Technical analysis of Silver for November 12, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver bounced off the $15.40/50 levels yesterday, which is fibonacci 0.50 support of the rally between $15.00 to $15.90. At the moment, the metal is seen to be trading around $15.70 mark, looking to push through $16.00 levels. Resistance is seen at $16.40, followed by $17.50, $17.80/18.00, while support is seen at $15.20/30, followed by $15.00 and lower respectively. As seen here, the metal remains very much in the sell zone of the sloping down trend lines and it actually needs to break above $17.50/80 levels to confirm that a bottom is in place.

Trading recommendations:

Remain long for now, stop at $4.75, the target is at least $16.40.

Good luck!

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Technical analysis of Gold for November 12, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has bounced off from the expected support region around $1,150.00 yesterday. At the moment, the metal is trading around $1,169.00/70.00 levels and is looking to challenge $1,180.00/85.00 immediately. A break above those levels could see the metal easily rallying up to the $1,208.00 mark at least. Resistance is at $1,250.00, followed by $1,290.00/1,300.00, while support is seen at $1,140.00 (interim), followed by $1,030.00 (interim) and lower respectively. It is recommended to remain long for short term and watch for price action around the $1,208.00 levels. Please note that the metal has to at least break through $1,250.00/55.00 levels, to challenge further highs.

Trading recommendations:

Remain long, stop at $1,140.00, the target is at least $1,208.00.

Good luck!

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Technical Analysis of EUR/JPY for November 12, 2014 Market Analysis Review

Ahead of the key euro zone's data, the cross is trading with a mild negative stance. The weaker than expected Japanese data adds some more pressure on JPY along with the BOJ's surprise decision. The Consumer confidence fell to 38.90 from 39.90 levels. Today, traders are keeping an eye on the euro zone's industrial data. The cross is trading near the parallel resistance at 144.84 of January 2014 high; above this 145.65 is an open target. The JPY is trading at 7-year low against the USD. In case if the pair breaches the 144.84 resistance level, fresh buying will added for a new target at the 145.65 levels initially. For an intraday session, we recommend selling below 143.70 with the targets at 143.00, 142.35, and 142.09. The panic will be triggered below the 143.00 levels. In case if prices correct below 142.09, 141.70 is also possible. On the higher side, we recommend buying above the 144.40 levels.

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Technical Analysis of GBP/JPY for November 12, 2014 Market Analysis Review

Ahead of the key economic data, BOE's quarterly inflation report, the pound is looking weak against JPY. At the latest session, the pair breached the previous high 184.33, but was unable to close above that. In case if the prices close above 184.33, it can challenge 185.50 and 187.50 in the near term. In today's session, we can expect huge volatility in the European market. Most people are expecting the dovish inflation report. In the early hours of today's session, the cross made high at 184.67, but rejected there and is trading below the opening price. The cross has hourly support at the 183.30 level. We recommend fresh buying above 184.40 with the targets at 184.67, 185.00, and 185.50 levels. On the down side, we recommend selling below 183.30 with the targets at 182.80 and 182.40 levels.

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Technical analysis of EUR/USD for November 12, 2014 Market Analysis Review

When the European market opens, the economic calendar will be updated with German WPI m/m and Industrial Production m/m. The US will release the economic data too such as the Wholesale Inventories m/m and 10-y Bond Auction. Therefore, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2519.

Strong Resistance:1.2511.

Original Resistance: 1.2499.

Inner Sell Area: 1.2487.

Target Inner Area: 1.2457.

Inner Buy Area: 1.2427.

Original Support: 1.2415.

Strong Support: 1.2403.

Breakout SELL Level: 1.2395.

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 12, 2014 Market Analysis Review

In Asia, Japan will release the Tertiary Industry Activity m/m and M2 Money Stock y/y. The US will also publish some economic data such as Wholesale Inventories m/m and 10-y Bond Auction. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 116.31.

Resistance. 2: 116.09.

Resistance. 1: 115.86.

Support. 1: 115.58.

Support. 2: 115.35.

Support. 3: 115.13.

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 on GBP/USD for November 12, 2014 Market Analysis Review

Ahead of the key economic data, the pound looks weak in the early hours on Wednesday. In yesterday's session, the pound rose against the US dollar and closed at 2-day high. As per the 4-day closing data, the pair has support at the 1.5830 level. In case if the cable closes below 1.5830 at the end of today's session, the cable can extend its fall to 1.5750 and 1.5720 immediately. The cable has weekly resistance at 1.6025, above this we can expect 1.6092 and 1.6200. The unemployment rate and inflation report will decide the fortune of the cable. The unemployment rate has been falling from 8.4% to 6.0% level. On the downside, 1.5750 will act as strong support; below this 1.5620 and 1.5500 are open targets on a positional basis. Today in Asia's session, the cable is unable to breach the previous high. The pair has multiple resistance between the 1.6010 and 1.6025 levels. Until the h4 candle closes above 1.5835, the cable can challenge the 1.5960 levels. The panic will be triggered below 1.5830 levels. We recommend selling below 1.5835 levels.

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Technical Analysis of USD/CAD for November 12, 2014 Market Analysis Review

As the US dollar fell against most major currencies, investors are likely to take profits. The pair fell towards previous low but managed to make a higher low. The pair has support at 1.1300 ,1.1287, and 1.1279. In case if the pair closes below 1.1287 on a daily basis, then we can expect a further correction towards 1.1260 and 1.1170. In case if the pair closes above 1.1386 on a weekly closing basis, the pair can challenge 260 odd pips. The weekly support level exists between 1.1275 and 1.1260. The pair gave an upside breakout on the previous week and closed above that in the weekly chart. The current dip is a consolidation before a further upswing. As we recommended earlier, 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.

For an intraday session, the support level exists at 1.1333 and 1.1318. We recommend safe selling only below 1.1315 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. We recommend buying above 1.1355 with the targets at 1.1380 and 1.1400. In case if the price trades above 1.1400 it can challenge towards the 1.1450 levels.

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Daily analysis of major pairs for November 13, 2014 Market Analysis Review

EUR/USD: This market remains bearish despite the existing rally on it. The price is still below the EMA 56 while the Williams’ Range period 20 is heading towards the overbought area. Only a movement above the resistance line at 1.2550 can render the near-term bearish outlook useless.

USD/CHF: This pair remains bullish irrespective of the current pullback in the market. There is still a Bullish Confirmation Pattern in the chart, which may be considered invalid when the price goes below the support level at 0.9600.

GBP/USD: So far this week, this currency trading instrument has been making a serious bullish effort. From the accumulation territory at 1.5850, the price has been going upwards, reaching the distribution territory at 1.5900 and breaking it to the upside. The price may also reach the distribution territory at 1.5950, and break it to the upside, but as long as the price is below the distribution territory at 1.6000, the bearish outlook would be intact.

USD/JPY: This pair attempted to make another all-time high testing the supply level at 116.00 before the current shallow pullback. There is a possibility that the price may continue to go further upwards, testing that supply level again, and possible breaking it to the upside. Should this happen, the price may begin to target another supply level at 116.50.

EUR/JPY: The EUR/JPY pair was able to test the supply zone at 144.00, but failed to close above it. With continuous bullish effort, the cross may succeed in breaking that supply zone to the upside, closing above it. Should this become possible, the next target for the bulls would be the supply zone at 144.50.

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Daily analysis of USDX for November 12, 2014 Market Analysis Review

The USDX continues to move in a range above the support level of 87.35, because this instrument could not find a significant point for further progress in the bullish trend support. However, a breakout at the support level of 87.35, could lead the USDX to fall to the level of 86.20. In addition, the USDX has been following a bullish trend line for several weeks.

Dailychart's resistance levels: 88.63 / 90.40

Dailychart's support levels: 87.35 / 86.20

On the H1 chart, the USDX had a significant drop from the level of 88.00 to the 87.40 level, where this instrument performed a slight rebound. Now, the USDX is trying to make a breakout at the resistance level of 87.58. If successful, it would be expected to rise to the level of 87.86. The MACD indicator remains in the negative territory.

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 87.30.

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Daily analysis of GBP/USD for November 12, 2014 Market Analysis Review

At the H4 chart, the GBP/USD pair made a bullish consolidation above the support level of 1.5874. The next goal on the bullish road would be the resistance level of 1.5951. We must highlight the fact that this pair has been following the bearish bias for several weeks. So, it's normal to see these corrective movements. The MACD indicator remains in the positive territory.

H4chart's resistance levels: 1.5951 / 1.6004

H4chart's support levels: 1.5874 / 1.5811

On the H1 chart, we can see that this pair is forming a higher high pattern below the resistance level of 1.5925. The resistance level is located at the 200-day moving average, which is currently serving as dynamic resistance. So, this pair could make a pullback at the current levels and resume the bearish bias. On the other hand, if the pair manages to consolidate above this resistance level, it's expected to rise to the level of 15980.

H1 chart's resistance levels: 1.5925 / 1.5980

H1 chart's support levels: 1.5871 / 1.5810

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 1.5871, take profit is at 1.5810, and stop loss is at 1.5931.

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USDCAD Daily Analysis - November 12, 2014 Forex Analysis

USDCAD stays in the trading range between 1.1300 and 1.1466. As long as 1.1300 support holds, the price action could be treated as consolidation of the uptrend from 1.1121, another rise to 1.1600 area is still possible after consolidation. 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 12, 2014 Forex Analysis

USDCHF is facing that bottom of the price channel on 4-hour chart, a clear break below the channel support will indicate that the uptrend from 0.9370 had completed at 0.9739 already, then deeper decline to 0.9400 area could be seen. On the upside, as long as the channel support holds, the uptrend from 0.9370 could be expected to resume, and next target would be at 0.9900 area.

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USDJPY Daily Analysis - November 12, 2014 Forex Analysis

USDJPY broke above 115.50 resistance, and continued its upward movement from 105.32. Further rise could be expected, and next target would be at 117.00 area. Support is now at 113.86, only break below this level could signal completion of the uptrend.

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AUDUSD Daily Analysis - November 12, 2014 Forex Analysis

AUDUSD's upward movement from 0.8540 extended to as high as 0.8719. Further rise is still possible and the target would be at 0.8750 area. Support levels are at 0.8590 and 0.8540, only break below these levels could trigger another fall to 0.8400 zone.

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GBPUSD Daily Analysis - November 12, 2014 Forex Analysis

GBPUSD broke above this upper line of the price channel on 4-hour chart, indicating that the downtrend from 1.6182 had completed at 1.5790 already. Further rise would likely be seen, and the target would be at 1.6100 area. Support is at 1.5790, a breakdown below this level will signal resumption of the downtrend, then the following downward movement could bring price to 1.5600 zone.

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EURUSD Daily Analysis - November 12, 2014 Forex Analysis

EURUSD is facing the resistance of the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the rise from 1.2358 could be treated as consolidation of the downtrend from 1.2867, further decline to 1.2200 area is still possible. On the downside, 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 11, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade in higher range.It is underpinned by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday). USD/JPY is also supported by the demand from Japan importers, ultra-loose Bank of Japan's monetary policy and positive investor risk appetite (VIX fear gauge eased 3.43% to 12.67) as S&P 500 hit record-high 2,037.80 overnight before closing up 0.31% at 2,038.26 on steadily improving U.S. economic picture and expectations that Federal Reserve's monetary policy will continue to be supportive for growth. But USD/JPY gains are tempered by Japan's export sales.

Technical comment:

Daily chart is positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, 5 and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 116.25 and the second target at 116.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 114.40. A break of this target would push the pair further downwards and one may expect the second target at 113.80. The pivot point is at 114.90.

Resistance levels:

116.25

116.90

117.35

Support levels:

114.40

113.80

113

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

Fundamental overview:

USD/CHF is expected to trade in higher range.It is underpinned by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday) and dovish Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross.

Technical comments:

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

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.97 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 0.9650.

Resistance levels:

0.97

0.9740

0.9775

Support levels:

0.96

0.9570

0.9535

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

Fundamental overview:

NZD/USD is expected to trade in a higher range. It is undermined by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday) and soft commodity prices. But NZD/USD losses are tempered by the positive investor risk appetite, NZD-USD interest differential and Kiwi demand on soft AUD/NZD cross. Daily chart is mixed as MACD is bearish but stochastics is bullish in the oversold zone.

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 0.7815 and the second target at 0.7840. 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 0.7655. The pivot point is at 0.7735.

Resistance levels:

0.7815

0.7840

0.7880

Support levels:

0.7705

0.7645

0.76

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

Fundamental overview:

GBP/JPY is expected to trade with a bullish bias. It is supported by the positive investor risk appetite and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales. However, GBP/JPY losses are tempered by the sterling demand on soft EUR/GBP cross as well as positive investor risk appetite.

Technical comment:

Daily chart is mixed as MACD is bullish but stochastics is bearish in the overbought zone.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 184.35 and the second target at 185.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 182.30. A break of this target would push the pair further downwards and one may expect the second target at 181.70. The pivot point is at 182.80.

Resistance levels:

184.30

185.30

186

Support levels:

182.30

181.70

181

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Elliott wave analysis of EUR/NZD for November 11 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6058

R2: 1.6028

R1: 1.6000

Current spot: 1.5976

S1: 1.5961

S2: 1.5935

S3: 1.5903

Technical summary:

We are still locked in this very complex consolidation and is currently testing the support-zone between 1.5903 - 1.5958. We expect this support to protect the downside for a break above resistance at 1.6079 for a new run towards strong resistance at 1.6273. Only a break above here will open up the upside for a continuation towards 1.6446 and possibly even 1.6800. On the other hand, a break below 1.5903 will call for a continuation lower to 1.5700 in an expanded diagonal before moving higher again.

Trading recommendation:

We have place a EUR-buy order at 1.5925 or upon a break above 1.6079 with a stop at 1.5875.

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Elliott wave analysis of EUR/JPY for November 11 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 145.20

R2: 144.82

R1: 144.22

Current spot: 143.82

S1: 143.54

S2: 143.22

S3: 142.92

Technical summary:

Red wave iv ended early at 142.05. We should ideally see a break above 144.22 soon for a continuation higher towards 145.60 in red wave v. Only a break below support at 142.77 will indicate, that the correction in red wave iv is not over yet and will call for a new decline to 142.05 and possibly even lower to 141.70 to end red wave iv and set the stage for a final rally in red wave v towards 145.21.

Trading recommendation:

We bought EUR at 143.62 and will raise our stop to 142.75 and place our take profit at 145.40.

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Intraday technical levels and trading recommendations for EUR/USD for November 11, 2014 Market Analysis Review

A bullish engulfing daily candlestick emerged off price level of 1.2500 one month ago. A resulting bullish movement towards 1.2850 was contained within the depicted channel.

The upper limit of the movement channel (1.2880-1.2900) was targeted. However, bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was initiated.

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.

Daily fixation below 1.2490 (the origin of the previous bullish swing expressed one month ago) theoretically extends the bearish targets towards price level of 1.2200 (projection target of the bearish flag pattern).

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 1.2450.

Recommendation:

As anticipated, daily closure below 1.2480 offered another SELL signal for risky traders. Target levels were located at 1.2440, 1.2370 (already reached) and 1.2290.

Another Short position was offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500 ( also corresponding to the upper limit of the channel ). Stop loss can be set as a daily closure above 1.2520.

Bearish targets are located at 1.2370 and 1.2290 as long as the recent top at 1.2500 remains defended by bears.

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

Trading recommendation :

• The NZD/USD pair is trading below its resistance at the level of 0.7817 which represents the ratio of 50% Fibonacci retracement levels in H1 char. It is likely to trade in a lower range as far as it remains below its strong resistance. Short position is recommended with the first target at 0.7781. A breach of this target will move the pair further downwards to 0.7733. The supports stands at 0.7733 and 0.7700. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its supports it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7773 and the second target at 0.7815.

Notes :

• We expect a new range about 64 pips today.


• The support of the NZD/USD pair has already set at 0.7733. Moreover, the weekly support 1 will set at the same level.


• The price of 0.7766 represents the daily pivot point and 0.7814 is going to form a double top. So, the key level will set at the level of 0.7817.

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

Overview :

• The trend of USD/CHF pair has been ascending for several weeks. Due to the previous events, the price is still between the levels of 0.9630 and 0.9714. Besides, resistance will set at the level of 0.9714 and the double top has already placed at 0.9742. So, the area of 0.9714-0.9742 represents strong resistance today. From this point, it will be wide to sell in this area 0.9714-0.9742 with the first target at 0.9670 in order to try to break the minor support. Then, the price will be able to continue in downtrend towards 0.9626 (the level of 0.9626 coincides with the ratio of 61.8% Fibonacci retracement levels in H1 chart). On the other hand, stop losses should be placed above 0.9768.

Notes :

• Major support will set at the level of 0.9626.


• Major resistance has already set at the area of 0.9714-0.9742.


• We expect a new range about 57 pips today and 139 this week.


• The level of 0.9770 will confirm the bullish market.


• The strength of the currency will be defined as follows: USD is in the uptrend and CHF is in the downtrend.

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

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

The current situation on this pair is not clear for both bulls and bears due to equally possible labeling that have a slightly different outlook. The key level however is still the green count invalidation line at the level of 1.1220. As long as the currency pair is trading above this level, another upward leg is still possible. Please notice that the price is not testing the red trend line from the downside and any failure here might be a first clue the top is really in place as per main count. Otherwise, any breakout higher would mean that the last wave (v) green is in progress and new highs can be made.

Support/Resistance:

1.1464 - Swing High| Wave 5 Blue Top?|

1.1446 - Intraday Resistance

1.1426 - WR1

1.1369 - Intraday Support

1.1344 - Weekly Pivot

1.1310 - Intraday Support

1.1263 - Technical Support| Previous Wave Four Support|

1.1222 - WS1

Trading recommendations:

Day traders should consider opening buy positions if the level of intraday support is not broken (with SL just below 1.1368), targeting new highs in this pair. Swing traders should consider closing longer-term buy orders if the level of 1.1220 is violated.

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

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

There is not enough evidence to assume the recent wave development is a completed corrective cycle in blue wave 4. Now, the new impulsive wave to the upside has started. The reason is that the corrective cycle can still be labeled as a more complex and time-consuming cycle in the shape in an irregular flat correction (alternative labeling). Only a clear breakout above the level of 144.22 would put this possibility into question.

Support/Resistance:

44.59 - 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:

Yesterday buy orders have not been triggered and now the outlook is still uncertain, so traders should refrain from trading until clear pattern emerge.

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#USDX Technical analysis for November 11, 2014 Market Analysis Review

The Dollar index has held above 87 and bounced strongly towards its previous highs. The upward move is fragile and I will not be surprised to see a rejection at 88 and a pullback below 87 towards 86. 87.50 is important short-term support that if broken will confirm the trend reversal towards 87 at least.

The Dollar index remains inside the upward sloping channel and above the Ichimoku cloud. However, the pullback did not reach the 38% retracement and that is why I give more chances for a pullback than the continuation of the uptrend. Breaking below short-term support of 87.50 will give me a sell signal with 87 as 1st target and 86.70 as 2nd target.

The bullish flag formation remains valid and so our longer-term target of 91. This does not mean we could not see a pull back towards even 85-84 levels. A longer-term trend is bullish as long as price is above the Ichimoku cloud in the daily chart. At current price levels, I prefer to remain neutral and wait for the pull back.

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Gold Wave analysis for November 11, 2014 Market Analysis Review

Gold price has broken the short-term support at $1,169 and pushed lower but deeper than expected. This means that the entire upward bounce could very well be over and complete at $1,178 as the decline could be seen as a 5 wave impulsive decline to $1,146. I remain bearish for the longer-term targeting $1,050.

After the decline from $1,178 to $1,146 we should expect a bounce towards $1,158 or towards $1,166. This will be a sell opportunity with $1,178 as stop. Gold price remains in a longer-term downtrend and I look for opportunities to sell.

If however Gold price breaks above $1,178, we should expect the move to reach $1,195 at least if not $1,210. Gold price is below the Ichimoku cloud, the trend remains bearish. Important resistance is found at $1,162 and $1,171. Support is at $1,146 and at $1,130. I remain longer-term bearish looking for selling opportunities. If we bounce to $1,156 or $1,160, I will look to sell with $1,178 as stop.

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