Technical analysis of EUR/JPY for December 17, 2014 Market Analysis Review

General overview for 17/12/12014 06:40 CET

The corrective cycle looks to be completed as the last wave Y brown has made a low at the level of 144.96, just below the important weekly support at the level of 145.70. The first stage of the impulsive rebound can be seen, but the confirmation is needed to support this view. So far, the market tried to rally upward, but it couldn't break out of the neutral zone and got back to the intraday range. To follow the impulsive wave progression, the price must now break out above the intraday resistance at the level of 147.01 and then rally above the dynamic resistance provided by the golden trend line. If this scenario does not happen, it means the further slide down is more than possible.

Support/Resistance:

144.46 - WS2

144.96 - Intraday Support

145.70 - Technical Support

145.86 - WS1

147.01 - Intraday Resistance

147.82 - Weekly Pivot

148.24 - Intraday Resistance

Trading recommendations:

The key intraday resistance is at the level of 147.01 and traders should consider opening buy stop orders from this level, with TP at the level of 148.22 and tight (15-20 pips) SL.

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Technical analysis of USD/CAD for December 17, 2014 Market Analysis Review

General overview for 17/12/12014 06:20 CET

The corrective cycle is still in progress and first three waves look to be completed. Nevertheless, please notice, that this might be only the beginning of a larger correction in wave 4 purple, because this simple three waves down might be just a green wave of some other corrective structure. To confirm the corrective cycle is completed, the market must break above the intraday resistance at the level of 1.1672. Moreover, please notice the alternative count that still indicates a more impulsive wave progression to the upside that is valid as long as the level of 1.1590 is not violated.

Support/Resistance:

1.1727 - WR2

1.1672 - Intraday Resistance

1.1666 - WR1

1.1590 - Intraday Support

1.1531 - Weekly Pivot

Trading recommendations:

Not much has changed since yesterday as the market has made a very limited move: the bias is still bullish as the larger time frame trends are still bullish. So is a near and mid-term outlook for this pair. Thus, buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 1.1590, TP should be placed at the level of 1.1727.

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Elliott wave analysis of EUR/NZD for December 17 - 2014 Market Analysis Review

Technical summary:

It finally looks as, we will get the close above the resistance line opening up the upside for a strong rally towards 1.6273 and 1.6446 on the way higher to 1.7125. In the short run, we would like to see the former resistance line near 1.6100 acting as support for the next rally higher to 1.6273 and above.

Trading recommendation:

We are long in EUR from 1.5915 with stop placed at 1.5980. If you are not long in EUR yet, the buy near 1.6100 with the same stop at 1.5980.

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Elliott wave analysis of EUR/JPY for December 17 - 2014 Market Analysis Review

Technical summary:

The decline from 149.78 is in no way as pretty as we would have liked, but we see no reason to change our view of a continuation lower to 144.77 and likely even 143.39 before a bottom could be in place. In the short term, we would like minor resistance at 147.03 to protect the upside for the next decline towards 144.77, but only a break above 148.23 will invalidate the bearish view and call for a rally to new highs.

Trading recommendation:

We will stay neutral for now, but look for possible buying opportunities.

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Daily analysis of USDX for December 17, 2014 Market Analysis Review

On the H4 chart, the USDX is trying to form a bearish pattern above the support level of 87.93. Please, be aware that this instrument has not been strong enough to run a bearish consolidation below the 200-day moving average. So, the USDX is expected to try climbing to the resistance level of 88.19. The MACD indicator remains in the negative territory.

H4chart's resistance levels: 88.19 / 88.49

H4chart's support levels: 87.93 / 87.35

The USDX remains below the resistance level of 88.15, because this instrument is trying to strengthen the bearish bias in the short term. However, the USDX has formed a fractal at the support level of 87.86. Thus, this instrument is likely to make a rebound at the current levels and up to the level of 88.15. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 88.15 / 88.43

H1 chart's support levels: 87.86 / 87.58

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 88.15, take profit is at 88.43, and stop loss is at 87.87.

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Daily analysis of GBP/USD for December 17, 2014 Market Analysis Review

The GBP/USD pair had a bullish rally above the support level of 1.5698. This pair still finds resistance at the 200-day moving average on the H4 chart. If the GBP/USD pair manages to make a breakout at the level of 1.5825, it is expected to rise to the level of 1.5874 in the short term, although the GBP/USD could fall back below the 1.5698 level.

H4 chart's resistance levels: 1.5825 / 1.5874

H4chart's support levels: 1.5698 / 1.5589

On the H1 chart, the GBP/USD pair is trying to consolidate above the level of 1.5739, but this pair has found strong resistance in that area. So, the GBP/USD pair is likely to fall to the support level of 1.5686, where the 200-day moving average is located. If GBP/USD manages to make a breakout at that level, the next target would be the 1.5632 level. The MACD indicator remains in the negative territory.

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 1.5740.

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Technical analysis of EUR/USD for December 17, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Final Core CPI y/y and Final CPI y/y. The US will also publish a bunch of economic data such as the Federal Funds Rate, Crude Oil Inventories, Current Account, Core CPI m/m, and CPI m/m. So, amid the reports, EUR/USD will move low to medium during the Asian to European market open and medium to high volatility during the US seassion.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2565.

Strong Resistance:1.2557.

Original Resistance: 1.2545.

Inner Sell Area: 1.2533.

Target Inner Area: 1.2503.

Inner Buy Area: 1.2473.

Original Support: 1.2461.

Strong Support: 1.2449.

Breakout SELL Level: 1.2441.

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 17, 2014 Market Analysis Review

In Asia, Japan will release the Trade Balance. The US will publish a bunch of economic data such as Federal Funds Rate, Crude Oil Inventories, Current Account, Core CPI m/m, and CPI m/m. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 117.22.

Resistance. 2: 117.00.

Resistance. 1: 116.77.

Support. 1: 116.49.

Support. 2: 116.26.

Support. 3: 116.02.

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 17, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has stopped us out at 1.5000, and is trading above 1.5100 levels at the moment. Please note that the pair has bounced off the fibonacci 0.786 support of the rally between 1.4950 and 1.5350/60 levels. High probability still remains of an extended rally towards 1.5520/30 levels. Aggressive trade setups would be to go on initiating long positions with risk below 1.4950, while a conservative approach would be to remain flat for now. Immediate support is seen at 1.4950 and lower while resistance is seen at 1.5250, followed by 1.5350/60, 1.5450/75 and higher up.

Trading recommendations:

Remain flat for now. Agressive setup is to initiate long positions, stop at 1.4950, the target is open.

Good luck!

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Technical analysis of Silver for December 17, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver drops to the expected levels of $15.50/60 now, as discussed earlier. The metal should be bought at market price, $15.80/85 with risk below $14.50 levels. Immediate support is seen at $14,50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. The metal might have just carved out a right shoulder of the potential inverted head and shoulder reversal into cards now. Bulls should remain in total control till prices stay above the $14.50 interim support now. Only a break below should be a concern.

Trading recommendations:

Initiate long positions now, stop below $14.50, the target is open.

Good luck!

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USDCAD Daily Analysis - December 17, 2014 Forex Analysis

USDCAD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.1191. As long as the trend line support holds, further rise could be expected, and next target would be at 1.1800 area. Only a clear break below the trend line support could signal completion of the uptrend.

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USDCHF Daily Analysis - December 17, 2014 Forex Analysis

USDCHF's downward movement from 0.9817 extended to as low as 0.9553. Further decline is still possible, and next target would be at 0.9500 area. Resistance is at 0.9680, only break above this level could trigger another rise to 1.0000 zone.

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USDJPY Daily Analysis - December 17, 2014 Forex Analysis

USDJPY broke below 117.23 support, indicating that the uptrend from 105.32 (Oct 15 low) had completed at 121.84 already. Further decline could be expected, and next target would be at 115.00 area. Resistance is at 119.60, only break above this level could trigger another rise towards 125.00.

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AUDUSD Daily Analysis - December 17, 2014 Forex Analysis

AUDUSD continued its downward movement from 0.8795, and the fall extended to as low as 0.8162. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8000 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 17, 2014 Forex Analysis

GBPUSD continued its sideways movement in a range between 1.5541 and 1.5825. As long as 1.5825 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.6182 (Oct 28 high), another fall towards 1.5000 is still possible after consolidation.

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EURUSD Daily Analysis - December 17, 2014 Forex Analysis

EURUSD moved sideways in a trading range between 1.2247 and 1.2599. As long as 1.2599 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.2867 (Oct 15 high), another fall towards 1.2000 is still possible after consolidation. Support is at 1.2361, a breakdown below this level could signal resumption of the downtrend.

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GBP/USD intraday technical levels and trading recommendations for December 16, 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.

However, a break below the recent bottoms established around 1.5580-1.5540 terminates the current ranging movement, rendering the current consolidation range as a bearish flag pattern with projected target at 1.5310.

On the other hand, bullish fixation above 1.5760 exposes price level of 1.5880 for retesting.

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USD/CAD intraday technical levels and trading recommendations for December 16, 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 signaled the bullish tendency towards 1.1660-1.1690 (significant RESISTANCE zone).

The price level of 1.1650 (which was our bullish final target) roughly corresponds to the upper limit of the bullish channel as well as 61.8% Fibonacci level. Long positions should be left now.

Trading recommendations:

Conservative traders should look for SHORT positions around the price level of 1.1650. SL should be located above 1.1700.

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Intraday technical levels and trading recommendations on EUR/USD for December 16, 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.

The 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. Bullish breakout is taking place today. Daily closure above price level of 1.2500 directly exposes 1.2620 for retesting.

During last week and this one also, bulls spiked up to 1.2496 twice. However, the market came back to trade below 1.2400 shortly after.

Yesterday, the market applied quite significant bullish pressure at retesting of price level of 1.2410 where the lower limit of the depicted channel is located.

As anticipated, 4H closure above the price zone of 1.2460-1.2480 (Wednesday's daily high) invalidated the bearish scenario temporarily exposing the price levels of 1.2580-1.2600 for retesting.

Trade recommendations:

Intraday traders can wait for a bearish pull-back towards price levels around 1.2460 for a LONG position.

Stop Loss should be located below 50% Fibonacci level around 1.2400.

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Intraday technical levels and trading recommendations on GBP/USD for December 16, 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 found 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 then 1.6100 provided that bulls keep trading above 1.5720 (which was bypassed earlier today).

The market may find resistance around 1.5750-1.5800 (the upper limit of the current price-range) and it may give some time for more sideway movement.

On the long term, a triple-bottom reversal pattern may be established above 1.5580.

Another less probable scenario: a bearish flag pattern that waits for bearish breakout below 1.5550 (similar to what happened back in October). This is now excluded as long as the daily candlestick closes above 1.5750.

The 4H chart reveals the recent consolidation movement maintained within the limits of the depicted channel. Recent bullish breakout took place earlier today.

The price zone of 1.5680-1.5710 is now acting as an intraday DEMAND zone. Bearish pullback towards this zone remains a valid BUY entry with SL as daily closure below 1.5650.

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Daily analysis of USDX for December 16, 2014 Market Analysis Review

The USDX is moving in the range below the resistance level of 88.63 on the daily chart. However, the USDX is still kept alive in the bullish bias, since the 200-day moving average is trying to bend upward and this instrument has not been consolidated below the support level of 87.35. The MACD indicator remains in negative territory.

Dailychart's resistance levels: 88.63 / 90.40

Dailychart's support levels: 87.35 / 86.20

On the H1 chart, the USDX found strong resistance at the 200-day moving average, so the USDX is trying to consolidate above that area to strengthen the bullish trend. If the USDX does a breakout at the 88.43 level, it is expected to rise to the resistance level of 88.71 in the short-term. The MACD indicator is moving into negative territory.

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 88.43, take profit is at 88.71, and stop loss is at 88.15.

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Daily analysis of GBP/USD for December 16, 2014 Market Analysis Review

On the daily chart GBP/USD continues battling with the support level of 1.5642, because this pair plummeted to that area during the yesterday's session. A breakout at that level could lead the GBP/USD pair to touching the 1.5506 level. It should be noted that the pair formed a fractal at the 1.5746 level, which could add more strength to that area. The MACD indicator remains in positive territory.

Dailychart's resistance levels: 1.5746 / 1.5883

Dailychart's support levels: 1.5642 / 1.5506

The GBP/USD pair made a false breakout in the support level of 1.5632 and now this pair is forming a bearish pattern in attempt to consolidate back below that area. Currently, the GBP/USD is below the 200-day moving average in the H1 chart, which supports our bearish outlook in the short term for this pair.

H1 chart's resistance levels: 1.5686 / 1.5739

H1 chart's support levels: 1.5632 / 1.5590

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 1.5674.

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EUR/NZD analysis for December 16, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading downward. As we expected, the price tested the level of 1.5983 in a very high volume. 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 1.5910. According to the 4H time frame, we can observe supply in a very hgih volume. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6089

R2: 1.6116

R3: 1.6160

Support levels:

S1: 1.6002

S2: 1.5975

S3: 1.5932

Trading recommendations: Be careful when buying the EUR/NZD pair since we got a strong rejection from our resistance level.

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Gold analysis for December 16, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downward. The price tested and rejected from the level of 1,190.49. Our corrective Fibonacci expansion 161.8% at the price of 1.195.00 has been held successfully, which caused price to start with aupward movement. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1,179.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 1H time frame, we can observe no selling pressure around the level of 1,190.00 and strong reaction from buyers in a very high volume. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,220.87

R2: 1,228.83

R3: 1,241.70

Support levels:

S1: 1,195.13

S2: 1,187.17

S3: 1,174.30

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

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

Overview :

• The NZD/USD pair has broken a major resistance at 0.7792 for that the level of 0.7792 became support, and it will continue to act as strong support on December 16, 2014. Also, it should be noted that the daily pivot point is calculated at 0.7810, and it is now approaching to test it, therefore, it will probably start an upward movement at this area and recover again. So the market will indicate a bullish opportunity at the levels of 0.7792 or 0.7810. Thus, it will be a good sign to buy at this area with the first target at 0.7835 (61.8% of Fibonacci retracement levels), and continue towards 0.7870. On the other hand, if there is a break at 0.7782, it will be a good sign to set the stop loss for that the best location for placing it should be at the level of 0.7760.

Trading recommendations :

• According to the previous events, the price of NZD/USD is going to move between 0.7790 and 0.7860.


• Buy above the level of 0.7790 with the first target of 0.7830, it might resume to 0.7860.

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

Overview :

• The USD/CHF pair has not shown signs of breaking the highest level of 0.9642 which coincides with the 61.8% of Fibonacci retracement levels. Also, it should be noted that the resistance has already set at the spot of 0.9640 since yesterday. Therefore, it will be a good sign to sell below the level of 0.9640 with the first target at 0.9536 (38.2% of Fibonacci retracement levels) and resume to 0.9467 in order to form a double bottom this week. Moreover, the resistance is going to be placed at the price of 0.9467. Thus, we expect a range of 122 pips in the coming days. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9536, then the market will lead to further decline to 0.9470 and 0.9425. Additionally, it will be able to indicate the correction movement at this level. But it should be noted that the channel emerging of RSI is still negative. Furthermore, it might notice a point of view that the MA(100) would be rather a confirmation for the downtrend but in a short-term period.

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

Fundamental overview:
USD/JPY is expected to trade in a lower range. It is undermined by the selling of the yen crosses amid diminished investor risk appetite (S&P 500 closed 0.63% lower at 1,989.63 overnight, although VIX fear gauge finished down 3.13% to 20.42) as oil prices extend falls to a fresh five-and-a-half-year lows on Monday - Nymex crude hit $55.02/bbl, its cheapest figure since May 8, 2009 - stoking concerns over the receding demand and slowing global economy. USD/JPY is also weighed by the Japanese export sales. But USD/JPY losses are tempered by the improved USD sentiment (ICE spot dollar index last 88.43 versus 88.20 on early Monday), higher U.S. Treasury yields (10-year at 2.114% versus 2.103% on late Friday), 1.3% on month increase in U.S. November industrial production (versus forecast +0.8%) and the U.S. November capacity utilization of 80.1% (versus forecast 79.4%) that outweigh a surprise drop in Empire State's business conditions index to -3.58 in December from +10.16 in November (versus forecast for rise to 14) and an unexpected fall in the U.S. NAHB housing market index to 57 in December from 58 in November (versus forecast for rise to 59). USD/JPY downside is also limited by the demand from Japan's import, the Bank of Japan's large-scale monetary easing policy and positions adjustment as market participants trim risk exposure ahead of the Federal Reserve's monetary decision on Wednesday.

Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short positions are recommended with the first target at 115.85. A break of this target will move the pair further downwards to 115.40. The pivot point stands at 117.50. 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 118.40 and the second target at 119.10.

Resistance levels:

118.40

119.10

119.45



Support levels:
115.85

115.40

115.15

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

Fundamental overview:
USD/CHF is expected to trade with bearish bias. It is underpinned by the improved USD sentiment, the franc sales on soft CHF/JPY cross and ultra-loose Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the franc demand on soft GBP/CHF, AUD/CHF, NZD/CHF and CAD/CHF crosses.

Technical comment:
The daily chart is still negative-biased as the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short positions are recommended with the first target at 0.9565. A break of this target will move the pair further downwards to 0.9540. The pivot point stands at 0.9640. 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 0.9685 and the second target at 0.9720.

Resistance levels:

0.9685

0.9720

0.9755

Support levels:

0.9565

0.9540

0.95

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

Fundamental overview:
NZD/USD is expected to trade with bearish bias. NZD/USD is undermined by the improved USD sentiment (the latest ICE spot dollar index 88.43 versus 88.20 on early Monday), higher U.S. Treasury yields (10-year at 2.114% versus 2.103% on late Friday), 1.3% on month increase in U.S. November industrial production (versus forecast +0.8%) and the U.S. November capacity utilization of 80.1% (versus forecast 79.4%) that outweigh a surprise drop in Empire State's business conditions index to -3.58 in December from +10.16 in November (versus forecast for rise to 14) and an unexpected fall in the U.S. NAHB housing market index to 57 in December from 58 in November (versus forecast for rise to 59). The kiwi sales on soft NZD/JPY cross amid subdued investor risk appetite and weak commodity prices. However, NZD/USD losses are tempered by the NZD-USD interest differential.

Technical Comment:
The daily chart is mixed as stochastics is neutral, the MACD is in bearish mode.

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 0.7720. A break of this target will move the pair further downward to 0.7660. The pivot point stands at 0.7805. 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 0.7835 and the second target at 0.7870.

Resistance levels:

0.7835

0.7870

0.7905



Support levels:
0.7720

0.7660

0.7640

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

Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by the diminished investor risk appetite, Japan's export sales, the sterling sales on buoyant EUR/GBP cross and on soft GBP/CHF cross. But GBP/JPY losses are tempered by the demand from the Japanese import and the sterling demand on buoyant GBP/CAD cross.

Technical comment:
The daily chart is negative-biased as bearish outside-day-range pattern was completed on Monday, the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 182.05. A break of this target will move the pair further downward to 181.05. The pivot point stands at 184.90. 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 186.30 and the second target at 187.10.

Resistance levels:

186.30

187.10

187.90

Support levels:

182.05

181.05

180

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#USDX technical analysis for December 16, 2014 Market Analysis Review

The Dollar index remains under pressure as EUR and JPY are strengthening against the Dollar. The bearish action from the last week is putting increased pressures against the Dollar and it can be seen easily as there is no real strength to push the index above 88.60. Technically there are many chances that we are starting a deep correction.

Blue line = support

The Dollar index is testing important support at 87.90. The index is making lower lows and lower highs. Price is below the Ichimoku cloud. This is a bearish sign for the index. Confirmation will come if and when we break below 87.90. Next important support is at 87.50.

Red line = weekly support

Since the last week The Dollar index showed us some signs of weakness, and the possibility of a larger trend reversal has dramatically increased. Breaking below support at 87.50 will confirm this scenario and we could see the Dollar index pull back towards 86-84 area at least.

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Gold technical analysis for December 16, 2014 Market Analysis Review

Gold price has broken the short-term support, as expected, and pushed below $1,200 towards $1,190-80 support area. As long as gold price is below $1,220 and above $1,180 trend will be neutral. These two levels are very important price levels that once broken will provide the next big move.

Blue line = resistance

Red line = triangle

Gold price is forming a triangle pattern on the short-term chart with $1,200 for the upper boundary and $1,194 for the lower boundary. It could also be seen as a bearish flag pattern if we take into consideration the sharp decline from $1,219. The next important short-term support is at $1,180.

Blue line = support

Gold price, as shown in the 4-hour chart above, is making higher highs and higher lows. It has pushed inside the Ichimoku cloud and remains above the important support and previous low at $1,180. As long as price holds that support level, bulls could feel safe. If support is broken, price will push below the cloud and it would be a bearish signal that will push gold price towards $1,140 at least. Until then I prefer to be neutral or bullish with $1,180 stop.

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

General overview for 16/12/2014 09:10 CET

The corrective cycle in blue wave Y is getting more complex after the upward leg in blue wave (b) hasn't been strong enough to break above the golden trend line. The market fell further after this event. Currently, the price is appoaching the important technical support at the level of 145.70. If the count is correct, then the wave -v- blue of blue wave (c) should be completed here, so the overall corrective cycle labeled as (a)(b)(c) blue will be in shape of the irregular flat brown wave Y. Nevertheless, without breaking above the level of intraday resistance at 146.24, the impulsive count to the upside can not be initiated. In that case, the market should look forward to test another support at the level of 144.46.

Support/Resistance:

144.46 - WS1

145.70 - Technical Support|Intraday Support|Key Level|

146.24 - Intraday Resistance

147.82 - Weekly Pivot

148.24 - Intraday Resistance

Trading recommendations:

The key support here is at the level of 145.70, so traders should consider opening buy orders at this level with very reasonable stop loss (15-20 pips) and place the first TP order at the level of 146.42. Only a breakout above this level might be considered as intraday bullish.

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

General overview for 16/12/2014 08:50 CET

As anticipated yesterday, the market is making another higher high and the bullish impulsive wave progression continues to advance higher. The level of 1.1666 has been just hit. So, currently it looks like the price will make some sub-corrective cycle in purple wave 4. When the correction is done, it will move even higher. A projected target for this wave is at the level of 1.1727. Please notice that the key level for the bullish bias is the intraday support at the level of 1.1590.

Support/Resistance:

1.1727 - WR2

1.1672 - Intraday Resistance

1.1666 - WR1

1.1590 - Intraday Support

1.1531 - Weekly Pivot

Trading recommendations:

The bias is still bullish as the larger time frame trends are still bullish. So is a near and mid-term outlook for this pair. Thus, buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 1.1590, TP should be placed at the level of 1.1727.

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Elliott wave analysis of EUR/NZD for December 16 - 2014 Market Analysis Review

Technical summary:

We are back at the resistance line near 1.6105. We would like to see a close above this resistance line to confirm a move higher to 1.6206 and higher to 1.6446. In the short term, we would like to see minor support at 1.6031 protecting the downside, but only a break below support at 1.5985 will delay the expected upside for a move closer to 1.5950 before higher again.

Trading recommendation:

We are long in EUR from 1.5915 and will move our stop higher to 1.5980. If you are not long in EUR yet, then buy near 1.6031 with the same stop at 1.5980.

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Elliott wave analysis of EUR/JPY for December 16 - 2014 Market Analysis Review

Technical summary:

The correction in red wave ii ended early at 148.23 and never got close to the possible 148.50 - 148.88 area. Red wave iii is now unfolding towards at least 145.23 and likely even lower to 143.39 before red wave iv will be ready to take over. That said, we still have to watch carefully what happens near 144.77 as this could be a potential low for wave c, but only time will show. In the short term, only an unexpected break above 148.23 will indicate, that wave c and (ii) is over and for the next powerful rally higher.

Trading recommendation:

Our break-even stop was hit and we will be neutral as this is the only correction.

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Technical Analysis of Gold for December 16, 2014 Market Analysis Review

The yellow metal lost its shine after the US data and ahead of the Federal Reserve meeting. At yesterday's session, the metal fell to a 1-week low at $1,190.50. 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 dropped 1 point in December. At yesterday's session, the metal fell below 50 and 20Dsma and closed below those levels. We have been recommending selling at $1,232.40 and still repeating the same. The metal has the nearest strong support zone at $1,188.00 and $1,185.00. Strong selling will emerge below $1,185.00. Currently, the metal is trading below $1,200.00. We recommend fresh selling below $1,188.00 and safe selling will be possible below $1,185.00. The intraday resistance exists at $1,200.00, above this at $1,218.00. The hourly resistance exists at $1,200 and $1,213.00. Until the metal trades below $1,216.00, use every rise to sell. On the down side, in case if the metal falls below $1,185.00, it can extend its fall towards $1,180, $1,175, and $1,169.00 levels.

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Technical Analysis on EUR/USD for Decemeber 16, 2014 Market Analysis Review

Impact on EURO

Today, the focus has shifted to major economic events. Today, if the German data favours improvement, the Euro might be supported at today's session. The German flash PMI manufacturing is expected to show an uptick at 50.2 or 50.4 in December.

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 another data such as building confidence drops 1 point in December. Following a four-point uptick last month, builder confidence on 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 keeping an eye on the Federal Reserve meeting this week. Today, the focus has shifted to US building permits and flash manufacturing PMI.

Technical view:

The pair managed to break out from the falling wedge and it is trading above it. The pair has been facing strong resistance at 1.2500. On the long-term perspective, the pair has been taking support from the neckline on the monthly chart. In this case, a break below the neckline ignites new bearish moves towards a larger decline in the coming months. In case, a monthly close is below 1.2230 and 200Msma, bears can challenge 1.2000 and 1.1875 in the new year. Ahead of today's economic data and tomorrow's major key event (the FOMC meeting), the pair managed to trade in green. The pair has intraday support at 1.2400. We recommend selling below 1.2400 and 34hrsma with the targets at 1.2375, 1.2360, 1.2340, and 1.2300. On the upper side, the pair has resistance at 1.2500, 1.2507, 1.2530 and 1.2600. We can expect strong momentum only above 1.2600 with the targets at 1.2800 and 1.2880.

Trade: sell below 1.2400.

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Technical Analysis of USD/CHF for Decemebr 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 dropped 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 turn their attention on the Federal Reserve meeting this week.

The pair has been consolidating near a 3-week low. The pair has the nearest support between 0.9616 and 0.9595. USD/CHF fell below 20Dsma and closed below it. During yesterday's pullback, it was unable to close above it. Today, the pair is taking support at 0.9649 (2hr low). The pair has been making lower lows and lower highs on the hourly chart. Bulls will regain strength above 0.9691 and strong momentum above 0.9725. The pair fell below the upswing channel and closed below the support trend line on the daily chart. Today, in early Asia's session the pair was unable to break the support trend line. We recommend fresh selling only below 0.9590. Today, the focus has shifted to US building permits and flash manufacturing PMI.

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