Elliott wave analysis of EUR/JPY for December 5 - 2014 Market Analysis Review

Technical summary:

As the euro was reinforced after a less dovish ECB press conference, a break above 148.19 and even 148.25 was seen. That said, we are still holding below the top at 149.13, which is an invalidation point for our bearish count. In the short term, we will look for new signs of weakness in a form of a break below minor support at 148.11 and more importantly a break below support at 147.28 that would call for wave c lower to 145.35 and possibly even lower to 143.15 if wave c extends.

Trading recommendation:

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Technical Analysis of USD/CHF for December 05, 2014 Market Analysis Review

The pair touched the top end of the channel and fell sharply. The US data gave an optimistic view on the labour market. In the week ending November 29, the flash figure for seasonally adjusted initial claims was 297,000, a decrease of 17,000 from the previous week's revised print. The pair was sold off in yesterday's session, but managed to hold the descending trend line. The pair managed to erase half of its intraday losses and closed at the breakout level. The prices are facing strong resistance at 0.9720 levels, above this 0.9740 is the other resistance level. In case if the prices are closed above the top end of the channel on 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 favours buying on dips. From an intraday view, we recommend buying above 0.9720 levels.

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Technical Analysis of Gold for December 05, 2014 Market Analysis Review

GOLD

The yellow metal prices are consolidating in the descending trend line on the daily chart. Today, the pair opened on a bearish note. The nearest support level exists at $1,200.00. Today, the focus has shifted to US jobs data and the unemployment rate. Positive readings lead to further bearishness of the metal prices. The weekly resistance exists at $1,236.00. The monthly resistance level exists at $1,275.00. The metal has been facing strong resistance in the descending trend line on the daily chart. A daily close above this leads to a relief rally towards $1,230.00. Ahead of the major economic events, the metal looks very weak. We have to monitor the key data. We recommend fresh buying only above $1,206.00. For bears, we recommend selling below $1,200.00 with the targets at $1,195.00 and $1,191.00. The prices have been consolidating for 5 days after a sharp rise. In case if the prices close above $1,212.00, we can expect $1,230.00 in the near term. But please note, the overall strategy remains selling on a rally.

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Technical analysis of USD/JPY for December 05, 2014 Market Analysis Review

In Asia, Japan will release the Leading Indicators. Besides,the US will publish some economic data such as Non-Farm Employment Change, Trade Balance, Unemployment Rate, Average Hourly Earnings m/m, Factory Orders m/m, and Consumer Credit m/m. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.53.

Resistance. 2: 120.29.

Resistance. 1: 120.06.

Support. 1: 119.77.

Support. 2: 119.54.

Support. 3: 119.30.The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of EUR/USD for December 05, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Germany Factory Orders m/m and Revised GDP q/q. The US will release the economic data too such as the Non-Farm Employment Change, Trade Balance, Unemployment Rate, Average Hourly Earnings m/m, Factory Orders m/m, and Consumer Credit m/m. So, amid the reports, EUR/USD will move medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2446.

Strong Resistance:1.2439.

Original Resistance: 1.2427.

Inner Sell Area: 1.2415.

Target Inner Area: 1.2386.

Inner Buy Area: 1.2357.

Original Support: 1.2345.

Strong Support: 1.2333.

Breakout SELL Level: 1.2326.

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/CAD for December 05, 2014 Market Analysis Review

The pair took the 20Dsma support. In the week ending November 29, the flash figure for seasonally adjusted initial claims was 297,000, a decrease of 17,000 from the previous week's revised level. Today, the pair is managing to trade in the green. As of now, today it is unable to break the previous high at 1.1397. 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 a strong support zone between 1.1120 and 1.1100 on a weekly basis. The pair has weekly support at 1.1314, 1.1295, and 1.1250. The swing support exists at 1.1190 levels. Until it closes above 1.1190, the bullish view is still valid. As of now, this week the pair made a high at 1.1459 but it was unable to break 1.1467. In case the pair closes above 1.1467 on a weekly closing basis, it challenges 275 pips in the short term. On the h4 chart, oscillators are giving a buying signal. The pair favours buying on every dip with higher targets. We can see momentum above 1.1400, it can challenge 1.1415, 1.1425, and 1.1445.

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Daily analysis of major pairs for December 5, 2014 Market Analysis Review

EUR/USD: After testing the support line at 1.2300, this currency pair shot upwards, reaching the resistance line at 1.2450. It is really a break above the resistance line at 1.2500 that can lead to a possibility of forming a bullish bias, otherwise, this could be a wonderful opportunity to go short again.

USD/CHF: After going above the resistance level at 0.9750, this pair retraced southwards, reaching the support level at 0.9650. It is really a break below the support level at 0.9600 that can lead to a possibility of forming a bearish bias, otherwise, this could be a wonderful opportunity to go long again.

GBP/USD: This market did not make any major move yesterday – unlike EUR/USD. The outlook remains downwards on the Cable – the EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Price may go downwards below the accumulation territory at 1.5600. Otherwise, price may shot upwards.

USD/JPY: USD/JPY is now trading above the demand level at 119.50, having tested the supply level at 120.00. With ongoing strength in the market, the supply level at 120.00 may be broken to the upside, and price may close above it. In addition, strong fundamental figures are expected today and they will have a big impact on the market.

EUR/JPY: A sudden surge of energy in the market has made this cross to break out in a serious manner. Price is now close to the supply zone at 148.50, and with further stamina in the market, the long-awaited supply level at 149.00 would be touched soon. During the upward breakout, the supply zone at 149.00 was almost tested.

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Daily analysis of USDX for December 05, 2014 Market Analysis Review

The USDX has found support in the bullish trend line that is located next to the 88.44 level, as this instrument made a pullback at the resistance level of 89.05. However, the bullish bias remains alive in the USDX, while the 200 SMA on H4 chart remains below the current price of USDX. The MACD indicator is moving into the negative territory.

H4chart's resistance levels: 88.65 / 89.05

H4chart's support levels: 88.44 / 88.27

In the H1 chart, the USDX found support on the 200 SMA, as this instrument could not hold above the resistance level of 88.99. If the USDX reaches the breakout level of 88.71, the next target would be 88.99 in the short term. However, the MACD indicator is entering the oversold.

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 88.44.

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Daily analysis of GBP/USD for December 05, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair still finds strong support at 1.5642, which would strengthen further the current bearish outlook for this pair, because the GBP/USD pair is forming a bearish pattern. However, we must emphasize the fact that this pair has formed three fractals below the 1.5642 level. The MACD indicator remains in the positive territory.

Dailychart's resistance levels: 1.5746 / 1.5883

Dailychart's support levels: 1.5642 / 1.5506

The GBP/USD still finds dynamic resistance at the 200 SMA, although it does not change the fact that this pair remains strong in the overall bearish bias. Therefore, during today's session the GBP/USD pair is likely to fall back to the support level of 1.5632, although caution is advised when making short-term trading at present. The MACD indicator remains in the 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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Technical analysis of EUR/USD for December 5, 2014 Market Analysis Review

Trading recommendations :

• According to the previous events, the EUR/USD pair has still been trapped between the level of 1.2315 and 1.2440.


• Strong resistance will be formed at the level of 1.2478 (61.8% Fibonacci retracement levels) providing a clear signal for sell deals with the targets at 1.1403 and 1.1317.


• Stop-loss is to be placed above 1.1480.


• Strong support will be formed at the level of 1.2283 providing a clear signal for buy deals with the targets seen at the 1.2390 and 1.2441 levels.


• Stop-loss is to be placed below the level of 1.2283. This level represents the double bottom on the H1 chart.

Observations :

• The double top will be set at the level of 1.2506 and the double bottom has already been set at the mark of 1.2283.


• The value of 61.8% Fibonacci retracement levels is 1.2478 (for confirming the bearish market).


• We expect a range of 124 pips today.


• But it should be noted that the risk of 80 pips must make a profit of 120 pips.


• Volatility: 246.79.

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Technical analysis of USD/CAD for December 5, 2014 Market Analysis Review

Overview :

• The trading recommendations today will give its impact in the short term. Also, we should remember that history will probably repeat itself at this level again. Thus, according to the previous events, the USD/CAD pair is going to move between 1.1313 and 1.1454. In particular, the double bottom has set at the price of 1.1314 and the support is represented at the same level on H4 chart. Consequently, the trend may fail to close below the strong support at 1.1313. So, buy below the level of 1.1313 with the first target at 1.1418, then it will be continued towards 1.1554 in order to test this strong support. The stop-loss is to be placed below the level of 1.1313. On the other hand, the strong resistance will be formed at the level of 1.1465 (100% Fibonacci retracement levels) providing a clear signal for sell deals with the targets seen at 1.1420 and 1.1393.

Intraday technical levels :

Date:5/12/2014

Pair:USD/CAD

• R3: 1.1463


• R2: 1.1430


• R1: 1.1406


• PP: 1.1373


• S1: 1.1349


• S2: 1.1316


• S3: 1.1292

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USDCAD Daily Analysis - December 5, 2014 Forex Analysis

USDCAD stays 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 5, 2014 Forex Analysis

USDCHF remains in uptrend from 0.9370 (Oct 15 low), the fall from 0.9794 is likely consolidation of the uptrend. As long as 0.9531 key support holds, the uptrend could be expected to resume, and next target would be at 1.0000 area.

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USDJPY Daily Analysis - December 5, 2014 Forex Analysis

USDJPY continued its upward movement from 105.32 (Oct 15 low), and the rise extended to as high as 120.24. Near term support is at the bottom of the price channel on 4-hour chart. As long as the channel support holds, the uptrend could be expected to continue, 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 5, 2014 Forex Analysis

AUDUSD's downward movement from 0.8795 extended to as low as 0.8355. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8200 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 0.8355 already, then the following upward movement could bring price back to 0.8550 area.

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GBPUSD Daily Analysis - December 5, 2014 Forex Analysis

GBPUSD stays in a trading range between 1.5585 and 1.5825. The price action in the range is likely consolidation of the downtrend from 1.6182, another fall towards 1.5000 could be expected after consolidation. Support is at 1.5585, a breakdown below this level will signal resumption of the downtrend.

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EURUSD Daily Analysis - December 5, 2014 Forex Analysis

EURUSD remains in downtrend from 1.2867 (Oct 15 high), the rise from 1.2280 is likely consolidation of the downtrend. Key resistance is at 1.2599, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.2000 is still possible.

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

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 119.87 on Wednesday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 88.94 versus 88.62 early Wednesday) and higher shorter-dated U.S. Treasury yields (2-year at 0.559% versus 0.539% late Tuesday) as stronger-than-expected U.S. November ISM non-manufacturing PMI of 59.3 (versus forecast 57.6 and October's 57.1) outweighed fewer-than-expected 208,000 increase in U.S ADP new private-sector jobs in November (versus forecast +223,000) and lower-than-expected revised U.S. 3Q productivity of +2.3% (versus forecast +2.5%) & 3Q unit labor costs of -1.0% (versus forecast -0.7%); U.S. Federal Reserve November Beige Book report offered a broadly upbeat view of the economy, recent hawkish speeches from Fed Vice Chairman Stanley Fischer and New York Fed chief William Dudley reinforced expectations that U.S. interest rates would start to rise by mid-2015. USD/JPY is also supported by the demand from Japan importers, Bank of Japan's large-scale monetary easing policy and positive investor risk appetite as Wall Street climbed to record highs overnight amid stabilizing oil prices and accommodative monetary policies from major central banks (VIX fear gauge eased 2.96% to 12.47; S&P 500 hit all-time high 2,076.28 before closing up 0.38% at 2,074.33). But USD/JPY gains are tempered by Japan's exporter sales; 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 120.15 and the second target at 120.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119. A break of this target would push the pair further downwards and one may expect the second target at 118.50. The pivot point is at 119.45.

Resistance levels:

120.15

120.60

121

Support levels:

119

118.50

118

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

Fundamental overview:

NZD/USD is expected to trade in a lower range. It is undermined by the positive dollar sentiment, weak commodity and dairy prices and Kiwi sales on rebounding AUD/NZD cross. 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 MACD and stochastics are bearish, 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 0.7710. A break of this target will move the pair further downwards to 0.7680. The pivot point stands at 0.7785. 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 0.7710 and the second target at 0.7680.

Resistance levels:

0.7830

0.7855

0.7890



Support levels:
0.7710

0.7680

0.7635

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

Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. GBP/JPY 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. Sterling sentiment boosted by surprise rise in U.K. CIPS/Markit services PMI to 58.6 in November from October's 56.2 (versus forecast 56.1), U.K. Treasury chief George Osborne in his Autumn Statement on U.K. economic recovery.

Technical comment:

Daily chart is mixed as MACD and stochastics are bearish, but five and 15-day moving averages are still 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 188.35 and the second target at 188.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 186.90. A break of this target would push the pair further downwards and one may expect the second target at 186.25. The pivot point is at 187.35.

Resistance levels:

188.35

188.90

189.45

Support levels:

186.80

186.25

185.50

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Technical analysis of AUD/USD for December 4, 2014 Market Analysis Review

Overview :

• The USD/CAD pair is going to call for a downwards market in coming days and the price will probably drop from the level of 0.8426. For that, we expect that the price is going to move between the levels of 0.8426 and 0.8335 in order to form a range of 191 pips this week. The support sets at the level of 0.8335 and resistances stand at the levels of 0.8470 and 0.8426. Therefore, the sellers are going to sell below the level of 0.8426 with the first target of 0.8366 that might resume to 0.8335. It should be also noted that a double bottom is going to set at the price of 0.8355. On the other hand, the strong support is set at the level of 0.8335, so if the trend is able to break the first support at the level of 0.8335 the market will call for a bearish trend at the level of 0.8330 in order to continue to the next support around the area of 0.8273 today.
  

Intraday technical levels :

Date : 4/12/2014

Pair : AUD/USD

• R3: 0.8525


• R2: 0.8495


• R1: 0.8449


• PP: 0.8419


• S1: 0.8373


• S2: 0.8343


• S3: 0.8297

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EUR/NZD : analysis for December 04, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price re-tested the level of 1.5920 (Fibonacci retracement 61.8%) in a high volume. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion of 100% at the price of 1.5780 and Fibonacci expansion of 161.8% at the price of 1.5715. Our Fibonacci retracement of 61.8% at the price of 1.5910 held successful, which enabled the price to start with a downward movement. According to the daily time frame, we can observe indecision bar.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5922

R2: 1.5954

R3: 1.6004

Support levels:

S1: 1.5821

S2: 1.5789

S3: 1.5738

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

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Gold : analysis for December 04, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,201.00. We are waiting for a larger volume and stronger price action. According to the daily time frame, we can obesrve weak demand in a volume below average, which is a sign that buying at this stage looks very risky. Our Fibonacci expansion of 100% at the price of 1,217.00 held successfully, which enabled the price to start with a downward movement. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement of 38.2% at the price of 1,191.00 (held successful) and Fibonacci retracement of 61.8% at the price of 1,172.00. I have also placed Fibonacci expansion from the most recent swings to find potential end of a bearish corrective phase. I got Fibonacci expansion of 61.8% at the price of 1,197.00, Fibonacci expansion of 100% at the price of 1,186.00 and Fibonacci expansion of 161.8% around the price of 1,169.00. 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: 1,213.94

R2: 1,219.02

R3: 1,227.23

Support levels:

S1: 1,197.52

S2: 1,192.44

S3: 1,184.23

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

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Technical analysis of NZD/USD for December 4, 2014 Market Analysis Review

Overview :

• The NZD/USD pair will retain to move downwards from the level of 0.7795 (this level coincides with the 38.2% of Fibonacci retracement levels in H4 chart). Accordingly, the NZD/USD pair is going to show signs of strength at the lowest price of 0.7660 which represents the double bottom. Thus, the pair will move between the level of 0.7795 and 0.7660. So, it will be a good deal to sell below the level of 38.2% of Fibonacci retracement levels on H4 chart with the first target at 0.7700 and further at 0.7660. Equally important, 0.76660 will be acting as a strong support for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with around 00% of Fibonacci Fibonacci retracement levels. On the other hand, in case a reversal takes place and the NZD/USD pair is not able to break through the support at the 0.7660 level, the market will further rise towards 0.7750 in order to indicate a bullish market on the 4th of December 2014.

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Technical analysis of EUR/JPY for December 4, 2014 Market Analysis Review

General Overview for 04/12/2014 09:50 CET

The count has been flipped around as the main count now is indicating more impulsive wave developing to the upward direction (waves (i)-(ii), I-II), and alternative count is still pointing out a more complex and time-consuming corrective WXY brown (alt.2 red) cycle targeting the level of 1.4478 - 144.54. The change was made due to an inability of the price to break out the golden corrective channel to the downside. The bullish, neutral and bearish zones have been added as well and the most important thing about the bullish zone is that it starts just above the intraday resistance at the level of 148.17, making this a key level for bulls. On the other hand, the key level for bears would be intraday support at the level of 140.02 and breakout lower would directly expose the technical support at the level of 145.70 and below.

Support/Resistance:

149.76 - WR2

149.15 - Swing High

149.11 - WR1

148.77 - Intraday Resistance|Key Level|

147.34 - Weekly Pivot

147.02 - Intraday Support|Key Level|

146.55 - WS1

145.70 - Higher Time Frame Technical Support

144.89 - WS2

144.54 - 144.78 - Target Projection For Wave Y Brown

Trading recommendations:

There is no follow through from the sell orders opened yesterday, so they need to be closed with a small profit or on break even. Next orders would be only a buy/sell stop orders placed at the level of 148.20 (buy stop, TP 149.11) and 146.99 (sell stop, TP 145.70), with tight SL (10-15pips).

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#USDX Technical analysis for December 4, 2014 Market Analysis Review

The Dollar index continues higher and today I expect to be a very volatile day specially after the speech by ECB president Mario Draghi. My bullish flag target remains at 91. Longer-term trend remains bullish as long as price is above 87.50.

Black lines=sideways channel

The Dollar index is making higher highs and higher lows. Support at 87.50 has held and the Dollar index as expected has started a new upward move that I believe could end near my bullish flag target of 91. Short-term support is found at 88.80 and below that at 88.40. Resistance is at 89.

The weekly chart as shown above continues to remain fully bullish targeting 91. The weekly support at 86,70 is rising and I believe a break below it will confirm that the upward move from 79.75 is over. However, the first reversal sign will come if the Dollar index breaks and closes this week below 87.50. The trend remains bullish and I expect to see a pull back and new highs again. I remain bulish as long as we are above 87.50.

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Technical analysis of USD/CAD for December 4, 2014 Market Analysis Review

General Overview for 04/12/2014 09:20 CET

The corrective cycle is getting more complex and time-consuming after the top for wave XX brown has been made. The intraday range is now even wilder as the zone now is between the intraday resistance at the level of 1.1423 and intraday support is at the level of 1.1310. However, there is indication of a possible wave Z brown completion into the area of 1.1265, but please notice this corrective cycle might get even more complex.

Support/Resistance:

1.1465 - Swing High

1.1446 - 1.1465 - Supply Zone

1.1423 - Intraday Resistance

1.1379 - Weekly Pivot

1.1317 - WS1

1.1310 - Intraday Support

1.1296 - Wave Z Brown Target Level

Trading recommendations:

The uptrend is still not intact and swing 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. Traders might consider opening sell positions from current price levels for intraday scalping opportunities, with SL above the level of 1.1375 and TP at the level of 1.1310.

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Gold Technical analysis for December 4, 2014 Market Analysis Review

Gold price consolidates near the recent highs above $1,200. If short-term support at $1,200-$1,190 holds, then we could see another break out towards $1,260-$1,270. If support fails, we should push lower towards $1,170. A bullish flag is being formed and a break out above $1,215 will give us a buy signal.

Gold price is consolidating near the 38% retracement of the decline from $1,343. Price is below the Ichimoku cloud. So, strong resistance at $1,220 if broken we could see another upward move towards at least the 50% retracement at $1,240 or even the 61.8% retracement at $1,262.

Red lines = triangle pattern

Gold price is making a triangle pattern between $1,215 and $1,200. A break out above $1,215 will put the recent highs to the test and if support fails we should push towards $1,170. There is a bullish flag pattern also that could give us a target of $1,270. A breakout above $1,220 will confirm that we are heading towards $1,270. A rejection at current levels will imply that the downward correction is not over.

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

Technical outlook and chart setups:

The EUR/JPY pair broke its channel line support yesterday and dropped to 147.00 levels before pulling back. The pair is trading at 147.60 levels for the moment but is facing resistance at the back side of the channel line. A drop below 147.00 now would accelerate downfall towards 142.00 levels at least. Please note that the outer line support is around 142.50 for now. It is recommended to remain short for now, risk remains at 149.00. Immediate support is 146.50, followed by 145.50, 145.00 and lower while resistance is seen at 148.25, followed by 149.00 respectively.

Trading recommendations:

Remain short for now, stop at 149.00, the target is open.

Good luck!

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

Technical outlook and chart setups:

The GBP/CHF pair took out stops at 1.5250 and rallied through 1.5300/50 levels yesterday. This event was discussed and expected once 1.5250 was taken out. The pair has reached a potential resistance at 1.5350/60 and also a convergence, as seen here. A push through 1.5360, could reach 1.5408/10 and also 1.5450 subsequently. It is recommended to remain flat for now and watch out for a bearish reaction at current levels before initiate short positions. Only a break above 1.5450 levels would confirm that bulls are back in control and could push prices above 1.5550 in near term. Immediate resistance is at 1.5450, followed by 1.5550, while support is seen at 1.5150, followed by 1.5075 and lower respectively.

Trading recommendations:

Remain flat for now. Aggressive trade setup would be to initiate short positions now, stop at 1.5450, the target is open.

Good luck!

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Technical analysis of Silver for December 04, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has been drifting around $16.40.60 levels since yesterday. The metal is expected to drop lower towards $15.30 or even up to $14.90 levels before rallying further up. Furthermore, there seems to be a convergence around $15.50/60 and $14.90 levels of the retracement and extension levels, indicating a strong possibility of the next low formation around either of the above. Immediate support is seen at $15.50, followed by $14.90, $14.50 and lower respectively. It is recommended to remain flat for now and look to initiate longs around $15.30 levels. Bulls should be determined to rally towards fresh highs after a drop.

Trading recommendations:

Remain flat, look to go long around $15.30, stop at $14.20, the target is open.

Good luck!

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

Technical outlook and chart setups:

Gold is expected to form a gartley, before rallying to higher levels. The metal is seen trading around the $1,204.00/06.00 levels at the moment. A drop below $1,190.00 would suffice minimum requirement and optimum level for the next low would be $1,174.00 levels. As depicted here, a convergence is also seen at $1,172.00/74.00 levels, where the retracement (blue) and extension levels (red) of the respective swings. Immediate support is seen at $1,190.00 (interim), followed by $1,170.00, $1,142.00 and lower while resistance is seen at $1,215.00/20.00 levels, followed by $1,235.00, $1,255.00 and higher respectively. It is recommended to remain flat for now and look to buy lower from here.

Trading recommendations:

Looking to long around $1,175.00, stop $1,130.00, the target is at $1,255.00.

Good luck!

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Daily analysis of major pairs for December 4, 2014 Market Analysis Review

EUR/USD: It was mentioned that the bearish outlook on EUR/USD would be strengthened further after it broke the support line at 1.2400 to the downside. That is exactly what has happened. After the downside breakout of the line at 1.2400 (which has now become a resistance line), price went further downwards by another 100 pips. The bearish outlook is so strong that the support line at 1.2300, which has already been tested, could also be breached to the downside.

USD/CHF: Our long-term target at 0.9750 has been exceeded, and price is now trending further upwards. The Bullish Confirmation Pattern in the chart is very strong, and the next target to be reached is the resistance line at 0.9800.

GBP/USD: The bearish trend on EUR/USD is now stronger than the bearish trend on GBP/USD. The outlook remains downwards – the EMA 11 is below the EMA 56 and the RSI period 14 is almost below the level 50. Thus, price may trend downwards again and test the accumulation territory at 1.5650.

USD/JPY: This currency trading instrument continues to trend upwards in a slow and steady manner. It is now going above the demand level at 119.50. The supply level at 120.00 is thus an easy target.

EUR/JPY: The JPY is weak, but this cross has not trended upwards significantly this week. Rather than that, it has moved sideways simply because the EUR itself is not strong. However, a breakout to the upside is expected soon, as price goes towards the supply zone at 148.50.

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