Technical Analysis of GBP/USD for November 20, 2014 Market Analysis Review

After a 5-day fall, the cable paused its down ticks in the previous session. It gained 50 pips at the end of the day. The cable took the support at 1.5590 levels and moved higher. In case a daily close is below 1.5590, the cable can extend its downtrend towards 1.5460, 1.5450, and 1.5430. We have been recommending the same for the last 2 days. The prices are taking support at 1.5590, we can call it as a minor double bottom. Today, traders are keeping an eye on CPI, jobs data and UK retail sales data. Ahead of the economic events, the cable is trading in a silent mode. The prices are taking support at 1.5667, below this 1.5657 and 1.5646 are the intraday support levels. The prices are facing resistance at 1.5686, above this at 1.5700, 1.5720, and 1.5736. The cable is trading in a tight range between the 1.5736 and 1.5590 levels. The prices are making lower highs on the hourly chart. From an intraday view, we recommend fresh selling below 1.5660 with the target at 1.5646, below this 1.5625 and 1.5600 are open targets.

Trade: Selling below 1.5660.

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Technical analysis of EUR/USD for November 20, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German PPI m/m, French Flash Manufacturing PMI, French Flash Services PMI, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI, and Consumer Confidence. Besides, the US will release the economic data such as the CPI m/m, Core CPI m/m, Unemployment Claims, Flash Manufacturing PMI, Philly Fed Manufacturing Index, Existing Home Sales, CB Leading Index m/m, and Natural Gas Storage. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2597.

Strong Resistance:1.2589.

Original Resistance: 1.2577.

Inner Sell Area: 1.2565.

Target Inner Area: 1.2535.

Inner Buy Area: 1.2505.

Original Support: 1.2493.

Strong Support: 1.2481.

Breakout SELL Level: 1.2473.

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 20, 2014 Market Analysis Review

In Asia, Japan will release the Trade Balance, Flash Manufacturing PMI, and BOJ Monthly Report. The US economic calendar will added with some important data such as CPI m/m, Core CPI m/m, Unemployment Claims, Flash Manufacturing PMI, Philly Fed Manufacturing Index, Existing Home Sales, CB Leading Index m/m, and Natural Gas Storage. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.74.

Resistance. 2: 118.52.

Resistance. 1: 118.27.

Support. 1: 117.99.

Support. 2: 117.75.

Support. 3: 117.52.

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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Short term forecast and an intraday recommendation on USD/CAD for November 20, 2014 Market Analysis Review

The Federal meeting minutes and housing data helped the US dollar trade higher in yesterday's session. After 3 days of consolidation, the pair managed to trade at a week's high. On a positional basis, as we recommended earlier, in case if the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. As we recommended earlier, the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685 in the medium term and 1.1900, 1.2350 in the long-term perspective. The pair has resistance at 1.1425 on a daily closing basis. Today, traders are focused on US jobs, CPI data and Canada wholesale sales data. The pair continues its flag pattern in the hourly chart, height of the pole is 345 pips. The pair has multiple hourly resistance at 1.1360, above this 1.1393 and 1.1402 are the major resistance levels. The support exists at the 1.1300 and 1.1293 levels. In case the pair manages to close above 1.1402 levels, it can challenge 100 and 140 odd pips in a day or two. For a speculative purpose, the pair gave an upside breakout from head and shoulder pattern in the hourly chart. In case the hourly candle closes above 1.1360, it can challenge 1.1400 and 1.1410 in intraday. We have been recommending using every dip to buy with the above positional targets.

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Trading recommendations on Gold for November 20, 2014 Market Analysis Review

The yellow metal was rejected at the 61.8 fib level and 50Dsma, fell below 20Dsma and closed below that. Until the prices close above $1,197.00, bears have an upper hand. The rate hike debate is still active forcing the metal prices to fall. Swiss referendum at the end of November will show immediate impact on gold prices. A yes vote will ignite the bullish run in the short term, but chances are remote. Today, ahead of China PMI data the metal is trading on a bearish note and below 20Dsma at the Asian session. At the evening session, the CPI data and US unemployment claims data will drive the metal prices. Currently, the metal is trading above $1,180.00 after the Federal minutes. From an intraday view, the metal has support at $1,180.00, below this at $1,175.00 and $1,173.00. The selling pressure will be triggered below $1,180.00; panic will emerge below $1,173.00 towards $1,168.00, $1,160.00, and $1,158.00. We can expect steep fall below $1,146.00. On the upside, resistance exists at $1,191.00, $1,197.00, and 1204.00. The hourly trading pattern is framed between $1,190.00 and $1,180.00. As of now today, on the h4 chart the prices are making higher lows and higher highs.

Trade:

Buying above $1,190.00.

Selling below $1,180.00, safe selling below $1,179.00.

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Daily analysis of USDX for November 20, 2014 Market Analysis Review

The USDX has not made significant movements affecting the current trend on the daily chart. This instrument is held above the support level of 87.25, a fairly strong area, considering that the USDX could have made a breakout of that level a couple of weeks ago. The next goal for this instrument remains the resistance level of 88.63. The MACD indicator remains in the negative territory.

Dailychart's resistance levels: 88.63 / 90.40

Daily chart's support levels: 87.35 / 86.20

On the H1 chart, the USDX has moved in a range above the 200-day moving average. So, the USDX is likely to rise again to the resistance level of 87.86. A break of that level could lead the USDX to rise to the level of 88.15. For now, the MACD indicator remains in the neutral territory.

H1 chart's resistance levels: 87.86 / 88.15

H1 chart's support levels: 87.58 / 87.28

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 87.86, take profit is at 88.15, and stop loss is at 87.57.

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Daily analysis of GBP/USD for November 20, 2014 Market Analysis Review

On the H4 chart, the GBP/USD pair had a bullish momentum above the trend line at the 1.5615 level, even if this pair is currently facing resistance at the level of 1.5698. If the GBP/USD pair makes a bullish consolidation over that area, it is expected to rise to the level of 1.5811, which would be part of a corrective move in favor of the bearish trend. SMA 200 is maintained at the level of 1.5951.

H4chart's resistance levels: 1.5698 / 1.5811

H4chart's support levels: 1.5610 / 1.5512

On the H1 chart, GBP/USD is forming a bullish pattern above the support level of 1.5632. If the pair manages to make a breakout at the resistance level of 1.5686, the next target would be the level of 1.5739, where the 200-day moving average is located on this chart. On the other hand, if this pair makes a bearish consolidation below the 1.5632 level, the next target would be the 1.5590 level. The MACD indicator is in the overbought zone.

H1 chart's resistance levels: 1.5686 / 1.5739

H1 chart's support levels: 1.5632 / 1.5590

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 at 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.

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USDCAD Daily Analysis - November 20, 2014 Forex Analysis

USDCAD is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will signal completion of the downtrend from 1.1466, then the following upward movement could bring price to 1.1600 zone. On the downside, as long as the trend line resistance holds, the rise from 1.1260 would possibly be consolidation of the downtrend, another fall to 1.1200 area is still possible.

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USDCHF Daily Analysis - November 20, 2014 Forex Analysis

USDCHF's downward movement from 0.9739 extended to as low as 0.9531. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9500 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance will signal completion of the downtrend, then the following upward move could bring price to 1.0000 area.

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USDJPY Daily Analysis - November 20, 2014 Forex Analysis

USDJPY continued its upward movement from 105.32, and the rise extended to as high as 118.36. Near term support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 120.00 area. Key support is at 115.45, only break below this level will signal completion of the uptrennd, then deeper decline to 113.00 area could be seen.

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AUDUSD Daily Analysis - November 20, 2014 Forex Analysis

AUDUSD's fall from 0.8795 extended to as low as 0.8585. Deeper decline to test 0.8540 would likely be seen, a breakdown below this level will indicate that the longer term downtrend from 0.8910 has resumed, then next target would be at 0.8400 area. Resistance is at 0.8670, as long as this level holds, the downtrend from 0.8795 will continue.

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GBPUSD Daily Analysis - November 20, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.6182, the bounces from 1.5590 could be treated as consoliation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.5400 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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EURUSD Daily Analysis - November 20, 2014 Forex Analysis

EURUSD's upward movement from 1.2358 extended to as high as 1.2599. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.2650 area. However, a clear break below the trend line support could signal completion of the uptrend, then the following downward movement could bring price to 1.2000 area.

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Technical analysis of USD/JPY for November 19, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias as markets await FOMC October meeting minutes (due at 1900 GMT) for details on the monetary policy committee's outlook on health of U.S. economy and Federal Reserve's intentions for interest rates. Focus Wednesday also on Bank of Japan's interest rate decision: most market participants don't expect a back-to-back easing by the BOJ after the central bank stepped up its already aggressive easing at its Oct. 31 meeting. USD/JPY is underpinned by the yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 0.93% to 13.86; S&P 500 hit all-time high 2,056.08 overnight before closing up 0.51% at 2,051.80) on prospects of more stimulus efforts from major central banks, while a measure of German economic confidence improved for the first time in nearly a year, and U.S. NAHB housing market index rose stronger than expected to 58 in November from 54 in October (versus forecast 55). USD/JPY is also supported by the demand from Japan importers and soft yen sentiment as Prime Minister Abe on Tuesday delayed a scheduled sales-tax increase until April 2017 and confirmed a snap election. But USD/JPY gains are tempered by the Japan exporter sales and lower U.S. Treasury yields (10-year at 2.318% versus 2.340% late Monday) despite a surprise 0.2% on-month rise in U.S. October PPI (versus forecast for 0.1% decrease).

Technical comment:

Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, 5 and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 118.05 and the second target at 118.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 116.35. A break of this target would push the pair further downwards and one may expect the second target at 116.05. The pivot point is at 116.75.

Resistance levels:

118.05

118.45

118.75

Support levels:

116.35

116.05

115.80

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Technical analysis of USD/CHF for November 19, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade in a lower range as markets await FOMC October meeting minutes (due at 1900 GMT) for details on the monetary policy committee's outlook on health of U.S. economy and Federal Reserve's intentions for interest rates.It is undermined by the spillover strength from euro on the Swiss Franc and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.

Technical comments:

Daily chart is negative-biased as MACD and stochastics bearish, five-day moving average is falling below 15-day moving average.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.9555. A break of this target will move the pair further downwards to 0.9555. The pivot point stands at 0.9620. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.9655 and the second target at 0.9690.

Resistance levels:

0.9655

0.9690

0.9740

Support levels:

0.9555

0.9515

0.9785

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Technical analysis of NZD/USD for November 19, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a lower range. NZD sentiment is dented by 3.1% drop in Fonterra's GDT Price Index at latest Global DairyTrade auction. NZD/USD is also weighed by the Kiwi sales on rebounding AUD/NZD cross. But NZD/USD downside is limited by the Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment and NZD-USD interest differential. Daily chart is still positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day moving average and advancing, although inside-day-range pattern was completed on Tuesday.

Technical comment:
Daily chart is still positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day moving average and advancing, although inside-day-range pattern was completed on Tuesday.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.9555. A break of this target will move the pair further downwards to 0.7830. The pivot point stands at0.7910. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7965 and the second target at 0.8005.

Resistance levels:

0.7965

0.8005

0.8050

Support levels:

0.7830

0.7790

0.7750

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Technical analysis of GBP/JPY for November 19, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. It is supported by the improved euro sentiment after stronger-than-expected Germany ZEW November economic confidence data, positive investor risk appetite; soft yen sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at the overbought levels, 5 and 15-day moving averages are advancing.

Technical comment:

Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, 5 and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 185.20 and the second target at 186.05. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 182.25. A break of this target would push the pair further downwards and one may expect the second target at 181.50. The pivot point is at 182.80.

Resistance levels:

185.20

186.05

186.45

Support levels:

182.25

181.50

181

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Intraday technical levels and trading recommendations on EUR/USD for November 19, 2014 Market Analysis Review

A bullish engulfing daily candlestick emerged off price level of 1.2500 one month ago. A resulting bullish movement towards 1.2850 was contained within the depicted channel.

The price zone of 1.2880-1.2900 ( corresponding to the upper limit of the movement channel ) was targeted. However, bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was initiated.

A bearish breakout off the bullish channel took place shortly after, thus confirming a Flag continuation pattern. Initial daily target level was located around 1.2490.

Daily fixation below 1.2490-1.2500 (the origin of the previous bullish swing expressed one month ago) theoretically extends the bearish targets towards price level of 1.2200 (projection target of the bearish flag pattern). However, signs of indecision and hesitance is manifested on the daily chart.

The pair has been moving within narrow range of consolidation. Friday's candlestick ended up with daily closure above 1.2500.

Since then, the EUR/USD pair has been moving above this price level with some bullish tendency being expressed in the market.

As depicted on the chart, the EUR/USD pair has been respecting the limits of the current bearish channel until November 14.

Last week, the EUR/USD pair tested price level of 1.2500 few times as the bears have failed to apply enough bearish momentum.

Instead, few more ascending bottoms around 1.2400 and 1.2430 were established. This applied bullish pressure on SUPPLY zone located around 1.2500 where the upper limit of the channel is located.

A high probability of bullish reversal exists as long as the bulls keep fixating above 1.2500. Thus, establishing another ascending bottom confirming the ongoing uptrend.

Trade recommendations:

Based on the technical data mentioned above, bullish breakout is now a high-probability scenario.

4H closure above 1.2470 then 1.2500 gives an early confirmation. Projection target would be located around 1.2620.

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Gold : analysis for November 19, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,200.00. We are waiting for a larger volume and stronger price action. According to the daily time frame, we can observe weak demand in a volume above the average, which is a sign that we may see possible reaction from sellers (potential bearish corrective phase). Be careful when buying gold at this stage since our Fibonacci retracement 61.8% is on the test. Anyway, my advice is to watch for potential buying opportunities after a bearish corrective phase (buy on the low).

Daily pivot Fibonacci points:

Resistance levels:

R1:1,202.80

R2: 1,207.86

R3: 1,216.03

Support levels:

S1: 1,186.46

S2: 1,181.40

S3: 1,173.23

Trading recommendations: Buying gold at this stage looks risky since we may see reaction from sellers.

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Technical analysis of GBP/USD for November 19, 2014 Market Analysis Review

Overview :

• The market of GBP/USD pair showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5588 and 1.5735, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably show the signs of a bullish trend from the double bottom which sets at the point of 1.5588. In other words, buy deals are recommended above 1.5588 level with their first target at the level of 1.5690. Then, the trend will continue towards the weekly pivot point around the area of 1.5735. The pair is likely to begin an ascending movement to the point of 1.5690 and further to the level of 1.5735 (it will act as strong resistance this week). However, if the pair fails to pass through the level of 1.5735 (the weekly pivot point), the market will indicate a bearish opportunity below the strong resistance level of 1.5735. In this regard, sell deals are recommended lower than the 1.5735 level with the first target at 1.5640. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5590.

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Technical analysis of EUR/USD for November 19, 2014 Market Analysis Review

Overview :

• Support of the EUR/USD pair has already set at 1.2441 since November 17, 2014. Support coincides with ratio of 38.2% Fibonacci retracement levels. So, the upward trend is still strong from the 1.2441 level. Furthermore, it will be very profitable to buy above this level for retesting this level in the short term. Therefore, buy deals are recommended above the weekly support at 1.2441 with the targets at 1.2550 and 1.2582 to reach the double top and the first resistance. Also, it should be noted that the level of 1.2488 represents the weekly pivot point. On the contrary, the resistance is going to set at the level of 1.2582 and next resistance will set around the area of 1.2636 this week. Therefore, the downward movement will probably be lower than the 1.2582 or 1.2636 level with the targets at the weekly pivot point 1.2488.

Intraday technical levels:

Date and Time: 19/11/2014 12:51

Pair: EUR/USD

• R3: 1.2671


• R2: 1.2607


• R1: 1.2570


• PP: 1.2506


• S1: 1.2469


• S2: 1.2405


• S3: 1.2368

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Elliott wave analysis of EUR/NZD for November 19 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6009

R2: 1.5985

R1: 1.5975

Current spot: 1.5955

S1: 1.5950

S2: 1.5922

S3: 1.5914

Technical summary:

The rally of the 1.5680 low is clearly impulsive in character as we expected. This means wave iv ended at 1.5680 and wave v higher to 1.6446 on the way towards 1.6800 is developing. The rally of the 1.5680 will likely move sideways for the next couple of hours before the final rally closer to 1.6009 to end the first impulsive rally. From close to 1.6008, we will be looking for a correction towards 1.5882 and possibly even lower to 1.5839 before the next strong rally higher.

Trading recommendation:

We are long in EUR from 1.5720 and will move our stop higher to 1.5910 and place our take profit at 1.6000.

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Elliott wave analysis of EUR/JPY for November 19 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 147.59

R2: 147.39

R1: 147.05

Current spot: 147.03

S1: 147.00

S2: 146.78

S3: 146.38

Technical summary:

The possible b-wave of the expanded flat pattern has extended higher and is closing in on the maximum target at 147.59. This resistance has to protect the upside for a break below support at 147.00 and more importantly below support at 146.78 confirming that wave c lower to 142.05 is developing. However, if resistance at 147.59 is broken too, then the potential b-wave count will be invalidated. Instead, the count shifts to wave (v) still being in action towards 148.30 before the correction lower.

Trading recommendation:

Our long from 146.35 was stopped at 146.75 with a small loss. We are still looking to sell and will sell EUR again at 147.50 or upon a break below 147.00 with a stop at 148.50.

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#USDX Technical analysis for November 19, 2014 Market Analysis Review

The Dollar index got rejected as expected at the 88 level after back testing the break down level of 88. The trend is unclear as we can see the index is mainly moving sideways between 87-88. This range trading means we should be patient and wait for a break out. The longer-term trend remains bullish.

Red line = resistance

Black line = support

The Dollar index is inside the Ichimoku cloud but well above the lower boundaries of the cloud. Support is at 87.15 and resistance at 88.15. The sideways consolidation could be a sign of a top but traders should be patient and wait for a break out before betting on either side of the market. Soon, we will see a new short-term trend start. If 88.15 breaks, we could see a run towards 89 and higher. If support at 87.15 breaks, we should see a move lower towards 86.

Blue line = daily support

Red line = daily resistance

The Dollar index remains bullish in the longer-term as long as price is above the cloud. There is clear indecision in the short-term. We could see new highs but equally possible is to see a pull back towards 86. So, we need to be patient and wait to see which price level breaks.

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Gold Technical analysis for November 19, 2014 Market Analysis Review

Gold price is in a short-term up trend as price is making higher highs and higher lows. Gold price has almost reached the 61.8% retracement of the decline from $1,255 to $1,130. Strong resistance is at that level and it is also a possible reversal level. This bounce from $1,130 is a counter trend and I continue to believe we could see $1,050.

Black line = support

Gold price remains above the Ichimoku cloud and this shows that strong support is found at $1,145-$1,155. The upward move from $1,130 is at its final stages and I continue to believe it is a counter trend move. I expect a trend reversal soon. The first sign of such a reversal will come once prices break below $1,190.

Blue lines = support

Gold price has broken the short-term sideways consolidation in the $1,190 area to the upside and is trying to make a run towards $1,205-$1,210 which is the next resistance level. Breaking below $1,190 will push Gold price towards the important support of $1,185-$1,180. Breaking the blue support lines will signal more weakness and the start of a short-term trend reversal to the downside.

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For detail explanation and best discovery on daily market trends and news you may visit via Gold Technical analysis for November 19, 2014 . Thanks for your support.