Gold analysis for November 18, 2016

Share This: 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. Resistance levels: R1: 1,226.45 R2: 1,331.30 R3: 1,239.00 Support levels: S1: 1,210.70 S2: 1,205.40 S3: 1,198.15 Trading recommendations for today: Watch for potential buying opportunities. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

Global macro overview for 18/11/2016

Share This: 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. Let’s now take a look at the EUR/CAD technical picture in the daily time frame. The market reverses after the US presidential election results and now the bears are in full control over this market. The price is trading below all of the moving averages and it looks like the bears might want to test the near-term technical support at the level of 1.4247 soon. If this level is clearly violated, then the next technical support will be seen at the level of 1.4180. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

AUD/JPY bearish move in progress

Share This: 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. RSI (21) is seeing major resistance from 72%. 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

NZD/USD remain bullish above key support

Share This: 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). RSI (34) has bounced off major support at 34% signalling a recovery is in progress. Buy above 0.7068. Stop loss at 0.7030. Take profit at 0.7142. The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex

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