0 comments

Technical Analysis Nov.5th

by on November 5, 2014 7:44 am BST
 

EURUSD

The currency pair experienced little changes during past 24 hours, as the strong support line at 1.25 continued to hold the pair’s bears from pushing the Euro further to the south. Yesterday, the cross even managed to gain some value and neared the weekly pivot point at 1.2586. However, concerning the overall bearish trend of the pair, it stayed below this level. Meanwhile, technical indicators on a daily chart are now sending aggregate signals to the downside.

 

Traders’ Sentiment
The overall share of long positions continued to deteriorate, as now market is equally divided between bulls and bears. Pending orders in 100-pip range slipped as well, but 63% of them are still set to acquire the Euro versus the Greenback.

 

EURUSD Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.2677 1.2683 1.2627
Resistance 2 1.2627 1.263 1.2594
Resistance 1 1.259 1.2596 1.2573
Pivot 1.254 1.2543 1.254
Support 1 1.2503 1.2509 1.2507
Support 2 1.2453 1.2456 1.2486
Support 3 1.2416 1.2422 1.2453

 

GBPUSD

It seems that resistance around 1.6031 used to be strong enough to calm down the bullish pressure, as the British currency declined below the major level at 1.60. The next significant support line is located as far as at 1.59, meaning that depreciation of the Pound is very likely in the short-term. Technical indicators support the US dollar and expect the strong decline of this currency pair in the medium-term with the 2013 Q4 low at 1.5852 as a long-term goal.

 

Traders’ Sentiment
Distribution between long and short positions on the market changed insignificantly, with 57% of them remaining bullish at the moment. Pending orders, however, improved both in 50 and 100-pip ranges.

 

GBPUSD Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.6076 1.608 1.6046
Resistance 2 1.6046 1.6048 1.6026
Resistance 1 1.6025 1.6029 1.6014
Pivot 1.5995 1.5997 1.5995
Support 1 1.5974 1.5978 1.5976
Support 2 1.5944 1.5946 1.5964
Support 3 1.5924 1.5928 1.5944

USDJPY

As predicted both by daily and weekly technical studies, the USDJPY currency pair continues to gain value. However, the cross is nearing a considerable resistance around 114.70, which is strengthened by Dec 2007 high. This level is able to stop the Yen’s depreciation for some time, but a bounce back to the levels seen in the beginning of the week is not likely. If the resistance eventually gives up, then a climb towards Oct 2007 high at 117.96 should be considered at the next goal of the pair.

 

Traders’ Sentiment
Bearish positions for USDJPY cross increased their majority to 57% over past 24 hours. Despite that, pending orders remain extremely positive, with 71% of them set to buy the US Dollar in 100-pip range.

 

USDJPY Pivot Levels Pivot Woodie Fibonacci
Resistance 3 114.43 114.45 114.11
Resistance 2 114.11 114.12 113.87
Resistance 1 113.82 113.84 113.73
Pivot 113.49 113.5 113.49
Support 1 113.2 113.22 113.25
Support 2 112.87 112.88 113.11
Support 3 112.58 112.6 112.87

 

USDCHF

USDCHF came under increased bearish pressure on Monday; however, pair’s decline was over due to toughness of the support at 0.9582. At the moment the pair is ready to recover in order to reach the 2014 high at 0.9587. If the American currency appreciates above this level, which is reinforced by the Bollinger band, then traders should look at monthly R1 at 0.9753. Technical studies, in turn, support this idea by giving positive signals on daily and weekly charts.


Traders’ Sentiment
Sentiment with respect to the USDCHF cross improved from yesterday, as 58% of all positions are long at the moment, while 62% of pending orders are waiting to acquire the Dollar in 100-pip range.


USDCHF Pivot Levels Pivot Woodie Fibonacci
Resistance 3 0.971 0.9702 0.9681
Resistance 2 0.9681 0.9677 0.9653
Resistance 1 0.9638 0.963 0.9636
Pivot 0.9609 0.9605 0.9609
Support 1 0.9567 0.9559 0.9582
Support 2 0.9537 0.9533 0.9565
Support 3 0.9495 0.9487 0.9537