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The EUR/USD technical analysis and trading recommendations for November 17 2010-11-17​

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Overview:
The sell signal with the target level at 1.3576 is still observed. This signal is strong and confirmed as the price managed to fixate below the Ishimoku Cloud and the Chinkou Span is below the price curve. Also the price fixated below the pivot level of 1.3780. In this case the first support level of 1.3477 is the target for price movement. If this level is passed, the next target will be the second support level of 1.3268. It should be mentioned that at present the correction movement has ended. If the price fixates above the Kijun-Sen (1.3625) this will indicate the weakening of the sell-signal and point to reduce short positions. The Chinkou Span is below the price graph, thus denoting the current sell signal. The Bollinger Bands show the downside movement, the lines are diverging and directed downwards. The MACD is descending, thus indicating the resumption of the downtrend.

Trading recommendations:
Currently, it is recommended trade down with the target to 1.3268, but only after the price fixates below 1.3477. The stop-loss is set above 1.3625. In case the MACD reverses upside the short 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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Technical analysis of the USD/CAD for 17/11/2010 2010-11-17​

Support levels: 0.9980, 0.9930, 0.9826
Resistance levels: 1.0385,1.0513, 1.0680

On a 4-hour chart the USD/CAD currency pair has successfully broken through the resistance level of 1.0160, and after pulled back slightly.
Recently, the currency pair was trapped in the range of 0.9980-1.0160. Because of the breakthrough of the important resistance level the viewpoint became bullish. If the uprising movement continues, then the growth with the target to 1.0385 is expected. The breakout of 1.0385 will mean that the rollback from 1.0680 finished and further increase should be expected.
On the other hand if the USD/CAD reverses and breaks through the mark of 0.9980, this will lead to the decline with the target to 0.9930.
In a midterm the consolidation from 1.0855 has not ended yet and another low should be awaited. Nevertheless, in case of the reversal the breakout of 1.0680 will confirm the end of consolidation and that the downside movement from 1.3063 is breached. In this case it is expected 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 to the Fibonacci correction level 61.8 at 1.1866.





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

 

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Candlestick analysis of the EUR/AUD for 17/11/2010 2010-11-17​

Earlier on a daily graph the EUR/AUD has formed the combination of candlesticks Breakaway that indicates the bullish signal.
This combination of candlesticks appeared on the downtrend, after the paid has reached the high of 1.5454 where the bulls did not manage to fixate and the bears started to increase their influence. However, near 1.3666 the currency pair rebounded.
The fact that this candlestick formed near September 2010 low, which potentially can mean the formation of “double bottom”, comes in favor of the upside movement.
The breakout of the Fibonacci correction level 23.6 will confirm this point of view. The advance to 1.5010 is expected with the breakthrough of the main resistance level of 1.4373, where the Fibonacci correction level 38.2 is placed.
On the other hand, if the currency pair reverses and breaches the support level of 1.3666, then long positions should be closed, as the breakout of this mark will lead to new historic lows.



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

 

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Candlestick analysis of the EUR/GBP for 17/11/2010 2010-11-17​

On a daily graph the EUR/GBP pair is consolidating near the Fibonacci correction level 61.8. However, the viewpoint is bearish, as the downside trend is maintaining. The decline to the support level of 0.82 is expected if the mark of 0.8462 is broken through.
Earlier at daily chart the EUR/GBP has formed the combination of candlesticks Bearish Engulfing, which indicates the signal for the downwards motion.
This combination of candlesticks shows that the currency pair was demonstrating the uprising movement during a couple of weeks after it failed to break out the support level of 0.8067. Having come closer to 0.8950, the pair reversed. This means that the bears activated here and did not allow the bulls to solidify.
The breakthrough of the Fibonacci correction level 38.2 and support level of 0.8626 denotes that this point of view is correct.
It is recommended to set the stop orders slightly above 0.8821, as the breakout of this mark will target the EUR/GBP to 0.8950.



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

 

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EUR/USD Intraday technical analysis 2010-11-17​

Yesterday, the spot rate broke through day its short-term horizontal support at 1.3565 giving the way to a violent acceleration. Therefore a pullback at this area will be expected before a resumption of the downtrend.
According to previous events, the market indicates a bearish opportunity on the level of 1.3565 with a 1st objective of 1.3470, then 1.3440. A breakout of 1.3595 will invalidate this scenario.



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

 

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USD/JPY intraday technical analysis 2010-11-17​

Yesterday, the spot rate has broken through its resistance level at 83.30 and this led to acceleration. A pullback from this level is expected before a resumption of a bullish trend.
According to previous events, the market indicates a bullish opportunity on the level of 83.30 with a 1st objective of 83.80, then 84.40. A breakout at 83.10 will invalidate this scenario.



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

 

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GOLD Intraday technical analysis 2010-11-17​

Gold is approaching the upper limit of its medium-term downtrend channel at 1348. A breakthrough of this area will release a significant potential for an upward trend.
According to previous events, the market indicates a bullish opportunity since the spot rate has broken out its resistance level at 1348 with a 1st objective of 1361, then 1366. A breakthrough of 1346 level will invalidate this scenario.

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

 

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GBP/USD Intraday technical analysis 2010-11-17​

The spot rate came to test the lower limit of the medium term bearish channel at 1.5850 and broke through its short term resistance on the downtrend channel at 1.5920. A breakout of this zone will allow pair to reach the upper limit of this channel at 1.6010.
According to previous events, the market indicates a bullish opportunity as the spot rate has broken its resistance level at 1.5920 with a 1st objective of 1.6010, then 1.6040. A breakthrough of 1.5890 will invalidate this scenario.



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

 

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GBP/USD. The market has come back under pressure since capping out by 1.6300, (Daily Signal), November 17, 2010 2010-11-17​

GBP/USD

Negative sentiments have taken over the financial markets again, mostly due to concerns over the European debt crisis that remains to be complete, and it now appears that investors are preparing themselves for a second round of negative movements worldwide. The negative sentiment may affect also the British pound – United States dollar pair, which is beginning to show the signs of breaking on the route to a technical correction, and perhaps even a reversal of the positive trend.

We will only receive a final confirmation of the reversal and the beginning of a meaningful downwards movement after a decisive breach of the trend line accompanying the pair since early June. A daily close under the trend line will serve as an entry trigger for a sell deal with two major exit goals. The first is located near the 1.5500 support level, whereas the second and last goal is poised related to the lower support level around 1.5275 United States dollars for one British pound.

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

 

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SILVER, The silver is approaching to a touch distance from the meeting point between its trend line and the Fibonacci 38.2%. (Daily Signal), November 17, 2010 2010-11-17​

SILVER



The upwards movement of silver in late October and early November was the sharpest movement ever spotted on the financial markets. Silver has rose by not less than 22.5% in two and a half weeks! The downward correction came rapidly and is no less aggressive than the preceding upwards movement. That said, silver's technical picture reveals that it is approaching to a touch distance from the meeting point between its trend line and the Fibonacci 38.2% retreat level around the 25.00-dollar price limit.
This level is sufficiently attractive for a buy deal on silver, which is expected to be supported at this level, and begin shaping a new upwards movement, which may return back to the previous record around 28.50 US dollars per one ounce of silver. On the other hand, it is important to plan for a reverse scenario, wherein silver breaches the trend line and continue the current wave of downwards movements. In such a case, a daily close under the 24.80 level will serve as a trigger for a sell deal with exit goals marked at 23.50, 22.00, and 20.50 US dollars per one ounce of silver respectively.



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