EUR/NZD analysis for November 07, 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 daily time frame, we can observe absorption strong up-thrust bar in a volume above the average, which is a sign that buying EUR/NZD looks risky. According to the 1H timeframe, we can observe potential end of bullish corrective phase (abcd), so be careful when buying EUR/NZD and watch for potetnial selling opportunities.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6222

R2: 1.6272

R3: 1.6352

Support levels:

S1: 1.6061

S2: 1.6011

S3: 1.5930

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

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Analysis of gold for November 07, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,145.00. 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 1H time frame, we can observe absorption volume and demand on ultra high volume (buying climax) in the background, which is sign that selling gold at this stage looks risky. Be careful when selling gold and watch for potential buying opportunities. Anyway, if the price breaks the level of 1,146.00 in a high volume and strong price action, we may see a possible testing of the level of 1,035.00 (swing high like support).

Daily pivot Fibonacci points:

Resistance levels:

R1:1,147.44

R2: 1,150.22

R3: 1,154.73

Support levels:

S1: 1,138.42

S2: 1,135.64

S3: 1,131.13

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

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GBP/USD intraday technical levels and trading recommendations for November 7, 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 wide bearish channel that was initiated in October. There lower limit of which is located around 1.5820.

On Wednesday, the GBP/USD pair was rejected obviously at 1.5870. Significant bullish was manifested in the daily candlestick. Yet, the bears managed to hit new lows around 1.5800.

Note that the current prices corresponds to the lower limit of the 4H movement channel. The GBP/USD looks quite oversold on the 4H chart. Bullish correction should be anticipated despite the bearish outlook on the daily chart.

Trading recommendations:

Price action should be watched around the current prices (1.5800-1.5820). A valid BUY entry may be offered today if sufficient bullish rejection is expressed. Stop Loss should be set as daily closure below 1.5770.

Bullish fixation above the price level of 1.5890 ( significant Key-level ) and 1.6025 ( previous weekly high ) confirms this bullish position. The target level would be located around 1.6150 initially.

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Intraday technical levels and trading recommendations for EUR/USD for November 7, 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. Continuation of 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. The stop loss can be set as a daily closure above 1.2520.

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Intraday technical levels and trading recommendations for GBP/USD for November 7, 2014 Market Analysis Review

Previously around 61.8% - 50% Fibonacci levels depicted on the chart, a Shooting Star daily candlestick occurred. A valid SELL position was suggested then and it got triggered few days later. The market successfully pushed below 1.6100 shortly after.

Bullish rejection was once expressed when the market pushed below 1.6100 and 1.6060 on September 9. However, another bearish leg dipped further below 1.6060 during the current month.

Bullish recovery was expressed off price levels of 1.5940 and 1.5880. Bullish engulfing daily candlesticks emerging off these levels are depicted on the chart.

On the other hand, the price zone of 1.6100-1.6140 constituted a prominent SUPPLY zone where considerable bearish pressure was applied many times.

Note the bullish breakout off the depicted bearish channel on the daily chart. However, since then, the pair has been moving sideways within this congestion zone.

Daily fixation above price levels of 1.5870 and 1.5945 was essential to pursue towards further targets initially around 1.6140 and 1.6300.

On the other hand, daily closure below 1.5870 puts further bearish pressure on the pair to reach price zone of 1.5800-1.5830 where the backside of the broken channel is now located.

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.

Last week, bulls managed to push beyond the upper limit of the channel. However, the GBP/USD pair was trapped between the backside of the channel (1.5860) and price level of 1.6140.

A low risk BUY entry can be taken around 1.5830-1.5800 with Stop Loss located just below 1.5770. Bullish target is located around the upper limit of the congestion zone around 1.6140.

A higher-risk BUY position can also be offered after fixation above 1.5950 occurs.

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Technical analysis of AUD/USD for November 7, 2014 Market Analysis Review

Overview :

• According to the previous events, the price was still moved between the levels 0.8690 and 0.8523. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs because the resistance has been at the level of 0.8670 since yesterday. In other words, it will be a good sign to sell below 0.8670 (it should be noted that the level of 0.9203 is acting as strong resistance and a double top) with the first target at 0.8562, and the price will fall towards 0.8509 in order to form the lowest price for forming a new double bottom this week. However, if the pair fails to break 0.8510, the market will indicate a bullish opportunity above 0.8510. Then the level will really act as strong support. It will be a good sign to buy above 0.8510 with the first target at 0.8558 and it will call for an uptrend in order to continue bullish movement towards 0.8601.

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

Technical outlook and chart setups:

The EUR/JPY has formed an indecision candle (shooting star type) pattern on the daily chart yesterday after reversing from 144.20 levels. Probability remains high from this point, for the bulls to take a pause and retrace towards at least 139.00/140.00 levels before rallying further up. Resistance is seen at 145.50 while support is spread across 140.00, followed by 138.00, 135.20 and lower respectively. It is recommended to remain short from what was discussed yesterday, with risk above 144.50/60 levels. More conservative trading approach would be to enter buying at lower levels. Bears could take control for a while, towards 140.00 levels at least.

Trading recommendations:

Remain short, stop at 144.50, target 139.00/140.00

Good luck!

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Technical analysis of EUR/JPY for November 7, 2014 Market Analysis Review

General overview for 07/11/12014 09:50 CET

Just as anticipated yesterday, the market has made three wave correction to the level of 142.18 that will be acting as an intraday support now. It doesn't look like the corrective cycle has been finished and at least one more wave down is being expected here to complete the cycle. The intraday resistance at the level of 142.89 should not be broken and market should make another leg down to the level of 141.70 before any meaningful bounce occurs. Please notice that the corrective cycle might evolve into more complex and time consuming correction in a shape of a triangle.

Support/Resistance:

144.90 - WR2

144.22 - Swing High

143.67 - WR1

142.89 - Intraday resistance

142.18 - Intraday Support

141.70 - Technical Support

Trading recommendations:

Day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again.

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#USDX Technical analysis for November 7, 2014 Market Analysis Review

The Dollar index gave a new higher high yesteray and I believe bulls should be very cautious and raise their stops to protect long positions. Although my bullish flag pattern gives 91 as target, I think the current upward move is overextended and we should expect a pullback towards at least 87 in the short-term.

The Dollar index has support at 87.65 and at 87.05. I believe that if the first support is broken, we should expect a pullback towards the 38% retracement. Long-term trend remains bullish with 91 as target as I have noted several times before due to the bullish flag pattern I showed.

In the very short-term view, the Dollar index shows signs of fatigue and 87.85-87.65 cloud support will be tested. If this support area is broken, we will see a deeper pull back towards 87. Breaking above 88.05 will be a bullish sign that could produce a new upward move towards 88.50 to give a new high. Concluding, longer-term remains bullish with 91 as target, but bulls should be very cautious as this could turn any time.

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Gold wave analysis for November 7, 2014 Market Analysis Review

Gold price made a new lower low at $1,130 and I believe there are increased chances we could see a strong upward bounce now as the downward move is most probably will complete from $1,255. Trend remains bearish but I expect a corrective upward move.

Gold price is testing the short-term resistance at $1,145 and there are increased chances of a move higher towards the 38% retracement. I expect a bounce towards the $1,170-$1,180 level before resuming lower towards $1,100 and $1,050 which is my longer-term target.

In ichimoku cloud terms, trend remains fully bullish. In the 4 hour chart as shown above, resistance is found at $1,152 and then at $1,180. Gold price has already broken the tenkan-sen resistance at $1,140 and this is a sign of short-term bullishness. I remain longer-term bearish but I see a strong bounce coming.

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

Technical outlook and chart setups:

The GBP/CHF pair is stalling in a range for now. Support of the range is 1.5300 and resistance is around the 1.5450 mark. The pair needs to break out of the above boundary to accelerate moves on either side. It is still recommended to remain short with risk above 1.5550. The pair could accelerate downside on a break below 1.5300/1.5200 levels. Resistance is fixed at 1.5475 and 1.5550 while support is fixed at 1.5300, followed by 1.52/1.51, 1.4975 and lower respectively. On the other hand, a break above 1.5475 could break through fresh highs.

Trading recommendations:

Remain short, stop above 1.5550, target is open.

Good luck!

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Technical analysis of Silver for November 07, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has formed yet another low today at $15.00 levels before raising back into $15.40 levels. The metal seems to be preparing for at least a pullback/retracement if not a reversal from here on. Support is seen a $14.50 levels and lower while resistance is seen at $17.50, followed by $17.80/18.00 and higher respectively. Today's candlestick signal could be a hammer, indicating a possible reversal ahead. The metal could initially face resistance into the mid $16.00 levels. Only a push through $17.50 and subsequently $17.80 levels would confirm that silver is out of woods, and that the rally could extend further.

Trading recommendations:

Remain flat for now. Aggressive trade setup can be used for long positions, stop at $14.70, target is open.

Good luck!

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Technical analysis of Gold for November 07, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has made fresh lows at $1,130.00 level before pulling back into $1,142.00/43.00 levels again. The metal is not completely out of the bearish momentum, but a push above $1,150.00/55.00 levels would be at least a breather for bulls to produce a counter-trend rally. Please also note that $1,150.00 level is the 0.618 Fibonacci support of the entire rally between $680.00 to $1,900.00 respectively. Yesterday there was an indecisive candle on daily chart and a Hammer is being produced today. These are indications that there might be a counter-trend rally as a short-term relief for the yellow metal. On the flip side, a push through $1,250.00 levels could confirm a reversal.

Trading recommendations:

Remain flat for now. Aggressive trade setup could be to initiate long positions, stop at $1,125.50, target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for November 7 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6263

R2: 1.6193

R1: 1.6169

Current spot: 1.6114

S1: 1.6096

S2: 1.6072

S3: 1.6060

Technical summary:

Still no news here. We are still locked within a very complex correction and we are waiting for the clues to what way the next major move will be. We are still slightly in favor of the next major move being to the upside, but we need a clear break above 1.6273 to confirm that outcome. Until a break above 1.6273 is confirmed, then the risk remain a new test of support at 1.6044 and more importantly support at 1.5903.

Trading recommendation:

We will place a EUR buy-order at 1.5925 with a stop at 1.5875.

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Elliott wave analysis of EUR/JPY for November 7 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 143.62

R2: 143.28

R3: 142.90

Current spot: 142.77

S1: 142.47

S2: 142.17

S3: 141.70

Technical summary:The correction in red wave iv is still unfolding and we are still looking for a decline to 141.70 before the next impulsive rally higher towards 146.15 to end wave (iii). Short-term minor resistance at 142.90 should protect the upside for the decline to 141.70, but only a break above resistance at 143.62 confirms that red wave iv is over and red wave v is developing.

Trading recommendation:We will still buy EUR at 142.00 or upon a break above 143.62 with a stop at 140.50.

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