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2014-11-21 17:06:24 UTC+00 2 days, 4 hours, 54 min. ago
The GBP/USD pair looks quite oversold. Bullish correction should be anticipated as the pair is currently testing a prominent WEEKLY support corresponding to multiple previous tops established back in May and June 2013. Bullish Four-Hour fixation above price level of 1.5710 ( Last Friday's highest price level ) is mandatory to pause the ongoing bearish momentum confirming the possible multiple-bottom pattern on the 4H chart. On the other hand, a break below the recent bottom around 1.5590 invalidates this bullish scenario and renders the current movement as a bearish flag pattern with projection target at 1.5410.
2014-11-21 17:01:13 UTC+00 2 days, 4 hours, 59 min. ago
Recently, bulls have pushed further above price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where bearish rejection was anticipated. Despite the temporary bullish SUPPORT offered around price level of 1.1275, the USD/CAD pair continued trending-down towards 1.1220 ( Significant Fibonacci Level and the lower limit of the ongoing channel ) as anticipated in previous articles.
2014-11-21 15:04:10 UTC+00 2 days, 6 hours, 56 min. ago
This week, the bears managed to break below the recent low around 1.5790. This exposed the potential target at 1.5700 and 1.5650 where the backside of the broken channel is roughly located. Conservative traders should wait for a bullish pull-back towards 1.5820-1.5860 for a valid SELL entry. On the other hand, risky traders could have taken a BUY position around 1.5600-1.5650 as anticipated in previous articles. Stop loss to be set at 1.5620 ( few pips above entry levels ) to offside the risk of a counter-trend position.
2014-11-21 15:02:06 UTC+00 2 days, 6 hours, 58 min. ago
Signs of indecision and hesitance were manifested on the daily chart. The pair has been moving within narrow range of consolidation. Friday's candlestick ended up with daily closure above 1.2500. The EUR/USD pair is expressing another bearish Flag continuation pattern on the daily chart provided that daily fixation below 1.2490 obviously occurs and soon enough ( already happening today ).
2014-11-21 14:55:18 UTC+00 2 days, 7 hours, 5 min. ago
Strong supply in a high volume on the market. Be careful when buying EUR/NZD. My advice is to watch for potential selling opportunities after correction. Next down station may be around the level of 1.5515 (Fibonacci expansion 161.8%).
2014-11-21 14:26:58 UTC+00 2 days, 7 hours, 33 min. ago
Our Fibonacci retracement 61.8% at the price of 1,207.00 is on the test. Be careful when buying Gold at this stage since we may expect reaction from sellers. Anyway, if the price breaks the level of 1,207.00 in a high volume and strong price action, we may see possible testing the level of 1,253.00 (swing high like resistance).
2014-11-21 12:02:50 UTC+00 2 days, 9 hours, 57 min. ago
We have seen the expected correction, but it has been much stronger and deeper than expected. That said, we have to remember that second waves are allowed to correct 100% of the first wave.
2014-11-21 11:52:14 UTC+00 2 days, 10 hours, 8 min. ago
The decline from 149.13 does look too strong to just be a part of a small correction wave four and therefore argues that a full five wave cycle could be over at 149.13. If this indeed is the case, then we should be looking for a decline to 142.06 before the next rally higher should be expected.
2014-11-21 10:29:17 UTC+00 2 days, 11 hours, 31 min. ago
The Dollar index continues to trade inside the trading range despite the bullish remarks by Mario Draghi in his earlier speech. The Dollar is trying to make an upward break out but for now it still trades below resistance. I remain neutral as long as we do not see a break out. Probably today will be the day of the break out above or below the critical levels.
2014-11-21 10:23:13 UTC+00 2 days, 11 hours, 37 min. ago
Gold price remains below important resistance level of $1,207 and is consolidating near its highs within a sideways trading range. The upward move from $1,130 is considered a corrective counter trend move relative to the decline from $1,255. I expect a downtrend to resume soon.
Mourad El Keddani
2014-11-21 10:14:33 UTC+00 2 days, 11 hours, 45 min. ago
The resistance of the GBP/USD pair is going to set at the level of 1.5735. The pair will go down in all probability cause the downward trend is still powerful on the H4 chart. Consequently, the descending movement will probably be lower than the 1.5735 level with the targets at 1.5642 and 1.5526 (the weekly support 1). On the contrary, the support has already set at 1.5526. Furthermore, it should be noted that it will quite profitable to buy above this level for retesting this level for a short period. Therefore, buy deals are recommended above the 1.5526 level during the correction with the target of 1.5568. So, the GBP/USD pair will move between the levels of 1.5530 and 1.5690 today.
Mourad El Keddani
2014-11-21 09:53:44 UTC+00 2 days, 12 hours, 6 min. ago
The resistance is set at the level of 1.2582 and the double top was placed at 1.2599 on November 21, 2014. Consequently, the price of the EUR/USD pair is going to turn to the bearish sentiment from the level of 1.2582. Accordingly, it will a good sign to sell in this area with the first target of 1.2488 to test a minor support at this price which represents the weekly pivot point today. Also, if the trend can break the weekly pivot point, it will call for a downtrend in order to continue its bearish movement towards 1.2430 because the support will set at the 1.2430 level. At the same time, the stop loss should be placed above 1.2599 at the price of 1.2530.
2014-11-21 09:04:34 UTC+00 2 days, 12 hours, 55 min. ago
USD/JPY is expected to consolidate after hitting a seven-year high 118.98 on Thursday. It is supported by the weak yen sentiment on Bank of Japan's large-scale easing policy and positive investor risk appetite (VIX fear gauge eased 2.72% to 13.58; S&P 500 rose 0.20% to post record-high close of 2,052.75 overnight) after surprise surge in Philadelphia Fed business index to 40.8 in November--the highest since December 1993--from 20.7 in October (versus forecast for drop to 18.0), unexpected 1.5% increase in U.S. October existing home sales (versus forecast for 0.1% decrease), stronger-than-expected 0.9% rise in Conference Board U.S. Leading Economic Index to 105.2 in October (versus forecast +0.6%).
2014-11-21 08:58:28 UTC+00 2 days, 13 hours, 2 min. ago
USD/CHF is expected to consolidate with a bearish bias. It is supported by the consequence from weaker euro sentiment on the Swiss franc and ultra-loose Swiss National Bank's monetary policy. USD sentiment tempered by more-than-expected 291,000 U.S. jobless claims in week ended Nov. 15 (versus forecast 283,000), weaker-than-expected Markit flash U.S. November manufacturing PMI of 54.7, the lowest in 10 months (versus forecast 56.0). But USD/CHF upside is limited by the positions adjustment ahead of weekend.
2014-11-21 08:52:16 UTC+00 2 days, 13 hours, 8 min. ago
NZD/USD is expected to trade in a higher range. It is supported by the positive investor risk appetite, Kiwi demand on soft AUD/NZD cross andNZD-USD interest differential. USD sentiment is tempered by more-than-expected 291,000 U.S. jobless claims in week ended Nov. 15 (versus forecast 283,000), weaker-than-expected Markit flash U.S. November manufacturing PMI of 54.7, the lowest in 10 months (versus forecast 56.0). But NZD/USD gains are tempered by the weak dairy prices and positions adjustment ahead of the weekend.