Technical analysis of Silver for November 02 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has also dropped lower, as expected and discussed earlier, through $15.50 levels for now. The metal could still see prices dropping to $15.20 levels, which is also the fibonacci 0.618 support, of the entire rally from $14.40 through $16.30 levels respectively. The drop could unfold in a corrective manner as depicted through arrows here. It is recommended to initiate 50% long positions now and the remaining 50% lower around $15.20 levels, with risk around $14.40. Immediate support is seen through $15.00 levels, followed by $14.70/80 and lower, while resistance is seen through $16.30 levels (interim), followed by $16.50 and higher respectively.

Trading recommendations:

Initiate long positions (50%) now and remain around $15.20 levels, stop is at $14.20, a target is open.

Good luck!

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Technical analysis of Gold for November 02 2015 Market Analysis Review

Technical outlook and chart setups:

The yellow metal has dropped exactly around $1,136.00/40.00 levels as expected and discussed last week. Please note that the pair has formed a tweezer bottom candlestick pattern as well, indicating a potential reversal from current levels. Besides note that the fibonacci 0.618 support has been held till now, that encourages bullish setup from here on. It is hence recommended to initiate fresh long positions here with risk just below today's lows. The yellow metal favors bullish setups till prices stay above $1,125.00 levels broadly. Immediate support is seen at $1,133.00 levels (interim), followed by $1,130.00 and lower while resistance is seen through $1,181.00 levels (interim), and higher respectively.

Trading recommendations:

Initiate fresh long positions now, stop is at $1,125.00, a target is $1,230.00 at least.

Good luck!

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Elliott wave analysis of EUR/NZD for November 2 - 2015 Market Analysis Review

Wave summary:

We still think that the best wave count is that a bottom of the corrective decline from 1.9114 was found at 1.6124, but the move higher does look very convincing. A break above resistance at 1.6515 will do the job and call for a continuation higher to 1.6950 and above.

However, as long as resistance at 1.6515 is able to protect the upside, the risk remains that a new low below 1.6124 could be seen. The downside target would then be 1.6024.

Trading recommendation:

Our stop at 1.6180 was hit and we will stay neutral for now.

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Elliott wave analysis of EUR/JPY for November 2 - 2015 Market Analysis Review

Wave summary:

We continue to look for a little more correction higher in red wave 2, before a strong decline in red wave 3 lower to 125.99 and ideally lower to 119.90 is expected. Red wave 2 will ideally find resistance near 133.64, but could even make it higher to 134.55 if wave c extends.

Only a break below support at 132.16 indicates that red wave 2 already is over and red wave 3 lower is developing.

Trading recommendation:

We will keep our selling order at 134.50 for now.

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Technical analysis of EUR/USD for November 02, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI. The US will release the economic data too such as the Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So amid the reports, EUR/USD will will be traded with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1072.

Strong Resistance:1.1066.

Original Resistance: 1.1055.

Inner Sell Area: 1.1044.

Target Inner Area: 1.1018.

Inner Buy Area: 1.10992.

Original Support: 1.0981.

Strong Support: 1.0970.

Breakout SELL Level: 1.0964.

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 02, 2015 Market Analysis Review

In Asia, Japan will release the Final Manufacturing PMI. Besides, the US will release some economic data such as Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. 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: 121.05.

Resistance. 2: 120.82.

Resistance. 1: 120.58.

Support. 1: 120.29.

Support. 2: 120.06.

Support. 3: 119.82.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for November 02, 2015 . Thanks for your support.

Daily analysis of major pairs for November 2, 2015 Market Analysis Review

EUR/USD: This pair tested the support line at 1.0900, and later bounced upwards in the context of a downtrend. Nevertheless, the overall bias remains bearish. Unless the price goes above the resistance line at 1.1150 (which would require a serious buying pressure), the bias would remain bearish. Thus, the support line at 1.0900 could be tested again in case the selling pressure resumes in earnest. The outlook for the USD is bullish for the month of November 2015.

USD/CHF: This pair tested the resistance level at 0.9950, and later got corrected downwards in the context of an uptrend. Nevertheless, the overall bias remains bullish. Unless the price goes below the support level at 0.9750 (which would require a serious selling pressure), the bias would remain bullish. Thus, the resistance level at 0.9950 could be tested again in case the buying pressure resumes in earnest.

GBP/USD: After testing the accumulation territory at 1.5250, the Cable spiked upwards last week. However, the overall bias remains bearish and it cannot be rendered invalid unless the distribution territory at 1.5500 is overcome. Until it happens, any rallies could be considered to be mere long squeezes (transitory rallies).

USD/JPY: Although the current outlook for this pair is bullish, the price has not made any serious directional movement so far. What can be seen in the chart is the alternating movements between bulls and bears. The price needs to continue moving upwards, otherwise, the market could enter another equilibrium phase.

EUR/JPY: This cross first went south last week and it then moved upwards in the context of a downtrend. Normally, the cross would be weak as long as the EUR is weak, but this can be reversed in case the JPY becomes weaker than the EUR. Except in certain cases, the JPY pairs could rally significantly this month.

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Daily analysis of GBP/USD for USDX 02, 2015 Market Analysis Review

USDX is trying to make a rebound above the 200 SMA on H1 chart, and that could happen in the short-term because of the current fractal structure placed on this Index. A breakout above the 97.16 level will open the doors to the 97.51 price zone. In another scenario, bears could take control of the short-term bias when the USDX is making a lower low pattern below the 200 SMA this week. MACD indicator is on the positive territory.

H1 chart's resistance levels: 97.16 / 97.51

H1 chart's support levels: 96.71 / 96.40

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 97.16, take profit is at 97.51, and stop loss is at 96.81.

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Daily analysis of GBP/USD for November 02, 2015 Market Analysis Review

On H1 chart, there is a bullish momentum ongoing above the 200 SMA, erasing in some way the losses made after the Fed meeting last week. Besides, a higher high pattern can be seen above that moving average, so our short-term outlook could be turning in favor of the bulls' force. However, one souldn't discard a pullback below the support level of 1.5415, focusing on the 1.5368 level, which is close to the 200 SMA.

H1 chart's resistance levels: 1.5461 / 1.5492

H1 chart's support levels: 1.5415 / 1.5368

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 1.5415, take profit is at 1.5368, and stop loss is at 1.5461.

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