Technical analysis of USD/JPY for November 17, 2015

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USD/JPY is expected to trade with bullish bias as upside prevails. Overnight, US stocks rallied over 1% as energy shares were boosted by higher oil prices. Nymex crude oil price settled up 2.5% to $41.74 a barrel after testing the psychological level of $40.00 a barrel. The Dow Jones Industrial Average rose 1.4% to 17,483, the S&P 500 added 1.5% to 2,053, and the Nasdaq Composite was up 1.2% to 4,984. Meanwhile, the benchmark 10-year Treasury yield declined further to 2.273% from 2.280% logged on Friday. And gold was broadly flat at $1,082.

The greenback strengthened against most other major currencies, particularly the euro, as investors sought protection in the US currency in the wake of Friday's attacks in Paris. The Wall Street Journal Dollar Index climbed 0.4% to 90.52, the highest closing level since December 2002. EUR/USD fell 0.9% to a seven-month low of 1.0684. USD/JPY gained 0.4% to 123.15, while NZD/USD dropped 1.0% to 0.6487. After touching as low as 122.19, the pair staged a powerful rebound yesterday and broke above a declining trend line. It is currently trading on the upside while being supported by an ascending 20-period intraday moving average (MA), which is above the 50-period one. And the intraday relative strength index (RSI) is well directed above the neutrality level of 50 lacking downward momentum. The intraday outlook has turned bullish, and the pair is expected to reach the first upside target at 123.60 (around the high of November 10) before targeting the second one at 124 (around the high of November 9).

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 124.00. In the alternative scenario, short positions are recommended with the first target at 122.60 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 122.30. The pivot point is at 122.90.

Resistance levels: 123.60 124 124.45

Support levels: 122.60 122.30 121.60

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Technical analysis of USD/CHF for November 17, 2015

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USD/CHF is expected to trade with bullish bias. The pair bounced off its support base around 1.0175 yesterday, and is more likely to post further advance towards 1.0200. The technical indicators such as the 20- and 50-period intraday MAs are heading upwards, and the intraday RSI is mixed to bullish above its neutrality area at 50. Hence, as long as 1.0075 is not broken, expect a new rise to 1.0175 and 1.0200 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 1.0175 and the second target at 1.0200. In the alternative scenario, short positions are recommended with the first target at 1.0040 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 0.9990. The pivot point is at 1.0075.

Resistance levels: 1.0175 1.0200 1.0275

Support levels: 1.0040 0.9990 0.9945

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Technical analysis of NZD/USD for November 17, 2015

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The NZD/USD pair is under pressure. The pair fell below its key level at 0.6515 yesterday. The previous key support now plays a resistance role, which should limit any upside potential. Furthermore, the 20- and 50-period intraday MAs are turning down, and call for further decline. The intraday RSI lacks upward momentum, and is also below its neutrality area at 50%. Hence, as long as 0.6515 is not surpassed, expect a return to 0.6445 and 0.6420.

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 0.6445. A break of that target will move the pair further downwards to 0.6420. The pivot point stands at 0.6515. 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 0.6545 and the second target at 0.6575.

Resistance levels: 0.6545 0.6575 0.6590 Support levels: 0.6445 0.6420 0.6370

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Technical analysis of GBP/JPY for November 17, 2015

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GBP/JPY is expected to trade in a higher range as bias remains bullish. The pair is turning up after breaking above its 20- and 50-period intraday MAs. The intraday RSI is positively oriented and calls for further advance. Further upside is therefore expected with the next horizontal resistance and overlap set at 188 at first. A break above this level would call for further advance toward 188.40 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 188 and the second target at 188.40. In the alternative scenario, short positions are recommended with the first target at 185.95 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 186.60.

Resistance levels: 188 188.40 189

Support levels: 185.95 185.30 184.80

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GBP/USD intraday technical levels and trading recommendations for November 17, 2015

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Overview:

Recently, the strong bullish pressure was applied at the resistance level of 1.5800 via the recent bullish swing.

Hence, 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, due to the 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, which 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.

Note that bearish persistence below the level of 1.5200 is needed for a further bearish decline towards the levels of 1.5000 (prominent weekly support).

On the other hand, a valid sell entry can be offered around the current levels (1.5200-1.5230) if enough bearish rejection is expressed by the end of the day.

However, a bullish breakout above the level of 1.5250 exposes next resistance levels around 1.5350 and 1.5450.

Price actions 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 17, 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.

Another bullish visit towards the level of 1.3270 (FE 100%) is being executed since last week.

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

Trading recommendations:

Conservative traders should wait for an obvious bearish closure below 1.3250 to sell the USD/CAD pair. S/L should be placed above 1.3300.

T/P levels should be placed at 1.3190 and 1.3080.

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Intraday technical levels and trading recommendations for GBP/USD for November 17, 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 had provided significant bullish demand for the GBP/USD pair.

Hence, the price zone of 1.5200-1.5230 constitutes a significant supply zone to be watched for price reactions (more details on the daily chart).

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) if bearish persistence below 1.5200 is maintained on the weekly basis.

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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 performed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks).

This led to the previous bullish pullback towards 1.5600 (the backside of the depicted uptrend). It placed the GBP/USD pair under significant bearish pressure.

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 a further bearish decline towards the next demand levels at 1.5090, 1.5025, and 1.4950.

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

Trading Recommendation:

Risky traders can sell the GBP/USD pair around 1.5220 (the current supply level). S/L can be placed 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 17, 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 took place at 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 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 (Recent Supply Level) is needed to maintain enough bearish momentum towards 1.0650 and 1.0530 (prominent monthly low).

A valid sell entry can be offered around the level of 1.0850 if bullish correction extends above 1.0700 (Friday's lowest price level).

On the other hand, bearish persistence below 1.0700 (depicted key-level) allows further bearish decline towards the next demand level of 1.0600.

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Technical analysis of NZD/USD for November 17, 2015

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Overview:

  • The NZD/USD pair has been moving in a downtrend from the level of 0.6564 (50% of Fibonacci retracement levels). Additionally, the pair has been trading between 0.6564 and 0.6391 for a while; consequently, do not sell at this spot. Equally important, the support has set at the level of 0.6391. As it is known, sellers are asking at a higher price. The NZD/USD pair is expected to give a good sign to sell below 0.6564 with the first target at 0.6490. Also, if the trend is able to break the level of 0.6453, the pair might resume its movement to 0.9395. However, if the pair fails to close below the support line at 0.9395, the market will indicate a bullish opportunity above 0.9395 in the short term. The level of 0.9395 will act as strong support, for that buy above this level for correction around the area of 0.6502.

Intraday Technical Levels:

  • Projected high: 0.6638
  • Breakout (buy stop): 0.6582
  • Strong resistance (sell limit): 0.6565
  • Current Pivot: 0.6488
  • Strong support (buy limit): 0.6453
  • Breakout (sell stop): 0.6391
  • Projected low: 0.6313
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Gold analysis for November 17 , 2015

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Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,077.22. According to the daily time frame, I found a pin bar and reaction from sellers. Our first major resistance (change in polarity - strong support became resistance) at the price of $1,099.00 held successfully. According to the H4 time frame, we can observe weak price action and low volatility. Potential resistance levels are at the prices of $1,104.00, $1,118.00, and $1,132.00 as well as $1,145.00. Selling opportunities are preferable if the price breaks the level of $1,074.00 in a high volume. Potential profit target area will be around the level of $1,030.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,093.00

R2: 1,097.45

R3: 1,103.90

Support levels:

S1: 1,080.55

S2: 1,076.50

S3: 1,070.10

Trading recommendations: Be careful when selling gold at this stage, since the price is testing support. Watch for selling opportunities only if the price breaks the support at the level of $1,074.00.

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Technical analysis of GBP/CHF for November 17, 2015

Technical outlook and chart setups:

The GBP/CHF pair is setting up for an extended rally past the 1.5400/10 levels after having touched stops at the 1.5380 levels. Please note that the pair has rallied 1.45050 levels and should be poised lower for a retracement, before extending further, but it is better to buy on dips rather than taking short positions now. Any retracement should be corrective and should be treated accordingly. It is hence recommended to remain flat for now. Immediate support is seen at the 1.5260 levels, followed by 1.5200 and lower while interim resistance is seen at the 1.5410/20 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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EUR/NZD analysis for November 17, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6460. I am waiting for larger activity and stronger price action. 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 an average volume. A high-volume breakout at the level of 1.6590 will confirm further upward movements. I placed Fibonacci retracement to find potential resistance levels and 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, 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: 1.6545

R2: 1.6595

R3: 1.6680

Support levels:

S1: 1.6380

S2: 1.6330

S3: 1.6250

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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Technical analysis of EUR/JPY for November 17, 2015

Technical outlook and chart setups:

Today, the EUR/JPY pair has retraced its yesterday's rally to the Fibonacci 0.618 support seen at the 131.20 levels before resuming. The pair trades around the 131.43/44 levels at the moment, looking poised to extend rally at the 133.20 levels in the short term. Please note that the pair go could further through the 134.70/80 levels before finding major resistance. It is hence recommended to remain long for now and also look to add further with risk below yesterday's low. Immediate support is seen at the 130.60 levels, while resistance is seen at the 133.20 levels.

Trading recommendations:

Remain long for now, stop is at 130.20, target is 133.20.

Good luck!

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Technical analysis of Gold for November 17 2015

Technical outlook and chart setups:

Gold brake out the immediate trend line resistance and took out $1,096.00 initial resistance yesterday. The yellow metal retraced lower and tested the back side of the resistance turned support line around $1,078.00 as we can see here. A bullish reversal pattern confirms that the metal is set to extend its rally towards $1,110.00/13.00 and $1,137.00. It is recommended to hold long positions with risk at $1,072.00. Immediate support is seen at $1,074.00, while resistance is seen at $1,100.00.

Trading recommendations:

Remain long from yesterday, stop is at $1,072.00, a target is open.

Good luck!

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Global macro overview for 17/11/2015

Global macro overview for 17/11/2015:

The ZEW economic sentiment data were one of the most important news released today. The index had delivered better than expected data (10.4 points ), beating the last month reading of 1.9 points and anticipated number of 6.7 points. The indicator improved for the first time following seven consecutive months of decline, but it is still below the long-term average of 24.8 points. "The outlook for the German economy is brightening again towards the end of the year. Economic pessimism appears not to have increased after the terror attacks in Paris. The currently high level of consumption in Germany, the recent decline in the external value of the Euro, and the ongoing recovery in the United States are likely to bolster the robust development of the German economy," commented ZEW President Professor Clemens Fuest.

The EUR/USD pair positively responded the data as the it is trying to break above the short-term technical resistance at the level of 1.0673. The next resistance is seen at the level of 1.0690.

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Technical analysis of Silver for November 17, 2015

Technical outlook and chart setups:

Silver broke out the line of immediate resistance earlier and has also back tested the level of $14.20 today. A potential engulfing bullish candlestick pattern is seen in the 4H chart. Yesterdays' lows hold well. A rally can unfold pushing prices towards $14.60 and $14.90 levels respectively. Bulls should remain poised to stage a rally from the current level of $14.25, $14.18 stays intact. It is recommended to hold long positions and look for an opportunity to add further with risk around $14.00. Immediate support is seen at $14.00, while resistance is seen at $14.45/50.

Trading recommendations:

Remain long with stop at $14.00, a target is at $16.60 and $14.90.

Good luck!

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Technical analysis of USD/CHF for November 17, 2015

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Overview:

  • According to previous events, the USD/CHF pair has still been moving in an uptrend above the levels of 1.0081 and 1.0040.
  • The psychological level set at 1.0100.
  • Therefore, buy deals are recommended above the levels of 1.0081 and 1.0040 with targets at 1.0170 in order to form a new double top at this level in the H1 chart. Moreover, the USD/CHF pair will try to break the level of 1.0170 to call for the bullish market above 1.0170 today. Hence, the price will continue moving towards the level of 1.0216 with a view to retest the double top later. On the other hand, the stop loss should always be taken in account, so it will be of wisdom to set your stop loss at the level of 1.0005.

Intraday technical levels:

  • R2: 1.0216
  • R1: 1.0170
  • PP: 1.0081
  • S1: 1.0005
  • S2: 0.9972
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Global macro overview for 17/11/2015

Global macro overview for 17/11/2015:

The inflation data from the UK had been released this morning and it was a bag of mixed data. The consumer price index remains unchanged from the previous month (0.1% m/m; -0.1% y/y), but the core CPI index has increased slightly to 1.1% y/y from 1.0% y/y a month before. The biggest increase this month could be observed in retail price index that rose to 0.0% m/m from -0.1% month ago. The main concern of the BoE appears to be the fact, that the core inflation is showing a rather little sign of improving despite tighter labor market conditions and somewhat improved economic fundamentals. This might still weight on the BoE decision to raise its interest rate this year.

The GBP/USD pair gained small upside momentum after the news release, but it is still trading inside the range. The next resistance level is seen at 1.5264 and next support is found at the level of 1.5153.

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Daily analysis of major pairs for November 17, 2015

EUR/USD: In solidarity with an extant bearish outlook, the EUR/USD price has moved further downwards this week. The movement by over 60 pips has happened. The support line at 1.0650 is currently being penetrated and it could end up being breached to the downside. The resistance lines are seen at 1.0700 and 1.0750.

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USD/CHF: Since the EUR/USD pair is going further downwards, the USD/CHF pair is going further upwards. The pair is trading over the support level at 1.0100, going towards the resistance level at 1.0150, which might even be breached to the upside.

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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 of 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. There is an opportunity that the bearish journey would be resumed in earnest, but now the price is consolidating.

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USD/JPY: This week, the USD/JPY pair rose from the demand level of 122.50, almost reaching the supply level at 123.50. This is happening in solidarity with the extant bullish outlook on the market, and since there is a Bullish Confirmation Pattern in the market, it looks rational to assume that a bullish journey will continue gradually.

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EUR/JPY: This cross opened with a minor gap this week, and then the price bounced upward on Monday before the current bearish retracement took place. The bearish outlook is, nevertheless, valid. We expect faster and stronger movements this week owing to small gaps, which are observed on some pairs and crosses.

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USDX technical analysis for November 17, 2015

The US dollar index remains in a bullish trend inside the bullish short-term channel since 93.80. The trend remains bullish as long as the price is above 98. New highs are expected above 101-102 over the coming weeks.

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Blue lines - bullish channel

The US dollar index is above the Ichimoku cloud and inside the bullish channel as we can observe in the 4-hour chart above. Support is found at 99 and then at 98. Resistance is seen at 100.

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Green area - resistance

The US dollar index remains in the long-term bullish trend after breaking above the consolidation range we were in for the last few months. Now we see bulls testing important long-term resistance levels. Last week we saw a correction and this is over now as the bullish trend resumes.

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Gold technical analysis for November 17, 2015

Gold price got rejected at resistance yesterday and broke below $1,080 again. This is a sign that a bearish move in gold prices is not over yet and we have not seen an important long-term low yet.

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Blue lines - bullish channel broken

Blue line - resistance

Gold price is trading below the Ichimoku cloud and below both the kijun- and tenkan-sen indicators. Gold is still in a short-term bearish trend as long as the price is below resistance at $1,120.

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The daily chart above shows Gold price near its recent lows but stochastic is seen at oversold levels. Gold price should bounce strongly upwards towards at least $1,120 in the short term. Daily resistance levels are seen at $1,094 and then at $1,120. This is an area where buying actions should be considered, but not selling actions.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for November 17, 2015

General overview for 17/11/2015 06:40 CET

The weekend retail gap had been completely filled, but after a short rally the market declined again to the level of 131.48, which is intraday support now. Any sustained breakout lower will result in a test at the level of 130.63 and even a possible downside continuation. On the other hand, any breakout above the recent intraday resistance at the level of 132.20 will result in the rally up to the first projected target at 132.80.

Support/Resistance:

130.44 - WS1

131.48 - Intraday Support

131.81 - Weekly Pivot

132.20 - Intraday Resistance

132.36 - WR1

Trading recommendations:

Day traders should place sell orders at the current levels with SL above the level of 132.21 and TP, which is open now.

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Technical analysis of USD/CAD for November 17, 2015

General overview for 17/11/2015 06:30 CET

There is one more possibility in current wave development to follow, an ending diagonal structure in the lat wave alt:-v-. This structure will be confirmed if the market breaks the black line around the level of 1.3317 and a decline lower to the level of intraday support at 1.3266.

Support/Resistance:

1.3375 - WR1

1.3368 - Intraday Resistance

1.3317 - Key Level

1.3298 - Weekly Pivot

1.3266 - Intraday Support

1.3250 - WS1

Trading recommendations:

Day traders should consider placing sell orders only is the level of 1.3317 is violated. SL orders should be placed then above the level of 1.3368 and TP at the level of 1.3266.

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Elliott wave analysis of EUR/NZD for November 17, 2015

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Wave summary:

A sideways consolidation in the area of 1.6300 - 1.6545 continues endlessly. That said, we still feel that an upside resolution will be eventually seen for a clear break above 1.6545 confirming continuation for a rally higher to 1.8020 and ultimately above 1.9114.

Only a breakout below support at 1.6300 and more importantly a breakout below 1.6179 will call for a final decline to 1.5882 before the decline from 1.9114 is finally over and an expected rally higher can begin.

Trading recommendation:

We bought EUR at 1.6365 and have placed our stop at 1.6280. If you are not long EUR yet, then buy near 1.6400 or upon a break above 1.6545 and use the same stop at 1.6280.

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Elliott wave analysis of EUR/JPY for November 17, 2015

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Wave summary:

We continue watching for renewed downside pressure as the next impulsive decline towards 124.54 unfolds. We have seen the first minor impulsive wave (wave i) to 130.64 and wave ii is currently unfolding. Ideally, wave ii will stay below minor resistance at 132.30 for the next impulsive wave lower towards at least 128.78 and even lower to 126.65 in wave iii of (iii).

Resistance at 132.76 now needs to protect the upside or an even more complex correction in wave (ii) than already seen is unfolding.

Trading recommendation:

We are short EUR from 132.09 and will move our stop lower to 132.80. If you are not short EUR already then sell near 132.30 with the same stop at 132.80.

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Technical analysis of EUR/USD for November 17, 2015

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When the European market opens, economic news on the ZEW Economic Sentiment, German ZEW Economic Sentiment, and Italian Trade Balance is due to be released. The US will unveil economic data on the NAHB Housing Market Index, Mortgage Delinquencies, Industrial Production m/m, Capacity Utilization Rate, and Core CPI m/m, CPI m/m. So amid the reports, the EUR/USD pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0740.

Strong Resistance:1.0733.

Original Resistance: 1.0723.

Inner Sell Area: 1.0713.

Target Inner Area: 1.0688.

Inner Buy Area: 1.0663.

Original Support: 1.0653

Strong Support: 1.0648.

Breakout sell level: 1.0636.

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

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

Technical analysis of USD/JPY for November 17, 2015

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In Asia, Japan will not publish any significant reports, but the US will release economic data om the NAHB Housing Market Index, Mortgage Delinquencies, Industrial Production m/m, Capacity Utilization Rate, and Core CPI m/m, CPI m/m. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.94.

Resistance. 2: 123.69.

Resistance. 1: 123.46.

Support. 1: 123.16.

Support. 2: 122.91.

Support. 3: 122.67.

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

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

Daily analysis of USDX for November 17, 2015

The USDX continues moving higher above the support level of 99.25, so the next target could be placed at the level of 99.80. A breakout higher will open the doors to the next resistance level of 100.25, which could produce a huge pullback in progress. The 200 SMA is slightly bullish and we can expect a rally towards the level of 99.80 soon.

USDXH1.png

H1 chart's resistance levels: 99.80 / 100.25

H1 chart's support levels: 99.25 / 98.31

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 99.80, take profit is at 100.25, and stop loss is at 99.37.

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Daily analysis of GBP/USD for November 17, 2015

On the H1 chart, GBP/USD is still trading below the 200 SMA. The pair is looking for an opportunity to break the support zone of 1.5205 in order to test a low around the level of 1.5142. At the current stage, there is also a significant activity sellers, so we expect to see a pullback on the road. The MACD indicator is entering the neutral territory.

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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.

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

Technical analysis of USD/JPY for November 16, 2015

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USD/JPY is expected to trade with bullish bias. On Friday, US stocks dropped over 1% as retail sales edged up just 0.1% in October (vs +0.3% expected) and oil kept sinking toward the $40.00 a barrel level (Nymex crude down 2.4% to $40.74 a barrel). The Dow Jones Industrial Average fell 1.2% to 17,245, the S&P 500 lost 1.1% to 2,023, and the Nasdaq Composite was down 1.5% to 4,927. Meanwhile, the benchmark 10-year Treasury yield settled at 2.280%, down from 2.313% in the previous session, while gold edged down 0.1% to $1,083 a troy ounce.

The US dollar gained against the euro as the eurozone posted weaker-than-expected numbers for growth over the third quarter. EUR/USD declined 0.4% to 1.0777. This morning the pair plunged to the 1.0720 level, producing a bearish gap following Friday's terrorist attacks in Paris. The pair has entered a consolidation phase after rising to as high as 123.15. It is currently trading below the 20-period intraday MA and the intraday RSI is below the neutrality level at 50. As long as the level of 122.70 (around the low of Nov. 12) holds as the key support, the consolidation's extent should be limited. The first upside target is still set at 123.40 and the second one at 123.60.

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 23.40 and the second target at 123.60. In the alternative scenario, short positions are recommended with the first target at 122.30 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 122. The pivot point is at 122.70.

Resistance levels: 123.40 123.60 124

Support levels: 122.30 122 121.60

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Technical analysis of USD/CHF for November 16, 2015

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USD/CHF is expected to trade with bullish bias as a rebound expected. The intraday technical outlook is positive now. The pair is showing upward strength, and remains supported by its key level at 1.0020. A bullish cross between the 20-period and 50-period MAs have been identified, which should confirm a bullish trend. Furthermore, the RSI is positive above its neutrality area at 50. To sum up, above 1.0020, look for a new bounce to 1.0095 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 1.0095 and the second target at 1.0125. In the alternative scenario, short positions are recommended with the first target at 0.9990 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 0.9945. The pivot point is at 1.0020.

Resistance levels: 1.0095 1.0125 1.0140

Support levels: 0.9990 0.9945 0.9915

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Technical analysis of NZD/USD for November 16, 2015

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NZD/USD is expected to trade with bearish bias as the key resistance at 0.6545. The pair remains under pressure below its nearest resistance at 0.6545. The intraday RSI is turning up, and calls for a rebound. Nevertheless, even though a technical rebound cannot be ruled out at the current stage, its extent should be limited. As long as the resistance at 0.6545 is not surpassed, the risk of the break below 0.64500 remains high.

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 0.6445. A break of that target will move the pair further downwards to 0.6420. The pivot point stands at 0.6545. 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 0.6590 and the second target at 0.6625.

Resistance levels:0.6590 0.6625 0.6645 Support levels: 0.6445 0.6420 0.6370

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Technical analysis of GBP/JPY for November 16, 2015

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GBP/JPY is expected to trade in a higher range as bias remains bullish. The pair stays above its key support at 186.40 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 187.50 at first. A break above this level would call for further advance toward 188.

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 187.50 and the second target at 188.60. In the alternative scenario, short positions are recommended with the first target at 185.95 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 186.40.

Resistance levels: 187.50 188 188.60

Support levels: 185.95 185.30 184.80

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

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Overview:

Recently, the strong bullish pressure was applied at the resistance level of 1.5800 via the recent bullish swing.

Hence, 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, due to the 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, which 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.

Note that bearish persistence below the level of 1.5200 is needed for a further bearish decline towards the levels of 1.5000 (prominent weekly support).

On the other hand, a valid sell entry can be offered around the current price levels (1.5200-1.5230) if enough bearish rejection is expressed by the end of the day.

However, a bullish breakout above the level of 1.5250 exposes next resistance levels around 1.5350 and 1.5450.

Price actions 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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