XAU/USD approaching major resistance, prepare to sell

Share This: Price is approaching a major resistance level at 1242.59 (Fibonacci retracement, horizontal pullback resistance) and we expect a reaction off this level for a further drop to 1211.48. RSI (34) is also seeing major resistance above it which would coincide with the reversal we’re expecting. Sell below 1242.59. Stop loss at 1261.23. Take profit at 1211.48 The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Global macro overview for 16/11/2016

Share This: Global macro overview for 16/11/2016: According to the Center of European Economic Research, the economic sentiment continues to improve in Europe. The ZEW surveys provide insight into the mood of institutional investors and analysts. Yesterday the ZEW report for Germany showed a sharp gain of 13.8 points, well above the forecast of 7.9 points. The Eurozone sentiment indicator improved to 15.8, above the estimate of 14.3. In conclusion, both indicators posted 4-month highs and pointed to strong optimism over economic growth in the Eurozone, which is interesting amid global uncertainty after the surprise victory of Donald Trump in the presidential election. His international policy towards the Eurozone might deeply affect the relationship between the US and Europe if he starts to implement his election pledges during the presidential race. Let’s now take a look at the EUR/USD technical picture at 4H time frame after the news release. The bears have managed to test the recent low at the level of 1.0709 and even slightly violate it, but the growing bullish divergence between the price and momentum oscillator suggests a relief rally to come shortly. The first target for this rally is at the level of 1.0760, then 1.0816 and 1.0849. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Technical analysis of USD/CAD for November 16, 2016

Share This: General overview for 16/11/2016: The first wave down labeled on the chart as a wave -a- has been done and now the market is in the internal corrective cycle. The top at the level of 1.3589 might be the swing high of a larger time frame (the brown wave Z). If it is, then the uptrend might be reversing, but to confirm this scenario we need a daily close below the level of 1.3290. Otherwise, the pair is expected to trade sideways. Support/Resistance: 1.3663 – WR1 1.3507 – Intraday Resistance 1.3464 – Weekly Pivot 1.3423 – Intraday Support 1.3378 – WS1 1.3290 – 13312 – Demand Zone 1.3265 – Wave (b) Low Trading recommendations: Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with tight SL and TP open for now. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Technical analysis of EUR/JPY for November 16, 2016

Share This: General overview for 16/11/2016: The blue wave (b) is getting extended to the upside. The pattern that is being developed in the wave (b) looks like a double zig-zag, which should terminate around the level of 117.49. According to the bearish scenario, there is still one more wave to the downside missing – the green wave c – which is a part of the blue wave c.The growing bearish divergence between the price and the momentum oscillator supports the view. Support/Resistance: 117.49 – Intraday Resistance 117.19 – WR1 116.58 – Intraday Support 115.45 – Weekly Pivot 114.37 – WS1 112.66 – WS2 Trading recommendations: Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with SL just above the WR1 level and TP open for now. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

EUR/JPY below major resistance, prepare to turn bearish

Share This: The key idea is to prepare to sell below major resistance at 116.80 (multiple Fibonacci projections, Fibonacci retracement, horizontal resistance) for a drop to 114.87. RSI (34) is also approaching major descending resistance where we expect a reaction from. Sell below 116.80. Stop loss at 117.33. Take profit at 114.87. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

AUD/JPY at major resistance, prepare to sell

Share This: Price reached our profit target from previously. We prepare to sell again below 81.91 major resistance (Fibonacci projection, horizontal resistance) for a further push down to 80.27 once again. RSI (34) remains below major resistance at 62% which is capping any bullish movement. Sell below 81.91. Stop loss at 82.65. Take profit at 80.27. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

USD/CHF at major resistance, prepare to sell

Share This: Price has reacted off major resistance at 1.0000 (Fibonacci projection, horizontal resistance, big figure) and we expect a drop to 0.9833 at least. RSI (34) is also reacting off major descending resistance which goes in line with our bearish view. Sell below 1.0000. Stop loss at 1.0050. Take profit at 0.9833. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

USD/CAD intraday technical levels and trading recommendations for November 15, 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 last week. 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

Gold analysis for November 15, 2016

Share This: Since our previous analysis, gold has been trading sideways at the price of $1,226.10. Using the market profile on 15M time frame, I found strong point of control at the price of $1,223.85. Watch for potential breakout of this level to confirm a downward movement. A downward target is set at the price of $1,211.50. Anyway, if the price breaks the level of $1,231.40, we may see a potential upward movement and potential testing of $1,252.00. Fibonacci pivot points: Resistance levels: R1: 1,228.50 R2: 1,233.00 R3: 1,240.00 Support levels: S1: 1,214.25 S2: 1,209.80 S3: 1,202.50 Trading recommendations for today: Watch for a breakout of support or reistance to confirm a further direction. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Global macro overview for 15/11/2016

Share This: Global macro overview for 15/11/2016: The University of Michigan Consumer Sentiment Index was released at 91.6 points last Friday and today’s data of Retail Sales at 02:30pm GMT are highly anticipated. The reason behind the anticipation is quite simple: better-than-expected data might indicate that consumer spending will firm up in the final quarter of 2016. This is why economists are looking for another solid advance in retail sales for October. The market consensus suggests an advance of 0.6%, just like in September. Moreover, the anticipated gain indicates a 3.5% year-on-year rise, which would be the strongest annual rise in eight months. In conclusion, expectations are high and if the forecast holds up, the news will add more weight to expectations that the Federal Reserve is poised to raise interest rates next month. Let’s now take a look at the US Dollar index technical picture at the daily time frame before the news are released. The bulls are in control over this market and now it looks like they are waiting for the data release to trigger the attack (and a possible breakout) for the level of 100.48. In that case, the Dollar would be the most expensive since December 2015. The key level for further Dollar appreciation is technical support at the level of 99.12. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex