Daily analysis of Silver for November 20, 2015 Market Analysis Review

Overview

The EMA50 continues forming good resistance barrier against the silver price's attempts. It keeps the bearish bias valid on an intraday and short-term basis, waiting for testing the previously recorded low at 13.96 as a next main station. Stochastic offers a negative signal now, which supports extending of the bearish trend towards 13.50 followed by 13.00 areas. Holding below the 14.85 level is important to achieve the suggested targets. The silver price hovers around the EMA50 keeping its stability below to keep the negative pressure valid on an intraday and short-term basis. Its targets begin at 13.96 and extend to 13.50 and 13.50 on a near-term basis. In general, we will keep our bearish trend expectations unless the 14.85 level is breached.

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Daily analysis of GBP/JPY for November 20, 2015 Market Analysis Review

Overview

Intraday bias in GBP/JPY remains on the upside for the moment. A rebound from 180.36 is resuming and rally could be seen back towards the 195.86 resistance. In case of a retreat, we will stay cautiously bullish as long as the 185.98 support holds. 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 bring a 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) 187.38; (P) 188.09; (R1) 188.55

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USD/CAD intraday technical levels and trading recommendations for November 20, 2015 Market Analysis Review

Overview:

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

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. Besides, it 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 were 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.

Another bullish visit towards the level of 1.3270 (FE 100%) was initiated two weeks ago.

A temporary bullish breakout above 1.3300 has been seen on the chart since last week. However, signs of bearish reversal are being expressed, including Wednesday's daily candlestick (Shooting Star candlestick).

Hence, price reaction should be watched around the level of 1.3330 on a daily basis, as daily persistence above 1.3350 exposes the next resistance level of 1.3450 (Fibonacci Expansion 141.0%).

Trading recommendations:

Traders should wait for an obvious bearish closure below 1.3250 (FE 100%) to sell the USD/CAD pair. S/L should be placed above 1.3350.

Initial T/P levels should be placed at 1.3150 and 1.3080.

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Intraday technical levels and trading recommendations for GBP/USD for November 20, 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 1.5220 (the neckline of the Head and Shoulders pattern).

This supported the bearish side of the market in the long term. An approximate 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 two weeks ago. However, a bullish engulfing weekly candlestick was expressed around 1.5050 by the end of last week.

Bearish persistence below 1.5200 is needed on a weekly basis to allow further bearish decline towards the weekly demand level at 1.4950. Otherwise, bullish correction towards 1.5350 should be expected (which is the ongoing scenario).

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, an evident bullish reaction was performed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks).

This led to the previous bullish pullback towards 1.5600 (the backside of the depicted uptrend). It placed the GBP/USD pair under significant bearish pressure.

The demand levels of 1.5350 and 1.5200 were broken down few weeks ago. Currently, these levels constitute prominent supply to be watched for new sell entries. The level of 1.5200 is being breached to the upside again today.

Note that bearish persistence below 1.5200 was mandatory to allow further bearish decline towards the next demand levels at 1.5090, 1.5025, and 1.4950.

However, the current daily breakout above the supply level of 1.5220 enhances the bullish side of the market towards 1.5350.

Trading Recommendation:

Risky traders can sell the GBP/USD pair anywhere around 1.5350 (the depicted supply level). S/L can be placed above 1.5400.

For conservative traders, 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 20, 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 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 took place at 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 1.0555 occurs before the end of the current month.

On August 24, the market looked overbought as bulls were pushing the pair further above 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 breakdown of the depicted uptrend has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Two weeks ago, 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 (Recent Supply Level) is needed to maintain enough bearish momentum towards 1.0650 and 1.0530 (prominent monthly low).

A valid sell entry can be offered around the level of 1.0850 if a bullish correction extends above 1.0700 (Friday's lowest price level and a recent key level).

On the other hand, bearish persistence below 1.0700 (depicted key level) enhances a quick bearish decline towards the next demand level at 1.0600.

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Global macro overview for 20/11/2015 Market Analysis Review

Global macro overview for 20/11/2015:

Yesterdays report released the number of initial jobless claims in the US, which continued to hover near the lowest level in the fourth decades. Initial claims dropped by 5,000 to a seasonally adjusted 271,000 , while market participants expected a number of 272,000. Claims remained below the level of 300,000 for the 37th straight week, the longest stretch in years. Another good US employment data (after the mind blowing NFP figures last Friday) has shown enough signs of resilience to allow the data-dependent Fed's policy makers to seriously consider raising rates for the first time in almost a decade very. According to the Fed Funds futures, a December rate hike is now 72% priced in.

After the bullish breakout above the golden channel line, the US dollar index did not manage to violate the technical resistance at the level of 99.98, but it is still trading above the critical support at the level of 98.34.

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Global macro overview for 20/11/2015 Market Analysis Review

Global macro overview for 20/11/2015:

During his speech at the Euro Finance Week this morning, ECB President Mario Draghi has delivered a very dovish message once again. His comment "we will do what we must" is a clear message to the markets that the ECB is willing to provide additional stimulus at the next meeting in a couple of weeks. Nevertheless, still the question remains: will they deliver and how far they will go? The most obvious answer is a deposit rate cut and additional bond purchases as a form of the extended quantitative easing program. This is my best guess as the investors are no wiser on the kind of stimulus the ECB will offer than they were before.

The EUR/USD pair reacted negatively to Draghi's speech, but is has found a support at the level of 1.0666. The resistance is seen at the level of 1.0718.

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Technical analysis of EUR/JPY for November 20, 2015 Market Analysis Review

General overview for 20/11/2015 13:40 CET

Another false breakout to the upside had been made yesterday and the market still trades inside the bearish zone. First bullish breakout confirmation comes with the breakout of the intraday resistance at the level of 132.22 with the target at the level of 132.80. On the other hand, the bearish breakout confirmation comes with the violation of 131.11 with the target at 130.69.

Support/Resistance:

130.44 - WS1

131.11 - Intraday Support

131.81 - Weekly Pivot

132.22 - Intraday Resistance

132.36 - WR1

Trading recommendations:

Day traders should place buy orders at the current levels with SL below the level of 131.11 and TP, which is open now.

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Technical analysis of USD/CAD for November 20, 2015 Market Analysis Review

General overview for 20/11/2015 13:30 CET

The three-wave downside move has been completed, and now intraday corrective sub-cycle is unfolding. Any breakout above the recent swing high at the level of 1.3368 will invalidate the current count and make the corrective cycle more complex and time-consuming.

Support/Resistance:

1.3375 - WR1

1.3368 - Intraday Resistance

1.3298 - Weekly Pivot

1.3245 - Intraday Support

1.3250 - WS1

1.3222 - Wave b Bottom

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 1.3333 and TP at the level of 1.3222.

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Technical analysis of USD/JPY for November 20, 2015 Market Analysis Review

UUSD/JPY is under pressure. The US indices closed slightly lower on Thursday, pressured by shares in the Transportation, Semiconductor & Semiconductor Equipment, and Utilities sectors. The DJIA was 0.02% down at 17732.75. S&P 500 edged lower by 0.1% at 2081.24, and Nasdaq Composite remeined flat at 5073.64. The 10-year Treasury yields fell by 0.023% to 2.246%. Nymex crude oil posted a 0.5% decline to $40.54, while gold rose by 0.9% to $1,078.00/ounce. On the economic data front, the US Initial jobless claims lowered to 271K for the week ending Nov 14 compared to 276K the week before. Continuing claims fell by 2K to 2175K and remained 8% down against the reporting period in the previous year. The Philadelphia fed business outlook index rose to 1.9 this month, above the (-0.5) estimate and above the (-4.5) back in Oct. Finally, the conference board US leading index rose 0.6% in Oct, above the 0.5% estimate compared to a decrease of 0.2% last month. The dollar suffered its largest one-day percentage decline against the euro and the yen in a month due to profit-taking. The pair broke below a rising trend line, which emerged on Nov 16 and consolidated on the downside. The declining 20-period and 50-period moving averages maintain the downside bias. The relative strength index is below its neutrality level at 50%. As long as 123.200 holds on the upside, look for further downside move towards 122.60 and even 122.30.

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 122.60. A break of that target will move the pair further downwards to 122.30. The pivot point stands at 123.20. 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 123.60 and the second target at 123.85.

Resistance levels: 123.60 124 124.45

Support levels: 122.60 122.30 121.60

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Technical analysis of NZD/USD for November 20, 2015 Market Analysis Review

Overview:

• The The NZD/USD pair will hover at the level of 0.6607 and resistance is seen at 0.6607 and 0.6660. It should be noted that the price hit the weekly pivot point, resistance 1, and support 1 this week. Moreover, this week the weekly pivot point sets at the point of 0.6600; for that it will act as resistance today. However, the support is already found at 0.6484 and 0.6429. So, according to the previous events, the NZD/USD pair is going to move between 0.6440 and 0.6663. Another thought, we expect a range between 0.6600 and 0.6490 in coming hours. Additionally, the market is calling for the bearish market from the level of 0.6607. Therefore, it will be very useful to sell at the level of 0.6607 in the short term with the first target at 0.6539; but if the trend is able to break the minor support at 0.6539, then it might resume to 0.6484. On the contrary, the double bottom sets at 0.6429 in the H4 chart. Consequently, it will be a good opportunity to buy at 0.6429 with the first target at 0.6501 for a correction next week.

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Technical analysis of USD/CHF for November 20, 2015 Market Analysis Review

USD/CHF is expected to trade with bearish bias. After yesterday's downside breakout of the bullish channel, the pair has clearly reversed down, and seems likely to post further decline. The 20-period and 50-period moving averages are also turning down, and should continue pushing prices lower. Besides, the RSI is negatively oriented, and lacks upward momentum. Therefore, as long as 1.0175 is not surpassed, expect a return to 1.0015 and 1.0075 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 1.0115. A break of that target will move the pair further downwards to 1.0075. The pivot point stands at 1.0175. 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 1.0220 and the second target at 1.0250.

Resistance levels: 1.0220 1.0250 1.0275

Support levels: 1.0115 1.0075 1.0040

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Technical analysis of EUR/USD for November 20, 2015 Market Analysis Review

Overview:

In the short term, the EUR/USD pair will probably turn to a bearish trend from the level of 1.0722.The level of 1.0722 represents the ratio of 50% Fibonacci on the H1 chart and also the double top at the same frame time since last week. Accordingly, it will be a good sign to sell below 1.0722 with the first target of 1.0641 to test the the daily pivot at this price. Then, it will call for a downtrend in order to continue with its bearish movement towards 1.0602 (the weekly minor support). Moreover, the strong support will be set at the level of 1.0533 in the next hours. At the same time, the stop loss should be placed above the weekly pivot point at the price of 1.0758. Equally important, the weekly resistance will be set at the 1.0750 level.

Intraday technical levels:

Date | Time: 20/11/2015 | 10:46

Pair: EUR/USD

• R3: 1.0885
• R2: 1.0824
• R1: 1.0778
• PP: 1.0717
• S1: 1.0671
• S2: 1.0610
• S3: 1.0564

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Technical analysis of NZD/USD for November 20, 2015 Market Analysis Review

NZD/USD is expected to trade with bullish bias as the upside prevails. The pair managed to break above its previous resistance at 0.6540, and posted a new bounce yesterday. The intraday outlook is bullish now, as the process of higher highs and lows has been confirmed. The intraday relative strength index remains bullish above its neutrality area at 50. The 20-period and 50-period moving averages act well as support roles. Hence, as long as 0.6540 holds on the downside, look for further advance to 0.6615 and 0.6645 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 0.6615 and the second target at 0.6645. 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 0.6450. The pivot point is at 0.6540.

Resistance levels: 0.6615 0.6645 0.6695 Support levels: 0.65 0.6450 0.64

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Technical analysis of GBP/JPY for November 20, 2015 Market Analysis Review

GBP/JPY is expected trade in a lower range as the key resistance is at 188.25. The pair remains capped by its key resistance at 188.25 and stays on the downside. Meanwhile, the intraday relative strength index lacks upward momentum. The first target to the downside is therefore set at the horizontal support and overlap at 187.20. A break below this level would open the way to further weakness towards 186.80.

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 187.20. A break of that target will move the pair further downwards to 786.80. The pivot point stands at 188.25. 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 188.85 and the second target at 189.30.

Resistance levels: 188.85 189.30 190

Support levels: 187.20 186.80 185.95

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Gold : analysis for November 20 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,087.21. In the daily time frame, I found a strong demand bar in a high volume testing our SMA10. Our strong support around the levels of $1,075.00-$1,080.00 became strong resistance (changing polarity) now. In the M30 time frame, I found a volume spike (buying climax ) at the level of $1,083.70 and then the up-thrust bar (sellers overcomed buyers). Be careful when buying at this stage and watch for potential intraday selling opportunities.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,082.30

R2: 1,083.40

R3: 1,085.50

Support levels:

S1: 1,078.45

S2: 1,070.30

S3: 1,075.35

Trading recommendations: Be careful when buying gold since the price testing our strong resistance level. Watch for potential selling opporutnities.

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USDX technical analysis for November 20, 2015 Market Analysis Review

The US dollar index broke support yesterday after backtesting resistance at 99.50. Bulls are vulnerable here as there are a lot of chances to see a deeper correction towards at least 97. For now, bulls are still in control as the price is above 99 again holding cloud support.

Blue lines -bullish channel

Red lines - bearish divergence

The US dollar index is above the cloud thus bulls are still in control. The bullish channel is broken. Support is found at 99, so a daily close below that level will open the way to a deeper correction. Short-term levels are oversold, so we could see another bounce towards 99.50 today.

Red line - support

The US dollar index broke below the red TL support but is trading back above it now. A lower low relative to yesterday will open the way to a push lower towards the green area shown in the daily chart above. The levels of 97.50-97 are my target area in the short term.

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EUR/NZD analysis for November 20, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6225 in a high volume. I am waiting for larger activity and stronger price actions. The short-term trend is still neutral. The major 20-day support zone is seen at the level of 1.6150. 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 a supply bar in a high volume. I had placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 50% at the level of 1.6260 and Fibonacci retracement 61.8% at the level of 1.5700. In the M30, I found weak demand around the level of 1.6280.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6450

R2: 1.6490

R3: 1.6560

Support levels:

S1: 1.6310

S2: 1.6260

S3: 1.6190

Trading recommendations: Selling opportunities are preferable only if the price breaks the level of 1.6150. Watch for a potential high-volume breakout to confirm the further downward direction.

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Gold technical analysis for November 20, 2015 Market Analysis Review

Gold price has made a strong bounce yesterday towards the first important short-term resistance at $1,090. I have warned gold bears that this is not the time to go short on gold despite the new yearly lows. The price is at the oversold levels and on the top of the major long-term Fibonacci retracement.

Blue lines - bearish channel

Red line - resistance

Gold price is trading well below the Ichimoku cloud but has exited the bearish channel in the daily chart above. Stochastics are turning upwards implying that momentum will be bullish and a bounce towards $1,130 is very possible.

The weekly chart above shows that the price is at the important long-term Fibonacci retracement of 50%. The weekly stochastics have entered oversold levels. The last time this happened, saw a rise from $1,077 to $1,190. A minimum target of the expected bounce is seen at the level of $1,130 where we found the tenkan- and kijun-sen.The material has been provided by InstaForex Company - www.instaforex.com

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