Bitcoin analysis for November 02, 2018

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Trading recommendations:

According to the H1 time - frame, I found that buyers are in control today on BTC. I have also found the breakout of the supply trendline, which is a sign to watch for buying opportunities. My advice is to watch for opening buy deals with upward targets at the price of $6.344 and at the price of $6.380.

Support/Resistance

$6.344 – Intraday resistance

$6.294– Intraday support

$6.344 – Objective target 1

$6.380 – Objective target 2

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AUD/USD analysis for November 02, 2018

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Recently, the AUD/USD pair has been trading upwards. The price tested the level of 0.7258. Anyway, according to the M15 time – frame, I found the buying climax (wide spread bar in a ultra-high volume) in the background, which is a sign that buying looks risky. I have also found that up-thrust bar and the hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for selling opportunities. The downward target is set at the price of 0.7200. The breakout of 0.7229 would confirm a further downward movement.

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Analysis of Gold for November 02, 2018

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Recently, Gold has been trading upwards. The price tested the level of $1,236.94. According to the H4 time – frame, I found a broken supply trendline in the background and an upward movement, which is a sign that buyers are in control and that selling looks risky. The MACD oscillator is trading up, which is another sign of strength. My advice is to watch for buying opportunities with the upward targets at the price of $1,243.10 and at the price of $1,265.15.

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Technical analysis of USD/CHF for November 02, 2018

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Overview:

Pivot point: 0.9951.

The USD/CHF pair continues to move upwards from the level of 0.9951. Today, the first support level is currently seen at 0.9951, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9951, which coincides with the daily pivot point. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the USD/CHF pair to trade between 0.9951 and 1.0058. So, the support stands at 0.9951, while daily resistance is found at 1.0058. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.0058. In other words, buy orders are recommended above the spot of 1.0058/0.9951with the first target at the level of 1.0142; and continue towards 1.0216. However, if the USD/CHF pair fails to break through the resistance level of 1.0058 today, the market will decline further to 0.9863.

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Intraday technical levels and trading recommendations for EUR/USD for November 2, 2018

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On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.

On September 10, the price level of 1.1500 offered temporary bullish recovery. Quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.

On October 10, Recent bearish decline below 1.1520 found its way towards the price level of 1.1420.

However, Temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until bearish breakdown of 1.1520 occurred again on October 17.

Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.

However, recent bullish recovery was demonstrated around 1.1307. Another bullish breakout above 1.1400 was demonstrated again.

Next bullish destination would be located around 1.1520 where price action should be watched.

As for the bearish side of the market to remain dominant, the EUR/USD pair should pursue trading below the price level of 1.1400.

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Fundamental Analysis of EUR/AUD for November 2, 2018

EUR/AUD has been quite impulsive with the recent bearish momentum which pushed the price below 1.5900 with a daily close. As EUR has been hurt by the economic reports, AUD found support from solid economic data in line with expectations. Thus, AUD is responsible for further bearish pressure in the pair.

Recently AUD has been propped up by the upbeat economic reports which came in line with expectations. Today AUD reports were quite mixed which will hardly make any strong impact on the overall AUD gains. Today AUD Retail Sales report was published with a decrease to 0.2% which was expected to be unchanged at 0.3% and PPI report showed a significant increase to 0.8% from the previous value of 0.3% which was expected to decrease to 0.2%.

On the EUR side, in the context of recent downbeat economic data and political turbulence, the eurozone's economy is currently under pressure which might continue to lose momentum in the short term. The weakness of the European currency is driven mostly by sluggish economic growth. Besides, investors are fretted about Italy's fiscal management issue in a stand-off with the European Commissions over its borrowings. Today Spanish Manufacturing PMI report is going to be published which is expected to decrease to 51.0 from the previous figure of 51.4, Italian Manufacturing PMI could have decreased to 49.7 from the previous figure of 50.0, French Final Manufacturing PMI is expected to remain unchanged at 51.2, German Final Manufacturing PMI is expected to be unchanged at 52.3 ,and the eurozone's Final Manufacturing PMI is also expected to be unchanged at 52.1.

Meanwhile, AUD has been quite optimistic in light of economic reports, in particular a significant increase in PPI which offsets a slight decrease in Retails Sales. On the other hand, EUR is quite indecisive and a bit dovish ahead of the upcoming economic reports. To sum up, EUR is expected to struggle further in the coming days to counter the AUD gains until Australia provides weak upcoming economic reports.

Now let us look at the technical view. The price set its bearish course in the pair when it broke below 1.6050 area with a daily close. After certain retest as the price cleared the Kumo Cloud support in an impulsive manner, the upcoming bearish pressure is quite imminent. As the price remains below 1.6050 area with a daily close, the odds are that the price will move much lower with a target towards 1.5600 support area in the future.

SUPPORT: 1.5500, 1.5600

RESISTANCE: 1.6050, 1.6350

BIAS: BEARISH

MOMENTUM: NON-VOLATILE

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Technical analysis of EUR/USD for November 02, 2018

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Overview:

Pivot: 1.1422.

The EUR/USD pair continues to move downwards from the areas of 1.1475 and 1.1422. Last week, the pair dropped from the level of 1.1475 to 1.1356. Today, resistance is seen at the levels of 1.1422 and 1.1475. So, we expect the price to set below the strong resistance at the levels of 1.1475 and 1.1422; because the price is in a bearish channel now. Also, it should be noted that the price of 1.1457 coincides with a ratio of 38.2% Fibonacci on the H4 chart. Amid the previous events, the price is still moving between the levels of 1.1422 and 1.1300. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.1422. Furthermore, if the EUR/USD pair is able to break out the bottom at 1.1356, the market will decline further to 1.1295. However, if the price closes above the strong resistance of 1.1475, the best location for a stop loss order is seen above 1.1475.

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Intraday technical levels and trading recommendations for GBP/USD for November 2, 2018

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Since September 13, the GBP/USD pair has been demonstrating a successful bullish breakout above the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090.

On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.

Bearish persistence below the price level of 1.2970 (50% Fibo level) enhanced further bearish decline towards 1.2790 where the lower limit of the movement channel and 79.8% Fibonacci Level were located.

On H4 chart, the GBP/USD pair looked oversold around the price levels of 1.2700. BUY entries were suggested around the lower limit of the depicted H4 channel (1.2690).

As for the bullish breakout scenario to remain valid, bullish persistence above 1.2790 (the depicted channel upper limit) and an early breakout above 1.3000 (50% Fibo level) were demonstrated to maintain sufficient bullish momentum towards 1.3130 and 1.3200.

On the other hand, bearish persistence below 1.2970 (50% Fibo level) allows further bearish decline towards 1.2790 and 1.2660.

That's why, price action should be watched around the backside of the price zone of 1.2970-1.3000 for further trading decisions.

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NZD/JPY Approaching Resistance, Prepare For A Reversal

NZD/JPY is approaching its resistance at 75.54 (100% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 74.38 (38.2% Fibonacci retracement, horizontal pullback support).

Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.

NZD/JPY is approaching its resistance where we expect to see a reversal.

Sell below 75.54. Stop loss 76.35. Take profit at 74.38.

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GBP/USD Approaching Resistance, Prepare For A Reversal

GBP/USD is approaching its resistance at 1.3039(61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to reverse down to its support at 1.2916 (38.2% Fibonacci retracement, horizontal overlap support).

Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.

GBP/USD is approaching its resistance where we expect to see a reversal.

Sell below 1.3039. Stop loss 1.3133. Take profit at 1.2916.

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Trading plan for 02/11/2018

On Friday, the 2nd of November, the event of the day will be the US job market report in form of NFP-Payrolls data and Unemployment Rate data. Moreover, the global investors should keep an eye on PMI Manufacturing data from Germany, France and the rest of the Eurozone, the Construction PMI data from the UK and the data from Canada: Unemployment Change, Employment Rate and Trade Balance.

EUR/USD analysis for 02/11/2018:

One of the most widely anticipated reports on the US economic calendar, the Employment Situation is a timely report that gives a picture of job creation, loss, wages and working hours in the United States. Data in the report relies on the Household Survey and the Establishment (or Payroll) Survey. While the Household Survey is based on the interviews to US households, the Establishment Survey queries business establishments, making it the preferred source of data. Employment Situations has many significant figures such as Change in Non-Farm Payrolls, Unemployment, Manufacturing Payrolls, and Average Hourly Earnings. Monthly change in employment excluding the farming sector is the most closely watched indicator in the Employment Situation, considered the most comprehensive measure of job creation in the US. Such a distinction makes the NFP figure highly significant, given the importance of labor to the US economy. Specifically, political pressures come into play, as the Fed is responsible for keeping employment in a healthy range and utilizes interest rate changes to do so. A surge in new Non-farm Payrolls suggests rising employment and potential inflation pressures, which the Fed often counters with rate increases. On the other hand, a consistent decline in Non-farm Employment suggests a slowing economy, which makes a decline in rates more likely.

For the month of October, market participants expect an increase from 131k to 191k and the Unemployment rate decrease from 3.7% to 3.8%.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market has bounced from the level of 1.299 and the bounce was so strong, that the price has broken out of the descending channel and is currently testing the level of 1.1432 - 1.1444. In a case of a further move up, the next target is seen at the level of 1.1497 or even at 1.1533. The strong and positive momentum in neutral market conditions supports the short-term bullish outlook.

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Bitcoin analysis for 02/11/2018

Bitcoin and altcoins are "a new institutional investment class" - says Morgan Stanley, one of the largest investment banks in the world, acting as a financial advisor for the largest companies, governments and financial institutions.

"Decrypted Bitcoin: short teaching and implications" - this title document states that Morgan Stanley surprisingly changes the attitude towards cryptocurrencies. According to the latest publications, the bank sees a strong creation of new funds targeted at this sector, as well as an increase in futures contracts related to crypto.

The positive nature of the document, despite the bearish market this year and the related price drops, is one of the strongest signs that Wall Street is willing to make friends with Bitcoin. Researchers also maintained a positive opinion on decentralized technology, describing it as making the world a better place.

Investment giants routinely emphasize the clients' demand, motivating them to cooperate with the industry.

Last month, anonymous sources told the main media that Morgan Stanley would follow in the footsteps of other heavyweight Wall Street players like NASDAQ and Citigroup, considering options for Bitcoin transactions for customers.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the level of $6,173 and broke through the technical resistance zones at the levels of $6,297 and $6, 323. There is a new local high made at the level of $6,345 as well, just below the weekly pivot at the level of $6,367. Nevertheless, to move even higher the market must break out above the technical resistance zone at the level of $6,455.

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Technical analysis: Intraday levels for EUR/USD, Nov 02, 2018

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When the European market opens, some economic data will be released such as Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, Spanish Manufacturing PMI, French Gov Budget Balance, German Import Prices m/m. The US us due to present data on the labor market of major importance such as Unemployment Rate, Non-Farm Employment Change, Average Hourly Earnings m/m as well as Factory Orders m/m, and Trade Balance. So, amid the loaded economic calendar, EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1458

Strong Resistance:1.1451

Original Resistance: 1.1440

Inner Sell Area: 1.1429

Target Inner Area: 1.1402

Inner Buy Area: 1.1375

Original Support: 1.1364

Strong Support: 1.1353

Breakout SELL Level: 1.1346

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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: Intraday levels for USD/JPY, Nov 02, 2018

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In Asia, Japan will release the Monetary Base y/y. The US is due to release a series of crucial economic reports such as Factory Orders m/m, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So, there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance 3: 113.35

Resistance 2: 113.12

Resistance 1: 112.90

Support 1: 112.64

Support 2: 112.42

Support 3: 112.20

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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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Ethereum analysis for 02/11/2018

Ethereum's co-founder, Vitalik Buterin, presented a roadmap describing what he described as "a coherent whole Ethereum 2.0" at the Devcon4 conference in Prague on October 31.

Named "Serenity" is a project that covers several aspects, and Ethereum developers have been working on it since 2014. Ethereum users and analysts have long discussed the possible timeframes of network upgrades in which recent updates have been pushed to improve technical efficiency.

Serenity components should be transferred to the proof-of-stake algorithm, the Casper project, scalability improvements using a process called sharding, as well as various other protocol enhancements.

The developers will make final improvements before the "big start" - said Buterin. These will include stabilizing protocol and testnet specifications between clients - integrating at least two implementations of Ethereum 2.0.

Also during Devcon4, the developer Ethereum, who co-authored the ERC-20 ERC standard with Buterin in 2015, introduced a new model of initial coin offer (ICO), which he says will better protect investors from fraud.

Let's now take a look at the Ethereum technical picture at the H4 time frame. The market bounced from the level of $187, broke above the level of $192 and currently is trading just below the technical resistance at the level of $195. The next target for bulls is seen at the level of $199 - $201, but the key technical resistance zone is still located between the levels of $204 - $206. The momentum remains positive and strong, so there is still a chance for a rally higher.

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BITCOIN Analysis for November 2, 2018

Bitcoin has been quite impulsive with the bullish gains after bouncing off the $6,200 area recently. The price is currently being held by the dynamic levels like 20 EMA, Tenkan, and Kijun line as support. Because such solid support, the price is likely to jump much higher towards $6,500 area. Breaking above Kumo Cloud and Chikou Span and moving higher above the trend line indicate further bullish pressure in the coming days. As the price remains above $6,000 area with a daily close, the bullish bias is expected to continue with a target towards $6,500 and later towards $7,500.

SUPPORT: 6,000

RESISTANCE: 6,500

BIAS: BULLISH

MOMENTUM: IMPULSIVE and NON-VOLATILE

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Technical analysis for US Dollar Index for November 02, 2018

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Technical outlook:

The daily chart has been depicted here for understanding the larger picture for US Dollar Index. As seen here, the rally between 88.30 and 97.00/20 levels can be considered to be the first major swing. After this, the most probable outlook should be a counter-trend drop towards 93.00 levels as shown here. The US Dollar Index might have already resumed its drop lower yesterday, after printing highs at 97.20 levels and producing an engulfing bearish candlestick pattern as well. A high probability move should be lower from here, towards 93.00 and 92.50 which is fibonacci 50% of the entire previous rally. A price break below 95.00 levels would be encouraging to bears going forward. Bears are expected to be in control, till prices stay below 97.20 levels going forward.

Trading plan:

Short against 97.20 with target below 93.00

Good luck!

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Technical analysis for EUR/USD for November 02, 2018

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Technical outlook:

A daily chart for EUR/USD has been depicted here for a larger picture of swings. As depicted here, the entire drop between 1.2500/50 through 1.1300 levels can be considered as a major down swing. The subsequent rally after that should be a corrective counter trend. The EUR/USD pair might be into its final swing of a counter-trend rally, which resumed from 1.1301 lows yesterday. Furthermore, it has produced an engulfing bullish candlestick pattern as well, confirming a potential reversal in trend. Bulls are expected to remain in control till prices remain above 1.1300 levels going forward. Immediate support is seen at 1.1300, while resistance is at 1.1600/10 levels respectively.

Trading plan:

Long against 1.1300 with target as 1.1850 and 1.2

Good luck!

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Elliott wave analysis of EUR/NZD for November 2, 2018

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EUR/NZD is accelerating lower, but we expect support at 1.7010 will be able to act as the first floor for the ongoing decline, which is aimed for 1.6591 as the first major support.

Short term, the decline from 1.7929 is now in five waves. Red wave v will be equal in length to the distance traveled from the top of red wave i through red wave iii measured to the peak of red wave iv at 1.7010. This will normally be the maximum a fifth wave extension will travel. That said, we will stress, that in rare cases a wave five extension can be 1.618 times the length of wave i through wave iii, which in this case would mean a decline to 1.6653. The decline from 1.7929 already is pretty extended, so that is not our preferred count, but it can not be excluded.

R3: 1.7296

R2: 1.7238

R1: 1.7174

Pivot: 1.7140

S1: 1.7101

S2: 1.7060

S3: 1.7010

Trading recommendation:

We will buy EUR at 1.7025 with our stop placed at 1.6950.

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Elliott wave analysis of EUR/JPY for November 2, 2018

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The corrective rally from 126.64 is developing as expected. We saw a wave rally from 126.64 to 128.54 and wave b dipped to 127.59 and wave c higher to 130.20 and maybe even closer to 130.64 is now unfolding.

Support is now seen at 128.54 and will ideally protect the downside for the expected rally higher to 130.20. Only a break below support at 128.34 will indicate weakness and the possible completion of wave c and B.

R3: 130.20

R2: 129.75

R1: 129.22

Pivot: 128.85

S1: 128.54

S2: 128.34

S3: 128.11

Trading recommendation:

We are long EUR from 127.75 and we will move our stop higher to 128.25. We will take half profit at 130.10.

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Technical analysis for Gold for November 2, 2018

Gold price moved higher yesterday above $1,230. This is a bullish sign. Together with the bullish signs we showed yesterday in our analysis, Gold is ready to break out above $1,240 towards $1,260.

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Magenta rectangle -support area

Gold price bounced off critical support and took back in one session what was lost in three. Wednesday's lows are very important now. Major support at $1,212. Breaking below it cancels any bullish scenario for Gold. We remain bullish expecting $1,260.

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Technical analysis for EUR/USD for November 2, 2018

EUR/USD bounced today above short-term resistance at 1.1380 and reached the next important resistance at 1.1420. Trend remains bearish as long as price is below 1.1620.

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Red dots -maximum strength resistance

Black dots - medium strength resistance

Light blue dots - medium strength support

If EUR/USD bulls manage to break above 1.1420-1.1430, then we should expect a bigger bounce towards 1.1570-1.1630. Support is at 1.1340. If broken we should expect price to move towards 1.1250-1.12.

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