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The EUR/USD technical analysis and trading recommendations for November 3, 2010 2010-11-03​

4-hour timeframe



Overview:
The buy signal with the target at 1.4188 is continuing. The Bollinger bands are diverging and directed upwards indicating the continuation of the uprising movement. The signal is strong and confirmed, as the price is above the Ishimoku Cloud and the Chinkou Span has fixated above the price graph recently. The first resistance level of 1.4105 is a target for the uptrend. In case the price fixates above this level, we will have the next target for movement at 1.4188. Otherwise, the correction can start. The critical level for the current upwards tendency is 1.3920 (Kidjun-Sen), below which the buy signal will weaken. The Chinkou Span is above the price graph confirming the current buy signal. The Bollinger Bands show the uprising motion, the lines are diverging and directed upside. The MACD is ascending, thus pointing to the resumption of uptrend.

Trading recommendations:
Currently, it is recommended to trade up with the target at 1.4105. The stop loss is set below 1.3920. In case the MACD turns downside the long positions should be cut.

In addition to technical image, one should take into account the fundamental data and the time of their release.

The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.




Performed by Stanislav Polyanskiy, Analytical expert
InstaForex Companies Group © 2007-2010

 

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The candlestick analysis of the EUR/USD for 03/11/2010 2010-11-03​

At 4-hour graph, the EUR/USD currency pair is trading in the range 1.4080-1.3696. Nevertheless, the viewpoint on the currency pair remains bearish. As it was mention before, in case the support level of 1.3696 is broken though the downside movement with the target at 1.3382 is expectable. Earlier on a 4-hour graph the EUR/USD has formed Shooting Star candlestick, which is a bearish signal.
This candlestick formed on the uptrend. Nonetheless, the bears start increasing their influence and a rollback took place near January 2010 high.
The breakout of the Fibonacci correction level 23.6 and support level 1.3777 confirms this point of view and that the uptrend is breached.
The fact that the combination of candlesticks Dark Cloud Cover emerged on a daily graph of the EUR/USD comes in favor of the downwards movement.
On the other hand, if the resistance level of 1.4080 is broken through then short positions should be closed, since it will lead to the upturn to 1.4157.




Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

The technical analysis of the USD/CAD for 03/11/2010 2010-11-03​

Support levels: 1.0075, 0.9980, 0.9930
Resistance levels: 1.0385, 1.0511, 1.0680

At 4-hour graph, the USD/CAD currency pair tests the support level near 1.0075, the breakout of which will lead to the further decrease to 0.9980. However, if the mark of 1.0075 is not broken through, then the rebound to upwards and further consolidation are expected.
If the USD/CAD reverses, then the breakout of 1.0385 will denote that the pullback from 1.0680 is finished and advance is awaited. This fact is confirmed by the divergence on the MACD and RSI on a 4-hour chart.
In a midterm, the consolidation from 1.0855 has not ended yet and another low is expectable. Nevertheless, in case of the reversal then the breach of 1.0680 will affirm the end of the consolidation and that the downtrend from 1.3063 is broken through. In this case it is expected that the USD/CAD will move upwards to the Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at Fibonacci correction level 61.8 at 1.1866.





Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

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The EUR/GBP candlestick analysis (long term outlook) 2010-11-03


The EUR/GBP currency pair is trading with a slight advance after a huge drop from the Fibonacci correction level 50.0. In addition, by the end of the last week the EUR/GBP formed a bearish combination of Bearish Engulfing in a downward trend. It is recommended to close long positions opened earlier and open short positions with a target at 0.8090 and stop-orders slightly higher than Fibonacci correction level 50.0. A breakthrough of the support level 0.8535 will mean that this point of view is correct and lowering to 0.8090 is expectable.
Earlier at a week graph the EUR/GBP formed a Hammer candlestick, which is a bullish signal. In favor of the upside movement comes the fact that this candlestick was formed near the support level at 0.8070, where "bears" could not solidify and the "bulls" started increasing their influence and a sharp rollback took place.
This candlestick shows that the currency pair was moving down after a failed effort of breaking through the resistance level of 0.9411. However, coming closer to 0.8067, it made a reversal.
The fact that the EUR/GBP broke through the Fibonacci correction level 23.6 means that this opinion is correct one.




Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

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USD/JPY Technical analysis, Support and Resistance Levels for November 04, 2010 2010-11-04​

Resistance. 3 : 81.51
Resistance. 2 : 81.38.
Resistance. 1 : 81.26.
Support. 1 : 81.10.
Support. 2 : 80.97.
Support. 3 : 80.84.

It seems the USD/JPY pair failed to reach the level of 80.25, thus indicating the level of 80.00 is a strong support for now. Today this pair will be traded in a range between 81.25 and 80.75; the breakout from this level can lead to a substantial movement. If today this pair can reach the Support. 3 (80.84), usually the USD/JPY will reverse to up between 10 pips to 20 pips. However, in case the pair after hit the support. 3 (80.84) still goes down to the mark of 80.23, this will indicate the strengthening of the USD/JPY at least for today. On the other hand, if the USD/JPY goes upwards until the Resistance. 3 (81.51), then there is a possibility that it will reverse downside between 10 pips to 20 pips. In case after hit the Resistance, 3 (81.51) this pair is still going up to 81.94; this will indicate the strong uptrend of the pair today.

Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

The candlestick analysis of the AUD/USD (long term outlook) 2010-11-04​

The AUD/USD pair continues to refresh the historical highs. As it was mentioned before, a breakout of the resistance level 1.00 targeted the pair at 1.05. Earlier on a week graph the AUD/USD formed the bullish combination of candlesticks Bullish Engulfing, which is a signal to uprising movement.
The upwards motion is supported by the fact that this combination of candlesticks emerged on the uptrend after the rebound from the support level of 0.8066 and Fibonacci correction level 38.2, where the bears did not fixate and the bulls started increasing their influence.
This combination of candlesticks shows that the currency pair was decreasing after the failed attempt to breakout the resistance level of 0.9394. However, having come closer to 0.8066, the pair reversed.
The fact that the AUD/USD has broken through the mark of 0.8855 confirms this point of view.
The long positions should be closed in case the support level of 0.9400 is breached, as it will lead to decline to 0.8465.





Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

• The technical analysis of the USD/CAD for November 04, 2010 2010-11-04
  http://instaforex.com/forex_analysis/17102/

• 
  
  
  Support levels: 1.0050, 0.9980, 0.9930
  Resistance levels: 1.0160, 1.0385, 1.0680
  
  The USD/CAD currency pair has again targeted at the parity level against the US dollar. A breakout of the support level near 1.0050-1.0075 will lead to the further decline to 0.9980. Nonetheless, presently the strong volatility is observed. If this level withstands, then the rebound to upwards is expectable.
  If the USD/CAD breaks through the resistance level of 1.0160, then the short-term viewpoint on the currency pair will become neutral. The breach of 1.0385 will denote the end of the pullback from 1.0680 and further growth should be awaited. The divergence on the MACD and RSI at 4-hour graph comes in favor of this fact.
  In a midterm the consolidation from 1.0855 has not finished yet and another low should be expected. Nevertheless, in case of the reversal then the breakout of 1.0680 will confirm the end of the consolidation and that the downside trend from 1.3063 is broken through. In this case it is forecasted that the USD/CAD will move upside to the Fibonacci correction level 38.2 from 1.3063 to 0.9929 at 1.1126 with the next target at the Fibonacci correction level 61.8 at 1.1866.
  
  
  
  
  
  Performed by Vladimir Donin, Analytical expert
  InstaForex Companies Group © 2007-2010

 

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EUR/USD Technical Analysis. Support and Resistance Levels For November 04, 2010 2010-11-04​

Breakout Buy level : 1.4200.
Strong Resistance : 1.4191.
Original Resistance : 1.4177.
Inner Sell Area : 1.4163.
Target Inner Area : 1.4128.
Inner Buy Area : 1.4094.
Original Support : 1.4080.
Strong Support : 1.4066.
Breakout Sell level : 1.4057.

Now, this pair is trading in a range between 1.4125 and 1.4100. A breakout and closing above/below that level can lead this pair into another level. If this pair can break out and close below the level of 1.4000 (especially below 1.3975), then the pair will move to the mark of 1.3925 level. On the other hand, if this pair can break through 1.4125, then the EUR/USD will move to the level of 1.4175.

Performed by Arief Makmur, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

The EUR/GBP candlestick analysis (long term outlook) 2010-11-05​

The EUR/GBP pair is trading up during this week. Nevertheless, the viewpoint on the currency pair remains bearish, since at the end of the previous week the EUR/GBP had formed the combination of candlesticks Bearish Engulfing on the downtrend.
As it was mentioned before, the breakout of support level of 0.8535 will confirm this point of view. In this case the decrease to 0.7750 is expectable.
In favor of this situation comes the fact that this combination of candlesticks appeared near the upper limit of the downtrend, where the bulls did not fixate and the bears started to increase their influence and a rebound took place.
The short positions should be closed if the Fibonacci correction level 50.0 is broken through, as it will denote that the downtrend is breached and the currency pair is targeted at 0.98.





Performed by Vladimir Donin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

The GBP/USD technical analysis and trading recommendations for November 5, 2010 2010-11-05​

4-hour timeframe



Overview:
The buy signal with the target at 1.6057 is still observed, the Bollinger Bands are diverging again. This signal is confirmed, as the Chinkou Span has fixated above the price curve, and the price strengthened above the Ishimoku cloud. The target level has been passed already; however, the signs of the reversal are not seen, which means that the uprising movement is actual. The price has also fixated above the first resistance level of 1.6169, which offers the target at the second resistance level of 1.6297. In case the price overcomes this level the next target will be the third resistance level of 1.6550. If the price is below the Kidjun-Sen (1.6130), the buy signal will weaken and long positions should be cut. The Chinkou Span is above the price graph, thus confirming the current buy signal. The Bollinger bands show the upwards motion, the lines are diverging and directed upside. The MACD is directed downwards, denoting the beginning of the correction, we start trading up after the correction ends.

Trading recommendations:
Currently, it is recommended to trade up with the target at 1.6297 and further to 1.6550. The stop loss is set bellow the Kidjun-Sen 1.6130. In case the MACD turns upside we enter the market with long positions.

In addition to technical image, one should take into account the fundamental data and the time of their release.

The chart annotation:
Ishimoku indicator:
Tenkan-sen — red line
Kijun-Sen — blue line
Senkou Span A — light brown stipple line
Senkou Span B — light purple stipple line
Chinkou Span — green line
Bollinger Bands indicator:
3 yellow lines
MACD indicator:
The red line and the histogram with the white bars in the indicators window.

Performed by Stanislav Polyanskiy, Analytical expert
InstaForex Companies Group © 2007-2010