Daily analysis of Gold for November 03, 2016

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Overview

Gold price approaches the key support level $1,297.74 affected by negativity of stochastic which attempts to gain the positive momentum to resume the main bullish bias. At the same time the EMA50 keeps providing positive support to the price. Therefore, we believe that the chances are valid to trade positively in the upcoming sessions. The price needs to break above the $1,297.74 level to reinforce the chances of continuing the bullish trend. The next main target located at $1,375.00. Note that settling below $1,297.74 will push the price to visit $1,249.94 areas again before any new attempt to rise. The expected trading range for today is between $1,290.00 support and $1,330.50 resistance.

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Elliott wave analysis of EUR/NZD for November 3, 2016

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Wave summary:

The important low of 1.5066 is scary close to being tested. A test will be in order, but at no point can a break below 1.5066 be allowed, as that will invalidate 1.5066 as being the starting point of wave (3). Should a break below 1.5066 be seen (not our preferred outlook), the potential downside should be very limited.

Short term, a break above minor resistance at 1.5266 will be the first good indication that a low is in place for more upside pressure towards 1.5764 and above.

Trading recommendation:

We bought EUR at 1.5145 with stop placed at 1.5060. If you are not long EUR yet, then buy here or upon a break above 1.5266 and use the same stop at 1.5066.

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Daily analysis of Silver for November 03, 2016

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Overview

Silver traded higher yesterday to approach the 19.00 barrier.

You should be aware that stochastics are now approaching from the oversold areas. It provides positive sentiment, so we are waiting until the price gains momentum to continue rising, as our next main target is located at 19.38. Therefore, our bullish overview will remain valid in the short term, being supported by the EMA50 and the price stability above 18.30. Let me remind you that breaking this level will push the price to visit the17.43 level before any new attempt to rise. The expected trading range for today is between 18.30 support and 19.00 resistance.

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Elliott wave analysis of EUR/JPY for November 3 - 2016

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Wave summary:

The expected correction in the red wave [ii] should be close to completion for the next impulsive rally above 115.56 and more importantly above resistance at 116.28 for a rally to 118.59 and 122.00.

In the short term, we will be looking for a little more downside closer to the 61.8% corrective target at 113.75 from where the next impulsive rally is expected to materialize.

Only a direct break above 114.73 will indicate that the red wave [ii] completed earlier and the red wave [iii] is already developing higher.

Trading recommendation:

We will buy EUR at 113.85 or upon a break above 114.73 (one placed order cancels the other).

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EUR/NZD analysis for November 03, 2016

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Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.5115 in a high volume. On 15M time frame and using the market profile, I found potential bottoming. The price found the low at 1.5116 and demand came in on the market. I found a strong point of control at the price of 1.5215. Watch for potential buying opportunities with a target around the price of 1.5215. The short-term trend is downward but we may see potential bullish correction. The breakout of the 1.5115 may confirm a further downward continuation.

Fibonacci Pivot Points: Resistance levels

R1: 1.5350

R2: 1.5390

R3: 1.5480

Support levels:

S1: 1.5180

S2: 1.5130

S3: 1.5045

Trading recommendations for today: Watch for potential buying opportunities.

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Gold analysis for November 03, 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,285.46 in a high volume. According to the 15M time frame and using the market profile analysis, I found intraday initiative sellers, which is a sign that sellers are in control. The price went to test point of control at $1,296.00. I found a previous swing low at the price of $1,295.60, which right now is acting like strong resistance. Watch for selling opportunities. The first downward station is set at the price of $1,285.60.

Fibonacci pivot points:

Resistance levels:

R1: 1,307.85

R2: 1,312.20

R3: 1,319.40

Support levels:

S1: 1,293.55

S2: 1,289.15

S3: 1,282.00

Trading recommendations for today: Weakness on Gold is expected today. Watch for selling opportunities.

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Technical analysis of NZD/USD for November 3, 2016

NZD/USD found strong support at 0.7110, after which the pair established a strong uptrend. Fibonacci applied to the corrective wave where NZD/USD found the support shows that it broke above both 161.8% and 261.8% Fibs while 361.8% hasn't been tested yet.

Currently the pair is trading near 261.8% (0.7300), which is acting as support and could be a good entry point to go long to target 361.8% Fibs (0.7365). At the same time, the pair could go slightly lower before continuing moving up. Consider buying NZD/USD with caution while the rate is near 0.7300, targeting 0.7365.

Support: 0.7295

Resistance: 0.7365

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Global macro overview for 03/11/2016

Global macro overview for 03/11/2016:

According to the US Energy Department yesterday crude oil stockpiles advanced more than 14 million barrels last week, which is the biggest build up since the record begins in 1982. The market participants have expected only a slight increase of 1.014 million barrels after last week shortage of 0.553 million barrels. All the crude oil gains made after the Colonial Pipeline had to shut down its main pipeline for a second time in as many months following an explosion were reversed and both crude oil and brent oil felt down significantly. In conclusion, the current oil production is at all-time highs and the recent failure in an agreement between the OPEC and non-OPEC members will possibly make another sell-off in oil prices.

Let's now take a look at the Crude Oil technical picture at the 4H time frame. The price is trading just above the important technical support at the level of 44.45 and it is below all of the moving averages. Moreover, the gray rectangle area is the most important demand zone, so any break out below this zone will result in another sell-off. Please notice that the growing bullish divergence between the price and the momentum oscillator indicates a corrective upside price movement soon.

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Global macro overview for 03/11/2016

Global macro overview for 03/11/2016:

The Bank of England policy members had decided today to leave the interest rate unchanged at the level of 0.25% together with the asset purchase facility at the level of 435 billion Pounds. Moreover, the BoE Minutes and Inflation Report has revealed that the monetary policy can respond in either direction to achieve 2% target inflation. In the BoE quarterly inflation review the policy members said, that impact of Pound on inflation to be temporary, offsetting fully with higher rates would be too costly as they are monitoring closely the evolution of inflation expectations. The CPI forecast, based on market interest rates and model projection, should reach 2.72% instead 2.0% indicated in August, the fourth quarter GDP growth of +0.4% and GDP growth of +2.2% vs 2.0% in the previous forecast. In conclusion, very hawkish BoE report and inflation projections together with GDP projections for 2016 might be a first step to hike the interest rate in the near future ( but not before FED).

Let's now take a look at the GBP/USD technical picture after the news. The price jumped towards the next technical resistance at the level of 1.2478, just below the long term golden trend line resistance. The question remains, whether the bull camp is strong enough to hold this level or even break out above it before the daily candle ends. If they bulls will manage to break out, then the next resistance is seen at the level of 1.2682.

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Technical analysis of USD/CAD for November 3, 2016

General overview for 03/11/2016:

The market is still moving inside a horizontal zone between the intraday resistance at the level of 1.3432 and intraday support at the level of 1.3353. This means the market is about to drop and 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 Gold for November 3, 2016

After a heavy downtrend gold has found the bottom at 1,241 and a corrective wave begun. Fibonacci applied through the last rejected point of the downtrend through the bottom shows that price of Gold hasn't reached 61.8% Fibs although 50% level has been broken.

It looks like a corrective wave up is not over and right now Gold is trading right at the 200 Moving Average which should act as a strong support.

Consider buying Gold at the current rate - 1,286, targeting 61.8% Fibs (1,310). Stop loss should be well below the 38.2% support level (1,283)

Support: 1,283, 1,267

Resistance: 1,296, 1,310

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Technical analysis of EUR/JPY for November 3, 2016

General overview for 03/11/2016:

The corrective cycle wave c (purple) first projected target was hit (50%Fibo level at 114.13). This level might be now the bottom for the wave (b) (blue), but confirmation is needed. Any break out above the intraday resistance at the level of 114.77 will confirm the bottom is in place. Otherwise one more sub-wave to the downside is needed to complete this cycle. Please notice that the 61% Fibo matches the weekly pivot support as well.

Support/Resistance:

116.22 - WR1

114.77 - Intraday Resistance

114.53 - Weekly Pivot

114.13 - 50%fibo

114.01 - Intraday Support

113.77 - 61%Fibo

113.74 - WS1

Trading recommendations:

The sell orders from yesterday should be kept open and TP level should be set at 50% Fibo or at 61% Fibo.

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Technical analysis of NZD/USD for November 03, 2016

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Overview:

  • The NZD/USD pair continues moving in a bullish trend from the support levels of 0.7141 and 0.7207.
  • Probably history will repeat itself today again. Currently, the price is in a bullish channel.
  • This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
  • As the price is still above the moving average (100), immediate support is seen at 0.7207, which coincides with a golden ratio (38.2% of Fibonacci). Consequently, the first support is set at the level of 0.7207.
  • So, the market is likely to show signs of a bullish trend around the spot of 0.720. In other words, buy orders are recommended above the golden ratio (0.7207) with the first target at the level of 0.7260.
  • Furthermore, if the trend is able to breakout through the first resistance level of 0.7260.
  • We should see the pair climbing towards the double top (0.7313) to test it. However, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.7207.
  • Amid the previous events, the pair is still in an uptrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.7207 towards the major resistance level at 0.7313.
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Technical analysis of USD/CHF for November 03, 2016

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 0.9777, which represents the ratio of 38.2 Fibonacci retracement. Yesterday, the pair dropped from the level of 0.9777 to the bottom around 0.9695. Today, the first resistance level is seen at 0.9777 followed by 0.9819, while daily support is seen at the levels of 0.9723, 0.9682 and 0.9640. According to the previous events, the USD/CHF pair is still trapping between the levels of 0.9723 and 0.9640. Hence, we expect a range of 83 pips in coming hours. The first resistance is seen at 0.9777, for that if the USD/CHF pair fails to break through the resistance level of 0.9777, the market will decline further to 0.9881. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9639 in order to test the second support which represents a double bottom. On the contrary, if a breakout takes place at the resistance level of 0.9819, then this scenario may become invalidated.
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USD/CAD intraday technical levels and trading recommendations for November 3, 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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Intraday technical levels and trading recommendations for GBP/USD for November 3, 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 3, 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 June, August and October 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 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 a short-term BUY entry was suggested.

As anticipated, Bullish recovery was expressed around 1.0850. This was followed by a daily breakout above 1.1000 (Key Level-1) on November 1.

Daily candlestick closure above 1.1000 (Key Level-1) enhances further bullish advance towards 1.1250 (Supply Level-1) where price action should be watched for a short-term SELL entry.

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Technical analysis of USD/JPY for November 03, 2016

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USD/JPY remains under pressure below its key resistance at 103.50 and is likely to test its nearest support at 102.45 in the coming trading hours. The risk of a slide below this threshold remains high, as the falling 50-period moving average maintains the strong selling pressure on the prices.

On Wednesday, U.S. stocks posted further losses as uncertainty over the presidential election remained and the Federal Reserve sent new hints about a possible December rate increase. The Dow Jones Industrial Average fell 77 points (-0.4%) to 17,959, the S&P 500 lost 13 points (-0.7%) to 2,097 and the Nasdaq Composite was down 48 points (-0.9%) to 5,105.

Real estate and utilities shares remained the worst performers.

The Fed Reserve, as expected, decided to leave interest rates steady following a two-day policy meeting. However, the central bank sent new signals that it could raise rates in December. In its post-meeting policy statement the Fed pointed out, "Inflation has increased somewhat since earlier this year but is still below the Committee's 2% longer-run objective. The rate-setting committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives."

Meanwhile, payroll processor ADP reported that U.S. employers added 147,000 private jobs in October, lower than a gain of 170,000 jobs expected.

To conclude, as long as 103.45 is not surpassed, look for a new pullback to 102.45 and 102.00 in extension.

Trading Recommendation: 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 102.45. A break below this target will move the pair further downwards to 102.00. The pivot point stands at 103.50. 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 103.90 and the second one at 104.65.

Resistance levels: 103.90, 104.65, 105.15

Support levels: 102.45, 102.00, 101.45

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Technical analysis of USD/CHF for November 03, 2016

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USD/CHF is under pressure. The pair is trading above its 20-period and 50-period moving averages, while the 20-period moving average is turning up. The relative strength index is above its neutrality level at 50. Nevertheless, 0.9770 represents a significant key resistance level, which should limit the upside potential. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. The U.S. dollar experienced a selloff for a second day amid political uncertainty. The ICE U.S. Dollar Index dropped 0.3% further to 97.398.

Below 0.9755, look for a further drop toward 0.9660 and even 0.9630 in extension.

Resistance levels: 0.9785, 0.9820, 0.9870

Support levels: 0.9660, 0.9630, 0.9600

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Technical analysis of NZD/USD for November 03, 2016

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NZD/USD is expected to trade with a bullish bias. The pair broke below its 20-period moving average but is still trading above its 50-period one, which is playing a support role and maintains the upside bias. The relative strength index is above its neutrality level at 50. Additionally, 0.7270 is playing a key support role, which should limit the downside potential. As long as this key level holds on the downside, look for a further upside toward 0.7335. A break above this level would call for a further advance toward 0.7370.

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 0.7335 and the second one at 0.7370. In the alternative scenario, short positions are recommended with the first target at 0.7220 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 0.7190. The pivot point lies at 0.7270.

Resistance levels: 0.7335, 0.7370, 0.7405

Support levels: 0.7220, 0.7190, 0.7155

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Technical analysis of GBP/JPY for November 03, 2016

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GBP/JPY is expected to trade with a bearish bias as the key resistance is seen at 127.55. The pair remains under pressure below 127.55 following the bearish crossover of its 20-period and 50-period moving averages. Meanwhile, the relative strength index is below 50 and is negatively oriented. As long as 127.55 holds as the key resistance, the risk of a break below 126.20 remains high.

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 126.20. A break below this target will move the pair further downwards to 125.60. The pivot point stands at 127.55. 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 128.05 and the second one at 128.50.

Resistance levels: 128.05, 128.50, 129.15

Support levels: 126.20, 125.60, 125.00

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Technical analysis of USDX for November 3, 2016

The Dollar index continued the downtrend to new lower lows yesterday closer to our 96.50 target and critical support. Several short-term indicators are oversold, so we could see a two-day bounce and Dollar strength.

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Black lines - bearish channel

Bullish divergence signals by the oscillators are given on the 4-hour chart. Price should start a bounce soon towards the upper channel boundary near 97.60-97.70. I remain medium-term bearish about the Dollar index as I believe an important high was made above 99. The best case scenario for Dollar bulls is to break the bearish channel and reach the Ichimoku cloud at 98.30 and get rejected there.

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Red lines - trading range

Green line - trend line support

The weekly chart remains bearish implying that the downtrend has just started. I see any bounce as an opportunity to sell again the Dollar index as I expect the green trend line support to be tested and broken eventually. A break of the green trend line support will increase dramatically the chances of pushing below 92.

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Technical analysis of gold for November 3, 2016

Gold price is making a corrective move similar to the price action it was making before the big upward move to $1,310. Trend remains bullish for the short term and the rejection at $1,300-$1,310 is something very natural as this was the breakdown level.

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Blue line - important trend line support

Red rectangles - similar corrective phases

Gold price has reached the 38% Fibonacci retracement of the latest rise. Price remains above the Ichimoku cloud on the 4-hour chart. Price could pull back even towards the Ichimoku cloud at $1,290-85 area but bulls will need to worry only if price breaks below $1,270.

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Blue line -resistance trend line

Gold price has reached the trend line resistance that was once support and we have got an initial rejection there. I did not expect to break this resistance on the first try, but only after a pullback. We are now pulling back and price remains above the weekly tenkan-sen (red line indicator). I remain longer-term bullish Gold and there are a lot of chances that $1,250 is a medium- to long-term low. Confirmation of this will come only on a break above $1,360.

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AUD/JPY approaching major support, prepare to buy

Price has dropped notably and we're expecting an intermediate corrective bounce up to 79.56 above our support level at 78.80 (Fibonacci retracement, horizontal support).

Stochastic (21) is bouncing off our 10% major support.

Buy above 78.80. Stop loss at 78.28. Take profit at 79.56.

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NZD/USD at major resistance, time to start selling

Price made a strong push up and is now at major resistance of 0.7308 (Fibonacci retracement, Fibonacci projection, horizontal resistance) where we expect a sharp drop from here towards 0.7185.

RSI (34) is also at major resistance where the previous major reversal occurred.

Sell below 0.7308. Stop loss at 0.7350. Take profit at 0.7185.

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AUD/USD almost reached its profit target, turn bearish

Price bounced off our buying level perfectly and has almost reached our profit target. We turn bearish because of the new elements. Look to sell below 0.7677 resistance (descending resistance, Fibonacci projection) for a push down to 0.7615.

RSI (34) has made a bearish pullback and remains below 70% resistance.

Sell below 0.7677. Set stop loss at 0.7705 and take profit at 0.7615.

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Technical analysis of EUR/USD for Nov 03, 2016

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When the European market opens, some Economic Data will be released such as French 10-y Bond Auction, Unemployment Rate, Italian Monthly Unemployment Rate, ECB Economic Bulletin, and Spanish Unemployment Change.The US will also reveal some news such as Natural Gas Storage, Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, Challenger Job Cuts y/y, so amid the reports, EUR/USD is likely to move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1146.

Strong Resistance:1.1140.

Original Resistance: 1.1129.

Inner Sell Area: 1.1118.

Target Inner Area: 1.1092.

Inner Buy Area: 1.1066.

Original Support: 1.1055.

Strong Support: 1.1044.

Breakout SELL Level: 1.1038.

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 Nov 03, 2016

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In Asia, Japan will not release any economic data today while the US will publish some news such as Natural Gas Storage, Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, Challenger Job Cuts y/y .So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 103.82.

Resistance. 2: 103.62.

Resistance. 1: 103.42.

Support. 1: 103.17.

Support. 2: 102.96.

Support. 3: 102.76.

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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Daily analysis of major pairs for November 3, 2016

EUR/USD: The drop of the USD/CHF has been able to propel the EUR/USD to the upside, for the two currency trading instruments are negatively correlated to each other. A newly formed Bullish Confirmation Pattern has been able to support the current bullish bias. In this market, bearish corrections may be treated as good opportunities to buy long.

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USD/CHF: This currency trading instrument has already plummeted by 170 pips this week. Price dropped into the support level at 0.9700, where bulls have been battling bears. It is most likely that bulls would lose out, as price would go on towards another resistance levels at 0.9650 and 0.9600 today or tomorrow.

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GBP/USD: There is now a bullish signal on the Cable, especially in the 4-hour chart. The EMA 11 has crossed the EMA 56 to the upside, while the RSI period 14 is above the level 50. Price is supposed to continue trending further north from here. Some fundamental figures are expected today and they could have some impact on the market.

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USD/JPY: There is now a Bearish Confirmation Pattern in the USD/JPY 4-hour chart. Price has come down by 190 pips this week, almost testing the demand level at 103.00. Further bearish movement is possible and the demand levels at 102.50 and 102.00 could be tested.

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EUR/JPY: The situation in the cross looks dicey right now. The RSI period 14 is below the level 50, showing a bearish signal; but the EMA 11 is yet to cross the EMA 56 to the downside. Moreover, the market itself appears to be in a kind of short-term correction in the context of a short-term uptrend. It is better to wait to see what would happen in the market.

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Daily analysis of USDX for November 03, 2016

USDX is still weakening in the markets, as latest polls have been putting to the Republican candidate Donald Trump as the favorite to win the US presidential elections. We're seeing a support placed at the 97.12 level, where a breakout should open the doors to test the 96.47 level, which is a key interest area for a possible bullish reaction. The index remains below the 200 SMA at H1 chart, supporting the bearish scenario.

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H1 chart's resistance levels: 97.62 / 98.01

H1 chart's support levels: 97.12 / 96.47

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 97.12, take profit is at 96.47 and stop loss is at 97.75.

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

Daily analysis of GBP/USD for November 03, 2016

The pair had a very bullish day during Wednesday, as the Pound is waiting for the BoE meeting on Thursday. At a technical view, GBP/USD is trying to break higher the resistance level of 1.2310, where the bulls may get some momentum to rally towards the 1.2427 level. The 200 SMA at H1 chart could provide a dynamic support, but if BoE has dovish words in the meeting, then we can expect a decline to test the 1.2155 level.

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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