Technical Analysis of EUR/USD for November 28, 2014 Market Analysis Review

The pair rejected at the descending trend line and closed below the 20Dsma. The US dollar was supported at yesterday's session even in the holiday- thinned trade. Today, the pair opened below 20Dsma, made a low at 1.2457. On the down side, the pair has support at 1.2440 and 1.2400. We recommend safe selling below 1.2400 and risk trades can sell below 1.2440 with the targets at 1.2375, 1.2360, and 1.2325. Speculators sell can at the current market price 1.2465, sl 1.2475 with the targets at 1.2455 and 1.2444. Below 1.2440, we can expect the 1.2410 and 1.2400 levels. The pair will go through strong selling pressure below 1.2400 towards 1.2360 and panic will be triggered below 1.2320. In case, the prices close above 1.2600, further 200 pips upswing will ignite. For the near term, 1.2600 is the key level on the bullish front and 1.2350 and 12320 are the key support levels on the support side. The panic will be triggered below 1.2320 with the targets at 1.2250 and 1.2226. In case if the prices close below 1.2226, the pair can extend its fall up to 1.2100. Today, focus shifts to German retail sales, French consumer spending, core CPI estimate, unemployment data, and mainly CPI flash estimates. At yesterday's session, the euro fell after the weak inflation report. Any negative readings released, we can expect 1.2400 and 1.2360 again at today's session.

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Daily analysis of USDX for November 28, 2014 Market Analysis Review

On the daily chart, the USDX remains in a consolidation phase, between 88.63 and 87.35. During today's session, the USDX could move with very low liquidity, since today is a day off after Thanksgiving holiday in the US. So, the USDX will not have significant changes affecting its current trend. The MACD indicator is moving into the negative territory.

Dailychart's resistance levels: 88.63 / 90.40

Dailychart's support levels: 87.35 / 86.20

The USDX has managed to consolidate above the 200 SMA on the H1 chart, so the next target in the bullish road would be the resistance level of 88.15. However, the USDX could suffer a bearish pressure next week, although the MACD indicator could give it a bullish momentum. This instrument could climb above the 88.15 level and achieve the target level of 88.43.

H1 chart's resistance levels: 88.15 / 88.43

H1 chart's support levels: 87.86 / 87.58

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 88.15, take profit is at 88.43, and stop loss is at 87.86.

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Daily analysis of GBP/USD for November 28, 2014 Market Analysis Review

The GBP/USD pair made a pullback at the level of 1.5811 on H4 chart, because this pair lost bullish force during yesterday's session, in which the American markets had low liquidity due to the celebration of Thanksgiving Day. The GBP/USD pair is likely to make a rebound on the bearish trend line that is located at the 1.5700 level, although this area is very weak at the technical level. On the bearish road, the GBP/USD pair finds support at the 1.5589 level. The MACD indicator is moving into the negative territory.

H4chart's resistance levels: 1.5811 / 1.5874

H4chart's support levels: 1.5698 / 1.5589

On the H1 chart, the GBP/USD pair still finds support on the 200 SMA, which could give it a bullish momentum. So, this pair is to climb to the resistance level of 1.5810. However, we must be very careful with the level of 1.5729 which could act as strong resistance on the H1 chart, bring down GBP/USD and made it fall to the level of 1.5686 in the short term. The MACD indicator is entering the oversold zone.

H1 chart's resistance levels: 1.5739 / 1.5810

H1 chart's support levels: 1.5686 / 1.5632

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 1.5739, take profit is at 1.5686, and stop loss is at 1.5795.

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Technical analysis of EUR/USD for November 28, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Retail Sales m/m, French Consumer Spending m/m, Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment Rate, and Italian Prelim CPI m/m. The US will not release any economic reports. So, in this context EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2513.

Strong Resistance:1.2505.

Original Resistance: 1.2493.

Inner Sell Area: 1.2481.

Target Inner Area: 1.2451.

Inner Buy Area: 1.2421.

Original Support: 1.2409.

Strong Support: 1.2397.

Breakout SELL Level: 1.2389.

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Technical analysis of USD/JPY for November 28, 2014 Market Analysis Review

In Asia, Japan will release the Household Spending y/y, Tokyo Core CPI y/y, National Core CPI y/y, Unemployment Rate, Prelim Industrial Production m/m, Retail Sales y/y, and Housing Starts y/y. The US will not release any economic reports. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the Asian session, but with low volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.81.

Resistance. 2: 118.58.

Resistance. 1: 118.35.

Support. 1: 118.06.

Support. 2: 117.83.

Support. 3: 117.60.

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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USD/CAD intraday technical levels and trading recommendations for November 27, 2014 Market Analysis Review

Overview:

Three months ago, the price levels around 1.0620 initiated the current strong uptrend on July 2.

Recently, bulls were pushing towards the upper limit of the movement channel (1.1370) in mid-October. Immediate bearish rejection was expressed as anticipated after such a long bullish swing resulting in a bearish correction towards 1.1200.

4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) temporarily allowed bears to push towards 1.1100 ( the lower limit of the bullish channel ) where extensive bullish support was offered.

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

Despite the significant bullish SUPPORT offered around price level of 1.1275, the USD/CAD pair spiked down to price level of 1.1190 ( the lower limit of the ongoing channel ).

On the other hand, the price level of 1.1320 ( corresponding to the upper limit of the the movement channel ) once provided enough bearish pressure to push towards 1.1220 ( temporary bearish breakout of the depicted channel was achieved then ).

Bullish breakout off the depicted channel took place earlier today. This enhances the bullish side of the market.

Trade Recommendations:

The market will probably offer a valid BUY entry at retesting of price level of 1.1275 ( backside of the broken channel ). Stop Loss should be set as daily closure below 1.1222.

Potential long-term bullish target is located at 1.1500 ( the upper limit of the depicted movement channel ).

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Intraday technical levels and trading recommendations on EUR/USD for November 27, 2014 Market Analysis Review

The price zone of 1.2880-1.2900 ( corresponding to the upper limit of the previous broken channel ) was being targeted one month ago. 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. Bearish projection target was already reached 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 the price level of 1.2200.

As we mentioned, the EUR/USD bears needed to obviously fixate below 1.2490 soon enough ( took place already on Friday ).

Price level of 1.2200 corresponds to the projection target of the current bearish flag pattern as long as the bears keep defending the current price zone of 1.2470-1.2490 as their recent SUPPLY zone.

Few ascending bottoms around 1.2400 and 1.2430 ( within the borken depicted bullish channel ) were established. This applied temporary bullish pressure that's why, the EUR/USD pair managed to fixate above price level of 1.2500 for a few 4H candlesticks before the bears managed to apply enough bearish pressure on Friday.

The bearish flag scenario should now be considered for the longer-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair around ( review Trade recommendations below ).

On the other hand, the EUR/USD pair has a bearish projection target ( the Flag pattern ) roughly located around price levels of 1.2200.

Trade recommendations:

Price zone of 1.2470-1.2490 should now be considered for SELLING the pair at considerable prices. This price zone corresponds to a previous swing low ( established on October 6) as well as significant Fibonacci level of the most recent bearish impulse.

Stop Loss should be located above 1.2575. Target levels should be set at 1.2430 and 1.2370 respectively.

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EUR/NZD : analysis for November 27, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.5786 in an average volume. According to the 4H time frame, we can oberve weak supply, which is a sign that selling EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential support and I got Fibonacci retracement 61.8% at the price of 1.5780 (currently on the test). Be careful when selling and watch for potential buying opportunities after retracement (buy on the lows).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5951

R2: 1.5981

R3: 1.6029

Support levels:

S1: 1.5854

S2: 1.5824

S3: 1.5775

Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background.

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Gold : analysis for November 27, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,185.49. According to the daily time frame, we can can observe low activity on the market. Our Fibonacci retracement 61.8% at the price of 1,208.00 is still valid. If the price breaks the level of 1,208.00 in a high volume and healthy price action, we may see futher bullish movement. Otherwise, we may see testing the level of 1,179.00 (Fibonacci retracement 61.8%). Be careful when buying gold at this stage since our Fibonacci retracement is still active.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,200.57

R2: 1,202.23

R3: 1,204.90

Support levels:

S1: 1,195.23

S2: 1,193.57

S3: 1,190.90

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).

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Daily analysis of Silver for November 27, 2014 Market Analysis Review

Overview

According to our yesterday's expections, the price closure below the Support level of 16.50 would give new opportunities for sell signals. Currently, the metal has already managed to close below the Support level trading below while it is approaching the next support level. Then, the metal must test the Support level of 16.00 to get more bearish move till reaching 15.70 as the second target. On the other hand, the metal's rebound from the Support level of 18.90 cancels the bearish 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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Technical analysis of USD/JPY for November 27, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with risks skewed lower. Liquidity was thin later on a trading day as financial markets in U.S. are shut for Thanksgiving Day. USD/JPY is undermined by the lower U.S. Treasury yields (10-year at 2.246% versus 2.261% late Tuesday), weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000), larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%); fewer-than-expected U.S. October new home sales of 458,000 (versus forecast 470,000), unexpected 1.1% drop in U.S. October pending home sales index (versus forecast for 0.5% rise) and weaker-than-expected November University of Michigan final consumer sentiment index of 88.8 versus forecast 90.0 and preliminary reading of 89.4. USD/JPY is also weighed by Japan's export sales. But USD/JPY losses are tempered by the demand from Japan's importers and Bank of Japan's large-scale easing policy.

Technical comment:
Daily chart is tilting negative as stochastics is turned bearish at the overbought levels, MACD histogram bars are turning negative.

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 117. A break of this target will move the pair further downwards to 116.65. The pivot point stands at 117.85. 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 117 and the second target at 116.65.

Resistance levels:

118.20

118.60

119

Support levels:

117

116.65

116.35

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Technical analysis of USD/CHF for November 27, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade in a higher range. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000); larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%). But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy.

Technical comments:

Daily chart is mixed as MACD is bearish but stochastics is neutral.

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 0.9665 and the second target at 0.970. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9575. A break of this target would push the pair further downwards and one may expect the second target at 0.9545. The pivot point is at 0.9610.

Resistance levels:

0.9665

0.97

0.9720



Support levels:
0.9575

0.9545

0.9515

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Technical analysis of NZD/USD for November 27, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a higher range. It is supported by the weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000); larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%), fewer-than-expected U.S. October new home sales of 458,000 (versus forecast 470,000); unexpected 1.1% drop in U.S. October pending home sales index (versus forecast for 0.5% rise), weaker-than-expected November University of Michigan final consumer sentiment index of 88.8 versus forecast 90.0 and preliminary reading of 89.4, Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD sentiment is dented by the wider-than-expected New Zealand October trade deficit of NZ$908 million (versus forecast deficit NZ$800 million).

Technical Comment:

Daily chart is mixed as MACD is bullish, but stochastics is in a bearish mode.

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 0.7945 and the second target at 0.7975. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7820. A break of this target would push the pair further downwards and one may expect the second target at 0.78. The pivot point is at 0.7845.

Resistance levels:

0.9675

0.9720

0.9740



Support levels:
0.9580

0.9555

0.9515

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Technical analysis of GBP/JPY for November 27, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate with a bearish bias. It is supported by the buoyant EUR/USD and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and softer USD/JPY undertone. GBP/JPY downside movement is tempered by the soothed sterling sentiment as revised U.K. 3Q GDP came in at +0.7% on-quarter and +3.0% on-year, matching forecasts.

Technical comment:

Daily chart is mixed as MACD is bullish but stochastics is bearish near the overbought levels.

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 184.65. A break of this target will move the pair further downwards to 184. The pivot point stands at 185.75. 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 186.3 and the second target at 186.75.

Resistance levels:

186.30

186.75

187.25

Support levels:

184.65

184

183.35

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Technical analysis of NZD/USD for November 27, 2014 Market Analysis Review

Trading recommandations :

In the long term:

• According to previous events, the NZD/USD pair has still been trapped between the levels of 0.7960 and 0.7785.


• A strong resistance will be formed at the level of 0.8020 providing a clear signal for sell deals with the target seen at 0.7845.


• Stop-loss is to be placed above 0.8057.


• A strong level (support) will be formed at the level of 0.7785 providing a clear signal for buy deals with the targets seen at 0.7960 and 0.8015.


• Stop-loss is to be placed below 0.7738.

Notes :

• The double top will be set at the level of 0.8020.


• We expect a range of 189 pips this week. But it should be noted that the risk of 126 pips must make a profit of 189 pips.


• Volatility: 275.91. Therefore, the market indicates the higher volatility.


• The value of 38.6% Fibonacci retracement levels is 0.7791 (it confirms the bullish market).

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Technical analysis of GBP/USD for November 27, 2014 Market Analysis Review

Overview :

• The price of GBP/USD pair is going to move with the bullish bias from the level of 1.5666 which represents the weekly pivot point. Additionally, the price of 1.5666 coincides with the double bottom and the ratio of 23.6% Fibonacci retracement levels in H1 chart. Accordingly, it will be a good sign to buy above 1.5666 with the first target of 1.5764 to test a minor resistance at this price and it should be noted that the price of 1.5800 represents strong resistance. Also, it will call for an uptrend in order to continue its bullish movement towards 1.5825. Equally important, the resistance will set at the 1.5825 level. So, it will very useful to take profit at this spot. At the same time, the stop loss should be placed below the double bottom at the price of 1.5633. Furthermore, it should be noted that the range today will be moved between the levels of 1.5732-1.5825.

Intraday technical levels :

Date: 27/11/2014

Pair: GBP/USD

• R3: 1.5965


• R2: 1.5885


• R1: 1.5838


• PP: 1.5758


• S1: 1.5711


• S2: 1.5631


• S3: 1.5584

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#USDX Technical analysis for November 27, 2014 Market Analysis Review

The Dollar index continues to trade inside the sideways channel. It remains above the cloud support and I believe we are at a critical juncture. The time is up for bulls that will need to step up now in order for the new upward move to start. Until now, bears have managed to push the index back below 88 each time it broke higher.

Black lines = price channel

The Dollar index has short-term support at 87.50. Price is testing the Ichimoku cloud and manages to close above it. The resistance is found at 88 and 88.35. Bulls will need to hold support but also show some signs of strength in order to start a new upward move. Otherwise, bears will overwhelm this index and push it below 87 eventually. Critical support at 87.15, although I believe that a break below 87.50 will be enough for bears.

The weekly chart remains bullish according to Ichimoku terms but the weekly candle is showing signs of reversal. A weekly close below 87 will be extremely bearish, while a weekly close above 88.20 and near 88.40 will support the bullish scenario and our target of 91 from the two bullish flags.

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Gold Technical analysis for November 27, 2014 Market Analysis Review

Gold price has broken below the triangle pattern overnight and is now back testing the triangle break level. Short-term trend is still neutral with a hint of reversing to bearish. As long as price is below $1,208 I believe we are in a topping formation with increased chances of breaking lower.

Black line=support

Gold price has broken the first support level at $1,189 only to bounce back up towards $1,195 to back test the break out. Gold is mainly moving sideways with no clear direction. Support is at $1,185 and resistance at $1,208. Next important support is at $1,177 shown by the second lower black line.

Red line = support

Black line = triangle

Gold price remains above the cloud support and above the red trend line support. Gold price also remains below the important resistance of $1,208 where the 61.8% Fibonacci retracement is found. I believe that once the cloud is broken we will see a strong downward move towards $1,050. I prefer to be short with $1,208 stop and add to my short positions if support at $1,165-$1,170 fails.

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Elliott wave analysis of EUR/NZD for November 27 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.5899

R2: 1.5851

R1: 1.5826

Current spot: 1.5796

S1: 1.5788

S2: 1.5763

S3: 1.5737

Technical summary:

We have seen the expected correction towards our target at 1.5805 (the low has been 1.5788) and we will now be looking for a break above minor resistance at 1.5826 as the first indication, that the correction is over, but a break above resistance at 1.5951 and more importantly a break above 1.5899 is needed to confirm that wave c higher to 1.6273 on the way higher to 1.6446 and 1.6800 is unfolding.

Trading recommendation:

We will buy upon a break above minor resistance at 1.5826 with a stop placed at 1.5775.

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Technical analysis of USD/CAD for November 27, 2014 Market Analysis Review

General overview for 27/11/2014 09:40 CET

The wave progression is getting more and more consolidated as there is no new low made so far below the level of 1.1190. The price have been making recently a lot of a false breakouts to the upside. That is why my bias is still to the downside as long as the price is trading inside the corrective golden channel. Only a sustained breakout above the level of 1.1368 would change the outlook for more bullish one.

Support/Resistance:

1.1437 - WR2

1.1368 - Key Level

1.1326 - WR1

1.1269 - Intraday Resistance

1.1258 - Weekly Pivot

1.1227 - Intraday Support

1.1224 - WS1

Trading recommendations:

Yesterday's classical breakout trade using sell stop order from the level of 1.1230 should be still kept open. SL above the level of 1.1276 and TP at the level of 1.1190.

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Elliott wave analysis of EUR/JPY for November 27 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 147.41

R2: 147.19

R3: 146.99

Current spot: 146.77

S1: 146.50

S2: 146.29

S3: 146.03

Technical summary:

Wave b extended slightly higher to 147.41, but it should just be a matter of time before support at 146.50 is broken and will indicate that wave c lower to 143.88 on the way towards 142.06. Short term we should expect resistance at 146.98 will protect the upside for the break below 146.50 and more importantly a break below 146.29 confirms wave c lower.

Trading recommendation:

We are short in EUR from 146.90 and will move our stop lower to 147.05. If you are not short in EUR yet, then sell upon a break below 146.50 with the same stop at 147.05.

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