EUR/NZD analysis for November 10, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5125. Using the market profile on the 30M time frame, I found strength on intraday prospective. The price is trading above a strong point of control and above 21SMA. Watch for buying opportunities on the pullbacks. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 100% at the price of 1.5185 and Fibonacci expansion 161.8% at the price of 1.5340.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5135

R2: 1.5150

R3: 1.5170

Support levels:

S1: 1.5090

S2: 1.5080

S3: 1.5060

Trading recommendations for today: Watch for potential buying opportunities.

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Gold analysis for November 10, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,269.99 in a high volume. The price met my yesterday's take profit at $1,270.00. Using the market profile analysis, I found today's point of control at the price of $1,285.80. Sellers are in control of the market. Price is trading below the 21 SMA, which is a sign for weakness. Watch for selling opportunities on pullbacks. Targets are set at the price of $1,269.30, $1,261.40 and $1,234.10.

Watch for selling opportunities.

Fibonacci pivot points:

Resistance levels:

R1: 1,305.65

R2: 1,317.20

R3: 1,335.60

Support levels:

S1: 1,268.50

S2: 1,257.00

S3: 1,238.50

Trading recommendations for today: Sellers are in control, watch for selling opportunities on pullbacks.

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USD/CAD intraday technical levels and trading recommendations for November 10, 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 10, 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 were 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. Initial bearish target is located at the price level of 0.7100 (recent bottom established on October 28).

Otherwise, the NZD/USD pair will remain trapped within the depicted consolidation range if the current daily candlestick fails to close below 0.7250.

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EUR/USD Technical Analysis for November 10, 2016.

Technical outlook and chart setups:

The EUR/USD pair has retreated sharply from 1.1300 level yesterday confirming that a meaningful top is in place and that the pair is heading lower towards parity levels. The pair is seen to be trading at 1.0890 level for now, looking to produce a pullback before continuing lower again. Looking at the wave structure, the pair seems to have completed its wave 1 from 1.1300 level within the 5-wave drop expected. The pair is now expected to produce a rally towards at least 1.1050 level, which is fibonacci 0.382 resistance of wave 1 as depicted here. The pair should be facing stiff resistance around 1.1140 level, if prices reach there. Bears are expected to regain control again. It is recommended to remain flat for now and allow prices to pullback to enter short again. Immediate resistance is seen at 1.1130 level, while support is seen at 1.0850 level respectively.

Trading recommendations:

Remain flat for now and prepare to go short around 1.1050/1.1140 levels, stop at 1.1300, targeting lower.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for November 10, 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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Technical Analysis of Silver for November 10, 2016.

Technical outlook and chart setups:

Silver has reversed lower after hitting close to $19.00 level indicating that a meaningful top is in place now and the metal is expected to decline deeper. The metal is trading at $18.75 level for now, looking to sink lower towards $17.00 and $16.50 levels respectively. Please note that the metal has reversed from fibonacci 0.618 resistance levels of the drop between $19.70 and $17.10 levels as seen here. The area turns out to be past support turned resistance zone as well. The wave structure indicates that the metal has completed its counter trend rally at $19.00 levels and bears are expected to remain in control going forward. A break below $18.00 levels would confirm and accelerate towards $17.00 and lower levels. It is recommended to book profits on all long positions taken earlier and remain short. Immediate resistance is seen at $19.00 level, while support is at $18.35 level respectively.

Trading recommendations:

Please book profits on all long positions taken earlier turn short now at $18.75 level, with stop above $19.60.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for November 10, 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) enhanced further bullish advance towards 1.1250 (Supply Level-1) where a valid SELL entry was offered as expected in previous articles.

Today, the current bearish persistence below 1.1000 should be defended to allow further bearish decline towards 1.0850 (Key Level-2) where price action should be watched for a possible bullish recovery.

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Gold Technical Analysis for November 10, 2016.

Technical outlook and chart setups:

Gold has reversed from $1,337.00 levels yesterday, exceeding our projection, but the metal could not break above the $1,343.00 resistance levels. The metal seems to have now terminated its counter-trend rally and should resume its trend lower towards $1,171.00 levels. A meaningful top is now in place at $1,337.00 levels and the metal has also completed its first wave drop at $1,270.00 levels yesterday. The metal is trading at $1,278.00 levels for now and should be looking to push higher in a counter trend rally towards $1,310.00 levels (wave 2). The wave structure also indicates that the metal is poised for a lower drop unfolding into 5 waves, which wave 1 looks completed. It is recommended to remain flat for now and prepare to initiate short positions. Immediate resistance is now seen at $1,337.00 levels, while support is at $1,267.00 levels.

Trading recommendations:

Prepare to go short around $1,310.00 levels; stop is at $1,345.00; targets are $1,200.00 and $1,171.00 levels.

Good luck!

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Technical analysis of USD/JPY for November 10, 2016

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USD/JPY is expected to trade with bullish bias above 104.65. The pair is rebounding strongly, and is now challenging its key resistance level at 106.80. The relative strength index is positive above its neutrality area at 50. Furthermore, the 20-period moving average is heading upward, and should continue to push the prices higher.

On Wednesday, U.S. stocks surged over 1% as the country appointed Donald Trump as its next president. The Dow Jones Industrial Average charged 256 points (+1.4%) to 18,589, the S&P 500 rose 23 points (+1.1%) to 2,163, and the Nasdaq Composite was up 57 points (+1.1%) to 5,251.

Health-care, banking and financial shares outperformed, while utilities and real estate sectors were under pressure.

The stock market's performance was particularly impressive considering deep overnight losses in futures -- S&P futures plunged 5% before a trading limit kicked in

Hence, as long as 104.65 is not broken, likely advance to 106.80 and 107.50 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 106.80 and the second one at 107.50. In the alternative scenario, short positions are recommended with the first target at 103.85 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 102.90. The pivot point lies at 104.65.

Resistance levels: 106.80, 107.50, 108

Support levels: 103.85, 102.90, 102.40

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Technical analysis of USD/CHF for November 09, 2016

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USD/CHF Intraday: The upside prevails. The pair broke above its 50-period moving average and accelerated on the upside. The upward momentum is further reinforced by its rising 20-period moving average, which plays support role and maintains the upside bias. The relative strength index stands firmly above its neutrality level at 50.The U.S. dollar dived in early Asian trading hours when vote-counting results started to come out.

As long as 0.9775 is support, look for a further upside toward 0.9915 and even 0.9955 in extension.

Resistance levels: 0.9915, 0.9955, 0.9995

Support levels: 0.9735, 0.9670, 0.9620

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Technical analysis of NZD/USD for November 10, 2016

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NZD/USD is expected to trade with bullish bias above 0.7230. The pair is staying above its horizontal support at 0.7230, and lacks downward momentum. Even though a continuation of the consolidation at the current stage cannot be ruled out, its extent should be limited. As long as 0.7230 is not broken below, a further bounce is expected with 0.7345 and 0.7380 as the next 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 0.7345 and the second one at 0.7340. In the alternative scenario, short positions are recommended with the first target at 0.7190 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 0.7160. The pivot point lies at 0.7230.

Resistance levels: 0.7345, 0.7380, 0.7420

Support levels: 0.7190, 0.7160, 0.7115

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Technical analysis of NZD/CAD for November 10, 2016

NZD/CAD broke below the 200-Moving Average that could result in a trend change from up to down. The pair rejected 97.90 resistance level, which previously acted as support.

Fibonacci retracement shows that NZD/CAD broke below the 50% Moving Average, although it hasn't tested 67.8% level.

Consider selling NZD/CAD at the current price, targeting either 61.8% (0.9708) or 76.4% Fibs (0.9657). Suggested stop loss is just above 97.90 resistance.

Support: 0.9750, 0.9708, 0.9657

Resistance: 0.9790, 0.9842

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Technical analysis of CAD/JPY for November 10, 2016

CAD/JPY formed a double bottom near 75.50 support level. Following a period of high volatility, it started to move higher. The pair broke above the descending channel and 200-Moving Average and seems to be ready to move higher.

Consider buying CAD/JPY on small corrections down to the target of 161.8% Fibs (82.60) applied to the last wave down. Suggested stop loss is 78.40.

Support: 75.50

Resistance: 79.60, 82.60

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Technical analysis of NZD/USD for November 10, 2016

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Overview:

  • The NZD/USD pair has faced strong resistance at the levels of 0.7358 - 0.7400 because support turned into resistance two months ago. So, the strong resistance has been already formed at the levels of 0.7358 - 0.7400 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.7358, the market will indicate a bearish opportunity below the new strong resistance level of 0.7358 (the level of 0.7358 coincides with a ratio of 88.2% Fibonacci). Moreover, the RSI starts signaling a downward trend, but also it should be noted that the trend is still showing strength above the moving average (100). Hence, we should wait until the downtrend channel is complete. Thus, the market is indicating a bearish opportunity below 0.7218, so it will be gainful to sell at 0.7218 with the first target of 0.7121. It will also call for a downtrend in order to continue towards 0.7034 which represents strong daily support. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.7425.
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Technical analysis of USD/CHF for November 10, 2016

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Overview:

  • On the one-hour chart, the USD/CHF pair continues moving in a bullish trend from the support levels of 0.9776 and 0.9826.
  • 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 0.9826, which coincides with a golden ratio (61.8% of Fibonacci).
  • Consequently, the first support is set at the level of 0.9826. So, the market is likely to show signs of a bullish trend around the spot of 0.9826.
  • In other words, buy orders are recommended above the golden ratio (0.9826) with the first target at the level of 0.9901.
  • Furthermore, if the trend is able to breakout through the first resistance level of 0.9901.
  • We should see the pair climbing towards the double top (0.9998) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9772.
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Global macro overview for 10/11/2016

Global macro overview for 10/11/2016:

Yesterday's update on crude oil inventories surprised global investors by printing another higher than expected growth of US stockpiles. Market participants expected only a marginal increase to 1,050 mln barrels from the record high of 14,420 mln barrels earlier, but the figure released was at the level of 2,432 mln barrels. Moreover, the International Energy Agency (IEA) has commented today to Reuters, that in 2017 the global oil market will still struggle with the persistent supply growth, similar to 2016, and there's little evidence to suggest that economic activity is robust enough to deliver higher oil demand growth. The IEA keeps 2016 global oil demand growth unchanged at 1.2M barrels per day and forecasts the same rate for 2017. In conclusion, it is clear that only a coordinated action by OPEC and non-OPEC members might bring a significant change to the current situation, but so far all of the agreements have been unsuccessful.

Let's now take a look at Crude Oil technical picture in the 4H time frame after the data were released. The market is trying to bounce from the key support at the level of 43.00, but so far the rally looks corrective. The key level for bulls is the lower low at the level of 42.51 and only a clear and sustained break out below this level would change the outlook to bearish.

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Technical analysis of GBP/JPY for November 10, 2016

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GBP/JPY is expected to trade with bullish bias above 1.2360. The pair is trading around its 20-period and 50-period moving averages, which are flat and do not show any clear directions. The relative strength index is around its neutrality level. Nevertheless, 130.30 represents a significant key support level, which should limit the downside potential. As long as this key level is not broken, look for a technical rebound toward 132.45. A break above this level would call for a further upside toward 133.30.

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 132.45 and the second one at 133.30. In the alternative scenario, short positions are recommended with the first target at 129.25 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 127.85. The pivot point lies at 130.30.

Resistance levels: 132.45, 133.30, 134

Support levels: 129.25, 127.55, 126.45

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Global macro overview for 10/11/2016

Global macro overview for 10/11/2016:

Despite the post-Brexit uncertainty, the official data revealed on Wednesday by the UK Office for National Statistics showed that trade deficit narrowed in the Q3. The total British trade deficit dropped to 11.0 billion pounds in the Q3, following the preceding quarter's gap of 12.7 billion pounds. Moreover, despite the visible trade balance's decrease to 33.2 billion pounds for the whole Q3, goods trade deficit jumped to 12.7 billion pounds. The main catalyst for the grow in exports is the weak pound, which has dropped about 18% against the US dollar since Brexit. In conclusion, further fall in the value of the pound will result in the larger trade gap.

Let us now take a look at the EUR/GBP technical picture on the daily time frame. Bears have managed to break out below the golden trend line and now the market is trading just below the first technical support at the level of 0.8816. Please notice that the negative divergence between the price and the momentum oscillator is helping bears test the lower levels of the market. The next support is seen at the level of 0.8723.

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Technical analysis of EUR/JPY for November 10, 2016

General overview for 11/11/2016:

The market is still trading inside the range of wave 1, so the beginning of this wave will now become an invalidation level for the impulsive count. In this impulsive scenario, the level of 116.00 cannot be violated first and the price should fall towards the intraday support at the level of 113.70 in the impulsive fashion. The low of the wave (a) at the level of 112.59 should be violated next.

Support/Resistance:

116.00 Intraday Resistance

115.77 - WR1

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 USD/CAD for November 10, 2016

General overview for 10/11/2016:

The market is trading inside the triangle pattern that indicates a clear wave b (green) in progress. One more higher high is missing to complete this structure anyway and it will be labeled as a wave (c) (blue). The high for this wave should occur above the high of the wave (a) and a much more precise target will be projected once the triangle structure is terminated.

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 USDX for November 10, 2016

The Dollar index made a big reversal to the upside yesterday following the back test of the 96.50-96 breakout area. I was not expecting such a strong bounce but at least we got the pullback. The trend is short-term and medium-term bullish as price has held above the critical support.

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Short-term support is at 98 and next at 97.40. Resistance is at 99-99.10. Price has stopped its rise at the 88.6% Fibonacci retracement which is the last Fibo level of resistance. The chance of a new high above 99 has increased but the longer-term outlook

for the US dollar remains bearish.

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Red lines -important medium-term support

The Dollar index backtested successfully the Ichimoku cloud and the green trend line support. The bounce is a bullish signal implying that new high may be close. However, strong resistance remains at 99-99.50 area. Even if we make a new high, I would expect the index to reverse again. I remain bearish about the US dollar, expecting a move below 92. This scenario will be confirmed only with the break below yesterday's lows.

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Technical analysis of gold for November 10, 2016

Gold price has broken out to new highs yesterday but made a very bearish reversal move towards $1,270 support. Price holds support for now but only a weekly close above $1,310 will negate the bearish reversal from $1,338.

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Red line - support

Gold price is still trading above the red trend line support. A break below the red trend line will open the way for a push towards $1,200-$1,180. Resistance is at $1,295 and next at $1,310. Yesterday's spike and reversal is not a good sign for bulls.

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Blue line - resistance trend line

The weekly candle is not good for bulls. As long as price is below the blue trend line, bears could hope for a push even lower towards the weekly Ichimoku cloud near $1,220-$1,180. My longer-term view remains bullish Gold.

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Elliott wave analysis of EUR/NZD for November 10, 2016

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Wave summary:

This cross is becoming more and more complicated to read. After a rally to 1.5516 we expected the corrective low to 1.4838, but in early Asia Pacific trade a new low has been seen at 1.4812. Our best count shows that some kind of ending diagonal has unfolded and now completed with the 1.4812 low. If this count is correct, a quick return is expected to its origin at 1.5837. Because of wild swing in the recent days, we need a break above 1.5516 to confirm this count.

Trading recommendation:

Our stop at 1.5150 was hit for a nice little profit. We will buy EUR again at 1.4950 or upon a break above 1.5102 with stop placed at 1.4805.

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Technical analysis of USD/JPY for 10th November, 2016

Price dropped perfectly to our profit target yesterday. We turn bullish above 105.48 support (channel breakout level, horizontal breakout level) for a push up to 106.67.

RSI (34) still has some upside potential to play.

Buy above 105.48. Stop loss at 104.70. Take profit at 106.67.

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Technical analysis of EUR/JPY for 10th November 2016

Price dropped perfectly to our profit target yesterday. Today we turn bullish above 115.17 support (Fibonacci retracement, horizontal overlap support) to play a push up to 116.23.

RSI (34) still has good upside potential to play this rise.

Buy above 115.17. Stop loss at 114.76. Take profit at 116.23.

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Technical analysis of AUD/USD for 10th November 2016

Price is approaching a major resistance level at 0.7693 (Fibonacci projection, Fibonacci retracement, horizontal overlap resistance) where we expect a reaction from and a drop towards 0.7582.

RSI (34) is approaching pullback resistance too.

Sell below 0.7693. Stop loss at 0.7736. Take profit at 0.7582.

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Technical analysis of AUD/NZD for 10th November 2016

We prepare to sell when price makes a push up to major resistance at 1.0577 (Fibonacci projection, Fibonacci retracement, horizontal overlap resistance) where we expect a drop from to at least 1.0362 again.RSI (34) remains below a long-term descending resistance line. As long as RSI doesn't cross above that line with strength, we remain bearish.

Sell below 1.0577. Stop loss at 1.0635. Take profit at 1.0362.

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Elliott wave analysis of EUR/JPY for November 10, 2016

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Wave summary:

We still need a break above important short-term resistance at 116.28 to confirm that a long-term corrective low was seen at 109.48 and a new impulsive rally is developing. Short term, we are looking for a break above minor resistance at 115.68 as confirmation that a firmer test of the important resistance will be seen. A firm break above this resistance will call for more upside pressure towards 118.47 and 122 as the next upside targets.

Only an unexpected break below 114.12 will indicate more sideways price action below 116.28.

Trading recommendation:

We bought EUR at 115.04 and will place our stop at 114.04. If you are not long EUR yet, then buy a break above 115.68 and use the same stop at 114.04.

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Daily analysis of major pairs for November 10, 2016

EUR/USD: The EUR/USD pair rallied by over 300 pips on Wednesday, and later crashed by 340 pips on the same day. The bullish bias has been threatened, and the market could continue its journey to the downside, which might eventually result in a confirmed bearish bias in the market.

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USD/CHF: This currency trading instrument plummeted by over 270 pips yesterday, and later rallied by 270 pips on the same day. The bearish bias has been threatened, and the market could continue its journey to the upside, which might eventually result in a confirmed bullish bias in the market.

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GBP/USD: In spite of the volatility that was seen on the Cable yesterday, the Bullish Confirmation Pattern on the 4-hour chart remains valid. This means that the market is expected to go further upwards, reaching the distribution territory at 1.2500, 1.2550, and 1.2600. The distribution territory at 1.2500 has been tested and it would be tested again.

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USD/JPY: The USD/JPY pair crashed by over 400 pips on Wednesday, and later rebounded by 450 pips on the same day. The bullish bias has been saved, and the market could continue its journey to the upside. The targets at the supply levels at 106.00, 106.50, and 107.00 remain valid for this week.

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EUR/JPY: This cross pulled back yesterday and quickly recovered. The RSI period 14 went below the level 50 and quickly went above it again; plus the EMA 11 is above the EMA 56, showing a "buy" signal in the market. As EUR gains more stamina, price is bound to go further higher, reaching the supply zones at 116.00, 116.50 and 117.00.

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Technical analysis of EUR/USD for Nov 10, 2016

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When the European market opens, some Economic Data will be released, such as Italian Industrial Production m/m, French Prelim Non-Farm Payrolls q/q, French Industrial Production m/m. The US will release the economic data, too, such as Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, Unemployment Claims, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0978.

Strong Resistance:1.0972.

Original Resistance: 1.0961.

Inner Sell Area: 1.0950.

Target Inner Area: 1.0925.

Inner Buy Area: 1.0900.

Original Support: 1.0889.

Strong Support: 1.0878.

Breakout SELL Level: 1.0872.

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 10, 2016

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In Asia, Japan will release the Prelim Machine Tool Orders y/y, 30-y Bond Auction, M2 Money Stock y/y, Core Machinery Orders m/m, BOJ Summary of Opinions and the US will release some Economic Data such as Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, Unemployment Claims. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 105.71.

Resistance. 2: 105.42.

Resistance. 1: 105.15.

Support. 1: 104.81.

Support. 2: 104.52.

Support. 3: 104.25.

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 10, 2016

USDX plunged to test fresh lows around the 95.90 level, as Donald Trump managed to win the US presidential elections 2016. However, as the time passed, the index managed to erase the losses and now we're seeing that a resistance level placed at 98.65 is being challenged. If USDX does a breakout over there, then we can expect an advance towards the 99.08 level.

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H1 chart's resistance levels: 98.65 / 99.08

H1 chart's support levels: 98.01 / 97.62

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 98.65, take profit is at 99.08 and stop loss is at 98.23.

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

Daily analysis of GBP/USD for November 10, 2016

GBP/USD was quite volatile as the results from the US elections keep coming during Wednesday's night. During first hours of yesterday's session, the pair tested the resistance level of 1.2546, but it managed to retrace towards the 200 SMA, erasing the gains boosted by Donald Trump's victory. If Cable does a breakout above the 1.2482 level, then it can cling towards the 1.2546 level once again.

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H1 chart's resistance levels: 1.2482 / 1.2546

H1 chart's support levels: 1.2413 / 1.2335

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 1.2482, take profit is at 1.2546 and stop loss is at 1.2416.

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