Daily Technical Out Look

 EURUSD, GBPUSD, USDJPY, USDCHF, XAUUSD

Daily Technical Out Look Of Major Pairs

 Technical Outlook: Sterling Is Sharply Lower On Monday On Political Uncertainty (13-Nov-2017    at   02:14:18 pm)

Cable was sharply lower in early Monday's trading after negative news for PM May were released during the weekend and pound remains vulnerable as Brexit talks face key deadlines. The pair slipped below strong 1.3110 support (Fibo 61.8% of 1.2773/1.3655 upleg/100SMA) on extended bearish acceleration at the beginning of European session, shifting near-term bias lower after Friday's unsuccessful probe into daily cloud. Cloud is spanned between 1.3214 and 1.3275 and continues to weigh. Monday's weakness retraced 76.4% of recovery rally from 1.3038 (03 Nov low) to 1.3229 (Friday's peak), signaling an end of corrective phase. Dips were so far held by temporary base at 1.3083, with retest of key short-term supports at 1.3026 (06 Oct) and 1.3038, which also mark the floor of five-week range, seen as likely near-term scenario. Daily studies are turning into full bearish setup and support the notion, with loss of 1.3038/26 pivots, as well as psychological 1.3000 support, expected to spark further weakness. Extended upticks should be capped by descending 10/20 SMA's (1.3155/68 respectively) before bears resume. Only bullish acceleration through daily cloud would neutralize and shift near-term focus higher.

Forex Technical Analysis: EUR/USD, USD/JPY, GBP/USD (13-Nov-2017    at   02:04:59 pm)

EUR/USD The intraday bias is still positive above 1.1620, but my outlook is counter-trend below 1.1690, for a violation of the crucial 1.1585, towards 1.1480.

XAUUSD Intraday Analysis (13-Nov-2017    at   01:59:42 pm)

XAUUSD (1275.85): Gold prices fell towards the support level of 1274.69 on Friday. This validated the ascending triangle pattern which saw prices consolidating near the resistance level of 1285.00. The decline to the 1274.69 support level could see prices now attempting to bounce back higher. This is also seen with the hidden bullish divergence on the Stochastics which has posted a lower low compared to the higher low in price. In the near term we expect gold prices to maintain the range above 1274.69 and 1285.03. A breakout from either of these levels will, however, signal further continuation in price.

USDJPY Intraday Analysis (13-Nov-2017    at   01:59:03 pm)

USDJPY (113.65): The USDJPY has been slowly consolidating after the decline towards 113.10 level. The brief bounce off this level suggests the sideways range that has been in play. However, we expect price action to complete the decline to the downside and thus testing the support level of 113.00 more firmly. To the upside, the declines are limited towards the resistance and support level of 113.75 region. A breakout above this level on an intraday basis could signal further upside in price that could see a potential test of resistance at 114.24.

EURUSD Intraday Analysis (13-Nov-2017    at   01:58:13 pm)

EURUSD (1.1651): The EURUSD continued to push higher last week as price briefly tested the resistance level of 1.1674. Price action has since then been pushing lower. In the short term, EURUSD will maintain the sideways range within 1.1674 level of resistance and 1.1573 level of support. The rally to 1.1674 has invalidated the bearish flag pattern, and we expect the price to remain range bound. Further trend can be seen forming on a breakout above or below the mentioned resistance and support levels.

EURUSD Maintains A Neutral Bias In 2-Week Range (13-Nov-2017    at   01:05:15 pm)

EURUSD maintains a neutral bias in the short term and has not changed much since entering a range two weeks ago. The market is showing signs of stabilization as the sell-off has slowed somewhat over the past couple of weeks.

Daily Technical Analysis: EURUSD, GBPUSD, USDJPY, USDCHF (13-Nov-2017    at   12:38:10 pm)

The EURUSD attempted to push lower last week bottomed at 1.1554 but closed higher at 1.1664. The bias is neutral in nearest term. Overall I remain bearish but need a clear break below 1.1580/50 support area to continue the” head and shoulders” bearish reversal scenario testing 1.1450 region. Immediate resistance is seen around 1.1670/90. A clear break above that area could trigger further bullish pullback testing 1.1725 but as long as stay below 1.1900 I remain bearish and any upside pullback should be seen as a good opportunity to sell.

GBPUSD Intraday Bearish Below 1.3130 Level (13-Nov-2017    at   11:47:51 am)

The British pound has slipped lower against the U.S dollar in early Monday trading, hitting 1.3106, as UK political uncertainty hurts GBPUSD trading sentiment. The pair is currently trading around the 1.3120 level, after news over the weekend showed that UK Prime Minister Theresa May's leadership is again being questioned, as forty members of the Conservative Party signed a no-confidence letter against her. Sterling traders are likely to remain cautious, ahead of key Inflation figures being released from the UK economy on Tuesday.

EURO Still Bullis Above 1.1640 Level (13-Nov-2017    at   11:46:57 am)

The euro has opened the new trading week above key technical support against the U.S dollar, as the U.S corporate tax reform delay continues to drive financial market sentiment. The EURUSD pair trades around the 1.1655 level, as the U.S dollar index remains under selling pressure. Traders will take cues from the next move in stocks and the U.S dollar index, with no-less than six Federal Reserve Presidents speaking over the coming twenty-four hours.

Daily Wave Analysis: EUR/USD Tests Fibonacci Resistance Levels Of Wave-4 Pattern (13-Nov-2017    at   11:27:21 am)

EUR/USD is in a wave 4 (blue) bullish retracement within a larger downtrend and therefore the Fibonacci levels of wave 4 (blue) could act as resistance. A break below the support trend line (blue) could indicate a potential bearish breakout within wave 5 (blue) of wave C (purple).

Market Morning Briefing: The Euro Remains Below 1.1665-1700 (13-Nov-2017    at   09:46:25 am)

The Euro (1.1650) remains below 1.1665-1700 as the German-US 10Yr Spread (-2.01%, see Interest Rates below) fall again. Further Resistances seen in the 1.1725-45 region.

EURUSD - Pressure Builds Up On The Upside, Eyes The 1.1724 Zone (13-Nov-2017    at   07:19:15 am)

EURUSD - With the pair backing off lower prices to close higher the past week, more strength is likely. Resistance comes in at 1.1700 level with a cut through here opening the door for more upside towards the 1.1750 level. Further up, resistance lies at the 1.1800 level where a break will expose the 1.1850 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 1.1600 level where a violation will aim at the 1.1550 level. A break of here will aim at the 1.1500 level. Below here will open the door for more weakness towards the 1.1450. All in all, EURUSD faces further corrective recovery threats.

GOLD - Vulnerable, Faces Further Weakness (13-Nov-2017    at   07:18:15 am)

GOLD - The commodity looks to extend its downside pressure. On the downside, support comes in at the 1,270.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure towards the 1,240.00 level. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,310.00 level. All in all, GOLD looks to weaken further on correction.

This is not recommendation buy or sell