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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

Gold analysis for November 15, 2016


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. read more

Global macro overview for 15/11/2016

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. read more

EUR/NZD analysis for November 15, 2016


Recently, EUR/NZD has been moving sideways around the price of 1.5135. Using the market profile on the 15M time frame, I found a strong point of control from the background at the price of 1.5185. I found successful rejection of the point of control. The pair is trading below 21SMA, which is a sign of weakness. Watch for potential selling opportuntiies on the pullbaks. A downward target is set at the price of 1.5045. read more