Daily Forex Analysis November 6, 2012

061112eurusd

Fundamental Part

Office for National statistics is going to release figures about manufacturing production in the UK. Analysts are expecting high impact on the sterling and increase by 0.3 percent compared to previous decline 1.1 percent.

Also the same bureau will release industrial production in the UK at 9:30 am GMT but this news will have a low impact on the sterling. Previous figures showed decline by 0.5 percent and today it is expected deeper decline by 0.6 percent.

At 11:00 am GMT German Bundesbank is going to publish figures about German factory orders. It will have a medium impact on the euro and is expected improvement from minus 1.3 to 0.3 percent.


 

Technical Part

The EURUSD analysis

061112eurusd

The Alligator is suggesting downward move which is confirmed by Stochastic approaching oversold zone. Aroon indicates strong downtrend and MACD is confirming consolidation and possible decline.

Expanding Bollinger bands and price below SMA are indicating downward move. RSI in the seller´s zone indicating decline and CCI supports downside move holding in the oversold zone.

According to the previous events the market is suggesting bearish opportunity.

Price is moving below daily pivot at 1.2799 but price has declined below support at 1.2774 which indicates that consolidation is probably over. Next target will be at 1.2755 support and deeper decline towards next objective at 1.2724 support. But if price rebounds from second support and breaks above daily pivot target at 1.2816 resistance will be confirmed.

061112eurusd2


 

The USDJPY analysis

061112usdjpy

According to the Alligator price is rebounding which is also suggested by Stochastic bouncing from oversold one. According to the Aroon we can expect strong downtrend. MACD confirm conclusion from Alligator.

Falling Bollinger bands and price below SMA are suggesting further fall. If RSI breaks above level fifty upward move will be confirmed. CCI indicated buy signal when it entered seller´s zone.

According to the previous events the market is suggesting bullish opportunity.

Price is rebounding from support at 80.030 and it will approach daily pivot at 80.293. If price breaks above this level next objective will be at 80.370 resistance. Sustained rise above this level will confirm upward move and next objective at 80.442 resistance. Further rise towards 80.510 hasn´t been excluded.

061112usdjpy2


 

The GBPUSD analysis

061112gbpusd

The Alligator is suggesting consolidation while Stochastic is falling from overbought zone. Strong uptrend is being indicated by Aroon and MACD suggests consolidation.

Sideway moving Bollinger bands and price below SMA are suggesting consolidation and possible decline. RSI declined below level fifty but it is still holding close to this level and suggests consolidation. CCI indicated sell signal and downside movement.

According to the previous events the market is suggesting bearish opportunity.

It seems price has formed top slightly above daily pivot at 1.5989 and correction is underway. If price holds above support at 1.5945 consolidation will be in favor. Further decline towards 1.5941 will confirm downward move and it will probably approach 1.5908 support. But if price rebounds before reaching first support it could break above daily pivot and rise towards 1.6004 resistance.

061112gbpusd2


 

The USDCHF analysis

061112usdchf

The Alligator is suggesting price will rebound. Stochastic in the overbought zone is suggesting further rise as Aroon indicating strong uptrend. MACD holding above zero line confirms consolidation.

Expanding Bollinger bands and price above SMA are suggesting upward move. RSI in the buyer´s zone indicates upside move. CCI in the overbought zone is confirming upside movement.

According to the previous events the market is suggesting bullish opportunity.

Price was able to rebound from daily pivot at 0.9426 and it will soon test resistance at 0.9455 resistance. Break above this level will rise towards next target at 0.9476 resistance where top will be probably formed. But fi price rebounds from first resistance and holds above daily pivot, consolidation will be in favor.

061112usdchf2

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Daily Forex Analysis November 13, 2012


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