Technical analysis of EUR/JPY for November 19, 2014 Market Analysis Review

General overview for 19/11/2014 07:50 CET

This pair keeps going up, making only a small corrections on the way up and widening the divergence between the momentum oscillator and the price. Still, the most preferred count is a large, irregular flat corrective abc green wave, that might target even the level of 143.30 ( if wave c green is extended). The first confirmation comes with breakout of the 145.72 level to the downside and another test of the weekly pivot at the level of 145.02. When the technical support at the level of 144.77 is violated as well, then the next target would be lower, at the level of 143.30. If this count is correct, then the wave c green down should be sudden, sharp and clearly impulsive.

Support/Resistance:

148.01 - WR1

146.54 - Wave 1 High

145.72 - Intraday Support

145.02 - Weekly Pivot

144.77 - Technical Support

Trading recommendations:

Only the breakout below the level o f 146.31 is a valid signal to open sell positions again with the reasonable SL level (preferably above the latest intraday high). The TP should be placed at the level of 144.77 and the longer term TP at the level of 143.30.

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Technical analysis of USD/CAD for November 19, 2014 Market Analysis Review

General overview for 19/11/2014 07:30 CET

First impulsive wave (wave -i-) to the downside has been completed and now the market is in an internal corrective cycle labeled as wave -ii-. We expect more action on sub-wave c purple to the upside to complete the zig-zag structure in that wave; then downside trend reversal is likely to be seen. The confirmation of this scenario comes with the breakout of the 1.1259 level and it must be clear, five wave impulsive wave progression. Otherwise, the corrective cycle might be more complex and time-consuming.

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

1.1311 - Weekly Pivot

1.1337 - Intraday Resistance

Trading recommendations:

Day traders should open sell orders from the current price level with SL just above the level of 1.1361 and TP at the level of 1.1220.

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Technical Analysis of GBP/USD for November 19, 2014 Market Analysis Review

The pound has been continuously losing its winning streak for the 6th day in a row. Ahead of the FOMC meeting minutes, the cable is still going on its decline next to the previous low at 1.5593. The delay in the UK interest rate hike is putting pressure on the pound. From an intraday view, the cable has resistance at 1.5620 or 35DEMA, above this 1.5645 or 12ema will act as major resistance for an intraday session. Until the prices close above 1.5720, bears have an upper hand for hourly based trading. In yesterday's session, we recommended fresh selling below 1.5630 with the targets at 1.5620, 1.5600, 1.5540, and 1.5505. We are still sticking at the same theme. In case, an hourly candle closes below 1.5590, the cable can extend its fall to 1.5450. Safe traders can start selling below the 1.5590 levels. We are extending the lower targets to 1.5500, 1.5450 and 1.5430. The pair favors selling on a rise. The monthly resistance exists at 1.6030 or 50M sma levels. The pair has weekly resistance exists at 1.5800.

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Technical Analysis of Gold for November 19, 2014 Market Analysis Review

The weaker dollar gave additional strength to the yellow metal prices. The metal gained $15 in yesterday's trade, but was rejected at 200Hrema. Today, the metal opened on a bearish note. On the down side, the metal has support at $1,184.00 and $1,181.00. We expect selling pressure will be triggered below $1,181.00 with the target at $1,178.50. Below $1,178.50, we can expect panic selling below the $1,178.00 levels. The metal has strong resistance at $1,212.00 or 200MEma on a weekly basis. The monthly resistance exists at $1,233.00. Today ahead of BOJ press conference and the FOMC meeting minutes, the metal is trading on a bearish note. From an hourly view, the metal is holding 12ema levels, below this $1,187.00 is the key support level. In case if the price falls below $1,187.00, it can extend its fall to $1,181.00 and $1,175.00. The prices are closed and trading below hourly key moving averages. We recommend fresh buying above $1,198.00 with the targets at 1200.00, 1202.00, 1204.00, and 1206.00. Above 1207.00, it can challenge 1212.00 and 1216.00 levels. Risky traders can sell below $1,190.00 levels.

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Technical analysis of EUR/USD for November 19, 2014 Market Analysis Review

When the European market opens, the important economic report will be released such as the Current Account. The US will release the economic data too such as the Building Permits, Housing Starts, Crude Oil Inventories, and FOMC Meeting Minutes. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2585.

Strong Resistance:1.2577.

Original Resistance: 1.2565.

Inner Sell Area: 1.2553.

Target Inner Area: 1.2523.

Inner Buy Area: 1.2493.

Original Support: 1.2481.

Strong Support: 1.2469.

Breakout SELL Level: 1.2461.

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 19, 2014 Market Analysis Review

In Asia, Japan will release the Monetary Policy Statement and All Industries Activity m/m. Besides, the US economic calendar is full of important reports such as Building Permits, Housing Starts, Crude Oil Inventories, and FOMC Meeting Minutes. 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: 117.72.

Resistance. 2: 117.49.

Resistance. 1: 117.26.

Support. 1: 116.97.

Support. 2: 116.74.

Support. 3: 116.51.

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Technical Analysis of USD/CHF for November 19, 2014 Market Analysis Review

The pair made a double top on the daily chart and closed below 20Dsma. In today's Asian session, the pair managed to trade at 0.9600 but it is facing strong resistance at 20Dsma at 0.9605. In case if the pair trades above 0.9605, it can challenge 0.9615, 0.9645, and 0.9655. We can expect strong upswing momentum above 0.9655 towards 0.9700 and 0.9740. We recommend selling only below 0.9540. Today, traders are turning attention to FOMC meeting minutes and building permits. Ahead of the FOMC meeting minutes, we can expect high volatility. The pair has been making lower lows and lower high swings in the hourly chart. From the positional view, in case the price closes above 0.9688 on a weekly closing basis, it can challenge 0.9800, 0.9840, 0.9970, and 1.017. The parallel monthly resistance exists at the 0.9751 levels. Currently, the pair is trading at a 2-week low. 0.9700 is still resistance, but we can say it is a top on a closing basis unless we see a close below 0.9361. If not, it can shoot above 0.9700 levels.

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Technical Analysis of USD/CAD for November 19, 2014 Market Analysis Review

In yesterday's session, the pair took the support at the 61.8 fib level and managed to close above 20Dsma. As of now today, the pair made exact high at 1.1328. In case if the price trades above 1.1328, it can challenge at 1.1337, above this at 1.1366 and 1.1400. The daily stochastics indicates a buying signal. On the down side the pair has support at the 1.1288, 1.1260, and 1.1256 levels. Buyers can use sl 1.1255 add on dips with the upside target at 1.1400. We recommend fresh buying above 1.1330 and strong momentum above the 1.1337 levels. Ahead of FOMC meeting minutes, if we consider the positional short-term view, in case the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. 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 and 1.2350 in the long-term perspective. The pair has resistance at 1.1425 on a daily closing basis.

Trade:

Buying above 1.1330.

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Daily analysis of USDX for November 19, 2014 Market Analysis Review

The USDX is consolidating below the bullish trend line at the level of 87.65. This instrument is likely to fall to the support level of 87.35. However, in the present territory where the USDX is moving, it is a very crowded area which could cause irregular movements in the USDX. The MACD indicator is entering the negative territory, so the USDX could extend the fall to the level of 87.00.

H4chart's resistance levels: 87.93 / 88.19

H4chart's support levels: 87.35 / 87.00

On the H1 chart, the USDX fell far to the 200-day moving average, because this instrument is making a bearish retracement in an effort to keep the overall bullish trend. If the USDX finds dynamic support at the current levels, the next target would be the support level of 87.86. The MACD indicator is in the oversold zone.

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 87.57.

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Daily analysis of GBP/USD for November 19, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair found support at the level of 1.5642, where the pair has been slowed by the bullish force that has been concentrated in this area. In addition, the GBP/USD pair could conduct a rebound at this support level and climb to the resistance level of 1.5746. If the GBP/USD pair makes a breakout at that level, it would be expected to go up to the resistance level of 1.5883 in the medium term. Remember that this pair formed a fractal below the 1.5642 level. 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 moved in a range below the resistance level of 1.5686, because this pair is forming a bearish pattern to fall to the support level of 1.5590, although the level of 1.5632 could stop these falls in the H1 chart. On the other hand, if the GBP/USD pair takes a rebound at current levels, it would be expected to rise to the resistance level of 15686.

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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Daily analysis of major pairs for November 19, 2014 Market Analysis Review

EUR/USD: This market also shows protracted efforts by bulls to push the price upwards, as bearish pulls are being rejected. A movement above the resistance line at 1.2600 would mean the end of the bearish bias, leading to a Bullish Confirmation Pattern in the market.

USD/CHF: This market reflects a long struggle between bulls and bears – with bears gaining upper hands. There is now a serious threat to the recent bullish outlook, and it is no longer logical to seek long trades (in the face of the CHF gaining strength). A movement below the support level at 0.9550 would signal the end of the bullish outlook.

GBP/USD: This pair is still weak, and there is a good chance that it may test the accumulation territory at 1.5600. That accumulation territory was tested last week. With enough bearish continuation in the market, the accumulation territory may be breached to the downside as the price reaches for the new accumulation territory at 1.5550.

USD/JPY: The USD/JPY pair continues to go upwards in a slow and steady manner. This upwards journey would continue as long as the Yen remains weak – something that has helped most other JPY pairs to remain bullish. The next target for the bulls is at the supply zone of 117.00.

EUR/JPY: The EUR/JPY continues its slow and steady journey to the upside. The bullish bias would continue to hold as the EUR continues to make effort to become strong and the JPY continues to be weak. The next target to be reached is at the supply zone at 147.00, which would possibly be reached this week.

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Intraday technical levels and trading recommendations on EUR/USD for November 18, 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.

Price zone of 1.2880-1.2900 ( corresponding to the upper limit of the movement channel ) 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 1.2490-1.2500 (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). However, signs of indecision and hesitance is manifested on the daily chart.

The pair has been moving within narrow range of consolidation. Friday's candlestick ended up with daily closure above 1.2500.

However, yesterday we saw a Shooting-Star daily candlestick that can resume the ongoing bearish momentum if the daily closure ended below price level of 1.2500.

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.

Last week, the EUR/USD pair has tested price level of 1.2500 few times, the bears have failed to apply enough bearish momentum.

Instead, few more ascending bottoms around 1.2400 and 1.2430 were established. This applied bullish pressure on SUPPLY zone located around 1.2500 where the upper limit of the channel is located.

A high probability of bullish reversal exists as long as the bulls keep fixating above 1.2500. Thus, establishing another ascending bottom confirming the ongoing uptrend.

Trade recommendations:

Based on the technical data mentioned above, bullish breakout is now a high-probability scenario.

4H closure above 1.2470 then 1.2500 gives an early confirmation. Projection target would be located around 1.2600.

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USDCAD Daily Analysis - November 19, 2014 Forex Analysis

USDCAD's downward movement from 1.1466 extended to as low as 1.1260. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.1200 area. However, a clear break above the trend line resistance will indicatet that the downtrend had compelted at 1.1260 already, then the following upward movement could bring price to 1.1600 zone.

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USDCHF Daily Analysis - November 19, 2014 Forex Analysis

USDCHF remains in downtrend from 0.9739, as long as the trend line resistance holds, the rise from 0.9552 could be treated as consolidation of the downtrend. Further decline would likely be seen, and next target would be at 0.9500 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 0.9552 already, then further rise to 1.0000 area could be seen.

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USDJPY Daily Analysis - November 19, 2014 Forex Analysis

USDJPY's upward movement from 105.32 extended to as high as 117.21. Support is now at 115.45, as long as this level holds, the uptrend could be expected to continue, and next target would be at 119.00 area. On the downside, a breakdown below 115.45 support will indicate that the uptrend is complete, then deeper decline to 113.00 area could be seen.

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AUDUSD Daily Analysis - November 19, 2014 Forex Analysis

AUDUSD broke below the upward trend line on 4-hour chart, indicating that the uptrend from 0.8540 had completed at 0.8795 already. Further decline to test 0.8540 support would likely be seen. Resistance is at 0.8795, only break above this level could trigger another rise towards 0.8900.

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GBPUSD Daily Analysis - November 19, 2014 Forex Analysis

GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.6182, the rise from 1.5592 is likely consolidation of the downtrend. Key resistance is located at the trend line, only a clear trend above the trend line resistance could signal completion of the downtrend.

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EURUSD Daily Analysis - November 19, 2014 Forex Analysis

EURUSD stays above the rising trend line on 4-hour chart, and remains in uptrend from 1.2358, the fall from 1.2577 would possibly be consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.2600 - 1.2650 area. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 1.2577 already, then the following downward movement could bring price to 1.2000 area.

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

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high at 117.06 on Monday. It is underpinned by the increased expectations that Prime Minister Abe will delay a planned sales-tax hike after a surprise 0.4% on-quarter contraction in Japan 3Q GDP (versus forecast for 0.5% expansion). USD/JPY also supported by broadly firmer USD undertone (ICE spot dollar index last at 87.96 versus 87.60 early Monday) on relative better U.S. economic picture and diverging U.S. monetary policy stance versus other major economies; ultra-loose Bank of Japan's monetary policy and demand from Japan's importers. But USD sentiment is dented by the surprise 0.1% drop in U.S. October industrial production (versus forecast +0.2%), lower-than-expected U.S. October capacity utilization of 78.9% (versus forecast 79.3%), weaker-than-expected rise in U.S. Empire State's business conditions index to 10.16 in November from 6.17 in October (versus forecast 10.50). USD/JPY gains are also tempered by Japan's exporter sales.

Technical comment:

Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, 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 117.30 and the second target at 117.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 116.05. A break of this target would push the pair further downwards and one may expect the second target at 115.80. The pivot point is at 116.35.

Resistance levels:

117.30

117.60

118

Support levels:

116.05

115.80

115.50

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

Fundamental overview:

USD/CHF is expected to trade in a higher range. Underpinned by broadly firmer USD undertone (ICE spot dollar index last at 87.96 versus 87.60 early Monday) on relative better U.S. economic picture and diverging U.S. monetary policy stance versus other major economies, contagion from weak EUR on CHF and dovish Swiss National Bank's monetary policy.

Technical comments:

Daily chart is mixed as MACD and stochastics are bearish, but the bullish-piercing candlestick pattern was completed on Monday.

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 0.9555. A break of this target will move the pair further downwards to 0.9515. The pivot point stands at 0.9635. 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 0.9670 and the second target at 0.97.

Resistance levels:

0.9670

0.97

0.9740

Support levels:

0.9555

0.9515

0.9785

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

Fundamental overview:

NZD/USD is expected to consolidate after hitting a two-week high 0.7974 on Monday. NZD/USD is undermined by the broadly stronger dollar undertone. But NZD sentiment is soothed by the stronger-than-expected 1.5% on-quarter growth in New Zealand 3Q retail sales (versus forecast +0.9%). NZD/USD downside is also limited by the Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential.

Technical comment:
Daily chart is still positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day moving average and is 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 0.8005 and the second target at 0.8050. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7830. A break of this target would push the pair further downwards and one may expect the second target at 0.7790. The pivot point is at 0.79.

Resistance levels:

0.8005

0.8050

0.8075

Support levels:

0.7830

0.7790

0.7750

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Technical analysis of GBP/JPY for November 18, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. It is undermined by the dovish comments from ECB President Draghi and Japan's export sales. But GBP/JPY downside is limited by the soft yen sentiment and demand from Japan's importers as well as by sterling demand on retreating EUR/GBP cross.

Technical comment:

Daily chart is mixed as MACD indicator is bullish, slow stochastic measure stays elevated at the overbought levels; five and 15-day moving averages are advancing but the bearish shooting-star candlestick pattern was completed on Monday.

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 183.35 and the second target at 183.95. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 181.05. A break of this target would push the pair further downwards and one may expect the second target at 180.50. The pivot point is at 182.

Resistance levels:

183.35

183.95

184.75

Support levels:

181.05

180.75

180.50

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Daily analysis of Silver for 18 November, 2014 Market Analysis Review

Overview

As it is seen in today's H4 chart, the metal is stabilizing above the Support level of 16.00 after its failure to break the Support level yesterday. Currently, we should wait for retesting of the Support level again and closing below it to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the Support level till testing the next Support level of 15.70. Therefore, we can consider our first target a few pips above this Support level, but as long as the price is still above the Support level of 16.00, this cancels the bearish move scenario.

Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)

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Daily analysis of GBP/JPY for November 18, 2014 Market Analysis Review

Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level of 181.00 and the Resistance level of 183.30. Meanwhile, the pair has failed again to break the Resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level of 183.30 till closing 4H above the Resistance level at 184.40 as a target level. Then, we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level at 185.00. On the other hand, if the pair fails to break the Resistance level of 183.30 and bounces from it, it may take a downward trend, which might push the Support level to 181.00 again. Therefore, we suggest waiting for the next closing before making a decision.

Resistance and support levels: R3 (185.00), R2 (184.40), R1 (183.30), S1 (181.00), S2 (180.00), S3 (179.00).

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EUR/NZD : analysis for November 18, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading sideways around the price of 1.5730. We are facing a very low volume on the market. We are still waiting for a larger volume and stonger price action. According to the daily time frame, we can observe weak supply on the market, which is a sign that selling EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5800 is broken, so we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%). We can observe a gap zone around the price of 1.5780-1.5820 (resistance zone). Watch for potential selling opportunities after retracement. Anyway, according to the 1h time frame, we got strong buying pressure in the background (buying climax), which is a sign that we may see a potential bullish corrective phase before any larger bearish movement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5781

R2: 1.5807

R3: 1.5851

Support levels:

S1: 1.5693

S2: 1.5667

S3: 1.5623

Trading recommendations: Be careful when selling EUR/NZD since we may see a potential bullish corrective phase.

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Gold : analysis for November 18, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upwards. The price tested the level of 1,204.46 in a high volume according to the 4H time frame. Since the price has broken 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 in the further period. According to the 1h time frame, we can observe high volume but not so strong price action, which is a sign that we may see possible reaction from sellers (potential bearish corrective phase). Be careful when buying gold at this stage since our Fibonacci retracement 61.8% is on the test. Anyway, my advice is to watch for potential buying opportunities after a bearish corrective phase (buy on the low).

Daily pivot Fibonacci points:

Resistance levels:

R1:1,190.86

R2: 1,193.88

R3: 1,198.77

Support levels:

S1: 1,181.08

S2: 1,178.06

S3: 1,173.17

Trading recommendations: Buying gold at this stage looks risky since we may see reaction from sellers.

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Elliott wave analysis of EUR/NZD for November 18 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.5823

R2: 1.5792

R1: 1.5766

Current spot: 1.5731

S1: 1.5723

S2: 1.5701

S3: 1.5680

Technical summary:

Wave 4 dipped a little lower than the ideal 1.5705 target, with the low coming in at 1.5680. We will now be looking for a rally past minor resistance at 1.5792 and more importantly a break above resistance at 1.5877 confirming the wave 4 bottom and that wave 5 higher to 1.6446 and 1.6800 is developing to end the expanding diagonal. Short term, only a break below 1.5680 will invalidate the expected rally higher and call for a move closer to 1.5640.

Trading recommendation:

We bought EUR at 1.5720 and will move our stop higher to 1.5620. If you are not long in EUR yet, then buy near 1.5720 with the same stop at 1.5620.

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Elliott wave analysis of EUR/JPY for November 18 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 146.69

R2: 146.40

R1: 146.18

Current spot: 145.95

S1: 145.71

S2: 145.60

S3: 145.35

Technical summary:

Despite a new high at 146.69, the odds favor this as being a b-wave rally of an expanded flat correction, this means that we should still see an impulsive decline in wave c soon towards 142.06. A break below support at 145.35 will confirm the rally to 146.69 as being a b-wave and tell us that wave c lower is developing. The risk is a bottom above 145.35 followed by a new rally to above 146.69 calling for a new top near 147.00 before the top finally is in place. Ideally, resistance at 146.50 will protect the upside for now.

Trading recommendation:

Our short position from 145.75 was stopped out at 146.60, but we will sell EUR again at 146.35 with a stop at 146.75.

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

Trading recommandations :

• The level of 0.7874 represents the weekly support 1. It should be noted that the weekly support 1 coincides with the ratio of 50% Fibonacci retracement levels. So, according to the previous events, the price of the NZD/USD pair will move between 0.7874 and 0.8005 today because the level of 0.8005 represents a minor resistance in H4 chart. Therefore, buy above 0.7880 in the long term with the first target of 0.7930, it might resume to 0.8005 (if the trend will be able to break the level of 0.7950) in order to test the minor resistance.The stop loss should never exceed your maximum exposure amounts. Thus, it will be quite profitable to set your stop loss at the level of 0.7835.
  

Observations :

• The double top will set at the level of 0.8000.


• The minor support is going to set at 0.7910 and this level is going to represent the weekly pivot point today.


• The major support had already set at the price of 0.7874. Moreover, the double bottom also coincides with the major support (0.7874) on November 18, 2014.


• We expect a new range of 63 pips today.

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

Trading recommendations :

• According to the previous events, the price of the USD/CHF pair probably is going to move between the levels of 0.9656 and 0.9550. Resistance has already set at the level of 0.9660 and support stands at the level of 0.9550. Hence, we expect a range of 97 pips in the coming two day. Additionally, it should be noted that if the trend is descending, then the strength of the currency will be defined as following: USD is in a downtrend and CHF is in an uptrend. Therefore, it will be of the insight to sell in this area of 0.9656 with the first target at 0.9594 in order to try breaking the daily pivot point which coincides with the ratio of 61.8% Fibonacci retracement levels. Then, the price will be able to continue in the downtrend towards 0.9550 (The double bottom will be formed at the level of 0.9550 in H4 chart). On the other hand, the stop losses should be placed above 0.9570.

Intraday technical levels :

Date:18/11/2014

Pair:USD/CHF

• R3: 0.9785


• R2: 0.9720


• R1: 0.9683


• PP: 0.9594


• S1: 0.9581


• S2: 0.9516


• S3: 0.9479

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Gold Technical analysis for November 18, 2014 Market Analysis Review

Gold price has broken above the short-term consolidation price range it traded on Monday. Now, above $1,193 it is possible to move towards the 61.8% retracement of the decline from $1,255. This is still considered a corrective bounce of the decline and I still believe the longer-term trend remains bearish with $1,050 as a target.

Black line = support

Gold price is above the Ichimoku cloud. This is a bullish sign. The upward move from $1,145 is near its completion. The possible target is the 61.8% retracement at $1,208. A reversal from the 61.8% retracement is possible but I prefer to wait and see a sign of weakness before going short again.

Blue lines = support

Short-term support levels at $1,185 and $1,182 are critical for the short-term trend. A break below those two levels will be a sign of weakness and that the upward move from $1,145 has finished. I believe we are at the final stages of the upward bounce from $1,130 and that the downtrend will soon resume. Prefer to play it safe and go short only on signs of weakness.

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

General overview for 18/11/2014 08:20 CET

After a false breakout above the yesterday's intraday resistance level the market reversed and now it is making new lows. The recent Elliott Wave count indicates, that it might be the last of the impulsive wave to the downside in the sub-cycle of the wave iii black ( wave -i- of wave iii) and now some reaction to the upside is needed. The target for wave -i- is at the level of 1.1220, that will invalidate the green alternative count as well. Please notice that the market is still moving inside the golden channel and the technical bullish flag pattern is still being taken into account.

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

1.1311 - Weekly Pivot

1.1326 - Intraday Resistance

Trading recommendations:

Yesterday's SL level for the short traders has been hit and sell orders should be closed with profit. Currently, day traders should open sell orders again from the current price level with SL just above the level of 1.1275 and TP at the level of 1.1220. Low risk, high reward trade to take on the last wave 5 to the downside.

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

General overview for 18/11/2014 08:00 CET

The current wave development had started a corrective cycle that is still in progress. The main level of support, the weekly pivot, has been well defended so far. Now, the market is trying to move above the intraday resistance at the level of 145.82. Breakout higher above this level would expose the recent swing high at the level of 146.54 to test and a very possible breakout.

Support/Resistance:

149.04 - WR2

148.01 - WR1

146.51 - Swing High

145.82 - Intraday Resistance

145.02 - Weekly Pivot

144.71 - Technical Support

143.93 - WS1

Trading recommendations:

No reaction to the downside so far makes the yesterday's sell orders SL move just above the level of 145.82. The TP level stays the same at the level of 143.32.

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

Technical outlook and chart setups:

The EUR/JPY pair dropped towards the trend line and bounced off the 144.80 levels yesterday. Resistance (interim) is seen at 146.50 while support is spread through 144.50 (fibonacci), followed by 143.50, 142.00 and lower respectively. The pair needs to at least break below the trend line support and subsequently 144.70/80 to confirm that a meaningful retracement/pullback is underway. An aggressive trade setup would be to initiate short positions here, risk remains above the 146.50 levels. The pair could retrace the entire rally from 134.00 to 146.00 levels and drop towards 140.00 levels (trend line support), before resuming rally.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for November 18, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has turned higher remaining just shy of 1.4975 levels. The pair could either be in a broader consolidation range until it confirms by breaking below 1.4975 levels. An aggressive trade setup here could be to initiate long positions, risk is at 1.4970. Support is seen at 1.4975, while resistance is at 1.5300 levels respectively. A more conservative trading approach could be to remain flat for now and look to sell on rallies into 1.5300 levels. Bears should remain broadly in control till the time prices remain below 1.5450/75 at least. A break below 1.4975 could further accelerate the fall.

Trading recommendations:

Remain flat for now. Look to sell rallies into 1.5300.

Good luck!

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Technical analysis of Silver for November 18, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver is drifting lower into $16.00 levels and bounces back. The metal could be well supported around $15.70/80 levels and long positions can be added there. A push higher from the current levels could possibly reach $16.70 and $17.20 on the higher side. Only a break of $17.80/18.00 levels could confirm the beginning of a potential head and shoulder reversal. Support is seen at $15.35, followed by $15.00 and lower while resistance is seen at $16.50/60, followed by $17.30/50, $17.80/18.00 and higher respectively. Bulls should remain in control till prices stay above $15.35 and subsequently $15.00.

Trading recommendations:

Remain flat for now, look to buy around $15.70/80.

Good luck!

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Daily analysis of major pairs for November 18, 2014 Market Analysis Review

EUR/USD: The outlook on the EUR/USD pair remains bearish and it may continue like that. The only thing that can render the bearish outlook useless is a condition in which the price goes above the resistance line at 1.2600. As long as the price remains below that resistance line, the market would be seen as bearish.

USD/CHF: This currency trading instrument is still bullish (a bullish bias). There is a support level at 0.9550, which may serve as a barrier to the bears’ effort to drag the price downwards. Should that support line be broken to the downside, the bullish bias would be threatened. Therefore, the price needs to continue going upwards for the bullish bias to be valid.

GBP/USD: The Cable trended downwards on Monday in the context of the Bearish Confirmation Pattern in the market. It has turned out that the upwards bounce that happened last Friday gave a good opportunity to sell short at a better price. The price may soon test the accumulation territory at 1.5600. It may even breach it to the downside.

USD/JPY: This pair remains on the bullish market, plus the bearish retracement that happened on it last Friday gave a good opportunity to enter long when things are temporarily on sale and in the context of an uptrend. The supply level at 117.00 was tested recently and it could be tested again. It may even be breached to the upside.

EUR/JPY: This cross is also bullish in outlook, and the price is expected to continue trending upwards. The current pullback in the market does not mean the trend is over as the price does not move in a straight line. The price may test the supply zone at 146.50, which is the target for this week.

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