GBP/USD intraday technical levels and trading recommendations for November 2, 2015

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Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached by the end of September to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection that took place on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry. This price level is being approached again today.

Note that bearish persistence below the level of 1.5330 is needed for a further bearish decline towards the levels of 1.5100 and 1.5050.

Please also note that a daily closure above 1.5500 invalidates the previous bearish scenario. An initial bullish target would be located at 1.5560.

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USD/CAD intraday technical levels and trading recommendations for November 2, 2015

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Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in pale pink).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the resistance level, which was bypassed on September 23.

A significant bearish rejection was observed around 1.3450 where the 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

On October 23, daily closure above 1.3100 was achieved. This enhanced the bullish side of the market.

The price level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the price level of 1.3100.

On October 28, a valid sell entry was suggested around the level of 1.3270 (FE100%). It is running in profits now. Target levels are located at 1.3075 and 1.2930.

A bearish breakdown of the current support level at 1.3075 is mandatory to allow further bearish decline at least towards 1.2930. Otherwise, further bearish decline will be hindered for some time.

Trading recommendations:

Conservative traders should wait for bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for November 2, 2015

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Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

A previous weekly candlestick closure above 1.5350 hindered a further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (the neckline of the Head and Shoulders pattern).

It supported the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for this reversal pattern.

In the short term, the nearest demand level is seen around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick). It provided the GBP/USD pair with significant bullish rejection three weeks ago.

It is expected to be visited again if weekly closure below 1.5350 (previous weekly bottom) is achieved by the end of this week.

On the other hand, consolidation above 1.5350 hinders further bearish movement giving time for a bullish correction, which extended up to the levels of 1.5500.

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The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, the evident bullish reaction was expressed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks)

This lead to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

Recently, the daily candlestick closure above the price level of 1.5380 (occurred on Friday) enhances the bullish side of the market exposing price levels around 1.5500 where bearish rejection should be anticipated, similar to what happened back on October 22.

That is why, the price zone of 1.5500-1.5550 remains a significant supply zone to be watched for valid sell entries. S/L should be set as daily closure above 1.5550.

Trading Recommendation:

A low-risk buy entry would be offered around the weekly demand level at 1.5000 if a bearish breakdown of both demand level of 1.5150 occurs quickly. S/L should be placed below 1.4930.

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Daily analysis of Silver for November 02, 2015

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Overview

The silver price fluctuates near the critical support at 15.40, which meets the minor bearish channel's support. It forms a bullish continuation flag we wait to assist to push the price to resume the bullish correctional trend. As long as the price is above 15.40, our bullish trend expectations remain valid and active, and the targets begin at 15.85 and extend to 16.30, and then to 16.85. Stochastic shows bullish signals that support the suggested rise, pointing to the fact that breaking the 15.40 level will push the price to visit levels of 14.85 and then 13.96 on a near-term basis. Until now, we will keep the positive scenario for the rest of the day conditioned by holding above 15.40. The first target is located at 15.85. An expected trading range for today is between the 15.00 support and 16.00 resistance.

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Daily analysis of GBP/JPY for November 02, 2015

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Overview

The recovery from 180.64 extended higher last week. The outlook in GBP/JPY is unchanged. The price action from 180.36 is viewed as a consolidation pattern and further rise could be seen this week. But strong resistance is expected at 188.28 to limit the upside and finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and should then target a test at the 174.86 key support level. In the longer-term picture, the uptrend from the 116.83 long-term bottom could be topping. There is no confirmation yet but even in case of another rise, strong resistance would be likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 184.70; (P) 185.70; (R1) 187.12

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Intraday technical levels and trading recommendations for EUR/USD for November 2, 2015

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EUR/USD pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (June, July, August, and September) reflected the recent bearish rejection, which exists around the level of 1.1450 (depicted on the chart with small red arrows).

Hence, in the long term, a projected target will still be seen at 0.9450 if a bearish breakdown occurs at the monthly demand level of 1.0550.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if a monthly candlestick closes above 1.1465 which is the previous weekly high (very low probability).

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On August 24, the market looked overbought as bulls were pushing further beyond the level of 1.1500 (Daily Supply level).

Hence, a bearish movement was expressed towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejections for several times before bearish breakdown could take place on October 22.

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050 were already reached.

As anticipated, daily persistence below the level of 1.1150 (61.8% Fibonacci level) exposed the level of 1.1000 where the daily uptrend came to meet the EUR/USD pair.

Daily breakdown of the uptrend line has been executed on October 23. This enhances the long-term bearish scenario with projected targets at 1.0800 and then 1.0600.

However, a bullish pullback is currently being expressed towards the backside of the broken uptrend line around 1.1070-1.1090.

Note that the price zone of 1.1070-1.1090 (backside of the broken uptrend line) constitutes a significant supply level to be watched for valid sell entries. S/L should be placed above 1.1140.

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Technical analysis of USD/JPY for November 02, 2015

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USD/JPY is expected to trade in a lower range. Last Friday, US stocks dropped, weighed down by financial stocks. The Dow Jones Industrial Average declined 0.5% to 17,663, the S&P 500 dropped 0.5% to 2,079, and the Nasdaq Composite was down 0.4% to 5,053. Nymex crude oil ended up 1.2% at $46.59 a barrel, gold fell 0.3% to $1,142 an ounce, while the benchmark 10-year Treasury yield settled at 2.151%, down from 2.174% in the previous session. Meanwhile, the US dollar has turned weaker against most other major currencies giving up some gains made in previous sessions. NZD/USD surged 1.2% to 0.6771, GBP/USD rose 0.8% to 1.5428, EUR/USD gained 0.3% to 1.1005, USD/JPY dropped 0.5% to 120.61, while USD/CAD was down 0.7% to 1.3076.The pair is trading below the 20-period intraday moving average (MA), which is below the 50-period one. The intraday relative strength index (RSI) is badly directed within the area between 50 and 30 while being capped by a declining trend line. The intraday outlook remains bearish. As long as 120.80 holds as the key resistance, the pair is expected to fall to the first downside target at 120.15 (last seen on October 28) and the second one at 119.95 (last seen on October 22).

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 120.15. A break of that target will move the pair further downwards to 119.90. The pivot point stands at 120.80. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.20 and the second target at 121.50.

Resistance levels:121.20 121.50 121.90

Support levels: 120.15 119.90 119.45

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Technical analysis of USD/CHF for November 02, 2015

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USD/CHF is expected to trade with bearish bias. The key resistance is at 0.9910. Currently trading at 0.9860, the pair remains under pressure below its nearest resistance at 0.9910, and seems likely to post further consolidations. The intraday RSI is mixed to negative, and the 20- and 50-period intraday MAs have already turned downwards. Hence, as long as 0.9910 holds on the upside, expect a new decline to test its nearest support at 0.9815. In case of a breakout, look for 0.9755.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9815. A break of that target will move the pair further downwards to 0.975. The pivot point stands at 0.9910. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9960 and the second target at 1.00.

Resistance levels: 0.9960 1.000 1.0060

Support levels: 0.9815 0.9755 0.9710

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Technical analysis of NZD/USD for November 02, 2015

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NZD/USD is expected to trade with bullish bias. The pair has reversed up and remained on the upside. It is supported by a rising 50-period intraday MA. A strong support base around 0.6695 has been formed, and it should prevent any downward attempts. Furthermore, the intraday RSI lacks downward momentum. To sum up, as long as 0.6695 holds on the downside, expect a new recovery to 0.6810 and even to 0.6850.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6810 and the second target at 0.6850. In the alternative scenario, short positions are recommended with the first target at 0.6670 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6640. The pivot point is at 0.6695.

Resistance levels: 0.6810 0.6850 0.69 Support levels: 0.6670 0.6640 0.6610

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Technical analysis of GBP/JPY for November 02, 2015

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GBP/JPY is expected to trade with bullish bias. The pair stays above its support at 185.50 and is moving sideways. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further upside is therefore expected with the next horizontal resistance and overlap set at 187.30 at first. A break above this level would call for a further advance towards 188.05 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 187.30 and the second target at 188.06. In the alternative scenario, short positions are recommended with the first target at 185 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 184.60. The pivot point is at 185.50.

Resistance levels: 187.30 188.05 188.65

Support levels: 185 184.60 184.00

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Global macro overview for 02/11/2015

Global macro overview for 02/11/2015:

China's Markit Final Manufacturing PMI has been released earlier today and has not disappointed the market participants. The general consensus was 47.7 (slightly better than the last month score of 47.1), but the real figure was at the level of 48.3. The last three PMI data readings might suggest that the manufacturing sector is starting to picking up in China, supported by foreign demand and services sector. Nevertheless, please remember that any reading below 50 indicates a contraction not an expansion.

The AUD/USD pair is rather sensitive to any Chinese news release, but so far the market did not show any sighs of sell-off yet. After the golden channel breakout, the price has bounced back to the congestion area and now is testing the channel line from above. The next support is seen at the level of 0.7084 and next resistance is seen at the level of 0.7181.

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Global macro overview for 02/11/2015

Global macro overview for 02/11/2015:

The better-than-expected PMI Manufacturing number for the UK (55.5 vs. 51.3) reflected the best month of output growth since June 2014 and it is at a 16-month high. The 3.7 gain in PMI was one of the steepest registered during the near 24-year survey history mostly because of a solid improvements in the rates of growth in output and new orders for both domestic and foreign markets. The big question now is whether this bounce is a one-off thing or the start of sustained re-emergence from recession.

The GBP/USD pair has bounced back to test the old technical resistance at the level of 1.5508. In case of any bullish breakout, the next resistance is seen at the level of 1.5659.

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Gold analysis for November 02 , 2015

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Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,134.03. The intraday and short-term trends are downward. In the daily time frame, we can observe a strong supply bar in a high volume. In the H1 time frame, we can observe a successful rejection from our strong resistance level at the price of $1,162.00. Besides, according to the H1 time frame, we can observe weak demand bars around the price of $1,141.00, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support is at the price of $1,104.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,141.75

R2: 1,143.60

R3: 1,146.65

Support levels:

S1: 1,135.60

S2: 1,133.75

S3: 1,130.70

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.

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Technical analysis of EUR/JPY for November 2, 2015

General overview for 02/11/2015: 13:10 CET

The consolidation in the wave b purple is now taking place as the demand break-through zone has not been violated. This situation might last up to the Friday US dataon non-farm payrolls, so any waves evolving into more complex corrections should not be surprising.

Support/Resistnace:

131.58 - Intraday Support

131.75 - WS1

132.82 - Weekly Pivot

133.73 - Intraday Resistance

133.70 - 133.92 - Demand Breakthrough Zone

Trading recommendations:

Day traders should refrain from trading until a more clear trading setup occurs.

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EUR/NZD analysis for November 02, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6310. The trend is downward, the price is below the Ichimoku cloud on the H1 and daily charts. We can observe major support-cluster around the prices of 1.6150-1.6210. So, be careful when selling EUR/NZD before the breakout of our key support level. The price is also in a strong downward channel. A breakout in a high volume of the level of 1.6150 will confirm further downward continuation. Resistance is at the price of 1.6500.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6365

R2: 1.6415

R3: 1.6490

Support levels:

S1: 1.6215

S2: 1.6165

S3: 1.6090

Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level of 1.6150 to confirm downward continuation.

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Technical analysis of USD/CAD for November 2, 2015

General overview for 02/11/2015: 13:00 CET

Another wave down was made to complete the corrective structure to the downside, but please notice there is still a possibility of a marginally lower low. In that case, the overall cycle would be labeled as abc irregular correction wave 2, so further upside wave development would be anticipated.

Support/Resistnace:

1.3276 - Swing High

1.3123 - Intraday Resistnace

1.3115 - Weekly Pivot

1.3053 - Intraday Support

1.2954 - WS1

Trading recommendations:

Day traders should consider buying on the dips in this market with tight SL and TP open for now.

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Technical analysis of EUR/USD for November 2, 2014

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Overview:

  • The EUR/USD pair has rebounded from the minor support at the level of 1.1000. Now, it is approaching its support in order to test it. But as it is shown on the chart, the price has opened above the gap at the level of 1.1025. Moreover, the price of 1.0998 represents the weekly pivot point. Equally important, the weekly pivot point coincides with the ratio of 50% Fibonacci retracement levels on the H1 chart. Consequently, it will probably start upside movement in this area and recover again. Therefore, it will be a good sign to sell at this spot with the first target of 1.1052 and continue towards 1.1100 (this level will form the weekly support 1). On the other hand, in case of a break of 1.0990, a good place for stop loss will be below 1.0970.

Observations:

  • The EUR/USD pair was calling for the bearish market from the level of 1.1000 today.
  • The weekly pivot point will be set at the price of 1.0998.
  • The level of 1.1000 represents resistance 1.
  • If the trend is of an upside character, the strength of the currency will be defined as following: EUR is in the uptrend and USD is in the downtrend.
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Technical analysis of GBP/USD for November 2, 2014

The weekly technical analysis of the GBP/USD pair.

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Overview:

  • According to the previous events, the price of the GBP/USD pair is still above the weekly resistance around the area of 1.5475. On the other hand, the supports is going to set at the levels of 1.5378. The double bottom will be set at the 1.5515 level. Subsequently, the descending movement will probably be lower than the 1.5515 level with the first targets at 1.5420 and it is going to continue towards 1.5378 in order to test the the weekly pivot point. Moreover, it will call for a downtrend to continue with its bearish movement towards the double bottom at 1.5328. However, the stop loss should always be taken into account for that it will be very safe to set your stop loss at the price of 1.5542.

Technical levels of the GBP/USD pair:

  • The resistance will be set at 1.5515.
  • The support and double bottom have already been placed at the levels of 1.5378 and 1.5328, respectively.
  • On the H1 chart, the trend is still calling for a bearish market.
  • We expect a daily range of 82 pips, but the weekly range will be about 275 pips.
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USDX technical analysis for November 2, 2015

The US dollar index, as I had mentioned last week, finished the upward move from 93.80 and has started its pullback. The 38% Fibonacci retracement has not been reached yet and I expect at least a minimum retracement to that area.

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Red line - resistance

The US dollar index is below the red trend-line resistance and below the kijun-sen on the 4-hour chart. This means that the price should at least push towards the Ichimoku cloud at 96.40 and the 38% Fibonacci retracement.

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Red line - weekly resistance

Green line -weekly support

Despite breaking above the weekly resistance, the US dollar index closed below it showing some initial signs of a rejection. This is an important junction for bulls and bears. I expect the price to pull back even further, even towards the Ichimoku cloud near 95 before resuming upwards. A weekly close above last weeks' high will be an important bullish signal.

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Gold technical analysis for November 2, 2015

The gold price continues with its downward moves towards the support area of $1,140-20 as expected by the previous analysis I had posted. We are close to entering the buy area and to reaching the reversal phase in gold prices. Stochastics is now entering the oversold area and we should only be looking for buy actions now.

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Blue lines - price projection

Green rectangle - impulsive move area

Blue rectangle - corrective move area

The gold price is below the Ichimoku cloud. The price is making lower lows and lower highs. It has reached the 61.8% Fibonacci retracement, and Stochastic in the 4-hour chart is at the oversold levels. We are at a buy area between $1,140 and $1,120.

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Blue lines - price projection

Green rectangle - impulsive move area

Blue rectangle - corrective move area

The daily chart above shows how the price is approaching the daily cloud support as the daily stochastic has just now entered the oversold levels. We should be patient as the stochastic needs to show some divergence relative to the price before we get the buy signal. The gold price could make a fresh low near $1,120 where the 78.6% Fibonacci is. I am neutral, but will be looking to open long positions with the $1,100 stop and new highs as targets.

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Technical analysis of EUR/JPY for November 02, 2015

Technical outlook and chart setups:

The EUR/JPY pair trades around 132.90 levels for now, looking to extend its rally through 137.00/138.00 levels at least, before producing any meaningful retracement. Please note that the pair has produced a bullish engulfing reversal candlestick pattern last week, indicating a potential rally ahead, on the daily chart view. Besides note that the fibonacci 0.618 support has also been held, and prices reacted around the same region. It is safe to assume that bulls are expected to remain in control till prices stay above 132.00 levels. It is hence recommended to remain long with risk just below 132.00 levels. Immediate support is seen at 132.00 levels, followed by 130.00 and lower, while resistance is seen at 137.00 and higher respectively.

Trading recommendations:

Remain long, stop below 132.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for November 02, 2015

Technical outlook and chart setups:

The GBP/CHF pair has made yet another high at 1.5250 levels, taking out stops at 1.5230 levels on the short positions. The pair seems to be overdue for a correction lower, but not yet materialized. Please note that the next major resistance is seen at 1.5350 levels and the pair could be targeting the same before producing a meaningful correction. It is therefore recommended to remain flat for now and wait for a correction lower to initiate fresh long positions. Immediate support is seen at 1.5100 levels, followed by 1.5000, 1.4950 and lower, while resistance is seen at 1.5350 levels, followed by 1.5400/10 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Silver for November 02 2015

Technical outlook and chart setups:

Silver has also dropped lower, as expected and discussed earlier, through $15.50 levels for now. The metal could still see prices dropping to $15.20 levels, which is also the fibonacci 0.618 support, of the entire rally from $14.40 through $16.30 levels respectively. The drop could unfold in a corrective manner as depicted through arrows here. It is recommended to initiate 50% long positions now and the remaining 50% lower around $15.20 levels, with risk around $14.40. Immediate support is seen through $15.00 levels, followed by $14.70/80 and lower, while resistance is seen through $16.30 levels (interim), followed by $16.50 and higher respectively.

Trading recommendations:

Initiate long positions (50%) now and remain around $15.20 levels, stop is at $14.20, a target is open.

Good luck!

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Technical analysis of Gold for November 02 2015

Technical outlook and chart setups:

The yellow metal has dropped exactly around $1,136.00/40.00 levels as expected and discussed last week. Please note that the pair has formed a tweezer bottom candlestick pattern as well, indicating a potential reversal from current levels. Besides note that the fibonacci 0.618 support has been held till now, that encourages bullish setup from here on. It is hence recommended to initiate fresh long positions here with risk just below today's lows. The yellow metal favors bullish setups till prices stay above $1,125.00 levels broadly. Immediate support is seen at $1,133.00 levels (interim), followed by $1,130.00 and lower while resistance is seen through $1,181.00 levels (interim), and higher respectively.

Trading recommendations:

Initiate fresh long positions now, stop is at $1,125.00, a target is $1,230.00 at least.

Good luck!

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Elliott wave analysis of EUR/NZD for November 2 - 2015

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Wave summary:

We still think that the best wave count is that a bottom of the corrective decline from 1.9114 was found at 1.6124, but the move higher does look very convincing. A break above resistance at 1.6515 will do the job and call for a continuation higher to 1.6950 and above.

However, as long as resistance at 1.6515 is able to protect the upside, the risk remains that a new low below 1.6124 could be seen. The downside target would then be 1.6024.

Trading recommendation:

Our stop at 1.6180 was hit and we will stay neutral for now.

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Elliott wave analysis of EUR/JPY for November 2 - 2015

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Wave summary:

We continue to look for a little more correction higher in red wave 2, before a strong decline in red wave 3 lower to 125.99 and ideally lower to 119.90 is expected. Red wave 2 will ideally find resistance near 133.64, but could even make it higher to 134.55 if wave c extends.

Only a break below support at 132.16 indicates that red wave 2 already is over and red wave 3 lower is developing.

Trading recommendation:

We will keep our selling order at 134.50 for now.

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Technical analysis of EUR/USD for November 02, 2015

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When the European market opens, some economic news will be released such as Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI. The US will release the economic data too such as the Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So amid the reports, EUR/USD will will be traded with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1072.

Strong Resistance:1.1066.

Original Resistance: 1.1055.

Inner Sell Area: 1.1044.

Target Inner Area: 1.1018.

Inner Buy Area: 1.10992.

Original Support: 1.0981.

Strong Support: 1.0970.

Breakout SELL Level: 1.0964.

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

Technical analysis of USD/JPY for November 02, 2015

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In Asia, Japan will release the Final Manufacturing PMI. Besides, the US will release some economic data such as Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.05.

Resistance. 2: 120.82.

Resistance. 1: 120.58.

Support. 1: 120.29.

Support. 2: 120.06.

Support. 3: 119.82.

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 2, 2015

EUR/USD: This pair tested the support line at 1.0900, and later bounced upwards in the context of a downtrend. Nevertheless, the overall bias remains bearish. Unless the price goes above the resistance line at 1.1150 (which would require a serious buying pressure), the bias would remain bearish. Thus, the support line at 1.0900 could be tested again in case the selling pressure resumes in earnest. The outlook for the USD is bullish for the month of November 2015.

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USD/CHF: This pair tested the resistance level at 0.9950, and later got corrected downwards in the context of an uptrend. Nevertheless, the overall bias remains bullish. Unless the price goes below the support level at 0.9750 (which would require a serious selling pressure), the bias would remain bullish. Thus, the resistance level at 0.9950 could be tested again in case the buying pressure resumes in earnest.

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GBP/USD: After testing the accumulation territory at 1.5250, the Cable spiked upwards last week. However, the overall bias remains bearish and it cannot be rendered invalid unless the distribution territory at 1.5500 is overcome. Until it happens, any rallies could be considered to be mere long squeezes (transitory rallies).

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USD/JPY: Although the current outlook for this pair is bullish, the price has not made any serious directional movement so far. What can be seen in the chart is the alternating movements between bulls and bears. The price needs to continue moving upwards, otherwise, the market could enter another equilibrium phase.

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EUR/JPY: This cross first went south last week and it then moved upwards in the context of a downtrend. Normally, the cross would be weak as long as the EUR is weak, but this can be reversed in case the JPY becomes weaker than the EUR. Except in certain cases, the JPY pairs could rally significantly this month.

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Daily analysis of GBP/USD for USDX 02, 2015

USDX is trying to make a rebound above the 200 SMA on H1 chart, and that could happen in the short-term because of the current fractal structure placed on this Index. A breakout above the 97.16 level will open the doors to the 97.51 price zone. In another scenario, bears could take control of the short-term bias when the USDX is making a lower low pattern below the 200 SMA this week. MACD indicator is on the positive territory.

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H1 chart's resistance levels: 97.16 / 97.51

H1 chart's support levels: 96.71 / 96.40

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 97.16, take profit is at 97.51, and stop loss is at 96.81.

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

Daily analysis of GBP/USD for November 02, 2015

On H1 chart, there is a bullish momentum ongoing above the 200 SMA, erasing in some way the losses made after the Fed meeting last week. Besides, a higher high pattern can be seen above that moving average, so our short-term outlook could be turning in favor of the bulls' force. However, one souldn't discard a pullback below the support level of 1.5415, focusing on the 1.5368 level, which is close to the 200 SMA.

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H1 chart's resistance levels: 1.5461 / 1.5492

H1 chart's support levels: 1.5415 / 1.5368

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 1.5415, take profit is at 1.5368, and stop loss is at 1.5461.

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