Global macro overview for 01/11/2016

Global macro overview for 01/11/2016:

The OPEC meeting in Vienna finished and a proposed agreement to cap production still hasn't been reached. The talks between OPEN and non-OPEC members took a long time but nobody managed to agree on anything. The non-OPEC producers made no specific commitment to join the OPEC in limiting oil output levels to prop up prices, which might suggest that they want the oil producing group to solve the inner disputes first. Nevertheless, the negotiations have been scheduled for November again, just before a regular OPEC meeting on November 30th. Maybe this time the OPEC and non-OPEC members will be more productive.

Let's now take a look at the Crude Oil technical picture on the daily time frame after the weekend talks. The bear camp has managed to push the prices lower towards the next important support at the level of 46.53, but now the price is bouncing from this level. The next target for bulls is the lower channel line around the level of 48 and the key resistance at the level of 48.16.

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Elliott wave analysis of EUR/NZD for November 1, 2016

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Wave summary:

We continue to look for more upside pressure towards 1.5765 and only a break above here will confirm and call for upside acceleration towards 1.6396 and higher to 1.6931 as the next upside targets.

Short-term, support is seen at 1.5240 and will ideally act as a floor for the rally to and break above important resistance at 1.5765.

Trading recommendation:

We are long EUR from 1.5285 with stop placed at 1.5170. If you are not long EUR yet, then buy a break above 1.5375 and place your stop at 1.5215.

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Global macro overview for 01/11/2016

Global macro overview for 01/11/2016:

The eurozone flash GDP data for the third quarter revealed steady growth. The preliminary gross domestic product increased a seasonally adjusted 0.3% in the third quarter in line with market expectations and at the same rate as in the second quarter. On the other hand, core inflation decreased in October, reinforcing expectations that the European Central Bank will negotiate to extend its asset-buying program in December. Consumer prices advanced 0.5% year-on-year in October and energy prices were 0.9% lower in October than a year ago (compared to 3.0% down in September). In conclusion, the GDP is growing at a rather slow and steady pace and inflation still remains below the ECB target level of 2%. So the extension of the QE in December by ECB is getting more likely.

Let's now take a look at the EUR/USD technical picture at 4H time frame. The corrective rally continues as the market is trying to test the important resistance at the level of 1.1040. Nevertheless, this rally looks only corrective as the larger time frame trend is still bearish. The support now is seen at the level of 1.0992.

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Elliott wave analysis of EUR/JPY for November 1, 2016

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Wave summary:

The rally higher towards important resistance at 116.28 continues to unfold as expected. We however, need a firm break above this resistance to confirm more upside towards 118.47 and 122.00. We still favor this to be seen as the long-term corrective decline from 149.56 that is expected to have completed with the test of 122.84. A new impulsive rally higher is now developing.

Short-term, support is seen at 115.06 and again at 114.67.

Trading recommendation:

We are long EUR from 112.95 and will move our stop higher to 114.50. If you are not long EUR yet, then buy near 115.06 or upon a break above resistance at 116.28 and use the same stop at 114.50.

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Technical analysis of USD/CAD for November 1, 2016

General overview for 01/11/2016:

The market has dropped below the golden trend line support and now it is trading below the weekly pivot. The decline looks impulsive in nature and might unfold into a full five wave sell-off. The first target is the demand zone marked as the gray rectangle between the levels of 1.3290 - 1.3312, but the decline might be stronger. In that case, the next support is seen at the level of 1.3225.

Support/Resistance:

1.3433 - Intraday Resistance

1.3379 - Weekly Pivot

1.3352 - Intraday Support

1.3325 - WS1

1.3290 - 13312 - Demand Zone

1.3281 - Wave -a- Low

1.3225 - WS1

Trading recommendations:

If the top for the wave -b- is now in place, day traders should consider opening sell orders with SL just above the wave -b- top. TP level should be left open for now.

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Technical analysis of EUR/JPY for November 1, 2016

General overview for 01/11/2016:

The alternative impulsive count turned out to be the correct one as the full impulsive waves are now completed. This wave progression has been labeled as wave a (green) and now it looks like some kind of a corrective structure to the downside in wave b (green) need to be unfolded. The growing bearish divergence between the price and the momentum oscillator supports the bearish view.

Support/Resistance:

116.22 - WR1

115.33 - Intraday Support

115.37 - 115.48 - Fibonacci Confluence Zone

114.57 - Intraday Support

114.53 - Weekly Pivot

113.74 - WS1

Trading recommendations:

The full five waves in the impulsive progression are completed, so day traders should consider opening sell orders with tight SL. TP level should be left open for now.

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USD/CAD intraday technical levels and trading recommendations for November 1, 2016

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On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.

On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) is needed to enhance bearish momentum in the market.

However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.

This week, daily persistence below 1.2950 (61.8% Fibonacci level) will be needed in order to enhance the bearish side of the market. Initial bearish targets are located at 1.2670 and 1.2580.

Otherwise, the USD/CAD pair remains trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until breakout occurs in either direction.

Note that the USD/CAD pair is currently challenging the upper limit of the depicted flag pattern around 1.3360-1.3400 which constitutes a prominent resistance level.

Bearish rejection should be anticipated around the current price levels (Primary Scenario). However, bullish breakout above 1.3360 will probably liberate a quick bullish movement towards 1.3650 (Low probability scenario).

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Technical analysis of NZD/JPY for November 1, 2016

NZD/JPY broke above the ascending channel after which rejected 200- and then 50-Moving average. This is a sign of an emerging bullish trend.

Fibonacci applied to the channel breakout showed the pair rejected 50% Fibs support and continued to move higher. Consider buying NZD/JPY at the current level (75.35), targeting either 23.6% (76.00) or 0% Fibs (77.00) as a final target. Suggested stop loss is 74.70.

Support: 74.87, 74.37

Resistance: 75.37, 76.00, 77.00

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Technical analysis of NZD/CAD for November 1, 2016

NZD/CAD bullish trend appears to be still valid after the pair broke above 23.6% Fibs resistance applied to the trendline breakout point.

After the breakout, NZD/CAD found the technical and psychological support level (0.9600) and started to move higher.

Consider buying NZD/CAD on pullbacks towards 0.9600, targeting 0% Fibs (0.9692) and potentially even higher. The suggested stop loss is 0.9520.

Support: 0.9600, 0.9540

Resistance: 0.9692

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Technical analysis of USD/JPY for November 01, 2016

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USD/JPY is expected to trade with bullish bias above 104.50. The pair stands firmly above its nearest support at 104.50, and is likely to post a new bounce. On the economic front, the U.S. Commerce Department reported that personal income rose 0.3% on month in September (vs. +0.4% on month expected) and personal spending increased 0.5% (vs. +0.4% on month expected). The Chicago-area PMI was released at 50.6 in October (vs. 54.0 expected) and the Dallas Federal Manufacturing Activity posted -1.5 in October (vs. +2.0 expected).

The relative strength index is turning up, and is also displaying bullish momentum. In which case, the prices may challenge the next resistance at 105.55 in the coming trading hours, if breakout, look for further advance to 105.95.

Trading Recommendation: 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. Therefore, long positions are recommended with the first target at 105.55 and the second one at 105.95. In the alternative scenario, short positions are recommended with the first target at 104.0.0 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 103.50. The pivot point lies at 104.50.

Resistance levels: 105.55, 105.95, 106.30

Support levels: 104.00, 103.50, 103

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NZD/USD Intraday technical levels and trading recommendations for November 1, 2016

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As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.

Recently, the price zone between 0.7470-0.7500 has corresponded to the upper limit of the depicted movement channel where bearish rejection and a valid SELL entry were expressed few weeks ago.

On October 20, the mark of 0.7245 was a prominent key-level to determine the next destination for the NZD/USD pair.

As expected, evident bearish rejection around 0.7250 offered a valid SELL signal (already running in profits). T/P levels were located at 0.7070 and 0.6970.

Please take into consideration that the price level around 0.7100 (lower limit of the depicted channel) constituted a short-term support Level.

That's why, temporary bullish recovery is being expressed around 0.7100 before further bearish decline can take place.

On the other hand, the price zone between 0.6960-0.6860 remains a significant support zone to be watched for a valid BUY entry if bearish pullback manages to extend below 0.7100.

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Technical analysis of USD/CHF for November 01, 2016

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USD/CHF is expected to trade with bearish bias as the Key resistance at 0.9915. The pair broke below its previous support at 0.9915, which becomes a key resistance now, and is consolidating on the downside. The relative strength index is around its neutrality level at 50 but lacks upward momentum. Even though a continuation of technical rebound cannot be rule out, its extent should be limited. As long as 0.9915 is not broken, the pair is likely to return to 0.9815. A break below this level would call for a further drop toward 0.9795.

Resistance levels: 0.9950, 0.9980, 1.0020

Support levels: 0.9815, 0.9795, 0.9740

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Technical analysis of NZD/USD for November 01, 2016

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NZD/USD is expected to trade with bullish bias. The pair broke above its 20-period and 50-period moving averages as well as the upper boundary of the Bollinger Band, which confirms a positive view. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 0.7135 is support, look for a further upside toward 0.7205. A break above this level would call for a further advance toward 0.7230.

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. Therefore, long positions are recommended with the first target at 0.7205 and the second one at 0.7230. In the alternative scenario, short positions are recommended with the first target at 0.7105 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7075. The pivot point lies at 0.7135.

Resistance levels: 0.7205, 0.7230, 0.7255

Support levels: 0.7105, 0.7075, 0.7045

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Intraday technical levels and trading recommendations for GBP/USD for November 1, 2016

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The price zone between 1.3845 and 1.3550 (historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).

Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).

Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirms the bearish Flag pattern. Hence, bearish projection target would be located around 1.2020.

Last week, recent bullish recovery was manifested around 1.2080. That's why, a bullish pullback may be executed towards 1.2700.

Any bullish pullback towards 1.2700 should be considered for a valid SELL entry. S/L should be set as daily closure above 1.2700.

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Intraday technical levels and trading recommendations for EUR/USD for November 1, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the depicted supply levels (note the monthly candlesticks of May, June, and August 2016).

In the long term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

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The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.

On August 16, temporary bullish breakout was expressed above the price zone of 1.1250 (supply level 1). However, significant bearish rejection was seen on August 26.

On September 6, weak bullish recovery and a temporary bullish breakout above 1.1250 were expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.

The recent bearish closure below 1.1250 (Supply Level-1) maintained enough bearish pressure and enhanced the bearish momentum towards the price level of 1.1000 (Key-Level 1).

Bullish rejection was expected around the price level of 1.1000 (Key Level-1). However, extensive bearish pressure and significant bearish closure below 1.0900 was expressed.

Daily persistence below 1.0990 allowed a quick bearish decline towards 1.0825 (Key Level-2) where price action should be considered for a valid short-term BUY entry.

Last week, recent bullish recovery was manifested around 1.0850. That's why, the current bullish pullback towards 1.1000 (Key Level-1) should be considered for a valid SELL entry.

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Technical analysis of GBP/JPY for November 01, 2016

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GBP/JPY is expected to prevail its upside movement . The pair broke above its 20-period and 50-period moving averages and accelerated on the upside. The rising 20-period moving average crossed above the 50-period one, which is positive. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum.

The British pound was boosted by the announcement by Bank of England Governor Mark Carney that he would remain in his post for an extra year, through June 2019.

As long as 127.90 holds on the downside, look for a further upside toward 129.15 and even 129.60 in extension.

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. Therefore, long positions are recommended with the first target at 129.15 and the second one at 129.60. In the alternative scenario, short positions are recommended with the first target at 127.40, if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 127.00. The pivot point lies at 127.90.

Resistance levels: 129.15, 129.60, 130.45

Support levels: 127.40, 127.00, 126.60

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Technical analysis of NZD/USD for November 01, 2016

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Overview:

  • The market has still set below the weekly resistance (0.7206) since last week. It continued to move downwards from the level of 0.7206 to the bottom around 0.7140. Now, the first resistance level is seen at 0.7206 followed by 0.7258, while daily support 1 is seen at 0.7089. The NZD/USD pair broke support which turned to strong resistance at 0.7206. Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance (0.7206) which is expected to act as major resistance today. This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment. Amid the previous events, the NZD/USD pair is still moving between the levels of 0.7206 and 0.7089. Therefore, the major resistance can be found at 0.7206 providing a clear signal to sell with a target seen at 0.7089. If the trend breaks the minor support at 0.7089, the pair will move downwards continuing the bearish trend development to the level of 0.7036 in order to test the double bottom in the 4H time frame. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 0.7210 - 0.7260 today.

Comment:

  • The market is indicating a bearish opportunity below the above-mentioned resistance levels, for that the bearish outlook remains the same as long as the trend is still below the spot of 0.7207.
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Technical analysis of USD/CHF for November 01, 2016

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Overview:

  • The NZD/USD pair has dropped sharply from the level of 0.9956 towards 0.9850. It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.9921 and 0.9819 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9910 and 0.9956, which coincides with the 78.6% and 88.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the NZD/USD pair is continuing in a bearish trend from the new resistance of 0.9921. Thereupon, the price spot of 0.9921 remains a significant resistance zone. Therefore, a possibility that the NZD/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9921, sell below 0.9921 with the first targets at 0.9819 and 0.9776 (the double bottom is seen at 0.9776). However, the stop loss should be located above the level of 0.9956.
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Technical Analysis of the US Dollar Index for November 01, 2016.

Technical outlook and chart setups:

The US Dollar Index has finally dropped lower as expected and discussed earlier and begun its counter trend printing interim lows at 98.16 levels today. The index is trading at 98.20 for now, looking to drop lower further towards 97.85 and subsequently towards 97.60 level as depicted here. Besides the fibonacci extensions are pointing towards 97.85 level in line with expectations. Please also note that 97.60 is immediate support as well as the termination point of previous wave 4 (swing lows). The wave structure indicates that the index has already completed a 5-wave rally from 95.05. Now it is expected to drop lower in a corrective manner (3 waves) towards at least 97.60. It is hence recommended to remain flat for now. Aggressive traders might want to remain short now, with stop at 99.00 targeting 97.60. Immediate resistance is at 98.70 level, while support is seen at 97.60 level respectively.

Trading recommendations:

Remain flat for now. Aggressive traders, please remain short, stop is at 99.30, target is 97.60

Good luck!

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EUR/USD Technical Analysis for November 01, 2016.

Technical outlook and chart setups:

The EUR/USD pair seems to be into its final leg rally towards termination of its counter trend now. The pair has made interim highs at 1.1003 level right now and is poised to push further towards at least 1.1030/40 levels. EURO bulls are targeting past wave 4 termination at 1.1030/40 levels as depicted on the hourly view here. It is expected to rally and take out 1.1040 level to confirm that bulls are here to remain longer or it would be considered as wave 4 pullbacks. The probability for wave 4 terminations at 1.1040 level remains high at this moment, according to wave counts discussed earlier. Looking at the wave structure, the pair should be facing stiff resistance around 1.1040/50 levels and bears are expected to regain control from there on. It is recommended to remain long now, with risk below 1.0930 levels. Immediate resistance is seen at 1.1040 level, while support is seen at 1.0930 level respectively.

Trading recommendations:

Remain long now, stop below 1.0930 levels, target is 1.1040. One can take partial profits though.

Good luck!

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Technical Analysis of Silver for November 01, 2016.

Technical outlook and chart setups:

Silver broke out of resistance at $17.80 level last week and is still pushing higher poised to test $18.50/70 levels easily. The metal is trading at $18.10 level for now, looking to push through the past support turned resistance zone around $18.50 level as depicted here. The metal seems to have formed interim lows at $17.75 level last week and it should hold well if the bullish structure is to remain intact. The wave structure indicates that the metal is poised to complete its counter trend rally this week and terminate around $18.50/70 levels. A turn lower from there would push prices lower towards $16.50 level before resuming a rally. It is recommended to remain flat for now and look for opportunities to short again on rallies. Aggressive traders, please remain long with risk at $17.70 level. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.75 level respectively.

Trading recommendations:

Aggressive traders may remain long with stop at $17.70 and targeting $18.50 at least. Conservative trade setup would be to go short on rallies towards $18.50 level.

Good luck!

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EUR/NZD analysis for November 01, 2016

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Recently, EUR/NZD has been moving sideways around the price of 1.5324. On 15M time frame and using the market profile, I found intraday weakness and potential distibution, which is a sign that EUR/NZD may go lower. I found active sellers and the price is trading below yesterday's value and below yesterday's point of control at the price of 1.5335. My advice is to watch for selling opportunties. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of 1.5285, Fibonacci expansion 100% at the price of 1.5250, and Fibonacci expansion 161.8% at the price of 1.5205.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5365

R2: 1.5385

R3: 1.5415

Support levels:

S1: 1.5310

S2: 1.5295

S3: 1.5265

Trading recommendations for today: Watch for potential selling opportunities on the pullbacks.

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Gold Technical Analysis for November 01, 2016.

Technical outlook and chart setups:

Gold had broken above $1,270.00 levels last Friday and print new interim highs at $1,284.00 levels before retracing lower. Furthermore, the metal has formed yet another higher low at $1,272.00 levels yesterday. The metal is trading at $1,283.00 levels for now and should be looking to push higher towards $1,295.00/1,303.00 levels from here. Please note that the metal should push through the past support turned resistance zone around $1,304.00 levels as discussed earlier. The wave structure also indicates that the counter trend rally that began from $1,241.00 levels is expected to terminate around $1,304.00 levels. It is recommended to remain flat now and look to sell around $1,303.00/10.00 levels again, while aggressive traders should remain long with risk below $1,270.00. Immediate resistance is now seen at $1,304.00/10.00 levels, while support is at $1,260.00 levels respectively.

Trading recommendations:

Aggressive traders remain long now with stop at $1,270.00 levels, targeting $1,303.00. Conservative trade setup is to go short at higher levels.

Good luck!

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Gold analysis for November 01, 2016

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Since our previous analysis, gold has been trading upwards. The price tested the level of $1,283.16 in a high volume. According to the 15M time frame and using the market profile analysis, I found intraday initiative buyers, which is sign that buyers are in control. The price is trading above the yesterday's value area and the point of control. My advice is to watch for buying opportunities on the dips. I placed Fibonacci expansion to find potential upward targets. First upward target is set at the price of $1,289.00 and the second target is set at the price of $1,300.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,275.10

R2: 1,276.15

R3: 1,277.85

Support levels:

S1: 1,271.70

S2: 1,270.70

S3: 1,269.10

Trading recommendations for today: Strength on the Gold is expected today. Watch for buying opportunities on the dips.

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Technical analysis of USDX for November 1, 2016

The Dollar index bounced yesterday towards 98.70 where short-term resistance was found. Price got rejected and reversed back towards the lows of last week. This weakness at the current price levels is a very bearish sign as I have warned several times of the bearish divergence signals.

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The Dollar index has bounced towards the 61.8% Fibonacci retracement of the latest decline and got rejected. Price has reversed and is making new lower lows.

At the same time, we have a break below the Ichimoku cloud on the 4-hour chart confirming a short-term trend change to bearish.

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Red lines - trading range

Green line - support

On a weekly basis, the reversal I mentioned yesterday is getting some follow today as Monday was a backtest day. The weekly candle of this week has not started very well for bulls as the bounce yesterday does not seem strong enough. A pullback at least towards 96.50 is expected. This will be a crucial test for the longer-term trend of the Dollar index.

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Technical analysis of gold for November 1, 2016

Gold price remains above support and is preparing to break above the recent highs at $1,285. A daily close above $1,280 will help Gold push towards $1,300 and higher. I remain bullish from $1,250.

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Blue line - support trend line

Gold price is trading above the Kumo (cloud) and the blue upward sloping trend line. Price is making higher highs and higher lows. Support is at $1,270 for the short term. Resistance is at $1,285. A break below $1,260 will most probably push price towards $1,220 but I believe this is the less probable scenario. The most possible outcome will be a push towards $1,300 and higher over the coming days.

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Gold price is heading towards my short-term target of the daily kijun-sen (yellow line indicator). A move towards $1,320-30 where the Ichimoku cloud is found could also be expected. Prices have reversed from the 38% Fibonacci retracement of the entire rise from $1,045 to $1,375. I remain long-term bullish.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for Nov 01, 2016

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When the European market opens, there is no Economic Data will be released but the US will release some economic data such as Total Vehicle Sales, ISM Manufacturing Prices, IBD/TIPP Economic Optimism, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1023.

Strong Resistance:1.1017.

Original Resistance: 1.1006.

Inner Sell Area: 1.0995.

Target Inner Area: 1.0969.

Inner Buy Area: 1.0943.

Original Support: 1.0932.

Strong Support: 1.0921.

Breakout SELL Level: 1.0915.

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 Nov 01, 2016

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In Asia, Japan will release the BOJ Press Conference, Monetary Policy Statement, BOJ Policy Rate, BOJ Outlook Report, Final Manufacturing PMI and the US will release some Economic Data such as Total Vehicle Sales, ISM Manufacturing Prices, IBD/TIPP Economic Optimism, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 105.34.

Resistance. 2: 105.14.

Resistance. 1: 104.94.

Support. 1: 104.67.

Support. 2: 104.47.

Support. 3: 104.26.

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 major pairs for November 1, 2016

EUR/USD: There seems to be a novel bullish signal on the EUR/USD, owing to what happened in the market on Monday. Price actions reveals willingness to push price further upwards, targeting the resistance lines at 1.1000, 1.1050 and 1.1100. This could lead to a Bullish Confirmation Pattern in the 4-hour chart.

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USD/CHF: This currency trading instrument shows a slight weakness on October 31, which almost resulted a bearish signal. However, the outlook for this week is bearish, and the resistance levels at 0.9950 and 1.0000 could be tested. It may not be easy for bulls to push price above the resistance level at 1.0000 because it is an important psychological level.

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GBP/USD: The Cable has been consolidating for about two weeks – an even that has resulted in a neutral bias in the short-term. The long-term outlook on the market remains bearish and when momentum rises, it would most likely favor the bears. Strong volatility would be witnessed on GBP pairs this week, and some of them would be weaker in most cases.

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USD/JPY: Bulls are still able to uphold the Bullish Confirmation Pattern that is being seen on this pair. The outlook on JPY pairs (the USD/JPY included) is bullish for this week, and therefore, a price movement towards the supply levels at 105.50, 106.00 and 106.00 could be witnessed this week.

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EUR/JPY: This is a bull market in the short-term. The bullishness started last week, and it remains intact. The supply zones that are being watched are located at 115.50 and 116.00. The demand zones at 114.00 and 113.50 would impede attempts to push price significantly southwards.

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

Daily analysis of USDX for November 01, 2016

USDX gained some ground during early Monday's session, but as the American session started, we saw some weakness in the greenback and now it's trading below the 200 SMA at H1 chart. That should mean that a decline towards the support level of 98.00 is highly likely. However, it needs to break Monday's lows in order to confirm that scenario. MACD indicator is supporting the bearish bias.

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H1 chart's resistance levels: 98.53 / 99.19

H1 chart's support levels: 98.01 / 97.62

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 98.53, take profit is at 99.19 and stop loss is at 98.68.

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

Daily analysis of GBP/USD for November 01, 2016

Despite the recent bullish momentum lived by the Sterling, we're still calling for a bearish scenario in the short term for GBP/USD, as the price action doesn't seem to be in favor of the upside. The resistance level of 1.2310 is still a strong barrier and any pullback at current levels may push lower the pair to test the support level of 1.2155.

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H1 chart's resistance levels: 1.2310 / 1.2427

H1 chart's support levels: 1.2229 / 1.2155

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2229, take profit is at 1.2155 and stop loss is at 1.2299.

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