Global macro overview for 30/11/2016

Global macro overview for 30/11/2016:

The ADP Non-Farm Employment Change data published today surprised market participants and beat the expectations. The US job growth picked up nicely to 216k, while the most of the global investors expected only 161k increase after 119k figure from last month. This uptick in employment's trend will support confidence that the Federal Reserve is poised to lift interest rates next month. After this data release the FED funds futures are priced for a 94% probability that the central bank will announce the long-awaited rate hike in the statement at the policy meeting slated for December 14. In conclusion, the overall picture of US labour market is still improving and the NFP data due on Friday should confirm this assumption.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The bulls are still trying to break out above the technical resistance at the level of 1.0665, but so far they have managed to make only a false breakout and come back into the trading range. Nevertheless, in case of a bullish breakout the next resistance is seen at the level of 1.0745.

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Global macro overview for 30/11/2016

Global macro overview for 30/11/2016:

The Bank of England issued the Financial Stability Report this morning. The general conclusion is, that outlook for UK financial stability "remains challenging". The results of the Bank of England's latest stress tests on the UK's major lenders revealed, that RBS failed on all metrics, while Barclays and Standard Chartered both missed out on one metric (the other banks being tested were Santander UK, Lloyds Banking Group, HSBC, and Nationwide). The results showed, that the EU and UK economies could suffer if the EU rapidly loses access to UK-provided financial services. Moreover, there is still a risk of further price falls in UK commercial real estate, so the UK's large current account deficit is now vulnerable to a reduction in foreign investors appetite. In conclusion, the first cautionary words regarding the UK banking system were published since Brexit, but the financial markets remain calm as most of the UK banks are still in an overall good condition.

Let's now take a look at the GBP/USD technical picture in the 4H time frame. The market is still trading horizontally, bound between two important levels, technical support at the level of 1.2334 and technical resistance at the level of 1.2511. Market participants are still waiting for a trigger that will allow the breakout in either direction.

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USD/CAD intraday technical levels and trading recommendations for November 30, 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 30, 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 0.7120 should be considered for selling the NZD/USD pair as it constitutes a recent resistance level to be considered. S/L should be set as daily closure above 0.7200.

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Intraday technical levels and trading recommendations for EUR/USD for November 30, 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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Intraday technical levels and trading recommendations for GBP/USD for November 30, 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 is why, a 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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Technical analysis of USD/CAD for November 30, 2016

General overview for 30/11/2016:

The top for the wave b (green) has been established at the level of 1.3480 and since then the market is in a downfall mode as wave c (green) is in progress. The first projected target level for this wave is the intraday support at the level of 1.3323. Please notice there is a bullish divergence forming between the price and the momentum oscillator.

Support/Resistance:

1.3588 - Local High

1.3583 - WR1

1.3566 - Intraday Resistance

1.3482 - Weekly Pivot

1.3429 - WS1

1.3378 - Intraday Resistnace

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. The first TP should be set at the level of 1.3233.

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Technical analysis of EUR/JPY for November 30, 2016

General overview for 30/11/2016:

The market has bounced from the golden trend line and this bounce has been labeled as wave -ii-. This means the market is now developing wave -iii- of the last wave (v). The first projected target for this wave is at the level of 121.16, but it might extend higher. No signs of any kind of a trend reversal yet.

Support/Resistance:

121.16 - WR1

120.16 - Intraday Support

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 incomplete wave progression to the upside. The first projected TP for this trade is at the level of 121.16.

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Gold analysis for November 30, 2016

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Since our previous analysis, gold has been trading sideways at the price fo $1,185.50. The yesterday analysis 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 prices of $1,180.40 (support) and $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. The second downward target is set at the price of $1,158.00. Since the trend is downward, gold got more chances for a downward breakout.

Fibonacci pivot points:

Resistance levels:

R1: 1,193.25

R2: 1,196.90

R3: 1,202.00

Support levels:

S1: 1,181.50

S2: 1,177.85

S3: 1,171.95

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

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EUR/NZD analysis for November 30, 2016

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Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.4834 in a high volume. My downward target at the price of 1.4850 has been met. Using the market profile on the M30 time frame, I found that the price went from balance to imbalance. The price rejected from Fibonacci expansion 161.8% and changed behavor from bearish to bullish. Watch for potential buying opportunties. Targets are set at 1.4940 and 1.5000.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4980

R2: 1.5000

R3: 1.5040

Support levels:

S1: 1.4900

S2: 1.4885

S3: 1.4845

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

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Technical analysis of USD/CHF for November 30, 2016

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Overview:

  • The USD/CHF pair movement was debatable as it took place in a narrow sideways channel for a while. The market showed signs of instability when it reached the top of 1.0191. Amid the previous events, the price is still moving between the levels of 1.0054 and 1.0191. The daily resistance and support are seen at the levels of 1.0191 and 1.0054 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel has completed. On the H4 chart, the price spot of 1.0191 remains a significant resistance zone. Therefore, there is a possibility that the USD/CHF pair will move to the downside and the fall structure does not look corrective. Resistance is seen at the level of 1.0191 today. So, sell below 1.0191 with the first target at 1.0100. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.0191. Furthermore, if the USD/CHF pair is able to break out the bottom at 1.0100, the market will decline further to 1.0053. However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 1.0210.
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Technical analysis of NZD/USD for November 30, 2016

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Overview:

  • The NZD/USD pair has faced strong resistances at the levels of 0.7187 because support had become resistance last week. So, the strong resistance has already formed at the level of 0.7187 and the pair is likely to try to approach it in order to test it again. Also, it should be noted that the level of 0.7187 coincides with 50% of Fibonacci, which is expected to act as major resistance today. Since the trend is below the 50% Fibonacci levels, the market is still in a downtrend. However, if the pair fails to pass through the level of 0.7187, the market will indicate a bearish opportunity below the new strong resistance level of 0.7187. Moreover, the RSI starts signaling a downward trend. Thus, the market is indicating a bearish opportunity below 0.7187 so it will be good to sell at 0.7187 with the first target of 0.7073. It will also call for a downtrend in order to continue towards 0.7021. The daily strong support is seen at the levels of 0.7073 and 0.7021. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.7205.
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Technical analysis of USDX for November 30, 2016

The Dollar index tried yesterday to break above 101.70 short-term resistance but got rejected and fell back towards 101. This overlapping price structure implies a corrective move that is most probably unfinished, so a pullback towards 100.20 could be expected over the coming days.

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Blue line - resistance

The Dollar index is moving sideways between 102 and 100.90. A new high towards 102.50 is very possible but will be the final leg up as the RSI suggests the momentum is weakening. Short-term resistance is at 101.70 and support at 100.70.

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The weekly candle confirms the sideways trend we are currently in. Medium-term trend remains bullish. Correction in time instead of price is something bears do not like. Instead of a deep pull back in price, the up trend is being corrected in time as price moves sideways. This is good for bulls. However tops are also made while price moves sideways, unlike bottoms where a spike down is most usually formed. Bulls need to be careful if price breaks below 100.70.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for November 30, 2016

Gold price continues to trade sideways between $1,195 and $1,177. Support was tested yesterday and held, but bulls could not break resistance. The strong Dollar remains the biggest influence so far to the downside for Gold.

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Blue line -short-term resistance

Green line - short-term support

Gold price is trading around the 4 hour kijun- and tenkan-sen indicators (yellow and red lines). Price is below the Ichimoku cloud confirming bearish trend. Only a break above $1,220 will change short- and medium-term trend.

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Nothing new on our weekly chart. Price right at the 61.8% Fibonacci retracement and at the lower cloud boundary. This back test of the breakout above the weekly cloud is very important. If price manages to bounce back above the cloud, this will be a very bullish sign that could imply a new uptrend starting with targets above $1,375. A break however below the cloud will open the way for a move towards at least $1,120.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for November 30, 2016

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Wave summary:

As feared, a break below 1.4963 has been seen. We have reviewed our count for wave [v] of v and it's very likely that more downside closer to 1.4728 and maybe even lower to 1.4562 is needed to complete the ending diagonal. We do prefer the 1.4728 target over the deeper equality target between wave a and c at 1.4562, but we need to allow for this possibility.

Only a break above minor resistance at 1.4986 will indicate that a low is in place, while a break above 1.5095 will confirm the low for a rally to the origin of the ending diagonal at 1.5839.

Trading recommendation:

We will buy EUR at 1.4585 or upon a break above 1.5095.

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Elliott wave analysis of EUR/JPY for November 30, 2016

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Wave summary:

The correction from 120.16 is turning into a flat correction. We have seen wave a and b and now needs wave c lower to at least 118.52 and possibly even lower to 117.69 to complete red wave iv and set the stage for the next impulsive rally higher in red wave v. The ideal target for red wave v is seen near 122.00.

Short-term, a break below minor support at 119.43 will confirm that wave c of red wave iv is developing.

Trading recommendation:

We will buy EUR at 118,65 with stop placed at 117.30 for the final rally higher towards 122.00.

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Technical analysis of USD/JPY for November 30, 2016

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USD/JPY is expected to trade with a bullish bias above 112.15. The pair recently broke above its declining trend line since Nov 25, and now is standing firmly above 112.15. The horizontal support base at 112.15 has been formed and has allowed for a temporary stabilization. Besides, the pair is expected to challenge its 20-period moving average in sight.

The U.S. Commerce Department revised the 3Q GDP growth to +3.2% on quarter annualized (vs. +3.0% expected) from +2.9% previously estimated. Personal consumption growth was upgraded to +2.8% (vs. +2.3% expected) from +2.1%. U.S. government bonds managed to reverse earlier price declines driven by the strong GDP data, pressing the benchmark 10-year U.S. Treasury yield down to 2.304% from 2.319% on Monday.

Hence, as long as 112.15 holds as the key support, the pair is expected to rise toward 112.80 at first and 113.25 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 113.25 and the second one at 113.90. In the alternative scenario, short positions are recommended with the first target at 111.60 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 112.15.

Resistance levels: 113.25, 113.90, 114.25

Support levels: 110.75, 110.25, 110

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Technical analysis of USD/CHF for November 30, 2016

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USD/CHF is expected to trade in a lower range. Technically, the pair is still under pressure below its key horizontal resistance at 1.0150. The relative strength index is bearish and below its neutrality level at 50. The U.S. dollar jumped upon the release of the upbeat 3Q GDP readings. However, the rally proved unsustainable as the ICE U.S. Dollar Index reached a session-high of 101.64 before heading downward to close at 100.93, down 0.4% on day.

Therefore, as long as 1.0155 holds on the upside, look for a further drop toward 1.0100 and 1.0075 in extension.

Resistance levels: 1.0170, 1.0190, 1.0220 Support levels: 1.0100, 1.0075, 1.0040

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Technical analysis of NZD/USD for November 30, 2016

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NZD/USD is expected to extend its upside movement that is supported by a rising trend line. The pair remains supported by a bullish trend line since Nov 28. The 20-period moving average stays above the 50-period one, and the relative strength index is above 50.

Thus, as long as 0.7100 is support, look for a further upside toward 0.7170 and even to 0.7200 as possible.

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 0.7170 and the second one at 0.7200. In the alternative scenario, short positions are recommended with the first target at 0.7075 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 0.7050. The pivot point lies at 0.7100.

Resistance levels: 0.7170, 0.7200, 0.7250

Support levels: 0.7075, 0.7050, 0.7000

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Technical analysis of GBP/JPY for November 30, 2016

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GBP/JPY is expected to continue its upside movement as the bias remains bullish. The pair broke above its declining 50-period moving average, and is staying on the upside. The upward momentum is further reinforced by a bullish signal identified from relative strength index. The indicator stays above 50, and lacks downward momentum. GBP/USD rose 0.6% to 1.2488 (an intraday-high at 1.2525), boosted by strong credit growth data in the U.K. The Bank of England reported that consumer credit grew 10.5% on year in October, the fastest rate since October 2005. Mortgage approvals for house purchases increased to 67,518 in October (vs. 65,000 expected) from 63,594 in September.

To sum up, as long as 139.70 is support, look for a new rise toward 141.40 and 141.75 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 141.40 and the second one at 141.75. In the alternative scenario, short positions are recommended with the first target at 139.25 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 138.50. The pivot point lies at 139.70.

Resistance levels: 141.40, 141.75, 143.25

Support levels: 139.25, 138.50, 138.00

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Technical analysis of USD/JPY for Nov 30, 2016

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In Asia, Japan will release the Housing Starts y/y and Prelim Industrial Production m/m. The US will release a series of economic data such as Beige Book, Crude Oil Inventories, Pending Home Sales m/m, Chicago PMI, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m,and ADP Non-Farm Employment Change. As the economic calendar is rich with macroeconomic reports, USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 112.85.

Resistance. 2: 112.63.

Resistance. 1: 112.41.

Support. 1: 112.13.

Support. 2: 111.91.

Support. 3: 111.69.

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 EUR/USD for Nov 30, 2016

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When the European market opens, some economic data will be released such as Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, German Unemployment Change, French Prelim CPI m/m, German Retail Sales m/m, & the ECB President Draghi Speaks. The US will release the economic data too such as Beige Book, Crude Oil Inventories, Pending Home Sales m/m, Chicago PMI, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0696.

Strong Resistance: 1.0689.

Original Resistance: 1.0679.

Inner Sell Area: 1.0669.

Target Inner Area: 1.0644.

Inner Buy Area: 1.0619.

Original Support: 1.0609.

Strong Support: 1.0599.

Breakout SELL Level: 1.0592.

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 30, 2016

EUR/USD: There has not been any strong movement on EUR/USD so far this week, but the bias is bearish. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is poised to drop further into the oversold territory, as soon as price starts going further south. Only a pullback on USD/CHF would cause this market rally.

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USD/CHF: Despite the fact that this pair has not done anything significant this week, there remains a Bullish Confirmation Pattern in the market, which is supposed to aid further bullish movement when momentum does return to the market. The resistance levels at 1.0200 and 1.0250 are the next targets.

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GBP/USD: The Cable made a faint bullish attempt on Tuesday, and that could indicate the beginning of a long-term uptrend. The EMA 11 has crossed the EMA 56 to the upside, and the RSI period 14 has crossed the level 50 to the upside. But before the overall bearish bias could turn bullish, price would need to go upwards by at least 1,000 pips.

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USD/JPY: This currency trading instrument has done nothing significant so far this week; but a breakout is imminent in the market, which would most probably favor the bears, because the outlook on the market is bullish. Therefore, the supply levels at 113.00, 113.50, and 114.00 would be tested today or tomorrow.

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EUR/JPY: The EUR/JPY pair went upwards yesterday, following the shallow bearish correction in the context of a downtrend, which happened on Monday. Bulls might still continue to push price higher and higher, as it reaches the supply zones at 120.00 and 120.50.

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Daily analysis of USDX for November 30, 2016

The index stayed bearish during Tuesday's session and it managed to consolidate slightly below the 200 SMA on H1 chart. That's the confirmation that strong resistance can be found around 101.74, while we expect further declines toward the 100.53 level, where a breakout lower should deliver more bearish momentum in order to decline until the 99.39 level. MACD indicator is supporting that scenario.

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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 30, 2016

The pair managed to recover above the 200 SMA and it's challenging now the strong resistance zone of 1.2516. No major changes from our latest outlook and it seems that GBP/USD will remain trapped inside the sideways structure that it has been trading for several days. Importantly, that a breakout above the 1.2600 psychological level should help the bulls to gain strength on a mid-term basis.

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H1 chart's resistance levels: 1.2516 / 1.2567

H1 chart's support levels: 1.2426 / 1.2388

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 1.2516, take profit is at 1.2567 and stop loss is at 1.2467.

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