Daily analysis of USD/JPY for November 29, 2016

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Overview

The USD/JPY pair was trading upwards yesterday to retest the previously broken support of the bullish channel as appears on the chart. This hints that the pair is going to resume the bearish bias in the upcoming period, which is considered as a bearish correction for the bullish wave measured from 101.17 to 113.88. Therefore, the bearish bias is suggested on the intraday and short-term basis, unless the price managed to breach 112.78 and the most important 113.88. Please be aware that the correctional targets are seen at 110.88 and 109.05 after breaking the previous level. The expected trading range for today is between 110.88 support and 113.00 resistance.

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Daily analysis of Gold for November 29, 2016

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Overview

The gold price faces strong resistance formed by the previously broken support shown on the chart that turned into resistance at 1,195.00. The EMA50 adds extra negative pressure to protect the mentioned resistance, which might cause more sideways fluctuations until the price gets enough positive momentum to breach this level and resume the recently suggested bullish trend. In general, we still expect the bullish trend in the upcoming period given the strength that the 61.8% Fibonacci correction level showed against the recent negative pressure. Holding above 1,172.68 levels represents key condition for further upside, which main targets begin at 1,211.31 and extend to 1,249.94 after breaching the previous level. The expected trading range for today is between the 1,172.00 support and the 1,211.31 resistance.

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Daily analysis of Silver for November 29, 2016

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Overview

Silver price is hovering around 16.56, accompanied by a stochastic approach from the oversold areas. This keeps the chances valid to rebound and resume the expected bullish trend on the intraday and short-term basis, waiting to visit the first target level of 17.43. Therefore, the bullish outlook is valid unless we witness a clear break and the metal holds below 16.56. Breaking this level will push the price down to 15.49 directly before any new positive attempt. Breaching 17.43 represents the key to extend silver price gains to reach 18.30 as the next target level. The expected trading range for today is between 16.40 support and 16.90 resistance.

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Global macro overview for 29/11/2016

Global macro overview for 29/11/2016:

The main event for the day is the US GDP Second Release at 01:30pm GMT and Consumer Confidence Index at 03:00pm GMT. The market participants are expecting a slight uptick in GDP for the third quarter from 2.9% to 3.0% (seasonally adjusted annualized rate) in the preliminary estimate. Today's release is on track to add a bit more edge to the trend as the broad trend for the world's largest economy has been firming up lately. The mood of the consumer sector seems to improve as global investors are expecting the increase from 98.6 points in October to 101.3 points in November. The possible reason behind this optimism is the initial reaction of consumers to Trump's victory. Moreover, strong data on retail spending supports a brighter mood. Real (inflation-adjusted) sales increased 2.6% in the year through October – the biggest increase since February. In conclusion, if today's data matches or beats the expectations, the US dollar rally should continue higher.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. The failure to break out the technical resistance at the level of 1.0665 resulted in a further decline towards the local low at the level of 1.0515. If data beats the expectations, this level should be tested or broken shortly.

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Global macro overview for 29/11/2016

Global macro overview for 29/11/2016:

Better than expected data from Japan were released overnight regarding the jobs market, household spending, and retail sales. According to the Ministry of Economy, Trade and Industry the Retails Sales report edged down 0.1%, while market participants had expected a 1.5% decline on a year-to-year basis. On a monthly basis, retails sales increased 2.5%, better than a 1.1% increase expected by market participants and better than the last reading of 0.3%. The unemployment rate stayed unchanged at the level of 3.0%, while job availability advanced slightly. Nevertheless, the steady labour conditions did not improve the spending as expected. The household spending decreased by 0.4% on year, up from the expected decline of 1.0%. The deflationary pressures are still preventing the Japanese people to increase the amount of money spent in everyday life. In conclusion, a mixed bag of data like this does not really enhance the chances for improved GDP reading in the fourth quarter.

Let's now take a look at the USD/JPY technical picture in the daily time frame. The market has bounced from the nearest technical support at the level of 111.44 and the price is still trading above all the moving averages. The bulls are still in control over this market and the next resistnace is seen at the level of 115.97.

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Technical analysis of USD/CAD for November 29, 2016

General overview for 29/11/2016:

Another corrective wave has been made (labeled as a (green)) as the market keeps trading horizontally between the intraday support at the level of 1.3378 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 and wave b (green) is made as well.

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:

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

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Technical analysis of EUR/JPY for November 29, 2016

General overview for 29/11/2016:

The market made almost a textbook correction down to the level of 118.50 where the intraday support is. This correction has been labeled as wave (iv), so there is one more wave to the upside missing, wave (v). Currently, the market is trading around the weekly pivot at the level of 119.23 and is trying to bounce above the internal supply zone at the level of 119.70. If this level is violated, then the market should break out above the intraday high at the level of 120.16.

Support/Resistance:

112.16 - Intraday Resistance

119.23 - Weekly Pivot

118.49 - Intraday Support

118.32 - WS1

116.37 - WS2

Trading recommendations:

All the buy orders opened around the level of 118.50 should be now kept open as there is uncompleted wave progression to the upside.

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EUR/NZD analysis for November 29, 2016

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Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4929 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 from yesetrday, 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 100% at the price of 1.4875 and Fibonacci expansion 161.8% at the price of 1.4790.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5070

R2: 1.5100

R3: 1.5150

Support levels:

S1: 1.4965

S2: 1.4935

S3: 1.4882

Trading recommendations for today: watch for a potential downward movement.

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Technical analysis of USD/CHF for November 29, 2016

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Overview:

  • The bias remains bullish in the nearest term testing 1.0195 or 1.0270. Currently, the price is moving in a bullish channel. The major resistance is seen at the prices of 1.0195 and 1.0272. At the same time frame, the support is seen at 0.9996. We expect a range between the levels of 0.9996 and 1.0270. The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. 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 1.0195, then you should to set your stop loss at 1.0030.
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Gold analysis for November 29, 2016

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Since our previous analysis, gold has been trading sideways at the price fo $1,188.50. The analysis from yesterday is still valid. 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: 1,190.45

R2: 1,191.00

R3: 1,192.00

Support levels:

S1: 1,188.75

S2: 1,188.00

S3: 1,187.40

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

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USD/CAD intraday technical levels and trading recommendations for November 29, 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 29, 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 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.

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Technical analysis of NZD/USD for November 29, 2016

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Overview:

  • The NZD/USD pair has faced strong support at the levels of 0.6970 and 0.7021. So, the strong support has already been faced at the levels of 0.6970 and 0.7021 today.
  • The pair is likely to try to approach it in order to test the price of 0.7021 or 0.7073 again.
  • The level of 0.7073 represents a daily pivot point for that it is acting as minor support today.
  • The NZD/USD pair keeps trading in a bullish trend from the new support levels of 0.7073, 0.7021 and 0.6970.
  • Currently, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.7073 and 0.187.
  • Besides, it should be noticed that the double top is set at 0.7136. This suggests the pair will probably go up in coming hours.
  • Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.7070 with the first target at the level of 0.7136.
  • If the trend is able to break the double top at the level of 0.7136, then the market will continue rising towards the weekly resistance 2 at 0.7136.
  • On the other hand, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss below the last bearish wave at the level of 0.6970.
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Intraday technical levels and trading recommendations for GBP/USD for November 29, 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 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.

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Intraday technical levels and trading recommendations for EUR/USD for November 29, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the 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 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.

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Daily analysis of major pairs for November 29, 2016

EUR/USD: The EUR/USD pair did not move significantly yesterday, and the overall bias in the market is bearish. A rise in momentum would happen this week, which would most probably favor the current bearish bias. The support levels at 1.0550 and 1.0500 could still be reached.

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USD/CHF: This trading instrument has not undergone much movement this week. There is a Bullish Confirmation Pattern on the chart, and when the trend resumes, the resistance levels at 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.

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GBP/USD: The GBP/USD pair 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 time frames is bearish. A breakout of the sideways movement is expected this week or next, and would most probably favor bears.

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USD/JPY: This pair is yet to move significantly this week. The outlook on the market, as well as on other JPY pairs, remains bullish for this week. When price breaks out, it should favor the current bullish outlook. Therefore, the supply levels at 113.00, 113.50 and 114.00 would be tested today or tomorrow.

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EUR/JPY: This pair is yet to move significantly this week, but right now, bulls are making effort to push price upwards. The outlook on the market is bullish for this week. The supply zones at 119.50, 120.00 and 120.50, could be tested anytime this week. Any possible pullbacks could be contained at the demand zones at 118.00 and 117.50.

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Technical analysis of NZD/CHF for November 29, 2016

NZD/CHF is trending down, having rejected the 50 and 200 Moving Averages as well as the upward trendline. Fibonacci, applied to the last corrective wave where 200 MA was rejected, shows that the pair broke above 161.8% Fibs resistance which opens doors to further rise.

Consider buying NZD/CHF at the current rate (0.7184) targeting either 261.8% (0.7227) or 361.8% Fibs (0.7275). Suggested stop loss is below 50 Moving Average.

Support: 0.7178, 0.7148

Resistance: 0.7227, 0.7275

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Technical analysis of AUD/CHF for November 29, 2016

AUD/CHF continues to trend up printing lower lows and lower highs. Firstly, the pair rejected 200 and 50 Moving Averages suggesting that the uptrend could be far from over, in fact it could be just the very beginning of another strong wave up.

Consider buying AUD/CHF at the current rate (0.7575), targeting one the Fibonacci retracement levels applied to the last corrective wave down where trendline has been rejected. There are three upside targets; 161.8% (0.7603), 261.8% (0.7660), 361.8% (0.7720). Suggested stop loss is below 200 Moving Average.

Support: 0.7570, 0.7510

Resistance: 0.7603, 0.7660, 0.7720

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Technical analysis of EUR/GBP for November 29, 2016

EUR/GBP is rejecting the downtrend trendline and does not seem to plan to go any higher. Although the pair is above 200 Moving Average, the previous resistance near 0.8600 hasn't been broken yet.

Overall, it is very likely that the pair will continue to decline towards the nearest downside target at 161.8% Fibs retracement (0.8393) applied to the last corrective wave up.

Consider selling EUR/GBP at the current rate (0.8547) targeting 0.8393. Suggested stop loss is above 0.8600.

Support: 0.8460, 0.8393

Resistance: 0.8570, 0.8600

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Technical analysis of EUR/NZD for November 29, 2016

EUR/NZD has established a downtrend and clearly moving lower rejecting the downtrend trendline as well as 50 and 200 Moving Averages. Fibonacci, which was applied to the last corrective upward wave when moving average was rejected, shows that pair broke below 161.8% Fibs and now could be ready to move lower.

Consider selling EUR/NZD at the current rate (1.4955) targeting either 261.8% (1.4885) or 361.8% Fibs (1.4805). Suggested stop loss is above 50 Moving Average.

Support: 1.4885, 1.4805

Resistance: 1.4965, 1.5015

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Technical analysis of USDX for November 29, 2016

The Dollar index managed yesterday to recover most of its losses and continues to trade near the higher end of yesterday's range. This is a bullish sign that could imply a new high towards 102.50 could be expected as long as price is above 100.70.

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A short-term trend is neutral as price is mainly moving sideways between 102-100.70. Price could push towards 102.50 in order to reach the blue trend line resistance. At the same time if the RSI does not provide a confirmation, we should expect a strong bearish reversal as this new high in the index will confirm a three-drive reversal pattern.

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The weekly candle remains supportive of the bullish trend near the important long-term resistance at 102 where the 61.8% Fibonacci retracement is found. Short-term support is at 101.10. Short-term resistance is at 101.60.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for November 29, 2016

Gold price continues to hold recent lows but has also not broken the $1,200 short-term resistance. A medium-term trend remains bearish. A short-term trend is neutral as there are signs of a trend reversal. Gold price is trading around long-term support levels.

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Green line - trend line support

Price is above the short-term Ichimoku cloud and trend line support. This support is now at $1,187. Resistance is found first at $1,195 and next at $1,200. Next important support is at $1,177.

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Gold price is at an important support area. Price is right on top of the lower Ichimoku cloud boundary and at the 61.8% Fibonacci retracement of the entire rise from $1,045 to $1,375. Gold justifies a big trend reversal from current levels.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for November 29, 2016

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USD/JPY is expected to trade with bullish bias above 111.30. The pair pulled back to test its nearest support at 111.30, which is expected to allow for a temporary stabilization. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

U.S. government bonds firmed up, sending the benchmark 10-year U.S. Treasury yield down to 2.319% from 2.359% Friday.

Taking advantage of a weaker U.S. dollar, gold gained 0.8% to $1,192 an ounce and silver was up 0.8% to $16.63 an ounce.

The U.S. dollar got deeper into its consolidation phase. The ICE U.S. Dollar Index sank to a session-low of 100.64, the lowest intraday level since November 17, before settling at 101.18, down 0.3% on day.

As long as 111.30 holds as a key support, the pair is more likely to advance toward 112.75 at first.

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 112.75 and the second one at 113.25. 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 110.25. The pivot point lies at 111.30.

Resistance levels: 112.75, 113.25, 113.90

Support levels: 110.75, 110.25, 110

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Technical analysis of USD/CHF for November 29, 2016

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USD/CHF is expected to rebound. The pair broke below its 20-period moving average but is still trading above the 50-period one. The relative strength index is around its neutrality level at 50 and lacks downward momentum. Additionally, 1.0100 is playing a key support role, which should limit the downside potential.The U.S. dollar got deeper into its consolidation phase. The ICE U.S. Dollar Index sank to a session-low of 100.64, the lowest intraday level since November 17, before settling at 101.18, down 0.3% on day.

As long as this key level is not broken, look for a technical rebound toward 1.0190. A break above this level would call for a further upside toward 1.0220.

Resistance levels: 1.0190, 1.0220, 1.0250

Support levels: 1.0070, 1.0040, 1.0010

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Technical analysis of NZD/USD for November 29, 2016

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NZD/USD is expected to prevails its upside movement. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 0.7050 (Nov 28 bottom) is playing a key support role, which should limit the downside potential. As long as this key level is not broken, look for a further upside toward 0.7100 and even 0.7130 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7110 and the second one at 0.7130. In the alternative scenario, short positions are recommended with the first target at 0.7030 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 0.7010. The pivot point lies at 0.7050.

Resistance levels: 0.7100, 0.7130, 0.7170

Support levels: 0.6950, 0.6920, 0.6885

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Technical analysis of GBP/JPY for November 29, 2016

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GBP/JPY is Under pressure. The pair is under pressure, capped by its descending 50-period moving average. Another bearish signal is identified as the relative strength index is capped by a declining trend line which emerged previous week, and is also below its neutrality level at 50. The downward momentum is further reinforced by its declining 50-period moving average, which plays resistance role and maintains the downside bias.

Hence, below 140.15, a new drop is expected to 138 and then to 137.25.

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 138.00. A break below this target will move the pair further downwards to 137.25. The pivot point stands at 140.15. 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 141.25 and the second one at 141.75.

Resistance levels: 141.25, 141.75, 143.25

Support levels: 138.00, 137.25, 136.25

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Technical analysis of EUR/USD for Nov 29, 2016

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When the European market opens, some Economic Data will be released, such as Italian 10-y Bond Auction, Spanish Flash CPI y/y, French Consumer Spending m/m, German Prelim CPI m/m, and German Import Prices m/m. The US will release the economic data, too, such as CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Prelim GDP Price Index q/q, and Prelim GDP q/q. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0658.

Strong Resistance:1.0651.

Original Resistance: 1.0641.

Inner Sell Area: 1.0631.

Target Inner Area: 1.0606.

Inner Buy Area: 1.0581.

Original Support: 1.0571.

Strong Support: 1.0561.

Breakout SELL Level: 1.0554.

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 29, 2016

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In Asia, Japan will release the Retail Sales y/y, Unemployment Rate, Household Spending y/y and the US will release some Economic Data, such as CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Prelim GDP Price Index q/q, and Prelim GDP q/q. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 112.67.

Resistance. 2: 112.45.

Resistance. 1: 112.23.

Support. 1: 111.96.

Support. 2: 111.74.

Support. 3: 111.52.

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 29, 2016

USDX found once again a dynamic support at the 200 SMA at H1 chart, which should provide some bullish momentum in the meantime. The resistance zone of 101.74 remains firm and as long as the index continues to move below that area, we can expect further weakness towards the 100.53 level, which is a key demand zone across the board.

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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.

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

Daily analysis of GBP/USD for November 29, 2016

GBP/USD erased its early gains on Monday and now we can see a strong support placed around 1.2412. Currently, price action hasn't changed in a short-term outlook, as the sideways range remains untouched and it seems that a rebound is highly likely to happen in coming hours. If that scenario occurs, then the pair could re-test the 1.2481 level, while to the downside, we note the 1.2361 level as the next key demand area.

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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

Daily analysis of USD/JPY for November 28, 2016

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Overview

The USDJPY pair successfully touched the awaited target in our last report at 112.05 and broke this level strongly by today's opening and settled below it now. Thus the bearish wave is likely to be extended on the intraday and short-term basis, and the price is going to head towards 110.90 as the next main station. Therefore, we expect more bearish bias in the upcoming sessions unless the price managed to breach and hold above 112.60 levels. A break of 110.90 levels will extend the bearish wave to 109.05 on the near-term basis. The expected trading range for today is between the 110.60 support and the 112.60 resistance.

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

Daily analysis of Gold for November 28, 2016

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Overview

The gold price starts this week with more positivity testing the minor resistance 1,197.00, which represents the previously broken support line shown on the chart. A breach of this level will reinforce our expectations of bullish trend continuation in the upcoming sessions and will make the price head towards our first main target at 1,211.31. In general, we still expect the bullish trend on the intraday basis as long as the 1,172.68 level remains intact. A breach of the 1,211.31 level will push the price towards 1,249.94, while a break of 1,172.68 will push the price to 1,124.88 before any new attempt to rise. The expected trading range for today is between the 1,180.00 support and the 1,211.31 resistance.

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

Daily analysis of Silver for November 28, 2016

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Overview

The silver price trades with clear positivity breaching 16.56 levels and closing the last four-hour candlestick above it. This stops the recently suggested negative scenario and makes the price try to recover to target 17.43. The price attempts to regain the main bullish trend after the correctional bearish pressure that dominated the recent trades. Therefore, the bullish bias is expected in the upcoming sessions conditioned by the price stability above 16.56. A breach of 17.43 will extend the silver price gains to 18.30 as the next main station. The expected trading range for today is between the 16.56 support and the 17.00 resistance.

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