Technical analysis on EU,GU and majors

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Intraday technical levels and trading recommendations on GBP/USD for November 5, 2014

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.
Last week, bulls managed to push beyond the upper limit of the channel. However, the GBP/USD pair remains trapped between the backside of the channel (1.5860) and price level of 1.6140.
Breakout in either direction is necessary to take a position in the same direction of breakout.
A low risk BUY entry can be taken around 1.5870 with Stop Loss located just below 1.5820. Bullish target is located around the upper limit of the congestion zone around 1.6140.
A higher risk position can also be offered after fixation above 1.5950 occurs.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of USD/JPY for November 05, 2014

Show full picture In Asia, Japan will release the Monetary Base y/y, Average Cash Earnings y/y, and 10-y Bond Auction. Besides, the US will release some economic data such as Retail Sales m/m, Final Services PMI, ISM Non-Manufacturing PMI, and Crude Oil Inventories. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 114.26.
Resistance. 2: 114.04.
Resistance. 1: 113.81.
Support. 1: 113.54.
Support. 2: 113.32.
Support. 3: 113.09.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of USD/CHF for November 5, 2014

Overview:
The USD/CHF pair probably is going to move between the levels of 0.9685 and 0.9600. The price has been set below strong resistance at the levels of 0.9687 which represents the double top (100% of Fibonacci retracement levels). Additionally, the range will be trapped between 0.9687 and 0.9562; then it is worth noting that these levels coincide between 61.8% and 100% of Fibonacci retracement levels in H4 chart; thereupon, the pair has already formed strong resistance at this level of 0.9685, and it is now approaching it in order to test it. Therefore, the possibility that the USD/CHF pair will have a downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below the double top. In consequence, it will be a good sign to sell below 0.9687 with the first target of 0.9617. Equally important, it will call for downtrend to continue bearish trend towards 0.9566. On the other hand, it is also worthy of note that the price at 0.9560 will possibly form strong support (61.8% of Fibonacci retracement levels in H4 chart). Accordingly, saturation around 0.9560 to rebound the pair is likely to happen. Furthermore, it is possible that the market is going to start showing the signs of the bullish market from this area. Hence, it will be a good sign to buy above 0.9560 with the target of in the 0.9603 short term.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

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Gold Technical analysis for November 5, 2014

Gold price has broken below the triangle consolidation and has given a new short-term sell signal as expected by our analysis. The tend remains bearish and so I still continue to expect Gold price to eventually reach $1,050. The short-term target of the decline that started at $1,255 is $1,140.

Red line = resistance
Gold price remains in a clear bearish trend as shown in the daily chart above. All ichimoku cloud indicators remain bearish as price has broken below the triple bottom at $1,180 and is now moving into uncharterred area since 2010. The decline is expected to unfold towards $1,050 or even below $1,000 as long as price is below $1,255. Daily Ichimoku resistance is found at $1,190. I could not rule out a back test of the break out area at $1,160-70 or even of the triple bottom at $1,180.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of EUR/USD for November 06, 2014

When the European market opens, some economic news will be released such as German Factory Orders m/m, Retail PMI, Eurogroup Meetings, Spanish 10-y Bond Auction, French 10-y Bond Auction, Minimum Bid Rate.The US will release the economic data too such as the Challenger Job Cuts y/y, Unemployment Claims, Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2536.
Strong Resistance:1.2529.
Original Resistance: 1.2517.
Inner Sell Area: 1.2505.
Target Inner Area: 1.2476.
Inner Buy Area: 1.2447.
Original Support: 1.2435.
Strong Support: 1.2423.
Breakout SELL Level: 1.2416.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of GBP/USD for November 6, 2014

Trading recommendations:
The GBP/USD pair has still moved between the area of 1.5990 and 1.5897. It should notice that the levels of 1.5897 and 1.5868 represent the weekly support 1 and the double bottom respectively in H1 chart. So, resistance had set at the levels of 1.5988 (38.2% Fibonacci retracement levels). Therefore, sell below the level of 1.5988 with the first target at the 1.5900 price, then It will call for a downtrend in order to continue its bearish movement towards 1.5868 in order to test the double bottom. At the same time, the stop loss should be placed at the level of 1.6039 (above the weekly pivot point). On the other hand, the support will set around the spot of 1.5800; then buy above 1.58 (if the trend fails to close below it) with a target at 1.5866 in coming days.
Observations:
The resistance will set at the level of 1.5988 today.
The double top is going to set at the 1.5868 price.
The area of 1.5988 is useful spot to sell in the long term.
We expect a range of 87 pips on November 6, 2014.
It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for November 06, 2014

In Asia, Japan will release the Monetary Policy Meeting Minutes and Leading Indicators. Besides, the US will release some economic data such as Challenger Job Cuts y/y, Unemployment Claims, Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, and Natural Gas Storage. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.
TODAY TECHNICAL LEVELS:
Resistance. 3: 115.48.
Resistance. 2: 115.26.
Resistance. 1: 115.04.
Support. 1: 114.76.
Support. 2: 114.53.
Support. 3: 114.31.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for November 6, 2014

Gold price after reaching our short-term target of $1,140-$1,135 is making a sideways consolidation similar to the one we saw a few days ago around $1,160-70. The trend remains bearish and I expect to see $1,110 if support at $1,135 is broken.

The trend remains bearish. All ichimoku cloud indicators point lower. A bounce towards $1,170 is very possible, however this should not worry longer-term bears. A bounce towards $1,170-$1,180 on the other hand is something we want in order to move away from the oversold levels in several indicators. This upward bounce should be seen as another opportunity to sell again. Until then, we need to wait and see if the short-term bearish flag will reach our target if $1,135 is broken.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of Silver for November 06, 2014

Technical outlook and chart setups:
Silver has produced an engulfing bullish reversal candlestick pattern on the 4H chart as seen here. This could just be an indication of a potential reversal but could be confirmed only on a break of $16.20/30 levels. Resistance is seen at $16.20/25 levels, followed by $17.40/50, $17.80/18.00 and higher up, while support is seen at $14.60 respectively. It is still recommended to remain on sidelines. Bulls should manage to take prices at least towards $16.20/30 levels, before a reversal could be confirmed. On the flip side, a break below $15.00 could easily take prices to $14.60 levels of not lower.
Trading recommendations: Remain flat for now. Good luck!

Performed by Harsh Japee, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for November 7, 2014

Overview: The EUR/USD pair has broken a major support at the level of 1.2460. But in case the daily resistance is at the 1.2455 level, then the market will indicate a bearish opportunity from this area 1.2455/1.2420. Additionally, it is now approaching from this spot in order to test; therefore, it will probably start downside movement at this area and recover again. So, the market will indicate a bearish opportunity at the price of 1.2420/1.2455 (below 1.2455 look for further downside) and it will be a good sign to sell at this spot with a first target of 1.2366 (the double bottom will set at the point of 1.6324), and continue towards 1.2333. However, if a break in 1.2475 takes place, then it will be a good area for placing the stop loss.

Notes:
It should be noted that the market will turn bearish from the level of 1.2460.
Volatility: 314.45; therefore, the market indicates the higher volatility.
It should be noted that:
Take profit = 45 pips.
Stop loss = 30 pips.
Take profit = 3/2 * Stop Loss.
Stop loss should never exceed your maximum exposure amounts.
Risks to reward ratios are important and should be calculated.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 7, 2014

Overview:
The GBP/USD pair has been moving downwards respecting the depicted downtrend line since July 15 when the ongoing downtrend was initiated. Many bearish impulses were previously initiated around 1.7180, 1.6630, and 1.6400 where the downtrend line came to meet the pair then.
The price zone of 1.6060 - 1.6090 constituted a transient daily support that paused the bearish movement for a few days since September 9. However, bears quickly managed to push below reaching down to 1.5890 (depicted on the chart). Price level of 1.5890 provided a solid daily support level that provided evident bullish recovery. Thus, bulls have pushed above the downtrend line.
Bullish fixation above 1.6060 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market moved towards the backside of the broken trend line once again.
The 4H chart shows a wide bearish channel that was initiated in October. There lower limit of which is located around 1.5820.
On Wednesday, the GBP/USD pair was rejected obviously at 1.5870. Significant bullish was manifested in the daily candlestick. Yet, the bears managed to hit new lows around 1.5800.
Note that the current prices corresponds to the lower limit of the 4H movement channel. The GBP/USD looks quite oversold on the 4H chart. Bullish correction should be anticipated despite the bearish outlook on the daily chart.
Trading recommendations:
Price action should be watched around the current prices (1.5800-1.5820). A valid BUY entry may be offered today if sufficient bullish rejection is expressed. Stop Loss should be set as daily closure below 1.5770.
Bullish fixation above the price level of 1.5890 ( significant Key-level ) and 1.6025 ( previous weekly high ) confirms this bullish position. The target level would be located around 1.6150 initially.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of USD/CHF for November 07, 2014

Once again the US dollar stood high against its peers after stronger US data and dovish comments from the ECB. The double strong performance of the US dollar pushed USD/CHF to a fresh 1-year high. In yesterday's session the pair gave a strong close of 90 pips. The pair made a high at 0.9738. Today traders eye the Swiss SECO consumer confidence data and US non-farm pay rolls. The parallel monthly resistance exists at 0.9751, above this, it can move towards 0.9838, 0.9972 and 1.0176 levels. We have been recommending the same targets for last month (October 06, 2014). In the daily chart, again the pair gave an upside breakout of 300 pips. The pair has support at 0.9680, below this, 0.9580 will act as the near-term support. In the weekly chart, the pair took support from the falling wedge upper trend line.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for November 07, 2014

In Asia, Japan will not release any economic data, but the US will release some important economic reports such as Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Consumer Credit m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium volatility during the US session.
TODAY TECHNICAL LEVELS:
Resistance. 3: 115.79.
Resistance. 2: 115.56.
Resistance. 1: 115.33.
Support. 1: 115.06.
Support. 2: 114.83.
Support. 3: 114.60.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold wave analysis for November 7, 2014

Gold price made a new lower low at $1,130 and I believe there are increased chances we could see a strong upward bounce now as the downward move is most probably will complete from $1,255. Trend remains bearish but I expect a corrective upward move.

In ichimoku cloud terms, trend remains fully bullish. In the 4 hour chart as shown above, resistance is found at $1,152 and then at $1,180. Gold price has already broken the tenkan-sen resistance at $1,140 and this is a sign of short-term bullishness. I remain longer-term bearish but I see a strong bounce coming.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations for EUR/USD for November 11, 20

The market expressed quite strong bearish momentum that went further below the lower limit of the previous bullish channel.
As depicted on the chart, the EUR/USD pair has been respecting the limits of the current bearish channel so far.
As anticipated, price levels around 1.2750 (upper limit of the channel) provided a valid SELL entry. Quick decline took place towards price level of 1.2450.
Recommendation:
As anticipated, daily closure below 1.2480 offered another SELL signal for risky traders. Target levels were located at 1.2440, 1.2370 (already reached) and 1.2290.
Another Short position was offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500 ( also corresponding to the upper limit of the channel ). Stop loss can be set as a daily closure above 1.2520.
Bearish targets are located at 1.2370 and 1.2290 as long as the recent top at 1.2500 remains defended by bears.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 11, 2014

Overview:
The GBP/USD pair has been moving downwards respecting the depicted downtrend line since July 15 when the ongoing downtrend was initiated. Many bearish impulses were previously initiated around 1.7180, 1.6630, and 1.6400 where the downtrend line came to meet the pair then.
The price zone of 1.6060 - 1.6090 constituted a transient daily support that paused the bearish movement for a few days since September 9. However, bears quickly managed to push below reaching down to 1.5890 (depicted on the chart). Price level of 1.5890 provided a solid daily support level that provided evident bullish recovery. Thus, bulls have pushed above the downtrend line.
Bullish fixation above 1.6060 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market moved towards the backside of the broken trend line once again.
The 4H chart shows a wide bearish channel that was initiated in October. There lower limit of which was located around 1.5800-1.5790 at the last time of retesting that took place on Friday.
The GBP/USD pair looks quite oversold on the 4H chart. Bullish correction should be anticipated despite the bearish outlook on the daily chart. Bullish fixation above price zone of 1.5890-1.5900 is mandatory to confirm the depicted bullish reversal pattern.
Trading recommendations:
Price action should be watched around (1.5800-1.5820). A valid BUY entry may be offered. Stop Loss should be set as daily closure below 1.5760.
Bullish fixation above the price level of 1.5890 ( significant Key-level ) and 1.6025 ( previous weekly high ) indicates a bullish corrective movement.
If so, bullish target level would be initially located around 1.6150.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/CHF for November 11, 2014

Fundamental overview:
USD/CHF is expected to trade in higher range.It is underpinned by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday) and dovish Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross.
Technical comments:
Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics is bearish in the overbought zone.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.97 and the second target at 0.9740. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.96. A break of this target would push the pair further downwards and one may expect the second target at 0.9570. The pivot point is at 0.9650.
Resistance levels: 0.97 0.9740 0.9775
Support levels: 0.96 0.9570 0.9535

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for November 11, 2014

Fundamental overview:
USD/JPY is expected to trade in higher range.It is underpinned by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday). USD/JPY is also supported by the demand from Japan importers, ultra-loose Bank of Japan's monetary policy and positive investor risk appetite (VIX fear gauge eased 3.43% to 12.67) as S&P 500 hit record-high 2,037.80 overnight before closing up 0.31% at 2,038.26 on steadily improving U.S. economic picture and expectations that Federal Reserve's monetary policy will continue to be supportive for growth. But USD/JPY gains are tempered by Japan's export sales.
Technical comment:
Daily chart is positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, 5 and 15-day moving averages are advancing.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 116.25 and the second target at 116.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 114.40. A break of this target would push the pair further downwards and one may expect the second target at 113.80. The pivot point is at 114.90.
Resistance levels: 116.25 116.90 117.35
Support levels: 114.40 113.80 113

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Wave analysis for November 11, 2014

Gold price has broken the short-term support at $1,169 and pushed lower but deeper than expected. This means that the entire upward bounce could very well be over and complete at $1,178 as the decline could be seen as a 5 wave impulsive decline to $1,146. I remain bearish for the longer-term targeting $1,050.

If however Gold price breaks above $1,178, we should expect the move to reach $1,195 at least if not $1,210. Gold price is below the Ichimoku cloud, the trend remains bearish. Important resistance is found at $1,162 and $1,171. Support is at $1,146 and at $1,130. I remain longer-term bearish looking for selling opportunities. If we bounce to $1,156 or $1,160, I will look to sell with $1,178 as stop.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for November 12, 2014

Trading recommendations:
The price of the EUR/USD pair is going to turn to the bearish bias from the level of 1.2568. The level of 1.2568 represents the weekly resistance 1. Also, tt should be noticed that the range of the last week was narrow and formed a rectangle. Then, support will set at the level of 1.2350, but the double bottom is going to set at 1.2357; and resistance had already placed at the level of 1.2568. Accordingly, it will be a good sign to sell below 1.2568 with the first target of 1.2462 to test a minor support at this price (it represents the weekly pivot point too). So, it will call for a downtrend in order to continue its bearish movement towards 1.2357. However, the stop loss should be placed above 1.2568 at the price of 1.2571. Equally important, the support will set at the 1.2350 level. Additionally, it should be noted that the range today will be about 219 pips this week.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014