Technical analysis of USD/JPY for December 09, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with risks skewed lower after hitting a seven-year high at 121.86 on Monday. It is undermined by flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge jumped 20.22% to 14.21, S&P 500 closed 0.73% lower at 2,060.31 overnight) as concerns mount over flagging global economic growth after data showed Japan's economy contracted more-than-expected 1.9% in 3Q, German industrial output rose less-than-expected 0.2% in October, while China's trade exports grew weaker-than-expected 4.7% in November. USD/JPY is also weighed by the weaker USD sentiment (ICE spot dollar index last 89.10 versus 89.38 early Monday) as U.S. Treasury yields fell overnight (10-year at 2.257% versus 2.307% late Friday) Bank of International Settlements warned on Sunday in its most recent quarterly report that there are potential adverse implications from a prolonged rally in the dollar for economies beyond the U.S. that have large U.S. dollar-denominated liabilities and Japan's export sales. But the USD sentiment is soothed by 6.1% rise in Conference Board U.S. employment trends index to 123.24 in November. USD/JPY losses are also tempered by the demand from Japan's importers and Bank of Japan's large-scale monetary easing policy.

Technical comment:
Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics is turned bearish at overbought levels, bearish dark-cloud-cover candlestick pattern was completed on Monday.

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 120.10. A break of this target will move the pair further downwards to 119.60. The pivot point stands at 121.35. 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 121.85 and the second target at 122.30.

Resistance levels:

121.85

122.30

122.65

Support levels:

120.10

119.60

119.30

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Technical Analysis of Gold for December 09, 2014 Market Analysis Review

The weak dollar pushed the yellow metal above $1,200.00 and managed to close above this. The yellow metal is still trading in a tight range and hovering around $1,200.00. We can observe a flag pattern on the daily and hourly charts. For a speculative view, we recommend selling below $1,199.00 with the targets at $1,195.00 and $1,191.00. The selling pressure will weigh the metal in case if the metal falls below $1,191.00 towards $1,186.00 and 20Dsma. The metal has been facing strong resistance on 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 complete picture remains selling on rallies. The stronger US dollar will weigh the metal prices. The longer-term picture still favours selling side.

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Technical Analysis of USD/CAD for December 09, 2014 Market Analysis Review

The pair gave a strong close at yesterday's session after the weak Canadian building permits. The total value of building permits was $7.5 billion in October, edging up 0.7% from September. We have been recommending buying for 5 weeks. The pair favours buying on every dip with higher targets as I am waiting for close above 1.1467 on a daily basis with the targets at 1.1570, 1.1640, and 1.1740. At yesterday's session, the pair managed to close above 1.1467. The prices are closed and trading above 12ema and 35DEMA. We recommend fresh buying above 1.1500 levels with the targets at 1.1515, 1.1550, and 1.1570. The pair has hourly support at 1.1450 and intraday support at 1.1390. Use dip to add more longs. The hourly momentum oscillators are giving an overbought sign. Fresh buyers can wait for a minor healthy correction at today's session. In case if we get a minor correction, traders can buy at 1.1450 with sl 1.1425. We recommend fresh selling at 1.1420 with the targets at 1.1390 and 1.1370 levels.

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Technical Analysis of GBP/USD for December 09, 2014 Market Analysis Review

The Pound sterling has taken advantage of the dollar weakness. The pair has been struggling at 20Dsma for 9th trading sessions. It's a quiet week ahead for the UK. The cable breaks below the support level. It indicated a further downside journey in the coming session. We recommended selling on every rise and again we are repeating the same this week. The cable rejected at 50hrsma at yesterday's session. Today, the pair again rejected at 20Dsma. We recommend intraday buying above 1.5680 with the targets at 1.5700, 1.5725, and 1.5750. For an intraday view, the hourly support exists at 1.5635, 1.5625, and 1.5600. We recommend selling below 1.5610. Until the pair trades below 1.5764, we can expect 1.5525 levels on the downside.

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Technical Analysis of EUR/USD for December 09, 2014 Market Analysis Review

The Euro bounces slightly against US dollar from a 2-year low. The pair managed to close above 1.2300. At yesterday's session, the German Industrial output edged up 0.2% in October for a second month. The major event falling on Thursday is Targeted LTRO. This event turns this week to a key week for the euro zone. The nearest resistance exists at 1.2360 and support exists at 1.2255 and 1.2240. The pair is facing strong resistance at 20hrsma and 1.2320. We recommended selling on every rise, we are repeating the same again. The weekly resistance exists at 1.2362 and weekly supports exist at 1.2250. We recommend selling at the current market price or below 1.2300. In case if the pair closes below 1.2230 on a monthly closing basis, we can expect another 200-pips downfall. For an Intraday view, the prices are closed above 35DEMA at 1.2590. We recommend selling on every rise up to 1.2360. For an hourly view, the pair has support at 1.2307, below this 1.2290 is acting as support. In case if the prices fall below 1.2270, it can extend its fall up to 1.2240 and 1.2220 levels.

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Technical analysis of USD/CHF for December 09, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to consolidate after hitting a one-and-a-half year high at 0.9818 on Monday. It is undermined by the weaker USD sentiment(ICE spot dollar index last 89.10 versus 89.38 early Monday) as U.S. Treasury yields fell overnight (10-year at 2.257% versus 2.307% late Friday); Bank of International Settlements warned on Sunday in its most recent quarterly report that there are potential adverse implications from a prolonged rally in the dollar for economies beyond the U.S. that have large U.S. dollar-denominated liabilities; Japan's export sales. But the USD sentiment is soothed by 6.1% rise in Conference Board U.S. employment trends index to 123.24 in November. But USD/CHF downside is limited by the franc sales on soft CHF/JPY cross and unexpected 0.1% on-year drop in Switzerland November CPI (versus forecast 0.0%); ultra-loose Swiss National Bank's monetary policy. Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, 5 and 15-day moving averages are advancing.

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 0.9705. A break of this target would push the pair further downwards and one may expect the second target at 0.9675. The pivot point is at 0.9740.

Resistance levels:

0.9795

0.9820

0.9855

Support levels:

0.9705

0.9675

0.9635

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Technical analysis of NZD/USD for December 09, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate with a bearish bias after hitting a two-and-a-half year low at 0.7621 on Monday. It is undermined by the expectations that Fonterra this week would announce a downward revision of its previous forecast of NZ$5.30 payout to dairy farmers; caution that the Reserve Bank of New Zealand might adopt a dovish tone at its Thursday policy meeting, soft commodity prices, Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and Kiwi sales on rebounding AUD/NZD cross. But NZD/USD losses are tempered by the weaker USD sentiment 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 0.7565. A break of this target will move the pair further downwards to 0.7530. The pivot point stands at 0.7645. 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 0.7780.

Resistance levels:

0.7710

0.7780

0.7815



Support levels:
0.7565

0.7530

0.75

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Technical analysis of GBP/JPY for December 09, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate with risks skewed lower. It is undermined by the increased investor risk aversion, weaker USD/JPY undertone and Japan's export sales. But GBP/JPY losses are tempered by the demand from Japan's importers.

Technical comment:

The daily chart is mixed as five- and 15-day moving averages are advancing but MACD is in a bearish mode, a bearish dark-cloud-cover candlestick pattern was completed on Monday.

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 189.70 and the second target at 190.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 187.50. A break of this target would push the pair further downwards and one may expect the second target at 186.80. The pivot point is at 188.25.

Resistance levels:

189.70

190.40

190.75

Support levels:

187.50

186.80

186.30

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Technical analysis of EUR/USD for December 09, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Trade Balance, French Gov Budget Balance, and French Trade Balance. The US will release the economic data too such as the NFIB Small Business Index, JOLTS Job Openings, IBD/TIPP Economic Optimism, and Wholesale Inventories m/m. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2365.

Strong Resistance:1.2358.

Original Resistance: 1.2346.

Inner Sell Area: 1.2334.

Target Inner Area: 1.2305.

Inner Buy Area: 1.2276.

Original Support: 1.2264.

Strong Support: 1.2252.

Breakout SELL Level: 1.2245.

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

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Technical analysis of USD/JPY for December 09, 2014 Market Analysis Review

In Asia, Japan will release the M2 Money Stock y/y, 30-y Bond Auction, and Prelim Machine Tool Orders y/y. Besides, the US will publish some economic reports such as NFIB Small Business Index, JOLTS Job Openings, IBD/TIPP Economic Optimism, and Wholesale Inventories m/m. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.37.

Resistance. 2: 121.14.

Resistance. 1: 120.90.

Support. 1: 120.61.

Support. 2: 120.38.

Support. 3: 120.14.

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 9, 2014 Market Analysis Review

EUR/USD: After testing the support line at 1.2250, EUR/USD price bounced upwards, and the upwards bounce can continue a bit further upwards. For the upwards bounce to be strong enough to threaten the existing bearish bias, it must go above the resistance line at 1.2500; otherwise this may be another opportunity to sell short.

USD/CHF: After testing the resistance level at 0.9800, USD/CHF price retraced southwards, and the southward retracement can continue further downwards. For the bearish retracement to be strong enough to overturn the existing bullish bias, it must go below the support level at 0.9650; otherwise this may be another opportunity to go long.

GBP/USD: The Cable broke above the accumulation territories at 1.5600 and 1.5650. The accumulation territories have been great barriers to the bearish movement in the market. Therefore, their breach to the upside portends a possibility of a near-term bullish trend which may take price towards the distribution territory at 1.5800.

USD/JPY: This currency trading instrument came down by over 100 pips on Monday. Price ought to stay above the demand level at 119.50 – which could be another entry point for the astute bulls. The demand level should do a good job in checking further southward venture by price.

EUR/JPY: The expected large pullback in the market has already occurred, but it must be curbed at the demand zone of 147.50. Any movement below that demand zone could be the end of the bullish outlook, but as long as price is above the demand zone, the bullish outlook remains intact.

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Daily analysis of USDX for December 09, 2014 Market Analysis Review

On the H4 chart, the USDX attempted to perform a consolidation above the bullish trend line at the level of 89.85 but failed. Now, the USDX is conducting a retracement, which may extend to the support level of 88.65, but for this, this instrument would have to make a breakout at the level of 89.05. The MACD indicator is moving into the negative territory.

H4chart's resistance levels: 89.85 / 90.25

H4chart's support levels: 89.05 / 88.65

Again, the USDX found strong resistance at the level of 89.51 and in that area, the USDX made a pullback to the support level of 88.99. This instrument is likely to make a rebound from the current levels and up to the level of 89.25. For now, caution is advised when placing sell orders, because the USDX remains above the 200-day moving average on the H1 chart. The MACD indicator remains in the negative territory.

H1 chart's resistance levels: 89.25 / 89.51

H1 chart's support levels: 88.99 / 88.71

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 89.25, take profit is at 89.51, and stop loss is at 89.00.

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Daily analysis of GBP/USD for December 09, 2014 Market Analysis Review

The GBP/USD pair failed to consolidate below the support level of 1.5589 on H4 chart, where the pair made a rebound and formed a new fractal to try to climb back up to resistance level of 1.5698. As we can see, the GBP/USD pair remains strong in the current bearish bias and it is likely to decline further to the support level of 1.5512 in the medium term.

H4chart's resistance levels: 1.5698 / 1.5811

H4chart's support levels: 1.5589 / 1.5512

On the H1 chart, GBP/USD performed a breakout at the level of 1.5632 and is now finding dynamic resistance in the 200-day moving average. So, eventually, this pair could make a pullback pair to the level of 1.5632. This is reinforced by the fact that the area of 1.5686 is very strong and has served as strong resistance on the GBP/USD pair. The MACD indicator remains in the positive territory.

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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.

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USDCAD Daily Analysis - December 9, 2014 Forex Analysis

USDCAD's upward movement from 1.1191 extended to as high as 1.1493. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.1600 area. Key support is now at 1.1340, only break below this level could signal completion of the uptrend.

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USDCHF Daily Analysis - December 9, 2014 Forex Analysis

USDCHF stays above the rising trend line on 4-hour chart, and remains in uptrend from 0.9531. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.0000 area. Only a clear break below the trend line support could signal completion of the uptrend.

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USDJPY Daily Analysis - December 9, 2014 Forex Analysis

USDJPY remains in uptrend from 117.23, the fall from 121.84 is likely consolidation of the uptrend. 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, then deeper decline to 119.00 area could be seen.

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AUDUSD Daily Analysis - December 9, 2014 Forex Analysis

AUDUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 0.8795. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8000 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - December 9, 2014 Forex Analysis

GBPUSD is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that lengthier consolidation for the downtrend from 1.6182 (Oct 28 high) is needed, then further rise to test 1.5825 resistance could be seen. On the downside, as long as the trend line resistance holds, the downtrend from 1.5825 could be expected to continue, and next target would be at 1.5000 area.

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EURUSD Daily Analysis - December 9, 2014 Forex Analysis

EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.2599. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.2000 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.2247 already, then further rise to 1.2700 area could be seen.

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

Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. It is supported by the positive risk sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales. GBP sentiment is dented by Bank of England/GfK NOP quarterly inflation attitudes survey showing respondents expecting interest rates to rise over the next 12 months slipped to 37% in November from 49% in August.

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 189.70 and the second target at 190.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 187.50. A break of this target would push the pair further downwards and one may expect the second target at 186.80. The pivot point is at 188.25.

Resistance levels:

189.70

190.40

190.75

Support levels:

187.50

186.80

186.30

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Intraday technical levels and trading recommendations on EUR/USD for December 8, 2014 Market Analysis Review

The price zone of 1.2880-1.2900 (corresponding to the upper limit of the previous broken channel) was 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.

As anticipated before, daily fixation below 1.2490-1.2500 (the origin of the previous bullish swing expressed one month ago) extends the bearish targets towards the price level of 1.2200.

The EUR/USD bears needed to obviously fixate below 1.2360 soon enough. This has already taken place on the previous Friday.

Price level of 1.2200 corresponds to the projection target of the current bearish flag pattern as long as 1.2360 remains defended by the EUR/USD bears.

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 again.

A double-top pattern was expressed this week on the 4H chart around 1.2500. As anticipated, fixation below neckline ( price level of 1.2430 ) enhanced the bearish trend on the market.

Moreover, the EUR/USD pair has a bearish projection target (the Flag pattern) roughly located around price levels of 1.2200 where the lower limit of the depicted 4H channel is also located..

Fixation below the recently broken bottom around 1.2390 is mandatory to maintain the current bearish momentum towards 1.2200.

Trade recommendations:

Intraday traders can SHORT the pair anywhere around 1.2340-1.2360 ( the most recent top ). SL should be set as four-hour closure above 1.2400.

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Intraday technical levels and trading recommendations on GBP/USD for December 8, 2014 Market Analysis Review

Previously at the 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 1.5620-1.5650 where a prominent consolidation zone was established above.

The market was showing indecision between 1.5600 and 1.5760 until bearish breakout took place on Friday ( ended up to a Full-body bearish candlestick ).

Now the GBP/USD pair should find Intraday SUPPLY around 1.5600-1.5640 where many recent lows were previously established back in November.

4H chart reveals the recent downside movement maintained within the limits of the depicted channel.

Conservative traders should wait for a pull-back towards price level of 1.5630 for a low-risk SELL entry. Stop Loss should be located at 1.5720.

On the other hand, an obvious 4H fixation below the triple-bottom price zone (1.5600 - 1.5590 ) indicates an upcoming bearish movement towards 1.5480-1.5500 where the lower limit of the current movement channel is located.

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EUR/NZD : analysis for December 08, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested and rejected from the level of 1.6077 in an average volume. Our resistance level at the price of 1.6030 held successfully, which is a sign that buying EUR/NZD at this stage looks risky. According to the 4H time frame, we can observe lack of demand (high churn) around the price of 1.6030. So, be careful when buying and watch for potential selling opportunities. Any larger supply may confirm a further bearish phase.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5954

R2: 1.5975

R3: 1.6009

Support levels:

S1: 1.5886

S2: 1.5865

S3: 1.5831

Trading recommendations: Be careful when buying EUR/NZD since the price is near our resistance level. Watch for potential selling opportunities.

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Gold : analysis for December 08, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downwards. As we expected, the price tested and rejected from the level of 1,186.03 in an ultra high volume. Our Fibonacci expansion 100% at the price of 1,186.00 held successful, which is a sign that selling looks risky. My advice is to look for buying opportunities near the lows (after retracement). Any larger reaction from buyers may confirm further bullish continuation. We got resistance level at the price of 1,220.00 (swing high like resistance). According to the 4H time frame, we got selling climax and a potential end of the bearish corrective phase (abcd).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,191.67

R2: 1,192.83

R3: 1,194.70

Support levels:

S1: 1,187.93

S2: 1,186.77

S3: 1,184.90

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

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Technical analysis of GBP/USD for December 8, 2014 Market Analysis Review

Forecast:

• According to the previous events, the price of the GBP/USD pair has still been trapped between 1.5685 and 1.5540.


• The level of 1.5616 represents the weekly pivot point. It should be noted that the weekly pivot point coincides with the ratio of 11% Fibonacci retracement levels on H4 chart.


• Also, it should be noted that the strong reistance had already been placed at the level of 1.5685.


• So, sell below 1.5685 in the long term with the first target of 1.5616, it might resume to 1.5540 (in order to test the double bottom) if the trend will be able to break the double top at 1.6832.


• The stop loss should never exceed your maximum exposure amounts. Thus, it will be rather profitable to set your stop loss at the level of 1.5705.

Review and observations:

• If the trend is of an upside character, then the strength of the currency will be defined as following: GBP is an uptrend and USD is a downtrend. Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit.


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

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Weekly technical levels of EUR/USD for December 8-12, 2014 Market Analysis Review

The weekly technical levels of EUR/USD pair.

Overview and review :

• The first resistance of EUR/USD pair is projected at the level of 1.23 53 today.


• The second resistance had already fixed at 1.2436 .


• The area of 1.2353/1.2366 is a useful spot to sell in the long term this week.


• We expect a range of 81 pips on December 8, 2014. And 54 pips would make a profit of 81 pips.


• The weekly pivot point has set at the level of 1.2353.


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


• The value of 50% Fibonacci retracement levels is: 1.2388 (to confirm a bearish market).


• Volatility: 292.36. As a rule, the market is highly volatile if the last day had a huge volatility

General idea about the pivot point :

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to as breakout.

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#USDX Technical analysis for December 8, 2014 Market Analysis Review

The Dollar index has made a new higher high at 89.55 and remains in a strong uptrend since 79.75. The bullish flag target is 91 and although we could see a short-term pull back towards 89, I believe we can achieve this target by year end.

The Dollar index remains above the Ichimoku cloud support and continues to make higher highs and higher lows. The trend remains bullish. Short-term support is at 89 and after that at 88.50. The cloud suport is at 87.90 and as long as price is above that level I believe bulls will have nothing to fear. Currently, the index is near important short-term resistance and this justifies a pullback towards 89.

The Dollar index remains fully bullish in Ichimoku terms on the weekly chart. The weekly candles remain fully bullish and the bullish flag target is getting closer and closer. I remain bullish for the long-term but caution is advised one more time as I believe we are close to the end of the rise from 79.75. Weekly support is at 87.80 so bulls need to hold above that level no matter what.

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Gold Technical analysis for December 8, 2014 Market Analysis Review

Gold price continues to slide lower after making a high at $1,222. Short-term support at $1,200 was broken and price fell towards $1,185 only to bounce back towards $1,195 but still below $1,200. Short-term trend is bearish and I expect this downward correction to reach $1,173 or $1,180 before it resumes the uptrend.

Blue trend line = resistance

Gold price is below the blue trend line resistance and as long as it trades below we should expect a move lower towards $1,173. Support is provided by the cloud and by the 61.8% Fibonacci retracement. Once this decline is over, I expect another leg higher towards $1,250. The deeper this correction is, the lower the target of the next upward leg.

The longer-term view remains bearish as price is below the Ichimoku cloud which is found at $1,280 and below the kijun-sen at $1,240. I'm neutral as long as Gold price is above $1,140 and I believe we could see an upward move towards $1,140 before the resumption of the down trend.

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Technical analysis of EUR/JPY for December 8, 2014 Market Analysis Review

General overview for 08/12/2014 08:40 CET

As anticipated the whole last week, the market has made another high and the current wave developing looks impulsive. The key level for this count to remain on the upside track is at the level of 148.08, because any violation of this level will invalidate the bullish impulsive outlook. As long as this level is providing support, bullish wave progression should occur, targeting first the level of 151.00 and then 151.70.

Support/Resistance:

151.70 - WR2

151.00 - WR1

149.77 - Intraday Resistance

149.00 - Weekly Pivot

148.92 - Intraday Support

148.50 - Intraday Support

148.32 - WS1

148.08 - Intraday Support|Key Level|

Trading recommendations:

The day traders should consider opening buy orders at the current market levels with SL below the level of 148.91 ant TP at the level of 149.77 and beyond.

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Technical analysis of USD/CAD for December 8, 2014 Market Analysis Review

General overview for 08/12/2014 08:20 CET

The main count has been invalidated due to wave one and wave two overlaps. Now, the alternative count is being followed. In this count, the bottom for wave (ii) green has been established at the level of 1.1311 and since then the price has been trying to make impulsive progression to the upside. The key level of the supply zone has just been hit and now more upside prices should be seen soon, with the first target at the level of 1.1519.

Support/Resistance:

1.1519 - WR1

1.1474 - Intraday Resistance

1.1450 - 1.1465 - Supply Zone

1.1416 - Weekly Pivot

1.1413 - Intraday Support

1.1357 - WS1

Trading recommendations:

The day traders should wait for the range breakout to trade this market in the upward direction from the level of 1.1474. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside. The SL orders should be placed below the level of 1.1338.

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