Gold analysis for November 28, 2016

analytics583c3798018e3.png

Since our previous analysis, gold has been trading sideways at the price fo $1,187.20. Using the market profile analysis, I found a strong point of control at the price of $1,186.00. Anyway, I found the trading range between the price of $1,180.40 (support) and the price of $1,197.00 (resistance). The short-term trend is downward but my advice is to watch for a potential breakout of a trading range to confirm a direction. The breakout of resistance may confirm further testing of $1,212.00. The breakout of support may confirm potential testing of $1,173.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,186.55

R2: 1,187.60

R3: 1,189.35

Support levels:

S1: 1,183.10

S2: 1,182.00

S3: 1,180.40

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

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

EUR/NZD analysis for November 28, 2016

analytics583c33a42324e.png

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4973 in a high volume. Using the market profile on the M30 time frame, I found that price went from balance to imbalance. Besides, the price broke the swing low in the background, which is a sign of weakness. Watch for selling opportunities on the pullbacks. I placed Fibonacci expansion to find potential downward target and got the expansion 161.8% at the level of 1.4935. Anyway, if the price rejects and starts moving upward, point of control for today is set at the level of 1.5030.

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 downward movement.

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

Elliott wave analysis of EUR/NZD for November 28, 2016

analytics583c2a7c240cc.png

Wave summary:

Well, it will be a lie to say that this cross is exiting... EUR/NZD continues to trade below the minor resistance line, but we continue to look for a firm break above here soon for a more substantial rally towards 1.5730 and above in the longer term.

That said, we also need to accept that the risk remains towards the downside as long as this minor resistance line is broken clearly, even though we see the potential downside as limited.

Trading recommendation:

We are long EUR from 1.5000 with stop placed at 1,4950. If you are not long EUR yet, then buy a break above minor resistance at 1.5095 and use the same stop at 1.4950.

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

Elliott wave analysis of EUR/JPY for November 28, 2016

analytics583c29041371a.png

Wave summary:

The expected correction from 120.16 is now unfolding. We have almost seen a test of the 23.6% corrective target at 118.64, but will likely to see a little more correction closer to 117.69 before the next impulsive rally towards 122.00 is expected.

Short term, only a direct break above minor resistance at 120.00 will indicate that the correction in red wave iv has completed early and the next impulsive rally in red wave v is developing.

Trading recommendation:

Our stop at 119.10 was hit for a nice profit of 406 pips. We will re-buy EUR at 117.75 with stop placed at 116.75.

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

AUD/NZD reacted perfectly from our resistance, remain bearish

Price reacted perfectly from our major resistance at 1.0596 (Fibonacci retracement, horizontal resistance) where we expect a continued drop towards at least 1.0477 (Fibonacci retracement, horizontal overlap support).

Stochastic (21,5,3) has reacted perfectly off major resistance from our 94% level and still has good downside potential.

RSI (34) is also seeing major resistance from the 64% level where our previous major reversal occurred and still has good downside potential.

Sell below 1.0596. Stop loss at 1.0661. Take profit at 1.0477.

analytics583c13e9e9d95.png

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

NZD/USD bounced perfectly, remain bullish

Price bounced perfectly above our buying level from Friday and is making good progress towards our profit target. We remain bullish above 0.7012 support (Fibonacci retracement, horizontal pullback support) for a further push up to 0.7137 (Fibonacci retracement, horizontal resistance, bullish divergence potential).

RSI (34) is also seeing a bounce from support at 36% and bullish divergence vs price signalling a bullish reversal is in progress.

Buy above 0.7012. Stop loss at 0.6948. Take profit at 0.7137.

analytics583c13cf1a7ad.png

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

AUD/USD approaching major resistance, prepare to sell

Price is approaching a major area of resistance at 0.7487 (Fibonacci retracement, Fibonacci projection, horizontal pullback resistance) and we expect a reaction from this level for a drop to 0.7311.

RSI (34) is on pullback resistance where we expect a drop from.

Sell below 0.7487. Stop loss at 0.7590. Take profit at 0.7311.

analytics583c13adeb8ee.png

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

Global macro overview for 28/11/2016

Global macro overview for 28/11/2016:

The latest meeting minutes from the November Federal Open Market Committee (FOMC) boosted the USD during trading week. The main reason behind the US Dollar's advance was quite clear hints about the December rate hike. Just as announced at the beginning of 2016, the FED members have done their job to prepare markets for the high probability of an interest rate hike at the end of the year. Originally, in the beginning of 2016 FED Chair Janet Yellen mentioned about a possible 3-4 rate hike, but so far only one rate hike has happened. In order not to lose its credibility, the FED will be welcomed by market participants to hike the interest rate once again. Moreover, the interest rate hike might be justified by Trump's shock election victory as one of his election pledges is the commitment to spending on the infrastructure with the goal of creating jobs. This might increase the inflation expectations as they had been weak in the last couple of years in the U.S. ( and in some cases they held back the American central bank). The newest data set from the U.S. job market is scheduled for release this Friday at 01:30pm GMT (NFP-Payrolls data release), so the market participants will get a better picture of US economy and the consequences of almost certain interest rate hike.

Let's now take a look at the U.S. Dollar technical picture at the daily time frame. The swing high at the level of 100.52 had been clearly violated and after establishing a local top at the level of 102.06 the market is now in a corrective cycle that will test the recent top from the downside. The price is trading above all the moving averages and so far there are no signs of any trend reversal. The next technical resistance can be seen at monthly chart and it is at the level of 103.54.

analytics583bf70b88a45.jpg

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

Technical analysis of GBP/USD for November 28, 2016

GBPUSDH4.png

Overview:

  • The GBP/USD pair on November 28, 2016.
  • The market opened below the weekly resistance 2 (1.2553) yesterday. The GBP/USD pair continued to move downwards from the level of 1.2530 to the bottom around 1.2494.
  • Today, the first resistance level is seen at 1.2553 followed by 1.2610, while daily support 1 is set at 1.2470. The GBP/USD pair broke support which turned to strong resistance at 1.2553.
  • Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the support (1.2470) which is expected to act as major support today.
  • This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment.
  • Amid the previous events, the GBP/USD pair is still moving between the levels of 1.2553 and 1.2408.
GBPUSDH1.png
  • Therefore, the major resistance can be found at 1.2553 providing a clear signal to sell with a target seen at 1.2470. If the trend breaks the minor support at 1.2470, the pair will move downwards continuing the bearish trend development to the level of 1.2408 in order to test the daily support 2.
  • Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 1.2553 and 1.2610.
  • However, if a breakout happens at the resistance level of 1.2610, then this scenario may be invalidated.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for November 28, 2016

1480321825_EURUSDH1.png

Overview:

  • The EUR/USD pair broke resistance which turned to strong support at the level of 1.0613. The level of 1.0613 coincides with 23.6% of Fibonacci, which is expected to act as major support today. Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. From this point, the EUR/USD pair is continuing in a bullish trend from the new support of 1.0613. Currently, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.0613 and 1.0720. On the H1 chart, resistance is seen at the levels of 1.0720 and 1.0768. Also, it should be noticed that, the level of 1.0672 represents the daily pivot point. Therefore, strong support will be formed at the level of 1.0613 providing a clear signal to buy with the targets seen at 1.0672. If the trend breaks the support at 1.0672 (pivot) the pair will move upwards continuing the development of the bullish trend to the levels 1.0720 and 1.0768 in order to test the daily resistance 2 in coming days. However, stop loss is to be placed below the level of 1.0660.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USDX for November 28, 2016

The Dollar index is weaker at the start of the week. Price has made a short-term top at least for now at the long-term 61.8% Fibonacci retracement resistance at 102. A correction has started. This pullback is justified and I have been warning Dollar bulls for quite some time to raise their stops.

analytics583bec8f4f806.jpg

Black line - resistance

The Dollar index had broken the black line support and back tested it on Friday only to get rejected. Price is below the Ichimoku cloud support in the 1 hour chart. Short-term trend is bearish. Support is at 99.90 and resistance at 101.50.

analytics583bece150259.jpg

Green line -long -term support trend line

The Dollar index is reversing off the long-term 61.8% Fibonacci retracement. Resistance at that level is very strong. Combined with the bearish divergence in the stochastic oscillator, a pull back is justified and could bring price even towards 97-96 area again. This is the most important support level for Dollar bulls. A break below 96 will cancel any bullish scenario and increase chances for a deep decline towards 90. Bulls need to be very cautious.

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

Technical analysis of gold for November 28, 2016

Gold price is showing reversal signals off the $1,170 lows which was my lower price range level of an important low. This is also the 61.8% Fibonacci retracement of the entire rise from $1,045 to $1,375. I remain longer-term bullish looking for a new upward move above $1,400 over the coming weeks.

analytics583beaee23987.jpg

Black line - trend line support

Gold price is making higher highs and higher lows in the 30 minute chart as shown above. Short-term support is at $1,179 and resistance at $1,200. A break below $1,179 will put the low of $1,170 in danger. Breaking below $1,170 will open the way for $1,120. A break above $1,200 could confirm the low is in place and we could see a bounce even towards $1,275.

analytics583beb614bcd3.jpg

The weekly Gold chart shows price right at cloud support and signs of a bounce starting. This bounce is expected to be the start of the next big upward move that will eventually bring Gold above $1,400. The signs that will confirm this are a break above $1,260 at first and a break above $1,340-50.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 28/11/2016

Global macro overview for 28/11/2016:

The Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna on November 30 and this meeting will be in the spotlight of global investors. The main reason for such vivid interest is the fact, that OPEC members are still on the same page of the production cut agreement, so market participants have been voicing grave doubts. An oil freeze agreement from March 2016 has faced multiple challenges, but has managed to stop the free-fall of energy prices in 2016, so maybe another deal would push the prices higher again. Nevertheless, two countries that definitely do not want to participate in negotiations are Iran and Iraq as they still do not like the idea of the production cuts and are strongly against any limits. Please notice, that there will be a lot of comments in the mass media news feeds that will occur before the actual meeting, so the market might face choppy trading.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. The bulls have managed to break out above the 61% Fibo resistance and the price has tested the resistance at the level of 48.86. Since then the market has been falling back towards the technical support at the level of 44.54. Currently, the price is trading below all of the moving averages and might be heading towards the technical support to test it again.

analytics583beab564d40.jpg

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

USD/CAD intraday technical levels and trading recommendations for November 28, 2016

analytics583be8414b59e.pnganalytics583be8526519a.png

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.

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

NZD/USD Intraday technical levels and trading recommendations for November 28, 2016

analytics583be68366d42.png

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 was expected. S/L should be placed below 0.6900.

On the other hand, the current bullish pullback towards 0.7100 should be considered for selling the NZD/USD pair as it constitutes a recent resistance level to be considered. S/L should be placed above 0.7150.

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

Intraday technical levels and trading recommendations for GBP/USD for November 28, 2016

analytics583be2dc8887d.pnganalytics583be2f2e57cf.png

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 is being executed towards 1.2700.

Any bullish pullback towards 1.2700 should be considered for a valid SELL entry. The recent bearish engulfing WEEKLY candlestick enhances this bearish scenario. T/P levels should be located at 1.2300 and 1.2100.

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

Intraday technical levels and trading recommendations for EUR/USD for November 28, 2016

analytics583be2c3dc6b7.png

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 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.

analytics583be2d373376.png

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 bullish rejection and a valid BUY entry were expected by the end of last week. Recent bullish recovery was manifested on Friday.

The price level of 1.0825 (Fibonacci Expansion 100%) constitutes a recent supply level to be watched for a SELL entry if the current bullish pullback persists above 1.0700.

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

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

Technical analysis of USD/CAD for November 28, 2016

General overview for 28/11/2016:

The market keeps trading horizontally between the intraday support at the level of 13378 and intraday resistance at the level of 1.3566. The first three waves of this wave progression have been completed and now it looks like the tow for the wave x (green) is in place as well. That would mean the market should move lower, towards the intraday support, after the weekly pivot at the level of 1.3482 is tested.

Support/Resistance:

1.3588 - Local High

1.3583 - WR1

1.3566 - Intraday Resistance

1.3482 - Weekly Pivot

1.3429 - WS1

1.3378 - Intraday Support

1.3323 - WS2

Trading recommendations:

Due to the corrective cycle still unfolding, the daytraders should open only sell orders around the level of 1.3482 as there is uncompleted wave progression to the downside.

analytics583be3d3e8d80.jpg

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

Technical analysis of EUR/JPY for November 28, 2016

General overview for 28/11/2016:

The price have got back to the channel (dashed blue line) and now is trading just around the weekly pivot at the level of 119.23. A three-wave decline towards the intraday support at the level of 118.99 looks corrective, but it might not be the complete wave (iv). The ideal target for the correction would hit the lower level, the weekly pivot support level 1 at 118.31 and then the market would rebound. This scenario is valid as long as no new high above the level of 120.16 is made.

Support/Resistance:

112.16 - Intraday Resistance

119.23 - Weekly Pivot

118.99 - Intraday Support

118.32 - WS1

116.37 - WS2

Trading recommendations:

Due to the corrective cycle still unfolding, the daytraders should open only buy orders around the level of 118.50 as there is uncompleted wave progression to the upside.

analytics583be21b99903.jpg

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

Technical analysis of USD/JPY for November 28, 2016

USDJPYM30.png

USD/JPY is expected to trade in a lower range as bias remains bearish. The pair stays above its horizontal resistance at 113.25, which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited.

On Black Friday, the three major U.S. stock indexes chalked another trifecta of record closing highs in a shortened session. The Dow Jones Industrial Average advanced 68 points (+0.4%) to 19,152, the S&P 500 added 8 points (+0.4%) to 2,213, while the Nasdaq Composite was up 18 points (+0.3%) to 5,398.

At the same time, the Russell 2000 Index of small-cap shares also hit an all-time high extending its winning streak to a fifteenth day, the longest since 1996, and to an extent of 16%. Therefore, for the first time since 1999, the four major benchmark indexes closed at record highs on the same day.

In fact, the rally in the U.S. stock market has lasted for three weeks since Donald Trump won the presidency. On the other hand, the CBOE Volatility Index, VIX, slipped to 12.4, down 44% from its peak prior to the election.

As long as 113.25 is not broken above, the pair is expected to post some downside target to challenge its previous low at 11.30 at first, below 111.30 expect a second target at 110.75.

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 111.30. A break below this target will move the pair further downwards to 110.75. The pivot point stands at 113.25. 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 113.90 and the second one at 114.50.

Resistance levels: 113.90, 114.50, 114.75

Support levels: 111.30, 110.75, 110.20

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

Technical analysis of GBP/JPY for November 28, 2016

GBPJPYM30.png

GBP/JPY is expected to trade with bearish bias above 141.25. The pair is trading below its 20-period and 50-period moving averages, while the 20-period moving average crossed above the 50-period one. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, 141.25 represents a significant key resistance level, which should limit the upside potential. As long as 141.25 holds on the upside, look for a further downside toward 138.70 and even 137.25 in extension.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 138.70. A break below this target will move the pair further downwards to 137.25. The pivot point stands at 141.25. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 138.70 and the second one at 137.25.

Resistance levels: 142.40, 143.25, 144.10

Support levels: 138.70, 137.25, 136.25

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

Technical analysis of USD/CHF for November 28, 2016

USDCHFM30.png

USD/CHF is under pressure. The pair is trading below its declining 50-period moving average which plays a resistance role and maintains the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 1.0145 is playing a key resistance role which should limit the upside potential. In a quiet session, the US dollar was further off its high in almost 14 years as the ICE U.S. Dollar Index eased by 0.2% to 101.49. However, the forces that drove the currency higher, namely investors' confidence about US economic growth and expectations of higher interest rates, remain intact.

As long as resistance holds at 1.0145, look for a further drop toward 1.0060. A break below this level would call for a further fall toward 1.0020.

Resistance levels: 1.0190, 1.0220, 1.0250

Support levels: 1.0060, 1.0020, 1.00

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

Technical analysis of NZD/USD for November 28, 2016

NZDUSDM30.png

NZD/USD is expected to trade with bullish bias. The pair broke below its 20-period moving average but is still trading above its rising 50-period one which maintains the upside bias. The relative strength index is above its neutrality level at 50. Additionally, 0.7030 is playing a key support role which should limit the downside potential. As long as this key level is not broken, look for a technical rebound toward 0.7110. A break above this level would call for a further upside toward 0.7130.

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 0.7130. In the alternative scenario, short positions are recommended with the first target at 0.7010 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 0.6970. The pivot point lies at 0.7030.

Resistance levels: 0.7090, 0.7110, 0.7140

Support levels: 0.6950, 0.6920, 0.6885

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

Technical analysis of EUR/USD for Nov 28, 2016

EURUSD.jpg

When the European market opens, some economic data will be released such as Private Loans y/y, M3 Money Supply y/y, & the ECB President Draghi Speaks. The US today will not release any economic data. Under such conditions, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0680.

Strong Resistance: 1.0673.

Original Resistance: 1.0663.

Inner Sell Area: 1.0653.

Target Inner Area: 1.0628.

Inner Buy Area: 1.0603.

Original Support: 1.0593.

Strong Support: 1.0583.

Breakout SELL Level: 1.0576.

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 28, 2016

USDJPY.jpg

Today Japan and the US will not release any Economic Data. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 112.23.

Resistance. 2: 112.01.

Resistance. 1: 111.80.

Support. 1: 111.53.

Support. 2: 111.31.

Support. 3: 111.09.

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 28, 2016

EUR/USD: This pair consolidated throughout last week – in the context of a downtrend. A rise in momentum is expected this week, and it would most probably favor bears. Therefore, the support lines at 1.0550, 1.0500 and 1.0450 would be targeted this week. This pair would make some bullish attempt in due course, but the bearish journey would eventually resume. It would even be strong in December.

1.png

USD/CHF: This pair did not go upwards significantly last week, but it made some noticeable bullish effort, in a bull market. There is a Bullish Confirmation Pattern in the chart, and when the trend resumes, the resistance levels at 1.0150, 1.0200 and 1.0250, would be tested. Bearish corrections along the way would be transitory, and may not take price below the support levels at 1.0050 and 1.0000.

2.png

GBP/USD: The GBP/USD moved sideways throughout last week, resulting in a neutral bias in the near-term. The neutral bias has been going on for about two weeks, while the dominant bias on higher timeframes is bearish. A break out of the sideways movement is expected this week or next, and would most probably favor bears.

3.png

USD/JPY: This currency trading instrument is one of the strongest moving currency pairs at the present. Since the low of November 9, 2016, price has moved upwards by 1250 pips, and the current shallow bearish correction is simply another resting phase for bulls, before they continue pushing price further northwards. The outlook on JPY pairs is bullish for this week, which could make the USD/JPY go further north.

4.png

EUR/JPY: This cross moved upwards by 250 pips last week, testing the supply zone at 120.00. The supply zone would be tested again and get breached to the upside, as price targets another supply zones at 121.00 and 122.00. One reason for this clean bullish movement is a persistent weakness in the Yen, which enables the Euro to go upwards against it until Yen will gather some stamina.

5.png

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

Daily analysis of USDX for November 28, 2016

The index managed to do a retracement last Friday in the wake of the Thanksgiving Day in the United States. We're still waiting for confirmation that a deeper correction already started in order to erase the overbought conditions that USDX has been showing for several weeks in a row. The next key support lies at the 200 SMA (H1 chart). If it is broken to the downside, we can expect further weakness towards the 100.53 level, while strong resistance is still placed at the 101.74 level.

USDXH1.png

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.

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

Daily analysis of GBP/USD for November 28, 2016

GBP/USD still remains in a very choppy structure, but the bulls' side is the preferred scenario at the time of writing. The resistance zone of 1.2481 should be challenged in coming hours and if the pair manages to break above it, then the doors would be opened in order to test the 1.2516 level, but that wouldn't invalidate the scenario. If the Cable does a consolidation above it, then the bullish bias will strengthen.

GBPUSDH1.png

H1 chart's resistance levels: 1.2481 / 1.2516

H1 chart's support levels: 1.2412 / 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 1.2481, take profit is at 1.2516 and stop loss is at 1.2445.

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