Elliott wave analysis of EUR/NZD for December 1 - 2016

analytics58402c31dafdf.png

Wave summary:

A new low has been seen here at 1.4801. All requirements have been fulfilled for the ending diagonal from 1.5839. We still expect more downside to 1.4728 and possibly even lower to 1.4575 as long as resistance at 1.5095 is able to cap the upside. A break above 1.5095 will indicate that the diagonal is complete and a return to the origin of the ending diagonal at 1.5839 is developing.

Trading recommendation:

We are looking for a EUR-buying opportunity. We will buy EUR at 1.4585 or upon a break above 1.5095.

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

Elliott wave analysis of EUR/JPY for December 1 - 2016

analytics58402aa59428a.png

Wave summary:

The rally from 118.52 busted right through resistance at 120.16 indicating that red wave v of wave (iii) was already developing. The ideal target for red wave v is seen near 122.00 where a shallow flat correction will be expected in wave (iv). The minimum target for the correction in wave (iv) is seen at 119.76, but it will be more reasonable to expected a decline to the 38.2% corrective target near 118.39, which also marks the low of red wave iv.

A short-term break below 120.81 will indicate that wave (iii) is complete and wave (iv) has taken over.

Trading recommendation:

We missed our buying opportunity and will sell EUR instead at 121.85 or at a break below 120.81 with a stop placed at 122.85.

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

Global macro overview for 01/12/2016

Global macro overview for 01/12/2016:

The US ISM Manufacturing Index data are scheduled for release at 03:00pm GMT today and market participants expect a slight increase. Last time the index came in at 51.9 points, this month the consenus is at the level of 52.1 point, which means a slight expansion in this sector of the economy. The reason behind this optimism are positive data across regional manufacturing benchmarks published by Federal Reserve banks. For the first time in two years, all five indices are above zero as of November. Moreover, IHS Markit's benchmark in November jumped to its highest level since March 2015, which is another signal of further improvement. In conclusion, interesting economic indicator to watch today as any reading better than expected might cause the stock to rally higher.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The pair keeps trading sideways in a range bound manner, but now it is possible that a triangle pattern is unfolding. The technical indicators are still pointing to the downside, so the eventual breakout of this pattern should be towards the techncial support at the level of 1.0550 and 1.5014.

analytics5840253399ca6.jpg

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

Global macro overview for 01/12/2016

Global macro overview for 01/12/2016:

Oil prices rallied on Wednesday, as OPEC members reached a deal on production cuts at the meeting in Vienna. It is the first time since 2008 when the OPEC members have agreed to cut the oil production by 1.2 mbpd to 32.5 mbpd. The agreement should reduce the worldwide supply glut of oil and stabilize oil prices, on the assumption that OPEC members do keep the agreement decisions. The agreement made the oil prices to rally over 8% as another boost for price came after a weekly update on US Crude Oil Inventories was released. US stockpiles surprised global investors again with a decline of 0.9 million barrels, while market participants had expected a surplus of 0.7 million. In conclusion, Thursday is a very good day for oil, both WTI and Brent, in the wake of the long-awaited production cut deal. This is why even higher prices are expected on both benchmark grades.

Let's now take a look at the technical picture of Crude Oil in 4H time frame. The price has broken out above the golden trend line resistnace and now bulls are in full control of the market. Currently the price is trading around the techncial resistnace at the level of 50.04, but the next target for bulls seems to be at the level of 51.93.

analytics5840196d88e88.jpg

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

NZD/USD profit target almost reached, remain bearish

Price has dropped perfectly towards our profit target from yesterday. We remain bearish looking to sell on strength below 0.7137 resistance (Fibonacci retracement, pullback resistance) for a further drop towards 0.7032.

RSI (34) remains below descending bearish resistance.

Sell below 0.7137. Stop loss at 0.7197. Take profit at 0.7032.

analytics58401825dbfe7.png

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

EUR/USD approaching major support, prepare to buy

Price is approaching major support at 1.0543 (Fibonacci projection, horizontal swing low support) where we expect a bounce from for a rise towards at least 1.0620 (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) is seeing major support at 8.3%.

Buy above 1.0543. Stop loss at 1.0517. Take profit at 1.0620.

analytics5840180e25b58.png

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

XAU/USD above major support, remain bullish

Price is right above major support at 1170.96 (Fibonacci projection, horizontal swing low support) where we expect a bounce from towards 1,180.83 (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) is seeing major support at 8% too.

Buy above 1,170.96. Stop loss at 1166.51. Take profit at 1,180.83.

analytics584017f3d9b1c.png

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

AUD/USD dropping perfectly from our selling area, remain bearish

Price dropped absolutely perfectly from our selling area yesterday and is close to our profit target. We remain bearish looking to sell on strength below 0.7436 resistance (Fibonacci retracement, horizontal pullback resistance) for a further push down to 0.7317.

Stochastic (21,5,3) is below descending resistance and sees good downside potential.

Sell below 0.7436. Stop loss at 0.7504. Take profit at 0.7317.

analytics584017dad3e05.png

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

EUR/NZD analysis for December 01, 2016

analytics584011c482141.png

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.5006 in a high volume. Using the market profile chart on 30M time frame, I found that buyers are in control today on the market. The price is trading above yesterday's high, which is good sign for further upwrad movement. Watch for potential buying opportunities on the dips. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of 1.5020 and Fibonacci expansion 100% at the price of 1.5075.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4975

R2: 1.5005

R3: 1.5060

Support levels:

S1: 1.4870

S2: 1.4835

S3: 1.4780

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

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

Technical analysis of USD/CAD for December 1, 2016

General overview for 01/12/2016:

The bottom for the wave c (green) might be already in place and that would mean the wave (a) (blue) has been completed as well. The low of this wave at the level of 1.3355 will now act as an intraday support, so if the count is correct, the market should now move higher towards the golden trend line resistance around the level of 1.3500. As a possible wave (b) is in progress, the structure here might get complex and time-consuming.

Support/Resistance:

1.3588 - Local High

1.3583 - WR1

1.3464 - Intraday Resistance

1.3482 - Weekly Pivot

1.3429 - WS1

1.3355 - 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. The first TP should be set at the level of 1.3233.

analytics58400e3298deb.jpg

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

Technical analysis of EUR/JPY for December 1, 2016

General overview for 01/12/2016:

The market is now developing wave -v- of the wave (iii) (green). The first projected target for this wave is at the level of 122.07, but it might extend higher. When the impulsive cycle in wave (iii) (green) is completed, a larger correction in wave (iv) (green) is anticipated. No signs of any kind of a trend reversal yet.

Support/Resistance:

122.07 - WR2

121.55 - Intraday Resistnace

121.16 - WR1

120.82 - Intraday Support

119.23 - Weekly Pivot

118.32 - WS1

116.37 - WS2

Trading recommendations:

The TP at the level of 121.16 has been hit and all buy orders should be closed with profit. Currently, the daytraders should refrain from trading and wait for a better trading setup to occur shortly.

analytics58400c6a3ea58.jpg

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

Gold analysis for December 01, 2016

analytics58400bfbcf5c8.png

Since our previous analysis, gold has been moving downwards. As I expected, the price broke its trading range and tested the level of $1,161.96 in a high volume. Using the market profile analysis, I found a strong buying tail from the buyers, which is a sign that selling looks very risky. My advice is to watch for buying opportunities. The first upward target is set at the price of $1,176.40. Anyway, if the price breaks the level of $1,162.00, the downward station will be set at the price of $1,156.60

Fibonacci pivot points:

Resistance levels:

R1: 1,186.80

R2: 1,202.75

R3: 1,212.15

Support levels:

S1: 1,161.35

S2: 1,151.95

S3: 1,135.90

Trading recommendations for today: The buying tail is in the background, selling looks risky. Watch for potential buying opportunities.

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

Technical analysis of USD/JPY for December 01, 2016

USDJPYM30.png

USD/JPY is expected to advance further. The pair remains on the upside, backed by a rising trend line which emerged on Nov 29. In addition, formation of the higher highs and lows remains intact, which should confirm a positive outlook. Meanwhile, the relative strength index is held up by an ascending trend line.

On Wednesday, US stock indexes lacked upward momentum despite the fact that energy shares jumped on soaring oil prices driven by the OPEC's output cut agreement. The Dow Jones Industrial Average marked an all-time intraday high of 19,225 but closed at 19,123, up about 2 points on day. The S&P 500 eased 5 points (-0.3%) to 2,198, and the Nasdaq Composite dropped 56 points (-1.1%) to 5,323.

Bank shares also gained as Steve Mnuchin, who has been selected by president-elect Donald Trump to be the US Treasury secretary, pointed out in a CNBC interview that the new administration would make tax reforms and trade pact overhauls the top priorities.

US government bonds saw their selloff regain momentum as surging oil prices and solid US economic data raised investors' appetite for riskier assets. The benchmark 10-year US Treasury yield settled at 2.365%, its highest closing level since July 2015, up from 2.305% Tuesday.

Facing a stronger US dollar, gold shed 1.3% to $1,172 an ounce, its lowest closing level since February 5. Silver was down 0.7% to $16.48 an ounce.

The US dollar strengthened as higher oil prices enhanced inflation expectations and US bond yields. In fact, the chance of a rate increase is now 94%, according to the Fed's fund futures tracked by CME. The ICE US Dollar Index rose 0.6% to 101.55.

Hence, as long as 113.25 is not broken, an advance to 114.0 and 115.30 in extension is likely.

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 114.80 and the second one at 115.30. In the alternative scenario, short positions are recommended with the first target at 112.55 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 112. The pivot point lies at 113.25.

Resistance levels: 113.25, 113.90, 114.25

Support levels: 110.75, 110.25, 110

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

Technical analysis of USD/CHF for December 01, 2016

USDCHFM30.png

USD/CHF is expected to trade with bullish bias. The pair seems to be forming a "broadening formation" pattern, and is expected to challenge its next resistance at 1.0195 in the coming trading hours. The relative strength index is mixed to bullish above its neutrality area at 50.

The US dollar strengthened as higher oil prices enhanced inflation expectations and US bond yields. In fact, the chance of a rate increase is now 94%, according to the Fed's fund futures tracked by CME. The ICE US Dollar Index rose 0.6% to 101.55.

Therefore, as long as 1.0120 is not broken, expect a new rise to 1.070 and 1.0195 in extension.

Resistance levels: 1.0170, 1.0190, 1.0220

Support levels: 1.0100, 1.0075, 1.0040

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

Technical analysis of NZD/USD for December 01, 2016

NZDUSDM30.png

NZD/USD is under pressire. From a technical view, the prices remain on the downside, and are now testing the nearest support at 0.7130. The risk is a slide below this threshold, which would trigger a bearish acceleration to 0.7045. Besides, the relative strength index is below its neutrality area at 50.

Hence, as long as 0.7065 is not surpassed, look for further advance to 0.7065 and 0.7045 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 0.7065. A break below this target will move the pair further downwards to 0.7045. The pivot point stands at 0.7130. 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 0.7170 and the second one at 0.7200.

Resistance levels: 0.7170, 0.7200, 0.7250

Support levels: 0.7065, 0.7045, 0.7000

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

Technical analysis of GBP/JPY for December 01, 2016

GBPJPYM30.png

GBP/JPY is expected to trade mainly with a bullish bias. The pair has been supported by its rising 20-period moving average, and is looking for a higher top. Meanwhile, the 20-period moving average stays above the 50-period one, and the relative strength index is held up by a bullish trend line. As long as 141.50 is not broken down, further bounce is preferred with 144.50 and 145.20 as targets.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 144.50 and the second one at 145.20. In the alternative scenario, short positions are recommended with the first target at 140.00 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 139.25. The pivot point lies at 141.50.

Resistance levels: 144.50, 145.20, 146.05

Support levels: 140.00, 139.25, 138.50

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

USD/CAD intraday technical levels and trading recommendations for December 1, 2016

analytics583feb13b9e38.pnganalytics583feb1da49e8.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 persists below the price level of 1.3360 until the weekly closure.

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

NZD/USD Intraday technical levels and trading recommendations for December 1, 2016

analytics583fe96a68677.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. All T/P levels were successfully achieved.

On the other hand, the recent bullish pullback towards 0.7120 was considered for selling the NZD/USD pair as it constituted a recent resistance level. The shooting-star daily candlestick of Yesterday enhances this bearish scenario.

S/L should be set as daily closure above 0.7150 to minimize the associated risk.

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

Intraday technical levels and trading recommendations for GBP/USD for December 1, 2016

analytics583fe881cfd37.pnganalytics583fe88c31646.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 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.

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

Intraday technical levels and trading recommendations for EUR/USD for December 1, 2016

analytics583fe80ca7389.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.

analytics583fe818b9987.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/CHF for December 01, 2016

USDCHFH4.png

Overview:

  • The USD/CHF pair movement was mixed as it took place in a narrow sideways channel for a while. The USD/CHF pair didn't make any significant movements yesterday (ranging between the levels of 1.0191 and 1.0053). There are no changes in our technical outlook. 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.
  • On the contrary, if a breakout takes place at the resistance level of 1.0230, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 1.0260.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for December 01, 2016

NZDUSDH4in.png

Overview:

  • As expected the NZD/USD pair continues to move downwards below the level of 0.7178. Yesterday, the pair dropped from the level of 0.7138 to the bottom around 0.7073. Today, the first resistance level is seen at 0.7136 followed by 0.7187, while daily support 1 is seen at 0.7021. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7136 and 0.7021; for that we expect a range of 115 pips (0.7136 - 0.7021). Hence, if the NZD/USD pair fails to break through the resistance level of 0.7136 , the market will decline further to the levels of 0.7050 and 0.7021. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.6971 with a view to test the double bottom in the H4 time frame. On the contrary, if a breakout takes place at the resistance level of 0.7187 (major resistance), then this scenario may become invalidated.

Intraday technical levels:

  • R3: 0,7310
  • R2: 0,7237
  • R1: 0,7187
  • PP: 0,7136
  • S1: 0,7073
  • S2: 0.7022
  • S3: 0.6971
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USDX for December 1, 2016

The Dollar index continues to trade sideways despite an attempt yesterday to break above 101.80. The sideways consolidation helps bulls relieve the overbought conditions and prepare for the next leg up towards 102.50. A trend remains bullish.

analytics583fddee02cbe.jpg

Blue line - support

The Dollar index is diverging while trading near its highs. Price is trading above short-term support at 100.80. A break below the blue trend line support that coincides with the Ichimoku cloud support, will open the way for a push towards 99.

analytics583fde3404561.jpg

The Dollar index is trading around its monthly 61.8% Fibonacci retracement of the entire decline from July 2001 highs. This is important long-term resistance. A reversal from current levels is justified but still not confirmed. Bulls need to be very cautious.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for December 1, 2016

Gold price made a new low yesterday. I warned that a break below $1,177 would open the way for a new low. A trend remains bearish but I believe we are at the final stages of the decline and traders should focus on the upside.

analytics583fdcc477eeb.jpg

Black lines - bearish channel

Gold price is oversold on the 4-hour chart and bouncing off the lower channel boundary. Price however remains inside the bearish channel and below the Ichimoku cloud. Only a break above $1,200 will confirm a short-term trend change to bullish.

analytics583fdd0598086.jpg

The weekly candle remains inside the cloud and on top of the 61.8% Fibonacci retracement. A weekly close below $1,170 will open the way for a push towards $1,120 however this is not the time to open new short positions. Gold bears need to be very cautious and lower their stops as I still believe Gold is in the process of making a long-term low.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for December 1, 2016

EUR/USD: There has not been any strong movement on the EUR/USD pair 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. Some fundamental figures are expected today and they would have impact on the market.

1.png

USD/CHF: This is a bull market, and despite the fact that price has not done much this week, price is supposed to continue going upwards. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 would go decisively towards the overbought region when a strong momentum occurs, which would favor the ongoing trend.

2.png

GBP/USD: The Cable made a faint bullish attempt on Wednesday, and that could signal 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, 1000 pips.

3.png

USD/JPY: The USD/JPY pair has consistently gone up. Since the low of November 9, price has moved up 1350 pips, now above the demand level at 114.00. There is a huge Bullish Confirmation Pattern on the 4-hour chart and the supply levels at 114.50, 115.00, and 115.50 would be the next targets. As it was correctly predicted, the outlook on JPY pairs remains bullish.

4.png

EUR/JPY: The EUR/JPY pair has often gone up. Since the low of November 9, price has moved up 750 pips, now above the demand zone at 121.00. There is a huge Bullish Confirmation Pattern on the chart and the supply zones at 121.50, 122.00, and 122.50 would be the next targets.

5.png

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

Technical analysis of USD/JPY for Dec 01, 2016

USDJPY.jpg

In Asia, Japan will release the 10-y Bond Auction, Final Manufacturing PMI, Capital Spending q/y and the US will release some Economic Data, such as Total Vehicle Sales, Natural Gas Storage, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.99.

Resistance. 2: 114.76.

Resistance. 1: 114.54.

Support. 1: 114.27.

Support. 2: 114.04.

Support. 3: 113.82.

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 Dec 01, 2016

1480559165_EURUSD.jpg

When the European market opens, some Economic Data will be released, such as French 10-y Bond Auction, Unemployment Rate, Italian Monthly Unemployment Rate, Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI. The US will release the economic data, too, such as Total Vehicle Sales, Natural Gas Storage, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Unemployment Claims, and Challenger Job Cuts y/y, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0644.

Strong Resistance:1.0637.

Original Resistance: 1.0627.

Inner Sell Area: 1.0617.

Target Inner Area: 1.0592.

Inner Buy Area: 1.0567.

Original Support: 1.0557.

Strong Support: 1.0547.

Breakout SELL Level: 1.0540.

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 December 01, 2016

USDX remains capped by the resistance level of 101.74, as the bullish force is weakening in an overall view. However, there are still chances to see a hike above that resistance and if that happens, we can expect further gains toward the 102.61 level. However, if 200 SMA dynamic support gives up, a decline should take the index to test the 100.53 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 December 01, 2016

GBP/USD is still keeping the sideways range established since several days ago, finding strong resistance around 1.2516. With that being said, Cable doesn't have a clear path on a short-term basis, because that resistance mentioned above still acts as a strong supply zone for sellers. It should be noted that the 200 SMA around 1.2450 continues to provide dynamic support.

GBPUSDH1.png

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

Daily analysis of GBP/JPY for November 30, 2016

GBPJPYH4.png

Overview

The GBPJPY price showed mixed trading yesterday affected by the contradiction between main indicators. The pair settled at 140.60 levels. We noted the price attempt to rally above the bearish channel's resistance, but we could not confirm these bullish attempts unless there is a positive close in the daily period. Therefore, we recommend staying neutral for the day waiting for the required daily close to detect the main trend in the upcoming period. In case of successful confirmation of positive dynamics, the price will rise to 143.20 reaching 148.35, while its stability within the bearish channel will increase the negative pressure on the upcoming trading. The expected trading range for today is between 138.60 and 143.20.

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

Daily analysis of Gold for November 30, 2016

GOLDH4.png

Overview

The gold price continues fluctuating near the previously broken support line that turned into key resistance at 1,193.50. The breach of this level will reinforce expectations of the bullish trend continuation in the upcoming period, which also depends on the stability of the 1,172.68 level against the negative pressure that dominated the recent trades. Therefore, we are waiting for positive trading on the intraday and short-term basis, and positive targets begin at 1,211.31 followed by 1,249.94. A break of the 1,172.68 will push the price to 1,124.88 before any new attempt to recover. The expected trading range for today is between the 1,172.00 support and the 1,211.31 resistance.

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

Daily analysis of Silver for November 30, 2016

SILVERH4.png

Overview

The silver price traded steadily above the key support at 16.56 after attempting to break it yesterday. This keeps the bullish trend scenario active until now; the count is also supported by stochastic positivity shown on the four-hour time frame. The price is likely to visit the 17.43 level as the first main target. Note that a breach of 16.85 levels will complete positive technical formation, which confirms the expected bullish trend continuation. A break of 16.56 levels will stop the positive overview and push the price to 15.49. The expected trading range for today is between the 16.40 support and the 16.90 resistance.

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