GBP/USD intraday technical levels and trading recommendations for November 6, 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 on Monday. Our suggested SELL entry is already running in profits until 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.

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

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

A bearish breakdown of the support level at 1.3075 was mandatory to allow further bearish decline initially towards 1.2930.

Otherwise, another bullish visit towards the price level of 1.3270 (FE 100%) will be executed (which is the current scenario).

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 6, 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 enhanced 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 earlier Today after it has provided the GBP/USD pair with significant bullish rejection three weeks 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 price level of 1.5380 (occurred on last Friday) enhanced the bullish side of the market exposing price 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 this week. Now, these levels 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 level at 1.5000-1.4950.

S/L should be placed below 1.4920.

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Intraday technical levels and trading recommendations for EUR/USD for November 6, 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 have 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 exists around the level of 1.1450 (depicted on the chart with small red arrows).

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 the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if a monthly candlestick closes above the 1.1465 level which is a previous weekly high (very low probability).

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

Hence, a bearish movement was expressed towards the level of 1.1150 (61.8% Fibonacci level), 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 the uptrend line has been executed on October 23. This enhanced the long-term bearish scenario with projected targets at 1.0800 and then 1.0600.

A recent bullish pullback was initiated towards the backside of the broken uptrend line around 1.1070-1.1090.

A valid SELL entry was suggested at retesting this broken uptrend earlier this week. It is running in profits now. S/L should be lowered to 1.0900 to secure some profits.

Today, daily persistence below the price 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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Technical analysis of Silver for November 06, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has retraced lower towards the fibonacci 0.618 support levels around $15.00/14 levels yesterday. The metal is trading around $15.05/10 levels at the moment, looking to resume a rally higher. Please note that a support trend line is passing through $14.80/90 levels as well, to provide enough support. It is hence recommended to remain long for now, with risk at $14.40 levels. Immediate support is seen through the $14.40 levels, followed by $14.00 levels and lower, while resistance is seen through $16.00 levels and higher respectively.

Trading recommendations:

Remain long for now, stop at $14.40, a target is open.

Good luck!

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Technical analysis of Gold for November 06, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold looks to remain vulnerable till prices stay below $1,120.00 levels. As depicted on the 4H chart view here, the yellow metal has broken a rising support trend line and is trading pretty close to its past support at $1,198.00 levels. The daily chart shows some support coming in just ahead of $1,100.00 levels and is producing an engulfing bullish candlestick pattern, but waiting for the follow through after NFP release. It is recommended to remain cautiously bullish at the moment, with risk below $1,100.00 levels. Immediate support is seen around $1,100.00 levels (interim), followed by $1,080.00, while resistance is seen at $1,120.00 levels and higher respectively.

Trading recommendations:

Cautiously long with stop below $1,100.00 levels.

Good luck!

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Technical analysis of GBP/CHF for November 06, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has finally reversed from 1.5350 levels as expected yesterday. Please note that it could still continue dropping lower from here towards 1.4850 levels before reversing. But an interim support is seen around 1.5040 levels which could produce a corrective bounce as well. Keeping this in mind, it is recommended to take profits on short positions for now and remain flat. Immediate support is seen at 1.5020/40 levels, followed by 1.4900, 1.4850 and lower while resistance is seen at 1.5400/10 and higher respectively. Bears are expected to remain in control for a while up to 1.4850/1.4900 levels.

Trading recommendations:

Take profits on short positions taken earlier and remain flat.

Good luck!

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