Currency Pairs Market Analysis

[Solid ECN]

EURUSD Tests the Support Base

The EURUSD pair bounced downwards strongly after approaching our waited target at 1.0515, to test the key support base 1.0285 and keeps its stability above it, as it resumed its positive trading from there to settle around 1.0360 now. Therefore, the bullish trend scenario will remain valid and active for the upcoming period, supported by the EMA50 that carries the price from below, waiting to test 1.0515 mainly, noting that breaking 1.0285 will stop the expected rise and press on the price to turn to decline.

The expected trading range for today is between 1.0285 support and 1.0465 resistance, and the expected trend for today is Bullish.​

 

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GBPUSD - In anticipation of British statistics on inflation

According to the report for September, the UK unemployment rate increased to 3.6% from 3.5% earlier, resulting in a loss of 52.0K jobs, more than the forecasted decrease of 25.0K, which, however, was offset by the dynamics of the average level of wages, which, excluding bonuses, rose by 5.7%, which is better than the positive dynamics of 5.5% a month earlier, and taking into account bonuses – by 6.0%, higher than the preliminary estimates of experts at 5.9%. Inflation statistics will be released today, and analysts expect the consumer price index to reach 10.7% from 10.1% last month, continuing global growth.

The trading instrument moves within the local ascending channel on the daily chart, approaching the resistance line.

Resistance levels: 1.199, 1.225 | Support levels: 1.173, 1.136​

 

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GBPUSD Technical Analysis

The GBPUSD pair resumes its positive trading to surpass 1.1900 barrier, reinforcing the expectations of continuing the bullish trend for today, organized inside the main bullish trend, depending on the price stability above 1.1780, noting that our main waited targets begin at 1.2000 and extend to 1.2135.

The expected trading range for today is between 1.1780 support and 1.1975 resistance, the expected trend for today is Bullish.​

 

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EURUSD Technical Analysis

The EURUSD pair didn’t show any strong move since morning, thus, no change to the expected bullish trend scenario for today, supported by stochastic gain to the positive momentum gradually, besides the EMA50 that carries the price from below, reminding you that our main waited target is located at 1.0515, while holding above 1.0285 represents key condition to continue the expected rise.

The expected trading range for today is between 1.0285 support and 1.0465 resistance, and the expected trend for today is Bullish.​

 

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GBPJPY Holds Below the Barrier

GBPJPY pair attempted to form some positive waves to test the sideways range’s resistance at 166.8 and settles below it, as the stability below this barrier will allow us to suggest the negative attempts for now, to target 165.25 as a first station, followed by waiting to reach the initial support near 164.5. Note that succeeding to breach the current barrier and getting positive close above it will confirm regaining the bullish bias, to expect forming strong positive rally and target 167.9 initially, followed by reaching 169.

The expected trading range for today is between 166.80 and 165.25, and the expected trend for today is Bearish.​

 

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EURUSD turns to decline

The EURUSD pair couldn’t manage to reach 1.04 barrier, to face negative pressure and start testing 1.0285 level now, and by taking a deeper look at the chart, we find that the price completed forming double top pattern that we expect to push the price to turn to decline, as breaking this level represents the key to confirm rallying towards 1.0175 followed by 1.0135 levels as main negative targets.

Therefore, the bearish bias will be suggested for today unless breaching 1.0370 and holding above it. The expected trading range for today is between 1.02 support and 1.0360 resistance, and the expected trend for today is Bearish.​

 

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NZDUSD Loses Momentum

The NZDUSD pair found solid resistance at 0.6200 barrier, to decline and heads towards expected test to 0.6100 level, as it lost its positive momentum, and we suggest the continuation of the bearish bias to break this level and head towards 0.5990 areas mainly. Therefore, we are waiting for more expected decline on the intraday basis, noting that breaching 0.6185 will stop the suggested negative scenario and lead the price to recover again.

The expected trading range for today is between 0.6080 support and 0.6185 resistance, and the expected trend for today is Bearish.​

 

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GBPUSD draws negative formation

The GBPUSD pair turns downwards to move below 1.1900 barrier, as it recorded lower high that makes us suggest witnessing trend turn to the downside, on its way to achieve negative targets that we expect to start at 1.1710 and extend to reach the bullish channel’s support line around 1.1490.

Therefore, we expect to witness bearish trend in the upcoming sessions, and breaking 1.1760 will ease the mission of achieving the suggested targets, while the price needs to hold below 1.1945 to continue the expected decline.

The expected trading range for today is between 1.1750 support and 1.1920 resistance, and the expected trend for today is Bearish.​

 

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USDJPY prepares to build bullish wave

The USDJPY pair founds solid support at 139.45 level, to trade positively and hints heading to recover in the upcoming sessions, as we notice that the price draws inverted head and shoulders’ pattern that its confirmation line located at 140.75, which means that breaching this level will lead the price to achieve positive targets that start at 141.80 and extend to 143.30.

Therefore, the bullish trend will be expected for today, taking into consideration that breaking 139.45 will stop the positive scenario and put the price under the negative pressure again.

The expected trading range for today is between 139.60 support and 141.50 resistance, and the expected trend for today is Bullish.

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EURUSD Confirms the Break

The EURUSD pair ended yesterday below 1.0285 level, to get more confirmation to the continuation of the expected bearish trend for the upcoming period, supported by moving below the EMA50 that presses negatively on the price, waiting for more decline to achieve our negative targets that start at 1.0175 followed by 1.0135.

Stochastic begins to lose the positive momentum gradually to support the expectations to decline, noting that breaching 1.0285 followed by 1.0305 levels will stop the negative scenario and lead the price to recover again.

The expected trading range for today is between 1.0175 support and 1.0320 resistance, and the expected trend for today is Bearish.​

 

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NZDUSD - Investors expect a decrease in trading activity during the week

Although yesterday's report on consumer spending with credit cards showed an annual growth of 24.8%, which is lower than the previous month's figure (34.0%), investors found a positive driver in the statistics on foreign trade levels. According to Statistics New Zealand (Stats.nz), the country's exports in October increased by 758.0M New Zealand dollars, or 14.0%, to reach 6.1B New Zealand dollars, while imports rose by 1.6B New Zealand dollars, or 24 0%, amounting to 8.3B New Zealand dollars, and thus the trade deficit rose to –2.1B New Zealand dollars. Traditionally, the highest growth in the structure of imports was shown by fuel prices, which increased by 44.0%, and in the structure of exports, livestock products kept leadership, adding 34.0% in value.

The trading instrument left the global downward channel on the daily chart, having confidently consolidated above the resistance line.

Resistance levels: 0.619, 0.645 | Support levels: 0.603, 0.577​

 

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USDCAD- Growth is possible.

On the daily chart, the fifth upward wave of the higher level 5 develops, within which the wave (3) of 5 develops. Now, the third wave of the lower level 3 of (3) has formed, a local correction has ended as the fourth wave 4 of (3), and the development of the wave 5 of (5) has started, within which the wave i of 5 is forming.

If the assumption is correct, the USDCAD pair will grow to the area of 1.382 – 1.3978. In this scenario, critical stop loss level is 1.3222.

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EURJPY Provides Positive Signal

The EURJPY pair stared today by forming bullish wave, surpassing 145.65 barrier to hint getting rid of the negative pressures and start resuming the main bullish attack on the near term and medium term period. In case the price got a positive close above the breached barrier and getting continuous positive momentum by the major indicators, we expect to target 146.20 followed by reaching 147.1 levels, while turning back to fluctuate below 145.65 might force it to suffer some losses by crawling towards 144.5.

The expected trading range for today is between 145.5 and 146.2, and the expected trend for today is Bullish.​

 

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Gold Price Keeps its Negative Stability

Gold price tested 1746.40 level and kept its stability below it, to resume the negative trades and attempts to move away from this level, which keeps the correctional bearish trend valid, waiting to test 1721.65 as a next main target. The EMA50 forms negative pressure that supports the expected decline, which will remain valid unless breaching 1746.4 – 1754 levels and holding above them.

The expected trading range for today is between 1715 support and 1750 resistance, and the expected trend for today is Bearish.

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AUDUSD - Growth is possible.

On the daily chart, the first wave of the higher level (1) formed, a downward correction ended as the second wave (2), and the development of the third wave (3) started. Now, the first entry wave of the lower level i of 1 of (3) is forming, within which the wave (iii) of i is developing.

If the assumption is correct, the AUDUSD pair will grow to the area of 0.6916 – 0.7142. In this scenario, critical stop loss level is 0.6572.

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GBPUSD - Statistics from the US again disappointed investors

The pound is actively gaining in value after the publication of data on business activity in the leading sectors of the economy and the depreciation of the US currency, currently trading around 1.2110.

Thus, UK Manufacturing PMI in November consolidated at 46.2 points, which exceeded the analysts' forecast of 45.7 points, and Service PMI amounted to 48.8 points, improving the analysts' forecast of 48.0 points. The Composite PMI rose to 48.3 from 48.2 in October, the first monthly increase since June.

On the daily chart, the trading instrument moves within the local rising channel, reaching the resistance line at 1.2200 yesterday, and technical indicators are preparing for a local correction.

Support levels: 1.1958, 1.163 | Resistance levels: 1.2220, 1.2590​

 

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USDJPY suffers strong losses

The USDJPY pair suffered strong losses yesterday, as it broke 140.75 level strongly and declined to surpass 139.45 level, which pushed the price to resume the bearish wave on the short term basis, paving the way to achieve new negative targets that start at 137.60 and extend to 136.5.

Therefore, the bearish bias will be suggested for today unless the price managed to breach 139.45 and hold with a daily close above it. The expected trading range for today is between 137.60 support and 139.60 resistance, the expected trend for today is Bearish.

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USDJPY - The asset is in correction, the probability of the fall is maintained.

On the daily chart, the third wave of the higher level 3 has completed and a downward correction is being formed as the fourth wave 4. At the moment, a wave of the lower level a of 4 has already appeared and a local correction is developing as a wave b of 4.

It is predicted that the quotes of the USDJPY pair will fall to the area of 133.2 – 127.36. The level of 146.42 is critical and stop-loss for this scenario.

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GBPUSD Technical Analysis

The GBPUSD pair fluctuates within tight track since morning, which keeps the bullish trend scenario valid as it is without any change, depending on the price stability above 1.1990, supported by stochastic approach to the oversold areas, reminding you that we are waiting to rally towards our next positive target that reaches 1.2260.

The expected trading range for today is between 1.2030 support and 1.2210 resistance, and the expected trend for today is Bullish.​

 

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USDCAD within tight track

The USDCAD pair didn’t show any strong move since yesterday, to remain stable below 1.3350 level, thus, our bearish overview will remain valid and active for the upcoming period, as the price completed forming double top pattern that has negative targets that reach 1.3205.

The EMA50 supports the expected decline, which will remain valid unless breaching 1.3350 and holding above it. The expected trading range for today is between 1.3250 support and 1.3400 resistance, and the expected trend for today is Bearish.​