Daily Video Technical Analysis | 17th November 2017

I'm finding some really nice retracement levels and support levels here. Looks like price is also doing that market manipulation thing where it sets up really nicely and wipe out the stops below that major doji about 4-5 bars back.

Our stop loss is based on fibs so it's gonna be just a few pips below that. Low risk high reward trade.

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Technical analysis of USDX for November 17, 2017

The Dollar index got rejected and reversed from our 95 target as expected. Price is in a bearish short-term trend making lower lows and lower highs. Price could soon start a bounce that could unfold into a bigger move as explained by our alternative wave scenarios yesterday.

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Blue lines - bearish channel

The Dollar index is trading below the 4-hour Ichimoku cloud. Trend is bearish as price remains inside the bearish channel. Price has stopped the decline at the 38% Fibonacci retracement. The Dollar index could make another new low towards the 93 level however bulls should be very cautious as there are bullish alternative wave scenarios we talked about yesterday that should not be ignored.

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On a weekly basis, the Dollar index is in a bearish trend. Price got rejected at the kijun-sen and the 38% Fibonacci retracement. Price remains now above the tenkan-sen. There are many chances the Dollar index bounces from current levels or a bit lower towards the weekly Kumo and the 61.8% Fibonacci retracement. So bears need to be cautious.

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Global macro overview for 17/11/2017

The US Industrial Production jumped a solid 0.9% in October as factory activity recovered from the impact of Hurricanes Harvey and Irma (consensus: 0.5%). New light for the expected growth rate for the fourth quarter threw a massive jump in factory production (1.3% m/m, consensus: 0.6%) which was recorded at its seven-year high. Mining activity slipped 1.3% in October as Hurricane Nate caused a brief decline in oil and gas drilling. Production at utilities rose 2.0%.

Maintaining these trends will lead to an increase of the US economy by 3.5% annualized GDP growth. Over the past 12 months, manufacturers have added 156,000 jobs. That's the strongest annual growth since the middle of 2015.

Let's now take a look at the US Dollar Index technical picture at the H4 time frame. The market violated the golden trend line and it is currently trading below it at the level of 93.67. The nearest technical resistance is seen at the level of 94.07 and the nearest technical support is seen at the level of 93.39. It is worth to notice, that the sequence of the higher lowe had been terminated as the low at the level of 93.39 is lower than the previous low at 93.50.

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Global macro overview for 17/11/2017

Interesting comments from Mario Draghi has hit the newswires.

Mario Draghi, the president of the ECB, points out in his speech at the Frankfurt European Banking Congress "Europe into a New Era – How to Seize the Opportunities" that a change in the pace of buying-in is signaling an inevitable end to European slack. In his opinion, the economies of the euro area countries are entering a robust recovery phase, which implies greater resistance to new asymmetric shocks. According to Draghi, the objective of stability in the medium term is a priority, which should be linked to maintaining a relatively loose monetary policy. The head of the ECB points out that a clear rebound in inflation expectations now allows the members of the Governing Council to look with optimism to extinguish the effects of price pressures in Eurozone.

The economic recovery in the Eurozone is continuing as the last series of data showed, but inflation developments remain subdued. The European economy is not yet at a point where the recovery of inflation can be self-sustained without ECB accommodative policy. A key motor of the recovery remains the very favorable financing conditions facing firms and households, which are in turn heavily contingent on ECB policy measures. An ample degree of monetary stimulus remains necessary for underlying inflation pressures to build up and support headline inflation over the medium term.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. Draghi's comments slightly raise the volatility of Euro currency pairs and crosses. At present EUR/USD returns to the level of 1.1800 and still trades above the golden trend line support. The key level to the upside is still the technical resistance zone between the levels of 1.1856 - 1.1880.

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Bitcoin analysis for November 17, 2017

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The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $7.987. A major Japanese bitcoin exchange is looking to enter the Russian cryptocurrency market and is seeking a local partner. The exchange's CEO says "demand is huge" and urges Russia to look at Japan as a model for cryptocurrency regulations. Technical picture looks bullish.

Trading recommendations:

According to the 15M time frame, I found that price is trading above the pivot level ($7.621), which is sign that buyers are in control. I also found broken supply trendline, which is another sign of strength. My advice is to watch for potential buying opportunities. The upwaard targets are set at the price of $8.126 (pivot resistance 1) and at the price of $8.395 (pivot resistance 2, extreme target).

Support/Resistance

$7.621 – Pivot level

$8.131 – Pivot resistance 1

$8.395 – Pivot resistance 2

$7.357 – Pivot support 1

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USD/JPY analysis for November 17, 2017

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Recently, the USD/JPY has been trading downwards. As I expected, the price tested the level of 112.39. According to the 30M time - frame, I found that price is trading below the pivot level (113.04), which is a sign that sellers are in control. I also found an intraday bearish flag in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward target is set at the price of 112.15.

Resistance levels:

R1: 113.34

R2: 113.67

R3: 113.94

Support levels:

S1: 112.75

S2: 112.44

S3: 112.15

Trading recommendations for today: watch for potential selling opportunities.

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EUR/USD analysis for November 17, 2017

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Recently, the EUR/USD has been trading upwards. The price tested the level of 1.2821.According to the 30M time - frame, I found that price is trading above the pivot level (1.1775), which is sign that buyers are in control. I also found oversold condition on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.1838.

Resistance levels:

R1: 1.1794

R2: 1.1820

R3: 1.1838

Support levels:

S1: 1.1749

S2: 1.1739

S3: 1.1705

Trading recommendations for today: watch for potential buying opportunities.

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Intraday technical levels and trading recommendations for NZD/USD for November 17, 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 advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.

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 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, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).

If the recent low (0.6817) remains defended by the bulls, a bullish pullback can be expected towards 0.7050 if the current bullish pullback persists above 0.6970 (intraday key level ).

Trade recommendations:

If the current bullish pullback persists towards 0.7050, a valid sell entry can be offered around there.

S/L should be placed above 0.7100. T/P level are to be placed at 0.6970, 0.6900 and 0.6830.

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Intraday technical levels and trading recommendations for EUR/USD for November 17, 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 advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).

The daily supply zone failed to pause the ongoing bullish momentum. Instead, 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 decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).

Bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue the mentioned target level, significant bearish pressure is needed to be applied against the mentioned zone (1.1415-1.1520).

Trade Recommendations

Recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery. This scenario remains valid as long as the recent low around 1.1550 remains unbroken.

On the other hand, the current price levels around 1.1850 should be watched for a possible short-term SELL entry if enough bearish momentum is maintained. (Note the shooting-star daily candlestick of yesterday).

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Technical analysis of USD/CHF for November 17, 2017

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Overview:

  • The swissy frranc faces resistance at the level of 0.9910, while the strong resistance is seen at 0.9966. Support levels are found at the 0.9870 and 0.9782. Today, the USD/CHF pair continues to move downwards from 0.9910. The pair could fall from 0.9910 level to the first support around 0.9870. In consequence, if the USD/CHF pair breaks support at 0.9870, this level will turn into resistance today. In the H4 time frame, the 0.9910 level is expected to act as minor resistance. Hence, we expect the USD/CHF pair to continue moving in the bearish trend from 0.9910 level towards the target at 0.9870. In the long term, if the pair succeeds in passing through 0.9870 level, the market will indicate the bearish opportunity below 0.9870 level in order to reach the second target at 0.9782. On the other hand, the 0.9782 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.9782 as long as this level is not breached. Overall, we still prefer the bullish scenario above the area of 0.9780.
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Technical analysis of NZD/USD for November 17, 2017

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Overview:

  • As expected the NZD/USD pair continues to move downwards from the level of 0.6800. Yesterday, the pair dropped from the level of 0.6800 to the bottom around 0.6779. Today, the first resistance level is seen at 0.6800 followed by 0.6943, while daily support 1 is seen at 0.6779. According to the previous events, the NZD/USD pair is still moving between the levels of 0.6800 and 0.6703; for that we expect a range of 97 pips (0.6800 - 0.6703). If the NZD/USD pair fails to break through the resistance level of 0.6800, the market will decline further to 0.6779 again. 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 0.6703 with a view to test the daily pivot point. On the contrary, if a breakout takes place at the resistance level of 0.6943 (the double top), then this scenario may become invalidated.
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Daily analysis of major pairs for November 17, 2017

EUR/USD: The EUR/USD rallied significantly this week, to test the resistance line at 1.1850. After that, there has been a slight bearish correction as price moves sideways. However, it is expected that price would resume its bullish journey and test the resistance line at 1.1850 again, breach it to the upside, and aim for another resistance line at 1.1900.

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USD/CHF: This currency trading instrument dropped this week, to test the support level at 0.9850; after which price bounced upwards. The upwards bounce can be treated as a transient rally in the context of a downtrend. Price can come down again, to test the support levels at 0.9900 and 0.9850.

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GBP/USD: There is now a vivid Bullish Confirmation Pattern on the GBP/USD. The price has moved very close to the distribution territory at 1.3250, which would be breached to the upside as the price goes further northwards. The bullish effort that was seen this week, has put an end to the consolidation phase in the market.

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USD/JPY: There is also a bearish signal on this pair. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. It is anticipated that price would continue going downwards, reaching the demand levels at 112.50, 112.00, and 111.50. The targets would be reached before the middle of next week.

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EUR/JPY: The EUR/JPY went upwards on Monday and Tuesday, and then came down on Wednesday and Thursday. The downward movement has nearly posed a threat to the extant bullish bias. Unless price goes upwards from here (to save the bullish bias), the bullish bias would become invalid, especially when the demand zone at 132.00 is breached to the downside.

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Bitcoin analysis for 17/11/2017

Ukraine is consistently pursuing the legalization of Bitcoin in the country. On October 30, Nina Yuzhanin, Chair of the Commission for Tax and Customs Affairs, submitted a draft law amending the tax codes of Ukraine covering cryptocurrency and their derivatives. Under the law, any income and profits from the digital currency will be tax exempt, including purchases, sales, transactions, and mining. Based on the note attached to the project, the tax exemption is intended to create an effective mechanism to stimulate the digital currency market in the country.

The bill on tax exemptions, referred to in Act No. 7246, is the third proposal made in the Ukrainian parliament to regulate the use of cryptocurrency. The first law to set up virtual currencies, such as Bitcoin, private property that can be exchanged for goods and services, was filed in early October. In the second half of October, a second project entitled "On stimulating the cryptanalyst market and their derivatives in Ukraine" was launched. The project was aimed at recognizing digital currencies as financial assets.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price had made a new, marginal higher high at the level of $7,989 so the overall count has been relabeled. Currently, the bullish impulsive scenario shows a possible termination of the wave 5 green as the trend is mature. The H4 chart shows the invalidation level for the current bullish impulsive scenario of a lesser degree at the level of $6,467.

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Trading Plan for EUR/USD and US Dollar Index for November 17, 2017

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Technical outlook:

The EUR/USD pair still remains under the probable count of a leading diagonal wave (1) and probable wave (2) at least for now as labelled here. The most probable wave direction is looking towards the south side at least until 1.1670/80 levels. As discussed yesterday, let us please look into an alternative wave count. If EUR/USD turns bullish from around 1.1670/80 levels, probability remains that of a much higher corrective rally that could push prices through 1.1900/50 levels before terminating wave (2). To keep things simple, and looking into the subset scenario we can expect a drop from current levels towards 1.1680 at least and then we would again review conditions there. Resistance remains around the 1.1875/1.1900 levels for now, while price support should be strong around 1.1670/80 levels respectively.

Trading plan:

Aggressive traders would want to go short again, risk above 1.1900 levels and target 1.1670/80.

US Dollar Index chart setups:

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Technical outlook:

The US Dollar might be producing an up gartley structure and might produce a deeper correction after a short rally towards 94.50/60 levels. We are still optimistic about the probability of an impulse wave (1) and wave (2) having complete or wave (2) may produce a deeper correction towards 92.60/80 levels. Sticking to an A-B-C gartley scenario, the US Dollar Index looks to be set for a rally from current levels and then reverse lower again. As an alternate though, the index might also continue to rally towards fresh highs at 95.30/50 levels before producing a meaningful correction. In both the above scenarios, the common point is a rally from here towards at least 94.50/60 levels. Immediate and strong price support is seen around the 92.80 levels, while resistance should be strong towards 94.50 levels respectively.

Trading plan:

Aggressive traders might want to go long again with risk below 93.40 and targeting 94.50/60.

Fundamental outlook:

Watch out for Mr Draghi's speech in a few minutes, followed by CAD Consumer price index around 0830 AM EST

Good luck!

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Trading plan for 17/11/2017

With the start of the Asian session, the US Dollar was under pressure, though it was not easy to find a sales catalyst. EUR/USD has bounced above 1.18, USD/JPY has fallen to 112.50. But already the AUD/USD and NZD/USD have been lowered, and the declines are now deepening to 0.7560 and 0.6840, respectively. This suggests that the market is subject to strong fluctuations caused by changes in large investors' positions on the illiquid market, which results in a breach of stop-loss orders.

On Friday 17th of November, the event calendar is light in important news releases, but market participants will keep an eye on Building Permits and Housing Starts data from the US and Consumer Price Index data from Canada. Two speeches are scheduled as well. The first speech is from ECB President Mario Draghi in the morning and second from FOMC Member John C. Williams in the evening.

GBP/USD analysis for 17/11/2017:

The Retail Sales data from the UK were better than expected as they jumped 0.3% last month while the market participants expected only a 0.1% increase. The released data slightly surprised by low expectations, which should be treated as a bitterness of September estimates. The Bank of England meeting did not have any impact on the currency market. Mark Carney, the BOE governor, stressed the need to increase the credibility and transparency of the bank. Carney also decided to maintain his position on the future Monetary Policy Committee's move to further increase interest rates in the execution of the underlying scenario. Today the UK economy will not publish any data, but it is worth to watch the daily and weekly close anyway.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The market keeps trading inside of a congestion zone between the levels of 1.3040 - 1.3342. Those are two the most important levels any only a clear breakout above or below either of them will show the further trend direction.

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Market Snapshot: SPY bounces back to the resistance

The price of SPY index (SP500 ETF) has invalidated the sequence of lower highs, that might have indicated the possibility of a trend reversal or correction, and bounced back to the resistance zone. No new high was made yet but the momentum looks strong and the market did not reach the overbought levels yet. The next resistance is seen at the level of 259.32.

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Market Snapshot: USD/JPY fails to break out higher

The price of USD/JPY has tried to rally above the technical resistance at the level of 113.25, but failed and returned to the corrective downtrend. The price is moving inside of a channel and is about to test the technical support at the level of 112.27.

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Ichimoku indicator analysis of gold for November 17, 2017

Gold price continues to trade sideways. Trend remains neutral as Gold price is moving above and below the Ichimoku cloud in an overlapping structure. Gold price is vulnerable to the downside but I remain longer-term bullish.

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Blue lines - sideways channel

Gold price is above the Ichimoku cloud. However this does not give us a clear signal because price is moving sideways and is trapped in a trading range. Support is at $1,276. Breaking below this support level will open the way for a move below $1,262. Resistance is at $1,288-89. Breaking above that level will push price towards $1,300-$1,305.

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Red line - resistance

Blue line - support

Magenta line -long-term resistance

Gold price is moving sideways since late October. Both tenkan- and kijun-sen are moving horizontally and this portrays the neutral trend very clearly. I can see Gold falling towards the green rectangle area of $1,250-45 before resuming the uptrend. Longer-term view remains bullish.

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Last minute burning forecast 17.11.2017

Last minute burning forecast 17.11.2017

EURUSD: Buying from the rollback.

There were no important news for the market on Thursday.

The EURUSD pair showed a normal correction to its previous growth, and shows a readiness to grow further.

Aggressive traders can buy directly at current prices (1.1813 at the time of review).

Buy from the kickbacks at 1.1740 and 1.1700.

The level for a breakthrough will be upward ready for the market closure. If so, the price will update the highs to 1.1860 (and if it is not interrupted before closing).

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Elliott wave analysis of EUR/NZD for November 17, 2017

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Wave summary:

EUR/NZD continues to rally as expected and has now broken above the form top at 1.7216 as the rally higher towards the next target seen at 1.7770 continues.

Support is now seen at 1.7201 and again at 1.7121. The latter will ideally protect the downside for the expected rally higher towards 1.7770.

R3: 1.7665

R2: 1.7494

R1: 1.73333

Pivot: 1.7200

S1: 1.7121

S2: 1.7175

S3: 1.7059

Trading recommendation:

We are long EUR from 1.6770 and will move our stop higher to 1.7025.

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Elliott wave analysis of EUR/JPY for November 17, 2017

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Wave summary:

No change in view here.

We continue to look for more downside pressure towards 131.60 and a clear break below here, will confirm that wave (D) completed with the test of 134.50 and wave (E) now is developing. The ideal target for wave (E) is seen at 123.43.

R3: 134.50

R2: 133.89

R1: 133.44

Pivot: 132.75

S1: 132.30

S2: 131.88

S3: 131.36

Trading recommendation:

We are short EUR from 133.10 with stop placed at 134.55

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BITCOIN Analysis for November 17, 2017

Bitcoin has reached its record high above $7,800 price level and expected to proceed much higher in the coming days. The recovery was quite massive and impulsive recently which proved once again that Bitcoin can overcome any obstacles coming its way and temporary pullbacks cannot stop the gains of this Cryptocurrency. The corrections along the way was a sign of a mature financial instrument where the bulls observed the market and pushed the price higher in a non-volatile impulsive pressure. Moreover, the recent news on Bitcoin Play hitting the Wall Street was an additional push for the Cryptocurrency to gain momentum. Currently, the price is quite indecisive in nature after having impulsive bullish price action yesterday which is expected to follow even today taking the price towards $8,000 price level before price shows any correction or pullback before it proceeds further upwards. As the price remains $6,900-$7,000 price level the bullish bias is expected to continue further.

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Fundamental Analysis of AUD/JPY for November 17, 2017

AUD/JPY has been in an impulsive and non-volatile bearish trend after retesting off the 88.00 level recently. AUD is currently quite weaker in comparison to JPY due to recent worse economic reports which helped JPY to gain impulsive bearish momentum in the pair. Recently AUD Employment Change report was published with decrease figure of 3.7k from the previous figure of 26.6k which was expected to be at 17.8k, Unemployment Rate was slightly positive with a decrease to 5.4% from the previous value of 5.5% and MI Inflation Expectation report was published with a decreased value of 3.7% from the previous value of 4.3%. Today, AUD New Motor Vehicle Sales report was published with an increase to 0.0% from the previous negative value of -0.4% which could not provide any support for the currency to gain momentum over JPY. On the other hand, JPY was also struggling with the mixed outcome of the economic reports this week but as the economic reports had minimal impact on the currency it did not hamper the gain against AUD this week. Recently JPY Prelim GDP report was published with a decreased value of 0.3% from the previous value of 0.6% which was expected to be 0.4%, Prelim GDP Price Index report was published as expected at 0.1% increase from the previous negative value of -0.4% and Revised Industrial Production report was published with a slightly less deficit at -1.0% which was expected to be unchanged at -1.1%. As of the current scenario, AUD is being dominated by JPY with mixed economic reports which does indicate the severe weakness of AUD in comparison. Until AUD comes up with any positive economic reports or events in the coming days JPY is expected to gain momentum and push the price much lower in the future.

Now let us look at the technical view, the price was quite indecisive yesterday at the edge of the support area of 85.50-70 which was overtaken with impulsive bearish pressure in the first quarter today. The price is currently residing below the 85.50-70 support area which is expected to work as resistance and push the price much lower in the coming days towards the next support level of 84.00 and later towards 82.00 support area. As the price remains below 88.00 resistance area the bearish bias is expected to continue further.

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Fundamental Analysis of USD/CHF for November 17, 2017

USD/CHF has been quite bullish recently after bouncing off the 0.9860 support area. USD has been quite mixed with the economic reports this week which did lead to some bullish intervention along the way but was not quite impulsive in nature. Today we do not have any CHF economic reports or events to impact the market, but this week CHF had PPI report was published unchanged at 0.5% which was expected to decrease to 0.2%. The positive economic report did help the currency to gain somehow over USD but could not sustain it longer. On the USD side, today Building Permits report is going to be published which is expected to increase to 1.25M from the previous figure of 1.23M and Housing Starts is expected to increase as well to 1.19M from the previous figure of 1.13M. The USD is still quite on backfoot due to a quite indecisive market sentiment, but it is expected to have an upper hand over CHF. Ahead of the Rate Hike in December the USD is expected to gain momentum and proceed further with the gains against CHF in the future.

Now let us look at the technical view, the trend of this pair is currently quite bullish in nature which was quite non-volatile while breaking above the 0.9860 price level with a daily close. The price is currently residing in the support area of 0.9770 to 0.9860 from where the price recently bounced back with a bearish rejection with the target towards 1.01 resistance area. As the price remains above the support area the bullish bias is expected to continue further.

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Technical analysis of EUR/USD for Nov 17, 2017

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When the European market opens, some Economic Data will be released, such as Italian Trade Balance and Current Account. The US will release the Economic Data, too, such as Housing Starts and Building Permits, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1846.

Strong Resistance:1.1839.

Original Resistance: 1.1828.

Inner Sell Area: 1.1817.

Target Inner Area: 1.1789.

Inner Buy Area: 1.1761.

Original Support: 1.1750.

Strong Support: 1.1739.

Breakout SELL Level: 1.1732.

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 USD/JPY for Nov 17, 2017

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In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data such as Housing Starts, and Building Permits. So, there is a probability the USD/JPY will move with a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.07.

Resistance. 2: 112.85.

Resistance. 1: 112.63.

Support. 1: 112.35.

Support. 2: 112.13.

Support. 3: 111.91.

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USD/CHF reacting off our selling area really nicely, remain bearish

The price has continued to test our selling area and is dropping nicely from that area. We look to remain bearish and sell on strength below 0.9935 resistance (Multiple Fibonacci retracements, pullback resistance) for a strong push down to at least 0.9847 support (head and shoulders exit potential, swing low support, Fibonacci extension).

Stochastic (34,3,1) is seeing major resistance below 96% where we expect a corresponding reaction from.

Sell below 0.9935. Stop loss is at 0.9990. Take profit is at 0.9847.

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EUR/JPY forming a very nice reversal pattern, remain bullish

The price has started to form a really nice reversal pattern. We remain bullish looking to buy on dips above major support at 132.63 (Fibonacci retracement, horizontal pullback support, Fibonacci extension, bullish divergence) for a push up to 133.74 resistance (Fibonacci extension, horizontal swing high resistance) once again.

Stochastic (34,3,1) is seeing major support at 0.4% where we expect a corresponding bounce to occur. We can also see bullish divergence vs price signaling that a bounce is impending.

Buy above 132.63. Stop loss is at 131.87. Take profit is at 133.74.

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Daily analysis of USDX for November 17, 2017

The index is capped by the resistance and psychological level of 94.00 and the efforts to advance are losing steam. The 200 SMA at the H1 chart is providing the path for the short-term and one could expect any sell of the rallies, but if it manages to break above the moving average, then it can go towards the 94.60 level.

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H1 chart's resistance levels: 93.98 / 94.60

H1 chart's support levels: 93.55 / 93.12

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 93.55, take profit is at 93.12 and stop loss is at 93.97.

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Daily analysis of GBP/USD for November 17, 2017

The pair is struggling to consolidate above the 200 SMA at the H1 chart, which remains as the dynamic support for the short-term, but bulls are not enough strong to push higher the GBP/USD pair. However, if it manages to break, a boost could happen towards the resistance zone of 1.3309. MACD indicator remains in the positive territory.

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H1 chart's resistance levels: 1.3201 / 1.3309

H1 chart's support levels: 1.3037 / 1.2880

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 1.2880 and stop loss is at 1.3193.

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Daily Video Technical Analysis | 16th November 2017

USD/CHF has been rising strongly and is starting to hit some strong resistance. Do you think it'll drop from here for us to bag some pips?

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