Review and forecast of USD/CAD for December 12, 2014 Market Analysis Review

IMPACT ON THE USD-

Today, the focus has shifted to PPI, core PPI, and prelim University of Michigan consumer sentiment. Yesterday, the economic data gave another uptick to the economy. In the week ending December 6, the advance figure for seasonally adjusted initial claims was 294,000, a decrease of 3,000 from the previous week's unrevised level of 297,000. The 4-week moving average was 299,250, an increase of 250 from the previous week's unrevised average of 299,000, according to the source from DOL. Retail sales rose 0.7 percent in November showing utmost growth in eight months. The lower crude oil prices are affecting greatly the retail sales data.

IMPACT ON THE CAD-

The Canada new housing pricing index rose 0.1% in October, following an identical increase in September.

TECHNCIAL VIEW

The pair erased the double top formation and gave a strong close at yesterday's session. Today, the pair opened with a bullish bias, but was unable to break the previous day's high at 1.1549. As of now, the pair made a high at 1.1548 levels. We have been recommending buying on every dip with the targets at 1.1570, 1.1640, and 1.1740 on a positional basis. We still recommend the same strategy. Today, bulls can hardly hold the gains above 1.1476. In case if the prices close above 1.1502 on a daily basis, it can challenge 1.1540, 1.1565, and 1.1575 in the near term. At yesterday's session, the pair met the criteria and touched 1.1540. Again, we recommend fresh buying above 1.1550 with the targets at 1.1565, 1.1575, and 1.1590. The intraday support exists at 1.1500. On the h4 chart, the pair gave an upswing to running symmetric triangle breakout height of 145 pips and a minor ascending triangle breakout height of 103. Both the triangle breakouts are aiming at the 1.1604 levels.

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Technical Analysis of EUR/USD for December 12, 2014 Market Analysis Review

IMPACT ON THE EURO-

The second allotment of the TLRO came in at 129.84 billion Euros, but it was expected at 148 84 billion Euros. Today, the focus has shifted to the industrial production report, employment change data, and German wholesale price index. We are expecting industrial production to rise by 0.2% or 0.3% after a progress in October. As for the employment data, we are expecting the same. Speaking about Germany's WPI, we are expecting 0.3% growth after a 0.6% fall.

IMPACT ON THE USD-

Today, traders are focused on PPI, core PP,I and prelim University of Michigan consumer sentiment.

TECHNICAL VIEW

The pair made a triple top at 1.2448 (rounded to 1.2450) and closed below 20Dsma. At the session on Wednesday, we recommended buying at 1.2400 with the targets at 1.2460, 1.2500, and 1.2560. At yesterday's session, the pair made a high at 1.2497 and turned back to the lows again. The pair has parallel support at 1.2387 and 1.2360. Today, the pair opened below the previous close and is trading below that. We recommend Intraday fresh selling below 1.2360 with the targets at 1.2340 and 1.2300. Bears hold the grip, until the prices close below 1.2450 on a daily closing basis. On the higher side, it has resistance at 1.2420 and 1.2430.

Trade: sell below 1.2360.

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Daily analysis of major pairs for December 12, 2014 Market Analysis Review

EUR/USD: EUR/USD is now at a critical stage in which there is no clear direction. It is either price would break below the support line at 1.2300 to make the recent bearish outlook become strengthened further, or price would break above the resistance line at 1.2500 to underline bulls’ supremacy. However, the former scenario is more likely.

USD/CHF: USD/CHF is now at a critical stage in which there is no clear direction. It is either price would break below the support level at 0.9600 to make a bearish outlook conspicuous, or price would break above the resistance level at 0.9800 in order to strengthen the recent bullish trend. However, the latter scenario is more likely.

GBP/USD: The Cable is still engaged in a slow and steady bullish run – something that has maintained the novel bullish bias. Slowly and steadily, price could reach the distribution territory at 1.5800, and this is something that would strengthen the new bullish bias more.

USD/JPY: This market now looks difficult to trade and it would be OK to wait till there would be a clear direction. Nevertheless, the most likely direction would be northwards. Price is expected to manage its way above the supply level at 120.00, after which things would turn bullish again.

EUR/JPY: The recent Bullish Confirmation Pattern in this market has been considered useless as bulls and bears continue their battle. It is better to stay away until there is a clear direction because there are mixed signals in the market. For example, the EMA 11 is below the EMA 56 (showing a bearish signal), while the RSI period 14 is above the level 50 (showing a bullish signal).

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Technical analysis of EUR/USD for December 12, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German WPI m/m, Industrial Production m/m, and Employment Change q/q. Besides, the US will release the economic data too such as the PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment, and Prelim UoM Inflation Expectations. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2455.

Strong Resistance:1.2448.

Original Resistance: 1.2436.

Inner Sell Area: 1.2424.

Target Inner Area: 1.2395.

Inner Buy Area: 1.2366.

Original Support: 1.2354.

Strong Support: 1.2342.

Breakout SELL Level: 1.2335.

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 12, 2014 Market Analysis Review

In Asia, Japan will release the Revised Industrial Production m/m. Today, the US will also release some important reports such as PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment, and Prelim UoM Inflation Expectations. 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.

Resistance. 3: 119.54.

Resistance. 2: 119.31.

Resistance. 1: 119.07.

Support. 1: 118.79.

Support. 2: 118.55.

Support. 3: 118.32.

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 GBP/CHF for December 12, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped to 1.5100 levels yesterday, before raising back into 1.5230 levels as seen here. The pair could face intermediary resistance from the backside of support trend line around current levels. Please note that the pair has bounced from fibonacci 0.786 support and just ahead of 1.5075 levels, which is past support as seen here. It is recommended to remain ling for now, risk at 1.5000 levels. Bulls should remain in control till prices remain above 1.5075 levels for now. Immediate support is seen at 1.5075 levels, followed by 1.4950 and lower while resistance is seen at 1.5350/60 levels, followed by 1.5450/75 and higher respectively.

Trading recommendations:

Remain long for now, stop at 1.5000, the target is open.

Good luck!

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Technical analysis of Gold for December 12, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has taken support from the $1,215.00 region yesterday. Please also note that the metal has bounced off the immediate trend line support as well. A push above $1,240.00 now, could bring the metal at $1,255.00 levels at least, on the flip side a break below the trend line support could test lower levels, before the rally resumes. Immediate support is seen at $1,215.00 (interim), followed by $1,190.00, $1,142.00 and lower while resistance is seen at $1,255.00 and higher up respectively. It is recommended to look to buy Gold on further dips towards $1,180.00 levels from here on.

Trading recommendations:

Remain flat for now, look to buy lower. Aggressive setup is to remain long, stop at $1,213.00, the target is at $1,255.00.

Good luck!

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Daily analysis of USDX for December 12, 2014 Market Analysis Review

The USDX is forming a bearish pattern below the level of 88.63, which is a very strong resistance level. However, remember that this instrument is still alive in the current bullish bias, since the USDX is trying to make corrective moves to the support level of 87.35 in the medium term. The MACD indicator is moving into the negative territory.

Daily chart's resistance levels: 88.63 / 90.40

Dailychart's support levels: 87.35 / 86.20

On the H1 chart, the USDX is consolidated in the bullish trend above the 200-day moving average. However, the level of 88.71 has rejected the price action of this instrument in the short term. So, the USDX is likely to fall to the support level of 88.43. For now, caution is advised when placing sell orders above the support level of 88.43. The MACD indicator is entering the overbought area.

H1 chart's resistance levels: 88.43 / 88.71

H1 chart's support levels: 88.15 / 87.86

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 12, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair keeps on trying to build the road to reach the 200-day moving average, because this pair still remains strong in the bearish trend. However, in the short term, to enable GBP/USD to perform the mentioned above, this pair has to rise to the resistance level of 1.5883 to make a breakout at the level of 1.5746.

Dailychart's resistance levels: 1.5746 / 1.5883

Dailychart's support levels: 1.5642 / 1.5506

The GBP/USD pair has done again one rebound on the 200-day moving average. This pair has been unable to consolidate below the strong support level of 1.5686, though the chances that the pair will attempt to strengthen the bearish trend in the short term are very high. So, it is advisable to wait for a breakout in that area to continue placing sell orders.

H1 chart's resistance levels: 1.5739 / 1.5810

H1 chart's support levels: 1.5686 / 1.5632

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 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.

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USDCAD Daily Analysis - December 12, 2014 Forex Analysis

USDCAD's upward movement from 1.1191 extended to as high as 1.1549. Near term support is at the upward 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 1.1600 area. Key support is at 1.1397, only break below this level could signal completion of the uptrend.

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USDCHF Daily Analysis - December 12, 2014 Forex Analysis

USDCHF remains in downtrend from 0.9817. Further decline is possible, and next target would be at 0.9550 area. Resistance levels are at 0.9725 and 0.9817, only break above these levels could trigger another rise towards 1.0000.

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USDJPY Daily Analysis - December 12, 2014 Forex Analysis

USDJPY failed to break below 117.23, indicating that the pair remains in uptrend from 105.32 (Oct 15 low), and the fall from 121.84 could be treated as consolidation of the uptrend. Sideways movement in a range between 117.23 and 121.84 would likely be seen over the next several days.

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AUDUSD Daily Analysis - December 12, 2014 Forex Analysis

AUDUSD's downward movement from 0.8795 extended to as low as 0.8214. Near term resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, further decline could be expected, and next target would be at 0.8000 area. Key resistance is at 0.8374, only break above this level could signal completion of the downtrend.

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GBPUSD Daily Analysis - December 12, 2014 Forex Analysis

GBPUSD is forming a sideways consolidation in a range between 1.5541 and 1.5825. As long as 1.5825 resistance holds, the downtrend from 1.6182 (Oct 28 high) could be expected to resume, and next target would be at 1.5000 area.

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EURUSD Daily Analysis - December 12, 2014 Forex Analysis

EURUSD moved sideways in a trading range between 1.2247 and 1.2599. The price action in the range could be treated as consolidation of the downtrend from 1.2867 (Oct 15 high), as long as 1.2599 resistance holds, the downtrend could be expected to resume, and another fall towards 1.2000 is still possible after consolidation.

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GBP/USD intraday technical levels and trading recommendations for December 11, 2014 Market Analysis Review

Overview:

The GBP/USD pair has been moving downward 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 the 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. That is why the sideway movement is still taking place roughly between 1.5600 and 1.5780.

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. TP levels should be set at 1.5760, 1.5820 and 1.5880. SL remains as a daily closure below 1.5580

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

Stop Loss should be located above 1.5950.

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Intraday technical levels and trading recommendations on EUR/USD for December 11, 2014 Market Analysis Review

The price zone of 1.2880-1.2900 (corresponding to the upper limit of the previous broken channel) was targeted 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 soon, thus confirming a flag continuation pattern. Bearish projected target already reached the level around 1.2490.

As anticipated earlier, 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.

After bears could fixate below 1.2360, the EUR/USD pair has shown bullish recovery again above it due to the lack of bearish pressure below 1.2255.

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

The 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.

Today, bulls spiked up to 1.2496. However, the market came back to trade below 1.2400. It could be representing a failed bullish breakout off the upper limit of the depicted movement channel.

Fixation below the technical key-level of 1.2370 is mandatory to maintain enough bearish momentum to push towards 1.2200.

Trade recommendations:

As anticipated before, intraday traders can SHORT the pair anywhere around 1.2410 -1.2450 (prominent Fibonacci Levels). Stop Loss should be set at a four-hour closure above 1.2470.

Target level should be located around the price level of 1.2200.

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Intraday technical levels and trading recommendations on GBP/USD for December 11, 2014 Market Analysis Review

As depicted on the chart, the GBP/USD pair was trapped between 1.5890 and 1.6100 for almost 20 days before bearish breakout could take place.

Daily fixation below 1.5870 led bearish pressure to the pair so that it reached the price level of 1.5600 where a new consolidation zone is being established above.

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

The current DAILY price action favors the bullish scenario initially towards 1.5800 provided that the bulls can fixate above 1.5720 soon enough.

The market is still reflecting indecision which may give some time for more sideway movement.

It is either a double-bottom reversal pattern being established above 1.5580 OR another bearish flag pattern that waits for bearish breakout below 1.5550 (similar to what happened back in October).

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

Conservative traders were waiting for a bullish pullback towards the price zone of 1.5680-1.5710 for a low-risk SELL entry. Stop Loss should be located at 1.5760.

Obvious 4H fixation below the current Fibonacci levels zone (1.5680 - 1.5700 ) 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 GBP/JPY for December 11, 2014 Market Analysis Review

Overview

From today's H4 chart, yesterday's closing below the resistance level of 186.70 gave the price an opportunity for a bearish move. As shown on the attached chart, the price is trying to continue its bearish move, but it will hit the strong support area of the support level of 185.00 trying to break it through. In that case, we might get another opportunity for more sell signals, and it opens the way towards the second support level of 184.40 as the first target, and then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 185.00, it cancels the first scenario.

Resistance and support levels: R3 (187.50), R2 (186.70), R1 (185.80), S1 (185.00), S2 (184.40), S3 (183.80).

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Technical analysis of USD/CAD for December 11, 2014 Market Analysis Review

Overview :

• The USD/CAD pair is going to call for a sideways market on December 11, 2014. The price will probably be trapped between the levels of 1.1500 and 1.1443 in order to form a range of 57 pips today. However, risk to reward ratios are important and should be calculated, then a risk (57 pips) reward ratio of 1:1.5 is recommended, it can make a profit of 85 pips. The support sets at the level of 1.1443. Therefore, bulls are going to buy above 1.1443 with the first target at 1.1475, it might resume to 1.1501. It should be also noted that a tripple top is going to set at the price of 1.1501. In consequence, a stop loss should never exceed your maximum exposure amounts. The resistance is set at the level of 1.1500, so the trend will call for a bearish market at the level of 1.1500, since there is a minor bearish channel. Thus, swing trade at 1.1500 in order to sell with the target at 1.0600.

Tools of the chart :

• The market is in sideways . Moreover, the trend was so clear because the price moved higher to 1.1500, but the price of the GBP/USD pair has been rebounding lower towards the level of 1.1443.


• The double bottom is set at the price of 1.1400.


• The level of 1.1410 is the key level to confirm the bullish market.

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EUR/NZD analysis for December 11, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading downward. As we expected, the price tested the level of 1.5850 in an extremely high volume (selling climax). Our Fibonacci expansion 100% at the price of 1.6145 held successfully, and it made price start with strong downward movement. I placed Fibonacci retracement to find potential support level and I got Fibonacci retracement 61.8% at the price of 1.5850 (currently on the test). According to the 4H time frame, we can observe lack of supply around the price at 1.5850. So, be careful when selling at this stage, but watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6123

R2: 1.6196

R3: 1.6315

Support levels:

S1: 1.5884

S2: 1.5811

S3: 1.5691

Trading recommendations: Be careful when buying the EUR/NZD pair since we got strong supply in the background.

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Gold analysis for December 11, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downward. The price tested the level of 1,217.56 in a volume below the average. Our Fibonacci expansion 100% at the price of 1,186.00 is broken so we may expect potential testing of the level of 1,255.00-1,265.00. Gold is now in a bearish corrective phase, so I have placed Fibonacci retracement levels to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1,218.00 (on the test) and Fibonacci retracement 61.8% at the price of 1,206.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we can observe supply in an average volume.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,236.40

R2: 1,239.64

R3: 1,244.87

Support levels:

S1: 1,225.94

S2: 1,122.70

S3: 1,217.47

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

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Technical analysis of GBP/USD for December 11, 2014 Market Analysis Review

Overview :

• The GBP/USD pair will probably be moved between 1.5717 and 1.5540, and it should mean that the range will be about 177 pips this week. In particular, it will be significative to wait for a period of tight sideway range market before trading. Besides, the level of 1.5717 formed a strong resistance. Furthermore, this price is in conformity with 61.8% of the Fibonacci retracement levels in the H1 chart. Therefore, it is likely that the market is going to start showing the signs of bearish market. In other words, it will be a good sign to sell below the 1.5717 level with the first target at 1.5637 in order to retest the weekly pivot point. It will fall towards the price of 1.5541 for forming double top. It should also be noted that the weekly support 1 has set at 1.5511. However, if the the pair does not break the weekly pivot point at the level of 1.5637, the market will indicate a bullish opportunity above 1.5637, and the level will act as strong support. So, it will be a good sign to buy above 1.5637 with the first target at 1.5683, and it will call for an uptrend in order to continue bullish trend towards 1.5791 tomorrow.

Intraday technical levels :

Date: 11/12/2014

Pair: GBP/USD

• R3: 1.5809


• R2: 1.5764


• R1: 1.5737


• PP: 1.5692


• S1: 1.5665


• S2: 1.5620


• S3: 1.5593

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#USDX technical analysis for December 11, 2014 Market Analysis Review

The Dollar index continued its downward move towards the 78.6% Fibonacci retracement of the rise from 87.50. Trend is bearish for the short-term as price has broken below the Ichimoku cloud. Bulls are still alive as long as price is above 87.50. A bounce from current levels will be a bullish signal with new highs as target.

Support is at 87.50. The long-tailed 4-hour candles from the 78.6% retracement are a bullish sign, but bulls also need to break above 88.57. Making a new lower low below 87.90 will be a bearish sign that will put the low at 87.50 in danger of being broken.

The weekly chart is also not showing any strength, even the opposite. The big red candle is a bearish reversal signal, however, we still have two more trading days left until the end of the week. Bulls also have this time to push the index higher as they did two weeks ago. It is important whether we see an upward reversal or break 87.50. For now bulls continue to have the upper hand and, I believe, this pull back is another opportunity to go long with the stop loss level close by at 87.50. Next target is 91 as long as our stop is not hit.

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Gold technical analysis for December 11, 2014 Market Analysis Review

Gold price has not managed to break above the important resistance of $1,240 and is pulling back down below the first short-term support of $1,225. The next support is at $1,215. If resistance at $1,240 is broken we will see a move up to $1,260-70. If support fails we will see a move towards $1,200-$1,190.

Red line = short-term support

Blue line = trend line support

Gold price has been making lower lows and lower highs in the last couple of days, but it still remains above the medium-term upward sloping trend line that comes from $1,140. Breaking below the short-term support of $1,215, we could see a deeper pullback towards $1,200. The upward move from $1,140 may be complete and the entire upward correction may be over. It means that we are at important resistance levels, and that we could see a reversal.

In the daily chart gold price, as expected, is back testing the breakout area of the Ichimoku cloud. A move back inside the cloud will signal a fake breakout and it will be a very bearish sign. Breaking below $1,180 will increase the chances of the bearish scenario where I expect new lows to come.

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Technical analysis of EUR/JPY for December 11, 2014 Market Analysis Review

General overview for 11/12/2014 07:30 CET

The 1:1 market geometry corrective move measure has been hit almost to the pip and now market slightly bounced from the level of 146.42 and will make that level an intraday support. The abc green corrective cycle in wave Y brown might be regarded as completed, but to confirm it the market must impulsively break out above the level of 147.33 first, and then test the golden trend line somewhere at the level of 148.32. Otherwise one more leg to the downside still may be expected, with the projected target at the level of 145.70 first.

Support/Resistance:

151.04 - WR1

149.76 - Technical Resistance

149.00 - Weekly Pivot

148.32 - WS1

147.33 - Intraday Resistance

146.42 - Intraday Support

146.34 - WS2

Trading recommendations:

Daytraders: Unfortunately, the sell orders from the level of 147.37 have missed the yesterday's TP at the level of 146.34 by mere 7 pips. So if you are the one who did not close this trade yesterday, please move the SL to the BE and keep waiting.

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Technical analysis of EUR/JPY for December 11, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has broken below the trend line support for now as seen here. The pair is trading around 147.20/25 levels for now and could face resistance around 148.00/20 levels. It is recommended to remain flat for now and wait for further reaction at the 148.00/30 levels before initiating positions. The pair could be preparing for a deeper correction into 144.00 and lower levels. Please note that the outer trend line support is also around the 144.00 mark for now. Immediate support is seen at 145.00 levels while resistance is seen at 148.00/30, followed by 149.80 levels respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of USD/CAD for December 11, 2014 Market Analysis Review

General overview for 11/12/2014 07:10 CET

The yesterday's key level has been violated and the market has made another higher high at the level of 1.1501. This level might be considered as the wave v black top, but it does not mean the price will not go any higher than this level. In the matter of fact, only a small corrective cycle is expected now, and further upward wave progression should unfold soon. This view is valid as long as the level of intraday support at 1.1396 is not broken. First targets for the upside are at the levels of 1.1519 and 1.1579.

Support/Resistance:

1.1579 - WR2

1.1519 - WR1

1.1500 - Intraday Resistance

1.1460 - Intraday Resistance|Key Level|

1.1416 - Weekly Pivot

1.1396 - Intraday Support

1.1357 - WS1

1.1339 - Leading Diagonal Invalidation Level

Trading recommendations:

Daytraders: yesterday's buy stop entry from the level of 1.1460 should be still kept open, and SL might now be moved to the break even level. First TP is at the level of 1.1519, second TP is at the level of 1.1579.

Swingtraders: 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. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.

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Technical analysis of GBP/CHF for December 11, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has been holding above 1.5150 levels for now and is seen to be carving a higher low at sub 1.5175/1.5200 levels for now. Please also note that 1.5150 is the fibonacci 0.618 support of the rally between 1.5075 and 1.5350/60. Furthermore the intermediary support trend line and past resistance turned support zone also converge at the same level. Hence it is recommended to remain long for now, with higher probability for the pair to rally through 1.5450 levels in the sessions to come. Immediate support is seen at 1.5075 while resistance is seen at 1.5450 levels respectively.

Trading recommendations:

Remain long, stop at 1.5000, the target is open.

Good luck!

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Technical analysis of Silver for December 11, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has been trading comfortably above $17.00 levels and in the buy zone of immediate downtrend line as seen here. Immediate resistance is now seen at $17.40/50 while support is at $16.10/20 levels respectively. The bulls would like to aim for $17.40/50 levels from here till price remains above $16.20 levels. A meaningful correction can be expected once resistance at $17.40/50 is taken out. Please also note that the inverted head and shoulder reversal still remains possible, provided price remains above $14.50.00 in the sessions to come.

Trading recommendations:

Remain flat for now. Look to buy lower.

Good luck!

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Technical analysis of USD/JPY for December 11, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with a bearish bias after hitting a two-week low at 117.70 on Wednesday. It is undermined by the flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge jumped 24.45% to 18.53, S&P 500 closed 1.64% lower at 2,026.14 overnight) as oil prices tumbled to fresh five-year lows after the Organization of the Petroleum Exporting Countries cut its 2015 demand expectations for crude to the lowest level since 2003, while below-forecast China November CPI data points to weakening growth in the world's second-largest economy. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 2.171% versus 2.220% late Tuesday), broadly weaker USD undertone (ICE spot dollar index last 88.23 versus 88.67 early Wednesday) and Japan's export sales. But USD/JPY losses are cushioned by demand from Japan's importers and Bank of Japan's large-scale monetary easing policy.

Technical comment:
Daily chart is negative-biased as MACD is bearish, stochastics is falling from overbought levels.

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 positions are recommended with the first target at 117.40. A break of this target will move the pair further downwards to 117.05. The pivot point stands at 118.80. 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 119.40 and the second target at 120.10.

Resistance levels:

119.40

120.10

120.45



Support levels:
117.40

117.05

116.75

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Technical analysis of USD/CHF for December 11, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to consolidate in a lower range as markets await 0830 GMT Swiss National Bank interest rate decision, SNB is expected to leave its monetary policy unchanged. USD/CHF is undermined by broadly weaker USD undertone (ICE spot dollar index last 88.23 versus 88.67 early Wednesday). But USD/CHF losses are tempered by the franc sales on soft CHF/JPY cross.

Technical comment:

Daily chart is tilting negative as stochastics falling from overbought levels, MACD is turning bearish.

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 positions are recommended with the first target at 0.9302. A break of this target will move the pair further downwards to 0.9590. The pivot point stands at 0.9720. 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 0.9755 and the second target at 0.9790.

Resistance levels:

0.9755

0.9790

0.9835

Support levels:

0.9615

0.9590

0.9545

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Technical analysis of NZD/USD for December 11, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate with a bullish bias after spiking to a six-day high at 0.7831 overnight following the Reserve Bank of New Zealand's decision to keep the official cash rate at 3.5%. NZD/USD jumped as the RBNZ unexpectedly reaffirmed its tightening bias in its policy statement after having dropped references to rate hikes in October, BNP Paribas says. NZD/USD is also supported by the broadly weaker dollar undertone and Kiwi demand on soft AUD/NZD cross. But NZD/USD gains are tempered by the increased investor risk aversion and weak commodity prices.

Technical Comment:

Daily chart is mixed as MACD is bearish, but stochastics is turned bullish at oversold levels.

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 0.7860 and the second target at 0.79. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7660. A break of this target would push the pair further downwards and one may expect the second target at 0.7610. The pivot point is at 0.7730.

Resistance levels:

0.7860

0.79

0.7945



Support levels:
0.7660

0.7610

0.7565

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Technical analysis of GBP/JPY for December 11, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate with a bearish bias. It is undermined by the increased investor risk aversion and Japan's export sales. But GBP/JPY losses are cushioned by the demand from Japan's importers. However, GBP/JPY gains are tempered by the sterling sales on soft GBP/JPY cross amid increased investor risk aversion and sterling sales on buoyant EUR/GBP cross.

Technical comment:

Daily chart is negative-biased as MACD and stochastics are bearish.

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 184.65 and the second target at 184. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 187.30. A break of this target would push the pair further downwards and one may expect the second target at 187.85. The pivot point is at 186.45.

Resistance levels:

187.30

187.85

188.35

Support levels:

184.65

184

183.35

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