Daily Technical Level
XAU/USD Analysis: Continues To Climb In Rising Wedge Formation (10-Nov-2017 at 03:17:44 pm)
The yellow metal is continuing to trade against the buck at the intersection of large ascending channel and junior rising wedge formations.
Technical Outlook: USDJPY Bounces From Thursday's Low But Risk Remains On Downside (10-Nov-2017 at 02:55:28 pm)
The pair is recovery mode on Friday and reversed some of previous day's losses, but near-term action remains biased lower. Red daily candles in past two days weigh on near term action, as the pair is stuck around 20SMA (113.48) which was broken on Thursday's dip to 113.09, but bears failed to close below it.
Technical Outlook: GBPUSD Trades In Extended Directionless Mode, Waiting For Direction Signals (10-Nov-2017 at 02:54:16 pm)
Cable remains in holding mode on Friday, entrenched between 100SMA (1.3104) and 10SMA (1.3160). Bearish setup of 10 / 20 / 30 SMA's and daily cloud above the price weigh on near-term bias, while neutral momentum studies and converged daily Tenkan-sen/Kijun-sen show lack of signal, confirming mixed picture on daily studies. Initial direction signals will be generated on break through 100SMA at the downside or 10SMA at the upside. Loss of 100SMA support would expose double-bottom at 1.3038/26 and psychological 1.3000 support. Conversely, lift above 10 and 20SMA's (1.3160/1.3173) would risk attack at daily cloud base (1.3214) and generate stronger bullish signal on break. UK data (Manufacturing production/trade balance) and US tax plans/Brexit talks are in focus for fresh signals.
Technical Outlook: EURUSD In Tight Range As Fibo Barrier At 1.1661 Caps Recovery (10-Nov-2017 at 02:48:05 pm)
The Euro is holding within tight range (1.1622/54) on Friday, following strong advance the previous day. Close above 10SMA (1.1624) which now acts as initial support, was bullish signal, but recovery is for now limited under pivotal barrier at 1.1661 (Fibo 38.2% of 1.1836/1.1553 downleg) and weighed by thick 4-hr cloud (spanned between 1.1643 and 1.1705).
USDCAD Drops To 2-Week Low, Bearish Outlook Strengthened (10-Nov-2017 at 01:07:56 pm)
USDCAD dropped to a fresh 2-week low as the pair comes under increasing pressure following a rejection at the 50% Fibonacci retracement level of the downtrend from 1.3793 to 1.2061. RSI is falling and suggesting further downside momentum is expected.
Forex Technical Analysis: EUR/USD, USD/JPY, GBP/USD (10-Nov-2017 at 12:56:39 pm)
EUR/USD The intraday bias is positive and the focus is still set at 1.1690 major resistance. Crucial on the downside is 1.1585 and a violation of that low will renew the slide towards 1.1480.
EURO Bullish Above 1.1640 Level (10-Nov-2017 at 12:38:02 pm)
The euro has moved sharply higher against the U.S dollar, hitting 1.1654, following U.S Republican Senators decision to delay the U.S Corporate tax cut, until 2019. The EURUSD pair currently trades around the 1.1645 level, as the U.S dollar comes under severe selling pressure against a basket of major currencies. Going forward, the bearish intraday sentiment surrounding the U.S dollar index is likely to remain the dominate trading theme on Friday.
USDJPY Still Bearish Below 113.68 (10-Nov-2017 at 12:36:50 pm)
The U.S dollar remains under heavy selling pressure against the Japanese yen, hitting 113.06, following the delay of the proposed U.S corporate tax reforms, until 2019. The USDJPY pair has recovered back towards the 113.44 level, but remains weak, as risk-off trading sentiment send investors into the perceived safety of the Japanese yen. Foreign exchange traders now look to the European market open, and the key 94.00 technical support level on the U.S dollar index.
Daily Wave Analysis: GBP/USD Builds Contracting Triangle In Descending Wedge (10-Nov-2017 at 11:08:33 am)
The GBP/USD is testing the Fibonacci levels of wave 4 (orange). A break above the 61.8% Fib makes a wave 4 (orange) less likely whereas a breeak below support could indicate a bearish breakout. Price is building a smaller triangle in a larger wedge pattern (red/blue lines).
Elliott Wave View: FTSE (10-Nov-2017 at 10:27:35 am)
FTSE Elliott Wave view suggests that the decline to 7199.5 ended Primary wave ((4)). Up from there, the rally is unfolding as a zigzag Elliott Wave structure where Intermediate wave (A) ended at 7565.11 and pullback to 7437.42 ended Intermediate wave (B). Intermediate wave (A) is subdivided as an impulse Elliott Wave structure. Minor wave 1 ended at 7327.5, Minor wave 2 ended at 7289.75, Minor wave 3 ended at 7527.72, Minor wave 4 ended at 7493.68, and Minor wave 5 of (A) ended at 7565.11.
Market Morning Briefing: The Pound Trades Near A Crucial Support (10-Nov-2017 at 08:36:11 am)
The Pound (1.3145) trades near a crucial Support, with deeper Support near 1.3025. It could be a candidate for a bounce if these Supports hold over the next few days.
EUR/JPY In Focus As Stocks Tumble (10-Nov-2017 at 08:05:52 am)
Something extraordinary happened today: stocks fell for once (!) Now you might be thinking that I am a perma-bear, but I promise you I am not. Believe it or not, I actually prefer it when the markets go up. But the reason I sound mildly excited is that the stock market sell-off has injected some much-needed volatility in the FX markets, which have been very quiet so far this week due to the lack of significant economic news. Perceived safe haven currencies such as the Japanese yen, Swiss franc and to a lesser degree the euro all gained ground as the stock markets sold off.
The yellow metal is continuing to trade against the buck at the intersection of large ascending channel and junior rising wedge formations.
Technical Outlook: USDJPY Bounces From Thursday's Low But Risk Remains On Downside (10-Nov-2017 at 02:55:28 pm)
The pair is recovery mode on Friday and reversed some of previous day's losses, but near-term action remains biased lower. Red daily candles in past two days weigh on near term action, as the pair is stuck around 20SMA (113.48) which was broken on Thursday's dip to 113.09, but bears failed to close below it.
Technical Outlook: GBPUSD Trades In Extended Directionless Mode, Waiting For Direction Signals (10-Nov-2017 at 02:54:16 pm)
Cable remains in holding mode on Friday, entrenched between 100SMA (1.3104) and 10SMA (1.3160). Bearish setup of 10 / 20 / 30 SMA's and daily cloud above the price weigh on near-term bias, while neutral momentum studies and converged daily Tenkan-sen/Kijun-sen show lack of signal, confirming mixed picture on daily studies. Initial direction signals will be generated on break through 100SMA at the downside or 10SMA at the upside. Loss of 100SMA support would expose double-bottom at 1.3038/26 and psychological 1.3000 support. Conversely, lift above 10 and 20SMA's (1.3160/1.3173) would risk attack at daily cloud base (1.3214) and generate stronger bullish signal on break. UK data (Manufacturing production/trade balance) and US tax plans/Brexit talks are in focus for fresh signals.
Technical Outlook: EURUSD In Tight Range As Fibo Barrier At 1.1661 Caps Recovery (10-Nov-2017 at 02:48:05 pm)
The Euro is holding within tight range (1.1622/54) on Friday, following strong advance the previous day. Close above 10SMA (1.1624) which now acts as initial support, was bullish signal, but recovery is for now limited under pivotal barrier at 1.1661 (Fibo 38.2% of 1.1836/1.1553 downleg) and weighed by thick 4-hr cloud (spanned between 1.1643 and 1.1705).
USDCAD Drops To 2-Week Low, Bearish Outlook Strengthened (10-Nov-2017 at 01:07:56 pm)
USDCAD dropped to a fresh 2-week low as the pair comes under increasing pressure following a rejection at the 50% Fibonacci retracement level of the downtrend from 1.3793 to 1.2061. RSI is falling and suggesting further downside momentum is expected.
Forex Technical Analysis: EUR/USD, USD/JPY, GBP/USD (10-Nov-2017 at 12:56:39 pm)
EUR/USD The intraday bias is positive and the focus is still set at 1.1690 major resistance. Crucial on the downside is 1.1585 and a violation of that low will renew the slide towards 1.1480.
EURO Bullish Above 1.1640 Level (10-Nov-2017 at 12:38:02 pm)
The euro has moved sharply higher against the U.S dollar, hitting 1.1654, following U.S Republican Senators decision to delay the U.S Corporate tax cut, until 2019. The EURUSD pair currently trades around the 1.1645 level, as the U.S dollar comes under severe selling pressure against a basket of major currencies. Going forward, the bearish intraday sentiment surrounding the U.S dollar index is likely to remain the dominate trading theme on Friday.
USDJPY Still Bearish Below 113.68 (10-Nov-2017 at 12:36:50 pm)
The U.S dollar remains under heavy selling pressure against the Japanese yen, hitting 113.06, following the delay of the proposed U.S corporate tax reforms, until 2019. The USDJPY pair has recovered back towards the 113.44 level, but remains weak, as risk-off trading sentiment send investors into the perceived safety of the Japanese yen. Foreign exchange traders now look to the European market open, and the key 94.00 technical support level on the U.S dollar index.
Daily Wave Analysis: GBP/USD Builds Contracting Triangle In Descending Wedge (10-Nov-2017 at 11:08:33 am)
The GBP/USD is testing the Fibonacci levels of wave 4 (orange). A break above the 61.8% Fib makes a wave 4 (orange) less likely whereas a breeak below support could indicate a bearish breakout. Price is building a smaller triangle in a larger wedge pattern (red/blue lines).
Elliott Wave View: FTSE (10-Nov-2017 at 10:27:35 am)
FTSE Elliott Wave view suggests that the decline to 7199.5 ended Primary wave ((4)). Up from there, the rally is unfolding as a zigzag Elliott Wave structure where Intermediate wave (A) ended at 7565.11 and pullback to 7437.42 ended Intermediate wave (B). Intermediate wave (A) is subdivided as an impulse Elliott Wave structure. Minor wave 1 ended at 7327.5, Minor wave 2 ended at 7289.75, Minor wave 3 ended at 7527.72, Minor wave 4 ended at 7493.68, and Minor wave 5 of (A) ended at 7565.11.
Market Morning Briefing: The Pound Trades Near A Crucial Support (10-Nov-2017 at 08:36:11 am)
The Pound (1.3145) trades near a crucial Support, with deeper Support near 1.3025. It could be a candidate for a bounce if these Supports hold over the next few days.
EUR/JPY In Focus As Stocks Tumble (10-Nov-2017 at 08:05:52 am)
Something extraordinary happened today: stocks fell for once (!) Now you might be thinking that I am a perma-bear, but I promise you I am not. Believe it or not, I actually prefer it when the markets go up. But the reason I sound mildly excited is that the stock market sell-off has injected some much-needed volatility in the FX markets, which have been very quiet so far this week due to the lack of significant economic news. Perceived safe haven currencies such as the Japanese yen, Swiss franc and to a lesser degree the euro all gained ground as the stock markets sold off.
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