Technical analysis of USD/CAD for November 13, 2014 Market Analysis Review

General overview for 13/11/2014 06:25 CET

The alternative blue impulsive count has been invalidated due to wave -i- and wave -ii- blue overlaps. Currently, the main count is the best fit so far and this count indicates that the corrective cycle within the wave ii black continues to develop its last wave to the upside. There are three possible levels of termination and at this point it is too early to predict where exactly will the last leg up be finished. Only a new high above the level of 1.1465 would invalidate this view and put the alternative green scenario in play.

Support/Resistance:

1.1464 - Swing High

1.1426 - WR1

1.1400 - Intraday Resistance

1.1358 - Intraday Resistance

1.1344 - Weekly Pivot

1.1323 - Intraday Resistance

1.1279 - Intraday Support

1.1266 - Technical Support

Trading recommendations:

Day traders should consider opening sell orders from the indicated levels with minimal SL in case the levels will be violated. However, the ultimate SL should be placed just above the level of 1.1401.

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Technical analysis of EUR/JPY for November 13, 2014 Market Analysis Review

General overview for 13/11/2014 06:05 CET

The corrective cycle continues to develop with first purple wave a completed. Currently, the purple wave b is still in progress and when it is completed the possible last wave to the downside will be made - purple wave c. Please notice that the alternative count still indicates a possibly more complex in time, price wave 4 purple (alt:4), and one more leg to the upside. New high above the level of 144.70 would support this view. New high above the level of 144.70 would support this view.

Support/Resistance:

144.68 - Swing Top|Technical Resistance| Intraday Resistance|

144.60 - WR1

143.33 - Intraday Support

143.03 - Intraday Support

142.49 - Weekly Pivot

142.11 - Technical Support | Key Level|

Trading recommendations:

Still the sell orders from the level of 143.68 should be kept open, with SL above the level of 144.68 and TP at the level of 142.11 with a possible downward extension to the level of 141.36.

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Technical Analysis on GBP/JPY for November 13, 2014 Market Analysis Review

The Bank of England cut its inflation forecast. This news created bearish views on the pound sterling and pessimistic view of the country's economy. At the previous session, the pair erased its Tuesday gains. At Tuesday's session, the pair made a new high, but was unable to close above that. In case if the price closes above 184.33, it can challenge 185.50 and 187.50 in the near term. We can expect some correction, in case if the pair doesn't close above 184.33 by the end of this week. Today in Asia's session, the pair managed to hold previous day's low at 182.00. Below 182.00, the pair has support at 181.79. We expect a steep correction below the 181.79 levels. Before making new high, in case if the price corrected below 181.09, we can complete a broadening top.

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Technical Analysis on EUR/JPY for November 13, 2014 Market Analysis Review

The euro zone's data pushed the prices lower. In September compared to August, seasonally adjusted industrial production rose by 0.6% which is lower than the forecast of 1.0%. The Euro fell against the Yen in yesterday's session. Until the price closes above 144.42 on a daily closing basis, the weakness will persist. As we recommended earlier, on a weekly closing basis if the cross is closed above 143.78, it can challenge new upswing. The cross has been facing strong parallel resistance at 144.84 since January 2014, high above this 145.65 is an open target. In case if the pair breaches the 144.84 resistance level, fresh buying will add for a new target at 145.65 initially. In case if the price corrects below 142.09 levels, we can expect some more correction towards 141.70. In the h4 chart, the cross has been facing strong resistance at 144.10 and 35DEMA 144.20 levels. Risky traders can buy above 144.20 and safe traders can buy above 144.40. On the down side, the intraday support exists at the 143.30 and 143.15 levels. Risky traders can see below 143.30 and safe players can sell below 143.15 with the targets at 142.60 and 142.10 levels.

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Technical analysis of EUR/USD for November 13, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Final CPI m/m, French CPI m/m, and ECB Monthly Bulletin. The US will also publish the economic data such as the Unemployment Claims, JOLTS Job Openings, Crude Oil Inventories, 30-y Bond Auction, and Federal Budget Balance. So, in the context of the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2494.

Strong Resistance:1.2487.

Original Resistance: 1.2475.

Inner Sell Area: 1.2463.

Target Inner Area: 1.2434.

Inner Buy Area: 1.2405.

Original Support: 1.2393.

Strong Support: 1.2381.

Breakout SELL Level: 1.2374.

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 13, 2014 Market Analysis Review

In Asia, Japan will release the Core Machinery Orders m/m, PPI y/y, and Revised Industrial Production m/m. The US will also release some economic data such as Unemployment Claims, JOLTS Job Openings, Crude Oil Inventories, 30-y Bond Auction, and Federal Budget Balance. 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: 116.18.

Resistance. 2: 115.95.

Resistance. 1: 115.73.

Support. 1: 115.45.

Support. 2: 115.22.

Support. 3: 114.99.

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 13, 2014 Market Analysis Review

The Bank of England cut its inflation forecast. This news created bearish views on the pound sterling and pessimistic view of the country's economy. The unemployment rate was unchanged at 6.0 between July and September. As we recommended in my yesterday's article, if the cable closed below 1.5830, it can extend its fall to 1.5750 and 1.5720 immediately. The pair made a low at 1.5760 near my first target. On the down side, 1.5750 will act as strong support below, this 1.5620 and 1.5500 is an open target on positional basis. Until the price closes above 1.5845 on a daily basis, bears will try to make new low this week. The pair has resistance at 1.6040, 1.6147, and 1.6220. For an intraday view, the prices are closed and trading below 35DEMA. The prices have resistance at the 1.5791 levels. We recommend fresh selling below 1.5750 with the targets at 1.5735, 1.5720, and 1.5700. Risky traders can sell below the 1.5760 levels. The downtrend may be expected to continue towards the 1.5720 and 1.5700 levels initially. Today, traders are focused on US employment rate.

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Technical Analysis on EUR/USD for November 13, 2014 Market Analysis Review

The euro zone's economic data pushed the pair to previous lows. In September compared to August, seasonally adjusted industrial production rose by 0.6% which is lower than the forecast of 1.0%. The US dollar stood high again after the soft Euro data. The pair took the support at Monday's low 1.2419. The pair is looking for a clear direction, but there is no momentum on this pair. The intraweek trading range is framed between 1.2350 and 1.2510 levels. Either side breakout will create some more room for trading. As we recommended earlier, sell on every upswing for downside initial targets at 1.2300 and 1.2230. On the downside, the pair has support at 1.2350, below this 1.2226 is the major support level. Today, traders are keeping an eye on US unemployment claims. Ahead of the key data, the pair is trading in a small tight range between 1.2420 and 1.2450. In case if the price breaches 1.2450, it can fly up to 1.2500. Use this rise as a selling opportunity. In case if the price falls below 1.2420, it can extend its fall to 1.2395, below this to 1.2350. Below 1.2350 the panic will be triggered.

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Daily analysis of USDX for November 13, 2014 Market Analysis Review

At the H4 chart, the USDX is strong in the current bullish trend, because this pair made a rebound on bullish trend line at the level of 87.35. The USDX could make a breakout at the resistance level of 87.93, although this instrument could make a pullback at the current levels and fall to the level of 87.35 in the next hours.

H4chart's resistance levels: 87.93 / 88.65

H4chart's support levels: 87.35 / 87.00

On the H1 chart, the USDX is forming a higher high pattern above support level of 87.58, besides the USDX has become increasingly critical force from Monday's session. If the USDX manages to break the fractal formed at the level of 87.90, the next target would be the level of 88.15. The USDX is still holding above the 200 SMA and MACD indicator remains in the positive territory.

H1 chart's resistance levels: 87.86 / 88.15

H1 chart's support levels: 87.58 / 87.28

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 87.86, take profit is at 88.15, and stop loss is at 87.56.

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Daily analysis of GBP/USD for November 13, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair had a sharp drop from the resistance level of 1.5883 to 1.5784 level during yesterday's session. This move could mean the formation of a solid bearish pattern on the GBP/USD pair. If the pair manages to make a breakout at the 1.5746 level, it's expected to drop to the level of 1.5642 which would be a new monthly low level. On the other hand, this pair could rise to the resistance level of 1.5883 as part of a bullish retracement. The MACD indicator remains in the negative territory.

Dailychart's resistance levels: 1.5883 / 1.6046

Daily chart's support levels: 1.5746 / 1.5642

The GBP/USD pair is forming a lower low pattern below the resistance level of 1.5810, because this pair encountered strong resistance at the 200-day moving average in the one-hour chart. If the pair manages to make a breakout at the 1.5739 level, it would be expected to fall to the support level of 1.5686. However, due to the precipitous drop, the GBP/USD pair could conduct a retracement to the 1.5871 level. The MACD indicator remains in the negative territory.

H1 chart's resistance levels: 1.5810 / 1.5871

H1 chart's support levels: 1.5739 / 1.5686

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

EUR/USD: Unlike the Cable, the EUR/USD pair has not traded downwards significantly, though the overall bias has been bearish. As long as the price is below the support line at 1.2500, it would be assumed that the bearish outlook is intact. It is now either the price breaks the support line at 1.2400 or breaks the resistance line at 1.2500 to the upside.

USD/CHF: This is a bullish market – just in opposite to what the EUR/USD pair does. The bullish bias is logical as long as the price is above the support level at 0.9600. The price may end up reaching the resistance level at 0.9750, something that will require more stamina in the USD.

GBP/USD: The Cable has trended further downwards in respect for the dominant bias. It turned out that the rally that was seen earlier this week offered an opportunity to sell short at a better price. The price is now trading below the distribution territory at 1.5800; the next target is the accumulation territory at 1.5750. In addition, some more fundamental figures are expected today and they would have an impact on the markets.

USD/JPY: The USD/JPY pair continues its upwards journey while the bias remains northwards. The market is above the EMA 56 and the RSI period 14 is still above the level 50. In this kind of market, we do well to look for long opportunities in the context of an uptrend. That is when there are transitory pullbacks.

EUR/JPY: This currency trading instrument has trended upwards by more than 200 pips this week, resulting in a stronger Bullish Confirmation Pattern in the chart. The current pullback is expected to be short-lived. More purchasing opportunities are better sought at pullbacks.

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USDCAD Daily Analysis - November 13, 2014 Forex Analysis

USDCAD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.1466. Further decline would likely be seen, and next target would be at 1.1250 area. Resistance is at the trend line, only a clear break above the trend line resistance will indicate that the downtrend is complete, then another rise to 1.1600 area could be seen.

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USDCHF Daily Analysis - November 13, 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. Further rise could be expected after consolidation, and next target would be at 0.9900 area. Key support is at 0.9580, only break below this level could signal completion of the uptrend.

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USDJPY Daily Analysis - November 13, 2014 Forex Analysis

USDJPY remains in uptrend from 105.32, the fall from 116.09 is likely consolidation of the uptrend. Further rise could be expected and next target would be at 117.00 area. Support is at 113.86, only break below this level will indicate that the uptrend had completed at 116.09 already, then deeper decline to 112.00 area could be seen.

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AUDUSD Daily Analysis - November 13, 2014 Forex Analysis

AUDUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 0.8540, and the rise extended to as high as 0.8744. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.8800 area. On the downside, a clear break below the trend line support will signal completion of the uptrend, then the following downward movement could bring price to 0.8400 zone.

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GBPUSD Daily Analysis - November 13, 2014 Forex Analysis

GBPUSD broke below 1.5790 support, and continued its downward movement from 1.6182, and the fall extended to as low as 1.5759. Resistance is at 1.5944, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.5600 area. On the upside, a break of 1.5944 resistance will signal completion of the downtrend, then the following upward movement could bring price back to 1.6100 area.

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EURUSD Daily Analysis - November 13, 2014 Forex Analysis

EURUSD stays in the downward price channel on 4-hour chart, and remains in downtrend from 1.2867. As long as the channel resistance holds, the rise from 1.2358 could be treated as consolidation of the downtrend. Further decline could be expected after consolidation, and next target would be at 1.2200 area. Key resistance is at 1.2508, only break above this level 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 12, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 116.11 on Tuesday. It is underpinned by the negative yen sentiment after reports that the Japanese government could delay a sales tax increase that was scheduled for October 2015, and that Prime Minister Abe might call a snap election for the lower house of parliament in December. USD/JPY is also supported by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's export sales and broadly weaker demand for USD (ICE spot dollar index last 87.57 versus 87.78 early Tuesday). Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at the overbought levels, 5 and 15-day moving averages are advancing.

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 114.20. 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 114.65.

Resistance levels:

116.25

116.90

117.35

Support levels:

114.20

113.80

113

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

Fundamental overview:

USD/CHF is expected to trade in a higher range. It is undermined by the broadly weaker dollar (ICE spot dollar index last 87.57 versus 87.78 early Tuesday). The undertone and franc demand on buoyant CHF/JPY cross amid the weak yen 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, five and 15-day moving averages are advancing but stochastics is bearish at the overbought levels.

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 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9540. The pivot point is at 0.9610.

Resistance levels:

0.97

0.9740

0.9775

Support levels:

0.9580

0.9540

0.95

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

Fundamental overview:

NZD/USD is expected to trade in a higher range. It is underpinned by the broadly weaker dollar undertone and Kiwi demand on buoyant NZD/JPY cross amid weak yen sentiment and NZD-USD interest differential. But NZD/USD gains are tempered by the jawboning against NZD strength from RBNZ Gov. Wheeler in latest Financial Stability Report and Kiwi sales on buoyant AUD/NZD cross.

Technical comment:
Daily chart tilting positive as bullish outside-day-range pattern completed Tuesday, MACD histogram bars turned positive and stochastics rising from oversold levels.

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 0.7915 and the second target at 0.7945. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7790. A break of this target would push the pair further downwards and one may expect the second target at 0.7710. The pivot point is at 0.7830.

Resistance levels:

0.7915

0.7945

0.7980

Support levels:

0.7790

0.7710

0.7665

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

Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. It is supported by the weak yen sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's exporter sales. Daily chart is positive-biased as MACD indicator is bullish, slow stochastic measure stays elevated at the overbought levels, five and 15-day moving averages are advancing.

Technical comment:

Daily chart is positive-biased as MACD indicator is bullish, slow stochastic measure stays elevated at the overbought levels, five and 15-day moving averages are advancing.

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 181.70. A break of this target will move the pair further downwards to 181.05. The pivot point stands at 183.35. 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 183.95 and the second target at 184.75.

Resistance levels:

183.95

184.75

185.35

Support levels:

181.70

181.05

180.75

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EUR/NZD analysis for November 12, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price was tested from the level of 1.5800. According to the 4H time frame, we can observe strong supply on the market in an ultra high volume (selling climax), which is a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5800 is on the test, so be careful when selling at this stage. If the price breaks the level of 1.5800 in a high volume, we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%), Anyway, if we see larger reaction from buyers around the level of 1.5800, a bullish corrective phase will be possible.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6052

R2: 1.6088

R3: 1.6146

Support levels:

S1: 1.5937

S2: 1.5907

S3: 1.5844

Trading recommendations: Be careful when selling EUR/NZD since our Fibonacci expansion 100% is on the test

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Gold : analysis for November 12, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price rejected from the level of 1,149.00 and tested the level of 1,173.11 in an average volume. I have placed Fibonacci retracmeent from the most recent swings to find potential support levels. I got Fibonacci retracment 61.8% at the price of 1.149.00 (successful held). We also got support level at the price of 1,160.00 (currently on the test). 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:

R1:1,170.64

R2: 1,177.02

R3: 1,187.33

Support levels:

S1: 1,150.02

S2: 1,143.64

S3: 1,133.33

Trading recommendations: Selling gold at this stage looks risky since we got strong rejection from Fibonacci retracmeent 61.8%.

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Elliott wave analysis of EUR/JPY for November 12 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 144.08

R2: 143.80

R1: 143.65

Current spot: 143.44

S1: 143.25

S2: 142.93

S3: 142.55

Technical summary:

Red wave v and wave iii seem to have ended early at 144.70 and that means a correction in wave iv currently is unfolding towards 142.46 and maybe even slightly lower to 142.06. At this point, only a quick rally above 144.43 will call for a continuation higher towards 145.21 to end wave iii, but at this point that outcome seems quite unlikely.

Trading recommendation:

We are long in EUR from 143.62 and will close our position here at 143.44 with a minor loss. We will re-buy EUR at 142.20 with a stop at 141.75.

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

General overview for 12/11/2014 11:00 CET

It looks like five impulsive waves on the larger 4H time frame have been made and now the market should start a corrective cycle. There is a clear one to one price and time ratio between wave 1 and wave 5 and bearish divergence supports the view as well. On lower time frames, the key support is at the level of 142.10 and breakout lower is the first clue that the short-term top is in place.

Support/Resistance:

144.68 - Swing Top|Technical Resistance|

144.60 - WR1

143.68 - Intraday Resistance

143.03 - Intraday Support

142.49 - Weekly Pivot

142.11 - Technical Support | Key Level|

Trading recommendations:

Day traders should consider to sell orders from the level of 143.68 with SL above the level of 144.68 and TP at the level of 142.11 with a possible downward extension to the level of 141.36.

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

General overview for 12/11/2014 10:30 CET

The red trend line downside test has failed and the price has been rejected from the level of 1.1400. Currently there are two intraday count possible: alternative count indicated more upside in order to complete the last leg to the upside and the invalidation of this count is at the level of 1.1298. On the other hand, the main count suggests more downside extension in impulsive fashion if the level of 1.1298 is broken. Moreover, the next important near-term invalidation line is at the level of 1.1220. Breakout lower or violation of the levels is the first clue that the immediate-term top is in place at the level of 1.1464.

Support/Resistance:

1.1464 - Swing Top

1.1446 - Technical Resistance

1.4000 - Intraday Resistance

1.1344 - Weekly Pivot

1.1298 - Intraday Support|Blue Intraday Count Invalidation Line|

1.1266 - Technical Support

1.1220 - Green Alternate Count Invalidation Line

Trading recommendations:

Day traders should consider to open buy orders only in the level of 1.4000 is broken and sell orders only if the level of 1.1298 is violated. Otherwise, please refrain from trading until the market decides which way it wants to move.

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

Trading recommendations :

• The price of the EUR/USD pair is going to turn to the bearish bias from the level of 1.2568. The level of 1.2568 represents the weekly resistance 1. Also, tt should be noticed that the range of the last week was narrow and formed a rectangle. Then, support will set at the level of 1.2350, but the double bottom is going to set at 1.2357; and resistance had already placed at the level of 1.2568. Accordingly, it will be a good sign to sell below 1.2568 with the first target of 1.2462 to test a minor support at this price (it represents the weekly pivot point too). So, it will call for a downtrend in order to continue its bearish movement towards 1.2357. However, the stop loss should be placed above 1.2568 at the price of 1.2571. Equally important, the support will set at the 1.2350 level. Additionally, it should be noted that the range today will be about 219 pips this week.

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#USDX Technical analysis for November 12, 2014 Market Analysis Review

The Dollar index made a double top and got rejected. This pullback might be part of a bigger correction towards 87 or even below it. The longer-term trend remains bullish and our bullish flag target of 91 is still in play. Bulls need to be very cautious as we might see a pull back towards 86.70. I believe this will be another buy opportunity.

The Dollar index remains inside the upward sloping channel and above the cloud support. The 38% retracement is at 87 and the 50% retracement at 86.70. Short-term support is found at 87.40 and resistance at 87.75. Whichever side the index breaks, I expect a follow-through.

The bullish flag pattern has given us 91 as a target. Can we see a pullback towards 85-84 before this target is reached? Yes it is possible and that is why bulls will need to be very cautious specially if support at 87 is broken. The Dollar index has a daily support at 87.16 and at 86.35. So, we need to be very carefull if we close below any of those two levels.

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Gold Wave analysis for November 12, 2014 Market Analysis Review

Gold price has bounced from $1,146 low towards the previous high of $1,178. Gold price has managed to reach the 78.6% Fibonacci retracement but did not manage to make a higher high. This upward move could continue higher towards $1,195 if yesterday's high at $1,174 is broken. Otherwise, we might have started a new downward move and the upward bounce is finished.

Gold price in the short-term chart as shown above has reached the 78.6% retracement and got rejected. As long as price is above the short-term support of $1,159, bulls will be in control with increased chances of moving towards $1,195 if resistance at $1,170-74 is broken. My longer-term view remains bearish with $1,050 as a target. I prefer to open short positions as price breaks below certain support levels.

In the 4-hour chart, we see Gold price has entered the Ichimoku cloud neutral level. Support is found at $1,159-$1,155 and at the low at $1,146. Breaking below these support levels will confirm that a new downward move has started. I remain bearish and looking for opportunities to sell.

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

Overview :

• The GBP/USD pair has set a strong support at the level of 1.5893 around the weekly pivot point. Also, be aware of the supports at 1.5893 and 1.5844. On the other hand, resistance has already placed around the double top at the point of 1.5995 in H1 chart, because minor resistance has set at 1.5972; and the prices of 1.5995-1.6021 represent strong resistance. So, if the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in the uptrend and USD is in the downtrend. Therefore, buy above the level of 1.5893 which represents the weekly pivot point with the first target at the 1.5970 price. Moreover, if the trend does not fail to close above the level of 1.5970, it will call for an uptrend in order to continue its bullish movement towards 1.5995 in order to test this strong resistance (it should be noted that the price of 1.5995 is going to form the weekly resistance 1 and the double top will set at the level of 1.6021). At the same time, the stop loss should be placed at the level of 1.5816.

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GBP/USD intraday technical levels and trading recommendations for November 12, 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 1.5800-1.5790 at the last time of retesting that took place on Friday.

The GBP/USD pair looked quite oversold on the 4H chart. Bullish correction was anticipated despite the bearish outlook on the daily chart.

Bullish fixation above price zone of 1.5890-1.5900 is mandatory to keep the ongoing bullish momentum.

Trading recommendations:

Bullish fixation above the price zone of 1.5890-1.5900 ( significant Key-level ) and 1.6025 ( previous weekly high ) indicates a bullish corrective movement.

If so, the bullish target level would be initially located around 1.6150.

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Intraday technical levels and trading recommendations for GBP/USD for November 12, 2014 Market Analysis Review

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

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. Hence, the pair has been moving sideways with some bearish tendency.

Despite the bullish breakout off the depicted bearish channel on the daily chart, daily fixation above price levels of 1.5870 ( already occurred ) and 1.5945 is still essential to pursue towards further targets initially around 1.6140 and 1.6300.

On the other hand, daily fixation below 1.5870 puts further bearish pressure on the pair to reach 1.5800-1.5780 where bullish recovery should be anticipated ( Note Friday's daily candlestick ).

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

Two weeks ago, 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 was suggested around 1.5830-1.5800 with Stop Loss located just below 1.5770. It's running in profits now. A 123 bullish reversal pattern will be confirmed once the market pushes above 1.5915 which is the recent top established this week.

Bullish fixation above 1.5950 is needed to resume the bullish swing.

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 with Stop Loss located just below 1.5870.

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Intraday technical levels and trading recommendations for EUR/USD for November 12, 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.

Yesterday, after testing of price level of 1.2500, the bears failed to show enough bearish momentum. Instead, an ascending bottom around 1.2400 was established. This applies bullish pressure on SUPPLY zone located around 1.2500 where the upper limit of the channel is located.

Recommendation:

Based on the new data mentioned above, a bullish breakout is a new probability. 4H closure above 1.2500 gives an early confirmation. Projection target would be located around 1.2600.

On the other hand, a valid short position was offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500. Stop loss can be set as a daily closure above 1.2500.

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

Technical outlook and chart setups:

The EUR/JPY bullish took off stops placed at the 144.50 level yesterday. The pair is trading around the 144.00 mark at the moment and recommendations are to remain flat for a while and watch for a reaction towards the 143.00 levels. A break below the immediate trend line support and subsequently the 142.00 level would confirm that a meaningful retracement is due. On the flip side, if the pair bounces off the trend line support around 143.00, it would be safe to enter long positions, with risk at 142.00. Interim resistance is at 144.50 while support is seen at 143.00, followed by 142.00, 140.50 and lower respectively. Bulls should remain in control till prices stay above 142.00.

Trading recommendations:

Remain flat for now.

Good luck!

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

Technical outlook and chart setups:

The GBP/CHF pair test estimated resistance around 1.5360/80 and backs off. High probability direction from here, is a break below the 1.5300 levels. Resistance is seen at 1.5475, followed by 1.5550 for several days, while support is seen at 1.5300 (interim), followed by 1.5210/20, 1.5125, 1.4975 and lower respectively. It is still recommended to remain short, with risk above the 1.5550 levels. A break below 1.5300 now would accelerate downside, since the event would be considered as a falling wedge breakout. Bears are expected to remain in control till prices remain below 1.5450 levels in general.

Trading recommendations:

Remain short, stop at 1.5560, the target is open.

Good luck!

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