Technical analysis of USD/JPY for November 17, 2016

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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. read more

Daily analysis of Gold for November 16, 2016

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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. read more

Daily analysis of Silver for November 16, 2016

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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. read more

Global macro overview for 16/11/2016

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. read more

Technical analysis of USD/CAD for November 16, 2016

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. read more

Technical analysis of EUR/JPY for November 16, 2016

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. read more