Elliott wave analysis of EUR/NZD for November 10, 2015 Market Analysis Review

Wave summary:

There is no change in a view here.

We are still looking for a break above resistance at 1.6545 confirming a bottom is in place for a new impulsive rally towards 1.8020 and higher. That said time is running out and failure to break above 1.6545 will indicate that one more low closer to 1.5882 is needed before the bottom finally is in place for a new impulsive rally.

Short-term support is found at 1.6335 and at 1.6179 and below the later confirms a decline to 1.5882 before the bottom is in place.

Trading recommendation:

We will only buy EUR upon a break above 1.6545.

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Elliott wave analysis of EUR/JPY for November 10, 2015 Market Analysis Review

Wave summary:

We have seen an anticipated rally higher, but wave c was terminated at the resistance line of 133.19 and could not get higher to 133.55. We think that wave (ii) ended a little early and wave (iii) is developing now. A break below 132.09 will be the first strong indication that this was done for a strong decline lower to 124.55 and possibly even lower.

Resistance is now found at 133.19 and again at 133.55, but we expect resistance at 133.19 to protect the upside.

Trading recommendation.

We missed our selling target at 133.50, but will look for a new selling opportunity at 132.80 or upon a break below support at 132.09 with stop placed at 133.25.

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Technical analysis of EUR/USD for November 10, 2015 Market Analysis Review

When the European market opens, some economic news on the results of ECOFIN Meetings, Italian Industrial Production m/m, and French Industrial Production m/m is due to be released. The US will unveil data on the 10-y Bond Auction, Wholesale Inventories m/m, Mortgage Delinquencies, Import Prices m/m, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0808.

Strong Resistance:1.0802.

Original Resistance: 1.0791.

Inner Sell Area: 1.0780.

Target Inner Area: 1.0755.

Inner Buy Area: 1.0730.

Original Support: 1.0719.

Strong Support: 1.0708.

Breakout SELL Level: 1.0702.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for November 10, 2015 . Thanks for your support.

Technical analysis of USD/JPY for November 10, 2015 Market Analysis Review

In Asia, Japan will release data on the Economy Watchers Sentiment, Bank Lending y/y, and Current Account. The US will publish some economic data about 10-y Bond Auction, Wholesale Inventories m/m, Mortgage Delinquencies, Import Prices m/m, and NFIB Small Business Index. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.80.

Resistance. 2: 123.56.

Resistance. 1: 123.31.

Support. 1: 123.02.

Support. 2: 122.78.

Support. 3: 122.54.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for November 10, 2015 . Thanks for your support.

Daily analysis of major pairs for November 10, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair moved simply sideways on Monday. There are resistance lines at 1.0850 and 1.0900, which should resist any serious bullish attempts as the price endeavors to go further south. There are also support lines at 1.0650 and 1.0600. These are bears' potential targets this week.

USD/CHF: In the face of ongoing strength in the greenback, the USD/CHF pair would continue its upwards journey this week. It could reach the resistance levels of 1.0100 and 1.0150. Therefore, the current shallow pullback should be viewed as an opportunity to go long.

GBP/USD: In the context of a downtrend, the GBP/USD pair bounced upwards on Monday moving above the accumulation territory at 1.5100. This is seen as a faint bullish attempt and unless the price goes above the distribution territories at 1.5300 and 1.5350, the bullish attempt might be taken as a short-selling opportunity.

USD/JPY: After topping 123.50, this currency trading instrument got corrected lower though the outlook for the market is bright. In the face of an anticipated bullish movements in most JPY pairs this month (coupled with the strength in the USD), it is logical to conclude that this currency trading instrument would continue its upward journey, going above the supply level of 123.50 again.

EUR/JPY: The EUR/JPY pair remains moving in a bearish mode, though the journey southward is not significant. As long as the euro is strong, the EUR/JPY pair would continue trending downwards. The only occurrence that can reverse this expectation is the occurrence that enables the yen to be suddenly weaker than the euro.

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Daily analysis of USDX for November 10, 2015 Market Analysis Review

The USDX is doing some consolidation moves below the resistance level of 99.25, because the index is trying to do another corrective move towards the support zone of 98.31 in coming days. However, we should note the level of 99.25 could get broken very soon, as bullish momentum remains very strong. The 200 SMA in the H1 chart is still bullish calling for another swing higher. The MACD indicator is at the negative territory.

H1 chart's resistance levels: 99.25 / 99.80

H1 chart's support levels: 98.31 / 98.03

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 99.25, take profit is at 99.80, and stop loss is at 98.71.

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Daily analysis of GBP/USD for November 10, 2015 Market Analysis Review

The pair has been recovering from last Friday's losses, and we ca see a rebound above the support level of 1.5030. This is why we expect a test of the resistance zone around the level of 1.5142 in the H1 chart. A breakout above that territory will open the door to the level of 1.5205 in coming days, because it will be trading very close to the current location of 200 SMA. The MACD indicator is still showing positive signs in this time frame.

H1 chart's resistance levels: 1.5142 / 1.5205

H1 chart's support levels: 1.5030 / 1.4932

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; support is found at 1.5030, take profit is at 1.4932, and stop loss is at 1.5130.

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