XAG/USD approaching major resistance, prepare to sell

Price is approaching a major resistance level at 17.189 (Fibonacci retracement, horizontal pullback resistance) where we expect a reversal from for a further drop to 16.637.

RSI (21) is also approaching pullback resistance.

Sell below 17.189. Stop loss at 17.540. Take profit at 16.637.

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XAU/USD approaching major resistance, prepare to sell

Price is approaching a major resistance level at 1242.59 (Fibonacci retracement, horizontal pullback resistance) and we expect a reaction off this level for a further drop to 1211.48.

RSI (34) is also seeing major resistance above it which would coincide with the reversal we're expecting.

Sell below 1242.59. Stop loss at 1261.23. Take profit at 1211.48

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EUR/NZD analysis for November 16, 2016

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Recently, EUR/NZD has been moving sideways around the price of 1.5170. Using the market profile in the 15M time frame, I found a strong point of control from the background at the price of 1.5455. The price was rejected from the swing high at the level of 1.5190. Watch for potential selling opportunities. Targets are set at the prices of 1.5145, 1.5090, and 1.5050.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5150

R2: 1.5200

R3: 1.5250

Support levels:

S1: 1.5050

S2: 1.5025

S3: 1.4960

Trading recommendations for today: Watch for potential selling opportunities.

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Gold analysis for November 16, 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 30M time frame, I found a strong point of control at the price of $1,225.35. Besides, I found a broken upward channel in the background. The metal is now trading below 21SMA, which is a sign of weaknes. Watch for potential selling opportunities on the pullbacks. A downward target is set at the price of $1,211.60.

Fibonacci pivot points:

Resistance levels:

R1: 1,300.40

R2: 1,333.00

R3: 1,238.00

Support levels:

S1: 1,220.70

S2: 1,217.80

S3: 1,212.50

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

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Global macro overview for 16/11/2016

Global macro overview for 16/11/2016:

According to the Center of European Economic Research, the economic sentiment continues to improve in Europe. The ZEW surveys provide insight into the mood of institutional investors and analysts. Yesterday the ZEW report for Germany showed a sharp gain of 13.8 points, well above the forecast of 7.9 points. The Eurozone sentiment indicator improved to 15.8, above the estimate of 14.3. In conclusion, both indicators posted 4-month highs and pointed to strong optimism over economic growth in the Eurozone, which is interesting amid global uncertainty after the surprise victory of Donald Trump in the presidential election. His international policy towards the Eurozone might deeply affect the relationship between the US and Europe if he starts to implement his election pledges during the presidential race.

Let's now take a look at the EUR/USD technical picture at 4H time frame after the news release. The bears have managed to test the recent low at the level of 1.0709 and even slightly violate it, but the growing bullish divergence between the price and momentum oscillator suggests a relief rally to come shortly. The first target for this rally is at the level of 1.0760, then 1.0816 and 1.0849.

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Global macro overview for 16/11/2016

Global macro overview for 16/11/2016:

The Consumer Price Index data published yesterday disappointed market participants. Despite the steep fall in the value of the British Pound after the Brexit vote, the inflation has not gained momentum as the monthly CPI declined again to the level of 0.1% (0.9% y/y), while market participants expected a slight increase to 0.3% (1.1% y/y) after a 0.2% figure from September. The core CPI decreased below expectations as well, revealing only a 1.2% increase on a yearly basis (1.4% expected; 1.5% prior). The Office for National Statistics said factory gate prices increased 2.1%, faster than expected and the largest increase since April 2012. Moreover, the Producer Price Index (PPI) jumped 4.6% on a monthly basis in the reported month, after rising just 0.1% in the previous month, whereas economists penciled in an increase of 1.6%.In conclusion, all major indicators are pointing out worse than expected readings of inflation, but BoE is still expecting the inflation to rise to 2.7% by this time next year.

Let's now take a look at the EUR/GBP technical picture at the daily time frame. The bears have managed to break out below the golden trend line support and now the three important technical support level are all violated as well. The price is trading just at the 100 DMA support, but so far it does not look like the bulls want to take control over again. The next support is seen at the level of 0.8340.

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Technical analysis of USD/CAD for November 16, 2016

General overview for 16/11/2016:

The first wave down labeled on the chart as a wave -a- has been done and now the market is in the internal corrective cycle. The top at the level of 1.3589 might be the swing high of a larger time frame (the brown wave Z). If it is, then the uptrend might be reversing, but to confirm this scenario we need a daily close below the level of 1.3290. Otherwise, the pair is expected to trade sideways.

Support/Resistance:

1.3663 - WR1

1.3507 - Intraday Resistance

1.3464 - Weekly Pivot

1.3423 - Intraday Support

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 16, 2016

General overview for 16/11/2016:

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 117.49. 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.The growing bearish divergence between the price and the momentum oscillator supports the view.

Support/Resistance:

117.49 - Intraday Resistance

117.19 - WR1

116.58 - Intraday Support

115.45 - Weekly Pivot

114.37 - WS1

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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USD/CAD intraday technical levels and trading recommendations for November 16, 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 two weeks ago.

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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Intraday technical levels and trading recommendations for NZD/USD for November 16, 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 from 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 projected 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 16, 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 16, 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 (Key Level 2).

However, on November 9, obvious bearish breakdown of the 1.1000 price level occurred (Shooting-Star daily candlestick). Moreover, further bearish decline below 1.0825 (Fibonacci Expansion 100%) was expressed earlier this week.

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

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Technical analysis of NZD/USD for November 16, 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.
  • The NZD/USD pair has faced first support at the level of 0.7121.
  • 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.
  • Besides, 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.
  • However, 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.
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Daily key levels:

  • Major resistance:0.7174
  • Minor resistance:0.7121
  • Intraday pivot point:0.7076
  • Minor support:0.7034
  • Major support:0.6982
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Technical analysis of USD/CHF for November 16, 2016

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Overview:

  • The USD/CHF pair has faced strong resistances at the levels of 1.0001. Besides, it should be noted that the double top has become resistance this week. So, the strong resistance has already been 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 above the level of 1.0060.
  • On bullish market:
  • Therefore, the market indicates a bullish opportunity above the level of 1.0060 in the H4 chart. Also, if the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CHF is in a downtrend. Buy above the major resistance of 1.0060 with the target at 1.0135 in order to form a new double top.
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Technical analysis of USDX for November 16, 2016

The Dollar index remains very strong above the 100 level reaching the previous highs near 100.50. There are several warning signs of a bearish divergence up here but as long as price is above 99.90 bulls are in control.

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Blue lines - wedge pattern

Red lines - trading range boundaries

The Dollar index has broken above the trading range boundaries and is testing previous highs. Price is forming a wedge pattern that if broken we should expect a pull back at least towards 98.50. Resistance is at 100.50 and above that is uncharted area. The Oscillators are overbought for some time now, diverging and I believe it is dangerous opening new long Dollar positions now.

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Blue line -resistance

Red lines - trading range

Green line - important support

On a weekly basis price is testing previous highs while oscillators are diverging at overbought levels. The long-term bullish trend is safe as long as price is above the green trend line support and the Ichimoku cloud at 96.50. A pull back towards 98 is justified from current levels if not a deeper bearish reversal.

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Technical analysis of gold for November 16, 2016

Gold price is trading sideways with a slight positive slope. Price is inside a short-term bullish channel but the bullish trend is still very fragile as long as the Dollar remains so strong. Gold is in a corrective phase and is expected to make or to already have made a major low between $1,220-$1,170.

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Black lines - bullish channel

Gold price is relieving its oversold conditions but price is not bouncing strong enough. Support is at $1,222 and resistance at $1,232. As long as price is below $1,300 short-term trend remains bearish.

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Gold price remains above the Ichimoku cloud. Price is bouncing off cloud support. Next important support is the 61.8% Fibonacci retracement of the rise from $1,045 to $1,375. Gold is in its final downward move before the next big upward move that is expected to push Gold to new highs.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for November 16, 2016

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Wave summary:

We continue to look for more upside towards the ending diagonal resistance line near 1.5450 and above here will call for a return to the origin of the ending diagonal at 1.5834 and above.

Short term, we expect support at 1.5010 to act as a floor for a rally above minor resistance 1.5195 and more importantly above resistance at 1.5266 for the test of the ending diagonal resistance line.

Trading recommendation:

We are long EUR from 1.4950 with stop placed at 1.4805. Upon a break above 1.5195 we will move our stop to 1.5000. If you are not long EUR yet, then buy near 1.5050 or upon a break above 1.5195 and use the same stops.

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Elliott wave analysis of EUR/JPY for November 16, 2016

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Wave summary:

We have finally seen the expected break above important resistance at 116.28 calling for more upside towards 118.60 and 122.00 as the next upside targets.

Short term, support is now seen at 116.79 and again near 116.28. A break below former important resistance, which now acts as support, will be confusing, but only a break below 115.27 will invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 115.04 and will move our stop higher to 116.04. If you are not long EUR yet, then buy near 116.78 and use the same stop at 116.04.

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Technical analysis of USD/JPY for November 16, 2016

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USD/JPY is supported by a rising trend line. The pair bounced off its ascending trend line support, and is accelerating on the upside. The upward momentum is further reinforced by its rising 20-period moving average, which plays a support role, and maintains the upside bias. The relative strength index stands firmly above its neutrality level at 50.

U.S. economic data came out to be better-than-expected. The Commerce Department reported that retail sales rose 0.8% on month in October (vs. +0.6% expected). The Federal Reserve Bank of New York posted November Empire Manufacturing Index of +1.5 (vs. -2.5 expected). Meanwhile, the import price index increased 0.5% on month in October (vs. +0.4% expected).

As long as 107.7 is support, look for a further advance toward 109.85 and even 110.60 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 109.85 and the second one at 110.60. In the alternative scenario, short positions are recommended with the first target at 106.90 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 106.15. The pivot point lies at 107.70.

Resistance levels: 109.85, 110.60, 111.15

Support levels: 106.90, 106.15, 104.95

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Technical analysis of USD/CHF for November 16, 2016

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USD/CHF is expected to Further advance. The pair is trading above its rising 20-period and 50-period moving averages, which maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, a support base has formed around 0.9940, which should limit the downside potential. The U.S. dollar managed to grind higher. Apart from upbeat economic data which drove investors to price in a near-certainty of the Federal Reserve raising interest rates next month, the greenback was boosted by hawkish remarks from Boston Fed President Eric Rosengren. He said, "Absent significant negative economic news over the next month, the market's assessment of the likelihood of tightening in December seems plausible."

As long as this key level is not broken, look for a further upside toward 1.0035 and 1.0065 in extension.

Resistance levels: 1.0035, 1.0090, 1.0135

Support levels: 0.9900, 0.9830, 0.9765

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Technical analysis of NZD/USD for November 16, 2016

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NZD/USD is expected to trade in lower range as it is Capped by a negative trend line. The technical picture of NZD/USD is bearish below a declining trend line, which emerged on Nov 15. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 0.7140 is playing a key resistance role, which should limit the upside potential. As long as this key level holds on the upside, look for a further drop toward 0.7065 and even 0.7020 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7065. A break below this target will move the pair further downwards to 0.7020. The pivot point stands at 0.7140. 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 0.7180 and the second one at 0.7230.

Resistance levels: 0.7180, 0.7230, 0.7300

Support levels: 0.7065, 0.7020, 0.6960

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Technical analysis of GBP/JPY for November 16, 2016

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GBP/JPY is expected to trade with bullish bias as it is supported by a rising trend line. The pair has been supported by a bullish trend line since November 11, as well as its 20-period moving average, which remains above the 50-period one. Meanwhile, the relative strength index is held up by an ascending trend line and is positively oriented. As long as 134.15 is not broken down, further bounce is preferred with 136.60 and 137.40 as targets.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 136.60 and the second one at 137.40. In the alternative scenario, short positions are recommended with the first target at 133.40 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 132.45. The pivot point lies at 134.15.

Resistance levels: 136.60, 137.40, 138.20

Support levels: 133.40, 132.45, 131.65

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Technical analysis of EUR/USD for Nov 16, 2016

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When the European market opens, there is no Economic Data will be released but the US will release the economic data, such as TIC Long-Term Purchases, Crude Oil Inventories, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, Core PPI m/m, PPI 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: 1.0791.

Strong Resistance:1.0785.

Original Resistance: 1.0774.

Inner Sell Area: 1.0763.

Target Inner Area: 1.0738.

Inner Buy Area: 1.0713.

Original Support: 1.0702.

Strong Support: 1.0691.

Breakout SELL Level: 1.0685.

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 16, 2016

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In Asia, today, Japan will not release any Economic Data's but the US will release some Economic Data, such as TIC Long-Term Purchases, Crude Oil Inventories, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, Core PPI m/m, PPI 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: 109.53.

Resistance. 2: 109.31.

Resistance. 1: 109.10.

Support. 1: 108.84.

Support. 2: 108.62.

Support. 3: 108.41.

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 major pairs for November 16, 2016

EUR/USD: The bias on the EUR/USD remains bearish, and the market is now very close to the support line at 1.0700. There is a Bearish Confirmation Pattern in the chart, which means that bears may continue pushing price lower and lower, until the support lines at 1.0700, 1.0650 and 1.0600 are breached to the downside.

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USD/CHF: The USD/CHF was able to break the psychological level at 1.0000, staying slightly above it. The EMA 11 is above the EMA 56, and the Williams' % Ranger period 20 is in the overbought region; and as it was forecasted last week, the price might go on to test the resistance level at 1.0100. However, failure to do this may result in a pullback.

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GBP/USD: The Cable has been able to continue the bearish correction it started at the beginning of this week. A movement of about 200 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 continued going further and further upwards. Since November 9, price has gone upwards by almost 800 pips, from the low of that day. Price is now above the demand level at 109.00, going towards the supply level at 109.50 and 110.00.

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EUR/JPY: This currency cross appears to be making more predicable bullish movement when compared to its movement last week. There is a Bullish Confirmation Pattern in the 4-hour chart: The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. It is possible that price would continue going further upwards.

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Daily analysis of USDX for November 16, 2016

USDX didn't perform strong moves during Tuesday's session, as the resistance zone of 100.29 continues to provide bearish momentum. The index is facing an overbought condition and one could expect a decline to test the support level of 99.62, where a breakout should open the doors to test the psychological level of 99.00.

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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 16, 2016

GBP/USD extended its losses during yesterday's session, as the pair tested the support level of 1.2377, which is below the 200 SMA at H1 chart. Currently, we're seeing an attempt to resume the overall bullish structure, but this should be taken as corrective, as the Cable may perform a breakout lower to fall towards the 1.2254 level in coming days.

GBPUSDH1.png

H1 chart's resistance levels: 1.2434 / 1.2516

H1 chart's support levels: 1.2377 / 1.2254

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 1.2434, take profit is at 1.2516 and stop loss is at 1.2351.

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