Technical analysis of Gold for December 03, 2014 Market Analysis Review

The yellow metal was under pressure of the strong US data in yesterday's session. Today the focus has shifted to US ADP non-farm unemployment change data, ISM non-manufacturing PMI and ECB press conference. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. In case, if the US posts positive readings again the yellow metal has to go to the south levels again. The metal has resistance at $1,202.50. We recommend risky buying above $1,200.50 and safe buying at $1,203.00 for targets at $1,207.00 levels. The metal has intraday support at $1,191.00 and $1,188.00 levels. We can see kind of selling pressure below $1,1880.00 up to $1,182.00, $1,180.00 and $1,172.00 levels. Overall the yellow metal future is not that bright. In yesterday's session our selling recommendation gave good money. The weekly resistance exists at $1,236.00, above this, $1,255.00 will come to existence. The monthly resistance level exists at $1,275.00 levels.

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Technical analysis of EUR/USD for December 03, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m. The US will release the economic data too such as the ADP Non-Farm Employment Change, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, Beige Book, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2447.

Strong Resistance:1.2440.

Original Resistance: 1.2428.

Inner Sell Area: 1.2416.

Target Inner Area: 1.2387.

Inner Buy Area: 1.2358.

Original Support: 1.2346.

Strong Support: 1.2334.

Breakout SELL Level: 1.2327.

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Technical analysis of USD/JPY for December 03, 2014 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will release some economic data such as ADP Non-Farm Employment Change, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, Beige Book. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.96.

Resistance. 2: 119.72.

Resistance. 1: 119.49.

Support. 1: 119.21.

Support. 2: 118.98.

Support. 3: 118.74.

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 on USD/CAD for December 03, 2014 Market Analysis Review

USD/CAD

The US dollar gained against most major pairs. The pair gained 90 pips in yesterday's session and closed near the highest level. But as of now, today the pair is unable to breach previous day's high of 1.1424 levels. The pair's nearest resistance exists at 1.1467 levels. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. Today the focus has shifted to US ADP non-farm unemployment change data, ISM non-manufacturing PMI. On the CAD major economic key events will be released today. The BOC interest rate and governor Poloz speaks. 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 gain 260 pips on the higher side. On the down side, the pair has a strong support zone between 1.1120 and 1.1100 levels on a weekly basis. The pair has weekly support at 1.1314, 1.1295 and 1.1250 levels. The swing support exists at 1.1190 levels. Until it closes above 1.1190, the bullish view continues. We recommend fresh buying above 1.1414 levels for targets at 1.1446 and 1.1465 levels. The hourly support levels exist at 1.1394 and 1.1375 levels. In case if the prices correct below 1.1375 it can look for other supports at 1.1330 and 1.1310 levels.

Support 1.1394, 1.1375, 1.1330

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Technical analysis of USD/CHF for December 03, 2014 Market Analysis Review

USD/CHF

The US dollar gained against most major pairs. The pair gained 80 pips in yesterday's session and closed at the highest level. The pair has immediate resistance at 0.9742 and 0.9751 levels. In case if the pair manages to close above 0.9742 it can go up 210 pips on a positional basis. On the higher side, we can expect 0.9820, 0.9874, 0.9970 and 1.0270 levels. We have been recommending buying on every dip for the same targets. Today the focus shifts to ADP non-farm unemployment change data. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. A positive readings will push the prices to the north side. For an intraday view, the hourly momentum oscillators are indicating overbought signs. The prices have support at 0.9715, 0.9700 and 0.9680 levels. Until the prices close above 0.9650 the pair favours buying on dips. The safe trading will be above 0.9751 levels.

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Daily analysis of USDX for December 03, 2014 Market Analysis Review

The USDX continues to strengthen the bullish trend above the support level of 88.44. The next hurdle for this instrument is the resistance level of 88.65. If the USDX manages to make a breakout in that area, it would be expected to rise to the level of 89.40 where one bullish trend line is on the H4 chart. The MACD indicator remains in positive territory.

H4chart's resistance levels: 88.65 / 89.00

H4chart's support levels: 88.44 / 88.27

In the H1 chart, the USDX has gained bullish momentum above 200 SMA, because this instrument is forming a bullish pattern above the support level of 88.43. The USDX has reached new high levels for several weeks, so it is very likely that this instrument make a retracement to the support level of 88.43. The MACD indicator is entering overbought area.

H1 chart's resistance levels: 88.71 / 88.99

H1 chart's support levels: 88.43 / 88.15

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 88.71, take profit is at 88.99, and stop loss is at 88.43.

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Daily analysis of GBP/USD for December 03, 2014 Market Analysis Review

On the daily chart, the GBP/USD has not yet found out in what range it is now, because this pair is forming a bearish pattern below the resistance level of 1.5746. The GBP/USD may perform a breakout at the level of 1.5642, but we must remember that this level has been very strong in recent days. Hence the GBP/USD could made a retracement at the resistance level of 1.5883 in the medium term.

Dailychart's resistance levels: 1.5746 / 1.5883

Dailychart's support levels: 1.5642 / 1.5506

The GBP/USD had a bearish session during yesterday, as this pair has consolidated back below the 200-day moving average on the H1 chart. However, the possibility that the GBP/USD will form a double bottom pattern in the support level of 1.5590 is not precluded. If it does, this pair could rise again to the resistance level of 1.5739. The MACD indicator remains in negative territory.

H1 chart's resistance levels: 1.5686 / 1.5739

H1 chart's support levels: 1.5632 / 1.5590

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 3, 2014 Forex Analysis

USDCAD is facing 1.1466 resistance again, a break of this level will signal resumption of the uptrend from 1.0619 (Jul 3 low), then next target would be at 1.1600 area. Support is at 1.1300, below this level will indicate that lengthier consolidation for the uptrend is needed, then deeper decline to 1.1200 area could be seen.

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USDCHF Daily Analysis - December 3, 2014 Forex Analysis

USDCHF is facing 1.9739 resistance again, a break of this level will indicate that the uptrend from 0.9370 has resumed, then next target would be at 1.0000 area. Support is at 0.9660, only break below this level will indicate that lengthier sideways movement is underway, then deeper decline to 0.9550 area could be seen.

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USDJPY Daily Analysis - December 3, 2014 Forex Analysis

USDJPY continued its upward movement from 105.32, and the rise extended to as high as 119.43. Further rise could be expected, and next target would be at 122.00 area. Key support is at 117.23, only break below this level could signal completion of the uptrend.

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AUDUSD Daily Analysis - December 3, 2014 Forex Analysis

AUDUSD's downward movement from 0.8795 extended to as low as 0.8391. Further decline would likely be seen, and next target would be at 0.8300 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - December 3, 2014 Forex Analysis

GBPUSD moved sideways in a trading range between 1.5585 and 1.5825. As long as 1.5825 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.6182, another fall towards 1.5000 could be expected after consolidation.

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EURUSD Daily Analysis - December 3, 2014 Forex Analysis

EURUSD is facing 1.2358 support again, a breakdown below this level will signal resumption of the downtrend from 1.2867, then next target would be at 1.2000 area. Resistance is at 1.2460, only break above this level will indicate that lengthier sideways movement is underway, then further rise to test 1.2599 resistance could be seen.

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USD/CAD intraday technical levels and trading recommendations for December 2, 2014 Market Analysis Review

Overview:

Three months ago, the price levels around 1.0620 initiated the current strong uptrend on July 2.

Recently, bulls were pushing towards the upper limit of the movement channel (1.1370) in mid-October. Immediate bearish rejection was expressed resulting in a bearish correction towards 1.1200.

4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) temporarily allowed bears to push towards 1.1100 ( the lower limit of the bullish channel ) where extensive bullish support was offered.

Recently, bulls have pushed further above price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where bearish rejection was applied.

Recently despite the significant bullish SUPPORT being offered around price zone of 1.1275-1.1230, the USD/CAD pair spiked down to price level of 1.1190 where the current bullish spike was initiated.

The USD/CAD bulls are currently challenging the latest achieved swing high around 1.1440-1.1465. Temporary bearish rejection was expressed Yesterday.

Bullish breakout above 1.1440 is mandatory for push towards 1.1550 where the upper limit of the ongoing bullish channel is located.

Trading recommendations:

The market offered a previous valid BUY entry at retesting of price level of 1.1225 ( the lower limit of the depicted channel ). Stop Loss should be set as daily closure below 1.1220.

Risky traders can LONG the USD/CAD pair after the market expresses 4H closure above price level of 1.1450 (This is a high risk position).

Potential long-term bullish target is located at 1.1500 and 1.1550 ( the upper limit of the depicted movement channel ).

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

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 119.15 on Monday. It is undermined by the flows to haven JPY amid decreased investor risk tolerance (VIX fear gauge rose 7.2% to 14.29, S&P 500 closed 0.68% lower at 2,053.44 overnight) on weak manufacturing PMI data out of China and Europe and Moody's downgrade of Japan's credit rating by one notch to A1; disappointing U.S. Black Friday weekend as National Retail Federation estimated that retail spending over the post-Thanksgiving weekend fell 11%. USD/JPY is also afected by Japan's export sales, broadly weaker dollar undertone (ICE spot dollar index last 87.98 versus 88.30 early Monday) as oil prices rebound (Nymex crude hit four-and-a-half year low of $63.72/bbl Monday but settled up $2.85 at $69.00/bbl). But USD sentiment are soothed by the less-than-expected drop in U.S. ISM manufacturing PMI to 58.7 in November from 59.0 in October (versus forecast 58.0), stronger Markit final U.S. November manufacturing PMI of 54.8 versus flash reading of 54.7. USD/JPY downside also limited by demand from Japan's importers; higher U.S. Treasury yields (10-year at 2.359% versus 2.196% late Friday); Bank of Japan's large-scale easing policy.

Technical comment:
Daily chart is mixed as stochastics stays elevated at overbought levels, five and 15-day moving averages are advancing, but MACD is in a bearish mode.

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 119.45 and the second target at 119.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.10. A break of this target would push the pair further downwards and one may expect the second target at 117.85. The pivot point is at 118.50.

Resistance levels:

119.45

119.70

120

Support levels:

118.10

117.85

117.60

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

Fundamental overview:

NZD/USD is expected to consolidate with a bearish bias. NZD/USD is supported by broadly weaker dollar undertone (ICE spot dollar index last 87.98 versus 88.30 early Monday) as oil prices rebound (Nymex crude hit four-and-a-half year low of $63.72/bbl Monday but settled up $2.85 at $69.00/bbl), rebounding commodity prices and NZD-USD interest differential and Kiwi demand on soft AUD/NZD cross. But NZD/USD gains are tempered by the decreased investor risk appetite.

Technical Comment:

Daily chart is mixed as bullish outside-day-range pattern was completed on Monday, MACD is bullish but stochastics is in a bearish mode.

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 0.7805. A break of this target will move the pair further downwards to 0.7775. The pivot point stands at 0.7870. 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 0.79 and the second target at 0.7945.

Resistance levels:

0.79

0.7945

0.7975



Support levels:
0.7805

0.7775

0.7750

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

Fundamental overview:

GBP/JPY is expected to consolidate after hitting a six-day high 148.14 on Monday. It is undermined by the reduced investor risk tolerance and Japan's export sales. Sterling sentiment boosted by surprise rise in U.K. CIPS/Markit manufacturing PMI to 53.5 in November from 53.2 in October (versus forecast 52.8). But GBP/JPY downside is limited by the demand from Japan's importers.

Technical comment:

Daily chart is mixed as stochastics bullish near overbought levels, five and 15-day moving averages are advancing, but MACD is bearish.

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 187 and the second target at 187.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 185.25. A break of this target would push the pair further downwards and one may expect the second target at 184.70. The pivot point is at 185.90.

Resistance levels:

187

187.50

188

Support levels:

185.25

184.70

184

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Gold : analysis for December 02, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,220.90 in an ultra high volume (buying climax). According to the daily time frame, we can obesrve demand in an ultra high volume (buying climax), which is a sign that buying at this stage looks very risky. Our Fibonacci expansion 100% at the price of 1,217.00 held successfully, which enabled the price to start with downward movement. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,191.00 and Fibonacci retracement 61.8% at the price of 1,172.00. My advice is to look for buying opportunities near the lows (after retracement). Any larger reaction from buyers may confirm further bullish continuation.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,223.89

R2: 1,142.61

R3: 1,272.90

Support levels:

S1: 1,163.31

S2: 1,144.59

S3: 1,114.30

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

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Technical analysis of USD/CAD for December 2, 2014 Market Analysis Review

Trading recommendations :

• According to the previous events, the support and resistance of the USD/CAD pair have been set at the levels of 1.1324 and 1.1401 respectively. So, the pair is going to move between the levels of 1.1340 and 1.1393.


• Therefore, sell below the price of 1.1401 with the first target at 1.1360, then it will be gone towards 1.1325 in order to test this strong support.


• If the trend fails to close below the support of 1.2324, so buy above 1.2324 with the target at 1.1366, then at the price of 1.1400.

Observations :

• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.


• Key level is at 1.1355.


• History will probably repeat itself at this level again.

Intraday technical levels :

Date:2/12/2014

Pair:USD/CAD

• R3: 1.1563


• R2: 1.1510


• R1: 1.1418


• PP: 1.1365


• S1: 1.1273


• S2: 1.1220


• S3: 1.1128

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Technical analysis of EUR/JPY for December 2, 2014 Market Analysis Review

General overview for 02/12/2014 11:35 CET

The corrective cycle labeled as wave X brown might have been completed, but so far there is not much of evidence that the price is resuming the impulsive wave progression to the downside in order to complete the correction in leg Y brown. Instead, the market is trading in the tight range zone and breakout above the intraday resistance at the level of 148.14 is needed for the price to test the latest swing high at the level of 149.15. Otherwise, the bias is still bearish as long as no new high is made.

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 Projection Level

Trading recommendations:

As long as no new high is made, traders should still consider selling this pair from the current market levels with SL above the level of 148.14 and TP at the level of 144.77.

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Technical analysis of USD/CHF for December 2, 2014 Market Analysis Review

Overview:

• The price of USD/CHF pair is still been trapped between 0.9650 and 0.9704 but it should noticed that the price has set above strong support at the level of 0.9650 (50% of Fibonacci retracement levels in H1 chart). Moreover, it is worthy of note that these levels coincide between 50% and 100% of Fibonacci retracement levels in H1 chart and the pair has already formed a strong support at the level of 0.9650. Now, it is approaching it in order to test it. Therefore, the USD/CHF pair upside momentum is rather convincing and the structure of the rise does not look corrective, in order to indicate a bullish opportunity above 0.9650, it will be a good sign to sell above this support with the first target of 0.9690. It will call for an uptrend continuing rising towards 0.9704 to try to break the weekly resistance 1. Thus, if the trend will be able to break the weekly resistance 1, then the market will lead to the double top at the point of 09727.

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Technical analysis of USD/CAD for December 2, 2014 Market Analysis Review

General overview for 02/12/2014 11:20 CET

After making five impulsive waves to the upside and hitting the supply zone between the levels of 1.1446 - 1.1465, the market reversed in a sharp corrective cycle. So far the labeling of this reversal is in the shape of a double zig-zag pattern, but as long as the level of 1.1435 is not violated, the pattern might evolve into a triple zig-zag. That would mean another leg down can be made here and the projected level for this leg is at the level of 1.1296. Nevertheless, the alternative count indicates a possibility of a completed corrective cycle at the level of 1.1311 (alt:(ii)). Now, any impulsive breakout above the intraday resistance at the level of 1.1360 and then above the weekly pivot at the level of 1.1379 might be considered as a new upward wave beginning.

Support/Resistance:

1.1465 - Swing High

1.1446 - 1.1465 - Supply Zone

1.1379 - Weekly Pivot

1.1360 - Intraday Resistance

1.1317 - WS1

1.1295 - Intraday Support

Trading recommendations:

The uptrend is still not intact and traders still should consider buying the dips as the market has to complete more waves to the upside. All SL should be placed below the level of 1.1295.

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#USDX Technical analysis for December 2, 2014 Market Analysis Review

The Dollar index made a deeper than expected pull back yesterday but held support. Now, the index is trying once again to move towards the upper boundaries of the trading range. Longer-term trend remains bullish and I still believe we can achieve the bullish flag target of 91.

Black line = price channel

Despite breaking above the sideways channel yesterday, the Dollar index pulled back inside it and has tested the short-term Ichimoku cloud support at 87.75. Important short-term support is found at 87.70 and resistance is at 88.40. The Dollar index is making higher lows and we need to see now a higher high as well.

The weekly chart is still showing that buyers continue to appear when prices fall below 88 and manage to push it back above 88. The bullish flag pattern remains intact and I continue to expect the 91 level to be reached. Critical support at 86.30 on a daily basis.

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Gold Technical analysis for December 2, 2014 Market Analysis Review

With an impressive reversal from $1,140, Gold price has managed to break all resistane levels and also break above $1,207 which was the recent high. Gold price managed to catch most traders off guard as this reversal was so strong that we seldom see such intraday moves in Gold.

Gold price has made a high at $1,221 which was the 78.6% retracement of the decline from $1,255 to $1,130. Could this impressive upward bounce be the end of a corrective move that fooled both bulls and bears after the Swiss referendum? Could be. Bulls in order to defend this trend reversal will need to hold the Monday low at $1,141. Breaking this low will put the end to any bullish scenario. First, bulls will need to defend the short-term support levels at $1,173 and at $1,190.

Gold price in the daily chart is showing signs of a trend reversal. However, Monday's daily candle is an impressive statement by bulls. However, we should note that price remains below the Ichimoku cloud and is reversing from near the 61.8% retracement. There is high probability that at $1,221 we say the end of a three wave upward correction. Gold price made a high yesterday also at the 38% retracement of the decline from $1,343. So the Fibonacci confluence around $1,220 is very critical resistance. Long-term trend remains bearish. As long as price is below the Ichimoku cloud I believe we can see $1,050.

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

Technical outlook and chart setups:

The EUR/JPY pair retraced lower till sub 147.00 levels yesterday before rallying again. The pair is still holding its new channel line support well, and might be looking to push higher towards 151.00 at least. It is recommended to remain long and move risk to 147.00 levels. In the event of the 147.00 break, one can look to stop and reverse. Immediate support is at 146.50, followed by 145.50 (interim), 145.00 and lower while resistance is seen at 149.00 levels. Please note that the pair should be in control of bulls till the channel line remains intact and print higher highs. On the flip side, if channel support breaks, the pair could be in for a deeper correction lower towards 142.00 levels.

Trading recommendations:

Remain long, move stop to 147.00 from 146.50 (there is no risk now!), the target is 151.00.

Good luck!

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Technical analysis of GBP/CHF for December 02, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has rallied into 1.5180 levels after forming base around 1.5075 levels yesterday. The pair is finding difficult to push through the 1.5225 interim resistance. Hence recommendations are to book profits on long positions taken earlier. An aggressive trade setup would be to initiate short positions at current market at 1.5170/75, with risk at 1.5250 levels. Immediate resistance is seen at 1.5220 levels (interim), followed by 1.5300, 1.5450/75 and 1.5550 while support is seen at 1.5075 (interim), followed by 1.5000, 1.4950 and lower respectively. Bears could possibly regain control on a failure to break above 1.5220/30 levels here.

Trading recommendations:

Book profits on long positions at 1.5170/80. Initiate short positions, stop 1.5250/60, the target is open. (aggressive trade setup).

Good luck!

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Technical analysis of Silver for December 02, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver raises past the first measured resistance at $16.70 levels as seen here, before pulling back. The metal confirms the first step of a potential bullish reversal now. It is recommended to book profits on the long positions initiated yesterday at current price at $16.30. Immediate support is around $15.30/40 levels (fibonacci 0.618), followed by $14.50 while resistance is at $17.40/50, followed by $17.80/18.00 levels and higher respectively. The metal might be carving out a potential inverted head and shoulder reversal from here on, where the right shoulder is projected around $15.30 levels. The metal is now expected to retrace lower towards $25.30/40 levels before turning bullish again for a potential trend reversal.

Trading recommendations:

Book profits on yesterdays long positions at market ($!6.25/30), place long entry orders again around $15.30/40, stop at $14.20, the target is open.

Good luck!

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Technical analysis of Gold for December 02, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has rallied sharply from $1,142.00/43.00 levels yesterday, and made highs at $1,220.00, before pulling back. Please note that the metal has bounced off the 0.786 fibonacci support of the rally from $1,130.00 to $1,207.00 as depicted here. Minimum extensions of the rally are pointing towards $1,255.00 levels. It is recommended to enter long positions on dips from here on. Immediate support is $1,142.00/43.00, followed by $1,130.00 and lower while resistance is at $1,235.00, followed by $1,255.00 and higher respectively. Bulls should remain in control for now and push prices higher around at least $1,255.00.

Trading recommendations:

Buy on intraday dips, stop at $1,140.00, the target is open.

Good luck!

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Daily analysis of major pairs for December 2, 2014 Market Analysis Review

EUR/USD: The condition on EUR/USD remains dicey. Rallies into the resistance lines at 1.2500 and 1.2600 should be seen as short-selling opportunities (for price may go further downwards from there). It is only a break above the resistance line at 1.2600 that can render the bearish bias invalid.

USD/CHF: The situation on USD/CHF is unchanged and it requires tact. Pullbacks into the support levels at 0.9600 and 0.9550 should be seen as good offers to buy long, unless price breaks the support level at 0.9550 to the downside. In that case, the bias could turn bearish.

GBP/USD: Cable tested the accumulation territory at 1.5600 and later bounced upwards by over 150 pips. Before it can be said that the bias is bullish, price needs to go above the distribution territory at 1.5800. Otherwise, the price action may offer another short-selling opportunity, as price tries to test the accumulation territory at 1.5700 again.

USD/JPY: This currency trading instrument has tested the ultimate target at 119.00, before the current shallow pullback. However, the dominant bias remains bullish and the shallow pullback may be challenged at the demand levels at 117.50 and 117.00. From these levels, price may turn upwards again.

EUR/JPY: This market has also experienced a shallow pullback; but it may trend further upwards (as the demand zones at 147.00 and 146.50 are poised to act as barriers to further bearish attempts). The ultimate target is still at the supply zone of 149.00.

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Elliott wave analysis of EUR/NZD for December 2 - 2014 Market Analysis Review

Technical summary:

EUR/NZD took another deep dive from 1.5991 to 1.5792, but we should see support at 1.5789 to protect the downside for a break above minor resistance at 1.5855 calling for a new rally towards 1.600. Above here, it will confirm the next rally higher to 1.6273 on the way higher to 1.6446 and 1.6800 in a longer term. Only an unexpected rally below 1.5789 will delay the expected rally for a decline closer to 1.5722, but the downside potential should be limited. Under no circumstance, a break below 1.5688 can be accepeted as it will invalidate the bullish scenario.

Trading recommendation:

We are long in EUR from 1.5830 with our stop place at 1.5775. If you are not long in EUR yet, then buy a break above 1.5855 and use the same stop at 1.5775.

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Elliott wave analysis of EUR/JPY for December 2 - 2014 Market Analysis Review

Technical summary:

EUR/JPY reached 148.15 (just below the ideal target at 148.25) before turning lower. We will now be looking for a break below support at 147.29 confirming the top and the next decline towards at 146.29 and 145.58 on the way lower to at least 144.77 and likely even lower to 142.05 in a longer term. At this point, only a break above 148.15 will delay the expected downside pressure, but the potential upside should be very limited from here.

Trading recommendation:

We are short in EUR from 148.10 and will place our stop at 148.30. If you are not short in EUR yet, then sell a break below 147.08 with the same stop.

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

The cable gained approx 100 pips in yesterday's trade. The UK manufacturing PMI gave an uptick to the pound sterling. Manufacturing production rose for the 20th successive month in November as well. As for the US dollar, the soft data weighed on the down side. The cable made a new low at 1.5586 and started moving upwards. The cable was restricted to 20Dsma at yesterday's session and closed below it. Today, the cable again was rejected at 20Dsma and is trading below it. Currently, the positional support level exists at 1.5643. The new bearish wave will appear in case if the prices are closed below 1.5643 on a daily basis. We can expect 180-pips fall in case the prices are closed below 1.5643. On a weekly basis, in case if the pair closes below 1.5500, we can expect 250 odd pips correction on the downside in the medium-term view. The pair has strong, long-term support at 1.5500. Below 1.5500, 1.5429 and 1.5300 are another support levels. From an intraday view, we recommend fresh buying only above 1.5765 levels. For bears, we are recommending selling below 1.5720. The hourly support exists at 1.5720 and intraday support exists at 1.5700 levels.

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Technical Analysis of Gold for December 02, 2014 Market Analysis Review

The yellow metal gave a mind-blowing performance at yesterday's session, after Moody downgraded the Japanese economy. The long-awaited Swiss referendum's results dried in few hours. Everyone realized the next bearish leg on the yellow metal after the Swiss referendum. But at yesterday's session, it gave a stellar performance gaining $57. In my yesterday's article, supports were determined at $1,141.80 and $1,137.00, gold made a low at $1,142.50. But I didn't recommend buying. On the bullish front, the metal has resistance at $1,224.00. The metal managed to close above 20 and 50Dsma at yesterday's session. The soft US ISM data supported the metal as well. On the down side, the metal has support at $1,203 and $1,200.00. The prices are closed far above the 12ema and 34hrsma. Currently, the hourly 12ema at $1,202.00 is giving support. We recommend fresh buying only above $1,215.00 and strong momentum will ignite only above $1,224.00 with the targets at $1,232.00. On the whole, the yellow metal future is not that bright. Our long-term bearish targets are still open. We recommend intraday fresh selling below $1,203.00 or safe selling below $1,199.00 with the targets at $1,195.00 and $1,190.00. The weekly resistance exists at $1,236.00, above this $1,255.00 will come into existence. The monthly resistance level exists at $1,275.00. Today, ahead of Yellen's speech at FOMC, the metal is trading with a mild negative stance after spectacular gains.

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