Markets Analysis currencies and metals November 8, 2018

7 November 2018, 13:16
Hisham Mahmoud Younes
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We have many important events, the most important being the decline of the Republican Party in the US midterm elections, which will affect the chances of the US President to remain a strong president, so the President may not receive the necessary support to continue its economic policy

 

Analysis of the dollar index for November 7, 2018

The dollar index is rebounding from 95.95, the lowest level recorded this week. The breach was confirmed, targeting 96.26 and trading stability above that level will push the dollar index to the initial resistance levels 96.38

We recommend buying the dollar index from 96.15 stop loss 95.46 making the first profit 96.38 making the second profit 96.45

The beginning of the opening of short positions from 96.57

 

CHF JPY Technical Analysis for November 7, 2018

The pair failed to breach the second resistance at 113.54 with a clear negative bias on the time frame, the pair can sell from 113.10 stop at 113.603 and take profit at 112.700

 

Euro JPY Analysis for November 7, 2018

The pair maintained its highest trading position 129.31 with positive price behavior, targeting the pair to exceed the second resistance at 129.81 which we may see in the coming hours

The pair is based on strong support at 128 so we recommend buying the pair from the current levels 129.52 with a stop loss at 128 and take a first profit at 130.15 and take a second profit at 132.00

 

EUR / NZD Analysis for November 7, 2018

The pair is rebounding from its low levels this week with positive signs on the MACD. The pair is based on strong support at 1.6790 and could target 1.70 levels in the coming hours, breaching that level will push the pair to test the second resistance zone at 1.715

We recommend buying the pair from the current stop loss at 1.67100 and taking profit at 1.71500

 

EUR / USD Analysis for November 7, 2018

The pair kept trading at the highest level of 1.1435 and is currently targeting the breach of the third resistance level at 1.1464 while the strongest support remains at 1.137

We currently prefer to enter the long term buy with a stop loss at 1.13500 and take the first profit at 1.14652

Be noted that we expect the pair to move to try to reach the 1. October levels at 1.155 to target 1.18 levels

 

GBP USD Analysis November 8, 2018

The pair seems to be on the rise supported by positive news about the UK exit negotiations and current political problems in the United States

Technically the pair is based on strong support at 1.298 and the third resistance target moves at 1.316

We would prefer to enter into a long long term buyout with a stop loss at 1.26939 while we remain targets at 1.43084 areas which are expected due to the current political conditions and the same levels of last April that we confirmed that the pair will target again before the end of the year


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