BITCOIN Analysis for November 23, 2017

Bitcoin is still quite corrective and volatile above the $8,000 price level which is being supported by the dynamic levels of 20 EMA, Tenkan and Kijun line. As ECB President Draghi recently spoke about the cryptocurrency and did not reveal any threat. From his viewpoint, Bitcoin will not be affecting the European financial system which was quite positive for the digital currency market's long-term growth prospects. Recently, due to hack of several Bitcoin wallets the gains of Bitcoin is currently quite stable above $8,000 but it is not making any significant progress towards the target price area of $9,000. As of the current scenario, price has been with the confluence of Kumo cloud as support whereas the higher lows are indicating that the bulls are still quite stable with the gains. Though there is certain consolidation recently, price is expected to proceed higher in the coming days. As the price remains above $7,500 - $8,000 price area, the bullish bias is expected to continue further.

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Daily analysis of GBP/JPY for November 23, 2017

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Overview

No news for the GBP/JPY pair. Amid the lack of the bullish momentum, the pair is going on with extra sideways trading around 148.30. Therefore, we will keep waiting until the required bullish momentum is gained to resume the positive attack, that targets 150.00 and 151.50 levels mainly. Note that the price attempt to decline below the support at 147.35 will delay the bullish rally. So we expect bearish correctional trading that might push it to reach 146.60 and 144.30. The expected trading range for today is between 147.35 and 150.00

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Daily analysis of USD/JPY for November 23, 2017

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Overview

The USDJPY pair managed to break 111.90 level and rallied towards our waited target at 111.00 directly, showing some slight bullish bias now. The pair might retest 111.90 level before turning back to decline again. We believe that the chances are valid to continue the correctional bearish trend, affected by the bearish formation as its signs have appeared on the chart. Therefore, we are waiting for more decline in the upcoming sessions. Breaking 111.00 will push the price towards 110.15 as a next station, while breaching 111.90 is considered to be the first sign to attempt to stop the current correctional bearish trend and regain the main bullish trend again.The expected trading range for today is between 110.15 support and 111.90 resistance.

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Daily analysis of Gold for November 23, 2017

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Overview

Gold price settled near 1,290.00 level after the bullish rally yesterday. Please note that stochastic shows a clear overbought level, which might force the price for some temporary sideways trading until getting enough positive momentum to confinue the bulish trend. In general, the bullish scenario remains valid if the price settles above 1,281.17 and 1,274.00 level. Our first target is seen at 1,299.20 and breaching it will push the price to extend its gains to 1,321.50 directly. The expected trading range for today is between 1,280.00 support and 1,300.00 resistance.

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Daily analysis of Silver for November 23, 2017

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Overview

Silver price keeps fluctuating near the EMA50. Please note that stochastic begins to overlap positively on 4H frame. We are waiting until the price gains momentum to resume the bullish trend in the short term. The first target is set by testing 17.43 level. Breaching this level will push the price to 18.30 as the next station. Therefore, the bullish trend will remain active unless a clear break is seen and held with a daily close below 16.56. The expected trading range for today is between 16.90 support and 17.43 resistance.

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Global macro overview for 23/11/2017

The October FOMC Meeting Minutes overall report reflected recent comments by Fed members and did not point to any significant change in attitudes. Most of the members are in favor of raising interest rates in the near future, signaling their readiness to increase in December. The market valuation of this step is currently around 90% and that says a lot about market attitudes. The report also confirmed that there is a "small" group of FOMC members, who is concerned about the persistence of low inflation. In their opinion, it would be better to wait for further monetary tightening. Although at first glance it looks like a dovish signal, similar words have already been heard directly from Brainard, Bullard, Evans, and Kashkari. It is no secret that the fate of future rate hikes depends on the rebound of core inflation as well.

The minutes showed there is still a division between those who are worried the Fed might be moving too slowly amid low unemployment and those still concerned that inflation is falling short of expectations. The Fed meets again on 12-13 December and global investors and economists widely expect it will go ahead and raise interest rates, which will likely appreciate the US Dollar across the board.

Let's now take a look at the US Dollar Index technical picture at the H4 time frame. The market was not strong enough to break out above the technical resistance at the level of 94.27 and made a lower high at the level of 94.16 and reversed. The broken technical support at the level of 93.39 will now become resistance. The next support is seen at the level of 93.06.

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Global macro overview for 23/11/2017

According to the Second GDP Estimate data, in the past quarter, the UK economy grew at an annual rate of 1.5%. Those are the results from more detailed national accounts, which confirm the preliminary estimates provided by the Office for National Statistics. In the presented report, the investment in fixed assets was considerably slower, which in quarterly terms amounted to only 0.2% against previously reported 0.6%. The impact of this subcomponent effectively compensates for a stronger rise of individual consumption, which recorded a jump significantly different from market expectations (0.6% q/q, consensus: 0.4%). The negative contribution of net exports due to the stronger import growth (1.1% q/q, consensus: 0.9%) is also a concern.

The latest Bank of England interest rate hike last month was considered to be a conditional "dovish hike" as the economic data did not really justify the interest rate hike. Currently, according to the newest data, the economic growth pace is steady which favors another interest rate hike, but the inflationary pressures are low. The question remains, which one of this aspect of the economy will be the key focus of BoE in the coming months.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The pound remained relatively insensitive to the above data. The price has tested the technical resistance at the level of 1.3338 and reversed, so is currently trading at 1.3300.The market conditions are overbought, so is bull will not find more strength to violate the level of 1.3338, the next support at the level of 1.3279 is likely to be tested soon.

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Bitcoin analysis for November 23, 2017

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The Bitcoin (BTC) has been trading sideways at the price of $8.125. In order "to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system," Bank Negara Malaysia Governor Tan Sri Muhammad Ibrahim stated 22 November 2017 that those trading in cryptocurrencies will be placed under the country's existing anti-money laundering laws. Technical picture looks bullish.

Trading recommendations:

According to the 30M time frame, I found a potential double bottom formation, which is sign that selling looks risky. Stochastic oscillator is in oversold zone and my advice is to watch for potential buying opportunities. The upward targets are set at the price of $8.348 (pivot suppot 1) and at the price of $8.511.

Support/Resistance

$8.137 – Pivot level

$8.348 – Pivot resistance 1

$8.511 – Pivot resistance 2

$7.976– Pivot support 1

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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USD/JPY analysis for November 23, 2017

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Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level of 111.06. According to the 30M time - frame, I found that price is trading below the pivot level at the price of 111.61. I also found a symmetrical triangle in creation, which is a sign that price is consolidating. My advice is to watch for a potential bearish breakout of the triangle to confirm a further downward movement. The downward targets are set at the price of 110.75 (pivot support 1) and at the price of 110.26 (support 2).

Resistance levels:

R1: 112.09

R2: 112.97

R3: 113.44

Support levels:

S1: 110.74

S2: 110.26

S3: 109.39

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of NZD/USD for November 23, 2017

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Overview:

  • The NZD/USD pair is going to continue to rise from the level of 0.6779 in the long term. It should be noted that the support is established at the level of 0.6779 which represents thedoule bottom on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.6880. So, buy above the level of 0.6880 with the first target at 0.6943 in order to test the daily resistance 1 and further to 0.6940. Also, it might be noted that the level of 0.6940 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6779, a further decline to 0.6632 can occur which would indicate a bearish market.
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Technical analysis of USD/CHF for November 23, 2017

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Overview:

  • The USD/CHF pair has dropped from the level of 0.9870 towards 0.9800. Now, the price is set at 0.9831 to act as a daily pivot point. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9831 and 0.9783 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9831 and 0.9870, which coincides with the 38.2% and 50% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9831. Thereupon, the price spot of 0.9831 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9831, sell below 0.9831 with the first targets at 0.9783 and 0.9743 (the double bottom is seen at 0.9704). However, the stop loss should be located above the level of 0.9870.
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GBP/USD analysis for November 23, 2017

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Recently, the GBP/USD part has been trading upwards. As I expected, the price tested the level of 1.3337. According to the 30M time - frame, I found a successful test of pivot level at the price of 1.3288, which is a sign that selling looks risky. I also found oversold conditions on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.3363 (pivot resistance 1) and the price of 1.3400 (pivot resistance 2).

Resistance levels:

R1: 1.3364

R2: 1.3400

R3: 1.3480

Support levels:

S1: 1.3247

S2: 1.3170

S3: 1.3130

Trading recommendations for today: watch for potential buying opportunities.

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Bitcoin analysis for 23/11/2017

According to Wall Street Journal, JP Morgan Chase is considering launching its Chicago Mercantile Exchange (CME) futures platform on Bitcoins. This statement was issued last week and raised the Bitcoin price to a record high of over $ 8,300. According to the report: " J. P. Morgan wonders whether through its futures brokerage unit will provide its customers with access to the new Bitcoin CME product."

The irony of this statement is, of course, that Jamie Dimon was the most bitter critic of Bitcoin on Wall Street, calling him a scam and saying that anyone investing in him is stupid. Dimon also said he would release anyone who would buy Bitcoin. The highly negative tendencies of some Wall Street professionals were mostly caused by the positive views of others. But regardless of whether Dimon actually extends its services or not, Bitcoin-based futures are likely to become a reality at the beginning of December, meaning a significant acceleration of their adaptation.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price is still hovering around the recent high at the level of $8,365, but the upward momentum is clearly diminishing. If the dashed black trend line is violated, the price might quickly drop towards the nearest technical support at the level of $7.886. In a case of an extended correction, the next important technical support is seen at the level of $7,432. The overall uptrend is mature and correction might occur any time now.

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Trading plan for 23/11/2017

After Wednesday's poorly received FOMC dovish statement, the financial market today fell asleep in the wake of the holiday in Japan and later in the US. USD / JPY closed the session in the US at 111.20 and since then has not deviated. In a similar style, EUR / USD sits at 1.1827. On the stock market, the red color dominates, Hang Seng is down 0.3% and Shanghai Composite fell 2.0%. Gold corrected yesterday's gains, oil is steady so far.

On Thursday 23rd of November, the event calendar is light in important news releases, but market participants will keep an eye on German GDP data, Flash Manufacturing, Services and Composite data from Germany, France and the Eurozone, Second Estimate GDP data from the UK and Retail Sales data from Canada.

EUR/USD analysis for 23/11/2017:

The PMI index for the European industrial sector was at 60.0 pts against the expected slide to 58.2 pts (previously: 58.5 pts), according to the latest IHS Markit estimates. A series of positive data is complemented by a slightly less spectacular jump in services that pushed the index down 1.2 points to 56.2 points (consensus: 55.2 points). The dose of potential surprise by the above data effectively suppressed the indications coming from the German and French economy. Better sentiment in the industrial sectors of the above-mentioned countries is mainly due to the clear increase in sub-indices of costs and employment - in France, it went over sixteen-year highs. Optimism towards further indications clearly implies trends in freshly placed orders, which are in the vicinity of the first half of 2011. Euro remains relatively insensitive to the above data and getting an appreciation rally across the board.

Let's now take a look at the EUR/USD technical picture in the H4 time frame. The market is approaching the technical resistance zone at the level of 1.1856 - 1.1880, which is the key for the future up move. The momentum oscillator is above its fifty level, so the test of the resistance is just a matter of time now. The nearest support is seen at the level of 1.1823.

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Market Snapshot: USD/JPY hits the technical support

The price of USD/JPY has fallen out of the channel and has hit the technical support at the level of 111.06. This support zone between the levels of 111.06 - 110.61 is the key zone for the bulls and any breakout below this zone will directly expose the next support at the level of 109.84 for a test.

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Market Snapshot: SPY made another all-time high

The price of SPY (SP500 EFT) is relentlessly going higher despite the overbought trading conditions. It just made another higher high at the level of 160.19 and keep trading above all of the moving averages. The nearest support is seen at the level of 259.36 (the gap up is between the levels of 259.36 - 258.31 and might be filled soon).

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NZD/USD Intraday technical levels and trading recommendations for November 23, 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.

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 provided that bullish pullback persists above 0.6970 ( Intraday Key-level ).

Otherwise, further bearish decline would be expected towards 0.6680.

Trade recommendations:

If the recent 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 levels 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 23, 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, 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).

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

However, recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery. This hinders further bearish decline as long as the recent low around 1.1550 remains unbroken.

Trade Recommendations

The current price levels around 1.1850 should be watched for a possible short-term SELL entry. ( Note the shooting-star daily candlestick of the previous Wednesday).

S/L should be placed above 1.1900. T/P levels to be located at 1.1700, 1.1590 and 1.1500.

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Elliott wave analysis of EUR/NZD for November 23, 2017

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Wave summary:

We continue to look for a break below support at 1.7100 to confirm that a deeper correction in wave ii towards 1.6619 is developing. Short-term resistance is seen at 1.7237 and again at 1.7300. The later will ideally cap the upside for the expected break below support at 1.7100.

R3: 1.7408

R2: 1.7334

R1: 1.7300

Pivot: 1.7100

S1: 1.7058

S2: 1.6916

S3: 1.6805

Trading recommendation:

We are short EUR from 1.7200 with our stop placed at 1.7415.

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Elliott wave analysis of EUR/JPY for November 23, 2017

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Wave summary:

We continue to look for a clear break below support at 131.14 to confirm that wave (D) has completed and wave (E) lower to the ideal target near 123.43 is developing. Short-term we could see a minor pop to minor resistance near 132.75 before turning lower again.

R3: 133.13

R2: 132.75

R1: 132.32

Pivot: 131.80

S1: 131.14

S2: 130.81

S3: 130.39

Trading recommendation:

We are short EUR from 133.10 with stop placed at break-even.

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Ichimoku indicator analysis of USDX for November 23, 2017

The Dollar index got rejected at the 4-hour Kumo and is making new lower lows below the short-term support area of 93.50-93.40. Trend remains bearish and we should expect price to bounce and make a lower low towards 92.50.

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Green rectangle - support area (broken)

Red rectangle - target area

The Dollar index is now at the 50% Fibonacci retracement. We could see a bounce today but short-term trend is expected to remain bearish and price to move towards the red rectangular price range. Support is at 92.50 at the 61.8% Fibonacci retracement.

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Red line - resistance

The Dollar index in the weekly chart is breaking below the tenkan-sen. This is a bearish sign. A weekly close below the tenkan-sen will imply more downside next week. Trend remains bearish. Although I believe that we should expect a strong reversal next week, there is still no reversal sign or confirmation of a reversal yet.

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Ichimoku indicator analysis of gold for November 23, 2017

Gold price reached the upper channel boundary once again and it shows reversal signs. Price is trapped inside a trading range. Gold is expected to move towards $1,250 and that is why I remain short-term bearish.

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Blue lines - trading range

Gold price is trading above both the tenkan- and kijun-sen indicators. Support is at $1,285 and next at $1,276. Breaking below $1,276 will confirm that we are heading towards $1,250-40. Resistance is at $1,296. Breaking above it will push Gold price towards $1,310-15.

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On a daily basis, Gold price reached the lower cloud boundary and is showing rejection signs. If price closes below the $1,280 level on a daily basis then the next leg down towards $1,250 will have started. Gold bulls need to close price above $1,293 in order to make a move towards next resistance at $1,305-$1,310.The material has been provided by InstaForex Company - www.instaforex.com

Trading Plan for EUR/USD and US Dollar Index for November 23, 2017

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Technical outlook:

The EUR/USD pair posted an interesting rally yesterday and it's good we exited short positions earlier. At the same time, the long entries or positions were also not triggered at 1.1670/80 levels as expected, rendering us to remain flat. Believe it or not, the story still remains well poised to drop lower from here, until prices remain below 1.1860 levels. As depicted on the chart view here, the pair could still drop to 1.1670/80 levels, complete the counter trend, and then rally towards 1.1970 levels. For this count to hold true, prices should remain below 1.1860/65 levels. On the flip side though, a push higher turns the short-term outlook towards higher levels, and push prices through 1.1970 before turning lower again. Resistance is seen at 1.1875/1.1900 levels, while support comes in at 1.1710 levels respectively.

Trading plan:

Aggressive traders would want to remain short with risk above 1.1860 levels, targeting 1.1670 levels.

US Dollar Index chart setups:

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Technical outlook:

The US Dollar Index chart setups still look to be good on the long side. The index dropped lower towards almost 93.15 levels yesterday before pausing. The current wave count and structure is bringing us closer to our larger trade scenario where an upward gartley was in the making, which could push prices lower towards 92.68 and 93.00 levels respectively. Please note that the fibonacci 0.618 support of the rally between 91.00 through 95.10 levels is passing through 92.60 levels and that should remain a strong support going forward. Furthermore, bullish divergence scenarios have started to appear on short term timeframes as well, indicating that a bottom is very close. Immediate support is seen through 93.00 levels while resistance is at 94.20 now.

Trading plan:

Please remain partial long now and remaining around 92.60/80 levels, stop at 91.00 and target 98.00.

Fundamental outlook:

Please watch out for GBP Gross Domestic Product in about 04:30 AM EST

Good luck!

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Last minute burning forecast 23.11.2017

Last minute burning forecast 23.11.2017

EURUSD: Path upwards. Buy from the kickbacks.

On Wednesday, important news emerged: data on orders for durable goods in the US declined moderately - against the dollar.

Late in the evening, a report came out from the last meeting of the Fed - no signals to accelerate the rate hike.

Most importantly - the political crisis in Germany has left the front pages of the media - perhaps for a while.

The EURUSD rate showed strong growth, providing a signal for a new wave of growth - buy the euro from the kickbacks.

Buy the EURUSD pair from 1.1800 and below, a stop-loss of 45 points in 4 digits, the target is at 1.1860, in the event of a breakthrough, the following targets are 1.1980; 1.2080.

Attention: On Thursday 23.1, it is a holiday (Thanksgiving) in the US - trade on Thursday and Friday will be held at low volumes.

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Technical analysis of USD/JPY for November 23, 2017

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USD/JPY is expected to trade with a bullish outlook. The pair posted a rebound from 111.90 and broke above its 20-period and 50-period moving averages. In addition, a bullish cross between the 20-period and 50-period moving average has been identified. The relative strength index is bullish, calling for a further upside.

Hence, above 112.20, look for a new challenge with targets at 112.75 and 113.00 in extension.

Alternatively, if the price moves in the opposite direction, a long position is recommended above 111.95 with a target at 112.40.

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: 111.95, Take Profit: 111.00

Resistance levels: 112.40, 112.70 and 113.05 Support Levels: 111.00, 111.65, 112.00

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Fundamental Analysis of USD/CHF for November 23, 2017

CHF has been quite impulsive with the gains over USD recently which lead the price to reside in the support area between 0.9770 to 0.9860. Due to recent worse economic reports of USD and Dovish FOMC Meeting outcome USD has suffered the weakness against CHF after having a good bullish momentum lately. FED has been quite dovish with the recent FOMC meeting hinting about delays in further Rate Hikes which put the market in an indecisive mode with a confused market sentiment, moreover, the recent USD economic reports were not quite as expected. Today USD is expected to be quite weak in comparison due to the holiday being observed for the Thanksgiving day after the dovish FOMC Meeting recently. On the other hand, on the CHF side today a high impact economic event of SNB Chairman Jordan is going to speak about the short-term Interest Rates and future Monetary Policy which is expected to be quite hawkish in nature which is expected to empower CHF to proceed for more gains over USD in the coming days. Despite having quite confirmed Rate Hike possibility in December, USD is expected to struggle with the gains which might lead to bearish pressure in the pair in the future. To sum up, CHF is expected to have an upper hand over USD for the coming days until any positive economic report from USD side helps the currency to gain momentum.

Now let us look at the technical view, the price is currently residing in the middle of the support area range between 0.9770 to 0.9860 where a break below the 0.9770 level with a daily close will result to impulsive bearish pressure with the target towards 0.9450 support area in the coming days. As of the recent impulsive bearish momentum, the price is more likely to close below the support level and lower highs in the coming days but that would require a strong daily close below the 0.9770 support level. As the price remains below the dynamic level of 20 EMA and 0.9950 resistance area the bearish bias is expected to continue further.

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Technical analysis of USD/CHF for November 23, 2017

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USD/CHF is under pressure and expected to trade with bearish outlook as key resistance is at 0.9870. Despite the recent rebound from 0.9800, the pair is still trading below its declining 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

Minutes of the U.S. Federal Reserve's latest monetary policy meeting indicated that the central bank would likely raise short-term rates in the near term considering a strengthening economy. However, the minutes also showed that some Fed officials believe weak inflation may persist longer than expected.

Therefore, as long as 0.9870 is not surpassed, look for a new drop to 0.9765 and even to 0.9735 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: SELL, Stop Loss: 0.9870, Take Profit: 0.9765

Resistance levels: 0.9900, 0.9925, and 0.9960

Support levels: 0.9765, 0.9735, and 0.9700

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Fundamental Analysis of NZDUSD for November 23, 2017

After a long bearish trend in place, NZD/USD has been quite bullish this week which lead to certain gain on the upside breaching above 0.6850 level with a daily close. USD has been quite mixed with the economic reports recently which lead to certain weakness against NZD but today worse economic reports of NZD put a barrier on the bullish run. Today NZD Retail Sales report was published with a significant decrease to 0.2% from the previous value of 1.8% which was expected to be at 0.4% and Core Retail Sales report was also published with a decreased value of 0.5% from the previous value of 1.9% which was expected to be at 0.9%. As the economic reports had a good impact on the currency, NZD is currently struggling to maintain the impulsive bullish momentum which was being carried since the starting of the week. On the other hand, FOMC Meeting held recently was quite dovish in nature where FED hinted about the delay of the further rate hikes which shifted the market sentiment resulting in the weakness of USD. Additionally, today USD is expected to be weaker in comparison due to the holiday being observed for Thanksgiving Day. Though Rate Hike in December is quite confirmed, due to indecision and dovish nature from FED, the market sentiment is still confused. As of the current scenario, NZD is expected to gain short-term momentum resulting in certain push upward before the price continues with the bearish trend in the coming days.

Now let us look at the technical view, the price is currently being held by the dynamic level of 20 EMA which was not breached yet due to a worse economic report of NZD published today. As the price remains below the dynamic level and breaks below 0.6850 with a daily close the bearish bias is expected to continue with the target towards 0.6670 support area. On the other hand, if the price breaks above the dynamic level of 20 EMA, which is more likely at the current scenario, the price is expected to proceed towards 0.7050 resistance area in the coming days.

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Technical analysis of GBP/JPY for November 23, 2017

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Our first target which we predicted in yesterday's analysis has been hit. GBP/JPY is expected to trade with a bearish outlook. The pair remains on the downside while being capped by a bearish trend line drawn from November 21. In fact, the descending 20-period moving average is also restricting any further upside potential of the pair. Currently, the pair keeps testing the lower Bollinger band, suggesting possible acceleration to the downside.

A break below the immediate support at 147.90 would trigger a further drop toward 147.60. Key resistance is located at 148.75.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 148.75 with the target at 149.05.

Strategy: SELL, Stop Loss: 148.75, Take Profit: 147.90

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: 149.05, 149.35, and 149.90

Support levels: 147.90, 147.60, and 147

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Technical analysis of NZD/USD for November 23, 2017

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All our targets which we predicted yesterday have been hit. NZD/USD still expected to trade in a higher range. The pair is holding on the upside and is trading above its ascending 20-period and 50-period moving averages. The relative strength index calls for a further rise. The downside potential should be limited by the key support at 0.6850.

Hence, as long as this key level is not broken, look for a new challenge to 0.6895 and even to 0.6915 in extension.

The black line shows 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: 0.6895, 0.6915, and 0.6950

Support levels: 0.6820, 0.6790, and 0.6750

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Technical analysis of EUR/USD for Nov 23, 2017

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When the European market opens, some Economic Data will be released, such as Belgian NBB Business Climate, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, French Flash Manufacturing PMI, and German Final GDP q/q. The US will not release any Economic data, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1871.

Strong Resistance:1.1864.

Original Resistance: 1.1853.

Inner Sell Area: 1.1842.

Target Inner Area: 1.1814.

Inner Buy Area: 1.1787.

Original Support: 1.1775.

Strong Support: 1.1764.

Breakout SELL Level: 1.1757.

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 23, 2017

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In Asia, Japan will not release any Economic Data, and the US will not release Economic Data, too. So, there is a probability the USD/JPY will move with a low volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.80.

Resistance. 2: 111.58.

Resistance. 1: 111.36.

Support. 1: 111.10.

Support. 2: 110.88.

Support. 3: 110.66.

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

Fundamental Analysis of AUD/USD for November 23, 2017

AUD/USD has been quite bearish after breaking below 0.7750 price level which had no deeper pullback along the way but currently showing some bearish price action bouncing off the 0.7550 support area. USD had been quite mixed with the economic reports recently which lead to the bullish intervention in the non-volatile bearish trend, but overall USD is still can be taken as a dominant currency in the pair. Recently AUD had been quite positive with the economic reports including an increase in the value of Construction Work Done report to 15.7% from the previous value of 9.8% which was expected to decrease to -2.1%. The significant increase in the value of the economic report did provide the currency with good gains against USD recently which might lead to deeper fullback before the proceeds lower in the coming days. Today USD do not have any economic reports or events to impact the market due to holiday of Thanksgiving day but tomorrow Flash Manufacturing PMI report is going to be published which is expected to increase to 55.1 from the previous figure of 54.6 and Flash Services PMI report is expected to have slight increase to 55.5 from the previous figure of 55.3. As of the current scenario, AUD is expected to gain some momentum against USD in the short term which may lead to a deeper pullback, but the bias is still quite bearish and any positive economic outcome on the USD side is expected to recover the gains and proceed further downward in the coming days.

Now let us look at the technical view, the price is currently residing above the support area of 0.7500-50 from where the price is expected to show some bullish pressure towards the dynamic level of 20 EMA. The bias is still quite bearish and after certain pullbacks, the price is expected to push lower with the target towards 0.7500 and later towards 0.7160 support level.

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Daily analysis of major pairs for November 23, 2017

EUR/USD: This pair has gone further northwards, gaining about 86 pips this week (following the consolidation that took place on Monday and Tuesday), and there is much room to go bullish. The next targets would be the resistance lines at 1.1850 and 1.1900. However, a more serious buying pressure is needed for the resistance line at 1.1900 to be breached to the upside.

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USD/CHF: This market has gone further southwards, losing about 80 pips this week (following the bullish attempt that took place on Monday and Tuesday), and there is much room to go bearish. The next targets would be the support levels at 0.9800 and 0.9750. However, a more serious selling pressure is needed for the support level at 0.9750 to be breached to the downside.

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GBP/USD: The GBP/USD has been making some bullish effort, and that effort has paid off. There is a vivid Bullish Confirmation Pattern in the 4-hour chart, and the price is currently above the accumulation territory at 1.3300, going towards the distribution territory at 1.3350 (which would be exceeded this week or next).

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USD/JPY: This currency trading instrument has become bearish since November 6. The price has gone down by more than 330 pips since then – having the most conspicuous bearish movement this week. Price has gone below the supply level at 111.50, now very close to the demand level at 111.000, which would be breached to the downside very soon.

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EUR/JPY: There is a clear Bearish Confirmation Pattern on the EUR/JPY cross. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Further bearish movements are anticipated from here. It is possible for the price to continue going downwards because there are no big fundamental figures that could 'disrupt' things.

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EUR/USD approaching profit target, prepare to sell

The price has shot up and is approaching our profit target really nicely. We look to sell below major resistance at 1.1877 (Fibonacci retracement, Fibonacci extension area, horizontal overlap resistance) for a push down to at least 1.1728 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,3,1) is seeing major resistance at 94% where we soon expect a corresponding drop from.

Sell below 1.1877. Stop loss is at 1.1974. Take profit is at 1.1728.

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NZD/USD rose further and is now testing major resistance once again

The price has risen further and is now testing major resistance at 0.6885 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish price action) and we expect to see a corrective drop from here to at least 0.6823 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,3,1) is seeing major resistance below 89% where we expect a corresponding drop from.

Sell below 0.6885. Stop loss is at 0.6922. Take profit is at 0.6823.

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Daily analysis of USDX for November 23, 2017

The pair stays above the 200 SMA in a sideways tone across the board, with a target still placed at the 1.3309 level, at which the bulls could gather strength in order to reach the next target at 1.3360. To the downside, if GBP/USD manages to break below the moving average, then it could found support at 1.3143.

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H1 chart's resistance levels: 1.3309 / 1.3360

H1 chart's support levels: 1.3143 / 1.3037

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 1.3309, take profit is at 1.3360 and stop loss is at 1.3256.

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Daily analysis of GBP/USD for November 23, 2017

The pair stays above the 200 SMA in a sideways tone across the board, with a target still placed at the 1.3309 level, at which the bulls could gather strength in order to reach the next target at 1.3360. To the downside, if GBP/USD manages to break below the moving average, then it could found support at 1.3143.

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H1 chart's resistance levels: 1.3309 / 1.3360

H1 chart's support levels: 1.3143 / 1.3037

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 1.3309, take profit is at 1.3360 and stop loss is at 1.3256.

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BITCOIN Analysis for November 22, 2017

Bitcoin has been quite corrective recently after breaking above the $8,000 price area. The retracement and pullbacks along the way are quite as expected but the recent bearish pressure has been observed due to a substantial number of Bitcoin account being hacked which lead the market to insecurity resulting to decrease in demand. Additionally, as of recent reports, Russia is trying to ban Cryptocurrencies in the country which might also prove to be a dig on the Bitcoin growth in the coming days. As of the current situation, despite the impulsive pullbacks towards the Kumo Cloud the price is observed to create more high lows in the process which can be taken as an indication for the upcoming bullish move in the Cryptocurrency with the target towards $9,000 price area. The dynamic level of 20 EMA, Tenkan and Kijun Line is working as support for the current price formation which is expected to hold the price from falling further downward in the coming days. As the price remains above $7,500 price area the bullish bias is expected to continue further.

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Gold: it is wanted and difficult, and the Fed will not allow

For most of the past month, gold has been trading in a narrow range of $1270-1290 per ounce after falling 5% from its September highs on fears of aggressive monetary tightening by the Fed. As its reason is the distribution of the US economy under the influence of tax reform. Despite its lack of success during autumn, prices for precious metals have risen by almost 12% since the beginning of the year, which is much better than the results of most commodity market assets. The composite index of which has not even moved farther away from the starting points of the current year.

Dynamics of the commodity index from Bloomberg

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Source: Bloomberg.

The transition to a consolidation is justified from a fundamental point of view. Acceleration of inflation in the US under the influence of fiscal stimulus will force the Fed to aggressively raise the federal funds rate. This will strengthen the dollar and increase the yield of treasury bonds, which is a "bearish" factor for the XAU/USD. Fears for the implementation of this scenario causes gold to move towards a different direction. The same thing happened during the collapse in 2013. As a result of October, Switzerland exported the largest volume of gold in the last 4 months: to India - 38.1 tons, to China - 34.5 tons, to Hong Kong - 19.7 tons.

On the other hand, if the Congress does not pass the tax reform or is implemented in a curtailed form, then a wave of selling will flow into the US stock market. A correction of the S&P 500 will signal a worsening global appetite for risk, which, in general, positively affects gold. Uncertainty about the outcome of voting in the Senate forces investors to refrain from premature opening of positions and promotes consolidation.

Another reason for caution is the ambiguous reaction of the market towards events in Germany. On the one hand, the political crisis in eurozone's largest economy threatens to pull down business activity and slow the GDP, which increases the demand for safe haven assets; on the other, it leads to a decrease in quotes of the EUR/USD pair, which adversely affects gold.

Along with the Fed's monetary policy and political risks in the United States and in the Eurozone, the support for precious metal is also being maintained by geopolitical tensions surrounding North Korea. Donald Trump said that the US will consider this country as a state sponsor of terrorism, which clearly provoked Pyongyang's discontent. In recurrence of the story with the launch of ballistic missiles, this could lead to the emergence of futures from the trading range of $1,270-1290 per ounce.

A technically necessary condition for gold's recovery of the upward trend is a successful attack on the resistance at $1299-1302. On the contrary, the drop in quotations below the support at $1262 will increase the risks of implementing the targets by 127.2% and 161.8% on the AB=CD pattern.

Gold, daily chart

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FOMC will not be able to Shake up Markets

The FOMC minutes of meeting will be published today dated November 1, with high possibility that the markets will ignore the release because there were several important events happened after the meeting that changed the risk assessment. Therefore, the internal discussion of the last meeting could be regarded by the market as irrelevant. Looking back, the meeting took place before the issue was solved upon appointing the new Fed Chair and before the presentation of tax reform plan to the Congress. Hence, the accents are placed differently than three weeks ago.

Despite lack of important macroeconomic news, the stock index S&P 500 was able to cross the mark of 2,600 points yesterday for the first time in history. The positive attitude of investors in the demand shares reflects the market's opinion on the US economic outlook, which looks quite stable at the moment.

Fed Chairman Janet Yellen, speaking at the NYU Stern Business School in New York, said the Fed is close enough on its mentioned targets and should continue the policy of gradually raising interest rates. According to Yellen, low inflation is a temporary factor, but neither she nor her colleagues are convinced that the weakness of inflation is caused by temporary factors.

The business partly shares fears on real inflation expectations, measured as the profitability of inflation-protected 5-year TIPS bonds, continue to be well below the January peak levels. This indicates uncertainty about the future recovery in price growth.

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According to other criteria, the tension regarding the prospects for the US economy is dropping noticeably. The Atlanta Fed predicts GDP growth in the fourth quarter at 3.4%. As expectations on the rate remain positive, the market is convinced that the rate will be raised in December by a quarter percent, and the next increase with a probability of more than 55% will take place in March 2018. Such positive expectations have a calming influence on investor sentiment and stimulate the purchase of US assets, which is observed in the dynamics of stock indices.

The external background also remains favorable for bulls. The failure of negotiations on the creation of a coalition government in Germany increases the risks for the euro area and worsens the position of the euro. While the dollar especially the pound may benefit, as the EU positions in the negotiations on Brexit will be weakened.

As for the negotiations on the NAFTA agreement, there finally appeared reasons for cautious optimism for the first time in six months. The fifth round of negotiations in Mexico City is marked by "reached understanding" for some heads of the agreement that ended the previous day. The next round will be held in Montreal, Canada in the second half of January, but by mid-December the parties intend to report on the successful achievements in the negotiations. It should be noted that for Trump the achievement of consensus with the two partners is an important stage in the process of promoting tax reform in the Congress, as it facilitates the return of jobs to the United States.

Today, the data for durable good orders will be published in October, there are some doubts that they will confirm production growth. Also, the University of Michigan report on November consumer confidence will be today, it is projected to grow to 98p against 97.8p in October. This indicates growth in positive expectations among US population from changes in tax legislation.

On Thursday, the markets in the US will be closed in connection with the Thanksgiving Day, so the players will remain active until the end of the week. After the publication of the FOMC minutes today, the outbreak of volatility is expected upon partially closing of the positions. Despite some loss of momentum, the dollar remains the favorite currency until the end of the week. Moreover, trade will continue most likely within the established ranges due to lack of a strong market driver.

* The presented market analysis is informative and does not constitute a guide to the transaction.

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