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GBP/USD: Technical Analysis for November 15, 2012

Weekly Pivot Point: 1.5942.

GBP/USD "Pound-Dollar":
Resistance: 1.5990 (sell below this level).
Support: 1.5850 (buy above this level).

Trading Recommendations:
According to the previous events, the price is still between the levels of 1.5950 and 1.6000.
The descending movement will probably be lower than 1.5990 level with the first targets at 1.5940 and 1.5855 levels.
Buy deals are recommended above the 1.5850 level with targets at 1.5922 and 1.5990 levels.

Overview:

NZD/USD: Technical Analysis for November 15, 2012

Overview:

The NZD/USD pair is expected to continue the movement from the point of 0.8125. Thus, the kiwi shows the signs of strength, following the breakdown of the highest level 0.8125. This fact can be considered as a good signal for BUY deals above this strong support (0.8080) with the first targets at 0.8210 and 0.8260 (it will serve as a strong resistance level and is considered to be appropriate for take profit orders). It is necessary to mention that this level will coincide with the weekly resistance 1 (0.8260). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8260, the market will show a further decline to the level of 0.8191 (it is the weekly pivot point) indicating a bearish mood in order to retest the weekly support 1 at the level of 0.8074. 

Weekly Pivot Points:
R3: 0.8446
R2: 0.8377
R1: 0.8260
PP: 0.8191
S1: 0.8074
S2: 0.8005
S3: 0.7888

Range: 80 pips.
Volatility: 80.32. Therefore, the market indicates the higher volatility.

If you have any questions or requests, please feel free to contact me mourad.elkeddani@analytics.instaforex.com.

USD/JPY Wave Analysis for November 15, 2012

USD/JPY Elliott Wave
Since our last analysis the USD/JPY pair was trading in an upward move, corrective wave A (coloured green) of the bigger wave Y (coloured red) was developing. During the Wednesday’s European session we could observe strong ascending movement that bring this major pair to the 80.00 level. Therefore, during the New York session the USD/JPY pair continued trading in a bullish mood and the price reached a new 5 days high at 80.31 level. We can consider this move as the end of the 3 wave (coloured purple).Today this currency pair is trading around 80.90 level and we are expecting to see the price lower when development of the corrective 4 wave starts. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 80.28 (38.2% of wave 3). To reduce the risk, we can use resistance at 81.20 level as stop loss.

Support and Resistance
(S3) 79.05 (S2) 79.40 (S1) 79.62 (PP) 79.97 (R1) 80.32 (R2) 80.54 (R3) 80.89

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 81.00 with stop loss 81.20 and take profit at 80.28 are recommended.

GOLD Wave Analysis for November 15, 2012

GOLD Elliott Wave
Last week Gold was trading in a slight downward movement, corrective 2 wave (coloured green) of the bigger wave 1 (coloured red) was developing. Yesterday during the Asian and European sessions we could observe descending movement from 1,728.84 towards the 1,720.31 level. Therefore, during the New York session this commodity started pushing higher reaching a new 2 days high at 1,733.33 level. We can consider this move as the end of the corrective B wave (coloured blue). At the moment Gold is trading around 1,724.10 level and we are expecting to see continuation of the bearish mood today. In accordance with our wave rules and taking into account that the wave 2 should retrace 50% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1,705.88 (61.8% of wave 1). To reduce the risk, we can use resistance at 1,734.20 level as stop loss.

Support and Resistance
(S3) 1,708.8 (S2) 1,714.6 (S1) 1,722.4 (PP) 1,728.2 (R1) 1,736.0 (R2) 1,741.8 (R3) 1,749.6

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short  positions at level 1,722.00  with stop loss 1,734.20 and take profit at 1,705.88 are recommended.
 

Silver Consolidates Further. Expect Breakout Higher

Technical Outlook and Chart Setups:

Speaking about silver, the structure remains unchanged at the moment. The only fact is consolidation/retracement is taking bit longer. Support region is around 31.70-32.00 levels, while resistance region begins from 33.30/40 levels at the moment. It is recommended to keep buying on dips and also please note to book partial profits at each resistance level. A break higher than 33.00 level, would confirm a bullish breakout and aggressive/further buying can be done. Higher from here on.

Trading Recommendations:

Hold on to long positions taken earlier on, buy on dips, stop at 30.50, and target open.

Good Luck!