Technically Market Prediction/Levels 1 November, 2017

USDJPY Strongly Bullish ABove 113.90 (01-Nov-2017    at   11:44:11 am)

 

The U.S dollar has rebounded sharply higher against the Japanese Yen, hitting 113.93 during the Asian 

trading session. The USDJPY pair currently trades close to highs of the day, as rising Japanese stocks 

and better than expected company earnings boost risk-on sentiment in financial markets. Traders now 

await the release of the U.S ADP jobs report and the ISM manufacturing PMI for the month of October.

GBPUSD Strongly Bullish Above 1.3267 (01-Nov-2017    at   11:42:48 am)

The British pound has risen sharply higher against the U.S dollar, hitting 1.3293, during today's Asian 

trading session. The GBPUSD pair is currently consolidating around the 1.3270 level, as broad-based 

strength in the British pound is being underpinned by a probable rate hike from the Bank of England 

tomorrow. GBPUSD traders now await the upcoming release of the United Kingdom's Manufacturing PMI, 

for the month of October.

Daily Technical Analysis: EURUSD, GBPUSD, USDJPY, USDCHF (01-Nov-2017    at   10:45:09 am)

The EURUSD was indecisive yesterday. The bias remains neutral in nearest term. Immediate resistance is 

seen around 1.1670. A clear break above that area could trigger further bullish pressure testing 1.1725 

area but as long as stay below 1.1900 I remain bearish and any upside pullback should be seen as a good 

opportunity to sell. Immediate support is seen around 1.1625. A clear break below that area could trigger 

further bearish pressure testing 1.1575 or lower as a part of the “head and shoulders” bearish reversal 

scenario as you can see on my daily chart below.

Elliott Wave View: DAX Short-Term (01-Nov-2017    at   10:29:07 am)

Rally from 8/29 low in DAX is unfolding as a double three Elliott Wave structure where Intermediate wave 

(W) ended at 13089 and Intermediate wave (X) ended at 12903. Up from there, the rally from 12903 low 

appears to be unfolding as an impulse. Minute wave ((i)) ended at 13066, Minute wave ((ii)) ended at 

12906.5, and Minute wave ((iii)) ended at 13249.5. Near term, while pullbacks stay above 12903 low, expect

 Index to extend higher.

Market Morning Briefing: The Rise In Dollar-Yen (01-Nov-2017    at   09:38:55 am)

The rise in Dollar-Yen (113.87), which negates the chances of a near-term fall to 112, has been aided by a 

bit of recovery in US yields yesterday after the slide on Monday. 113.00 is now established as a near term 

Support and a test of 114.50+ again comes into the picture. Intra-day Supports seen at 113.60 and 113.00.

CRUDE OIL: Retains Broader Uptrend, Eyes The 55.21 Zone (31-Oct-2017    at   05:34:09 pm)

CRUDE OIL: The commodity may be hesitating but it retains its broader medium term

 uptrend. On the downside, support resides at the 53.50 level where a break will 

expose the 53.00 level. A cut through here will set the stage for a run at the 52.50 

level. Further down, support resides at the 52.00 level.

GBPUSD Further Bullish Above 1.3201 (31-Oct-2017    at   04:34:28 pm)

The British pound continues to move higher against the U.S dollar during the European trading session, 

after breaking above the key 1.3201 level. Intraday U.S dollar weakness and the expected rate hike from 

the Bank of England on Thursday are supporting British pound buying interests. The GBPUSD pair 

currently trades around the price-highs of the day, ahead of the release of Consumer Confidence in the 

upcoming U.S trading session.

Note:

1) Asian Markets Gain Across Board As Investors Look To Fed

2) Crude Oil Prices Aim to Extend Gains, Gold May Bounce After FOMC

3) Australian Dollar Inches Up As China Caixin PMI Hits Target

1) Asian Markets Gain Across Board As Investors Look To Fed

Asian stocks rallied Wednesday with Tokyo and Seoul leading the way as oil prices rose 

and a Chinese manufacturing roundup met forecasts.

Markets had a mild tailwind from a stronger Wall Street finish. Of course, investors 

were 

also looking ahead to the US Federal Reserve’s November monetary policy decision 

which will come long after the Asian market close. The Fed is expected to leave interest 

rates alone this time around but to leave the door to a December increase very much 

open. The markets also expect to hear this week about who will replace Janet Yellen at 

the Fed’s helm. Some more clarity on US tax reforms may be coming too.

2) Crude Oil Prices Aim to Extend Gains, Gold May Bounce After FOMC

Crude oil prices rose after an EIA report showed US output fell 0.3 percent while 

gasoline consumption rose to a record 9.77 million barrels per day in August. An API 

report showing crude stockpiles shed 5.09 million barrels last week – a far larger drop 

than the 877.25k drawdown expected to emerge in today’s official DOE statistics – was 

likely helpful as well.

oil prices broke above the 50% Fibonacci expansion at 54.51, opening the door for a 

challenge of the 61.8% level at 55.78. A further push beyond that aims for the 76.4% 

Fib at 57.36. Alternatively, a turn back below 54.51 clears the way for a retest of the 

52.86-53.23 area (38.2% expansion, September 28 high).

3) Australian Dollar Inches Up As China Caixin PMI Hits Target

An Australian Dollar market fixated like all others on the US Federal 

Reserve Wednesday didn’t respond much to an as-expected survey of China’s 

manufacturing sector.

The Caixin Purchasing Managers Index for October came in at 51, exactly matching 

September’s. Any reading above 50 in a PMI survey signifies expansion for the sector in 

question. This version has been stuck around the 51 handle for the past twelve months, 

suggesting measurable but hardly stellar growth for the medium-sized firms surveyed.

This data act as a counterpart to the official manufacturing PMI which covers the larger, 

often state-run concerns. It was released on Tuesday and, while growth there missed 

expectations, it remained well within the year’s trend.

The Australian Dollar nudged up against its US cousin after the release. The currency can 

often act as a China proxy thanks to its home nation’s strong raw-material export links 

with the world’s second-largest economy. But Asia-Pacific markets were subdued 

before Wednesday’s US monetary-policy decision which will come long after they close 

and moves were predictably small for an on-target piece of data.