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Candlestick analysis of the EUR/GBP for 18/11/2010 2010-11-18​

At daily graph the EUR/GBP currency pair is rolling back from the Fibonacci correction level 61.8. It is forecasted that the currency pair will grow to the range of 0.8625-8.8650. Nevertheless, the viewpoint is bearish, since the downtrend is remaining. As it was mentioned before in case the mark of 0.8462 is broken through the downside movement to support level of 0.82 is expected.
Earlier on daily chart the EUR/GBP formed the combination of candlesticks Bearish Engulfing that indicates the downwards movement.
This combination of candlesticks shows that the currency pair was demonstrating the uprising motion during several weeks after it failed to break out the support level of 0.8067. However, having come closer to 0.8950 the pair reversed. This means that the bears activated here and did not allow 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 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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USD/JPY Intraday Technical analysis 2010-11-18​

The spot rate is currently testing the lower limit of its short-term bullish channel at 83.10 suggesting a rebound in the short term. However a break of this zone will free a large downside potential and initiate a new trend.

According to previous events, the market indicates a bullish opportunity on the levels of 83.10 with a 1st objective of 83.60, then 83.80. A breakout at 82.90 will invalidate this scenario.

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

 

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GOLD Intraday Technical analysis 2010-11-18​

Gold is currently testing the upper limit of its medium-term downtrend channel at 1356. A breakthrough of this area will release a significant potential for the beginning of an upward trend.

According to previous events, the market indicates a bullish opportunity as soon as the spot rate has broken its resistance level at 1356 with a 1st objective of 1370, then 1375. A breakout at 1354 will invalidate this scenario.

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

 

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GBP/USD Intraday Technical analysis 2010-11-18​

The spot rate approaches to the upper limit of its short term downtrend channel at 1.5970. A breakthrough of this zone will allow it to reach the upper limit of its medium-term downtrend channel at 1.6090.

According to previous events, the market indicates a bullish opportunity since the spot rate has broken out its resistance level at 1.5970 with a 1st objective of 1.6040, then 1.6090. A breakthrough at 1.5940 will invalidate this scenario.

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

 

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EUR/USD Intraday Technical analysis 2010-11-18​

The spot rate is currently testing the upper limit of its medium-term downtrend channel at 1.3610. A breakout of this zone will free up significant potential for the beginning of an uptrend.

According to previous events, the market indicates a bullish opportunity as the spot rate has broken out its resistance level at 1.3610 with a 1st objective of 1.3670, then 1.3730. A break in 1.3580 will invalidate this scenario.


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

 

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The British Pound Movement Forecast by the Market Profile for November 18 2010-11-18​

On Wednesday the British pound profile can be related to a "normal deviation of a normal day".

Any growth efforts were restricted by the lower level of fair VAL price of November 16 and also the point of control POC of October 29.

The right price zone of Wednesday was fixed by the VAL levels – 1.5868 and VAH – 1.5911. The point of control POC -1.5876.





Forecast for today:
Taking into account that on the Asian session the British pound was rather calm and even became slightly stronger against the US dollar. Worth pointing out the probability of opening long positions from today's control point which fixed around 1.5908 with the target at 1.5935, from which the uptrend can continue to 1.5998 (POC of November 10).

In case of a downtrend I do not recommend to open long positions at testing the Point of Control of the day before in the range of 1.5876, which will come in line with the triple expansion of the starting balance IBx3 – 1.5875.

Small short sales can be made from the levels: 1.5998, 1.6018 and 1.6037 (POC of November 16).

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

 

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USD/JPY Technical Analysis. Support And Resistance Levels For November 18, 2010 2010-11-18​

Today Technical Level :

Resistance. 3 : 83.80.
Resistance. 2 : 83.63.
Resistance. 1 : 83.47.
Support. 1 : 83.27.
Support. 2 : 83.11.
Support. 3 : 82.94.



Today Outlook :

Almost two days the USD/JPY has been testing the mark 83.50 and it seems this level acts as a strong Resistance for the USD/JPY. If today the level of 83.50 is easily broken out, this currency has a potential movement to the next level at 83.75 before it moves up to the level of 84.00. Before this pair goes to that level, it must face with today Resistance. 3 at 83.80. Usually if the USD/JPY hit the Resistance. 3, this pair will reverse downside between 10 pips to 20 pips. In case this pair after a breakout of the Resistance. 3 still ascends to the mark of 84.25, this will indicate that the pair has an upward tendency for today. Otherwise, if today the USD/JPY breaks out and closes bellow 82.25, it will denote that the pair declines to 83.00. In case the downside momentum is strong enough, please pay attention to today’s Support.3 at 82.94. Usually the USD/JPY will reverse to up between 10 pips to 20 pips after hit the Support. 3, but if after hit the Support. 3 this pair is still going down to the 82.49 level, this will indicate that the USD/JPY downside trend is strong today.

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

 

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EUR/USD Technical Analysis. Support And Resistance Levels For November 18, 2010 2010-11-18​

Today Technical level :

Breakout Buy level : 1.3627.
Strong Resistance : 1.3619.
Original Resistance : 1.3606.
Inner Sell Area : 1.3593.
Target Inner Area : 1.3561.
Inner Buy Area : 1.3529.
Original Support : 1.3516.
Strong Support : 1.3503.
Breakout Sell level : 1.3495.

Today outlook :



Since yesterday the EUR/USD pair has already broken through the level of 1.3525, now the EUR/USD has a new target for movement at 1.3575 (the Hesitation level) before it moves upside to 1.3600, and then to 1.3625 as a second target. However, be careful as today the pair may re-test the mark of 1.3500, as long as the EUR/USD does not move more than 1.3424, it is still in an uptrend situation; but if it breaks through that level then the uptrend movement for this pair will be cancelled.









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

 

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The USD/CHF technical analysis and trading recommendations for November 18 2010-11-18​

4-hour timeframe



Overview:
The buy signal with the target level of 0.9854 is still observed. This signal is strong and confirmed as the price managed to fixate above the Ishimoku Cloud and the Chinkou Span is above the price chart. Also the price has overcome the first resistance level of 0.9885 and reached the second resistance level of 0.9961. In case the price strengthens above this level, the next target for movement will be the third resistance level of 1.0111. At present we observe the correction movement against the uprising trend. If the price closes below the Kijun-Sen (0.9850) then this will weaken the current buy signal and it is recommended to cut long positions. The Chinkou Span is above the price graph, thus confirming the current buy signal. The Bollinger Bands indicate the uprising movement, since the lines are diverging and directed upside. MACD is descending, thus pointing to the current correction movement.

Trading recommendations:
Currently, it is recommended trade up with the target to 1.0111; the positions can be opened after the price strengthens above 0.9961. The stop-loss is set below the Kijun-Sen – 0.9850. We enter the market only after correction will end, which will be indicated by the reversal of the MACD to downside.

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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Candlestick analysis of the EUR/GBP (long-term outlook) 2010-11-18​

This week the EUR/GBP currency pair is rolling back after it broken through the support level of 0.8535. The viewpoint is bearish, as earlier the EUR/GBP formed the combination of candlesticks Bearish Engulfing on the downtrend. As it was mentioned before, the breakout of the support level of 0.8535 will confirm this point of view. In this case the decline to 0.7750 should be expected.
In favor of the downside movement comes the fact that this combination of candlesticks emerged near the upper boundary of the downtrend, where the bulls did not manage to fixate and the bears started to increase their influence and a rebound took place.
The short positions should be closed in case the Fibonacci correction level 50.0 is broken out, since it will denote that the downtrend is broken through and the pair has a target at 0.98.



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