Elliott wave analysis of EUR/NZD for November 23, 2015 Market Analysis Review

Wave summary:

We have almost seen a retest of a low at 1.6124, which will ideally be broken for a final decline closer to 1.5898. Once a break below 1.6124 has been seen, all requirements to the decline from 1.911 will been fulfilled, and the the risk for an important bottom being in place will greatly rise.

To indicate a bottom being in place a break above 1.6406 will be needed, while a breakout above 1.6548 will be needed to confirm the bottom.

To indicate a bottom being in place a break above 1.6406 will be needed, while a break above 1.6548 will be needed to confirm the bottom.

We missed out a short entry at 1.6385 and will stay neutral for now. However, as the possibility of an important low being seen soon, we will place the EUR buy the order at 1.5925 and upon a breakout above 1.6406 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for November 23, 2015 Market Analysis Review

Wave summary:

We continue to watch for a bottom for a rally towards 137.07. If a diagonal count is correct, then support at 130.13 should be able to protect the downside for a rally above 132.27 and more importantly a break above the resistance at 132.76 confirming the rally towards 137.07.

Should the support at 130.13 be broken the diagonal/wedge count is invalidated and downside acceleration towards 126.05 should be expected.

Trading recommendation:

We are long EUR from 131.25 with stop placed at 130.50. If you are not long EUR yet, then buy on a break above 132.27 and use the same stop, but expected to be raised quickly.

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Technical analysis of EUR/USD for November 23, 2015 Market Analysis Review

When the European market opens, economic news on the Eurogroup Meeting, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due to be released. The US will unveil economic data on the Fed Announcement, Existing Home Sales, and Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0687.

Strong Resistance:1.0680.

Original Resistance: 1.0670.

Inner Sell Area: 1.0660.

Target Inner Area: 1.0635.

Inner Buy Area: 1.0610.

Original Support: 1.0600.

Strong Support: 1.0590.

Breakout sell level: 1.0583.

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 23, 2015 Market Analysis Review

In Asia, Japan will not release economic data, but the US will publish news on the Fed Announcement, Existing Home Sales, and Flash Manufacturing PMI. 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: 123.82.

Resistance. 2: 123.58.

Resistance. 1: 123.34.

Support. 1: 123.04.

Support. 2: 122.80.

Support. 3: 122.56.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for November 23, 2015 . Thanks for your support.

Daily analysis of major pairs for November 23, 2015 Market Analysis Review

EUR/USD: There was no directional movement in the EUR/USD last week as the market simply went up and down in an unreliable manner closing at 1.0645 on Friday. There is a possibility that the price would continue south and the price is expected to rise sharply. This week would witness the possibilities.

USD/CHF: This pair trudged upwards slowly and gradually last week testing the resistance level at 1.0200 without being able to go above it. For the bullish bias to continue to hold out, the resistance level ought to be broken to the upside this week (while the price stays above it).

GBP/USD: This currency trading instrument went upwards by about 150 pips last week, going briefly above the distribution territory of 1.5300 before going below it. This created a bogus bullish signal as bears came in and pushed the price back to the level it by the end of the week. A movement below the accumulation territory at 1.5150 would reinforce the existing bearish outlook, while the movement above the distribution territory of 1.5400 would mean a complete end to an existing bearish outlook.

USD/JPY: The USD/JPY pair did not make any significant directional movement last week. It just went up and down in a shallow manner though the bullish bias remains valid. This week, there is a probability that the pair can continue moving upwards owing to an anticipated loss of stamina in the yen.

EUR/JPY: The EUR/JPY cross closed below the supply level of 131.00 in solidarity with an ongoing bearish outlook in the market. Although this cross would find it difficult to go upwards as long as the euro is very weak, unless the yen shows more serious weakness versus the euro. There is also a possibility that JPY pairs can still rally in November.

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Daily analysis of USDX for November 23, 2015 Market Analysis Review

On the H1 chart, the USDX recovered from its losses held during the last week, because the index is looking for an opportunity to break the resistance level of 99.80, and we should pay a close attention to that price zone as it could unleash the bullish force in the short and medium-term. If that happens, then we can expect a rally towards the level of 100.24. The MACD indicator is at the positive territory.

H1 chart's resistance levels: 99.80 / 100.24

H1 chart's support levels: 99.25 / 98.82

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDI breaks with a bullish candlestick; the resistance level is seen at 99.80, take profit is at 100.24, and stop loss is at 99.37.

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Daily analysis of GBP/USD for November 23, 2015 Market Analysis Review

The GBP/USD pair is trying to take another bearish breath on the H1 chart as the pair is performing a consolidation below the 200 SMA. The next target could be placed around the level of 1.5142, where is a key price zone for buyers in the short term. However, the cable could find strong support over there and it could produce another rebound towards the resistance level of 1.5296. The MACD indicator is seen at the negative territory.

H1 chart's resistance levels: 1.5205 / 1.5296

H1 chart's support levels: 1.5142 / 1.5100

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 1.5142, take profit is at 1.5100, and stop loss is at 1.5186.

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