USD/CAD intraday technical levels and trading recommendations for November 10, 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 level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the level of 1.3100.

On October 28, a valid sell entry was suggested around the level of 1.3270 (FE 100%). Target levels are located at 1.3075 and 1.2930.

A bearish breakout below the support level at 1.3075 was mandatory to allow further bearish decline towards 1.2930. However, an evident bullish rejection was expressed around this level instead.

That is why, another bullish visit towards the level of 1.3270 (FE 100%) is being executed as anticipated in the previous articles.

A price action should be watched around the price level of 1.3270 on a daily basis, as a daily breakout above 1.3300 directly exposes the next resistance level at 1.3450 which corresponds to Fibonacci Expansion 141.0%.

Trading recommendations:

Risky traders can sell the USD/CAD pair around 1.3270-1.3300 (considered a risky trade as the recent weekly candlestick suggests more bullish advancement).

Conservative traders should wait to buy the pair around the recent breakout zone (1.2800-1.2750) as the breakout zone constitutes a strong support.

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Intraday technical levels and trading recommendations for GBP/USD for November 10, 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.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5170 (the neckline of the Head and Shoulders pattern).

This supports the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.4800 for this reversal pattern.

The previous demand level at 1.5170 (the origin of a previous bullish engulfing weekly candlestick) was broken down last week after it has provided the GBP/USD pair with significant bullish rejection a month ago. Now it constitutes an important supply level to be watched for bearish positions.

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) where a price action should be watched for a possible intraday BUY entry.

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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, 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 level of 1.5380 (occurred two weeks ago) enhancing the bullish side of the market exposing levels around 1.5500 where bearish rejection was anticipated, similar to what happened back on October 22.

Demand levels at 1.5350 and 1.5170 were broken down last week. These levels currently constitute prominent supply levels to be watched for new sell entries.

Note that bearish persistence below 1.5170 is mandatory to allow further bearish decline towards next demand levels at 1.5090, 1.5025, and 1.4950.

Trading Recommendation:

A low-risk buy entry will probably be offered around the weekly demand levels at 1.5000-1.4950.

S/L should be placed below 1.4920. Initial T/P levels should be located at 1.5170 and 1.5300.

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Intraday technical levels and trading recommendations for EUR/USD for November 10, 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 has 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 (July, August, September and October) reflected the recent bearish rejection, which took place around the level of 1.1450.

Hence, in the long term, a projected target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0575 occurs.

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

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.

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

Daily persistence below the level of 1.0990 exposed the next demand level around 1.0850 where prominent bottoms were previously established during May, July, and August.

This week, daily persistence below the level of 1.0800 (prominent bottom established on July 21) is needed to maintain enough bearish momentum towards 1.0680 and 1.0530 (Prominent Monthly Low).

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Technical analysis of EUR/JPY for November 10, 2015

Technical outlook and chart setups:

The EUR/JPY pair seems to be looking for an opportunity to form a base around 131.30 in the H4 chart moving higher through at least 134.25. Please note that a rally through the intermediary resistance line is still possible (above 136.00). At the moment, the pair is trading around 132.10/20. It is expected to turn bullish. It is still recommended to initiate long positions with risk at the level of 131.00. Immediate support is seen at 131.30 (interim), while resistance is seen at 134.25. Bulls are expected to be in control until prices stay broadly above 131.30.

Trading recommendations:

Stay long now, stop is at 131.00, targets are at 134.25 and 136.00+.

Good luck!

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EUR/NZD analysis for November 10, 2015

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Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6370. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 12-day major support cluster around 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of the 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 pair has broken our downward channel but with a very weak price action. A high-volume breakout at the level of 1.6150 will confirm further continuation downward. 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 gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6482

R2: 1.6505

R3: 1.6540

Support levels:

S1: 1.6410

S2: 1.6385

S3: 1.6345

Trading recommendations: Selling opportunities are preferable. Major support is at the level of 1.6150.

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Technical analysis of GBP/CHF for November 10, 2015

Technical outlook and chart setups:

The GBP/CHF pair seems to be retracing higher now after hitting lows near 1.5000 on November 06, 2015. Please note that the pair is expected to find/hit a Fibonacci 0.618 resistance level at 1.5223/30 soon. It is expected to turn bearish and move lower towards 1.4850 in coming few sessions. It is hence recommended to initiate short positions around the levels of 1.5220/30 with risk at 1.5380. Immediate support is seen at 1.5000 (interim), followed by 1.4930, 1.4850, and lower, while resistance is seen at 1.5350 followed by 1.5400/10 and higher. Bears are expected to be in control until prices stay below 1.5350.

Trading recommendations:

Re-enter short positions around 1.5220/30, stop is at 1.5380, a target is at 1.4850.

God luck!

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Technical analysis of Gold for November 10, 2015

Technical outlook and chart setups:

The yellow metal remained just shy of its July 24, 2015 lows at the $1,077.00 levels and bounced off the the $1,085.00 levels. Gold is seen to be testing the backside of its resistance turned into support trend line, and is trading marginally higher today around the $1,093.00 levels at the moment. Furthermore, please note that a Harami candlestick pattern has formed yesterday, indicating a potential reversal. It is hence recommended to initiate 50% long positions with risk at the $1,075.00 levels. Immediate support is seen at the $1,077.00 levels while resistance is seen at the $1,110.00 levels, followed by $1,120.00 and higher.

Trading recommendations:

Initiate 50% long positions, stop is at $1,075.00, target is open.

Good luck!

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Gold analysis for November 10 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around the price of $1,093.00. 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. According to the price action, we have support levels at the price of $1,095.55 and stronger resistance level at the price of $1,102.00-$1,106.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,088.37

R2: 1,090.80

R3: 1,091.00

Support levels:

S1: 1,088.00

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. Anyway, if the price breaks the level of $1,079.50 in a high volume, we may see downward continuation.

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Technical analysis of Silver for November 10, 2015

Technical outlook and chart setups:

Silver has dropped a bit lower than expected earlier, as depicted on the daily chart here. The metal is seen to be bouncing off the $14.45 levels, pretty close to the $14.40 support of October 02, 2015. Furthermore, the metal is also testing the backside of the resistance turned into a support trend line as shown here. We need to see a bullish candlestick reversal to confirm that the structure remains constructive for the bulls. It is recommended to hold long positions taken earlier, with risk just below the $14.40 levels for now. Immediate support is seen at the $14.40 levels followed by $14.25/00 and lower, while resistance is seen at the $16.00 levels and higher. Prices need to hold above the $14.00 levels for bulls to remain in control.

Trading recommendations:

Remain long, add further positions, stop is at $14.00, target is open.

Good luck!

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Technical analysis of NZD/USD for November 10, 2015

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Overview:

  • The key level has been set at the level of 0.6565 (daily pivot point). Therefore, this level is going to act as a minor resistance today. As it is known, history will probably repeat itself at this level again. According to the previous events, the NZD/USD pair is still moving between 0.6565 and 0.6488. In the short term, sell at the price of 0.6565 with the first target at 0.6488, then it will continue moving towards 0.6391 in order to test the weekly support 2. On the other hand, if the trend fails to close below the pivot point at the level of 0.6391 on the H1 chart, buy above the 0.6391 price with a target at 0.6643. The level of 0.6643 is representing the weekly resistance 1. Notwithstanding, the market volatility has to be reviewed before investing, because the sight price may have already been reached and scenarios might have become invalidated.

Intraday technical levels:

Date: 10/11/2015

Pair: NZD/USD

  • R3: 0.6607
  • R2: 0.6586
  • R1: 0.6559
  • PP: 0.6538
  • S1: 0.6511
  • S2: 0.6490
  • S3: 0.6463
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Technical analysis of USD/CHF for November 10, 2015

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Trading recommendations:

  • According to the previous events, the USD/CHF pair is still been moving between 0.9975 and 1.0110. .
  • The level of 0.9975 has formed a double bottom in the daily chart.
  • Moreover, the level of 1.0010 represents the weekly pivot point.
  • So, buy at the level of 0.9975 with the first target at 1.0066. Then it will call for an uptrend in order to continue its bullish movement towards 1.0110 to test the weekly resistance 1.
  • At the same time, the stop loss should be placed at the level of 0.9950.

Notes:

  • We expect a range of 135 pips in coming days.
  • The value of 78.6% Fibonacci retracement is 0.9975 which represents the daily support.
  • Also, it should note that 0.9975 will confirm the bullish market.
  • Volatility: 140 (as a rule, the market is highly volatile if the last day had a huge volatility).
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Technical analysis of USD/JPY for November 10, 2015

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SD/JPY is expected to trade in a higher range as the bias remains bullish. Overnight, the US stock indices fell as financial, energy, and consumer discretionary shares came under pressure. The Dow Jones Industrial Average dropped 1.0% to 17730 entering the negative territory, the S&P 500 declined 1.0% to 2078, and the Nasdaq Composite was also 1.0% down to 5095. Nymex crude fell 0.9% to $43.87 a barrel, gold edged up 0.3% to $1091 a troy ounce. The benchmark 10-year Treasury yield climbed further to 2.343% from 2.332% at the previous session.

Meanwhile the U.S. dollar entered a consolidation after last Friday's surge. Overnight, the pair challenged the first upside target (123.60) by running up to 123.59 (last seen on August 20) before entering a consolidation. It is currently trading below the 20-period intraday moving average (MA), which has crossed below the 50-period one. While the consolidation may last for a while, its extent should be limited as long as 122.65 holds as the key support. Should the pair break above 123.60, it could rise further to 124.00 (also last seen on August 20).

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 123.60 and the second target at 124. In the alternative scenario, short positions are recommended with the first target at 122 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 121.60. The pivot point is at 122.65.

Resistance levels: 123.60 124 124.75

Support levels: 122 121.60 122.35

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Technical analysis of USD/CHF for November 10, 2015

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USD/CHF is expected to trade with bullish bias. The pair stands firmly above its key support at 0.9980, and is expected to post a rebound in sight. The intraday is turning up, and calls for a new bounce. Besides, the process of higher highs and lows remains intact, which should confirm a bullish trend. To sum up, as long as 0.9980 is not broken, further advance seems to be on the cards to 1.0080 and 1.0125 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 1.0080 and the second target at 1.01. In the alternative scenario, short positions are recommended with the first target at 0.9945 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 0.9915. The pivot point is at 0.9980.

Resistance levels: 1.0080 1.0125 1.0140

Support levels: 0.9945 0.9915 0.9875

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Technical analysis of NZD/USD for November 10, 2015

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NZD/USD is expected to trade with bearish bias as the key resistance at 0.6590. The pair remains on the downside, and seems likely to challenge its nearest support at 0.6500. The key resistance at 0.6590 maintains strong selling pressure. Besides, the intraday RSI is capped by a negative trend line. In this case, as long as 0.6590 holds on the upside, further decline is more likely to occur to 0.6500 and 0.6475 in extension.

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 0.650. A break of that target will move the pair further downwards to 0.6475. The pivot point stands at 0.6590. 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 0.6645 and the second target at 0.6705.

Resistance levels: 0.6645 0.6705 0.6755 Support levels: 0.6500 0.6475 0.6435

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Technical analysis of GBP/JPY for November 10, 2015

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GBP/JPY is expected to trade with bullish bias. The pair stays above its key support at 185.30 and remains on the upside, while the intraday RSI is around 50 and lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 186.60 at first. A break above this level would call for further advance towards 187.10.

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 186.60 and the second target at 187.15. In the alternative scenario, short positions are recommended with the first target at 184.80 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 184.25. The pivot point is at 185.30.

Resistance levels: 186.60 187.10 188

Support levels: 184.80 184.25 183.90

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Global macro overview for 10/11/2015

Global macro overview for 10/11/2015:

Yesterday's Sentix data on the investors' confidence revealed the eurozone's economy might be "back on the track". Today's update on industrial production in France might support this view. The figures released this morning came out in line with the market consensus (0.1% m/m vs. 0.1% m/m), but more importantly, the year-over-year trend is on track to remain positive, advancing to the level of 1.8% year-on-year.

The EUR/USD pair is trading inside the congestion zone between the support at the level of 1.0708 and resistance at the level of 1.0808. The trend remains bearish.

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Global macro overview for 10/11/2015

Global macro overview for 10/11/2015:

The UK data on the BRC Retail Sales Monitor indicates the performance for the month of October since 2008. Is says the total value of retail sales between October 4 and October 31 hit the negative level of -0.2% compared with September's surge of 2.6%. Nevertheless, there might be a simple explanation for weak figures in October: the UK residents are saving money for Novembers "Black Friday" sell-off. It is quite possible that retail sales will get back to the mean values after that date.

The GBP/USD pair is heading south again as the resistance at the level of 1.5128 was not broken. The next support is seen at the level of 1.5026.

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USDX technical analysis for November 10, 2015

The US dollar index remains in a bullish trend and might be forming a short-term bullish flag that could push the price towards the level of 100. The trend is clearly bullish in the medium term, but we are moving sideways in an intraday perspective.

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Green line - support

Blue lines - bullish channel

Red lines - bullish flag pattern and projection

The US dollar index is inside a bullish channel and above the Ichimoku cloud. In the short-term, it has formed a bullish flag. Breaking above 99.30 will signal the breakout of the flag pushing the index towards 100 and the upper channel boundaries.

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Red line - resistance (broken)

The weekly chart remains bullish after the breakout above the resistance trend line. The price is above the weekly cloud, but we are approaching our 2014 highs and this is important resistance. Bulls need to be cautious, but they are still in control of the long- and short-term trend.

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Technical analysis of EUR/JPY for November 10, 2015

General overview for 10/11/2015 08:50 CET

The first attempt to break above the the golden channel line has failed, but there is still a possibility of a further rally upward. 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 132.30 and TP at the level of 133.55.

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Gold technical analysis for November 10, 2015

Gold price remains near its recent lows. The price should make a short-lived bounce towards $1,120-30 and then a new low towards $1,060-$1,000. A trend remains bearish. However, an overall picture is not that bearish, and I believe we are at the final stages of the bearish market.

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Blue line - trend line support (broken)

Gold price is trading below the Ichimoku cloud. I believe we should expect a pullback towards the broken blue trend line and towards the 38% Fibonacci retracement before the final leg down towards $1,000-$1,060. Resistance is at $1,125. Shorter-term resistance is seen at $1,102.

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Red line - support of 2015 lows

Blue line - support (broken)

The weekly chart remains bearish. Price has broken below the trend line support and I expect a possible back test of this break down and then a move lower that will break below the 2015 lows. Target is $1,000-$1,060. However, I believe that this is not the time to be short as the overall picture analysis tells me that we should be looking for a long-term bottom on gold and not betting on the downside for more than a week period.

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Technical analysis of USD/CAD for November 10, 2015

General overview for 10/11/2015 08:50 CET

Wave labeled as alt-iv might be completed, and the market might be ready for reaching another higher high. 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.

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Elliott wave analysis of EUR/NZD for November 10, 2015

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Wave summary:

There is no change in a view here.

We are still looking for a break above resistance at 1.6545 confirming a bottom is in place for a new impulsive rally towards 1.8020 and higher. That said time is running out and failure to break above 1.6545 will indicate that one more low closer to 1.5882 is needed before the bottom finally is in place for a new impulsive rally.

Short-term support is found at 1.6335 and at 1.6179 and below the later confirms a decline to 1.5882 before the bottom is in place.

Trading recommendation:

We will only buy EUR upon a break above 1.6545.

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Elliott wave analysis of EUR/JPY for November 10, 2015

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Wave summary:

We have seen an anticipated rally higher, but wave c was terminated at the resistance line of 133.19 and could not get higher to 133.55. We think that wave (ii) ended a little early and wave (iii) is developing now. A break below 132.09 will be the first strong indication that this was done for a strong decline lower to 124.55 and possibly even lower.

Resistance is now found at 133.19 and again at 133.55, but we expect resistance at 133.19 to protect the upside.

Trading recommendation.

We missed our selling target at 133.50, but will look for a new selling opportunity at 132.80 or upon a break below support at 132.09 with stop placed at 133.25.

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Technical analysis of EUR/USD for November 10, 2015

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When the European market opens, some economic news on the results of ECOFIN Meetings, Italian Industrial Production m/m, and French Industrial Production m/m is due to be released. The US will unveil data on the 10-y Bond Auction, Wholesale Inventories m/m, Mortgage Delinquencies, Import Prices m/m, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0808.

Strong Resistance:1.0802.

Original Resistance: 1.0791.

Inner Sell Area: 1.0780.

Target Inner Area: 1.0755.

Inner Buy Area: 1.0730.

Original Support: 1.0719.

Strong Support: 1.0708.

Breakout SELL Level: 1.0702.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for November 10, 2015

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In Asia, Japan will release data on the Economy Watchers Sentiment, Bank Lending y/y, and Current Account. The US will publish some economic data about 10-y Bond Auction, Wholesale Inventories m/m, Mortgage Delinquencies, Import Prices m/m, and NFIB Small Business Index. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.80.

Resistance. 2: 123.56.

Resistance. 1: 123.31.

Support. 1: 123.02.

Support. 2: 122.78.

Support. 3: 122.54.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of major pairs for November 10, 2015

EUR/USD: The EUR/USD pair moved simply sideways on Monday. 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 bears' potential targets this week.

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USD/CHF: In the face of ongoing strength in the greenback, the USD/CHF pair would continue its upwards journey this week. It could reach the resistance levels of 1.0100 and 1.0150. Therefore, the current shallow pullback should be viewed as an opportunity to go long.

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GBP/USD: In the context of a downtrend, the GBP/USD pair bounced upwards on Monday moving above the accumulation territory at 1.5100. This is seen as a faint bullish attempt and unless the price goes above the distribution territories at 1.5300 and 1.5350, the bullish attempt might be taken as a short-selling opportunity.

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USD/JPY: After topping 123.50, this currency trading instrument got corrected lower though the outlook for the market is bright. In the face of an anticipated bullish movements in most JPY pairs this month (coupled with the strength in the USD), it is logical to conclude that this currency trading instrument would continue its upward journey, going above the supply level of 123.50 again.

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EUR/JPY: The EUR/JPY pair remains moving in a bearish mode, though the journey southward is not significant. 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.

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Daily analysis of USDX for November 10, 2015

The USDX is doing some consolidation moves below the resistance level of 99.25, because the index is trying to do another corrective move towards the support zone of 98.31 in coming days. However, we should note the level of 99.25 could get broken very soon, as bullish momentum remains very strong. The 200 SMA in the H1 chart is still bullish calling for another swing higher. The MACD indicator is at the negative territory.

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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 US dollar index breaks with a bullish candlestick; the resistance level is seen at 99.25, take profit is at 99.80, and stop loss is at 98.71.

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Daily analysis of GBP/USD for November 10, 2015

The pair has been recovering from last Friday's losses, and we ca see a rebound above the support level of 1.5030. This is why we expect a test of the resistance zone around the level of 1.5142 in the H1 chart. A breakout above that territory will open the door to the level of 1.5205 in coming days, because it will be trading very close to the current location of 200 SMA. The MACD indicator is still showing positive signs in this time frame.

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

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Technical analysis of USD/JPY for November 09, 2015

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USD/JPY is expected to trade in a higher range. Last Friday the US dollar gained over 1% against other major currencies as the strong US jobs report, which pointed to an addition of 271K non-farm payrolls in October (vs +180K expected) and a fall in jobless rate to 5.0% from 5.1%, was viewed by the market as a green light for the US Federal Reserve to raise interest rates in December. The Wall Street Journal Dollar Index rose 1.2% to 90.42, the highest level since December 2002. EUR/USD fell 1.3% to 1.0738, GBP/USD lost another 1.0% to 1.5047, USD/JPY rose 1.1% to 123.13, USD/CAD also gained 1.1% to 1.3306, while AUD/USD lost 1.3% to 0.7046. The benchmark 10-year Treasury yield rose further to 2.332%, the highest closing level since July 21, from 2.245% in the previous session.

Meanwhile, US stock indices were little changed amid bank and financial stocks trading higher and utilities shares tumbling. The Dow Jones Industrial Average added 0.3% to 17,910, the S&P 500 ended broadly flat at 2,099, and the Nasdaq Composite was up 0.4% to 5,147. Nymex crude oil fell 2.0% to $44.29 a barrel, gold lost another 1.5% to $1,087 an ounce.The pair keeps on trading on the upside after last Friday's 1.1% surge. It is standing firmly above the rising 20-period intraday moving average (MA), which is above the 50-period one. Meanwhile, the intraday relative strength index (RSI) has shot over the over-bought level of 70 and shows no downward momentum. The intraday outlook remains strongly bullish and the pair should approach the first upside target at 123.60 and the second one at 124.00 (both last seen on August 20).

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 123.60 and the second target at 124. In the alternative scenario, short positions are recommended with the first target at 122 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 121.60. The pivot point is at 122.65.

Resistance levels: 123.60 124 124.75

Support levels: 122 121.60 122.35

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Technical analysis of USD/CHF for November 09, 2015

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USD/CHF is expected to advance further. The pair posted a strong rebound last Friday, and now stands firmly above its nearest support at 0.9945. The recent upside breakout of 1.0000 (key psychological level) should open the path to 1.0080 and 1.0125. Moreover, the intraday RSI is above its neutrality area at 50. To sum up, as long as 0.9980 is not broken, further advance seems more likely to occur to 1.0080 and 1.0125 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 1.0080 and the second target at 1.01. In the alternative scenario, short positions are recommended with the first target at 0.9945 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 0.9915. The pivot point is at 0.9980.

Resistance levels: 1.0080 1.01 1.0140

Support levels: 0.9945 0.9915 0.9875

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Technical analysis of NZD/USD for November 09, 2015

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NZD/USD is under pressure. The pair accelerated on the downside following the bearish breakout of its previous support at 0.6590. The intraday outlook is negative as the falling 20- and 50-period intraday MAs are exerting strong resistance. Besides, the intraday RSI is under pressure below its neutrality area at 50. Hence, as long as 0.6590 is resistance, look for a choppy price action with a bearish bias. Our next down targets are set at 0.65 and 0.6475.

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 0.650. A break of that target will move the pair further downwards to 0.6475. The pivot point stands at 0.6590. 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 0.6645 and the second target at 0.6705.

Resistance levels: 0.6645 0.6705 0.6755 Support levels: 0.6500 0.6475 0.6435

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Technical analysis of GBP/JPY for November 09, 2015

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GBP/JPY is expected to trade with bullish bias. The pair has accelerated to the upside after breaking above its previous key resistance at 185.30, which should now play a key support role. Both 20-period and 50-period intraday MAs maintain a bullish bias, while the intraday RSI is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 186.55 at first. A break above this level would call for further advance towards 187.15.

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 186.55 and the second target at 187.15. In the alternative scenario, short positions are recommended with the first target at 184.80 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 184.25. The pivot point is at 185.30.

Resistance levels: 186.55 187.15 188

Support levels: 183.90 183.50 182.75

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GBP/USD intraday technical levels and trading recommendations for November 9, 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 last week. Our suggested SELL entry is already running in profits today.

Note that bearish persistence below the level of 1.5170 is needed for further bearish decline towards the levels of 1.5000 which is a prominent weekly support.

A price action should be watched around 1.4980 where the lower limit of the depicted movement channel comes to meet the GBP/USD pair. This is where a valid BUY entry can be offered. S/L should be located below 1.4900.

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USD/CAD intraday technical levels and trading recommendations for November 9, 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 level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the level of 1.3100.

On October 28, a valid sell entry was suggested around the level of 1.3270 (FE 100%). Target levels are located at 1.3075 and 1.2930.

A bearish breakout of the support level at 1.3075 was mandatory to allow further bearish decline towards 1.2930. An evident bullish rejection was expressed around this level.

That is why, another bullish visit towards the level of 1.3270 (FE 100%) was executed (as anticipated in the previous articles).

Trading recommendations:

Conservative traders should wait either to sell the USD/CAD pair around 1.3270-1.3300 or buy the pair around the recent breakout zone (1.2800-1.2750) as the breakout zone constitutes 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 9, 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 enhancing 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.

The demand level at 1.5170 ( the origin of a previous bullish engulfing weekly candlestick) was broken down last week after it has provided the GBP/USD pair with significant bullish rejection a month ago.

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) where price action should be watched for a valid buy entry.

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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, 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 level of 1.5380 (occurred on last Friday) enhancing the bullish side of the market exposing 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.

Demand levels at 1.5350 and 1.5170 were broken down earlier last week. These levels currently constitute prominent supply levels to be watched for new sell entries.

They should be defended by the GBP/USD bears in order to allow further bearish decline towards 1.4950.

Note that bearish persistence below 1.5170 exposes next demand levels at 1.5090, 1.5025, and 1.4950.

Trading Recommendation:

A low-risk buy entry will probably be offered around the weekly demand levels at 1.5000-1.4950.

S/L should be placed below 1.4920.

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Intraday technical levels and trading recommendations for EUR/USD for November 9, 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 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 takes place around the level of 1.1450.

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

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

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) was performed, 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 an uptrend line has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

A valid sell entry was suggested to retest the uptrend, which had been broken earlier last week. It is running in profits now. S/L should be lowered to 1.0840 to secure some profits.

Today, daily persistence below the level of 1.0800 (prominent bottom established on July 21) is needed to maintain enough bearish momentum towards 1.0680 and 1.0550.

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