GBP/USD intraday technical levels and trading recommendations for November 27, 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). Instead, 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 put the GBP/USD pair under significant bearish pressure.

This week, bearish persistence below 1.5030 (important key level) is needed to allow 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.

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

USD/CAD intraday technical levels and trading recommendations for November 27, 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.

Since then, the USD/CAD pair has been moving sideways (ranging between 1.3300 and 1.3430).

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.

On the other hand, bearish breakdown below 1.3300 (FE 100%) is needed to enhance the bearish side of the market again.

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.

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

Intraday technical levels and trading recommendations for GBP/USD for November 27, 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. This bearish tendency was confirmed by the Shooting Star bearish weekly candlestick of the previous week.

A quick bearish decline towards the weekly demand level at 1.4950 remains expected as long as the bearish breakdown below 1.5200 persists on a weekly basis.

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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 around 1.5330 on last Friday.

Note that bearish persistence below 1.5200 and 1.5050 (previous weekly bottom) enhances further bearish decline towards the weekly demand level at 1.4960.

Trading Recommendation:

Risky traders were advised to sell the GBP/USD pair anywhere around 1.5350. S/L can be lowered to 1.5150 to secure our 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.

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

Intraday technical levels and trading recommendations for EUR/USD for November 27, 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, which 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) ensures enough bearish momentum towards 1.0650 and 1.0550 (prominent monthly low) where price actions should be watched.

A daily breakdown of the monthly demand level (1.0550) is needed to expose next bearish target levels at 1.0460 then 1.0300.

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