Analysis of Gold for November 01, 2017

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Recently, the Gold has been trading sideways at the price of $1,274.00. According to the 15M time - frame, I found strong rejection from the upward trendline (re-test), which is sign that buying looks risky. The price also rejected near pivot resistance 2 at $1,282.00, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,266.35 and at the price of $1,263.55.

Resistance levels:

R1: $1,276.75

R2: $1,282.70

R3: $1,287.20

Support levels:

S1: $1,266.35

S2: $1,261.80

S3: $1,255.87

Trading recommendations for today: watch for potential selling opportunities.

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GBP/USD analysis for November 01, 2017

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Recently, the GBP/USD has been upwards. The price tested the level of 1.3320 in an ultra high volume. Anyway, according to the 15M time - frame, I found a strong sign of weakness and rejection from pivot resistance 1 at the price of 1.3315, which may leady GBP/USD lower. There is also divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of 1.3220 (Support 1) and at the price of 1.3160 (support 2).

Resistance levels:

R1: 1.3317

R2: 1.3350

R3: 1.3415

Support levels:

S1: 1.3220

S2: 1.3160

S3: 1.3123

Trading recommendations for today: watch for potential selling opportunities.

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Global macro overview for 01/11/2017

The New Zealand unemployment rate dropped to 4.6% in the three months ended September 30 down from 4.8% in June, Statistics New Zealand said in its household labor force survey. That's the lowest level since the December 2008 quarter when New Zealand was in recession, and below the 4.7% predicted in a Bloomberg poll of 12 economists. Employment rose 2.2% in the quarter to 2.59 million and was 4.2% higher than a year earlier. Economists had expected a 0.8% quarterly gain. More than 85% of the growth in employment was from full-time job vacancies. The participation rate rose to 71.1% from 70.0% in June as 54,000 more people entered the workforce, and marked a record. While the huge increase was a "little puzzling," labor market and household statistics manager Diane Ramsey said Statistic NZ was confident in the integrity of the data. She said: "This is in line with stronger quarterly working-age population growth and near record high annual net migration".

Since the peak in 2013 at the level of 7.3%, the unemployment rate in New Zealand has been slowly decreasing to sink to a nine-year low at 4.6%. If the increase in employment will be followed by the wage increases, then the consumer spending should follow as well. In turn, the odds for an increase in inflationary pressures will increase as well. From there is an open road towards the next interest rate hike by Reserve Bank of New Zealand.

Let's now take a look at the NZD/USD technical picture at the H4 time frame. The market has managed to break out above the technical resistance at the level of 0.6882 and it is currently heading towards the next resistance at the level of 0.6970 (which is a 38% Fibo retracement as well). The key level to the upside is still the zone between 0.7057 - 0. 089.

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Global macro overview for 01/11/2017

The latest data on price pressure in Eurozone disappointed the market participants, as the annual core inflation rate fell to 0.9% in October from 1.1% a month ago. This his matches the low from May. The low this year and last was 0.7%, while the cyclical low was 0.6%. The negative outlook for the data has clearly outpaced the growth estimates for the previous three months (0.6% quarter-on-quarter, consensus 0.5%), which should not be regarded as highly surprising due to the release of positive data from Germany, France, and Italy. After softer Spanish and German national reports, it was not surprising that the headline CPI eased to 1.4% from 1.5%.

The European Central Bank President Mario Draghi has warned of some near-term softness due to energy prices. The drop in core inflation will make it harder for ECB to justify the interest rate hikes because the inflation projection target has not been hit yet. The weakening of inflation explains the ECB's caution in moving away from the ultra-loosening attitude. The negative outcome of data saves only a solid Eurozone GDP growth. In the third quarter, the economy grew at a rate of 0.6% q/q, 0.1 percentage points faster than assumed. The dynamics for the second quarter was revised by 0.1 percentage point as well - up to 0.7%.

Let's now take a look at the EUR/JPY technical picture at the H4 time frame. The market bounced from the technical support at the level of 131.79 and now is trading in the middle of the narrow horizontal zone at the level of 132.59. The key level to the upside is still the 78% Fibo at the level of 134.41. The market conditions are neutral.

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Technical analysis of USD/JPY for November 01, 2017

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USD/JPY is expected to trade with bullish outlook. 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.

Hence, as long as 113.55 holds on the downside, look for the continuation of rebound with targets at 114.25 and 114.45 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 113.55 with a target at 113.35.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 113.65, Take Profit: 112.95

Resistance levels: 114.25, 114.75 and 114.90 Support Levels: 113.25, 113.15, 112.70

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Technical analysis of USD/HF for November 01, 2017

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Overview:

  • The USD/CHF breached the resistance at 0.9942. Right now, it tries to break the second one around the spot of 0.9998 which acts as support now. Hence, the pair has already formed minor support at 0.9942. The strong support is seen at the level of 0.9898 because it represents the weekly pivot. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.9942. Buy above the minor support of 0.9942 with targets at the levels of 1.0050 and 1.0100. Also, it should be noted that if the trend is buoyant, then the strength in this currency pair will be defined as follows: USD is in an uptrend and CHF is in a downtrend. On the other hand, if the pair closes below the minor support (0.9942), the price will fall into the bearish market in order to go further towards the strong support at 0.9898. Briefly, the minor support is seen at the level of 0.9942. It will be profitable to buy above the spot of 0.9940 with the targets of 0.9998, 1.0050 and 1.0100. However, the stop loss should be placed at the 0.9900 level.
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Technical analysis of NZD/USD for November 01, 2017

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Overview:

  • The NZD/USD pair rebounded from the level of 0.6818 in the long term. It should be noted that the support is established at the level of 0.6818 which represents the daily support 1t on the H4 chart. The NZD/USD pair is showing signs of force following a breakout of the highest price of 0.6968. The price was in a bullish channel since this morning. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The NZD/USD pair continues to move upwards from the level of 0.6818. As long as the trend is above the price of 0.6818, the market is still in an uptrend. In addition, the trend is still strong above the moving average (MA100). The NZD/USD pair didn't make any significant movements last two days. The market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA heads for the upside. Therefore, strong support will be found around the spot of 0.6818 providing a clear signal to buy with a target seen at 0.6968. If the trend breaks the first resistance at 0.6968, the pair will move upwards continuing the bullish trend development to the level of 0.7207 in order to test the daily resistance 2. It should be noted that the major resistance is seen at 0.7207 today. On the other hand, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6700.
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NZD/USD Intraday technical levels and trading recommendations for November 1, 2017

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Daily Outlook

A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.

The recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.

Re-consolidation below the price level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.

An atypical Head and Shoulders pattern was expressed on the depicted chart indicating a high probability of bearish reversal as long as bearish persistence below the neckline 0.7150 is maintained.

As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why the further bearish decline should be expected towards 0.6800 (Reversal pattern bearish target).

On the other hand, if the recent low (0.6817) remains defended by the bulls, a bullish pullback and a short-term BUY entry can be expected during this week's consolidations.

The next DEMAND level to meet the pair is located around 0.6710 that may be visited if enough bearish pressure is applied below 0.6800.

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Intraday technical levels and trading recommendations for EUR/USD for November 1, 2017

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.

The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the previous Monthly candlestick of September).

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Daily Outlook

In January 2017, the previous downtrend was reversed when the Inverted Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).

The daily supply zone failed to pause the ongoing bullish momentum. Instead, the evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was expressed.

If the recent bearish breakout persists below 1.1700 (Neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).

A bearish target for the depicted Head and Shoulders pattern extends towards 1.1350 if enough bearish pressure is applied against the mentioned zone (1.1415-1.1520).

Trade Recommendations

Price action should be watched around the price zone of 1.1415-1.1520 if further bearish movement below 1.1600 is expressed.

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Bitcoin analysis for 01/11/2017:

CME Group is the largest and most recognized trading platform for derivatives and commodities in the world. The unusual sensation was triggered by yesterday's official press release from which digital currencies society learn that the platform will also support Bitcoin contracts. The exact date is not yet known and depends on meeting all requirements of market regulators. It is expected to last until the end of this year.

This is good news for traders, including those who have so far preferred Bitcoin to stay away from high risk. The platform offers a number of tools to make Bitcoin games safer. Contracts on Bitcoin will not have much in common with the exception of the course itself, and will only deal with it. Once expired, the client will not be able to demand a base instrument, in this case, Bitcoins. The course will be calculated as a result of stock exchanges such as Bitstamp, GDAX, ITBIT and Kraken Bitcoin Reference Rate (BRR) via the Crypto Facilities platform. CME also offers its exchange rate index Bitcoin Real-Time Index (BRTI). Beginning in 2018, the contracts will also appear on the Chicago Board Options Exchange.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. New all-time high at the level of $6,436 indicates the wave 4 might have been terminated at the level of $5,338 and now the market is developing the last wave to the upside - wave 5. Nevertheless, this is still alternative scenario as the momentum is clearly diminishing at the way up. The next target for the price is the weekly pivot resistance at the level of $6,652.

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Trading plan for 01/11/2017

Trading plan for 01/11/2017:

A quiet overnight trading session in Asia with most of the majors trading inside of the range. EUR/USD is at 1.1651, GBP/USD breaks to 1.3307 and USD/CAD is 1.2881. On the commodity market, Crude Oil has extended gains to $54.96, Gold is trading a little higher as well, currently at $1,275. New all-time highs on Bitcoin at $6,436.

On Wednesday 1st of November, the event calendar is busy with important news releases, especially during the NY session. Only one important data are scheduled for release in the early London session, its PMI Manufacturing data from the UK. Later on, the US will take control and post the ADP Non-Farm Employment Change data, ISM Manufacturing PMI data and at the end of the day, Fed will issue the interest rate decision and statement. Some important speeches are scheduled as well from BOE Deputy Governor for Prudential Regulation Sam Woods, BOE Deputy Governor for Financial Stability Jon Cunliffe, SNB Vice Chairman of the Governing Board Fritz Zurbrugg and BOC Governor Stephen Poloz.

EUR/USD analysis for 01/11/2017:

The main event of the day is FOMC interest rate decision and rate statement that is scheduled for release at 06:00 pm GMT. The market participants expect FOMC to leave the interest rate unchanged at the level of 1.25%. Financial markets remain skeptical over the Federal Reserve's predictions for the path of monetary policy. Uncertainty over who will lead the Fed, low inflation and some concerns about a potential government shutdown in December goes some way to explaining this. However, with Fed officials broadening out the factors justifying tighter monetary policy, such as financial stability and financial conditions, and with growth looking strong and inflation edging higher, a December rate hike looks probable. In today's statement, the most important clues regarding the next interest rate hike might be found in areas like growth comments, job market situation, inflationary pressures, and fiscal policy.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market is still locked in a narrow trading range between the levels of 1.1574 - 1.1662. So far the bulls were unable to break out above the technical resistance as the momentum indicator is still below its fifty level. Nevertheless, in a case of a breakout higher, the next technical resistance is seen at the level of 1.1715 and only a clear and sustained violation of this level would change the bias from bearish to bullish. Please notice that there is still a Head and Shoulders pattern in play at the higher time frame.

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Market Snapshot: Crude Oil rally continues

The price of Crude Oil has rallied higher towards the daily technical resistance zone located between the levels of $54.96 - $55.26. The market conditions are overbought and there is a clear and visible bearish divergence between the price and the momentum oscillator, which indicates a possible downside correction. The next technical support is seen at the level of $54.45 and $53.73.

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Market Snapshot: DAX at new all-time highs

The price of German DAX index is trading at the level of 13,370, which is new all-time high at the time of writing. Nevertheless, the market conditions on H4 and Daily time frame are extremely overbought and there is some unfilled gap along the way up. The corrective cycle might start anytime soon.

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Ichimoku indicator analysis of USDX for November 1, 2017

The Dollar index remains in a short-term bullish trend. The price is making higher highs and higher lows and remains inside the bullish short-term channel. The upside target remains at 95.50 as long as we trade above 93.50-94.

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Blue lines - bullish channel

The 4-hour chart shows price above the important indicator kijun-sen (yellow line) and of course above the cloud. The trend is bullish. Support is at 94.40 and next at 94. We could test lower but for a move towards 95.50 to continue, support at 94 must not fail to hold.

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On a weekly basis, the trend remains bearish. We consider this bounce only as a corrective pull back upwards before the resumption of the bigger downward trend. The 38% Fibonacci retracement has not been reached yet. I believe we can test that level but in general, I remain longer-term bearish looking for a decline towards 88.The material has been provided by InstaForex Company - www.instaforex.com

Ichimoku indicator analysis of gold for November 1, 2017

Gold has broken out of the downward sloping wedge pattern and yesterday it pulled back to back test the breakout area. Price made a higher low so far, but the short-term trend remains bearish as long as the price is below the Kumo.

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Blue line - resistance

Red line - support

The Gold price is trading below the 4 hour Kumo (cloud) resistance. This resistance is at $1,279-83. Support is at $1,267. Breaking below support will open the way for a move lower towards $1,260 or even lower.

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On a daily basis, the trend remains bearish. Gold price is testing the tenklan-sen indicator. Bulls must break above it and try a push inside the cloud to change trend to neutral. Otherwise, we are still in danger of moving lower towards $1,240-50. I remain longer-term bullish.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for November 1, 2017

EUR/USD: The EUR/USD is still consolidating in the context of a downtrend. When volatility returns to the market, it would most probably favor bears, for the price is expected to reach the support lines at 1.1600 and 1.1550, which would be tested between today and tomorrow. There is a need for the market to go upwards by at least 200 pips before the current bearish bias can be threatened.

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USD/CHF: The pair is still consolidating in the context of an uptrend. When volatility returns to the market, it would most probably favor bulls (price is close to the resistance level at 1.0000, which is a psychological level), for the price is expected to reach the resistance levels at 1.0050 and 1.0100, which would be tested between today and tomorrow. There is a need for the market to go downwards by at least 200 pips before the current bearish bias can be threatened.

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GBP/USD: The GBP/USD has gone upwards by 130 pips this week, creating a bullish signal in the market. Price is above the accumulation territory at 1.3250, going towards the distribution territory at 1.3300 (the first target). Once that territory is breached to the upside, the price would then go towards another distribution territories at 1.3350 and 1.3400.

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USD/JPY: The signal on this currency trading instrument is essentially bullish. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. This shows that price is more likely to continue going upwards, testing the supply level at 114.00, breaching it to the upside, and then reaching for another supply level at 114.50.

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EUR/JPY: The Bearish Confirmation Pattern in the EUR/JPY 4-hour chart is currently in jeopardy, for the rally that has taken place so far in this week is noteworthy enough. Unless the price drops downwards from here, the bearish bias in the market could be rendered invalid, especially when the price goes above the supply zone at 133.50, which would, however, require a strong buying pressure.

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Technical analysis of USD/CHF for November 01, 2017

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We will retain our yesterday's forecast about USD/CHF. The pair is still expected to trade in a higher range. Despite the recent pullback from 0.9995 (the high of October 31), the pair is still supported by a rising trend line since October 30. The rising 50-period moving average is playing a support role. The relative strength index lacks downward momentum.

The U.S. dollar held steady while economic data released were upbeat and investors were waiting for the Fed's announcement after its two-day meeting as well as the official October jobs report due Friday. The ICE Dollar Index closed at 94.55, compared with 94.56 Monday.

Hence, above 0.9960, look for a rebound with targets at 1.0030 and 1.0050 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 0.9960, Take Profit: 1.0030

Resistance levels: 1.0030, 1.0050, and 1.0075

Support levels: 0.9935, 0.9900, and 0.9850

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Technical analysis of GBP/JPY for November 01, 2017

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All our targets which we predicted in Yesterday's analysis has been hit. GBP/JPY is still expected to trade in higher range. The pair remains on the upside as long as it stays above 150.40. Currently, it is trading around the ascending 20-period moving average, which stands above the 50-period one. The relative strength index sits at levels above 60, indicating continued upward momentum for the pair. Overhead resistance is at 151.40. Above that, expect a further advance toward 151.85.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 150.40 with the target at 150.00.

Strategy: BUY, Stop Loss: 150.40, Take Profit: 151.40

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 151.40, 151.85 and 152.45

Support levels: 150.00, 149.55, and 149.00

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Elliott wave analysis of EUR/NZD for November 1, 2017

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Wave summary;

The failure to sustain the rally from 1.6821 indicates that the rally to 1.7059 only was corrective and more downside pressure should be expected towards 1.6545 and possibly even closer to 1.6341.

A break below support at 1.6821 will change that count in favor of the above depicted. This count shows that wave i completed the test of 1.7216 and the ongoing correction is a wave ii correction.

R3: 1.7059

R2: 1.6955

R1: 1.6909

Pivot: 1.6820

S1: 1.6794

S2: 1.6712

S3: 1.6660

Trading recommendation:

We bought EUR at 1.6890 with stop placed at 1.6794. We will take half profit at 1.6910 and half profit again at 1.6955.

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Elliott wave analysis of EUR/JPY for November 1, 2017

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Wave summary:

EUR/JPY has failed to break clearly below important support at 131.60, which tells us, that a larger correction into the 132.96 - 133.32 area is developing before renewed downside pressure should be expected.

To confirm that wave (D) has completed, we still need a firm break below support at 131.60, that will confirm wave (E) towards 123.43 is developing.

R3: 133.32

R2: 132.96

R1: 132.64

Pivot: 132.30

S1: 131.95

S2: 131.60

S3: 131.09

Trading recommendation:

Our stop at 132.00 was hit for a 40 pips loss. We will sell EUR again at 133.20 with stop at 134.55

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

Technical analysis of NZD/USD for November 01, 2017

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NZD/USD is expected to trade with a bullish outlook. The pair posted a rebound and broke above the upper boundary of Bollinger Bands, which indicated the bullish reversal. The 20-period moving average has crossed above the 50-period one. The relative strength index shows upside momentum.

Therefore, as long as 0.6880 is not broken, look for a further upside with targets at 0.6930 and 0.6950 in extension.

The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.6930, 0.6950, and 0.6980

Support levels: 0.6850, 0.6830, and 0.6795

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

EUR/JPY profit target reached perfectly, remain bullish for a further push up

The price has shot up and reached our profit target perfectly. We remain bullish looking to buy above major support at 132.28 (Fibonacci retracement, horizontal pullback support, cup and handle support) for a push up to 133.12 resistance (Fibonacci extension, cup and handle potential, Fibonacci retracement).

Stochastic (89,3,1) is starting to bounce up nicely from our 2.7% support with good upside potential.

Buy above 132.28. Stop loss is at 131.79. Take profit is at 133.12.

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NZD/USD bouncing perfectly, remain bullish

The price has started to bounce perfectly off our major support level as expected. We remain bullish looking to buy on dips above major support at 0.6821 (Fibonacci extension, horizontal swing low support) and we expect to see a nice bounce from this level to at least 0.7052 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,3,1) is seeing strong support above 4.3% and it is starting to turn up signaling a reversal.

Buy above 0.6821. Stop loss is at 0.6720. Take profit is at 0.7052.

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Technical analysis of EUR/USD for Nov 01, 2017

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When the European market opens, there is no Economic Data will be released today from the Euro Zone. The US will release the Economic Data, too, such as Federal Funds Rate, Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, and ADP Non-Farm Employment Change, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1706.

Strong Resistance:1.1699.

Original Resistance: 1.1689.

Inner Sell Area: 1.1679.

Target Inner Area: 1.1654.

Inner Buy Area: 1.1629.

Original Support: 1.1619.

Strong Support: 1.1609.

Breakout SELL Level: 1.1602.

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 01, 2017

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In Asia, Japan will release the 10-y Bond Auction and Final Manufacturing PMI data, and the US will release some Economic Data, such as Federal Funds Rate, Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, and ADP Non-Farm Employment Change. So, there is a probability the USD/JPY will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.47.

Resistance. 2: 114.25.

Resistance. 1: 114.02.

Support. 1: 113.75.

Support. 2: 113.53.

Support. 3: 113.30.

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

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Technical analysis of EUR/USD for Oct 27, 2017

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When the European market opens, some Economic Data will be released, such as German Import Prices m/m. The US will release the Economic Data, too, such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Advance GDP Price Index q/q, and Advance 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: 1.1693.

Strong Resistance:1.1686.

Original Resistance: 1.1675.

Inner Sell Area: 1.1664.

Target Inner Area: 1.1636.

Inner Buy Area: 1.1608.

Original Support: 1.1597.

Strong Support: 1.1586.

Breakout SELL Level: 1.1579.

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

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Daily analysis of USDX for November 01, 2017

The index continues to ride a retracement from the resistance level of 95.14 and now remains supported by the fractals formed during yesterday's lows. The 200 SMA at the H1 chart is approaching to the current price action and it can serve as dynamic support. The downside could get extended towards the 93.97 level.

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H1 chart's resistance levels: 95.14 / 95.85

H1 chart's support levels: 94.60 / 93.97

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 95.14, take profit is at 95.85 and stop loss is at 94.47.

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Daily analysis of GBP/USD for November 01, 2017

The pair once again is setting the bullish tone above the 200 SMA at H1 chart and remains trapped in a range across the board. According to our short-term projections, we're expecting that GBP/USD reaches the resistance zone of 1.3309, at which could be offered to re-test the moving average mentioned above. If it manages to break such area, a leg lower towards the 1.3037 level is expected.

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H1 chart's resistance levels: 1.3201 / 1.3309

H1 chart's support levels: 1.3037 / 1.2870

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3037, take profit is at 1.2870 and stop loss is at 1.3201.

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