Daily Technical Levels 07-Nov-2017

Daily Technical Levels 07-Nov-2017 Of Major Pairs + Commodities...

Daily Wave Analysis: USD/JPY Bearish Daily Candle And Rising Wedge At 115 Resistance (07-Nov-2017   at   12:35:36 pm)

The USD/JPY is challenging the 114.50-115 resistance zone, which is a major break 

or bounce spot. Yesterday's daily candle ended up bearish with a major wick on the 

top of the candle. A rising wedge reversal chart pattern could also be taking place 

but the confirmation of the pattern occurs when price breaks below the support.

Elliott Wave View: FTSE Short-Term (07-Nov-2017    at   10:33:36 am)

Short term FTSE Elliott Wave view suggests that Primary wave ((4)) ended with the 

decline to 7199.5. The rally up from there is unfolding as a zigzag Elliott Wave 

structure where Intermediate wave (A) ended at 7565.11 and Intermediate wave (B) 

ended at 7437.42. Intermediate wave (A) has a subdivision of an impulse Elliott Wave 

structure where 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: Dollar-Yen Had Risen To 114.73 (07-Nov-2017    at   08:51:28 am)

Dollar-Yen (113.78) had risen to 114.73 yesterday morning but came off sharply from 

there. It may try to test lower levels of 113.40 over the next couple of days while 

below 114.50. The Euro-Yen (132.16) has come down alongwith Dollar-Yen. Look for a 

relatively wide range of 131-134 over the coming days.

RBA: Don't Rock The Boat Baby (07-Nov-2017    at   12:17:52 pm)

The RBA proved yet again to be one of more predictable G-10 Central Banks offering 

up standard fare of no rate cut with no serious attempt to adjust forward guidance. 

Given the growing ASX momentum lifted by gains in local miners on the back of 

surging commodity prices, the Aussie dollar bears may be better-served waiting for 

Fridays Statement of Monterey Policy. And specifically, the RBA's possibly revamped 

CPI projections given the tepid Q3 CPI data, which continues to track below the 

lower end of the RBA's 2-3 % inflation band. But to be honest anything other than the 

glass half full approach from theRBA would be a surprise at this stage. The Aussie 

initially moved higher because some thought the RBA would tack dovish, so bearish 

bets unwound

The Charge Of The Light Crude Brigade (07-Nov-2017    at   12:15:54 pm)

Oil's charge of the light crude brigade continued unabated overnight, with both Brent 

and WTI galloping 3.0% higher and even Natural Gas shaking of its multi-month 

lethargy, rising 3.50% in New York trading. Geopolitics continues to drive price 

surges, which is unsurprising when mainstream media use words such as 'purge' to 

describe the situation in Saudi Arabia.

Fed Chairman Janet Yellen Will Speak At An Event (07-Nov-2017    at   12:03:02 pm)

Risk appetite remains decent with notably energy stocks lifted by a continued uptick 

in oil prices with the price on Brent crude topping USD64/bbl. The main driver behind 

the most recent oil spike seems to be rising tensions around Iran's missile 

programme with UAE and Bahrain yesterday backing Saudi Arabia in saying that 

tackling the program is an urgent priority. The ongoing purge launched by the 

Saudi Crown Prince bin Salman also seemingly continued to provide support to oil 

supply worries. Separately, the prospect of a Broadcom- Qualcomm tie-up also 

helped to lift notably tech stocks. US yields edged lower during the day led by the 

long end of the curve with the 10Y Treasury yield firmly below 2.35% again. 

Separately, Fed's Vice Chair Dudley announced that he will retire in mid-2018, which 

is somewhat earlier than expected, heightening uncertainty with respect to Fed policy .

Aussie Dollar To Consolidate Before Next Move? (07-Nov-2017    at   11:41:21 am)

The Aussie Dollar struggled a lot during the past few weeks and settled below 0.7700 

against the US Dollar. The AUD/USD pair is currently recovering, but facing a major 

hurdle near 0.7695. The pair recently formed a swing low at 0.7639 and started an 

upside move. It faces many resistances on the way up such as 0.7690 and 0.7700. 

There is also a key bearish trend line forming with resistance at 0.7695 on the 4-

hours chart.

Market Update - Asian Session: RBA Leaves Rates, Higher Oil Prices Lend Regional Names Strength (07-Nov-2017    at   11:32:56 am)

Asian equity markets are trading generally higher following Monday's gains in the NY 

trading session. The Nikkei 225 has traded at a 25-year high, as the Topix Securities 

broker index has risen by over 1%. Australia's ASX 200 index has traded at the 

highest level since Feb 2008. BHP and Rio Tinto have gained over 2%, and the 

overall ASX Resources index is up more than 1.5%.On yesterday's session, copper 

prices rose by 1%, while oil prices gained over 3%.

RBA Kept Its Interest Rate Unchanged At 1.50% (07-Nov-2017    at   11:13:41 am)

The pair is expected to find support at 0.7657, and a fall through could take it to the 

next support level of 0.7625. The pair is expected to find its first resistance at 0.7711, 

and a rise through could take it to the next resistance level of 0.7733.

Eurozone Services PMI Fell In October, Investor Confidence Surged To The Highest Level Since July 2007 (07-Nov-2017    at   11:12:44 am)

The pair is expected to find support at 1.1588, and a fall through could take it to the 

next support level of 1.1565. The pair is expected to find its first resistance at 1.1626, 

and a rise through could take it to the next resistance level of 1.1641.

Pound Trading Marginally Higher This Morning (07-Nov-2017    at   11:11:31 am)

The pair is expected to find support at 1.3102, and a fall through could take it to the 

next support level of 1.3030. The pair is expected to find its first resistance at 1.3212, 

and a rise through could take it to the next resistance level of 1.3250.

Japanese Yen Trading Lower In The Asian Session (07-Nov-2017    at   11:08:55 am)

The pair is expected to find support at 113.60, and a fall through could take it to the 

next support level of 113.28. The pair is expected to find its first resistance at 114.33, 

and a rise through could take it to the next resistance level of 114.74

Swiss Consumer Prices Advanced As Expected In October (07-Nov-2017    at   11:07:33 am)

The pair is expected to find support at 0.9960, and a fall through could take it to the 

next support level of 0.9939. The pair is expected to find its first resistance at 1.0016, 

and a rise through could take it to the next resistance level of 1.0051.

Loonie Trading Marginally Lower, Ahead Of BoC Governor's Speech (07-Nov-2017    at   11:05:40 am)

The pair is expected to find support at 1.2682, and a fall through could take it to the 

next support level of 1.2653. The pair is expected to find its first resistance at 1.2762, 

and a rise through could take it to the next resistance level of 1.2813.

AUD/USD Remains Pressured Ahead Of RBA Decision (07-Nov-2017    at   07:14:19 am)

After a busy past week, scheduled macroeconomic events in the current week slow 

down considerably. The focus of this week's events will revolve around central bank 

activity in Australia and New Zealand. The Reserve Bank of Australia (RBA) is up first 

with its rate decision and statement on Tuesday in Sydney. The RBA's monetary 

policy statement will then follow on Friday.

Predictably Unpredictable (07-Nov-2017    at   07:04:51 am)

Being predictably unpredictable is a lot more challenging than one think but this 

notion has been the mainstay on FX markets this year and holding a view beyond 

one shift is exceptionally challenging for even the most seasoned. Whether its the 

plentitude of noise from headline risk or the latest reversal of fortunes from global 

central bankers, there's certainly no shortage of conflicting drivers in this topsy-

turvy world of currency trading.

USD/CAD Canadian Dollar Higher After Dollar Struggles (07-Nov-2017    at   07:01:12 am)

The Canadian dollar appreciated 0.29 percent on Monday. Trading opened for the 

USD/CAD at 1.2771 and is now on track to end near the 1.2721 price level. The 

economic calendar looks sparse this week, but geopolitical developments around 

the world are driving market movements. Oil prices have surged due to the high 

profile arrests in Saudi Arabia that have consolidated the power of crown prince 

Mohammed bin Salman.

Gold Starts Week With Strong Gains (07-Nov-2017    at   06:55:55 am)

Gold has posted considerable gains in the Monday session. In North American trade, 

the spot price for an ounce of gold is $1282.27, up 1.05% on the day. On the release 

front, there are no major events on the schedule. William Dudley, President of the 

New York Federal Reserve, announced his retirement. On Tuesday, Fed Chair Janet 

Yellen will speak at an event in Washington.