Author: Jonathon Alexander

Gold analysis for November 18, 2016

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Since our previous analysis, gold has been trading downwards. The price tested the level of $1,202.76 in a high volume. Using the market profile on 15M time frame, I found today’s point of control at the price of $1,208.20. I found signs of a trend dynamic from bearish to bullish. Price is trading above 21SMA, which indicates strength. Besides, a down bar closed in the middle of the background is another sign of strength. Watch for potential intraday buying oppportunities. read more

Global macro overview for 18/11/2016

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Global macro overview for 18/11/2016:

ECB President Mario Draghi was a keynote speaker at the 26th European Banking Congress in Frankfurt. During the speech, he assured that ECB will continue to act as warranted by using all instruments available within the mandate. He mentioned, that eurozone recovery still relies to a considerable degree on monetary policy and it has been more broad-based with less difference in economic performance across countries. Moreover, he added that inflation convergence towards 2% needs to be durable, even with a reduction in monetary accommodation. In conclusion, Mario Draghi delivered a typical speech, especially remarks about inflation expectations. Otherwise, some hawkish statements have been made many times previously regarding the eurozone recovery and ECB quantitative easing program. read more

AUD/JPY bearish move in progress

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We remain bearish below major resistance at 81.91 (Fibonacci retracement, Fibonacci projection, horizontal resistance) for a further drop to 80.27 (Fibonacci retracement, horizontal overlap support, recent swing low support) as the first big level to play to. read more

NZD/USD remain bullish above key support

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Price bounced above our stop loss level yesterday. We remain bullish above major support at 0.7068 (Fibonacci projection, horizontal support) where we expect a bounce from to at least the next resistance level at 0.7142 (Fibonacci retracement, horizontal resistance). read more

GBP/USD on major support, turn bullish

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Price has made a bullish exit of its descending channel and is testing the key support at 1.2444 (Fibonacci retracement). read more

USD/CAD intraday technical levels and trading recommendations for November 17, 2016

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On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations. read more

Intraday technical levels and trading recommendations for NZD/USD for November 17, 2016

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As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400. read more

Technical analysis of AUD/CAD for November 17, 2016

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AUD/CAD found the resistance at 1.0400 and declined sharply.
While moving down, the pair broke below the uptrend trendline and continued trading
below both 50 and 200 moving averages. read more

Technical analysis of EUR/CAD for November 17, 2016

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EUR/CAD is still trending downwards after breaking the support at
1.4600 area and remains below both 50 and 200 Moving Averages. The corrective wave applied after breakout of the support occurs shows that pair broke below
the 261.8% Fibs support which opens doors for another potential wave down. read more

Global macro overview for 17/11/2016

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Global macro overview for 17/11/2016:

The Crude Oil Inventories data released yesterday revealed another rise in the stockpiles. Market participants expected a decrease this week from 2432k barrels to 1267k barrels, but the figure revealed was at the level of 5274k barrels. Meanwhile, OPEC members will assemble again on November 30th in Vienna and will try again to agree on a cap in production to stabilize oil prices. Nevertheless, there are serious doubts whether the agreement will be reached as Qatar, Algeria, and Venezuela are working behind the scenes to reach a consensus. If there is no agreement again, the prices might fall even more. read more