Daily analysis of Silver for November 20, 2015



The EMA50 continues forming good resistance barrier against the silver price's attempts. It keeps the bearish bias valid on an intraday and short-term basis, waiting for testing the previously recorded low at 13.96 as a next main station. Stochastic offers a negative signal now, which supports extending of the bearish trend towards 13.50 followed by 13.00 areas. Holding below the 14.85 level is important to achieve the suggested targets. The silver price hovers around the EMA50 keeping its stability below to keep the negative pressure valid on an intraday and short-term basis. Its targets begin at 13.96 and extend to 13.50 and 13.50 on a near-term basis. In general, we will keep our bearish trend expectations unless the 14.85 level is breached.

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Daily analysis of GBP/JPY for November 20, 2015



Intraday bias in GBP/JPY remains on the upside for the moment. A rebound from 180.36 is resuming and rally could be seen back towards the 195.86 resistance. In case of a retreat, we will stay cautiously bullish as long as the 185.98 support holds. This is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 187.38; (P) 188.09; (R1) 188.55

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USD/CAD intraday technical levels and trading recommendations for November 20, 2015



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, it 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%) was initiated two weeks ago.

A temporary bullish breakout above 1.3300 has been seen on the chart since last week. However, signs of bearish reversal are being expressed, including Wednesday's daily candlestick (Shooting Star candlestick).

Hence, price reaction should be watched around the level of 1.3330 on a daily basis, as daily persistence above 1.3350 exposes the next resistance level of 1.3450 (Fibonacci Expansion 141.0%).

Trading recommendations:

Traders should wait for an obvious bearish closure below 1.3250 (FE 100%) to sell the USD/CAD pair. S/L should be placed above 1.3350.

Initial T/P levels should be placed at 1.3150 and 1.3080.

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