Daily analysis of Silver for November 22, 2016

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Overview

Silver price opens today's trading with clear bullish bias after failing to break the 16.56 level in the past days, This failure hints the strength of the mentioned level that represents 61.8% Fibonacci correction level. The rise measured from 13.75 to 21.22 provides positive chances to target the 17.43 level initially in the upcoming sessions. Therefore, we expect the bullish trend to dominate in the nearest term. This scenario is supported by stochastic positivity that appears on the four hours' time frame. Breaching the 17.43 level will extend gains to 18.30 as the next main station. Breaking the 16.56 level will push the price to visit the next correctional level at 15.49. The expected trading range for today is between 16.56 support and 17.20 resistance.

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Global macro overview for 22/11/2016

Global macro overview for 22/11/2016:The Reserve Bank of Australia assistant governor Christopher Kent said early this morning in a speech at the Australian Business Economists Conference Dinner, that he sees a reasonable prospect for overall strong economic growth that would push inflation up to normal levels. Moreover, he mentioned his concerns regarding high home prices in Australia, but he added that household debt is still a risk, but less than last year. Regarding the high commodity prices, like cooking coal, he said it is unlikely that higher commodity prices will lead to mining investment pick-up. In conclusion, quite hawkish and positive comments from Kent should support the positive sentiment and positive outlook for the Australian economy.

Let's now take a look at the AUD/USD technical picture in the daily time frame. After the market has violated the golden trend line, the lower levels of support are being tested. The price is trading below all of the moving averages. Meanwhile, the bulls don't look strong enough to break back above the level of 0.7419. As long as this level is not broken, the bears have full control over this market and the next support is seen at the level of 0.7285.

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Gold analysis for November 22, 2016

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Since our previous analysis, gold has been trading sideways next to the price of $1,214.80. Using the market profile analysis, I found a strong multiday point of control near the price of $1,225.00. I also found a potential bearish flag formation, which is a sign of weakness. Watch for a potential breakout of the upward channel to confirm a downward direction. The first target is set at the price of $1,203.00

Fibonacci pivot points:

Resistance levels:

R1: 1,217.40

R2: 1,220.10

R3: 1,224.60

Support levels:

S1: 1,208.40

S2: 1,206.00

S3: 1,201.65

Trading recommendations for today: Watch for potential selling opportunities.

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USD/CAD intraday technical levels and trading recommendations for November 22, 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 three 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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NZD/USD Intraday technical levels and trading recommendations for November 22, 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 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 was broken-down as well.

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.

On the other hand, any bullish pullback towards 0.7100 should be considered for selling the NZD/USD pair.

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Intraday technical levels and trading recommendations for GBP/USD for November 22, 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. That's why, bearish projection target would be located around 1.2020.

Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback was being executed towards 1.2700.

The recent bullish pullback towards 1.2700 was suggested to be watched for a valid SELL entry. The bearish engulfing candlestick of the previous week enhances this scenario.

S/L should be lowered to 1.2600 to offset the associated risk. T/P levels should be located at 1.2300 (reached already) and 1.2100.

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Intraday technical levels and trading recommendations for EUR/USD for November 22, 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).

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.

The current bearish persistence below 1.0825 allowed further bearish decline to occur towards 1.0570 (demand level) where price action should be watched for short-term bullish recovery and a possible BUY entry.

On the other hand, bearish closure below the depicted demand level around 1.0570 allows further bearish decline. Initial bearish target would be located around 1.0220.

On the other hand, the price level of 1.0825 (Fibo Expansion 100%) constitutes a recent supply level to be watched for a SELL entry if any bullish pullback occurs.

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EUR/NZD analysis for November 22, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5020. Using the market profile in the 30M time frame, I found yesterday's point of control at the price of 1.5125. Besides, I found a trading range between the price of 1.4997 (support) and the price of 1.5056. Watch for a breakout to confirm a further direction. If the price breaks upward, the target will be set at the price of 1.5125. If the price breaks lower, the target will be set at the price of 1.4960. I give more chances for higher price since price is out of balance according to yesterday's profile.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5125

R2: 1.5150

R3: 1.5210

Support levels:

S1: 1.5015

S2: 1.4985

S3: 1.4930

Trading recommendations for today: Watch for a potential breakout to confirm a further direction.

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Technical analysis of GBP/JPY for November 22, 2016

GBP/JPY found the support at 124.80 and started to rise. The pair managed to break above the descending channel and currently is trading above both 50 and 200 Moving Averages.

This means that GBP/JPY is either going to continue correcting up or could change the direction of the trend from down to up. At the same time, the pair has broken above 38.2% Fibonacci retracement level where the next upside target could be one of the next Fibs.

Consider buying GBP/JPY at the current rate (138.00), targeting either 50% (142.45) or 61.8% Fibs (146.60). Suggested stop loss is 135.10.

Support: 133.12

Resistance: 138.28, 142.45, 146.62

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Technical analysis of EUR/GBP for November 22, 2016

EUR/GBP seems to have entered a downtrend after breaking the support at 0.8566. The pair is trading below 200 Moving Average and have already rejected 50 Moving Average that is currently acting as a resistance.

While the trend is bearish, consider selling EUR/GBP at the current rate (0.8532), targeting either 261.8% (0.8340) or 361.8% Fibs (0.8200). Suggested stop loss is 0.8690.

Support: 0.8480, 0.8340, 0.8200

Resistance: 0.8566

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Global macro overview for 22/11/2016

Global macro overview for 22/11/2016:

US president-elect Donald Trump has outlined his first 100-day plan. In a video message, Trump announced intentions to quit TPP on the first day in office, just as he promised during the presidential election campaign. As we remember, he described the TPP deal as bad for America as it hampers the process of regaining control over the US economy. Moreover, in the same message he pledged to reduce "job-killing restrictions" on coal production and stop visa abuses. In conclusion, it looks like Donald Trump is trying to be fair with the American people who voted for him and will try to meet his promises to show that his presidency will not defeat their expectations. Whether it will turn out to be good for the US economy in the future, time will tell.

Let's now take a look at the US Dollar index technical picture on the daily time frame. The market is trading at the new local highs, above the old swing high at the level of 100.48. The bulls are in full control over this market and the next resistance is seen at the level of 101.49.

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Technical analysis of USD/CAD for November 22, 2016

General overview for 22/11/2016:

The top for the wave Z (brown) of the (c) (blue) is in place at the level of 1.3588. The bears have broken out below the intraday support and are heading lower for the weekly pivot at the level of 116.99 in order to confirm this scenario. The first projected target for wave c (green) is at the level of 1.3308.

Support/Resistance:

118.47 - WR1

118.41 - Intraday Resistance

117.47 - Intraday Support

116.99 - Weekly Pivot

116.49 - WS1

116.24 - Local Low

Trading recommendations:

The corrective upward wave progression is about to be completed or it has already completed, so this is why daytraders should consider opening only sell orders with tight SL and TP open for now.

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Technical analysis of EUR/JPY for November 22, 2016

General overview for 22/11/2016:

There is no immediate impulsive reaction to the downside so far, but the top for the wave b (green) has been established at the level of 1.3566. Now the market is declining towards the intraday support at the level of 1.3398. This is why the intraday support is the key level for daytraders as any breakout below it will confirm the wave c (green ) is in progress. The projected target zone for the wave c (green) is the demand zone between the levels of 1.3290 - 1.3312.

Support/Resistance:

1.3596 - WR1

1.3566 - Intraday Resistance

1.3497 - Weekly Pivot

1.3419 - WS1

1.3398 - Intraday Support

1.3308 - WS2

Trading recommendations:

The corrective upward wave progression is about to be completed, so this is why the daytraders should consider opening only sell orders with tight SL and TP open for now.

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XAU/USD bounced perfectly above our buying level, remain bullish

Price has bounced perfectly yesterday above our major support at 1202.86 (Fibonacci projection, Fibonacci retracement, horizontal swing low support) and we expect a push up from here towards 1231.91.

RSI (34) is seeing major bullish divergence vs price signalling a major reversal is approaching.

Stochastic (21,5,3) is seeing major support from 5.55% signalling a bounce is impending.

Buy above 1202.86. Stop loss at 1180.91. Take profit at 1231.91.

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AUD/USD bounced above our buying level, remain bullish

Price has bounced off really nicely above our major support at 0.7307 (Fibonacci retracement, horizontal overlap support, Fibonacci projection) and we expect a further rise above this level towards 0.7442 (Fibonacci retracement, horizontal pullback resistance).

RSI (34) is bouncing above 35% where a previous major bounce occurred.

Stochastic (21,5,3) is seeing major support above 4.5% where we expect a significant bounce.

Buy above 0.7307. Stop loss at 0.7200. Take profit at 0.7442.

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Technical analysis of USD/CHF for November 22, 2016

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Overview:

  • The USD/CHF pair faced resistance at the level of 1.0195, while minor resistance is seen at 1.0121. Support is found at the levels of 0.9996 and 0.9898. Yesterday, the USD/CHF pair continued to move upwards from the level of 0.9996. The pair rose from the level of 0.9996 to the top around 1.0121. In consequence, the USD/CHF pair broke resistance, which turned into strong support at the level of 0.9996. Today, the level of 0.9996 is expected to act as major support. Hence, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9996 towards the target level of 1.0121. If the pair succeeds in passing through the level of 1.0121, the market will indicate the bullish opportunity above the level of 0.9996 in order to reach the second target at 1.0195 to form a new double top in the H4 time frame. Thus, the trend will probably be continue its uptrend today as long as the level of 0.9996 is not breached. On the other hand, if the NZD/USD pair fails to break through the resistance level of 1.0195 today, the market will decline further to 0.9898 later.
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Technical analysis of NZD/USD for November 22, 2016

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Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.7082 to bottomed at 0.6983. Last week, the pair dropped from the level of 0.7082 to the low around 0.6983. But the pair has rebounded from the bottom of 0.6983 to close at 0.7070 yesterday. Today, the first support level is seen at 0.7032, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong resistance at the levels of 0.7032 and 0.6983 which coincides with the double bottom. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling an upward trend. As a result, if the NZD/USD pair is able to break out the first resistance at 0.7082, the market will rise further to 0.7141 in order to test the daily resistance 2. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.7032 with the first target at 0.7082 and further to 0.7143. However, stop loss is to be placed below the level of 0.6983 (the double bottom).
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Technical analysis of USDX for November 22, 2016

The Dollar index is trading above 101 and short-term support while trend remains bullish in all time frames. The Dollar index has stopped its rise right at the long-term resistance area and bulls need to be very cautious as a reversal towards 99 or lower is very possible.

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Blue line - short-term resistance

Short-term resistance is found at 101.10-101.20. Short-term support is at 100.69. A break below 100.69 will open the way for a push towards 99.85. Bulls should be prepared for a pullback in the Dollar index at least towards 99.

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Red lines - expanding triangle

Green line - trend line support

As long as price is trading above the weekly Kumo (cloud) and the green trend line support bulls will be in control. Price is now right on the important resistance of the expanding triangle upper trend line. Oscillators are overbought. A pullback is justified and I prefer to be bearish at current levels.

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Technical analysis of gold for November 22, 2016

The gold price is reversing higher from the 50% Fibonacci retracement. The price is making higher highs and higher lows in the short term increasing the chances of a bigger reversal. I remain longer-term bullish on gold, but the possibility of an important low to be seen below $1,200 is still alive.

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Short-term support is at $1,209. Short-term resistance is at $1,222. Next important resistance that will confirm the short-term reversal is found at $1,230. Bulls need to break above $1,230 for a sharp push higher towards $1,270. A break below $1,200 will open the way for a push towards $1,170-$1,180.

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Gold is at the 50% Fibonacci retracement of the entire rise and at the top of the weekly Ichimoku cloud. Oscillators are oversold and diverging. A reversal in weekly trend will come and

gold is expected to move towards $1,400.

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Elliott wave analysis of EUR/NZD for November 22 - 2016

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Wave summary:

The correction from 1.5266 has extended lower to just below the 61.8% corrective target at 1.4985. This correction is likely be over soon, and the next impulsive rally higher towards 1.5618 at least can start.

The first sign that the correction is complete will be seen upon a break above the minor resistance at 1.5060, while a break above resistance at 1.5168 will confirm that the correction has completed and the red wave (iii) is developing.

Trading recommendation:

Our stop at 1.5000 was hit for a small profit. We will buy EUR again upon a break above 1.5060. Stop will be placed at 1.4960.

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Elliott wave analysis of EUR/JPY for November 22, 2016

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Wave summary:

I'm still looking for a rally towards 118.59 and later 122.00 as the next major upside targets. In the short term, I expect minor support at 117.39 will be able to protect the downside for a break above minor resistance at 118.01 and push the price higher to 118.59.

Once the 118.59 target is hit, then look for a shallow sideways correction.

Trading recommendation:

We are long EUR from 115.04 with stop placed at 117.20. If you are not long EUR yet, the buy upon a break above 118.01 but keep stops close and place take profit near 118.59.

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Technical analysis of EUR/USD for Nov 22 2016

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When the European market opens, some economic data will be released such as consumer confidence index and German Buba Monthly Report. The US will also publish some news such as Richmond Manufacturing Index and Existing Home Sales. Therefore, amid the reports EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0688.

Strong Resistance:1.0681.

Original Resistance: 1.0671.

Inner Sell Area: 1.0661.

Target Inner Area: 1.0636.

Inner Buy Area: 1.0611.

Original Support: 1.0601.

Strong Support: 1.0591.

Breakout SELL Level: 1.0584.

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 22, 2016

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In Asia, Japan will not release any economic news today but the US will publish some reports such as Richmond Manufacturing Index and Existing Home Sales. Therefore, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 111.25.

Resistance. 2: 111.03.

Resistance. 1: 110.82.

Support. 1: 110.55

Support. 2: 110.34.

Support. 3: 110.12.

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 November 22, 2016

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USD/JPY Intraday: Bullish bias above 110.40. The pair remains above its key support level at 110.4, which allows for a temporary stabilization. The relative strength index is mixed to bullish around its neutrality level at 50. Even though a consolidation cannot be ruled out, its extent should be limited.

The U.S. dollar paused as investors took profits on the currency's 10-day rally, its longest winning streak in over four years. The ICE U.S. Dollar Index eased 0.2% to 101.05.

Hence, as long as the key horizontal level at 110.30 is not broken, likely advance to 111.35 and 112.0 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 111.35 and the second one at 112.00. In the alternative scenario, short positions are recommended with the first target at 109.80 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 109.20. The pivot point lies at 110.30.

Resistance levels: 111.35, 112.00, 112.45

Support levels: 109.80, 109.20, 108.65

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Technical analysis of USD/CHF for November 22, 2016

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USD/CHF is expected to trade with a bullish bias above 1.0060. The pair is consolidating below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 1.0060 is playing a key support role, which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

As long as the key level at 1.0060 is not broken, look for a further upside toward 1.0125 first. A break above 1.0125 would call for a further advance toward 1.0145.

Resistance levels: 1.0125, 1.0145, 1.0190

Support levels: 1.0025, 0.9990, 0.9940

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Technical analysis of NZD/USD for November 22, 2016

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NZD/USD is expected to extend its upside movement. The pair shows further upside potential after the upward breakout of its declining trend line, which emerged on Nov 17. The rising 20-period and 50-period moving averages are playing support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50. As long as 0.7025 is support, look for a further upside toward 0.7010 and 0.7140 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7110 and the second one at 0.7140. In the alternative scenario, short positions are recommended with the first target at 0.6990 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6955. The pivot point lies at 0.7025.

Resistance levels: 0.7110, 0.7140, 0.7180

Support levels: 0.6990, 0.6955, 0.6875

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Technical analysis of GBP/JPY for November 22, 2016

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GBP/JPY is expected to continue its upside movement. The pair broke above its former key resistance at 137.25, which becomes support now, and accelerated on the upside. The upward momentum is further reinforced by its rising 20-period and 50-period moving averages. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 137.25 is support, look for a further upside toward 139.00 and even 140.05 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 139.00 and the second one at 140.05. In the alternative scenario, short positions are recommended with the first target at 136.25 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 135.45. The pivot point lies at 137.25.

Resistance levels: 139.00, 140.05, 141.10

Support levels: 136.25, 135.45, 134.60

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Daily analysis of major pairs for November 22, 2016

EUR/USD: This currency trading instrument simply went flat on Monday. There would soon be a rise in the momentum, and further downwards movement is possible this week, provided that USD does not showcase any signs of strength.

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USD/CHF: The USD/CHF pair did not do much on November 21. It managed to climb above the great psychological level at 1.0000 last week, and testing the resistance level at 1.0100. Price may be able to target the resistance level at 1.0200 this week, but any signs of weakness in the USD may send the pair plunging below the psychological level at 1.0000.

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GBP/USD: The Cable moved upwards by 180 pips yesterday in the context of a downtrend. The upwards movement was not significant enough to override the short-term bearish bias. A further bullish movement of about 200 pips, would however, result in a bullish signal on the 4-hour chart.

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USD/JPY: The USD/JPY pair has been going further and further upwards. There is a huge Bullish Confirmation Pattern in the market, and further northwards journey is anticipated. So bulls might target the supply levels at 115.50, 112.00 and 112.50 this week. This kind of a bullish movement would hold as long as the Yen is weak.

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EUR/JPY: This cross pair moved a bit upwards on Monday, and it is now very close to the supply zone at 118.00. A break above the supply zones at 118.50 and 119.00 is anticipated this week. This should happen unless the Yen gains a considerable amount of stamina, which might result in a large pullback.

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Daily analysis of USDX for November 22, 2016

The US Dollar index still keeps its bullish tone above the support zone of 100.53, but finally during Monday's session, we saw some corrective moves, as the index is extending a nonstop rally to the upside across the board. The next target in the bullish bias is still placed at the 101.74 level, where a breakout should open the doors to test the 102.61 level.

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H1 chart's resistance levels: 101.74 / 102.61

H1 chart's support levels: 100.53 / 99.39

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 101.74, take profit is at 102.61 and stop loss is at 100.87.

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Daily analysis of GBP/USD for November 22, 2016

The GBP/USD pair experienced more bullish momentum during Monday's session, as it managed to consolidate once again above the 200 SMA on the H1 chart and it seems that the resistance level of 1.2516 can be reached soon. As long as the pair continues to trade above that moving average, we can expect further advance toward the 1.2579 level in coming days.

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H1 chart's resistance levels: 1.2516 / 1.2579

H1 chart's support levels: 1.2437 / 1.2361

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2516, take profit is at 1.2579 and stop loss is at 1.2454.

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EUR/NZD analysis for November 21, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5018 in an average volume. Using the market profile in the 30M time frame, I found that price went to imbalance out of strong point of control zone in the background. Watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward targets. I found Fibonacci expansion 100% at the price of 1.4985 and Fibonacci expansion 161.8% at the price of 1.4850.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5125

R2: 1.5150

R3: 1.5180

Support levels:

S1: 1.5055

S2: 1.5035

S3: 1.5000

Trading recommendations for today: Watch for potential selling opportunities.

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