Elliott wave analysis of EUR/JPY for December 18 - 2014 Market Analysis Review

Technical Summary:

There is nothing new to add here. The expanded flat correction is still unfolding and we are still looking for a move lower in wave c towards 143.81 and maybe even lower to 142.05, where we find wave iv of a smaller degree. In the short run, we will be looking for resistance near 147.03 to protect the upside for a break below 145.34 confirming the next decline towards 143.81. Only a break above 148.23 will invalidate the bearish outlook.

Trading recommendation:

We are neutral and are waiting for an opportunity to buy EUR.

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Daily analysis of USDX for December 18, 2014 Market Analysis Review

The USDX has made again a breakout at the level of 88.63 in an attempt to reach the resistance level of 90.40 in the medium term. To make the USDX reach that level, it would be necessary to begin to form a higher high pattern above the support level of 88.63. The MACD indicator is entering neutral territory.

Dailychart's resistance levels: 90.40 / 93.44

Dailychart's support levels: 88.63 / 87.35

On the H1 chart, the USDX has managed to stay above the 200-day moving average, because this instrument is forming a bullish pattern above the support level of 88.99. On the upside road, the USDX would be facing the resistance levels of 89.25 and 89.51. On the other hand, a pullback at tghe current levels could lead to USDX to touch the support level of 88.71.

H1 chart's resistance levels: 89.25 / 89.51

H1 chart's support levels: 88.99 / 88.71

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 89.25, take profit is at 89.51, and stop loss is at 89.00.

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Daily analysis of GBP/USD for December 18, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair made a strong breakout at the level of 1.5642, which opened the way for the pair to visit the support level of 1.5506. Now, the GBP/USD pair may begin to form a bearish pattern to try to continue the bearish bias in the medium term. However, this could be confirmed with a breakout level of 1.5506, which would lead the GBP/USD pair to touch the support level of 1.5407.

Dailychart's resistance levels: 1.5642 / 1.5746

Dailychart's support levels: 1.5506 / 1.5407

The GBP/USD pair is forming a lower low pattern below the resistance level of 1.5590, because this pair was able to consolidate below the 200-day moving average during yesterday's session. However, the GBP/USD pair could conduct a breakout at the level of 1.5590 and climb to the level of 1.5632, due to a bearish retracement this pair is doing. The MACD indicator is in the oversold zone.

H1 chart's resistance levels: 1.5590 / 1.5632

H1 chart's support levels: 1.5534 / 1.5501

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5534, take profit is at 1.5501, and stop loss is at 1.5565.

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Technical analysis of USD/JPY for December 18, 2014 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade in a higher range. It is underpinned by the yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 17.52% to 19.44, S&P 500 closed up 2.04% at 2,012.89 overnight) on a supportive Federal Reserve stance which modified its 'considerable time' language, saying it 'can be patient' about the timing of the first rate hike, and its forecast of a slower pace of Fed rate increases in 2015 once they start as well as on stabilization in Russia's currency from recent turmoil. USD/JPY is also supported by the demand from Japan's importers; Bank of Japan's large-scale monetary easing policy, positive dollar sentiment (ICE spot dollar index last 89.07 versus 87.94 early Wednesday) and higher U.S. Treasury yields (10-year at 2.135% versus 2.071% late Tuesday). Federal Reserve Chairwoman Yellen in a subsequent press conference said the central bank was unlikely to raise rates for the "next couple of meetings," and said she wanted to discourage the idea that the Fed would act only at meetings that are followed by news conferences, signaling the central bank could raise rates as early as its April 28-29 2015 meeting--the third meeting for 2015 which also doesn't include a news conference. That is sooner than the second half of 2015 that many investors currently expect. But USD/JPY gains are tempered by the softer-than-expected U.S. November CPI of -0.3% on-month (versus forecast -0.1%) and Japan's exporter sales.

Technical comment:
Daily chart is mixed as MACD is bearish, but stochastics is turned bullish near 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 119.10 and the second target at 119.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 116.20. A break of this target would push the pair further downward and one may expect the second target at 115.50. The pivot point is at 117.

Resistance levels:

119.10

119.60

119.95



Support levels:
116.20

115.50

115

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Technical analysis of USD/CHF for December 18, 2014 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is underpinned by the positive dollar sentiment and ultra-loose Swiss National Bank's monetary policy. But CHF sentiment is boosted by the rise in Switzerland ZEW-Credit Suisse economic sentiment indicator to minus 4.9 in December from minus 7.6 in November. USD/CHF gains are also tempered by the franc demand on buoyant CHF/JPY cross.

Technical comment:
Daily chart is mixed as MACD is bearish, but stochastics is turned bullish near 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 0.9755 and the second target at 0.9785. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9605. A break of this target would push the pair further downward, and one may expect the second target at 0.9585. The pivot point is at 0.9645.

Resistance levels:

0.9755

0.9785

0.9815

Support levels:

0.9605

0.9585

0.955

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Technical analysis of NZD/USD for December 18, 2014 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a lower range. Mixed FX reaction this morning to NZ 3Q GDP data as on-quarter growth was stronger-than-expected at 1.0% (versus forecast +0.7%), but on-year growth was weaker-than-expected at +3.2% (versus forecast +3.3%). NZD/USD is undermined by the positive dollar sentiment. But NZD/USD losses are tempered by the Kiwi demand on buoyant NZD/JPY cross amid reduced risk aversion, firmer dairy prices and NZD-USD interest differential.

Technical Comment:
Daily chart is negative-biased as MACD and stochastics are turned 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 0.7660. A break of this target will move the pair further downward to 0.7625. The pivot point stands at 0.777. 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 0.7810 and the second target at 0.7835.

Resistance levels:

0.7810

0.7835

0.7870



Support levels:

0.7660

0.7625

0.7585

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Technical analysis of GBP/JPY for December 18, 2014 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is supported by the positive risk sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales. The sterling sentiment is soothed by stronger-than-expected 1.6% rise in U.K. average earnings in the quarter ending in October (versus forecast +1.5% and higher than the U.K. October CPI of 1.3%) as well as bigger-than-expected 26,900 drop in U.K. November jobless claimants (versus forecast -20,000), although U.K. unemployment rate in the three months to October was higher-than-expected at 6.0% (versus forecast 5.9%).

Technical comment:
Daily chart is mixed as MACD is bearish, but stochastics is turning bullish at oversold levels, inside-day-range pattern was completed on Wednesday.

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 186.30 and the second target at 187.70. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 182.05. A break of this target would push the pair further downwards and one may expect the second target at 181.15. The pivot point is at 183.

Resistance levels:

186.30

187.70

188.25

Support levels:

182.05

181.15

180

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Technical analysis of EUR/USD for December 18, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Spanish 10-y Bond Auction and German Ifo Business Climate. The US will release a bunch of economic data such as the Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Flash Services PMI, and Unemployment Claims. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2393.

Strong Resistance:1.2366.

Original Resistance: 1.2374.

Inner Sell Area: 1.2362.

Target Inner Area: 1.2333.

Inner Buy Area: 1.2304.

Original Support: 1.2292.

Strong Support: 1.2280.

Breakout SELL Level: 1.2273.

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 18, 2014 Market Analysis Review

No economic data is expected in Japan today. As for the US, it will release some economic data such as Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Flash Services PMI, and Unemployment Claims. 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: 119.28.

Resistance. 2: 119.05.

Resistance. 1: 118.82.

Support. 1: 118.54.

Support. 2: 118.31.

Support. 3: 118.07.

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

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Daily analysis of major pairs for December 18, 2014 Market Analysis Review

EUR/USD: The recent bearish breakout on the EUR/USD pair is a threat to the current bullish outlook in the market. It is not wise to place long trades at this moment, unless the price goes above the resistance line at 0.2450. However, the price is more likely to settle below the support line at 1.2300, which would result in a Bearish Confirmation Pattern.

USD/CHF: The recent bullish breakout on USD/CHF is a threat to the current bearish outlook in the market. It is not wise to place short trades at this moment, unless the price goes below the support level at 0.9650. However, the price is more likely to settle above the resistance level at 0.9750, which would result in a Bullish Confirmation Pattern.

GBP/USD: Like EUR/USD, this currency trading instrument also broke out downwards, testing the accumulation territory at 1.5500. The accumulation territory may eventually be breached to the downside. Moreover, some fundamental figures are expected today and they would have an impact on the markets.

USD/JPY: This pair has been making consistent bullish effort as the price has gone upwards by over 300 pips, after testing the demand level at 115.50. The price is above the EMA 56 and the RSI period 14 is above the level 50. Things have turned bullish.

EUR/JPY: This cross is also making bullish effort, but its success is less when compared to the USD/JPY pair. The market is currently volatile and choppy, and it would be OK to wait for a good opportunity to enter short.

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USDCAD Daily Analysis - December 18, 2014 Forex Analysis

USDCAD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.1191, the fall from 1.1673 could be treated as consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 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 18, 2014 Forex Analysis

USDCHF broke above 0.9680 resistance, indicating that the downward movement from 0.9817 had completed at 0.9553 already. Further rise to test 0.9817 resistance would likely be seen, a break of this level will signal resumption of the uptrend from 0.8703 (May 8 low), then next target would be at 1.0000 area.

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USDJPY Daily Analysis - December 18, 2014 Forex Analysis

USDJPY's downward movement from 121.84 had completed at 115.56 already. Further rise to test 121.84 resistance would likely be seen, a break of this level will signal resumption of the uptrend from 105.32 (Oct 15 low), then the following upward movement could bring price to 125.00 area.

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AUDUSD Daily Analysis - December 18, 2014 Forex Analysis

AUDUSD's downward movement from 0.8795 extended to as low as 0.8106. Further decline could be expected, and next target would be at 0.8000 area. Near term resistance is at the falling trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - December 18, 2014 Forex Analysis

GBPUSD is facing 1.5541 support, a breakdown below this level will indicate that the downtrend from 1.6182 (Oct 28 high) has resumed, then further decline to 1.5000 area could be seen. Resistance is at 1.5650, only break above this level will indicate that lengthier sideways movement in the range between 1.5541 and 1.5825 is underway.

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EURUSD Daily Analysis - December 18, 2014 Forex Analysis

EURUSD failed to break above 1.2599 resistance, and stays in the 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. Support is at 1.2247, a breakdown below this level could signal resumption of the downtrend.

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

Overview :

• The GBP/USD pair movement will continue directly from the level of 1.5585, but the minor support has been set at the level of 1.5671. Moreover, this level was confirmed by bullish market yesterday. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price which represents the weekly pivot point. Therefore, the market will indicate the bullish opportunity at the level of 1.5671. Also, it should be noted that the weekly pivot point became the support yesterday. Accordingly, it will be a good sign to buy at 1.5671 (in the short term) with the first target of 1.5741 and further to 1.5786 in order to form a double top. Also, it might mean that the level of 1.5786 is coinciding with the 38.2% of Fibonacci retracement levels in the H1 chart. On the other hand, the stop loss should be placed below 1.5671 at the price of 1.5650.

Intraday technical levels :

Date:17/12/2014

Pair:GBP/USD

• R3: 1.5991


• R2: 1.5888


• R1: 1.5818


• PP: 1.5715 (the weekly pivot point was alreday set at the price of 1.5671)


• S1: 1.5645


• S2: 1.5542


• S3: 1.5472

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EUR/NZD analysis for December 17, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading upward. The price tested the level of 1.6158 in a volume below the average. Our Fibonacci retracement 38.2% at the price of 1.6020 has been held successfully, and it made price start with an upward movement. I have placed Fibonacci expansion to find potential resistance level and I got Fibonacci expansion 61.8% at the price of 1.6160. According to the 4H time frame, we can observe weak demand in the background. Since we got new swing high, I have plaved Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.6035 and Fibonacci retracement 61.8% at the price of 1.5960. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6105

R2: 1.6139

R3: 1.6194

Support levels:

S1: 1.5955

S2: 1.5961

S3: 1.5906

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

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

Overview :

• The EUR/USD pair has broken a major support at the level of 1.2502. But in case the daily pivot point is at the 1.2446 level, then the market will indicate a bearish opportunity below this price. Additionally, it is now approaching it, therefore, it will probably start downside movement at this area and recover again. So the market will indicate a bearish opportunity at the price of 1.2440. In the long term, it should be noticed that we got a weekly pivot point of EUR/USD pair for December 15-19, 2014 at the level of 1.2400. Therefore, the market will probably indicate a bearish opportunity at the levels of 1.2440 or 1.2400 and the weekly pivot point will act as strong resistance. So, according to the previous events, the price is still below 1.2550 (the weekly resistance 1). Thenceforward, the area below 1.2440 looks for further downside with the first target at 1.2369 level in order to form a double bottom and continue towards 1.2307 to test to the first weekly support. However, if a break in 1.2569 takes place, then it will be a good area for placing the stop loss above the double top.

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Gold analysis for December 17, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downward. The price tested and rejected from the level of 1,187.96. Our corrective Fibonacci expansion 161.8% at the price of 1.195.00 has been held successfully, which caused price to start with an upward movement. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1,180.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 1H time frame, we can observe selling climax and gold is not in absorption phase. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities. According to the daily time frame, we got indecision bar.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,215.79

R2: 1,224.31

R3: 1,238.10

Support levels:

S1: 1,188.21

S2: 1,179.69

S3: 1,165.90

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

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Intraday technical levels and trading recommendations on GBP/USD for December 17, 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).

On the long term, a triple-bottom reversal pattern may be established above 1.5580. It needs a constant daily fixation above 1.5700 (the upper limit of the current channel).

Another less probable scenario: a bearish flag pattern that waits for a bearish breakout below 1.5550 (similar to what happened back in October).

This scenario is now less probable as long as the daily candlesticks keep closing above 1.5700-1.5720.

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 offers a valid BUY entry with SL as daily closure below 1.5650.

Target levels should be initially located around 1.5820.

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GBP/USD intraday technical levels and trading recommendations for December 17, 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, obvious bullish fixation above the price level of 1.5760 exposes the price level of 1.5880 for retesting. Note the current bearish rejection expressed today when the pair reached 1.5760 ( the upper limit of the current consolidation zone ).

Trade Recommendation:

Wait for bullish fixation above 1.5760 for a LONG entry with SL as daily closure below entry levels. TP should be located at 1.5800 and 1.5880.

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

Fundamental overview:
USD/JPY is expected to consolidate with bearish bias after hitting a one-month low of 115.56 on Tuesday as the market awaits the Federal Reserve interest rate decision ar 19:00 GMT: Fed could drop its pledge to hold rates steady for a "considerable time" taking a step towards raising short-term U.S. interest rates in the middle of the next year. USD/JPY is undermined by the flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 15.43% to 23.57, S&P 500 closed 0.85% lower at 1,972.74 overnight) as fears mount over the Russian economic collapse and its contagion on emerging markets. At the same time, a lower forecast of China HSBC flash manufacturing PMI (49.5) in December and drop in oil prices to a five-and-a-half-year lows on Tuesday - Nymex crude hit $53.60/bbl, its cheapest figure since May 6, 2009 - stoke concerns over slowing global economy. USD/JPY is also weighed by the Japanese export sales, weaker dollar sentiment (ICE spot dollar index last 87.94 versus 88.43 on early Tuesday), 1.6% on month drop in the U.S. Housing starts in November (versus forecast +2.9%), 5.2% decrease in the U.S. building permits (versus forecast -0.5%), Markit flash U.S. December manufacturing PMI of 53.7 (versus forecast 56.0) and by lower U.S. Treasury yields (10-year at 2.064% versus 2.116% on late Monday). But USD/JPY losses are tempered by the demand from Japan's import, the Bank of Japan's large-scale monetary easing policy and caution ahead of the Federal Reserve monetary decision.

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

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 118.40 and the second target at 119.10. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 115.50. A break of this target would push the pair further downward and one may expect the second target at 114.90. The pivot point is at 116.25.

Resistance levels:

118.40

119.10

119.45



Support levels:
115.50

114.90

114.65

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

Fundamental overview:
USD/CHF is expected to consolidate with bearish bias after hitting high an almost one-month low of 0.9552 on Tuesday as the market awaits the U.S. FOMC interest rate decision. USD/CHF is weighed by the weaker dollar sentiment, spillover from stronger euro sentiment on the franc and flows to haven CHF amid increased risk aversion. But USD/CHF losses are tempered by the franc sales on soft CHF/JPY cross and ultra-loose Swiss National Bank's monetary policy.

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

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 0.9675 and the second target at 0.9720. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9550. A break of this target would push the pair further downward, and one may expect the second target at 0.9520. The pivot point is at 0.9585.

Resistance levels:

0.9675

0.9720

0.9750

Support levels:

0.9550

0.9520

0.95

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

Fundamental overview:
NZD/USD is expected to consolidate as the market awaits the U.S. FOMC interest rate decision. NZD sentiment is boosted by the 2.4% rise in Fonterra's GDT Price Index at the latest GlobalDairyTrade auction. NZD/USD is also supported by the weaker dollar sentiment, the kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD upside is limited by the kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and contagion from weak Aussie.

Technical Comment:
The daily chart is mixed as the MACD histogram bars turned positive, but stochastics is neutral.

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 0.7695. A break of this target will move the pair further downward to 0.7660. The pivot point stands at 0.7775. 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 0.7810 and the second target at 0.7835.

Resistance levels:

0.7810

0.7835

0.7870



Support levels:
0.7695

0.7660

0.7625

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

Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias as the market awaits the Federal Reserve interest rate decision. GBP/JPY is undermined by the increased risk aversion and Japan's export sales. But GBP/JPY losses are tempered by the demand from the Japanese import.

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

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 185 and the second target at 186.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 182.05. A break of this target would push the pair further downwards and one may expect the second target at 181.05. The pivot point is at 183.

Resistance levels:

185

186.30

187.10

Support levels:

182.05

181.05

180

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#USDX technical analysis for December 17, 2014 Market Analysis Review

The Dollar index looks weak and ready to push lower as the short-term trend is bearish with lower lows and lower highs. Today's FED meeting will be crucial for the Dollar next movement. The FED announcements expected later today should provide us with enough information on what to expect next with the Dollar.

Red line = resistance

Blue line = support

The Dollar index is below the Ichimoku cloud and below the red line resistance. Although the short-term support at 87.90 was broken, the index has managed to move back above 88. Short-term trend is bearish as price is making lower lows and lower highs since early December. It could be the start of a new downward move as part of a correction of the rise from 79.75.

Red line = weekly support

The Dollar index in the weekly chart shows that trend is unclear. Support was briefly broken yesterday but the index closed above it yesterday. The best strategy is to remain neutral and wait for the Fed announcements today and then take action. The Dollar index is at an important junction that would justify a trend reversal and Dollar weakness.

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Gold technical analysis for December 17, 2014 Market Analysis Review

Yesterday gold price was very volatile and made an erratic move by breaking above $1,220 for a brief moment and then back to new short-term lows below $1,193. This is an indication that we should remain neutral as long as price is inside this consolidation area.

Blue line = resistance

Red line = support

Gold price is trading inside a contracting triangle pattern. Upper boundaries are at $1,220 and lower boundaries are at $1,186. These are two important price levels that traders will need to keep in mind for today. I prefer to stay neutral and wait for a level to break before taking any action.

Red line = resistance

Blue line = support

Gold price is inside the Ichimoku cloud and inside the triangle pattern as I explained above. The Ichimoku indicators also point to the fact that there is a lot of indecision on the market and no clear trend. The best strategy is to wait for a breakout before opening a position.

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