Technical analysis of EUR/JPY for November 4, 2015 Market Analysis Review

General overview for 04/11/2015 08:00 CET

The current wave development is very slow as it is typical for wave b progression. Nevertheless, the building bullish divergence between the price and momentum oscillator suggest that a rebound to the upside is unavoidable sooner or later. Please notice the wave b purple might go as low as the intraday support at the level of 131.58 before reversal.

Support/Resistnace:

131.58 - Intraday Support

131.75 - WS1

132.82 - Weekly Pivot

133.73 - Intraday Resistance

133.70 - 133.92 - Demand Breakthrough Zone

Trading recommendations:

Day traders should refrain from trading until a clearer trading setup occurs.

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Technical analysis of USD/CAD for November 4, 2015 Market Analysis Review

General overview for 04/11/2015 07:50 CET

The current corrective wave development looks incomplete. The price action inside the golden channel is clearly corrective in nature. Moreover, the corrective cycle needs one more push lower to complete the wave c green and therefore wave X brown.

Support/Resistance:

1.2954 - WS1

1.3038 - Intraday Support

1.3115 - Weekly Pivot

1.3165 - Intraday Resistnace

Trading recommendations:

Day traders should consider opening sell orders only if the intraday support at the level of 1.3038 is clearly violated. SL should be placed tight (15-20 pips) and TP should be placed at the level of 1.2954.

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Elliott wave analysis of EUR/NZD for November 4 - 2015 Market Analysis Review

Wave summary:

We continue to look for confirmation that wave 2 is over and wave 3 higher has taken over. The bottom could be well in place at 1.6124. Then we need a break above resistance at 1.6515 to indicate this is the case for a rally higher to 1.6950 and above higher, which will confirm the bottom for a rally much higher.

We have seen a new test of resistance at 1.6515 (the high has been 1.6508), but only a break above 1.6515 will indicate that we did indeed see a firm bottom at 1.6124.

Trading recommendation:

We will buy EUR at 1.5900 or upon a break above 1.6515 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for November 4 - 2015 Market Analysis Review

Wave summary:

Wave b of red wave 2 was rerouted, but as long as support at 132.15 protects the downside, I continue to look for a little more upside in red wave 2 towards 134.02 before red wave 3 takes over for a strong decline to 126.05 and likely even lower to 119.90. In the short term, a break above 133.05 confirms the next part of the corrective move higher to 134.02.

Trading recommendation:

We will sell EUR at 133.85 or upon a break below 132.16 (one order done cancels the other).

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Technical analysis of EUR/USD for November 04, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as PPI m/m, Final Services PMI, ECB President Draghi Speech, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release the economic data too such as the Crude Oil Inventories, ISM Non-Manufacturing PMI, Fed Chair Yellen Testimony, Final Services PMI, Trade Balance, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1010.

Strong Resistance:1.1004.

Original Resistance: 1.0993.

Inner Sell Area: 1.0982.

Target Inner Area: 1.0957.

Inner Buy Area: 1.0932.

Original Support: 1.0921.

Strong Support: 1.0910.

Breakout SELL Level: 1.0904.

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 04, 2015 Market Analysis Review

In Asia, Japan will release the Consumer Confidence report and Monetary Base y/y. The US will also publish some economic data such as Crude Oil Inventories, ISM Non-Manufacturing PMI, Fed Chair Yellen Testimony, Final Services PMI, Trade Balance, and ADP Non-Farm Employment Change. So there is a big probability the USD/JPY pair will move with low to medium volatility during the Asian session, but with medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.95.

Resistance. 2: 121.72.

Resistance. 1: 121.48.

Support. 1: 121.18.

Support. 2: 120.95.

Support. 3: 120.70.

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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Daily analysis of USDX for November 04, 2015 Market Analysis Review

USDX is forming a higher high pattern above the support level of 97.16 in an effort to reach new highs this week. 200 SMA is favoring this scenario, because it's slightly bullish. Besides, bear in mind the current structure is configured to visit the highs from the October 28th session, as the Index found dynamic support over that moving average. MACD indicator is entering the negative territory as H1 chart shows.

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 04, 2015 Market Analysis Review

GBP/USD made a rebound around the 200 SMA price zone on H1 chart. Now it's trying to break again the support level of 1.5415. It seems there is a bullish consolidation ongoing, because the current structure is still calling for more upsides. However, if the Cable does a breakout at the 1.5368 level, then it's expected to test the 1.5300 psychological level in the short term. MACD indicator is still on the positive territory.

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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GBP/USD intraday technical levels and trading recommendations for November 3, 2015 Market Analysis Review

Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached by the end of September to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection that took place on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.

As anticipated, this price level applied significant bearish rejection on the GBP/USD pair yesterday. Our suggested SELL entry is already running in profits today.

Note that bearish persistence below the level of 1.5330 is needed for a further bearish decline towards the levels of 1.5100 and 1.5050. Otherwise, further bearish decline will be delayed.

Please also note that a daily closure above 1.5500 invalidates the previous bearish scenario. An initial bullish target would be located at 1.5560.

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USD/CAD intraday technical levels and trading recommendations for November 3, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in pale pink).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the resistance level, which was bypassed on September 23.

A significant bearish rejection was observed around 1.3450 where the 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

On October 23, daily closure above 1.3100 was achieved. This enhanced the bullish side of the market.

The price level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the price level of 1.3100.

On October 28, a valid sell entry was suggested around the level of 1.3270 (FE 100%). It is running in profits now. Target levels are located at 1.3075 and 1.2930.

A bearish breakdown of support level at 1.3075 is mandatory to allow further bearish decline at least towards 1.2930.

Otherwise, another bullish visit towards the price level of 1.3270 (FE 100%) will be expected.

Trading recommendations:

Conservative traders should wait for bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for November 3, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

A previous weekly candlestick closure above 1.5350 hindered a further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (the neckline of the Head and Shoulders pattern).

It supported the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for this reversal pattern.

In the short term, the nearest demand level is seen around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick). It provided the GBP/USD pair with significant bullish rejection three weeks ago.

It is expected to be visited again if a weekly closure below 1.5350 (previous weekly bottom) is achieved by the end of this week.

On the other hand, consolidation above 1.5350 hinders further bearish movement giving time for a bullish correction, which extended up to the levels of 1.5500.

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, the evident bullish reaction was expressed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks)

This led to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

Recently, daily candlestick closure above the price level of 1.5380 (occurred on Friday) enhanced the bullish side of the market exposing price levels around 1.5500 where bearish rejection was anticipated, similar to what happened back on October 22.

That is why, the price zone of 1.5500-1.5550 offered a valid sell entry as expected on Monday. S/L should be lowered to 1.5510.

Trading Recommendation:

A low-risk buy entry would be offered around the weekly demand level at 1.5000 if a bearish breakdown of both demand levels at 1.5350 and 1.5150 occurs quickly. S/L should be placed below 1.4930.

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Daily analysis of Silver for November 03, 2015 Market Analysis Review

Overview

The silver price attempted to break the 15.40 level yesterday, but it moved above it again. It keeps the positive scenario valid until now, supported by stochastic, waiting for visiting 15.85 then 16.30 levels mainly. Breaking the 15.40 level and holding below it will push the price to visit the 14.85 level initially, and it might extend to 13.96 after breaking the previous level. Therefore, the morning suggested scenario will remain valid as it is until now, the price needs to trade above 15.40 again to reinforce the chances for heading towards our positive targets that begin at 15.85 and then 16.30.

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Intraday technical levels and trading recommendations for EUR/USD for November 3, 2015 Market Analysis Review

The EUR/USD pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (June, July, August, and September) reflected the recent bearish rejection, which exists around the level of 1.1450 (depicted on the chart with small red arrows).

Hence, in the long term, a projected target will still be seen at 0.9450 if a bearish breakdown occurs at the monthly demand level of 1.0550.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if a monthly candlestick closes above the 1.1465 mark, which is the previous weekly high (very low probability).

On August 24, the market looked overbought as bulls were pushing further beyond the level of 1.1500 (Daily Supply level).

Hence, a bearish movement was expressed towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejections for several times before a bearish breakdown could take place on October 22.

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050 were already reached.

As anticipated, daily persistence below the level of 1.1150 (61.8% Fibonacci level) exposed the level of 1.1000 where the daily uptrend came to meet the EUR/USD pair.

A daily breakdown of the uptrend line has been executed on October 23. This enhances the long-term bearish scenario with projected targets at 1.0800 and then 1.0600.

However, a recent bullish pullback was expressed towards the backside of the broken uptrend line around 1.1070-1.1090.

A valid SELL entry was suggested at retesting of this broken uptrend earlier this week. It is running in profits now. S/L should be placed above 1.1140. Daily persistence below 1.1000 is needed to maintain enough bearish momentum.

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Daily analysis of GBP/JPY for November 03, 2015 Market Analysis Review

Overview

The outlook for GBP/JPY has not changed. The price action from 180.36 is viewed as a consolidation pattern and a further rise could be seen. A strong resistance is expected at 188.28 to limit the upside and to finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and then target a test at the 174.86 key support level. The break of the medium-term trend-line support is taken as a sign of a trend reversal. It is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm the trend reversal and bring a deeper fall to the 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about the strong resistance from 199.80/200.00 that will bring the reversal finally.

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Technical analysis of NZD/USD for November 3, 2015 Market Analysis Review

Overview:

• The NZD/USD pair has formed a resistance at the level of 0.6771/0.6780 and the area of 0.6783 is probably going to compose a double top, hence the price of 0.6780 will form the last bullish wave and will act as a strong resistance. So it will be a good sign to sell below the level of 0.6780 with the first target at 0.6682 and further to 0.6651. The level of 0.6651 will act as a strong support today for that it will be a good place to take profit around the 0.6651 level. The weekly resistance will be set at the level of 0.6780. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the resistance at the price of 0.6780, a further rise towards the 0.6833 level will take place later.

Observations:

• The market was stable and the trend was rather clear (downward). Therefore, the strong resistance will be set at 0.6780.
• Expect a range of 129 pips as the downtrend from the level of 0.6780 towards the price of 0.6651.
• A strong support level will be formed at the price of 0.6651 this week.
• Volatility is 130.50; so the market has called for a high volatility.

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EUR/NZD analysis for November 03, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6330. Low activity is on the market. The trend is downward, the price is below the Ichimoku cloud on the H4 and daily charts. We can observe a 7-day major support cluster around the prices of 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of our key support level. The price is also in a strong downward channel. A breakout in a high volume of the level of 1.6150 will confirm further downward continuation. Resistance is at the price of 1.6500. Watch for potential changing polarity. The strong support at the price of 1.6150 may become strong resistance once it is broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6370

R2: 1.6405

R3: 1.6460

Support levels:

S1: 1.6265

S2: 1.6235

S3: 1.6180

Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level of 1.6150 to confirm downward continuation.

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Technical analysis of USD/CHF for November 3, 2015 Market Analysis Review

Overview:

• The price of the USD/CHF pair is still moving between 0.9851 and 0.9956. The key level has been set at the spot of 0.9851 since yesterday. The level of 0.9851 is representing the 78.6% of Fibonacci retracement levels and the price has been set above the strong support of 0.9851. These levels are coinciding with 78.6% and 100% of Fibonacci retracement levels on the same chart. The pair has already formed a strong resistance at this level of 0.9956 and it is now approaching it in order for testing. Therefore, the USD/CHF pair will receive downside momentum, which is rather convincing. The structure of the fall is not corrective. It will be a good sign to sell below 0.9956 with a first target of 0.9900 and it will call for a downtrend in order to continue with bearish movements towards 0.9856 and then towards 0.9825. Moreover, the price at 0.9825 will possibly form a strong support. So, there will be a saturation around 0.9825 to rebound the pair for that the market is going to start showing the signs of bullish market in the long term.

Forecast:

• As a result, it will be a good sign to buy above 0.9825 with the first target of 0.9880 and continue towards the level of 0.9950.

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Gold analysis for November 03, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,131.09. The intraday and short-term trends are downward. In the daily time frame, we can observe a strong supply bar in an average volume. In the H1 time frame, in the background we can observe a successful rejection from our strong resistance level at the price of $1,162.00. Besides, according to the H4 time frame, we can observe weak demand bars around the price of $1,137.50, which is a sign that buying looks risky. Watch for selling opportunities. Major daily support is at the price of $1,104.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,138.00

R2: 1,139.50

R3: 1,141.80

Support levels:

S1: 1,133.40

S2: 1,131.95

S3: 1,129.50

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.

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Global macro overview for 03/11/2015 Market Analysis Review

Global macro overview for 03/11/2015:

It was unveiled today that the Spanish unemployment change made up 82.3K, which is larger than expected figure of 70.3K and much larger than the last month print of 26.1K. Moreover, yesterday's PMI Manufacturing data revealed that the eurozone's fourth-largest economy is slowing down as the Markit PMI number of 51.3 reflected the weakest rise in output for nearly two years. It means that for the third month in a row Spain's unemployment is increasing despite the jobless rate being relatively stable at the level of 22%. Nevertheless, the increasing number of the unemployed people in Spain is raising a question whether the recent slight pick-up in economic expansion was just a one-off rebound that will fade soon.

The EUR/USD pair has broken below the short-term trend line after the news release and now is trading at the level of 1.0997. The next support is seen at the 61% Fibo at the level of 1.0963.

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USDX technical analysis for November 3, 2015 Market Analysis Review

The US dollar index remains in a corrective phase. The price remains above the Ichimoku cloud, but we could see a pullback towards the 38% retracement this week. The longer-term trend remains bullish and there are signs that we are about to exit the sideways move we are in for the last few months.

Red line - Resistance TL

The US dollar index is below the kijun-sen and above the Ichimoku cloud. The best strategy is to remain neutral for now and if the price pulls back, we will be interested to open long positions with 93.80 stop and new highs as the target. Support at 95.40 is very important and it would be ideal to see a pullback to that area.

Red line - weekly resistance

Green line - weekly resistance

The weekly chart shows how bulls managed to break above the downward sloping red trend-line resistance but could not hold on to it. The price got rejected and we are probably going to make a pullback towards the weekly kijun-sen at 95.50 before resuming the uptrend. Eventually, I expect the US dollar index to start a new upward move that will bring the index back above 101-102.

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Gold technical analysis for November 3, 2015 Market Analysis Review

The gold price has reached our buy interest area of $1,140-20 that I have been talking about for the last weeks. The gold price is in a short-term bearish trend approaching important support levels. It is not the time to go short or sell gold.

Blue line - long-term support TL

The gold price is trading below the Ichimoku cloud. The price is trading around the 61.8% Fibonacci retracement. We could see a push even lower towards $1,120 where the 78.6% Fibonacci is found, but it is not the time to sell.

The weekly chart remains long-term bearish. This will change only if the price breaks above $1,250. The weekly candle is below the tenkan-sen which is a bearish sign. However, support is found at $1,120 and I prefer to be neutral as long as we are above that level. I will be waiting for bullish reversal signs as this is what I expect.

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Technical analysis of USD/JPY for November 03, 2015 Market Analysis Review

USD/JPY is expected to trade with bearish bias. Overnight, US stocks advanced, lifted by energy and healthcare stocks. The Dow Jones Industrial Average rose 0.9% to 17,828, back in the positive territory since the start of the year. The S&P 500 gained 1.2% to 2,104, and the Nasdaq Composite was up 1.5% to 5,127. Nymex crude oil settled down 1.0% at $46.14 a barrel, gold fell 0.8% to $1,133 an ounce, while the benchmark 10-year Treasury yield rose to 2.185% from 2.151% in the previous session. Meanwhile, the US dollar held its ground against most other major currencies. USD/JPY edged up 0.1% to 120.75, while AUD/USD was also up 0.1% to 0.7143. Australia's central bank will announce its interest rate decision later on Tuesday (expected to hold at 2.00%). The pair has just broke above the previous key support and remains on the downside. It is currently supported by the rising 20-period intraday moving average (MA), which is above the 50-period one. And the intraday relative strength index (RSI) is well directed above the neutrality level at 50. The intraday outlook has turned bearish. As long as 120.90 holds as the key resistance, the pair is expected to decline to the first downside target at 120.15 (around the high of October 29) and the second one at 119.90 .

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 120.15. A break of that target will move the pair further downwards to 119.90. The pivot point stands at 120.90. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.20 and the second target at 121.50.

Resistance levels:121.20 121.50 121.90

Support levels: 120.15 119.90 119.45

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Global macro overview for 03/11/2015 Market Analysis Review

Global macro overview for 03/11/2015:

The Reserve Bank of Australia has left the interest rates at its record low of 2% for sixth consecutive month. RBA had cut the interest rate last time in May by 25bp, following an earlier cut in February. They decided to cut the rates to the record low levels in February mainly due to the sluggish Australian economy, weak inflation figures, and general global demand decrease (mainly from China). Currently, there is another subject of concern for RBA: the growing bubble on the housing market in Australia.

The AUD/USD pair has broken above the resistance at the level of 0.7181 and now is trading inside the golden channel. The next resistance is seen at the level of 0.7296.

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Technical analysis of USD/CHF for November 03, 2015 Market Analysis Review

USD/CHF is choppy. The pair remains in consolidation below its key horizontal level at 0.9910. The intraday RSI lacks momentum, calling for caution. Besides, the 20- and 50-period intraday MAs are turning flat from a positive slope. In this case, the pair may continue consolidating within the range between 0.9910 and 0.9815 in the coming trading hours. However, as long as the resistance at 0.9910 is not surpassed, the risk of the break below 0.9815 remains high.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9815. A break of that target will move the pair further downwards to 0.975. The pivot point stands at 0.9910. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9960 and the second target at 1.00.

Resistance levels: 0.9960 1.000 1.0060

Support levels: 0.9815 0.9755 0.9710

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Technical analysis of NZD/USD for November 03, 2015 Market Analysis Review

GBP/USD is expected to trade in a higher range and the pair is bullish above 0.6695. The pair is currently testing its horizontal level at 0.6732 and 0.6695 which represents a strong support base and should allow for a temporary stabilization. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited, as long as 0.6695 is not broken. Upward targets are set at 1.55100.6785 and 0.6810.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6785 and the second target at 0.6850. In the alternative scenario, short positions are recommended with the first target at 0.6670 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6640. The pivot point is at 0.6695.

Resistance levels: 0.6785 0.6810 0.6850 Support levels: 0.6670 0.6640 0.6610

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Technical analysis of GBP/JPY for November 03, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bullish bias. The pair is holding above its being support at 185.50 and is supported by its 50-period intraday MA. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. A further upside is therefore expected with the next horizontal resistance and overlap set at 186.75 at first. A break above this level would call for a further advance towards 187.30 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 186.75 and the second target at 187.30. In the alternative scenario, short positions are recommended with the first target at 185 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 184.60. The pivot point is at 185.50.

Resistance levels: 186.75 187.30 188.05

Support levels: 185 184.60 184.00

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Technical analysis of EUR/JPY for November 3, 2015 Market Analysis Review

General overview for 03/11/2015: 08:30 CET

The market keeps trading in a tight congestion zone just around the weekly pivot at the level of 132.81. This situation might last up to the Friday US data on non-farm payrolls, so any waves evolving into more complex corrections should not be surprising.

Support/Resistnace:

131.58 - Intraday Support

131.75 - WS1

132.82 - Weekly Pivot

133.73 - Intraday Resistance

133.70 - 133.92 - Demand Breakthrough Zone

Trading recommendations:

Day traders should refrain from trading until a clearer trading setup occurs.

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Technical analysis of USD/CAD for November 3, 2015 Market Analysis Review

General overview for 03/11/2015 08:15 CET

The internal sub-wave four is now in progress and one more marginally lower low is needed to complete wave labeled as -iii- or c. In that case, the overall cycle would be labeled as abc irregular correction wave 2, so further upside wave development would be anticipated. Any violation of the level of 1.3192 invalidates the view.

Support/Resistnace:

1.3276 - Swing High

1.3123 - Intraday Resistnace

1.3115 - Weekly Pivot

1.3053 - Intraday Support

1.2954 - WS1

Trading recommendations:

Day traders should consider buying on the dips in this market with tight SL and TP open for now.

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Technical analysis of GBP/CHF for November 03, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has produced a star doji candlestick pattern after printing highs around 1.5300 levels yesterday. It indicated a potential reversal at least in a corrective manner through the 1.4800/1.4900 levels. Please also note that the pair would be well supported around the resistance turned support trend line as depicted here. It is therefore recommended to remain flat for now and look to initiate long positions at lower levels. Immediate support is seen at 1.5100 levels, followed by 1.5000, 1.4950 and lower, while resistance is seen at 1.5350 levels, followed by 1.5400/10 and higher respectively.

Trading recommendations:

Remain flat for now and look to enter around 1.48/1.49 levels.

Good luck!

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