Elliott wave analysis of EUR/NZD for November 10, 2015 Market Analysis Review

Wave summary:

There is no change in a view here.

We are still looking for a break above resistance at 1.6545 confirming a bottom is in place for a new impulsive rally towards 1.8020 and higher. That said time is running out and failure to break above 1.6545 will indicate that one more low closer to 1.5882 is needed before the bottom finally is in place for a new impulsive rally.

Short-term support is found at 1.6335 and at 1.6179 and below the later confirms a decline to 1.5882 before the bottom is in place.

Trading recommendation:

We will only buy EUR upon a break above 1.6545.

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Elliott wave analysis of EUR/JPY for November 10, 2015 Market Analysis Review

Wave summary:

We have seen an anticipated rally higher, but wave c was terminated at the resistance line of 133.19 and could not get higher to 133.55. We think that wave (ii) ended a little early and wave (iii) is developing now. A break below 132.09 will be the first strong indication that this was done for a strong decline lower to 124.55 and possibly even lower.

Resistance is now found at 133.19 and again at 133.55, but we expect resistance at 133.19 to protect the upside.

Trading recommendation.

We missed our selling target at 133.50, but will look for a new selling opportunity at 132.80 or upon a break below support at 132.09 with stop placed at 133.25.

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Technical analysis of EUR/USD for November 10, 2015 Market Analysis Review

When the European market opens, some economic news on the results of ECOFIN Meetings, Italian Industrial Production m/m, and French Industrial Production m/m is due to be released. The US will unveil data on the 10-y Bond Auction, Wholesale Inventories m/m, Mortgage Delinquencies, Import Prices m/m, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0808.

Strong Resistance:1.0802.

Original Resistance: 1.0791.

Inner Sell Area: 1.0780.

Target Inner Area: 1.0755.

Inner Buy Area: 1.0730.

Original Support: 1.0719.

Strong Support: 1.0708.

Breakout SELL Level: 1.0702.

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 10, 2015 Market Analysis Review

In Asia, Japan will release data on the Economy Watchers Sentiment, Bank Lending y/y, and Current Account. The US will publish some economic data about 10-y Bond Auction, Wholesale Inventories m/m, Mortgage Delinquencies, Import Prices m/m, and NFIB Small Business Index. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.80.

Resistance. 2: 123.56.

Resistance. 1: 123.31.

Support. 1: 123.02.

Support. 2: 122.78.

Support. 3: 122.54.

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 major pairs for November 10, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair moved simply sideways on Monday. 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 bears' potential targets this week.

USD/CHF: In the face of ongoing strength in the greenback, the USD/CHF pair would continue its upwards journey this week. It could reach the resistance levels of 1.0100 and 1.0150. Therefore, the current shallow pullback should be viewed as an opportunity to go long.

GBP/USD: In the context of a downtrend, the GBP/USD pair bounced upwards on Monday moving above the accumulation territory at 1.5100. This is seen as a faint bullish attempt and unless the price goes above the distribution territories at 1.5300 and 1.5350, the bullish attempt might be taken as a short-selling opportunity.

USD/JPY: After topping 123.50, this currency trading instrument got corrected lower though the outlook for the market is bright. In the face of an anticipated bullish movements in most JPY pairs this month (coupled with the strength in the USD), it is logical to conclude that this currency trading instrument would continue its upward journey, going above the supply level of 123.50 again.

EUR/JPY: The EUR/JPY pair remains moving in a bearish mode, though the journey southward is not significant. 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 10, 2015 Market Analysis Review

The USDX is doing some consolidation moves below the resistance level of 99.25, because the index is trying to do another corrective move towards the support zone of 98.31 in coming days. However, we should note the level of 99.25 could get broken very soon, as bullish momentum remains very strong. The 200 SMA in the H1 chart is still bullish calling for another swing higher. The MACD indicator is at the negative 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 US dollar index breaks with a bullish candlestick; the resistance level is seen 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 10, 2015 Market Analysis Review

The pair has been recovering from last Friday's losses, and we ca see a rebound above the support level of 1.5030. This is why we expect a test of the resistance zone around the level of 1.5142 in the H1 chart. A breakout above that territory will open the door to the level of 1.5205 in coming days, because it will be trading very close to the current location of 200 SMA. The MACD indicator is still showing positive signs in this time frame.

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

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

USD/JPY is expected to trade in a higher range. Last Friday the US dollar gained over 1% against other major currencies as the strong US jobs report, which pointed to an addition of 271K non-farm payrolls in October (vs +180K expected) and a fall in jobless rate to 5.0% from 5.1%, was viewed by the market as a green light for the US Federal Reserve to raise interest rates in December. The Wall Street Journal Dollar Index rose 1.2% to 90.42, the highest level since December 2002. EUR/USD fell 1.3% to 1.0738, GBP/USD lost another 1.0% to 1.5047, USD/JPY rose 1.1% to 123.13, USD/CAD also gained 1.1% to 1.3306, while AUD/USD lost 1.3% to 0.7046. The benchmark 10-year Treasury yield rose further to 2.332%, the highest closing level since July 21, from 2.245% in the previous session.

Meanwhile, US stock indices were little changed amid bank and financial stocks trading higher and utilities shares tumbling. The Dow Jones Industrial Average added 0.3% to 17,910, the S&P 500 ended broadly flat at 2,099, and the Nasdaq Composite was up 0.4% to 5,147. Nymex crude oil fell 2.0% to $44.29 a barrel, gold lost another 1.5% to $1,087 an ounce.The pair keeps on trading on the upside after last Friday's 1.1% surge. It is standing firmly above the rising 20-period intraday moving average (MA), which is above the 50-period one. Meanwhile, the intraday relative strength index (RSI) has shot over the over-bought level of 70 and shows no downward momentum. The intraday outlook remains strongly bullish and the pair should approach the first upside target at 123.60 and the second one at 124.00 (both last seen on August 20).

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 123.60 and the second target at 124. In the alternative scenario, short positions are recommended with the first target at 122 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 121.60. The pivot point is at 122.65.

Resistance levels: 123.60 124 124.75

Support levels: 122 121.60 122.35

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

USD/CHF is expected to advance further. The pair posted a strong rebound last Friday, and now stands firmly above its nearest support at 0.9945. The recent upside breakout of 1.0000 (key psychological level) should open the path to 1.0080 and 1.0125. Moreover, the intraday RSI is above its neutrality area at 50. To sum up, as long as 0.9980 is not broken, further advance seems more likely to occur to 1.0080 and 1.0125 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 1.0080 and the second target at 1.01. In the alternative scenario, short positions are recommended with the first target at 0.9945 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 0.9915. The pivot point is at 0.9980.

Resistance levels: 1.0080 1.01 1.0140

Support levels: 0.9945 0.9915 0.9875

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

NZD/USD is under pressure. The pair accelerated on the downside following the bearish breakout of its previous support at 0.6590. The intraday outlook is negative as the falling 20- and 50-period intraday MAs are exerting strong resistance. Besides, the intraday RSI is under pressure below its neutrality area at 50. Hence, as long as 0.6590 is resistance, look for a choppy price action with a bearish bias. Our next down targets are set at 0.65 and 0.6475.

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 0.650. A break of that target will move the pair further downwards to 0.6475. The pivot point stands at 0.6590. 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 0.6645 and the second target at 0.6705.

Resistance levels: 0.6645 0.6705 0.6755 Support levels: 0.6500 0.6475 0.6435

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Technical analysis of GBP/JPY for November 09, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish bias. The pair has accelerated to the upside after breaking above its previous key resistance at 185.30, which should now play a key support role. Both 20-period and 50-period intraday MAs maintain a bullish bias, while the intraday RSI is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 186.55 at first. A break above this level would call for further advance towards 187.15.

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 186.55 and the second target at 187.15. In the alternative scenario, short positions are recommended with the first target at 184.80 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 184.25. The pivot point is at 185.30.

Resistance levels: 186.55 187.15 188

Support levels: 183.90 183.50 182.75

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GBP/USD intraday technical levels and trading recommendations for November 9, 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 last week. Our suggested SELL entry is already running in profits 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.

A 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 9, 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 level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the level of 1.3100.

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

A bearish breakout of the support level at 1.3075 was mandatory to allow further bearish decline towards 1.2930. An evident bullish rejection was expressed around this level.

That is why, another bullish visit towards the level of 1.3270 (FE 100%) was executed (as anticipated in the previous articles).

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 9, 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 enhancing 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 last week after it has provided the GBP/USD pair with significant bullish rejection a month 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 level of 1.5380 (occurred on last Friday) enhancing the bullish side of the market exposing 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 last week. These levels currently 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 levels 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 9, 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 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 takes place around the level of 1.1450.

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 August 24, the market looked overbought as bulls were pushing the pair further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) was performed, 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 an uptrend line has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

A valid sell entry was suggested to retest the uptrend, which had been broken earlier last week. It is running in profits now. S/L should be lowered to 1.0840 to secure some profits.

Today, daily persistence below the 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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Daily analysis of Silver for November 09, 2015 Market Analysis Review

Overview

According to the H4 chart, silver price showed a impulsive breakout of the key support at 14.85 and settled below it, which reinforces our expectations of continuing bearish trend in an upcoming period. The way to the level of 13.96 is open now. Currently, stochastic might push the price to the broken support before resuming the suggested bearish trend, which found continuous support at the EMA 50. Noting that breaching the level of 14.85 will stop the suggested decline and help the price recover attempts. Targets are seen at 15.40 extanding to 15.85.

WE expect a trading range between support of 14.00 and resistance of 15.00 today.

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

Overview

An outlook for the GBP/JPY pair remains unchanged. The price action at the level of 180.36 is viewed as a consolidation pattern. Strong resistance at 188.28 is expected to limit the upside to finish the consolidation. Below 183.86, a bias will change to downside in order to retest the level of 180.36 first. A breakout at 180.36 will extend the whole fall from 195.86 targeting to test the key support level at 174.86. 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 psychological level of 200. A breakout at 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we should be cautious as strong resistance at 199.80/200.00 can finally bring reversal.

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Technical analysis of EUR/USD for November 9, 2014 Market Analysis Review

Overview:

• The EUR/USD pair has rebounded from the minor support at the level of 10730. On the other hand, the major minor resistance is seen at the level of 1.0830. The pair is approaching it in order to test. Additionally, the level of 1.0833 represents a strong level in the H1 chart.The weekly pivot point was already placed at 1.0833 . For that this area will act as strong resistance today. Consequently, we expect a range around 138 pips in coming 48 hours. So, amid previous events, the EUR/USD pair will be moving between the levels of 1.0720 and 1.0833 during the day. Therefore, it will probably start its downside movement from 1.0830 and recover again. Sell at this spot with the first target at 1.0766 and second target at the level of 1.0706 to form the double top and continue towards 1.0658. On the other hand, in case a breakout takes place at 1.0833, a good place to set our stop loss is seen at 1.0860.

The weekly technical analysis of the EUR/USD pair:

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Gold analysis for November 09, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the second major support at the level of $1,085.00. We can observe a massive volume spike (selling climax), which is a sign that selling gold at this stage looks risky. A trend is still downward, but since we got the massive volume spike at the critical support level we may expect an upward correction to take place. Anyway, if the price breaks the level of $1,083.00, we may see a continuation downward. The resistance level is seen at $1.102.50.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,090.25

R2: 1,090.80

R3: 1,091.70

Support levels:

S1: 1,088.50

S2: 1,087.95

S3: 1,087.35

Trading recommendations: Be careful when selling gold at this stage since the price is testing the key support level and we got the massive volume spike.

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Technical analysis of GBP/USD for November 9, 2014 Market Analysis Review

The weekly technical analysis of the GBP/USD pair:

Overview:

• The The GBP/USD pair is expected to face strong resistance at the level of 1.5192, and support is seen at 1.48487 this week. Equally important, the price has still been trading around the key level of 1.5084 since morning. Moreover, the GBP/USD pair is still below 38.2% of Fibonacci retracement levels since June 4, 2014. The RSI calls for a downtrend. As a result, the price has already formed the strong resistance at the spot of 1.5192 approaching it in order to test this level in coming hours. Therefore, the GBP/USD pair will get downside momentum rather convincing and the fall is unlikely to be corrective to indicating a bearish opportunity below the level of 1.5192 for that sell below 1.5192 with the first target at 1.5026 (this level is coinciding with the daily double bottom). It will call for a downtrend to continue a bearish movement towards 1.4890 (the weekly support 1).

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EUR/NZD analysis for November 09, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6470. We still observe low activity in the market. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 11-day major support cluster around 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of our key support level takes place. In the the daily time frame, we can see neutral bars, which are a sign for an indecision market. The price has broke our downward channel but with a very weak price action. A high-volume breakout of the level at 1.6150 will confirm further downward continuation. Resistance is seen at the level of 1.6500. Watch for a potential change in polarity. The strong support at 1.6150 may become strong resistance once it is broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6510

R2: 1.6550

R3: 1.6620

Support levels:

S1: 1.6370

S2: 1.6330

S3: 1.6260

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 at 1.6150 to confirm a continuation downward.

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Global macro overview for 09/11/2015 Market Analysis Review

Global macro overview for 09/11/2015:

The sentix Economic Index for the euro area continues rising, gaining 3.4 points to 15.1 points in November. The previous reading of 11.7 points was easily beaten as the eurozone's recovery is back on track, especially in Germany and Switzerland while Austria lags behind a little. A reason for rising economic expectations is gaining confidence in Asian markets as the Chinese administration has been successful in restoring confidence in the potential of the Chinese economy.

The rising confidence in global recovery and Friday's NFP data was the main reason for the US Dollar index' bullish breakout. Currently, the support is seen at the level of 98.34 and resistance is seen at the level of 99.98.

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Global macro overview for 09/11/2015 Market Analysis Review

Global macro overview for 09/11/2015:

The US employment data was released last Friday. The NFP figures were much better than market participants had expected as an addition of 271,000 jobs exceeded all estimates of Bloomberg economists. Moreover, the wage growth increased and the unemployment rate felt to the level of 5.0%. Further improvements in the labor market is a precondition for the Fed policy makers in case of any possible short -term interest rate hike.

The EUR/USD pair declined rapidly to the level of 1.0707 after the news release. However, the pair has bounced a little higher performing a corrective cycle. The downtrend remains unchanged and next resistance is seen at the level of 1.0832.

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Technical analysis of USD/CAD for November 9, 2015 Market Analysis Review

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

Wave X brown had been completed in shape of a triangle pattern. Now, the market continues to move higher to complete the wave Y brown cycle. Please notice that the key level for this wave progression is a weekly pivot at the level of 1.3239, and the invalidation line for an alternative impulsive count is seen at the level of 1.3190.

Support/Resistance:

1.3316 - Intraday Resistance

1.3239 - Weekly Pivot

1.3190 - Intraday Support

1.3162 - WS1

Trading recommendations:

Day traders should consider placing buy orders at current price levels with SL below the level of 1.3239 and TP at the level of 1.3316.

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Technical analysis of EUR/JPY for November 9, 2015 Market Analysis Review

General overview for 09/11/2015 09:50 CET

The wave b purple is completed and the price is now rallying upwards to complete wave c of the corrective cycle in wave (b) blue. The first target for wave (b) is seen at the level of 133.55, but it might goes higher into the demand breakthrough zone and be capped then.

Support/Resistnace:

131.47 - WS1

123.34 - Weekly Pivot

132.70 - Intraday Support

133.20 - WR1

133.55 - Intraday Resistance

Trading recommendations:

Day traders should consider placing buy orders at current price levels with SL below the level of 132.70 and TP at the level of 133.55.

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USDX technical analysis for November 9, 2015 Market Analysis Review

The US dollar index has been moving in a strong uptrend since November 2 when it tested support at 96,75 and broke to new highs on November 4. A weekly bullish flag pattern was broken upwards.

Red line - support

Blue line - support

The US dollar index is above the Ichimoku cloud heading towards higher highs and higher lows. Support is found at 98.10-97,95. Resistance is seen at 100-100.20. A trend remains bullish.

Red line -weekly resistance

The weekly chart remains fully bullish after the breakout above the bullish flag. The price is above the long-term cloud providing us with a long-term bullish signal. Pullbacks towards the broken trend-line support should be seen as buying opportunities with stops at 93.80.

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Gold technical analysis for November 9, 2015 Market Analysis Review

Gold price was pushed towards new lows last week following the better-than-expected US Non-Farm Payrolls. In the previous analysis, I mentioned that gold price had to bounce off the area around $1,120-40 in order to avoid new lows. This did not happen. So, bears are still in control.

Blue line - support (broken)

Gold price is below the Ichimoku cloud. The price broke through the trend line support and reached its previous lows in the area around $1,080. A trend remains bearish. I would justify a bounce towards the area of $1,120-30, but only as a short-term bounce before the new selling pressures comes to push prices towards $1,060.

Blue line -weekly trend line support (broken)

Red horizontal line -support of previous low at $1,077.

Gold price remains in a long-term bearish trend as long as it moves below the Ichimoku cloud. The rejection at $1,190 was a sell signal once the price broke below the tenkan-sen (red line indicator). Gold price did not bounce off the blue upward sloping trend-line support, but it broke below it. Gold is now testing a low at $1,077. A short-term bounce could come before a break below that level.

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