Technical analysis of USD/CHF for November 05, 2014 Market Analysis Review

The pair drifted on the soft US data. The pair made a double top and started moving lower. As of now, today the pair made a low at 0.9584, support exists at 0.9575 and 0.9558 levels. The intra week support exists at 0.9520. In the h4 chart, we can observe higher lows and higher high swings. But in ten-hour chart, lower lows and lower swings are forming. It represents mixed views in a tight range. The support zone exists between 0.9500 and 0.9477 levels. For an intraday session, the pair looks weak below 0.9578 levels. Speculators can buy at a market price of 0.9592 with sl 0.9580 and targets at 0.9605, 0.9620, above this, 0.9640 and 0.9660 levels. We recommend selling below 0.9578 for targets at 0.9560, 0.9545 and 0.9500 levels. Traders today eye the US jobs data. The pair will regain strength above 0.9610 levels on an intraday basis.

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Forecast and trading recommendations on Gold for November 05, 2014 Market Analysis Review

The yellow metal bounced back from a 3-day low. The US dollar shifted to a profit booking mode after a huge rally which aided a mild bounce in the yellow metal prices. The metal prices are trading in a tight range. Traders today eye the US jobs data. Today's key level exists between $1,155.00 and $1,150.00 levels. A positive reading in ADP non-farm payroll data puts pressure on the yellow metal to retest $1,161.00 levels, below this, $1,155.00 and $1,150.00 are the immediate support zones. In case, if the metal falls below $1,150.00 it can extend its fall towards $1,138.00. 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. 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 for intra week basis. As we recommended earlier, last Friday, and in this Monday'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 in the longer term view. Risky buying on Monday's session met all our targets at $1,173.00, it made high at $1,174.30 levels.

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

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

In the h4 chart, the prices are consolidating between $1,161.00 and $1,174.30 in a tight range of $13. The prices are closed above 35DEMA in the h4 chart. In the hourly chart, we can observe higher highs and lower lows. We recommend buying above $1,175.00 for targets at $1,177.00, $1,180.00, $1,182.00 and $1,185.00 levels. We recommend fresh safe selling below $1,160.00 or selling at the current market price of $1,168.50 for targets at $1,160.00, $1,155.00, $1,150.00 levels. Until the prices close below $1,192.00, 34hrsma, bears will try to drag the metal on every upswing.

Trade:

Selling below $1,160.0

Risky sellers, selling at a market price of $1,168.50

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Technical analysis of USD/JPY for November 05, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with risks skewed lower. It is undermined by the softer USD sentiment (ICE spot dollar index last 86.95 versus 87.29 early Tuesday) after wider-than-expected U.S. September trade deficit of $43.03 billion (versus forecast $40.6 billion deficit), sharp drop in U.S. ISM-NY current-business index to 54.8 in October from 63.7 in September; lower U.S. Treasury yields (10-year at 2.335% versus% 2.346% late Monday), diminished investor risk appetite (VIX fear gauge rose 1.09% to 14.89, S&P 500 closed 0.28% lower at 2,012.1 overnight) as caution prevails ahead of U.S. nonfarm payrolls report Friday, the European Commission cut its GDP growth forecasts for the eurozone, and oil prices hit three-year lows--extending losses from Monday after Saudi Arabia announced it would cut its selling price for crude to the U.S.--reinforcing expectations that inflation will remain subdued. USD/JPY is also weighed by Japan exporter sales. But USD sentiment is soothed by the rise in U.S. IBD/TIPP Economic Optimism Index to 46.4 in November from 45.2 in October. USD/JPY losses are also tempered by the demand from Japan importers and weak yen sentiment after the Bank of Japan's unexpected announcement of fresh stimulus on Friday.

Technical comment:
Daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is turned bearish at overbought zone, inside-day-range pattern was completed on Tuesday.

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 112.30. A break of this target would push the pair further downwards and one may expect the second target at 111.45. The pivot point is at 112.85.

Resistance levels:

114.70

115.70

116

Support levels:

112.30

111.45

111

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Technical analysis of USD/CHF for November 05, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade in a lower range. It is undermined by softer USD sentiment (ICE spot dollar index last 86.95 versus 87.29 early Tuesday) after wider-than-expected U.S. September trade deficit of $43.03 billion (versus forecast $40.6 billion deficit), sharp drop in U.S. ISM-NY current-business index to 54.8 in October from 63.7 in September; lower U.S. Treasury yields (10-year at 2.335% versus% 2.346% late Monday); diminished investor risk appetite (VIX fear gauge rose 1.09% to 14.89, S&P 500 closed 0.28% lower at 2,012.1 overnight) as caution prevails ahead of the U.S. nonfarm payrolls report Friday, spillover strength from rebounding EUR on CHF and franc demand on buoyant CHF/JPY cross amid 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-day moving average is above 15-day moving average and is advancing but stochastics is turning bearish at overbought zone.

Data focus:

0815 GMT Switzerland October CPI. .

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:

0.9695

0.9750

0.98

Support levels:

0.9575

0.9535

0.95

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Technical analysis of NZD/USD for November 05, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a higher range. It is supported after New Zealand 3Q adjusted employment rose 0.8% on-quarter and 3.2% on-year (versus forecast +0.6% on-quarter, +3.1% on-year). NZD/USD is also buoyed by softer dollar sentiment; Kiwi demand on buoyant NZD/JPY cross amid weak yen sentiment, NZD-USD interest differential and Kiwi demand on soft AUD/NZD cross. But NZD sentiment is dented by the 0.3% drop in Fonterra's GDT Price Index at the latest GlobalDairyTrade auction. NZD/USD gains are also tempered by the subdued investor risk appetite.

Technical comment:
Daily chart is tilting positive as MACD histogram bars are turning positive, stochastics is turning bullish at oversold 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 0.7880 and the second target at 0.7950. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7745. A break of this target would push the pair further downwards and one may expect the second target at 0.77. The pivot point is at 0.7785 .

Resistance levels:

0.7880

0.7950

0.8010

Support levels:

0.7745

0.77

0.7665

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Technical analysis of GBP/JPY for November 05, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate with bullish bias.It is supported by the weak yen sentiment and demand from Japan importers. But GBP sentiment is dented by bigger-than-expected drop in CIPS/Markit U.K. construction PMI to a five-month low of 61.4 in October from 64.2 in September (forecast 63.7). GBP/JPY gains are tempered by the Japan exporter sales and receding investor risk appetite.

Technical comment:

Daily chart is positive-biased as MACD and stochastic are bullish, although the latter is at overbought zone, the five-day moving average is above the 15-day moving average 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 183.05 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 179.00. A break of this target would push the pair further downwards and one may expect the second target at 177.80. The pivot point is at 180.55.

Resistance levels:

183.05

184.05

184.65

Support levels:

179

177.80

177

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Technical analysis of EUR/JPY for November 05, 2014 Market Analysis Review

This week's major event is the Thursday ECB press conference. This time we are not expecting further easing in the EU. In this case the euro will recover against USD and JPY. Today traders eye the BOJ monetary policy meeting minutes. The EUR/JPY cross has been trading on a highly bullish note for 4 weeks. The cross has parallel resistance between 143.44 and 143.78. In the weekly and monthly charts the cross gave an upside breakout. We can expect strong momentum only above 143.78 levels. As of now, today the cross made a high at 142.79 levels. After a huge spike, the prices are corrected well and again are moving higher. We expect the prices to move towards 143.40 and 143.50 levels. We recommend fresh intraday buying only above 142.79 levels. The intraday support exists at 142.20, below this, 141.70 levels. We recommend safe selling below 141.70 for targets at 139.75 levels. Risky traders can sell below 141.90 levels.

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Technical analysis of EUR/USD for November 05, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m. The US will release the economic data too such as the Retail Sales m/m, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2618.

Strong Resistance:1.2610.

Original Resistance: 1.2598.

Inner Sell Area: 1.2586.

Target Inner Area: 1.2556.

Inner Buy Area: 1.2526.

Original Support: 1.2514.

Strong Support: 1.2502.

Breakout SELL Level: 1.2494.

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.

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Technical analysis of USD/JPY for November 05, 2014 Market Analysis Review

In Asia, Japan will release the Monetary Base y/y, Average Cash Earnings y/y, 10-y Bond Auction, and the US will release some economic data such as Retail Sales m/m, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories. So there is a big probability the USD/JPY 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.

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.

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Forecast and trading recommendations on EUR/USD for November 05, 2014 Market Analysis Review

EUR/USD

The euro surged to a weekly high at 1.2577 levels ahead of the ECB press conference. The euro took the support at the 80.0 fib level in the weekly chart. Traders eye today's Spanish and Italian services PMIs and retail sales, the major events ahead of Thursday's ECB press conference. This time we are not expecting further easing in the EU. In case if the same thing happens, the euro will recover against USD and JPY. In case of chances of further easing the euro will go down further towards 1.2300 and 1.2270 levels, 200Msma. If the ECB does not deliver further easing in the tomorrow's meeting, on the December 4 meeting there is a chance for further easing. In the daily chart, the pair made a minor base at 1.2480 levels.

Ahead of the ECB press conference, the euro is looking strong against USD and JPY. The EUR/USD pair is trading above the previous swing low of 1.2500 in the daily chart. As of now, today the pair is trading above the previous close, but has not yet crossed the previous high at 1.2577 levels. The pair has resistance between 1.2616 and 1.2670, the 20Dsma level. On the other side, it has support at 1.2480 and 1.2440, below this, panic will be triggered for targets at 1.2300, 1.2270 and 1.2240 levels. In the H4 chart, we can clearly see the triangle breakdown and closing below that. The height of the triangle is 280 pips. As the triangle height from the base, the downside target exists at 1.2325 levels. Until the prices close below the descending trend line in the h4 chart, use every rise to sell for the downside targets. The pair has resistance at 1.2606, 34hrsma, above this, 1.2670 will act as strong resistance levels. On the other hand, the support level exists at 1.2540 and 1.2500 levels.

Support: 1.2540, 1.2500, 1.2440

Resistance: 1.2610, 1.2670, 1.2720

Trade:

Selling below 1.2500, panic will be triggered below 1.2440

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Daily analysis of USDX for November 05, 2014 Market Analysis Review

At the H4 chart, the USDX continues to find strong resistance at the 87.35 level, and now, the USDX is finding support in the bullish trend line, at the level of 87.00. This area could give a new bullish momentum to the USDX, so it is advisable to be aware of a possible rebound. The MACD indicator remains in negative territory.

H4chart's resistance levels: 87.35 / 87.93

H4chart's support levels: 87.00 / 86.75

The USDX has made a rebound on the 86.90 level, where this instrument has formed a fractal. The next goal on the bullish road continues to be the level of 87.28, but remember that the USDX has lost ground during the last few hours and possibly the USDX is forming a bearish pattern to fall to the level of 86.72. The MACD indicator is entering neutral territory.

H1 chart's resistance levels: 87.28 / 87.58

H1 chart's support levels: 87.00 / 86.72

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 05, 2014 Market Analysis Review

On the daily chart, the GBP/USD continues to move in favor of the bearish trend, because this pair encountered strong resistance at the level of 1.6146, an area that has hampered further progress in the GBP/USD, so the nearest target remains the 1.5883 level, a support level having been strong in recent weeks. However, if the GBP/USD hits a breakout at the level of 1.6046, it's expected to rise to the level of 1.6146.

Dailychart's resistance levels: 1.6046 / 1.6146

Daily chart's support levels: 1.5883 / 1.5746

The GBP/USD has made a rebound on the support level of 1.5980, because this pair has not significantly changed in the current trend. However, the GBP/USD is approaching the 200 SMA on the H1 chart, because this level could serve as dynamic resistance for this pair. the GBP/USD could continue the bearish trend in the short term, if the pair manages to consolidate below the 1.5980 level.

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 5, 2014 Forex Analysis

USDCAD broke above 1.1385 resistance, indicating that the uptrend from 1.0810 (Aug 29 low) has resumed. Further rise could be expected, and next target would be at 1.1500 area. Support is at 1.1330, only break below this level could bring price back to 1.1200 area.

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USDCHF Daily Analysis - November 5, 2014 Forex Analysis

USDCHF remains in uptrend from 0.9370, the fall from 0.9689 is likely consolidation of the uptrend. Support is located at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to continue, and next target would be at 0.9900 area. Only a clear break below the channel support could indicate that the uptrend had completed at 0.9689 already, then deeper decline to 0.9400 area could be seen.

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USDJPY Daily Analysis - November 5, 2014 Forex Analysis

USDJPY remains in uptrend from 105.32, the fall from 114.21 is likely consolidation of the uptrend. Support levels are at 112.50 and 112.00, as long as these levels hold, the uptrend could be expected to continue, and next target would be at 117.00 area. Only break below 112.00 support could signal completion of the uptrend.

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AUDUSD Daily Analysis - November 5, 2014 Forex Analysis

AUDUSD failed to break below 0.8642 support, and stayed in the trading range between 0.8642 and 0.8910. The price action in the range is likely consolidation of the downtrend from 0.9401 (Sept 5 high). Another fall to re-test 0.8642 support is possible, a breakdown below this level could signal resumption of the downtrend, then next target would be at 0.8400 area. Only break above 0.8910 resistance will indicate that the downtrend had completed at 0.8642 already, then further rise to 0.9000 area could be seen.

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GBPUSD Daily Analysis - November 5, 2014 Forex Analysis

GBPUSD stays in a trading range between 1.5874 and 1.6226. As long as 1.6226 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.6524 (Sept 19 high), another fall to 1.5600 area could be expected after consolidation, and a breakdown below 1.5874 support could signal resumption of the downtrend. On the upside, a break of 1.6226 resistance 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 5, 2014 Forex Analysis

EURUSD remains in downtrend from 1.2867, the rise from 1.2441 is likely consolidation of the downtrend. Resistance is located at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.2200 area. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 1.2441 already, then further rise to 1.2800 area could be seen.

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Technical analysis of USD/JPY for November 04, 20144 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias after hitting near-seven-year high 114.21 on Monday. It is underpinned by the positive USD sentiment (ICE spot dollar index last 87.29 versus 87.07 early Monday) after surprise rise in U.S. ISM manufacturing PMI to 59.0 in October--its highest level since March 2011--from 56.6 in September (versus forecast for drop to 56.0). USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.346% versus 2.335% late Friday) as strong ISM data raised speculation of earlier Federal Reserve tightening than currently priced; demand from Japan importers, weak yen sentiment after Bank of Japan's unexpected announcement of fresh stimulus on Friday. But USD sentiment is dented by the surprise 0.4% drop in U.S. September construction spending (versus forecast +0.8%). USD/JPY gains are also tempered by Japan's export sales and diminished investors risk appetite (VIX fear gauge rose 4.99% to 14.73, S&P 500 closed 0.01% lower at 2,017.81 overnight). 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.

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 112.85.

Resistance levels:

114.70

115.70

116

Support levels:

112.30

111.45

111

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Technical analysis of NZD/USD for November 4, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate with a bearish bias after hitting near-16-month low of 0.7697 on Monday. It is undermined by the positive USD sentiment (ICE spot dollar index last 87.29 versus 87.07 early Monday) after surprise rise in U.S. ISM manufacturing PMI to 59.0 in October--its highest level since March 2011--from 56.6 in September (versus forecast for drop to 56.0) and subdued investor risk appetite. But NZD/USD losses are tempered by the Kiwi demand on buoyant NZD/JPY cross amid weak yen sentiment and NZD-USD interest differential.

Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, although the latter is in the oversold zone; five-day moving average is below 15-day MA and is declining.

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:

0.7880

0.7950

0.8010

Support levels:

0.77

0.7670

0.76

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

Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. It is supported by the weak yen sentiment and demand from Japan's importers. But EUR/JPY gains are tempered by Japan's export sales and receding investor risk appetite.

Technical comment:

Daily chart is positive-biased as MACD and stochastics are bullish, although 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 183.05 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 179.00. A break of this target would push the pair further downwards and one may expect the second target at 177.80. The pivot point is at 180.55 .

Resistance levels:

183.05

184.05

184.65

Support levels:

179

177.80

177

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EUR/NZD analysis for November 04, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6198 in an average volume. EUR/NZD is in a bullish corrective phase, so I have placed Fibonacci expansion to find potential resistance. I got Fibonacci expansion 100% at the price of 1.6190 (held successful) and Fibonacci expansion 161.8% at the price of 1.6290. According to the 4H time frame, we can observe lack of demand around our Fibonacci expansion (1.6190), which is a sign that buying EUR/NZD at this stage looks risky. We also got an absorption volume in the background, which makes EUR/NZD very risky for mid-term buying. Anyway, if the price breaks the level of 1.6190 in a high volume and strong price action, we may see testing the level of 1.6255 (swing high like resistance)

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6202

R2: 1.6243

R3: 1.6310

Support levels:

S1: 1.6068

S2: 1.6027

S3: 1.5960

Trading recommendations: Be careful when buying EUR/NZD pair since our Fibonacci expansion 100% held successful

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Gold: analysis for November 04, 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) in the background 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 again very low activity on the market, so we are waiting for a larger volume and stronger price action. According to the 1H timeframe, we got rejection from our Fibonacci expansion 100% at the price of 1,174.00, which is a good sign for further bearish movement. Be careful when buying Gold and watch for potential selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1:1,172.81

R2: 1,175.73

R3: 1,180.47

Support levels:

S1: 1,163.33

S2: 1,160.41

S3: 1,155.67

Trading recommendations: Buying gold at this stage looks risky since we got rejection from Fibonacci expansion 100%

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Technical analysis of NZD/USD for November 4, 2014 Market Analysis Review

Overview :

• The price of NZD/USD pair is moving between the levels of 0.7715 and 1.7805. As it is known, if the trend is upward, then the strength of the currency will be defined as follows: NZD is in an uptrend and USD is in a downtrend. It should be noticed that the major support had set at the level of 0.7697 and the strong resistance had already placed at the price of 0.7804. Moreover, we expect a new range about 107 pips in the coming two days. Therefore, buy above 0.7700 with the first target of 0.7764, it might resume to 0.7805. The price of 0.7764 and 0.7805 coincides with the ratio of 23.6% Fibonacci retracement levels and 38.2% respectively. On the other hand, below the level of 0.7805 (38.2% of Fibonacci retracement levels) look for further downside with targets at 0.7752 and 0.7699. Also, it should be noted that the level of 0.7699 will form a strong the double bottom in H1 and H4 charts). Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 52 pips for each positions today.

Intraday technical levels:

Date and Time:4/11/2014 11:18

Pair:NZD/USD

• R3: 0.7868


• R2: 0.7830


• R1: 0.7775


• PP: 0.7737


• S1: 0.7682


• S2: 0.7644


• S3: 0.7589

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Elliott wave analysis of EUR/NZD for November 4 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6263

R2: 1.6183

R1: 1.6147

Current spot: 1.6129

S1: 1.6103

S2: 1.6084

S3: 1.6033

Technical summary:

The break above 1.6121 is positive, but we still need to see acceleration higher towards 1.6263 and above for a rally towards 1.6446 and higher. Short term, we will be looking for support at 1.6103, which ideally will protect the downside for a break above minor resistance at 1.6183 and more importantly a break above resistance at 1.6263 for the rally to 1.6446 and above. Only an unexpected break below 1.6033 will invalidate the bullish picture.

Trading recommendation:

We are long in EUR from 1.6085 with stop place at 1.6025. If you are not long in EUR yet, then buy near 1.6103 or upon a break above 1.6183 with the same stop at 1.6025.

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Elliott wave analysis of EUR/JPY for November 4 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 143.04

R2: 142.56

R1: 142.26

Current spot: 141.86

S1: 141.25

S2: 140.95

S3: 140.45

Technical summary:

There was no time for a correction to 140.40 and red wave iii moved directly higher towards 143.04 as the next upside target. If red wave iii ended a little early at 142.56, then we could see a new minor correction in red wave iv to 140.45 before the next powerful rally higher to 143.03 and higher to 144.64. Short-term support will be found at 141.25 and again at 140.45, which is expected to protect the downside for the next rally higher to 144.64

Trading Recommendation:

We will buy EUR at 140.50 or upon a break above 142.25 with a stop at 139.50.

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Technical analysis of GBP/USD for November 4, 2014 Market Analysis Review

Overview :

• The resistance of GBP/USD pair has already set at the level of 1.6039 (minor resistance which represents the weekly pivt point) and the support has set at 1.5903 (the weekly support 1). Therefore, according to the previous events, the price has still been moving between 1.5942 and 1.6039, then it should be noted that the range today will be around 97 pips. Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.6039. Hence, below 1.6039 look for further downside move with targets at 1.5942, if it can break the double bottom today (1.5942). So, the price will continue towards 1.5900 today. On the other hand, buy above 1.5890 in the short term of the same day with the first target at 1.5933; it might resume to 1.6040 tomorrow in order to test the pivot point of this week.

Notes :

• We expect a range of 97 pips.


• Risk of 65 pips must make a profit of 97.


• The value of 50% Fibonacci retracement levels is 1.6062.


• Volatility: 231.92, thus the market indicates the higher volatility.

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Technical analysis of EUR/JPY for November 4, 2014 Market Analysis Review

General overview for 04/10/2014 08:50 CET

Three impulsive waves to the upside has been made and now it is time for the corrective cycle wave (iv) to test the intraday supports at the levels of 141.36 and eventually 140.00 again. Nevertheless, the bias is bullish and when the corrective cycle is done, an impulsive breakout above the level of 142.55 is expected with a projected target at the level of 143.67.

Support/Resistance:

143.78 - Larger Time Frame Swing High |Key Level|

143.67 - WR1

143.47 - Technical Resistance

142.55 - Intraday Resistance

141.36 - intraday Support

140.11 - Weekly Pivot

Trading recommendations:

Day traders should consider opening buy stop orders from the level of 143.57 with SL below the level of 141.36 and TP at the level of 143.67.

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#USDX Technical analysis for November 4, 2014 Market Analysis Review

The Dollar index remains in the bullish trend and has made a new higher high yesterday. The upward move from 85 could very well be complete and we could see a pull back towards 86.50-86.90 any time. However, the longer-term view remains fully bullish as long as price is above 85 with 91 as a target. The bullish flag target remains to be seen.

The Dollar index remains above the Ichimoku cloud. The Dollar index has pulled back towards the tenkan-sen support and has held above it. If this support is broken in the 4-hour chart, we should expect a pull back towards the kijun-sen at 86.30. So critical support is found at 87-87.10.

The Dollar index remains fully bullish in the daily chart and I continue to expect a move towards 91 to complete the bullish flag pattern. We could see a pull back but I still believe this will be another buy opportunity as the up trend remains strong. A pull back below 86 will start to worry me if the up trend has more to go or has finished.

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Gold Wave analysis for November 4, 2014 Market Analysis Review

Gold price is moving sideways as part of wave 4 of the decline from $1,255. A new lower low is expected towards $1,135 for the short-term. My longer-term view remains bearish with $1,050 as a target but first we could see a bounce towards $1,180-$1,200.

Gold price as shown in the 30-minute chart above is most probably in its 4th wave. The alternation rule by Elliott wave theory suggests that wave 4 should have a different form of correction relative to wave 2. Where wave 2 was steeper and retraced 38% of the decline of wave 1, wave 4 is moving sideways as a triangle pattern. Wave 5 is expected to complete near $1,135.

Gold price has not managed to come close even to the 23.8% retracement. Price remains below the Ichimoku cloud and all ichimoku indicators remain bearish. The trend remains strongly bearish with my longer-term target of $1,050 still unchanged. Breaking below $1,160 will give us another sell signal with $1,173 stop and $1,140-$1,130 target.

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Technical analysis of USD/CAD for November 4, 2014 Market Analysis Review

General overview for 04/10/2014 08:30 CET

After making a triangle pattern in wave -iv- black the market broke the yesterday's resistance and made a new high, just shy of the previous swing high at the level of 1.1384. The five impulsive waves are now completed and a corrective sub-cycle is being expected now. The intraday support at the level of 1.1330 should provide a good base for a bounce and trend continuation. The bias is bullish and any violation of the level of 1.1384 is the first confirmation of higher prices to come soon.

Support/Resistance:

1.1462 - WR2

1.1384 - Swing High

1.1380 - WR1

1.1375 - Intraday Resistance

1.1330 - Intraday Support

Trading recommendations:

All buy orders advised last week should still be kept open and any breakout above the level of 1.1384 provides another opportunity to add to existing buy orders. SL should be moved just below the level of 1.1251. First projected TP is at the level of 1.1462, it might be hit at the end of the week.

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Technical analysis of GBP/CHF for November 04, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair reversed from sub 1.5450 levels yesterday, after producing an evening star candlestick pattern on the 4H chart. Also please note that the fibonacci 0.786 resistance was also passing through the same region. A follow through is required now, below 1.5300 levels (counter trend line could break there), which could trigger further downside. Resistance is seen at 1.5470/80, followed by 1.5550 while support is seen at 1.5280/1.5300, followed by 1.5200, 1.4975 and lower respectively. It is recommended to remain short and also look to add further positions at current levels, risk remains at 1.5550. Bears could remain in control till prices remain below 1.5550.

Trading recommendations:

Remain short, set stop above 1.5550, target is open.

Good luck!

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Technical analysis of Gold for November 04, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has also produced a doji yesterday, indicating a potential reversal ahead. The metal bottomed at $15.75 levels before closing well above $16.00 levels. Presently trading at the $15.90/95 levels, the metal could see support coming in here. A push through $16.50 levels could confirm that a potential bottom is in place at $15.75 levels for now. Support is seen at $15.75 (interim), followed by $14.60, while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher up respectively. It is recommended to stay flat for now and watch out for a potential bullish reversal candlestick pattern on the daily chart.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for November 04, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has produced an indecision candle on the daily chart yesterday, indicating a potential reversal. The metal is trading at $1,167.00/68.00 levels for now, and a push through $1,190.00 levels today would confirm that a potential bottom is in place. The weekly structure indicates that $1,154.00 levels is fibonacci support and the metal could test it before reversing the trend. Resistance begins from the $1,197.00 levels, followed by $1,220.00, $1,235.00/55.00 and higher while support is at $1,154.00/50.00 respectively. $1,255.00 resistance needs to be taken out to confirm that Gold has reversed. It is recommended to remain flat for now and watch out for a bullish reversal signal.

Trading recommendations:

Remain flat for now. Awaiting bullish reversal.

Good luck!

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Technical Analysis on GBP/JPY for November 04, 2014 Market Analysis Review

The BOJ unexpected take that, it's tripled the pace of its buying stocks and property funds. The annual asset purchases will rise to around 80 trillion yens from 70 trillion yens. The yen is depreciating against USD, EUR and GBP. The cross GBP/JPY closed at the highest point in the previous month. The cross has resistance at 183.80 the 50.0 fib level. The pair is trading at 4-year high. The pair has monthly support between the 179.66 and 177.30 levels. In the daily chart, the pair made a double top at 182.15. We recommend fresh buying only above 182.15 levels. On the down side the pair has support at 180.73 previous swing high in the daily chart.

For an intraday view, the prices are closed and trading above hourly key moving averages in the h4 chart. For an hourly view, the support level exists at 181.30 and 181.00, resistance at 182.50. The hourly stochastic is indicating a pull back signal. We can see strong momentum on the north side above 181.82 with the target at the 182.15 levels. We recommend buying above 181.82 and selling below 181.00 levels.

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Technical Analysis on EUR/JPY for November 04, 2014 Market Analysis Review

The BOJ unexpected take that, it's tripled the pace of its buying stocks and property funds. The annual asset purchases will rise to around 80 trillion yens from 70 trillion yens. The yen is depreciating against USD, EUR and GBP. The cross EUR/JPY closed at the highest point in the previous month. The cross has parallel resistance between 143.44 and 143.78. In the weekly and monthly charts, the cross gave an upside breakout. We can expect strong momentum only above 143.78. In the daily chart, the pair made a double top at 142.34. The daily stochastic is indicating an extreme overbought signal. On the down side, the cross has support at 141.22. We recommend buying only above 142.34, safe traders buying above 142.55 with the target at 143.40 levels.

For an intraday view, the prices are closed and trading above hourly key moving averages. For an hourly view, the support level exists at 141.82. The safe buying will be triggered above 142.34, so risky traders can buy with sl 141.80 with targets at 142.33 and 142.50. The pair can challenge 143.50 in case if it breaches and trades above 142.60 levels.

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

Technical outlook and chart setups:

The EUR/JPY pair rose past 141.65 levels yesterday. The pair rallied from 135.50 levels to 142.50 levels without much retracement. Furthermore, the pair has taken out past resistance at 142.50 levels as well on the daily chart view. High probability from here on is for a pullback, at least into 139.00/140.00 levels if not further. Resistance is now seen at 143.50, followed by 145.50, while support is seen at 140.00, followed by 137.00, 135.50.00 and lower respectively. It is recommended to exit long positions if holding any and wait for a meaningful pullback for now.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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