Technical analysis of USD/CHF for November 09, 2017
2017-11-09

Overview:
The trend of USD/CHF pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9938 and 1.0037. Also, the daily resistance and support are seen at the levels of 1.0037 and 0.9938 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Last month, the market moved from its bottom at 0.9938 and continued to rise towards the top of 1.0037. Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.0037, the market will indicate a bearish opportunity below the strong resistance level of 1.0037 (the level of 1.0037 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0037 with the first target at 1.0037. If the trend breaks the support level of 1.0037, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9885 in order to test the daily support 2 (horizontal green line).

Technical analysis of NZD/USD for November 09, 2017
2017-11-09

Overview:
The NZD/USD pair has already tested the zone of 0.6963. The NZD/USD pair will probably continue to move upwards from the level of 0.6963. However, the first resistance level is seen at 0.6963 followed by 0.6981 and 0.7003, while the weekly support 1 is seen at 0.6889 (major support this week). According to the previous events, the NZD/USD pair is still moving between the levels of 0.6963 and 0.7003. Furthermore, if the trend is able to break out the second resistance level at 0.6963, we could see the pair climbing towards the resistance levels of 0.6981 and 0.7003 Therefore, buy above the level of 0.6963 with the first target at 0.6981 in order to test the daily resistance 2 and further to 0.7003. Also, it should be noted that the level of 0.7003 is a good place to take profit on the H1 chart. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6933, a further decline to 0.6862 can occur which would indicate a bearish market.

Technical analysis of NZD/USD for November 09, 2017
2017-11-09

NZD/USD is expected to trade with a bullish bias above 0.6915. The pair is holding on the upside. The rising 20-period and 50-period moving averages maintain the bullish bias. The relative strength index is bullish, calling for another rise. The downside potential should be limited by the key support at 0.6915.

Hence, as long as this key level is not broken, look for a further advance with targets at 0.6975 and 0.7000 in extension.

The black line shows 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: 0.6975, 0.7000, and 0.7045

Support levels: 0.6890, 0.687, and 0.6835

Elliott wave analysis of EUR/JPY for November 9, 2017
2017-11-09

Wave summary:

EUR/JPY has tested important resistance at 131.60 again. The failure to break right through indicates a more complex wave ii correction is building in form of a flat correction. This mean a new rally to 131.15 should be expected shortly to complete wave c of ii and set the stage for the next downside pressure in wave iii.

Short-term a break above minor resistance at 132.26 will confirm the expected mini rally to 133.15.

R3: 133.15

R2: 132.84

R1: 132.26

Pivot: 131.60

S1: 131.00

S2: 130.56

S3: 130.05

Trading recommendation:

We are short EUR from 132.59 and will move our stop lower to 132.30. If our stop is hit, we will sell EUR again at 133.10.

Technical analysis of GBP/JPY for November 09, 2017
2017-11-09

GBP/JPY is expected to continue the upside movement. The pair posted a strong rebound last night, and is now above its 20-period and 50-period moving averages. The relative strength index has reversed up, and is displaying strong bullish momentum.

In which case, as long as 148.90 holds on the downside, look for a continuation of the rebound to 149.90 and 150.35 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 148.90 with the target at 148.50.

Strategy: BUY, Stop Loss: 150.30, Take Profit: 149.30

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: 149.90, 150.35 and 151.00

Support levels: 148.50, 148.15, and 147.45

Elliott wave analysis of EUR/NZD for November 9 - 2017
2017-11-09

Wave summary:

EUR/NZD continues to follow the expected path lower towards the ideal downside target at 1.6545 from where a new impulsive rally towards 1.7770 is expected.

Short-term minor resistance is seen at 1.6750 and a break above here will be the first indication that wave ii has completed and wave iii higher is developing. To confirm that wave iii indeed is developing a break above resistance at 1.6813 is needed.

R3: 1.7059

R2: 1.6890

R1: 1.6813

Pivot: 1.6750

S1: 1.6614

S2: 1.6545

S3: 1.6518

Trading recommendation:

We are short EUR from 1.6790 and will move our stop+revers lower to 1.6770. Take profit+reverse remain at 1.6565.

Fundamental Analysis of USD/CAD for November 9, 2017
2017-11-09

USD/CAD has been bearish recently after breaking above the 1.2660 resistance area which is currently expected to be retested as support. CAD has been quite mixed in light of recent economic reports. Canada's Employment Change showed positive change to 35.3k from the previous figure of 10.0k which was expected to be at 15.3k, Trade Balance report was published unchanged at -3.2B which was expected to decrease the deficit to -3.0B, and Unemployment Rate report showed an increase to 6.3% which was expected to be unchanged at 6.2%. This mixed reports helped the currency to sustain gains, but USD is expected to make a comeback soon as the Rate Hike is highly probable in December. Today, Canada's NHPI report is going to be published which is expected to increase to 0.2% from the previous value of 0.1%. Positive outcome of the report is likely to encourage further gains of CAD against USD in the short term. On the USD side, today Unemployment Claims report is going to be published which is expected to show an increase to 232k from the previous figure of 229k, Final Wholesale Inventories report is expected to be unchanged at 0.3%, and Natural Gas Storage is expected to decrease to 15B from the previous figure of 65B. As for the current scenario, if Canada's economic reports reveal better than expected readings, then we might see further bearish pressure in the pair whereas negatively forecasted US reports will also be a strong factor for a further directional move in this pair. To sum up, CAD is expected to have an upper hand over USD in the coming days.

Now let us look at the technical chart. The price is currently showing some bearish pressure after bouncing off the dynamic support level of 20 EMA. As the price proceeds towards the support level of 1.2660, we will be looking forward for a break below or bounce off the level. If the price breaks below the 1.2660 level with a daily close then, we will consider sell positions with a target towards 1.2410 support area. On the other hand, if the price bounces off the 1.2660 with a daily bearish rejection or bullish engulf, then we will be looking forward to buy with target towards 1.30 resistance area. The bearish bias is expected to continue until price remains below 1.2850 resistance area.

Technical analysis of USD/JPY for November 09, 2017
2017-11-09

Our first target which we predicted in yesterday's analysis has been hit. USD/JPY is still expected to trade in a lower range. Despite the pair posting a rebound, the upward potential is likely to be limited by the resistance at 114.00. The declining 50-period moving average is playing a resistance role. The relative strength index is below its neutrality level at 50.

To sum up, below 114.00, look for a further decline with targets at 113.30 and 113.15 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended above 114.00 with a target at 114.30.

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: SELL, Stop Loss: 114.00, Take Profit: 113.30

Resistance levels: 114.30, 114.50 and 114.90 Support Levels: 113.65, 11.30, 112.95

Technical analysis of USD/CHF for November 09, 2017
2017-11-09

USD/CHF is under pressure and expected to continue its downside movement. The pair is trading below its key resistance level at 1.0005, which should maintain the selling pressure. The relative strength index lacks upward momentum.

Therefore, as long as 1.0005 is not surpassed, look for a return to 0.9945. A break below this level would trigger a new decline to 0.9930.

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: 1.0005, Take Profit: 0.9945

Resistance levels: 1.0025, 1.0040, and 1.0075

Support levels: 0.9945, 0.9930, and 0.9900

Technical analysis of gold for November 9, 2017
2017-11-09

Gold price has been making higher highs and higher lows since a pullback from the low at $1,263. The short-term trend has changed to bullish and is challenging important resistance at $1,283-86. Gold is in a bullish short-term trend as long as price is above $1,272.

Blue lines - bullish channel

Red rectangle - short-term support

Green rectangle - important medium-term support

Gold price is trading inside a bullish channel. The trend is bullish. Support is at $1,272. Breaking below the red rectangle will increase the chances of breaking below the green rectangle support at $1,262. Breaking below $1,262 will open the way for a push towards $1,245.

For now, gold price is trading above the daily kijun-sen (yellow line indicator) resistance. A daily close above it will open the way for a push higher towards the Kumo (cloud) resistance at $1,300. A rejection here will increase the chances we are still in a corrective phase and will eventually move towards $1,245-50. I remain longer-term bullish gold.

Buy a bounce from 1.1481

09 November 2017, EUR/USD

Technical Observation:

Eur is currently trading below its pivot weekly pivot line 1.1632 but above a key weekly support line 1.1481. If you went short based on yesterday's forecast, leave this position open but only up to 1.1481, if the price can decline below this support, then further decline towards the weekly support line 1.0468 is expected. As it is on the weekly chart above, a key hurdle can be seen at 1.1481, and any short positions currently opened must not be allowed to remain below it.

Technical Levels

Resistance levels

R1: 1.1669

R2: 1.173

R3: 1.1828

Pivot

1.1632

Support Levels

S1: 1.1435

S2: 1.1533

S3: 1.1571

Trade Signal