Intraday technical levels and trading recommendations on GBP/USD for November 28, 2014

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Previously around 61.8% - 50% Fibonacci levels ( Price zone between 1.6240 and 1.6350 ), a long-term bearish trend was initiated almost two months ago.


The market successfully pushed below 1.6100 shortly after. Prominent bullish DEMAND existed around price zone of 1.5940 - 1.5880. This paused the bearish momentum for almost 20 days before it was resumed.


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.


This week, conservative traders were instructed to wait for a bullish pull-back towards 1.5820-1.5860 for a low-risk SELL entry.This position was triggered Yesterday as anticipated. It's already running in profits now.


Stop Loss should be lowered to 1.5860 ( slightly above entry levels ). This is now a risk-free position.


Price level of 1.5650 is the first target where profits should be taken until the next destination of the pair gets clear.


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Technical analysis of USD/JPY for November 28, 2014

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Fundamental overview:


USD/JPY is expected to trade in a higher range. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 88.00 versus 87.67 early Thursday) as oil prices plunge after OPEC's decision to stick to its existing target for oil production rather than cutting it in response to tumbling oil prices. USD/JPY is also supported by the demand from Japan's importers and Bank of Japan's large-scale easing policy. But USD/JPY gains are tempered by Japan's export sales and positions adjustment ahead of the weekend. Financial markets in U.S. were close early Friday after Thanksgiving.


Technical comment:
Daily chart is mixed as MACD and stochastics are bearish, but five-day moving average is meandering sideways above rising 15-day moving average.


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 118.90 and the second target at 119.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 117.60. A break of this target would push the pair further downwards and one may expect the second target at 117. The pivot point is at 117.85.


Resistance levels:

118.90

119.30

119.75


Support levels:

117.60

117

116.65


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Technical analysis of USD/CHF for November 28, 2014

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Fundamental overview:


USD/CHF is expected to trade in a higher range. It is supported by the broadly firmer dollar undertone (ICE spot dollar index last 88.00 versus 87.67 early Thursday) as oil prices plunge after OPEC's decision to stick to its existing target for oil production rather than cutting it in response to tumbling oil prices and ultra-loose Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.


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 0.9670 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:

0.9670

0.97

0.9720



Support levels:
0.9575

0.9545

0.9515


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Technical analysis of GBP/JPY for November 28, 2014

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Fundamental overview:


GBP/JPY is expected to consolidate with a bullish bias. It is supported by the firmer USD/JPY undertone and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and soft EUR/USD and Bank of Japan's large-scale easing policy. Daily chart is mixed as MACD and stochastics are turning bearish, but five-day moving average meandering sideways above rising 15-day moving average.


Technical comment:

Daily chart is mixed as MACD and stochastics are turning bearish, but five-day moving average meandering sideways above rising 15-day moving average.


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 186.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 157.70. A break of this target would push the pair further downwards and one may expect the second target at 184. The pivot point is at 185.10.


Resistance levels:

186.15

186.50

186.75

Support levels:

184.70

184

183.35


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

EUR/NZD : analysis for November 28, 2014

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Overview:


In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5896 in an average volume. According to the 4H time frame, we can oberve weak demand on the market, which is a sign that buying EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5870 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.5920. According to the daily time frame, we got absorption volume but from the other side we got strong resistance around the price of 1.6030.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5886


R2: 1.5911


R3: 1.5951


Support levels:


S1: 1.5805


S2: 1.5780


S3: 1.5739


Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background buy pay attention on the 1.6030 level


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

Elliott wave analysis of EUR/NZD for November 28 - 2014

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Technical summary:


We are still looking for wave c to take off soon. However, a break above minor resistance at 1.5900 and more importantly a break above resistance at 1.5972 is needed to confirm, that wave c higher is developing for a continuation towards 1.6273 on the way higher to 1.6446 and 1.6800. If however, resistance at 1.5900 protects the upside for a break below minor support at 1.5830 the expected rally higher will be delayed for a new test of 1.5788 before the next rally higher can be expected.


Trading recommendation:


We are long in EUR from 1.5830 with stop place at 1.5775. If you are not long in EUR yet, then buy a break above 1.5900 with the same stop.


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

Elliott wave analysis of EUR/JPY for November 28 - 2014

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Technical summary:


Our preferred count is still calling for a move lower soon, but the failure to break clearly lower does open for an alternative count calling for a rally past resistance at 147.42 calling for wave b higher towards 148.20 before wave b is over and wave c will be ready to take over for a decline towards 143.88. As long as resistance at 147.42 protects the upside, we will be looking for signs of a wave c lower, but only a break below support at 146.69 will confirm that wave c is developing.


Trading recommendation:


We are short in EUR from 146.90 with with stop at 147.50. If our stop is taken out, we will sell EUR again at 148.10 with stop at 149.25.


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