EUR/NZD analysis for November 23, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5050. My yesterday's analysis is still valid. Using the market profile on the 15M time frame, the fairest price stands at the level of 1.5037. 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 further direction. If the price breaks upwards, 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 1.4925.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5070

R2: 1.5090

R3: 1.5115

Support levels:

S1: 1.5015

S2: 1.4995

S3: 1.4965

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

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Gold analysis for November 23, 2016

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Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,209.86 in a high volume. Using the market profile analysis, I found a strong point of control from 2 days ago at the price of $1,214.00. The price made resistance cluster today near this level; and it is good sign of weakness. Watch for potential selling opportunities. The first downward target is set at the price of $1,206.15; and second target, at the price of $1,203.20.

Fibonacci pivot points:

Resistance levels:

R1: 1,212.20

R2: 1,213.40

R3: 1,215.60

Support levels:

S1: 1,208.40

S2: 1,206.40

S3: 1,202.20

Trading recommendations for today: Watch for potential selling opportunities.

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Global macro overview for 23/11/2016

Global macro overview for 23/11/2016:

The durable good orders report from the US is scheduled for release at 01:30GMT today. Market participants anticipate a nice increase after a modest dip last month. The increase for this month is expected to hit 1.2% m/m because of the fact, that recently the US manufacturing sector has been showing signs of strengthening according to the FED. Data for the last month indicate, that manufacturing component increased moderately for the second month in a row and the outlook is getting better slowly. In conclusion, today's release should offer another round of supporting evidence.

Let's now take a look at the US Dollar Index technical picture in the daily time frame. The market is still 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 might be waiting for a fundamental catalyst to test the next resistance at the level of 101.49.

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USD/CAD intraday technical levels and trading recommendations for November 23, 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 23, 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 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. S/L should be placed above 0.7150.

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Global macro overview for 23/11/2016

Global macro overview for 23/11/2016:

The eurozone Flash Composite, Manufacturing and Services PMI metrics were all released this morning and they posted solid gains. The Services PMI was better than expected, it came in at 54.1 (vs. 53.1 expected and 52.8 prior). The Manufacturing PMI was also better than expected and it was released at the level of 53.7 (vs.53.2 expected and 53.5 prior). The overall Composite PMI for the eurozone was released at the level of 54.1, which was again better than expected and up from the prior reading of 53.5. All this upbeat data might suggest, that a flash fourth-quarter forecast for 0.3% GDP growth might be upgraded. Besides, all PMI readings are above 50 that indicates expansion, so the broad trend remains on track for modest growth.

Let's now take a look at the EUR/USD technical picture in 4H time frame after the data release. The bounce from lower low at the level of 1.0568 does not look too impulsive and the bull camp is not strong enough to break out above the technical resistance at the level of 1.0665 yet. Nevertheless, the growing bullsh divergence between the price and the momentum oscillator favors the counter-trend relief rally to happen any time soon.

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Intraday technical levels and trading recommendations for GBP/USD for November 23, 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 23, 2016

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In January 2015, the EUR/USD pair moved below the major demand level 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 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.

The price level of 1.0825 (Fibonacci Expansion 100%) constitutes a recent supply level to be watched for a SELL entry if any bullish pullback occurs.

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.

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Technical analysis of USD/CAD for November 23, 2016

General overview for 23/11/2016:

Bulls have managed to retrace 50% of the previous move down and now the market is declining to the intraday support at the level of 1.3378. 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 and 1.3312.

Support/Resistance:

1.3596 - WR1

1.3566 - Intraday Resistance

1.3497 - Weekly Pivot

1.3419 - WS1

1.3378 - Intraday Support

1.3308 - WS2

Trading recommendations:

The corrective upward wave progression is about to be 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 23, 2016

General overview for 23/11/2016:

The top of the wave Y (brown) of (b) (blue) has been moved to the level of 118.14 and the whole Elliott wave count has been updated. Currently, the market should start declining to the intraday support at the level of 117.48 because it hit the daily supply zone (marked as a gray rectangle). Nevertheless, to confirm this scenario the bears must push the price out of the blue channel and and it would break out below the intraday support .

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 USD/CHF for November 23, 2016

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Overview:

  • The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bullish in the nearest term testing 1.0195 or higher. ALso, it should be noted that the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market as the price is still above the moving average (100). 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.
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  • 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. Afterwards, 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 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.
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Technical analysis of NZD/USD for November 23, 2016

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Overview:

  • The NZD/USD pair is still continuing to move downwards from the level of 0.7082 to bottomed at 0.6983.
  • Yesterday, the pair dropped from the level of 0.7082 to the low around 0.7032.
  • But the pair has rebounded from the bottom of 0.7032 to close at 0.7060 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.

Daily key levels:

  • Major resistance:0.7192
  • Minor resistance:0.7143
  • Intraday pivot point:0.7082
  • Minor support:0.7032
  • Major support:0.6983
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Elliott wave analysis of EUR/NZD for November 23, 2016

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Wave summary:

EUR/NZD continue to work its way lower towards 1.4985. From here or upon a direct break above resistance at 1.5168 a new impulsive rally towards 1.5618 is expected. A firm break above 1.5078 will be the first indication that the corrective decline from 1.5266 is complete and the new impulsive rally is unfolding.

Trading recommendation:

We will buy EUR at 1.5000 or upon a break above 1.5078 with stop placed at 1.4810

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Elliott wave analysis of EUR/JPY for November 23, 2016

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Wave summary:

The 118.59 target remains in focus. After a minor correction, more upside towards 122 will be expected. Only a direct break below minor support at 117.36 indicates that red wave iii is already in place and red wave iv towards 116.62 is developing.

The rally from 113.70 is loosing upside momentum and a minor top should soon be expected.

Trading recommendation:

We are long EUR from 115.04 with stop placed at 117.20. If you are not long EUR yet, then wait to buy the expected correction.

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Technical analysis of USDX for November 23, 2016

The Dollar index tried to bounce yesterday for new highs but got rejected. The pullback so far is shallow. A trend remains bullish but bulls need to be very cautious in case price breaks below 100.65 as then we will have a confirmation of a short-term trend change.

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The Dollar index retraced back to the 78.6% of the recent decline and got rejected. Price is trading around the Icimoku cloud that has turned red and this is another worrying sign that we might see another pullback down towards 99 for a lower low.

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Red lines - megaphone pattern

Green line - trend line support

The Dollar index is fighting at the upper trend line resistance of the megaphone pattern. As long as price is above 97.50 bulls remain in control. A break below the Ichimoku cloud and the trend line support at 96-96.50 will be a confirmation of trend reversal on a weekly level pointing to a downward move targeting below 92.

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Technical analysis of gold for November 23, 2016

Gold price continues to trade sideways around the $1,220-$1,210 area where the 50% Fibonacci retracement of the entire rise from $1,045 is found. Gold price has not given any confirmation of a trend reversal, so a trend remains bearish and price is in danger of breaking below $1,200. My longer-term view remains bullish Gold.

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Blue line - trend line resistance

Red rectangles - resistance levels

Gold price continues to trade below the Ichimoku cloud on the 4-hour chart. Price is moving sideways. Short-term resistance is at $1,220 and next at $1,230 where the Ichimoku cloud is found. Support is at $1,204. If broken, we will see price below $1,200 and could fall as far as the $1,170-$1,180 area.

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Gold price is at the 50% Fibonacci retracement and at the upper cloud boundary support. We may see a new decline to flush out weak longs but overall I expect either from current levels or from the 61.8% Fibonacci retracement a strong upward reversal.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for November 23, 2016

EUR/USD: The EUR/USD pair has moved sideways so far this week. The EMA 11 is below the EMA 56, while the Williams' % Range period 20 is often in the oversold region. This sideways movement in the context of a downtrend would end as momentum rises, and most probably go in favor of bears.

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USD/CHF: This pair has moved sideways so far this week. The EMA 11 is above the EMA 56, while the Williams' % Range period 20 is often in the overbought region. This sideways movement in the context of an uptrend would end as momentum rises, and most probably go in favor of bulls.

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GBP/USD: This pair went upwards on Monday and got engaged in a bearish correction on Tuesday. The bias on the market remains bearish, and any further bullish attempt should be taken as opportunities to sell short at better prices. A movement below the accumulation territory at 1.2350 would reinforce the existing short-term and long-term biases in the market.

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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 a further northwards journey is anticipated. So bulls might target the supply levels at 111.50, 112.00, and 112.50 this week. This kind of bullish movement would hold as long as the Yen is weak.

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EUR/JPY: The EUR/JPY pair is still making some bullish attempt, now besieging the supply zone at 118.00, which is the second target for the week. The supply zone would soon be breached to the upside as price goes towards another supply zone at 119.00.

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Technical analysis of USD/JPY for November 23, 2016

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USD/JPY is expected to trade with a bearish bias as the key resistance at 111.40. The pair remains under pressure below its horizontal resistance at 111.40, and lacks upward momentum. Even though a continuation of the rebound at the current stage cannot be ruled out, its extent should be limited. The relative strength index is mixed to bearish. USD/JPY kept the day-low at 110.23 chalked immediately after a magnitude 6.9 earthquake struck Japan off the coast of Fukushima and triggered a tsunami alert. The pair spent the rest of the session fighting its way back and touched a day-high of 111.35. It finally settled at 111.12, up 0.3% on day.

Thus, as long as 111.40 is not broken above, a further drop is expected with 110.2 and 109.8 as the targets.

Trading Recommendation: 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 110.20. A break below this target will move the pair further downwards to 109.80. The pivot point stands at 111.40. 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 112.00 and the second one at 112.65.

Resistance levels: 112.00, 112.45, 113.15

Support levels: 110.20, 109.80, 109.20

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Technical analysis of USD/CHF for November 23, 2016

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USD/CHF is supported by a rising trend line. The technical picture of USD/CHF is bullish above an ascending trend line, which emerged on Nov 22. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 1.0060 (Nov 18 and 22 bottoms) represents a significant key support level, which should limit the downside potential. The U.S. dollar was off its multi-year high, it managed to avoid drifting lower. The ICE U.S. Dollar Index marked a day-low of 100.77 before rebounding to settle at 101.04, just a bit down from 101.05 in the prior session.

As long as this key level is not broken, look for a further upside toward 1.0145. A break above this level would call for a further advance toward 1.0190.

Resistance levels: 1.0145, 1.0190, 1.0245

Support levels: 1.0025, 0.9990, 0.9940

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Technical analysis of NZD/USD for November 23, 2016

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NZD/USD is expected to continue its rebound. The pair is rebounding and broke above its 20-period and 50-period moving averages. The relative strength index stands firmly above its neutrality level at 50. Additionally, 0.7035 is playing a key support role, which should limit the downside potential. As long as this key level holds on the downside, look for a further upside toward 0.7110. A break above 0.7110 would call for a further advance toward 0.7140.

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 0.7110 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 0.7140. The pivot point lies at 0.7035.

Resistance levels: 0.7110, 0.7140, 0.7180

Support levels: 0.7010, 0.6990, 0.6955

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Technical analysis of GBP/JPY for November 23, 2016

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GBP/JPY is expected to trade with bullish bias. The pair has crossed above its 20-period moving average, which stays above its 50-period moving average. Meanwhile, the relative strength index is above 50 and is positively oriented. The pair has broken above an ascending triangle pattern, and is expected to look for a higher top. Meanwhile, the relative strength index is above 50 and lacks downward momentum. Trading of the British pound got tricky amid thin liquidity and stretched positions built against the currency.

As long as 137.25 is not broken down, further bounce is preferred with 139 and 140.05 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 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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Technical analysis of EUR/USD for Nov 23, 2016

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When the European market opens, some Economic Data will be released such as German 10-y Bond Auction, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release the economic data, too, such as Natural Gas Storage, Crude Oil Inventories, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, New Home Sales, Flash Manufacturing PMI, HPI m/m, Durable Goods Orders m/m, Unemployment Claims, and Core Durable Goods Orders 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: 1.0683.

Strong Resistance:1.0676.

Original Resistance: 1.0666.

Inner Sell Area: 1.0656.

Target Inner Area: 1.0631.

Inner Buy Area: 1.0606.

Original Support: 1.0596.

Strong Support: 1.0586.

Breakout SELL Level: 1.0579.

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

Technical analysis of USD/JPY for Nov 23, 2016

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In Asia, today, Japan will not release any Economic Data, but the US will release some Economic Data, such as Natural Gas Storage, Crude Oil Inventories, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, New Home Sales, Flash Manufacturing PMI, HPI m/m, Durable Goods Orders m/m, Unemployment Claims, and Core Durable Goods Orders 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: 111.61.

Resistance. 2: 111.39.

Resistance. 1: 111.18.

Support. 1: 110.90

Support. 2: 110.69.

Support. 3: 110.47.

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 USDX for November 23, 2016

USDX still hovers in the 101 zone, while it awaits for fresh momentum to decide the next trend on a short-term basis. If the index manages to break the strong supply area of 101.74, then it can reach the 102.61 level, where an overbought scenario could start setting up across the board. 200 SMA at H1 chart remains bullish, calling for further upside.

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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 23, 2016

The pair trimmed its Monday's gains and now we can see a consolidation below the 200 SMA once again,while the resistance zone of 1.2516 is still being respected during the week. A breakout below the support area of 1.2396 should push lower to the GBP/USD pair in order to reach the next demand zone around 1.2361. MACD indicator is supporting that bearish scenario.

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H1 chart's resistance levels: 1.2451 / 1.2516

H1 chart's support levels: 1.2396 / 1.2361

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 1.2451, take profit is at 1.2516 and stop loss is at 1.2386.

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

Daily analysis of EUR/JPY for November 22, 2016

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Overview

The EURJPY price is still forming bullish trend, approaching from the first target at 118.20. If the price gains new positive momentum, it will be able to breach the awaited target and even move higher to 119.20. Until support at 116.40 is held, the price will stay within the bullish range. Therefore we will stick to the bullish bias until the price reaches the awaited targets. The expected trading range for today is between 117.10 and 119.20.

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

Daily analysis of GBP/JPY for November 22, 2016

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Overview

The GBPJPY price keeps trading with a strong bullish trend reaching the first target at 138.80. As Stochastic still provides positive momentum holding at overbought level, we stick to the bullish scenario until the price reaches the main resistance at 140.40. We recommend monitoring the price behavior for reaching the targeted resistance, which forms a strong obstacle that might confine the price within the main negative range. It may provide the strong chance of forming a bearish bias in the upcoming period. The expected trading range for today is between 136.80 and 140.40.

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

Daily analysis of gold for November 22, 2016

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Overview

Gold has been trading in a tight range since morning keeping its stability above 1,211.31. As long as the price holds above this level and above 1,200.00, our bullish trend expectations remain valid and active for today. The first target level to be tested lies at 1,249.94. Breaching this level will extend gains to 1,297.74 as the next main station. Breaking the 1,229.00 level will make it easier to achieve the suggested targets. The stochastic provides a positive signal that will motivate the price to fulfill the required break. The expected trading range for today is between 1,200.00 support and 1,240.00 resistance.

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