Technical Analysis of GBP/USD for November 14, 2014 Market Analysis Review

The pound extends its fall, hitting a 14-month low against the US dollar. The cable lost its ground at 1.5850 and fell almost 180 pips. We recommended selling below 1.5870 on Monday and again recommended below the 1.5760 levels. The cable made a low at 1.5678 as of now, in today's session. We have minted good money of 170 pips as of now this week. We still recommend the same selling theme with the targets at 1.5617 and 1.5506. In case if the cable breaks below 1.5500, then we will reanalyze the charts and will update them for the new lower targets. The cable breaks below the 61.80 fib level in the monthly chart. The monthly resistance exists at 1.6022. The intra week resistance exists at 1.5855. Today, traders are focused on the construction output data, US core retail sales, and consumer sentiment data. The US dollars looks firm after the soft unemployment data. In case if the US dollar looks strong, then the cable will easily slip towards 1.5620 levels. The theme on cable is sell on every rise with the target at 1.5500.

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Daily analysis of USDX for November 14, 2014 Market Analysis Review

On the daily chart, the USDX has had no significant changes in the current trend. For now, the USDX remains above the support level of 87.35, where this instrument is forming a bullish pattern. The next upside target on the road, it would be the resistance level of 88.63. However, the USDX could make a breakout at the support level of 87.35 and fall to the level of 86.20.

Dailychart's resistance levels: 88.63 / 90.40

Dailychart's support levels: 87.35 / 86.20

The USDX could not overcome the resistance offered by the level of 87.86 on the H1 chart. However, the USDX is trying to enhance a breakout at that level for up to the resistance level of 88.15. In the short term, the USDX is very close to the 200-day moving average. The MACD indicator remains in the neutral territory.

H1 chart's resistance levels: 87.86 / 88.15

H1 chart's support levels: 87.58 / 87.28

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 87.86, take profit is at 88.15, and stop loss is at 87.56.

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Daily analysis of GBP/USD for November 14, 2014 Market Analysis Review

The GBP/USD pair continues to weaken to the support level of 1.5698, where this pair is starting to form a bearish pattern, where also a bullish trend line is based one. If this pair makes a rebound at the current levels and takes a retracement, it's expected to rise to the resistance level of 1.5811. On the other hand, if the GBP/USD pair does a breakout at that support level, the next target would be the level of 1.5512 in the medium term. The MACD indicator remains in the negative territory.

H4 chart's resistance levels: 1.5811 / 1.5874

H4chart's support levels: 1.5698 / 1.5512

On the H1 chart, the GBP/USD pair is forming a bearish pattern, because this pair made a successful breakout at the level of 1.5739. Now, the pair finds support at the 1.5686 level. If this pair manages to consolidate below that level, the next target would be set at the level of 1.5632 in the short term. The MACD remains in the neutral territory.

H1 chart's resistance levels: 1.5739 / 1.5810

H1 chart's support levels: 1.5686 / 1.5632

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 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.

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Technical analysis of Silver for November 14, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has dropped towards $25.30 levels for now. Please note that the current levels is the fibonacci 0.618 support of the rally from $15.00 to $15.80 levels last week. A bullish reversal here would warrant a bullish setup against $15.00. It is recommended to remain long for now, and also look to add positions on a bullish bounce at these levels, risk remains just below $15.00. Interim support is seen at $15.00, followed by $4.60 while resistance is seen at $16.20, followed by $17.50, $17.80/18.00 and higher respectively. Bills to regain control till prices stay above the $15.00 mark.

Trading recommendations:

Remain long, stop at $14.75, target is open.

Good luck!

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Technical analysis of EUR/JPY for November 14, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY prints another high at 144.83 levels for now. The pair fails to break lower for now and 143.50 is interim support for bulls to remain in control. The pair looks to be stretched out and a correction should be due any time. Resistance is seen at 145.00/50 levels, while support is at 143.50, followed by 142.00 and lower respectively. Please note that both the support trend lines remain intact for now. A break below the recent trend line and subsequently 143.50 could indicate that a potential intermediary top is in place at 144.80 levels and that the pair could drift lower towards the larger trend line support into the 139.00/140.00 region.

Trading recommendations:

Remain short for now, stop at 145.10 target is 139.00/140.00.

Good luck!

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Technical analysis of EUR/USD for November 14, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as French Prelim GDP q/q, German Prelim GDP q/q, French Prelim Non-Farm Payrolls q/q, Italian Prelim GDP q/q, Final CPI y/y, Flash GDP q/q, Final Core CPI y/y.The US will release economic data too such as the Core Retail Sales m/m, Retail Sales m/m, Import Prices m/m, Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations, Business Inventories m/m, Mortgage Delinquencies, Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2525.

Strong Resistance:1.2517.

Original Resistance: 1.2505.

Inner Sell Area: 1.2493.

Target Inner Area: 1.2462.

Inner Buy Area: 1.2432.

Original Support: 1.2420.

Strong Support: 1.2408.

Breakout SELL Level: 1.2400.

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



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USDCAD Daily Analysis - November 14, 2014 Forex Analysis

USDCAD broke above the downward trend line on 4-hour chart, indicating that the downtrend from 1.1466 had completed at 1.1281 already. Further rise to test 1.1466 resistance could be seen, a break above this level will signal resumption of the longer term uptrend from 1.1121, then next target would be at 1.1600 area.

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