Technical analysis of USD/CAD for November 18, 2014 Market Analysis Review

General overview for 18/11/2014 08:20 CET

After a false breakout above the yesterday's intraday resistance level the market reversed and now it is making new lows. The recent Elliott Wave count indicates, that it might be the last of the impulsive wave to the downside in the sub-cycle of the wave iii black ( wave -i- of wave iii) and now some reaction to the upside is needed. The target for wave -i- is at the level of 1.1220, that will invalidate the green alternative count as well. Please notice that the market is still moving inside the golden channel and the technical bullish flag pattern is still being taken into account.

Support/Resistance:

1.1120 - Wave 4 Blue Low

1.1173 - WS2

1.1224 - WS1

1.1220 - Green Alternative Count Invalidation Line

1.1265 - Technical Support

1.1311 - Weekly Pivot

1.1326 - Intraday Resistance

Trading recommendations:

Yesterday's SL level for the short traders has been hit and sell orders should be closed with profit. Currently, day traders should open sell orders again from the current price level with SL just above the level of 1.1275 and TP at the level of 1.1220. Low risk, high reward trade to take on the last wave 5 to the downside.

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Technical analysis of EUR/JPY for November 18, 2014 Market Analysis Review

General overview for 18/11/2014 08:00 CET

The current wave development had started a corrective cycle that is still in progress. The main level of support, the weekly pivot, has been well defended so far. Now, the market is trying to move above the intraday resistance at the level of 145.82. Breakout higher above this level would expose the recent swing high at the level of 146.54 to test and a very possible breakout.

Support/Resistance:

149.04 - WR2

148.01 - WR1

146.51 - Swing High

145.82 - Intraday Resistance

145.02 - Weekly Pivot

144.71 - Technical Support

143.93 - WS1

Trading recommendations:

No reaction to the downside so far makes the yesterday's sell orders SL move just above the level of 145.82. The TP level stays the same at the level of 143.32.

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Technical analysis of EUR/JPY for November 18, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair dropped towards the trend line and bounced off the 144.80 levels yesterday. Resistance (interim) is seen at 146.50 while support is spread through 144.50 (fibonacci), followed by 143.50, 142.00 and lower respectively. The pair needs to at least break below the trend line support and subsequently 144.70/80 to confirm that a meaningful retracement/pullback is underway. An aggressive trade setup would be to initiate short positions here, risk remains above the 146.50 levels. The pair could retrace the entire rally from 134.00 to 146.00 levels and drop towards 140.00 levels (trend line support), before resuming rally.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for November 18, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has turned higher remaining just shy of 1.4975 levels. The pair could either be in a broader consolidation range until it confirms by breaking below 1.4975 levels. An aggressive trade setup here could be to initiate long positions, risk is at 1.4970. Support is seen at 1.4975, while resistance is at 1.5300 levels respectively. A more conservative trading approach could be to remain flat for now and look to sell on rallies into 1.5300 levels. Bears should remain broadly in control till the time prices remain below 1.5450/75 at least. A break below 1.4975 could further accelerate the fall.

Trading recommendations:

Remain flat for now. Look to sell rallies into 1.5300.

Good luck!

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Technical analysis of Silver for November 18, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver is drifting lower into $16.00 levels and bounces back. The metal could be well supported around $15.70/80 levels and long positions can be added there. A push higher from the current levels could possibly reach $16.70 and $17.20 on the higher side. Only a break of $17.80/18.00 levels could confirm the beginning of a potential head and shoulder reversal. Support is seen at $15.35, followed by $15.00 and lower while resistance is seen at $16.50/60, followed by $17.30/50, $17.80/18.00 and higher respectively. Bulls should remain in control till prices stay above $15.35 and subsequently $15.00.

Trading recommendations:

Remain flat for now, look to buy around $15.70/80.

Good luck!

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Daily analysis of major pairs for November 18, 2014 Market Analysis Review

EUR/USD: The outlook on the EUR/USD pair remains bearish and it may continue like that. The only thing that can render the bearish outlook useless is a condition in which the price goes above the resistance line at 1.2600. As long as the price remains below that resistance line, the market would be seen as bearish.

USD/CHF: This currency trading instrument is still bullish (a bullish bias). There is a support level at 0.9550, which may serve as a barrier to the bears’ effort to drag the price downwards. Should that support line be broken to the downside, the bullish bias would be threatened. Therefore, the price needs to continue going upwards for the bullish bias to be valid.

GBP/USD: The Cable trended downwards on Monday in the context of the Bearish Confirmation Pattern in the market. It has turned out that the upwards bounce that happened last Friday gave a good opportunity to sell short at a better price. The price may soon test the accumulation territory at 1.5600. It may even breach it to the downside.

USD/JPY: This pair remains on the bullish market, plus the bearish retracement that happened on it last Friday gave a good opportunity to enter long when things are temporarily on sale and in the context of an uptrend. The supply level at 117.00 was tested recently and it could be tested again. It may even be breached to the upside.

EUR/JPY: This cross is also bullish in outlook, and the price is expected to continue trending upwards. The current pullback in the market does not mean the trend is over as the price does not move in a straight line. The price may test the supply zone at 146.50, which is the target for this week.

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Technical analysis of Gold for November 18, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has drifted sideways since yesterday, after printing fresh highs at $1,194.00/95.00 levels. The metal could be attempting yet another push higher towards $1,207.00/08.00 at least. It is good to hold long positions as of now, risk remains at $1,140.00. The bullish story could continue for a while before the metal hits $1,208.00 levels. A reaction is expected there since it is a fibonacci convergence, as seen here. Support is seen at $1,140.00, followed by $1,030.00 while resistance is seen at $1,205.00/07.00, followed by $1,235.00, $1,255.00 and higher up respectively.

Trading recommendations:

Remain long for now, stop at $1,140.00, the target is at least at $1,207.00.

Good luck!

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