Intraday technical levels and trading recommendations on GBP/USD for November 28, 2014 Market Analysis Review

Previously around 61.8% - 50% Fibonacci levels ( Price zone between 1.6240 and 1.6350 ), a long-term bearish trend was initiated almost two months ago.

The market successfully pushed below 1.6100 shortly after. Prominent bullish DEMAND existed around price zone of 1.5940 - 1.5880. This paused the bearish momentum for almost 20 days before it was resumed.

Then, price zone of 1.6100-1.6140 constituted a prominent SUPPLY zone. The pair has moved sideways until recent bearish breakout took place.

Daily fixation below 1.5870 has put further bearish pressure on the pair to reach 1.5780, 1.5700 and 1.5650 where the back side of the mentioned bearish channel is located.

The previous daily candlesticks represented intraday DEMAND offered around 1.5650 after such a strong bearish momentum. Sideway movement has been taking place for a whole week.

Today, the market is pushing above 1.5800 further beyond the downtrend line that has been respected for 20 days now. The GBP/USD pair has a solid Intraday SUPPLY around 1.5800-1.5820 where many important Fibonacci Levels are located.

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

Last week, the bears managed to break below the recent low around 1.5790. This exposed the potential target at 1.5700 and 1.5650 where the backside of the broken channel is roughly located.

As anticipated, risky traders could have taken a BUY position around 1.5600-1.5650. It has achieved most of its targets by now.

This week, conservative traders were instructed to wait for a bullish pull-back towards 1.5820-1.5860 for a low-risk SELL entry.This position was triggered Yesterday as anticipated. It's already running in profits now.

Stop Loss should be lowered to 1.5860 ( slightly above entry levels ). This is now a risk-free position.

Price level of 1.5650 is the first target where profits should be taken until the next destination of the pair gets clear.

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

Fundamental overview:

USD/JPY is expected to trade in a higher range. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 88.00 versus 87.67 early Thursday) as oil prices plunge after OPEC's decision to stick to its existing target for oil production rather than cutting it in response to tumbling oil prices. USD/JPY is also supported by the demand from Japan's importers and Bank of Japan's large-scale easing policy. But USD/JPY gains are tempered by Japan's export sales and positions adjustment ahead of the weekend. Financial markets in U.S. were close early Friday after Thanksgiving.

Technical comment:
Daily chart is mixed as MACD and stochastics are bearish, but five-day moving average is meandering sideways above rising 15-day moving average.

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 118.90 and the second target at 119.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 117.60. A break of this target would push the pair further downwards and one may expect the second target at 117. The pivot point is at 117.85.

Resistance levels:

118.90

119.30

119.75

Support levels:

117.60

117

116.65

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

Fundamental overview:

USD/CHF is expected to trade in a higher range. It is supported by the broadly firmer dollar undertone (ICE spot dollar index last 88.00 versus 87.67 early Thursday) as oil prices plunge after OPEC's decision to stick to its existing target for oil production rather than cutting it in response to tumbling oil prices and ultra-loose Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.

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 0.9670 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:

0.9670

0.97

0.9720



Support levels:
0.9575

0.9545

0.9515

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

Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. It is supported by the firmer USD/JPY undertone and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and soft EUR/USD and Bank of Japan's large-scale easing policy. Daily chart is mixed as MACD and stochastics are turning bearish, but five-day moving average meandering sideways above rising 15-day moving average.

Technical comment:

Daily chart is mixed as MACD and stochastics are turning bearish, but five-day moving average meandering sideways above rising 15-day moving average.

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 186.15 and the second target at 186.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 157.70. A break of this target would push the pair further downwards and one may expect the second target at 184. The pivot point is at 185.10.

Resistance levels:

186.15

186.50

186.75

Support levels:

184.70

184

183.35

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EUR/NZD : analysis for November 28, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5896 in an average volume. According to the 4H time frame, we can oberve weak demand on the market, which is a sign that buying EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5870 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.5920. According to the daily time frame, we got absorption volume but from the other side we got strong resistance around the price of 1.6030.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5886

R2: 1.5911

R3: 1.5951

Support levels:

S1: 1.5805

S2: 1.5780

S3: 1.5739

Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background buy pay attention on the 1.6030 level

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Elliott wave analysis of EUR/NZD for November 28 - 2014 Market Analysis Review

Technical summary:

We are still looking for wave c to take off soon. However, a break above minor resistance at 1.5900 and more importantly a break above resistance at 1.5972 is needed to confirm, that wave c higher is developing for a continuation towards 1.6273 on the way higher to 1.6446 and 1.6800. If however, resistance at 1.5900 protects the upside for a break below minor support at 1.5830 the expected rally higher will be delayed for a new test of 1.5788 before the next rally higher can be expected.

Trading recommendation:

We are long in EUR from 1.5830 with stop place at 1.5775. If you are not long in EUR yet, then buy a break above 1.5900 with the same stop.

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Elliott wave analysis of EUR/JPY for November 28 - 2014 Market Analysis Review

Technical summary:

Our preferred count is still calling for a move lower soon, but the failure to break clearly lower does open for an alternative count calling for a rally past resistance at 147.42 calling for wave b higher towards 148.20 before wave b is over and wave c will be ready to take over for a decline towards 143.88. As long as resistance at 147.42 protects the upside, we will be looking for signs of a wave c lower, but only a break below support at 146.69 will confirm that wave c is developing.

Trading recommendation:

We are short in EUR from 146.90 with with stop at 147.50. If our stop is taken out, we will sell EUR again at 148.10 with stop at 149.25.

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Daily analysis of Silver for 28 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 breaking the Support level of 16.50 yesterday. Currently, we should wait for retesting 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 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 28, 2014 Market Analysis Review

Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level of 184.40 and the Resistance level of 186.00. Currently, the pair has failed again to break the Resistance level. If the pair breaks it to take an upward movement, it might continue its bullish trend and we will get a good opportunity to buy again above the Resistance level till closing 4H above the Resistance level of 186.60 as a target. Then, we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 187.00. On the other hand, if the pair fails to break the Resistance level of 186.00 and bounces from it, it may take a downward trend, which will enable the Support level of 184.40 again, Therefore, we suggest waiting for the next closing before making the decision.

Resistance and support levels: R3 (187.00) R2 (186.60) R1 (186.00), S1 (184.40), S2 (183.30), S3 (181.00).

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

Overview :

• The USD/CAD pair has already formed strong resistance at the level of 1.1465; furthermore, the same level coincides with the ratio of 100% Fibonacci retracement levels. Equally important, it should be noticed that minor support will be set at the level of 1.1323 around the 61.8% Fibonacci retracement levels in H4 chart. As shown, the price of the USD/CAD pair has been moving between 1.1320 and 1.1412. It should be also noted that the price moved lower to 1.1320 and turned higher. So, the range will be about 73 pips today. Additionally, the RSI and the moving average (100) are still calling for an uptrend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.1320 and 1.1350; with the first target of 1.1408 and continuing towards 1.2465 in order to test resistance. On the other hand, if the price falls to close above the level of 1.1465, hence the price will call for a bearish market to go further towards the daily pivot point at 1.1307.

Intraday technical levels:

Date: 28/11/2014

Pair: USD/CAD

• R3: 1.1499


• R2: 1.1427


• R1: 1.1379


• PP: 1.1307


• S1: 1.1259


• S2: 1.1187


• S3: 1.1139

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

Overview :

• The price of the EUR/USD pair is still moving between the levels of 1.2570 and 1.2360. Moreover, it should be noted that the market is not so stable. So is the trend because the market is wobbling, the range will be around 92 pips pips next week. Additionally, the value of 100% Fibonacci retracement levels is 1.2600 (double top). The key level of 1.2600 is present to confirm a bearish market. This level will act as strong resistance because it coincides with the weekly resistance 2. Therefore, sell deals are recommended below 1.2600 or 1.2570 with the target at the level of 1.2417. It will resume towards 1.2360 in order to form a double bottom at this level. Moreover, the price will call for a bearish market to go further towards the level of 1.2330 to test the last support on November 28, 2014. However, it should be noted that the stop loss should never exceed your maximum exposure amounts. So, the best location to set the stop loss should be above the double top.

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#USDX Technical analysis for November 28, 2014 Market Analysis Review

The Dollar index has held support and is breaking above the sideways channel once again. Is this time for real or is this the last chance for bears to reverse the market? I remain bullish targeting 91. The weekly chart is getting better and better and with EUR/USD and GBP/USD weakness I believe we can see a nice long tail in the weekly chart that confirms the strength of Dollar bulls.

The bullish flag within the bullish flag pattern remains intact and I remain bullish targeting at least 91. The trend remains bullish and the weekly candle means that the red body makes a push higher and a long tail implies how bullish the next week can be. Support is held for now and if resistance at 88.35-88.50 is broken we should expect an explosive rise towards 90-91 which is the target of the bllish flag patterns.

In the shorter-term, on the 4-hour chart we observe how price has held above the thin ichimoku cloud and how bulls are trying once again to break above the trading range. Resistance is at 88.45 and support is at 87.80. Bulls continue to have the upper hand and I remain bullish and positive as long as we hold above 87.50.

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

General overview for 28/11/2014 09:20 CET

The level of 1.1368 has been violated and that means the ending diagonal idea is now invalidated. Currently, the main count has been invalidated as well and the alternative count is in play right now. This count indicates more impulsive wave development to the upside as the market broken out from the golden corrective channel. The first major target area is the supply zone between the levels of 1.1445 - 1.1465, but more advanced impulsive structure that is being expected is the zone is broken.

Support/Resistance:

1.1504 - WR3

1.1445 - 1.1465 - Supply Zone

1.1437 - WR2

1.1389 - 1.1395 - Wave iii Target Zone

1.1367 - Intraday Support

Trading recommendations:

Traders should consider buying the dips as the market has finally broke out of the corrective channel. All SL should be placed below the level of 1.1224.

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Gold Technical analysis for November 28, 2014 Market Analysis Review

Gold price continues to look weak as it has broken below $1,190 and is making lower lows and lower highs. The rounding top at the 61.8% retracement is an early bearish signal that will get confirmed if $1,174 is broken. The short-term target will be $1,140.

Red line = resistance

Blue line = critical support

Black lines = trend support

Gold price has broken the short-term support of $1,189 and is now going to test the second and most important support at $1,174. The topping formation looks like a rounding top with the neckline at $1,174 where the previous low was and where the black trend line is found. The short-term target if prices break $1,174 support is at $1,140.

Black lines = triangle pattern

Red line = support

Gold price has clearly broken down and out of the triangle and is inside the medium term ichimoku cloud support confirming that the trend has changed from bullish to neutral and that soon we could see this change to bearish. If the red trend line fails to hold, the trend will change to bearish. As I said in yesterday's post, I prefer to be short with $1,208 stop as I believe an important top is at that level. We could be at the early stages of a new downard move towards $1,050. I remain bearish.

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

Technical outlook and chart setups:

The EUR/JPY has been clearly trading sideways between 146.30 and 147.30 since it broke below the immediate trend line support. Please note that the back side of the trend line support is now providing enough room to rally past the 149.00 levels. A more likely probability from here is to break higher towards 151.00 and 154.00 respectively. On the flip side, a break below 145.50 could see the pair further correcting towards 142.00 levels, towards the outer trend line support as seen here. Immediate resistance is seen at 149.00 levels, while support is seen at 145.50 respectively.

Trading recommendations:

It is recommended to remain long now, stop is at 145.50, the target is open.

Good luck!

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Technical analysis of GBP/CHF for November 28, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is trading at the 1.5170 levels for now and could be looking to push higher towards at least 1.5270, which is also the fibonacci 0.618 resistance of the drop from 1.5450 to 1.4950 levels earlier. Also note that 1.5300 is past support turned resistance now and hence a reaction could be expected there. Immediate resistance is at 1.5300, followed by 1.5450, 1.5475 and higher while support is seen at 1.5120, followed by 1.5020, 1.4950 and lower respectively. It is recommended to remain long for now, with risk at 1.5000 levels. Bulls could remain in control till at least 1.5300 if not higher.

Trading recommendations:

Remain long, stop is at 1.5, the target is at 1.53.

Good luck!

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Technical analysis of Silver for November 28, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver remains structurally constructive for bulls till prices are above $15.90 levels and also in the buy zone of the support trend line. The metal is trading at $16.11 at the moment, after testing sub $16.00 levels today. Immediate support is seen at $15.90 levels, followed by $15.30, $15.00 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 levels and higher respectively. It is recommended to remain long, with risk around $15.50. The overall structure is no doubt bearish but the metal could possibly push higher till $15.90 remains intact.

Trading recommendations:

Remain long for now, stop at $15.50, the target is open.

Good luck!

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Technical analysis of Gold for November 28, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has retraced further towards $1,180.00 levels, and is looking to form base ahead of $1,175.00. Please note that the support trend line is also passing just below $1,180.00 levels for now. Only a break below trend line would suggest that a meaningful top is in place and that the metal is looking to reverse lower below $1,130.00. Immediate support is seen at $1,175.00, followed by $1,145.00, $1,130.00 and lower while resistance is seen at $1,208.00(interim), followed by $1,235.00, $1,255.00 and higher respectively. It is still recommended to remain long, with risk below $1,175.00 levels for a possible extended rally towards $1,240.00 and $1,255.00 respectively. Break below $1,175.00 would negate the bullish view in near future.

Trading recommendations:

Remain long for now, stop at $1,170.00, the target is open.

Good luck!

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Technical Analysis of Gold for November 28, 2014 Market Analysis Review

After 4 days of consolidation at 50Dsma at the previous session, the metal fell to the 1185.00 levels. Today, the metal opened on a bearish note as well. The metal has strong resistance between $1,205.00 and $1,207.00. Until the metal closes below above these levels, bears have an upper hand. This week, we can expect high volatility in the metal prices. The Swiss gold referendum will take place on November 30, 2014. The nearest weekly resistance exists at $1,213.50, above this $1,240 and $1,243.00 are major resistance levels. Bulls will regain strength in case if the metal prices close above $1,207.00. From an intraday view, the prices have support at $1,180.00, below this $1,177.00 and $1,174.50 are major support levels. In the hourly chart, the metal is making higher highs and higher lows. We can expect panic selling below the $1,174.50 levels. In case if the metal prices fall below $1,174.00, we can declare broadening top in the near term. We recommend fresh selling below the $1,180.00 levels. In case if the metal bounces from the support levels, use every rise to sell up to $1,197.00 levels.

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

The pound sterling has been consolidating for 7 sessions in a row. It tried to breach 186.15 multiple times, but failed to breach that. As of now, this week the pair made a triple top at 186.15. Ahead of the Japanese data, the JPY looks very weak. The cross opened on a bullish note, opened lower at 185.21. As of now, in Asia's session, the cross made high at 185.87. Safe buying will take place above 186.20. The pound is continuing its winning streak for 6 weeks. The pair has support at 185.00 and 183.99. In case if the prices close above 186.15 on a daily basis, the pair challenges 186.90, 187.45, and 188.30. On the hourly charts, the cross is forming an ascending triangle. The height of the triangle is 2.16 pips. The support levels are rising, representing further initial bullishness. In case if the prices give an upside breakout, we can expect further green bars the next week as well. In case, if the prices again rejected at the higher levels between 186.00 and 186.15, we can expect panic selling towards 185.00; huge panic will be created below 185.00. While I am preparing this article, the prices are facing strong resistance at 185.87 (8hr high). The hourly RSI is indicating further bullishness. We recommend traders waiting patiently for a clear confirmation of a breakout on the higher side. Today, the pound sterlinglooks weak against the US dollar.

Trade:

Buying above 186.20.

Selling below 185.00.

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

Oil prices have been weighing against the CAD recently. During yesterday's OPEC meeting, oil prices plunged to a 4-year low. The cartel decided not to cut oil output. As we recommended on Wednesday, above 1.1325 the price will be supported by buying. The pair is facing resistance at 1.1369. In case if the price manages to breach this, it can extend its upswing movement towards the resistance zone between 1.1396 and 1.1402. We can see the real strength above 1.1402 towards 1.1450 and 1.1467. Today, in case if the pair closes above 1.1330, this will become the highest ever close for 5-years on a weekly basis. In case the pair manages to close above 1.1402 on a daily basis, it can challenge 100 and 140 odd pips in a day or two. As we recommended earlier, the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685 in the medium term and 1.1900, 1.2350 in the long term perspective. The pair has resistance at 1.1425 on a daily closing basis. Today, the focus shifts to GDP data. The pair formed a strong base between the 1.1230 and 1.1200 levels. This pair favours using every dip to buy .

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