NZD/USD remain bullish above key support

Price bounced above our stop loss level yesterday. We remain bullish above major support at 0.7068 (Fibonacci projection, horizontal support) where we expect a bounce from to at least the next resistance level at 0.7142 (Fibonacci retracement, horizontal resistance).

RSI (34) has bounced off major support at 34% signalling a recovery is in progress.

Buy above 0.7068. Stop loss at 0.7030. Take profit at 0.7142.

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GBP/USD on major support, turn bullish

Price has made a bullish exit of its descending channel and is testing the key support at 1.2444 (Fibonacci retracement).

We expect a bounce from here towards 1.2678 (horizontal pullback resistance, Fibonacci projection).

Stochastic (21,5,3) has bounced above the key support.

RSI (34) is also bouncing above the long-term ascending support.

Buy above 1.2444. Stop loss at 1.2339. Take profit at 1.2678.

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USD/CAD intraday technical levels and trading recommendations for November 17, 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 17, 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 (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 a bearish reversal were expressed around the upper limit of the price range (0.7350).

The 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 (recent bottom of October 28) which is currently being challenged.

Bearish persistence below 0.7100 allows quick bearish decline towards 0.6960 (BUY ZONE) where bullish rejection and a valid BUY entry should be expected. S/L should be placed below 0.6900.

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Intraday technical levels and trading recommendations for GBP/USD for November 17, 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 is 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 a daily closure above 1.2700.

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Intraday technical levels and trading recommendations for EUR/USD for November 17, 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 when 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.

On the other hand, the price level of 1.0825 constitutes a recent supply level to be watched for a SELL entry if any bullish pullback occurs.

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Technical analysis of AUD/CAD for November 17, 2016

AUD/CAD found the resistance at 1.0400 and declined sharply. While moving down, the pair broke below the uptrend trendline and continued trading below both 50 and 200 moving averages.

Fibonacci applied to the trendline breakout point shows that the pair broke below 23.6% Fibs support (1.0033) and now could be ready to move lower to test next support level.

Consider selling AUD/CAD while the rate is near 1.0030, targeting 0% Fibs (0.9920). The suggested stop loss should be above 1.0050.

Support: 0.9920

Resistance: 1.0033, 1.0100

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Technical analysis of EUR/CAD for November 17, 2016

EUR/CAD is still trending downwards after breaking the support at 1.4600 area and remains below both 50 and 200 Moving Averages. The corrective wave applied after breakout of the support occurs shows that pair broke below the 261.8% Fibs support which opens doors for another potential wave down.

Consider selling EUR/CAD at the current rate (1.4390) targeting 361.8% Fibs (1.4278). The suggested stop loss should be above the 50 Moving Average.

Support: 1.4373, 1.4278

Resistance: 1.4467

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Global macro overview for 17/11/2016

Global macro overview for 17/11/2016:

The Crude Oil Inventories data released yesterday revealed another rise in the stockpiles. Market participants expected a decrease this week from 2432k barrels to 1267k barrels, but the figure revealed was at the level of 5274k barrels. Meanwhile, OPEC members will assemble again on November 30th in Vienna and will try again to agree on a cap in production to stabilize oil prices. Nevertheless, there are serious doubts whether the agreement will be reached as Qatar, Algeria, and Venezuela are working behind the scenes to reach a consensus. If there is no agreement again, the prices might fall even more.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. Despite the increase in stockpiles, the price managed to get back into the dashed blue channel and violate the important technical resistance at the level of 45.92. Currently, the price is moving sideways, but if the technical support at the level of 45.04 holds, then the relief rally will gather momentum and might even test the level of 48.21 (61%Fibo) before reversing.

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Technical analysis of USD/JPY for November 17, 2016

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USD/JPY is expected to trade with a bullish bias. The pair is trading under its 20-period and 50-period moving averages, but still holds above its key horizontal support at 108.35. The technical indicators are mixed, and calling for caution. Even though a continuation of the consolidation at the current stage cannot be ruled out, its extent might be limited by 108.35.

On Wednesday, shares in financial, utilities and energy sectors pulled back, causing the Dow Jones Industrial Average to drop 54 points (-0.3%) to 18,868, snapping a seven-session winning streak. The S&P 500 declined 3 points (-0.2%) to 2,176. Meanwhile, technology shares gained lifting the Nasdaq Composite 18 points (+0.4%) higher to 5,294.On the economic data front, October PPI remained unchanged (vs. +0.3% on month expected) and industrial production was stable (vs. +0.2% on month expected).

The U.S. dollar marched higher with the ICE U.S. Dollar Index chalking a session-high of 100.57, the highest intraday level since April 2003, before settling at 100.41, up 0.2% on day. The index has been up for eight consecutive sessions gaining 3.5% in total.

As long as this key support level is not broken, look for a new rebound to 109.85 (the previous top) and 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 107.70 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 106.90. The pivot point lies at 108.35.

Resistance levels: 109.85, 110.60, 111.15

Support levels: 107.70, 106.90, 106.15

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Gold analysis for November 17, 2016

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Since our previous analysis, gold has been trading sideways around the price of $1,227.10. Using the market profile on 30M time frame, I found a strong 3-day point of control at the price of $1,224.00-$1,226.00. Besides, I found a new upward channel and price respected lower diagonal few times, which is a good sign for a furher upward direction. Watch for buying opportunities. Targets are set at the price of $1,232.70 and $1,238.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,231.40

R2: 1,334.00

R3: 1,238.00

Support levels:

S1: 1,222.70

S2: 1,219.50

S3: 1,214.50

Trading recommendations for today: Watch for potential buying opportunities.

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Global macro overview for 17/11/2016

Global macro overview for 17/11/2016:

The data from the Australian job market surprised global investors. The unemployment rate remained unchanged at the level of 5.6% despite slightly elevated expectations of a rise to the level of 5.7%. Moreover, the Australian economy created 9.8k jobs, but market participants expected 20.1k jobs more after a 29.0k drop in employment a month ago. The jobs growth was spurred by 41.5k extra full-time positions while the seasonally adjusted estimates point to 31.7k part-time jobs being shed. In comparison, part-time employment has advanced by 132k, with its share of overall employment increasing from 31.1% to 32%. In conclusion, despite tepid figures from the Australian job market for the last month there are no reason to panic yet. The next Reserve Bank of Australia meeting in mid-December will be closely watched by global investors if the job data for November disappoint as well.

Let's now take a look at the AUD/USD technical picture in the daily time frame. The market is trading below all of the moving averages and it is approaching the next important support at the level of 0.7441 after the recent break out attempt above the level of 0.7835 has failed. If the support at the level of 0.7441 and 0.7419 is violated, then the next support is seen at the level of 0.7285.

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EUR/NZD analysis for November 17, 2016

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Recently, EUR/NZD has been moving sideways downwards. As I expected, the price tested the level of 1.5050 in an average volume. Price met my yesterday's target at 1.5080. Using the market profile in the 15M time frame, I found today's point of control at the price of 1.5085. The price is trading above 21SMA, which is a sign of strength. Watch for buying opportuntiies on the dips. The upward target is set at the price of 1.5190.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5175

R2: 1.5200

R3: 1.5250

Support levels:

S1: 1.5085

S2: 1.5040

S3: 1.5012

Trading recommendations for today: Watch for potential buying opportunities.

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Technical analysis of USD/CAD for November 17, 2016

General overview for 17/11/2016:

The intraday resistance at the level of 1.3507 has capped the price just as expected. The top of the wave -b- is now in place, so the market is trying to develop another down wave in order to complete the wave -c- of the overall cycle. The demand zone between the levels of 1.3290 - 1.3312 is the first logical target for wave -c-.

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 USD/CHF for November 17, 2016

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Overview:

  • The resistance of USD/CHF pair is seen at the area of 1.0060 - 1.00101. On the bullish market, the market indicates a bullish opportunity above the level of 1.0060 on the H4 chart. Buy above the major resistance of 1.0060 with the target at 1.0135 in order to form a new double top. On the other hand, 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.
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Technical analysis of EUR/JPY for November 17, 2016

General overview for 17/11/2016:

The first wave to the downside has been formed and now the market is developing an internal corrective cycle, possibly wave -ii-. The intraday resistance at the level of 117.49 should act as an invalidation level for the count, so any violation of this level will invalidate the current bearish scenario. Nevertheless, at least one more wave to the downside is still being anticipated in order to complete the cycle.

Support/Resistance:

117.49 - Intraday Resistance

117.19 - WR1

116.24 - 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 level of 117.49 and TP open for now.

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Technical analysis of USD/CHF for November 17, 2016

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USD/CHF is expected to trade with a bullish bias above 0.9970. The pair is consolidating and broke below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 0.9970 represents a significant key support level, which should limit the downside potential.

On the economic data front, October PPI remained unchanged (vs. +0.3% on month expected) and industrial production was stable (vs. +0.2% on month expected).The U.S. dollar marched higher with the ICE U.S. Dollar Index chalking a session-high of 100.57, the highest intraday level since April 2003, before settling at 100.41, up 0.2% on day. The index has been up for eight consecutive sessions gaining 3.5% in total.

As long as 0.9970 holds as support, look for a further upside toward 1.0065. A break above this level would call for a further advance toward 1.0100.

Resistance levels: 1.0065, 1.0100, 1.0135

Support levels: 0.9940, 0.9900, 0.9830

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Technical analysis of NZD/USD for November 17, 2016

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Overview:

  • The NZD/USD pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 0.7034 or lower. Immediate support is seen around 0.7076. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 0.7034, because in general, we remain bearish on November 17th, 2016. Yesterday, the market moved from its bottom at 0.7034 in order to try breaking it. Today, on the four-hours chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.7122 (the first resistance), the market will indicate a bearish opportunity below the level of 0.7122 (the level of 0.7122 coincides with tha ratio of 23.6% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.7122 with the first target at 0.7034 so as to test the double bottom. If the trend breaks the double bottom level of 0.7034, the pair is likely to move downwards continuing the development of a bearish trend to the level of 0.6980 in order to test the daily support 3.
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Technical analysis of USDX for November 17, 2016

The Dollar index has topped or it is at its final stages of the rise from 91.90. Price has reached the highs at 100.50 and has marginally broken to new highs. Oscillators are warning for a reversal. This is not the time to buy the US dollar. This is the time for bulls to raise their stops and protect longs.

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Red lines - trading range

The Dollar index has broken out above the trading range. A pullback below 99.90 will confirm whether this breakout was a false one. This could lead to a pullback at least towards 98. Oscillators are giving warning and bulls need to be very cautious.

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Blue line - previous highs

Red lines - trading range

Green line - important trend line support

The weekly breakout is an important bullish sign but I believe the fuel left for a continuation are gone. There is no fuel left and we should prepare for a Dollar index pullback if not full-scale reversal. The Stochastic oscillator is diverging at overbought levels. Short-term support is at 99.05 and next at 98. Resistance remains at 100.50.

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Technical analysis of NZD/USD for November 17, 2016

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NZD/USD is expected to trade with a bearish bias. The pair broke above its 20-period and 50-period moving averages and is heading upwards. The relative strength index is bullish above its neutrality level at 50. However, 0.7100 is playing a key resistance role. We are cautious now. As long as the key level at 0.7140 is not broken up, we keep our negative view unchanged with down target at 0.7065 first. A break below this level would call for a further decline toward 0.7035.

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 0.7035. 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 0.7215.

Resistance levels: 0.7180, 0.7215, 0.7360

Support levels: 0.7065, 0.7035, 0.6990

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Technical analysis of GBP/JPY for November 17, 2016

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GBP/JPY is expected to trade with a bearish bias as the key resistance is seen at 136.55. The pair is consolidating below its key resistance at 136.55, which should limit the upside potential. The 50-period moving average is playing a resistance role, while the relative strength index is above its neutrality level at 50. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited. As long as the key resistance at 136.55 holds on the upside, look for a further drop toward 134.95. A break below this level would call for a further decline toward 134.15.

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 134.95 and the second one at 134.15. In the alternative scenario, short positions are recommended with the first target at 137.40 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 138.15. The pivot point lies at 136.55.

Resistance levels: 137.40, 138.15, 139

Support levels: 134.95, 134.15, 133.40

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Technical analysis of gold for November 17, 2016

Gold price is moving higher early today as the US dollar weakens. Gold price is at very important price levels that justify a bounce if not a bigger reversal for the start of the next leg up. My long-term reversal zone is $1,220-$1,170 and we already have touched a part of this area.

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Red rectangles - resistance

Gold price is below the Ichimoku cloud. The daily trend is bearish as long as price is below $1,307. Resistance levels are $1,254, at $1,1273, and at $1,307 as the most important one. Oscillators are oversold and turning upwards for Gold. Gold should bounce towards at least $1,254 and most probably towards cloud resistance.

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My long-term view remains bullish as I believe Gold could very well have ended wave 2 down or at least is at its final stages. Gold could push towards the 61.8% Fibonacci retracement but only after a short-term bounce. Traders should be looking for long positions as the next big move will be to the upside.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for November 17, 2016

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Wave summary:

We are once again going nowhere. Our preferred count shows that an ending diagonal completed with the test of 1.4812 and a new impulsive rally now is building, but we need a break above 1.5246 to confirm a strong test of the ending diagonal resistance line near 1.5500 and only above here will confirm a return to the origin of the ending diagonal at 1.5834 and above.

Ideally support at 1.5010 will continue to protect the downside for the break above 1.5246 and more importantly above 1.5500.

Trading recommendation:

We are long EUR from 1.4950 with our stop placed at 1.5000. If you are not long EUR yet, then buy a break above 1.5200 and use the same stop at 1.5000.

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Elliott wave analysis of EUR/JPY for November 17, 2016

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Wave summary:

After a backtest of the broken resistance line, that is now acting as support, a continuation higher to 118.60 is expected. A break above resistance at 117.49 will confirm the rally higher to 118.60 and possibly even higher to 122.00.

Ideally support at 116.22 will continue to act as a floor for the next impulsive rally higher.

Trading recommendation:

We are long EUR from 115.04 with stop placed at 116.04. If you are not long EUR yet, then buy near 116.75 or upon a break above 117.49 and use the same stop at 116.04.

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Technical analysis of EUR/USD for Nov 17 2016

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When the European market opens, some Economic Data will be released, such as ECB Monetary Policy Meeting Accounts, Final Core CPI y/y, Final CPI y/y, and Italian Trade Balance. The US will release the economic data, too, such as Natural Gas Storage, Housing Starts, Unemployment Claims, Philly Fed Manufacturing Index, Philly Fed Manufacturing Index, CPI m/m, and Building Permits, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0754.

Strong Resistance:1.0748.

Original Resistance: 1.0737.

Inner Sell Area: 1.0726.

Target Inner Area: 1.0701.

Inner Buy Area: 1.0676.

Original Support: 1.0665.

Strong Support: 1.0654.

Breakout SELL Level: 1.0648.

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 17, 2016

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In Asia, Japan today will not release any Economic Data's but the US will release some Economic Data, such as Natural Gas Storage, Housing Starts, Unemployment Claims, Philly Fed Manufacturing Index, Philly Fed Manufacturing Index, CPI m/m, and Building Permits. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 109.47.

Resistance. 2: 109.25.

Resistance. 1: 109.04.

Support. 1: 108.78.

Support. 2: 108.56.

Support. 3: 108.35.

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 17, 2016

EUR/USD: This pair has come down by more than 160 pips this week. Price is now below the resistance line at 1.0700, going towards the support line at 1.0650. Some fundamental figures are expected today and they would have impact on the market.

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USD/CHF: The USD/CHF has been able to stay above the psychological level at 1.0000 for some time now. Price is trying to target the resistance levels at 1.0050 and 1.0100, but it is unlikely that price would settle above the resistance level at 1.0100. Failure to do this would result in a considerable pullback in the market.

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GBP/USD: A constant presence of bears in this market has already become a threat to the recent bullish bias. Things are now turning gradually bearish, and a movement of another 100 pips to the downside would result in a bearish signal in the short and long terms. The RSI period 14 is already gone below the level 50. And once the EMA 11 crosses the EMA 56 to the downside, a bearish signal would form.

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USD/JPY: This is a bull market – confirmed by the Bullish Confirmation Pattern in the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. Price has moved up by 280 pips this week, now above the demand level at 109.00. There could be a pause in the market, but it is expected to resume its bullish journey; which means the supply level at 110.00 could eventually be tested this week.

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EUR/JPY: This cross has moved up by 170 pips this week, now getting corrected by 80 pips yesterday. This shallow correction is a good opportunity to buy long the market, when things are on sale and in the context of an uptrend. Price would go up again to test the supply levels at 117.00, 117.50 and 118.00 this week or next.

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Daily analysis of USDX for November 17, 2016

The index remains strongly bullish across the board, as the price stays above the 100.00 handle. The 200 SMA at H1 chart is pointing to the upside and it's calling for further gains in the US dollar index. If we can see a breakout of Wednesday's highs, the chances to test the 101.74 level will increase. MACD indicator is entering at neutral territory, giving some hints of possible corrections.

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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 17, 2016

The pair is hovering around the 200 SMA price zone at H1 chart, as the bears have been taking a break, following a strong decline was seen since November 11th. If GBP/USD manages to break the resistance level of 1.2516, we can expect a rally towards the 1.2600 psychological level, as the pair is showing hints that the bullish side is the preferred one nowadays.

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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.

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Daily analysis of Gold for November 16, 2016

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Overview

The gold price continues fluctuating within a sideways range between the 1,211.31 support and the 1,249.94 resistance. Thus, we still keep our outlook neutral until the price manages to breach one of these levels and detect its next track clearly. Note that a break of 1,211.31 levels will extend the correctional bearish wave to target the 1,172.68 area; while a breach of 1,249.94 represents initial positive factor that supports the attempts to regain the main bullish trend. Upside targets will begin at 1,297.74 and extend towards the previously recorded top at 1,375.00. The expected trading range for today is between the 1,211.00 support and the 1,249.94 resistance.

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Daily analysis of Silver for November 16, 2016

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Overview

The silver price gradually crawls upwards approaching from retesting the 17.43 level, which represents 50% Fibonacci level that was broken previously. Stochastic reaches the overbought areas thresholds, while the EMA50 forms continuous negative pressure on the intraday and short-term trading. Therefore, we still suggest the bearish trend in the upcoming sessions, and the targets begin at 16.56 and extend to 15.49 after breaking the previous level. Remember that it is important to hold below 17.43 to continue the suggested bearish bias. The expected trading range for today is between the 16.56 support and the 17.43 resistance.

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