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GBP/USD Forecast for November 23, 2012

2012-11-23 13:17:38 (читать в оригинале)

 

UK Manufacturers’ orders book balance in November was at -21 vs. forecast for -19. It is probably the reason why the British pound could not move upwards during yesterday’s trading session.
At 13:30 GMT+4 UK Mortgage approvals in October is published. The forecast is 32.3 against 31.2 in September. Investors are interested in EU summit in Brussels and EU budget talks. Yesterday during the first day of budget debate no decisions were reached.
From the technical point of view, the pound is in the range 1.5917 to 1.5952. On the daily chart the Marlin oscillator is on the zero level. The situation is alike on the H4. If the price consolidates above the resistance of the trendline, 1.59552, it is possible that it will reach 1.5977 and 1.6003 after it. If the price consolidates under the yesterday’s low 1.5917, the drop to 1.5880, 161.8% the level of Fibonacci, is possible. This level coincides with the low of November 21.

 

The material has been provided by Instaforex Company - instaforex.com

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USD/CHF: Under Pressure

2012-11-23 12:38:19 (читать в оригинале)

 

Overview:
USD/CHF continues to trade in lower range. The rate is undermined by broadly weaker demand for safe-haven USD amid positive risk sentiment. But USD/CHF losses tempered by positions adjustment before weekend.
Preference:
Sell below 0.9375 with 0.933 and 0.931 as next targets.
Support Levels:
S1 - 0.9335 (Thursday's low)
S2 - 0.9309 (Nov. 2 low)
S3 - 0.9291 (Nov. 1 low)  
Alternative scenario:
Buy above 0.9735. The upside breakout of 0.9375 will open the way to 0.939 and 0.9415.
Resistance Levels:
R1 - 0.9393 (Thursday's high)
R2 - 0.9425
R3 - 0.9460 (Wednesday's high)
Technical Comment:
The pair stands below its resistance and remains under pressure. Daily chart is negative-biased as MACD and stochastics are bearish; five-day moving average is below 15-day MA and falling.

 

The material has been provided by Instaforex Company - instaforex.com

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USD/JPY: Under Pressure

2012-11-23 12:36:38 (читать в оригинале)

Overview:
USD/JPY is consolidating in lower range after hitting seven-and-a-half month high of 82.84 on Thursday. Liquidity is thin in Asia as Japan markets shut for holiday. USD/JPY is underpinned by expectations that the Liberal Democratic Party will win elections next month and introduce aggressive monetary easing to beat deflation and the strong yen - LDP leader Abe told the Wall Street Journal currency interventions to drive the yen lower have been ineffective and are not on his mind, so he will turn to the Bank of Japan to address the yen's strength through monetary policy. USD/JPY is also supported by rising USD-JPY interest differential, sell-yen orders from Japan importers; buying of the yen crosses amid positive risk appetite (FTSE 100 rose 0.68%, Xetra DAX gained 0.84%) on upbeat November HSBC China manufacturing PMI data and expectations that a deal to unlock Greece's next tranche of aid would eventually be reached between European authorities and the IMF. But USD/JPY upside is limited by buy-yen orders from Japan exporters; positions adjustment before weekend.
Preference:
Sell below 82.6 with 82.1 and 81.65 in sight.
Support Levels:
S1 - 82.1
S2 - 81.65 (Wednesday's low)
S3 - 81.13-81.08 (Tuesday's low-Monday's low).  
Alternative scenario:
Buy above 82.6. The upside breakout of 82.6 will open the way to 82.85 and 83.
Resistance Levels:
R1 - 82.84 (Thursday's high)
R2 - 83.00
R3 - 83.39 (March 27 high)
Technical Comment:
The pair is breaking below its support and remains under pressure. USD/JPY daily chart is mixed as MACD is bullish, 5- & 15-day moving averages are rising; but stochastics turned bearish at overbought; bearish doji shooting-star candlestick pattern completed on Thursday.

 

The material has been provided by Instaforex Company - instaforex.com

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Daily Trading Forecasts (November 23, 2012)

2012-11-23 12:32:41 (читать в оригинале)

EURUSD: The EURUSD pair moved upwards slowly and steadily, in spite of the equilibrium phase that was seen earlier this week. The EMA 11 is above the EMA 56, while the RSI period 14 is above the level 50. Right now, the price is trying to push against the resistance line at 1.2900 and it will need to break it above before the upward journey can continue.

 

 

USDCHF: The USDCHF pair has fallen by more than 100 pips this week. The EMA 11 is below the EMA 56, as the RSI period 14 is below the level 50. The price has almost breached the support level at 0.9350, and it will possibly go down lower, reaching another support level at 0.9300.

 

GBPUSD: Given the weakness of USD and the fact that GBP is not that hopeless, this pair broke out reluctantly from its recent range. There is a bullish signal in place; looking at the position of the EMAs and the price. Even the Williams’ % Range dropped down a bit from the overbought region and is now heading upwards. The price is having some challenge staying around the price zone at 1.5950. If it is broken upwards, the distribution zone at 1.6000 will be the next point of call.

 

USDJPY: On the USDJPY pair, both the last week and this week have been bullish, except for the present temporary pullback. This is no surprise, since it was anticipated. The RSI 14 had been above the level 70 (overbought region) for a long time. It is expected that the demand territory at 82.00 should check any further bearish threat; and that will be a good purchasing area.

 

EURJPY: Speaking about this cross, there is a pullback but it could be consideres as something negligible. As it was forecasted, the price reached the zone at 106.00 and began to hover. The bullish signal is still in place, and the Williams’ % Range is still in the overbought region. Today the price moves in the next direction but it could go to the supply zone at 106.50. 

The material has been provided by Instaforex Company - instaforex.com

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Silver Targets 34.30/40 Now. Hold Long Positions

2012-11-23 12:10:49 (читать в оригинале)

Technical Outlook and Chart Setups:

Structure remains unchanged after Silver hit resistance at 33.30/40 levels. Furthermore, it looks to be poised to rally towards at least 34.30 level. Resistance levels are now at 34.35 and 35.00 respectively, while support will be provided by 32.80 and 32.00 respectively. It is recommended to buy on intraday dips towards 33.20/25 levels. Please note that 32.00 remains key for bulls to rally further up. Looking higher from here on.

Trading Recommendations:

Hold on to long positions taken earlier, stop at 31.50, and target is open.

Good Luck!

The material has been provided by Instaforex Company - instaforex.com