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Silver Technical Levels and Trading Recommendations for November 2, 2012

2012-11-02 15:59:14 (читать в оригинале)

Overview

 

 

The H4 chart demonstrates today that silver takes a downward move after its rebound from the Resistance level of 32.60. Currently, silver is approaching to the Support level of 31.80. If silver continues its bearish view and manages to break this Support level, it will provide a good opportunity to sell below the Support level 31.80 till enabling the Support level of 31.50 as a level target. After that we should wait for breaking out of this Support level to continue the bearish move. In case silver is able to break the Support level of 31.50 and closes 4H below, we will get a bearish strength which will provide new sell signals and enable the Support level of 31.20 as a level target.
On the other hand, if silver reverses its bearish move and takes an upward direction after its rebound from the Support level of 31.80, it will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 32.15. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 31.80 is unbroken, the upward move is still expected and invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.

 

Resistance and Support levels

 

R3 (33.00) R2 (32.60) R1 (32.15) S1 (31.80) S2 (31.50) S3 (31.20)

 

 

Trading Recommendations

 

According to the previous analysis, we recommend selling in case of closing 4H below the Support level of 31.80 with TP 31.45; SL closing 4H below the Resistance level might be appropriate.  

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

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GBP/JPY Technical Levels and Trading Recommendations for November 2, 2012

2012-11-02 15:58:12 (читать в оригинале)

Overview

 

Proceeding from today's 4H chart, the pair is still stabilized below the Resistance level 129.50 and fails to break it through. Currently the pair is trading between the Support level 129.05 and the Resistance level 129.50. Given that the pair continues its bullish move and manages to break this Resistance level and closes 4H above, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 130.00 as the level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 130.35.On the other hand, if the pair fails to break the Resistance level of 129.50 and bounces from it, it may reverse the bullish move taking a downward move which will enable the Support level of 129.05. Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 128.40 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 129.50 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

 

Resistance and Support Levels 

 

R3 (130.35) R2 (130.00) R1 (129.50) S1 (129.05) S2 (128.40) S3 (127.80)

Trading Recommendations

According to the previous analysis, we recommend buying after breaking the Resistance level of 129.50 and closing 4H above with TP 130.05; SL closing 4 hours below the Resistance level will be appropriate.  

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

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USD/CHF Intraday: The Upside Prevails

2012-11-02 14:57:01 (читать в оригинале)

Overview:
USD/CHF is consolidating as markets are awaiting U.S. non-farm payrolls report. The USD/CHF pair is undermined by broadly weaker demand for safe-haven USD as risk appetite improves. But USD/CHF downside is limited by positions adjustment before weekend.
Preference:
Buy above 0.9325 with targets 0.938 and 0.9395 in extension.
Resistance Levels:
R1 - 0.9381-0.9386 (Monday's high-Oct. 26 high)
R2 - 0.9395
R3 - 0.9418 (Oct. 11 high)
Alternative scenario:
Sell below 0.9325 .Below 0.9325 look for further downside with 0.9305 and 0.9285 as targets.
Support Levels:
S1 - 0.9305
S2 - 0.9285
S3 - 0.9255 (Oct. 23 low) 
Technical Comment:
Technically, the RSI is above its neutrality area at 50. Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode.  

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

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USD/JPY intraday: Further Upside.

2012-11-02 14:55:05 (читать в оригинале)

Overview:
USD/JPY is consolidating with bullish bias after hitting four-day high of 80.21 on Thursday, as markets are awaiting 12:30 GMT U.S. October non-farm payrolls (expected +125,000) and unemployment rate (tipped to have risen to 7.9% from 7.8%). USD/JPY is underpinned by reduced safe-haven appeal of the yen and yen-funded carry trades as global risk sentiment improves (VIX fear gauge eased 10.32% to 16.68; S&P rose 1.09% overnight) after China's official manufacturing PMI rose to 50.2 in October from 49.8 in September; surprise gain in U.S. ISM manufacturing PMI to 51.7 in October from 51.5 in September (vs. forecast for drop to 51.0); improvement in U.S. Conference Board consumer confidence index to 72.2 in October, its highest reading since early 2008, from 68.4 in September; ADP reporting more-than-expected 158,000 private-sector jobs were created in October; bigger-than-expected drop in latest U.S. weekly jobless claims to 363,000. USD/JPY also supported by higher U.S. Treasury yields; demand from Japan importers and investment trusts. But USD/JPY upside is limited by Japan exporter sales; caution ahead of Tuesday's U.S. presidential election; concerns about U.S. "fiscal cliff" that could throw the U.S. economy back into recession; positions adjustment before weekend.
Preference:
Buy above 80 with target  80.4 and 80.6 in extension.
Resistance Levels:
R1 - 80.38 (Oct. 26 four-month high)
R2 - 80.63 (June 25 high)
R3 - 81.00  
Alternative scenario:
Sell below. Below 80 look for further downside with 79.85 and 79.65 as targets.
Support Levels:
S1 - 79.85
S2 - 79.65
S3 - 79.51 (Wednesday's low)  
Technical Comment:
The pair remains within a bullish channel. USD/JPY daily chart is positive-biased as MACD is bullish, stochastics is reverting to bullish mode at overbought. 

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

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NZD/USD: Technical Analysis for November 2, 2012

2012-11-02 14:39:30 (читать в оригинале)

Overview:

The NZD/USD pair is expected to continue the movement from the point of 0.8140. Thus, the kiwi shows the signs of strength, following the breakdown of the highest level 0.8140. This fact can be considered as a good signal for BUY deals above this strong support (0.8140) with the first targets at 0.8223 and 0.8330 (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 2 (0.8332). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8332, the market will show a further decline to the level of 0.8190 (it is the weekly pivot point) indicating a bearish mood in order to retest the weekly support 1 at the level of 0.8140.

Weekly Pivot Points:

R3: 0.8421
R2: 0.8332
R1: 0.8279
PP: 0.8190
S1: 0.8137
S2: 0.8048
S3: 0.7995

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

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