Daily analysis of Silver for November 12, 2015

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Overview

Silver price showed calm negative trading yesterday to keep crawling to the previously recorded bottom at 13.96, while the EMA50 continues to push the price to the negative territory to support the continuation of a decline in upcoming sessions. Therefore, we will keep our bearish trend expectations unless breaching 14.85 and holding above it, pointing that the breakout at 13.96 is likely to extend the bearish wave to reach 13.50 and then 13.00. Silver price continues to provide calm trading with a bullish bias since morning, where the price is influenced by stochastic, which is current positive. However, the main negative scenario remains valid as long as the price is below 14.85 supported by the negative pressure coming from the EMA50, and its main targets begin at 13.96 and extend to 13.50.

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Daily analysis of GBP/JPY for November 12, 2015

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Overview

GBP/JPY's choppy rise from 180.64 extended higher last week, but an overall outlook is unchanged. Price actions are viewed as a consolidation pattern starting from the level 180.36. Strong resistance at 188.28 is expected to limit the upside in finishing the process of consolidation. The bias will turn downside below 183.86 to retest 180.36 first. A break of 180.36 will extend the fall from 195.86 and should then target the key support level of 174.86. In the longer term, an uptrend from 116.83 (long-term bottom) could be topped. There is no confirmation yet, but even is case of another rise, strong resistance is likely to be seen near to 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 186.20; (P) 186.62; (R1) 187.30;

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Technical analysis of Gold for November 12 2015

Technical outlook and chart setups:

Gold continues to test the resistance-turned-support trend line around $1,084.00 now. If bulls want to remain in control, they would be poised to produce a reversal ahead of $1,077.00. Only a break below $1,077.00 would delay matters further and help in hitting new lower lows. It is not recommended to take fresh long positions until the level of $1,093.00 is cleared. One can hold long positions taken earlier with risk around $1,074.00/75.00. Immediate support is seen at $1,077.00, while resistance is seen at $1,093.00/94.00 followed by $1,110.00 and higher.

Trading recommendations:

Hold long positions taken earlier, stop is at $1,074.00, a target is open.

Good luck!

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Technical analysis of Silver for November 12, 2015

Technical outlook and chart setups:

Silver is trading around $14.40 now still holding the fibonacci 0.786 support level as depicted on the daily chart. Bulls are still expected to regain control until prices stay broadly above $14.00. If this count holds, silver may easily rally above the levels of $16.30/40 in coming weeks. It is hence recommended to remain ling with risk at $14.00. Immediate support is seen at $14.00 and lower, while resistance is seen around $14.50, $15.10/20, and higher.

Trading recommendations:

Remain long with stop at $14.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for November 12, 2015

Technical outlook and chart setups:

The GBP/CHF pair has slightly exceeded the projected levels. The pair is trading at the level of 1.5255 now after bouncing off its fibonacci 0.786 resistance level around 1.5279. Please note that bears are poised to take control until 1.5350 remains intact. Now it is hence recommended to remain short with risk at 1.5380. Immediate resistance is seen at 1.5350 followed by 1.5400/10 and higher, while support is seen at 1.5000 followed by 1.4950 and lower. If the above count holds, a downside extension is expected towards at least 1.4850.

Trading recommendations:

Remain short, stop is at 1.5380, a target is at 1.4850.

Good luck!

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Technical analysis of EUR/JPY for November 12, 2015

Technical outlook and chart setups:

The EUR/JPY pair tested its resistance-turned-support trend line for the third time at the levels of 131.47/50 today. The H4 chart is still indicating an accelerated rally towards 133.80 and 134.30 in coming trade sessions. Please note that bulls are expected to gain control until a low of 131.30 remains intact. It is hence recommended to remain long with risk at 131.00 now. Immediate support is seen at the levels of 131.30 followed by 130.00 and lower, while resistance is seen at 133.20 followed by 134.20/30 and higher.

Trading recommendations:

Remain long with stop at 131.00, a target 134.30

Good luck!

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EUR/NZD analysis for November 12, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6380. The trend is neutral. We can observe a 14-day major support cluster around the 1.6150-1.6210 area. 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 of 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 downward movements. The resistance is seen at the level of 1.6500. According to the M15, I found a massive volume spike (selling climax), and later on buyers supported potential absorption. So, be careful when selling at this stage because we may see potential recovery of the euro. Watch for a potential change in polarity. Anyway, the strong support at 1.6150 may become a strong resistance once it gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6405

R2: 1.6425

R3: 1.6460

Support levels:

S1: 1.6340

S2: 1.6320

S3: 1.6285

Trading recommendations: Selling looks risky at this stage so watch for potential buying opportunity on an intraday basis. Selling opportunities are preferable only if the price breaks the level of 1.6150.

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Gold analysis for November 12 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,087.00. Our major support is at the price of $1,085.00. We can observe a massive volume spike (selling climax) in the background, which is a sign level of $1,085.00. According to the M30 time frame, I found a strong supply trend line and the price tested the trend line few times. Watch for potential intraday selling opportunities. If the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,089.50

R2: 1,091.25

R3: 1,094.00

Support levels:

S1: 1,084.00

S2: 1,082.30

S3: 1,079.60

Trading recommendations: Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see further downward movement. Selling opportunities are also preferable in intraday.

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Technical analysis of USD/CHF for November 12, 2015

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USD/CHF is expected to trade with bullish bias above 0.9990. The pair remains in consolidation, but it has managed to hold above its support base at 0.9990, which is also placed as our intraday stop loss. The intraday RSI is losing upward momentum, calling for caution. Nevertheless, as long as 0.9990 is not broken, expect a new recovery 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 0.9990.

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 12, 2015

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NZD/USD is expected to trade in a lower range as the key resistance is at 0.6590. The pair is capped by its descending 50-period intraday MA and remains on the downside. Meanwhile, the intraday RSI lacks upward momentum. The first target to the downside is therefore set at 0.65. A break below this level would open the way to further weakness towards the horizontal support and overlap at 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 0.65. 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 0.6625 and the second target at 0.6645.

Resistance levels:0.6625 0.6645 0.6675 Support levels: 0.6500 0.6475 0.6435

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Technical analysis of NZD/USD for November 12, 2014

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Overview:

  • According to the previous events, the NZD/USD pair is moving between the levels of 0.6505 and 0.6610.
  • Resistance is seen at the level of 0.6610 providing a clear signal for sell deals with a target at 0.6498.
  • However, the stop loss should be placed above the level of 0.6650.

It should note the following important observations:

  • The market is going to call for a downtrend.
  • The double top is expected at the level of 0.6644.
  • The minor support is found at 0.6533.
  • The major support has already been found at the level of 0.6498. But the double bottom does not coincide with the major support because it has set at 0.6498.
  • The daily pivot point is seen the level of 0.6540.
  • We expect a range about 0.6499 and 0.6610 (111 pips) in coming two days. Hence, the risk of 74 pips must make a profit of 111 pips.
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Technical analysis of EUR/USD for November 12, 2014

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Overview:

  • The resistance level was already faced at 1.0833. Furthermore, it will be very profitable to sell below this level for retesting it in the short term. Therefore, sell deals are recommended below the levels of 1.0833 and 1.0766 with a target at 1.0673 (the level of 1.3838 is representing the double bottom). If the trend is able to break the double bottom at 1.0673, then it will continue moving towards 1.0613 to reach a new double bottom.
  • On the contrary, the resistance is seen at the level of 1.0833 today. Consequently, the descending movement will probably be higher than 1.0833 with a target at 1.0872. It is going to drop towards the double bottom around the level of 1.0907 in the H1 chart.

Intraday technical levels:

Date:12/11/2015

EUR/USD:

  • R3: 1.0844
  • R2: 1.0808
  • R1: 1.0776
  • PP: 1.0740
  • S1: 1.0708
  • S2: 1.0672
  • S3: 1.0640
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Technical analysis of GBP/JPY for November 12, 2015

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GBP/JPY is expected to trade in a higher range as there is a bullish bias above 186.20. The pair stays above its key support at 186.20 and remains on the upside, while the intraday RSI is around 50 lacking downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 1.3285 first. A break above this level would call for a further advance towards 187.75.

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 187.75 and the second target at 188.30. 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 185.30. The pivot point is at 186.20.

Resistance levels: 187.75 188.30 189.10

Support levels: 185.80 185.30 184.80

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Global macro overview for 12/11/2015

Global macro overview for 12/11/2015:

ECB president Mario Draghi reiterated in today's morning speech that the QE will run up to September 2016 if needed to meet the 2% inflation goal. This dovish statements might add fuel to the fire as Draghi had already said last week that he is ready to do everything to meet inflation goals, including extension of the bond-buying program to September 2016. The December ECB meeting is likely to be crucial for long-term monetary policy updates.

The EUR/USD pair fell sharply after Draghi's remarks. It broken the support line at 1.0705. Now, it is trading at the level of 1.0711. The next support is seen at the level of 1.0673.

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Global macro overview for 12/11/2015

Global macro overview for 12/11/2015:

Australia's jobs report for October delivered smashing data. The market expectation of 14.8K job gains were beaten by the real number of 58.6K. Moreover, the unemployment rate has fallen to the level of 5.9% from 6.2% month ago. This is why it might looks like the chances of the Reserve Bank of Australia cutting rates any time soon are dwindling after this data release.

The AUD/USD pair rose 1.5 per cent on Thursday, rallying after the release of the RBA figures. Currently, the market is trading at the level of 0.7131 and the next resistance is seen at the level of 0.7170.

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USDX technical analysis for November 12, 2015

The US dollar index moved towards the short-term support area we mentioned yesterday at 98.65. The price is bouncing towards the downward sloping resistance again. Medium- and long-term trends remain bullish.

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Red line - short-term resistance

Blue lines - bullish channel

The US dollar index remains inside the bullish channel and above the Ichimoku cloud. The price bounced off the kijun-sen at 98.65 and is testing the resistance at 99-99.10. Breaking below 98.65 will push the index towards 98.30 and this is the most probable outcome in my opinion.

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The weekly chart remains unchanged. The price has reached an important resistance area and a small pullback is justified at least. Bulls need to be very cautious in case this rejection becomes larger because there is also the scenario where we can see a test of the kijun-sen at 96.20. Taking profits is preferred for long positions or placing stops at 98.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for November 12, 2015

The gold price remains in a bearish trend, but just above the 2015 lows at $1,077. The short-term sideways move continues forming a bearish flag.

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Red lines - trading range/ flag pattern

The gold price remains below the Ichimoku cloud and inside the trading range. The resistance is at $1,107; and support, at $1,083. Breaking the resistance will push the price towards $1,120. Breaking the support will push the price towards $1,060-50. The bearish scenario has more chances.

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The weekly chart remains bearish as we are at the final stages of the decline from $1,190. This decline is expected to be concluded with a new low below $1,077. However, I do not expect a big sell-off despite new lows that will be seen. My longer-term outlook is bullish, but there is no confirmation or a reversal signal yet.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for November 12, 2015

General overview for 12/11/2015 07:30 CET

The corrective cycle in wave b green (alt:-iv-) might be terminated anytime now. An outlook is still bullish as there is one more wave to the upside missed. 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 levels with SL below the level of 1.3239 and TP at the level of 1.3316.

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Technical analysis of EUR/JPY for November 12, 2015

General overview for 12/11/2015 07:20 CET

The Elliott wave count has been re-labeled to incorporate the triangle wave (b) blue idea instead of previously anticipated irregular corrective cycle. The triangle pattern is now a new best fit to the current price action structure, however the market might still be evolving into more complete corrective structure. Any violation of the level of 133.20 invalidates the triangle idea.

Support/Resistnace:

131.47 - WS1

131.61 - Intraday Support

132.34 - Weekly Pivot

132.52 - Intraday Resistnace

133.20 - WR1

Trading recommendations:

If the triangle structure is correct, then all the buy orders should be closed and sell orders should be open with SL above the level of 132.56 and TP below the level of 131.47.

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Daily analysis of major pairs for November 12, 2015

EUR/USD: From Monday till now, this pair has been consolidating, though things are still bearish. When momentum returns to the market, it would most probably favor bears. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is not far from the oversold region. This shows a Bearish Confirmation Pattern in the chart.

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USD/CHF: In the face of ongoing strengthening in the greenback, the USD/CHF pair would continue its upward journey this week, reaching the resistance levels at 1.0100 and 1.0150. Therefore, any shallow pullbacks should be viewed as opportunities to go long. This week so far, the price has been moving only sideways.

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GBP/USD: This week, the GBP/USD pair has moved by 160 pips upwards in the context of a downtrend. The price is above the accumulation territory at 1.5200 now, but this could not pose any threats to the extant bearish outlook unless the distribution territory of 1.5300 is also breached to the upside, which would really require a strong buying pressure.

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USD/JPY: After testing the supply level of 123.50, the pair has weakened. However, it is possible that the price would continue going further upwards, especially as long as the demand level at 122.00 is not broken to the downside yet. Moreover, some fundamental figures are expected today and they could have a significant impact on the market.

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EUR/JPY: The EUR/JPY pair traded a bit lower on Wednesday. The bias was bearish so far and the demand zone at 131.50 is about to be tested again (the demand zone was tested last week); it could even be breached to the downside. Generally, the market is consolidating.

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Elliott wave analysis of EUR/NZD for November 12 - 2015

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Wave summary:

There is no change in a view here. The base-building continues to unfold as it has been doing for 3 weeks. We still favor a breakout to the upside. A break above 1.6545 will confirm a strong rally higher towards 1.8019. However, a failure to break above important resistance at 1.6545 is of concern and does keep the down trend since 1.9114 is firmly in place and thereby keeps the possibility for one more decline closer to 1.5882 alive.

Trading recommendation:

We will buy EUR at 1.6210 or upon a break above 1.6545 (one order done cancels the other). Place stop+revers at 1.6120.

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Elliott wave analysis of EUR/JPY for November 12, 2015

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Wave summary:

There is no change in a view here. We continue to look for a break below support at 131.63 confirming a continuation lower to 130.00 and lower to 124.58 as the next target.

However, we are forced to accept more sideways consolidation as long as support at 131.63 gives a way, which could take us back to 132.79 that should be able to protect the upside any time.

Trading recommendation:

We are short EUR from 132.08 and have placed our stop at 133.25. If you are not short EUR yet, then sell near 132.55 or upon a break below 131.63 and use the same stop at 133.25.

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Technical analysis of EUR/USD for November 12, 2015

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When the European market opens, some economic news on the Industrial Production m/m, French CPI m/m, and German Final CPI m/m is due to be released.The US will publish data on the Federal Budget Balance, 30-y Bond Auction, Crude Oil Inventories, JOLTS Job Openings, and Unemployment Claims. So amid the reports, the EUR/USD pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0820.

Strong Resistance:1.0814.

Original Resistance: 1.0803.

Inner Sell Area: 1.0792.

Target Inner Area: 1.0767.

Inner Buy Area: 1.0742.

Original Support: 1.0731.

Strong Support: 1.0720.

Breakout SELL Level: 1.0714.

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 12, 2015

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In Asia, Japan will release data on the 30-y Bond Auction, PPI y/y and Core Machinery Orders m/m. The US will publish economic news on the Federal Budget Balance, 30-y Bond Auction, Crude Oil Inventories, JOLTS Job Openings, and Unemployment Claims. 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: 123.46.

Resistance. 2: 123.22.

Resistance. 1: 122.98.

Support. 1: 122.69.

Support. 2: 122.45.

Support. 3: 122.21.

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 USDX for November 12, 2015

On the H1 chart, the USDX is looking for an opportunity to break the resistance level of 99.25, but sellers are still very strong in that zone and that's why we can observe some strong pullbacks in lower time frames, such as 30M charts. Currently, the view is calling for a test at the 200 SMA on a short-term basis. A rebound could happen when the index finds bottom there. The MACD indicator is entering 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 12, 2015

GBP/USD recovered positions during the Veterans Day in the United States, and currently we should see testing of the 200 SMA zone in the H1 chart. Over that level, we could expect a pullback towards support level of 1.5142 at least in coming days. By the way, if bulls turn out to be strong enough, we can expect a rally toward the resistance level of 1.5296.

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H1 chart's resistance levels: 1.5296 / 1.5365

H1 chart's support levels: 1.5205 / 1.5142

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 seen at 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.

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