USD/CAD intraday technical levels and trading recommendations for November 16, 2015

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Overview:

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

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.

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. Besides, 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 were 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.

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

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

Trading recommendations:

Conservative traders should wait to SELL the USD/CAD pair around 1.3450 (Fibonacci Expansion 141.0%).

S/L should be placed above 1.3500.

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Intraday technical levels and trading recommendations for GBP/USD for November 16, 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 1.5220 (the neckline of the Head and Shoulders pattern).

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

The previous demand level at 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken down two weeks ago, after it has provided significant bullish demand for the GBP/USD pair.

Now, the price zone of 1.5200-1.5230 constitutes an important supply zone to be watched for bearish positions, which can be offered today.

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) where a possible buy entry can be offered.

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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 placed the GBP/USD pair under significant bearish pressure.

Recently, daily candlestick closure above the level of 1.5380 (two weeks ago) enhanced the bullish side of the market exposing levels around 1.5500 where bearish rejection was anticipated, similar to what happened back on October 22.

The demand levels of 1.5350 and 1.5200 were broken down last week. These levels currently constitute prominent supply to be watched for new sell entries. The level of 1.5200 is being revisited today.

Note that bearish persistence below 1.5200 is mandatory to allow further bearish decline towards the next demand levels at 1.5090, 1.5025, and 1.4950.

On the other hand, a daily breakout above supply level at 1.5220 enhances the bullish side of the market towards at least 1.5350.

Trading Recommendation:

Risky traders can dell the GBP/USD pair around 1.5220 (the current supply level). S/L should be located above 1.5250.

On the other hand, 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 16, 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 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 recent bearish rejection, which was expressed 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 before the end of the current month.

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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 bearish breakdown 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.

Two weeks ago, daily persistence below the level of 1.0990 exposed the next demand level around 1.0850 where prominent bottoms were previously established in 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 1.0650 and 1.0530 (prominent monthly low).

Moreover, a valid sell entry can be offered around price level of 1.0850 if the current bullish correction persists above 1.0700 (Friday's lowest price level).

On the other hand, bearish closure below 1.0700 allows further bearish decline towards the next demand level at 1.0600.

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EUR/NZD : analysis for November 16, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6572. The short-term trend is still neutral. 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 an upward bar in a volume above the average. A high-volume breakout at the level of 1.6590 will confirm further upward movements. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at the level of 1.7080 and FIbonacci retracement 61.8% at the level of 1.7295. According to the M30, I found absorption of selling climax in the background and today highest volume was supportive nature, which is a sign that we may see upward movements. So, be careful when selling at this stage because we may see potential recovery in the euro. Anyway, strong support at 1.6150 may become strong resistance once it gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6510

R2: 1.6536

R3: 1.6580

Support levels:

S1: 1.6422

S2: 1.6395

S3: 1.6350

Trading recommendations: Selling looks risky at this stage so watch for potential buying opportunities 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 16, 2015

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Overview:

Since our last analysis, gold has been trading upwards. As I had expected, the price tested the level of $1,097.91. According to the daily time frame, I found a strong pin bar and reaction from buyers, which did not let sellers to break the key support at the level of $1,077.00. According to the M30 time frame, I found a massive volume spike at the level of $1,074.00 and very strong reaction from buyers shortly after (sign of strength). Strong support is seen near the level of $1,090.00-$1,089.00. We can observe a change in polarity and old swing highs became support levels. Potential resistance levels are at the prices of $1,104.00, $1,118.00, and $1,132.00 as well as $1,145.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,089.35

R2: 1,090.35

R3: 1,092.00

Support levels:

S1: 1,086.15

S2: 1,085.00

S3: 1,083.60

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Good intraday support is at the price of $1,090.00.

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Technical analysis of GBP/USD for November 16, 2014

The weekly Technical analysis of GBP/USD pair:

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Overview:

  • The GBP/USD pair movement will continue from the level of 1.5180 on the H1 chart. Moreover, this level was confirmed by the bullish market a week ago. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price, which represents the weekly pivot point. Therefore, the market will indicate the bullish opportunity at the level of 1.5180. Besides, the pivot became a minor support. Accordingly, it will be a good sign to buy at 1.5180 (in the short term) with the first target at 1.5264 in order to form a double top and further to 1.5320 in the same time frame. Furthermore, this level of taking profit will coincide with the weekly resistance 1 for that it is going to be a good place for take profit. On the other hand, the stop loss should be placed below the double bottom at the price of 1.5140.

Notes:

  • The weekly pivot point will be set at the level of 1.5180.
  • The strong resistance was set at 1.5320.
  • We expect a range about 140 pips in coming days.
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Technical analysis of EUR/USD for November 16, 2014

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Trading recommendations:

  • The resistance of the EUR/USD pair has already been set at 1.0769 on November 16, 2015. The level of 1.0758 is representing the weekly pivot point. Furthermore, it will be very profitable to sell below this level for retesting this level in the short term. Therefore, sell deals are recommended below the weekly pivot point (1.0758) with targets at 1.0687 (the level of 1.0687 is representing the support 1) and 1.0673 to reach the double bottom today. On the contrary, the resistance is going to set at the level of 1.0769 today. Consequently, the ascendant movement will probably be higher than the 1.0769 level with the targets at the price of 1.0829.

The weekly technical analysis of the EUR/USD pair:

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Global macro overview for 16/11/2015

Global macro overview for 16/11/2015:

The eurozone inflation data has been released this morning and beat the expectations. The consumer price index was higher than anticipated (0.1% y/y vs. 0.0% y/y) and the core consumer price index jumped higher as well (1.1% y/y vs. 1.0% y/y). This means that Mario Draghi's worries about increased deflation threats in the eurozone might be out of the context as the current inflation readings are at the two-year highs. This upside surprise in inflation reading might encourage the ECB to think its prospect of a new round of monetary stimulus over, just when the Fed policy makers are inching closer to start the process of raising rates.

The EUR/USD pair has completely filled the opening gap and now is trading in the middle of the intraday range. The next support is seen at the level of 1.0704 and the next resistance is seen at the level of 1.0758.

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USDX technical analysis for November 16, 2015

The US dollar index picked up some strength on Friday as the price bounced off the lower bullish channel boundaries and support levels. A trend remains bullish. The decline has a corrective overlapping structure, and I expect the bullish trend to resume soon.

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Blue lines - bullish channel

The US dollar index is trading above the Ichimoku cloud support and still inside the bullish channel. Support is found in the area of 98.60-98.40, while resistance is found at 99.25. In case of a breakout above 99.25, I would expect the level of 100 to be reached. New highs are also expected.

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The weekly chart remains bullish despite the pullback performed last week. The price might be consolidating before the final thrust to new highs near 101-102. The trend remains long-term bullish and there is still no signs of reversal. Bulls should be cautious as we are just below important long-term resistance. Bulls should protect their longs with stops at 98.

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Gold technical analysis for November 16, 2015

Gold price has finished its decline from $1,190 at a new low of $1,074. Is this a long-term low? For now, we can be pretty sure that at least a bounce should be expected. As I mentioned in the previous posts, gold is at the long-term support level, and bears should be very cautious.

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Blue parallels - bullish short-term channel

Blue TL- Resistance

Gold price has bounced towards the Ichimoku cloud resistance and has started moving towards higher highs and higher lows in the 4-hour chart. Above $1,130, we can say that short-term trend has changed. Until then, I prefer to stay neutral or place stops for long positions at last week's lows.

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Gold is testing tenkan-sen resistance at $1,100. The daily stochastic is turning upwards with a bullish crossing. I think we can see a bounce towards at least$1,120-30 where we find the 38% Fibonacci retracement and the Ichimoku cloud. This is the time to be long on gold but not short.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 16/11/2015

Global macro overview for 16/11/2015:

Attacks in Paris sparked sell-offs in the Asian stocks and pushed the gold upward due to the global risk aversion. These events are likely to have a short-lived effect in the markets, but in the long-term they are more likely to re-ignite the political risks. Particularly, a double whammy took Japan's Nikkei 225 index down to its lowest level in about a week. Apart from the deadly attacks in Paris, traders also sitting on the sidelines after preliminary figures for Japan's gross domestic product in the third quarter, which showed the world's third-largest economy slipping back into recession. Elsewhere in the region, equity markets were in a sea of red after Monday's opening bell.

Gold spiked higher due to a "flight to safety" flows and now it is trading just below the technical resistance at the level of 1098. In case of a sustained bullish breakout, the next resistance is seen at the level of 1104.

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Technical analysis of GBP/CHF for November 16, 2015

Technical outlook and chart setups:

The GBP/CHF pair tested the resistance level of 1.5350 resistance on the 4H chart and reversed. The pair is trading below 1.5350 now and looks for an opportunity to drop through at least 1.5120. But there is still a huge probability that a drop towards 1.4850 can continue, which is also the Fibonacci 0.618 support of the entire rally from 1.4500 through 1.5350. It is hence recommended to remain short with risk at the level of 1.5380. Immediate resistance is seen at 1.5350 followed by 1.5400/10, while support is seen at 1.5200 and lower.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for November 16, 2015

Technical outlook and chart setups:

The EUR/JPY pair moved below the level of 131.00 taking stops out. But then, it has pulled back sharply above 131.50 levels again and is comfortably trading above 131.50 at the moment. As depicted on the daily chart, the pair is still holding in its Fibonacci 0.618 support zone around 131.00 trying to go through the level of 133.25, which is initial interim resistance. Aggressive trade setups are still recommended for initiating long positions with risk below 130.60. Immediate support is seen at 130.60 followed by 130.00, and lower, while resistance is seen at 133.25 and higher.

Trading recommendations:

Initiate fresh long positions with stop at 130.40, a target is open.

Good luck!

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Technical analysis of USD/CAD for November 16, 2015

General overview for 16/11/2015 08:10 CET

In an alternative count, the five wave impulsive upward structure looks completed, but there is still a chance for one more push higher to complete the wave c green. Only a sustained breakout below the level of 1.3222 would change the short-term outlook.

Support/Resistance:

1.3375 - WR1

1.3348 - Intraday Resistance

1.3298 - Weekly Pivot

1.3266 - Intraday Support

1.3250 - WS1

Trading recommendations:

Day traders should refrain from trading until better trading setup occurs.

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Technical analysis of Gold for November 16 2015

Technical outlook and chart setups:

Gold has broken above the initial interim resistance at $1,095.00, which was discussed at a potential trigger for at least a counter-trend rally. Also note that the immediate downtrend line has been broken and prices could rally higher towards $1,112.00 and $1,136.00 before reversing lower. Please note that this could still be considered as a counter trend/corrective rally until $1,180 resistance remains intact. Initial support is seen at $1,085.00 followed by $1,075.00, while resistance is seen at $,1,110.00, followed by $1,140.00 and higher.

Trading recommendations:

Stay long at $1,085.00, stop is at $1,070.00, a target is at $1,135.00/40.00

Good luck!

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Technical analysis of Silver for November 16 2015

Technical outlook and chart setups:

Silver opened the week in the green. We expect the price to rally through the level of $14.50, which is initial interim resistance. Once the price pasts $14.50, it is safe to assume that an interim low has been formed around $14.20 and that the metal could perform a counter-trend rally. It is hence recommended to remain long from earlier positions, with risk at $14.00. Immediate support is seen at the levels of $14.00, while resistance is seen at $14.50/60 and higher respectively. Trend-line resistance is seen at $15.00 as depicted here.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY for November 16, 2015

General overview for 16/11/2015 08:00 CET

Another wave downwards has unfolded after today's opening bell, so this triangle breakout to the downside is valid now. Nevertheless, there is still much room to the downside as the wave (c) hasn't been completed yet and only a sustained breakout above the wave (b) blue high at the level of 132.80 would change the bearish outlook.

Support/Resistance:

130.44 - WS1

130.63 - Intraday Support

131.48 - Intraday Resistance

131.81 - Weekly Pivot

132.36 - WR1

Trading recommendations:

Day traders should placing sell orders from the current levels with SL above the level of 131.82 and TP, which is open now.

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Daily analysis of major pairs for November 16, 2015

EUR/USD: There was no serious upwards or downwards movements in the EUR/USD pair in the entire last week. For the year 2015, we saw the tightest sideways movements on most majors, each of which did not move upwards or downwards by 50 pips in certain cases. Although the equilibrium movement could continue, we expect rising market momentum to take place soon.

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USD/CHF: This pair moved sideways throughout last week shrugging off all the fundamental data that could impact it. Last week, most major pairs shrugged off most of the fundamental figures, which were supposed to affect them (except the employment figures coming out of Australia, which affected the AUD pairs). The current consolidation movement could continue until there is a breakout, which would most probably favor the current bullish bias.

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GBP/USD: After testing the accumulation territory around 1.5050, the price gradually bounced upwards by 200 pips, reaching the distribution territory at 1.5250. As long as the distribution territory at 1.5350 is not broken to the upside, the recent bearish bias would not be violated. It is probable that the bearish journey would be resumed.

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USD/JPY: In the context of an uptrend, this pair simply consolidated to the downside. The price tested the supply level of 123.50 and got corrected lower, testing the demand level at 122.50. It is possible that the pair would still go further upwards; possibly breaking the supply level of 123.50 to the upside (for it is possible for the JPY pairs to assume a bullish journey before the end of this month).

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EUR/JPY: Last week, the EUR/JPY pair merely moved in a choppy sideways manner. The price zigzagged between the demand zone of 131.50 and the supply zone of 133.00. This week, the EUR/JPY pair might find it difficult to rally significantly, especially as long as the EUR is weak.

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Daily analysis of USDX for November 16, 2015

On the H1 chart, the USDX keeps moving above the 200 SMA after a rebound performed during Friday's session. The resistance zone of 99.25 is still a very active zone for sellers, so the index could try a breakout above that level towards 99.80. Our outlook remains bullish as long as the index holds last session's lows. 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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Technical analysis of EUR/USD for November 16, 2015

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When the European market opens, some economic news on the German Buba Monthly Report, ECB President Draghi Speaks, Final Core CPI y/y, and Final CPI y/y is due to be released.The US will unveil economic data on the Empire State Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0775.

Strong Resistance:1.0769.

Original Resistance: 1.0758.

Inner Sell Area: 1.0747.

Target Inner Area: 1.0722.

Inner Buy Area: 1.0697.

Original Support: 1.0686.

Strong Support: 1.0675.

Breakout SELL Level: 1.0669.

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 16, 2015

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In Asia, Japan will release the Prelim GDP Price Index y/y and Prelim GDP q/q. The US will publish economic data on the Empire State Manufacturing 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: 123.13.

Resistance. 2: 122.89.

Resistance. 1: 122.65.

Support. 1: 122.35.

Support. 2: 121.11.

Support. 3: 121.87.

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 GBP/USD for November 16, 2015

GBP/USD is still trapped sideways above the 200 SMA in the H1 chart. A pullback could happen at current levels because the cable is likely to make an attempt to perform a breakout below the support zone of 1.5205 with a target at the level of 1.5142. However, if a rebound takes place at the current stage the pair can try a rally until the resistance level of 1.5296. The MACD indicator is at the positive territory now.

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

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