EUR/NZD : analysis for November 27, 2014

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Overview:


In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.5786 in an average volume. According to the 4H time frame, we can oberve weak supply, which is a sign that selling EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential support and I got Fibonacci retracement 61.8% at the price of 1.5780 (currently on the test). Be careful when selling and watch for potential buying opportunities after retracement (buy on the lows).


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5951


R2: 1.5981


R3: 1.6029


Support levels:


S1: 1.5854


S2: 1.5824


S3: 1.5775


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


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Gold : analysis for November 27, 2014

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,185.49. According to the daily time frame, we can can observe low activity on the market. Our Fibonacci retracement 61.8% at the price of 1,208.00 is still valid. If the price breaks the level of 1,208.00 in a high volume and healthy price action, we may see futher bullish movement. Otherwise, we may see testing the level of 1,179.00 (Fibonacci retracement 61.8%). Be careful when buying gold at this stage since our Fibonacci retracement is still active.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,200.57


R2: 1,202.23


R3: 1,204.90


Support levels:


S1: 1,195.23


S2: 1,193.57


S3: 1,190.90


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


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Daily analysis of Silver for November 27, 2014

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Overview


According to our yesterday's expections, the price closure below the Support level of 16.50 would give new opportunities for sell signals. Currently, the metal has already managed to close below the Support level trading below while it is approaching the next support level. Then, the metal must test the Support level of 16.00 to get more bearish move till reaching 15.70 as the second target. On the other hand, the metal's rebound from the Support level of 18.90 cancels the bearish scenario.


Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)


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Technical analysis of USD/JPY for November 27, 2014

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Fundamental overview:


USD/JPY is expected to consolidate with risks skewed lower. Liquidity was thin later on a trading day as financial markets in U.S. are shut for Thanksgiving Day. USD/JPY is undermined by the lower U.S. Treasury yields (10-year at 2.246% versus 2.261% late Tuesday), weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000), larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%); fewer-than-expected U.S. October new home sales of 458,000 (versus forecast 470,000), unexpected 1.1% drop in U.S. October pending home sales index (versus forecast for 0.5% rise) and weaker-than-expected November University of Michigan final consumer sentiment index of 88.8 versus forecast 90.0 and preliminary reading of 89.4. USD/JPY is also weighed by Japan's export sales. But USD/JPY losses are tempered by the demand from Japan's importers and Bank of Japan's large-scale easing policy.


Technical comment:
Daily chart is tilting negative as stochastics is turned bearish at the overbought levels, MACD histogram bars are turning negative.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 117. A break of this target will move the pair further downwards to 116.65. The pivot point stands at 117.85. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 117 and the second target at 116.65.


Resistance levels:

118.20

118.60

119


Support levels:

117

116.65

116.35


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Technical analysis of USD/CHF for November 27, 2014

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Fundamental overview:


USD/CHF is expected to trade in a higher range. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000); larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%). But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy.


Technical comments:

Daily chart is mixed as MACD is bearish but stochastics is neutral.


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 0.9665 and the second target at 0.970. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9575. A break of this target would push the pair further downwards and one may expect the second target at 0.9545. The pivot point is at 0.9610.


Resistance levels:

0.9665

0.97

0.9720



Support levels:
0.9575

0.9545

0.9515


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Technical analysis of NZD/USD for November 27, 2014

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Fundamental overview:


NZD/USD is expected to trade in a higher range. It is supported by the weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000); larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%), fewer-than-expected U.S. October new home sales of 458,000 (versus forecast 470,000); unexpected 1.1% drop in U.S. October pending home sales index (versus forecast for 0.5% rise), weaker-than-expected November University of Michigan final consumer sentiment index of 88.8 versus forecast 90.0 and preliminary reading of 89.4, Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD sentiment is dented by the wider-than-expected New Zealand October trade deficit of NZ$908 million (versus forecast deficit NZ$800 million).


Technical Comment:

Daily chart is mixed as MACD is bullish, but stochastics is in a bearish 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 0.7945 and the second target at 0.7975. 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 0.78. The pivot point is at 0.7845.


Resistance levels:

0.9675

0.9720

0.9740



Support levels:
0.9580

0.9555

0.9515


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Technical analysis of GBP/JPY for November 27, 2014

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Fundamental overview:


GBP/JPY is expected to consolidate with a bearish bias. It is supported by the buoyant EUR/USD and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and softer USD/JPY undertone. GBP/JPY downside movement is tempered by the soothed sterling sentiment as revised U.K. 3Q GDP came in at +0.7% on-quarter and +3.0% on-year, matching forecasts.


Technical comment:

Daily chart is mixed as MACD is bullish but stochastics is bearish near the overbought levels.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 184.65. A break of this target will move the pair further downwards to 184. The pivot point stands at 185.75. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 186.3 and the second target at 186.75.


Resistance levels:

186.30

186.75

187.25

Support levels:

184.65

184

183.35


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Technical analysis of NZD/USD for November 27, 2014

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Trading recommandations :


In the long term:



  • According to previous events, the NZD/USD pair has still been trapped between the levels of 0.7960 and 0.7785.

  • A strong resistance will be formed at the level of 0.8020 providing a clear signal for sell deals with the target seen at 0.7845.

  • Stop-loss is to be placed above 0.8057.

  • A strong level (support) will be formed at the level of 0.7785 providing a clear signal for buy deals with the targets seen at 0.7960 and 0.8015.

  • Stop-loss is to be placed below 0.7738.


Notes :



  • The double top will be set at the level of 0.8020.

  • We expect a range of 189 pips this week. But it should be noted that the risk of 126 pips must make a profit of 189 pips.

  • Volatility: 275.91. Therefore, the market indicates the higher volatility.

  • The value of 38.6% Fibonacci retracement levels is 0.7791 (it confirms the bullish market).


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Technical analysis of GBP/USD for November 27, 2014

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Overview :



  • The price of GBP/USD pair is going to move with the bullish bias from the level of 1.5666 which represents the weekly pivot point. Additionally, the price of 1.5666 coincides with the double bottom and the ratio of 23.6% Fibonacci retracement levels in H1 chart. Accordingly, it will be a good sign to buy above 1.5666 with the first target of 1.5764 to test a minor resistance at this price and it should be noted that the price of 1.5800 represents strong resistance. Also, it will call for an uptrend in order to continue its bullish movement towards 1.5825. Equally important, the resistance will set at the 1.5825 level. So, it will very useful to take profit at this spot. At the same time, the stop loss should be placed below the double bottom at the price of 1.5633. Furthermore, it should be noted that the range today will be moved between the levels of 1.5732-1.5825.


Intraday technical levels :


Date: 27/11/2014


Pair: GBP/USD



  • R3: 1.5965

  • R2: 1.5885

  • R1: 1.5838

  • PP: 1.5758

  • S1: 1.5711

  • S2: 1.5631

  • S3: 1.5584


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#USDX Technical analysis for November 27, 2014

The Dollar index continues to trade inside the sideways channel. It remains above the cloud support and I believe we are at a critical juncture. The time is up for bulls that will need to step up now in order for the new upward move to start. Until now, bears have managed to push the index back below 88 each time it broke higher.


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Black lines = price channel


The Dollar index has short-term support at 87.50. Price is testing the Ichimoku cloud and manages to close above it. The resistance is found at 88 and 88.35. Bulls will need to hold support but also show some signs of strength in order to start a new upward move. Otherwise, bears will overwhelm this index and push it below 87 eventually. Critical support at 87.15, although I believe that a break below 87.50 will be enough for bears.


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The weekly chart remains bullish according to Ichimoku terms but the weekly candle is showing signs of reversal. A weekly close below 87 will be extremely bearish, while a weekly close above 88.20 and near 88.40 will support the bullish scenario and our target of 91 from the two bullish flags.


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Gold Technical analysis for November 27, 2014

Gold price has broken below the triangle pattern overnight and is now back testing the triangle break level. Short-term trend is still neutral with a hint of reversing to bearish. As long as price is below $1,208 I believe we are in a topping formation with increased chances of breaking lower.


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Black line=support


Gold price has broken the first support level at $1,189 only to bounce back up towards $1,195 to back test the break out. Gold is mainly moving sideways with no clear direction. Support is at $1,185 and resistance at $1,208. Next important support is at $1,177 shown by the second lower black line.


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Red line = support


Black line = triangle


Gold price remains above the cloud support and above the red trend line support. Gold price also remains below the important resistance of $1,208 where the 61.8% Fibonacci retracement is found. I believe that once the cloud is broken we will see a strong downward move towards $1,050. I prefer to be short with $1,208 stop and add to my short positions if support at $1,165-$1,170 fails.


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Elliott wave analysis of EUR/NZD for November 27 - 2014

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Today's support and resistance levels:


R3: 1.5899


R2: 1.5851


R1: 1.5826


Current spot: 1.5796


S1: 1.5788


S2: 1.5763


S3: 1.5737


Technical summary:


We have seen the expected correction towards our target at 1.5805 (the low has been 1.5788) and we will now be looking for a break above minor resistance at 1.5826 as the first indication, that the correction is over, but a break above resistance at 1.5951 and more importantly a break above 1.5899 is needed to confirm that wave c higher to 1.6273 on the way higher to 1.6446 and 1.6800 is unfolding.


Trading recommendation:


We will buy upon a break above minor resistance at 1.5826 with a stop placed at 1.5775.


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Technical analysis of USD/CAD for November 27, 2014

General overview for 27/11/2014 09:40 CET


The wave progression is getting more and more consolidated as there is no new low made so far below the level of 1.1190. The price have been making recently a lot of a false breakouts to the upside. That is why my bias is still to the downside as long as the price is trading inside the corrective golden channel. Only a sustained breakout above the level of 1.1368 would change the outlook for more bullish one.


Support/Resistance:


1.1437 - WR2


1.1368 - Key Level


1.1326 - WR1


1.1269 - Intraday Resistance


1.1258 - Weekly Pivot


1.1227 - Intraday Support


1.1224 - WS1


Trading recommendations:


Yesterday's classical breakout trade using sell stop order from the level of 1.1230 should be still kept open. SL above the level of 1.1276 and TP at the level of 1.1190.


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Elliott wave analysis of EUR/JPY for November 27 - 2014

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Today's support and resistance levels:


R3: 147.41


R2: 147.19


R3: 146.99


Current spot: 146.77


S1: 146.50


S2: 146.29


S3: 146.03


Technical summary:


Wave b extended slightly higher to 147.41, but it should just be a matter of time before support at 146.50 is broken and will indicate that wave c lower to 143.88 on the way towards 142.06. Short term we should expect resistance at 146.98 will protect the upside for the break below 146.50 and more importantly a break below 146.29 confirms wave c lower.


Trading recommendation:


We are short in EUR from 146.90 and will move our stop lower to 147.05. If you are not short in EUR yet, then sell upon a break below 146.50 with the same stop at 147.05.


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Technical analysis of EUR/JPY for November 27, 2014

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Technical outlook and chart setups:


The EUR/JPY has been drifting sideways for the last 2 trading sessions as depicted above. Please note that the immediate support trend line was breached earlier and the prices had dropped to 145.57. Since then, the pair has been trading in a range and might be preparing for a push higher towards 151.00 levels at least. Immediate support is at 145.50/57 (interim), followed by 145.00, 143.20/30 and lower, while resistance is seen at 149.00 levels respectively. It is recommended to hold long positions taken earlier, risk below the 145.50 levels. Bulls are expected to remain in control, till the prices remain above 145.50.


Trading recommendations:


Remain long, stop at 145.40/50, the target is 151.00 and 154.00.


Good luck!


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Technical analysis of GBP/CHF for November 27, 2014


Technical outlook and chart setups:


The GBP/CHF pair bounced off 1.5120/30 levels yesterday and hit fresh highs at 1.5220/30 before pulling back. The pair is seen to be trading at 1.5180/85 for now and is expected to inch higher towards 1.5270/1.5300 levels from here. Support is seen at 1.5120, followed by 1.5020, 1.4975 and lower while resistance is seen at 1.5300 (past support), 1.5450, 1.5475, and 1.5550 respectively. It is recommended to still hold long positions with risk around 1.5000. Please also note that fibonacci 0.618 resistance is around 1.5250/60, and the pair is expected to react there. However, a push through 1.5300 should see bulls in further control and targeting 1.5450/75 levels.


Trading recommendations:


Remain long, stop at 1.5000, the target is open.


Good luck!


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Technical analysis of Silver for November 27, 2014


Technical outlook and chart setups:


Silver is seen to be pulling back from its recent highs of $16.70 levels. The metal is trading at $16.30 levels for now, with $15.90 as immediate support. A bounce ahead of $15.90 is quite probable, and should push the prices towards $17.30 levels. Please note that the support/counter trend line is passing through $15.70/80 levels for now and the metal is expected to be supported ahead of that. It is recommended to remain bullish for now and also look to add further positions with risk below $15.80. Support is at $15.90, followed by $15.30, and $15.00, while resistance is at $16.70 (interim), followed by $17.30/50, $17.80/18.00 and higher respectively. Only a break below $15.90 would confirm that a potential top is in place.


Trading recommendations:


Remain long, stop at $15.50, the target is open.


Good luck!


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Technical analysis of Gold for November 27, 2014


Technical outlook and chart setups:


Gold is pulling back for now, after hitting the resistance area at $1,207.00 earlier. The metal is seen to be trading at $1,188.00 for now, with support seen at $1,175.00 levels. Please, note that the metal is lying in the buy zone of the rising support/counter trend line. Therefore, a positive bias still remains ahead of $1,170.00/75.00 levels. Immediate support is at $1,175.00, followed by $1,145.00 and $1,130.00, while resistance is seen at $1,207.00 (interim), followed by $1,235.00, $1,250.00/55.00 and higher respectively. It is still recommended to remain long on the remaining positions held earlier and also look to add further, risk remains at $1,145.00. Bulls could regain control back till the price remains above $1,175.00 levels.


Trading recommendations:


Remain long for now, stop at $1,145.00, the target is open.


Good luck!


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Technical Analysis of USD/CHF for November 27, 2014

The pair has lost almost 100 odd pips this week. The pair has been making lower lows, it has been declining for 3 days. The pair is on a verge of the monthly support trend line on the daily chart. On the down side, the pair has support at 0.9590 and 0.9530. Bulls are trying to hold their grip, until the prices close above 0.9530. In case if the prices close below 0.9530, bears will drive the pair in the near term for 100 pips on the down side. From an Intraday view, the prices are forming a strong resistance level at 0.9621. We recommend hourly buying above 0.9625 and selling below 0.9590. The huge amount of pressure is taking place ahead of the Swiss referendum. It will be held this Sunday November 30, 2014. In case if the prices manage to breach above 0.9745 and close above this, the pair can challenge 0.9950 on a medium-term basis. In the hourly chart, the pair is making lower lows and lower highs.


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Review and intraday trading recommendations on GBP/JPY for November 27, 2014

The pound sterling has been consolidating for 6 sessions. It tried to breach 186.15 a lot of times, but failed to breach that. As of now, today the pair made a triple top at 186.15. If is not safe to recommend buying in the current situation. Safe buying will take place above 186.20. The British pound managed to give an upside breakout against the US dollar, but failed to get the same result against the JPY. The pound continues its winning streak for 6 weeks in a row. The pair has support at 184.89 and 183.99. In case if the prices are close above186.15 on a daily basis, the pair challenges 186.90, 187.45, and 188.30. On the down side, in case if the price falls below 184.89, they can correct up to 184.70, 184.50, and 184.00. The panic will be triggered below 183.90. In the hourly chart, the prices are forming a continuous symmetric triangle. At yesterday's session, we recommended risky trade, buying above 185.60 with an immediate target at 186.00 and 186.10. All the targets met, the pair made high at exactly 186.10. As for bears, we recommend selling below 184.50 with the targets at 184.30, 184.00, and 183.60. Risky traders can sell below 184.70. Risky traders can sell below 185.00. The intraweek trading pattern is framed between 184.50 and 186.10. Either side breakout will provide further room to trade.


Trade:


Buying above 186.20.


Risky selling below 185.00.


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Review and intraday trading recommendations of GBP/USD for November 27, 2014

GBP/USD


Finally, the cable gave an upside breakout of the trading range between 1.5590 and 1.5737. At yesterday's session, the pound gained almost 100 pips and closed at the highest point. The pair has resistance at 1.5810 or 20Dsma. As of now, today the pair is unable to breach previous day's high. The mixed US data made the US dollar down against most of the pairs. As of now, on the weekly chart the cable formed a double bottom at 1.5590. In case if the cable holds 1.5590, the double bottom can turn to a triple bottom on the weekly chart. In case if this happens, we can expect some technical bounce towards 1.5810 and 1.5880. We recommend fresh buying above 1.5810 with the targets at 1.5850 and 1.5880. At yesterday's session, we recommended buying at 1.5740 with the targets at 1.5770, 1.5800, 1.5850, and 1.5880. We gained 60 pips in an intraday session. We are giving the same recommendation today as well. Traders who bought yesterday session, move your stop loss to 1.5770. On the down side, the pair will face selling pressure only below 1.5735. So, we recommend selling below 1.5735 with the targets at the 1.5679, 1.5655, and 1.5630 levels.


Trade:


Fresh buying above 1.5810.


GBPUSDH4.png


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Technical analysis of EUR/USD for November 27, 2014

The disappointing US data weakens the US dollar further. At yesterday's session, the US dollar declined further against most major currencies. The focus shifts in today's German prelim CPI, Spanish Flash CPI, German unemployment, and OPEC meetings. The euro stood high against the US dollar and gained another 30pips. At yesterday's session, the pair faced resistance at the descending trend line on the daily chart. Today, the pair opened on a bearish note. In case, if the pair breaches 1.2531, it has another multiple resistance between 1.2575 and 1.2600. Until the pair closes below 1.2600 , bears hardly try to push the prices down. We recommend fresh intraday buying only above 1.2510 with the targets at 1.2530, 1.2575, and 1.2600. In case, the prices close above 1.2600, further 200 pips upswing will ignite. On the down side, the pair has support at 1.2486 and 1.2440. Risky traders can start selling below 1.2485 and safe traders could sell below 1.2440. For the near term, 1.2600 is the key level on the bullish front. 1.2350 and 12320 are the key support levels on the support side. The panic will be triggered below 1.2320 with the targets at 1.2250 and 1.2226 levels. In case if the prices are close below 1.2226 levels, it can extend its fall up to 1.2100 levels. The focus shifts in today's German prelim CPI, Spanish Flash CPI, German unemployment and OPEC meetings.


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Technical analysis of EUR/USD for November 27, 2014

!EURUSD.jpg When the European market opens, some economic news will be released such as German Prelim CPI m/m, Spanish Flash CPI y/y, German Unemployment Change, M3 Money Supply y/y, Private Loans y/y, Italian 10-y Bond Auction, Spanish HPI q/q, and GfK German Consumer Climate. The US will not release any economic data. So, amid the reports, EUR/USD will move low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2559.

Strong Resistance:1.2551.

Original Resistance: 1.2539.

Inner Sell Area: 1.2527.

Target Inner Area: 1.2497.

Inner Buy Area: 1.2467.

Original Support: 1.2455.

Strong Support: 1.2443.

Breakout SELL Level: 1.2435.

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 27, 2014

!USDJPY.jpg


Today, Japan and the US will not release any economic data. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.33.

Resistance. 2: 118.06.

Resistance. 1: 117.79.

Support. 1: 117.46.

Support. 2: 117.19.

Support. 3: 116.27.

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

Daily analysis of major pairs for November 27, 2014

EUR/USD: Just like the Cable, this pair is making some effort to go bullish. It would not be said that the market is bullish unless price goes above the resistance line at 1.2600, which remains the target on condition that bulls succeed in pushing price upwards. There are support lines at 1.2450 and 1.2400.


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USD/CHF: This market would normally go in the opposite direction to EUR/USD. A movement below the support level at 0.9550 would mean the end of the bullish bias – as a new bearish bias begins. Moreover, some fundamental figures are expected today and they may have impact on the markets.


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GBP/USD: The Cable is making serious effort to go bullish and this has resulted in a new bullish outlook in the market. The distribution territory at 1.5800 is now under siege and with more exertion of bullish strength; the distribution territory could be breached to the upside, as price goes towards another distribution territory at 1.5850.


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USD/JPY: This currency trading instrument is still bullish in outlook, though price has been trending sideways lately. The Bullish Conformation Pattern in the chart is still extant and when price breaks out, it would be to the upside, which may cause the market to test the supply level at 119.00.


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EUR/JPY: The cross is still strong and further northward journey is expected. Price is above the EMA 11 which itself is above the EMA 56. The RSI period 14 is above the level 50, and this shows that the only logical thing to do in this market is to seek long trades .


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Daily analysis of USDX for November 27, 2014

On the H4 chart, the USDX has made a breakout in the bullish trend line located at the level of 87.70. This instrument is likely to touch the support level of 87.35. For now, caution is recommended when placing buy orders in the USDX, as the MACD indicator remains in the negative territory.


H4chart's resistance levels: 87.93 / 88.19


H4chart's support levels: 87.35 / 87.18


USDXH4.png

In the H1 chart, the USDX is forming a lower low pattern above the support level of 87.58. The USDX has consolidated below the 200-day moving average which could start a bearish trend in the medium and long term. If the USDX takes a breakout at the support level, it would be expected to fall to the level of 87.28.


H1 chart's resistance levels: 87.86 / 88.15


H1 chart's support levels: 87.58 / 87.28


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 87.86, take profit is at 88.15, and stop loss is at 87.59.


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Daily analysis of GBP/USD for November 27, 2014

On the daily chart, the GBP/USD pair gained a bullish momentum above the support level of 1.5746, where the pair is trying to reach the level of 1.5883. If the GBP/USD pair manages to make a breakout in that area, the next target would be the 1.6046 level. However, the GBP/USD pair could enter a phase of consolidation in the coming days due to low liquidity expected on the American markets. The MACD remains in the positive territory.


Dailychart's resistance levels: 1.5883 / 1.6046


Dailychart's support levels: 1.5746 / 1.5642


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The GBP/USD pair is forming a bullish pattern below the resistance level of 1.5810. If this pair makes a pullback at the current levels, GBP/USD is likely to fall to the support level of 1.5749, although the pair is still keeping enough bullish force. The MACD indicator is entering the overbought area.


H1 chart's resistance levels: 1.5810 / 1.5871


H1 chart's support levels: 1.5739 / 1.5686


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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 1.5739, take profit is at 1.5686, and stop loss is at 1.5795.


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Intraday technical levels and trading recommendations on GBP/USD for November 26, 2014

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Previously around 61.8% - 50% Fibonacci levels ( Price zone between 1.6240 and 1.6350 ), a short position was offered and it got triggered few days later. The market successfully pushed below 1.6100 shortly after.


Prominent bullish DEMAND existed around price zone of 1.5940 - 1.5880. Bullish engulfing daily candlesticks emerging off these levels paused the bearish momentum for a few days.


Then, price zone of 1.6100-1.6140 constituted a prominent SUPPLY zone. The pair has moved sideways until recent bearish breakout took place.


Daily fixation below 1.5870 has put further bearish pressure on the pair to reach 1.5780, 1.5700 and 1.5650 where the back side of the mentioned bearish channel is located.


The previous daily candlesticks represented intraday DEMAND offered around 1.5650 after such a strong bearish momentum. Sideway movement has been taking place for a whole week.


Today, the market is pushing above 1.5800 further beyond the downtrend line that has been respected for 20 days now. The GBP/USD pair has a solid Intraday SUPPLY around 1.5800-1.5820 where many important Fibonacci Levels are located.


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4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.


Last week, the bears managed to break below the recent low around 1.5790. This exposed the potential target at 1.5700 and 1.5650 where the backside of the broken channel is roughly located.


As anticipated, risky traders could have taken a BUY position around 1.5600-1.5650. It has achieved most of its targets by now.


Conservative traders are waiting for a bullish pull-back towards 1.5820-1.5860 for a low-risk SELL entry with Stop Loss located just above 1.5900.


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Technical analysis of NZD/USD for November 26, 2014

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Fundamental overview:


USD/JPY is expected to consolidate with risks skewed lower. It is undermined by the lower U.S. Treasury yields (10-year at 2.258% versus 2.308% late Monday), softer dollar sentiment (ICE spot dollar index last 87.89 versus 88.15 early Tuesday) as surprise fall in Conference Board U.S. consumer confidence index to 88.7 in November from October's 94.5 (versus forecast for rise to 96.8) and big drop in Richmond Fed manufacturing index to 4 in November from 20 in October offset unexpected upward revision in U.S. 3Q GDP to 3.9% from preliminary reading of 3.5% (versus forecast 3.3%). USD/JPY is also weighed by Japan's export sales. But USD/JPY losses are tempered by the demand from Japan's importers and Bank of Japan's large-scale easing policy.


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


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 118.60. A break of this target will move the pair further downwards to 119. The pivot point stands at 118.25. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 117.40 and the second target at 117.


Resistance levels:

118.60

119

119.70


Support levels:

117.40

116.75

116.35


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Technical analysis of USD/CHF for November 26, 2014

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Fundamental overview:


USD/CHF is expected to trade with a bullish bias. It is undermined by softer USD sentiment and spillover strength from euro on the Swiss franc. But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy and franc sales on buoyant EUR/CHF as the cross rebounds further from the 1.2000 EUR/CHF floor. USD/CHF upside is limited by the softer dollar sentiment (ICE spot dollar index last 87.89 versus 88.15 early Tuesday) as surprise fall in Conference Board U.S. consumer confidence index to 88.7 in November from October's 94.5 (versus forecast for rise to 96.8) and big drop in Richmond Fed manufacturing index to 4 in November from 20 in October offset unexpected upward revision in U.S. 3Q GDP to 3.9% from preliminary reading of 3.5% (versus forecast 3.3%).


Technical comments:

Daily chart is mixed as MACD is bearish but stochastics is neutral.


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 0.9675 and the second target at 0.9720. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9555. The pivot point is at 0.9610.


Resistance levels:

0.9675

0.9720

0.9740



Support levels:
0.9580

0.9555

0.9515


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Technical analysis of NZD/USD for November 26, 2014

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Fundamental overview:


NZD/USD is expected to consolidate with a bearish bias after hitting a two-week low 0.7764 on Tuesday. It is undermined by lower inflation expectations in the Reserve Bank of New Zealand's fourth-quarter survey, contagion from weak Aussie and soft commodity prices (CRB spot index closed down 0.13% Tuesday at 266.85). But NZD/USD losses are tempered by NZD-USD interest differential, weaker USD sentiment and Kiwi demand on soft AUD/NZD cross. Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode.


Technical Comment:

Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode.


Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7765. A break of this target will move the pair further downwards to 0.7735. The pivot point stands at 0.7855. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7885 and the second target at 0.7910.


Resistance levels:

0.7885

0.7910

0.7945

Support levels:

0.7765

0.7735

0.77


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Technical analysis of GBP/JPY for November 26, 2014

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Fundamental overview:


GBP/JPY is expected to consolidate. It is supported by the buoyant GBP/USD and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and softer USD/JPY undertone. GBP sentiment is boosted after BOE Gov. Carney told U.K. Parliament's treasury committee that the central bank's Monetary Policy Committee hasn't discussed the need for further stimulus, playing down the risk of deflation in the U.K. and that officials' deliberations remain focused on the timing and degree of an eventual tightening in policy. Daily chart is mixed as MACD is bullish but stochastics is bearish at overbought levels.


Technical comment:

Daily chart is mixed as MACD is bullish but stochastics is bearish at 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 186.30 and the second target at 186.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 184. A break of this target would push the pair further downwards and one may expect the second target at 183.35. The pivot point is at 184.70.


Resistance levels:

186.30

186.75

187.25

Support levels:

184

183.35

182.80


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