EUR/NZD analysis for November 08, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5050. Using the market profile, I found weakness and rejection from a strong point of control at the price of 1.5060 on the 30M time frame. The price is also trading below the 21SMA, which is a sign that sellers are in control. Watch for potential selling opportunities. The first downward taget is set at the price of 1.5020

Fibonacci Pivot Points:

Resistance levels

R1: 1.5135

R2: 1.5175

R3: 1.5235

Support levels:

S1: 1.5015

S2: 1.4975

S3: 1.4915

Trading recommendations for today: Watch for potential selling opportunities.

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Gold analysis for November 08, 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,278.73 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,278.80 on the 15M time frame. I found successful rejection from yesterday's low at the price of $1,278.80, which is a sign that buyers may step in. Be careful when selling gold near the lows and watch for potential intraday buying opportuniities. First upward station is set at the price of $1,282.75.

Fibonacci pivot points:

Resistance levels:

R1: 1,289.80

R2: 1,293.20

R3: 1,298.60

Support levels:

S1: 1,278.85

S2: 1,275.50

S3: 1,270.00

Trading recommendations for today: Successful rejection from the low in the background. Watch for buying opportuntiies.

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USD/CAD intraday technical levels and trading recommendations for November 8, 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 will remain 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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NZD/USD Intraday technical levels and trading recommendations for November 8, 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 where significant bearish rejection was expressed.

Shortly after, the price level around 0.7100 (the lower limit of the depicted channel) stood as a solid support level where bullish recovery was expressed on October 28.

The depicted chart illustrates a double-bottom pattern. Full projection target is located around 0.7450.

Bullish persistence above 0.7250 (Neckline) is mandatory to allow further bullish advance towards 0.7350 and 0.7450.

Note that the depicted price zone (0.7250-0.7350) corresponds to a previous consolidation range. Early signs of bearish reversal is being expressed around the upper limit of the price range (0.7350).

On the other hand, bullish breakout above 0.7350 will liberate a quick bullish movement towards 0.7450 (Full projection of the reversal pattern).

Otherwise, the NZD/USD pair will remain trapped within the consolidation range.

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Intraday technical levels and trading recommendations for GBP/USD for November 8, 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 (the 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, bullish recovery was manifested around 1.2080. That's why, a bullish pullback is being executed towards 1.2700.

The current 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 8, 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, 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.

On the other hand, any bearish pullback towards 1.1000 should be watched for a possible BUY entry.

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Technical analysis of AUD/USD for November 08, 2016

The AUD/USD pair is at the major resistance level of 0.7727 (Fibonacci projection, horizontal resistance). from which we expect a big reversal to at least 0.7662.

The RSI (34) is reacting off a very strong resistance level, which has seen the price correspondingly drop from multiple times. TFA Sniper is showing early signs of bearish momentum on the M1, M5, and M15 time frames.

Sell below 0.7727. Stop loss at 0.7747. Take profit at 0.7662.

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Technical analysis of AUD/NZD for November 08, 2016

The AUD/NZD pair has bounced off major support at 1.0477 (Fibonacci retracement, Fibonacci projection, horizontal support) where we expect a bounce to at least 1.0587.

The RSI (34) has bounced off major support at 33%.

Buy above 1.0477. Stop loss at 1.0430. Take profit at 1.0587.

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Global macro overview for 08/11/2016

Global macro overview for 08/11/2016:

The UK Industrial Production data were released this morning ant they were worse than expected. Last month a decrease in industrial production reached the level of -0.4% on a monthly basis, but on a yearly basis it stayed above zero at the level of 0.7%. For this month, market participants expected a rebound of 0.1% m/m and 0.8% y/y, but on the monthly basis there was no change from -0.4% and the yearly industrial production decreased to 0.3% only. Moreover, last month the National Institute of Economic and Social Research (NIESR) estimated third-quarter GDP growth at 0.4%, down from 0.7% in Q2. NIESR will publish a new GDP estimate today at 03:00pm GMT and it looks like the GDP estimate will be as well worse than last month. In conclusion, amid the retail sales increase, the industrial production is still a drag in post-Brexit UK economy and it might get worse especially if the Article 50 is fully implemented by the current government.

Let's now take a look at the GBP/USD technical picture at the 4H time frame. After the golden trend line breakout and test from below, the market is slowly trading in a horizontal channel between the levels of 1.2378 - 1.2437. Market participants are waiting for the presidential election results, that will affect this pair as well. The next important support is seen at the level of 1.2333 and the next important resistnace is seen at the level of 1.2478.

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Technical analysis of USD/CHF for November 8, 2016

USD/CHF found resistance at the strong psychological level 1.0000 followed by a strong corrective move down. The decline resulted in the break below the ascending channel, suggesting either an extended correction down or a change of the trend.

Fibonacci applied to the channel breakout point shows that the pair broke below the 23.6% Fibs support (0.9693) and is currently trading at the 38.2% (0.9752) fibs resistance. Consider selling USD/CHF while it is trading near 0.9750 area, targeting 0% Fibs (0.9600). The suggested stop loss is just above the most recent high - 0.9788.

Support: 0.9693, 0.9600

Resistance: 0.9752, 0.9800

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Technical analysis of Gold for November 8, 2016

Gold continues trading near both 50- and 200-Moving Averages as well as near 38.2% Fibs support (1283). The price remains very attractive for buying in the short to medium term. Consider buying Gold while it is trading near $1,283, targeting $1,309 area which is 61.8% Fibs retracement level. The suggested stop loss is $1,273.

Support: $1,283, $1,267

Resistance: $1,296, $1,309

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Technical analysis of USD/JPY for November 08, 2016

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USD/JPY is expected to trade with a downward bias above 103.80. The pair stands firmly above its key intraday support at 103.80, and seems likely to post some consolidations before further upside. The rising 50-period moving average plays a support role, and should continue to push the prices higher. Last but not least, the relative strength index is positive above its neutrality area at 50.

On Monday, U.S. stocks jumped over 2% on easing uncertainty over the presidential election. The market priced in greater odds of a win by Hillary Clinton after the FBI said on Sunday that it would take no action against her. The S&P 500 surged 46 points (+2.2%) to 2,131 snapping its 9-session losing streak, the longest one since December 1980. The Dow Jones Industrial Average rose 371 points (+2.1%) to 18,259, and the Nasdaq Composite was up 119 points (+2.4%) to 5,166.

At the same time, the U.S. dollar surged as investors grew more confident of Clinton's win, which is expected to be less disruptive for markets and therefore more supportive of a U.S. interest-rate increase in December. The ICE U.S. Dollar Index jumped 0.6% to 97.737, ending a four-day losing streak.

Hence, as long as 103.80 is not broken, look for a new rise to 105.10 and 105.50 in extension.

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 105.10 and the second one at 105.50. In the alternative scenario, short positions are recommended with the first target at 103.30 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 102.80. The pivot point lies at 103.80.

Resistance levels: 105.10, 105.50, 106

Support levels: 103.30, 102.80, 102.55

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Global macro overview for 08/11/2016

Global macro overview for 08/11/2016:

German factory orders data were released yesterday and according to Destatic agency they dropped unexpectedly in September amid weak domestic demand and sluggish overseas demand. Market participants expected at least a slight increase of 0.2% for this month after 0.9% good increase a month ago, but the data released were worse than expectations. The survey revealed that orders for German-made products fell 0.6% in the reported month, the biggest drop since April. However, on a yearly basis, the current overall growth of factory orders remained positive in the Q3 at the level of 2.6%. In conclusion, the analysts remained cautious, pointing out, that the sector remained weak since 2013-2014 and the German economy is expected to lose steam in the Q3 2016, after expanding 0.7% and 0.4% in the Q1 and Q2, respectively.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. There is a visible bearish divergence between the price and the momentum oscillator on the daily chart and this might suggest a further decline towards the nearest technical support at the level of 0.8816. The trend is still up and only a sustained breakout below the level of 0.8340 would change the near-term outlook to bearish.

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Technical analysis of USD/CHF for November 08, 2016

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USD/CHF is expected to trade with a bullish bias above 0.9710. The pair is consolidating and broke below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 0.9710 is playing a key support role, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.

As long as 0.9710 holds on the downside, we keep our positive view unchanged with up target at 0.9790 first. A break above this level would call for a further advance toward 0.9825.

Resistance levels: 0.9790, 0.9825, 0.9850

Support levels: 0.9670, 0.9635, 0.9600

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Technical analysis of NZD/USD for November 08, 2016

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Overview:

The NZD/USD pair faced resistance at the level of 0.7388, while minor resistance is seen at 0.7340. Support is found at the levels of 0.7259 and 0.7206. The pivot point has already been set at the level of 0.7312. Equally important, the NZD/USD pair is still moving around the key level at 0.7340 - 1.7312, which represents a daily pivot in the H4 time frame at the moment. Yesterday, the NZD/USD pair continued moving upwards from the level of 0.7300. The pair rose to the top around 0.7350 from the level of 0.7312 (coincides with the ratio of 61.8% Fibonacci retracement). In consequence, the level of 0.7350 is expected to act as the first resistance today. We expect the NZD/USD pair to stop moving in the bullish trend in order to rebound from the area of 0.7350 - 0.7388. Moreover: If the pair fails to pass through the levels of 0.7350 - 0.7388, the market will indicate a bearish opportunity below the level of 0.7350 - 0.7388. So, the market will decline further to 0.7259 and 0.7206 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 0.7140. On the other hand, if a breakout happens at the resistance level of 0.7388, then this scenario may be invalidated.

Comment:

  • Date | Time : Tuesday, November 8th, 2016 | All Day.
  • Currency: US Dollar - (USD).
  • Impact: High impact expected.
  • Detail: Presidential Election. Voters will elect the 46th President of the United States.
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Technical analysis of NZD/USD for November 08, 2016

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NZD/USD is expected to trade with a bullish bias. The pair broke above its rising 20-period and 50-period moving averages and is holding on the upside. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 0.7295 (Nov. 4 and 7 bottoms) represents a significant key support level, which should limit the downside potential. As long as 0.7295 is support, look for a further upside toward 0.7370 and even 0.7400 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 0.7370 and the second one at 0.7400. In the alternative scenario, short positions are recommended with the first target at 0.7270, 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 0.7230. The pivot point lies at 0.7295.

Resistance levels: 0.7370, 0.7400, 0.7450

Support levels: 0.7270, 0.7230, 0.7190

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Technical analysis of USD/CAD for November 8, 2016

General overview for 08/11/2016:

The bulls were not able to break out above the dashed blue trend line and the current wave development suggests a more complex and time-consuming structure unfolding on this pair. The market keeps trading in a congestion zone between the intraday support at the level of 1.3352 and intraday resistnace at the level of 1.3465. The Elliott wave count has been updated and now it indicates an uncompleted structure to the upside, labeled as the blue wave c. On the other hand, the structure in wave b may not have been completed yet and if the demand zone is clearly violated, the market might extend fall towards the level of 1.3000.

Support/Resistance:

1.3503 - WR2

1.3465 - Intraday Resistance

1.3433 - WR1

1.3392 - Weekly Pivot

1.3353 - Intraday Support

1.3319 - WS1

1.3280 - WS2

Trading recommendations:

The current market structure is not clear enough to justify trading. Day traders should refrain from placing orders and wait for another trading setup to occur shortly.

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Technical analysis of EUR/JPY for November 8, 2016

General overview for 07/11/2016:

As anticipated yesterday, the market is now in a corrective cycle labeled as the wave 4 (purple). This means the whole structure from the low at the level of 114.01 might be considered impulsive, so the invalidation level is at the top of the purple wave 1 at the level of 114.71. Thus, any violation of this level will invalidate the bullish impulsive count. The triangle structure for the purple wave 4 is currently in progress as well, so the intraday horizontal price action is being expected.

Support/Resistance:

115.88 - Intraday Resistance

115.77 - WR1

115.29 - Intraday Support

114.89 - Weekly Pivot

114.71 - Invalidation Level

114.12 - WS1

113.22 - WS2

Trading recommendations:

The impulsive structure does not look completed yet, so day traders should consider opening buy orders with SL set just below the level of 114.71.

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Technical analysis of USD/CHF for November 08, 2016

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 0.9776. Last week, the pair dropped from the level of 0.9776 to the bottom around 0.9681. But the pair has rebounded from the bottom of opening price of 0.9724 to set at 0.9756 right now. Today, the first support level is seen at 0.968, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9681. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling an upward trend. As a result, if the USD/CHF pair is able to break out the first resistance 0.9776, which coincides with the 38.2% Fibonacci retracement leve. The market will rise further to 0.9819 in order to test the weekly resistance 2. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.9681 with the first target at 0.9819 and further to 0.9861 and 0.9922. However, stop loss is to be placed below the level of 0.9639

Comment:

  • Date | Time : Tuesday, November 8th, 2016 | All Day.
  • Currency: US Dollar - (USD).
  • Impact: High impact expected.
  • Detail: Presidential Election. Voters will elect the 46th President of the United States.
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Technical analysis of GBP/JPY for November 08, 2016

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GBP/JPY is expected to trade with a bullish bias. The pair is posting a consolidation but is staying above its key support at 128.80. The crossover above its 20-period moving average is a bullish signal, and the relative strength index has broken above a negative trend line. As long as 128.80 is not broken down, further bounce is preferred with 130.35 and 131.00 as targets.

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 130.55 and the second one at 131.60. In the alternative scenario, short positions are recommended with the first target at 127.95, 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 127.55. The pivot point lies at 128.80.

Resistance levels: 130.55, 131.00, 132

Support levels: 127.95, 127.55, 126.80

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Technical analysis of USDX for November 8, 2016

The Dollar index bounced towards the 38% Fibonacci retracement of the latest decline and shows signs of rejection. I could expect some more Dollar strength today or even tomorrow that would eventually bring the index towards 98.20.

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Is the entire bounce over or should we see some more upside towards the Kumo (cloud)? The Dollar index has hit the first important short-term resistance and got rejected. Support is at 97.35. Resistance is at 98.25. In the medium-term I was expecting a pullback towards 96.50 the breakout area and I continue to believe that we will see these levels.

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In the daily chart price is trapped between the kijun- and tenkan-sen indicators. I remain longer-term bearish as I believe an important high was made last week and we should first move towards the 96.50 level. I also give many chances of breaking below the Daily cloud support and eventually pushing below 92 over the coming months.

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Technical analysis of gold for November 8, 2016

Gold price has made a new lower low just below $1,280 and I believe this could be the end of the downward correction. I expect Gold price to resume its uptrend. I remain longer-term bullish about Gold.

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Red line - resistance

Gold price as expected has pulled back towards the Ichimoku cloud and is still holding above it, turning higher following the upward slope of the Kumo (cloud). Oscillators are turning upwards as well confirming the increased chances of a bigger upside reversal and the continuation of the uptrend that started from $1,240.

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Blue line - resistance

Gold price needs to break above the blue trend line resistance in order to increase chances of the bullish scenario that implies that $1,240 is a very important low and bottom of this trend. Gold price is expected to move towards $1,350 where the biggest test for bulls will be. A break above $1,350-60 will imply a strong uptrend in play towards $1,450. Short-term support remains at $1,280 and $1,270 next.

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Elliott wave analysis of EUR/NZD for November 8, 2016

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Wave summary:

The September low at 1.4989 now has been taken out. Nevertheless, we think the potential downside remains very limited and a new rally soon will be seen. We still need a break above minor resistance at 1.5225 and more importantly a break above resistance at 1.5454 to confirm that a low is in place for a rally towards 1.5746 and above.

As long as minor resistance at 1.5225 is able to cap the upside, we must allow for more exploring of the downside, even though it should be limited.

Trading recommendation:

We will buy EUR at 1.5010 or upon a break above 1.5225 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for November 8, 2016

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Wave summary:

We continue to look for a firm test of important resistance at 116.28 and only a break above here will indicate upside acceleration towards 118.47 and 122.00. Until the break above resistance at 116.28 is seen, we must accept more sideways trading just below this short-term important level. We even face the risk of the correction from 115.68 turning into an expanded flat. This is not our preferred outlook, but can be ruled out entirely at this point of time.

Trading recommendation:

We are long EUR from 114.75 with stop placed at 113.95. If you are not long EUR yet, then buy near 114.60 or upon a break above 116.28 and use the same stop at 113.95.

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Technical analysis of EUR/USD for Nov 08, 2016

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When the European market opens, some Economic Data will be released, such as ECOFIN Meetings, French Trade Balance, French Gov Budget Balance, German Trade Balance, German Industrial Production m/m. The US will release the economic data, too, such as Congressional Elections, Presidential Election, Mortgage Delinquencies, JOLTS Job Openings, NFIB Small Business Index, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1101.

Strong Resistance:1.1095.

Original Resistance: 1.1084.

Inner Sell Area: 1.1073.

Target Inner Area: 1.1047.

Inner Buy Area: 1.1021.

Original Support: 1.1010.

Strong Support: 1.0999.

Breakout SELL Level: 1.0993.

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 08, 2016

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In Asia, Japan will release the Leading Indicators, 10-y Bond Auction and the US will release some Economic Data, such as Congressional Elections, Presidential Election, Mortgage Delinquencies, JOLTS Job Openings, NFIB Small Business Index. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 105.04.

Resistance. 2: 104.83.

Resistance. 1: 104.63.

Support. 1: 104.38.

Support. 2: 104.17.

Support. 3: 103.97.

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 8, 2016

EUR/USD: The EUR/USD plummeted last week, forming a strong Bullish Confirmation Pattern in the 4-hour chart. On November 7, price merely consolidated in the context of an uptrend. Unless USD gathers lots of stamina this week, further bullish movement is possible.

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USD/CHF: The USD/CHF plummeted last week, forming a strong Bearish Confirmation Pattern in the 4-hour chart. On November 7, price merely consolidated in the context of a downtrend. Unless USD gathers lots of stamina this week, further bearish movement is possible.

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GBP/USD: There is already a bullish signal in this market, as made evident by a Bullish Confirmation Pattern in the 4-hour chart. Price has been corrected downwards a bit, on Monday; but there cannot be a threat to the current bullish outlook as long as price has not broken the accumulation territory 1.2200 to the downside.

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USD/JPY: The USD/JPY opened this week with a gap-up; a harbinger of strong volatility in the market. Gaps were also witnessed on some other majors, which means strong movements would be seen this week. The USD/JPY is currently above the demand level at 104.50, and bulls may test the supply levels at 105.00.

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EUR/JPY: The gap-up that has happened on this currency cross has resulted in a bullish signal in the market. Last week showed some hesitation – that has been ended by the gap-up. There is a potential for the market to reach the supply zones at 115.50, 116.00 and 116.50. The supply zone at 115.50 has been tested and it might be tested again.

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Daily analysis of USDX for November 08, 2016

The index managed to consolidate gains during Monday's session, following the risk aversion that surged after FBI words on Clinton email probe, days before the US elections. At a technical perspective, USDX is trying to rally towards the 98.00 psychological level, where the 200 SMA is also located as a dynamic resistance. If we see a breakout above that zone, then it's likely that attempts advance to the 98.65 level, as the next target to the upside.

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H1 chart's resistance levels: 98.01 / 98.65

H1 chart's support levels: 97.62 / 97.12

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 97.62, take profit is at 97.12 and stop loss is at 98.12.

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Daily analysis of GBP/USD for November 08, 2016

GBP/USD is correcting from Friday highs, as the US presidential elections will take place today and markets are looking to price further scenarios that this political event could bring to the global economy. For now, Cable is approaching to the 200 SMA at H1 chart, around 1.2335, where the pair may gain some momentum in order to resume the overall bullish bias towards the 1.2482 level.

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H1 chart's resistance levels: 1.2413 / 1.2482

H1 chart's support levels: 1.2335 / 1.2262

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2413, take profit is at 1.2482 and stop loss is at 1.2343.

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Daily analysis of Gold for November 07, 2016

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Overview

The gold price shows more negative attempts to push the EMA50, which might make the price test the minor bullish channel's support at 1,271.60 as the next negative station before turning back to the rising attempts. In general, the overall bullish trend scenario will remain valid for today unless the price settles below 1,287.00 level, and the price needs to trade above 1,297.74 levels to reinforce the chances of continuing the suggested bullish trend. The trend is supported by stochastic that reaching the oversold areas. Our main targets begin at 1,328.50 and extend to 1,375.00 on the near-term basis. The expected trading range for today is between the 1,280.00 support and the 1,320.00 resistance.

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Daily analysis of Silver for November 07, 2016

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Overview

The silver price tests the bullish trend line at 18.10 as shown on the chart again. The EMA50 meets there adding more strength to it and protecting the continuation of the recently suggested bullish trend scenario, which depends on the stability above the mentioned level. Therefore, we are waiting for positive trading in the upcoming period, and the price needs to breach 18.30 levels to open the way towards our next main target at 19.38. Remember that a break of 18.10 levels will push the price to the 17.43 areas before any new positive attempt. The expected trading range for today is between the 18.00 support and the 18.60 resistance.

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Analysis of gold for November 07, 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,283.51 in an average volume. Using the market profile analysis, I found potential intraday bottoming near the price of $1,285.45 on the 30M time frame. I found unsuccessful breakout of yesterdays's low at the price of $1,285.45, which is a sign that buyers may step in. Be careful when selling gold near the lows and watch for potential intraday buying opportuniities. First upward station is set at the price of $1,295.50.

Fibonacci pivot points:

Resistance levels:

R1: 1,301.40

R2: 1,305.50

R3: 1,312.30

Support levels:

S1: 1,288.45

S2: 1,283.90

S3: 1,277.30

Trading recommendations for today: Unssucessful breakout of the low is in the background. Watch for potential buying opportunties.

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EUR/NZD analysis for November 07, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5098 in a high volume. Using the market profile, I found weakness and rejection from strong point of control at the price of 1.5175 on the 30M time frame. The price also broke the yesterday's low at 1.5123, which is sign that sellers are in control. Watch for selling opportunities on pullbacks. First downward station is set at the price of 1.5050 (gap low).

Fibonacci Pivot Points:

Resistance levels

R1: 1.5215

R2: 1.5240

R3: 1.5280

Support levels:

S1: 1.5135

S2: 1.5110

S3: 1.5070

Trading recommendations for today: Watch for potential selling opportunities.

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