Technical analysis of GBP/USD for November 07, 2014 Market Analysis Review

The cable extends its fall after the BoE held interest rates and the stronger US data was printed. The cable plunged to 1.5825 and closed at the lowest level. As we recommended in our earlier articles, fresh selling below 1.5850 for targets at 1.5750, 1.5620 and even 1.5500 within strong support at 1.5720 levels would be preferable. The monthly resistance exists at 1.6030 (50M). 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. A positive non-farm payroll reading will hit the pair again towards new lows. The pair has been facing strong resistance at 1.5856 (10hr high). The prices are trading in a tight range between 1.5856 and 1.5825. In case, if the prices fall below 1.5825 it can extend its fall towards 1.5800, 1.5760, 1.5750 and 1.5725 levels. The sellers will mint the money, until the prices closed below 1.5970 levels.

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Technical analysis of EUR/USD for November 07, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Industrial Production m/m, German Trade Balance, French Industrial Production m/m, French Gov Budget Balance, French Trade Balance. The US will release the economic data too such as the Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Consumer Credit m/m, so amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2439.

Strong Resistance:1.2432.

Original Resistance: 1.2420.

Inner Sell Area: 1.2408.

Target Inner Area: 1.2379.

Inner Buy Area: 1.2350.

Original Support: 1.2338.

Strong Support: 1.2326.

Breakout SELL Level: 1.2319.

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 07, 2014 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will release some important economic reports such as Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Consumer Credit m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 115.79.

Resistance. 2: 115.56.

Resistance. 1: 115.33.

Support. 1: 115.06.

Support. 2: 114.83.

Support. 3: 114.60.

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Trading recommendation and review on EUR/JPY for November 07, 2014 Market Analysis Review

The euro fell against the US dollar to a 27-month low as well as versus the yen. After a huge volatile session, the cross finally made a near-term top at 143.15 on a daily closing basis. In case if the pair closes above 143.15, then only we will recommend buying. In yesterday's session the cross managed to hold the support at 143.00 levels. Multiple times it tested that, but finally fell below that and made a low at 142.18 levels. In the h4 chart, the cross formed a huge distribution pattern between 143.40 and 143.51 levels. It is not safe to buy until the h4 candle closes above 143.60 levels. On the down side, it has support between 142.44 and 142.18 (8hr low) levels. We recommend safe selling below 142.18 for targets at 141.75, 141.50. The panic will be triggered below 141.70 for an intraday session. Risky traders can buy above 142.75 for a target at 142.95 and 143.35 levels.

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Technical analysis of USD/CHF for November 07, 2014 Market Analysis Review

Once again the US dollar stood high against its peers after stronger US data and dovish comments from the ECB. The double strong performance of the US dollar pushed USD/CHF to a fresh 1-year high. In yesterday's session the pair gave a strong close of 90 pips. The pair made a high at 0.9738. Today traders eye the Swiss SECO consumer confidence data and US non-farm pay rolls. The parallel monthly resistance exists at 0.9751, above this, it can move towards 0.9838, 0.9972 and 1.0176 levels. We have been recommending the same targets for last month (October 06, 2014). In the daily chart, again the pair gave an upside breakout of 300 pips. The pair has support at 0.9680, below this, 0.9580 will act as the near-term support. In the weekly chart, the pair took support from the falling wedge upper trend line.

Today the pair opened below the previous close and was unable to breach the previous resistance. For an intraday view, we recommend buying above 0.9740 for targets at 0.9760, 0.9800 and 0.9835 levels. The intraday support levels exist between 0.9717 and 0.9700. Below 0.9700 the pair can correct towards 0.9660 levels. Use dips to buy for the higher targets.

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Forecast and trading recommendations on EUR/USD for November 07, 2014 Market Analysis Review

The euro fell to 27-month lows after ECB's President Draghi hinted at stimulus. Stronger US data as well pushed the pair to new lows. The euro plunged to 1.2366 and closed near it. Today traders eye the US non-farm payrolls. A positive reading will hit the pair again towards my initial target of 1.2300 and 1.2230 levels. The pair has strong support between 1.2230 and 1.2215 levels. In case, if the prices close below these, it can extend its fall to 1.2115, 1.2045 and 1.1876 levels. We have been recommending the same levels for the last month. The pair has strong resistance at 1.2500, above this, 1.2630 and 1.2753 levels. Until the prices close below 1.2753, use every rise to sell. We are expecting the pair to continue its bear grip for the next 12-18 months.

As of now, today the pair opened above the previous close and managed to trade above that. The intraday support exists at 1.2365 levels. The pair has resistance at 1.2410 levels, above this, 1.2450 and 1.2460 are the strongest resistance levels. We recommend selling on every rise for targets at 1.2335, 1.2305 and 1.2230 levels. The panic will be triggered below 1.2360 levels.

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Daily analysis of GBP/USD for November 07, 2014 Market Analysis Review

The GBP/USD had a bearish session yesterday because the pair made a breakout at the support level of 1.5883. The next goal on the bearish road would be the 1.5746 level. However, the GBP/USD may enter a consolidation phase during today's session. It should also be noted that the GBP/USD still remains very weak below the SMA 200. The MACD indicator is moving into negative territory.

Dailychart's resistance levels: 1.5883/1.6046

Dailychart's support levels: 1.5746/1.5642

On the H1 chart. the GBP/USD is forming a bearish pattern below the resistance level of 1.5871, assuming then that this pair is touching new historical low levels. If GBP/USD manages to overcome the 1.5810 level, it would be expected to fall to the level of 1.5739. For now, we must be cautious in the short term for the GBP/USD, because this pair is oversold.

H1 chart's resistance levels: 1.5871 / 1.5925

H1 chart's support levels: 1.5810 / 1.5739

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 1.5810, take profit is at 1.5739, and stop loss is at 1.5881.

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Intraday technical levels and trading recommendations on EUR/USD for November 6, 2014 Market Analysis Review

Two weeks ago, the EUR/USD pair looked oversold before the bullish engulfing daily candlestick emerged off price level of 1.2500 one month ago.

The upper limit of the movement channel (1.2880-1.2900) was targeted. However, bearish pressure was applied earlier around 1.2800-1.2840.

A bearish breakout off the bullish channel took place shortly after. Thus, confirming a Flag continuation pattern. Initial daily target level was located around 1.2490.

Since no fixation above 1.2760-1.2780 took place on a daily basis, the EUR/USD pair remained under bearish pressure.

Now we can see another possible continuation pattern. A continuation Head and Shoulders pattern to be watched on daily basis. Obvious daily closure below 1.2490 (the origin of the previous bullish swing expressed one month ago) can theoretically extend the bearish targets towards price level of 1.2200.

The market expressed quite strong bearish momentum that went further below the lower limit of the previous bullish channel.

As depicted on the chart, the EUR/USD pair has been respecting the limits of the current bearish channel so far.

As anticipated, Price levels around 1.2750 (upper limit of the channel) provided a valid SELL entry. Quick decline took place towards price level of 1.2460 (the origin of the most recent bullish movement).

Recommendation:

The SELL entry offered around 1.2730-1.2760 is running in profits now. Stop Loss can be advanced to 1.2510 to secure more of the achieved profits.

Daily closure below 1.2480 offered another SELL signal for risky traders as suggested yesterday. Stop Loss to be set as daily closure again above the entry levels. Target levels located at 1.2440, 1.2370 (already reached) and 1.2290 (being approached).

Another SELL entry may be offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500. Stop Loss can be set as daily closure above 1.2520.

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EUR/NZD analysis for November 06, 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 1.6268 in a high volume. Our Fibonacci expansion 100% at the price of 1.6250 held successfully, which is a sign that buying looks risky. According to the 1H time frame, we can observe absorption volume in the background, which is a sign that buying EUR/NZD looks risky. I have placed Fibonacci retracment to find potential support levels and I got Fibonacci retracement 61.8% at the price of 1.6075 (currently on the test). If the price breaks the level of 1.6075 in a high volume and strong price action takes place, we may see possible testing the level of 1.6005 (swing low like support).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6204

R2: 1.6254

R3: 1.6335

Support levels:

S1: 1.6041

S2: 1.5991

S3: 1.5909

Trading recommendations: Be careful when buyingEUR/NZD pair since we got successful rejection from our Fibonacci expansion 100%

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Gold : analysis for November 06, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,143.00. We are waiting for a larger volume and stronger price action. Our major Fibonacci expansion 161.8% at the price of 1,146.00 is on the test, so be very careful when selling gold at this stage. According to the 4H time frame, we got lack of supply around the price of 1,145.00 (high churn volume), which is a sign that selling gold at this stage looks risky. Be careful when selling gold and watch for potential buying opportunities. Any larger reaction from buyers may confirm a futher bullish phase. Anyway, if the price breaks the level of 1,146.00 in a high volume and strong price action, we may see possible testing the level of 1,035.00 (swing high like support).

Daily pivot Fibonacci points:

Resistance levels:

R1:1,163.00

R2: 1,170.60

R3: 1,182.90

Support levels:

S1: 1,138.40

S2: 1,130.80

S3: 1,118.50

Trading recommendations: Selling gold at this stage looks risky since price is near our support level

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Technical analysis of USD/CAD for November 6, 2014 Market Analysis Review

General overview for 06/11/2014 12:30 CET:

The clear bearish divergence between the price and momentum oscillator is starting to get more influence on price behavior. The downward price development can not be ruled out yet and any violation of the level of 1.1338 invalidates current impulsive wave progression. In that case, the level of 1.1466 will be the top for wave (i) green and the corrective cycle might retrace even to the level of 1.1262 before the uptrend will eventually resume.

Support/Resistance:

1.1466 - Swing High

1.1462 - WR2

1.1380 - WR1

1.1368 - Intraday Support

1.1338 - Wave (ii) Green Bottom

Trading recommendations:

The advised TP level has been hit ( and broken) and now day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again.

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Technical analysis of EUR/JPY for November 6, 2014 Market Analysis Review

General overview for 06/11/2014 12:10 CET:

The corrective cycles anticipated yesterday hasn't been that deep as anticipated so small change in labeling has been made. The top for wave 3 blue has been established at the level of 144.22 and now corrective cycle is due. This point of view is being supported by multi-timeframe bearish divergence that is clearly visible on hourly RSI chart. The other thing that supports the corrective case is the daily time frame supply zone that has just been hit. The fist indication of a corrective cycle development is intraday support breakout at the level of 142.54.

Support/Resistance:

144.90 - WR2

144.22 - Swing High

143.67 - WR1

142.54 - Intraday Support

Trading recommendations:

The advised TP level has been hit (and broken). So not all day traders should refrain from trading before a main fundamental event (ECB news release) and all swing traders should move the SL just below the level of 142.98.

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Technical analysis of NZD/USD for November 6, 2014 Market Analysis Review

Trading recommendations :

• The NZD/USD pair is still between the levels of 0.7786 and 0.7696. It should be noted that the market will continue its bearish sentiment from the level of 0.7804. Also, be aware that the level of 0.7804 will act as strong resistance today. Then, history will repeat itself again. So, the descending movement will probably be lower than the 0.7786/0.77804 levels with the first target at 0.7703, then the trend will form a double bottom at the price of 0.7668. In the short term, buy deals are recommended above 0.7668 with the target at the level of 0.7703 (correction).

Intraday technical levels :

Date and Time:6/11/2014 12:29

Pair:NZD/USD

• Projected high:0.8079


• Breakout (buy stop):0.8024


• Strong Resistance (sell limit):0.7994


• Current pivot:0.7762


• Strong support (buy limit):0.7529


• Breakout (sell stop):0.7504


• Projected low:0.7454

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Technical analysis of GBP/USD for November 6, 2014 Market Analysis Review

Trading recommendations :

• The GBP/USD pair has still moved between the area of 1.5990 and 1.5897. It should notice that the levels of 1.5897 and 1.5868 represent the weekly support 1 and the double bottom respectively in H1 chart. So, resistance had set at the levels of 1.5988 (38.2% Fibonacci retracement levels). Therefore, sell below the level of 1.5988 with the first target at the 1.5900 price, then It will call for a downtrend in order to continue its bearish movement towards 1.5868 in order to test the double bottom. At the same time, the stop loss should be placed at the level of 1.6039 (above the weekly pivot point). On the other hand, the support will set around the spot of 1.5800; then buy above 1.58 (if the trend fails to close below it) with a target at 1.5866 in coming days.

Observations :

• The resistance will set at the level of 1.5988 today.


• The double top is going to set at the 1.5868 price.


• The area of 1.5988 is useful spot to sell in the long term.


• We expect a range of 87 pips on November 6, 2014.


• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

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Elliott wave analysis of EUR/NZD for November 6 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6263

R2: 1.6193

R1: 1.6169

Current spot: 1.6151

S1: 1.6120

S2: 1.6096

S3: 1.6072

Technical summary:

Nothing really changed here. We have seen a new rally to 1.6263, which again was rejected for a new move lower. The picture is still very complicated, without any real signs of, which direction that should be favored. We do slightly prefer the upside, but we will await a more clear picture, as a break below support at 1.5999 will shift focus towards the expanding diagonal pattern.

Trading recommendation:

We will continue to stay on the sideline for now and await a more clear picture.

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Elliott wave analysis of EUR/JPY for November 6 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 144.22

R2: 143.85

R1: 143.50

Current spot: 143.26

S1: 142.85

S2: 142.53

S1: 141.70

Technical summary:

Red wave iii moved directly higher to 144.22 and we should now see red wave iv correct lower to 141.70 before red wave v move higher to 146.15 to end wave iii. Short term we are looking for resistance at 142.50 for a break below support at 142.85 that confirms the decline in red wave iv towards 141.70 before higher again.

Trading recommendation:

Our stop at 143.00 was hit for a nice little profit. We will buy EUR again at 142.00 with a stop at 140.30.

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#USDX Technical analysis for November 6, 2014 Market Analysis Review

The Dollar index made another new higher high yesterday and remains in the up trend. The bullish flag is working as expected and my longer-term target of 91 remains possible. The short-term trend however is looking a bit tired and we could see a pullback before moving upwards again.

The Dollar index is testing the tenkan-sen support at 87.25. A 4-hour close below that level will push the index towards 87. Next support if 87 is broken is the 86.50 level where the Ichimoku cloud is found. Currently, the short-term trend is bullish, supported but fragile. Bulls need to be very cautious as we could start a deeper pull back towards 86.

On a weekly basis the Dollar index remains fully bullish in ichimoku cloud terms. Strong support is at 85.60 and I believe if we are supposed to make a deep pull back, then this is the level we are going to see. The longer-term trend remains bullish and the bullish flag has target of 91. I continue to believe we can achieve that level and even better.

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Gold Technical analysis for November 6, 2014 Market Analysis Review

Gold price after reaching our short-term target of $1,140-$1,135 is making a sideways consolidation similar to the one we saw a few days ago around $1,160-70. The trend remains bearish and I expect to see $1,110 if support at $1,135 is broken.

Gold is forming a bearish flag and remains below the Ichimoku cloud resistance. Breaking below $1,135 will give us anoter sell signal with $1,110-$1,105 target. Bears however should not get overexcited because I believe we are in the final stages of the decline that started at $1,255. Stops should be tight as a bounce towards $1,180 cannot be rulled out.

The trend remains bearish. All ichimoku cloud indicators point lower. A bounce towards $1,170 is very possible, however this should not worry longer-term bears. A bounce towards $1,170-$1,180 on the other hand is something we want in order to move away from the oversold levels in several indicators. This upward bounce should be seen as another opportunity to sell again. Until then, we need to wait and see if the short-term bearish flag will reach our target if $1,135 is broken.

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