Technical Analysis from www.Instaforex.com

[BudakFx]

GOLD Intraday Technical analysis 2010-11-09​

Gold is currently testing the upper limit of its medium-term bullish channel to 1416 suggesting a decline in the short term. However a break in that area would free up significant potential and beginning of an upward trend is more violent.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate will have broken its resistance in 1416 with a 1st objective of 1427, then 1437. A break in 1414 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

USD/JPY Intraday Technical analysis 2010-11-09​

The spot rate is currently testing the lower limit of its medium-term bullish channel in 80.80 suggesting a rebound in the short term. However a break in this area would lead to a downward acceleration and initiate a new trend.

According to previous events, the market indicates a bullish opportunity on the levels of 80.80 with a 1st objective of 81.30, then 81.50. A break in 80.60 would invalidate this scenario.

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

USD/JPY Technical Analysis. Support And Resistance Levels For November 09, 2010 2010-11-09​

Resistance. 3 : 81.32.
Resistance. 2 : 81.16.
Resistance. 1 : 81.00.
Support. 1 : 80.80.
Support. 2 : 80.64.
Support. 3 : 80.48.

The USD/JPY now has been trapped in a triangle formation; it means the market participants are confused about the movement of this pair. Now the USD/JPY has been oscillated between the 81.25 to 80.75 level areas. However, today this pair has a strong support and resistance levels at 80.48 (Support. 3) and 81.32 (Resistance. 3). If this pair can reach this area, there is a possibility for this currency to reverse between 10 pips to 20 pips, but if this pair after reach these levels still moves by more than 50 pips this will indicate that the USD/JPY will continue its movement.



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

 

[BudakFx]

EUR/USD Technical Analysis. Support And Resistance Levels For November 09, 2010 2010-11-09​

Breakout Buy level : 1.3928.
Strong Resistance : 1.3920.
Original Resistance : 1.3907.
Inner Sell Area : 1.3894.
Target Inner Area : 1.3861.
Inner Buy Area : 1.3828.
Original Support : 1.3815.
Strong Support : 1.3801.
Breakout Sell level : 1.3793.



Since yesterday the EUR/USD pair broke through and closed below 1.3925 level and hit the target. 1 at 1.3875, this pair now tries to reach the 1.3775 level areas as a target. 2. However, usually before this pair reaches the target.2 it has a change to re-test again the 1.4000 level area before it goes down to 1.3750.



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

 

[BudakFx]

The candlestick analysis of the EUR/GBP for 09/11/2010 2010-11-09​

The EUR/GBP has successfully broken through the support level of 0.8626 and presently is declining.
Earlier at daily graph the EUR/GBP formed the combination of candlesticks Bearish Engulfing, which indicates the downside motion.
This combination of candlesticks shows that the currency pair was demonstrating the upwards tendency during several weeks after it failed to break out the support level of 0.8067. Nevertheless, coming closer to 0.8950 it reversed. This means that the bears strengthened here and the bulls did not solidify here.
The breakout of the Fibonacci correction level 38.2 and support level of 0.8626 denotes that this point of view is correct. The downside motion with the target at support level of 0.8462 where the Fibonacci correction level 61.8 is placed should be expected.
It is recommended to set the stop orders slightly above 0.8821, as the breakthrough of this mark ill target the EUR/GBP at 0.8950.




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

 

[BudakFx]

The candlestick analysis of the GBP/CHF for 09/11/2010 2010-11-09​

At 4-hour graph the GBP/CHF currency pair is showing the sideways movement after a rebound from the Fibonacci correction level 61.8.
The GBP/CHF had formed the combination of Bearish Engulfing candlesticks that indicates the downside motion, confirmed further.
The breakout of 1.5627 and Fibonacci correction level 38.2 means that this viewpoint is correct.
The fact that the currency pair has broken through the support level of 1.5541 denotes that the GBP/CHF is targeted to 1.5378.
This combination of candlesticks shows that the currency pair was demonstrating the uprising movement during a couple of days after it failed to breach the support level of 1.51. However, having come closer to 1.5964 the pair reversed. This means that the bears increased their influence here and the bulls did not fixate.
The stop orders should be set slightly above 1.5825, as the breakout of this mark will target the GBP/CHF to 1.5964.




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

 

[BudakFx]

The technical analysis of the USD/CAD for November 09 2010-11-09​

Support levels: 1.0000, 0.9980, 0.9930
Resistance levels: 1.0160, 1.0385, 1.0680

The USD/CAD is pulling back after the failure to break through the support level near the parity level against the US dollar. Nevertheless, a breakout of 1.0050 targeted the currency pair to 0.9980. As it was mentioned before if the USD/CAD could not breach the parity level versus the US dollar, then the rebound to up is expectable.
If the USD/CAD reverses and breaks through the resistance level of 1.0160 and EMA (55), then the viewpoint will be neutral. Further the breakthrough of 1.0385 will denote that the rollback from 1.0680 ended and the advance should be awaited. In a midterm the consolidation from 1.0680 has not finished yet and one more low is expectable. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm the end of the consolidation, as well as that the downtrend from 1.3063 is breached. In this case it is expected that the USD/CAD will move up 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

 

[BudakFx]

The analytical review of the EUR/USD with a forecast for Tuesday November 09 2010-11-09​

On Monday the euro declined against the US dollar, as the majority of market participants turned their attention to Euro-zone problems after last week their attention was focused on the US data.
The weak fundamental data on Euro-zone were also exerting pressure on the European currency.
The trading ended in favor of the US dollar that strengthened against the euro by 135 points, the trading volatility was 201 points.

Fundamental review:

According to Destatis the German exports grew considerably in September compared to the previous month. In September the German export rose by 3% to EUR 84.3 bln. in comparison with the previous month, and the import decreased by 1.5% and stood at EUR 68.7 bln.
In Germany the trade surplus edged up to EUR 16.8 bln. versus EUR 9 bln. in August. The current account surplus increased to EUR 14 bln. against EUR 5 bln. in August.
The economist forecasted that the foreign trade surplus would be EUR 12 bln.
According to the German Ministry of Economy the industrial production decreased by 0.8% compared to the previous month mainly because of the decline by 2% in the production of intermediate goods. The economists expected that industrial production would rose by 0.5% compared to the previous month.

Technical analysis:

The downside movement that was formed on last Friday and prevailed on Monday is observed. The pair has broken through several key support levels and stopped near 1.3891. In a midterm the uprising price channel can be also broken out. The upper limit of this channel is near the highs of 3 and 4 of November 1.4152 and 1.4265. The lower limit is marked with the today’s low of 1.3834.
The mark of 1.3891 will be the key resistance level, from which the movement can continue to 1.3944 and 1.4002.
In case of the downtrend the first support area will be 1.3844, from which the decline can last to 1.3807 and 1.3773.
The Bollinger Bands are directed downwards, thus pointing to decline on the market. The trading is driven in the lower part of the channel and the mid band positioned in the area 1.3898 is a dynamic support.
The MACD indicator is in the purchase area; however, we can see the first signs of divergence, as its recent reading could not move lower the previous low, whereas the pair refreshed it.






Recommendations for today:
Support levels: 1.3844, 1.3807, 1.3773
Resistance levels: 1.3891, 1.3944, 1.4002



Today it is advisable to buy the pair at a 1-hour timeframe closing above the level of 1.3901 with a target - T/P 1.4069 and S/L 1.3852.
It is possible to sell at the closing of a 1-hour timeframe below 1.3819 with a target – T/P 1.3688 and S/L 1.3860.



Performed by Maxim Magdalinin, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

EUR/GBP Important support 0.8600, November 09, 2010 2010-11-09​

After breaking down so strongly, the pair euro - pound could find a support at price levels that are listed at this time and start an upward sequence, which could introduce the pair in a stalemate between levels 0.8600 to 0.8800. In this case, the closing session has a special significance since closing above the 0.8640 level is an indication of the power of support and also create a positive investment pattern with the figure of "hammer" of bullfighting. This alternative represents for us a sign for purchase starting point in accordance with the resistance level of 0.8740 to 0.8775.

A breakout below the 0.8600 support level, however, represents a sign of continuing casualties. If this option is fixated, you can take short position on the pair with distant starting point, which is significant in relation to low level and 0.8400 support 61% 8 fibonacci, extending to 0.8330 pounds sterling euro.


Performed by Gerardo Porras Palomino, Analytical expert
InstaForex Companies Group © 2007-2010

 

[BudakFx]

The US stock market review for 09/11/2010 2010-11-10​

On Tuesday the stock indices of the USA closed down amid the intensified investors’ concerns about the probable influence of the stimulus plan announced by the Federal Reserve System last week. The Dow Jones Industrial Average fell by 60.09 points, or by 0.53%, to 11346.75. The Nasdaq Composite dropped by 17.07 points, or by 0.66%, to 2562.98. The Standard & Poor’s 500 lowered by 9.85 points, or by 0.81%, to 1213.40.
Bank of America shares strongly fell in price by 2.6%. Despite its plans to sell the shares of BlackRock by 25% more than it was planned, the banking giant does not have enough capital, which it should to raise by a year-end deadline. Chevron stocks lost 1.5%, after the oil giant announce its decision to purchase Atlas Energy for $3.2 billion in cash and wipe off a debt in amount of $1.1 billion. Atlas shareholders will receive $ 38.25 per share in cash that corresponds to a premium of 21% over the closing price on Monday. The shares of Atlas, which are not a DJIA component, rose in price by 34%. The background for the decline were the increasing concerns about the potential impact of the FRS plan to invest $600 billion in the economy, called as the quantitative easing-2 by Wall Street.
Ahead of the G20 summit, which starts in Seoul on Wednesday, the international controversy over the FRS measures has become more intense. According to the Tuesday data the wholesale inventories of the USA grew more than twice in September, than it was expected. Though the increase in inventory can be considered as the sign of companies’ confidence in the steady demand amid the further economic recovery, some investors are worried whether the companies have more inventory than they can sell.




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