Elliott wave analysis of EUR/NZD for December 4 - 2014 Market Analysis Review

Technical summary:

We are still looking for support at 1.5788 to protect the downside for a break above minor resistance at 1.5942 and more importantly a break above resistance at 1.5791, which will confirm the next rally higher to 1.6273 and above. Only and unexpected break below 1.5788 will delay the expected upside pressure for a move lower to 1.5722 before moving higher again. At no point should the low at 1.5643 be broken as that would invalidate the bullish count.

Trading recommendation:

We are long in EUR from 1.5830 with stop at 1.5775. If you are not long in EUR yet, then buy at a break above 1.5942 with the same stop.

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Elliott wave analysis of EUR/JPY for December 4 - 2014 Market Analysis Review

Technical Summary:

Our preferred count still shows, that wave b of the wave (ii) correction ended at 148.19 and waves c lower to at least 144.77 is now unfolding. In the short term, a break below 147.27 will confirm the next implusive move lower. Only a break above resistance at 147.89 will delay the expected downside pressure for one final rally higher to 148.25 before moving lower again.

Trading recommendation:

We are short in EUR from 148.10 with stop placed at 148.30. If you are not short in EUR yet, then sell near 147.89 or upon a break below 147.27 with the same stop at 148.30.

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Technical Analysis of GBP/USD for December 04, 2014 Market Analysis Review

The pound sterling gained 70 pips at yesterday's session after soft US data and stronger UK data. November’s survey of the UK service sector indicated strengthening of activity growth amid reports on firm demand and rising volumes of new business. A rise in the index to 58.6 from 56.2 in October, pointed to a marked and accelerated rate of expansion that was well above the survey’s historical average. This makes an optimistic outplook for the UK's economy in the near term. On the other hand, the US dollar is trading at multi-year highs on a strong demand. Today, the focus has shifted to the US unemployment claims and BoE interest rate decision. Ahead of the major economic data, the cable is trading with a mild bullish tone. The pair has been facing strong resistance at 20Dsma for 7 days. The cable has support at 1.5630 on a daily a closing basis. In case if the cable closes below 1.5630, we can expect a 150-pips fall on the down side. Until the prices are closed and trading below 1.5764 (h4 candle), we can expect 1.5525 on the downside within the strong support zone existed between 1.5630 and 1.5585. From an intraday view, the prices are consolidating between 1.5679 and 1.5710 levels. We recommend selling below 1.5660 levels.

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Technical Analysis of Gold for December 04, 2014 Market Analysis Review

The yellow metal gained momentum after the soft ADP jobs data. Today, the focus has shifted to the US unemployment data and ECB press conference. At yesterday's session, we recommended buying at $1,200.50 with the target at $1,207.00. The metal made high at $1,214.70. The support levels shifted to $1,202.00 and $1,199.00. Today, a positive reading from US will lead to selling pressure again. 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. The metal has been facing strong resistance at the descending trend line in the daily chart. A daily close above this leads to a relief rally towards $1,230.00. Attention is fully focused on today's ECB meeting. Any indication of a policy change will boost the US dollar strength. Gold is inverse to the US dollar. The hourly support levels exists at $1,206.00 and $1,203.00. We recommend safe selling below $1,199.00 with the targets at $1,194.00, $1,191.00, and $1,190.00. In case if the prices fall below $1,188.00, we can expect a steep fall towards $1,183.00,$1,180.00, and $1,1780.00 levels.

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Technical analysis of EUR/USD for December 04, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Retail PMI, French 10-y Bond Auction, Spanish 10-y Bond Auction, and Minimum Bid Rate. The US will release the economic data too such as the Challenger Job Cuts y/y, Unemployment Claims, and Natural Gas Storage. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2373.

Strong Resistance:1.2356.

Original Resistance: 1.2354.

Inner Sell Area: 1.2342.

Target Inner Area: 1.2313.

Inner Buy Area: 1.2284.

Original Support: 1.2272.

Strong Support: 1.2260.

Breakout SELL Level: 1.2253.

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/CHF for December 04, 2014 Market Analysis Review

The stronger US data pushed the pair to a 1-year high at 0.9783. Economic activity in the non-manufacturing sector grew in November for the 58th consecutive month, according to the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM report. At yesterday's session, the pair gained 60 pips and closed at the highest level of the day. The pair touches the top end of the channel. In case if the prices are closed above the top end of the channel on a daily basis, it adds more bullish thoughts. We have been recommending buying on every dip at 0.9820, 0.9874, 0.9970, and 1.0270. Bulls must be able to close above 0.9742 on a weekly closing basis. Until the prices close above 0.9650, the pair favors buying on dips. The hourly momentum indicators, are showing an overbought sign. We recommend fresh buying above 0.9785. The pair has resistance at 0.9805. We can expect strong momentum only above 0.9805 towards 0.9850 and 0.9870. The pair has support at 0.9730 and 0.9715, below this 0.9688 and 0.9670 will act as strong support levels. Today, the focus shifts to the US unemployment data.

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Technical Analysis of EUR/USD for December 04, 2014 Market Analysis Review

The pair lost its ground at 1.2358 and fell 80 pips at yesterday's session. The pair was losing its steam in yesterday's trade after the weak Euro data and the stronger US data. The US dollar stood ahead against most major pairs. Ahead of the ECB press conference, the Euro looks highly bearish, broken the previous lows. The pair has strong, long-term support at 1.2226. Below 1.2226, 1.2045 and 1.1876 are the other multiple support levels. We have been recommending selling on every rise with the initial targets at 1.2320 and 1.2230. Our first target was completed, waiting for the rest. If a weekly close is below 1.2350, we can expect 500 odd pips correction on the downside from the longer-term view. The further direction will depend on the Thursday's ECB action. A lot of pressure is still being put on the Euro. In the US, unemployment claims are the key major data. A positive reading will add more strength to the US dollar. Today, the pair opened and is trading above the previous high. Currently, 1.2300 is acting as a support level. The pair has resistance between 1.2358 and 1.2360. The previous supports became resistance levels. We recommend fresh intraday selling below 1.2295 with the targets at 1.2255 and 1.2240 levels. Use every rise to sell.

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Technical analysis of USD/JPY for December 04, 2014 Market Analysis Review

Today, Japan will not release any economic news, but the US will publish some economic data such as Challenger Job Cuts y/y, Unemployment Claims, and Natural Gas Storage. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.47.

Resistance. 2: 120.24.

Resistance. 1: 120.00.

Support. 1: 119.72.

Support. 2: 119.49.

Support. 3: 119.25.

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Daily analysis of USDX for December 04, 2014 Market Analysis Review

On the daily chart, the USDX is making a breakout at the level of 88.63, so massive buy orders in this instrument could lead the US dollar to reach a historic high levels at 90.40. However, like any sharp movement, the USDX could form another bullish pattern above the support level of 88.63. The MACD indicator is entering the neutral territory.

Daily chart's resistance levels: 90.40 / 89.00

Dailychart's support levels: 88.63 / 87.35

The USDX has consolidated above the support level of 88.71. It should be noted that the USDX has formed two fractals at the resistance level of 88.99. If the USDX manages to make a breakout at that level, it's expected to rise to the level of 89.25. However, caution should be used with this instrument, because the MACD indicator is moving into the negative territory.

H1 chart's resistance levels: 88.99 / 89.25

H1 chart's support levels: 88.71 / 88.43

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 88.99, take profit is at 89.25, and stop loss is at 88.71.

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Daily analysis of GBP/USD for December 04, 2014 Market Analysis Review

The GBP/USD pair is trying to make a pullback at the resistance level of 1.5698, because this still remains weak in the H4 chart. The bearish trend could extend to the level of 1.5512, but GBP/USD could perform retracement again to the level of 1.5811. This pair is trying to form a fractal at the level of 1.5698, which would confirm the strong current bearish bias. The MACD is moving into the positive territory.

H4chart's resistance levels: 1.5698 / 1.5811

H4chart's support levels: 1.5589 / 1.5512

In the H1 chart, GBP/USD has formed a fractal above the 200-day moving average, which would confirm the bearish continuation for this pair. The GBP/USD could fall to the support level of 1.5632 in the coming hours. If the GBP/USD pair does a breakout at that level, the next target would be the 1.5590 level. The MACD indicator is entering the overbought area.

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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Elliott wave analysis of EUR/NZD for December 3 - 2014 Market Analysis Review

Technical summary:

Not much has happened here, but we are still looking for support at 1.5788 to protect the downside for a break above resistance at 1.5942 and more importantly a break above resistance at 1.5991 to confirm the next rally towards 1.6273 and higher. Only an unexpected break below support at 1.5788 will delay the expected rally for a move closer to 1.5722 before the next move higher.

Trading recommendation:

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Elliott wave analysis of EUR/JPY for December 3 - 2014 Market Analysis Review

Technical summary:

The correction in wave b needed a final rally closer to the ideal target at 148.25 (the high came in at 148.19). We will now be looking for a break below minor support at 146.25 as indication, that wave c lower to at least 144.77 is developing. We do believe that wave c will move lower than that, but 144.77 should be the minimum target. Short term, only an unexpected break above resistance at 149.13 will invalidate the bearish count.

Trading recommendation:

We are short in EUR from 148.10 and will keep our stop at 148.30. If you are not short in EUR yet, then sell near 148.25 or upon a break below 146.25 with the same stop.

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

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias after hitting seven-year high 119.29 on Tuesday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 88.62 versus 87.98 early Tuesday) after Federal Reserve Vice Chairman Stanley Fischer said the central bank is getting closer to dropping the pledge of keeping interest rates low for a "considerable time" and stronger-than-expected 1.1% increase in U.S. October construction spending (versus forecast +0.6%); jump in U.S. ISM-NY current business index to 62.4 in November from 54.8 in October; weaker oil prices. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.294% versus 2.218% late Monday, the positive investor risk appetite (VIX fear gauge eased 10.08% to 12.85; S&P 500 closed up 0.64% at 2,066.55 overnight), demand from Japan's importers and Bank of Japan's large-scale monetary easing policy. But USD/JPY gains are tempered by Japan's exporter sales and caution ahead of U.S. payrolls report Friday.

Technical comment:
Daily chart is positive-biased as stochastics is bullish, 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 119.70 and the second target at 120.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.50. A break of this target would push the pair further downwards and one may expect the second target at 118.10. The pivot point is at 119.

Resistance levels:

119.70

120.15

120.35

Support levels:

118.50

118.10

117.85

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

Fundamental overview:

USD/CHF is expected to trade in higher range. It is supported by the positive dollar sentiment (ICE spot dollar index last 88.62 versus 87.98 early Tuesday) after Federal Reserve Vice Chairman Stanley Fischer said the central bank is getting closer to dropping the pledge of keeping interest rates low for a "considerable time"; stronger-than-expected 1.1% increase in U.S. October construction spending (versus forecast +0.6%), jump in U.S. ISM-NY current business index to 62.4 in November from 54.8 in October and contagion from a weak euro on the Swiss franc, ultra-loose Swiss National Bank's monetary policy and franc sales on buoyant EUR/CHF cross.

Technical comment:

Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turning positive, five-day moving average is above 15-day moving average and is 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 0.9795 and the second target at 0.9820. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9680. A break of this target would push the pair further downwards and one may expect the second target at 0.9655. The pivot point is at 0.9705.

Resistance levels:

0.9795

0.9820

0.9855

Support levels:

0.9680

0.9655

0.9615

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

Fundamental overview:

NZD/USD is expected to trade in a lower range. NZD sentiment is dented by the 1.1% drop in Fonterra's GDT Price Index at latest Global Dairy Trade auction. NZD/USD is also undermined by the positive dollar sentiment (ICE spot dollar index last 88.62 versus 87.98 early Tuesday) after Federal Reserve Vice Chairman Stanley Fischer said the central bank is getting closer to dropping the pledge of keeping interest rates low for a "considerable time"; stronger-than-expected 1.1% increase in U.S. October construction spending (versus forecast +0.6%) jump in U.S. ISM-NY current business index to 62.4 in November from 54.8 in October. But NZD/USD losses are tempered by the positive investor risk appetite and NZD-USD interest differential.

Technical Comment:

Daily chart is negative-biased as stochastics is bearish, MACD histogram bars are turning negative, five-day moving average is below 15-day moving average and is declining.

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 0.7735. A break of this target will move the pair further downwards to 0.7710. The pivot point stands at 0.7810. 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 0.7855 and the second target at 0.7885.

Resistance levels:

0.7855

0.7885

0.7925



Support levels:
0.7735

0.7710

0.7675

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

Fundamental overview:

GBP/JPY is expected to trade with risks skewed lower. It is undermined by the soft euro sentiment and Japan's export sales. But GBP/JPY losses are tempered by the positive investor risk appetite, demand from Japan's importers and buoyant USD/JPY undertone and sterling demand on soft EUR/GBP cross.

Technical comment:

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

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 187.50 and the second target at 188. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 185.90. A break of this target would push the pair further downwards and one may expect the second target at 185.25. The pivot point is at 186.25.

Resistance levels:

187.50

188

188.50

Support levels:

185.90

185.25

184.70

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EUR/NZD : analysis for December 03, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5824 in a high volume. I have placed Fibonacci expansion 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. Our Fibonacci retracement 61.8% at the price of 1.5910 held successful, which enabled the price to start with downward movement. 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: 1.5914

R2: 1.5945

R3: 1.5995

Support levels:

S1: 1.5815

S2: 1.5784

S3: 1.5735

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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USDCAD Daily Analysis - December 4, 2014 Forex Analysis

USDCAD moved sideways in a trading range between 1.1313 and 1.1458. As long as 1.1313 support holds, another rise to test 1.1466 resistance could be expected, 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. However, a breakdown below 1.1313 support 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 4, 2014 Forex Analysis

USDCHF broke above 0.9739 resistance, indicating that the uptrend from 0.9370 (Oct 15 low) has resumed. Further rise could be expected, and next target would be at 1.0000 area. Support is at 0.9700, as long as this level holds, the uptrend will continue.

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USDJPY Daily Analysis - December 4, 2014 Forex Analysis

USDJPY's upward movement from 105.32 extended to as high as 119.93. 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 4, 2014 Forex Analysis

AUDUSD continued its downward movement from 0.8795, and the fall extended to as low as 0.8378. Near term resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8200 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - December 4, 2014 Forex Analysis

GBPUSD continued its sideways movement in a 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 4, 2014 Forex Analysis

EURUSD broke below 1.2358 support, indicating that the downtrend from 1.2867 (Oct 15 high) has resumed. Further decline could be expected, and next target would be at 1.2000 area. Resistance is at 1.2400, as long as this level holds, the downtrend will continue.

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Intraday technical levels and trading recommendations on GBP/USD for December 3, 2014 Market Analysis Review

Previously at Price zone (1.6350-1.6410), the current long-term bearish trend was initiated almost two months ago.

Price zone of 1.6100-1.6140 constituted a solid SUPPLY zone. On the other side, prominent bullish DEMAND existed around price zone of 1.5940 - 1.5890.

Hence, the pair was trapped between 1.6100 and 1.5890 for almost 20 days before bearish breakout could take place.

Daily fixation below 1.5870 has put further bearish pressure on the pair to reach 1.5650 where the back side of the broken bearish channel is located.

The previous daily candlesticks represented intraday DEMAND offered around 1.5650 after such a strong bearish momentum. Sideway movement has been taking place for a whole week.

The market is showing indecision between 1.5600 and 1.5760 ( Monday's high ). Alternative bullish and bearish daily candlesticks are being expressed within a 150 pips range.

The GBP/USD pair has a solid Intraday SUPPLY around 1.5830-1.5880 where many prominent lows were located.

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.

Last week, the bears managed to break below the recent low around 1.5790. This exposed potential targets at 1.5700,1.5650 and 1.5580 where the backside of the broken channel as well as previous bottoms are located.

As anticipated, risky traders could have taken a BUY position around 1.5600-1.5650. It achieved some profits then the market returned to retest the same entry levels.

Conservative traders should wait for another pull-back towards 1.5830-1.5860 for a low-risk SELL entry. Stop Loss should be located at 1.5870 ( slightly above entry levels ).

On the other hand, a break below the triple-bottom price zone (1.5600 - 1.5590 ) temporarily ends the indecision state of the market exposing price levels of 1.5500.

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Intraday technical levels and trading recommendations on EUR/USD for December 3, 2014 Market Analysis Review

The price zone of 1.2880-1.2900 (corresponding to the upper limit of the previous broken channel) was being targeted a month ago. However, bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was established.

A bearish breakout off the bullish channel took place shortly after, thus confirming a Flag continuation pattern. Bearish projection target was already reached around 1.2490.

Daily fixation below 1.2490-1.2500 (the origin of the previous bullish swing expressed one month ago) theoretically extends the bearish targets towards the price level of 1.2200.

As we mentioned, the EUR/USD bears needed to obviously fixate below 1.2490 soon enough (took place two weeks ago).

As anticipated during the past two weeks, the bears have been defending the price zone of 1.2470-1.2490 and recently price level of 1.2365 as their recent SUPPLY levels.

Price level of 1.2200 corresponds to the projection target of the current bearish flag pattern as long as 1.2490 remains unbroken.

The bearish flag scenario should now be considered for the longer-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair around (review Trade recommendations below).

A double-top pattern is now manifested on the 4H chart. As anticipated, fixation below neckline ( price level of 1.2430 ) enhanced the bearish tendency of the market.

On the other hand, the EUR/USD pair has a bearish projection target (the Flag pattern) roughly located around price levels of 1.2200.

Fixation below recent SUPPLY levels around 1.2365 and 1.2430 is mandatory to maintain the current bearish momentum towards 1.2200.

Trade recommendations:

Price zone of 1.2470-1.2490 was considered for SELLING the pair. This price zone corresponds to a previous swing low ( established on October 6) as well as significant Fibonacci level of the most recent bearish impulse.

The Stop Loss should be lowered to be slightly above 1.2450. Target levels should be set at 1.2430, 1.2360 initially and price zone of 1.2250-1.2200 to be watched next.

Intraday traders can SHORT the pair around 1.2365 at retesting. SL should be set as four-hour closure above 1.2400.

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GBP/USD intraday technical levels and trading recommendations for December 3, 2014 Market Analysis Review

Overview:

The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.

The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.

Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards support level located around 1.5600 where the lower limit of the ongoing channel was previously located.

The GBP/USD pair looked quite oversold. Bullish correction was anticipated as the pair has tested a prominent WEEKLY support (price level of 1.5600 ) corresponding to multiple previous tops established back in May and June 2013.

On the other hand, a break below the recent bottom around 1.5580 invalidates this bullish scenario and renders the current movement as a bearish flag pattern with projection target at 1.5410.

Trading recommendations:

As anticipated, a previous valid BUY opportunity was suggested at retesting of the same price zone 1.5610-1.5620. This position was running in profit until bearish pull-back took place towards entry levels again. Another BUY entry may be offered at retesting which is taking place now. TP levels should be set at 1.5760, 1.5820 and 1.5880.

On the other hand, a low risk SELL entry will probably be offered around 1.5880-1.5940 ( Important Fibonacci Levels and the upper limit of the depicted bearish channel ) with SL located just above 1.5950.

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USD/CAD intraday technical levels and trading recommendations for December 3, 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 this week.

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).

A 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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#USDX Technical analysis for December 3, 2014 Market Analysis Review

The Dollar index has broken resistance once again and now it looks like the upward move we were expecting has started. The target is 90-91. The bullish flag target is at 91 and at this level I expect to see the end of the move.

Black line = price channel

The Dollar index has broken above the sideways price channel and is making higher highs and higher lows. The trend is bullish. Support is at 88.45 and at 87.80. Resistance is at 90 and 91. These two levels are the targets of the bullish flag pattern. A fall below 87.80 would mean that a strong reversal is coming in the Dollar index.

The bullish flag pattern is once again shown in the weekly chart above. The weekly candle is supported below 88 and as I mentioned yesterday, this was a good bullish sign meaning a new upward move is at its early stages. However, bulls should be very cautious as we are at the final stages of the rise from 79.75. The target is 91. I would use 87.80 as a stop for any long position.

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Technical analysis of gold for December 3, 2014 Market Analysis Review

Gold price has formed a bullish flag that could bring it to $1,270-$1,280. The short-term trend remains bullish. Price is supported and there are increased chances of a new upward breakout. Monday's big trend reversal to the upside has changed our medium to long-term view and has diminished the chances of a new low below $1,130.

As can be seen in the medium-term chart above, there is a big bullish flag formed after the reversal on Monday. Support by the Ichimoku cloud is held. Support is at $1,190 and $1,170. As long as price is above those levels we should expect a new upward move towards $1,270. Confirmation will come with a new high above $1,220.

Short-term trend is neutral. Support is at $1,190 where the 38% Fibonacci retracement is found. Resistance at $1,220. If $1,190 is broken, we should expect gold price to move towards the 50% or 61.8% Fibonacci retracements. As long as gold price is above $1,140-$1,130, we should expect a new high towards $1,170.

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

Technical outlook and chart setups:

The GBP/CHF pair tested 1.5225 resistance before pulling back. A push through 1.5230/50 would trigger further rally to the 1.5300/50 region. On the flip side, a failure could bring prices lower to at least 1.5100 levels if not lower. It is recommended to remain short from yesterday, with risk at 1.5250 for now. Immediate resistance is at 1.5230 (interim), followed by 1.5300,1.5450/75 and 1.5550 while support is seen at 1.5150, followed by 1.5070, 1.5000, 1.4950 and lower respectively. The pair seems to remain in control of bears till prices remain below 1.5250 levels from here. Furthermore, if 1.5070/75 is broken, the pair could drop further towards 1.5000 and lower.

Trading recommendations:

Remain short, stop at 1.5250, target is open.

Good luck!

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

Technical outlook and chart setups:

Silver had rallied on December 01, and took out resistance at the level of $16.70 levels. The metal is expected to pullback towards $15.30/50 levels at least before rallying further up. It is recommended to initiate long positions again on a pullback towards $15.40 levels, which could also be defined as a right shoulder for a potential inverted head and shoulder reversal. Support is seen at sub $15.30/40 (fibonacci 0.618 support), followed by $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. Bulls shall remain in control till prices remain above $14.50 from here.

Trading recommendations:

Remain flat for now. Initiate longs at $15.40/50, stop at $14.20, target is open.

Good luck!

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

Technical outlook and chart setups:

Gold is looking to retrace the rally from $1,142.00 to $1,220.00 levels for now. Minimum level of expectations are around $1,170.00/75.00 levels if not lower. It is then recommended to initiate long positions, with risk below $1,140.00 levels. Immediate support on the daily chat view here is seen at $1,142.00, followed by $1,130.00 and lower, while resistance is seen at $1,235.00, followed by $1,255.00 and higher respectively. Bulls seem to be in control for now and till prices remain above $1,130.00/40.00 mark. A push above $1,220.00 would take the pair towards at least $1,255.00/60.00 levels.

Trading recommendations:

Remain flat for now. Look to buy around $1,175.00, stop at $1,240,00, target is $1,255.00.

Good luck!

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