Technical analysis of EUR/JPY for November 11, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair seems to be retracing its fall from 144.21 to sub 142.00 levels for now. The resistance (fibonacci 0.618), is around 143.40 levels and it is expected to reverse lower from there on. Resistance is at 144.21(interim), followed by 145.50, while support is seen at 140.30, followed by 139.20/30 and lower respectively. A 3 wave correction can be expected, till prices remain below 144.21 levels here. Bears are expected to resume its 3rd leg lower from around current price action (143.40). It is recommended to remain short, risk remains at 144.50 levels. Downside extensions are pointing towards at least 140.00/139.00 levels.

Trading recommendations:

Remain short, stop at 144.55, target is open.

Good luck!

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Technical Analysis of GBP/USD for November 11, 2014 Market Analysis Review

The US dollar started gaining momentum after the publication of the nonfarm payroll report. The US dollar is the top performer against most major currencies. In yesterday's session, the pair fell 40 pips and closed at the lowest point of the day. In case, the cable closes below 1.5830 levels on a daily basis, the free fall mode will be triggered towards 1.5750. The pair has resistance at 1.6040, 1.6147, and 1.6220. On the downside, 1.5750 will act as strong support; below this 1.5620 and 1.5500 are open targets. The pair favors selling on a rise. The cable has strong resistance between 1.6227 and 1.6183. Use every rise to sell, until the prices close above these resistance levels. The monthly resistance exists at 1.6030 50M sma. The pair has weekly resistance at 1.6025; above this we can expect 1.6092 and 1.6200. For an intraday view, the prices are closed and trading below 35DEMA at the 1.5860 levels. The pair has resistance at the 1.5839 levels. Until the prices close below 1.5940, bears will try to drag the pair to lower levels. In the h4 chart, the prices are making lower highs and lower lows. We recommend selling below 1.5835 with the targets at 1.5825 and 1.5800 levels.

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Technical Analysis of EUR/USD for November 11, 2014 Market Analysis Review

The stronger US dollar pushed the Euro to lower levels. The pair closed at the lowest point of the day. The pair has been making lower highs on the monthly chart for 5 months. The pair has weekly resistance at 1.2580, 1.2630, and 1.2770. Until the prices close below 1.2500 on a daily basis, bears will have an upper hand. As we recommended earlier, sell on every upswing with downside initial targets at 1.2300 and 1.2230. As we know, President Draghi said the ECB would soon start purchases of asset-backed securities for two years. On the downside, the pair has support at 1.2350; below this 1.2226 is the major support level. For an intraday view, the prices are taking support at 35DEMA. But the pair has strong hourly resistance at 1.2445. Above this 1.2470 will act as another resistance level. On the down side, the pair has support at the 1.2410 and 1.2366 levels. In case if the pair corrects below 1.2400 again, the selling pressure will increase. The panic will be triggered below the 1.2358 levels. On a positional basis, we recommend selling on every upswing.

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Technical Analysis of Gold for November 11, 2014 Market Analysis Review

The stronger US dollar again pushed the metal prices to lower levels. The positive impact on the expanding US economy has helped the US dollar rally. In yesterday's session, the metal opened on a bearish note and fell $30.0 closed at the lowest levels. As we recommended in our yesterday's article, my buying price was not activated, but the selling recommendation was activated and gave good money. We recommended selling at $1,167.00 with the targets at $1,158.00, below this at $1,152.00 and $1,146.00 levels. The metal made a low at $1,147.00. The near term was capped at the $1,178.50 levels. The weekly trading pattern is framed between $1,178.50 and $1,140.00. The US dollar is doing well. As a counterpart, Gold is also doing well to the downside.

Resistance: $1,178.50,$1,182.00$1,200.00

Support: $1,147.00,$1,131.00$1,102.00

For an hourly basis, the prices are closed below 35DEMA and 12ema levels. The prices have strong resistance at the $1,157.60 levels. In case if the prices breach above 12ema $1,157.50, we recommend selling at $1,158.00 with the targets at $1,161.00 and $1,164.00. Until the prices are closed below $1,166.00, use every rise to sell on intraday basis. The panic will be triggered below the $1,147.00 levels.

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Daily analysis of GBP/USD for November 11, 2014 Market Analysis Review

The GBP/USD pair found strong resistance at the 1.5883 level, because this pair is trying to perform corrective movements. The bearish trend could extend to the level of 1.5746 support in the medium term. However, the weakness of this pair could last for several more days due to the fact that GBP/USD still remains below the 200 SMA and MACD indicator remains in the negative territory.

Daily chart's resistance levels: 1.5883 / 1.6046

Dailychart's support levels: 1.5746 / 1.5642

During the Asian session yesterday, the GBP/USD pair record some gains above the 1.5871 level. Some hours later, the pair made a pullback to the 1.5910 level. Now, the GBP/USD is trying to fall back to the support level of 1.5810 in the H1 chart. If the pair manages to make a breakout at that level, the next target would be the level of 1.5739.

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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USD/CAD intraday technical levels and trading recommendations for November 10, 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.

Last week, bulls have pushed further above price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where bearish rejection was anticipated.

Bulls have a solid Intraday Support level located around 1.1280-1.1310 where the most recent daily top is located.

Recommendations:

Price zone of 1.1470-1.1490 offered a valid SELL entry with SL located just above 1.1550. This position is running in profits now. Target levels was reached at 1.1430 then 1.1320.

Price action should be watched at price level of 1.1290 for a possible BUY entry. Otherwise, the pair may continue trending down towards 1.1220 ( significant Fibonacci Level ) without correction.

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GBP/USD intraday technical levels and trading recommendations for November 10, 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 was located around 1.5810 at the last time of retesting.

Last week, the GBP/USD pair was rejected obviously at 1.5870. Significant bullish bias was manifested in the daily candlestick. Yet, bears managed to hit new lows around 1.5790.

The GBP/USD pair looked quite oversold on the 4H chart. Bullish correction should be anticipated despite the bearish outlook on the daily chart. Fixation above price level of 1.5890 is mandatory.

Trading recommendations:

Price action should be watched around (1.5800-1.5820). A valid BUY entry may be offered if sufficient bullish rejection is expressed. Stop Loss should be set as daily closure below 1.5760.

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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Technical analysis of Gold for November 11, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has retraced to expected levels around $1,150.00, as seen here. Also note that the metal is trading around the fibonacci 0.618 support at the moment. It is recommended to initiate long positions again at current price, risk remains at $1,125.00. Resistance is seen at $1,200.00, followed by $1,235.00, $1,255.00 and higher up while support is seen at $1,130.00 and lower respectively. The metal has broken higher from the recent down trend line and is pulling back after registering highs at $1,180.00 levels. Bulls are expected to remain in control till prices stay above $1,130.00 levels. A bullish reversal from current price ($1,150.00) could see $1,207.00 levels at least on the higher side.

Trading recommendations:

Buy now ($1,150.00), stop at $1,125.00, target is open.

Good luck!

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Technical analysis of USD/CHF for November 11, 2014 Market Analysis Review

The U.S. dollar started gaining momentum after the post jobs data. The U.S. dollar is the top performer against most major currencies. During the previous week, the pair managed to breach the previous high of 0.9688 in intraday session, but was unable to close above that on a weekly basis. We are waiting patiently for a new breakout on the higher side in the weekly chart. In case, if the price closes above 0.9688 on a weekly closing basis, it can challenge for 0.9800, 0.9840, 0.9970 and 1.017 levels. The parallel monthly resistance exists at 0.9751 levels. We have been recommending the same targets for the last month (October 06, 2014 article).

As of now, today the pair is unable to break 0.9688 made a high at 0.9685 levels. We recommend intraday buying above 0.9690 for targets at 0.9715, 0.9726, 0.9740 and finally 0.9800 levels. Please remember the pair has strong parallel resistance exists at 0.9751 levels.

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Technical analysis of EUR/USD for November 11, 2014 Market Analysis Review

There is no economic news to be released in the Euro Zone today, but the US will release economic data such as the NFIB Small Business Index, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2492.

Strong Resistance:1.2485.

Original Resistance: 1.2473.

Inner Sell Area: 1.2461.

Target Inner Area: 1.2432.

Inner Buy Area: 1.2403.

Original Support: 1.2391.

Strong Support: 1.2379.

Breakout SELL Level: 1.2372.

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 11, 2014 Market Analysis Review

In Asia, Japan will release the Current Account, Bank Lending y/y, 30-y Bond Auction, Consumer Confidence, Economy Watchers Sentiment, Prelim Machine Tool Orders y/y, and the US will release some economic data such as NFIB Small Business Index. So there is a big probability the USD/JPY will move with low to medium volatility during the Asian session, but with low volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 115.34.

Resistance. 2: 115.12.

Resistance. 1: 114.89.

Support. 1: 114.61.

Support. 2: 114.39.

Support. 3: 114.16.

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USDCAD Daily Analysis - November 11, 2014 Forex Analysis

USDCAD's fall from 1.1466 extended to as low as 1.1300, the subsequent bounce is likely resumption of the uptrend from 1.1121. Further rise to test 1.1466 resistance could be expected, a break of this level will confirm that the uptrend has resumed, then next target would be at 1.1600 area. Support is at 1.1300, only break below this level could trigger another fall to 1.1250 zone.

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USDCHF Daily Analysis - November 11, 2014 Forex Analysis

USDCHF stays in the upward price channel on 4-hour chart, and remains in uptrend from 0.9370, the fall from 0.9739 could be treated as consolidation of the uptrend. 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 signal completion of the uptrend.

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USDJPY Daily Analysis - November 11, 2014 Forex Analysis

USDJPY is in consolidation of the uptrend from 105.32, range trading between 113.17 and 115.50 would likely be seen in a couple of days. Key support is at 113.17, as long as this level holds, the uptrend could be expected to resume, and next target would be at 117.00 area. However, a breakdown below 113.17 support will indicate that the uptrend had completed at 115.50 already, then deeper decline to 110.00 area could be seen.

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AUDUSD Daily Analysis - November 11, 2014 Forex Analysis

AUDUSD's downward movement from 0.8910 had completed at 0.8540 already. Range trading between 0.8540 and 0.8750 would likely be seen over the next several days. Resistance is at 0.8750, as long as this level holds, the downtrend could be expected to resume, and another fall towards 0.8400 is still possible.

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GBPUSD Daily Analysis - November 11, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.6182, as long as the channel resistance holds, the rise from 1.5790 could be treated as consolidation of the downtrend. Further decline would likely be seen, and next target would be at 1.5600 area. Support is at 1.5790, a breakdown below this level will signal resumption of the downtrend. On the other side, a clear break above the channel resistance will indicate that the downtrend had completed at 1.5790 already, then further rise to 1.6100 area could be seen.

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EURUSD Daily Analysis - November 11, 2014 Forex Analysis

EURUSD stays in the downward price channel on 4-hour chart, and remains in downtrend from 1.2867, the rise from 1.2358 could be treated as consolidation of the downtrend. Resistance is located at the upper line of the channel, 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 1.2358 already, then further rise to 1.2750 area could be seen.

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Technical analysis of USD/JPY for November 10, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade in a lower range after hitting seven-year high 115.60 on Friday. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 87.52 versus 88.06 early Friday) after fewer-than-expected 214,000 increase in U.S. October non-farm payrolls (versus forecast +233,000) and less-than-expected 0.1% increase in U.S. October average hourly wages (versus forecast +0.2%), although the unemployment rate slipped to 5.8% from 5.9% in September (versus forecast for no change). USD/JPY is also weighed by Japan's export sales and lower U.S. Treasury yields (10-year at 2.312% versus 2.377% late Thursday) as weaker-than-expected U.S. October jobs growth trimmed odds that the Federal Reserve may raise interest rates sooner than expected, while Fed Chairwoman Yellen said in a conference in Paris on Friday that "supportive policy remains necessary" given the slow and unsteady economic recovery. But USD sentiment is soothed by the larger-than-expected $15.92 billion increase in U.S. total outstanding consumer credit in September (versus forecast +$15.7 billion). USD/JPY losses are also tempered by demand from Japan's importers, ultra-loose Bank of Japan's monetary policy and improved risk appetite after stronger-than-expected 11.6% growth in China October exports (versus forecast +10.0%) and larger-than-expected China October trade surplus of $45.4 billion (versus forecast $42.3 billion).

Technical comment:

Daily chart is mixed as MACD is indicator bullish, 5 and 15-day moving averages are advancing but stochastics turned bearish at overbought zone, bearish dark-cloud-cover candlestick pattern was completed on Friday.

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 115.15 and the second target at 115.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 113.80. A break of this target would push the pair further downwards and one may expect the second target at 113. The pivot point is at 114.75.

Resistance levels:

115.15

115.50

115.75

Support levels:

113.80

113

112.75

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Technical analysis of USD/CHF for November 10, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade in a higher range after hitting a 16-month high 0.9741 on Friday. No FX reaction to in-line rise in Switzerland unemployment rate to 3.1% in October from 3.0% in September. USD/CHF is undermined by the weaker dollar 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 but stochastics is turning bearish at overbought zone, bearish dark-cloud-cover candlestick pattern was completed on Friday.

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 0.97 and the second target at 0.9740. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.96. A break of this target would push the pair further downwards and one may expect the second target at 0.9570. The pivot point is at 0.9670.

Resistance levels:

0.97

0.9740

0.9775

Support levels:

0.96

0.9570

0.9535

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Gold : analysis for November 10, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price rejection from the level of 1,146.00 and tested the level of 1,178.54 in an ultra high volume. Our major Fibonacci expansion 161.8% at the price of 1,146.00 held strongly, which is a sign that we may see a potential larger bullish phase and even reverse in a mid-term perspective. I have placed Fibonacci retracmeent from the most recent swings. I got Fibonacci retracment 38.2% at the price of 1,179.00 (currently on the test) and Fibonacci retracment 61.8% at the price of 1,207.00. Be careful when selling gold and watch for potential buying opportunities. If the price breaks the level of 1,179.00 in a high volume and strong price action, we may see possible testing the level of 1,207.00.

Daily pivot Fibonacci points:

Resistance levels:

R1:1,175.36

R2: 1,177.24

R3: 1,180.30

Support levels:

S1: 1,169.24

S2: 1,167.36

S3: 1,164.30

Trading recommendations: Selling gold at this stage looks risky since we got strong rejection from our major support.

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Technical analysis of NZD/USD for November 10, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a higher range after hitting a two-year low 0.7658 on Friday. It is underpinned by the weaker dollar sentiment (ICE spot dollar index last 87.52 versus 88.06 early Friday) after fewer-than-expected 214,000 increase in U.S. October non-farm payrolls (versus forecast +233,000) and less-than-expected 0.1% increase in U.S. October average hourly wages (versus forecast +0.2%), although the unemployment rate slipped to 5.8% from 5.9% in September (versus forecast for no change) and rebound in commodity prices, improved risk appetite and NZD-USD interest differential.

Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is turning bullish to the oversold zone, bullish outside-day-range pattern was completed on Friday.

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 0.7840 and the second target at 0.7880. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7705. A break of this target would push the pair further downwards and one may expect the second target at 0.7645. The pivot point is at 0.7755.

Resistance levels:

0.7840

0.7880

0.79

Support levels:

0.7705

0.7645

0.76

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Technical analysis of GBP/JPY for November 10, 2014 Market Analysis Review

Fundamental overview:

EUR/JPY is trading in a range. It is undermined by the weaker USD/JPY undertone and Japan's export sales. But GBP/JPY downside limited by demand from Japan's importers and rebounding GBP/USD and improved risk appetite. GBP sentiment is dented by the wider-than-expected U.K. September global goods trade deficit of GBP9.8 billion (versus forecast GBP9.4 billion).

Technical comment:

Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day moving average and is advancing but stochastics is bearish in the overbought zone.

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 181. A break of this target will move the pair further downwards to 179.85. The pivot point stands at 182.15. 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 182.80 and the second target at 183.45.

Resistance levels:

182.80

183.45

184.30

Support levels:

181

179.85

179

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Weekly technical levels of GBP/USD for November 10-14, 2014 Market Analysis Review

The weekly technical levels of GBP/USD pair:

Intraday trading recommendations :

• According to the previous events, the price of GBP/USD has still been trapped between 1.5933 and 1.5816. The level of 1.5998 will indicate strong resistance (the weekly resistance 1). Moreover, the price will form a new top at this level of 100% Fibonacci retracement levels (1.6021). Therefore, it will be very gainful to sell at 1.5998 with the first target at 1.5878, then it will continue towards 1.5789 in order to test the last week bottom. It should be noted that a double bottom will be set at the level of 1.5789 (00% Fibonacci retracement levels) in H1 chart.

Observations :

• If the trend is buoyant, then the strength of the currency will be defined as following: EUR is in the uptrend and USD is in the downtrend.


• Fibonacci retracement is used for determining accurate psychological levels of support and resistance. The period of time should be taken into account.


• Fibonacci is in a range trade; it looks like the trend is trapped moving up or down. If you sell or buy in the long-term period, you will surely lose your profit.

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Weekly technical levels of EUR/USD for November 10-14, 2014 Market Analysis Review

The weekly technical levels of EUR/USD pair:

Trading recommendations :

• The weekly technical levels of the EUR/USD pair on November 10, 2014. The market has moved between 1.2441 and 1.2568. Consequently, we expect the following scenarios:


• First outlook: buy (buy limit) above 1.2441 with the first target of 1.2500, it might resume towards the first resistance at 1.2568.


• Second outlook: below the level of 1.2440 (sell stop) look for further downside with the 1.2412 and 1.2357 targets. Also, it should be noted that the double bottom will set at the price of 1.2357.

Notes :

• Stop loss should never exceed your maximum exposure amounts.


• New weekly range: 287 pips.


• Risk of 191 pips must make a profit of 287 (a risk to reward ratio of 1:1.5 is recommended)


• As a rule, the market is highly volatile if the previous day had a huge volatility.


• Volatility: 245.76, therefore the market indicates the higher volatility.

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Elliott wave analysis of EUR/NZD for November 10 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6058

R2: 1.6028

R1: 1.6000

Current spot: 1.5981

S1: 1.5961

S2: 1.5935

S3: 1.5903

Technical summary:

We have entered the support-zone between 1.5903 - 1.5958, which we expect will protect the downside for a new rally towards 1.6273. However, it will take a break either below 1.5903 or a break above 1.6273 to break out of the last two months deadlock and get a more clear picture of what has been going on.

Trading recommendation:

We will buy EUR at 1.5925 with a stop at 1.5875.

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Elliott wave analysis of EUR/JPY for November 10 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 143.05

R2: 142.88

R1: 142.65

Current spot: 142.27

S1: 142.05

S2: 141.95

S3: 141.70

Technical summary:

The correction from 144.22 towards 141.70 is still unfolding. However, once this correction is over, look for a new rally towards the first target for red wave v at 145.21 to end wave iii and set the stage for yet another correction in wave iv. We still have some upside to cover, but will soon enter the final phase of the rally of the 134.14 low. Short term, only a break above 143.06 will confirm that the correction is over.

Trading recommendation:

We will buy EUR at 142.00 or upon a break above 143.62 with a stop at 140.50 and place take profit at 145.00.

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Technical analysis of USD/CAD for November 10, 2014 Market Analysis Review

General overview for 10/11/2014 10:40 CET

The impulsive wave progression of the internal sub-cycle has been invalidated due to wave -ii- overlapping wave -i- and the overall count has been updated. Currently, it looks like the top for blue wave 5 might be in place but the confirmation comes when the market will violate the level of 1.1220. Otherwise, another leg higher can not be ruled out just yet on intraday timeframe. Moreover, please notice that any breakout below the level of 1.1120 will Chablis the long term high at the level of 1.1464 and a meaningful corrective cycle can start developing to the downside.

Support/Resistance:

1.1464 - Swing High| Wave 5 Blue Top?|

1.1426 - WR1

1.1369 - Intraday Resistance

1.1344 - Weekly Pivot

1.1310 - Intraday Support

1.1263 - Technical Support| Previous Wave Four Support|

1.1222 - WS1

Trading recommendations:

Swing traders should consider closing longer-term buy orders if the level of 1.1220 is violated.

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#USDX Technical analysis for November 10, 2014 Market Analysis Review

The Dollar index has broken below the short-term support levels and has started a deeper downward correction as I warned last week. In my previous analysis, I suggested that bulls should be very cautious and raise their stops as the Dollar index was near completing the rise from 85.

The Dollar index has started a short-term reversal that is heading towards the short-term support at the 38% retracement at 87.10. At 86.75 we find the cloud support that will be tested if we break below 87.10.

In the daily chart the Dollar index is showing signs of reversal and that the upward move from 84.40 is complete. So, we could see a pullback towards 86 where the 61.8% retracement is found. This scenario does not cancel the target of the bullish flag pattern. This pullback is seen as a back test of the break out highs at 86, so I consider it as another buy opportunity. The longer-term trend remains bullish.

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Gold Wave analysis for November 10, 2014 Market Analysis Review

Gold price has made a sharp upward reversal on Friday as expected by our analysis towards our short-term target of $1,170-$1,180. This bounce has been expected since last week as the sequence of 5 waves down was completed at $1,130. The bounce is of a corrective nature and once the upward correction ends, we should see a resumption of the down trend towards our longer-term target of $1,050.

In ichimoku cloud terms, the trend remains bearish as price remains below the Ichimoku cloud although it has broken above the kijun-sen and tenkan-sen. In Elliott wave terms, the upward bounce should consist of 3 waves as this is expected to be a corrective bounce against the longer-term downtrend. This bounce is expected to be another opportunity to sell Gold.

Gold price is consolidating near its highs as can be seen in the short-term chart above. Short-term support is found at $1,169 and short-term resistance is at $1,178. Breaking either level will give a move towards $1,150 or $1,195. The form of the rise from the $1,130 lows looks unfinished. I believe we can see a move higher towards $1,195-$1,200 where the weekly resistance in Gold price is set. This back test of the break down level is something we anticipated. My longer-term view remains bearish with $1,050 as a target.

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Technical analysis of EUR/JPY for November 10, 2014 Market Analysis Review

General overview for 10/11/2014 09:35 CET

The corrective cycle displayed by blue wave 4 is developing into a complex correction. The first support is at the level of 141.66, but it might be easily broken if the last wave of the correction accelerates to the downside. In that case, next support would be at the level of 140.79. When the corrective cycle is completed, another wave to the upside is expected.

Support/Resistance:

144.59 - WR1

144.22 - Technical Resistance

142.91 - Intraday Resistance

142.50 - Weekly Pivot

142.19 - Intraday Support

141.66 - Intraday Support

140.79 - WS1

138.62 - WS2

Trading recommendations:

Day traders should consider opening buy orders from the level of 141.66, with SL below the level of 141.36 and TP at the level of 142.91.

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Technical analysis of EUR/JPY for November 10, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has is ready to follow up lower after after producing a shooting star on Friday. The pair has made an interim top at the 144.21 levels and is on its way to 140.00/139.00 at least. Resistance is now seen at 145.50, while support is seen at sub 140.00, followed by 139.00, 138.00, 135.00 and lower respectively. It is recommended to remain short, with risk at 144.50 levels for now. As seen here, the trend line supports are passing through 140.50 and 138.50 respectively and bulls are expected to resume rally from any one of these. The pair seems to be on its way to print fresh highs above 145.50 after the pullback is done.

Trading recommendations:

Remain short for now, stop at 144.50, the target 140.00.

Good luck!

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Technical analysis of GBP/CHF for November 10, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has pulled back from resistance at 1.5450 levels, as discussed earlier. Furthermore, the pair has broken below the counter trend line support as seen here. Currently trading at the 1.5340/45 levels, the pair is expected to face resistance around 1.5375/80 levels. Higher resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200, followed by 1.5125, 1.4975 and lower respectively. It is still recommended to remain short and expect the pair to drift further lower. On the flip side, a rally back towards 1.5450 and above would turn maters in favor of bulls.

Trading recommendations:

Remain short, stop at 1.5550, the target is open.

Good luck!

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Technical Analysis on USD/CAD for November 10, 2014 Market Analysis Review

The soft US data pushed the prices to a 4-day low. At the end of the previous week, the pair closed at the highest level. The pair has been enjoying its upswing with higher lows in the weekly chart for 2-years. As we recommended earlier, 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 and 1.2350 in the long-term perspective. We are still recommending the same. The weekly support level exists between 1.1275 and 1.1260 levels. The pair has resistance at 1.1425 on a daily closing basis. After making a new swing high, the pair is likely to take 14 days to make another new high. On August 06, 2014 the pair made a new high at 1.0986, after this high it corrected up to 1.0860 and made a new high at 1.0998 on August 23, 2014. The same repeated on October 15, 2014, high was made at 1.1386, then corrected up to 1.1122 and new high was reached at 1.1467 14 days later.

For an intraday session, the support level exists at 1.1300. We recommend safe selling only below 1.1300 with the targets at 1.1293, 1.1264, and 1.1255. Below 1.1255, the panic will be triggered towards 1.1225, 1.1200, and 1.1185 levels. The prices are closed below 12ema and 35DEMA, which means some weakness after a sharp upswing. We recommend safe buying above 1.1400 with the target at 1.1450.

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