GBP/USD intraday technical levels and trading recommendations for November 24, 2015

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Overview:

Strong bullish pressure was applied at the resistance level of 1.5800 via the previous 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 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.

Note that bearish persistence below the level of 1.5200 was needed for a further bearish decline towards the level of 1.4950 (prominent weekly support). However, a bullish breakout above 1.5200 has been expressed on the previous Tuesday.

Bullish fixation above the price zone of 1.5200-1.5250 allowed a bullish movement towards 1.5330 where the upper limit of the depicted channel is roughly located.

This week, bearish persistence below 1.5030 (recent key level) resulted in a quick bearish decline towards 1.4950 (previous weekly bottom).

On the other hand, a stronger support level is located at 1.4850 (the lower limit of the depicted movement channel). This is where a low-risk buy entry can be offered to conservative traders.

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USD/CAD intraday technical levels and trading recommendations for November 24, 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 Fibonacci level, which was previously breached to the upside on September 23 and recently on November 12.

Significant bearish rejection has been observed around 1.3450 (141.4% Fibonacci Expansion).

Later on October 1, bearish closure below 1.3270 (Fibonacci Expansion 100%) was expressed. This exposes the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

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

Another bullish visit to the level of 1.3270 (FE 100%) was initiated on November 4. A bullish breakout above 1.3300 was performed again on November 13 .

Daily persistence above 1.3300 exposes the next resistance level at 1.3450 (Fibonacci Expansion 141.0%) where a valid sell entry can be offered.

Trading recommendations:

Conservative 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 1.3370.

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

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Intraday technical levels and trading recommendations for GBP/USD for November 24, 2015

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A 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 supported 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. The bearish tendency was confirmed with the Shooting-Star bearish weekly candlestick of the last week.

Bearish persistence below 1.5200 on a weekly basis enhances a quick bearish decline towards the weekly demand level of 1.4950.

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The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented the further bearish decline.

Instead of it, an 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 a few weeks ago. Currently, these levels constitute prominent supply to be watched for new sell entries.

The key level of 1.5200 was temporarily breached to the upside last week until a daily bearish engulfing candlestick was expressed on Friday.

Note that bearish persistence below 1.5200 enhances further bearish decline towards next demand levels of 1.5090, 1.5025, and 1.4950.

Trading Recommendation:

Risky traders were advised to sell the GBP/USD pair anywhere around 1.5350. S/L can be lowered to 1.5250 to secure profits.

For conservative traders, a low-risk buy entry will probably be offered around the weekly demand levels of 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 24, 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 have previously 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 a strong 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 breakout of the monthly demand level at 1.0555 occurs before the end of the this month.

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On August 24, the market looked overbought as bulls were pushing the pair further above 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 breakout 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 1.0700 (key level) is needed to maintain enough bearish momentum towards 1.0650 and 1.0550 (prominent monthly low) where price action should be watched.

On the other hand, a valid sell entry can be offered around the level of 1.0700 if the current bullish correction takes place above 1.0640 (yesterday's closure level).

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Technical analysis of NZD/USD for November 24, 2015

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Overview:

  • According to the previous events, the price of the NZD/USD pair is still trapped between 0.6538 and 0.6471. The resistance has already been set at the price of 0.6538 (61.8% Fibonacci retracement levels). Consequently, we expect that the trend is going to call for a bearish market at the level of 0.6538 on the H1 chart. Additionally, the 0.6538 level is representing resistance 1 and the range today will be about 67 pips. Thereupon, sell at the price of 0.6538 with the first target of 0.6494 (the daily pivot point), it might resume to 0.6471 in order to test the weekly support 1. At the same time, the stop loss should never exceed your maximum exposure amounts. Accordingly, your stop loss should be placed above the 0.6538 level.

Notes:

  • Major support will be set at 0.6471 and the resistance is already placed at the price 0.6538.
  • We expect a new range about 67 pips today and 210 this week.
  • It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.
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Technical analysis of USD/CHF for November 24, 2015

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Overview:

  • The USD/CHF pair has still been moving upwards from the prices of 1.0020 and 1.0102 since last week. This week, we expect that the trend will be traded between the levels of 1.0110 and 1.0340. So we expect a large range about 230 pips in the future. The breakout is seen at the ratio of 88.2% Fibonacci retracement level (1.0011) for that the key level is set at the level of 1.0092 because it is representing a strong support. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 1.0120 with the first target of 1.0239 in order to test the weekly pivot point. It will call for an uptrend in order to continue its bullish movement towards 1.0340. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double bottom at the price of 1.0011.

Trading recommandations:

  • The USD/CHF pair is still calling for strong bullish market for that you should buy at the level of 1.0120 with the targets of 1.0239 and 1.0340.
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Technical analysis of USD/JPY for November 24, 2015

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The USD/JPY pair is under pressure. The US dollar continued to rise against other most major currencies as investors kept expecting the Federal Reserve to raise interest rates in December. The Wall Street Journal Dollar Index gained another 0.3% to 90.54. EUR/USD hovered around its 7-month low of 1.0620 and once moved as low as 1.0591. The GBP/USD pair lost 0.4% to 1.5122. Meanwhile, USD/CHF reached as high as 1.0225, which was last seen in January just before the Swiss central bank abandoned the peg between the euro and the Swiss franc. The pair encountered resistance after the level of 123.26 was reached yesterday. Since then it has entered a consolidation zone and is currently trading around the 20-period moving average, which has crossed below the 50-period one. The relative strength index is still below the neutrality level of 50. As long as 123.05 holds as the key resistance level, the pair is expected to return to 122.35 (a base seen on November 20).

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 122.35. A break of that target will move the pair further downwards to 122.20. The pivot point stands at 123.05. 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 123.25 and the second target at 123.40.

Resistance levels: 123.25 123.40 123.60

Support levels: 122.35 122.20 122

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Technical analysis of USD/CHF for November 24, 2015

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USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair is consolidated trading below its 20- and 50-period moving averages. The relative strength index is below its neutrality level of 50%. Nevertheless, the support area was found around 1.0150, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extension should be limited. As long as 1.0150 is not broken, look for a technical rebound with targets at 1.0220 and 1.0250.

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 1.0220 and the second target at 1.0250. In the alternative scenario, short positions are recommended with the first target at 1.0115 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 1.0075. The pivot point is at 1.0150.

Resistance levels: 1.0220 1.0250 1.0275

Support levels: 1.0115 1.0075 1.0025

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Technical analysis of NZD/USD for November 24, 2015

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NZD/USD is expected to trade with a bearish bias. The pair broke below its previous key support at 0.6550 and accelerated on the downside. The declining 50-period moving average suggests that the pair still has potential for a further decline. The relative strength index is around its neutrality area of 50%. As long as 0.6550 holds on the downside, the pair is likely to test its previous low of 0.6490. A breakout below this level would call for a a further drop towards 0.6460.

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 0.6490. A break of that target will move the pair further downwards to 0.6460. The pivot point stands at 0.6550. 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 0.6580 and the second target at 0.6605.

Resistance levels: 0.6580 0.6605 0.6625 Support levels: 0.6490 0.6460 0.6430

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Technical analysis of GBP/JPY for November 24, 2015

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GBP/JPY is expected to trade in a lower range as a downside movement prevails . The pair remains capped by its declining 50-period intraday moving average and stays on the downside. Meanwhile, the intraday relative strength index lacks upward momentum. The first downside target is therefore set at the horizontal support and overlap at 184.90. A breakout below this level would open the way to further weakness towards 184.30.

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 184.90. A break of that target will move the pair further downwards to 184.30. The pivot point stands at 186. 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 186.40 and the second target at 187.

Resistance levels: 186.40 187 187.75

Support levels: 184.90 184.30 183.70

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Global macro overview for 24/112015

Global macro overview for 24/11/2015:

Some good news has been delivered from Germany this morning. The German GDP increased 0.3% q/q (1.8% y/y), which was in line with expectations. The Ifo Business Climate index beat the expectations as it was reported at the level of 109 vs. the forecast of 108.3 and 108.2 in the previous month. It posted the best showing since June 2014. Moreover, all of the Services and Manufacturing PMIs released yesterday were above the level of 50 , which separates contraction from expansion. The manufacturing and services sectors are expanding, which is the good news, as the eurozone's economy has been hampered by the weak growth.

After breaking higher above the golden trend line, the EUR/USD pair is trading slightly below the technical resistance at the level of 1.0669. The support is seen at the level of 1.0619.

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Global macro overview for 24/11/2015

Global macro overview for 24/11/2015:

The Inflation Report Hearings event (The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue & Customs, and associated public bodies, including the Bank of England and the Financial Services Authority) has taken place at 12:00 am today. The most important news for traders and investor was the BoE Chief Economist Haldane remarks about further inflation projection, which is crucial for the UK economy right now. Haldane said that downside inflation risks are worse than in the recent inflation report, so the inflation target of 2% gets harder and harder to reach any time soon.

The GBP/USD pair has reacted negatively to the event. It hit a new local low on the hourly chart. The resistance level is seen at 1.5153. Next support is seen at the level of 1.5026.

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Gold : analysis for November 24 , 2015

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Overview:

Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,075.02. In the daily time frame, I found a supply bar in a high volume and rejection from our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the 1H time frame, I found very low activity and corrective movements. I have placed a diagonal trend line, and a potential breakout of this line will confirm a further continuation downwards. Next strong daily support is seen around the level of $1,046.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,070.15

R2: 1,071.15

R3: 1,072.80

Support levels:

S1: 1,066.90

S2: 1,652.95

S3: 1,064.30

Trading recommendations: Be careful when buying gold since the price is testing our strong resistance level. Watch for potential selling opporutnities.

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EUR/NZD : analysis for November 24, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6350 in an average volume. I am waiting for larger activity and stronger price actions. The short-term trend is still neutral. The major 21-day support at the level of 1.6150 held successfully. In the H4 time frame, I found strong resistance at the level of 1.6350 (currently on the test). Our strong support at the level of 1.6350 became strong resistance since its was broken. I found changes n polarity and my advice is to watch for potential intraday selling opportunities. The profit zone is seen around the level of 1.6180. Anyway, if the price breaks the level of 1.6350 in a high volume and close clearly above that level, we may see further upward movement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6345

R2: 1.6380

R3: 1.6435

Support levels:

S1: 1.6235

S2: 1.6200

S3: 1.6145

Trading recommendations : Intraday selling opportunities are preferable. Buying opportunities are preferable only if the price breaks and close above the resistance level of 1.6350.

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Technical analysis of EUR/JPY for November 24, 2015

General overview for 24/11/2015 10:30 CET

An ending diagonal scenario is unfolding well as another sub-wave down has been completed. A growing bullish divergence between the price and momentum oscillator supports the view that an anticipated upside breakout will materialize soon. A breakout above the weekly pivot point at the level of 131.13 will be another indication of increasing upside momentum.

Support/Resistance:

129.96 - WS1

130.33 - Intraday Support

130.64 - Intraday Resistance

131.07 - Intraday Resistance

131.14 - Weekly Pivot

131.58 - WR1

Trading recommendations:

Day traders should consider placing buy orders only if the level of 131.06 is clearly violated, with tight SL and TP set at the level of 131.41.

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Technical analysis of USD/CAD for November 24, 2015

General overview for 24/11/2015 10:15 CET

The top for the wave a green is in place and now some internal corrective sub-cycle should unfold. The weekly pivot at the level of 1.3323 is currently providing a good support, but any breakout lower would indicate that the next weekly support at the level of 1.3278 will be tested.

Support/Resistance:

1.3447 - WR2

1.3433 - Intraday Resistnace

1.3403 - WR1

1.3334 - Intraday Support

1.3323 - Weekly Pivot

1.3278 - WS1

Trading recommendations:

The yesterday buy orders' TP level was missed by 15 pips, but the trade was in profit for the most part of the day. Today however, the R/R ratio does not allow us to open a position in either direction, so traders must wait for a better trading setup to occur.

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Daily analysis of major pairs for November 24, 2015

EUR/USD: This EUR/USD pair did not make any significant movement on Monday, though the bias remains bearish. It is possible that the price would continue moving southwards; there is also a possibility that the price will rise sharply.

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USD/CHF: This pair also did not move upwards very much on Monday, though the bias is bullish. The price now lays siege at the resistance level of 1.0200, which must be broken to the upside so that the bullish bias could continue. On the other hand, the support levels are found at 1.0150 and 1.0100.

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GBP/USD: The cable traded lower on Monday – something that started on Friday. Since then, the price has come down by at least 170 pips, moving closer to the accumulation territory of 1.5100. The next target for bears is easy to be seen: the aforementioned accumulation territory, which would be breached to the downside for the bearish journey to continue.

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USD/JPY: The USD/JPY pair is still behaving exactly as it did last week. It just went up and down in a shallow manner, though the bullish bias remains valid. This week, there is a probability that the pair could continue moving upwards owing to the expected loss of stamina in the yen.

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EUR/JPY: This cross still shows a strong willingness to continue trending downwards in conjunction with the extant bias in the market. The Bearish Confirmation Pattern looks very strong in the chart, and the weakness in the market should continue as long as the euro is weak versus the yen.

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USDX technical analysis for November 24, 2015

The US dollar bulls might still be in control of the trend, but momentum is declining. I would expect more enthusiasm once we have broken above the recent high, but it seems a correction is needed there first before more buyers can make a real push above the level of 100.

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Blue lines - bullish channel

Red lines - stochastic bearish divergence with new highs

The US dollar index remains in a bullish trend as the price is above the Ihcimoku cloud and above both the tenkan- and kijun-sen indicators. Also, the price is trading inside a bullish channel. However, bulls need to be very cautious as we observe divergence signals in the stochastic.

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No change are seen in the weekly chart. Support is found at 98.75. If it gets broken, we expect a pullback towards the kijun-sen (yellow line indicator) and towards the 38% Fibonacci retracement. The trend remains bullish. The price is still above cloud. However, bulls need to be very cautious and protect their positions.

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Gold technical analysis for November 24, 2015

I believe пold price is at an important trend-turning point in the short- and long-term trends. The price is expected to perform a strong bounce towards at least $1,120-30. However, there are also many chances that the entire bearish market is over or at its final stages.

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Red line - resistance

The 4-hour chart above shows gold trading below the Ichimoku cloud confirming that the short-term trend is bearish. Bulls so far tried to break above the cloud twice and got rejected. We can see a new lower low. We are at the final stages of a decline from $1,190 and we either are going to bounce now or we are going to see $1,050-40 first and then bounce after the third rejection. No matter what , the bounce will certainly come above $1,100.

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Red lines - bullish wedge

The weekly chart above shows that the price is trading inside a bullish wedge. Stochastics are at the oversold levels turning upwards. This time things might be different and instead of a bounce we can see the start of a new upward move in gold prices. However, a breakout above the weekly Ichimoku cloud will confirm a trend change.

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Technical analysis of GBP/CHF for November 24, 2015

Technical outlook and chart setups:

The GBP/CHF pair seems to be reversing from the level of 1.5430 just ahead of the fibonacci 0.382 support seen at the territory around 1.5360. Please note that the pair has reached a low at 1.5380 today and reversed higher. It is recommended to initiate around 50% of long positions now, and the remaining around 1.5360 if prices manage to reach there. Immediate support is seen at 1.5250 followed by 1.5000 and lower while resistance is seen at 1.5570 and higher. Please also note that the trend-line support is passing closely, hence bulls can remain in control until prices hold the trend-line support.

Trading recommendations:

Initiate 50% long positions remaining at 1.5350, stop is at 1.5250, a target is open.

Good luck!

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Technical analysis of EUR/JPY for November 24, 2015

Technical outlook and chart setups:

The EUR/JPY pair seems to be testing lows around 130.30/40 at the moment. Please note that the pair has produced a doji candlestick pattern on the daily charts. A test and reversal could indicate that a potential pullback rally is setting up. While a drop lower could expose the level of 129.00 (the fibonacci 0.786) as support and delay matters further for a pullback. It is recommended to remain flat at the moment and seek further evidence before committing a trade. Immediate support is at 130.30 followed by 129,00 and lower, while resistance is seen at 132.26/30 and higher.

Trading recommendations:

Remain flat now.

Good luck!

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Technical analysis of Gold for November 24, 2015

Technical outlook and chart setups:

Gold has been trading in the lower range around $1,071.00 since yesterday. Please note that bulls might still want to produce a counter trend rally to at least $1,110.00 before reversing. A drop below $1,1063.00 would nullify the chances of a pullback and the metal should be heading straight down towards $1,030.00. It is hence recommended to remain flat and watch for further evidence before committing trades. Immediate resistance is seen at $1,098.00, while support is seen at $1,063.00.

Trading recommendations:

Remain flat now.

Good luck!

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Technical analysis of Silver for November 24, 2015

Technical outlook and chart setups:

Silver is beginning to show bullish divergence on the H4 chart (not shown here), and a breakout above the levels of $14.45 will favor bulls. At the moment, prices are testing the resistance line around $14.15. It is recommended to remain flat now and watch for a breakout above the trend line and $14.45 preparing to go long. Immediate support is seen at $13.97 (interim), followed by $13.00 and lower, while resistance is seen at $14.45 followed by $15.00 and higher.

Trading recommendations:

Stay flat now, go long on the breakout at $14.45.

Good luck!

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Elliott wave analysis of EUR/NZD for November 24, 2015

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Wave summary:

As long as minor resistance at 1.6434 is able to protect the upside, we will continue to look for the final spike lower to 1.5898 before the decline from 1.9114 will finally have to come to an end.

Only a direct breakout above minor resistance at 1.6434 and of cause more importantly a breakout above resistance at 1.6548 will trigger a new impulsive rally higher to 1.8020, to 1.9114, and even above.

Trading recommendation:

We will buy EUR at 1.5925 or upon a break above 1.6406 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for November 24, 2015

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Wave summary:

The EUR/JPY pair continues to apply pressure to the downside, but if our diagonal triangle count is correct, then support at 130.12 may not be broken. Under the Elliott Wave Principle, wave three can never be the shortest and that will be the case support at 130.12 breaks. Therefore support at 130.12 must protect the downside for a rally back to the top of wave(iv) near 137.00 or this count is wrong and we will head back to the drawing board trying to figure this mess out.

Our stop at 130.50 was hit for a small loss, but we will buy EUR again at 130.40 or upon a break above minor support at 130.80 with stop placed at 130.10.

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Technical analysis of EUR/USD for November 24, 2015

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When the European market opens, some economic news on the Belgian NBB Business Climate, German Ifo Business Climate, German Final GDP q/q is due to be released. The US will publish data on the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Prelim GDP Price Index q/q, Goods Trade Balance, Prelim GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0685.

Strong Resistance:1.0678.

Original Resistance: 1.0668.

Inner Sell Area: 1.0633.

Target Inner Area: 1.0635.

Inner Buy Area: 1.0600.

Original Support: 1.0598.

Strong Support: 1.0588.

Breakout sell level: 1.0581.

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 24, 2015

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In Asia, Japan will release data on the Flash Manufacturing PMI, and the US will publish some economic data on the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Prelim GDP Price Index q/q, and Goods Trade Balance, Prelim GDP q/q. 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: 123.47.

Resistance. 2: 123.23.

Resistance. 1: 122.97.

Support. 1: 122.70.

Support. 2: 122.46.

Support. 3: 122.22.

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 USD/JPY for November 24, 2015

Yesterday, the index had tested the key psychological zone of 100.00. Later, it made a pullback across the level of 99.80. Currently, our view is strengthening with the bullish bias, as the USDX will try to make another push higher across the resistance level of 100.24. Under another scenario, if the USDX extends the pullback at current levels, then it could fall until the level of 99.25 where the 200 SMA is located.

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H1 chart's resistance levels: 99.80 / 100.24

H1 chart's support levels: 99.25 / 98.82

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 99.80, take profit is at 100.24, and stop loss is at 99.37.

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

Daily analysis of GBP/USD for November 24, 2015

The pair is extending losses below the 200 SMA, as we can see on the H1 chart. Currently, the support level of 1.5100 should be challenged in order to reach another low towards the zone of 1.5062. This moving average is also pointing to the downside, so bears are still getting favored by the main bias. The MACD indicator is reaching the neutral territory and that is why we should be aware of future sideways short-term moves.

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H1 chart's resistance levels: 1.5142 / 1.5205

H1 chart's support levels: 1.5100 / 1.5062

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 1.5100, take profit is at 1.5062, and stop loss is at 1.5138.

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

USD/CAD intraday technical levels and trading recommendations for November 23, 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, 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 two weeks ago.

Daily persistence above 1.3300 exposes the next resistance level of 1.3450 (Fibonacci Expansion 141.0%) where a valid SELL entry can be offered.

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 1.3370.

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

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

Intraday technical levels and trading recommendations for GBP/USD for November 23, 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 supported 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. However, a bullish engulfing weekly candlestick was expressed around 1.5050 two weeks ago.

Bearish persistence below 1.5200 on a weekly basis enhances a further bearish decline towards the weekly demand level at 1.4950. Otherwise, bullish correction towards 1.5350 should be expected.

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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, an 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 few weeks ago. Currently, these levels constitute prominent supply to be watched for new sell entries.

The key level of 1.5200 was temporarily breached to the upside last week until a daily bearish engulfing candlestick was expressed on Friday.

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

Trading Recommendation:

Risky traders can sell the GBP/USD pair anywhere around 1.5350 (recent supply level). S/L can be placed above 1.5400.

For conservative traders, 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.

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

Intraday technical levels and trading recommendations for EUR/USD for November 23, 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 1.0555 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 above 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 1.0700 (key level) is needed to maintain enough bearish momentum towards 1.0650 and 1.0550 (prominent monthly low).

On the other hand, a valid sell entry can be offered around the level of 1.0700 if a bullish correction extends above 1.0640 (Wednesday's lowest price level).

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