Technical analysis of USD/JPY for November 11, 2016

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USD/JPY is expected to go on its advance. The pair remains on the upside, backed by its ascending 20-period and 50-period moving averages. The relative strength index is bullish above its neutrality area at 50. In addition, the process of higher highs and lows remains intact, which should confirm a positive outlook.

On Thursday, U.S. stocks were mixed as big banks gained while technology shares stumbled. The Dow Jones Industrial Average jumped another 218 points (+1.2%) to an all-time high of 18,807. The S&P 500 added 4 points (+0.2%) to 2,167, while the Nasdaq Composite shed 42 points (-0.8%) to 5,208.

Wells Fargo surged 7.6%, and Goldman Sachs, JPMorgan and Bank of America gained over 4%. In fact, the S&P 500 financial sector was up 3.7% to its highest level since the 2008 financial crisis. With Donald Trump's newly-won presidency, investors are expecting higher interest rates, which could benefit banks.

Pharmaceuticals and industrials were also strong.

On the other hand, investors shifted out of technology shares and into infrastructure firms, which are anticipated to benefit from Trump's policies. Amazon slumped 3.8%, Apple dropped 2.8%, Alphabet lost 2.9%, and Facebook fell 1.9%.

Hence, as long as 105.90 is not broken, likely advance to 107.00 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 107.00 and the second one at 107.50. In the alternative scenario, short positions are recommended with the first target at 104.95 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 103.85. The pivot point lies at 105.90.

Resistance levels: 107.00, 107.50, 108

Support levels: 104.95, 103.85, 102.90

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Technical analysis of USD/CHF for November 11, 2016

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USD/CHF is expected to trade with a bulish bias. The pair is consolidating but is still trading above its rising 50-period moving average. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 0.9800 represents a significant key support level, which should limit the downside potential.

As long as this key level is not broken, look for a further advance toward 0.9915 and 0.9955 in extension.

Resistance levels: 0.9915, 0.9955, 0.9995

Support levels: 0.9765, 0.9735, 0.9670

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Technical analysis of GBP/JPY for November 11, 2016

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NZD/USD is expected to trade with a bearish bias as the key resistance at 0.7240. The pair is posting some technical rebound and broke above its 20-period moving average. The relative strength index is around its neutrality level at 50 and is turning up. Nevertheless, 0.7240 is playing a key resistance role, which should limit the upside potential. Additionally, the declining 50-period moving average suggests that the pair still has potential for a further downside. As long as 0.7240 is not broken, the pair is likely to return to its next support at 0.7135. A break below this level would call for a further downside toward 0.7105.

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 0.7135. A break below this target will move the pair further downwards to 0.7105. The pivot point stands at 0.7240. 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 0.7300 and the second one at 0.7345.

Resistance levels: 0.7300, 0.7345, 0.7380

Support levels: 0.7135, 0.7105, 0.7065

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Technical analysis of GBP/JPY for November 11, 2016

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GBP/JPY is expected to extend its further 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 stands firmly above its neutrality level at 50. Additionally, 1.2455 is playing a key support role, which should limit the downside potential. As long as 132.45 is support, look for a further upside toward 135.35 and even 136.60 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 135.35 and the second one at 136.60. In the alternative scenario, short positions are recommended with the first target at 131.65 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 132.45.

Resistance levels: 132.45, 133.30, 137.15

Support levels: 131.65, 130.30, 129.45

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Gold analysis for November 11, 2016

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Since our previous analysis, gold has been trading sideyways at the price of $1,257.45. The price met my yesterday's take profit at $1,261.40. Using the market profile analysis, I found today's point of control at the price of $1,260.35. Also, I found trading range between the price of $1,250.75 (support) and $1,265.05 (resistance). Watch for potential breakout of support or resistance to confirm direction. Since the trend is bearish, I would watch for bearish breakout. If the price breaks the level of $1,250.75, downward target will be set at the price of $1,226.40 (Fibonacci expansion 100%).

Fibonacci pivot points:

Resistance levels:

R1: 1,281.85

R2: 1,289.90

R3: 1,302.90

Support levels:

S1: 1,255.70

S2: 1,247.60

S3: 1,234.50

Trading recommendations for today: Watch for potential breakout of trading range to confirm further direction.

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EUR/NZD analysis for November 11, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5150. My analysis from yesterday is still valid. Using the market profile on the 30M time frame, I found strength in terms of the intraday outlook. 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: 1.5140

R2: 1.5190

R3: 1.5270

Support levels:

S1: 1.4980

S2: 1.4935

S3: 1.4850

Trading recommendations for today: Watch for potential buying opportunities.

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Technical analysis of CHF/JPY for November 11, 2016

CHF/JPY formed a strong support at 105.50 and started to move higher. The pair broke above 200 Moving Average and for the second time found the support at 50 Moving Average.

Fibonacci applied to corrective waves down shows that there is very strong resistance located at 261.8% Fibs (109.20) and this could be a potential upside target.

Consider buying CHF/JPY at the current rate (107.77), targeting 109.20 level. The suggested stop loss is 106.90.

Support: 107.80, 107.00

Resistance: 109.20

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Technical analysis of CAD/JPY for November 11, 2016

After forming a double bottom near 75.50 area, CAD/JPY went up sharply and broke above the descending channel. Currently it corrected back to retest the upper trend-line channel, which should act as a support.

Consider buying CAD/JPY while the rate is near 78.60, targeting 161.8% Fibs (82.60). The suggested stop loss is 78.40.

Support: 78.60

Resistance: 82.60

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Global macro overview for 11/11/2016

Global macro overview for 11/11/2016:

After the US presidential elections, the possibility of the FED interest rate hike by 0.25bps on 14th December is now 71.5%. Moreover, further tax cuts (promised by Trump during the campaign) and fiscal spending leads to higher inflation, and a reason why the fixed-income market is pricing in more FED hikes, starting with next month. After the flight to safe haven assets, now the US dollar gets a boost as it continues to rebound all over the board. Nevertheless, the future of Janet Yellen's chairmanship and the accommodative nature of FED monetary policy are in doubt, because there is the real possibility of a major shake-up at the Federal Reserve. As we know Trump during the campaign many times pointed criticism of the central bank's policies under Jannet Yellen's leadership and the December meeting might be the last one under the chair of Yellen.

Let's now take a look at the US Dollar index technical picture after the election is over. The massive rebound seen on the daily candle indicates the bulls have control over the market as we should see another breakout higher soon. The next resistance is seen at the level of 99.12, but it looks like the bulls might want to test the swing high resistance at the level of 100.48 before any meaningful correction will come.

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Global macro overview for 11/11/2016

Global macro overview for 11/11/2016:

The Reserve Bank of New Zealand (RBNZ) cut the official cash rate from 2.0% to 1.75% yesterday, just as expected. The main reason for the cut were uncertainties about the global outlook. At the RBNZ press conference, Governor Graeme Wheeler said: "political uncertainty remains heightened and market volatility is elevated". Moreover, he added that "numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly". In conclusion, a very cautious rate cut amid the global uncertainties, but the RBNZ will have to wait and see whether the inflation expectations will meet the RBNZ target in the near future, before cutting the interest rate again.

Let's now take a look at the NZD/USD technical picture at the daily time frame. Since the beginning of the year, the market keeps making higher highs and higher lows, but it looks like the uptrend is starting to show signs of weakness. The golden trend line is still not violated, but after the US presidential elections the price just felt below the 55 and 100 DMA. The next support is seen at the level of 0.7105 and the next resistnace is seen at the level of 0.7267.

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Technical analysis of EUR/JPY for November 11, 2016

General overview for 11/11/2016:

The alternative impulsive count to the downside have been invalidated due to wave one and wave two overlaps. Currently, the labeling has been changed to abc (green), so it indicates a possible three wave decline towards the level of 113.70 and beyond. However, bears must break out below the golden trend line first and test the weekly pivot at the level of 114.89. The growing bearish divergence between the price and the momentum oscillator supports the view.

Support/Resistance:

116.60 - Intraday Resistance

115.77 - WR1

114.89 - Weekly Pivot

114.12 - WS1

113.70 - Intraday Support

113.22 - WS2

Trading recommendations:

Day traders should consider opening only sell orders with SL just above the recent local high at the level of 116.60. TP should be set open for now.

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Technical analysis of NZD/USD for November 11, 2016

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Overview:

  • The strong resistance of the NZD/USD pair is seen at the price of 0.7261. Today resistance is seen at the levels of 0.7323 and 0.7261 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 0.7323, the market will indicate a bearish opportunity below the level of 0.7323, which coincides with a ratio of 61.8% Fibonacci. Moreover, the RSI starts signaling a downward trend. In overall, we still prefer the bearish scenario as long as the price is below the level of 0.7261. Hence, we should wait until the downtrend channel is complete. Thus, the market is indicating a bearish opportunity below 0.7261, so it will be gainful to sell at 0.7261 with the first target of 0.7175. It will also call for a downtrend in order to continue towards 0.7121 and 0.7077 which represents strong daily support. On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.7350.
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Technical analysis of USD/CAD for November 11, 2016

General overview for 11/11/2016:

The triangle pattern is now completed and the market is breaking to the upside as anticipated yesterday. One more higher high is missing to complete this structure anyway and it will be labeled as 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. Please notice the growing bearish divergence between the price and the momentum oscillator.

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 USD/CHF for November 11, 2016

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Overview:

  • The USD/CHF pair continues moving in a bullish trend from the support levels of 0.9780 and 0.9830. There are no changes in my technical outlook. The bias remains bullish in the nearest term testing 0.9945 or higher. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. As the price is still above the moving average (100), immediate support is seen at 0.9826, which coincides with the 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 the 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 break out 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 0.9776 on the H4 time frame.
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Technical analysis of USDX for November 11, 2016

The US dollar index has closely reached breaking its recent highs at 99.09. The trend remains bullish with no sign of a bearish reversal yet. Important resistance is found at the 99.50-99 area so even a new high should be treated with caution.

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The US dollar index has broken above the Ichimoku cloud resistance and will most probably provide a new high towards 99.50. Oscillators on the 4-hour chart have started providing early signs of divergence and are at overbought levels. Bulls need to be very cautious. Support is at 98.

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Red lines - trading range

Green line - important trend-line support

The US dollar index is approaching the upper trading range boundary with resistance at 99.50. Oscillators on the weekly chart are overbought with divergence signals. Bulls need to be very cautious. A pullback towards the Ichimoku cloud is very possible if the price gets rejected at 99. I remain bearish in the longer term.

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Technical analysis of gold for November 11, 2016

The gold price has broken through important support levels and is heading towards recent lows $1,250-$1,240. The trend is bearish for the short-term. The price could be heading towards $1,220-$1,180, but overall longer-term view remains very bullish as an important long-term low is at $1,045.

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Red line - support (broken)

The gold price has broken below the red trend-line support and the Ichimoku cloud. Support is at $1,240 and resistance is at $1,270. Only a break above $1,270 could increase bulls' chances for a reversal. Oscillators are diverging in the short term so a bounce to back-test the broken trend line at $1,270 could be justified.

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On a daily basis the price has reached the 88.6% Fibonacci retracement. The price remains below the Ichimoku cloud after being rejected at $1,340. Only a break above the Ichimoku cloud on a daily basis will confirm that the uptrend is back on track. Until then we could see a deep decline towards $1,220 to complete the entire correction of the rise from $1,045 to $1,375.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for November 11, 2016

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Wave summary:

We saw the expected minor correction to 1.4950 (the low was seen at 1.4908). We are now looking for a break above minor resistance at 1.5164 for upside acceleration towards 1.5516 and even higher. This will finally confirm that a long-term scenario is in place with the test of 1.4812 and a new impulsive rally higher to 1.6569 and 1.9023 is expected to unfold. Short-term support is seen at 1.5015, which we expect will protect the downside for the break above 1.5164.

Trading recommendation:

We bought EUR at 1.4950 and will keep our stop at 1.4805 for now. If you are not long EUR, yet, then buy near 1.5015 or upon a break above 1.5164 and use the same stop at 1.4805.

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Elliott wave analysis of EUR/JPY for November 11, 2016

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Wave summary:

Important resistance (neckline for the inverse S/H/S bottom) at 116.28 is currently being tested and once it is broken clearly, upside acceleration towards 118.47 and 122.00 should be seen.

A break above 116.28 will confirm that the long term correction from 149.56 finally completed with the test of 109.48 and a new long-term impulsive rally is building.

Support is seen at 115.70, which we expect will protect the downside for the test and break above 116.28 for more upside acceleration.

Trading recommendation:

We are long EUR from 115.04 and will move our stop to break-even. If you are not long EUR yet, then buy near 115.70 or upon a break above 116.28 and use the same stop at 115.04.

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Daily analysis of major pairs for November 11, 2016

EUR/USD: The EUR/USD pair is in a bearish mode. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is in the oversold area. While there may be temporary rallies along the way, the downtrend may continue towards the support lines at 1.0850 and 1.0800.

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USD/CHF: Right now, the USD/CHF pair is in a bullish mode. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is in the overbought area. While there may be temporary pullbacks along the way, the uptrend may continue towards the resistance levels at 0.9950 and 1.0000. Once again, it is unlikely that the psychological level at 1.0000 would be breached to the upside.

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GBP/USD: This is a choppy market, though the bias is bullish. Bulls have made some effort to go above the distribution territory at 1.2550. Once price is able to stay above the distribution territory, the next target for bulls would be another distribution territory at 1.2600.

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USD/JPY: Following the massive pullback that happened on Wednesday, the USD/JPY pair has rallied notably. Price is now above the demand level at 106.50, going towards the supply level at 107.00. Since there is a Bullish Confirmation Pattern in the market, it is expected that the supply level at 107.00 would soon be breached to the upside.

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EUR/JPY: Following the massive pullback that happened on Wednesday, the EUR/JPY pair has rallied again, though things currently looks volatile. Price is now above the demand zone at 116.00, going towards the supply zone at 116.50. Since there is a Bullish Confirmation Pattern in the market, it is expected that the supply zone at 116.50 would soon be breached to the upside. That supply zone was tested and it would be tested again.

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USD/CAD intraday technical levels and trading recommendations for November 11, 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 persistence 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 11, 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.

During August and September, a consolidation range was established between the price level of 0.7250 up to 0.7350.

Later on October 20, the lower limit of the consolidation range (0.7250) stood as a temporary resistance which initiated a bearish movement towards 0.7100 (the lower limit of the depicted channel).

Bullish recovery was expressed around the price level of 0.7100 on October 28. Hence, a double-bottom pattern was expressed on the chart.

Bullish fixation above 0.7250 and 0.7350 was needed to allow further bullish advance towards the projection target of the reversal pattern around 0.7450.

However, significant signs of bearish reversal were expressed around the upper limit of the price range (0.7350).

Bearish breakdown of 0.7250 enhances the bearish side of the market towards the price level of 0.7100 (the recent bottom of October 28).

Price action should be watched around the price level of 0.7100 ( lower limit of the depicted channel ) to determine the next destination of the NZD/USD pair.

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Intraday technical levels and trading recommendations for GBP/USD for November 11, 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 11, 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, the 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, a weak bullish recovery and temporary bullish breakout above 1.1250 were expressed again, but an 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).

The bullish rejection was expected around the price level of 1.1000 (Key Level-1). However, an 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 temporary 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.

By the end of November 9, obvious bearish breakdown of the price level of 1.1000 was achieved (Shooting-Star daily candlestick). Hence, any upcoming bullish pullback towards 1.1000 should be considered for SELL entries.

On the other hand, 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 bullish recovery.

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Technical analysis of EUR/USD for Nov 11, 2016

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When the European market opens, some Economic Data will be released such as German WPI m/m and German Final CPI m/m. The US will release the economic data, too, such as Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0939.

Strong Resistance:1.0933.

Original Resistance: 1.0922.

Inner Sell Area: 1.0911.

Target Inner Area: 1.0886.

Inner Buy Area: 1.0861.

Original Support: 1.0850.

Strong Support: 1.0839.

Breakout SELL Level: 1.0833.

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 11, 2016

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In Asia, Japan will release the Tertiary Industry Activity m/m, PPI y/y and the US will release some Economic Data such as Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 107.24.

Resistance. 2: 107.12.

Resistance. 1: 106.91.

Support. 1: 106.66.

Support. 2: 106.44.

Support. 3: 106.24.

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 GBP/USD for November 11, 2016

The index is looking for the 100.00 level, as the US dollar has been with a strong demand during last hours. Despite Donald Trump's victory as new president of the United States, the odds are still favoring to the bulls and we're seeing a consolidation above the 200 SMA at H1 chart. If it does a break above the 99.08 level, then it can reach the 99.57 zone.

USDXH1.png

H1 chart's resistance levels: 99.08 / 99.57

H1 chart's support levels: 98.65 / 98.00

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 99.08, take profit is at 99.57 and stop loss is at 98.60.

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

Daily analysis of GBP/USD for November 11, 2016

The pair had a strong rally during Thursday, amid uncertainty about further policies by the new US president, Donald Trump. Across the board, GBP had its demand increased and it's now challenging the resistance level of 1.2546, where a breakout higher should open the doors to test the resistance level of 1.2637. MACD indicator is showing some signs of weakness in the current trend.

GBPUSDH1.png

H1 chart's resistance levels: 1.2546 / 1.2637

H1 chart's support levels: 1.2482 / 1.2413

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 1.2546, take profit is at 1.2637 and stop loss is at 1.2455.

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