Gold analysis for November 09, 2016

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Since our previous analysis, gold has been trading upwards. The price tested the level of $1,237.19 in an ultra high volume. Using the market profile analysis, I found buying climax and strong reaction from sellers. The price changed behaivor from bullish to bearish. Besides, the price is trading below the 21SMA according to the 30M time frame, which is a sign that buying looks very risky. I placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 61.8% at the price of $1,279.00. The second target is set at the price of $1,269.00 (swing low). Watch for selling opportunities.

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: Massive weakness in the background. Watch for selling opportunities on pullbacks.

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EUR/NZD analysis for November 09, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5040. Using the market profile on the 30M time frame, I found weakness and strong buying climax in the background due to the election in the US. 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 target is set at the price of 1.4880.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5040

R2: 1.5085

R3: 1.5165

Support levels:

S1: 1.4885

S2: 1.4835

S3: 1.4755

Trading recommendations for today: Watch for potential selling opportunities.

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USD/CAD intraday technical levels and trading recommendations for November 9, 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.

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NZD/USD Intraday technical levels and trading recommendations for November 9, 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.

Significant signs of bearish reversal is being expressed around the upper limit of the price range (0.7350).

Bearish breakdown of 0.7250 will be needed to enhance the bearish side of the market. Otherwise, the NZD/USD pair will remain trapped within the depicted consolidation range.

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Intraday technical levels and trading recommendations for GBP/USD for November 9, 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 9, 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 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 a valid SELL entry was offered as expected in previous articles.

Today, bearish closure below 1.1000 is mandatory to allow further bearish decline towards 1.0850 (Key Level-2).

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Technical analysis of NZD/USD for November 09, 2016

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Overview:

  • The NZD/USD pair did not make any significant movements yesterday. There are no changes in our technical outlook. The pair traded around the spot of 0.7390 and 0.7312. Today, 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.
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Technical analysis of USD/CHF for November 09, 2016

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Overview:

  • The USD/CHF pair continues moving downwards from the level of 0.9776. Since yesterday the volatility is very high for that the USD/CHF pair is still moving between 0.9549 and 0.98 19 in coming hours. The pair dropped from the level of 0.9776 to the bottom around 0.9550. But the pair has rebounded from the bottom of opening price of 0.9550 to set at 0.9740 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 level, 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 0.9550.
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Technical analysis of USD/JPY for November 09, 2016

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USD/JPY is expected to trade with bullish bias. The pair is rebounding at its key support at 101.70, and is likely to post further advance to 103.85 at first. The process of higher highs and lows remains intact, which should confirm a positive outlook. Besides, the relative strength index is bullish above its neutrality area at 50.

On Tuesday, US stocks stayed in positive territory as the country picked its next president. The Dow Jones Industrial Average advanced 73 points (+0.4%) to 18,332, the S&P 500 added 8 points (+0.4%) to 2,139, and the Nasdaq Composite was up 27 points (+0.5%) to 5,193.

Mining firm Freeport-McMoRan surged 7.1% as copper jumped 3.1%, the biggest one-day gain in almost a year, to $2.3815 a pound. Boosted by an improved outlook on demand from China, the industrial metal posted a 12-day winning streak.

Hence, as long as 102.05 is not broken, expect a new rise to 103.85 and 104.90 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 103.85 and the second one at 104.90. In the alternative scenario, short positions are recommended with the first target at 101.70 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 101.20. The pivot point lies at 102.05.

Resistance levels: 103.85, 104.90, 105.40

Support levels: 101.70, 101.20, 100.80

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Technical analysis of USD/CHF for November 09, 2016

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USD/CHF is expected to prevail its upside movement. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is bullish above its neutrality level at 50 and is heading upwards. Additionally, the pair broke above the upper boundary of the Bollinger Band, which could signal a continuation of a bullish trend.

As long as 0.9690 is support, look for a further upside toward 0.97090 and 0.9875 in extension.

Resistance levels: 0.9790, 0.9875, 0.9950

Support levels: 0.9635, 0.9545, 0.9500

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Technical analysis of NZD/USD for November 09, 2016

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NZD/USD is expected to trade with a bearish bias below 0.7370. The pair is consolidating and broke below its 20-period moving average. However, the rising 50-period moving average is still playing a support role and maintains the upside bias, while the relative strength index is above its neutrality level at 50. Additionally, 0.7370 is playing a key resistance role, which should limit the upside potential. As long as this key level is not broken, look for a further decline toward 0.7270 and 0.7370 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7270. A break below this target will move the pair further downwards to 0.7230. The pivot point stands at 0.7370. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7400 and the second one at 0.7420.

Resistance levels: 0.7400, 0.7420, 0.7450

Support levels: 0.7270, 0.7230, 0.7190

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Global macro overview for 09/11/2016

Global macro overview for 09/11/2016:

The Crude Oil Inventories data are scheduled for release at 03:30pm GMT today. The global investors are anticipated only a moderate build up of 1040k barrels in stockpiles, after the all-time high stockpiles from last week, 14420k barrels. The market analysts doubt regarding recent OPEC deal are rising, despite OPEC Sectary General's fresh commitment to a deal made in Algiers in September to cut output. Moreover, during the US Presidential Election campaign, Donald Trump presented an "America-first energy" plan. According to the plan, he promised to deregulate US energy production by removing the limitations and that could result into a $50 trillion in domestic oil, natural gas and coal energy. In conclusion, the global investors might soon face a massive domestic production growth policies when/if Donald Trump will formerly become president and will start to fulfill his promises regarding the energy sector. This might eventually push the crude oil prices even lower.

Let's now take a look at the Crude Oil technical picture at the 4H time frame. So far the technical support at the level of 43.00 has held the line and now it looks like the bulls are trying to bounce from this level. Nevertheless, the market is still trading out of the dashed blue channel and below all of the moving averages. The next resistance is seen at the level of 45.40.

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Global macro overview for 09/11/2016

Global macro overview for 09/11/2016:

The Crude Oil Inventories data are scheduled for release at 03:30 pm GMT today. The global investors are anticipated only a moderate build up of 1040k barrels in stockpiles, after the all-time high stockpiles from last week, 14420k barrels. The market analysts doubt regarding recent OPEC deal are rising, despite OPEC Sectary General's fresh commitment to a deal made in Algiers in September to cut output. Moreover, during the US Presidential Election campaign, Donald Trump presented an "America-first energy" plan. According to the plan, he promised to deregulate US energy production by removing the limitations and that could result into a $50 trillion in domestic oil, natural gas and coal energy. In conclusion, the global investors might soon face a massive domestic production growth policies when/if Donald Trump will formerly become president and will start to fulfill his promises regarding the energy sector. This might eventually push the crude oil prices even lower.

Let's now take a look at the Crude Oil technical picture at the 4H time frame. So far the technical support at the level of 43.00 has held the line and now it looks like the bulls are trying to bounce from this level. Nevertheless, the market is still trading out of the dashed blue channel and below all of the moving averages. The next resistance is seen at the level of 45.40.

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Technical analysis of GBP/JPY for November 09, 2016

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GBP/JPY is expected to trade with a bearish bias as the pair is capped by a negative trend line. The technical picture of the GBP/JPY is bearish below a declining trend line, which emerged on Nov 8. The descending 20-period and 50-period moving averages are playing resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 129.20 is playing a key resistance role, which should limit the upside potential. As long as this key level holds on the upside, look for a further drop toward 127.55 and 126.45 in extension.

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 127.55. A break below this target will move the pair further downwards to 126.45. The pivot point stands at 129.20. 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 130.40 and the second one at 131.00.

Resistance levels: 130.40, 131.00, 132

Support levels: 127.55, 126.45, 125.20

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Global macro overview for 09/11/2016

Global macro overview for 09/11/2016:

There is plenty of evidence that the 45th president of the United Stated will be Donald Trump, who secured his White House seat when he won over 270 votes in the general election this night. In his short speech in New York, after the majority of the polls closed, he promised to embark on a project of national growth and renewal, put millions of people to work rebuilding infrastructure, get along with all nations willing to get along with US and to seek common ground not hostility, partnership, not conflict. As we all remember he has made some serious threats and promises during his campaign, so we will have to wait and see if he carries those through.

Let's now take a look at the US Dollar Index technical picture at the daily time frame. The market has dipped to the level of 95.89 so far, but even this level can be still labeled as a higher low in the sequence of the overall lows. The next thing that bulls have to do in order to rally higher is to clearly break out above the technical resistance at the level of 98.12 and then 99.12. Otherwise, the price might get stuck in the horizontal congestion zone again.

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Technical analysis of USD/CAD for November 9, 2016

General overview for 09/11/2016:

The low of the wave (b) (blue) has been established just below the demand zone at the level of 1.3265 and now it will act as an intraday support. The immediate upward price reaction from this level suggests the wave a (green) is now in place and the market is currently developing wave b (green). One more higher high is missing to complete this structure anyway.

Support/Resistance:

1.3523 - Intraday Resistance

1.3503 - WR2

1.3433 - WR1

1.3392 - Weekly Pivot

1.3319 - WS1

1.3280 - WS2

1.3265 - Intraday Support

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 9, 2016

General overview for 09/11/2016:

The zig-zag structure in wave (b) (blue) looks now completed, so the downside wave progression is anticipated in order to complete wave (c). In this scenario the level of 116.05 cannot be violated first and the price should fall towards the intraday support at the level of 113.70 in impulsive fashion. The low of the wave (a) at the level of 112.59 should be violated next.

Support/Resistance:

115.77 - WR1

115.29 - Intraday Resistance

114.89 - Weekly Pivot

114.12 - WS1

113.70 - Intraday Support

113.22 - WS2

Trading recommendations:

The impulsive structure in wave (b) is now completed, so now the wave (c) to the downside should be developed. Day traders should consider opening only sell orders with SL just above the recent local high at the level of 116.05.

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Technical analysis of USDX for November 9, 2016

The US dollar index reached our target of 96.50 and went even lower after the US election results. The price is now bouncing strongly. As long as price is below the 98 levels, the short-term trend will remain bearish; but if bulls manage to hold this bounce, then the chances will turn in their favor.

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Red line - support trend line

The US dollar index has reached the important trend-line support at the 96-95.80 area and managed to hold above it. Bulls are safe as long as the price is above this red trend line. As long as the price is above this trend line, long-term bulls are safe. Bears, on the other hand, need to break to new lows and the market will sell off hard.

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Green line - trend-line supportThe US dollar index has reached the daily cloud support after the US elections results and bounced strongly. Volatility is increased and the price has shown bearish signs by making a lower low than that of last week; the price held above the critical support green trend line.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for November 9, 2016

Gold price spiked to new highs after the US elections results but the highs are not sustained as price is pulling back down. Yesterday prices reached as low as $1,270 and this is important support now.

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Red line - support trend line

Gold price has support at $1,290 and at $1,280. A break below this area will push Gold price most probably towards lower lows below $1,240 towards $1,200-$1,170. If support holds, bulls will manage to push price towards the post election highs and if we make new highs, then the chances of reaching $1,370 will be increased.

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Blue line - weekly resistance

It is important to see if price manages to close the week above the blue trend line resistance. Price has bounced off the 38% Fibonacci retracement. A break below $1,270 will imply that the upward move was part of the correction phase and that a new low to complete the correction will follow and push price towards the weekly cloud.

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Elliott wave analysis of EUR/NZD for November 9, 2016

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Wave summary:

The pair spiked lower to 1.4838 only to see the strongest rally since July. This indicates that the bottom we have been looking for is eventually in place. That said, we still need more evidence to confirm that the long-term correction from 1.9023 has completed finally and a new impulsive rally is unfolding. The first strong evidence was the powerful rally off the 1.4838 low. A close above the resistance line from 190.23 near 1.5516 will be the next strong evidence, while a break above resistance at 1.5764 will confirm the low for a new impulsive rally higher to 1.7273 and above.

Trading recommendation:

We bought EUR at 1.5010 and will place our stop at 1.5150 securing a profit no matter what happens. Take profit will be placed at 1.5650.

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

Elliott wave analysis of EUR/JPY for November 9, 2016

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Wave summary:

Red wave [ii] did turn into the expanded flat correction we warned about yesterday. With red wave [ii] complete at 113.70, we should expect a strong impulsive rally in red wave [iii], that is expected to extend higher to at least 118.71 with 122.00 as the next major upside target.

Short-term, we expect minor support at 114.07 will be able to protect the downside for the next rally above 115.40 and more importantly above 116.02 confirming the rally higher to 118.71.

Trading recommendation:

Our stop at 113.90 was hit. We will re-buy EUR upon a break above 115.04 and place stop below 113.65.

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Daily analysis of major pairs for November 9, 2016

EUR/USD: As it was already anticipated, the EUR/USD has shot skywards in conjunction with the recent bullish signal in the market. Price went upwards by over 290 pips early today, almost reaching the resistance line at 1.1300. A retracement is expected, after which the uptrend would resume. The next target to be reached today or tomorrow is the resistance line at 1.1300.

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USD/CHF: Just in opposite to the EUR/USD, the USD/CHF has plummeted further. The bias is already bearish and what has happened early this morning has put more emphasis on the weakness in the market. The market crashed 280 pips, to test the support level at 0.9550. There could be a rebound in the market following this, but the bearish movement would resume, and the support level at 0.9550 would be breached to the downside.

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GBP/USD: This is a bull market in the short term. Albeit price was in a bearish correction since Monday, the rally that has just happened has enabled bulls to reign again. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The bullish movement is expected to continue.

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USD/JPY: A major pullback that has occurred on this currency trading instrument has forced a Bearish Confirmation Pattern in the market. This has ended the bullish attempt that was seen on Monday to Tuesday. A major pullback that happened has taken down the market by 400 pips, and this could potentially continue.

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EUR/JPY: JPY pairs pulled back massively today and the EUR/JPY is not an exception. However, there is yet to be a confirmed bearish signal in the market, and it would be OK to wait to see what the market would do today or tomorrow. Soon a directional movement would eventually occur, leading to a confirmed signal.

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Technical analysis of EUR/USD for Nov 09, 2016

EURUSD.jpg When the European market opens, some

economic data will be released such as EU Economic Forecasts. The US will post several macroeconomic reports such as 10-y Bond Auction, Crude Oil Inventories, and Final Wholesale Inventories m/m. Besides, results of presidential election will be unveiled later today. So EUR/USD will be trading with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1047.

Strong Resistance:1.1041.

Original Resistance: 1.1030.

Inner Sell Area: 1.1019.

Target Inner Area: 1.0993.

Inner Buy Area: 1.0968.

Original Support: 1.0957.

Strong Support: 1.0946.

Breakout SELL Level: 1.0940.

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 09, 2016

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In Asia, Japan will release the Economy Watchers Sentiment, Bank Lending y/y, and Current Account. The US will release some economic data such as 10-y Bond Auction, Crude Oil Inventories, and Final Wholesale Inventories m/m. Moreover, presidential election outcome is due to be announced later today. So there is a probability the USD/JPY pair will be trading with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance 3: 104.25.

Resistance 2: 104.05.

Resistance 1: 103.85.

Support 1: 103.60.

Support 2: 103.40.

Support 3: 103.20.

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 USDX for November 09, 2016

The US Dollar index is waiting for the US presidential elections results with bullish moves above the 200 SMA at H1 chart, that should be capped by the 98.00 psychological level. The path is clear: if we see Clinton's victory in most of the battleground states, the index may break above the resistance level of 98.65, pointing to the 99.50 zone as the first target. However, if Donald Trump gets the presidency, USDX can perform a strong decline towards 94.00 at least.

USDXH1.png

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.

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

Daily analysis of GBP/USD for November 09, 2016

GBP/USD is still holding a bullish consolidation above the 200 SMA as the pair is waiting for the US elections' outcome. While a Hillary Clinton's victory may give a fresh bullish momentum to the US dollar, Trump as the new US president could add strong pressure to the greenback, that should mean a stronger GBP across the board. If the pair manages to break the 1.2482 level, then it can reach the 1.2600 zone. However, if GBP/USD plummets below the 200 SMA and breaks the 1.2262 level, it can go towards the 1.2100 level.

GBPUSDH1.png

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.

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