Technical analysis of EUR/USD for November 9, 2014

1447068856_EURUSDH1.png

Overview:

  • The EUR/USD pair has rebounded from the minor support at the level of 10730. On the other hand, the major minor resistance is seen at the level of 1.0830. The pair is approaching it in order to test. Additionally, the level of 1.0833 represents a strong level in the H1 chart.The weekly pivot point was already placed at 1.0833 . For that this area will act as strong resistance today. Consequently, we expect a range around 138 pips in coming 48 hours. So, amid previous events, the EUR/USD pair will be moving between the levels of 1.0720 and 1.0833 during the day. Therefore, it will probably start its downside movement from 1.0830 and recover again. Sell at this spot with the first target at 1.0766 and second target at the level of 1.0706 to form the double top and continue towards 1.0658. On the other hand, in case a breakout takes place at 1.0833, a good place to set our stop loss is seen at 1.0860.

The weekly technical analysis of the EUR/USD pair:

eurusd_pp.jpg

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

Gold analysis for November 09, 2015

GOLDDaily.png09.png

GOLDH4.png09.png

Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the second major support at the level of $1,085.00. We can observe a massive volume spike (selling climax), which is a sign that selling gold at this stage looks risky. A trend is still downward, but since we got the massive volume spike at the critical support level we may expect an upward correction to take place. Anyway, if the price breaks the level of $1,083.00, we may see a continuation downward. The resistance level is seen at $1.102.50.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,090.25

R2: 1,090.80

R3: 1,091.70

Support levels:

S1: 1,088.50

S2: 1,087.95

S3: 1,087.35

Trading recommendations: Be careful when selling gold at this stage since the price is testing the key support level and we got the massive volume spike.

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

Technical analysis of GBP/USD for November 9, 2014

The weekly technical analysis of the GBP/USD pair:

gbpusd_pp.jpg

Overview:

  • The The GBP/USD pair is expected to face strong resistance at the level of 1.5192, and support is seen at 1.48487 this week. Equally important, the price has still been trading around the key level of 1.5084 since morning. Moreover, the GBP/USD pair is still below 38.2% of Fibonacci retracement levels since June 4, 2014. The RSI calls for a downtrend. As a result, the price has already formed the strong resistance at the spot of 1.5192 approaching it in order to test this level in coming hours. Therefore, the GBP/USD pair will get downside momentum rather convincing and the fall is unlikely to be corrective to indicating a bearish opportunity below the level of 1.5192 for that sell below 1.5192 with the first target at 1.5026 (this level is coinciding with the daily double bottom). It will call for a downtrend to continue a bearish movement towards 1.4890 (the weekly support 1).
GBPUSDH1.png
The material has been provided by InstaForex Company - www.instaforex.com

EUR/NZD analysis for November 09, 2015

EURNZDDaily.png09.png

EURNZDH4.png09.png

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6470. We still observe low activity in the market. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 11-day major support cluster around 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of our key support level takes place. In the the daily time frame, we can see neutral bars, which are a sign for an indecision market. The price has broke our downward channel but with a very weak price action. A high-volume breakout of the level at 1.6150 will confirm further downward continuation. Resistance is seen at the level of 1.6500. Watch for a potential change in polarity. The strong support at 1.6150 may become strong resistance once it is broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6510

R2: 1.6550

R3: 1.6620

Support levels:

S1: 1.6370

S2: 1.6330

S3: 1.6260

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 at 1.6150 to confirm a continuation downward.

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

Global macro overview for 09/11/2015

Global macro overview for 09/11/2015:

The sentix Economic Index for the euro area continues rising, gaining 3.4 points to 15.1 points in November. The previous reading of 11.7 points was easily beaten as the eurozone's recovery is back on track, especially in Germany and Switzerland while Austria lags behind a little. A reason for rising economic expectations is gaining confidence in Asian markets as the Chinese administration has been successful in restoring confidence in the potential of the Chinese economy.

The rising confidence in global recovery and Friday's NFP data was the main reason for the US Dollar index' bullish breakout. Currently, the support is seen at the level of 98.34 and resistance is seen at the level of 99.98.

dxy.jpg

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

Global macro overview for 09/11/2015

Global macro overview for 09/11/2015:

The US employment data was released last Friday. The NFP figures were much better than market participants had expected as an addition of 271,000 jobs exceeded all estimates of Bloomberg economists. Moreover, the wage growth increased and the unemployment rate felt to the level of 5.0%. Further improvements in the labor market is a precondition for the Fed policy makers in case of any possible short -term interest rate hike.

The EUR/USD pair declined rapidly to the level of 1.0707 after the news release. However, the pair has bounced a little higher performing a corrective cycle. The downtrend remains unchanged and next resistance is seen at the level of 1.0832.

eurusd.jpg

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

Technical analysis of USD/CAD for November 9, 2015

General overview for 09/11/2015 10:10 CET

Wave X brown had been completed in shape of a triangle pattern. Now, the market continues to move higher to complete the wave Y brown cycle. Please notice that the key level for this wave progression is a weekly pivot at the level of 1.3239, and the invalidation line for an alternative impulsive count is seen at the level of 1.3190.

Support/Resistance:

1.3316 - Intraday Resistance

1.3239 - Weekly Pivot

1.3190 - Intraday Support

1.3162 - WS1

Trading recommendations:

Day traders should consider placing buy orders at current price levels with SL below the level of 1.3239 and TP at the level of 1.3316.

usdcad_h1.jpg

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

Technical analysis of EUR/JPY for November 9, 2015

General overview for 09/11/2015 09:50 CET

The wave b purple is completed and the price is now rallying upwards to complete wave c of the corrective cycle in wave (b) blue. The first target for wave (b) is seen at the level of 133.55, but it might goes higher into the demand breakthrough zone and be capped then.

Support/Resistnace:

131.47 - WS1

123.34 - Weekly Pivot

132.70 - Intraday Support

133.20 - WR1

133.55 - Intraday Resistance

Trading recommendations:

Day traders should consider placing buy orders at current price levels with SL below the level of 132.70 and TP at the level of 133.55.

eurjpy_h1.jpg

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

USDX technical analysis for November 9, 2015

The US dollar index has been moving in a strong uptrend since November 2 when it tested support at 96,75 and broke to new highs on November 4. A weekly bullish flag pattern was broken upwards.

usdx.jpg

Red line - support

Blue line - support

The US dollar index is above the Ichimoku cloud heading towards higher highs and higher lows. Support is found at 98.10-97,95. Resistance is seen at 100-100.20. A trend remains bullish.

usdxd.jpg

Red line -weekly resistance

The weekly chart remains fully bullish after the breakout above the bullish flag. The price is above the long-term cloud providing us with a long-term bullish signal. Pullbacks towards the broken trend-line support should be seen as buying opportunities with stops at 93.80.

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

Gold technical analysis for November 9, 2015

Gold price was pushed towards new lows last week following the better-than-expected US Non-Farm Payrolls. In the previous analysis, I mentioned that gold price had to bounce off the area around $1,120-40 in order to avoid new lows. This did not happen. So, bears are still in control.

goldh4.jpg

Blue line - support (broken)

Gold price is below the Ichimoku cloud. The price broke through the trend line support and reached its previous lows in the area around $1,080. A trend remains bearish. I would justify a bounce towards the area of $1,120-30, but only as a short-term bounce before the new selling pressures comes to push prices towards $1,060.

goldd.jpg

Blue line -weekly trend line support (broken)

Red horizontal line -support of previous low at $1,077.

Gold price remains in a long-term bearish trend as long as it moves below the Ichimoku cloud. The rejection at $1,190 was a sell signal once the price broke below the tenkan-sen (red line indicator). Gold price did not bounce off the blue upward sloping trend-line support, but it broke below it. Gold is now testing a low at $1,077. A short-term bounce could come before a break below that level.

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

Elliott wave analysis of EUR/NZD for November 9 - 2015

2015-11-09-EURNZD-4H.png

Wave summary:

Important resistance at 1.6545 is still protecting the upside and time is running out. If a break higher is not seen on the next attempt, then we shall expect one more decline closer to 1.5882 before a low finally is in place here.

Short-term support is seen at 1.6337 and again at 1.6179 and below the later will indicate that one final decline is needed before the low is in place.

Trading recommendation:

Only buy EUR upon a break above 1.6545.

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

Elliott wave analysis of EUR/JPY for November 9 - 2015

2015-11-09-EURJPY-4H.png

Wave summary:

The correction we are looking for towards 133.55 continues to unfold as expected. Once the 133.55 target is reached a turn lower should be expected for a decline and a break below support at 131.46 for a continuation lower to 129.21 and most likely even lower to 124.43.

In the short term, we will ideally see support at 132.44 hold for a rally towards 133.55, but only a break below support at 132.09 will confuse the picture.

Trading recommendation:

Sell EUR at 133.50 and place stop at 133.95.

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

Technical analysis of EUR/USD for November 09, 2015

!_EURUSD.jpg

When the European market opens, some economic news will be released such as Eurogroup Meetings minutes, Sentix Investor Confidence, and German Trade Balance. The US will release the macroeconomic report too such as the Labor Market Conditions Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0782.

Strong Resistance:1.0776.

Original Resistance: 1.0765.

Inner Sell Area: 1.0754.

Target Inner Area: 1.0729.

Inner Buy Area: 1.0704.

Original Support: 1.0693.

Strong Support: 1.0682.

Breakout SELL Level: 1.0676.

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 09, 2015

!_USDJPY.jpg

In Asia, Japan will release the Average Cash Earnings y/y. The US will also release the macroeconomic report such as Labor Market Conditions Index m/m. So there is a big probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.92.

Resistance. 2: 123.68.

Resistance. 1: 123.43.

Support. 1: 123.13.

Support. 2: 122.89.

Support. 3: 122.65.

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 9, 2015

EUR/USD: The EUR/USD pair went down by 300 pips last week in conjunction with the bearish outlook for the market. There are resistance lines at 1.0850 and 1.0900, which should resist any serious bullish attempts as the price endeavors to go further south. There are also support lines at 1.0650 and 1.0600. These are the potential targets for bears this week.

1.png

USD/CHF: Last week, this pair achieved a predictable feat - the USD reaching parity with the CHF. The price went above the great psychological levels at 1.0000 and 1.0050, closing above the latter on Friday. In the face of the ongoing strength in the Greenback, the pair would continue its upwards journey this week, possibly reaching the resistance levels at 1.0100 and 1.0150.

2.png

GBP/USD: Among the majors, the Cable was the strongest moving last week. The movement was so strong that the price fell by 400 pips, testing the accumulation territory at 1.5050. The outlook for this market remains bearish and it is possible that the accumulation territories at 1.5000 and 1.4950 would be attained this week.

3.png

USD/JPY: The price on this currency trading instrument moved upwards slowly and steadily last week, and then jumped further upwards on November 6, 2015. Price closed at 123.17 on that day on a strong bullish note. The bullish journey would continue this week (and this month), owing to a positive outlook for most JPY pairs.

4.png

EUR/JPY: The EUR/JPY pair remains in a bearish mode, though the journey southward was not significant last week. As long as the Euro is strong, the EUR/JPY pair would continue trending downwards. The only occurrence that can reverse this expectation is the occurrence that enables the Yen to be suddenly weaker than the Euro.

5.png

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

Daily analysis of USDX for November 09, 2015

USDX had a very bullish reaction after the positive data shown by the US NFP for October. Technically, the Index is looking to trade around the 100.00 key zone soon. Before that, we should see some breakouts above the 99.25 resistance level because that zone is currently pushing short-term bears on the US Dollar lower. In another scenario, we should be aware of the supports around the 98.31 and 98.03 levels. MACD indicator is reaching the overbought territory.

USDXH1.png

H1 chart's resistance levels: 99.25 / 99.80

H1 chart's support levels: 98.31 / 98.03

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 99.25, take profit is at 99.80, and stop loss is at 98.71.

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

Daily analysis of GBP/USD for November 09, 2015

GBP/USD has been trading lower after the US NFP release during Friday's session as it still forming a lower low pattern on H1 chart. However, we should note there are higher chances to see another breakout lower because of the current structure. The support zone of 1.5030 is the key level during this decline and that's why we could expect some rebounds over there on a corrective basis. MACD indicator is entering the neutral territory.

GBPUSDH1.png

H1 chart's resistance levels: 1.5142 / 1.5205

H1 chart's support levels: 1.5030 / 1.4932

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 1.5030, take profit is at 1.4932, and stop loss is at 1.5130.

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