Technical analysis on EU,GU and majors

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Daily analysis of GBP/USD for November 28, 2014

The GBP/USD pair made a pullback at the level of 1.5811 on H4 chart, because this pair lost bullish force during yesterday's session, in which the American markets had low liquidity due to the celebration of Thanksgiving Day. The GBP/USD pair is likely to make a rebound on the bearish trend line that is located at the 1.5700 level, although this area is very weak at the technical level. On the bearish road, the GBP/USD pair finds support at the 1.5589 level. The MACD indicator is moving into the negative territory.
H4chart's resistance levels: 1.5811 / 1.5874
H4chart's support levels: 1.5698 / 1.5589

Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5739, take profit is at 1.5686, and stop loss is at 1.5795.

Performed by Felipe Erazo, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of USD/JPY for November 28, 2014

In Asia, Japan will release the Household Spending y/y, Tokyo Core CPI y/y, National Core CPI y/y, Unemployment Rate, Prelim Industrial Production m/m, Retail Sales y/y, and Housing Starts y/y. The US will not release any economic reports. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the Asian session, but with low volatility during the US session.
TODAY TECHNICAL LEVELS:
Resistance. 3: 118.81.
Resistance. 2: 118.58.
Resistance. 1: 118.35.
Support. 1: 118.06.
Support. 2: 117.83.
Support. 3: 117.60.

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

 

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Gold Technical analysis for November 28, 2014

Gold price continues to look weak as it has broken below $1,190 and is making lower lows and lower highs. The rounding top at the 61.8% retracement is an early bearish signal that will get confirmed if $1,174 is broken. The short-term target will be $1,140.

Black lines = triangle pattern
Red line = support
Gold price has clearly broken down and out of the triangle and is inside the medium term ichimoku cloud support confirming that the trend has changed from bullish to neutral and that soon we could see this change to bearish. If the red trend line fails to hold, the trend will change to bearish. As I said in yesterday's post, I prefer to be short with $1,208 stop as I believe an important top is at that level. We could be at the early stages of a new downard move towards $1,050. I remain bearish.

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

 

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Daily analysis of Silver for 28 November, 2014

Overview
As it is seen in today's H4 chart, the metal is stabilizing above the Support level of 16.00 after breaking the Support level of 16.50 yesterday. Currently, we should wait for retesting the Support level again and closing below it to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the Support level till testing the next Support level of 15.70. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support level of 16.00, this cancels the bearish move scenario.
Resistance and support levels:
R3(17.00), R2(16.75), R1(16.50),
S1(16.00), S2(15.70), S3(15.40)

Performed by Hossam Soliman Ali, Analytical expert
InstaForex Group © 2007-2014

 

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Weekly technical levels of EUR/USD for December 1-5, 2014

Overview: The range of EUR/USD pair was 170 pips last week. In addition, the EUR/USD pair hit the weekly resistance 1 and the pivot point. As a result, the market was in an uptrend and formed a strong support at the level of 1.2425. It should be noted that the support coincides with the ratio of 23.6% Fibonacci retracement levels, and represents minor support in H1 chart. So, the price of 1.24 25 is the key level to confirm the bullish market. For that reason, the market will probably indicate the bullish opportunity at the level of 1.2425 and the level will act as support. Therefore, the price of the EUR/USD pair will give a good sign to buy above 1.2425 with the first target of 1.2494. Also, if the trend can break it, as a consequence, the trend is going to continue towards the 1.2530 price in order to form the double top.

The movement of pivot point among resistances and supports.
If the price is at pivot point, watch for a move back to resistance 1 or support 1.
If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.
If the price is at support 1, expect a move to support 2 or back towards resistance 1.
If the price is at support 2, expect a move to support 3 or back towards support 1.
If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.
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

 

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GBP/USD intraday technical levels and trading recommendations for December 1 ,2014

Overview: The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.
The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.
Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards support level located around 1.5600 where the lower limit of the ongoing channel was previously located.
The GBP/USD pair looked quite oversold. Bullish correction was anticipated as the pair has tested a prominent WEEKLY support ( price level of 1.5600) corresponding to multiple previous tops established back in May and June 2013.
On the other hand, a break below the recent bottom around 1.5580 invalidates this bullish scenario and renders the current movement as a bearish flag pattern with projection target at 1.5410.
Trading recommendations:
As anticipated, one more valid BUY opportunity was suggested at retesting of the same price zone 1.5610-1.5620. This position is running in profits now. TP levels should be set at 1.5760, 1.5820 and 1.5880.
On the other hand, a low risk SELL entry will probably be offered around 1.5880-1.5940 ( Important Fibonacci Levels and the upper limit of the depicted bearish channel ) with SL located just above 1.5950.

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

 

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Technical Analysis on USD/CHF for December 01, 2014

Swiss voters rejected the gold referendum, roughly 78% voted to expand central bank gold reserves to 20% of central bank assets. This decision weighs the CHF against the USD. The pair managed to cross the 20Dsma and closed above that at Friday's session. The pair has been struggling to breach 0.9742. Until the prices are closed and trading above 0.9500, we are expecting bullish targets. In case if the pair closes below 0.9500 on a daily basis, it can extend its fall towards 0.9440 and 0.9400. Today, traders are keeping an eye on ISM manufacturing data. Positive readings will push the prices to the previous highs. The pair has immediate parallel resistance at 0.9728 and 0.9742. On the daily chart, the pair has made higher lows and higher highs formation. In case if the price breaches 0.9742, it can extend its rally up to 0.9950. We still recommend using every dip to buy with the targets at 0.9800, 0.9840, 0.9970, and 1.017. The parallel monthly resistance exists at 0.9751. We recommend buying above 0.9751 with the targets at 0.9820 and 0.9870. If a daily close is above 0.9742, the bulls will challenge new highs by adding 150 or 200 pips on the higher side.

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

 

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Technical analysis of USD/JPY for December 01, 2014

Fundamental overview:
USD/JPY is expected to trade in a lower range. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 88.30 versus 88.00 early Friday) as oil prices extend falls Friday to four-and-a-half year lows following OPEC's decision to stick to its existing target for oil production. USD/JPY is also supported by the demand from Japan's importers and the weak yen sentiment as Japan's adjusted core CPI fell to 0.9% in October from 1.0% in September, moving further away from the 2.0% level targeted by the Bank of Japan and bolstering expectations for additional monetary easing by the central bank. But USD/JPY gains are tempered by Japan's exporter sales, diminished investor risk appetite (VIX fear gauge rose 10.44% to 13.33, S&P 500 closed 0.25% lower at 2,067.56 Friday) and lower U.S. Treasury yields (10-year at 2.196% versus 2.234% late Wednesday).
Technical comment:
Daily chart is positive-biased as stochastics stays elevated at overbought levels, five and 15-day moving averages are advancing.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 117.60. A break of this target will move the pair further downwards to 117. The pivot point stands at 118.55. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 118.90 and the second target at 119.30.
Resistance levels: 118.90 119.30 119.75
Support levels: 117.60 117 116.65

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

 

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Gold Technical analysis for December 1, 2014

Gold price has turned to a bearish short-term trend from Friday after breaking below $1,174. $1,174 was an important support level that I mentioned last Friday. The failure to hold it combined with the rejection of the Swiss referendum has pushed prices towards our short-term target of $1,140 which was reached earlier today. gold.jpg

Red line = support Now,
when the red trend line and the ichimoku cloud are broken, short-term trend is confirmed bearish. Important resistance is set at $1,180 for the short-term trend. As I said on Friday, I remain bearish as long as price is below $1,208. Any bounce I believe is a chance to sell again Gold, preferably near $1,180.

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

 

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Technical analysis of EUR/USD for December 02, 2014

When the European market opens, some economic news will be released such as Spanish Unemployment Change and PPI m/m. Besides, the US will release the economic data too such as the Construction Spending m/m and Total Vehicle Sales. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2526.
Strong Resistance:1.2528.
Original Resistance: 1.2516.
Inner Sell Area: 1.2504.
Target Inner Area: 1.2474.
Inner Buy Area: 1.2444.
Original Support: 1.2432.
Strong Support: 1.2420.
Breakout SELL Level: 1.2412.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for December 2, 2014

Overview:
The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.
The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.
Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards support level located around 1.5600 where the lower limit of the ongoing channel was previously located.
The GBP/USD pair looked quite oversold. Bullish correction was anticipated as the pair has tested a prominent WEEKLY support ( price level of 1.5600) corresponding to multiple previous tops established back in May and June 2013.
On the other hand, a break below the recent bottom around 1.5580 invalidates this bullish scenario and renders the current movement as a bearish flag pattern with projection target at 1.5410.
Trading recommendations:
As anticipated, one more valid BUY opportunity was suggested at retesting of the same price zone 1.5610-1.5620. This position is running in profits now. TP levels should be set at 1.5760, 1.5820 and 1.5880.
On the other hand, a low risk SELL entry will probably be offered around 1.5880-1.5940 ( Important Fibonacci Levels and the upper limit of the depicted bearish channel ) with SL located just above 1.5950.

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

 

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Technical analysis of USD/CHF for December 2, 2014

Overview:
The price of USD/CHF pair is still been trapped between 0.9650 and 0.9704 but it should noticed that the price has set above strong support at the level of 0.9650 (50% of Fibonacci retracement levels in H1 chart). Moreover, it is worthy of note that these levels coincide between 50% and 100% of Fibonacci retracement levels in H1 chart and the pair has already formed a strong support at the level of 0.9650. Now, it is approaching it in order to test it. Therefore, the USD/CHF pair upside momentum is rather convincing and the structure of the rise does not look corrective, in order to indicate a bullish opportunity above 0.9650, it will be a good sign to sell above this support with the first target of 0.9690. It will call for an uptrend continuing rising towards 0.9704 to try to break the weekly resistance 1. Thus, if the trend can break the weekly resistance 1, then the market will lead to the double top at the point of 09727.

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

 

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Technical analysis of USD/JPY for December 02, 2014

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 119.15 on Monday. It is undermined by the flows to haven JPY amid decreased investor risk tolerance (VIX fear gauge rose 7.2% to 14.29, S&P 500 closed 0.68% lower at 2,053.44 overnight) on weak manufacturing PMI data out of China and Europe and Moody's downgrade of Japan's credit rating by one notch to A1; disappointing U.S. Black Friday weekend as National Retail Federation estimated that retail spending over the post-Thanksgiving weekend fell 11%. USD/JPY is also afected by Japan's export sales, broadly weaker dollar undertone (ICE spot dollar index last 87.98 versus 88.30 early Monday) as oil prices rebound (Nymex crude hit four-and-a-half year low of $63.72/bbl Monday but settled up $2.85 at $69.00/bbl). But USD sentiment are soothed by the less-than-expected drop in U.S. ISM manufacturing PMI to 58.7 in November from 59.0 in October (versus forecast 58.0), stronger Markit final U.S. November manufacturing PMI of 54.8 versus flash reading of 54.7. USD/JPY downside also limited by demand from Japan's importers; higher U.S. Treasury yields (10-year at 2.359% versus 2.196% late Friday); Bank of Japan's large-scale easing policy.
Technical comment:
Daily chart is mixed as stochastics stays elevated at overbought levels, five and 15-day moving averages are advancing, but MACD is in a bearish mode.
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 119.45 and the second target at 119.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.10. A break of this target would push the pair further downwards and one may expect the second target at 117.85. The pivot point is at 118.50.
Resistance levels: 119.45 119.70 120
Support levels: 118.10 117.85 117.60

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

 

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Gold Technical analysis for December 2, 2014

With an impressive reversal from $1,140, Gold price has managed to break all resistane levels and also break above $1,207 which was the recent high. Gold price managed to catch most traders off guard as this reversal was so strong that we seldom see such intraday moves in Gold.

Gold price in the daily chart is showing signs of a trend reversal. However, Monday's daily candle is an impressive statement by bulls. However, we should note that price remains below the Ichimoku cloud and is reversing from near the 61.8% retracement. There is high probability that at $1,221 we say the end of a three wave upward correction. Gold price made a high yesterday also at the 38% retracement of the decline from $1,343. So the Fibonacci confluence around $1,220 is very critical resistance. Long-term trend remains bearish. As long as price is below the Ichimoku cloud I believe we can see $1,050.

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

 

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Technical analysis of EUR/USD for December 3, 2014

Overview:
The EUR/USD pair has rebounded from the minor support at 1.2322, but the major support had already set at the level of 1.2277 which represents the weekly support 1. The price is now approaching its support in order to test it, so it will probably start upside movement in this area and recovery again. Therefore, it will be a good sign to buy at this spot with the first target of 1.2364 and continue towards 1.2390 (it should be noted that this level will form the weekly resistance 1). Furthermore, it should also be noted that the price has still been trapped between 1.2390 and 1.2280. At the same time, the RSI and the moving average (100) are still calling for downtrend in H1. Thus, the market indicates a bullish opportunity at the level of 1.2390 with the first target at 1.2303 and further at 1.2277 in H1 chart. However, if the price closes above the weekly pivot point 1.2450, then the best place to set a stop loss should be at 1.2466.

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

 

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Technical analysis of GBP/USD for December 3, 2014

Trading recommendations:
According to previous events, the price of GBP/USD pair has still trapped between 1.5694 and 1.5585.
It should note that the weekly pivot point is set at the level of 1.5694 and the double bottom set at 1.5585. Also, it have to notice that the psychological level is placed at 1.5762 (50% of Fibonacci retracement levels).
Buy above 1.5562 with the first target of 1.5690, it might resume to 1.5750.
Below the resistance of 1.5773 look for further downside with a target at 1.5694 in order to test the weekly pivot point at the level of 1.5590.
We expect a range between the levels of 1.5733 and 1.5562 this week.
Intraday technical levels:
Date:3/12/2014
Pair: GBP/USD
R3: 1.5781 R2: 1.5739 R1: 1.5712
PP: 1.5670
S1: 1.5628 S2: 1.5601 S3: 1.5559

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

 

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Technical analysis of USD/CHF for December 03, 2014

USD/CHF
The US dollar gained against most major pairs. The pair gained 80 pips in yesterday's session and closed at the highest level. The pair has immediate resistance at 0.9742 and 0.9751 levels. In case if the pair manages to close above 0.9742 it can go up 210 pips on a positional basis. On the higher side, we can expect 0.9820, 0.9874, 0.9970 and 1.0270 levels. We have been recommending buying on every dip for the same targets. Today the focus shifts to ADP non-farm unemployment change data. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. A positive readings will push the prices to the north side. For an intraday view, the hourly momentum oscillators are indicating overbought signs. The prices have support at 0.9715, 0.9700 and 0.9680 levels. Until the prices close above 0.9650 the pair favours buying on dips. The safe trading will be above 0.9751 levels.

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

 

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Technical analysis of USD/JPY for December 03, 2014

In Asia, Japan will not release any economic data, but the US will release its ADP Non-Farm Employment Change, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, and Beige Book data. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.
Todays technical levels:
Resistance. 3: 119.96.
Resistance. 2: 119.72.
Resistance. 1: 119.49.
Support. 1: 119.21.
Support. 2: 118.98.
Support. 3: 118.74.

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

 

[bhanu545]

Technical analysis of gold for December 3, 2014

Gold price has formed a bullish flag that could bring it to $1,270-$1,280. The short-term trend remains bullish. Price is supported and there are increased chances of a new upward breakout. Monday's big trend reversal to the upside has changed our medium to long-term view and has diminished the chances of a new low below $1,130.

Short-term trend is neutral.
Support is at $1,190 where the 38% Fibonacci retracement is found. Resistance at $1,220. If $1,190 is broken, we should expect gold price to move towards the 50% or 61.8% Fibonacci retracements. As long as gold price is above $1,140-$1,130, we should expect a new high towards $1,170.

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

 

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Intraday technical levels and trading recommendations on EUR/USD for December 4, 2014

The bearish flag scenario should now be considered for the longer-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair around (review Trade recommendations below).
A double-top pattern was expressed this week on the 4H chart. As anticipated, fixation below neckline ( price level of 1.2430 ) enhanced the bearish tendency of the market.
On the other hand, the EUR/USD pair has a bearish projection target (the Flag pattern) roughly located around price levels of 1.2200.
Fixation below recent SUPPLY levels around 1.2400 - 1.2430 ( significant Fibonacci Levels ) is mandatory to maintain the current bearish momentum towards 1.2200.
Trade recommendations:
The Stop Loss for the previously mentioned SELL position around 1.2470 should be lowered to 1.2460 to offside the risk after taking some profits.
Target levels should be set at 1.2430, 1.2360 initially and price zone of 1.2250-1.2200 to be watched next.
Intraday traders can SHORT the pair around price zone of 1.2420-1.2445. SL should be set as four-hour closure above 1.2470.

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