Elliott wave analysis of EUR/NZD for November 9 - 2015 Market Analysis Review

Wave summary:

Important resistance at 1.6545 is still protecting the upside and time is running out. If a break higher is not seen on the next attempt, then we shall expect one more decline closer to 1.5882 before a low finally is in place here.

Short-term support is seen at 1.6337 and again at 1.6179 and below the later will indicate that one final decline is needed before the low is in place.

Trading recommendation:

Only buy EUR upon a break above 1.6545.

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Elliott wave analysis of EUR/JPY for November 9 - 2015 Market Analysis Review

Wave summary:

The correction we are looking for towards 133.55 continues to unfold as expected. Once the 133.55 target is reached a turn lower should be expected for a decline and a break below support at 131.46 for a continuation lower to 129.21 and most likely even lower to 124.43.

In the short term, we will ideally see support at 132.44 hold for a rally towards 133.55, but only a break below support at 132.09 will confuse the picture.

Trading recommendation:

Sell EUR at 133.50 and place stop at 133.95.

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Technical analysis of EUR/USD for November 09, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Eurogroup Meetings minutes, Sentix Investor Confidence, and German Trade Balance. The US will release the macroeconomic report too such as the Labor Market Conditions Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0782.

Strong Resistance:1.0776.

Original Resistance: 1.0765.

Inner Sell Area: 1.0754.

Target Inner Area: 1.0729.

Inner Buy Area: 1.0704.

Original Support: 1.0693.

Strong Support: 1.0682.

Breakout SELL Level: 1.0676.

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 09, 2015 Market Analysis Review

In Asia, Japan will release the Average Cash Earnings y/y. The US will also release the macroeconomic report such as Labor Market Conditions Index m/m. So there is a big probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.92.

Resistance. 2: 123.68.

Resistance. 1: 123.43.

Support. 1: 123.13.

Support. 2: 122.89.

Support. 3: 122.65.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for November 09, 2015 . Thanks for your support.

Daily analysis of major pairs for November 9, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair went down by 300 pips last week in conjunction with the bearish outlook for the market. There are resistance lines at 1.0850 and 1.0900, which should resist any serious bullish attempts as the price endeavors to go further south. There are also support lines at 1.0650 and 1.0600. These are the potential targets for bears this week.

USD/CHF: Last week, this pair achieved a predictable feat - the USD reaching parity with the CHF. The price went above the great psychological levels at 1.0000 and 1.0050, closing above the latter on Friday. In the face of the ongoing strength in the Greenback, the pair would continue its upwards journey this week, possibly reaching the resistance levels at 1.0100 and 1.0150.

GBP/USD: Among the majors, the Cable was the strongest moving last week. The movement was so strong that the price fell by 400 pips, testing the accumulation territory at 1.5050. The outlook for this market remains bearish and it is possible that the accumulation territories at 1.5000 and 1.4950 would be attained this week.

USD/JPY: The price on this currency trading instrument moved upwards slowly and steadily last week, and then jumped further upwards on November 6, 2015. Price closed at 123.17 on that day on a strong bullish note. The bullish journey would continue this week (and this month), owing to a positive outlook for most JPY pairs.

EUR/JPY: The EUR/JPY pair remains in a bearish mode, though the journey southward was not significant last week. As long as the Euro is strong, the EUR/JPY pair would continue trending downwards. The only occurrence that can reverse this expectation is the occurrence that enables the Yen to be suddenly weaker than the Euro.

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Daily analysis of USDX for November 09, 2015 Market Analysis Review

USDX had a very bullish reaction after the positive data shown by the US NFP for October. Technically, the Index is looking to trade around the 100.00 key zone soon. Before that, we should see some breakouts above the 99.25 resistance level because that zone is currently pushing short-term bears on the US Dollar lower. In another scenario, we should be aware of the supports around the 98.31 and 98.03 levels. MACD indicator is reaching the overbought territory.

H1 chart's resistance levels: 99.25 / 99.80

H1 chart's support levels: 98.31 / 98.03

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 99.25, take profit is at 99.80, and stop loss is at 98.71.

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Daily analysis of GBP/USD for November 09, 2015 Market Analysis Review

GBP/USD has been trading lower after the US NFP release during Friday's session as it still forming a lower low pattern on H1 chart. However, we should note there are higher chances to see another breakout lower because of the current structure. The support zone of 1.5030 is the key level during this decline and that's why we could expect some rebounds over there on a corrective basis. MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 1.5142 / 1.5205

H1 chart's support levels: 1.5030 / 1.4932

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 1.5030, take profit is at 1.4932, and stop loss is at 1.5130.

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