Technical analysis of Silver for November 11 2015 Market Analysis Review

Technical outlook and chart setups:

Silver might be producing a potential inverted head and shoulder reversal as seen on a compressed view of the H4 chart here. The metal is trading around $14.50 at the moment, a potential right shoulder, in line with the left shoulder. The current price action also indicates that silver is on its way to break above $14.60/65, which is immediate short-term resistance. Furthermore, the metal is also testing a resistance turned support trend line, and a push above $14.60 should be extremely encouraging to bulls. It is hence recommended to remain long, with risk at $14.00. Immediate support is seen at $14.00, while resistance is seen at $14.60/70.

Trading recommendations:

Stay/go long, stop is at $14.00, a target is open.

Good luck!

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Technical analysis of Gold for November 11, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold produced a complex correction and is trading around the level of $1,092.00 below its Fibonacci support of 0.786 (of the rally between $1,077.00 and $1,192.00 respectively). One can expect at least a short term corrective rally if no extension above $1,190.00 is observed until prices stay above $1,077.00. On the other hand, a drop from $1,190.00 could be a deep correction and a bullish reversal here could push prices towards $1,230.00 and higher. It is hence recommended to go/remain long here with risk below the level of $1,077.00. Immediate support is found at $1,077.00.

Trading recommendations:

Remain long and look for an opportunity to add further, stop is at $1,075.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for November 11, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair might completed correction yesterday and reached higher lows around 131.75. Please also note that prices have bounced from a Fibonacci 0.786 support and the back side of the resistance trend line, which acts as support now. If this wave structure holds, the pair should head north towards at least 134.30 and further towards 136.00 as we had discussed earlier. It is hence recommended to remain long and look for an opportunity to add positions with risk at 131.00. Immediate support is seen at the level of 131.75 followed by 131.30 and lower, while resistance is seen at 134.30 and higher.

Trading recommendations:

Go long now with stop at 131.00, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for November 11, 2015 Market Analysis Review

Wave summary:

We are going absolutely nowhere at the moment. This indicates that energy is accumulating, and once the base is broken, the following move higher or lower will prove to be strong. As long as support at 1.6179 protects the downside, we do prefer a break above 1.6545, which calls for a rally higher to 1.8020.

If, however, support at 1.6179 is broken, a quick decline to 1.5882 should be seen.

Trading recommendation:

We will buy EUR at 1.6210 or upon a break above 1.6545. Stop and revers of the position will be placed at 1.6120.

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Elliott wave analysis of EUR/JPY for November 11, 2015 Market Analysis Review

Wave summary:

We continue to expect resistance at 133.19 to protect the upside for a break below support at 131.45 confirming continuation lower to 124.54 in wave iii. In the short term, a break below minor support at 131.85 will confirm test of the more important support at 131.45 and below here should accelerate prices lower to 124.54.

Trading recommendation:

We sold EUR at 132.08 with stop placed at 133.25.

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Daily analysis of USDX for November 11, 2015 Market Analysis Review

The index id still moving sideways showing the bullish intentions in the short term. A breakout above that zone will open the doors to a test at the level of 99.80. However, a pullback at current levels will push the USDX lower towards the support level of 98.31, where a rebound is expected because of the 200 SMA current location. The MACD indicator is still seen 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 11, 2015 Market Analysis Review

On the H1 chart, GBP/USD has been trading below the resistance level of 1.5142. Now we should see a kind of pullback towards the support zone around 1.5030. A breakout over there will open the doors to the level of 1.4932 in the short term, as the cable managed to form bearish patterns several days ago. The 200 SMA is still pointing to the downside and the MACD indicator is at 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 found at 1.5030, take profit is at 1.4932, and stop loss is at 1.5130.

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Technical analysis of GBP/CHF for November 11, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair rallied through the resistance levels around 1.5220/30, and even exceeded by a few pips before pulling back. As we can see on the H4 chart, the pair has also hit the Fibonacci resistance at 0.618 and produced a pin bar candle indicating a potential reversal. If the level of 1.5350 manages to hold the next leg could be on the lower side. It is hence recommended to go short now, with risk above 1.5350 levels. Immediate support is seen at the 1.4950, followed by 1.4700 and lower, while resistance is seen at 1.5350 (interim), followed by 1.5400.

Trading recommendations:

Stay short now, stop is at 1.5380, a target is 1.4820.

Good luck!

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Technical analysis of EUR/USD for November 11, 2015 Market Analysis Review

When the European market opens, economic news on the ECB President Draghi Speaks and German WPI m/m is due to be published .The US will not release any economic data today. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0785.

Strong Resistance:1.0778.

Original Resistance: 1.0768.

Inner Sell Area: 1.0757.

Target Inner Area: 1.0732.

Inner Buy Area: 1.0707.

Original Support: 1.0696.

Strong Support: 1.0685.

Breakout SELL Level: 1.0679.

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 11, 2015 Market Analysis Review

In Asia, Japan will release data on the Prelim Machine Tool Orders y/y and M2 Money Stock y/y, while the US is not expected to unveil any economic data. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.46.

Resistance. 2: 123.22.

Resistance. 1: 122.98.

Support. 1: 122.69.

Support. 2: 122.45.

Support. 3: 122.21.

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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GBP/USD intraday technical levels and trading recommendations for November 10, 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 until today.

Note that bearish persistence below the level of 1.5170 is needed for further bearish decline towards the levels of 1.5000 (prominent weekly support). Another sell entry may be offered around this level if bullish pullback occurs first.

On the other hand, 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 10, 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 below the support level at 1.3075 was mandatory to allow further bearish decline towards 1.2930. However, an evident bullish rejection was expressed around this level instead.

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

A price action should be watched around the price level of 1.3270 on a daily basis, as a daily breakout above 1.3300 directly exposes the next resistance level at 1.3450 which corresponds to Fibonacci Expansion 141.0%.

Trading recommendations:

Risky traders can sell the USD/CAD pair around 1.3270-1.3300 (considered a risky trade as the recent weekly candlestick suggests more bullish advancement).

Conservative traders should wait to buy the pair around the recent breakout zone (1.2800-1.2750) as the breakout zone constitutes a strong support.

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Intraday technical levels and trading recommendations for GBP/USD for November 10, 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.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5170 (the neckline of the Head and Shoulders pattern).

This supports the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.4800 for this reversal pattern.

The previous 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. Now it constitutes an important supply level to be watched for bearish positions.

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) where a price action should be watched for a possible intraday 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 two weeks ago) 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.

Demand levels at 1.5350 and 1.5170 were broken down last week. These levels currently constitute prominent supply levels to be watched for new sell entries.

Note that bearish persistence below 1.5170 is mandatory to allow further bearish decline towards 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. Initial T/P levels should be located at 1.5170 and 1.5300.

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Intraday technical levels and trading recommendations for EUR/USD for November 10, 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 has 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 (July, August, September and October) reflected the recent bearish rejection, which took place around the level of 1.1450.

Hence, in the long term, a projected target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0575 occurs.

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

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.

A daily breakout of the depicted uptrend line has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Daily persistence below the level of 1.0990 exposed the next demand level around 1.0850 where prominent bottoms were previously established during May, July, and August.

This week, 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 1.0530 (Prominent Monthly Low).

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

Technical outlook and chart setups:

The EUR/JPY pair seems to be looking for an opportunity to form a base around 131.30 in the H4 chart moving higher through at least 134.25. Please note that a rally through the intermediary resistance line is still possible (above 136.00). At the moment, the pair is trading around 132.10/20. It is expected to turn bullish. It is still recommended to initiate long positions with risk at the level of 131.00. Immediate support is seen at 131.30 (interim), while resistance is seen at 134.25. Bulls are expected to be in control until prices stay broadly above 131.30.

Trading recommendations:

Stay long now, stop is at 131.00, targets are at 134.25 and 136.00+.

Good luck!

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

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6370. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 12-day major support cluster around 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of the 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 pair has broken our downward channel but with a very weak price action. A high-volume breakout at the level of 1.6150 will confirm further continuation downward. 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 gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6482

R2: 1.6505

R3: 1.6540

Support levels:

S1: 1.6410

S2: 1.6385

S3: 1.6345

Trading recommendations: Selling opportunities are preferable. Major support is at the level of 1.6150.

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Technical analysis of Gold for November 10, 2015 Market Analysis Review

Technical outlook and chart setups:

The yellow metal remained just shy of its July 24, 2015 lows at the $1,077.00 levels and bounced off the the $1,085.00 levels. Gold is seen to be testing the backside of its resistance turned into support trend line, and is trading marginally higher today around the $1,093.00 levels at the moment. Furthermore, please note that a Harami candlestick pattern has formed yesterday, indicating a potential reversal. It is hence recommended to initiate 50% long positions with risk at the $1,075.00 levels. Immediate support is seen at the $1,077.00 levels while resistance is seen at the $1,110.00 levels, followed by $1,120.00 and higher.

Trading recommendations:

Initiate 50% long positions, stop is at $1,075.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for November 10, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair seems to be retracing higher now after hitting lows near 1.5000 on November 06, 2015. Please note that the pair is expected to find/hit a Fibonacci 0.618 resistance level at 1.5223/30 soon. It is expected to turn bearish and move lower towards 1.4850 in coming few sessions. It is hence recommended to initiate short positions around the levels of 1.5220/30 with risk at 1.5380. Immediate support is seen at 1.5000 (interim), followed by 1.4930, 1.4850, and lower, while resistance is seen at 1.5350 followed by 1.5400/10 and higher. Bears are expected to be in control until prices stay below 1.5350.

Trading recommendations:

Re-enter short positions around 1.5220/30, stop is at 1.5380, a target is at 1.4850.

God luck!

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Gold analysis for November 10 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,093.00. 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. According to the price action, we have support levels at the price of $1,095.55 and stronger resistance level at the price of $1,102.00-$1,106.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,088.37

R2: 1,090.80

R3: 1,091.00

Support levels:

S1: 1,088.00

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. Anyway, if the price breaks the level of $1,079.50 in a high volume, we may see downward continuation.

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Technical analysis of Silver for November 10, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has dropped a bit lower than expected earlier, as depicted on the daily chart here. The metal is seen to be bouncing off the $14.45 levels, pretty close to the $14.40 support of October 02, 2015. Furthermore, the metal is also testing the backside of the resistance turned into a support trend line as shown here. We need to see a bullish candlestick reversal to confirm that the structure remains constructive for the bulls. It is recommended to hold long positions taken earlier, with risk just below the $14.40 levels for now. Immediate support is seen at the $14.40 levels followed by $14.25/00 and lower, while resistance is seen at the $16.00 levels and higher. Prices need to hold above the $14.00 levels for bulls to remain in control.

Trading recommendations:

Remain long, add further positions, stop is at $14.00, target is open.

Good luck!

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

Overview:

• The key level has been set at the level of 0.6565 (daily pivot point). Therefore, this level is going to act as a minor resistance today. As it is known, history will probably repeat itself at this level again. According to the previous events, the NZD/USD pair is still moving between 0.6565 and 0.6488. In the short term, sell at the price of 0.6565 with the first target at 0.6488, then it will continue moving towards 0.6391 in order to test the weekly support 2. On the other hand, if the trend fails to close below the pivot point at the level of 0.6391 on the H1 chart, buy above the 0.6391 price with a target at 0.6643. The level of 0.6643 is representing the weekly resistance 1. Notwithstanding, the market volatility has to be reviewed before investing, because the sight price may have already been reached and scenarios might have become invalidated.

Intraday technical levels:

Date: 10/11/2015

Pair: NZD/USD

• R3: 0.6607
• R2: 0.6586
• R1: 0.6559
• PP: 0.6538
• S1: 0.6511
• S2: 0.6490
• S3: 0.6463

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

Trading recommendations:

• According to the previous events, the USD/CHF pair is still been moving between 0.9975 and 1.0110. .
• The level of 0.9975 has formed a double bottom in the daily chart.
• Moreover, the level of 1.0010 represents the weekly pivot point.
• So, buy at the level of 0.9975 with the first target at 1.0066. Then it will call for an uptrend in order to continue its bullish movement towards 1.0110 to test the weekly resistance 1.
• At the same time, the stop loss should be placed at the level of 0.9950.

Notes:

• We expect a range of 135 pips in coming days.
• The value of 78.6% Fibonacci retracement is 0.9975 which represents the daily support.
• Also, it should note that 0.9975 will confirm the bullish market.
• Volatility: 140 (as a rule, the market is highly volatile if the last day had a huge volatility).

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

SD/JPY is expected to trade in a higher range as the bias remains bullish. Overnight, the US stock indices fell as financial, energy, and consumer discretionary shares came under pressure. The Dow Jones Industrial Average dropped 1.0% to 17730 entering the negative territory, the S&P 500 declined 1.0% to 2078, and the Nasdaq Composite was also 1.0% down to 5095. Nymex crude fell 0.9% to $43.87 a barrel, gold edged up 0.3% to $1091 a troy ounce. The benchmark 10-year Treasury yield climbed further to 2.343% from 2.332% at the previous session.

Meanwhile the U.S. dollar entered a consolidation after last Friday's surge. Overnight, the pair challenged the first upside target (123.60) by running up to 123.59 (last seen on August 20) before entering a consolidation. It is currently trading below the 20-period intraday moving average (MA), which has crossed below the 50-period one. While the consolidation may last for a while, its extent should be limited as long as 122.65 holds as the key support. Should the pair break above 123.60, it could rise further to 124.00 (also 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 10, 2015 Market Analysis Review

USD/CHF is expected to trade with bullish bias. The pair stands firmly above its key support at 0.9980, and is expected to post a rebound in sight. The intraday is turning up, and calls for a new bounce. Besides, the process of higher highs and lows remains intact, which should confirm a bullish trend. To sum up, as long as 0.9980 is not broken, further advance seems to be on the cards 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 1.0125 1.0140

Support levels: 0.9945 0.9915 0.9875

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

NZD/USD is expected to trade with bearish bias as the key resistance at 0.6590. The pair remains on the downside, and seems likely to challenge its nearest support at 0.6500. The key resistance at 0.6590 maintains strong selling pressure. Besides, the intraday RSI is capped by a negative trend line. In this case, as long as 0.6590 holds on the upside, further decline is more likely to occur to 0.6500 and 0.6475 in extension.

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 10, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish bias. The pair stays above its key support at 185.30 and remains on the upside, while the intraday RSI is around 50 and lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 186.60 at first. A break above this level would call for further advance towards 187.10.

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 186.60 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: 186.60 187.10 188

Support levels: 184.80 184.25 183.90

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Global macro overview for 10/11/2015 Market Analysis Review

Global macro overview for 10/11/2015:

Yesterday's Sentix data on the investors' confidence revealed the eurozone's economy might be "back on the track". Today's update on industrial production in France might support this view. The figures released this morning came out in line with the market consensus (0.1% m/m vs. 0.1% m/m), but more importantly, the year-over-year trend is on track to remain positive, advancing to the level of 1.8% year-on-year.

The EUR/USD pair is trading inside the congestion zone between the support at the level of 1.0708 and resistance at the level of 1.0808. The trend remains bearish.

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Global macro overview for 10/11/2015 Market Analysis Review

Global macro overview for 10/11/2015:

The UK data on the BRC Retail Sales Monitor indicates the performance for the month of October since 2008. Is says the total value of retail sales between October 4 and October 31 hit the negative level of -0.2% compared with September's surge of 2.6%. Nevertheless, there might be a simple explanation for weak figures in October: the UK residents are saving money for Novembers "Black Friday" sell-off. It is quite possible that retail sales will get back to the mean values after that date.

The GBP/USD pair is heading south again as the resistance at the level of 1.5128 was not broken. The next support is seen at the level of 1.5026.

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USDX technical analysis for November 10, 2015 Market Analysis Review

The US dollar index remains in a bullish trend and might be forming a short-term bullish flag that could push the price towards the level of 100. The trend is clearly bullish in the medium term, but we are moving sideways in an intraday perspective.

Green line - support

Blue lines - bullish channel

Red lines - bullish flag pattern and projection

The US dollar index is inside a bullish channel and above the Ichimoku cloud. In the short-term, it has formed a bullish flag. Breaking above 99.30 will signal the breakout of the flag pushing the index towards 100 and the upper channel boundaries.

Red line - resistance (broken)

The weekly chart remains bullish after the breakout above the resistance trend line. The price is above the weekly cloud, but we are approaching our 2014 highs and this is important resistance. Bulls need to be cautious, but they are still in control of the long- and short-term trend.

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

General overview for 10/11/2015 08:50 CET

The first attempt to break above the the golden channel line has failed, but there is still a possibility of a further rally upward. 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 132.30 and TP at the level of 133.55.

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Gold technical analysis for November 10, 2015 Market Analysis Review

Gold price remains near its recent lows. The price should make a short-lived bounce towards $1,120-30 and then a new low towards $1,060-$1,000. A trend remains bearish. However, an overall picture is not that bearish, and I believe we are at the final stages of the bearish market.

Blue line - trend line support (broken)

Gold price is trading below the Ichimoku cloud. I believe we should expect a pullback towards the broken blue trend line and towards the 38% Fibonacci retracement before the final leg down towards $1,000-$1,060. Resistance is at $1,125. Shorter-term resistance is seen at $1,102.

Red line - support of 2015 lows

Blue line - support (broken)

The weekly chart remains bearish. Price has broken below the trend line support and I expect a possible back test of this break down and then a move lower that will break below the 2015 lows. Target is $1,000-$1,060. However, I believe that this is not the time to be short as the overall picture analysis tells me that we should be looking for a long-term bottom on gold and not betting on the downside for more than a week period.

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

General overview for 10/11/2015 08:50 CET

Wave labeled as alt-iv might be completed, and the market might be ready for reaching another higher high. 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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