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Technical Analysis Nov.14th

by on November 14, 2014 7:58 am BST
 

EURUSD

EURUSD currency cross decided to trade in the narrow range between 1.2430 and 1.2475 for a fourth consecutive day. Yesterday, the pair gained some value to return back above the weekly pivot point, which is located at 1.2465. It seems that the pair lacks momentum from both bullish and bearish sides and the pair is preparing for important fundamental data on Friday. Technical indicators, in turn, became more positive on a weekly time-frame.

 

Traders’ Sentiment
Distribution between long and short positions remains perfectly unchanged at 54% and 46%, respectively, for a fourth day in a row. Pending orders stay negative as before, with 57% of them set to sell the Euro versus Greenback in 100-pip range from the spot price.

 

EURUSD Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.2564 1.257 1.2528
Resistance 2 1.2528 1.2531 1.2503
Resistance 1 1.25 1.2506 1.2488
Pivot 1.2464 1.2467 1.2464
Support 1 1.2437 1.2443 1.244
Support 2 1.24 1.2403 1.2425
Support 3 1.2373 1.2379 1.24

 

GBPUSD

As expected, the GBPUSD did not manage to stabilize after a sharp decline on Wednesday. The pair declined to down to monthly and weekly R2 around 1.5660 on Thursday. Daily technical studies still predict the British pound to stop falling, as in the long-term the pair is likely to commence a recovery. However, if bears put more pressure on the cross, it is likely to lose more value, potentially down to weekly S3 at 1.5541 in the next few days.

 

Traders’ Sentiment
Even though the pair dropped considerably, market participants opened more short positions on the GBPUSD pair, as now they have 45% of all, five percentage points more than 24 hours ago. Pending orders, in turn, remain strongly negative on the Pound.

 

GBPUSD Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.5844 1.5832 1.5812
Resistance 2 1.5812 1.5806 1.5779
Resistance 1 1.5757 1.5745 1.5758
Pivot 1.5725 1.5719 1.5725
Support 1 1.5669 1.5657 1.5692
Support 2 1.5638 1.5632 1.5671
Support 3 1.5582 1.557 1.5638

 

USDJPY

After three days of unsuccessful attempts, the USDJPY managed to advance above the important resistance line, represented by weekly R1 at 115.87. The pair is now trading well above the 116 major level, meaning that bulls have a confident intention to go further. It is likely that the pair will reach the monthly and weekly R2 around 117.25. These levels, however, will probably calm down the bullish pressure for some period of time.

 

Traders’ Sentiment
Market sentiment changed only marginally in course of last 24 hours. Right now 53% of all traders are holding short positions on the US dollar, down from 54% yesterday. Pending orders remain stable as well in 100-pip range, with 56% of them being bullish.

 

USDJPY Pivot Levels Pivot Woodie Fibonacci
Resistance 3 116.58 116.66 116.23
Resistance 2 116.23 116.27 116.01
Resistance 1 116.01 116.09 115.88
Pivot 115.66 115.7 115.66
Support 1 115.44 115.52 115.44
Support 2 115.09 115.13 115.31
Support 3 114.87 114.95 115.09

 

USDCHF

On Thursday, the USDCHF currency pair continued trading around the weekly pivot point at 0.9658 and below the important resistance, represented by October high at 0.9687. Despite four straight days of failed attempts to cross the latter level, bulls do not seem to give up this idea to eventually breach this line. If it happens, then the pair will surge up to weekly R1 at 0.9736. The bearish scenario is assumed to be less probable in the short and medium-term.

Traders’ Sentiment
Along with other currency pairs, sentiment on the USDCHF cross remains rather stable, as 57% of all positions are long. Pending orders in both ranges, however, deteriorated slightly.

USDCHF Pivot Levels Pivot Woodie Fibonacci
Resistance 3 0.9717 0.9713 0.9695
Resistance 2 0.9695 0.9693 0.9675
Resistance 1 0.9666 0.9662 0.9663
Pivot 0.9644 0.9642 0.9644
Support 1 0.9616 0.9612 0.9625
Support 2 0.9594 0.9592 0.9613
Support 3 0.9565 0.9561 0.9594