Technical analysis on EU,GU and majors

[bhanu545]

Technical analysis of GBP/USD for November 12, 2014

Overview:
The GBP/USD pair has set a strong support at the level of 1.5893 around the weekly pivot point. Also, be aware of the supports at 1.5893 and 1.5844. On the other hand, resistance has already placed around the double top at the point of 1.5995 in H1 chart, because minor resistance has set at 1.5972; and the prices of 1.5995-1.6021 represent strong resistance. So, if the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in the uptrend and USD is in the downtrend. Therefore, buy above the level of 1.5893 which represents the weekly pivot point with the first target at the 1.5970 price. Moreover, if the trend does not fail to close above the level of 1.5970, it will call for an uptrend in order to continue its bullish movement towards 1.5995 in order to test this strong resistance (it should be noted that the price of 1.5995 is going to form the weekly resistance 1 and the double top will set at the level of 1.6021). At the same time, the stop loss should be placed at the level of 1.5816.

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

 

[bhanu545]

Technical analysis of USD/CHF for November 12, 2014

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is undermined by the broadly weaker dollar (ICE spot dollar index last 87.57 versus 87.78 early Tuesday). The undertone and franc demand on buoyant CHF/JPY cross amid the weak yen sentiment. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.
Technical comments:
Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics is bearish at the overbought levels.
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 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9540. The pivot point is at 0.9610.
Resistance levels: 0.97 0.9740 0.9775
Support levels: 0.9580 0.9540 0.95

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

 

[bhanu545]

Technical analysis of USD/JPY for November 12, 2014

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 116.11 on Tuesday. It is underpinned by the negative yen sentiment after reports that the Japanese government could delay a sales tax increase that was scheduled for October 2015, and that Prime Minister Abe might call a snap election for the lower house of parliament in December. USD/JPY is also supported by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's export sales and broadly weaker demand for USD (ICE spot dollar index last 87.57 versus 87.78 early Tuesday). Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at the overbought levels, 5 and 15-day moving averages are advancing.
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 114.20. 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 114.65.
Resistance levels: 116.25 116.90 117.35
Support levels: 114.20 113.80 113

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

 

[bhanu545]

Gold Wave analysis for November 12, 2014

Gold price has bounced from $1,146 low towards the previous high of $1,178. Gold price has managed to reach the 78.6% Fibonacci retracement but did not manage to make a higher high. This upward move could continue higher towards $1,195 if yesterday's high at $1,174 is broken. Otherwise, we might have started a new downward move and the upward bounce is finished.

In the 4-hour chart, we see Gold price has entered the Ichimoku cloud neutral level. Support is found at $1,159-$1,155 and at the low at $1,146. Breaking below these support levels will confirm that a new downward move has started. I remain bearish and looking for opportunities to sell.

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

 

[bhanu545]

Intraday technical levels and trading recommendations for EUR/USD for November 13, 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.
Yesterday, after testing of price level of 1.2500, the bears failed to apply enough bearish momentum. Instead, few more ascending bottoms around 1.2400 and 1.2430 were established.
This applies bullish pressure on SUPPLY zone located around 1.2500 where the upper limit of the channel is located. A high probability of bullish reversal now exists.
Recommendation:
Based on the new data mentioned above, a bullish breakout is a new probability. 4H closure above 1.2500 gives an early confirmation. Projection target would be located around 1.2600.
On the other hand, a valid short position was offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500. Stop loss can be set as a daily closure above 1.2500.

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

 

[bhanu545]

Intraday technical levels and trading recommendations for GBP/USD for November 13, 20

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.
Two weeks ago, bulls managed to push beyond the upper limit of the channel. However, the GBP/USD pair was trapped between the backside of the channel (1.5860) and price level of 1.6140.
Yesterday, bears managed to break below the recent low around 1.5790. This exposes a potential target at 1.5700 where the backside of the broken channel is roughly located.
On the other hand, bullish fixation above 1.5830 and 1.5870 is needed to pause the ongoing bearish momentum.
It's advisable for conservative traders to wait for further price action near 1.5800-1.5820.
Be careful the current bearish movement maybe a bearish trap.

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

 

[bhanu545]

Technical analysis of USD/CHF for November 13, 2014

Fundamental overview:
USD/CHF is expected to consolidate with a bullish bias. It is supported by contagion from weak EUR on CHF; dovish Swiss National Bank's monetary policy; franc sales on soft AUD/CHF and NZD/CHF crosses. But USD/CHF gains are tempered by the franc demand on weak GBP/CHF and EUR/CHF crosses. Daily chart mixed as MACD bullish, but stochastics falling from overbought levels.
Technical comments:
Daily chart mixed as MACD bullish, but stochastics falling from overbought levels.
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 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9540. The pivot point is at 0.9610.
Resistance levels: 0.97 0.9740 0.9775
Support levels: 0.9580 0.9540 0.95

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

 

[bhanu545]

Technical analysis of USD/JPY for November 13, 2014

Fundamental overview:
USD/JPY is expected to consolidate. It is underpinned by the negative yen sentiment as speculation persists that Prime Minister Abe might call a snap election and delay a second sales tax increase despite Chief Cabinet Secretary Suga's denial Wednesday. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.371% versus 2.359% late Monday), demand from Japan's importers and ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by the Japan exporter sales, diminished investor risk appetite (VIX fear gauge edged up 0.77% to 13.02) as U.S. stocks closed mixed overnight (S&P 500 slipped 0.07%: Nasdaq gained 0.31%). Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, 5 and 15-day moving averages are advancing.
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 114.20. 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 114.65.
Resistance levels: 116.25 116.90 117.35
Support levels: 114.20 113.80 113

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

 

[bhanu545]

Gold Technical analysis for November 13, 2014

Gold price reversed lower on Wednesday towards $1,153 support after breaking short-term support level of $1,159. Short-term trend has changed to bearish as long as price is below $1,171. Next support to watch is at $1,153 and $1,146. Longer-term target of $1,050 remains valid.

Red line= resistance
Blue line= support
Short-term resistance is at $1,170 and short-term support at $1,153 and $1,146. Breaking below the two support levels will push the Gold price towards at least $1,110. If resistance is broken, then there is a high probability we see another Gold price spike towards $1,190. My longer-term view remains bearish.

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

 

[bhanu545]

Technical analysis of EUR/USD for November 14, 2014

Overview: According to previous events, the price of EUR/USD pair is going to move between 1.2510 and 1.2415. The level of 1.2415 is going to form the double bottom in H1 chart. Also, it should be noted that the market was not stable and the trend was not also so clear (sideways channel like a triangle) this week. We expect a bullish market today from the area of 1.2515. So, buy above the level of 1.2515 (this level represents resistance) with the first target of 1.2540, it might resume to 1.2576 in order to test the double top. However, the stop loss should be always be into account, therefore it will be very useful to set your stop below the price of 1.2415.
On the other hand, if the trend cannot break resistance at the price of 1.2515, then the pair will probably start calling for the bearish market at this spot. Hence, the pair will be in a downside rather convincing momentum and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 1.2500, it will a good sign to sell below this area with the first target of 1.2460 and it will call for a downtrend in order to continue a bearish movement towards 1.2420.

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

 

[bhanu545]

Technical analysis of GBP/USD for November 14, 2014

Overview:
The GBP/USD pair has already formed a strong resistance level at 1.5733. This level already presents the last weekly pivot point, but today it coincides with the ratio of 23.6% Fibonacci retracement levels. Additionally, after it could not close above this level of 1.5733, the pair started signing for a bearish market at this spot. Moreover, it should be noted that if the trend is ascending, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend. But today, we note the opposite picture. Therefore, the pair will be in a downside rather convincing momentum and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 1.5733, it will be a good sign to sell below this area with the first targets of 1.5680 and 1.5654 to test the double bottom on H1 chart. On the other hand, the stop losses should be placed above 1.5750.
Intraday technical levels:
Date and Time:14/11/2014 10:54
Pair: GBP/USD
R3: 1.5847 R2: 1.5813 R1: 1.5760
PP: 1.5726
S1: 1.5673 S2: 1.5639 S3: 1.5586

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

 

[bhanu545]

Technical analysis of USD/CHF for November 14, 2014

Fundamental overview:
USD/CHF is expected to consolidate in a higher range. It is undermined by the softer dollar sentiment (ICE spot dollar index last at 87.77 versus 87.86 early Thursday) after more-than-expected 290,000 U.S. jobless claims in week ended Nov. 8 (versus forecast 281,000); subdued investor risk appetite (VIX fear gauge rose 5.91% to 13.79) as U.S. stocks surrendered gains after hitting record highs overnight (S&P 500 hit all-time high 2,046.18 but closed up just 0.05% at 2,039.33) and franc demand on buoyant CHF/JPY cross amid weak yen sentiment and franc demand on soft GBP/CHF and CAD/CHF crosses. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy and positions adjustment before the weekend.
Technical comments:
Daily chart is tilting negative as stochastics falling from overbought levels, MACD histogram bars are turning negative.
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 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9540. The pivot point is at 0.9610.
Resistance levels: 0.97 0.9740 0.9775
Support levels: 0.9580 0.9540 0.95

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

 

[bhanu545]

Technical analysis of USD/JPY for November 14, 2014

In Asia, Japan will not release any economic data. The US will release some key economic data such as Core Retail Sales m/m, Retail Sales m/m, Import Prices m/m, Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations, Business Inventories m/m, Mortgage Delinquencies, and Natural Gas Inventories. 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: 116.49.
Resistance. 2: 116.26.
Resistance. 1: 116.04.
Support. 1: 115.75.
Support. 2: 115.53.
Support. 3: 115.30.

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

 

[bhanu545]

Gold Technical analysis for November 14, 2014

Gold price is breaking below short-term support levels and is giving bearish signals in the short-term charts also. There is increased probability that the upward corrective bounce ended at $1,178 and that we start a new downward move that is expected to reach $1,050.

Black line = resistance
Blue line = support
Gold price has broken below the Ichimoku cloud. This is a bearish sign for the short-term. Support is found is at $1,146 and if broken I expect to see new lows and $1,100 to be challenged. The trend remains bearish with lower lows and lower highs from $1,178 where we saw the reversal exactly at the 38% retracement. My view remains bearish and in the following chart the $1,050 target is also justified by a longer-term chart.

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

 

[bhanu545]

Intraday technical levels and trading recommendations for EUR/USD for November 17, 20

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.
Last week, the EUR/USD pair has tested price level of 1.2500 few times, the bears have failed to apply enough bearish momentum.
Instead, few more ascending bottoms around 1.2400 and 1.2430 were established.This applied bullish pressure on SUPPLY zone located around 1.2500 where the upper limit of the channel is located.
A high probability of bullish reversal exists as long as the bulls keep fixating above 1.2500. Thus, establishing another ascending bottom confirming the ongoing uptrend.
Trade Recommendations:
Based on the technical data mentioned above, bullish breakout is now a high-probability scenario.
4H closure above 1.2470 then 1.2500 gives an early confirmation. Projection target would be located around 1.2600.

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

 

[bhanu545]

Weekly technical levels of GBP/USD for November 17-21, 2014

Trading recommendations:
According to the previous events, the price of GBP/USD is going to move between the levels of 1.5735 and 1.5530. The pair will probably go down because the downward trend is still strong. THe weekly pivot point will set at the level of 1.5735, for that it will act as strong resistance today. Therefore, sell below the level of 1.5735 which represents the pivot point in H1 chart with the first target at 1.5592 (the double bottom), then the trend will be able to continue toward the level of 1.5533. Nevertheless, the stop loss should be set at 1.5772.

Notes:
If the trend is of an upside character, then the strength of the currency will be defined as follows:
GBP is an uptrend and USD is a downtrend. Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit.

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

 

[bhanu545]

Technical analysis of USD/CHF for November 17, 2014

Fundamental overview:
USD/CHF is expected to trade in a lower range which is undermined by broadly weaker dollar undertone (ICE spot dollar index last at 87.59 versus 87.77 early Friday) as U.S. Treasury yields slipped (10-year at 2.320% versus 2.345% late Thursday) after U.S. import price index dropped 1.3% on-month in October (versus forecast minus 1.2%) for the largest monthly decline in more than two years, while University of Michigan survey showed inflation expectations covering the next five to 10 years fell from 2.8% to 2.6%, the lowest level since 2009, franc demand on buoyant CHF/JPY cross and franc demand on soft GBP/CHF and EUR/CHF crosses (latter last at 1.2012, just above the critical 1.2000 level). But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.
Technical comments:
Daily chart is negative-biased as bearish outside-day-range pattern was completed on Friday, MACD and stochastics are bearish.
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 0.9675 and the second target at 0.970. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9540. The pivot point is at 0.9610.
Resistance levels: 0.9675 0.97 0.9740
Support levels: 0.9580 0.9540 0.95

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

 

[bhanu545]

Technical analysis of USD/JPY for November 17, 2014

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 116.83 on Friday. It is underpinned by the negative yen sentiment as speculation continues to mount that Prime Minister Abe will delay a planned sales-tax increase to ensure the nation's economic recovery continues. USD/JPY is also supported by the ultra-loose Bank of Japan's monetary policy and demand from Japan's importers and yen-funded carry trades amid diminished investor risk aversion (VIX fear gauge eased 3.48% to 13.31; S&P 500 edged up 0.02% to post record-high close of 2,039.82 on Friday) after bigger-than-expected 0.3% on-month increase in U.S. October retail sales (versus forecast +0.2%) and better-than-expected University of Michigan preliminary November consumer sentiment index of 89.4 (versus forecast 87.8). But USD/JPY gains are tempered by Japan's export sales and broadly weaker dollar undertone (ICE spot dollar index last at 87.59 versus 87.77 early Friday) as U.S. Treasury yields slipped (10-year at 2.320% versus 2.345% late Thursday) after U.S. import price index dropped 1.3% on-month in October (versus forecast minus 1.2%) for largest monthly decline in more than two years, while University of Michigan survey showed inflation expectations covering the next five to 10 years fell from 2.8% to 2.6%, the lowest level since 2009.
Technical comment:
Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at the overbought levels, 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 116.90 and the second target at 117.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 115.35. A break of this target would push the pair further downwards and one may expect the second target at 114.90. The pivot point is at 115.70.
Resistance levels: 116.90 117.30 117.55
Support levels: 115.35 114.90 114.50

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

 

[bhanu545]

Gold Technical analysis for November 17, 2014

Gold price has held the important support at $1,145 on Friday. Despite the short-term weakness signals, prices reversed strongly and broke above the previous high at $1,178. Price has now reached the 2nd resistance at $1,190-$1,200. My longer-term view remains bearish as long as we are below $1,255 targeting at $1,050.

In the daily chart, the trend remains bearish as price remains below the Ichimoku cloud and has not managed to close above $1,193 which is the kijun-sen resistance. Support at $1,155 where the tenkan-sen is found is very important. The upward bounce from $1,130 is a corrective bounce relative to the $1,255-$1,130 decline. I believe the down trend will resume again with $1,050 as a target.

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

 

[bhanu545]

Technical analysis of EUR/USD for November 18, 2014

The pair made a double top at 1.2577 in yesterday's session and slipped more than 100 pips. The pair closed at the lowest point of the day. As we recommended in yesterday's article, my selling recommendation gave 45 pips. From an hourly trading view, the pair has been making base support at 1.2444. We recommend fresh selling again at 1.2440 and safe selling below 1.2434 with the targets at 1.2420, 1.2414, 1.2395, 1.2379, and 1.2350. The pair favors selling on rallies on a positional basis. Today, traders are focused on German Zew economic sentiment data and US CPI data. The pair has resistance at 1.2464, above this at 1.2485 and 1.2500. We can expect a strong hourly upswing above the 1.2510 levels. Currently, the pair is trading in a tight range between 1.2444 and 1.2464. In case if the price breaches 1.2464, it can challenge towards 1.2475,1.2500, and 1.2507. We recommend strong selling below the 1.2440 levels. The FED is going to raise its interest rates, which adds fuel to the US dollar. The ECB's easing results in weakness of the Euro. The monthly resistance exists at 1.2757 and monthly support exists at 1.2227. The pair has weekly parallel resistance at 1.2577 and support at the 1.2420 levels.

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