Intraday technical levels and trading recommendations for EUR/USD for November 9, 2015 Market Analysis Review

The EUR/USD pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (June, July, August, and September) reflected the recent bearish rejection, which takes place around the level of 1.1450.

Hence, in the long term, a projected target will still be seen at 0.9450 if a bearish breakdown of the monthly demand level of 1.0550 occurs.

On August 24, the market looked overbought as bulls were pushing the pair further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) was performed, which provided evident bullish rejections for several times before a bearish breakdown could take place on October 22.

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050 were already reached.

As anticipated, daily persistence below the level of 1.1150 (61.8% Fibonacci level) exposed the level of 1.1000 where the daily uptrend came to meet the EUR/USD pair.

A daily breakdown of an uptrend line has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

A valid sell entry was suggested to retest the uptrend, which had been broken earlier last week. It is running in profits now. S/L should be lowered to 1.0840 to secure some profits.

Today, daily persistence below the level of 1.0800 (prominent bottom established on July 21) is needed to maintain enough bearish momentum towards 1.0680 and 1.0550.

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Daily analysis of Silver for November 09, 2015 Market Analysis Review

Overview

According to the H4 chart, silver price showed a impulsive breakout of the key support at 14.85 and settled below it, which reinforces our expectations of continuing bearish trend in an upcoming period. The way to the level of 13.96 is open now. Currently, stochastic might push the price to the broken support before resuming the suggested bearish trend, which found continuous support at the EMA 50. Noting that breaching the level of 14.85 will stop the suggested decline and help the price recover attempts. Targets are seen at 15.40 extanding to 15.85.

WE expect a trading range between support of 14.00 and resistance of 15.00 today.

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Daily analysis of GBP/JPY for November 09, 2015 Market Analysis Review

Overview

An outlook for the GBP/JPY pair remains unchanged. The price action at the level of 180.36 is viewed as a consolidation pattern. Strong resistance at 188.28 is expected to limit the upside to finish the consolidation. Below 183.86, a bias will change to downside in order to retest the level of 180.36 first. A breakout at 180.36 will extend the whole fall from 195.86 targeting to test the key support level at 174.86. GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A breakout at 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we should be cautious as strong resistance at 199.80/200.00 can finally bring reversal.

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Technical analysis of EUR/USD for November 9, 2014 Market Analysis Review

Overview:

• The EUR/USD pair has rebounded from the minor support at the level of 10730. On the other hand, the major minor resistance is seen at the level of 1.0830. The pair is approaching it in order to test. Additionally, the level of 1.0833 represents a strong level in the H1 chart.The weekly pivot point was already placed at 1.0833 . For that this area will act as strong resistance today. Consequently, we expect a range around 138 pips in coming 48 hours. So, amid previous events, the EUR/USD pair will be moving between the levels of 1.0720 and 1.0833 during the day. Therefore, it will probably start its downside movement from 1.0830 and recover again. Sell at this spot with the first target at 1.0766 and second target at the level of 1.0706 to form the double top and continue towards 1.0658. On the other hand, in case a breakout takes place at 1.0833, a good place to set our stop loss is seen at 1.0860.

The weekly technical analysis of the EUR/USD pair:

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Gold analysis for November 09, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we had expected, the price tested the second major support at the level of $1,085.00. We can observe a massive volume spike (selling climax), which is a sign that selling gold at this stage looks risky. A trend is still downward, but since we got the massive volume spike at the critical support level we may expect an upward correction to take place. Anyway, if the price breaks the level of $1,083.00, we may see a continuation downward. The resistance level is seen at $1.102.50.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,090.25

R2: 1,090.80

R3: 1,091.70

Support levels:

S1: 1,088.50

S2: 1,087.95

S3: 1,087.35

Trading recommendations: Be careful when selling gold at this stage since the price is testing the key support level and we got the massive volume spike.

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Technical analysis of GBP/USD for November 9, 2014 Market Analysis Review

The weekly technical analysis of the GBP/USD pair:

Overview:

• The The GBP/USD pair is expected to face strong resistance at the level of 1.5192, and support is seen at 1.48487 this week. Equally important, the price has still been trading around the key level of 1.5084 since morning. Moreover, the GBP/USD pair is still below 38.2% of Fibonacci retracement levels since June 4, 2014. The RSI calls for a downtrend. As a result, the price has already formed the strong resistance at the spot of 1.5192 approaching it in order to test this level in coming hours. Therefore, the GBP/USD pair will get downside momentum rather convincing and the fall is unlikely to be corrective to indicating a bearish opportunity below the level of 1.5192 for that sell below 1.5192 with the first target at 1.5026 (this level is coinciding with the daily double bottom). It will call for a downtrend to continue a bearish movement towards 1.4890 (the weekly support 1).

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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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