EUR/JPY below major resistance, prepare to turn bearish

The key idea is to prepare to sell below major resistance at 116.80 (multiple Fibonacci projections, Fibonacci retracement, horizontal resistance) for a drop to 114.87.

RSI (34) is also approaching major descending resistance where we expect a reaction from.

Sell below 116.80. Stop loss at 117.33. Take profit at 114.87.

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AUD/JPY at major resistance, prepare to sell

Price reached our profit target from previously. We prepare to sell again below 81.91 major resistance (Fibonacci projection, horizontal resistance) for a further push down to 80.27 once again.

RSI (34) remains below major resistance at 62% which is capping any bullish movement.

Sell below 81.91. Stop loss at 82.65. Take profit at 80.27.

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USD/CHF at major resistance, prepare to sell

Price has reacted off major resistance at 1.0000 (Fibonacci projection, horizontal resistance, big figure) and we expect a drop to 0.9833 at least.

RSI (34) is also reacting off major descending resistance which goes in line with our bearish view.

Sell below 1.0000. Stop loss at 1.0050. Take profit at 0.9833.

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USD/CAD intraday technical levels and trading recommendations for November 15, 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) was 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.

The USD/CAD pair was trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until bullish breakout took place last week.

Note that the USD/CAD pair was challenging the upper limit of the depicted flag pattern around 1.3360-1.3400 which failed to apply enough bearish pressure on the pair.

Bullish persistence above 1.3360 will probably liberate a quick bullish movement towards 1.3650 unless the pair comes to close below 1.3360 before the end of the current week.

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NZD/USD Intraday technical levels and trading recommendations for November 15, 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 (lower limit of the depicted range) enhanced the bearish side of the market towards the price level of 0.7100 (the recent bottom of October 28) which is being challenged today.

Bearish persistence below 0.7100 allows quick bearish decline towards 0.6960 where bullish rejection and a valid BUY entry should be expected.

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Intraday technical levels and trading recommendations for GBP/USD for November 15, 2016

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The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).

Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).

Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirmed the bearish Flag pattern. Hence, bearish projection target would be located around 1.2020.

Recently, 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 15, 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 longer 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 persistence below 1.0825 is needed to enhance this bearish scenario.

In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.

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 levels of 1.1000 (Key Level 1) and 1.0825 (Demand Level 1). However, extensive bearish pressure and significant bearish closure below 1.1000 and 1.0825 were eventually expressed.

On November 9, obvious bearish breakdown of the 1.1000 price level occured (Shooting-Star daily candlestick). Moreover, further bearish decline below 1.0825 (Fibonacci Expansion 100%) is expressed today.

The current bearish persistence below 1.0825 allows further bearish decline to occur towards 1.0570 (Demand Level 2) where price action should be watched for short-term bullish recovery.

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Technical analysis of EUR/CAD for November 15, 2016

EUR/CAD started to print lower highs and lower lows suggesting that the downtrend has been established. The pair is trading below both 50- and 200- Moving Averages and today on a corrective wave up rejected 50 MA.

Fibonacci applied to that corrective wave shows potential downside targets, where 361.8% (1.4280) corresponds with the lower trend line of the descending channel.

Consider selling EUR/CAD at the current rate (1.4555), targeting 361.8% Fibs (1.4280). The suggested stop loss 1.4720.

Support: 1.4467, 1.4372, 1.4278

Resistance: 1.4620

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Technical analysis of CAD/JPY for November 15, 2016

CAD/JPY found strong support near 75.50 and resistance near 79.60. CAD/JPY broke above the descending channel and resistance at 79.60.

Fibonacci applied to the channel breakout point shows that after the resistance breakout the pair hasn't tested any following resistance levels which should lead to a further uptrend.

Consider buying CAD/JPY while the rate is near 38.2% (79.60) Fib support, targeting either 23.6% (80.75) or 0% (85.60) Fibs as a final target. The suggested stop loss should be just below 50% (78.70) Fibs.

Support: 77.80, 78.70, 79.60

Resistance: 80.75, 82.60

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Gold analysis for November 15, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,226.10. Using the market profile on 15M time frame, I found strong point of control at the price of $1,223.85. Watch for potential breakout of this level to confirm a downward movement. A downward target is set at the price of $1,211.50. Anyway, if the price breaks the level of $1,231.40, we may see a potential upward movement and potential testing of $1,252.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,228.50

R2: 1,233.00

R3: 1,240.00

Support levels:

S1: 1,214.25

S2: 1,209.80

S3: 1,202.50

Trading recommendations for today: Watch for a breakout of support or reistance to confirm a further direction.

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Global macro overview for 15/11/2016

Global macro overview for 15/11/2016:

The University of Michigan Consumer Sentiment Index was released at 91.6 points last Friday and today's data of Retail Sales at 02:30pm GMT are highly anticipated. The reason behind the anticipation is quite simple: better-than-expected data might indicate that consumer spending will firm up in the final quarter of 2016. This is why economists are looking for another solid advance in retail sales for October. The market consensus suggests an advance of 0.6%, just like in September. Moreover, the anticipated gain indicates a 3.5% year-on-year rise, which would be the strongest annual rise in eight months. In conclusion, expectations are high and if the forecast holds up, the news will add more weight to expectations that the Federal Reserve is poised to raise interest rates next month.

Let's now take a look at the US Dollar index technical picture at the daily time frame before the news are released. The bulls are in control over this market and now it looks like they are waiting for the data release to trigger the attack (and a possible breakout) for the level of 100.48. In that case, the Dollar would be the most expensive since December 2015. The key level for further Dollar appreciation is technical support at the level of 99.12.

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EUR/NZD analysis for November 15, 2016

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Recently, EUR/NZD has been moving sideways around the price of 1.5135. Using the market profile on the 15M time frame, I found a strong point of control from the background at the price of 1.5185. I found successful rejection of the point of control. The pair is trading below 21SMA, which is a sign of weakness. Watch for potential selling opportuntiies on the pullbaks. A downward target is set at the price of 1.5045.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5205

R2: 1.5250

R3: 1.5310

Support levels:

S1: 1.5065

S2: 1.5025

S3: 1.4960

Trading recommendations for today: Watch for potential selling opportunities.

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Global macro overview for 15/11/2016

Global macro overview for 15/11/2016:

The German preliminary GDP data released this morning disappointed global investors as the data missed the expectations. The GDP for the third quarter was released at the level of 0.2% (1.5% y/y), which was worse than last quarter figure of 0.4% (3.1% y/y) and worse than expectations of 0.3% (1.8% y/y). It's still early in the current quarter, but a slow pace of growth in Germany and the rest of the Eurozone is expected to continue in the fourth quarter. In that case, weaker-than-expected figures in the next GDP release might be an early warning that the prospects for faster Q4 growth are due for a downgrade.

Let's now take a look at the EUR/USD technical picture at the 4H time frame after the data was released. The bulls tried to rally higher, but they didn't manage to break out above the technical resistance at the level of 1.0849. Because there is still no divergence forming, the bears are still in control over this market and still might push the prices below the local low at the level of 1.0709. Only a sustained violation of the resistnace at the level of 1.0849 would temporary change the bearish bias.

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Technical analysis of USD/CAD for November 15, 2016

General overview for 15/11/2016:

The ending diagonal pattern has been completed and the market moved towards the weekly pivot as anticipated. However, it is hard to say whether the top at the level of 1.3589 is the definitive high for larger time frame (the brown wave Z). If it is, then the up trend might be reversing, but to confirm this scenario we need a daily close below the level of 1.3290. Otherwise, a sideways price action is being expected.

Support/Resistance:

1.3663 - WR1

1.3589 - Intraday Resistance

1.3489 - Intraday Support

1.3464 - Weekly Pivot

1.3378 - WS1

1.3290 - 13312 - Demand Zone

1.3265 - Wave (b) Low

Trading recommendations:

Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with tight SL and TP open for now.

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Technical analysis of EUR/JPY for November 15, 2016

General overview for 15/11/2016:

The market has bounced from a weekly pivot at the level of 115.45 and the price violated the golden intraday trend line. This is why the Elliott wave count has been updated and now the blue wave b is getting extended to the upside. The pattern that is being developed in the wave (b) looks like a double zig-zag, which should terminate around the level of 117.19. According to the bearish scenario, there is still one more wave to the downside missing - the green wave c - which is a part of the blue wave c.

Support/Resistance:

117.19 - WR1

116.58 - Intraday Support

115.45 - Weekly Pivot

114.37 - WS1

113.70 - Intraday Support

112.66 - WS2

Trading recommendations:

Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with SL just above the WR1 level and TP open for now.

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Technical analysis of NZD/USD for November 15, 2016

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Overview:

  • The NZD/USD pair fell from the level of 0.7174 to bottom at 0.7076 yesterday. But the price has close above around the area of 0.7121. Today, the NZD/USD pair has faced first support at the level of 0.7121. Hence, the NZD/USD pair is continuing to trade in a bearish trend from the new support level of 0.7121 in order to form a bearish channel. According to the previous events, we expect the pair to move between 0.7121 and 0.7034. Also, it should be noted major resistance is seen at 0.7218, while immediate resistance is found at 0.7174. Then, we may anticipate potential testing of 0.7174 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.7174, the market will indicate a bullish opportunity above the level of 0.7174. A breakout of that target will move the pair further upwards to the levels of 0.7218 and 0.7264. Buy orders are recommended above the area of 0.7141 with the first target at the level of 0.7218; and continue towards 0.7264. On the other hand, if the NZD/USD pair fails to break out through the resistance level of 0.7174; the market will decline further to the level of 0.7034 (double bottom).
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Technical analysis of USDX for November 15, 2016

The Dollar index touched the 100 price level above the important resistance of 99.50 but has reversed since then back at the important 99.50 level. This is a very important junction. A rejection and reversal at current levels will be a very bearish signal that could push price towards 96.50 again.

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Red lines - bullish channel

The Dollar index has reached the upper channel boundary and is showing signs of reversal. The Dollar index was very strong the last few sessions but with oscillators diverging and at overbought levels, while price is just at the edge of the upper boundary, bearish positions are preferred here.

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Red lines - trading range

Green line - long-term support trend line

In the weekly chart, we can see the Dollar index trying to break above the trading range. However, it is important to be patient and wait and see where this week's close will be. A long upper tail in this week's candle will be a bearish signal that could form a bearish hammer. Bulls need to be very cautious as a pullback even towards 98 is fully justified.

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Technical analysis of USD/CHF for November 15, 2016

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Overview:

  • The USD/CHF pair has faced strong resistances at the levels of 1.0001 because the double top had become resistance this week. So, the strong resistance has already formed at the level of 1.0001 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 1.0001, the market will indicate a bearish opportunity below the new strong resistance level of 1.0001. Moreover, the RSI starts signaling a downward trend because it is considered overbought. Hence, the trend will call for a bearish market as long as the level of 1.0001 is not breached. Thus, the market is indicating a bearish opportunity below 1.0001. For that, it will be good to sell at 1.0001 with the first target of 0.9904. It will also call for a downtrend in order to continue towards 0.9828. The daily strong support is seen at 0.9828. 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 1.0060.
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Wave analysis of gold for November 15, 2016

Gold price is in wave 2 and has already touched the Ichimoku cloud support and started a bounce. Gold price has made a long-term low at $1,045 according to my analysis and 5 waves up followed and we are now in a three-wave corrective phase.

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Black lines - bearish channel

Gold price has broken out of the bearish channel. Gold price is showing signs of a reversal. Resistance is at $1,275. Oscillators are turning upwards from oversold levels having provided divergence signals. I'm short-term bullish again, but I remain long-term bullish.

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Gold price is in wave 2. This wave could pull back even towards $1,170 where the 61,8% Fibonacci retracement is found. The Stochastic oscillator is providing a bullish divergence and is oversold. The next leg up in Gold will be very strong and will push price above the long-term resistance green trend line.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for November 15, 2016

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Wave summary:

Our preferred count remains the same: an ending diagonal completed with the test of 1.4812 and a return to the origin of the ending diagonal at 1.5839 is developing. To confirm that the ending diagonal is complete, the pair should break above the resistance-line near 1.5377.

In the short term, a break above minor resistance at 1.5266 will call for the test of 1.5377 on the way higher.

Trading recommendation:

We are long EUR from 1.4950 with stop placed at 1.4805. If you are not long EUR yet, the buy near 1.5100 or upon a break above 1.5266 and use the same stop at 1.4805.

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Elliott wave analysis of EUR/JPY for November 15, 2016

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Wave summary:

Not much news to add here. EUR/JPY is still hovering near important resistance at 116.28, but it should just be a matter of time before a clear break above this key resistance can be seen for a rally towards 118.60 and 122.00 as the next major upside targets.

In the short term, the pair faces support near 115.85 and at 115.27 again.

Trading recommendation:

We are long EUR from 115.04 with stop placed at the break-even point. If you are not long EUR yet, then buy near 115.85 or upon a break above 116.58 and use the same stop at 115.04.

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Technical analysis of USD/JPY for November 15, 2016

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USD/JPY movement is supported by a rising trend line. The pair has been supported by a bullish trend line since November 11. The 20-period moving average stays above the 50-period one, and the relative strength index stays above its neutrality area at 50.

On Monday, U.S. stocks ended mixed with the Dow Jones Industrial Average advancing for a sixth consecutive session to another record high of 18,868 (+21 points, 0.1%). UnitedHealth Group jumped 4.0% and McDonald's gained 3.2%. Banks continued to shine, and real estate shares also outperformed.

On the other hand, the S&P 500 was largely unchanged at 2,164, and the Nasdaq Composite eased 18 points (-0.4%) to 5,218.

As long as 107.30 holds on the downside, further bounce is expected to 108.75 and 109.85 as next targets.

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 108.75 and the second one at 109.85. In the alternative scenario, short positions are recommended with the first target at 106.15 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 104.95. The pivot point lies at 107.30.

Resistance levels: 108.75, 109.85, 110.15

Support levels: 106.15, 104.95, 104.25

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Technical analysis of USD/CHF for November 15, 2016

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USD/CHF Intraday: Further upside. The pair is trading above its rising 50-period moving average, which acts as a support role and maintains the upside bias. The relative strength index is above its neutrality level at 50. Additionally, a support base has formed around 0.9900, which should limit the downside potential.

The U.S. dollar charged to its highest level in over a year, buoyed by overwhelming expectations of the Federal Reserve raising interest rates next month. The ICE U.S. Dollar Index extended its winning streak to a sixth session by bouncing 1.1% to 100.11, the first time it closed above the key psychological level of 100.00 since November 30, 2015.

As long as this key level holds on the downside, look for a further upside toward 1.0035 and even 1.0035 in extension.

Resistance levels: 1.0035, 1.0090, 1.0135

Support levels: 0.9830, 0.9765, 0.9735

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Technical analysis of NZD/USD for November 15, 2016

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NZD/USD is expected to trade with bearish bias as the key resistance at 0.7170. The pair broke above its 20-period and 50-period moving averages and is holding on the upside. The relative strength index is above its neutrality level at 50 and is heading upwards. Nevertheless, 0.7170 (Nov 10 bottom) is playing a key resistance role, which should limit the upside potential. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. As long as 0.7170 is not broken, the pair is likely to return to 0.7070 (previous low). A break below this level would call for a further drop toward 0.7020.

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 0.7070. A break below this target will move the pair further downwards to 0.7020. The pivot point stands at 0.7170. 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 0.7230 and the second one at 0.7300.

Resistance levels: 0.7230, 0.7300, 0.7345

Support levels: 0.7075, 0.7020, 0.6960

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Technical analysis of GBP/JPY for November 15, 2016

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GBP/JPY is expected to trade with bullish bias above 133.40. The pair is posting a consolidation but stays above its horizontal support at 133.40. And the relative strength index lacks downward momentum. Even though a continuation of the consolidation in current stage cannot be ruled out, its extent should be limited. As long as 1.3505 is not broken below, further bounce is expected with 136.60 and 137.40 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 136.60 and the second one at 137.40. In the alternative scenario, short positions are recommended with the first target at 132.45 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 131.65. The pivot point lies at 133.40.

Resistance levels: 136.60, 137.40, 138.20

Support levels: 132.45, 131.65, 130.30

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Technical analysis of EUR/USD for Nov 15 2016

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When the European market opens, some Economic Data will be released, such as ZEW Economic Sentiment, Trade Balance, German ZEW Economic Sentiment, Flash GDP q/q, Italian Prelim GDP q/q, French Final CPI m/m, and German Prelim GDP q/q. The US will release the economic data, too, such as Business Inventories m/m, Import Prices m/m, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0813.

Strong Resistance:1.0806.

Original Resistance: 1.0796.

Inner Sell Area: 1.0786.

Target Inner Area: 1.0761.

Inner Buy Area: 1.0736.

Original Support: 1.0726.

Strong Support: 1.0716.

Breakout SELL Level: 1.0709.

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 15, 2016

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In Asia, today Japan will not release any Economic Data, but the US will release some Economic Data, such as Business Inventories m/m, Import Prices m/m, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 108.67.

Resistance. 2: 108.46.

Resistance. 1: 108.24.

Support. 1: 107.98.

Support. 2: 107.76.

Support. 3: 107.55.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of major pairs for November 15, 2016

EUR/USD: The initial targets at 1.0800 and 1.0750 have been breached by this currency trading instrument. The next targets are located at the support lines of 1.0700 and 1.0650. On the other hand, there are chances that the EUR/USD would rally this week, especially when the USD/CHF pulls back significantly.

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USD/CHF: The USD/CHF has continued its bullish journey, now above the support level at 0.9950. The great psychological level at 1.0000 has been tested, and it could be tested again. Lots of buying pressure would be needed for the psychological level to be breached to the upside; otherwise a pullback could be witnessed.

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GBP/USD: This market was engaged in a shallow bearish correction on Monday, while the short-term bias remains bearish. A movement of about 250 pips to the downside would put the short-term bullish bias in jeopardy and strengthen the long-term bearish bias. What would happen today or tomorrow would determine the situation on the market.

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USD/JPY: The USD/JPY has been trending upwards strongly. From the low of 101.19, which was reached last Wednesday, price has gone upwards by 730 pips, forming a strong Bullish Confirmation Pattern in the market. The supply level at 108.50 is almost breached to the upside, and it would soon be breached to the upside.

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EUR/JPY: This currency cross managed to go further upwards on November 14, 2016. There is already a bullish signal in the market; plus price is above the demand zone at 116.00, going towards the supply zones at 116.50 and 117.00. Since the outlook on JPY pairs is bullish for this week, it is possible that price would end up staying above those supply zones.

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Daily analysis of USDX for November 15, 2016

The index managed to reach the key area of 100.00 as the bulls remain unstoppable in the short-term. A strong resistance can be seen around 100.29, where USDX should make a breakout higher in order to rally towards the 101.74 level across the board. However, if the index starts to do a pullback at the current stage, we can find a support at the 99.62 level.

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H1 chart's resistance levels: 100.29 / 101.74

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 100.29, take profit is at 101.74 and stop loss is at 98.85.

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Daily analysis of GBP/USD for November 15, 2016

The pair had a corrective session during Monday and it managed to consolidate once again below the 1.2500 handle. Currently, GBP/USD is trying to keep its structure above the 200 SMA, as that moving average still provides dynamic support across the board. However, if that area gives up, it can extend the decline towards the 1.2385 level, where is a key demand area.

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H1 chart's resistance levels: 1.2578 / 1.2637

H1 chart's support levels: 1.2482 / 1.2385

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 1.2578, take profit is at 1.2637 and stop loss is at 1.2520.

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EUR/NZD analysis for November 14, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5135. Using the market profile on the 30M time frame, I found strong point of control from the background at the price of 1.5105. The pair is trading below 21SMA, which is a sign of weakness. Watch for potential breakout of 1.5105 to confirm lower price. A downward target is set at the price of 1.4945.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5260

R2: 1.5300

R3: 1.5370

Support levels:

S1: 1.5120

S2: 1.5075

S3: 1.5000

Trading recommendations for today: Watch for potential selling opportunities.

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Gold analysis for November 14, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,212.56 in a high volume. The price met my yesterday's take profit at $1,226.50. Using the market profile analysis, I found today's point of control at the price of $1,222.55. Besides, I found that sellers are in control and price is trading below the 21SMA. Watch for selling opportunities on the pullbacks. A downward target is set at the price of $1,186.90 (Fibonacci expansion 161.8%).

Fibonacci pivot points:

Resistance levels:

R1: 1,230.50

R2: 1,231.55

R3: 1,233.20

Support levels:

S1: 1,227.20

S2: 1,226.20

S3: 1,224.50

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

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