Technical analysis of USD/CAD for November 12, 2015 Market Analysis Review

General overview for 12/11/2015 07:30 CET

The corrective cycle in wave b green (alt:-iv-) might be terminated anytime now. An outlook is still bullish as there is one more wave to the upside missed. 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 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 12, 2015 Market Analysis Review

General overview for 12/11/2015 07:20 CET

The Elliott wave count has been re-labeled to incorporate the triangle wave (b) blue idea instead of previously anticipated irregular corrective cycle. The triangle pattern is now a new best fit to the current price action structure, however the market might still be evolving into more complete corrective structure. Any violation of the level of 133.20 invalidates the triangle idea.

Support/Resistnace:

131.47 - WS1

131.61 - Intraday Support

132.34 - Weekly Pivot

132.52 - Intraday Resistnace

133.20 - WR1

Trading recommendations:

If the triangle structure is correct, then all the buy orders should be closed and sell orders should be open with SL above the level of 132.56 and TP below the level of 131.47.

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Daily analysis of major pairs for November 12, 2015 Market Analysis Review

EUR/USD: From Monday till now, this pair has been consolidating, though things are still bearish. When momentum returns to the market, it would most probably favor bears. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is not far from the oversold region. This shows a Bearish Confirmation Pattern in the chart.

USD/CHF: In the face of ongoing strengthening in the greenback, the USD/CHF pair would continue its upward journey this week, reaching the resistance levels at 1.0100 and 1.0150. Therefore, any shallow pullbacks should be viewed as opportunities to go long. This week so far, the price has been moving only sideways.

GBP/USD: This week, the GBP/USD pair has moved by 160 pips upwards in the context of a downtrend. The price is above the accumulation territory at 1.5200 now, but this could not pose any threats to the extant bearish outlook unless the distribution territory of 1.5300 is also breached to the upside, which would really require a strong buying pressure.

USD/JPY: After testing the supply level of 123.50, the pair has weakened. However, it is possible that the price would continue going further upwards, especially as long as the demand level at 122.00 is not broken to the downside yet. Moreover, some fundamental figures are expected today and they could have a significant impact on the market.

EUR/JPY: The EUR/JPY pair traded a bit lower on Wednesday. The bias was bearish so far and the demand zone at 131.50 is about to be tested again (the demand zone was tested last week); it could even be breached to the downside. Generally, the market is consolidating.

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Elliott wave analysis of EUR/NZD for November 12 - 2015 Market Analysis Review

Wave summary:

There is no change in a view here. The base-building continues to unfold as it has been doing for 3 weeks. We still favor a breakout to the upside. A break above 1.6545 will confirm a strong rally higher towards 1.8019. However, a failure to break above important resistance at 1.6545 is of concern and does keep the down trend since 1.9114 is firmly in place and thereby keeps the possibility for one more decline closer to 1.5882 alive.

Trading recommendation:

We will buy EUR at 1.6210 or upon a break above 1.6545 (one order done cancels the other). Place stop+revers at 1.6120.

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Elliott wave analysis of EUR/JPY for November 12, 2015 Market Analysis Review

Wave summary:

There is no change in a view here. We continue to look for a break below support at 131.63 confirming a continuation lower to 130.00 and lower to 124.58 as the next target.

However, we are forced to accept more sideways consolidation as long as support at 131.63 gives a way, which could take us back to 132.79 that should be able to protect the upside any time.

Trading recommendation:

We are short EUR from 132.08 and have placed our stop at 133.25. If you are not short EUR yet, then sell near 132.55 or upon a break below 131.63 and use the same stop at 133.25.

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Technical analysis of EUR/USD for November 12, 2015 Market Analysis Review

When the European market opens, some economic news on the Industrial Production m/m, French CPI m/m, and German Final CPI m/m is due to be released.The US will publish data on the Federal Budget Balance, 30-y Bond Auction, Crude Oil Inventories, JOLTS Job Openings, and Unemployment Claims. So amid the reports, the EUR/USD pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0820.

Strong Resistance:1.0814.

Original Resistance: 1.0803.

Inner Sell Area: 1.0792.

Target Inner Area: 1.0767.

Inner Buy Area: 1.0742.

Original Support: 1.0731.

Strong Support: 1.0720.

Breakout SELL Level: 1.0714.

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 12, 2015 Market Analysis Review

In Asia, Japan will release data on the 30-y Bond Auction, PPI y/y and Core Machinery Orders m/m. The US will publish economic news on the Federal Budget Balance, 30-y Bond Auction, Crude Oil Inventories, JOLTS Job Openings, and Unemployment Claims. 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: 123.46.

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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Daily analysis of USDX for November 12, 2015 Market Analysis Review

On the H1 chart, the USDX is looking for an opportunity to break the resistance level of 99.25, but sellers are still very strong in that zone and that's why we can observe some strong pullbacks in lower time frames, such as 30M charts. Currently, the view is calling for a test at the 200 SMA on a short-term basis. A rebound could happen when the index finds bottom there. The MACD indicator is entering 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 12, 2015 Market Analysis Review

GBP/USD recovered positions during the Veterans Day in the United States, and currently we should see testing of the 200 SMA zone in the H1 chart. Over that level, we could expect a pullback towards support level of 1.5142 at least in coming days. By the way, if bulls turn out to be strong enough, we can expect a rally toward the resistance level of 1.5296.

H1 chart's resistance levels: 1.5296 / 1.5365

H1 chart's support levels: 1.5205 / 1.5142

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is seen at 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.

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

Overview

Silver price is gradually moving towards our main long-awaited target at 13.96, showing some slight bullish bias now. Stochastic has a positive impact on the price, while the EMA50 continues to push it into the negative territory.Silver price has not shown any strong movements since morning. It is still fluctuating in a tight range around 14.50, which makes us keep our bearish trend expectations valid without any changes waiting for an opportunity to test the level of 13.96. Therefore, our bearish trend expectations remain valid and active, and its continuation requires holding below 14.85 pointing that the breakout of the level of 13.96 will extend silver losses.

Holding below 14.85 is an important condition for the continuation of the expected decline; where breaching it will push the price to recovery attempts that its main targets begin at 15.40 ehead of any new attempts to decline.

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GBP/USD intraday technical levels and trading recommendations for November 11, 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 to the GBP/USD pair last week. Our suggested SELL entry is already running in profits for 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).

A valid SELL entry can be offered around the current price levels (1.5170-1.5200) if enough bearish rejection is expressed by the end of the day.

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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Daily analysis of GBP/JPY for November 11, 2015 Market Analysis Review

Overview

The price action from 180.36 is viewed as a consolidation pattern. A strong resistance is expected to limit the upside at 188.28 in order to finish the consolidation. Movements below 183.86 will turn bias to the downside for retesting 180.36 first. A break of 180.36 will extend the whole fall from 195.86 and should then target a test at the 174.86 key support level. This is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm a trend reversal and a bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 185.88; (P) 186.19; (R1) 186.50

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Intraday technical levels and trading recommendations for EUR/USD for November 11, 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 had 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 recent bearish rejection, which was expressed 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 before the end of the current month.

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 bearish 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.

Last week, daily persistence below the level of 1.0990 exposed the next demand level around 1.0850 where prominent bottoms were previously established in 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).

An intraday sell entry can be offered around 1.0850 if a bullish pullback occurs today.

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USD/CAD intraday technical levels and trading recommendations for November 11, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in 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.

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.

Hence, 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 11, 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 that can be offered today.

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) where a possible BUY entry can be offered.

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. This level is being visited today.

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.

Risky traders can SELL the GBP/USD pair around 1.5170 which is being visited today. S/L should be located above 1.5230.

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

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6395. The trend has changed to neutral from downward. We can observe a 13-day major support cluster around the 1.6150-1.6210 area. 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 a strong resistance once it gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6475

R2: 1.6511

R3: 1.6566

Support levels:

S1: 1.6365

S2: 1.6330

S3: 1.6275

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

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

Overview:

• The USD/CAD pair rebounded at the level of 1.3215 and showed signs of strength after breaking it. Additionally, a minor resistance was broken and turned into support at the same key level (1.3215). Equally important, the price has been set above the support since this morning. Consequently, the pair has already formed the strong support at 1.3215 today. Besides, the double bottom is going to set around this area. Moreover, the price has still been trading between 1.3379 and 1.3215. Therefore, the USD/CAD pair started showing the signs of a bullish market, so the market indicates the bullish opportunity at the level of 1.3215 with the first target of 1.3319 and continues towards the level of 1.3215 again. On the other hand, the stop loss should always be taken into account, hence it will be profitable to set your stop loss at the 1.3167 price.

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

Overview:

• The AUD/USD pair's sharp drop from the level of 0.7107 extended to 0.7058 and closed at 0.7070 yesterday. Likewise, the price has been placed below 38.2% of Fibonacci retracement levels for a while. Moreover, the price has formed a strong resistance at the price of 0.7106. Equally important, this strong level has still been moving between 38.2% of Fibonacci retracement levels and the double bottom on the H4 chart. Consequently, the market will probably start showing bullish signs again in order to indicate a bearish opportunity at the level of 0.7106 with the first target of 0.6990 and continue towards 0.6936. Nevertheless, bears were forced to pull back above the level of 0.6936; therefore, this level will be a strong support for indicating the bullish opportunity above the double bottom (0.6936). As a result, it will be a good sign to buy above 0.6936 with the target at 0.7105. It also might resume to 0.7160.

Intraday technical levels:

Date: 11/11/2015

Pair: AUD/USD

• R3: 1.0807
• R2: 1.0785
• R1: 1.0758
• PP: 1.0736
• S1: 1.0709
• S2: 1.0687
• S3: 1.0660

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Gold : analysis for November 11, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,088.00. 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) in the background, which is a sign level of $1,085.00. Anyway, if the price breaks the major support level ($1,079.00), we may see potential testing at $1,043.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,090.60

R2: 1,092.20

R3: 1,094.50

Support levels:

S1: 1,085.75

S2: 1,084.30

S3: 1,081.90

Trading recommendations: Watch for a potential breakout of our trading range. If the price breaks the level of $1,079.50 in a high volume, we may see a continuation downward .

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

Global macro overview for 11/11/2015:

Economic data from the UK, regarding employment and earnings, has been released this morning. The reports unveiled only a minimal decrease in the unemployment rate that went down from 5.4% to 5.3%, but more important figures were average earnings, which had declined from 2.8% to 2.5% on a three-month basis. As the UK economy is a consumer-driven economy, this decline is not a particularly good news, especially as we are approaching the crucial holiday period.

The GBP/USD pair had reacted negatively to the reports. It is coming down from the local high at the level of 1.5185. The next support is seen at the level of 1.5104.

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

USD/JPY is expected to trade with a bullish bias. The US stock indexes ended mixed as technology and materials shares performed poorly. The Dow Jones Industrial Average edged up 0.2% to 17758, the S&P 500 also added 0.2% to 2081, while the Nasdaq Composite was 0.2% down to 5083. NYMEX crude gained 0.8% hitting the level of $44.21 a barrel, gold edged down by 0.2% to $1089 an ounce. For the first time in seven days, US government bonds strengthened with the benchmark 10-year Treasury yield falling to 2.322% from 2.343% in the previous session.

Meanwhile the US dollar extended its consolidation during that choppy session. EUR/USD fell to a new six-month low of 1.0673 before posting a rebound as traders are focused on a speech of European Central Bank President Mario Draghi at today's Bank of England Open Forum. The pair continues to consolidate after challenging the first upside target at 123.60 on Monday. It is currently trading around the over-lapping 20- and 50-period intraday moving averages (MA). Meanwhile, the intraday relative strength index (RSI) has managed to stay above the neutrality level of 50. As long as 122.65 holds as the key support, the pair is still expected to break 123.60 before rising further to 124.00 (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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Global macro overview for 11/11/2015 Market Analysis Review

Global macro overview for 11/11/2015:

Yesterday's API crude inventories data revealed another increase in the stockpiles to the level of 6.3 million barrels for the week ended November 6. Market expectations were much softer with the average expected number at the level of 500K, a nice decrease from last week reading of 2.8 million. The data showed that the global crude market is still oversupplied and lower oil prices are anticipated.

The crude is trading just above the technical support level of 43.56. The next support is seen at the level of 42.57 and the next resistance is seen at the level of 45.11.

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

General overview for 11/11/2015 10:20 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. Currently, the market is trying to break above the weekly pivot level. 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/Resistance:

131.61 - Intraday Support

131.47 - WS1

132.40 - Intraday Resistance

123.34 - Weekly Pivot

133.20 - WR1

Trading recommendations:

Day traders should consider placing buy orders at current levels with SL below the level of 131.46 and TP at the level of 133.55.

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

USD/CHF is expected to trade with a bullish bias. The pair stands firmly above its support at 1.0010, which should limit any downward attempts. Higher highs and lows remains intact, which suggests that the price is still trading in an uptrend. Currently, the pair may face its nearest resistance at 1.0080. Only the upside penetration of this level would trigger a bullish acceleration towards 1.0125.

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 1.0010.

Resistance levels: 1.0080 1.0125 1.0140

Support levels: 0.9980 0.9945 0.9915

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

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

The market is still trading in a very tight range, just above the weekly pivot level. An outlook is still bullish as there is one more wave to the upside missed. 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 levels with SL below the level of 1.3239 and TP at the level of 1.3316.

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

The market is bullish above 0.6530. The pair continues consolidating above its nearest support at 0.6530. It is expected to challenge the resistance at 0.6590 in coming trading hours. The risk of a fall below this threshold remains rather high as the intraday RSI lacks upward momentum. To sum up, as long as 0.6570 acts as support, look for choppy price actions with a bullish bias. Up targets are set at 0.6590 and 0.6625.

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 0.6590 and the second target at 0.6625. In the alternative scenario, short positions are recommended with the first target at 0.65 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 0.6475. The pivot point is at 0.6530.

Resistance levels: 0.6590 0.6625 0.6660 Support levels: 0.6500 0.6475 0.6435

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

GBP/JPY is expected to trade in a higher range as the bias remains bullish. The pair stays above its key support at 185.80 and remains on the upside, while the intraday RSI is around 50 lacking downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 187.10. A breakout above this level would call for a further advance towards 187.75.

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 187.10 and the second target at 187.75. In the alternative scenario, short positions are recommended with the first target at 185.31 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 184.80. The pivot point is at 185.80.

Resistance levels: 187.10 187.75 188.45

Support levels: 185.30 184.80 184.25

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Daily analysis of major pairs for November 11, 2015 Market Analysis Review

EUR/USD: Based on what this pair is doing, it is not yet rational to seek long trades in the market. Although we observe sideways movement this week has, momentum is expected to return to the market and the bearish journey could be resumed in earnest.

USD/CHF: In the face of mounting strength in the greenback, the USD/CHF would continue its upwards journey this week. It is likely to reach the resistance levels at 1.0100 and 1.0150. Therefore, any shallow pullbacks should be viewed as opportunities to go long.

GBP/USD: In the context of a downtrend, the GBP/USD pair simply moved sideways on Tuesday, moving above the accumulation territory at 1.5100. This is seen as consolidation in the context of a downtrend, and unless the price goes above the distribution territories at 1.5300 and 1.5350, the bullish attempt might be taken as short-selling opportunities.

USD/JPY: After topping 123.50, this currency trading instrument got corrected lower, though the outlook on the market is bright. In the face of the expected bullish movements on 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 at 123.50 again.

EUR/JPY: The EUR/JPY pair traded a bit lower on Tuesday. The bias is bearish so far and the demand zone around 131.50 is about to be tested again (the demand zone was tested last week); it could even be breached to the downside.

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USDX technical analysis for November 11, 2015 Market Analysis Review

The US dollar index intraday bullish flag did not play out as expected despite the breakout. The US dollar has weakened, but it remains inside the bullish channel.

Blue lines - bullish channel

The US dollar index reversed yesterday after spiking higher to new short-term highs. The price broke below support at 99 moving lower towards the kijun-sen (yellow indicator) at 98.65. Channel support is found at 98.25 and cloud support is at 97.70.

Green area- resistance area

The US dollar index made an important breakout during the past two weeks. Now it shows signs of a breakout towards new highs. The price bounced off the ichimoku cloud and both kijun- and tenkan-sen are below it trending higher. However, the price has reached the next important resistance area. Bulls need to be very cautious at the current levels and place stops to protect their positions.

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Gold technical analysis for November 11, 2015 Market Analysis Review

Gold price remains in a bearish trend, and we can see lower price levels for sure if we break $1,077. However, we must keep in mind that gold price is also very close to the 50% retracement of an entire rise from 1999 to 2011.

Red lines - trading range

Green line - scenario 1

Blue line - scenario 2

Gold price is trading sideways inside a trading range. Breaking above this trading range will imply that scenario 1 is in play. we expect a bounce towards $1,110-20 and then towards new lows near $1,0340-50. If this trading range is broken downwards then scenario 2 will be in play with a new low near the area of $1,070-60.

Red line - long-term support

Gold price remains in a weekly bearish trend and price is expected to eventually push lower once we break support at $1,077. Price is below the Ichimoku cloud and the tenkan- and kijun-sen indicators.

The chart above shows go;d price monthly candlestick. We can see two important facts, whichgold bears should take under serious consideration. We are at the 50% retracement of the entire rise since 1999 and the Stochastic oscillator is gebnerating bullish divergence signals. The stochastic is not making lower lows while price does. Bulls need a monthly close above $1,150 to be serious about a trend reversal.The material has been provided by InstaForex Company - www.instaforex.com

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