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

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