still believe this upward move from $1,130 is corrective and we have not seen the low in Gold price.


gold.jpg

Red line = resistance


Blue line = support


Gold price continues to trade within the trading range of $1,204 and $1,174. The short-term trend remains neutral. A break above $1,203-$1,204 will give a bullish signal with $1,225 as the first target. Support at $1,174 will be tested if we see Gold price break below $1,190.


goldh4.jpg

Black line = support


Gold price continues to trade around the 61.8% Fibonacci retracement which is important resistance. Holding above the cloud and the black trend line is a sign that bulls continue to have the upper hand. Short-term support by the kijun-sen is at $1,191. Soon, we will see if support holds and price bounces above Friday's highs or we see a trend reversal from the current levels and a push towards $1,174 support. My longer-term view remains bearish targeting at $1,050.


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Technical analysis of EUR/JPY for November 24, 2014

General overview for 24/11/2014 09:10 CET


After finding support at the level of 145.59 which is a higher time frame important level, the corrective cycle labeled here as wave W brown looks to be completed. Now, the market is trying to resume the impulsive rally to the upside. The golden trend line is still providing dynamic resistance and only a clear breakout above the key level at the mark of 146.75 might indicate the market will try to test the recent swing high at the level of 149.14. Otherwise, a failure here would mean, the corrective cycle will be more complex and time-consuming.


Support/Resistance:


149.14 - Swing High


147.98 - WR1


146.75 - Intraday Resistance|Key Level|


146.38 - Weekly Pivot


145.67 - Technical Support


145.59 - Intraday Support


144.70 - Old Wave Four Low


143.68 - WS1


142.08 - WS2


Trading recommendations:


Day traders should consider opening buy orders only if the level of 146.75 is violated. SL then should be placed below the level of 145.59 and TP level in longer term should aim for the level of 147.98 and 149.14.


eurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for November 24, 2014

General overview for 24/11/2014 08:35 CET


The impulsive wave development to the downside is accelerating as the wave -iii- blue has been completed. Currently, the internal corrective cycle in wave -iv- blue is needed to complete before another leg down will appear. The invalidation line for wave -iv- blue is at the level of 1.1260 and if it is violated, then it will be the first indication, that the whole structure inside the golden channel is really a complex corrective pattern full of zig-zags and not an impulsive wave progression. Moreover, the top for wave 5 blue at the level of 1.1465 might be just a temporary swing high before new highs are made.


Support/Resistance:


1.1148 - WS2


1.1190 - Intraday Support


1.1224 - WS1


1.1251 - Intraday Resistance


1.1258 - Weekly Pivot


1.1260 - Blue Impulsive Count Invalidation Line


1.1326 - WR1


Trading recommendations:


Day traders should consider opening buy orders only if the level of 1.1260 is violated. SL then should be placed below the swing low and TP level in longer term should aim for the level of 1.1370 and 1.1465.


usdcad_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of USD/CHF for November 24, 2014

The US dollar is well placed at higher levels against the Euro, JPY, and CHF. A surprise interest rate cut by China made the USD friendly. The People’s Bank of China cut the one-year benchmark lending rate by 40 basis points to 5.6% and the one-year deposit rate by 25 basis points to 2.75%. The Swiss gold referendum will take place on November 30, 2014. Today, the pair opened with a gap up, but unable to sustain there. The pair has immediate parallel resistance at 0.9742. On the daily chart, the pair has made higher lows and higher highs formation. In case if the price breaches the 0.9742 levels, it can extend its rally up to 0.9950. We have been recommending using every dip to buy with the targets at 0.9800, 0.9840,0.9970, and 1.017. The parallel monthly resistance exists at 0.9751. We recommend buying above 0.9751 with the targets at 0.9820 and 0.9870. If a daily close is above 0.9742, the bulls will challenge new highs by adding 150 or 200 pips on the higher side.


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Technical Analysis of GBP/USD for November 24, 2014

The positive CPI and retail sales data helped the pound to recover from its lows. The cable made a low at 1.5590, a 14-month low against the US dollar. The US dollar gained strength after China rate cut and Draghi comments. In terms of the economic events this week, it's a quiet week for the pound. This week's pound fortune or fate will rely on the GDP data which is expected to be released on Wednesday. Today, the pair opened on a bullish note, opened lower at 1.5636. The pair has nearest support at 1.5590. Panic will be triggered below this with the targets at 1.5500. Bears can challenge 100 odd pips on the down side. Considering a weekly close below 1.5500, we can expect 250 odd pips correction on the downside from the medium-term view. The pair has strong, long-term support at 1.5500. Below 1.5500, 1.5429 and 1.5300 are the other support levels.


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From an intraday view, the prices are closed and trading below 12DEMA. But the 35DEMA providing enough support exists at 1.5625 on an hourly basis. On the higher side, 1.5670 will act as a resistance level. In case if the pound falls below 1.5625, the last hope for bulls exists at 1.5590. In case if the pair corrects below 1.5590 again, the selling pressure will increase . The panic will be triggered below 1.5590. On an intraday and positional basis, we are recommending selling on every upswing at 1.5675. The trading pattern is framed between 1.5590 and 1.5736. In case if the prices break below 1.5590, we recommend selling with the targets at 1.5535 and 1.5510. Below 1.5500, another 100 or 150 pips will move downside .


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Technical Analysis of Gold for November 24, 2014

The precious metal is supported by China rate cut decision which managed to trades above $1,200.00. A surprise interest rate cut by China made gold friendly. The People’s Bank of China cut the one-year benchmark lending rate by 40 basis points to 5.6% and the one-year deposit rate by 25 basis points to 2.75%. The Swiss gold referendum will take place on November 30, 2014. This week we can expect high volatility in the metal prices. The metal closed at higher levels 3 weeks in a row. The nearest weekly resistance exists at $1,213.50, above this $1,240 and $1,243.00 are the major resistance levels. On the down side, $1,200.00 will act as a key level. Below this, $1,180.00 and $1,174.50 will act as major weekly support levels.


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On Friday's session, the metal rejected at 50Dsma and closed below that. Today, gold opened on a bullish note lower at $1,200.10. We recommend fresh selling below $1,200.00 with the targets at $1,198.00, $1,197.00, $1,195.50, and $1,191.00. The panic will be triggered below $1,190.00 towards $1,186.50, $1,181.00, and $1,175.00. The weekly trend turns to positive, in case if the metal closes above $1,207.00 on a daily basis. We recommend fresh buying above $1,208.00 with the positional targets at $1,230.00.


1416791922_GOLDH1.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of EUR/USD for November 24, 2014

Today, important German Ifo data will impact the price. Positive readings indicate economic progress, which is benign for the Euro. On the US side, services PMI will impact the US dollar. A positive reading will underpin the dollar leading to new lows on this pair. On Friday's session, the pair fell 150 pips on a closing basis and closed at the lowest point of the day and week. Today, the pair opened on a bullish note lower at 1.2362. The pair has the nearest support at 1.2358. Panic will be triggered below 1.2358. Bears can challenge 200 odd pips on the down side. Considering a weekly close below 1.2350, we can expect 500 odd pips correction on the downside from the longer-term view. The pair has strong, long-term support at 1.2226, 100 pips down from here. Below 1.2226, 1.2045 and 1.1876 are the other multiple support levels. We have been recommending selling on every upswing with the downside initial targets at 1.2300 and 1.2230.


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From an intraday view, the prices are closed and trading below 12ema and 35DEMA. But the pair has strong hourly resistance at 1.2400. Above this, 1.2440 will act as another resistance level. On the down side, the pair has support at 1.2358, below this - at 1.2350, 1.2325, and 1.2228. In case if the pair corrects below 1.2358, the selling pressure will increase again. The panic will be triggered below the 1.2350 levels. On an intraday and positional basis, we are recommending sell on every upswing.


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Trade: Selling below 1.2350 with the targets at 1.2300 and 1.2275 levels.


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Technical analysis of EUR/JPY for November 24, 2014


Technical outlook and chart setups:


The EUR/JPY pair had retraced from the highs towards 146.00 levels and is seen trading back above 146.20 levels for now. Please note that the pair has bounced off the fibonacci 0.786 support of the rally between sub 145.00 and 149.00. The immediate support trend line seems to have broken but a larger correction would be confirmed only if the pair is seen reversing from 147.50 levels. It is recommended to initiate long positions for now, risk remains below 145.00. Support is seen at 145.00, followed by 143.00, 142.00 and lower, while resistance is seen at 147.50, followed by 148.50 and 149.20 respectively.


Trading recommendations:


Initiate long positions now (146.20/30), stop at 144.70, the target is open.


Good luck!


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Technical analysis of GBP/CHF for November 24, 2014


Technical outlook and chart setups:


The GBP/CHF pair has raised through 1.5200 levels as seen here. It is recommended to book partial profits and move stop/risk to break even points. Please note that the pair has hit fibonacci 0.50 resistance for now, and could retrace lower from here. Resistance is seen at 1.5300, past support turned resistance, followed by 1.5450, 1,5475, 1.5550 while support is seen at 1.5150 (interim), followed by 1.5025, 1.4950 and lower respectively. A push higher could easily see through 1.5300 levels which is fibonacci 0.618 resistance level of the drop from 1.5450 to 1.4950.


Trading recommendations:


Book at least partial (up to 60%) profits on long positions taken earlier and move stop at break even. The target is 1.5300 for remaining long positions.


Good luck!


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Technical analysis of Silver for November 24, 2014


Technical outlook and chart setups:


Silver has push higher till $16.50 levels, and might be looking to push towards $17.00 levels at least. The metal could be well supported around the $16.00 levels, followed by $15.30 and $15.00 while resistance could be met at $17.30/50, followed by $17.80/18.00 and higher respectively. It is recommended to book partial profits on long positions taken earlier, while moving risk to break even levels for now. A push higher towards $17.30 and subsequently $17.80 could be extremely bullish for the metal. Please note that fibonacci 0.618 resistance is at $16.86 levels and sloping resistance line is also passing through the same region. A bearish reaction there should be watched closely for potential reversal.


Trading recommendations:


Book partial profits on long positions taken earlier, move stop to break even on the remaining. The target is open.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for November 24, 2014


Technical outlook and chart setups:


Gold has reached our minimum expectations on Friday at $1,207.00 levels, before pulling back. The metal is currently trading around $1,200.00 mark. It is recommended to book at least partial profits on long positions taken earlier and move risk to break even on the remaining. Please note that the metal has stalled at a 0.618 resistance for now and a bearish reversal here, could take it below $1,130.00 levels. On the flip side, a push above $1,208.00, is likely to test $1,235.00 and $1,250.00 levels on the higher side. Immediate support is seen at $1,175.00, followed by $1,140.00 and $1,130.00 while resistance is seen at $1,235.00, followed by $1,250.00/55.00 and higher respectively.


Trading recommendations:


Book partial profits on long positions taken earlier, move stop to $1,170.00 or break even levels.


Good luck!


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Technical analysis of EUR/USD for November 24, 2014

!EURUSD.jpg When the European market opens, some economic news will be released such as German Ifo Business Climate and Belgian NBB Business Climate. The US is also ready to publish the economic data too such as the Flash Services PMI. So, amid the reports, EUR/USD will move low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2441.

Strong Resistance:1.2433.

Original Resistance: 1.2421.

Inner Sell Area: 1.2409.

Target Inner Area: 1.2379.

Inner Buy Area: 1.2351.

Original Support: 1.2337.

Strong Support: 1.2327.

Breakout SELL Level: 1.2319.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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Technical analysis of USD/JPY for November 24, 2014

!USDJPY.jpg

Today, Japan will not release any economic data. However, the US is ready to publish Flash Services PMI. So, there is a big probability the USD/JPY pair will move with low volatility during the day.


TODAY TECHNICAL LEVELS:

Resistance. 3: 118.35.

Resistance. 2: 118.12.

Resistance. 1: 117.89.

Support. 1: 117.61.

Support. 2: 117.38.

Support. 3: 117.14.


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Daily analysis of major pairs for November 24, 2014

EUR/USD: The sudden weakness in the EUR/USD pair on Friday has resulted in a very strong bearish bias. The pair may be weak for the rest of this month, as the EUR continues to be battered. The price closed below the resistance line at 1.2400, and the next target may be the support line at 1.2350.


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USD/CHF: The sudden strength on the USD/CHF pair on Friday has resulted in a very strong bullish bias. The pair may be strong for the rest of this month, as the USD continues to be uplifted. The price closed above the support level at 0.9650, and the next target may be the resistance level at 0.9750.


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GBP/USD: Generally, the bias on the Cable is bearish. It is very much likely that the price would hit the accumulation territory at 1.5600, but the price is unlikely to break that territory to the downside. After the price tests that accumulation territory, there could be a rally in the market.


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USD/JPY: This currency trading instrument trended strongly last week, but there is now a mild pullback in the context of an uptrend. This proffers a good opportunity to buy, for the bullish bias may still continue till December 2014.


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EUR/JPY: This market trended strongly last week, but after testing the supply zone at 149.00, there was a significant correction – a downward move of close to 300 pips from that supply zone. The downward move was augmented by the weakness in the EUR itself. One needs to note that the overall outlook is still upwards and the price may trend upwards from here.


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Daily analysis of USDX for November 24, 2014

In the daily chart, the USDX had a bullish momentum at the support level of 87.35, because this instrument continues forming a pattern for a bullish breakout at the resistance level of 88.63. If successful, it's expected to rise to the level of 90.40. However, caution is advised with sell orders in the long term, because the USDX intends to continue strengthening the bullish trend.


Dailychart's resistance levels: 88.63 / 90.40


Dailychart's support levels: 87.35 / 86.20


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The USDX has made a bullish consolidation above the support level of 88.15, as this instrument made a rebound on the 200-day moving average in H1 chart. Now, the USDX is forming a lower high pattern below the resistance level of 88.43. The next goal in the bullish road would be the level of 88.71. The MACD indicator is in the overbought zone.


H1 chart's resistance levels: 88.43 / 88.71


H1 chart's support levels: 88.15 / 87.86


USDXH1.png


Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 88.43, take profit is at 88.71, and stop loss is at 88.15.


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Daily analysis of GBP/USD for November 24, 2014

The GBP/USD pair still finds resistance at the 1.5698 level in the H4 chart. Because of these movements in a range, GBP/USD has formed a fractal at the 1.5565 level. If this pair continues to move beyond this range bearish trend line, it's expected to rise again to the resistance level of 1.5698. The MACD indicator is moving into the negative territory.


H4chart's resistance levels: 1.5698 / 1.5811


H4chart's support levels: 1.5512 / 1.5341


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In the H1 chart, the GBP/USD pair respected the support level of 1.5632, because this pair is forming a bearish pattern to fall to the level of 1.5590. However, the GBP/USD pair may perform a retracement to the resistance level of 1.5686, because this pair still remains strong in the bearish bias. The MACD indicator is entering the neutral territory, which could translate into movements in a range for GBP/USD.


H1 chart's resistance levels: 1.5686 / 1.5739


H1 chart's support levels: 1.5632 / 1.5590


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Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.


The material has been provided by InstaForex Company - www.instaforex.com