2017-11-03
Wave summary:
EUR/NZD corrected higher to 1.6914, before losing steam and is again pushing lower and a break below support at 1.6790 will confirm a continuation lower to 1.6545 to complete wave ii and setting the stage for the next impulsive rally in wave iii towards 1.7778 and above.
Short-term only a break above minor resistance at 1.6871 will ease the downside pressure and call for a new minor pop closer to 1.6954 before lower again.
R3: 1.6954
R2: 1.6914
R1: 1. 6857
Pivot: 1.6790
S1: 1.6712
S2: 1.6660
S3: 1.6545
Trading recommendation:
We took half profit at 1.6910 for a small profit of 20 pips. We will take profit on the second half at 1.6910 too or take our stop + reverse to short EUR at 1.6790
Technical analysis of NZD/USD for November 03, 2017
2017-11-03
We will retain our yesterday's bullish outlook of NZD/USD pair. The pair is consolidating above the key support at 0.6900, which should maintain the buying interest. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
To conclude, as long as 0.6900 is not broken, look for a further upside with targets at 0.6950 and 0.6970 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.6950, 0.6970, and 0.6995
Support levels: 0.6880, 0.6850, and 0.6725
Technical analysis of GBP/JPY for November 03, 2017
2017-11-03
GBP/JPY is under pressure. The pair is proceeding toward the nearest support at 149.90 while being capped by the descending 20-period moving average. Intraday bearishness is also maintained by the negatively-sloped 50-period moving average. The relative strength index is yet to recover the neutrality level of 50, showing a lack of upward momentum for the pair. A break below 148.20 would trigger a further decline toward 147.80.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 149.90 with the target at 150.65.
Strategy: SELL, Stop Loss: 149.90, Take Profit: 148.20
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 150.65, 151.40 and 152.05
Support levels: 148.20, 147.80, and 147.00
Technical analysis of USD/CHF for November 03, 2017
2017-11-03
USD/CHF is expected to trade with a bearish outlook. Despite the pair posting a rebound from 0.9945 (the low of November 2), the upward potential is likely to be limited by the resistance at 1.0005. The declining 50-period moving average is playing a resistance role.
On the political ground, U.S. President Donald Trump officially nominated Federal Reserve Governor Jerome Powell to be central bank's chairman.
To sum up, as long as 1.0015 holds on the upside, look for a return with targets at 0.9945 and 0.9920 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 1.0015, Take Profit: 0.9945
Resistance levels: 1.0040, 1.0070, and 1.0100
Support levels: 0.9945, 0.9920, and 0.9900
Technical analysis of USD/JPY for November 03, 2017
2017-11-03
USD/JPY is expected to trade with a bullish outlook. Despite the pair posting a pullback, it is still supported by a bullish trend line. A support base at 1.1635 has formed and has allowed for a temporary stabilization. The rising 50-period moving average is also playing a support role.
Hence, above 113.70, look for the continuation of rebound to 114.50 and even to 114.75 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended above113.55 with a target at 113.30.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 113.70, Take Profit: 114.50
Resistance levels: 114.30, 114.75 and 114.90 Support Levels: 113.50, 113.30, 113.00
NZD/USD Intraday technical levels and trading recommendations for November 3, 2017
2017-11-03
Daily Outlook
A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.
Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.
Re-consolidation below the price level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.
An atypical Head and Shoulders pattern was expressed on the depicted chart indicating a high probability of bearish reversal as long as bearish persistence below the neckline 0.7150 is maintained.
As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why the further bearish decline should be expected towards 0.6800 (Reversal pattern bearish target).
However, if the recent low (0.6817) remains defended by the bulls, a bullish pullback towards 0.7050 and a short-term BUY entry can be expected during this week's consolidations.
On the other hand, The next DEMAND level to meet the pair is located around 0.6710 that maybe visited if enough bearish pressure is applied below 0.6800.
Technical analysis of NZD/USD for November 03, 2017
2017-11-03
2017-11-03
USD/JPY is expected to trade with a bullish outlook. Despite the pair posting a pullback, it is still supported by a bullish trend line. A support base at 1.1635 has formed and has allowed for a temporary stabilization. The rising 50-period moving average is also playing a support role.
Hence, above 113.70, look for the continuation of rebound to 114.50 and even to 114.75 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended above113.55 with a target at 113.30.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 113.70, Take Profit: 114.50
Resistance levels: 114.30, 114.75 and 114.90 Support Levels: 113.50, 113.30, 113.00
NZD/USD Intraday technical levels and trading recommendations for November 3, 2017
2017-11-03
Daily Outlook
A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.
Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.
Re-consolidation below the price level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.
An atypical Head and Shoulders pattern was expressed on the depicted chart indicating a high probability of bearish reversal as long as bearish persistence below the neckline 0.7150 is maintained.
As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why the further bearish decline should be expected towards 0.6800 (Reversal pattern bearish target).
However, if the recent low (0.6817) remains defended by the bulls, a bullish pullback towards 0.7050 and a short-term BUY entry can be expected during this week's consolidations.
On the other hand, The next DEMAND level to meet the pair is located around 0.6710 that maybe visited if enough bearish pressure is applied below 0.6800.
Technical analysis of NZD/USD for November 03, 2017
2017-11-03
Overview:
The NZD/USD pair is still moving around the spot of 0.6818 and 0.6968. The NZD/USD pair rebounded from the level of 0.6818 in the long term. It should be noted that the support is established at the level of 0.6818 which represents the daily support 1t on the H4 chart. The NZD/USD pair is showing signs of force following a breakout of the highest price of 0.6968. The price was in a bullish channel since this morning. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The NZD/USD pair continues to move upwards from the level of 0.6818. As long as the trend is above the price of 0.6818, the market is still in an uptrend. In addition, the trend is still strong above the moving average (MA100). The NZD/USD pair didn't make any significant movements last two days. The market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA heads for the upside. Therefore, strong support will be found around the spot of 0.6818 providing a clear signal to buy with a target seen at 0.6968. If the trend breaks the first resistance at 0.6968, the pair will move upwards continuing the bullish trend development to the level of 0.7207 in order to test the daily resistance 2. It should be noted that the major resistance is seen at 0.7207 today.However, it would also be wise to consider where to place a stop loss; this should be set below the level of 0.6700.
Intraday technical levels and trading recommendations for EUR/USD for November 3, 2017
2017-11-03
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.
In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.
However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.
The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the previous Monthly candlestick of September).
Daily Outlook
In January 2017, the previous downtrend was reversed when the Inverted Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.
As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).
The daily supply zone failed to pause the ongoing bullish momentum. Instead, the evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was expressed.
If the recent bearish breakout persists below 1.1700 (Neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).
The bearish target for the depicted Head and Shoulders pattern extends towards 1.1350 if enough bearish pressure is applied against the mentioned zone (1.1415-1.1520).
Trade Recommendations
Price action should be watched around the price zone of 1.1415-1.1520 for evident bullish recovery and a possible short-term BUY entry.
Technical analysis of USD/CHF for November 03, 2017
2017-11-03
Overview:
The Swissy franc broke the resistance at the price of 0.9998 which acts as support now this week.The pair has already formed major support at 0.9942. The strong support is seen at the level of 0.9898. And the minor support is seen at 0.9998 now. On the H1 chart, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.9942. Buy above the minor support of 0.9942 with targets at the levels of 1.0050 and 1.0100. Also, it should be noted that if the trend is buoyant, then the strength in this currency pair will be defined as follows: USD is in an uptrend and CHF is in a downtrend. On the other hand, if the pair closes below the minor support (0.9942), the price will fall into the bearish market in order to go further towards the strong support at 0.9898. Briefly, the minor support is seen at the level of 0.9942. It will be profitable to buy above the spot of 0.9940 with the targets of 0.9998, 1.0050 and 1.0100. On the other hand, the stop loss should be placed at the 0.9900 level on the H1 chart. We are still looking for a strong bullish market in coming two days.
Analysis of Gold for November 03, 2017
2017-11-03
Recently, the Gold has been trading sideways at the price of $1,274.00. According to the 15M time - frame, I found that price is trading below the pivot level ($1,277.55), which is a sign that sellers are in control today. I also found hidden bearish divergence on the MACD oscillator in the background, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,267.25 (pivot support 1) and at the price of $1,261.00 (pivot support 3).
Resistance levels:
R1: $1,282.25
R2: $1,288.61
R3: $1.293.05
Support levels:
S1: $1,271.48
S2: $1,267.25
S3: $1,261.00
Trading recommendations for today: watch for potential selling opportunities.
USD/JPY analysis for November 03, 2017
2017-11-03
Recently, the USD/JPY has been trading sideways at the price of 114.10. According to the 15M time - frame, I found that price is trading above the pivot level 113.95), which is a sign that buyers are in control today. I also found intraday inverted head and shoulders formation, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. The upwards targets are set at the price of 114.35 (pivot resistance 1), 114.60 (pivot resistance 2) and at the price of 115.00 (pivot resistance 3).
Resistance levels:
R1: 114.35
R2: 114.61
R3: 115.00
Support levels:
S1: 113.67
S2: 113.26
S3: 113.00
Trading recommendations for today: watch for potential buying opportunities.
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