Technical Analysis of USD/CHF for November 17, 2014 Market Analysis Review

During the previous week, the pair was unable to breach the previous high at 0.9742 on a closing 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. The parallel monthly resistance exists at the 0.9751. We have been recommending the same targets for the last month (see the article from October 06th, 2014). Currently, the pair is trading at a 2-weeks low. 0.9700 is still resistance, but we can say it is a top on closing basis unless we see a close below the 0.9361 level. If not, it can shoot above the 0.9700 levels. Today, the pair was rejected at 0.9600 or 20Dsma and is trying to hold support at 0.9540, below this at 0.9510 or 50Dsma. We recommend buying at the market price of 0.9585, sl 0.9540 with the targets at 0.9600, 0.9615, 0.9625, and 0.9645. Safe buying will be triggered above the 0.9600 levels.

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Technical analysis of EUR/JPY for November 17, 2014 Market Analysis Review

General overview for 17/11/2014 07:40 CET:

Five wave impulsive sequence might be completed here at the level of 146.51. Now, at least three wave corrective cycles should start, but the confirmation comes first with the level of 144.71 breakout. Then, intraday golden trend line breakout would be possible as well. Nevertheless, the last wave to the upside might not have been completed as blue wave 4 is still a rather small corrective wave when compared to the other corrective cycle inside of the progression. That would mean, the current downward wave might be purple wave c of the overall very irregular flat corrective cycle in blue wave 4. Traders need to wait until the market to confirms/invalidates this scenario.

Support/Resistance:

149.04 - WR2

148.01 - WR1

146.51 - Swing High

145.02 - Weekly Pivot

144.71 - Technical Support

143.93 - WS1

Trading recommendations:

It looks that at least in the short term the market favours the sell side and this kind of orders should be placed in this pair. The SL level should be placed above the level of 146.51 and TP at the level of 143.32.

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Technical analysis of USD/CAD for November 17, 2014 Market Analysis Review

General overview for 17/11/2014 07:10 CET:

The wave progression is developing as anticipated with a top for the black wave ii at the level of 1.1390. Please notice that to confirm the main count is the correct one, the alternative count is invalidated, the market must violate the level of 1.1220 and break lower. Currently, the price is moving inside the golden channel and any breakout to the downside is a further confirmation of the main count.

Support/Resistance:

1.1120 - Wave 4 Blue Low

1.1173 - WS2

1.1224 - WS1

1.1220 - Green Alternative Count Invalidation Line

1.1265 - Technical Support

1.1289 - Intraday Resistance

1.1311 - Weekly Pivot

Trading recommendations:

The sell orders advised to open last week should still be kept open with SL lowered to the level of 1.1311 and TP moved lower to the level of 1.1220 with a possible downside extension to the level of 1.1120 later in the week.

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Trading recommendation on Gold for November 17, 2014 Market Analysis Review

The yellow metal closed marginally higher for the 2nd consecutive week. Today, at Asia's session the metal made a high at $1,193.40. Ahead of the crucial economic event, FOMC meeting minutes on Wednesday and today's industrial output data will decide the fate on the metal prices. The gold referendum taking place on November 30, 2014 in Switzerland will decide major trend changes. The overall picture favors bears. The weekly support level exists between $1,180.00 and $1,177.00. We recommend fresh selling below $1,177.00 with the targets at $1,171.00 and $1,161.00. The metal looks a bit stronger in case if the price trades above the $1,183.00 levels. In case if the metal manages to close above $1,190.00, it can challenge 1200.00, 1202.00, 1208.00, and $1,211.00. The metal has strong resistance at $1,188.00 or 200MSma and $1,212.00 or 200MEma on a weekly basis. The monthly resistance exists at $1,233.00. On an hourly basis, the metal has support at $1,182.00 levels and resistance exists at $1,194.00. Risky buyers can buy at the market price of $1,184.00, sl $1,180.00 with the targets at $1,188.00, $1,190.00, and $1,192.00. We can see strong upward momentum above $1,194.00 with a further upswing towards $1,198.00, $1,200.00, and $1,203.00. For the short term basis, gold is still favoring to downside.

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Technical analysis and trading recommendation on GBP/USD for November 17, 2014 Market Analysis Review

The cable saw a huge fall during 5 weeks. The pound fell to a 14-month fresh low against the US dollar. The key trigger for pound is the inflation. Tomorrow, the inflation report will decide the fate of this pair. The delay in the UK interest hike is putting pressure on the pound. Last Monday, we recommended fresh selling below 1.5750 with the targets at the 1.5620 and 1.5500 levels. We are extending the lower targets to the 1.5450 and 1.5430 levels. The pair favors selling on the rise. The cable has strong resistance between the 1.6227 and 1.6183 levels. Use every rise to sell, until the prices are closed above these resistance levels. The monthly resistance exists at 1.6030 or 50M sma. The pair has weekly resistance at 1.5800, above this we can expect 1.5875 and 1.6025.

Today, the pair opened above previous closure, indicating some pullback signs towards the 1.5712 and 1.5750 levels. From an hourly point of view, the cable has support at 1.5690, 1.5658, and 1.5630. The resistance levels exists at the1.5770 and 1.5800 levels. The cable is expanding its low with a capped top at 1.6020. We recommend selling on every upswing or selling below 1.5680. At the previous session, the pair took support from the channel support. The panic will be triggered below 1.5630 levels.

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Technical analysis of Silver for November 17, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver rallieds through $16.40 levels, taking out resistance at $16.20. The metal could possibly take a pause before resuming its next rally. It is recommended to book partial or all profits on long positions taken earlier. The metal could dip towards $15.80 levels before resuming rally towards $17.80/18.00 levels. Support is seen at $15.25/30 levels, followed by $15.00 while resistance is seen at $17.20, followed by $17.80 and higher respectively. Please note that the fibonacci 0.618 resistance is around $16.70 levels and a reaction could be expected if prices reach there. On the other side, $15.70/80 could be good levels to enter buying again on dips.

Trading recommendations:

Book profits on long positions taken earlier.

Good luck!

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Technical analysis of Gold for November 17, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has rallied to $1,195.00 levels in last 2 trading sessions. The metal could still have room left on the higher side. $1,207.00 looks like the next potential immediate target. It is recommended to hold long positions and move risk to $1,145.00. As seen here, the $1,207.00 is a potential resistance and also fibonacci convergence level. A bearish reaction there should be watched for a potential down trend resumption. Immediate support is at $1,145.00, followed by $1,130.00 while resistance is seen at $1,207.00, followed by $1,230.00/35.00, $1,250.00/55.00 and higher respectively.

Trading recommendations:

Remain long, stop at $1,145.00, target is $1,207.00.

Good luck!

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Technical analysis of EUR/USD for November 18, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Italian Trade Balance, Trade Balance, German Buba Monthly Report. The US will release economic data too such as the Empire State Manufacturing Index, Capacity Utilization Rate, Industrial Production m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2587.

Strong Resistance:1.2579.

Original Resistance: 1.2567.

Inner Sell Area: 1.2555.

Target Inner Area: 1.2525.

Inner Buy Area: 1.2483.

Original Support: 1.2483.

Strong Support: 1.2471.

Breakout SELL Level: 1.2463.

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 18, 2014 Market Analysis Review

In Asia, Japan will release the Prelim GDP q/q, Prelim GDP Price Index y/y and the US will release some economic data such as Empire State Manufacturing Index, Capacity Utilization Rate, Industrial Production m/m. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 116.37.

Resistance. 2: 116.14.

Resistance. 1: 115.92.

Support. 1: 115.64.

Support. 2: 115.41.

Support. 3: 115.18.

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 and trading recommendation on EUR/USD for November 17, 2014 Market Analysis Review

After 3 weeks of a downtrend, the pair managed to close in the green on a weekly basis. The pair has downside support at 1.2350, 1.2300, and 1.2270 or 200Msma. This week, each and every day, the pair is affected by key economic events. Today, ECB president Draghi is expected to testify. The empire state manufacturing index fell to 6.17 last month. We can expect a bounce from a previous month steep fall. On the dollar front, the industrial production report is pending. The pair has recovered 200 points approximately as of now this month, trading with gains. The longer-term picture indicates a sell on rallies. The FED is going to increase its interest rates, which adds fuel to the US dollar. The ECB's easing results weakness of the Euro. The monthly resistance exists at 1.2757 and monthly support exists at 1.2227 levels. The pair has weekly parallel resistance at 1.2577 and support exists at 1.2420.

For today's session, the pair is trading at 20Dsma or 1.2555, above this resistance exists at 1.2577. We recommend fresh buying at 1.2580 with the targets at 1.2615, 1.2639, and 1.2688. In case, if the pair closes above 1.2580 on a daily basis, bulls can challenge towards the 1.2688 levels. As long as the pair is trading above 1.2500 on an hourly basis, bulls have an upper hand. For an intraday basis, as long as the pair is closing above 1.2400, bulls can challenge 1.2666 levels. We recommend fresh buying at 1.2580 with the targets at 1.2600,1.2630, and 1.2660.

Trade:

Buying at 1.2580.

Selling below 1.2500, safe selling below 1.2480.

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Daily analysis of USDX for November 17, 2014 Market Analysis Review

The USDX has performed a drop from the resistance level of 88.19 to the support offered by the bullish trend line at the level of 87.55. Caution should be exercised with this trend line, because if the USDX makes a breakout in that area, it would be expected to fall to the support level of 87.35. In case of a rebound from the current levels, it could lead this instrument to revisit the resistance level of 87.93. The MACD indicator remains in the negative territory.

H4chart's resistance levels: 87.93 / 88.19

H4chart's support levels: 87.35 / 87.00

On the H1 chart, the USDX found strong resistance at the 88.15 level. Now, the USDX is trying to find support in the SMA 200. The USDX could begin to form a bearish pattern to fall to the support level of 87.28. However, this instrument is likely to make a bullish retracement to the resistance 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 17, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair continues to weaken. Now, this pair has touched new historical lows at the support level of 1.5642. If the pair manages to consolidate below that level, GBP/USD will have free space to fall to the support level of 1.5506. There is still a lot of bearish force in the GBP/USD pair because the MACD indicator remains in the negative territory.

Daily chart's resistance levels: 1.5746 / 1.5883

Dailychart's support levels: 1.5642 / 1.5506

The GBP/USD pair has made a rebound at the support level of 1.5590, because this pair is again trying to make a breakout at the resistance level of 1.5686. If successful, it is expected to go up to the resistance level of 1.5739 in the short term. The SMA 200 is located above the 1.5810 level in the H1 chart. The MACD indicator remains in the positive territory.

H1 chart's resistance levels: 1.5686 / 1.5739

H1 chart's support levels: 1.5632 / 1.5590

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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.

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USDCAD Daily Analysis - November 17, 2014 Forex Analysis

USDCAD's downward movement from 1.1466 extended to as low as 1.1264. Further decline is still possible, and next target would be at 1.1200 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could trigger another rise towards 1.1600.

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USDCHF Daily Analysis - November 17, 2014 Forex Analysis

USDCHF broke below 0.9580 support, indicating that the uptrend from 0.9370 had completed at 0.9739 already. Deeper decline would likely be seen, and next target would be at 0.9500 area. Resistance levels are at 0.9690 and 0.9739, only break above these levels could trigger another rise towards 1.0000.

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USDJPY Daily Analysis - November 17, 2014 Forex Analysis

USDJPY's upward movement from 105.32 extended to as high as 117.05. Near term support is at the bottom of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 119.00 area. Key support is at 113.86, only break below this level could signal completion of the uptrend.

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AUDUSD Daily Analysis - November 17, 2014 Forex Analysis

AUDUSD continued its upward movement from 0.8540, and the rise extended to as high as 0.8784. Support is located at the rising trend line on 4-hour chart, only a clear break below the trend line support will indicate that the uptrend is complete, then another fall towards 0.8400 could be seen.

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GBPUSD Daily Analysis - November 17, 2014 Forex Analysis

GBPUSD's downward movement from 1.6182 extended to as low as 1.5592. The downtrend could be expected to continue after a minor consolidation, and next target would be at 1.5500 area. Near term resistance is at 1.5755, and the key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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EURUSD Daily Analysis - November 17, 2014 Forex Analysis

EURUSD broke above 1.2508 resistance, indicating that the downtrend from 1.2867 had completed at 1.2358 already. Further rally would likely be seen, and next target would be at 1.2600 - 1.2650 area. Support is at 1.2358, only break below this level could trigger another fall towards 1.2000.

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