Morning Market Updates – USD/JPY

Intraday bias in the USD/JPY pair remains neutral at this point with the 110.875 support level intact. The near term outlook stays bullish and a further rally is in favor. A sustained trading above the 111.584 level will pave the way to retest the 112.022 high levels. However, a break at the 110.875 support level will now indicate rejection and will turn bias to the downside for the 110.627 support level and below.

In the bigger picture, a medium term rise from the 110.875 level is not completed yet. It should resume further more from here and change the downtrend. Breaking of the pair at the 111.584 resistance likely indicates resume the rise for projection of the 112.022 level first. A firm break there will pave the way to highs at the 112.460 level. This will be the key level to decide whether long term up trend is resuming.

The bulls would regain control on a decisive move back above the pivot band at the 111.584 level. However, this is a significant medium term barrier which would complete a reversal base pattern. The resistance also coincides with the decline and capped the upside aside from a recent intraday spike to at the beginning of day. The current candle was encouraging for the bulls with a gain at a high of the 111.313 level which coincides with the pivot point. A break above here should show an upward move as the momentum indicators specifically the stochastic also approach key areas and rising from the 50 towards 80 levels. The four hourly charts shows a recent day uptrend with the support of low at the 111.313 level increasingly key near term. The four hourly oscillators consistently rising back above the 50 level would suggest a strong bullish trend, and the hourly line dropping above neutral, but the support is key level. The pair trading below the 110.875 support level puts new lows back in sight.

The USD/JPY pair found a solid support at the 110.875 level. This pushed the price to rebound bullishly and head towards testing the sideways range resistance that appears on chart located at the 111.584 level. This keeps the price confined inside this range until now. We keep waiting to breach one of the mentioned levels to detect the next targets clearly.

Therefore, the pair’s sideways range will remain dominant on the intraday basis until we get clearer signal for the next trend. The pair breaching the 111.584 resistance will lead the price to resume the main bullish trend that its next main target located at the 112.022 level. Breaking at this point will push the price further that its targets and extends to the 112.022 level before any new attempt will rise.

The pair’s expected trading range for today is between the 111.313 support and 112.022 resistance levels.

Expected trend for today: Bullish
For more detailed analysis from the author, please visit NoaFX.

Morning Market Updates – USD/CHF

Intraday bias in the USD/CHF pair remains neutral as it has bounded in range of the 0.9779 level. On the upside, a decisive break of the 0.9820 resistance level will revive the bullish case of reversal. The pair’s whole decline has completed at the 0.9779 level after defending the support. The pair should then target channel resistance now at the 0.9820 level next. Meanwhile, the pair is bounded inside the medium term falling channel and limited below retracement for the moment. The pair breaking at the 0.9779 level will turn bias back to the downside towards the 0.9753 level. This could also extend the fall from support level at the 0.9779 support level.

In the bigger picture, we keep slightly favoring the case that the USD/CHF pair has successfully defended the 0.9779 support level. The pair’s long term range is trading in the 0.9820 level extends with another rise. At this point, there is slight sign of an uptrend. Hence, a further rise is expected in the pair. We start to be cautious on loss of momentum above retracement at the 0.9820 level. However, a firm break of these levels will carry a larger bullish implication and would target next key resistance at the 0.9846 level.

The dollar U.S. purchases of new homes unexpectedly advanced in broad fashion last month. The rising days are showing strength by some bullish candles. Whilst any recovery upcoming days are beset with ease to make more headway and will turn in effect into consolidation days. The pair’s current candle was another consolidation day where the bulls have provided the support to make the sustainable impact, before once more resuming the rise overnight. The daily momentum indicators have all now taken as a corrective outlook. The pair trading with the stochastic is both rising above the 50 level and the lines having crossed higher. The pair is back into the old pivot band at the 0.9805 level so it will be interesting to see the reaction. The likelihood is that the levels of the resistance shall be broken above which has often been seen as an inflection point will now be tested. The four hourly chart shows the resistance at this level is bolstered now as a key level, with the 0.9820 level initially an area of near term overhead supply.

The USD/CHF pair shows some slight bullish bias after testing the 0.9779 level. The pair is affected by stochastic positivity that appeared on the four hours’ time frame. The price is still inside the correctional bullish channel that appears on the chart and rises under the positive pressure formed by the support area.

Therefore, this contradiction between the technical factors makes us continue with our neutrality until the price confirms its next destination through breaching one of the key levels represented by the 0.9820 resistance level. This reminds us that breaking this level will extend the bullish correction to reach the 0.9846 direct. While the pair breaching the resistance stop the correctional bearish trend scenario. This will push the price to achieve gains that start at the 0.9846 followed by 0.9872 levels.

The pair’s expected trading range for today is between the 0.9779 support and 0.9846 resistance levels.

Expected trend for today: Slightly Bullish
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – NZD/USD

A rejection at the top is formed at the 0.6892 level on the NZD/USD pair and intraday bias is turned neutral first. The pair trading with the 0.6892 resistance level intact on the downside. A further decline in the pair is expected. A decisive break of the 0.6854 level will target at the 0.6815 level next. However, the pair breaking at the 0.6878 level will dampen our bearish view and will turn bias back to the upside for the 0.6916 level instead.

In the bigger picture, the current development argues that the pair has defended at the 0.6892 level and with the 0.6892 resistance level intact. We’d favor the case that fall from this levels must be seen as correction. The pair breaking at the 0.6854 level will further affirm this bearish case. A larger decline from the 0.6892 level is not completed. However, on the other hand, a firm break of the 0.6854 level will indicate a further downside move in the upcoming session.

The recent run higher on the Kiwi has been good. A huge accelerating bull run has seen the market burst through the key until now. The market has been limited by the resistance band at the 0.6892 level on numerous occasions in the past candles but the dollar has gained its momentum and driven a breakout. The pair chasing the dollar here would though be a move filled with a significant reward. The pair’s momentum is clearly strong and also incredibly staying with the bears run may be rewarding in the very near term. However, if profit taking hits, it could be a sharp reversal. We keep watching for exhaustion signals as the pair seems to be gaining strong hold and don’t indicate any sign of exhausted. On the oscillator, it is also notable that the entirety of today’s session took place outside the 80.0 level standard deviations. The bulls were looking tired before the sharp gains, but again the move looks stretched and a close back inside the 80 levels would now be a corrective signal. A move back below the 80 level on the four hour chart would be a corrective signals that a closing level back inside the levels. The four hourly chart support turned resistance around the breakout at the 0.6878 level.

The pair returns to test the bearish channel’s resistance after leaning on the intraday bullish support line that appears on four hour chart, accompanied by stochastic reach to the overbought areas. We keep waiting to motivate the price to rebound bearishly to break at the 0.6878 levels and active the negative effect of the bearish pattern formed by the mentioned intraday channel followed by pushing the price to continue the main bearish trend.

Therefore, we believe that the chances are valid to trade negatively in the upcoming period that is conditioned by the price stability below the 0.6854 level. This reminds you that our main targets begin at the 0.6830 and extend to 0.6815 levels.

The pair’s expected trading range for today is between the 0.6892 resistance and 0.6815 support levels.

Expected trend for today: Bearish
For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: USD/JPY ; Market Forecasts for November 27TH – December 1 st

  • Resistance level 111.745, 112.083, 112.639
  • Pivot Level 111.434
  • Support Level 111.123

usdjpy

usdjpy2

Technical Analysis

The USD/JPY pair closed weekend is trading above the 111.123 levels. The pair gets a good support base that reinforces the expectations of continuing the bullish bias from the downward movement which is in place for quite some time now as can be seen on the chart price as respected this level. We can expect the same this time as well by providing signals for the price recovery in the upcoming days. The pair is supported by its stochastic positivity that appears clearly oversold on the daily time frame. The pair is rising above the 9.0 levels. The pair remains bullish for the moment with pair trading on rebound after testing barriers. This makes the trading to settle now at the support area. This made some upward move as we can see some consolidations with bullish momentum with two bar reversal. A further rise is expected from current levels on the new found support area. The beginning of the new trend and the first main target is located at the 111.745 level. This points out that the pair breaking at the 111.745 level besides holding above it will push the price to resume its with bullish that its next target located at the 112.083 level.

Economic

  • New Home Sales, Dallas Fed Manufacturing Business Index, Goods Trade Balance
  • OPEC meeting, Gross Domestic Product Annualized, Fed’s Yellen testifies
  • Initial Jobless Claims, Core Personal Consumption Expenditure
  • Large Retailer’s Sales, Retail Trade, Foreign investment in Japan stocks, Foreign bond investment
  • National CPI Ex-Fresh Food, Jobs/applicants ratio, Overall Household Spending

Area of Interest

  • Strong support at 111.123 areas and closed above rebound of trend line.
  • Bullish momentum with two bar reversal above the support area.
  • Price action closed above rebound of trend line and oscillator rising above 9.0 levels indicating shift in momentum.
  • At Flip Area on Daily time frame support levels.

 
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – USD/JPY

USD/JPY is staying in consolidative trading above the 111.12 level temporary finding some support at this levels. Intraday bias the pair remains sideways first. As long as the 111.12 support level holds and a further rise is in favor. The pair’s sustained break of medium term channel resistance will argue that correction is already completed with the pair holding the levels. The pair breaking at the 111.43 level will confirm this bullish case and will target a test on the 111.62 level next. On the downside, considering bearish condition in four hour chart and the pair breaking at the 111.12 level will suggest rejection from the channel resistance and will turn bias back to the downside.

In the bigger picture, a further rise from the 111.62 level new found supports is seen as the leg of the corrective pattern. It’s unclear whether this leg has completed or not. But, the pair’s medium term outlook will be mildly bullish as long as support holds and there is prospect of breaking at the 111.43 level ahead. Meanwhile, the pair breaking at these levels will bring retest of 111.62 high levels. But even in that case, we don’t expect a break there on first attempt.

The dollar remains under pressure as the market continues to fall away. The upcoming days are looking better by recent bullish candles. Whilst any recovery in the upcoming days are beset with struggles to make any headway and will turn in effect into consolidation days. A recent candle was another consolidation day where the bulls are taking some control on the pair to make any sustainable impact, before resuming the rise overnight. The daily momentum indicators have all now taken on a corrective outlook. The pair trading with the stochastic both rises near the 15 level and the lines looks too cross higher. The pair is back into the old pivot band, so it will be interesting to see the reaction. The likelihood is that the support which has often been seen as an inflection point will now be tested. The four hourly chart show the pair’s resistance at the 111.43 level is bolstered as a key level, which was initially an area of near term overhead resistance.

The USD/JPY pair fluctuates around the support area. The pair’s stochastic still shows its positive momentum now. This might force the price to show further rise  and more trading which manages to get enough a positive momentum to push the price to continue rising on the short term basis.

In general, we will continue to suggest the bullish trend in the upcoming sessions unless breaking at the 111.12 level and holding below it. The pair breaching the new resistance level at the 111.43 will push the price to head towards the 111.62 level that represents our next main target.

The pair’s expected trading range for today is between the 111.12 support and 111.62 resistance levels.

Expected trend for today: Bullish

 
For more detailed analysis from the author, please visit NoaFX.

Morning Market Updates – XAG/USD

Bears showed a strong indecision above the daily cloud which twisted earlier today and is widening on the Silver Commodities.

The pair’s double rejection on the four hour chart and the recent doji is a sign that the pair may be tested on both sides. This confirms the near term scenario with a fresh rejection attempts started earlier in the day. Being so far limited by 50SMA, the pair’s support still holds above the price action. Currently, pair is testing the 17.06 zone for further move to decide on the break below this level.

Based on the technical analysis, the pair remains firmly bearish on four hour chart and favors a further downside move. This persist the fear to decline and keep the price under pressure.

The pair selling upticks is seen as the preferred near term scenario as reversal of slow stochastic from over brought territory supports with strong offers rejected at this zone.

A breakout above the latter would delay bears for extended correction towards descending. The pair remains weak and vulnerable to the downside despite its price hesitation. The pair’s resistance comes in at the 17.15 level with a cut through here opening the door for more upside towards the 17.29 level. A further resistance lies at the 17.40 level where a break will expose this level. Conversely, support lies at the 17.06 level where a violation will aim at the 17.00 level which align with the 50SMA. A break of here will aim at the 16.92 level. The pair trading below here will open the door for more weakness towards the new lows. On the whole, the pair faces further corrective pullback threats.

Silver price keeps fluctuating within sideways and tight range around the EMA50.  The pair’s stochastic begins to provide a positive overlapping signal on the four hours’ time frame and supports the chance of declining in the upcoming sessions. We keep waiting to test the 17.00 level initially.

Therefore, the bearish trend will remain valid in the upcoming period unless the pair breaks at the 17.15 level and holds above it. This reminds you that breaching this level will push the price towards the 16.83 level as a next main target.

The pair’s expected trading range for today is between the 17.00 support and 17.15 resistance levels.

Expected trend for today: Overall Bearish
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – NZD/USD

Intraday bias in the NZD/USD pair remains bullish for the moment. The pair’s another rise is mildly in favor and breaking of the 0.6845 will target a test on the 0.6873 high levels. But we’d be cautious on the strong resistance from there to limit upside and bring another fall to extend the corrective pattern. On the downside, the pair breaking of the 0.6798 level will resume the decline and targets the medium term downtrend.

In the bigger picture, a rise from the 0.6798 medium term bottom has seen as a continuing pattern. The current development suggests that it might be completed with waves up to the 0.6843 level already. Break of the level should see the pair rising to the 0.6873 level will firm this bullish case. A decisive break of the 0.6873 key level cluster supports confirms and brings retest of this level. In such a case, a further rise from the 0.6873 level will resume and extend a strong resistance towards the 0.6891 level to limit upside.

The pair has been in a downtrend since the first week of the month. But, the kiwi bulls have taken another step forward current strong bull candle and broke out to close above the 0.6843 level. This is not only a good support area, but also breaks an important resistance continues with the uptrend. This takes the market above the key resistance for the first time since early of this month. If the bulls can confirm this breakout above the 0.6843 level, then the upside for a continued recovery will be open. This would then open the key high at the 0.6873 level. The four hourly chart show a strong configuration on momentum and corrections will now be seen as a chance to buy. The reaction to today’s early unwind will be interesting with support above the 0.6816 level. A failure below support at the 0.6816 level would re-open the bear control once more.

The NZD/USD pair has tested the key support 0.6816 level and kept its stability above it. This shows some bullish bias in attempt to resume the main bullish trend. The pair keeps waiting to breach the 0.6843 level to get rid of the negative pressure and continue to rise on the short term basis.

Therefore, we will keep our bullish overview conditioned by holding above the 0.6816 level and breaching these levels will push the price towards the 0.6845 level that represents our first main target.

The pair’s expected trading range for today is between the 0.6816 support and 0.6845 resistance levels.

Expected trend for today: Bullish
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – USD/JPY

Intraday bias in the USD/JPY pair remains neutral at this point. The pair is trading with the 111.91 support intact. The near term outlook stays bullish and a further rally is in favor. The pair has sustained and is trading above the 112.74 level will pave the way to retest the 113.26 high levels. However, a break of the 111.91 support level will now indicate rejection and will turn bias to the downside for the 111.82 support level and below.

In the bigger picture, a medium term rise from the 111.91 level is not completed yet. It should resume further more from here and change the downtrend. The pair breaking at the 112.43 resistance level likely indicates to resume the rise for projection of the 113.26 level first. A firm break there will pave the way to highs at the 113.42 level. This will be the key level to decide whether long term up trend is resuming.

The bulls would regain control on a decisive move back above the pivot band at the 112.74 level. However, this is a significant medium term barrier which would complete a reversal base pattern. The pair’s resistance also coincides with the decline and capped the upside aside from a recent intraday spike to at the beginning. The pair’s current candle was encouraging for the bulls with a gain at a high of the 112.99 level which coincides with the 50EMA and 100SMA. A break above here should show an upward move as the momentum indicators. Specifically, the pair’s stochastic also approach key areas and rises from the 20 towards 50 levels. The four hourly charts show a recent day uptrend and has found with the support of low at the 111.91 level now increasingly key near term. The four hourly oscillators are consistently rising back above the 40 level would suggest a strong bullish trend. The hourly line dropping above neutral, but the support key is trading below the 111.91 support level puts new lows back in sight.

The USD/JPY pair found a solid support at the 111.91 level. This pushed the price to rebound bullishly and head towards testing the sideways range resistance that appears on chart located at the 112.43 level. This keeps the price confined inside this range until now and waiting to breach one of the mentioned levels to detect the next targets clearly.

Therefore, the sideways range will remain dominant on the intraday basis until we get a clearer signal for the next trend. The pair breaching at the 112.74 resistance level will lead the price to resume the main bullish trend that its next main target located at the 112.99 level. While the pair breaking at this level will push the price for further rise that its targets and extends to the 113.26 level before any new attempt to rise.

The pair’s expected trading range for today is between the 112.43 support and 113.26 resistance levels.

Expected trend for today: Bullish

 
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – AUD/USD

The AUD/USD pair’s rally is still in progress and edges higher to the 0.7621 level. Intraday bias the pair remains on the upside direction at this point. A firm break of resistance will confirm resumption of whole rebound from the 0.7549 bottom level. In such case, the pair would target projection of the 0.7621 next levels. On the downside, the pair trading below 0.7549 minor supports will turn intraday bias neutral first. But, the pair’s near term outlook will stay cautiously bullish as long as the 0.7549 support level holds.

In the bigger picture, the current development suggests that rebound from the 0.7549 level is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, a further rise is now expected even further to the 0.7621 level. Breaking of the 0.7576 resistance level is needed to confirm completion of the rebound and a further rise is now in favor.

The recent run low on the Aussie has slowed, recovered and showed some consolidation. A decent bull run has seen the market burst through the key high of the 0.7549 level to now see what looks to be a huge breakout above the high of the 0.7621 level. The market has been limited by the resistance band at the 0.7576 level on numerous occasions in the past few candles. The pair chasing the Aussie here would though be a move filled with a significant reward. The oscillator at the 30 level is rising than it has been in recent times. The pair’s momentum is incredibly stronger and staying with the bull run may be profitable in the very near term. However, if profit taking hits, it could be a reversal and might watch out for exhaustion signals. On the pivot bands, it is also notable that the entirety of current session took place. The bears were looking tired before the sharp gains of today as the move looks stronger and a close back above the resistance level would now be a corrective signal. Also the oscillator was close to crossing back above for gains. A move back above the 20 level on the daily would now be a corrective signal that a closing level back inside the band would now be a profit taking signal. The four hourly chart supports around the breakout at the 0.7549 level.

The AUD/USD pair opens today’s trading with a clear positivity to move away from the bullish trend line that appears on four hour chart. The pair looks for support to protect the price from suffering more losses, while stochastic begins to provide positive overlapping signals on the four hours’ time frame.

Therefore, these factors encourage us to continue suggesting the bullish trend on the intraday and short term basis. The pair’s main targets begin at the 0.7621 and extend to reach 0.7635 levels .This takes into consideration that the pair breaking at the 0.7576 level will begin the expected rise and will push the price to start a bullish correction on the intraday basis.

The pair’s expected trading range for today is between the 0.7549 support and 0.7621 resistance levels.

Expected trend for today: Bullish

Weekly Technical Outlook: GBP/USD ; Market Forecasts for November 20th – November 24th

  • Resistance level 3288, 1.3344, 1.3378
  • Pivot Level 3232
  • Support Level 3141

gbpusd

gbpusd2

Technical Analysis

The GBP/USD pair closed weekend is trading above the 1.3197 levels which gets a good support base that reinforces the expectations of continuing with the bullish bias. This provides signals for the price recovery in the upcoming days after being in sideways. The pair is supported by its stochastic positivity that appears clearly on the daily time frame and rising above the 50.0 levels. The pair remains bullish for the moment with pair trading on rebound after testing barriers. This makes the trading settle now at the support area that appears in the chart. Some consolidations would be seen with bullish momentum. A further rise is expected from current levels on the new found support area and beginning of the new trend and the first main target located at the 1.3288 level. This points out that the pair breaking at the 1.3232 level besides holding above it will push the price to resume its with bullish that its next target located at the 1.3378 level.

Economic

  • Inflation Report Hearings, Public Sector Net Borrowing
  • Autumn Forecast Statement, Gross Domestic Product, Total Business Investment
  • BBA Mortgage Approvals.
  • Existing Home Sales, Fed’s Yellen Speech, Durable Goods Orders
  • Durable Goods Orders ex Transportation, Initial Jobless Claims, FOMC Minutes
  • Markit Manufacturing PMI, Markit PMI Composite

Area of Interest

  • Strong support at 1.3054 areas and closed above rebound of trend line.
  • Bullish momentum with two bar reversal above the support area.
  • Price action closed above rebound of trend line and oscillator rising above 50.0 levels indicating shift in momentum.

At Flip Area on Daily time frame support levels
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – AUD/USD

The AUD/USD pair has begun its recovery after the fall in the recent days. Intraday bias returns on the upside at this point. A firm break of the pair at the 0.7593 resistance level will confirm resumption of whole rebound from the 0.7577 bottom level. In such case, the pair would target projection of 0.7618 next. On the downside, the pair trading below the 0.7577 support will turn intraday bias neutral first. But near term outlook will stay cautiously bullish as long as the 0.7577 support level holds.

In the bigger picture, the current development suggests that rebound from the 0.7577 level is developing into a medium term rise. There is no confirmation of trend reversal yet and we will continue to treat such rebound as a corrective pattern. A further rise is expected at the 0.7593 level. Breaking of the pair at the 0.7593 resistance level is needed to confirm completion of the rebound.

The recent fall on the Aussie has been put on hold after the pair found its support. A huge accelerating bull run has seen the market burst through the key of 0.7593.This looks to be a huge breakout above the newly formed resistance which has been rejected and the pair seems to fight the levels strongly this time. The market has been limited by the resistance band on numerous occasions in the past few candles but the weakness of the dollar has driven a breakout. Chasing the Aussie higher here would though be a move filled with a significant risk. Momentum is clearly strong and the pair staying with the bull run may be profitable in the very near term. However, if profit taking hits, it could be a sharp reversal. The bulls were looking strong after the sharp gains since last session. This move looks to hold and closing back above the resistance level would now be a corrective signal. Also, the pair’s oscillator was close to crossing back above the 20 level before today’s move. A move back above the 20 level on the four hour chart would now be corrective signals that a closing level back inside the band would now be a profit taking signal. The four hourly chart supports around the breakout at the 0.7557 level.

The AUD/USD pair approached from our first waited target at the 0.7593 level yesterday and bounced above it clearly to settle around the bullish trend line again. The pair has affected by its stochastic positively that approaches from the oversold areas now. Therefore, we believe that the chances are valid to rebound bullishly and resume the new bullish trend again. The pair breaching at the 0.7593 level will extend the bullish wave to reach the 0.7618 level, while holding above the 0.7593 level represents the most important condition to continue the expected rise.

The pair’s expected trading range for today is between the 0.7577 support and 0.7618 resistance levels.

Expected trend for today: Bullish

For more detailed analysis from the author, visit NoaFX.

 
For more detailed analysis from the author, please visit NoaFX.

Morning Market Updates – USD/JPY

The USD/JPY pair will settle at the support area and continues an upside momentum. The pair is still gaining strength with the 112.666 support level and a further rise is expected. A sustained break of medium term channel resistance will argue that correction is already completed with support holding the area. Breaking of the 113.057 level will confirm this bullish case and target a test on the 113.688 next. On the downside, a break of the 112.666 level will suggest rejection from the channel resistance and turn bias back to the downside.

In the bigger picture, a further rise from the 112.666 level is seen as the second leg of the corrective pattern from the support levels. It’s unclear whether this second leg has completed at these levels or not. But medium term outlook will be mildly bullish as long as support holds and there is prospect of breaking ahead. Meanwhile, a break of the 113.057 will bring retest of 113.688 high levels.

The dollar remains neutral as the market continues to fall away. The upcoming days are characterized by strong bull candles. The pair whilst any recovery up days is beset with struggles to make any headway and will turn in effect into consolidation days. A current candle was another consolidation day where the bulls rise to make some impact, before once more resuming the rise earlier in the day. The daily momentum indicators have all now taken on a corrective outlook, with the stochastic both rising above the 20 level. The pair is now into the old pivot band so it will be interesting to see the reaction. The likelihood is that the support which has often been seen as an inflection point will now be tested. The four hourly chart shows the resistance at the 113.057 level is bolstered now as a key level, with initially an area of near term overhead supply.

The USD/JPY pair has bounced bullishly after the 112.666 level formed a solid support against the price recent negative attempts and stuck between the mentioned support which represents correction levels consecutively. This makes us suggest witnessing sideways trading between these levels until the price manages to breach one of them.

Noting that breaking the mentioned resistance will push the price to resume the bullish trend and its main targets begin at the 113.057 and extend to 113.688 levels. While breaching the resistance represents the key to extend the pair’s gains to reach the previously recorded top as a next main station.

The pair’s expected trading range for today is between the 112.666 support and 113.688 resistance levels.

Expected trend for today: Bullish
For more detailed analysis from the author, please visit NoaFX.

Morning Market Updates – NZD/USD

Intraday bias in NZD/USD pair remains neutral as it is still bounded in range of the 0.6862 level. In case of another recovery, an upside movement should be limited below the 0.6906 resistance level to bring fall resumption. Breaking at the 0.6862 level will resume to decline from key support level. However, a decisive break of the 0.6883 level will indicate that pull back from the 0.6862 level is completed and a medium term rise is resuming.

In the bigger picture, NZD/USD hits a strong support from the long term falling trend line. The current development is starting to favor that corrective rebound from the 0.6862 level low has completed. A Decisive break of 0.6883 will confirm this bullish case and will target a test on the 0.6906 level high next, with prospect of resuming the upside term. Nonetheless, a break of the 0.6883 resistance level will restore the rise from the 0.6862 for high of 0.6906 levels.

With such a strong momentum, the pair continues to build and it had only seemed like a matter of time. However, the renewed weakness of the dollar since yesterday has helped to drive the break above the 0.6862 level. This had been the broad projection target from the old range breakout and the target has been achieved. This means that the NZD/ USD pair is trading at its highest since last month when it hit a high of the 0.6976 level. But, on the longer term charts the pair is testing the bottom of the two week trading range between the 0.6862and 0.6976 levels. As yet there seem to be little reason not to believe that the Kiwi can continue to push higher, so buying into the intraday dips remains viable. The daily momentum indicators are all strongly configured. The only real caveat on the near term horizon is the New Zealand REINZ House Price Index (MoM) declined to 0.1% from previous 13.6% is initially supportive with 0.6883 and also breakout resistance. The four hourly chart shows support at the 0.6862 level.

The NZD/USD pair finds difficult to breach the 0.6883 level until now. The pair continues to fluctuate within to recover the track near the mentioned level. While the stochastic continues to provide the positive signals on the intraday time frames and motivates the price to breach the mentioned level followed by heading towards our positive targets that begin at the 0.6883 and extend to 0.6906 levels.

In general, we will keep our positive overview on the intraday and short term basis unless the pair breaks at the 0.6862 level and holds below it.

The pair’s expected trading range for today is between the 0.6862 support and 0.6906 resistance levels.

Expected trend for today: Bullish
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – XAG/USD

Silver is in recovery mode for the day after bears showed signs of stall ahead of key supports at the 16.91 level. The pair after some fresh recovery attempts is underway and looks to rally showing a strong rejection at the zone.  The pair’s sustained break at the 17.00 level is needed to signal a further recovery and expose key barriers which are expected to limit recovery attempts before broader bulls resume. The metal is looking to generate a stronger signal for near-term direction.

The bulls would regain control of a decisive move back above the pivot band at the 17.00 level. However, this is a significant medium-term barrier which would complete a base pattern. The pair’s resistance also coincides with the decline and capped the upside. The recent candle was stronger for the bulls with a rise at a high from the 16.91 level as the momentum indicators specifically the stochastic also approach key areas where they continue to hold and signal there may be a rise. The four hourly chart shows recent decline may be completed and look towards an uptrend which has been broken now with the resistance of the 16.91 level increasingly near term. The four hourly consistently is rising back towards the 80 level and would reflect a strong bullish trend. The four hourly is dropping below neutral at the 16.91 support key level. The pair trading below the 16.91 support level puts 16.77 back in sight.

Silver price fluctuates at the intraday with bullish channel support that appears on the chart.  This keeps its stability above the most important support at the 16.91 level and gets a continuous positive support by the price action, while stochastic shows clear rising signals.

Therefore, we will continue to suggest the bullish trend on the intraday at the 50EMA. We shall wait for price action surrounding area, noting that pair has been testing the 50EMA areas before any new attempt to rise on short-term basis. The pair’s price increases very fast and reaches the pivot line which targets to begin at the 16.91 and extend to 17.00 levels. We shall wait for price action surrounding area, noting that breaking these levels will push the price to test the 17.08 areas before any new attempt to raise.

The pair’s expected trading range for today is between the 16.91 support and 17.00 resistance levels.

Expected trend for today: Bullish
For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: EUR/USD ; Market Forecasts for November 13TH – November 17th

  • Resistance level 1708, 1.1743, 1.1764
  • Pivot Level 1619
  • Support Level  1.1585

eurusd2

Technical Analysis

EUR/USD has been consolidation pattern from the 1.1585 levels. The pair is still in progress with support holding the levels price action produced strong bullish momentum at the close of the week. Its candle made some pull back indicating shift in momentum to upside bias with pair closing above the trend line. The pair looks for corrective upward bias with price action confirming the bullish movement medium term. The pair is still in progress from current levels with pair finding support and oscillator still above the 58.0 level upward momentum is looking towards sustained trading above the 1.1619 levels will confirm strong long term momentum. This will remain the favored case as long as support holds and would pave the way to reach level breaks here can expect levels of the 1.1708 and later to 1.1743 levels. The pair’s outlook remains bullish for week.

Economic

  • Gross Domestic Product, Industrial Production
  • Trade Balance, Consumer Price Index
  • Retail Sales, Consumer Price Index, Initial Jobless Claims
  • Building Permits Change, Housing Starts Change

Area of Interest

  • Strong support at 1.1585 area and closed above support levels.
  • Bullish momentum with two bar reversal and pair strongly closing above the support area.
  • Price action closed above the break of trend line and oscillator above 58.0 levels indicating shift in momentum.

At Flip Area on Daily time frame support levels.

 

Morning Market Update – November 10, 2017

Copper price rose above the 3.0718 level by fully reversing losses from start of the week. The pair’s upside movement remains limited, following a repeated upside rejections above the 3.1151 level handle.

The future contract for December delivery is holding within triangular consolidation, as the converging trend lines limit near term price fluctuation.

The pair’s daily studies are bullishly aligned and favor an eventual firm break above the 3.0926 level to signal resumption of recovery from the 3.0570 towards the 3.0718 and psychological 3.120 barriers.

The price may stay in prolonged with the consolidation while holding within the support area.

Its strong bearish signal could be expected on break and close below lower the 3.0718 level.

The bulls would regain control on a decisive move back above the pivot band at the 3.0926 level. However, this is a significant medium term barrier and one would complete a five week base pattern. The pair’s resistance also coincides with the 50EMA and capped the upside move aside from a brief intraday spike at the beginning of day. Yesterday’s candle was encouraging for the bulls with a rise at a high of the 3.0718 level as the momentum indicators. Its stochastic also approaches the key areas where they failed earlier. The four hourly charts show a four day downtrend that has been broken now with the support of holding now increasingly in the near term. The four hourly stochastic rising back above the 50 level would reflect a strong bullish trend. The pair trading below the 3.0718 support level puts 3.0570 back in sight.

Copper price record a new positive level by its repeated stability near the 3.0718 level. We will keep our bullish expectation due to its stability within the bullish channel’s levels besides the stability of the initial support at the 3.0718 level, until it reaches the main targets at 3.0926 and 3.1151 levels.

The pair’s stochastic attempt to rally above the 50 level reinforces our bullish expectation, by providing a new positive momentum which increases the positive pressures on the current trading until reaching the waited targets.

The pair’s expected trading range for today is between the 3.0718 support and 3.1151 resistance levels.

Expected trend for today: Bullish

 
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – NZD/USD

Intraday bias in NZD/USD remains bullish for the moment and another rise is mildly in favor. A break at the 0.6976 level will target a test on 0.7025 high. But, we’d be cautious on a strong resistance from there to limit upside and bring another fall to extend the corrective pattern. On the downside, break at the 0.6941 level will resume the decline and will target the medium-term downtrend.

In the bigger picture, a further rise from the 0.6897 medium term bottom is seen as a continuing pattern. The current development suggests that it might be completed with waves up to the 0.6941 level. A break at this level should see the pair rise to the 0.6976 level which will firm this bullish case. A decisive break at the 0.6976 key cluster support levels will confirm and bring retest to this level. In such a case, a further rise from the 0.6976 level resumes and extends a strong resistance which can be seen at the 0.7025 level to limit upside.

Having spent the past two weeks with the uptrend rally, the Kiwi bulls have taken another step forward. The current strong bull candle broke out to close above the 0.6941 level. This is not only a good support area but also breaks an important resistance. The pair looks to continue with the uptrend and takes the market above the key resistance for the first time since early of this month. If the bulls can confirm this breakout above the 0.6941 level, then the upside for a continued recovery will be open. This would then open the key high at the 0.7025 level. The four hourly charts show a strong configuration on momentum and its corrections will now be seen as a chance to buy. The reaction to today’s early unwind will be interesting. The pair’s support is above the 0.6941 level. A failure below support at the 0.6941 level would re-open the bear control once more.

The pair tested the key support level at the 0.6941 and kept its stability above it. This shows some bullish bias now in an attempt to resume the main bullish trend and waits to breach at the 0.6976 level to get rid of any negative pressure and continue rising on the short-term basis.

Therefore, we will keep our bullish overview pressure conditioned by holding above the 0.6941 level and breaching these levels will push the price towards the 0.6976 level that represents our first main target.

The pair’s expected trading range for today is between the 0.6941 support and 0.7025 resistance levels.

Expected trend for today: Bullish
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – EUR/USD

The EUR/USD pair is still bounded in consolidation from the 1.1572 and intraday bias stays neutral. The pair breaking the 1.1596 resistance is needed to confirm completion of the decline from the 1.1572 level. The near-term outlook will stay bullish. The pair trading below the 1.1572 will target at the 1.1547 levels.

In the bigger picture, a further rise from the 1.1572 medium term level bottom is seen as a corrective move for the moment. Therefore, in case of another rally, we’d be cautious on retracement of the 1.15962 and then at 1.1634 levels to limit upside and bring reversal. Meanwhile, sustained trading below the 50 EMA will suggest that such medium term rebound is completed and could then bring retest of 1.1572 low.

The pair trading with such a strong momentum that continues to build and it had only seemed like a matter of time. However, the recent weakness of the dollar has helped to drive the break above the 1.1596 level. This had been the broad projection target from the old range breakout, so the target has been achieved. This means that the pair is trading at its support when it hit a high at the 1.15962 level, but also on the longer term charts is now testing the top of the trading range between the 1.15727 and 1.16342 levels. As yet there seems to be little reason not to believe that the Euro can continue to push higher, so buying into the intraday dips remains viable. The daily momentum indicators are all strongly configured. The four hourly chart shows support at the 1.1572 level.

The pair continues to rise by today’s opening and attempts to breach the resistance line located now at the 1.1596 level which hints the price and attempts to resume the main bullish trend again. The pair breaching the mentioned level followed by breaching the 1.1596 level will confirm opening the way to head towards the 1.1634 areas initially.

On the other hand, the markets are waiting the Non-monetary policy’s ECB meeting today, which might cause mixed trading for the pair. Thus, we prefer staying aside temporarily until we get a clearer signal for the next trend. We will get through breaching the 1.15962 resistance or breaking 1.1572 support levels, as breaking this support represents a negative factor that will push the price to reactivate the negative scenario that targets to test the 1.1547 level.

The pair’s expected trading range for today is between the 1.1572 support and 1.1634 resistance levels.

Expected trend for today: Bullish
For more detailed analysis from the author, please visit NoaFX.

Morning Market Update – AUD/USD

The AUD/USD pair has regained some support and it is still in progress and edges higher to the 0.7712 level. Intraday bias remains on the upside at this point. A firm break at the 0.7712 resistance level will confirm a resumption of the whole rebound from the 0.7634 bottom. In such case, the pair would target projection of the 0.7712 level. On the downside, the pair trading below the 0.7634 minor support level will turn intraday bias neutral first. But the pair’s near-term outlook will stay cautiously bullish as long as the 0.7634 support level holds.

In the bigger picture, the current development suggests that the rebound from 0.7634 is developing into a medium-term rise. There is no confirmation of trend reversal yet and we will continue to treat such rebound as a corrective pattern. A further rise is expected but it needs to break above to 50 months EMA or even extend to the 0.7712 level. A break of resistance is needed to confirm completion of the rebound. Otherwise, a further rise is now in favor.

The pair trading with such a strong momentum continues to build but it had only seemed like a matter of time. However, the renewed weakness of the dollar since yesterday has helped to drive the break above the 0.7663 level. This had been the broad projection target from the old range breakout, so the target has been achieved. This means that the pair is trading at its highest since the start of this month when it hit a low of 0.7634. But, the pair trading on the longer term charts is now testing the newfound resistance between the 0.7663 levels. As yet there seems to be little reason not to believe that the Aussie can continue to push higher. Therefore, buying into the intraday dips remains viable. The pair’s daily momentum indicators are all strongly configured.

The pair provides a positive trading after testing the 0.7634 level again yesterday getting a continuous positive support and keeps the chances valid to continue the bullish trend which its next target located at the 0.7663 level.

Therefore, we will continue to suggest the bullish bias in the upcoming sessions unless breaking at the 0.7634 level and holding below. The pair breaching at the targeted level will extend the bullish wave to reach the 0.7712 level as a next main station.

The pair’s expected trading range for today is between the 0.7634 support and 0.7712 resistance levels.

Expected trend for today: Bullish
For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: EUR/USD; Market Forecasts for November 6th – November 10th

  • Resistance level 1681, 1.1738, 1.1772
  • Pivot Level 1625
  • Support Level  1.1590

eurusd2

Technical Analysis

The EUR/USD pair is looking for consolidation pattern from the 1.1590 levels. The pair is still in progress with support holding the levels at the price action producing strong bullish momentum. At the close of the week, the candle made some pullback indicating a shift in momentum to upside bias with pair closing above the break of the trend line. The pair looks for corrective upward bias with price action confirming the bullish movement medium term.The rally is still in progress from current levels with pair finding support and oscillator still above the 18.0 level. An upward momentum is looking towards sustained trading above the 1.1625 level will confirm strong long-term momentum. This will remain the favored case as long as support holds and would pave the way to reach this level. The pair breaking here can expect levels of the 1.1681 and later to 1.1738. The pair’s outlook remains bullish for the week.

Economic

  • Markit Services PMI, Producer Price Index, Eurogroup meeting
  • Non-monetary policy’s ECB meeting, Economic Bulletin
  • JOLTS Job Openings, Initial Jobless Claims, Continuing Jobless Claims
  • Michigan Consumer Sentiment Index

Area of Interest

  • Strong support at 1.1590 area and closed above support levels.
  • Bullish momentum with two bar reversal and pair strongly closing above the support area.
  • Price action closed above the break of the trend line and oscillator above 18.0 levels indicating a shift in momentum.

At Flip Area on Daily timeframe support levels.