Daily analysis of GBP/USD for November 27, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair gained a bullish momentum above the support level of 1.5746, where the pair is trying to reach the level of 1.5883. If the GBP/USD pair manages to make a breakout in that area, the next target would be the 1.6046 level. However, the GBP/USD pair could enter a phase of consolidation in the coming days due to low liquidity expected on the American markets. The MACD remains in the positive territory.

Dailychart's resistance levels: 1.5883 / 1.6046

Dailychart's support levels: 1.5746 / 1.5642

The GBP/USD pair is forming a bullish pattern below the resistance level of 1.5810. If this pair makes a pullback at the current levels, GBP/USD is likely to fall to the support level of 1.5749, although the pair is still keeping enough bullish force. The MACD indicator is entering the overbought area.

H1 chart's resistance levels: 1.5810 / 1.5871

H1 chart's support levels: 1.5739 / 1.5686

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 1.5739, take profit is at 1.5686, and stop loss is at 1.5795.

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Intraday technical levels and trading recommendations on GBP/USD for November 26, 2014 Market Analysis Review

Previously around 61.8% - 50% Fibonacci levels ( Price zone between 1.6240 and 1.6350 ), a short position was offered and it got triggered few days later. The market successfully pushed below 1.6100 shortly after.

Prominent bullish DEMAND existed around price zone of 1.5940 - 1.5880. Bullish engulfing daily candlesticks emerging off these levels paused the bearish momentum for a few days.

Then, price zone of 1.6100-1.6140 constituted a prominent SUPPLY zone. The pair has moved sideways until recent bearish breakout took place.

Daily fixation below 1.5870 has put further bearish pressure on the pair to reach 1.5780, 1.5700 and 1.5650 where the back side of the mentioned bearish channel is located.

The previous daily candlesticks represented intraday DEMAND offered around 1.5650 after such a strong bearish momentum. Sideway movement has been taking place for a whole week.

Today, the market is pushing above 1.5800 further beyond the downtrend line that has been respected for 20 days now. The GBP/USD pair has a solid Intraday SUPPLY around 1.5800-1.5820 where many important Fibonacci Levels are located.

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.

Last week, the bears managed to break below the recent low around 1.5790. This exposed the potential target at 1.5700 and 1.5650 where the backside of the broken channel is roughly located.

As anticipated, risky traders could have taken a BUY position around 1.5600-1.5650. It has achieved most of its targets by now.

Conservative traders are waiting for a bullish pull-back towards 1.5820-1.5860 for a low-risk SELL entry with Stop Loss located just above 1.5900.

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Technical analysis of NZD/USD for November 26, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with risks skewed lower. It is undermined by the lower U.S. Treasury yields (10-year at 2.258% versus 2.308% late Monday), softer dollar sentiment (ICE spot dollar index last 87.89 versus 88.15 early Tuesday) as surprise fall in Conference Board U.S. consumer confidence index to 88.7 in November from October's 94.5 (versus forecast for rise to 96.8) and big drop in Richmond Fed manufacturing index to 4 in November from 20 in October offset unexpected upward revision in U.S. 3Q GDP to 3.9% from preliminary reading of 3.5% (versus forecast 3.3%). USD/JPY is also weighed by Japan's export sales. But USD/JPY losses are tempered by the demand from Japan's importers and Bank of Japan's large-scale easing policy.

Technical comment:
Daily chart is still 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 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 118.60. A break of this target will move the pair further downwards to 119. The pivot point stands at 118.25. 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 117.40 and the second target at 117.

Resistance levels:

118.60

119

119.70

Support levels:

117.40

116.75

116.35

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Technical analysis of USD/CHF for November 26, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade with a bullish bias. It is undermined by softer USD sentiment and spillover strength from euro on the Swiss franc. But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy and franc sales on buoyant EUR/CHF as the cross rebounds further from the 1.2000 EUR/CHF floor. USD/CHF upside is limited by the softer dollar sentiment (ICE spot dollar index last 87.89 versus 88.15 early Tuesday) as surprise fall in Conference Board U.S. consumer confidence index to 88.7 in November from October's 94.5 (versus forecast for rise to 96.8) and big drop in Richmond Fed manufacturing index to 4 in November from 20 in October offset unexpected upward revision in U.S. 3Q GDP to 3.9% from preliminary reading of 3.5% (versus forecast 3.3%).

Technical comments:

Daily chart is mixed as MACD is bearish but stochastics is neutral.

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 0.9675 and the second target at 0.9720. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9555. The pivot point is at 0.9610.

Resistance levels:

0.9675

0.9720

0.9740



Support levels:
0.9580

0.9555

0.9515

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Technical analysis of NZD/USD for November 26, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate with a bearish bias after hitting a two-week low 0.7764 on Tuesday. It is undermined by lower inflation expectations in the Reserve Bank of New Zealand's fourth-quarter survey, contagion from weak Aussie and soft commodity prices (CRB spot index closed down 0.13% Tuesday at 266.85). But NZD/USD losses are tempered by NZD-USD interest differential, weaker USD sentiment and Kiwi demand on soft AUD/NZD cross. Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode.

Technical Comment:

Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode.

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 0.7765. A break of this target will move the pair further downwards to 0.7735. The pivot point stands at 0.7855. 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 0.7885 and the second target at 0.7910.

Resistance levels:

0.7885

0.7910

0.7945

Support levels:

0.7765

0.7735

0.77

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Technical analysis of GBP/JPY for November 26, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate. It is supported by the buoyant GBP/USD and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and softer USD/JPY undertone. GBP sentiment is boosted after BOE Gov. Carney told U.K. Parliament's treasury committee that the central bank's Monetary Policy Committee hasn't discussed the need for further stimulus, playing down the risk of deflation in the U.K. and that officials' deliberations remain focused on the timing and degree of an eventual tightening in policy. Daily chart is mixed as MACD is bullish but stochastics is bearish at overbought levels.

Technical comment:

Daily chart is mixed as MACD is bullish but stochastics is bearish at overbought levels.

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 186.30 and the second target at 186.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 184. A break of this target would push the pair further downwards and one may expect the second target at 183.35. The pivot point is at 184.70.

Resistance levels:

186.30

186.75

187.25

Support levels:

184

183.35

182.80

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EUR/NZD : analysis for November 26, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5999 in an average volume. According to the 4H time frame, we can oberve an absorption volume like we expected. Our Fibonacci retracement 38.2% at the price of 1.5945 is on the test. If the price breaks the level of 1.5945 in a high volume and strong price action, we may see potential testing the level of 1.6135. Be careful when selling EUR/NZD since we got absorption volume in the background. Watch for potential buying opportunities on the lows.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6003

R2: 1.6050

R3: 1.6126

Support levels:

S1: 1.5851

S2: 1.5804

S3: 1.5728

Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background.

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