Elliott wave analysis of EUR/NZD for December 8 - 2014 Market Analysis Review

Technical summary:

We have finally seen a break above 1.6000, which confirms that wave c higher is developing. Wave c is expected to be a very powerful impulsive rally higher to 1.6273 and 1.6446 on the way towards 1.6800 and possibly even higher to 1.7124. We have recognized this as being a rare expanded diagonal, where each of the waves are larger than the prior wave, meaning that wave iii is an 161.8% extension of wave i. Therefore, we expect the ongoing wave v to be an 161.8% extension of wave iii call for a strong rally higher to 1.7124. In the short term, we still need minor resistance at 1.6140 and more importantly resistance at 1.6273 to be broken to feel comfortable about the rally higher to 1.6446 and above. Ideally, we will now see support at 1.5980 protect the downside, but only a break below 1.5908 will delay the expected upside.

Trading recommendation:

We are long in EUR from 1.5830 and will move our stop higher to 1.5900. If you are not long in EUR yet, then buy near 1.5980 with the same stop at 1.5900.

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Elliott wave analysis of EUR/JPY for December 8 - 2014 Market Analysis Review

Technical summary:

The break above 149.13 tells us, that the ongoing correction only can be an expanded flat correction. We have seen wave a from 149.13 down to 145.58 and is currently in wave b, which should make it to the 150.10 - 150.48 area before wave c lower takes over. That wave (ii) becomes an expanded flat telling us what can be expected from wave (iii) once it will be ready to move higher again. After an expanded flat correction, we should always expect an extended wave, but first we need wave b and c to end wave (ii), so we should stay focused on those two waves. In the short term, it will take a break below 148.49 and more importantly a break below 148.11 to confirm that wave b is over and wave c lower is developing.

Trading recommendation:

We will sell EUR at 150.40 with a stop place at 150.65.

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Technical Analysis of USD/CHF for December 08, 2014 Market Analysis Review

The stronger US data pushed the prices to the North. The US data rises the bets on the Federal Reserve to raise the interest rates sooner than later. This view added some more fuel to the US dollar. The yellow metal again closed below $1,200.00. The US added 321,000 new non-farm jobs in the month of November. The actual print is 90,000 more than the forecast of 231,000. It is the highest gain since January 2012 and up from the previous month’s figure of 243,000. The pair managed to closed above 0.9742 on a weekly basis. We still recommend using every dip to buy at 0.9820, 0.9874, 0.9970, and 1.0270. The pair made a high at 0.9800 and closed at the day's highest level. We are waiting to close above 0.9742 on a weekly basis for 4 weeks, now it has happened. I am expecting 200 pips on the North side. At the previous session, we recommended buying at 0.9720 levels which gave good money. Today, the pair was unable to break the previous day's high at 0.9800. We recommend fresh buying above 0.9800 with the targets at 0.9824, 0.9838, and 0.9870. On the daily chart, the prices make higher lows and higher highs. In case if the prices close above 0.9800 on the h4 chart, it can challenge 0.9840, 0.9850, and 0.9880 in intraday. For an hourly view, the prices are taking support at 35DEMA 0.9770, below this 0.9740 will act as strong support levels.

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Technical Analysis of Gold for December 08, 2014 Market Analysis Review

The yellow metal erased half of its weekly gains in the previous week. On Friday, the US jobs data pushed the metal prices towards the South. The US data rises the bets on the Federal Reserve to raise the interest rates sooner than later. This view added some more fuel to the US dollar. The yellow metal again closed below $1,200.00. The US added 321,000 new non-farm jobs in the month of November. The actual print is 90,000 more than the forecast of 231,000. The highest gain since January 2012 and up from the previous month’s 243,000. The metal held the support at 35DEMA and managed to closed above 20Dsma. The metal has been facing strong resistance in the descending trend line on the daily chart. A daily close above this leads to relief rally towards $1,230.00. 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. We recommended selling at $1,200.00 at Friday's session, it actually minted good money, a low was made at $1,185.00. We recommend fresh selling below $1,184.00 with the targets at $1,180.00, $1,172.00, and $1,170.00. On the higher side, we recommend buying only above $1,202.00 with the targets at $1,207.00 and $1,211.00. The prices are trading and closed below 35DEMA. It represents hourly bearish thoughts.

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Forecast of GBP/USD for December 08, 2014 Market Analysis Review

The week starts with such an important report as German industrial production data. After a rebound in September, now we are expecting a decline. On Wednesday, French industrial production and non-farm payroll data will be released. We expect an uptick from French industrial data as compared to the month before. The major event scheduled on Thursday is targeted LTRO. This event turns this week to a key week for the euro zone. The LTRO is aimed for long-term refinancing operations. The nearest resistance exists at 1.2360; support exists at 1.2255 and 1.2240. In case if the prices fall below 1.2240, we can expect 1.2134 and 1.2045 in the medium term. The weekly resistance exists at 1.2362 and weekly supports exists at 1.2250. We recommend selling on every upswing. In case if the pair close below 1.2230 on a monthly closing basis, we can expect another 200-pips downfall. For an intraday view, the prices are closed and trading below 12ema and 34hrsma. The cable has hourly support at 1.5560 and resistance at 1.5605. For an intraday view, until the price is traded and close below 1.5640, use every rise to sell. We recommend fresh selling below 1.5560 levels. After a huge consolidation, finally the pair gave a downside breakout by 200 pips to the south. For an hourly view, the prices are facing resistance at 35DEMA 1.2310, above this 1.2325 and 1.2350 are the resistance levels. The 34hrsma at 1.2385 is acting as strong resistance for an intraday view.

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Technical analysis of USD/JPY for December 08, 2014 Market Analysis Review

In Asia, Japan will release the Current Account, Final GDP q/q, Bank Lending y/y, Final GDP Price Index y/y, and Economy Watchers Sentiment. The US will also publish some economic data such as Labor Market Conditions Index m/m. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 122.15.

Resistance. 2: 121.91.

Resistance. 1: 121.67.

Support. 1: 121.38.

Support. 2: 121.14.

Support. 3: 120.90.

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 EUR/USD for December 08, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Industrial Production m/m, Italian Bank Holiday, Sentix Investor Confidence, and the minutes of Eurogroup's meetings. The US will release the economic data too such as the Labor Market Conditions Index m/m. So, amid the reports, EUR/USD will move low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2351.

Strong Resistance:1.2344.

Original Resistance: 1.2332.

Inner Sell Area: 1.2320.

Target Inner Area: 1.2291.

Inner Buy Area: 1.2262.

Original Support: 1.2250.

Strong Support: 1.2238.

Breakout SELL Level: 1.2231.

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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Daily analysis of major pairs for December 8, 2014 Market Analysis Review

EUR/USD: This pair became weaker as it went below the resistance line of 1.2400. The resistance line at 1.2300 has also been breached to the downside, and price is supposed to go further below, reaching the support line at 1.2250.

USD/CHF: The currency trading instrument became stronger as it went above the support level at 0.9750 (which was our target last week). Price has closed above the support level, making the next target for bulls to be situated the resistance level at 0.9800.

GBP/USD: The Cable closed at 1.5579 on Friday, December 5, 2014, on a bearish note. Price has gone below the distribution territory at 1.5600, making the Bearish Confirmation Pattern more visible. The accumulation territory at 1.5550 would soon be tested.

USD/JPY: Last week, USD/JPY moved upwards by over 300 pips. This has come as a result of a great weakness in the USD and a great weakness in the Yen. The supply level at 121.50 is under siege and it may be breached to the upside as the market continues to exert its bullish strength.

EUR/JPY: This cross also moved upwards last week; though the upwards movement is not as strong as the upwards movement on USD/JPY. Bulls may continue pushing price northwards. However, there is now a possibility of large pullbacks in the market (which is also true of other JPY pairs), and the pullbacks can be checked at the demand zones of 148.50 and 148.00.

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Technical Analysis of GBP/USD for December 08, 2014 Market Analysis Review

It's a quiet week ahead for the UK. After a huge consolidation, finally the cable broke below the support level. It indicated a further downside journey in the coming session. We recommended selling on every rise and we are repeating the same this week. This week the major economic event, Manufacturing production data, falls on Tuesday, December 09th. The cable closed below the consolidated level. The nearest resistance exists at 1.5580 and support exists at 1.5500 levels. In case if the prices fall below 1.5500, we can expect 1.5430 or 1.5420 in the near term. On Friday, we recommended selling at 1.5660 with the target at 1.5585, the pair made a low at 1.5570. The weekly resistance exists at 1.5650 and weekly support exists at 1.5500 and 1.5430. We recommend selling on every upswing. For an intraday view, the prices are closed and trading below 12ema and 34hrsma. The cable has hourly support at 1.5560 and resistance at 1.5605. For an intraday view, until the price are traded and close below 1.5640, use every rise to sell. We recommend fresh selling below 1.5560.

Support: 1.5560, 1.5525, 1.5500.

Resistance: 1.5590, 1.5605, 1.5640.

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Daily analysis of USDX for December 08, 2014 Market Analysis Review

On the daily chart, the USDX continues to consolidate in the bullish trend above the support level of 88.63, aiming to reach the resistance level of 90.40 in the medium term. That goal is likely to be achieved, because the USDX still has enough bullish momentum to climb to that resistance level. However, one can not rule out a retracement to the 88.63 level. The MACD indicator is moving into the positive territory.

Dailychart's resistance levels: 90.40 / 93.44

Dailychart's support levels: 88.63 / 87.35

The USDX is forming a higher low pattern above the support level of 89.25, after this instrument has reached new high levels over the past week. The resistance level of 89.51 could have a breakout. Therefore, the USDX would rise to the level of 89.76, which would be another historical high level. The MACD indicator is entering the overbought area.

H1 chart's resistance levels: 89.51 / 89.76

H1 chart's support levels: 89.25 / 88.99

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 89.51, take profit is at 89.76, and stop loss is at 89.25.

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Daily analysis of GBP/USD for December 08, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair continues to strengthen a bearish bias below the 1.5589 level, because this pair could not overcome the resistance level of 1.5698 and consolidated upward above that area. Now, the GBP/USD pair could find support at the 1.5512 level, where one bearish trend line is located on this chart. The MACD indicator is moving into the negative territory.

H4chart's resistance levels: 1.5698 / 1.5811

H4chart's support levels: 1.5589 / 1.5512

GBP/USD performed a pullback at the 200-day moving average, so this pair failed to consolidate over the resistance level of 1.5686 to start a new bullish bias on the H1 chart. Now, the GBP/USD pair is forming a lower high pattern below the resistance level of 1.5590 and is likely to fall to the 1.5534 level. The MACD indicator is entering the oversold area.

H1 chart's resistance levels: 1.5590 / 1.5632

H1 chart's support levels: 1.5534 / 1.5501

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 1.5534, take profit is at 1.5501, and stop loss is at 1.5568.

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USDCAD Daily Analysis - December 8, 2014 Forex Analysis

USDCAD broke above 1.1466 resistance. Further rise could be expected, and next target would be at 1.1600 area. Near term support is at the rising trend line on 4-hour chart, and the key support is at 1.1313, only break below this level could signal completion of the uptrend from 1.1191.

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USDCHF Daily Analysis - December 8, 2014 Forex Analysis

USDCHF's upward movement from 0.9531 extended to as high as 09799. Further rise could be expected, and next target would be at 1.0000 area. Support is now located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.

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USDJPY Daily Analysis - December 8, 2014 Forex Analysis

USDJPY's upward movement from 117.23 extended to as high as 121.84. Support is located at the rising trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 125.00 area. Only a clear break below the trend line support could signal completion of the uptrend.

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AUDUSD Daily Analysis - December 8, 2014 Forex Analysis

AUDUSD's downward movement from 0.8795 extended to as low as 0.8293. Resistance is located at the 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 8, 2014 Forex Analysis

GBPUSD broke below 1.5585 support, indicating that the downtrend from 1.6182 has resumed. Further decline could be expected, and next target would be at 1.5000 area. Resistance is at 1.5670, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then further rise to test 1.5825 resistance could be seen.

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EURUSD Daily Analysis - December 8, 2014 Forex Analysis

EURUSD's downward movement from 1.2599 extended to as low as 1.2271. Further decline could be expected, and next target would be at 1.2000 area. Resistance is now located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could trigger another rise to1.2700 area.

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