GBP/USD intraday technical levels and trading recommendations for November 6, 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 on Monday. Our suggested SELL entry is already running in profits until today.

Note that bearish persistence below the level of 1.5170 is needed for further bearish decline towards the levels of 1.5000 which is a prominent weekly support.

Price action should be watched around 1.4980 where the lower limit of the depicted movement channel comes to meet the GBP/USD pair. This is where a valid BUY entry can be offered. S/L should be located below 1.4900.

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USD/CAD intraday technical levels and trading recommendations for November 6, 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 was 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 executed (which is the 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 6, 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.

The demand level at 1.5170 ( the origin of a previous bullish engulfing weekly candlestick) was broken-down earlier Today after it has provided the GBP/USD pair with significant bullish rejection three weeks ago.

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) where price action should be watched for a valid BUY entry.

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

Instead of it, 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 last 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.

Demand levels at 1.5350 and 1.5170 were broken-down earlier this week. Now, these levels constitute prominent supply levels to be watched for new sell entries.

They should be defended by the GBP/USD bears in order to allow further bearish decline towards 1.4950.

Note that bearish persistence below 1.5170 exposes next demand levels at 1.5090, 1.5025 and 1.4950.

Trading Recommendation:

A low-risk buy entry will probably be offered around the weekly demand level at 1.5000-1.4950.

S/L should be placed below 1.4920.

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Intraday technical levels and trading recommendations for EUR/USD for November 6, 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 initiated 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 1.0900 to secure some profits.

Today, daily persistence below the price level of 1.0800 (prominent bottom established on July 21) is needed to maintain enough bearish momentum towards 1.0680 and 1.0550.

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Technical analysis of Silver for November 06, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has retraced lower towards the fibonacci 0.618 support levels around $15.00/14 levels yesterday. The metal is trading around $15.05/10 levels at the moment, looking to resume a rally higher. Please note that a support trend line is passing through $14.80/90 levels as well, to provide enough support. It is hence recommended to remain long for now, with risk at $14.40 levels. Immediate support is seen through the $14.40 levels, followed by $14.00 levels and lower, while resistance is seen through $16.00 levels and higher respectively.

Trading recommendations:

Remain long for now, stop at $14.40, a target is open.

Good luck!

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Technical analysis of Gold for November 06, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold looks to remain vulnerable till prices stay below $1,120.00 levels. As depicted on the 4H chart view here, the yellow metal has broken a rising support trend line and is trading pretty close to its past support at $1,198.00 levels. The daily chart shows some support coming in just ahead of $1,100.00 levels and is producing an engulfing bullish candlestick pattern, but waiting for the follow through after NFP release. It is recommended to remain cautiously bullish at the moment, with risk below $1,100.00 levels. Immediate support is seen around $1,100.00 levels (interim), followed by $1,080.00, while resistance is seen at $1,120.00 levels and higher respectively.

Trading recommendations:

Cautiously long with stop below $1,100.00 levels.

Good luck!

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Technical analysis of GBP/CHF for November 06, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has finally reversed from 1.5350 levels as expected yesterday. Please note that it could still continue dropping lower from here towards 1.4850 levels before reversing. But an interim support is seen around 1.5040 levels which could produce a corrective bounce as well. Keeping this in mind, it is recommended to take profits on short positions for now and remain flat. Immediate support is seen at 1.5020/40 levels, followed by 1.4900, 1.4850 and lower while resistance is seen at 1.5400/10 and higher respectively. Bears are expected to remain in control for a while up to 1.4850/1.4900 levels.

Trading recommendations:

Take profits on short positions taken earlier and remain flat.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair is seen to be looking to break above 133.00/10 levels soon, but 131.50 levels should hold. As seen on the daily chart depicted here, the pair had produced an engulfing bullish candlestick pattern on October 29, 2015, which is still holding good. The signal is more significant since it has appeared at a fibonacci 0.618 support. It is hence recommended to remain long for now, with risk at 131.40 levels. Immediate support is seen at 131.40/50 levels (interim), followed by 130.00 and lower while resistance is seen at 137.00 levels and higher respectively.

Trading recommendations:

Remain long now, stop below 131.50, a target is open.

Good luck!

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EUR/NZD : analysis for November 06, 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 10-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. According to the Daily time frame we can observe neutral bars, which is a sign for indecision market. The price has broke our downward channel but with very weak price action. 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: 1.6500

R2: 1.6530

R3: 1.6580

Support levels:

S1: 1.6400

S2: 1.6370

S3: 1.6315

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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Gold : analysis for November 06 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,107.50. 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 weak demand bar in a low volume. According to the H4 time frame, we can observe weak demand around the price of $1,110.00. 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. Watch for potential breakout of our support to confirm further downward movement.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,108.90

R2: 1,110.35

R3: 1,112.75

Support levels:

S1: 1,104.15

S2: 1,102.70

S3: 1,110.35

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

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

USD/JPY is expected to trade with a bullish bias. Overnight U.S. dollar edged down as investors are waiting for the monthly U.S. non-farm payroll report to be released Friday. The Dow Jones Industrial Average ended broadly flat at 17863, the S&P 500 declined 0.1% to 2099, and the Nasdaq Composite was down 0.3% at 5127. Nymex crude oil fell 2.4% to $45.20 a barrel, gold lost another 0.2% to $1,104 an ounce, while the benchmark 10-year Treasury yield rose to 2.245% from 2.232% in the previous session. The pair has been consolidating after touching 122.00 on the upside overnight. It is now seeking support from the rising 50-period intraday moving average (MA). Meanwhile the intraday relative strength index (RSI) is around the neutrality level at 50. As long as 121.35 holds as the key support, the consolidation's extent should be limited. If the pair finally breaks above 121.35, it should rise towards the second upside target at 122.45 (last seen on August 21).

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 122.45 and the second target at 123.00. In the alternative scenario, short positions are recommended with the first target at 121.10 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 120.90. The pivot point is at 121.35.

Resistance levels: 122.45 123 123.55

Support levels: 121.10 120.90 120.55

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

USD/CHF is expected to trade with a bullish bias as the pair is continuing its rebound. The pair is still in a bullish trend, backed by its rising 50-period MA. The nearest key support level at 0.9915 should hold any downward attempts. Besides, the process of higher highs and lows remains intact. In these prospect, as long as 0.9915 is not broken, the pair is likely to advance to 1.0000 (a key psychological level) and then to 1.0030.

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 1.00 and the second target at 1.0030. In the alternative scenario, short positions are recommended with the first target at 0.9880 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 0.9840. The pivot point is at 0.9915.

Resistance levels: 1.000 1.0030 1.0060

Support levels: 0.9880 0.9840 0.98

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

NZD/USD is expected to trade with a bearish bias as key resistance is at 0.6650. The pair posted consolidation yesterday and currently remains under pressure below its nearest resistance at 0.6650. The intraday outlook remains bearish, as the intraday RSI is still on the downside, without showing any reversal signal. In this case, as long as 0.6650 is not surpassed, look for a new pullback to 0.6570 and 0.6530 after a pause.

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 06, 2015 Market Analysis Review

EUR/JPY is expected to trade with a bearish bias. The pair collapsed overnight with the intraday RSI entering the "oversold" area below 30. The level of 186 is holding as the key resistance. Both the 20- and 50-period intraday MAs are turning down, and should push the prices lower. To sum up, even though a technical rebound cannot be ruled out at the current stage, its extent should be very limited. As long as 186 is not surpassed, look for a new pullback towards 183.90.

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 183.90. A break of that target will move the pair further downwards to 183.50. The pivot point stands at 186. 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 186.55 and the second target at 187.15.

Resistance levels: 186.55 187.15 188

Support levels: 183.90 183.50 182.75

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Global macro overview for 06/11/2015 Market Analysis Review

Global macro overview for 06/11/2015:

Yesterday the Bank of England had decided to keep the interest rate at the level of 0.50%. The asset purchase facility hasn't been changed as well and it is still at the level of 375bln. Moreover, the BoE did not give the market participants any clear signs about when the low interest rates can go up for the first time after the financial crisis. BoE Governor Mark Carney said that BoE will change the interest rate when the time is right, which is a clearly different perspective since the "turn of the year" statement from the beginning of September. It looks that there is a lot of confusion about a possible rate hike and the BoE fails in the attempts to give guidance on its plans for interest rates so far.

The GBP/USD pair had reacted negatively for the news, the sell-off had reached the important golden trend line and broke below it. The next support is seen at the level of 1.5105.

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Global macro overview for 06/11/2015 Market Analysis Review

Global macro overview for 06/11/2015:

The Non-Farm Payrolls data are scheduled for release at 1:30pm GMT today. The market expected a nice gain of 181k jobs this month vs. 141k gain last month. The US employment component had been the firmest pillar on the U.S. economic recovery situation, but after the summer the optimistic expectations of the financial market participants about how much jobs can be made had stumbled over the real data. Nevertheless, the recent US job market data are gathering a pace again and the convergence of a hawkish Fed that has marked December as a possibility and a strong NFP could result in the arrival of the much-awaited interest rate hike.

The EUR/USD pair is trading just above the important daily support at the level of 1.0805. The resistance is seen at the level of 1.0897.

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Technical analysis of EUR/JPY for November 6, 2015 Market Analysis Review

General overview for 06/11/2015 09:20 CET

The bottom for the wave b purple looks to be in place and the market should unfold another upward wave to complete the cycle. 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

132.70 - Intraday Resistance

132.82 - Weekly Pivot

Trading recommendations:

Buy orders from yesterday should be kept open with TP at the level of 133.40.

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

General overview for 06/11/2015 09:10 CET

The situation is quite similar to yesterday's price action as the market moves in a tight range ahead of the NFP data later today. The wave b green in this cycle might be completed at the recent local high at the level of 1.3196, so there is still a potential for a further decline towards the weekly pivot level. The weekly pivot l is the key level for the day: any breakout below it would mean a further decline is more possible than a bullish reversal.

Support/Resistnace:

1.3191 - Intraday Resistnace

1.3111 - Weekly Pivot

1.3038 - Intraday Support

1.2954 - WS1

Trading recommendations:

Day traders should consider opening buy orders at the level of 1.3111 with tight SL (10-15 pips) and TP at the level of 1.3191.

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USDX technical analysis for November 6, 2015 Market Analysis Review

The Dollar index remains in a short-term bullish trend. We have finally seen a breakout above the long-term sideways move that implies we should expect new highs before the year end.

Red lines - bullish short-term channel

Blue line - medium-term support

The Dollar index is trading in an bullish trend. This is confirmed by price being above the Ichimoku cloud, kijun-sen being crossed by the tenkan-sen and by price making higher highs and higher lows. Short-term support is at 97.75. Next support is at 97.40 and then at 97.

Red line -weekly resistance

Green line - weekly support

The weekly chart shows us the breakout above the bullish flag formation. Price bounced off cloud support and is trending higher. I expect to see above 100-101 before year end unless we break below 93.

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Gold technical analysis for November 6, 2015 Market Analysis Review

Gold price has extended its decline towards the $1,100 support. I expect a bounce towards $1,130-40 where the bullish and bearish scenarios will be tested.

Blue lines - bearish scenario

Blue upward sloping line - trend line support (broken)

Red line - bullish scenario

Gold price is trading below the Ichimoku cloud. The stochastics are at oversold levels and turning upwards while price is making new lows. This is a bullish divergence. I expect Gold price to bounce towards $1,130. Minimum bounce expected towards $1,120 where we find the broken upward sloping trend line support. We might get a rejection at that level. Most probable scenario is to see a bounce towards the 38% Fibonacci retracement where we will see the real strength of bulls.

Blue line - support (broken)

The weekly chart is very weak as price has easily broken below the upward sloping blue trend line support. The long-term trend remains bearish as long as price is below the Ichimoku cloud. Medium and short-term trend remain bearish after breaking below $1,140. A bearish target is $1,030-$980.

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

Overview

According to the attached H4 chart, Silver price continues to move within a tight track around 15.00 level, while the stochastic loses its bullish momentum gradually to supported the chances of resuming the bearish trend as the bearish trend scenario is still valid as long as the price is below 15.40, supported by the EMA50. We remind you that breaking the 14.85 level will open the way to extend the bearish wave to reach 13.96 areas as a next main station.

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Elliott wave analysis of EUR/NZD for November 6 - 2015 Market Analysis Review

Wave summary:

The base-building below important resistance at 1.6515 is going on. This resistance still needs to give away to confirm that a firm bottom is in place for a strong rally higher towards 1.8020. The risk is of course a break below support at 1.6124 that is calling for one more decline closer to 1.5882 before the next move higher should be expected.

Trading recommendation:

Only buy EUR upon a break above 1.6565.

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

Overview

GBP/JPY dropped to as low as 185.00 last week but was supported above 61.8% retracement of 174.86 to 195.86 at 182.88 and recovered. Overall outlook is unchanged. Price actions from 195.86 are viewed as a consolidation pattern and should be supported by mentioned 182.88 fibonacci level. An upside breakout through 195.86 is expected later. However, sustained trading below 182.88 will dampen our view and turn focus back to 174.86 support instead.

Daily Pivots: (S1) 184.16; (P) 185.92; (R1) 186.89;

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Elliott wave analysis of EUR/JPY for November 6 - 2015 Market Analysis Review

Wave summary:

The failure to break below support at 131.58 indicates that the correction in wave (ii) still is unfolding as a flat correction and this calls for a new rally in wave c of (ii) closer to 133.55 before wave (ii) is over. Besides, the next impulsive decline should be expected.

Short-term minor resistance is found at 132.73 and above here indicates continuation higher to 133.55 in wave c.

Trading recommendation:

Our stop at 132.65 was hit for a small loss. We will sell EUR again at 133.50.

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