Technical analysis of EUR/USD for November 04, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Spanish Unemployment Change, EU Economic Forecasts, PPI m/m. The US will release the economic data too such as the Trade Balance, Factory Orders m/m, IBD/TIPP Economic Optimism, Congressional Elections, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2559.

Strong Resistance:1.2551.

Original Resistance: 1.2539.

Inner Sell Area: 1.2527.

Target Inner Area: 1.2497.

Inner Buy Area: 1.2467.

Original Support: 1.2455.

Strong Support: 1.2443.

Breakout SELL Level: 1.2435.

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Technical analysis of USD/JPY for November 04, 2014 Market Analysis Review

In Asia, Japan will release the Final Manufacturing PMI and the US will release some economic data such as Trade Balance, Factory Orders m/m, IBD/TIPP Economic Optimism, Congressional Elections. 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.

TODAY TECHNICAL LEVELS:

Resistance. 3: 114.24.

Resistance. 2: 114.02.

Resistance. 1: 113.79.

Support. 1: 113.52.

Support. 2: 113.30.

Support. 3: 113.07.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Forecast and trading recommendations on USD/CAD for November 04, 2014 Market Analysis Review

The US dollar is enjoying its rally supported by the ISM manufacturing PMI data and the BOJ stimulus jump. The US dollar is very strong against most major currencies. The pair started this week on a highly bullish note. As of now, this week the pair is trading above the previous swing weekly high on a closing basis. This is the third consecutive month, the pair is trading on a bullish note. As we recommended earlier, the pair is challenging for 1.1640 200MEma levels. On the higher side, the pair has immediate resistance at 1.1386. In case, if this week the pair manages to close above 1.1386 levels, fresh longs will be added for a target at 1.1530 and 1.1640 levels. The weekly support exists at 1.1260 levels.

For an intraday view, the prices are facing parallel resistance at 1.1386. Above this the pair can challenge another upswing for target at 1.1450 levels. On the down side the pair has support at 1.1330, below this, 1.1266 and 1.1259 will act as trend decider levels. We recommend selling below 1.1290 for targets at 1.1275, 1.1264 and 1.1259. Below 1.1255, the selling force will increase for a downside target at 1.1224, 1.1186, and 1.1166 levels. On the other side, we recommend buying above 1.1380 for targets at 1.1400 and 1.1450 levels.

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Daily analysis of USDX for November 04, 2014 Market Analysis Review

On the daily chart, the USDX continues gaining ground over the support level of 86.20, so the USDX is trying to make a breakout on the resistance level of 87.35. If successful, the next target on the bullish road would be the 88.63 level in the medium term. However, keep in mind that the USDX is overbought.

Dailychart's resistance levels: 87.35 / 87.93

Dailychart's support levels: 87.00 / 86.75

The USDX has established itself above the level of 87.28, reaching new high record levels in the H1 chart. However, the USDX had previously made several fractals at the 87.45 level, so the USDX could conduct a rebound at current levels and try to climb up to the resistance level of 87.58. The MACD indicator remains in positive territory.

H1 chart's resistance levels: 87.58 / 87.86

H1 chart's support levels: 87.28 / 87.00

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 87.28, take profit is at 87.58, and stop loss is at 87.00.

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Daily analysis of GBP/USD for November 04, 2014 Market Analysis Review

The GBP/USD is moving in range above the support level of 1.5951, because this pair is currently forming a bearish pattern that helps strengthen the bearish outlook in the medium term for the GBP/USD. However the GBP/USD could conduct a retracement to the resistance level of 1.6051. The MACD indicator remains in positive territory.

H4chart's resistance levels: 1.6004/1.6051

H4chart's support levels: 1.5951/1.5874

In the H1 chart, the GBP/USD is being rejected by the support level of 1.5925 so this pair could go back up to the 200 SMA at the 1.6031 level. However, there is still a high probability that this pair will carry out another breakout at the level of 1.5980 and fall to the level of 1.5925, which is a pretty strong support level. In the short term, our bearish outlook still remains alive.

H1 chart's resistance levels: 1.6031/1.6075

H1 chart's support levels: 1.5980/1.5925

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 1.5980, take profit is at 1.5925, and stop loss is at 1.6035.

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USDCAD Daily Analysis - November 4, 2014 Forex Analysis

USDCAD is facing 1.1385 resistance, a break of this level will indicate that the uptrend from 1.0810 (Aug 29 low) has resumed, then next target would be at 1.1500 area. Support is at 1.1260, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to 1.1160 area could be seen.

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USDCHF Daily Analysis - November 4, 2014 Forex Analysis

USDCHF remains in uptrend from 0.9370. Further rise is still possible after a minor consolidation, and next target would be at 0.9900 area. Support levels are at 0.9635 and 0.9600, as long as these levels hold, the uptrend will continue.

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USDJPY Daily Analysis - November 4, 2014 Forex Analysis

USDJPY continued its upward movement from 105.32, and the rise extended to as high as 114.21. Further rise could be expected after a minor consolidation, and next target would be at 117.00 area. Support is at 112.50, followed by 112.00, only break below these levels could signal completion of the uptrend.

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AUDUSD Daily Analysis - November 4, 2014 Forex Analysis

AUDUSD is facing 0.8642 support, a breakdown below this level will signal resumption of the downtrend from 0.9401 (Sept 5 high), then next target would be at 0.8400 area. Near term resistance is at 0.8730, above this level will indicate that lengthier sideways movement is underway, then another rise to test 0.8900 resistance could be seen.

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GBPUSD Daily Analysis - November 4, 2014 Forex Analysis

GBPUSD is facing 1.5874 support, a breakdown below this level will signal resumption of the downtrend from 1.6524 (Sept 19 high), then next target would be at 1.5600 area. Key resistance is at 1.6226, only break above this level will indicate that the downtrend had completed at 1.5874 already, then further rise to 1.6400 area could be seen.

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EURUSD Daily Analysis - November 4, 2014 Forex Analysis

EURUSD's downward movement from 1.2867 extended to as low as 1.2441. Further decline could be expected after a minor consolidation, and next target would be at 1.2200 area. Resistance is at 1.2570, only break above this level will signal completion of the downtrend, then the following upward movement could bring price to 1.2780 area.

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GBP/USD intraday technical levels and trading recommendations for November 3, 2014 Market Analysis Review

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. A bullish engulfing daily candlestick is manifested on the chart.

Recently, bulls have pushed above the downtrend line. Bullish breakout off the downtrend line as well as an inverted bullish Head and Shoulders are already manifest on the chart.

Bullish fixation above 1.6060 was essential to maintain the bullish scenario. However, the bears have failed to do so. Instead, the market is moving again towards the backside of the broken trend line once again.

The 4H chart shows a Flag pattern after a strong bearish impulse initiated off 1.6150. This is a continuation pattern. However, price levels around 1.5940 remains a strong intraday support corresponding to multiple daily lows (Thursday and Friday).

Trading recommendations:

Price action should be watched near the previous daily lows around 1.5950.

A valid buy entry can be taken if significant bullish rejection is expressed. Until now, the market is showing hesitance especially after the two -Doji- daily candlesticks of both Thursday and Friday.

Bullish fixation above the price level of 1.6035 ( Thursday's highest level ) and 1.6075 confirms our suggested bullish position. The bullish target would be located around 1.6150 initially.

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Technical analysis of USD/JPY for November 03, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias after hitting a near-seven-year high 112.98 this morning. Liquidity was thin in Asia as financial markets in Japan were shut for a public holiday. USD/JPY is underpinned by the weak yen sentiment after Bank of Japan on Friday unexpectedly announced it would expand its bond purchases to 80 trillion yens a year from the previous target range of 60 trillion yens to 70 trillion yens. The BOJ's surprise stimulus measures widened the gap between U.S. and Japan's monetary policies as the Federal Reserve on Wednesday said it would end its bond-buying program after October and remained on track to raise interest rates next year. USD/JPY is also supported by the positive USD sentiment (ICE spot dollar index last 86.91 versus 86.16 early Friday) as a jump in U.S. October ISM-Chicago PMI to one-year high of 66.2 in October from 60.5 in September and higher final University of Michigan October consumer sentiment index of 86.9 versus preliminary reading of 86.4 overshadowed a surprise 0.2% on-month drop in U.S. September personal spending (versus forecast +0.1%); higher U.S. Treasury yields (10-year at 2.335% versus 2.305% late Thursday), yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 3.37% to 14.03, S&P closed up 1.17% at 2,018.05 Friday) on BOJ's unexpected stimulus measures and Japan Government Pension Investment Fund's plans to increase its allocation to domestic stocks from 12% to 25%. But the risk sentiment dented by the surprise drop in China's official manufacturing PMI to 50.8 in October from 51.1 in September (versus forecast for no change at 51.1). USD/JPY gains are also tempered by the buy-yen orders from Japan's exporters.

Technical comment:
Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is in the overbought zone, five-day moving average is above 15-day MA and is 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 114.70 and the second target at 115.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 110.50. A break of this target would push the pair further downwards and one may expect the second target at 109.40. The pivot point is at 111.45.

Resistance levels:

114.70

115.70

116

Support levels:

110.50

109.45

109

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Technical analysis of USD/CHF for November 03, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to consolidate with a bullish bias after hitting a four-week high 0.9663 on Friday. It is underpinned by the positive USD sentiment (ICE spot dollar index last 86.91 versus 86.16 early Friday) as a jump in U.S. October ISM-Chicago PMI to one-year high of 66.2 in October from 60.5 in September and higher final University of Michigan October consumer sentiment index of 86.9 versus preliminary reading of 86.4 overshadowed a surprise 0.2% on-month drop in U.S. September personal spending (versus forecast +0.1%), higher U.S. Treasury yields (10-year at 2.335% versus 2.305% late Thursday) and dovish Swiss National Bank's monetary policy and contagion from weak EUR on CHF. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross.

Technical comments:

Daily chart is positive-biased as stochastics is in bullish mode, MACD is turning bullish.

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 0.9695 and the second target at 0.9750. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9575. A break of this target would push the pair further downwards and one may expect the second target at 0.9535. The pivot point is at 0.9600.

Resistance levels:

0.9695

0.9750

0.98

Support levels:

0.9575

0.9535

0.95

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EUR/NZD analysis for November 03, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6143 in an average volume. EUR/NZD is in a bullish corrective phase, so I have placed Fibonacci retracement to find potential resistance. I got Fibonacci retracement 61.8% at the price of 1.6145 (currently on the test). According to the 4H time frame, we can observe a bullish corrective phase (abcd). We also got an absorption volume in the background, which makes EUR/NZD very risky for mid-term buying.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6102

R2: 1.6138

R3: 1.6196

Support levels:

S1: 1.5987

S2: 1.5951

S3: 1.5894

Trading recommendations: Be careful when buying EUR/NZD pair since our Fibonacci retracement 61.8% is on the test

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Technical analysis of NZD/USD for November 3, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a lower range. It is undermined by the positive USD sentiment (ICE spot dollar index last 86.91 versus 86.16 early Friday) as a jump in U.S. October ISM-Chicago PMI to one-year high of 66.2 in October from 60.5 in September and higher final University of Michigan October consumer sentiment index of 86.9 versus preliminary reading of 86.4 overshadowed a surprise 0.2% on-month drop in U.S. September personal spending (versus forecast +0.1%); higher U.S. Treasury yields (10-year at 2.335% versus 2.305% late Thursday) and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment and NZD-USD interest differential.

Technical comment:
Daily chart is negative-biased as stochastics is in a bearish mode, MACD is turning bearish.

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 0.77. A break of this target will move the pair further downwards to 0.7670. The pivot point stands at 0.78. 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 0.7880 and the second target at 0.7950.

Resistance levels:

0.78780

0.7950

0.8010

Support levels:

0.77

0.7670

0.76

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Technical analysis of GBP/JPY for November 03, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is to consolidate with a bullish bias. It is supported by the weak yen sentiment after Bank of Japan on Friday unexpectedly announced it would expand its bond purchases to 80 trillion yen a year from the previous target range of 60 trillion yen to 70 trillion yen and sterling demand on soft EUR/GBP cross. But GBP/JPY gains are tempered by sell-GBP orders from Japan's exporters.

Technical comment:
Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is in the overbought zone, five-day moving average is above 15-day MA and is 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 183 and the second target at 184.05. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.80. A break of this target would push the pair further downwards and one may expect the second target at 177. The pivot point is at 178.95.

Resistance levels:

184.05

183

182.45

Support levels:

177.80

177

176.25

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Gold: analysis for November 03, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of 1,170.00. We got supply in an ultra high volume (selling climax) and sideways movement is normal arfter strong selling pressure. Our swing low at the price of 1,183.00 is broken, so we may expect testing the level of 1,147.00 (major Fibonacci expansion 161.8%). We are facing very low activity on the market, so we are waiting for a larger volume and stronger price action. According to the 1H timeframe, gold is in a weak bullish corrective phase. I have placed Fibonacci expansion to find potential resistance levels and I got Fibonacci expansion 100% at the price of 1,174.00 and Fibonacci expansion 161.8% at the price of 1,182.00.

Daily pivot Fibonacci points:

Resistance levels:

R1:1,169.79

R2: 1,171.67

R3: 1,174.33

Support levels:

S1: 1,163.77

S2: 1,161.79

S3: 1,158.73

Trading recommendations: Buying gold at this stage looks risky since the price has broken swing low.

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Technical analysis of EUR/JPY for November 3, 2014 Market Analysis Review

General overview for 03/11/2014 11:10 CET

The previous count that indicated a somewhat extended corrective cycle in wave B black has been invalidated when the market made a new high above the wave (xx) brown high. That means the wave (Z) brown of the correction has been completed and now it looks like the market has started a new impulsive wave to the upside. This assumption will be confirmed if all supply levels on a daily chart are violated. Those levels are: 142.02 - 142.42, 143.35 - 143.85 and 144.98 - 145.65 zone. On lower time frames, we can see an impulsive wave development to the upside that starts with waves 1 and 2 blue, then waves (i) and (ii) green and currently wave (iv) green is in progress. The support comes at the level of 140 and any breakout higher above the level of 143.36 is bullish.

Support/Resistance:

143.36 - Swing High

140.11 - Weekly Pivot

140.00 - Intraday Support

138.87 - WS1

135.35 - WS2

Trading recommendations:

Day traders should consider to open short orders at the current price levels with SL just above the level of 143.37 in order for a corrective cycle in wave (iv) green to continue to the downside a little bit. TP orders should be placed at the level of 140.11.

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Technical analysis of USD/CAD for November 3, 2014 Market Analysis Review

General overview for 03/11/2014 10:45 CET

Only three waves are taking place right now and another push to the upside is being expected when the corrective cycle is completed. The current anticipated pattern for this correction is a triangle pattern with support level at weekly pivot at the level of 1.1251. Please notice that the level of 1.1330 is expected to be violated and the current target is at the level of 1.1384. Only a sustained breakout below the level of 1.1163 would make downward intraday trend to continue and test the level of 1.1121.

Support/Resistance:

1.1121 - Swing Low

1.1170 - WS1

1.1251 - Weekly Pivot

1.1263 - Intraday Support

1.1330 - Intraday Resistance

1.1380 - WR1

1.1384 - Swing High

Trading recommendations:

All buy orders advised last week should still be kept open and any breakout above the level of 1.1330 provides another opportunity to add to existing buy orders. Sl should be moved just below the level of 1.1162.

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Elliott wave analysis of EUR/NZD for November 3 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6167

R2: 1.6121

R1: 1.6085

Current spot: 1.6063

S1: 1.6033

S2: 1.6000

S3: 1.5958

Technical summary:

Our preferred count is still valid. We saw an important bottom at 1.5903; since that low we have seen the first impulsive rally to 1.6216 and this impulsive rally was followed by an expanded flat correction to 1.5958, which ideally will protect the downside for the next impulsive rally above 1.6121 and more importantly above 1.6263 for a rally towards 1.6446. However, a break below 1.5958 will challenge this scenario, but only a break below 1.5903 will shift the odds towards the alternative count calling for a decline to 1.5700 in an expanded diagonal.

Trading recommendation:

We will buy EUR at 1.6020 or upon a break above 1.6085 with a stop at 1.5955.

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Elliott wave analysis of EUR/JPY for November 3 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 141.88

R2: 141.38

R1: 141.12

Current spot: 140.86

S1: 140.65

S2: 140.40

S3: 139.98

Technical summary:

With the break above important short term resistance we know that wave [2] ended at 134.14 and wave [3] is developing. If wave [3] is going to be equal in length to wave [1], then we should see wave [3] rally to 186.04. If we zoom in on the short term picture, we have seen a strong rally in wave iii, which has broken above the resistance-line of the base-channel as we would expect. This is a strong indication, that the rally of the 134.14 low is impulsive. The first target for wave iii is at 142.06. Short term, we will look for support near 140.40 for the next rally higher, but even if support at 140.40 should be broken, the next support will be found just below at 139.98, which is likely to protect the downside for the rally to at least 142.09.

Trading recommendation:

We will be looking to buy EUR at 140.50 with a stop at 139.50.

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#USDX Technical analysis for November 3, 2014 Market Analysis Review

The Dollar index remains in a strong up trend and has broken as expected towards new highs. The bullish flag pattern that I noted a couple weeks ago is progressing according to the plan and should bring the index towards 91. Dollar strength is evident and pull backs should be treated as buy opportunities.

The Dollar index remains in a strong up trend in the short-term chart as shown above. Price is above the Ichimoku cloud and all cloud indicators remain bullish. Short-term support is found at 86.75 and at 86.25. A pull back towards 86.75 should not be ruled out as this was the previous high. So after making a new higher high, we could see a back test of the break out area.

Orange line = previous high broken

The Dollar index remains fully bullish in the daily chart as well. The bullish flag is unfolding and I expect the longer-term trend to remain strong and push the index towards our target of 91. A back test of the break out area and the previous high at 86.75 is possible and should be bought. Stop for longs should be the 85 level in case the new high was a fake break out. I give little or no chances for this scenario but in every case we should protect our positions.

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Gold Technical analysis for November 3, 2014 Market Analysis Review

Gold price has made a short-term low at $1,160 and now is trading $10 higher. The short-term consolidation could produce an upward bounce towards $1,190 where the 38% retracement is found. The trend remains bearish. So, we expect Gold price to eventually reach $1,050.

As long as price is above $1,160 we should expect a bounce towards $1,190 at least. Price is below the Ichimoku cloud and all indicators remain bearish. The extended decline in Gold on Friday is expected to be followed by a short-term relief bounce and then another move lower towards $1,100. The trend will change if price breaks above $1.240.

Black line= support

Blue line = resistance

The weekly chart remains fully bearish specially now that we have broken below the triple bottom at $1,180. A back test of the break out area is very possible but my longer-term view remains fully bearish towards $1,050. Any bounce should be seen as an opportunity to sell. Weekly resistance is at $1,213 and a weekly close above it could signal a bigger bounce towards $1,260. As long as Gold price is below the cloud and below the blue trend line resistance I remain bearish with targets below $1,100.

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Technical analysis on GBP/USD for November 03, 2014 Market Analysis Review

The stronger US data and BOJ surprise action added fuel to the US dollar. The pair closed above 20- day high. The pair is trading near the strong multi resistance zone. In Switzerland later this month November 30, voters will vote on gold referendum. The current month volatility will lead the pair. On the monthly chart, the 80.0 fib level exists at 0.9715 above 0.9750 July 2013 high and 0.9838 May 2013 high. The pair gave an upside breakout on the monthly chart aiming for 1.0175 100Msma levels. This view is for medium term basis (2 to 3 months). On a monthly closing basis, in case the pair closes above 0.9764, we can expect a new upswing towards our positional targets at 0.9972 and 1.0175 levels. On the down side, the pair has support at 0.9620 below 0.9540 levels. Profit booking will take place below 0.9540 levels. The monthly support exists between 0.9400 and 0.9360 levels.

This week, the cable has support at 1.5950 and resistance exists at 1.6050, 1.6100 and 1.6200 levels. In the h4 chart, the price has been facing strong resistance at 324hrsma. Until the h4 candlestick closes above the descending trendline, selling on a rise will is likely to bring profits. We recommend fresh selling below 1.5850 for targets at 1.5760 levels. For an hourly view, the cable made a minor support at 1.5935 5hr low and resistance exists at 1.6011. From the speculative point of view, traders should buy above 1.6015 for target at 1.6039, 1.6050 and 1.6075. Selling below 1.5900 for targets 1.5855 and panic are likely to trigger below 1.5850 levels.

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Forecast and trading recommendations on USD/CHF for November 03, 2014 Market Analysis Review

The stronger US data and BOJ surprise action added fuel to the US dollar. The pair closed above 20- day high. The pair is trading near the strong multi resistance zone. Later this month November 30 Switzerland, voters will vote on gold referendum. The current month volatility will lead the pair. On the monthly chart, the 80.0 fib level exists at 0.9715 above 0.9750 July 2013 high and 0.9838 May 2013 high. The pair gave an upside breakout on the monthly chart aiming for 1.0175 100Msma levels. This view is for medium term basis (2 to 3 months). On a monthly closing basis, in case the pair closes above 0.9764, we can expect a new upswing towards our positional targets at 0.9972 and 1.0175 levels. On the down side, the pair has support at 0.9620 below this 0.9540 levels. Profit booking will take place below 0.9540 levels. The monthly support exists between 0.9400 and 0.9360 levels.

The pair made a high at 0.9691 in Asia's session, but rejected at higher levels. Currently the pair is trading at 0.9662 levels. The higher level rejection indicating some weakness for an hour and intraday session. We recommend fresh buying above 0.9675 and safe buying only above 0.9695 for an upside targets 0.9715, 0.9730 and 0.9750 levels. Traders can wait patiently for a dip buying between 0.9600 and 0.9550 sl 0.9530. Aggressive traders can buy above 0.9675 levels.

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Forecast and trading recommendations on Gold for November 03, 2014 Market Analysis Review

The surprise BOJ's action and the stronger US data pushed the metal prices to a 4 -year low. The yellow metal finally closed below the multi- support monthly trend line. The previous day's close is the last trading day in the month of October. Bears managed to break below the 200Msma and a 1.5-year support trend line. The height of the symmetric triangle is 253.00, it comes to $927.00 levels. As we recommend earlier and on Friday's article as well, we still remain for our targets at $1,150.00,$1,100.00, $1,024.00, $927.00 and $850.00-$800.00. The metal has strong resistance at the broken support trend line above this, $1,188.00 200MSma and $1,212.00 200MEma. The monthly resistance exists at $1,233.00.

For the weekly view, the metal opened on a bearish note. As of now, today, the prices are unable to breach the previous week's closing price $1,172.30, just made a high at $1,171.10 levels. In Asia's session the metal made a low at $1,161.40, held the previous day's low $1,161.00. We recommend selling below $1,161.00 with new lower targets at $1,157.50 and $1,152.00. In case, if the metal falls below $1,150.00 it can extend its fall towards $1,138.00. We request traders fresh selling below $1,161.00 or selling on up move. The daily and hourly momentum indicators are at oversold levels. For an intraday view, the metal has resistance exists at 1286.00. We recommend risky buying with sl $1,161.00 with targets at $1,168.00 and $1,173.00. This view is only for speculators. On the down side, we recommend selling below $1,160.00 for targets at $1,157.50, $1,155.00, $1,152.00 and $1,150.00 levels.

Resistance:$1,186.00,$1,201.00$1,212.00

Support:$1,161.00$1,152.00$1,138.00

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