USD/CAD intraday technical levels and trading recommendations for November 24, 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 had been 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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Global macro overview for 24/11/2016

Global macro overview for 24/11/2016:

Interesting comments from Swiss National Bank Governor Thomas Jordan hit the mass media this morning. In the interview for Swiss newspaper Tages-Anzeiger, Jordan confirmed that the Swiss franc is still highly overvalued over the Euro and SNB is ready to intervene in the currency market again if necessary. Moreover, he assured traders that negative interest rates remain a focal point in SNB's monetary policy as this policy is appropriate in the current global environment. In conclusion, the overall SNB point of view regarding global monetary policy is still accommodative, but economists doubt whether SNB will decide to lower interest rates again before December FED meeting.

Let's now take a look at the USD/CHF technical picture in the daily time frame. After the US presidential election, there is a global demand for the US dollar, so the bulls are now in full control over this market. The bull camp has managed to break out above the golden trend line and now it is trading close to the yearly highs. It is still unclear whether the market will test them, but just in case, the next support is at the level of 1.0091 and the next resistnace is at the level of 1.0256 and 1.0326.

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Global macro overview for 24/11/2016

Global macro overview for 24/11/2016:

The FOMC Meeting Minutes released yesterday provided another inside data regarding a possible interest rate hike in December. The FOMC officials agreed the case for tightening monetary policy continued to strengthen as they saw a rate hike appropriate 'relatively soon'. Among all members, some argued a hike should come at December meeting to preserve FED's credibility. Moreover, a few voting members were worried that if the FED would allow the jobless rate to fall too low, it might need to increase rates steeply and that could hurt expansion. In conclusion, the FOMC minutes have a much more cautious tone, but it came out just as expected: the possibility of a rate hike in December is almost certain and FedWatch Tool current rake hike probability is 95.3%.

Let's now take a look at EUR/USD technical picture in the 4H time frame. The market started to price in the possible interest rate hike much earlier, so now the move is already in assets' prices. This is why the EUR/USD pair is showing a positive divergence between the price and the momentum oscillator and the rebound should be expected any time soon. The next important resistnace is seen at the level of 1.0568 and 1.0665.

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EUR/NZD analysis for November 24, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5107 in a high volume. Using the market profile on 30M time frame, I found that price is trying to visit the level of 1.5127 (a strong point of control in the background). The price is trading above 21SMA and above the previous swing highs. My advice is to watch for buying opportunities. The upward target is set at the price of 1.5127-1.5150.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5070

R2: 1.5085

R3: 1.5105

Support levels:

S1: 1.5030

S2: 1.5015

S3: 1.4995

Trading recommendations for today: Watch for buying opportunities on the dips.

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NZD/USD Intraday technical levels and trading recommendations for November 24, 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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Intraday technical levels and trading recommendations for GBP/USD for November 24, 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 and 1.2100.

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Intraday technical levels and trading recommendations for EUR/USD for November 24, 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 a possible BUY entry if enough bullish rejection is manifested.

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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Gold analysis for November 24, 2016

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Since our previous analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,180.17 in a high volume. Using the market profile analysis, I found the fairest price today at the level of $1,186.30. Besides, I found a trading range between the price of $1,180.00 (support) and the price of $1,192.00 (resistance). Watch for a potential breakout of a trading range to confirm further direction. According to the 30M time frame, I found strength and bar closed in the middle, which is a sign of strength. If the price breaks upward, the upward target is set at the price of $1,212.70 (the point of control from yesterday). The breakout of support will confim potential testing of $1,172.50. I give a higher chance to the upside according to the current background.

Fibonacci pivot points: Resistance levels:

R1: 1,206.90

R2: 1,213.40

R3: 1,223.60

Support levels:

S1: 1,186.30

S2: 1,179.90

S3: 1,169.60

Trading recommendations for today: Watch for a breakout of a trading range to confirm a further direction.

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Technical analysis of USD/CAD for November 24, 2016

General overview for 24/11/2016:

The market has retraced 78% of the previous move down, but it was capped at the 1.3535 level where the golden trend line provides resistance. Currently, the pair is trading below the weekly pivot and it is about to break out lower. 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 24, 2016

General overview for 24/11/2016:

The Elliott Wave count for this pair has been updated and changed due to the alternative count invalidation. The current count is the old main scenario that was abandoned in favor of alternative labeling, which eventually did not work correctly. This is why we will now follow the new main EW count, starting from the weekly time frame. On this time frame, the big corrective cycle in wave 2 (navy) labeled as ABC was completed at the level of 109.55 and now the market is trying to unfold the big wave 3 (navy). Moreover, we can see the price has hit the golden trend line and it might be a good level to start the internal corrective cycle before the eventual trend line violation (please notice the market is still trading below 50, 100 and 200 weekly moving average as well). On the daily chart I have marked first two impulsive waves purple and both of them are now completed. This indicated that the market is now developing wave 3 (purple) to the upside. Details of this wave progression can be seen on the H4 and H1 charts. The wave 3 (purple) internal waves are unfolding in impulsive fashion and the current order is as follows: (1)-(2) blue, (i)-(ii) green, (i)-(ii) black, -i- - -ii- black. The projected top for the wave (iii) is currently at 161% Fibonacci Extension at the level of 119.90. When the wave (iii) is completed, then an internal correction of a lesser degree is anticipated.

Support/Resistance:

119.90 - 161% Fibonacci Extension

119.64 - Intraday Resistance

118.97 - WR2

118.47 - WR1

116.99 - Weekly Pivot

116.49 - WS1

116.24 - Local Low

Trading recommendations:

Day traders should consider opening only buy orders on the dips with tight SL and TP open for now.

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Technical analysis of USD/CHF for November 24, 2016

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Overview:

  • The bias remains bullish in the nearest term testing 1.0195 or 1.0272. Also, it should be noted that the price is in a bullish channel and the major resistance is seen at the price of 1.0272 which coincides with the ratio 161.8% Fibonacci. 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 1.0121 and 0.9996. The USD/CHF pair continued to move upwards from the level of 1.0121. The pair rose from the level of 1.0121 to the top around 1.0163. Afterwards, the USD/CHF pair broke resistance, which turned into strong support at the level of 1.0121. Today, the level of 1.0121 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 1.0121 towards the target level of 1.0195. If the pair succeeds in passing through the level of 1.0195, the market will indicate the bullish opportunity above the level of 1.0195 in order to reach the second target at 1.0272 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 USD/CHF pair fails to break through the resistance level of 1.0272 today, the market will decline further to 1.0121. We expect a range between the levels of 1.0121 and 1.0272.
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Technical analysis of NZD/USD for November 24, 2016

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Overview:

  • The NZD/USD pair dropped from the level of 0.7079 to the bottom around 0.6973. But the pair has rebounded from the bottom of 0.6973 to close at 0.7000. Today, the first support level is seen at 0.6986, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.7079, which coincides with the 50% Fibonacci retracement level. Since the trend is above the 50% Fibonacci level, the market is still in a downtrend. From this point, this resistance has been rejected several times confirming the downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.6986, the market will decline further to 0.6931 in order to test the weekly support 2. On the H4 and daily charts, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.7070 with the first target at 0.6986 and further to 0.6931. At the same time, the breakdown of 0.7079 will allow the pair to go further up to the levels of 0.7175 in order to retest the last bullish wave.
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Technical analysis of USDX for November 24, 2016

The Dollar strength remains impressive as the bullish trend continues despite all the technical warnings from the bearish divergence signs. The Dollar index has reached the 61.8% Fibonacci retracement of the decline from 2001. This is important resistance. I remain bearish the Dollar index expecting an important top to be made.

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A short-term trend change will be confirmed on a break below 100.65. A trend remains bullish but also very close to be complete. A pullback towards 98-99 is justified but longer-term bulls will only be worried if price breaks below 97-96.50 area.

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The Dollar index has reached the 61.8% Fibonacci retracement of the entire decline from 2001. There are bearish divergence signs on the monthly oscillators. The resistance at 102 is very strong. Could we see the end of the entire rise here? Possibly but only below 96 we could be more sure and specially if 91.90 is broken.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for November 24, 2016

Gold price broke through the $1,200 support yesterday and declined towards $1,180-$1,170 as expected. We are now at the final stages of the decline in gold prices as this will mark a similar low of high importance as the $1,045 low.

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Green line - support

Blue lines - wedge

Gold price has reached the $1,180 level which is a long-term support. This level price was broken out of that old resistance and turned into support as it was back tested in mid 2016. Gold price is now back at this area. I remain bullish on gold in the longer term and I believe that gold price below $1,200 is a gift for bulls.

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Green line - trend line resistance

On a monthly chart we can see a rise from $1,045 stop right at the green trend line resistance and the monthly Ichimoku cloud. Gold has now retraced almost 61.8% of the entire rise. This is an important Fibonacci level of support. I expect gold to reverse from current levels to the upside and eventually break the green trend line and reach the upper cloud boundary near $1,500. This is the level to be place buy trades.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for November 24, 2016

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Wave summary:

We have seen the expected test of 1.4985 (the low was seen at 1.4980). We are now looking for a clear break above the minor resistance line near 1.5105 and more importantly a break above resistance at 1.5168. The next strong rally higher to 1.5380 and above will finally confirm that the long-term correction from 1.9023 completed with the test of 1.4812 and a new impulsive rally is building. The next target to look for above 1.5380 is seen at 1.5516 and 1.5764 as the next upside targets.

Trading recommendation:

We have bought EUR at 1.5000, stop is placed at 1.4950. If you are not long EUR yet, then buy a break above 1.5105 and use the same stop at 1.4950.

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Elliott wave analysis of EUR/JPY for November 24, 2016

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Wave summary:

EUR/JPY is finally accelerating higher, having broken above resistance at 118.60. The pair is now testing the next target near 119.42. The rally from 113.70 is becoming a bit extended now, but only a break below minor support at 118.46 will indicate that red wave iii is complete and red wave iv is unfolding for a correction towards 116.37. In the short term, the next resistance at 119.42 is likely to be broken too. Then the next target to look for is seen at 121.03 with the next major target expected at 122.00.

Trading recommendation:

We are long EUR from 115.04 and will move our stop higher to 118.40. If you are not long EUR yet, then buy the next correction.

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Technical analysis of USD/JPY for November 24, 2016

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USD/JPY is expected to prevail its upside movement. The pair bounced off its 20-period and 50-period moving averages, and is accelerating on the upside. The relative strength index is bullish above its neutrality level at 50, which advocates further upsides.

On Wednesday, U.S. indices closed mixed. The Dow Jones Industrial posted a new all-time high while the Nasdaq 100 consolidated. The Dow Jones Industrial Average gained 59 points (+0.3%) to 19,083, the S&P 500 was flat at 2,205, and the Nasdaq Composite was down 6 points (-0.1%) to 5,381.

Health Care Equipment & Services, Capital Goods and Telecommunication Services sectors outperformed, while Food, Beverage & Tobacco, Utilities and Real Estate sectors underperformed.

The ICE U.S. Dollar Index surged 0.65% to 101.70, a fresh 13-year high after stronger than expected U.S. economic data.

Therefore, as long as the key support at 111.30 is not broken, the pair is likely to challenge its next resistance at 113.75, and 114.30 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 113.75 and the second one at 114.30. In the alternative scenario, short positions are recommended with the first target at 110.75 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 110.20. The pivot point lies at 111.30.

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 24, 2016

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USD/CHF is expected to trade with bullish bias and continue its upside movement. The technical picture of USD/CHF is bullish above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, 1.0120 is playing a key support role, which should limit the downside potential.

On the economic data front, MBA mortgage applications rose 5.5% in the week ended November 18th from a decline of 9.2% in the previous week. Separately, initial jobless claims improved to 251k in the week ended November 19th (estimated 250k) compared with 233k in the prior week. Continuing claims increased to 2.04M in the week ended November 12th (forecasted 2.01M) from 1.98M a week earlier. In other news, durable goods orders jumped 4.8% in October in a preliminary estimate (estimated 1.7%) from +0.4% in September (revised from -0.3%).

Above 1.0120, look for a further upside with targets at 1.0220 and 1.0250 in extension.

Resistance levels: 1.0220, 1.0250, 1.0295

Support levels: 1.0060, 1.0025, 0.9990

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Technical analysis of NZD/USD for November 24, 2016

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NZD/USD is Under pressure. The pair is trading below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 0.7040 is playing a key resistance role, which should limit the upside potential. As long as 0.7040 holds on the upside, look for a further drop toward 0.6950. A break below this level would call for a further decline toward 0.6920.

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 0.6950. A break below this target will move the pair further downwards to 0.6920. The pivot point stands at 0.7040. 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 0.7090 and the second one at 0.7110.

Resistance levels: 0.7090, 0.7110, 0.7140

Support levels: 0.6850, 0.6920, 0.6885

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Technical analysis of GBP/JPY for November 24, 2016

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GBP/JPY is expected to trade with bullish bias and is expected to prevail its upside movement. The pair posted a strong rebound last night from its key support level at 138.70. The upside room has been opened toward 119.80. Besides, the relative strength index is bullish above its neutrality area at 50. The process of higher highs and lows remains intact, which should also confirm a positive outlook.

Hence, as long as 138.70 is not broken, likely advance to 141.00 and 142.40 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 141.00 and the second one at 142.40. In the alternative scenario, short positions are recommended with the first target at 137.25, 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 136.25. The pivot point lies at 138.70.

Resistance levels: 141.00, 142.40, 143.20

Support levels: 137.25, 136.25, 135.45

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Technical analysis of EUR/USD for Nov 24, 2016

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When the European market opens, some Economic Data will be released, such as Belgian NBB Business Climate, GfK German Consumer Climate, German Ifo Business Climate, and German Final GDP q/q. Today, the US will not release any Economic Data, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0592.

Strong Resistance:1.0585.

Original Resistance: 1.0575.

Inner Sell Area: 1.0565.

Target Inner Area: 1.0540.

Inner Buy Area: 1.0515.

Original Support: 1.0505.

Strong Support: 1.0495.

Breakout SELL Level: 1.0488.

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 24, 2016

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In Asia, Japan will release the Flash Manufacturing PMI, but the US will not release any Economic Data today. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.26.

Resistance. 2: 113.04.

Resistance. 1: 112.81.

Support. 1: 112.54.

Support. 2: 112.32.

Support. 3: 112.10.

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

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

Daily analysis of major pairs for November 24, 2016

EUR/USD: This pair was moving sideways in the context of a downtrend, and then started trending further downwards yesterday. There is a strong Bearish Confirmation Pattern in the 4-hour chart, and bears could push price further downwards toward the support lines at 1.0550, 1.0500 and 1.0450.

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USD/CHF: This market has gone as it was forecasted. Price moved sideways from Monday till Wednesday, when it broke further upwards, in a major uptrend. The resistance level at 1.0200 is the next target, for price has gone above the support levels at 1.0150, and 1.0100. Any corrections or pauses seen in this market would signal opportunities to buy long.

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GBP/USD: This pair went upwards on Wednesday and got engaged in a shallow bearish correction. 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 went upwards by over 200 pips yesterday, in one of the strongest bullish movements on popular JPY pairs. Since the low of November 9, price has gone upwards by 1,150 pips, and bulls are still willing to push price further upwards within the next few days.

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EUR/JPY: This cross went upwards by 120 pips yesterday – having gone upwards by 520 pips since the low of November 9. The movement on the USD/JPY has been stronger than the movement on the EUR/JPY, because USD is strong while EUR is weak. So, EUR/JPY was able to move upwards because JPY is weaker than EUR. The supply zone at 119.00 was nearly tested and would be tested today or tomorrow, as bulls target another supply zone at 119.50.

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Daily analysis of USDX for November 24, 2016

FOMC minutes didn't bring major surprises that could unleash more bullish momentum to the index, which is moving inside an extreme zone. Currently, USDX is looking to break the resistance level of 101.74 and that move could help to boost the index toward the 102.61 level, but pullbacks are expected to take place for next week, after Thanksgiving holidays in the U.S.

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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 24, 2016

GBP/USD is still hovering around the 200 SMA zone at H1 chart, as the pair is still deciding its path for coming days. It should be noted that we cannot expect a big catalyst to unleash volatility ahead of the weekend, as today we'll have thin liquidity, because of Thanksgiving holiday in the United States. If GBP/USD manages to break the 1.2451 level, then it can rally toward the 1.2516 zone.

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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.

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Daily analysis of USD/JPY for November 23, 2016

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Overview

The USDJPY pair bounced bullishly after approaching from the 110.00 barrier yesterday, rallying upwards and moving above 111.00 levels now. It supports continuation of the main bullish trend scenario in the upcoming period, and the price is likely to reach the 113.97 level that represents the next main target of the current bullish wave. Therefore, the bullish bias will still dominate on the intraday and short-term basis supported by the EMA50, unless breaking and holding below 109.15 levels. The expected trading range for today is between the 110.25 support and the 112.30 resistance.

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Daily analysis of GBP/JPY for November 23, 2016

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Overview

The GBPJPY pair lost its bullish momentum after reaching 138.80 as stochastic attempted to exit the overbought area, which might force the price to move downwards to test 136.80 levels, waiting to gain bullish momentum and test the main resistance at 140.40. In general, the bullish overview will remain valid as long as the mentioned initial support remains intact as a break of it will increase negative pressure on the price making it decline to the moving average 55 at 134.35. The expected trading range for today is between 136.80 and 140.40.

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Daily analysis of Gold for November 23, 2016

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Overview

The gold price has been hovering around $1,211.31 levels since yesterday, while stochastic keeps providing positive signals on the four-hour time frame, which is likely to make the price resume the expected bullish bias in the upcoming period. Bullish targets begin by surpassing the $1,225.85 barrier opening the way to $1,249.94 as the first main target. Therefore, our bullish overview will remain valid and active in the upcoming sessions unless breaking and holding below $1,198.00 levels it as the breach is a negative factor that will push the price to the next correctional level at $1,172.68 before any new attempt to rise. The expected trading range for today is between the $1,200.00 support and the $1,240.00 resistance.

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Daily analysis of Silver for November 23, 2016

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Overview

The silver price tested the key support at $16.56 and held above it, thus keeping the bullish trend scenario valid until now. The count is also supported by stochastic positivity shown on intraday time frames. The price is likely to head towards $17.43 initially. The mark of $16.56 represents the 61.8% Fibonacci correction level for the bullish wave shown on the chart. A break of this level will put the price under negative pressure with targets starting at $15.49. Lower movements will turn the medium-term trend to the downside. The expected trading range for today is between the $16.50 support and the $17.00 resistance.

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