Technical analysis of GBP/CHF for November 24, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair seems to be reversing from the level of 1.5430 just ahead of the fibonacci 0.382 support seen at the territory around 1.5360. Please note that the pair has reached a low at 1.5380 today and reversed higher. It is recommended to initiate around 50% of long positions now, and the remaining around 1.5360 if prices manage to reach there. Immediate support is seen at 1.5250 followed by 1.5000 and lower while resistance is seen at 1.5570 and higher. Please also note that the trend-line support is passing closely, hence bulls can remain in control until prices hold the trend-line support.

Trading recommendations:

Initiate 50% long positions remaining at 1.5350, stop is at 1.5250, a target is open.

Good luck!

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Technical analysis of EUR/JPY for November 24, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair seems to be testing lows around 130.30/40 at the moment. Please note that the pair has produced a doji candlestick pattern on the daily charts. A test and reversal could indicate that a potential pullback rally is setting up. While a drop lower could expose the level of 129.00 (the fibonacci 0.786) as support and delay matters further for a pullback. It is recommended to remain flat at the moment and seek further evidence before committing a trade. Immediate support is at 130.30 followed by 129,00 and lower, while resistance is seen at 132.26/30 and higher.

Trading recommendations:

Remain flat now.

Good luck!

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Technical analysis of Gold for November 24, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has been trading in the lower range around $1,071.00 since yesterday. Please note that bulls might still want to produce a counter trend rally to at least $1,110.00 before reversing. A drop below $1,1063.00 would nullify the chances of a pullback and the metal should be heading straight down towards $1,030.00. It is hence recommended to remain flat and watch for further evidence before committing trades. Immediate resistance is seen at $1,098.00, while support is seen at $1,063.00.

Trading recommendations:

Remain flat now.

Good luck!

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Technical analysis of Silver for November 24, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is beginning to show bullish divergence on the H4 chart (not shown here), and a breakout above the levels of $14.45 will favor bulls. At the moment, prices are testing the resistance line around $14.15. It is recommended to remain flat now and watch for a breakout above the trend line and $14.45 preparing to go long. Immediate support is seen at $13.97 (interim), followed by $13.00 and lower, while resistance is seen at $14.45 followed by $15.00 and higher.

Trading recommendations:

Stay flat now, go long on the breakout at $14.45.

Good luck!

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Elliott wave analysis of EUR/NZD for November 24, 2015 Market Analysis Review

Wave summary:

As long as minor resistance at 1.6434 is able to protect the upside, we will continue to look for the final spike lower to 1.5898 before the decline from 1.9114 will finally have to come to an end.

Only a direct breakout above minor resistance at 1.6434 and of cause more importantly a breakout above resistance at 1.6548 will trigger a new impulsive rally higher to 1.8020, to 1.9114, and even above.

Trading recommendation:

We will buy EUR at 1.5925 or upon a break above 1.6406 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for November 24, 2015 Market Analysis Review

Wave summary:

The EUR/JPY pair continues to apply pressure to the downside, but if our diagonal triangle count is correct, then support at 130.12 may not be broken. Under the Elliott Wave Principle, wave three can never be the shortest and that will be the case support at 130.12 breaks. Therefore support at 130.12 must protect the downside for a rally back to the top of wave(iv) near 137.00 or this count is wrong and we will head back to the drawing board trying to figure this mess out.

Our stop at 130.50 was hit for a small loss, but we will buy EUR again at 130.40 or upon a break above minor support at 130.80 with stop placed at 130.10.

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Technical analysis of EUR/USD for November 24, 2015 Market Analysis Review

When the European market opens, some economic news on the Belgian NBB Business Climate, German Ifo Business Climate, German Final GDP q/q is due to be released. The US will publish data on the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Prelim GDP Price Index q/q, Goods Trade Balance, Prelim GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0685.

Strong Resistance:1.0678.

Original Resistance: 1.0668.

Inner Sell Area: 1.0633.

Target Inner Area: 1.0635.

Inner Buy Area: 1.0600.

Original Support: 1.0598.

Strong Support: 1.0588.

Breakout sell level: 1.0581.

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 24, 2015 Market Analysis Review

In Asia, Japan will release data on the Flash Manufacturing PMI, and the US will publish some economic data on the Richmond Manufacturing Index, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, Prelim GDP Price Index q/q, and Goods Trade Balance, Prelim GDP q/q. 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: 123.47.

Resistance. 2: 123.23.

Resistance. 1: 122.97.

Support. 1: 122.70.

Support. 2: 122.46.

Support. 3: 122.22.

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 USD/JPY for November 24, 2015 Market Analysis Review

Yesterday, the index had tested the key psychological zone of 100.00. Later, it made a pullback across the level of 99.80. Currently, our view is strengthening with the bullish bias, as the USDX will try to make another push higher across the resistance level of 100.24. Under another scenario, if the USDX extends the pullback at current levels, then it could fall until the level of 99.25 where the 200 SMA is located.

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 USDX 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 24, 2015 Market Analysis Review

The pair is extending losses below the 200 SMA, as we can see on the H1 chart. Currently, the support level of 1.5100 should be challenged in order to reach another low towards the zone of 1.5062. This moving average is also pointing to the downside, so bears are still getting favored by the main bias. The MACD indicator is reaching the neutral territory and that is why we should be aware of future sideways short-term moves.

H1 chart's resistance levels: 1.5142 / 1.5205

H1 chart's support levels: 1.5100 / 1.5062

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is found at 1.5100, take profit is at 1.5062, and stop loss is at 1.5138.

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USD/CAD intraday technical levels and trading recommendations for November 23, 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 two weeks ago.

Daily persistence above 1.3300 exposes the next resistance level of 1.3450 (Fibonacci Expansion 141.0%) where a valid SELL entry can be offered.

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 1.3370.

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 23, 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 two weeks ago.

Bearish persistence below 1.5200 on a weekly basis enhances a further bearish decline towards the weekly demand level at 1.4950. Otherwise, bullish correction towards 1.5350 should be expected.

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 key level of 1.5200 was temporarily breached to the upside last week until a daily bearish engulfing candlestick was expressed on Friday.

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

Trading Recommendation:

Risky traders can sell the GBP/USD pair anywhere around 1.5350 (recent 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 23, 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 1.0700 (key level) is needed to maintain enough bearish momentum towards 1.0650 and 1.0550 (prominent monthly low).

On the other hand, a valid sell entry can be offered around the level of 1.0700 if a bullish correction extends above 1.0640 (Wednesday's lowest price level).

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

Overview

The silver price managed to touch our first main target at 13.96, falling under continuous negative pressure provided by the EMA50, which encourages us to continue suggesting the bearish bias for the upcoming period. Breaking the mentioned level will extend the bearish wave to 13.50 followed by 13.00. The silver price pushes the critical support level at 13.96, waiting for a confirmed breakout to extend the bearish wave towards our next targets at 13.50 then 13.00. Therefore, we will keep preferring the bearish trend in the upcoming sessions if the price settles below the 14.85 level.

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

Overview

The GBP/JPY pair reached the level of 188.79 breaching the resistance at 188.28 last week. The cross ended the week lower paring all gains. The initial bias is neutral this week with the main focus on minor support at 185.98. A breakout there will revive the case that price actions from 180.36 are merely corrective. In this case, a deeper fall would be seen to retest the level of 180.36. However, we might finally see GBP/JPY picking up upside momentum above 188.79 with the aim to test a high of 195.86. A breakout of 174.86 will confirm 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 should be cautious as strong resistance at 199.80/200.00 is expected to bring reversal.

Daily Pivots: (S1) 185.96; (P) 187.01; (R1) 187.58;

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Global macro overview for 23/11/2015 Market Analysis Review

Global macro overview for 23/11/2015:

The news regarding crude oil had started a price roller coaster today when the Bloomberg agency has cited the Saudi Press Agency regarding the sudden change of oil price rhetoric. It has been said the Saudi Arabia would do "whatever it takes" for a stable oil market and that they would cooperate with the OPEC and non-OPEC members for stable prices. Of course, whether the Saudi Arabia will actually do anything, well that's a different story, but this remarks might be a first reason to end the bear market or at least to start a temporary bullish correction.

The technical picture of crude oil prices indicated a possible bullish reversal. But to confirm this scenario, the market must close above the support at the level of 40.39 and break above the level of 42.58.

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Technical analysis of GBP/CHF for November 23, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair could drop lower towards 1.5350 before finding the trend-line support as depicted on the H4 chart. Please also note that the fibonacci 0.382 support is lined up there as well. Only a breakout below the trend line support and a subsequent breakout below 1.5000 would confirm that the pair is in for a larger correction. It is recommended to remain flat and wait for a reaction around the levels of 1.5350 levels. Immediate support is also seen just below 1.5300 followed by 1.5000, while resistance is seen at 1.5570 (interim).

Trading recommendations:

Remain flat for now. Watch around 1.5300.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair dropped to fresh lows on Friday, and it is looks to have reached lows around 130.50. The pair is trading around the level of 131.00 at the moment, producing a pin bar candlestick pattern on the daily chart. A potential turn around may be just near as the pair trades just below the fibonacci 0.618 support as depicted here. Immediate support is seen at 130.50 (interim) followed by 129.00 and lower, while resistance is seen at 132.26 followed by 133.20 and higher.

Trading recommendations:

Remain flat looking for an opportunity to enter longs.

Good luck!

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Technical analysis of Gold for November 23, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has been printing fresh lows recently, but the metal may soon produce a counter-trend rally/recovery towards at least the $1,11.00 levels. The metal is seen to be trading around the $1,072.00 levels for now, looking to pull back before resuming the downfall. Immediate resistance is seen at the $1,095.00/96.00 levels, followed by $1,110.00 and higher, while support is seen at the $1,065.00 levels, followed by $1,050.00/30.00 and lower. It is recommended to remain flat for now, and let the counter trend rally materialize.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Silver for November 23, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has just broken below the $14.00 levels by a few cents today, touching Stop Outs. The metal maybe looking to pull back towards at least the $14.85 levels before printing fresh lows. It is quite clear that silver is looking to print lower lows, and hence selling on rallies could be a recommended trade strategy. Immediate major resistance is seen at the $16.40 levels and as long as prices stay below it, bears are expected to remain in control. The short-term resistance is seen at the $14.40 levels for now and a break above would indicate that the metal has formed an interim low around the $13.90 levels and a counter-trend rally could materialize.

Trading recommendations:

Remain flat for now.

Good luck!

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

Overview:

• The key level of the EUR/USD pair has been set at the level of 1.0674 this week and now it is acting as strong resistance. As it is known, sellers are asking for a high price. Therefore, the first key level will be set at the level of 1.0674 and the second key level will be set at the 1.0587 level. The level of 1.0587 is representing the support and the price of the EUR/USD pair is going to move between 1.0587 and 1.0674. Additionally, the range will be about 87 pips today. Consequently, we expect that the trend is going to call for the bearish market from the level of 1.0674 because the trend has been very clear and it has been indicating a downtrend since last week. As a result, sell at the price of 1.0674 with the first target of 1.0587. Moreover, if the trend breaks the level of 1.0587, it might resume to 1.0528 in order to test the weekly support 2. On the other hand, your stop loss should be placed above the 1.0674 level, thus it will be helpful to set it at the price of 1.0710 this week.

Weekly technical analysis of EUR/USD:

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

The weekly technical analysis of GBP/USD pair:

Overview:

• The rGBP/USD pair has already found resistance at the level of 1.5225, and the weekly pivot point sets at the same level too. Hence, we expect a range between the levels of 1.5225 and 1.5115 in coming hours. Therefore, according to the previous events, the price is going to test the support level of 1.5115 in order to rebound toward the weekly pivot point at the level of 1.5225 today. Then, it should be noted that a range around 110 pips is expected. Consequently, the trend will call for a bullish market at the level of 1.5115 in the H1 time frame. Thus, above the level of 1.5115 it looks for further upside move with targets at 1.5175 and 1.5220.

Observations:

• The level of 1.5245 will act as a double top in the H1 chart.
• The weekly support 2 sets at 1.5044.
• We expect volatility about 105 pips today.

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Gold analysis for November 23, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As I had expected, the price tested the level of $1,067.36. In the daily time frame, I found a supply bar in a high volume and rejection from 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 strong supply and a downward trend. Next strong daily support is seen around the level of $1,046.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,076.00

R2: 1,077.00

R3: 1,078.50

Support levels:

S1: 1,073.20

S2: 1,072.30

S3: 1,070.85

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

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Global macro overview for 23/11/2015 Market Analysis Review

Global macro overview for 23/11/2015:

The flash PMI data on the eurozone has been released earlier this morning. The data was expected to show that the manufacturing outlook remained unchanged in November, while service sector growth was anticipated to cool slightly. It turned out, the data has beaten the market expectations with manufacturing PMI at the level of 52.8 vs. 52.2 expected and 52.2 prior and services PMI at the level of 54.6 vs. 54.2 expected and 54.1 prior. Nevertheless, the PMI data continues pointing only to moderate growth in the eurozone. It supports the view for more monetary stimulus from the European Central Bank, which is expected to announce it at the December meeting.

The EUR/USD pair bounced from the round level of 1.0600 and now it is trying to break above the technical resistance at the level of 1.0643.

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

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6339 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 at the level of 1.6150 held successfully. 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 demand bar in a high volume. I had placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the level of 1.6860 , Fibonacci retracement 50% at the level of 1.7080. In the M30, I found rising support (diagonal), which is a sign that we may expect a further upward movement. First strong resistance is seen at the level of 1.6570.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6322

R2: 1.6365

R3: 1.6430

Support levels:

S1: 1.6190

S2: 1.6150

S3: 1.6080

Trading recommendations : Intraday buying opportunities are preferable. Selling opportunities are preferable only if the price breaks major support at the level of 1.6150.

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

General overview for 23/11/2015 11:25 CET

There are still two possible scenarios for this pair. Scenario one describes the main count, which is a triple-three complex corrective cycle to the upside labeled as WXYXXZ and it is a part of the triangle wave B purple. Scenario two describes an alternative count, which is an impulsive wave progression to the upside where wave (i) and (ii) had been completed and now the market is in wave (iii) stage. This means we should have see a spike up above the swing top at the level of 1.3254.

Support/Resistance:

1.3454 - Swing High

1.3443 - WR2

1.3403 - WR1

1.3369 - Intraday Support

Trading recommendations:

Day traders should consider placing buy orders from current price levels, with SL below the level of 1.3380 and TP set at the level of 1.3447.

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

General overview for 23/11/2015 11:05 CET

A three-wave downside movement might look completed as it is a valid wave development in wave Z of the wave B blue. Nevertheless, the proportions of the fibo rates between the wave (a) and wave (c) does not support this view. It looks like one more spike down is needed to complete a possible ending diagonal pattern in wave (c). Please notice, any breakout above the level of 132.22 will invalidate the ending diagonal scenario.

Support/Resistance:

130.64 - Intraday Support

131.07 - Intraday Resistance

131.14 - Weekly Pivot

131.58 - WR1

Trading recommendations:

Day traders should consider placing buy orders only if the level of 131.06 is clearly violated, with tight SL and TP set at the level of131.41.

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

The USD/JPY is expected to trade in a higher range as a bias remains bullish. Last Friday, the US stocks settled higher boosted by health-care, consumer discretionary, and technology shares. The Dow Jones Industrial Average rose 0.5% to 17823, the S&P 500 gained 0.4% to 2089, and the Nasdaq Composite was 0.6% up to 5104. Nymex crude oil dropped 0.4% to $40.39 a barrel, and gold was 0.4% down to $1077 an ounce. Meanwhile, the benchmark 10-year Treasury yield settled at 2.264%, up from 2.246% in the previous session.

The US dollar broadly gained against most of other major currencies, with the Wall Street Journal Dollar Index climbing by 0.3% to 90.31 and hovering near a 13-year high. EUR/USD declined 0.8% to $1.0643 as European Central Bank President Mario Draghi reiterated that the central bank stands ready to use all available options as early as its December 3 meeting to boost inflation in the region. The pair has entered a consolidation after reaching as high as 123 last Friday. It is currently finding support at the 50-period moving average. And the 20-period moving average remains above the 50-period one. As long as 122.85 holds as the key support, the consolidation's extent is expected to be limited. If the pair takes back the first upside target at 123.40, it should rise further towards 123.60 (a high of October 26).

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 123.40 and the second target at 123.60. In the alternative scenario, short positions are recommended with the first target at 122.70 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 122.55. The pivot point is at 122.85.

Resistance levels: 123.40 123.60 124

Support levels: 122.70 122.55 122

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USDX technical analysis for November 23, 2015 Market Analysis Review

The US dollar index reached a new higher high today as we expect some critical news for the dollar to come after the surprising Fed meeting that will take place today. Rates are forecasted to be raised earlier than expected. Why else would the Fed hold a surprise meeting?

Blue line -support

The US dollar index is trading above support at 98.75 and above the Ichimoku cloud. A trend is bullish. The price is moving towards higher highs and higher lows. But we also have a bearish divergence in stochastics. The price is not approaching a higher high as the index price is doing. This should raise our alert and bulls should raise their stops to protect their positions.

On a weekly basis, we are approaching important resistance levels that are expected to be broken after the Fed announcement of the rate hikes. Stochastic is overbought for that last four weeks and this produces a warning for bullish positions, but still we have no reversal signal. Just warning that bulls need to be very cautious. Betting against this market trend is also not preferred as the bullish trend is strong.The material has been provided by InstaForex Company - www.instaforex.com

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

The USD/CHF pair is expected to continue further its upside movement. The pair is challenging the first upside target at 1.0175 while trading above the rising 20-period and 50-period moving averages. The relative strength index is supported by a rising trend line and is above its neutrality level of 50. As long as 1.0175 holds as the key support, look for a further upside with 1.0220 and 1.0250.

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 1.0220 and the second target at 1.0250. In the alternative scenario, short positions are recommended with the first target at 1.0145 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 1.0115. The pivot point is at 1.0175.

Resistance levels: 1.0220 1.0250 1.0275

Support levels: 1.0145 1.0115 1.0075

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

The NZD/USD pair is under pressure and is expected to trade in a lower range. Intraday indicators are mixed. The 20- and 50-period moving averages are flat, while the relative strength index is below its neutrality level of 50 lacking momentum and playing a resistance role. Besides, the relative strength index has broken below its 30% level. As long as 0.6570 holds as the key resistance, look for moving further downside towards 0.6460 and even 0.6430.

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 0.6460. A break of that target will move the pair further downwards to 0.6430. The pivot point stands at 0.6570. 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 0.6605 and the second target at 0.6625.

Resistance levels: 0.6605 0.6625 0.6665 Support levels: 0.6460 0.6430 0.64

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Gold technical analysis for November 23, 2015 Market Analysis Review

Gold price got rejected at the short-term resistance on Friday and resumed its downward trend. A longer-term trend remains bearish but I continue to support the idea that we are in an area of possible long-term trend reversal and this is not the time to be short or selling gold. Surprising results of the Fed meeting can bring the price to the area of $1,045-50 today.

Black lines -bearish channel

Green line - support

Blue lines - price projection

Gold price is still below the Ichimoku cloud. A trend remains bearish. The price managed to break above the bearish channel last week and is now back testing it. A new lower low will probably push gold towards the green support line and the yellow shaded area between $1,050 and 1,045. I expect gold price to bounce strongly afterwards.

Black lines - bullish wedge

In the weekly chart, g old price shows the bullish wedge in which we are currently in. We are trading below the weekly Ichimoku cloud and near the lower wedge boundaries. This is not the time to be short or to sell gold. We should wait for a confirmed reversal signal as the upside potential is very big. A break above $1,090 will be the first step of this reversal. Next important resistance levels are seen at $1,130 and at $1,190.

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Technical analysis of GBP/JPY for November 23, 2015 Market Analysis Review

The GBP/JPY pair is expected to trade in a lower range as the downside prevails. The pair remains capped by its declining 20-period intraday moving average and stays on the downside. Meanwhile, the intraday relative index is badly directed. The first downside target is seen at the horizontal support and overlap at 186.20. A breakout below this level would open the way to further weakness towards 18.75.

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 186.20. A break of that target will move the pair further downwards to 185.75. The pivot point stands at 187.45. 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 188.15 and the second target at 188.80.

Resistance levels: 188.15 188.80 189.30

Support levels: 186.20 185.78 185.00

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