Technical analysis of USD/JPY for November 09, 2015 Market Analysis Review

USD/JPY is expected to trade in a higher range. Last Friday the US dollar gained over 1% against other major currencies as the strong US jobs report, which pointed to an addition of 271K non-farm payrolls in October (vs +180K expected) and a fall in jobless rate to 5.0% from 5.1%, was viewed by the market as a green light for the US Federal Reserve to raise interest rates in December. The Wall Street Journal Dollar Index rose 1.2% to 90.42, the highest level since December 2002. EUR/USD fell 1.3% to 1.0738, GBP/USD lost another 1.0% to 1.5047, USD/JPY rose 1.1% to 123.13, USD/CAD also gained 1.1% to 1.3306, while AUD/USD lost 1.3% to 0.7046. The benchmark 10-year Treasury yield rose further to 2.332%, the highest closing level since July 21, from 2.245% in the previous session.

Meanwhile, US stock indices were little changed amid bank and financial stocks trading higher and utilities shares tumbling. The Dow Jones Industrial Average added 0.3% to 17,910, the S&P 500 ended broadly flat at 2,099, and the Nasdaq Composite was up 0.4% to 5,147. Nymex crude oil fell 2.0% to $44.29 a barrel, gold lost another 1.5% to $1,087 an ounce.The pair keeps on trading on the upside after last Friday's 1.1% surge. It is standing firmly above the rising 20-period intraday moving average (MA), which is above the 50-period one. Meanwhile, the intraday relative strength index (RSI) has shot over the over-bought level of 70 and shows no downward momentum. The intraday outlook remains strongly bullish and the pair should approach the first upside target at 123.60 and the second one at 124.00 (both last seen on August 20).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 123.60 and the second target at 124. In the alternative scenario, short positions are recommended with the first target at 122 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 121.60. The pivot point is at 122.65.

Resistance levels: 123.60 124 124.75

Support levels: 122 121.60 122.35

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Technical analysis of USD/CHF for November 09, 2015 Market Analysis Review

USD/CHF is expected to advance further. The pair posted a strong rebound last Friday, and now stands firmly above its nearest support at 0.9945. The recent upside breakout of 1.0000 (key psychological level) should open the path to 1.0080 and 1.0125. Moreover, the intraday RSI is above its neutrality area at 50. To sum up, as long as 0.9980 is not broken, further advance seems more likely to occur to 1.0080 and 1.0125 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 1.0080 and the second target at 1.01. In the alternative scenario, short positions are recommended with the first target at 0.9945 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9915. The pivot point is at 0.9980.

Resistance levels: 1.0080 1.01 1.0140

Support levels: 0.9945 0.9915 0.9875

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Technical analysis of NZD/USD for November 09, 2015 Market Analysis Review

NZD/USD is under pressure. The pair accelerated on the downside following the bearish breakout of its previous support at 0.6590. The intraday outlook is negative as the falling 20- and 50-period intraday MAs are exerting strong resistance. Besides, the intraday RSI is under pressure below its neutrality area at 50. Hence, as long as 0.6590 is resistance, look for a choppy price action with a bearish bias. Our next down targets are set at 0.65 and 0.6475.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.650. A break of that target will move the pair further downwards to 0.6475. The pivot point stands at 0.6590. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6645 and the second target at 0.6705.

Resistance levels: 0.6645 0.6705 0.6755 Support levels: 0.6500 0.6475 0.6435

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

GBP/JPY is expected to trade with bullish bias. The pair has accelerated to the upside after breaking above its previous key resistance at 185.30, which should now play a key support role. Both 20-period and 50-period intraday MAs maintain a bullish bias, while the intraday RSI is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 186.55 at first. A break above this level would call for further advance towards 187.15.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 186.55 and the second target at 187.15. In the alternative scenario, short positions are recommended with the first target at 184.80 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 184.25. The pivot point is at 185.30.

Resistance levels: 186.55 187.15 188

Support levels: 183.90 183.50 182.75

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GBP/USD intraday technical levels and trading recommendations for November 9, 2015 Market Analysis Review

Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached by the end of September to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection that took place on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.

As anticipated, this price level applied significant bearish rejection on the GBP/USD pair last week. Our suggested SELL entry is already running in profits today.

Note that bearish persistence below the level of 1.5170 is needed for further bearish decline towards the levels of 1.5000 which is a prominent weekly support.

A price action should be watched around 1.4980 where the lower limit of the depicted movement channel comes to meet the GBP/USD pair. This is where a valid BUY entry can be offered. S/L should be located below 1.4900.

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USD/CAD intraday technical levels and trading recommendations for November 9, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in pale pink).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the resistance level, which was bypassed on September 23.

A significant bearish rejection was observed around 1.3450 where the 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

On October 23, daily closure above 1.3100 was achieved. This enhanced the bullish side of the market.

The level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the level of 1.3100.

On October 28, a valid sell entry was suggested around the level of 1.3270 (FE 100%). Target levels are located at 1.3075 and 1.2930.

A bearish breakout of the support level at 1.3075 was mandatory to allow further bearish decline towards 1.2930. An evident bullish rejection was expressed around this level.

That is why, another bullish visit towards the level of 1.3270 (FE 100%) was executed (as anticipated in the previous articles).

Trading recommendations:

Conservative traders should wait either to sell the USD/CAD pair around 1.3270-1.3300 or buy the pair around the recent breakout zone (1.2800-1.2750) as the breakout zone constitutes a strong support.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

A previous weekly candlestick closure above 1.5350 hindered a further bearish decline and enhancing the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (the neckline of the Head and Shoulders pattern).

It supported the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for this reversal pattern.

The demand level at 1.5170 ( the origin of a previous bullish engulfing weekly candlestick) was broken down last week after it has provided the GBP/USD pair with significant bullish rejection a month ago.

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) where price action should be watched for a valid buy entry.

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, evident bullish reaction was expressed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks)

This led to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

Recently, daily candlestick closure above the level of 1.5380 (occurred on last Friday) enhancing the bullish side of the market exposing levels around 1.5500 where bearish rejection was anticipated, similar to what happened back on October 22.

That is why, the price zone of 1.5500-1.5550 offered a valid sell entry as expected on Monday. S/L should be lowered to 1.5510.

Demand levels at 1.5350 and 1.5170 were broken down earlier last week. These levels currently constitute prominent supply levels to be watched for new sell entries.

They should be defended by the GBP/USD bears in order to allow further bearish decline towards 1.4950.

Note that bearish persistence below 1.5170 exposes next demand levels at 1.5090, 1.5025, and 1.4950.

Trading Recommendation:

A low-risk buy entry will probably be offered around the weekly demand levels at 1.5000-1.4950.

S/L should be placed below 1.4920.

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