EUR/NZD analysis for November 09, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6470. We still observe low activity in the market. The trend is downward, the price is in the Ichimoku cloud on the H4 chart. We can observe a 11-day major support cluster around 1.6150-1.6210. So, be careful when selling EUR/NZD before a breakout of our key support level takes place. In the the daily time frame, we can see neutral bars, which are a sign for an indecision market. The price has broke our downward channel but with a very weak price action. A high-volume breakout of the level at 1.6150 will confirm further downward continuation. Resistance is seen at the level of 1.6500. Watch for a potential change in polarity. The strong support at 1.6150 may become strong resistance once it is broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6510

R2: 1.6550

R3: 1.6620

Support levels:

S1: 1.6370

S2: 1.6330

S3: 1.6260

Trading recommendations: Be careful when selling EUR/NZD at this stage since the price is at the 1.6150 critical support. Watch for a potential breakout of the level at 1.6150 to confirm a continuation downward.

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Global macro overview for 09/11/2015 Market Analysis Review

Global macro overview for 09/11/2015:

The sentix Economic Index for the euro area continues rising, gaining 3.4 points to 15.1 points in November. The previous reading of 11.7 points was easily beaten as the eurozone's recovery is back on track, especially in Germany and Switzerland while Austria lags behind a little. A reason for rising economic expectations is gaining confidence in Asian markets as the Chinese administration has been successful in restoring confidence in the potential of the Chinese economy.

The rising confidence in global recovery and Friday's NFP data was the main reason for the US Dollar index' bullish breakout. Currently, the support is seen at the level of 98.34 and resistance is seen at the level of 99.98.

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Global macro overview for 09/11/2015 Market Analysis Review

Global macro overview for 09/11/2015:

The US employment data was released last Friday. The NFP figures were much better than market participants had expected as an addition of 271,000 jobs exceeded all estimates of Bloomberg economists. Moreover, the wage growth increased and the unemployment rate felt to the level of 5.0%. Further improvements in the labor market is a precondition for the Fed policy makers in case of any possible short -term interest rate hike.

The EUR/USD pair declined rapidly to the level of 1.0707 after the news release. However, the pair has bounced a little higher performing a corrective cycle. The downtrend remains unchanged and next resistance is seen at the level of 1.0832.

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Technical analysis of USD/CAD for November 9, 2015 Market Analysis Review

General overview for 09/11/2015 10:10 CET

Wave X brown had been completed in shape of a triangle pattern. Now, the market continues to move higher to complete the wave Y brown cycle. Please notice that the key level for this wave progression is a weekly pivot at the level of 1.3239, and the invalidation line for an alternative impulsive count is seen at the level of 1.3190.

Support/Resistance:

1.3316 - Intraday Resistance

1.3239 - Weekly Pivot

1.3190 - Intraday Support

1.3162 - WS1

Trading recommendations:

Day traders should consider placing buy orders at current price levels with SL below the level of 1.3239 and TP at the level of 1.3316.

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Technical analysis of EUR/JPY for November 9, 2015 Market Analysis Review

General overview for 09/11/2015 09:50 CET

The wave b purple is completed and the price is now rallying upwards to complete wave c of the corrective cycle in wave (b) blue. The first target for wave (b) is seen at the level of 133.55, but it might goes higher into the demand breakthrough zone and be capped then.

Support/Resistnace:

131.47 - WS1

123.34 - Weekly Pivot

132.70 - Intraday Support

133.20 - WR1

133.55 - Intraday Resistance

Trading recommendations:

Day traders should consider placing buy orders at current price levels with SL below the level of 132.70 and TP at the level of 133.55.

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USDX technical analysis for November 9, 2015 Market Analysis Review

The US dollar index has been moving in a strong uptrend since November 2 when it tested support at 96,75 and broke to new highs on November 4. A weekly bullish flag pattern was broken upwards.

Red line - support

Blue line - support

The US dollar index is above the Ichimoku cloud heading towards higher highs and higher lows. Support is found at 98.10-97,95. Resistance is seen at 100-100.20. A trend remains bullish.

Red line -weekly resistance

The weekly chart remains fully bullish after the breakout above the bullish flag. The price is above the long-term cloud providing us with a long-term bullish signal. Pullbacks towards the broken trend-line support should be seen as buying opportunities with stops at 93.80.

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Gold technical analysis for November 9, 2015 Market Analysis Review

Gold price was pushed towards new lows last week following the better-than-expected US Non-Farm Payrolls. In the previous analysis, I mentioned that gold price had to bounce off the area around $1,120-40 in order to avoid new lows. This did not happen. So, bears are still in control.

Blue line - support (broken)

Gold price is below the Ichimoku cloud. The price broke through the trend line support and reached its previous lows in the area around $1,080. A trend remains bearish. I would justify a bounce towards the area of $1,120-30, but only as a short-term bounce before the new selling pressures comes to push prices towards $1,060.

Blue line -weekly trend line support (broken)

Red horizontal line -support of previous low at $1,077.

Gold price remains in a long-term bearish trend as long as it moves below the Ichimoku cloud. The rejection at $1,190 was a sell signal once the price broke below the tenkan-sen (red line indicator). Gold price did not bounce off the blue upward sloping trend-line support, but it broke below it. Gold is now testing a low at $1,077. A short-term bounce could come before a break below that level.

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