Technical analysis of EUR/USD for December 16, 2014 Market Analysis Review

When the European market opens, lots of major economic reports will be released such as Trade Balance, ZEW Economic Sentiment, German ZEW Economic Sentiment, Italian Trade Balance, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release the economic data too such as the Flash Manufacturing PMI, Housing Starts, and Building Permits. So, in this context, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2506.

Strong Resistance:1.2498.

Original Resistance: 1.2486.

Inner Sell Area: 1.2474.

Target Inner Area: 1.2444.

Inner Buy Area: 1.2414.

Original Support: 1.2402.

Strong Support: 1.2390.

Breakout SELL Level: 1.2382.

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 16, 2014 Market Analysis Review

In Asia, Japan will release the Flash Manufacturing PMI. The US will publish some economic reports such as Flash Manufacturing PMI, Housing Starts, and Building Permits. 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: 119.31.

Resistance. 2: 119.09.

Resistance. 1: 117.86.

Support. 1: 117.58.

Support. 2: 117.35.

Support. 3: 117.11.

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

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Technical Analysis of USD/CAD for December 16, 2014 Market Analysis Review

Impact on USD

The US dollar was ignited by the stronger industrial production data. Industrial production jumped 1.3 percent after a 0.1 percent increase in October. But the other data such as building confidence index drops 1 point in December. Following a four-point uptick last month, builder confidence in the market for newly built single-family homes fell one point in December to 57 according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released yesterday. After the mixed US data, traders are focused on the Federal Reserve meeting this week.

Technical analysis:

The USD made a fresh 5-year high against the CAD after the mixed batch of economic data at yesterday's session. We have been recommending buying on every dip with the targets at 1.1570, 1.1640, and 1.1740 on a positional basis. The pair met my second target as well. Ahead of the minutes on the Federal monetary policy, today the pair opened with a bearish basis. As of now, the pair is unable to break the previous high. At yesterday's session, the pair managed to breach the 200Msma and 1.6446 and managed to trade above these levels. We recommend fresh buying above 1.1675 with the targets at 1.1720 and 1.1740. The pair has hourly support at 1.6630, 1.5590, and 1.5580. Today, the focus has shifted to Canadian manufacturing and sales report as well as US building permits and flash manufacturing PMI. The intraday support is at 1.1515. We recommend selling only below 1.1500 levels.

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Technical analysis of EUR/JPY for December 16, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is still drifting sideways, currently at lower end at 146.30/40 levels. A drop below 146.00 would confirm and accelerate further downfall towards 144.00 at least. On the flip side a bullish reversal here could again see prices testing 148.50. An aggressive trade setup would be to remain short with risk around 148.50 while a more conservative trade setup would be to remain flat for now and wait for further confirmation. Immediate support is seen at 145.50, followed by 145.00 and lower while resistance is seen at 148.20/30, followed by 149.80 respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for December 16, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF dropped lower towards 1.5050 levels before pulling back. Please note that the pair is well supported by fibonacci 0.618 support here and a bullish turn remains high probability. It is recommended to remain long with risk below 1.5000 and also look to add further longs here. Immediate support is seen at 1.4950 and lower while resistance is seen at 1.5200/50, followed by 1.5350/60 (interim), followed by 1.5450 and higher respectively. Bulls could regain control at current levels and till prices remain above 1.4950 levels.

Trading recommendations:

Remain long, stop below 1.5, the target is open.

Good luck!

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Technical analysis of Silver for December 16, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has further dipped towards sub $16.00 levels as seen here. The metal is supported by the fibonacci 0.382 level and also resistance turned support trend line as seen here. A bullish reversal could be bought here, risk remains at $14.50. Still, the best/optimum level would be $15.50/60 to enter long positions (potential right shoulder of an inverted head and shoulder reversal). Immediate support is seen at $15.50/60 (fibonacci 0.618), followed by $14.50 while resistance is seen at $17.40/50 levels, followed by $17.80/18.00 and higher up.

Trading recommendations:

Initiate long positions now and also around $15.60, stop at $14.50, the target is open.

Good luck!

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Daily analysis of major pairs for December 16, 2014 Market Analysis Review

EUR/USD: This currency trading instrument is still bullish as bulls keep on flexing their muscles. The price is above the support line at 1.2400, going towards the resistance line at 1.2450 (which might be breached to the upside again). That resistance line has taken several beatings already. The ultimate target is at the resistance line at 1.2500.

USD/CHF: On this pair, bears are also trying to hold out their resistance against bulls. The support level at 0.9650 is under siege and with more effort from bears, the support level would easily be broken to the downside as price targets another support level at 0.9600. Below the support level at 0.9600, the bearish outlook would have been strengthened further.

GBP/USD: The GBP/USD pair has been going downwards again, thus putting the novel/recent bullish effort in jeopardy. A movement below the accumulation territory at 1.5600 would signal the return of the past Bearish Confirmation Pattern. However, the price is unlikely to break below the accumulation territory at 1.5550 – which is now a formidable obstacle to bears.

USD/JPY: The USD/JPY has become weaker as it went further downwards on Monday, reaching the demand level at 117.50. This demand level was tested last week and since it has been tested again, it could be breached to the downside. The next target for the price is the demand level at 117.00.

EUR/JPY: This market is now weak considering the ongoing strength in the Yen. The price is now below the supply level at 146.50 and it may reach the demand level at 146.00 soon.

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USDCAD Daily Analysis - December 16, 2014 Forex Analysis

USDCAD's upward movement from 1.1191 extended to as high as 1.1673. Further rise is still possible after a minor consolidation, and next target would be at 1.1800 area. Key support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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USDCHF Daily Analysis - December 16, 2014 Forex Analysis

USDCHF remains in downtrend from 0.9817. Deeper decline would likely be seen in a couple of days, and the target would be at 09550 area. Resistance is at 0.9722, only break above this level could trigger another rise to 1.0000 zone.

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USD/CAD intraday technical levels and trading recommendations for December 15, 2014 Market Analysis Review

Overview:

Three months ago, the price levels around 1.0620 (the lower limit of the depicted chart) initiated the current strong uptrend.

The USD/CAD pair has been trending upward within the depicted daily channel. Successive higher highs and lows are being established within the channel's limits.

As anticipated, the bullish breakout above 1.1440 allowed bulls to push towards 1.1650 where the upper limit of the bullish channel is located as well as 61.8% Fibonacci level.

During the past few weeks, the USD/CAD pair established a recent SUPPORT zone around 1.1430-1.1330, breakout above which allowed bulls to reach new highs around 1.1495, 1.1540 and 1.1600 which got hit today.

The price zone of 1.1430-1.1460 remains the nearest SUPPORT zone to the current prices. Persistence above it signals the bullish tendency towards 1.1660-1.1690 (Significant Intraday RESISTANCE zone).

Trading recommendations:

Although, LONG positions suggested after the USD/CAD pair closed above 1.1450 were considered high-risk ones, they are running in profits towards their targets.

The price level of 1.1650 remains targeted by bulls as it corresponds to the upper limit of the bullish channel as well as 61.8% Fibonacci level.

Conservative traders should minimize the risk off this long position as it achieved most of its bullish targets. SL should be advanced to 1.1510.

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Intraday technical levels and trading recommendations on EUR/USD for December 15, 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.

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 1.2500 remains defended by the EUR/USD bears. Until then, the EUR/USD pair remains trapped within the current DAILY consolidation zone of 1.2360 - 1.2500.

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.

Last week, bulls spiked up to 1.2496. However, the market came back to trade below 1.2400. It could represent 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. Thus, confirming another double-top reversal pattern.

On the other hand, 4H closure above the price zone of 1.2460-1.2480 ( Wednesday's daily high ) invalidates the suggested bearish scenario temporarily exposing price levels of 1.2580 for retesting.

Trade recommendations:

As anticipated before, intraday traders can SHORT the pair anywhere around 1.2450 ( 61.8% Fibonacci Level ).

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 15, 2014 Market Analysis Review

As depicted on the chart, the GBP/USD pair established a consolidation range above 1.5890 up to 1.6100 for almost 20 days before bearish breakout could take place early in November.

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.

Last 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 DAILY outlook favors the bullish scenario initially towards 1.5800 provided that the bulls can fixate above 1.5720 soon enough (it could not happen until now).

The market is still finding resistance around 1.5720 (the upper limit of the depicted channel) and it may give some time for more sideway movement.

On the long term, 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 consolidation movement maintained within the limits of the depicted channel.

On the short term, conservative traders were waiting for a bullish pullback towards the price zone of 1.5680-1.5710 for a low-risk SELL entry. It was triggered last week on Friday. It is running in profits now. Stop Loss should be lowered to 1.5720.

As anticipated, obvious 4H fixation below the current Fibonacci levels zone (1.5680 - 1.5700 ) indicated an upcoming bearish movement towards 1.5480-1.5500 where the lower limit of the current movement channel is located.

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Weekly technical levels of GBP/USD for December 15-19, 2014 Market Analysis Review

The weekly technical levels of GBP/USD pair:

Trading recommendations :

• The resistance of the GBP/USD pair has already set at 1.5800, but the minor resistance has set at the level of 1.5711. Furthermore, it will be very profitable to sell below this level for retesting the weekly pivot point and weekly support 1 in the long term, because the market is going to call for a downtrend from the price of 1.5711. Therefore, sell deals are recommended below 1.5711 with targets at 1.5648 (the level of 1.5648 represents the intraday pivot point) and 1.5585 to reach the weekly support 1. On the contrary, the support is going to set at the level of 1.5585 today.

Observations :

• The market is going to call for a downtrend.


• The double top will set at the level of 1.5756.


• The minor resistance is going to set at 1.5711.


• The major resistance has already set at the price of 1.5800.


• The price hit the weekly pivot point this week and the first resistance last week.


• We expect a range about 74 pips today.

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Gold analysis for December 15, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downward. The price tested the level of 1,209.42 in a volume below the average. Our corrective Fibonacci expansion 100% at the price of 1,209.00 is on the test so be careful when selling gold at this stage. I placed Fibonacci retracement to find potential support levels and got 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 a volume below the average. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,224.21

R2: 1,224.95

R3: 1,226.13

Support levels:

S1: 1,221.85

S2: 1,221.11

S3: 1,219.93

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

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Weekly technical levels of EUR/USD for December 15-19, 2014 Market Analysis Review

The weekly technical levels of EUR/USD pair:

Overview :

• In the short term, the price of the EUR/USD pair is going to turn to a bearish trend from the level of 1.2494. Also, it should be noted that the level of 1.2494 represents the ratio of 100% Fibonacci retracement levels in the H1 chart and also the double top at the same frame time since last week. Accordingly, it will be a good sign to sell below 1.2490 with the first target of 1.2400 to test the the weekly pivot point at this price. Then, it will call for a downtrend in order to continue its bearish movement towards 1.2324 (the weekly minor support). Moreover, it might be noted that the strong support will set at the level of 1.2307 in the next hours. At the same time, the stop loss should be placed above the weekly pivot point at the price of 1.2494. Equally important, the weekly resistance will set at the 1.2555 level.

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Technical analysis of USD/JPY for December 15, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade with risks skewed to downside. It is undermined by the weaker USD sentiment (last ICE spot dollar index 88.20 versus 88.52 on early Friday) as the U.S. Treasury yields fell (10-year at 2.103% versus 2.178% on late Thursday), lower than expected and the U.S. PPI of dropped 0.2% on month in November (versus forecast -0.1%) and haven buying of the U.S. Treasury bonds. USD/JPY is also weighed by the Japanese export sales, flows to haven JPY amid increased risk aversion (VIX fear gauge rose 4.98% to 21.08, S&P 500 closed 1.62% lower at 2,002.33 on Friday) amid growing concerns over the global economy as oil prices fell to five-and-a-half-year lows (Nymex crude hit $56.25/bbl this morning, its lowest figure since May 18, 2009) after the International Energy Agency lowered its estimate for global oil demand growth. But USD sentiment is soothed by the stronger than expected rise in University of Michigan preliminary U.S. consumer sentiment index to 93.8 in December from November's 88.8 (versus forecast 90.0). USD/JPY losses are also tempered by Japan's ruling Liberal Democratic Party's well anticipated victory in the weekend's snap election regarded as an endorsement of Prime Minister Abe's economic programs; demand from Japan's import and Bank of Japan's large-scale monetary easing policy.

Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish; five-day moving average is falling below 15-day moving average although intraday range pattern was completed on Friday.

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 117.80. A break of this target will move the pair further downwards to 117.40. The pivot point stands at 119.10. 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 119.50 and the second target at 120.10.

Resistance levels:

119.50

120.10

120.45



Support levels:
117.80

117.40

117.05

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Technical analysis of NZD/USD for December 15, 2014 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a lower range. It is undermined by the increased risk aversion and weak commodity prices. But NZD/USD losses are tempered by the weaker USD sentiment (last ICE spot dollar index 88.20 versus 88.52 on early Friday) as the U.S. Treasury yields fell (10-year at 2.103% versus 2.178% on late Thursday), the U.S. PPI dropped 0.2% on month in November (versus forecast -0.1%) and haven buying of the U.S. Treasury bonds and NZD-USD interest differential.

Technical Comment:
The daily chart is mixed as stochastics is in bullish mode, but the MACD is 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 the pivot point. Short positions are recommended with the first target at 0.7765. A break of this target will move the pair further downward to 0.7730. The pivot point stands at 0.7835. In case the price moves in the opposite direction and bounces back from the support level, 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 0.7870 and the second target at 0.7905.

Resistance levels:

0.7870

0.7905

0.7945



Support levels:
0.7765

0.7730

0.77

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Technical analysis of GBP/JPY for December 15, 2014 Market Analysis Review

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

Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is falling below 15-day moving average.

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 the pivot point. Short positions are recommended with the first target at 184.95. A break of this target will move the pair further downward to 184. The pivot point stands at 187.10. In case the price moves in the opposite direction and bounces back from the support level, 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 187.80 and the second target at 188.40.

Resistance levels:

187.90

188.40

189

Support levels:

184.95

184

183.35

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Technical analysis of USD/CHF for December 15, 2014 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a lower range. It is undermined by the weaker USD sentiment (ICE spot dollar index last 88.20 versus 88.52 early Friday) as U.S. Treasury yields fell (10-year at 2.103% versus 2.178% late Thursday) on lower-than-expected U.S. PPI of -0.2% on-month in November (versus forecast -0.1%) and haven-buying of U.S. Treasury bonds and franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy.

Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is falling below 15-day moving average.

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 0.9595. The pivot point stands at 0.9685. 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 0.9720 and the second target at 0.9755.

Resistance levels:

0.9720

0.9755

0.9790

Support levels:

0.9615

0.9595

0.9545

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EUR/NZD analysis for December 15, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading upward. As we expected, the price tested the level of 1.6081 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1.6060 has been held successfully, and it made price start with downward movement. I placed Fibonacci expansion to find potential support levels and got Fibonacci expansion 61.8% at the price of 1.5860. According to the 1H time frame, we can observe supply in a volume above the average. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6074

R2: 1.6121

R3: 1.6198

Support levels:

S1: 1.5919

S2: 1.5872

S3: 1.5794

Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test.

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#USDX technical analysis for December 15, 2014 Market Analysis Review

The Dollar index had a bad week but did not break important support levels so the longer-term uptrend remains bullish. The Dollar index will need to be strong this week otherwise we risk to confirm a trend reversal and a bearish market starting.

Red line = resistance

Blue line = support

The Dollar index is supported at 87.90-88 area. Short-term resistance is found at 88.50. If it is broken we will challenge the strong short-term resistance at 88.80. Breaking above that level could be the start that ignites the next upward towards 91.

The bullish flag target remains at 91. The weekly candle is quite worrying but if this week we manage to rally above 88.80 then we have a good chance of making a new higher high to complete the upward move from 79.75. Cloud indicators remain bullish.

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Gold technical analysis for December 15, 2014 Market Analysis Review

Gold price has broken once again below $1,215 and is unable to break above $1,233 resistance. The short-term price action implies that we should expect a downward move towards $1,205-$1,200. Important daily support at $1,180, if broken, will be a bearish sign implying that we could have started a medium-term move to new lows.

Blue line = resistance

Red line = support

Gold price is now trading below support and is making new lows. After reversing at the important resistance level of $1,240, gold price has not managed to recover. As long as price is below the blue trend line resistance, short-term trend will remain bearish. Short-term support is found at $1,205-$1,200. Breaking below that area will put $1,180 to the test.

On the 4-hour chart shown above gold price has broken below the Kijun-sen and if this 4-hour candle closes below $1,217 then we should expect this downward move to extend towards the Ichimoku cloud at $1,200. Cloud support is also at $1,185-80. If it is broken then we should expect the $1,140 low to be tested.

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Technical analysis of EUR/JPY for December 15, 2014 Market Analysis Review

General overview for 15/12/2014 09:20 CET

This pair is still in the corrective sub-cycle that was labeled on the chart as wave -ii- black. The intraday range is currently growing from the level of 148.24 to the level of 146.42 and only a clear violation of any of these levels could provide more clues about further wave progression. Please notice that the bias is still to the upside as there are missing impulsive waves, however, the current gains are being limited by the golden trend line resistance that is successfully capping any upward attempts.

Support/Resistance:

1149.79 - Swing High

149.20 - WR1

148.24 - Intraday Resistance

147.82 - Weekly Pivot

146.42 - Intraday Support

145.84 - WS1

145.70 - Technical Support

Trading recommendations:

Larger time frame trends are still bullish and so is the mid-term outlook for this pair, so buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 145.70, TP should be placed at the level of 151.16.

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Technical analysis of USD/CAD for December 15, 2014 Market Analysis Review

General overview for 15/12/2014 08:50 CET

The current impulsive wave progression still has some uncompleted waves to the upside and it looks like it is going to make new highs this week to develop further the wave sequence. As the current cycle is now corrective, after the wave (iii) green has topped at the level of 1.1590 (our target was 1.1579). The wave progression should now decline a little to test the weekly pivot at the level of 1.1531 or maybe even lower to the technical support at the level of 1.1500. Then, the uptrend should resume and make new highs, targeting the level of 1.1666 first. Please notice that any violation of the level of 1.1454 invalidates this count.

Support/Resistance:

1.1666 - WR1

1.1590 - Intraday Resistance

1.1531 - Weekly Pivot

1.1500 - Technical Support

1.1478 - WS1

1.1454 - Technical Support|Invalidation Level|

Trading recommendations:

Larger time frame trends are still bullish and so is near and mid-term outlook for this pair, so buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 1.1454, TP should be placed at the level of 1.1666.

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Technical analysis of GBP/CHF for December15, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has been trading in a 150 pip range between 1.5100 and 1.5250 since a few sessions. The pair has broken below the immediate line of support, and since then has been drifting sideways. Higher probability remains that the pair breaks higher into 1.5450 levels before a meaningful retracement could occur. On the flip side, if 1.5075 breaks, the pair could drift lower towards 1.4950 and even lower. Bulls could remain in control till prices are above 1.5075 levels. Immediate support is seen around 1.5075, followed by 1.4950 and lower while resistance is seen around 1.5350/60, followed by 1.5450 and higher respectively.

Trading recommendations:

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

Good luck!

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Technical analysis of Gold for December 15, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold is again trading at the lower range at $1,215.00 levels. Furthermore, the metal has broken below the immediate line of support as seen here. A further dip from current levels could take it towards $1,170.00 levels before rallying further. On the flip side, a bullish reversal now could rally towards $1,255.00 levels before producing a meaningful correction. Immediate support is seen at $1,190./92.00 levels, followed by $1,142.00 and lower while resistance is seen at $1,235.00 (interim), followed by $1,255.00 and higher respectively.

Trading recommendations:

Remain flat for now. Look to initiate long positions around $1,170.00/$80.00 levels.

Good luck!

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Technical Analysis of EUR/JPY for December 15, 2014 Market Analysis Review

WEEKLY ECONOMIC DATA TO IMPACT ON JPY

Monday - Flash manufacturing PMI

Thursday - Monetary policy statement

Friday - BOJ press conference

We can see the year-end position squaring will be triggered in some pairs and crosses. The cross broken down the support trend line and is unable to trade above that. Today, at the early Asia-Pacific session the cross faced a huge volatility. The cross managed to offset all its losses and made a new intraday high, but it is still unable to secure at the higher levels. We recommend selling only below 147.47. The cross will regain its strong momentum only above 148.60 and 147.66. The intraday support exists at 146.80. Today, at the panic stage the cross managed to hold the level and bounced from there. In case, an hourly candle closes above 148.24, it can challenge 148.90, 149.00, 149.35, and 150.00 in the near term.

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Technical Analysis on USD/CAD for December 15, 2014 Market Analysis Review

The pair had the strongest close last week. The major key economic event is FOMC meeting scheduled this week.

WEEKLY ECONOMIC DATA TO IMPACT ON THE PAIR

Monday US - Industrial and Manufacturing, Production, and NAHB Housing Market Index

Tuesday US - Building Permits and Housing Starts

CAD - Manufacturing sales

Wednesday US - Core Inflation and Federal Reserve Rate Decision

CAD - Wholesale sales

Thursday US - Jobless Claims Data

Friday CAD - Core CPI, CPI, core retail sales, and retail sales

We have been recommending buying on every dip with the targets at 1.1570, 1.1640, and 1.1740 on a positional basis. The pair made a high at 1.1595. Ahead of the major US data such as the industrial production report and NAHB housing market index, the pair is trading in a bearish zone. At Asia's session, the pair is trading at a 4 HR low of 1.1565. The nearest support exists at 1.5560 and 1.5550. We recommend fresh intraday selling below 1.1550 with the targets at 1.1515, 1.1500, and 1.1490. We are still optimistic from the short- and medium-term perspective. The intraday support exists at 1.1490. In case today if the pair falls below 1.1516 and an hourly candle closes below 1.1516, we can confirm it will be capped at 1.1595 in the near term.

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