Intraday trading recommendations on EUR/JPY for November 06, 2014 Market Analysis Review

Traders eye today's major event - the 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 the Yen. Today traders eye the BOJ monetary policy meeting minutes. EUR/JPY has been trading on a highly bullish note for 4 weeks. The cross edges higher for the 6th consecutive day. The cross has parallel resistance between 143.44 and 143.78. In yesterday's session the pair exactly touched the 143.44 levels aiming for 143.78. We can expect strong momentum only above 143.78 levels. In the weekly and monthly charts the cross gave an upside breakout. As of now, today the cross is trading at 143.19 levels. After a huge spike, the prices are corrected well and again moving higher levels. We expect the prices will move again towards 143.40 and 143.50 levels, maybe even 143.70 levels. We recommend speculative buying at a market price of 143.15. The pair will face selling pressure below 143.00 levels. This recommendation involves high risk. The intraday support exists at 143.20, below this, 142.80 levels. Ahead of the major event, we expect high volatility in intraday session. Strong rising looms above 143.78 on a weekly closing basis. In case, if the cross sustain above 143.80 it can go up to 144.00 and 144.50 levels.

Trade:

Buying at a market price of 143.15 with sl 142.80 for targets at 143.50, 143.70, 144.00 and 144.50 (above 143.80 only next upswing)

Selling between 143.80 and 144.00 for targets at 143.20, 143.00 and 142.80- High risk

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Technical analysis of GBP/USD for November 06, 2014 Market Analysis Review

There is a handful of events for this pair in today's session. Traders eye monthly manufacturing production data and BoE interest rate decision. For the US dollar, unemployment data is the most expected event. We expect high volatility ahead of key events. As of now, the pair fails to form a bottom. In yesterday's session the pair made a new low at 1.5869 in an intraday session, but managed to erase 3/4 of its losses. On a daily closing basis the level 1.5900 is the minor base and 1.5875 and 1.5850 are strong support levels. The panic will be triggered below 1.5850 for targets at 1.5750 and 1.5720 levels. The pair has weekly resistance at 1.6025, above this, we can expect 1.6092 and 1.6200 levels. Until the prices close below 1.6200 use every rise as an opportunity to sell.

Today, the cable opened on a bearish note, opened higher at 1.5977. The prices are facing strong resistance at 34hrsma levels. The cable has been facing strong resistance between 1.6020 and 1.6027 levels on an hourly closing basis. In case, if the hourly candle closes above 1.6030, then only it can challenge the upswing. For an hourly basis, the cable has support at 1.5950 levels, below this, a free fall will be triggered on this pair for targets at 1.5957 and 1.5900. The prices are expanding their lows, representing limited upside, and again a new low will take place.

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Trading recommendation and review on Gold for November 06, 2014 Market Analysis Review

The yellow metal prices tumbled to 4-year lows. The strong US private sector jobs data and the Republican victory pushed the metal to new lows. Now the focus shifts to Friday's non-farm payroll data. A positive reading will put pressure on the metal's prices again, towards $1,100.00 or even lower. The metal is down 2% in an intraday session. This is the fourth sell with a pause of 2 days in a week. In yesterday's session again we recommended selling at $1,168.50 and safe selling below $1,160.0 for targets at $1,138.00, it exactly made a low at $1,137.50 levels. 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. As we recommend earlier, again last Friday, this Monday and again in yesterday'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.

Resistance: $1,174.50, $1,182.00, $1,200.00

Support: $1,137.00, $1,120.00, $1,102.00

Today the metal opened on a open=low formula. For an hourly basis, the prices are closed above 35DEMA, but facing strong resistance at 12ema levels. The prices have strong resistance between $1,150.00 and $1,155.00 levels, above these, $1,173.00 and $1,177.50 levels. Use every rise to sell. These are valid for the next 48 hours. We recommend fresh selling below $1,137.00 for targets at $1,118.00.

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Technical analysis of EUR/JPY for November 06, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair extends rally further up towards 144.50 right now, before reversing sharply about 120 pips. As seen here, the pair takes out past resistance at 143.78 levels indicating a potential/meaningful pullback. Furthermore, 1H charts confirm engulfing bearish candlestick pattern as well. Hence it is recommended to initiate short positions now (143.27/30), risk remains above 144.50. Resistance is seen at 144.50, followed by 145.50, while supports are seen at 141.70 levels, followed by 140.50, 137.00 and lower respectively. The pair could re-trace lower at least into 140.00 levels, which is fibonacci 0.382 support.

Trading recommendations:

Initiate short positions now, set stop at 144.55, target is open.

Good luck!

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Technical analysis of GBP/CHF for November 06, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF had pulled back from 1.5450 levels earlier, which is also marked by fibonacci 0.786 resistance as seen here. The pair is now expected to continue drifting lower till prices remain below 1.5450 levels. Resistance is seen at 1.5475, followed by 1.5550/5, while support is seen at 1.5200, followed by 1.5125, 1.4975 and lower respectively. It is recommended to remain short for now, risk remains above 1.5550. Bears are expected to remain in control for now, till prices remain below 1.5450 levels. On the flip side, a push above 1.5450/75 levels would delay matters further.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/USD for November 06, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Factory Orders m/m, Retail PMI, Eurogroup Meetings, Spanish 10-y Bond Auction, French 10-y Bond Auction, Minimum Bid Rate.The US will release the economic data too such as the Challenger Job Cuts y/y, Unemployment Claims, Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2536.

Strong Resistance:1.2529.

Original Resistance: 1.2517.

Inner Sell Area: 1.2505.

Target Inner Area: 1.2476.

Inner Buy Area: 1.2447.

Original Support: 1.2435.

Strong Support: 1.2423.

Breakout SELL Level: 1.2416.

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 06, 2014 Market Analysis Review

In Asia, Japan will release the Monetary Policy Meeting Minutes, Leading Indicators and the US will release some economic data such as Challenger Job Cuts y/y, Unemployment Claims, Prelim Nonfarm Productivity q/q, Prelim Unit Labor Costs q/q, Natural Gas Storage. 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: 115.48.

Resistance. 2: 115.26.

Resistance. 1: 115.04.

Support. 1: 114.76.

Support. 2: 114.53.

Support. 3: 114.31.

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Forecast and review on USD/CAD for November 06, 2014 Market Analysis Review

The price rises to more than 5-year highs. In yesterday's session the pair made a high at 1.1467, but at the end of the day it erases intraday gains and closed with losses. On a daily closing basis the pair made a double top at 1.1410 levels. Today the pair opened on a bullish note, opened lower at 1.1386 levels. In case, if the prices close above 1.1410 on a daily closing basis, it will challenge 1.1644 in the short term. We have been recommending the same target in our previous articles. The pair has been enjoying its upswing with higher lows in the weekly chart for 2 years. In case, if the pair closes above 1.1279 on a weekly closing basis the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685, in the medium term and 1.1900, 1.2350 in the long term perspective. This view is valid with sl 1.0620 on a weekly closing basis. The same targets we have been recommending from 1.1200 levels (refer to the October 01, 2013 article). During this week, we are expecting another weekly break for a 600-pip upswing. The day before yesterday, we recommended buying for targets at 1.1450, 1.1530 and 1.1630 levels. In yesterday's session our first target was met; waiting for the rest.

Today the US unemployment claims and Canadian building permits will decide the pair's path.

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Daily analysis of USDX for November 06, 2014 Market Analysis Review

The USDX continues forming a bullish pattern below the resistance level of 87.35. However, the USDX could conduct a retracement to the psychological level of 87.00, although this instrument is still holding strong in the current bullish trend. The MACD indicator remains in positive territory, which would support our current bullish trend.

Dailychart's resistance levels: 87.35 / 88.63

Dailychart's support levels: 86.20 / 85.18

On the H1 chart, the USDX has consolidated above the support level of 87.28. Now, the USDX has encountered strong resistance at the 87.58 level. If successful, it is expected to rise to the level of 87.86 which would be a strong bullish consolidation in the short term. However, the USDX is showing weakness in the current trend, so it would not be surprising that the USDX to fall to 87.00 level.

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 87.58, take profit is at 87.86, and stop loss is at 87.28.

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Daily analysis of GBP/USD for November 06, 2014 Market Analysis Review

At the H4 chart, the GBP/USD has made a rebound on the support level of 1.5874 because qthe pair fell steeply from the level of 1.6004. Now, the GBP/USD is trying to consolidate above the support level of 1.5951, while this pair is still holding strong in the current bearish trend. GBP/USD still remains below the 200 SMA.

H4chart's resistance levels: 1.6004/1.6051

H4chart's support levels: 1.5951/1.5874

The GBP/USD is trying to make a pullback on the resistance level of 1.5980, which is very likely to fall to the support level of 1.5925 on the H1 chart. If GBP/USD manages to make a breakout at the level of 1.5925, the next target would be the support level 1.5871. The MACD indicator is in the overbought zone.

H1 chart's resistance levels: 1.5980 / 1.6031

H1 chart's support levels: 1.5925 / 1.5871

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 1.5925, take profit is at 1.5871, and stop loss is at 1.5980.

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USDCAD Daily Analysis - November 6, 2014 Forex Analysis

USDCAD remains in uptrend from 1.1121, the fall from 1.1466 is likely consolidation of the uptrend. Support is at 1.1330, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.1600 area. Only break below 1.1330 support could signal completion of the uptrend.

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USDCHF Daily Analysis - November 6, 2014 Forex Analysis

After touching 0.9687 resistance, USDCHF pulled back from 0.9689. However, the fall is likely consolidation of the uptrend from 0.9370, as long as the channel support holds, the uptrend could be expected to resume, and another rise towards 0.9900 is still possible. Only a clear break below the channel support could signal completion of the uptrend.

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USDJPY Daily Analysis - November 6, 2014 Forex Analysis

USDJPY's upward movement from 105.32 extended to as high as 115.17. Support is now at 113.17, as long as this level holds, the uptrend could be expected to continue, and next target would be at 117.00 area. Only break below 113.17 support could signal completion of the uptrend.

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AUDUSD Daily Analysis - November 6, 2014 Forex Analysis

AUDUSD broke below 0.8642 support, indicating that the downtrend from 0.9401 (Sept 5 high) has resumed. Further decline could be expected over the next several days, and next target would be at 0.8400 area. Near term resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend from 0.8910 will continue.

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GBPUSD Daily Analysis - November 6, 2014 Forex Analysis

GBPUSD broke below 1.5874 support, indicating that the downtrend from 1.6524 (Sept 19 high) has resumed. Further decline could be expected, and next target would be at 1.5600 area. Resistance is at 1.6040, only break above this level will indicate that lengthier sideways movement is underway, then further rise to test 1.6226 resistance is possible.

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EURUSD Daily Analysis - November 6, 2014 Forex Analysis

EURUSD is facing 1.2441 support, a breakdown below this level will signal resumption of the downtrend from 1.2867, then next target would be at 1.2200 area. Resistance is located at the upper line of the price channel on 4-hour chart, only a clear break above the channel resistance could signal completion of the downtrend.

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

Overview

Silver has failed to break the Support level of 15.00 to bounce again from it and to trade between this Support level of 15.30 and below the Resistance level of 15.75. Currently, the metal is approachig the Resistance level of 15.75 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 16.00, then the second target at 16.40, after breaking this Support level. But as long as silver is trading below 15.75, waiting would be preferred in that case as it cancels the bullish move scenario.

Resistance and support levels: R3 (16.40), R2 (16.00), R1 (15.75), S1 (15.30), S2 (15.00), S3(14.80).

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EUR/NZD analysis for November 05, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested and rejected from the level of 1.6004 in an average volume. Our Fibonacci expansion 100% 1.6190 is now on the test. According to the 1H time frame, we can observe absorption volume in the background, which is a sign that selling EUR/NZD looks risky. If the price breaks the level of 1.6190 in a high volume and strong price action takes place, we may see possible testing the level of 1.6250 (swing hihg like resistance).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6162

R2: 1.6197

R3: 1.6252

Support levels:

S1: 1.6051

S2: 1.6016

S3: 1.5960

Trading recommendations: Be careful when selling EUR/NZD pair since we got absorption volume according to the 1H time frame.

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GBP/USD intraday technical levels and trading recommendations for November 5, 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. Thus, bulls have pushed above the downtrend line.

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

The 4H chart shows a sideway consolidation range initiated in October. There lower limit of this range is located around 1.5870 where the backside of the broken downtrend line is also located.

Trading recommendations:

Price action should be watched around the current prices (1.5870-1.5890). A valid BUY entry may be offered today if sufficient bullish rejection is expressed. Stop Loss should be set as daily closure below 1.5835.

Bullish fixation above the price level of 1.6025 ( Thursday's highest level ) and 1.6075 confirms this bullish position. The target level would be located around 1.6150 initially.

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USD/CAD intraday technical levels and trading recommendations for November 5, 2014 Market Analysis Review

Overview:

Two months ago, the price levels around 1.0620 (corresponding to the lower limit of the channel) initiated the current strong bullish swing.

A bullish breakout off the movement channel took place in August. Since then, following short time of sideway movements, the pair has been trending-up within the depicted bullish channels.

Bulls were pushing towards the upper limit of the movement channel (1.1370) in mid-October. Immediate bearish rejection was expressed as anticipated after such a long bullish swing resulting in a bearish correction towards 1.1200.

4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) temporarily allowed bears to push towards 1.1100 where bullish recovery was expressed.

Today, the bulls have a solid Intraday Support level located around 1.1300-1.1350 where the most recent daily top is located. A valid Buy entry may be offered if retesting occurs sooner than a new bullish breakout.

Today, the bulls have pushed further above price level of 1.1400. The market is showing quite strong bullish momentum. However, the upper limit of the movement channel is located around 1.1490 where bearish rejection should be anticipated. Thus, a good short position may be offered there.

Recommendations:

Price zone of 1.1490-1.1500 will probably offer a valid SELL entry with SL located just above 1.1550.

Target levels should be set as 1.1430 then 1.1350.

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Elliott wave analysis of EUR/NZD for November 5 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6162

R2: 1.6138

R1: 1.1618

Current spot: 1.6093

S1: 1.6072

S2: 1.6058

S3: 1.6038

Technical summary:

The decline to 1.5992 has once again complicated things here. At this point it is almost impossible to tell, whether we are in a very complex correction or in an impulsive rally higher. We are still slightly in favor of the impulsive count, but if this is the case, then resistance at 1.6207 should be taken out, without any trouble for a rally towards 1.6269 and above for a continuation higher to 1.6446. Only a break below support at 1.5992 and, more importantly, a break below support at 1.5957 will shift the focus towards the expanding diagonal count.

Trading recommendation:

Our stop at 1.6025 was hit and we will stay neutral to the picture clears.

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Elliott wave analysis of EUR/JPY for November 5 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 143.44

R2: 143.26

R1: 143.16

Currnt spot: 143.13

S1: 142.85

S2: 142.50

S3: 142.18

Technical summary:

EUR/JPY is just powering ahead higher, but we think that red wave iii ended at 143.44 and after a correction towards 141.83 in red wave iv, red wave v will take over for the next rally higher towards 144.64. In the short term, a break below support at 143.04 will confirm that the correction in red wave iv is unfolding. After a powerful rally like what has been seen in red wave iii, we should only expect a minor correction in red wave iv.

Trading recommendation:

We bought EUR at 142.25 and will lift our stop to 143.00 and if done, we will re-buy EUR at 142.00 with a stop at 140.30.

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Technical analysis of EUR/JPY for November 5, 2014 Market Analysis Review

General overview for 05/11/2014 10:00 CET

The five impulsive waves to the upside that were a part of bigger wave 3 blue has been completed and the price has hit the larger time frame supply zone (daily chart). Currently, a corrective cycle is needed and the first support levels are intraday support at the level of 142.55 and technical support at the level of 141.69. The current pattern of the corrective cycle is unknown but it is very possible that wave 4 blue will be in the shape of a triangle formation.

Support/Resistance:

143.78 - 143.47 - Supply Zone

143.67 - WR1

142.55 - Intraday Support

141.69 - Technical Support

141.36 - Technical Support

Trading recommendations:

The advised buy orders should still be in play but the SL level should be moved just below the level of 143.00. The TP level has not been hit yet (20 pips miss), but is it still possible that it will be hit later today.

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Technical analysis of USD/CAD for November 5, 2014 Market Analysis Review

General overview for 05/11/2014 09:40 CET

The wave progression is developing as anticipated with the price making new higher highs. The projected target level of daily chart is the price zone between the levels of 1.1548 - 1.1590. Please notice that this target might be extended even higher to the level of 1.1650 before any meaningful corrective cycle takes place.

Support/Resistance:

1.1650 - Long Term Target

1.1548 - 1.1590 - Mid-Term Target

1.1462 - WR2

1.1425 - Intraday Support

1.1384 - Technical Support

1.1380 - WR1

Trading recommendations:

All buy orders advised last week should still be kept open and SL should be moved just below the level of 1.1425. First projected TP is at the level of 1.1462, it might be hit at the end of the week.

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#USDX Technical analysis for November 5, 2014 Market Analysis Review

The Dollar index remains in an up trend and is looking strong despite the shallow pull back we saw yesterday below 87. The decline was short-lived and the up trend resumes. Support at 87 was held on a daily basis and this means we can see soon another new higher high towards 88.

The Dollar index remains in the up trend above the Ichimoku cloud. Ichimoku indicators remain fully bullish. Support is found at 86.90 and resistance at 87.50. There are increased chances of seeing new higher highs towards 88 today. In case a pull back occurs and price breaks below 86.90 we should expect a deeper correction towards 86.

Orange line = previous high/resistance

The Dollar index is also fully bullish in the daily chart as shown above. The upward move from 84.40 I believe is incomplete and we could reach the 88 even today to complete this move. The bullish flag target remains at 91 and after a deeper pull back I believe we can see that level. Pull backs are buy opportunities. Price is above the cloud support and as long as this is the case, the trend remains bullish.

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Gold Technical analysis for November 5, 2014 Market Analysis Review

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

Gold price is now in its 5th wave that started at $1,274 and is moving lower as expected. The decline is impulsive as it should be and I continue to remain bearish with $1,140 short-term target. Price is below the Ichimoku cloud and we should note that once the 5th wave is over, we should expect a sharp bounce maybe towards $1,180-$1,200.

Red line = resistance

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

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Daily analysis of major pairs for November 5, 2014 Market Analysis Review

EUR/USD: The EUR/USD pair is currently in the bear market – in spite of the current rally in the market. The rally is still shallow enough to pale into insignificance when compared to the extant bearish outlook. Unless the price crosses the resistance line at 1.2600 to the upside, it would be assumed that price will fall from here.

USD/CHF: This is a bull market, despite the bearish retracement that is currently happening in the market. Unless the price breaks the support level at 0.9550 to the downside, it would be expected that the pair would rise again, reaching the resistance level at 0.9650, which has already been tested many times this week. The ultimate target remains at the resistance level of 0.9700.

GBP/USD: The GBP/USD pair is weak in a positive correlation to its EUR/USD counterpart. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50, which means that there is a Bearish Confirmation Pattern in the market. The price could test the accumulation territory at 1.5950 again, even breaching it to the downside.

USD/JPY: This currency trading instrument continues its upwards journey. The price is currently moving towards the supply level at 114.50.

EUR/JPY: The continuous upwards strength in the EUR/JPY pair comes as a result of a very strong weakness in the JPY. From the demand zone at 135.50, the cross has moved upwards by roughly 800 pips, almost reaching the supply zone at 143.50. This supply zone at 143.50 has now become an easy target for the bulls, for it would be breached to the upside as the bulls aim for another supply level at 144.00.

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