GBP/USD intraday technical levels and trading recommendations for November 4, 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.

As anticipated, this price level applied significant bearish rejection on the GBP/USD pair on Monday. Our suggested SELL entry is already running in profits 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. Otherwise, further bearish decline will be delayed.

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 4, 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 (FE 100%). It is running in profits now. Target levels are located at 1.3075 and 1.2930.

A bearish breakdown of support level at 1.3075 is mandatory to allow further bearish decline initially towards 1.2930.

Otherwise, another bullish visit towards the price level of 1.3270 (FE 100%) will be expected.

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 4, 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 a 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 led 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, daily candlestick closure above the price level of 1.5380 (occurred on Friday) enhanced the bullish side of the market exposing price levels around 1.5500 where bearish rejection was anticipated, similar to what happened back on October 22.

That is why, the price zone of 1.5500-1.5550 offered a valid sell entry as expected on Monday. S/L should be lowered to 1.5510.

Daily persistence below 1.5350 is needed to allow further bearish decline towards 1.5260 and 1.5170. Otherwise, more sideway movement should be expected.

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 levels at 1.5350 and 1.5150 occurs quickly. S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for November 4, 2015

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The 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 the 1.1465 mark, 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 a 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.

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

However, a recent bullish pullback was expressed towards the backside of the broken uptrend line around 1.1070-1.1090.

A valid SELL entry was suggested at retesting this broken uptrend earlier this week. It is running in profits now. S/L should be lowered to 1.1050.

Daily persistence below 1.1000 and 1.0900 is needed to maintain enough bearish momentum.

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Daily analysis of Silver for November 04, 2015

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Overview

The silver price is trading steadily below the 15.40 level. It keeps the bearish trend scenario valid for today, waiting to test the 14.85 level initially, where the EMA50 continues placing the intraday trading under pressure. We remind you that breaching the 15.40 level will lead the price to return the gains way that begin at 16.30 then 16.85. the silver price closed below 15.40 yesterday, which puts the price under negative pressure that we are expecting to push trading towards 14.85 initially. It makes us expect a bearish bias in the upcoming sessions, supported by the negative pressure provided by the EMA50. Expected trading range for today is between the 14.85 support and 15.60 resistance.

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Daily analysis of GBP/JPY for November 04, 2015

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Overview

According to the attached H4 chart, a temporary low is at 180.36 and intraday bias turned neutral first. Some consolidations would be seen, but a further decline is expected as long as the 187.36 resistance holds. A movement below 180.36 will target the 174.86 key support level. However, a decisive break of 187.36 will turn focus back to the 195.26 resistance instead. GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

Daily Pivots: (S1) 186.09; (P) 186.48; (R1) 187.11

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Technical analysis of Silver for November 04 2015

Technical outlook and chart setups:

Silver seems to be converging towards the Fibonacci 0.618 support around $15.14/20 levels as depicted here. The metal should find support there and produce a bullish reversal soon. Please note that the metal is still around the past resistance turned into support levels as well. A bullish turn here should indicate a potential reversal for the metal. It is still recommended to hold long positions, with risk around the $14.40 levels for now. Immediate support is seen at the $15.00 levels, followed by $14.40 and lower, while resistance is seen at the $16.50 levels and higher.

Trading recommendations:

Remain long, stop is at $14.40, target is open.

Good luck!

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Technical analysis of Gold for November 04 2015

Technical outlook and chart setups:

Gold had dropped below the $1,125.00 levels, taking out stops yesterday. But the yellow metal seems to have found support at the Fibonacci 0.786 level and trend-line convergence. The metal seems to be testing trend-line support again around the $1,118.00 levels for now, before staging a rally. Only a drop below $1,100.00 could delay matters further and bring bears back to the picture. It is still recommended to initiate long positions with risk at $1,100.00 for now. Immediate support is seen at the $1,100.00 levels, while immediate resistance is seen at the $1,140.00 levels.

Trading recommendations:

Initiate fresh long positions now, stop is at $1,100.00, target is $1,230.00.

Good luck!

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Technical analysis of USD/JPY for November 04, 2015

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USD/JPY is expected to trade with bullish bias. Overnight, US stocks kept rising, lifted by energy and technology stocks. The Dow Jones Industrial Average gained another 0.5% to 17,918, the S&P 500 climbed 0.3% to 2,109, and the Nasdaq Composite was up 0.4% to 5,145. Nymex crude oil surged 3.8% to $47.90 a barrel, gold lost 1.4% to $1,117 an ounce, while the benchmark 10-year Treasury yield rose to 2.219% from 2.185% in the previous session. Meanwhile, the US dollar strengthened against most other major currencies. EUR/USD dropped 0.4% to 1.0966, USD/JPY rose 0.3% to 121.05, USD/CHF increased 0.4% to 0.9904. NZD/USD plunged 1.2% to 0.6660 overnight and fell further this morning as New Zealand's jobless rate edged up to 6.0% in Q3 from 5.9% in Q2. The pair remains on the upside and is currently trading around the rising 20-period intraday moving average (MA), which is above the 50-period one. Meanwhile, the intraday relative strength index (RSI) stays above the neutrality level at 50. The intraday outlook remains bullish and the first upside target is now set at 121.50 (high of October 30).

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 121.50 and the second target at 121.80. In the alternative scenario, short positions are recommended with the first target at 120.55 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 120.20. The pivot point is at 120.90.

Resistance levels: 121.50 121.80 122.35

Support levels: 120.55 120.20 119.90

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Technical analysis of USD/CHF for November 04, 2015

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USD/CHF is expected to trade in a higher range as bias remains bullish. The pair has formed a strong support base around 0.9870, and is posting some rebounds. The 20- and 50-period MAs are providing support roles and should continue pushing the prices higher. Besides, the intraday RSI stands firmly above its neutrality level at 50. To conclude, as long as 0.9870 is not broken, look for a new rise to 0.9960 and 1.00.

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 0.9960 and the second target at 1.00. In the alternative scenario, short positions are recommended with the first target at 0.9815 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 0.9755. The pivot point is at 0.9870.

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 04, 2015

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NZD/USD is expected to trade in a lower range. The pair is pressured by the report that New Zealand's jobless rate edged up to 6.0% in Q3 from 5.9% in Q2. Both the 20- and 50-period MAs are turning downwards, and should play key resistance roles. Besides, the intraday RSI is mixed to bearish below its neutrality level at 50. The nearest support is at 0.6605, and a break below this threshold would trigger a further decline towards 0.6580.

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 0.6605. A break of that target will move the pair further downwards to 0.6580. The pivot point stands at 0.6695. 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 0.6755 and the second target at 0.6785.

Resistance levels: 0.6755 0.6785 0.6810 Support levels: 0.6605 0.6580 0.6530

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Technical analysis of GBP/JPY for November 04, 2015

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GBP/JPY is expected to trade with bullish bias. The pair remains on the upside and is currently supported by the over-lapping 20- and 50-period intraday MAs. The intraday RSI stays above the neutrality level at 50. As long as 186.35 holds as the key support, the pair could rise toward the first upside target at 187.30 and the second one at 188.05.

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 188.05. In the alternative scenario, short positions are recommended with the first target at 185.80 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 185.20. The pivot point is at 186.35.

Resistance levels: 187.30 188.05 188.70

Support levels: 185.80 185.20 184.60

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Technical analysis of GBP/CHF for November 04, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading at the 1.5260 levels now, looking to take out the 1.5350 resistance before producing a meaningful retracement lower. Please watch out for a bearish reversal around those levels to initiate fresh short positions. The entire rally that has begun from the 1.4550 levels earlier, seems to be coming to a halt at current levels or at 1.5350. Furthermore, a bearish engulfing signal has been produced on the H4 chart depicted here. It is hence recommended to initiate 50% short positions now and remaining 50% at the 1.5350 levels if prices reach there with risk at 1.5450. Immediate resistance is seen at the 1.5350 levels, while support is seen at 1.5150.

Trading recommendations:

Remain short 50% at current levels and remain at 1.5350, stop is at 1.5450.

Good luck!

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Technical analysis of EUR/USD for November 04 2015

Technical outlook and chart setups:

The EUR/USD pair is seen to be trying to test the 1.0900 levels again. The pair is trading around 1.0925/30 for now, and a bullish reversal here should be expected soon. Please note that the pair could correct through the 1.1270 levels before reversing lower. The structure could still be a corrective rally though. It is hence recommended to initiate long positions with risk below 1.0900. Immediate support is seen at the 1.0900 levels (interim), followed by 1.0800 and lower, while resistance is seen at the 1.1100 levels, follower by 1.1375 and higher.

Trading recommendations:

Remain long now, stop is at 1.0870, target is open.

Good luck!

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Technical analysis of USD/CAD for November 4, 2015

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Overview:

  • The USD/CAD pair rebounded at the level of 1.3040 and showed signs of strength following the level of 1.3053. Additionally, the resistance has been broken and turned into a minor support at the same key level (1.3040). Equally important, the price has been set above the support since yesterday. Furthermore, the price has still been trapped between 1.3040 and 1.3108. Consequently, the pair has already formed a minor support at 1.3040 on the H1 chart. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.3040 with the first target of 1.3108, and continues towards the level of 1.3155 again. On the other hand, the stop loss should always be taken into account, thus it will be profitable to set your stop loss at the 1.3003 price.

Intraday technical levels:

Date: 4/11/2015

Pair: USD/CAD

  • R3: 1.3262
  • R2: 1.3212
  • R1: 1.3136
  • PP: 1.3086
  • S1: 1.3010
  • S2: 1.2960
  • S3: 1.2884
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EUR/NZD analysis for November 04, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6440. Low activity is on the market. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 8-day major support cluster around the prices of 1.6150-1.6210. So, be careful when selling EUR/NZD before a 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. Watch for potential changing polarity. The strong support at the price of 1.6150 may become strong resistance once it is broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6485

R2: 1.6540

R3: 1.6630

Support levels:

S1: 1.6300

S2: 1.6250

S3: 1.6155

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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Gold analysis for November 04 , 2015

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Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,114.28. The intraday and short-term trends are downward as the price is below the Ichimoku cloud on the daily, H4 and H1 charts. In the daily time frame, we can observe a strong supply bar in a high volume volume. According to the H4 time frame, we can observe strong and healthy supply bars, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support and our first profit zone is at the price of $1,104.00. Second major support is around the price of $1,083.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,128.90

R2: 1,133.60

R3: 1,141.50

Support levels:

S1: 1,113.20

S2: 1,108.20

S3: 1,100.50

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

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Technical analysis of AUD/USD for November 4, 2015

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Overview:

  • The AUD/USD pair is moving sideways this week. Thus, according to prior events, the price of the AUD/USD pair has still been moving between the ratio of 38.2% Fibonacci retracement levels at the level of 0.7154 and 61.8% Fibonacci retracement at the 0.8503 level. Furthermore, the price opened below the ratio of 76.8% Fibonacci retracement levels (0.7209). Besides, the resistance is set at the 0.7209 level. Moreover, the EMA (100) has to cross the support of 0.7154. It would be a strong confirmation for the bearish market in the long term. Therefore, it will be a good sign to buy above the level of 0.7154 with the first target of 0.7205 and resume to 0.7247. The double top is going to set at the price of 0.7250. However, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7154, the market will lead to further decline to 0.7094 today or tomorrow in order to indicate a correctional movement at this level. Meanwhile, the daily chart represents a strong support at 0.7067.
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Daily analysis of major pairs for November 4, 2015

EUR/USD: On the EUR/USD chart, there is still a bearish confirmation pattern. It means that the market is expected to continue going further and further downwards, especially as long as the US dollar is strong, which is the outlook for the greenback in November 2015. Only exponential weakness in the greenback can reverse the trend.

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USD/CHF: This pair remains bullish, now attempting to recover the slight loss it saw last week. The EMA 11 is above the EMA 56 and the Williams' Range period 20 has just sauntered into the overbought region. This shows an ongoing buying pressure in the market, which may help the price move further upwards.

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GBP/USD: The GBP/USD made a bullish attempt on Tuesday, but bears pushed the price back below the distribution territory to 1.5450. There is still a bullish signal in the market, which would be sensible as long as the accumulation territory at 1.5300 is not breached to the downside.

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USD/JPY: The USD/JPY is making some bullish effort, though there has not been anything significant this week yet. The price is now above the demand level at 121.00, looking to reach the supply level at 121.50. The ultimate target for this week is located at the supply level of 122.00.

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EUR/JPY: This cross made a faint bullish effort on Tuesday in the context of a downtrend. The cross would be weak as long as the EUR is weak. For this cross to rally, the yen would need to be weaker than the euro, which is not true at the moment.

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Global macro overview for 04/11/2015

Global macro overview for 04/11/2015:

The Markit Eurozone PMI Services data were released this morning from Spain, France, Italy, and Germany. The Final Eurozone Composite Output Index was at the level of 53.9 (Flash 54.0, September 53.6) and Final Eurozone Services Business Activity Index was at the level of 54.1 (Flash 54.2, September 53.7). This mild grow acceleration at the beginning of the fourth quarter is largely due to the twenty-eighth successive month of expansion in services and the growth rate remains stable at 0.4%. Amid the amount of stimulus that its currently in play (ECB QE program), the growth rate is still frustratingly weak and the ECB might have another reason to expand its QE program soon.

The EUR/USD pair is trading near the lows of the range and the next support is seen at the level of 1.0896.

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USDX technical analysis for November 4, 2015

The US dollar index held support yesterday and has staged an upward move towards recent highs. The trend is bullish and the weak pullback confirms how strong the bullish trend is. New highs before the year end are on the cards.

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Blue horizontal line - support

The US dollar index is trading above the Ichimoku cloud on the 4-hour chart and it has also broken above the kijun-sen. It means that we should expect new highs above 97.90 soon. Support is critical at 96.60. If it is broken, we should expect a push lower towards 95.50.

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Red line - weekly resistance

Green line - weekly support

The weekly candle has once again been broken above the weekly resistance. We must be patient and see where this week's candle closes. The chances are in favor of the bullish scenario and the continuation of this upward move over the coming weeks to new highs. Weekly support is at 95.

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Gold technical analysis for November 4, 2015

Gold price has collapsed yesterday towards my lower target of $1,120 and has hit the long-term support trend line from $1,080. The pause of the decline at that area is a good sign. It implies that the support at $1,120 is respected and important. A bounce of higher highs and higher lows is now what we are looking out for.

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Blue line - long-term support trend line

Gold price remains below the Ichimoku cloud. Stochastic is oversold on the 4-hour chart and price has reached the 78.6% retracement and the upward sloping trend line support from $1,080. We are now looking for entry levels for long positions. We want to see a short-term pattern of higher highs and higher lows in order to establish a stop level. Traders eager to buy now should use $1,100 as stop.

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Let us also not forget the bigger picture. Gold price is at the long-term 50% Fibonacci retracement. However weekly chart remains below the cloud. A long-term reversal will be confirmed when price breaks above the cloud.

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Blue line - trend line support

Gold price needs to hold above the weekly trend line support. If it breaks below it in a weekly close, then we should expect new lows to come near $1,080-60. Overall, this is an area where I prefer to look out for buying opportunities.

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Global macro overview for 04/11/2015

Global macro overview for 04/11/2015:

Crude oil inventories data are scheduled for release at 3:30pm today. The market expects the inventory levels at 2664k vs. 3.376k last week. From macroeconomic point of view, crude oil prices are still under pressure due to global supply problems and weak demand from China. Moreover, the OPEC members refused to cut down the production levels and that is making the problem even worse. At the top of the things the recent hawkish FED statement has made the crude oil surge 6% as the clues for the possible December rate hike had been revealed.

The current technical picture looks somehow slightly bearish as the price has touched the 61%Fibo at the level of 47.73. and now is testing this level again. The next support is seen at the level of 47.49 and the next resistance is seen at the level of 48.33.

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Technical analysis of EUR/JPY for November 4, 2015

General overview for 04/11/2015 08:00 CET

The current wave development is very slow as it is typical for wave b progression. Nevertheless, the building bullish divergence between the price and momentum oscillator suggest that a rebound to the upside is unavoidable sooner or later. Please notice the wave b purple might go as low as the intraday support at the level of 131.58 before reversal.

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 clearer trading setup occurs.

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Technical analysis of USD/CAD for November 4, 2015

General overview for 04/11/2015 07:50 CET

The current corrective wave development looks incomplete. The price action inside the golden channel is clearly corrective in nature. Moreover, the corrective cycle needs one more push lower to complete the wave c green and therefore wave X brown.

Support/Resistance:

1.2954 - WS1

1.3038 - Intraday Support

1.3115 - Weekly Pivot

1.3165 - Intraday Resistnace

Trading recommendations:

Day traders should consider opening sell orders only if the intraday support at the level of 1.3038 is clearly violated. SL should be placed tight (15-20 pips) and TP should be placed at the level of 1.2954.

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Elliott wave analysis of EUR/NZD for November 4 - 2015

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Wave summary:

We continue to look for confirmation that wave 2 is over and wave 3 higher has taken over. The bottom could be well in place at 1.6124. Then we need a break above resistance at 1.6515 to indicate this is the case for a rally higher to 1.6950 and above higher, which will confirm the bottom for a rally much higher.

We have seen a new test of resistance at 1.6515 (the high has been 1.6508), but only a break above 1.6515 will indicate that we did indeed see a firm bottom at 1.6124.

Trading recommendation:

We will buy EUR at 1.5900 or upon a break above 1.6515 (one order done cancels the other).

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

Elliott wave analysis of EUR/JPY for November 4 - 2015

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Wave summary:

Wave b of red wave 2 was rerouted, but as long as support at 132.15 protects the downside, I continue to look for a little more upside in red wave 2 towards 134.02 before red wave 3 takes over for a strong decline to 126.05 and likely even lower to 119.90. In the short term, a break above 133.05 confirms the next part of the corrective move higher to 134.02.

Trading recommendation:

We will sell EUR at 133.85 or upon a break below 132.16 (one order done cancels the other).

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

Technical analysis of EUR/USD for November 04, 2015

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When the European market opens, some economic news will be released such as PPI m/m, Final Services PMI, ECB President Draghi Speech, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release the economic data too such as the Crude Oil Inventories, ISM Non-Manufacturing PMI, Fed Chair Yellen Testimony, Final Services PMI, Trade Balance, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1010.

Strong Resistance:1.1004.

Original Resistance: 1.0993.

Inner Sell Area: 1.0982.

Target Inner Area: 1.0957.

Inner Buy Area: 1.0932.

Original Support: 1.0921.

Strong Support: 1.0910.

Breakout SELL Level: 1.0904.

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 04, 2015

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In Asia, Japan will release the Consumer Confidence report and Monetary Base y/y. The US will also publish some economic data such as Crude Oil Inventories, ISM Non-Manufacturing PMI, Fed Chair Yellen Testimony, Final Services PMI, Trade Balance, and ADP Non-Farm Employment Change. So there is a big probability the USD/JPY pair will move with low to medium volatility during the Asian session, but with medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.95.

Resistance. 2: 121.72.

Resistance. 1: 121.48.

Support. 1: 121.18.

Support. 2: 120.95.

Support. 3: 120.70.

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 USDX for November 04, 2015

USDX is forming a higher high pattern above the support level of 97.16 in an effort to reach new highs this week. 200 SMA is favoring this scenario, because it's slightly bullish. Besides, bear in mind the current structure is configured to visit the highs from the October 28th session, as the Index found dynamic support over that moving average. MACD indicator is entering the negative territory as H1 chart shows.

USDXH1.png

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 04, 2015

GBP/USD made a rebound around the 200 SMA price zone on H1 chart. Now it's trying to break again the support level of 1.5415. It seems there is a bullish consolidation ongoing, because the current structure is still calling for more upsides. However, if the Cable does a breakout at the 1.5368 level, then it's expected to test the 1.5300 psychological level in the short term. MACD indicator is still on the positive territory.

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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

GBP/USD intraday technical levels and trading recommendations for November 3, 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.

As anticipated, this price level applied significant bearish rejection on the GBP/USD pair yesterday. Our suggested SELL entry is already running in profits 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. Otherwise, further bearish decline will be delayed.

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.

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

USD/CAD intraday technical levels and trading recommendations for November 3, 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 (FE 100%). It is running in profits now. Target levels are located at 1.3075 and 1.2930.

A bearish breakdown of support level at 1.3075 is mandatory to allow further bearish decline at least towards 1.2930.

Otherwise, another bullish visit towards the price level of 1.3270 (FE 100%) will be expected.

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.

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