Technical Analysis on EUR/USD for December 02, 2014 Market Analysis Review

The soft US ISM data pushed the USD pairs to lower levels. The ISM index little changed to 58.7 last month, the second-strongest level since April 2011, compared with 59 in October. In the euro area, the Italian manufacturing output slightly weakens. The currency pair managed to hold margin gains on the previous week and in yesterday's session. It doesn't mean, the Euro is looking attractive. The US dollar paused its rally and shifted to a consolidation stage. The pair made a minor base at 1.2358, below this 1.2320 is the strongest support. The Euro is still favoring the sell on every upswing. The further direction will be determine on Thursday's ECB meeting. A lot of pressure is still being put on the Euro. Today, the focus has shifted to Spanish unemployment data.The pair has strong, long-term support at 1.2226. Below 1.2226, levels 1.2045 and 1.1876 are another multiple support levels. We have been recommending selling on every upswing with the downside initial targets at 1.2320 and 1.2230.

From an intraday view, the pair has support at 1.2460. Until the prices remain below 1.2531, the selling pressure continues. We recommend selling at 1.2450 with the targets at 1.2420, 1.2400, and 1.2360. The weakness will turn to selling pressure below 1.2420; panic will be triggered below 1.2360. If a weekly close is below 1.2350, we can expect 500 odd pips correction on the downside in the longer-term view. The pair has strong, long term support at 1.2226. Below 1.2226, 1.2045 and 1.1876 are another multiple support levels. We have been recommending selling on every upswing with the down side initial targets at 1.2320 and 1.2230 levels.

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Technical Analysis of USD/CAD for December 02, 2014 Market Analysis Review

The soft US ISM data pushed the USD pairs to lower levels. The ISM index was little changed to 58.7 last month, the second-strongest level since April 2011, compared with 59 in October. As for the CAD, the Canadian GDP gave an optimistic view on the Canadian economy. Friday's Canadian GDP data is still weighing with the pair. The pair rejected at previous high and closed at 20Dsma. Today, the pair opened on a bearish note, opened higher at 1.1329. Until the pair trades below 1.1330, the bearish view is still valid on the hourly basis. The pair has weekly support at 1.1314, 1.1295, and 1.1250. The swing support exists at 1.1190. In case if the pair closes below 1.1190, we can declare a broadening top with the near- and medium-term outlook. Until it closes above 1.1190, the bullish view continues. Today, the focus shifts to Federal Chairwoman Yellen speech. From an intraday view, the prices are trading next to the multiple support zone. The supports exist at 1.1300 and 1.1280. Risky traders can sell at 1.1310; safe selling at 1.1280 with the targets at 1.1245 and 1.1230. The pair has resistance at 1.1425 on a daily closing basis. In case if the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. On the down side, the pair has strong support zone between 1.1120 and 1.1100 on a weekly basis. Speculative traders can buy with sl 1.1310 with the targets at 1.1340 and 1.1360 levels.

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Technical analysis of EUR/USD for December 02, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Spanish Unemployment Change and PPI m/m. Besides, the US will release the economic data too such as the Construction Spending m/m and Total Vehicle Sales. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2526.

Strong Resistance:1.2528.

Original Resistance: 1.2516.

Inner Sell Area: 1.2504.

Target Inner Area: 1.2474.

Inner Buy Area: 1.2444.

Original Support: 1.2432.

Strong Support: 1.2420.

Breakout SELL Level: 1.2412.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for December 02, 2014 Market Analysis Review

In Asia, Japan will release the Monetary Base y/y, Average Cash Earnings y/y, and 10-y Bond Auction. The US is also going to publish some economic data such as Construction Spending m/m and Total Vehicle Sales. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.02.

Resistance. 2: 118.79.

Resistance. 1: 118.55.

Support. 1: 118.27.

Support. 2: 118.04.

Support. 3: 117.80.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Daily analysis of USDX for December 02, 2014 Market Analysis Review

The USDX has had no significant changes in the daily chart, because the range between the 88.63 and 87.35 levels has made this instrument continue forming a bullish pattern in the long term. Recall that if the USDX takes a breakout at the resistance level of 88.63, it's expected to rise to the level of 90.40. The 200-day moving average still remains at the level of 83.23.

Daily chart's resistance levels: 88.63 / 90.40

Dailychart's support levels: 87.35 / 86.20

In the H1 chart, the USDX is trying to stay below the 200-day moving average, although the support level of 87.86 has given this instrument one slight bullish momentum that could lead it to visit the resistance level of 88.15 in the short term. If the USDX takes a breakout at that level, the next target would be the 88.43 level. The MACD indicator is moving into the negative territory.

H1 chart's resistance levels: 88.15 / 88.43

H1 chart's support levels: 87.86 / 87.58

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 88.15, take profit is at 88.43, and stop loss is at 87.87.

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Daily analysis of GBP/USD for December 02, 2014 Market Analysis Review

In the H4 chart, the GBP/USD pair gathered a bullish momentum above the support level of 1.5589, because this pair is trying to gain strength for a breakout at the eve support and fall to the level of 1.5512. The pair up is likely to go up to the resistance level of 1.5811 this week, because the GBP/USD pair has managed to hold above the 1.5698 level, where one bullish trend line is located. In addition, the 200 SMA is approaching the level of 1.5811. The MACD indicator remains in the positive territory.

H4chart's resistance levels: 1.5811 / 1.5874

H4chart's support levels: 1.5698 / 1.5589

The GBP/USD pair is consolidating above the 200 SMA in the H1 chart with the formation of a higher high pattern. The resistance level of 1.5739 could produce a pullback in this pair, so GBP/USD could perform a retracement to the level of 1.5687. Our bearish outlook still remains alive in this pair. So, it is advisable to place sell orders below this zone to the support level of 1.5632. The MACD indicator is in the overbought zone.

H1 chart's resistance levels: 1.5739 / 1.5810

H1 chart's support levels: 1.5686 / 1.5632

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.

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USDCAD Daily Analysis - December 2, 2014 Forex Analysis

USDCAD failed to break above 1.1466 resistance, indicating that lengthier consolidation for the uptrend from 1.0619 (Jul 3 low) is needed. Deeper decline would likely be seen, and the target would be at 1.1200 area.

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USDCHF Daily Analysis - December 2, 2014 Forex Analysis

USDCHF continued its sideways movement in a range between 0.9531 and 0.9739. As long as 0.9531 support holds, the price action in the range could be treated as consolidation of the uptrend from 0.9370, another rise to 1.0000 could be expected after consolidation. Resistance is at 0.9739, a break of this level could signal resumption of the uptrend.

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USDJPY Daily Analysis - December 2, 2014 Forex Analysis

USDJPY remains in uptrend from 105.32, the price action from 118.97 is likely consolidation of the uptrend. Support is now at 117.23, as long as this level holds, the uptrend could be expected to continue, and next target would be at 122.00 area.

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AUDUSD Daily Analysis - December 2, 2014 Forex Analysis

AUDUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 0.8795, the rise from 0.8416 could be treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8300 area.

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GBPUSD Daily Analysis - December 2, 2014 Forex Analysis

After touching 1.5590 support, GBPUSD bounced back into the trading range between 1.5590 and 1.5825, indicating that lengthier consolidation for the downtrend from 1.6182 is needed. However, as long as 1.5825 resistance holds, the downtrend could be expected to resume, and one more fall towards 1.5000 area is still possible.

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EURUSD Daily Analysis - December 2, 2014 Forex Analysis

EURUSD continued its sideways movement in a range between 1.2358 and 1.2599. As long as 1.2599 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.2867, one more fall to 1.2000 area is still possible after consolidation.

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Technical analysis of USD/JPY for December 01, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade in a lower range. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 88.30 versus 88.00 early Friday) as oil prices extend falls Friday to four-and-a-half year lows following OPEC's decision to stick to its existing target for oil production. USD/JPY is also supported by the demand from Japan's importers and the weak yen sentiment as Japan's adjusted core CPI fell to 0.9% in October from 1.0% in September, moving further away from the 2.0% level targeted by the Bank of Japan and bolstering expectations for additional monetary easing by the central bank. But USD/JPY gains are tempered by Japan's exporter sales, diminished investor risk appetite (VIX fear gauge rose 10.44% to 13.33, S&P 500 closed 0.25% lower at 2,067.56 Friday) and lower U.S. Treasury yields (10-year at 2.196% versus 2.234% late Wednesday).

Technical comment:
Daily chart is positive-biased as stochastics stays elevated at overbought levels, five and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 117.60. A break of this target will move the pair further downwards to 117. The pivot point stands at 118.55. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 118.90 and the second target at 119.30.

Resistance levels:

118.90

119.30

119.75

Support levels:

117.60

117

116.65

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Technical analysis of NZD/USD for December 01, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade with a bullish bias. It is ndermined by the broadly firmer dollar undertone, soft commodity prices and diminished investor risk appetite. But NZD sentiment are soothed by the ANZ monthly New Zealand business survey for November showing a net 31.5% of respondents expected business conditions to improve over the next 12 months compared with a net 26.5% in the previous survey. NZD/USD losses are also tempered by the NZD-USD interest differential, Kiwi demand on buoyant NZD/JPY cross amid the weak yen sentiment and Kiwi demand on soft AUD/NZD cross.

Technical Comment:

Daily chart is mixed as MACD is bullish; but stochastics is bearish, five-day moving average is falling below 15-day moving average.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7925 and the second target at 0.7950. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.78. A break of this target would push the pair further downwards and one may expect the second target at 0.7775. The pivot point is at 0.7845.

Resistance levels:

0.7925

0.7950

0.7975



Support levels:
0.78

0.7775

0.7750

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Technical analysis of GBP/JPY for December 01, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to trade in a higher range. It is supported by the weak yen sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's exporter sales and diminished investor risk appetite and sterling sales on buoyant EUR/GBP cross.

Technical comment:

Daily chart is positive-biased as stochastics stays elevated near overbought levels, five and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 186.50 and the second target at 187. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 184.70. A break of this target would push the pair further downwards and one may expect the second target at 184. The pivot point is at 185.25.

Resistance levels:

186.50

187

187.65 Support levels:

184.70

184

183.35

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Gold : analysis for December 01, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downwards. As we expected, the price tested and rejected from the level of 1,142.64 in an ultra high volume. According to the daily time frame, we can can observe strong demand on the market, which is a sign that selling at this stage looks very risky. Our Fibonacci expansion 61.8% at the price of 1,147.00 held successful, which caused price to start with upward movement. According to the 4H time frame, we can observe a gap zone and gold managed to break above the gap zone, which confirmed a potential bullish phase. I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% at the price of 1,189.00, Fibonacci expansion 100% at the price of 1,217.00 and Fibonacci expansion 161.8% at the price of 1,263.00. My advice is to watch for potential bullish opportunities on the lows.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,155.87

R2: 1,159.57

R3: 1,165.57

Support levels:

S1: 1,143.86

S2: 1,140.17

S3: 1,134.17

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).

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EUR/NZD : analysis for December 01, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested and rejecected from the level of 1.5987 in a high volume. According to the 2H time frame, we can oberve weak buying climax in the background and later on a successful absorption volume. I have placed Fibonacci expansion from most recent swings to find potential support levels. I got Fibonacci expansion 100% at the price of 1.5780 and Fibonacci expansion 161.8% at the price of 1.5715 According to the daily time frame, we got up-thrust bar (supply overcoming demand). Be careful when buying and watch for potential selling opportunities.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5907

R2: 1.5930

R3: 1.5969

Support levels:

S1: 1.5829

S2: 1.5806

S3: 1.5767

Trading recommendations: Be careful when buying EUR/NZD since we got absorption volume in the background. Watch for potential selling opportunities.

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Weekly technical levels of EUR/USD for December 1-5, 2014 Market Analysis Review

The weekly technical levels of EUR/USD pair:

Overview :

• The range of EUR/USD pair was 170 pips last week. In addition, the EUR/USD pair hit the weekly resistance 1 and the pivot point. As a result, the market was in an uptrend and formed a strong support at the level of 1.2425. It should be noted that the support coincides with the ratio of 23.6% Fibonacci retracement levels, and represents minor support in H1 chart. So, the price of 1.24 25 is the key level to confirm the bullish market. For that reason, the market will probably indicate the bullish opportunity at the level of 1.2425 and the level will act as support. Therefore, the price of the EUR/USD pair will give a good sign to buy above 1.2425 with the first target of 1.2494. Also, if the trend can break it, as a consequence, the trend is going to continue towards the 1.2530 price in order to form the double top.

The movement of pivot point among resistances and supports .

• If the price is at pivot point, watch for a move back to resistance 1 or support 1.


• If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.


• If the price is at support 1, expect a move to support 2 or back towards resistance 1.


• If the price is at support 2, expect a move to support 3 or back towards support 1.


• If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.


• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

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Weekly technical levels of GBP/USD for December 1-5, 2014 Market Analysis Review

The weekly technical levels of GBP/USD pair:

Trading recommendations :

• The price of GBP/USD pair is going to move between the level of 1.5614 and 1.5773. The support is set at the level of 1.5562; and the double bottom had placed at the point of 1.5614. Consequently, the market will indicate a bullish opportunity above 1.5614, because the area of 1.5600-1.5614 is going to act as strong support. Therefore, it will be a good sign to buy above this area today with the first target of 1.5669 in order to test the weekly pivot point in H1 chart. Equally important, if the trend succeeds to close above 1.5694, then the market will go on the uptrend above the weekly pivot point towards the level of 1.5773. However, the stop loss should be placed below the double bottom at the price of 1.5557.
  

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#USDX Technical analysis for December 1, 2014 Market Analysis Review

The Dollar index made another break out above the sideways trading range. Early today, it is pulling back to confirm this break out. The trend is bullish as long as price is above 87.50 while short-term support is found at 88.

Black line- trading range

The Dollar index has broken the trading range on Friday but today it is pulling back towards the Ichimoku cloud support at 88.10-88. Holding the cloud in the 4-hour chart will be a bullish signal as a reversal to the upside should come after testing the cloud support. Critical short-term support at 87.80 is the lower cloud boundaries.

The weekly close of the past week was a bullish sign. The weekly candle with the long tail below the body showed that buyers are supporting the Dollar index below 88. Although we start the week with not a strong note, I believe the Dollar index will end the week stronger than it started. The bullish flag target remains at 91. I remain bullish.

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Gold Technical analysis for December 1, 2014 Market Analysis Review

Gold price has turned to a bearish short-term trend from Friday after breaking below $1,174. $1,174 was an important support level that I mentioned last Friday. The failure to hold it combined with the rejection of the Swiss referendum has pushed prices towards our short-term target of $1,140 which was reached earlier today.

Gold price has reached the 78.6% retracement of the rise from $1,130 to $1,207. The trend is bearish. Support is at $1,140 and resistance is at $1,165. I believe we have seen an important top at $1,207. As long as we are trading below it, we should expect to see below $1,130 towards $1,050 as our first target.

Red line = support

Now, when the red trend line and the ichimoku cloud are broken, short-term trend is confirmed bearish. Important resistance is set at $1,180 for the short-term trend. As I said on Friday, I remain bearish as long as price is below $1,208. Any bounce I believe is a chance to sell again Gold, preferably near $1,180.

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Technical analysis of EUR/JPY for December 01, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has been forming a new channel support trend line after breaking below its immediate line of support as seen here. The metal had formed lows at 145.50 levels last week, and since then has been rising steadily. It is recommended to hold long positions for now, with risk at 146.50. It is pretty much clear that the pair should remain in control of bulls till prices remain above the channel line support. Only a break here, should be a warning for a deeper correction towards 142.00 levels at least. Immediate support is at 146.50, followed by 145.50 (interim), 145.00 and lower while resistance is seen at 149.00 respectively.

Trading recommendations:

Remain long for now, move stop to 146.50 from 145.50, the target is open.

Good luck!

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Technical analysis of GBP/CHF for December 01, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair seems to have formed base around 1.5075 levels as seen here. It is the fibonacci 0.50 support of the rally from 1.4950 to 1.5225 levels. A bullish turn around from these levels could raise price levels into the 1.5300/40 levels easily. It is therefore recommended to hold long positions for now, risk around 1.5000 levels. Immediate support is seen at 1.5075 (interim), followed by 1.5020, 1.4950 and lower while resistance is seen at 1.5225 (interim), followed by 1.5300, 1.5450, and 1.5550 respectively. A rally through 1.5300 levels seems quite possible for now.

Trading recommendations:

Remain long, stop below 1.5000, the target is at 1.5300/50.

Good luck!

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Technical analysis of EUR/JPY for December 1, 2014 Market Analysis Review

General overview for 01/12/2104 08:20 CET

The corrective cycle in the shape of abc green zig-zag might have been completed and the higher degree corrective wave X brown might have been completed as well. This would mean, the market should continue to trade lower now and the support levels should be now violated as the internal intraday bearish corrective cycle in wave Y brown resumes to the downside. The minimum target zone is between the levels of 144.54 144.74, but the downside correction might extend even lower.

Support/Resistance:

149.11 - WR1

148.09 - Intraday Resistance

147.40 - Intraday Support

147.34 - Weekly Pivot

146.65 - WS1

145.68 - Technical Support

144.89 - WS2

144.54 - 144.74 - minimum target level

Trading recommendations:

Traders should consider selling this pair from the current market levels with SL above the level of 148.10 and TP at the level of 144.77.

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Technical analysis of USD/CAD for December 1, 2014 Market Analysis Review

General overview for 01/12/2104 08:00 CET

The impulsive wave progression to the upside has not been completed yet. There is at least one more wave to the upside to be made unless the extension happens. The most important support is the technical support at the level of 1.1367, just below the weekly pivot at the level of 1.1379. Currently, the market is in a corrective cycle (sub-wave iv black) and when this cycle is completed the uptrend should resume.

Support/Resistance:

1.1465 - Swing High

1.1453 - Intraday Resistance

1.1422 - Intraday Support

1.1379 - Weekly Pivot

1.1367 - Technical Support

Trading recommendations:

Traders should consider buying the dips as the market has to complete one more wave to the upside. All SL should be placed below the level of 1.1376.

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Technical analysis of Silver for December 01, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has taken stops out on remaining long positions held earlier, and has dropped to $14.40/50 levels as seen here. Recommendations are to remain flat for now, though indicators are showing divergence with respect to price movements. The metal has tested support of February 2010 (at $14.63 levels). The current fall could possibly be a thrust, before resuming rally. Aggressive trading strategy would be to initiate 50% long positions now with risk below $14.30. Resistance is seen at $15.85 levels, followed by $16.70, $17.75/80 and higher up, while interim support is at $14.50/60 levels. Bears seem to be in control at the moment and the metal needs to take out $16.70 resistance to confirm bullish reversal.

Trading recommendations:

Remain flat for now. Aggressive trade setup would be to initiate only 50%, with stop at $14.20.

Good luck!

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Technical analysis of Gold for December 01, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has dropped below $1,170.00 levels, taking us out on the remaining long positions. Also please note that the counter trend support line has been broken as well and the metal has made intraday lows at $1,142.00 levels as seen here. Immediate support is seen at $1,130.00 and lower while resistance is fixed at $1,208.00 (interim), followed by $1,235.00, $1,255.00 and higher respectively. As seen here, the metal is bouncing off the fibonacci 0.786 support of the entire rally between $1,130.00 and $1,208.00. A bullish signal appearance here can be bought, with a risk below $1,130.00. The metal would also face resistance at $1,185.00, which is a back side of the trend line support.

Trading recommendations:

Remain flat for now. Looking to buy on a bullish reversal.

Good luck!

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Technical Analysis on USD/CHF for December 01, 2014 Market Analysis Review

Swiss voters rejected the gold referendum, roughly 78% voted to expand central bank gold reserves to 20% of central bank assets. This decision weighs the CHF against the USD. The pair managed to cross the 20Dsma and closed above that at Friday's session. The pair has been struggling to breach 0.9742. Until the prices are closed and trading above 0.9500, we are expecting bullish targets. In case if the pair closes below 0.9500 on a daily basis, it can extend its fall towards 0.9440 and 0.9400. Today, traders are keeping an eye on ISM manufacturing data. Positive readings will push the prices to the previous highs. The pair has immediate parallel resistance at 0.9728 and 0.9742. On the daily chart, the pair has made higher lows and higher highs formation. In case if the price breaches 0.9742, it can extend its rally up to 0.9950. We still recommend using every dip to buy with the targets at 0.9800, 0.9840, 0.9970, and 1.017. The parallel monthly resistance exists at 0.9751. We recommend buying above 0.9751 with the targets at 0.9820 and 0.9870. If a daily close is above 0.9742, the bulls will challenge new highs by adding 150 or 200 pips on the higher side.

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Technical Analysis of Gold for December 01, 2014 Market Analysis Review

Swiss voters rejected the gold referendum, roughly 78% voted expanding central bank gold reserves to 20% of central bank assets. This decision affected the yellow metal. At the opening, the metal fell $24 at the early Asia's session. The metal opened on a bearish note, opened higher at $1,166.90. We recommended selling at $1,180.00 at Friday's session which gave good money. We have been recommending selling on every rise. We still recommend the same. Today, the focus shifts on the US ISM manufacturing data. A positive readings will ignite double shot strength on the US dollar. The US dollar has been already reinforced after Swiss referendum. These factors may trigger another round of selling. On the down side, the metal has support at $1,141.80 and $1,137.00; below these levels, we can expect a steep fall in the prices towards $1,132.00 and $1,103.00. In case if the prices fall below $1,100.00, we can see $1,1085.00 as well. The prices are closed and trading below 12ema and 34hrsma. It is not safe to buy, until the prices are trading below $1,169.00 levels.

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Trading recommendation on GBP/USD for December 01, 2014 Market Analysis Review

This calendar week stocks lots of important economic events which can greatly affect the pair in the near term. Today, the UK manufacturing data and the US ISM manufacturing data will drive the pair. We are expecting an uptick from the UK manufacturing data. On the previous week, the cable mostly lost its gain and closed marginally up. The pair has the nearest support at the 1.5590 levels. In case if the cable closes below 1.5500 on a weekly closing basis, we can expect 250 odd pips correction on the downside in the medium-term view. The pair has strong, longer-term support at 1.5500. Below 1.5500 levels, 1.5429 and 1.5300 are the other support levels.

From an intraday view, the prices are closed and trading below 12DEMA. But the 35DEMA is providing enough support exists at 1.5625 on an hourly basis. On the higher side, 1.5670 will act as a resistance level. In case if the pound falls below 1.5625, the last hope for bulls exists at the 1.5590 levels. In case if the pair corrects below 1.5590, again the selling pressure will increase. The panic will be triggered below the 1.5590 level. The trading pattern is framed between the 1.5590 and 1.5736 levels. In case if the prices break below 1.5590, we expect the targets of 1.5535 and 1.5510. Below 1.5500, another 100 or 150 pips downside move or risky traders can sell at the current market price at 1.5629 levels.

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