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Daily Market Report 11-5-2016 by ORBEX‏

EUR/USD

  EUR/USD

1.1390

As we see over our previous chart, Market managed to sustain drop pressure over short-run while market still holding market up where first resistance at 1.1430, as long as market holding the H4 bar closing below this resistance the downtrend outlook will sustain toward 1.1250-70 zone.

any H4 closing above 1.1430 may give the market the opportunity to attack resistance 1.1480 where above this zone expect farther advance toward 1.1560-80 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1.1350 1.1430
  LEVEL2 1.1250-70 1.1480
  LEVEL3 1.1220 1.1560-80
 
   
 
 
 
 

GBP/USD

  GBP/USD

1.4410

As we see over our previous chart, Market managed to sustain drop toward 1.4375 where market tried several times to break without success so far

as long as market holding above 1.4375 the chance for more rebound correction will sustain where market facing 1.4480 and 1.4575 as resistance levels

above 1.4575 market may enter another bull wave that may target 1.4700 zone

below 1.4370 market will add more drop pressure that may take Pound toward more drop to 1.4100 zone

 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1.4345-75 1.4480
  LEVEL2 1.4190 1.4575
  LEVEL3 1.4100 1.4670
 
   
 
 
 
 

USD/JPY

  USD/JPY

108.60

Market managed to obtain daily close above 108.90 which placing market for more advance

market will face 108.20 and 107.40 as support levels where as long as market holding above one of those supports the uptrend will sustain toward 110.00

below 107.40 expect farther drop toward 106.25
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 108.20 109.35
  LEVEL2 107.40-50 110.00
  LEVEL3 106.25 111.50-80
 
   
 
 
 
 

Crude Oil

  Oil 6M - New Contract

44.25

As we see over our previous chart, market managed to retreat from 46.15 resistance while managed to hit below 43.25

market managed to hit above resistance 44.50 zone where as long as market holding above 43.95 the uptrend will sustain toward 46.15 zone

market still holding chance for more drop toward 41.50-42.00 or to resume advance toward 46.15 where market awaiting US inventory today
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 43.95 44.75
  LEVEL2 43.00 45.50
  LEVEL3 41.50-42.00 46.15
 
   
 
 
 
 

GOLD

  Gold

1272

Market managed to hit above 1274 which may activate rebound correction toward 1285-90 zone for the coming short-run

while from there and as long as market holding below 1290 another drop wave toward 1235-40 zone may control the market

risk for mare advance will be above 1290 where market chance to continue advance or to head again for drop may have 50/50 chance
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1268 1274
  LEVEL2 1259 1285-90
  LEVEL3 1240 1303
 
   
 
 
 
 

Dow Jones

  US30 Dow-Jones

17850


So far market still holding trades inside short-run trading zone as we expected over our last view

market built support levels at 17650 and 17540 , where we will expect drop correction toward 17650 before market resume advance toward 18085 zone

downtrend risk will be below 17540 with next support at 17400-50
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 17650 17915
  LEVEL2 17540 18085
  LEVEL3 17400-50 18175
 

Source: www.orbex.com

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