Daily analysis of major pairs for November 6, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has gone downwards, but the price is now consolidating. As long as the USD makes bullish efforts, this pair cannot be expected to trend upwards. The support line at 1.0850 is being besieged by bears; and with more bearish effort, it could be broken to the downside, which might happen today or next week.

USD/CHF: The situation on the USD/CHF pair now looks intriguing. Would the USD reach parity again with the CHF? In the view of the ongoing bullish energy in the market, it seems likely today or next week. The price is currently in a sideways mode (in the short term), staying above the support level at 0.9950.

GBP/USD: The GBP/USD pair came down steeply yesterday, testing the accumulation territory at 1.5200. There is now a very strong Bearish Confirmation Pattern on the chart and as long as the distribution territories at 1.5350 and 1.5400 are not breached to the upside, long trades would be illogical in this market.

USD/JPY: This currency trading instrument has moved upwards so far this week - a movement of 150 pips. The price is above the EMA 56 and the RSI period 14 is above the level 50, which means that the bullish bias is valid. Further northward movement is expected and it could enable the price to reach the supply level at 122.00.

EUR/JPY: The outlook on the EUR/JPY cross is bearish. However, the price has entered an equilibrium phase. Even the current slight bullish attempt here may eventually help bears go short again at better prices. As long as the Euro is weak, it would be difficult for this market to go up.

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Technical analysis of EUR/USD for November 06, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as French Trade Balance, French Gov Budget Balance, and German Industrial Production m/m. The US will post the economic data too such as the Consumer Credit m/m, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0934.

Strong Resistance:1.0928.

Original Resistance: 1.0917.

Inner Sell Area: 1.0906.

Target Inner Area: 1.0881.

Inner Buy Area: 1.0856.

Original Support: 1.0845.

Strong Support: 1.0834.

Breakout SELL Level: 1.0828.

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 06, 2015 Market Analysis Review

In Asia, Japan will release the leading Indicators. The US will also release some economic data such as Consumer Credit m/m, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 122.33.

Resistance. 2: 122.09.

Resistance. 1: 121.85.

Support. 1: 121.56.

Support. 2: 121.33.

Support. 3: 121.09.

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 AUD/USD for November 6, 2015 Market Analysis Review

Overview:

• The AUD/USD pair had a breakdown and extended further to as low as 0.7141 yesterday. Moreover, the price was placed below 61.8% of Fibonacci retracement levels for two days. In addition, it should be noted that the price had formed strong support at the level of 0.7089. Besides, you might note that the price of 0.7067 represents the double bottom on H4. Furthermore, this strong level has still been traded between 38.2% of Fibonacci retracement levels and 61.8% on H4 chart. We expect a range from 90 to 110 pips today. Accordingly, it means probably that the market will start showing the signs of a bearish market again in order to indicate a bearish opportunity in the short term from the 0.7200 level or 61.8% of Fibonacci retracement levels with a target towards the strong support around 0.7088. Meanwhile, bears will be forced to pull back above the level of this area. Hence, this level will act as a spot to sell in the long term. Therefore, it will a good sign to buy above 0.7090 with a target at the price of 0.7200 in order to form a double top today. If the price will be able to break the resistance of 1.7200, then the AUD/USD pair will continue towards the next target at 0.7266

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Technical analysis of USD/CAD for November 6, 2015 Market Analysis Review

Overview:

• The USD/CAD pair will set a strong support at the level of 1.3108 and resistance stands at 0.3238 today. Equally important, the price has still been moving around the key level at 1.3166 for a while. Moreover, the USD/CAD pair has still been above 50% of Fibonacci retracement levels since last week as shown on the hourly chart. Another thought, the RSI is calling for an uptrend. As a result, the price has already formed the strong support at this spot of 1.3107. Now, it is approaching it in order to test it. Therefore, the USD/CAD pair will get an upside rather convincing momentum and the structure of the rise does not look corrective. For indicating a bullish opportunity above the 1.3110 level, it will be a good sign to buy above 1.3110 with the first target of 1.3205 (this level coincides with the weekly pivot point) and it will call for an uptrend towards 1.3238.

Observations:

• The USD/CAD pair was calling for the bullish market from the level of 1.3110 today.
• The level of 1.3110 represents support 1.
• The weekly pivot point will be set at the price of 1.3205 .
• If the trend is of an upside character, then the strength of the currency will be defined as following: USD is in the uptrend and CAD is in the downtrend.

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Daily analysis of USDX for November 06, 2015 Market Analysis Review

On H1 chart, we should note the USDX is waiting for the next US NFP release, which will be published during today's American session. That's why we're still expecting a breakout higher and we could see the US Dollar at higher levels next week. Bear in mind that the Index is trapped inside an extreme zone, so pullbacks shouldn't be discarded at this stage. MACD indicator is entering the negative 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 98.03, take profit is at 98.31, and stop loss is at 97.76.

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Daily analysis of GBP/USD for November 06, 2015 Market Analysis Review

GBP/USD is forming a lower low pattern below the resistance level of 1.5249 on H1 chart after a strong consolidation under the price zone of 200 SMA. That's why we expect a breakout below the support level of 1.5205 in order to reach the 1.5142 level, which is the next key interest zone on the current structure. This moving average is also pointing to the downside. MACD indicator is entering the oversold territory.

H1 chart's resistance levels: 1.5249 / 1.5328

H1 chart's support levels: 1.5205 / 1.5142

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 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.

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USD/CAD intraday technical levels and trading recommendations for November 5, 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 the support level at 1.3075 is mandatory to allow further bearish decline initially towards 1.2930.

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

Trading recommendations:

Conservative traders should wait either to SELL the USD/CAD pair around 1.3270-1.3300 or BUY the pair around the recent breakout zone (1.2800-1.2750) as the breakout zone constitutes 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 5, 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 previously 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.

The price level of 1.5350 was broken down earlier today. Now, it constitutes an intraday supply level to be watched for other sell entries.

It should be defended by the GBP/USD bears in order to allow further bearish decline towards 1.5170.

Note that bearish breakdown of 1.5170 directly exposes next demand levels around 1.5090 and 1.5025.

Trading Recommendation:

A low-risk buy entry would be offered around the weekly demand level at 1.5000 if a bearish breakdown of the demand level at 1.5150 takes place soon.

S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for November 5, 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 of the monthly demand level of 1.0550 occurs.

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 level which is a 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 enhanced the long-term bearish scenario with projected targets at 1.0800 and then 1.0600.

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 this broken uptrend earlier this week. It is running in profits now. S/L should be lowered to 1.0990 to secure some profits.

Today, daily persistence below the price level of 1.0900 (prominent daily bottom) is needed to maintain enough bearish momentum towards 1.0800 and 1.0680.

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Daily analysis of Silver for November 05, 2015 Market Analysis Review

Overview

The silver price crawls gradually to the downside approaching the first main target at 14.85. The EMA50 continues pushing the price, thus supporting a further decline in the upcoming period. Breaking the targeted level will open the way towards 13.96 as a next main station. Therefore, the bearish trend will remain suggested on an intraday and short-term basis unless the price succeeded to breach the 15.40 level and hold above it. And the bearish trend scenario remains valid as long as the price below 15.40, supported by the EMA50. Our extended targets are to reach 13.96.

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Daily analysis of GBP/JPY for November 05, 2015 Market Analysis Review

Overview

The outlook in GBP/JPY did not change. the price action from 180.36 is viewed as a consolidation pattern and a further rise could be seen. Strong resistance is expected at 188.28 to limit upside to finish the consolidation. Movements below 183.86 will turn bias to the downside for retesting 180.36 at first. A break of 180.36 will extend the whole fall from 195.86 and should then target a test at the 174.86 key support level. This is supported by bearish divergence in the weekly MACD. Besides, GBP/JPY was close to 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 a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 186.54; (P) 186.92; (R1) 187.37;

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Technical analysis of NZD/USD for November 05, 2015 Market Analysis Review

NZD/USD is expected to trade in a lower range. The pair remains in a downtrend, capped by its falling 50-period intraday MA. The process of lower highs and lows remains intact. This indicates that the decline may continue. Besides, the intraday RSI is below its neutrality area at 50. Therefore, as long as 0.6650 is not surpassed, look for further weaknesses at 0.6570. A break below 0.6555 would trigger a drop towards 0.6530.

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 0.6570. A break of that target will move the pair further downwards to 0.6530. The pivot point stands at 0.6650. 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 0.6705 and the second target at 0.6755.

Resistance levels: 0.6705 0.6755 0.6785 Support levels: 0.6570 0.6530 0.6475

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Technical analysis of GBP/JPY for November 05, 2015 Market Analysis Review

GBP/JPY is expected to trade in a higher range. The pair is reversing upwards after breaking above its 20- and 50-period intraday MAs. The intraday RSI is positively oriented and calls for further upside, which is therefore expected with the next horizontal resistance and overlap set at 188.05 at first. A break above this level would call for further advance towards 188.70.

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 188.05 and the second target at 188.70. In the alternative scenario, short positions are recommended with the first target at 186.35 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 185.80. The pivot point is at 186.75.

Resistance levels: 188.05 188.70 189.35

Support levels: 186.35 185.80 185.20

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Daily analysis of major pairs for November 5, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has gone downwards in a slow and steady manner. As long as the US dollar makes serious bullish efforts, this pair cannot be expected to go upwards. The support line at 1.0850 is being besieged by bears; and with more bearish effort, it could be broken to the downside.

USD/CHF: The situation with the USD/CHF pair seems intriguing. In a slow and steady manner, the price has gone upwards, moving above the support level at 0.9950. But the question is whether the greenback will reach the parity with the franc again? In the view of the ongoing bullish activity in the market, it seems likely today or tomorrow.

GBP/USD: The GBP/USD pair made a bullish attempt on Wednesday, but bears pushed the price back below the distribution territory at 1.5400. There is still a bullish signal in the market, which would be sensible as long as the accumulation territory at 1.5300 is not breached to the downside. Some fundamental figures are expected today and they may have some impact on the market.

USD/JPY: The bullish pressure on the USD/JPY pair got stronger. The price is above the EMA 56 and the RSI period 14 is above the level 50. This is a Bullish Confirmation Pattern on the chart. Further upward movement is expected and it could enable the price to reach the supply level at 122.00.

EUR/JPY: The outlook on the EUR/JPY cross is bearish. The demand zone at 132.00 was tested severely several times: it could be tested again and get breached to the downside as long as the bearish pressure still places the cross uder pressure.

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Technical analysis of GBP/USD for November 5, 2014 Market Analysis Review

Overview:

• According to the previous events, the GBP/USD pair is still moving below the golden ratio of the 1.5399 price. So, the pair is representing a minor resistance on the H1 chart. Therefore, sell at the level of 1.5399 with the first target at the 1.5340 price, then it will call for a downtrend in order to continue with its bearish movement towards 1.5290 in order to test this strong support. Besides, the price of 1.5290 is forming a double bottom at the same time frame. Nevertheless, the stop loss should be placed at the level of 1.5435. On the other hand, if the trend fails to close below the level of 1.5290, it will be a good sign to buy at this level in the short term with targets at 1.5350. Then it is going to continue towards the 1.5400 price tomorrow.

Intraday technical levels:

• Projected high: 1.5562
• Breakout (buy stop): 1.5435
• Strong resistance (sell limit): 1.5400
• Current pivot: 1.5369
• Strong support (buy limit): 1.5290
• Breakout (sell stop): 1.5266
• Projected low: 1.5201

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Technical analysis of EUR/USD for November 5, 2014 Market Analysis Review

Trading recommendations:

• According to the previous events, the EUR/USD pair has still been moving between the levels of 1.0901 and 1.0799. The level of 1.0901 is representing the double top, and the daily pivot point is set at the same level. Consequently, sell above the price of 1.0901 in the short term with the first target at 1.0830. If the trend breaks the support at 1.0830 (double bottom), it might resume to 1.0800 to test the weekly support 1.

Notes:

• The double top will be set at the level of 1.0901.
• The major support is going to set at 1.0799.
• The minor support has been set at the price of 1.0833.
• We expect a range of 102 pips in coming two days.

Warning:

• Stop Loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the last day has huge volatility.

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Gold analysis for November 05, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the level of $1,106.26. The intraday and short-term trends are downward as the price is below the Ichimoku cloud on the daily, H4, and H1 charts. In the daily time frame, we can observe a strong supply bar in a high volume. According to the H4 time frame, we can observe strong and healthy supply bars, which is a sign that buying still looks risky. Watch for selling opportunities since our first profit zone around the price of $1,106.00 has been met. The second major support is around the price of $1,083.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,117.50

R2: 1,121.10

R3: 1,126.90

Support levels:

S1: 1,105.90

S2: 1,102.31

S3: 1,109.50

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

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EUR/NZD analysis for November 05, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6460. Activity in the market is still low. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 9-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 a potential change in polarity. The strong support at the price of 1.6150 may become strong resistance once it is broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6540

R2: 1.6585

R3: 1.6650

Support levels:

S1: 1.6410

S2: 1.6370

S3: 1.6305

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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USDX technical analysis for November 5, 2015 Market Analysis Review

The US dollar index is in a breakout mode and in its next upward move, which is very strong if we take into account the shallow pullback it made. Dollar sellers are too weak and cannot produce any significant retracements for this upward move.

The US dollar index is above the Ichimoku cloud and making higher highs and higher lows. The price is breaking higher and support is found at 97.25 and then at 96.60. Bulls are in control and if we look at the weekly chart below, we can see a very important breakout of the bullish flag.

Red line - resistance

Green line - support

The bullish flag in the weekly chart has finally been broken upwards. Pullbacks are to be bought as this pattern implies new highs over the coming months. The US dollar index is breaking out of a multi-month sideways move and this is an important bullish signal for the greenback that should not be taken lightly bey dollar bears.

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Global macro overview for 05/11/2015 Market Analysis Review

Global macro overview for 05/11/2015:

In her first public comments since the Fed's meeting last week, Federal Reserve Chair Janet Yellen said on Wednesday that a possible interest rate "liftoff" could be declared in December. Nevertheless, the overall path of the pending interest rates hike will be slow and steady without any sudden moves. The Fed policy towards the potential rates hike is still very data depended and the key areas the policy makers are watching are unemployment, economic growth, and inflation levels. After this remarks, market participants have set their expectations of a December rates hike above 60 percent again.

The US Dollar index is currently trading just ahead of the important resistance at the level of 98.32 well above the 55, 100 and 200 days moving average.

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Gold technical analysis for November 5, 2015 Market Analysis Review

The gold price continued with its downward move despite holding above the long-term support trend line coming from $1,080. Breaking below this trend line is not a good sign for gold bulls. A bounce towards $1,130 is confirmed here but it seems that we are not going to avoid a new low below $1,080.

Blue line - support trend line

The gold price remains below the Ichimoku cloud confirming that the short-term trend remains bearish. Stochastics is oversold with divergence and it could point to a bounce at least towards $1,130 where we find the 38% Fibonacci retracement.

The weekly chart remains bearish in the short term, since it broke below the tenkan-sen, and bearish in the longterm as it remains below the weekly Ichimoku cloud. Breaking below the blue upward sloping trend line is a bearish sign and it will increase the chances of a new low formation over the coming weeks. I remain neutral as I believe the downside is limited and too risky as I have no reversal signals yet.The material has been provided by InstaForex Company - www.instaforex.com

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Global macro overview for 05/11/2015 Market Analysis Review

Global macro overview for 05/11/2015:

The most important macroeconomic event of the day is so called "Super Thursday BoE", when Bank of England will flood the markets with data regarding the interest rate decision, meeting minutes, the quarterly inflation report, and a speech from the Governor himself, Mark Carney (all events are scheduled at 12:00am GMT). Investors hope that the unclear statements made by Carney some time ago about raising the rates around the year end will be justified and specified today after the BoE meeting. Under these circumstances, the BoE minutes would be key information provider telling investors about other potential scenarios for further BoE moves, with Carney himself potentially coming around to the idea.

The GBP/USD pair is trading under the important resistance at the level of 1.5508. Next support is seen at the level of 1.5359 .

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Technical analysis of EUR/JPY for November 5, 2015 Market Analysis Review

General overview for 05/11/2015 08:20 CET

The growing bullish divergence warns traders of a bullish reversal coming. This point of view is supported by the current Elliott wave count, where wave c purple is needed to complete the larger degree cycle in wave (b) blue. The first possible target is around the golden channel trend line resistance and demands breakthrough zone resistance between the level of 133.70 - 133.91.

Support/Resistnace:

130.50 - WS2

131.60 - Intraday Support

131.75 - WS1

132.24 - Intraday Resistance

132.82 - Weekly Pivot

Trading recommendations:

Day traders should consider opening buy orders only if the level of 132.24 is violated, with tight SL (10-15 pips) and TP at the level of 133.30.

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