Technical Analysis of USD/CHF for December 10, 2014 Market Analysis Review

IMPACT ON THE USD-

The unexpected decision of Greek government strongly impacted on the USD on a negative side. Investors are expecting a possible victory for the opposition party that wants to modify the bailout.

UPCOMING EVENTS-

Now, the focus has shifted to the tomorrow’s key economic events on the USD and CHF as well.

USD economic events-

Core retail sales, retail sales, and unemployment claims.

CHF economic events-

SNB press conference and monetary policy assessment.

TECHNCIAL VIEW

The pair was sold-off on the previous day, but managed to hold the parallel support at 0.9649. The pair managed to erase half of its intraday losses. The pair has the nearest strong support at 0.9642. In case if the pair closes below 0.9640, only then we can turn to the bearish side with the targets at 0.9615 and 0.9600. Until the prices close above 0.9600, we are expecting buying on the dips. We recommend intraday buying above 0.9725 with the targets at 0.9750. Besides, we recommend selling below 0.9690 with the targets at 0.9650 and 0.9620. The hourly and intraday momentum oscillators are indicating a mixed bag. The hourly resistance exists at 0.9725 and 0.9755 levels. We can see strong momentum above 0.9755 levels.

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Technical Analysis of EUR/USD for December 10, 2014 Market Analysis Review

IMPACT ON THE EURO-

The focus has shifted to French industrial production and non-farm payroll data. This week, the key event falls on the TLTRO result on Thursday. We expect increase in the French industrial production from the even level a month before.

IMPACT ON THE USD-

The unexpected decision of Greek government strongly impacted on the USD on a negative side. Investors are expecting a possible victory for the opposition party that wants to modify the bailout.

TECHNCIAL VIEW

The cable marginally gained at the previous session, but was unable to close above 20Dsma. The pair has intraday parallel resistance at 1. 2456, above this 1.2530 and 1.2600 will act as resistance levels. The hourly resistance exists at 1.2393 and 1.2456. On the support side, they exist between 1.2360 and 1.2325 on an hourly basis. We recommend fresh intraday buying above 1.2400 with the targets at 1.2450, 1.2500, and 1.2530. We recommend intraday selling below 1.2325 with immediate targets at 1.2295, 1.2270, and 1.2247. Below the 1.2350 levels, we can see strong selling pressure. The hourly (h1 and H4) stochastic is indicating a selling mode.

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Technical Analysis of GBP/USD for December 10, 2014 Market Analysis Review

IMPACT ON THE USD-

The unexpected decision of Greek government strongly impacted on the USD on a negative side. Investors are expecting a possible victory for the opposition party that wants to modify the bailout.

IMPACT ON THE GBP-

The UK data again disappointed analysts. The total production output is estimated to have increased by 1.1% between October 2013 and October 2014. Total production in October 2014 is estimated to have contracted by 0.1% compared with September 2014. Manufacturing was the only one of the four main components to fall, decreasing by 0.7%.

TECHNCIAL VIEW

The cable marginally gained at the previous session, but was unable to close above 20Dsma. The cable has intraday resistances at 1.5726 and 1.5764 and weekly resistance at the 1.5826 level. The hourly resistance exists at the 1.5686 and 1.5726 levels. On the support side, they exist between 1.5660 and 1.5650 on an hourly basis. We recommend fresh intraday buying above 1.5726 with the targets at 1.5764 and 1.5800. We recommend intraday selling below 1.5650 with immediate targets at 1.5630, 1.5615, 1.5600, and 1.5550. Below the 1.5620 levels, we can see strong selling pressure. The hourly (H1 and H4) stochastic is indicating a selling mode.

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Elliott wave analysis of EUR/NZD for December 10 - 2014 Market Analysis Review

Technical summary:

The resistance line from 1.6446 has blocked the rally higher, but it should just be a matter of time, before this resistance line is broken for a further move higher towards 1.6273. In the short term, we will be looking for support near 1.6028 for the next attempt to break above the resistance line near 1.6120. Once this resistance line is cleared, the next target at 1.6273 should be reached pretty quickly. In the longer term, we will be looking for a rally towards 1.7124.

Trading recommendation:

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Elliott wave analysis of EUR/JPY for December 10 - 2014 Market Analysis Review

Technical summary:

The break below the minor support-line from 145.58 confirms that wave c lower to 144.79 is unfolding. In the short term, we expect minor resistance at 148.37 to protect the upside for a break below 146.80 confirming the next wave lower to the 144.79 target. If however, the minor resistance at 148.37 is broken, that would delay the expected decline for a move closer to 148.88, but likely not above.

Trading recommendation:

We are short in EUR from 147.97 with stop placed at 148.95. If you are not short in EUR yet, then sell near 147.65 with the same stop at 148.95.

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Technical analysis of EUR/USD for December 10, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as French Final Non-Farm Payrolls q/q and French Industrial Production m/m. The US will release the economic data too such as the Crude Oil Inventories, 10-y Bond Auction, Federal Budget Balance. So, amid the reports, EUR/USD will move low to medium 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: 1.2358.

Original Support: 1.2345.

Strong Support: 1.2334.

Breakout SELL Level: 1.2327.

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 10, 2014 Market Analysis Review

In Asia, Japan will release the BSI Manufacturing Index, PPI y/y, and Consumer Confidence. The US will also publish some economic data such as Crude Oil Inventories, 10-y Bond Auction, and Federal Budget Balance. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.04.

Resistance. 2: 119.81.

Resistance. 1: 119.58.

Support. 1: 119.29.

Support. 2: 119.06.

Support. 3: 118.82

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. The material has been provided by InstaForex Company - www.instaforex.com



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Daily analysis of major pairs for December 10, 2014 Market Analysis Review

EUR/USD: EUR/USD has been making attempts to go bullish this week. The bias this week has been bullish so far, but it would not be said that the bearish bias is over unless the price closes above the resistance line at 1.2500. Otherwise, this may be another opportunity to go short at a better price.

USD/CHF: This currency trading instrument has been making attempts to go bearish this week. The movement this week has been bearish so far, but it would not be said that the bullish bias is over unless price closes below the support level at 0.9600. Otherwise, this may be another opportunity to go long at a better price.

GBP/USD: This is a bear market – unless price succeeds in going above the distribution territory at 1.5800. There are mixed signals on the chart, for the RSI period 14 is above the level 50, whereas the EMA 11 is still below the EMA 56. It means either the price goes towards the distribution territory at 1.5800 or goes below the accumulation territory at 1.5600.

USD/JPY: This pair has experienced a large pullback, dropping by over 350 pips before further pullback was rejected at the demand level of 118.00. The price bounced upwards from here and this may proffer a good opportunity to go long.

EUR/JPY: There is still a Bullish Confirmation Pattern on the chart, despite the fact that bears made a desperate attempt to pull the price lower. The attempt has been challenged at the demand zone of 147.00, and the price may go upwards from here. Being above the demand zone at 146.00 means the bullish outlook is intact.

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Daily analysis of USDX for December 10, 2014 Market Analysis Review

The USDX made another fall to the support level of 88.63 on the daily chart, although this is normally a technical level, because the USDX is performing corrective movements in favor of the current bullish trend. A rebound in that area could lead to this instrument to rise up to the resistance level of 90.40 in the medium term. The MACD indicator is entering the neutral territory.

Daily chart's resistance levels: 90.40 / 93.44

Dailychart's support levels: 88.63 / 87.35

On the H1 chart, the USDX tried to consolidate below the 88.43 level, but failed. Now the USDX is trying to regain the intraday bullish bias above the 200-day moving average. Therefore, this instrument is unlikeyl to make a breakout at the resistance level of 88.71 and reaches the level of 88.99 in the coming hours.

H1 chart's resistance levels: 88.71 / 88.99

H1 chart's support levels: 88.43 / 88.15

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 88.71, take profit is at 88.99, and stop loss is at 88.43.

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Daily analysis of GBP/USD for December 10, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair continues to struggle against the force of bears and one such attempt is the bullish consolidation above the support level of 1.5642. In this area, the GBP/USD pair could climb back to the resistance level of 1.5746 to take a new look and pursue the overall bearish trend, because this pair still remains below the 200-day moving average.

Dailychart's resistance levels: 1.5746 / 1.5883

Dailychart's support levels: 1.5642 / 1.5506

In the intraday outlook, the GBP/USD pair is trying to form bullish patterns above the 200-day moving average, because the support level of 1.5632 has been quite strong in the last hours, which leads this pair to perform rebounds in the bullish bias. If the GBP/USD pair manages to make a breakout at the level of 1.5686, the next target would be the resistance level of 1.5739, which would cancel the bearish trend for the rest of the week.

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 10, 2014 Forex Analysis

USDCAD remains in uptrend from 1.1191, the fall from 1.1500 is likely consolidation of the uptrend. Support is at 1.1365, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.1600 area. On the downside, a breakdown below 1.1365 support will indicate that the uptrend had completed at 1.1500 already, then deeper decline to 1.1200 area could be seen.

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USDCHF Daily Analysis - December 10, 2014 Forex Analysis

USDCHF remains in uptrend from 0.9531, the fall from 0.9817 is likely consolidation of the uptrend. Support is at 0.9646, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0000 area. Only break below 0.9646 support could signal completion of the uptrend.

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USDJPY Daily Analysis - December 10, 2014 Forex Analysis

USDJPY broke below the upward trend line on 4-hour chart, indicating that consolidation of the uptrend from 105.32 (Oct 15 low) is underway. Range trading between 117.23 and 121.84 would likely be seen over the next several days. Key support is at 117.23, as long as this level holds, the uptrend could be expected to resume, and another rise towards 130.00 is still possible after consolidation.

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AUDUSD Daily Analysis - December 10, 2014 Forex Analysis

AUDUSD remains in downtrend from 0.8795, the rise from 0.8223 is likely consolidation of the downtrend. 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 10, 2014 Forex Analysis

GBPUSD broke above the downward trend line on 4-hour chart, indicating that lengthier consolidation of the downtrend from 1.6182 (Oct 28 high) is underway. Range trading between 1.5541 and 1.5825 could be seen over the next several days.

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EURUSD Daily Analysis - December 10, 2014 Forex Analysis

EURUSD failed to break above the downward trend line on 4-hour chart, indicating that the pair remains in downtrend from 1.2599, and the rise from 1.2247 could be treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 1.2000 area. On the other side, a clear break above the trend line resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.2700 zone.

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Intraday technical levels and trading recommendations on USD/CAD for December 9, 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 the price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where the 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 the price level of 1.1190 where the current bullish swing was initiated.

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

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:

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

Conservative traders still can SHORT the pair around the current prices with Stop Loss as daily closure above 1.1470. Targets would be located around 1.1310 and 1.1230.

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Intraday technical levels and trading recommendations on GBP/USD for December 09, 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 consolidation range as a bearish flag pattern with projected target at 1.5410.

Trading recommendations:

As anticipated, a previous valid BUY opportunity was suggested at retesting of the same price level of 1.5600. This position was running in profit until bearish pull-back took place towards entry levels again.

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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Intraday technical levels and trading recommendations on EUR/USD for December 09, 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 projected 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, obviously, need to fixate below 1.2360 soon enough. It has already taken place on the previous Friday. However, today the EUR/USD pair is showing bullish recovery again above it due to the lack of bearish pressure below 1.2255.

Price level of 1.2200 corresponds to the projected target of the current bearish flag pattern as long as 1.2360-1.2390 remains defended by the EUR/USD bears.

The bearish flag scenario should now be considered for the long-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair again.

A double-top pattern was expressed last 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.

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

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

Trade recommendations:

Intraday traders can SHORT the pair anywhere around 1.2410 -1.2450 (prominent Fibonacci Levels). SL should be set as a four-hour closure above 1.2470.

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Intraday technical levels and trading recommendations on GBP/USD for December 09, 2014 Market Analysis Review

The GBP/USD pair has been trapped between 1.6100 and 1.5890 for almost 20 days before bearish breakout could take place.

Daily fixation below 1.5870 led bearish pressure on the pair so that it reached 1.5620-1.5650 where a prominent consolidation zone was established above.

This week, the GBP/USD pair is finding Intraday SUPPLY around 1.5580-1.5550 where many recent lows were previously established back in November.

The current price action favors the bullish scenario (initially towards 1.5800) as yesterday's bullish engulfing daily candlestick emerged off 1.5550 where the backside of the broken downtrend is located.

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

Conservative traders were waiting for a bullish pullback towards price zone of 1.5680-1.5710 for a low-risk SELL entry. Stop Loss should be located at 1.5740.

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

Overview

The 4H chart demonstrates that silver is going take an upward move after its rebound from the support level at 16.00 and currently is approaching the resistance level of 16.75 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing the 4H above this resistance level with the first target few pips below the resistance level of 17.00, Then we should wait for closing above this resistance level too to get more bullish signals. Therefore, presently, we recommend waiting for breaking the resistance level of 16.75 before making the decision. But as long as the price is trading below the resistance level it cancels the first scenario.

Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)

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

Overview

According to today's 4H chart, closing below the resistance level of 188.50 gave the price an opportunity to make a bearish move after it failed to break it through. As shown here, currently the price is trying to continue its bearish move and approaching the support level of 187.50. In this case, we might get another opportunity for more sell signals which will open the way towards 186.70 as the first target. Then, at first, the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level 187.50, it cancels the first scenario.

Resistance and support levels: R3 (190.00), R2 (189.70), R1 (188.50), S1 (187.50), S2 (186.70), S3 (185.80).

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EUR/NZD : analysis for December 09, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6154 in an average volume. Our Fibonacci expansion 100% at the price of 1.6145 is on the test. I have placed Fibonacci retracement to find potential resistance level and I got Fibonacci retracement 61.8% at the price of 1.6165. According to the 4H time frame, we can observe lack of demand around the price of 1.6150. So, be careful when buying and watch for potential selling opportunities. Any larger supply may confirm a further bearish phase. We got support level (swng high like support) at the price of 1.6075.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6104

R2: 1.6142

R3: 1.6202

Support levels:

S1: 1.5984

S2: 1.5946

S3: 1.5886

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

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Gold : analysis for December 09, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upwards. As we expected, the price was tested and rejected from the level of 1,186.03. It tested the level of 1,212.19 in an average volume. Our Fibonacci expansion 100% at the price of 1,186.00 held successfully, which caused the price to start with upward movement. My advice is to look for buying opportunities near the lows (after retracement). We got resistance level at the price of 1,220.00 (swing high like resistance). According to the 4H time frame, we finished the bearish corrective phase abcd. We have absorption volume in the background. If the price breaks the level of 1,220.00 in a high volume and strong price action, we may see potential testing the level of 1,255.48.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,205.57

R2: 1,210.77

R3: 1,219.17

Support levels:

S1: 1,188.77

S2: 1,183.57

S3: 1,175.17

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

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

Intraday trading recommendations :

• According to the previous events, the price of USD/CHF is still trapped between the levels of 0.9770 and 0.9705. The level of 0.9770 will indicate strong resistance. Moreover, the price will form a double top at this level, therefore, it will be wise to sell at 0.9770 (short term) with the first target at 0.9732 (61.8% Fibonacci retracement levels). Then it will continue towards 0.9705 and 0.9679 in order to test the weekly support 1.

Observations (intraday) :

• Projected high: 0.9770


• Wexpect a range of 198 pips this week.


• Projected low: 0.9679

Weekly technical levels :

Date and Time:9/12/2014 13:12

Pair:USD/CHF

• Projected High:0.9981


• Breakout (Buy Stop):0.9926


• Strong Resistance (Sell Limit):0.9896


• Current Pivot:0.9778


• Strong Support (Buy Limit):0.9659


• Breakout (Sell Stop):0.9634


• Projected Low:0.9584

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Weekly technical levels of GBP/USD for December 9-12, 2014 Market Analysis Review

The weekly technical levels of GBP/USD pair:

Pivot point:

• R3 and S3 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 situated between the R1 and S1 lines.


• Within a strong trend, the price is expected to be lower than the pivot point line and continue moving.


• If the breaking news release may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

Observations :

• If the trend is buoyant, then the strength of the currency pair will be defined as following: GBP is in uptrend and USD is in downtrend.


• Fibonacci retracement is used for the determination of 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 trapped moving up or down. If you sell or buy in the long-term period, you will surely lose your profit.


• Stop loss should never exceed your maximum exposure amounts.


• As a rule, the market is highly volatile if the previous day had a huge volatility.

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

General overview for 09/12/2014 11:40 CET

The price got back to the neutral/range area after breaking yesterday all the intraday support levels that supported the impulsive bullish count. So far, the golden trend line has been acting as a dynamic support and the market bounced a little from the area of 147.70. However, to gain more upside momentum and confirm further upward wave progression, the key level of 148.86 must be violated in impulsive fashion. Otherwise, the alternative wave labeling, suggesting and abc irregular flat corrective cycle, will be in play and further downside corrective wave development may be on the way.

Support/Resistance:

151.04 - WR1

149.76 - Technical Resistance

149.00 - Weekly Pivot

148.86 - Intraday Resistance|Key Level|

148.32 - WS1

147.68 - Intraday Support

147.37 - Green Impulsive Count Invalidation Level

146.34 - WS2

Trading recommendations:

The level of 147.37 is the most important intraday level now, and if it is violatednly only sell orders should be opened. SL orders should be placed above the level of 148.86 and TP orders should be placed at the level of 146.34 with a possible extension downward to the level of 145.70.

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Technical analysis of USD/CAD for December 9, 2014 Market Analysis Review

General overview for 09/12/2014 11;20 CET

Black wave iii of the overall impulsive wave structure looks like it has topped. Now, the corrective cycle of wave iv has started. The key level for this cycle is 1.1422 as any violation of this level invalidates the main impulsive wave progression and put the whole impulsive count into question. The next best count would be then an ending diagonal wave blue 5 with more choppy and overlapping price action to come.

Support/Resistance:

1.1579 - WR2

1.1519 - WR1

1.1500 - Intraday Resistance

1.1460 - Intraday Support

1.1422 - Invalidation Level

1.1416 - Weekly Pivot

Trading recommendations:

The level of 1.1474 has been broken and buy orders advised yesterday should be still kept open as the TP is at the level of 1.1519 and 1.1579. 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 moved a little higher, just below the level of 1.1422.

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#USDX Technical analysis for December 9, 2014 Market Analysis Review

The Dollar index has made a short-term trend reversal towards 89, as expected. Yesterday I mentioned that there were increased chances of a short-term trend reversal. Long-term trend remains bullish as long as price is above 87.50 - 87.80.

Black lines = price channel

The Dollar index has reversed from the upper channel boundaries towards our short-term target of 89 and below. Support is found at 88.50 and 88.30. It would not be a good sign if the index were to fell below 88. Important resistance for the short-term trend is at 89.25. Breaking above that level could push the index to new highs.

The weekly chart has made a bearish reversal yesterday. Although the long-term trend remains bullish and the bullish flag target remains at 91. Yesterday I mentioned that bulls should be very cautious as we are close to completing the long-term upward move from 79.75. I believe there are many chances that this pullback will stop above 88.50 and then will give us a new higher high to complete the upward move. Nevertheless, bulls should be very cautious as we are at the final stages of a big upward move.

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Gold Technical analysis for December 09, 2014 Market Analysis Review

Gold price has reversed higher above $1,200 after reaching the 38% retracement of the rise from $1,141 to $1,222. There are increased chances of a new upward breakout towards $1,240 or even $1,260.

Red line = resistance

Gold price as can be seen on the 30-minute chart above has made a corrective pullback towards $1,185 and is now trying to start a new upward move. Resistance is found at $1,210 and at $1,222. Support is found at $1,200 and at $1,185. If resistance levels break we can see an upward move towards $1,240 or even $1,260. If support fails we can see a deeper pullback towards $1,140. Gold shows signs of strength and that buyers support it easily. My bearish long-term view is now having less chances of success than a bullish long-term reversal. My long-term view is now mixed as the bulls have made an impressive come back that can change the long-term trend.

The daily chart remains bearish as price is below the Ichimoku cloud. Breaking above $1,222 will be a very bullish sign for Gold bulls. Important daily support is at $1,170. Breaking below that level will imply that bears are retaking control and that Gold price will challenge the lows at $1,140-30. I feel that this scenario has the least chances.

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

Technical outlook and chart setups:

The GBP/CHF pair had reversed sharply from 1.5350/60 levels last week. The pair had retraced towards 1.5325 and is trading around 1.5250 levels for the moment. It is recommended to initiate short positions, with risk above 1.5400 levels. Immediate support is seen at 1.5175 (interim), followed by 1.5075, 1.4950 and lower while resistance is seen at 1.5350/60 (interim), followed by 1.5450/75 and 1.5550 respectively. Bears are expected to remain in control till prices remain below 1.5450/75 levels. A break below the trend line support and subsequently below 1.5175 would accelerate downside further.

Trading recommendations:

Remain short, stop above 1.5450, the target is open.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair has retraced lower towards 147.90/148.00 levels, after printing fresh highs close to 150.00 region. Aggressive trade setup is to remain long and also look to add further, with risk just below 147.00. Please note that the pair is trading in the buy zone of its immediate trend line support for now. Hence, high probability remains towards 150.80 and 151.80 respectively. Immediate support is seen at 147.00, followed by 146.50, 145.00 and lower, while resistance is seen at 150.00 (interim), followed by 151.00 and higher respectively. Bulls are expected to remain in control till prices remain above 147.00.

Trade recommendations:

Remain long, stop below 147.00, the target is 151.80.

Good luck!

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

Technical outlook and chart setups:

Gold has been drifting sideways in a tight range since last few trading sessions. The metal is trading around $1,200.00 region at the moment but it could still be preparing for a dip towards $1,172.00/75.00 levels before rallying further up. Please also note that there is a strong convergence at $1,172.00 level, and a bullish bounce from there should be aggressively bought. Immediate support is seen at $1,170.00, followed by $1,140.00, $1,130.00 and lower while resistance is seen at $1,220.00 (interim), followed by $1,235.00, $1,255.00 and higher respectively.

Trading recommendations:

Initiate long positions around $1,172.00, stop at $1,125.00, the target is open.

Good luck!

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Technical analysis of Silver for December 09, 2014 Market Analysis Review

Technical outlook and chart setups:

An hourly chart view has been depicted here for Silver which is seen to be trading around 16.30.35 levels for now. The metal is drifting sideways in a cone fashion since Dec 02, 2014. A dip below $16.00 levels can be expected before the rally could resume. Minimum levels of expectations are $15.50/60 and $15.30 levels respectively. The price could go as low as $14.90 levels before bouncing back. Please note that the current structure might be that of an inverted head and shoulder, right shoulder being carved out now. The upside extensions are pointing towards $18.00 and $21.00 respectively. Immediate support is $15.50, followed by $15.30 and $14.90 while resistance is seen at $17.30/50, followed by $17.80/18.00 and higher up respectively.

Trading recommendations:

Buying on dips towards 15.30 and $14.90, stop at $14.20, the target is open.

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Elliott wave analysis of EUR/NZD for December 9 - 2014 Market Analysis Review

Technical summary:

We finally have the upside acceleration we have been looking for. The next upside target is found at 1.6279, but in the longer term, we should see a continuation higher towards 1.6446 and with the ideal target for wave c at 1.7124. Support is now found at 1.6079 and more importantly at 1.6019, which ideally will protect the downside for the continuation higher towards 1.6279 and beyond.

Trading recommendation:

We are long in EUR from 1.5830 and will move our stop higher to 1.6010. If you are not long in EUR yet, then buy near 1.6079 with the same stop at 1.6010.

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Elliott wave analysis of EUR/JPY for December 9 - 2014 Market Analysis Review

Technical summary:

The b wave of the expanded flat correction ended early at 149.78 and wave c lower is now developing for a decline towards at least 144.79 and possibly even lower to 142.05 if wave c extends. In the short term, we should see minor resistance at 148.18 and more importantly see resistance at 148.88 to protect the upside for a break below the support-line at 147.78 confirming the decline in wave c towards 144.79.

Trading recommendation:

We missed our selling opportunity and will sell here at 147.97 with a stop at 148.95 and take profit at 145.05.

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