Technical Analysis of Gold for November 24, 2014 Market Analysis Review

The precious metal is supported by China rate cut decision which managed to trades above $1,200.00. A surprise interest rate cut by China made gold friendly. The People’s Bank of China cut the one-year benchmark lending rate by 40 basis points to 5.6% and the one-year deposit rate by 25 basis points to 2.75%. The Swiss gold referendum will take place on November 30, 2014. This week we can expect high volatility in the metal prices. The metal closed at higher levels 3 weeks in a row. The nearest weekly resistance exists at $1,213.50, above this $1,240 and $1,243.00 are the major resistance levels. On the down side, $1,200.00 will act as a key level. Below this, $1,180.00 and $1,174.50 will act as major weekly support levels.

On Friday's session, the metal rejected at 50Dsma and closed below that. Today, gold opened on a bullish note lower at $1,200.10. We recommend fresh selling below $1,200.00 with the targets at $1,198.00, $1,197.00, $1,195.50, and $1,191.00. The panic will be triggered below $1,190.00 towards $1,186.50, $1,181.00, and $1,175.00. The weekly trend turns to positive, in case if the metal closes above $1,207.00 on a daily basis. We recommend fresh buying above $1,208.00 with the positional targets at $1,230.00.

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Technical Analysis of EUR/USD for November 24, 2014 Market Analysis Review

Today, important German Ifo data will impact the price. Positive readings indicate economic progress, which is benign for the Euro. On the US side, services PMI will impact the US dollar. A positive reading will underpin the dollar leading to new lows on this pair. On Friday's session, the pair fell 150 pips on a closing basis and closed at the lowest point of the day and week. Today, the pair opened on a bullish note lower at 1.2362. The pair has the nearest support at 1.2358. Panic will be triggered below 1.2358. Bears can challenge 200 odd pips on the down side. Considering a weekly close below 1.2350, we can expect 500 odd pips correction on the downside from the longer-term view. The pair has strong, long-term support at 1.2226, 100 pips down from here. Below 1.2226, 1.2045 and 1.1876 are the other multiple support levels. We have been recommending selling on every upswing with the downside initial targets at 1.2300 and 1.2230.

From an intraday view, the prices are closed and trading below 12ema and 35DEMA. But the pair has strong hourly resistance at 1.2400. Above this, 1.2440 will act as another resistance level. On the down side, the pair has support at 1.2358, below this - at 1.2350, 1.2325, and 1.2228. In case if the pair corrects below 1.2358, the selling pressure will increase again. The panic will be triggered below the 1.2350 levels. On an intraday and positional basis, we are recommending sell on every upswing.

Trade: Selling below 1.2350 with the targets at 1.2300 and 1.2275 levels.

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Technical analysis of EUR/JPY for November 24, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair had retraced from the highs towards 146.00 levels and is seen trading back above 146.20 levels for now. Please note that the pair has bounced off the fibonacci 0.786 support of the rally between sub 145.00 and 149.00. The immediate support trend line seems to have broken but a larger correction would be confirmed only if the pair is seen reversing from 147.50 levels. It is recommended to initiate long positions for now, risk remains below 145.00. Support is seen at 145.00, followed by 143.00, 142.00 and lower, while resistance is seen at 147.50, followed by 148.50 and 149.20 respectively.

Trading recommendations:

Initiate long positions now (146.20/30), stop at 144.70, the target is open.

Good luck!

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Technical analysis of GBP/CHF for November 24, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has raised through 1.5200 levels as seen here. It is recommended to book partial profits and move stop/risk to break even points. Please note that the pair has hit fibonacci 0.50 resistance for now, and could retrace lower from here. Resistance is seen at 1.5300, past support turned resistance, followed by 1.5450, 1,5475, 1.5550 while support is seen at 1.5150 (interim), followed by 1.5025, 1.4950 and lower respectively. A push higher could easily see through 1.5300 levels which is fibonacci 0.618 resistance level of the drop from 1.5450 to 1.4950.

Trading recommendations:

Book at least partial (up to 60%) profits on long positions taken earlier and move stop at break even. The target is 1.5300 for remaining long positions.

Good luck!

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Technical analysis of Silver for November 24, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has push higher till $16.50 levels, and might be looking to push towards $17.00 levels at least. The metal could be well supported around the $16.00 levels, followed by $15.30 and $15.00 while resistance could be met at $17.30/50, followed by $17.80/18.00 and higher respectively. It is recommended to book partial profits on long positions taken earlier, while moving risk to break even levels for now. A push higher towards $17.30 and subsequently $17.80 could be extremely bullish for the metal. Please note that fibonacci 0.618 resistance is at $16.86 levels and sloping resistance line is also passing through the same region. A bearish reaction there should be watched closely for potential reversal.

Trading recommendations:

Book partial profits on long positions taken earlier, move stop to break even on the remaining. The target is open.

Good luck!

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Technical analysis of Gold for November 24, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has reached our minimum expectations on Friday at $1,207.00 levels, before pulling back. The metal is currently trading around $1,200.00 mark. It is recommended to book at least partial profits on long positions taken earlier and move risk to break even on the remaining. Please note that the metal has stalled at a 0.618 resistance for now and a bearish reversal here, could take it below $1,130.00 levels. On the flip side, a push above $1,208.00, is likely to test $1,235.00 and $1,250.00 levels on the higher side. Immediate support is seen at $1,175.00, followed by $1,140.00 and $1,130.00 while resistance is seen at $1,235.00, followed by $1,250.00/55.00 and higher respectively.

Trading recommendations:

Book partial profits on long positions taken earlier, move stop to $1,170.00 or break even levels.

Good luck!

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Technical analysis of EUR/USD for November 24, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Ifo Business Climate and Belgian NBB Business Climate. The US is also ready to publish the economic data too such as the Flash Services PMI. So, amid the reports, EUR/USD will move low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2441.

Strong Resistance:1.2433.

Original Resistance: 1.2421.

Inner Sell Area: 1.2409.

Target Inner Area: 1.2379.

Inner Buy Area: 1.2351.

Original Support: 1.2337.

Strong Support: 1.2327.

Breakout SELL Level: 1.2319.

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, 2014 Market Analysis Review

Today, Japan will not release any economic data. However, the US is ready to publish Flash Services PMI. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.35.

Resistance. 2: 118.12.

Resistance. 1: 117.89.

Support. 1: 117.61.

Support. 2: 117.38.

Support. 3: 117.14.

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Daily analysis of major pairs for November 24, 2014 Market Analysis Review

EUR/USD: The sudden weakness in the EUR/USD pair on Friday has resulted in a very strong bearish bias. The pair may be weak for the rest of this month, as the EUR continues to be battered. The price closed below the resistance line at 1.2400, and the next target may be the support line at 1.2350.

USD/CHF: The sudden strength on the USD/CHF pair on Friday has resulted in a very strong bullish bias. The pair may be strong for the rest of this month, as the USD continues to be uplifted. The price closed above the support level at 0.9650, and the next target may be the resistance level at 0.9750.

GBP/USD: Generally, the bias on the Cable is bearish. It is very much likely that the price would hit the accumulation territory at 1.5600, but the price is unlikely to break that territory to the downside. After the price tests that accumulation territory, there could be a rally in the market.

USD/JPY: This currency trading instrument trended strongly last week, but there is now a mild pullback in the context of an uptrend. This proffers a good opportunity to buy, for the bullish bias may still continue till December 2014.

EUR/JPY: This market trended strongly last week, but after testing the supply zone at 149.00, there was a significant correction – a downward move of close to 300 pips from that supply zone. The downward move was augmented by the weakness in the EUR itself. One needs to note that the overall outlook is still upwards and the price may trend upwards from here.

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Daily analysis of USDX for November 24, 2014 Market Analysis Review

In the daily chart, the USDX had a bullish momentum at the support level of 87.35, because this instrument continues forming a pattern for a bullish breakout at the resistance level of 88.63. If successful, it's expected to rise to the level of 90.40. However, caution is advised with sell orders in the long term, because the USDX intends to continue strengthening the bullish trend.

Dailychart's resistance levels: 88.63 / 90.40

Dailychart's support levels: 87.35 / 86.20

The USDX has made a bullish consolidation above the support level of 88.15, as this instrument made a rebound on the 200-day moving average in H1 chart. Now, the USDX is forming a lower high pattern below the resistance level of 88.43. The next goal in the bullish road would be the level of 88.71. The MACD indicator is in the overbought zone.

H1 chart's resistance levels: 88.43 / 88.71

H1 chart's support levels: 88.15 / 87.86

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 88.43, take profit is at 88.71, and stop loss is at 88.15.

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Daily analysis of GBP/USD for November 24, 2014 Market Analysis Review

The GBP/USD pair still finds resistance at the 1.5698 level in the H4 chart. Because of these movements in a range, GBP/USD has formed a fractal at the 1.5565 level. If this pair continues to move beyond this range bearish trend line, it's expected to rise again to the resistance level of 1.5698. The MACD indicator is moving into the negative territory.

H4chart's resistance levels: 1.5698 / 1.5811

H4chart's support levels: 1.5512 / 1.5341

In the H1 chart, the GBP/USD pair respected the support level of 1.5632, because this pair is forming a bearish pattern to fall to the level of 1.5590. However, the GBP/USD pair may perform a retracement to the resistance level of 1.5686, because this pair still remains strong in the bearish bias. The MACD indicator is entering the neutral territory, which could translate into movements in a range for GBP/USD.

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 24, 2014 Forex Analysis

USDCAD's downward movement from 1.1466 extended to as low as 1.1191. Further decline to test 1.1121 support could be expected. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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USDCHF Daily Analysis - November 24, 2014 Forex Analysis

USDCHF is facing 0.9739 resistance, a break of this level will signal resumption of the uptrend from 0.9370, then the following upward movement could bring price to 1.0000 area. Support is at 0.9660, only break below this level will indicate that lengthier sideways movement is underway, then deeper decline to test 0.9531 support could be seen.

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USDJPY Daily Analysis - November 24, 2014 Forex Analysis

USDJPY remains in uptrend from 105.32, the fall from 118.97 is likely consolidation of the uptrend. Support is located at the bottom of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 120.00 area. However, a clear break below the channel support will indicate that lengthier consolidation of the uptrend is underway, then deeper decline to test 115.45 support could be seen.

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AUDUSD Daily Analysis - November 24, 2014 Forex Analysis

AUDUSD failed to break below 0.8540 support, and stayed in the trading range between 0.8540 and 0.8795. Further rise to test 0.8795 resistance would likely be seen, a break of this level will signal resumption of the uptrend from 0.8540, then next target would be at 0.8880 area.

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GBPUSD Daily Analysis - November 24, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.6182, the rise from 1.5590 is likely consolidation of the downtrend. Resistance is located at the falling trend line on 4-hour chart, 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 24, 2014 Forex Analysis

EURUSD is facing 1.2358 support, a breakdown below this level will confirm that the downtrend from 1.2867 has resumed, then the following downward movement could bring price to 1.2000 area. Resistance is at 1.2450, only break above this level will indicate that lengthier sideways movement is underway, then further rise to test 1.2599 resistance could be seen.

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