Technical analysis of GBP/CHF for November 13, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair remains structurally unchanged until prices remain broadly below 1.5350. Bears should be poised to push prices lower towards the levels of 1.4800/50 as depicted here. Also note that there is a Fibonacci convergence coming around the level of 1.4800 as well. Watch out for prices to turn bullish again. For now, it is recommended to ride a potential counter trend drop and remain short with risk at 1.5350. Immediate resistance is seen at 1.5350 followed by 1.5400/10, while support is seen at the levels of 1.4900 and lower.

Trading recommendations:

Remain short with stop at 1.5380, a target is at 1.4800. Go long then.

Good luck!

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Elliott wave analysis of EUR/NZD for November 13, 2015 Market Analysis Review

Wave summary:

The resistance line at 1.9114 was broken, but important resistance at 1.6545 still stays intact, and only a clear breakout above here will confirm that the bottom of wave 2 was seen at 1.6124 and wave 3 higher is developing.

The risk continues to be observed, that the sideways consolidation calls for one final decline closer to 1.5882 before the decline from 1.9114 finally comes to the end.

Trading recommendation:

We are waiting for an opportunity to buy EUR 1.6365 or upon a break above 1.6545, with stop placed at 1.6280.

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Elliott wave analysis of EUR/JPY for November 13, 2015 Market Analysis Review

Wave summary:

Consolidation in a range between 131.46 and 133.15 continues unfolding. We still anticipated that a downside resolution eventually will be seen for a decline towards 124.58, but we have to be patient and let both bulls and bears do more or less equal fighting there.

A short-term breakout above minor resistance at 132.48 calls for a move closer to 133.45, while a breakout below 131.45 is needed for a continuation lower to 124.58.

Trading recommendation:

We are short EUR from 132.09 and will keep our stop at 133.25. If you are not short EUR yet, then sell near 132.70 or upon a break below 131.85 and use the same stop at 133.25

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Daily analysis of major pairs for November 13, 2015 Market Analysis Review

EUR/USD: The market simply ranged for the most part of this week with neither significant bullish movement, nor serious bearish movement. There was a slightly bullish movement on Thursday, but the outlook on the market remains bearish. Unless the market goes up by 150 pips, it would still be assumed that the market is bearish.

USD/CHF: Despite the fact that the USD/CHF pair simply ranged for the most part of this week, the bullish bias in the market remains valid. The EMA 11 is above the EMA 56, but Williams' % Range period 20 is in the oversold area. This could mean that the current consolidation in the market, though slightly bearish, might result in a rally.

GBP/USD: The GBP/USD pair seems determined in its bullish correction in the context of a downtrend. The price is close to the distribution territory at 1.5250, and in case it moves further upwards by 150 pips, the recent bearish outlook could be rendered ineffectual. It would still be assumed that the market is bearish.

USD/JPY: After testing the supply level of 123.50, the price has eased a bit. Nevertheless, 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.

EUR/JPY: In the most part of this week (in the past 4 trading days) this currency trading instrument has moved only sideways. There is no potential that today would be an exemption because the market has shrugged off most fundamental figures this week. However, there might be a rise next week.

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Daily analysis of USDX for November 13, 2015 Market Analysis Review

The USDX is still doing pullbacks below the resistance level of 99.25, and now the 200 SMA came into focus in the H1 chart, where the index could find dynamic support to perform a rebound later. However, if that level gives up, we can expect another downside move towards the support zone of 98.03, which is below the 200 SMA. The MACD indicator is still 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 13, 2015 Market Analysis Review

On the daily chart, GBP/USD has been moving sideways below the 200 SMA, which is currently acting as dynamic resistance. Also, bear in mind the cable wants to test new highs around the level of 1.5296 because of a higher high pattern formation which is in progress. However, pullbacks are expected in coming days at least because the overall structure is still calling for downside.

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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Technical analysis of EUR/USD for November 13, 2015 Market Analysis Review

When the European market opens, some economic news the Trade Balance, Flash GDP q/q, Italian Prelim GDP q/q, French Prelim Non-Farm Payrolls q/q, German Prelim GDP q/q, and French Prelim GDP q/q is due to be released. The US will unveil the economic data on the Natural Gas Storage, Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Core PPI m/m, Retail Sales m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales m/m. So amid the reports, the EUR/USD pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0857.

Strong Resistance:1.0851.

Original Resistance: 1.0840.

Inner Sell Area: 1.0829.

Target Inner Area: 1.0804.

Inner Buy Area: 1.0779.

Original Support: 1.0768.

Strong Support: 1.0757.

Breakout SELL Level: 1.0751.

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 13, 2015 Market Analysis Review

In Asia, Japan will release data on the Tertiary Industry Activity m/m and Revised Industrial Production m/m. The US will publish some economic news on the Natural Gas Storage, Prelim UoM Inflation Expectations, Business Inventories m/m, Prelim UoM Consumer Sentiment, Core PPI m/m, Retail Sales m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales m/m. 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: 123.31.

Resistance. 2: 123.07.

Resistance. 1: 122.84.

Support. 1: 122.54.

Support. 2: 122.30.

Support. 3: 122.06.

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 12, 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.

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 (1.5200) 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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USD/CAD intraday technical levels and trading recommendations for November 12, 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. Again, 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 SELL the USD/CAD pair around 1.3450 (Fibonacci Expansion 141.0%).

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Intraday technical levels and trading recommendations for GBP/USD for November 12, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly keyzone 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 1.5220 (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 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken-down last week after it has provided significant bullish demand for the GBP/USD pair.

Now, the price zone at 1.5200-1.5230 constitutes an important supply zone to be watched for bearish positions which 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 (two weeks ago) enhanced 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 1.5200 were broken down last week. These levels currently constitute prominent supply levels to be watched for new sell entries. The price level of 1.5200 is being re-visited today.

Note that bearish persistence below 1.5200 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 1.5220. S/L should be located above 1.5250.

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Intraday technical levels and trading recommendations for EUR/USD for November 12, 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 bullish pullback persists above 1.0770 (yesterday's High).

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

Overview

Silver price showed calm negative trading yesterday to keep crawling to the previously recorded bottom at 13.96, while the EMA50 continues to push the price to the negative territory to support the continuation of a decline in upcoming sessions. Therefore, we will keep our bearish trend expectations unless breaching 14.85 and holding above it, pointing that the breakout at 13.96 is likely to extend the bearish wave to reach 13.50 and then 13.00. Silver price continues to provide calm trading with a bullish bias since morning, where the price is influenced by stochastic, which is current positive. However, the main negative scenario remains valid as long as the price is below 14.85 supported by the negative pressure coming from the EMA50, and its main targets begin at 13.96 and extend to 13.50.

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Daily analysis of GBP/JPY for November 12, 2015 Market Analysis Review

Overview

GBP/JPY's choppy rise from 180.64 extended higher last week, but an overall outlook is unchanged. Price actions are viewed as a consolidation pattern starting from the level 180.36. Strong resistance at 188.28 is expected to limit the upside in finishing the process of consolidation. The bias will turn downside below 183.86 to retest 180.36 first. A break of 180.36 will extend the fall from 195.86 and should then target the key support level of 174.86. In the longer term, an uptrend from 116.83 (long-term bottom) could be topped. There is no confirmation yet, but even is case of another rise, strong resistance is likely to be seen near to 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 186.20; (P) 186.62; (R1) 187.30;

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Technical analysis of Gold for November 12 2015 Market Analysis Review

Technical outlook and chart setups:

Gold continues to test the resistance-turned-support trend line around $1,084.00 now. If bulls want to remain in control, they would be poised to produce a reversal ahead of $1,077.00. Only a break below $1,077.00 would delay matters further and help in hitting new lower lows. It is not recommended to take fresh long positions until the level of $1,093.00 is cleared. One can hold long positions taken earlier with risk around $1,074.00/75.00. Immediate support is seen at $1,077.00, while resistance is seen at $1,093.00/94.00 followed by $1,110.00 and higher.

Trading recommendations:

Hold long positions taken earlier, stop is at $1,074.00, a target is open.

Good luck!

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Technical analysis of Silver for November 12, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading around $14.40 now still holding the fibonacci 0.786 support level as depicted on the daily chart. Bulls are still expected to regain control until prices stay broadly above $14.00. If this count holds, silver may easily rally above the levels of $16.30/40 in coming weeks. It is hence recommended to remain ling with risk at $14.00. Immediate support is seen at $14.00 and lower, while resistance is seen around $14.50, $15.10/20, and higher.

Trading recommendations:

Remain long with stop at $14.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for November 12, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has slightly exceeded the projected levels. The pair is trading at the level of 1.5255 now after bouncing off its fibonacci 0.786 resistance level around 1.5279. Please note that bears are poised to take control until 1.5350 remains intact. Now it is hence recommended to remain short with risk at 1.5380. Immediate resistance is seen at 1.5350 followed by 1.5400/10 and higher, while support is seen at 1.5000 followed by 1.4950 and lower. If the above count holds, a downside extension is expected towards at least 1.4850.

Trading recommendations:

Remain short, stop is at 1.5380, a target is at 1.4850.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair tested its resistance-turned-support trend line for the third time at the levels of 131.47/50 today. The H4 chart is still indicating an accelerated rally towards 133.80 and 134.30 in coming trade sessions. Please note that bulls are expected to gain control until a low of 131.30 remains intact. It is hence recommended to remain long with risk at 131.00 now. Immediate support is seen at the levels of 131.30 followed by 130.00 and lower, while resistance is seen at 133.20 followed by 134.20/30 and higher.

Trading recommendations:

Remain long with stop at 131.00, a target 134.30

Good luck!

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EUR/NZD analysis for November 12, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6380. The trend is neutral. We can observe a 14-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 of 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 downward movements. The resistance is seen at the level of 1.6500. According to the M15, I found a massive volume spike (selling climax), and later on buyers supported potential absorption. So, be careful when selling at this stage because we may see potential recovery of the euro. Watch for a potential change in polarity. Anyway, the strong support at 1.6150 may become a strong resistance once it gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6405

R2: 1.6425

R3: 1.6460

Support levels:

S1: 1.6340

S2: 1.6320

S3: 1.6285

Trading recommendations: Selling looks risky at this stage so watch for potential buying opportunity on an intraday basis. Selling opportunities are preferable only if the price breaks the level of 1.6150.

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Gold analysis for November 12 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,087.00. Our major support is at the price 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. According to the M30 time frame, I found a strong supply trend line and the price tested the trend line few times. Watch for potential intraday selling opportunities. 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: 1,089.50

R2: 1,091.25

R3: 1,094.00

Support levels:

S1: 1,084.00

S2: 1,082.30

S3: 1,079.60

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 further downward movement. Selling opportunities are also preferable in intraday.

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

USD/CHF is expected to trade with bullish bias above 0.9990. The pair remains in consolidation, but it has managed to hold above its support base at 0.9990, which is also placed as our intraday stop loss. The intraday RSI is losing upward momentum, calling for caution. Nevertheless, as long as 0.9990 is not broken, expect a new recovery 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 0.9990.

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 12, 2015 Market Analysis Review

NZD/USD is expected to trade in a lower range as the key resistance is at 0.6590. The pair is capped by its descending 50-period intraday MA and remains on the downside. Meanwhile, the intraday RSI lacks upward momentum. The first target to the downside is therefore set at 0.65. A break below this level would open the way to further weakness towards the horizontal support and overlap at 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 0.65. 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 0.6625 and the second target at 0.6645.

Resistance levels:0.6625 0.6645 0.6675 Support levels: 0.6500 0.6475 0.6435

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Technical analysis of NZD/USD for November 12, 2014 Market Analysis Review

Overview:

• According to the previous events, the NZD/USD pair is moving between the levels of 0.6505 and 0.6610.
• Resistance is seen at the level of 0.6610 providing a clear signal for sell deals with a target at 0.6498.
• However, the stop loss should be placed above the level of 0.6650.

It should note the following important observations:

• The market is going to call for a downtrend.
• The double top is expected at the level of 0.6644.
• The minor support is found at 0.6533.
• The major support has already been found at the level of 0.6498. But the double bottom does not coincide with the major support because it has set at 0.6498.
• The daily pivot point is seen the level of 0.6540.
• We expect a range about 0.6499 and 0.6610 (111 pips) in coming two days. Hence, the risk of 74 pips must make a profit of 111 pips.

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Technical analysis of EUR/USD for November 12, 2014 Market Analysis Review

Overview:

• The resistance level was already faced at 1.0833. Furthermore, it will be very profitable to sell below this level for retesting it in the short term. Therefore, sell deals are recommended below the levels of 1.0833 and 1.0766 with a target at 1.0673 (the level of 1.3838 is representing the double bottom). If the trend is able to break the double bottom at 1.0673, then it will continue moving towards 1.0613 to reach a new double bottom.
• On the contrary, the resistance is seen at the level of 1.0833 today. Consequently, the descending movement will probably be higher than 1.0833 with a target at 1.0872. It is going to drop towards the double bottom around the level of 1.0907 in the H1 chart.

Intraday technical levels:

Date:12/11/2015

EUR/USD:

• R3: 1.0844
• R2: 1.0808
• R1: 1.0776
• PP: 1.0740
• S1: 1.0708
• S2: 1.0672
• S3: 1.0640

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Technical analysis of GBP/JPY for November 12, 2015 Market Analysis Review

GBP/JPY is expected to trade in a higher range as there is a bullish bias above 186.20. The pair stays above its key support at 186.20 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 1.3285 first. A break 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 187.75 and the second target at 188.30. In the alternative scenario, short positions are recommended with the first target at 185.80 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 185.30. The pivot point is at 186.20.

Resistance levels: 187.75 188.30 189.10

Support levels: 185.80 185.30 184.80

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Global macro overview for 12/11/2015 Market Analysis Review

Global macro overview for 12/11/2015:

ECB president Mario Draghi reiterated in today's morning speech that the QE will run up to September 2016 if needed to meet the 2% inflation goal. This dovish statements might add fuel to the fire as Draghi had already said last week that he is ready to do everything to meet inflation goals, including extension of the bond-buying program to September 2016. The December ECB meeting is likely to be crucial for long-term monetary policy updates.

The EUR/USD pair fell sharply after Draghi's remarks. It broken the support line at 1.0705. Now, it is trading at the level of 1.0711. The next support is seen at the level of 1.0673.

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Global macro overview for 12/11/2015 Market Analysis Review

Global macro overview for 12/11/2015:

Australia's jobs report for October delivered smashing data. The market expectation of 14.8K job gains were beaten by the real number of 58.6K. Moreover, the unemployment rate has fallen to the level of 5.9% from 6.2% month ago. This is why it might looks like the chances of the Reserve Bank of Australia cutting rates any time soon are dwindling after this data release.

The AUD/USD pair rose 1.5 per cent on Thursday, rallying after the release of the RBA figures. Currently, the market is trading at the level of 0.7131 and the next resistance is seen at the level of 0.7170.

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USDX technical analysis for November 12, 2015 Market Analysis Review

The US dollar index moved towards the short-term support area we mentioned yesterday at 98.65. The price is bouncing towards the downward sloping resistance again. Medium- and long-term trends remain bullish.

Red line - short-term resistance

Blue lines - bullish channel

The US dollar index remains inside the bullish channel and above the Ichimoku cloud. The price bounced off the kijun-sen at 98.65 and is testing the resistance at 99-99.10. Breaking below 98.65 will push the index towards 98.30 and this is the most probable outcome in my opinion.

The weekly chart remains unchanged. The price has reached an important resistance area and a small pullback is justified at least. Bulls need to be very cautious in case this rejection becomes larger because there is also the scenario where we can see a test of the kijun-sen at 96.20. Taking profits is preferred for long positions or placing stops at 98.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for November 12, 2015 Market Analysis Review

The gold price remains in a bearish trend, but just above the 2015 lows at $1,077. The short-term sideways move continues forming a bearish flag.

Red lines - trading range/ flag pattern

The gold price remains below the Ichimoku cloud and inside the trading range. The resistance is at $1,107; and support, at $1,083. Breaking the resistance will push the price towards $1,120. Breaking the support will push the price towards $1,060-50. The bearish scenario has more chances.

The weekly chart remains bearish as we are at the final stages of the decline from $1,190. This decline is expected to be concluded with a new low below $1,077. However, I do not expect a big sell-off despite new lows that will be seen. My longer-term outlook is bullish, but there is no confirmation or a reversal signal yet.The material has been provided by InstaForex Company - www.instaforex.com

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