Technical Analysis of USD/CHF for November 17, 2014 Market Analysis Review

During the previous week, the pair was unable to breach the previous high at 0.9742 on a closing weekly basis. We are waiting patiently for a new breakout on the higher side in the weekly chart. In case if the price closes above 0.9688 on a weekly closing basis, it can challenge for 0.9800, 0.9840,0.9970, and 1.017. The parallel monthly resistance exists at the 0.9751. We have been recommending the same targets for the last month (see the article from October 06th, 2014). Currently, the pair is trading at a 2-weeks low. 0.9700 is still resistance, but we can say it is a top on closing basis unless we see a close below the 0.9361 level. If not, it can shoot above the 0.9700 levels. Today, the pair was rejected at 0.9600 or 20Dsma and is trying to hold support at 0.9540, below this at 0.9510 or 50Dsma. We recommend buying at the market price of 0.9585, sl 0.9540 with the targets at 0.9600, 0.9615, 0.9625, and 0.9645. Safe buying will be triggered above the 0.9600 levels.

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Technical analysis of EUR/JPY for November 17, 2014 Market Analysis Review

General overview for 17/11/2014 07:40 CET:

Five wave impulsive sequence might be completed here at the level of 146.51. Now, at least three wave corrective cycles should start, but the confirmation comes first with the level of 144.71 breakout. Then, intraday golden trend line breakout would be possible as well. Nevertheless, the last wave to the upside might not have been completed as blue wave 4 is still a rather small corrective wave when compared to the other corrective cycle inside of the progression. That would mean, the current downward wave might be purple wave c of the overall very irregular flat corrective cycle in blue wave 4. Traders need to wait until the market to confirms/invalidates this scenario.

Support/Resistance:

149.04 - WR2

148.01 - WR1

146.51 - Swing High

145.02 - Weekly Pivot

144.71 - Technical Support

143.93 - WS1

Trading recommendations:

It looks that at least in the short term the market favours the sell side and this kind of orders should be placed in this pair. The SL level should be placed above the level of 146.51 and TP at the level of 143.32.

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Technical analysis of USD/CAD for November 17, 2014 Market Analysis Review

General overview for 17/11/2014 07:10 CET:

The wave progression is developing as anticipated with a top for the black wave ii at the level of 1.1390. Please notice that to confirm the main count is the correct one, the alternative count is invalidated, the market must violate the level of 1.1220 and break lower. Currently, the price is moving inside the golden channel and any breakout to the downside is a further confirmation of the main count.

Support/Resistance:

1.1120 - Wave 4 Blue Low

1.1173 - WS2

1.1224 - WS1

1.1220 - Green Alternative Count Invalidation Line

1.1265 - Technical Support

1.1289 - Intraday Resistance

1.1311 - Weekly Pivot

Trading recommendations:

The sell orders advised to open last week should still be kept open with SL lowered to the level of 1.1311 and TP moved lower to the level of 1.1220 with a possible downside extension to the level of 1.1120 later in the week.

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Trading recommendation on Gold for November 17, 2014 Market Analysis Review

The yellow metal closed marginally higher for the 2nd consecutive week. Today, at Asia's session the metal made a high at $1,193.40. Ahead of the crucial economic event, FOMC meeting minutes on Wednesday and today's industrial output data will decide the fate on the metal prices. The gold referendum taking place on November 30, 2014 in Switzerland will decide major trend changes. The overall picture favors bears. The weekly support level exists between $1,180.00 and $1,177.00. We recommend fresh selling below $1,177.00 with the targets at $1,171.00 and $1,161.00. The metal looks a bit stronger in case if the price trades above the $1,183.00 levels. In case if the metal manages to close above $1,190.00, it can challenge 1200.00, 1202.00, 1208.00, and $1,211.00. The metal has strong resistance at $1,188.00 or 200MSma and $1,212.00 or 200MEma on a weekly basis. The monthly resistance exists at $1,233.00. On an hourly basis, the metal has support at $1,182.00 levels and resistance exists at $1,194.00. Risky buyers can buy at the market price of $1,184.00, sl $1,180.00 with the targets at $1,188.00, $1,190.00, and $1,192.00. We can see strong upward momentum above $1,194.00 with a further upswing towards $1,198.00, $1,200.00, and $1,203.00. For the short term basis, gold is still favoring to downside.

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Technical analysis and trading recommendation on GBP/USD for November 17, 2014 Market Analysis Review

The cable saw a huge fall during 5 weeks. The pound fell to a 14-month fresh low against the US dollar. The key trigger for pound is the inflation. Tomorrow, the inflation report will decide the fate of this pair. The delay in the UK interest hike is putting pressure on the pound. Last Monday, we recommended fresh selling below 1.5750 with the targets at the 1.5620 and 1.5500 levels. We are extending the lower targets to the 1.5450 and 1.5430 levels. The pair favors selling on the rise. The cable has strong resistance between the 1.6227 and 1.6183 levels. Use every rise to sell, until the prices are closed above these resistance levels. The monthly resistance exists at 1.6030 or 50M sma. The pair has weekly resistance at 1.5800, above this we can expect 1.5875 and 1.6025.

Today, the pair opened above previous closure, indicating some pullback signs towards the 1.5712 and 1.5750 levels. From an hourly point of view, the cable has support at 1.5690, 1.5658, and 1.5630. The resistance levels exists at the1.5770 and 1.5800 levels. The cable is expanding its low with a capped top at 1.6020. We recommend selling on every upswing or selling below 1.5680. At the previous session, the pair took support from the channel support. The panic will be triggered below 1.5630 levels.

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Technical analysis of Silver for November 17, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver rallieds through $16.40 levels, taking out resistance at $16.20. The metal could possibly take a pause before resuming its next rally. It is recommended to book partial or all profits on long positions taken earlier. The metal could dip towards $15.80 levels before resuming rally towards $17.80/18.00 levels. Support is seen at $15.25/30 levels, followed by $15.00 while resistance is seen at $17.20, followed by $17.80 and higher respectively. Please note that the fibonacci 0.618 resistance is around $16.70 levels and a reaction could be expected if prices reach there. On the other side, $15.70/80 could be good levels to enter buying again on dips.

Trading recommendations:

Book profits on long positions taken earlier.

Good luck!

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Technical analysis of Gold for November 17, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has rallied to $1,195.00 levels in last 2 trading sessions. The metal could still have room left on the higher side. $1,207.00 looks like the next potential immediate target. It is recommended to hold long positions and move risk to $1,145.00. As seen here, the $1,207.00 is a potential resistance and also fibonacci convergence level. A bearish reaction there should be watched for a potential down trend resumption. Immediate support is at $1,145.00, followed by $1,130.00 while resistance is seen at $1,207.00, followed by $1,230.00/35.00, $1,250.00/55.00 and higher respectively.

Trading recommendations:

Remain long, stop at $1,145.00, target is $1,207.00.

Good luck!

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