GBP/USD on major support, turn bullish

Share This: Price has made a bullish exit of its descending channel and is testing the key support at 1.2444 (Fibonacci retracement). We expect a bounce from here towards 1.2678 (horizontal pullback resistance, Fibonacci projection). Stochastic (21,5,3) has bounced above the key support. RSI (34) is also bouncing above the long-term ascending support. Buy above 1.2444. Stop loss at 1.2339. Take profit at 1.2678. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

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

Share This: 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. On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated. Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) was needed to enhance bearish momentum in the market. However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000. The USD/CAD pair was trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until bullish breakout took place two weeks ago. Note that the USD/CAD pair was challenging the upper limit of the depicted flag pattern around 1.3360-1.3400 which failed to apply enough bearish pressure on the pair. Bullish persistence above 1.3360 will probably liberate a quick bullish movement towards 1.3650 unless the pair comes to close below 1.3360 before the end of the current week. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

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

Share This: 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. During August and September, a consolidation range was established from the price level of 0.7250 up to 0.7350. Later on October 20, the lower limit of the consolidation range (0.7250) stood as a temporary resistance which initiated a bearish movement towards 0.7100 (lower limit of the depicted channel). Bullish recovery was expressed around the price level of 0.7100 on October 28. Hence, a double-bottom pattern was expressed on the chart. Bullish fixation above 0.7250 and 0.7350 was needed to allow further bullish advance towards the projected target of the reversal pattern around 0.7450. However, significant signs of a bearish reversal were expressed around the upper limit of the price range (0.7350). The bearish breakdown of 0.7250 (lower limit of the depicted range) enhanced the bearish side of the market towards the price level of 0.7100 (recent bottom of October 28) which is currently being challenged. Bearish persistence below 0.7100 allows quick bearish decline towards 0.6960 (BUY ZONE) where bullish rejection and a valid BUY entry should be expected. S/L should be placed below 0.6900. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Technical analysis of AUD/CAD for November 17, 2016

Share This: 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. Fibonacci applied to the trendline breakout point shows that the pair broke below 23.6% Fibs support (1.0033) and now could be ready to move lower to test next support level. Consider selling AUD/CAD while the rate is near 1.0030, targeting 0% Fibs (0.9920). The suggested stop loss should be above 1.0050. Support: 0.9920 Resistance: 1.0033, 1.0100 The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Technical analysis of EUR/CAD for November 17, 2016

Share This: 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. Consider selling EUR/CAD at the current rate (1.4390) targeting 361.8% Fibs (1.4278). The suggested stop loss should be above the 50 Moving Average. Support: 1.4373, 1.4278 Resistance: 1.4467 The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Global macro overview for 17/11/2016

Share This: 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. Let’s now take a look at the Crude Oil technical picture in the 4H time frame. Despite the increase in stockpiles, the price managed to get back into the dashed blue channel and violate the important technical resistance at the level of 45.92. Currently, the price is moving sideways, but if the technical support at the level of 45.04 holds, then the relief rally will gather momentum and might even test the level of 48.21 (61%Fibo) before reversing. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Technical analysis of USD/JPY for November 17, 2016

Share This: USD/JPY is expected to trade with a bullish bias. The pair is trading under its 20-period and 50-period moving averages, but still holds above its key horizontal support at 108.35. The technical indicators are mixed, and calling for caution. Even though a continuation of the consolidation at the current stage cannot be ruled out, its extent might be limited by 108.35. On Wednesday, shares in financial, utilities and energy sectors pulled back, causing the Dow Jones Industrial Average to drop 54 points (-0.3%) to 18,868, snapping a seven-session winning streak. The S&P 500 declined 3 points (-0.2%) to 2,176. Meanwhile, technology shares gained lifting the Nasdaq Composite 18 points (+0.4%) higher to 5,294.On the economic data front, October PPI remained unchanged (vs. +0.3% on month expected) and industrial production was stable (vs. +0.2% on month expected). The U.S. dollar marched higher with the ICE U.S. Dollar Index chalking a session-high of 100.57, the highest intraday level since April 2003, before settling at 100.41, up 0.2% on day. The index has been up for eight consecutive sessions gaining 3.5% in total. As long as this key support level is not broken, look for a new rebound to 109.85 (the previous top) and 110.60 in extension. Trading Recommendation: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 109.85 and the second one at 110.60. In the alternative scenario, short positions are recommended with the first target at 107.70 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 106.90. The pivot point lies at 108.35. Resistance levels: 109.85, 110.60, 111.15 Support levels: 107.70, 106.90, 106.15 The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Daily analysis of Gold for November 16, 2016

Share This: Overview The gold price continues fluctuating within a sideways range between the 1,211.31 support and the 1,249.94 resistance. Thus, we still keep our outlook neutral until the price manages to breach one of these levels and detect its next track clearly. Note that a break of 1,211.31 levels will extend the correctional bearish wave to target the 1,172.68 area; while a breach of 1,249.94 represents initial positive factor that supports the attempts to regain the main bullish trend. Upside targets will begin at 1,297.74 and extend towards the previously recorded top at 1,375.00. The expected trading range for today is between the 1,211.00 support and the 1,249.94 resistance. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Daily analysis of Silver for November 16, 2016

Share This: Overview The silver price gradually crawls upwards approaching from retesting the 17.43 level, which represents 50% Fibonacci level that was broken previously. Stochastic reaches the overbought areas thresholds, while the EMA50 forms continuous negative pressure on the intraday and short-term trading. Therefore, we still suggest the bearish trend in the upcoming sessions, and the targets begin at 16.56 and extend to 15.49 after breaking the previous level. Remember that it is important to hold below 17.43 to continue the suggested bearish bias. The expected trading range for today is between the 16.56 support and the 17.43 resistance. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

XAG/USD approaching major resistance, prepare to sell

Share This: Price is approaching a major resistance level at 17.189 (Fibonacci retracement, horizontal pullback resistance) where we expect a reversal from for a further drop to 16.637. RSI (21) is also approaching pullback resistance. Sell below 17.189. Stop loss at 17.540. Take profit at 16.637. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex