Elliott wave analysis of EUR/NZD for December 19 - 2014 Market Analysis Review

Technical summary:

This sideways correction/consolidation jas just become even more complex than it already where. The failure to hold the break above the resistance line was really disappointing, but the leading expanding diagonal could still be developing as long as support at 1.5705 and more importantly as long as support at 1.5643 protects the downside. If however support at 1.5643 is broken too, then a new decline towards 148.13 should be expected.

Trading recommendation:

Our stop at 158.40 was hit for a loss and we will stay neutral for now.

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Technical analysis of EUR/JPY for December 19, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading sideways in a cone format since couple of sessions. The range has been 145.00 on the lower side and 146.50/147.00 levels on the higher side. The pair could still drift lower towards the outer line, which is passing through 144.50 levels now, before turning bullish again. Also note that fibonacci 0.382 support is passing through 144.00 levels, hence higher probability remains for the pair to pick up from there. Immediate support is seen at 143.50, followed by 142.00 and lower while resistance is seen at 148.20/30, followed by 149.80 respectively.

Trading recommendations:

Remain flat for now, looking to go long at lower.

Good luck!

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Technical analysis of GBP/CHF for December 19, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has raised through the trend line resistance above 1.5350 levels yesterday as seen here. It is recommended to book partial profits on long positions taken earlier and move risk to break even levels. A pullback remains possible and it should be considered as further opportunity to initiate long positions. Immediate support is seen at 1.5150 levels, followed by 1.5000, 1.4950 and lower while resistance is seen at 1.5450/75 and 1.5550 respectively. Bulls are in control now and shall remain till prices remain above 1.4950 levels for now.

Trading recommendations:

Remain long and book partial profits. Stop at break even levels. The target is open.

Good luck!

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Technical analysis of Silver for December 19, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver looks to have formed the right shoulder of a potential inverted head and shoulder reversal as discussed earlier, around the $15.50/60 mark. The metal should be preparing to rally towards $17.40/50 levels at least. As seen here, the right shoulder has formed around the fibonacci support of 0.618, of the rally from $14.50 to $17.30. Immediate support is at $15.50 (interim), followed by $14.50 and lower while resistance is seen at $17.30, followed by $17.50, $17.80/18.00 and higher respectively. Bulls are expected to remain in control till prices stay above $14.50.

Trading recommendations:

Remain long for now, stop below $14.50, the target is open.

Good luck!

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Technical analysis of USD/JPY for December 19, 2014 Market Analysis Review

In Asia, Japan will release the BOJ Press Conference, All Industries Activity m/m, and Monetary Policy Statement. However, the US will not release any economic data today. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.54.

Resistance. 2: 119.31.

Resistance. 1: 119.08.

Support. 1: 118.79.

Support. 2: 118.56.

Support. 3: 118.32.

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

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Technical analysis of Gold for December 19, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold seems to have bottomed out at $1,183.00 for now and preparing to rally towards $1,255.00 at least. A down side probability towards $1,170.00 (fibonacci 0.618 support) still cannot be ruled out though. It is recommended to remain long from yesterday, risk remains below $1,180.00. Immediate support is seen at $1,183.00 (interim), followed by $1,170.00, $1,140.00 and lower while resistance is seen at $1,235.00, followed by $1,255.00 and higher up respectively. Bulls are to remain under control till prices stay above $1,140.00 levels.

Trading recommendations:

Remain ling, stop below $1,180.00, the target is open.

Good luck!

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Technical analysis of EUR/USD for December 19, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as EU Economic Summit, Current Account, German PPI m/m, and GfK German Consumer Climate. However, the US will not release any economic data today. So, amid the reports, EUR/USD will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2336.

Strong Resistance:1.2329.

Original Resistance: 1.2317.

Inner Sell Area: 1.2305.

Target Inner Area: 1.2276.

Inner Buy Area: 1.2247.

Original Support: 1.2235.

Strong Support: 1.2223.

Breakout SELL Level: 1.2216.

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 USDX for December 19, 2014 Market Analysis Review

On the H4 chart, the USDX is trying to form a bullish pattern above the support level of 89.05. However, the USDX could conduct a retracement to that level, as this instrument has been quite exhausted due to its bullish momentum in the last hours. It can be proved by the fact that the USDX has formed a fractal next to the resistance level of 89.55.

H4chart's resistance levels: 89.55 / 91.00

H4chart's support levels: 89.05 / 88.65

The USDX finds resistance at the 89.25 level, because during yesterday's session, this instrument was forming a higher high pattern above the support level of 88.99. For now, the USDX still has strength to climb to the resistance level of 89.51, as the bullish movement has not been exhausted yet. The MACD indicator remains in the negative territory.

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 19, 2014 Market Analysis Review

The GBP/USD pair has managed to rebound above the bearish trend line at the 1.5600 level, because this pair is trying to reach the resistance level of 1.5698. This approach is important, since the GBP/USD pair could go up to where the 200-day moving average is located on the H4 chart. If this pair hits a breakout in that area, it would be expected to rise to the level of 1.5811.

H4chart's resistance levels: 1.5698 / 1.5811

H4chart's support levels: 1.5589 / 1.5541

On the H1 chart, the GBP/USD pair finds dynamic resistance in the 200 SMA. So, this pair is likely to fall to the support level of 1.5632. If the GBP/USD pair manages to make a bearish consolidation below this area, the next target would be the 1.5590 level in the short term. However, the possibility that this pair will breaks the level of 1.5685 is not excluded.

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 1.5672.

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Technical analysis of EUR/USD for December 19, 2014 Market Analysis Review

Overview :

• As it is known, sellers are asking for a higher price, but buyers are bidding at a lower price. Therefore, the first key level will set at the level of 1.2245 and the second key level will set at the 1.2319 level on December 19, 2014. Equally important, the price of EUR/USD pair has still been moving between 1.2320 and 1.2240. Additionally, it should be noted that the range was about 80 pips (1.2320 - 1.2240) today. Furthermore, the trend was very clear and was indicating a downtrend from the level of 1.2320. Accordingly, we expect that the trend is going to call for a bearish market at the level of 1.2320 in H1 chart. As a result, sell at the price of 1.2320 with the first target at 1.2263, it might resume to 1.2246 in order to test the double bottom. On the other hand, your stop loss should be placed above the 1.2322 (23.6% of Fibonacci retracement levels), for this reason, it will be beneficial to set it at the price of 1.2345.

Intraday technical levels :

Date:19/12/2014

Pair:EUR/USD

• R3: 1.2422


• R2: 1.2386


• R1: 1.2336


• PP: 1.2300


• S1: 1.2250


• S2: 1.2214


• S3: 1.2164

Note :

• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and it may reach resistance 2 or support 2 and even resistance 3 or support 3.

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Daily analysis of major pairs for December 19, 2014 Market Analysis Review

EUR/USD: This pair has continued to trend downwards – just in the opposite bias of the USD/CHF movement. From the resistance line at 1.2550, the price dropped sharply and closed below the resistance level at 1.2300. The price still has a lot of room to go further south and eventually, the support line at 1.2250 could be tested.

USD/CHF: The USD/CHF price rose from around the support level at 0.9550, and is trended upwards significantly. The price nearly touched the resistance level at 0.9850. This is a move of close to 300 pips, and it has led to a strong Bullish Confirmation Pattern. With further strength in the Greenback, the price may go above the resistance level at 0.9850.

GBP/USD: It is not yet logical to seek long trades on the Cable, since the current rally may be seen as another opportunity to open short trades. The outlook on the market is bearish: the price may challenge the accumulation territory at 1.5550 (which has been tested already). While one may target that accumulation territory in the near-term, it would require extraordinary weakness in the market for the accumulation territory to be breached to the downside.

USD/JPY: This market has the potential to go further upwards. The price may go above the supply level at 119.50 and may target another supply level at 120.00 after that.

EUR/JPY: As a result of the weakness in the EUR, this currency trading instrument may still go downwards. The bias is bearish: the EMA 11 is below the EMA 56 and the RSI period 14 has gone below the level 50. In the face of the extant Bearish Confirmation Pattern in the chart, the price may go further downwards.

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#USDX Technical analysis for December 19, 2014 Market Analysis Review

The Dollar index is making a short-term pullback as expected by our previous post. However, a trend remains bullish in all time frames. The longer-term target since early October is the 91 level as this is the bullish flag break out target.

Nothing new to add to this short-term chart. A trend remains bullish in the 4-hour chart as prices make higher highs and higher lows, the index is above the ichimoku cloud and if we also take into account yesterday's big upward spike, it is usual to see a short-term pause in the up trend.

The weekly chart of the Dollar index remains fully bullish with 91 as the closest target according to the bullish flag break out pattern. Weekly support is found at 87.50 and weekly resistance at 89.50. I expect to see this upward move that started off this weeks lows to continue higher towards 91 and why not above it. I remain bullish as long as this weeks lows are not broken.

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Gold Technical analysis for December 19, 2014 Market Analysis Review

Another trading day where Gold price made no real upward or downward move. Gold price remains inside the sideways triangle pattern and a trend remains neutral. As long as Gold price is between $1,220 and $1,180 I prefer to remain neutral.

Blue line = support

Red line = resistance

The downward sloping trend line is the current resistance at $1,220-15 area. Support is seen by the blue horizontal line at $1,184-80 area. Gold price remains inside this trading range still today. Price is also trying to exit the Ichimoku cloud in the 4-hour chart as shown above and this could be a sign of short-term weakness. This sign is canceled if price manages to break above $1,215.

The weekly chart also confirms that a short-term trend is neutral as price is trapped between the kijun-sen and the tenkan-sen indicators. A longer-term trend remains bearish as long as price is below the Ichimoku cloud as shown above. The weekly support is at $1,193 and the weekly resistance is at $1,240.

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USDCAD Daily Analysis - December 19, 2014 Forex Analysis

USDCAD remains in uptrend from 1.1191, the fall from 1.1673 is likely 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 19, 2014 Forex Analysis

USDCHF broke above 0.9817 resistance, indicating that the uptrend from 0.8703 (May 8 low) has resumed. Further rise could be expected, and next target would be at 1.0000 area. Support is at 0.9750, only break below this level could trigger another fall to 0.9600 area.

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USDJPY Daily Analysis - December 19, 2014 Forex Analysis

USDJPY is now in short term uptrend from 115.56. Further rise to test 121.84 resistance could be expected, 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 19, 2014 Forex Analysis

AUDUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 0.8795. 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 0.8275, only break above this level could signal completion of the downtrend.

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GBPUSD Daily Analysis - December 19, 2014 Forex Analysis

GBPUSD failed to break below 1.5541 support, and stayed in the trading range between 1.5541 and 1.5825. Sideways movement in the range could be expected to continue in a couple of days. Key resistance is at 1.5825, as long as this level 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 19, 2014 Forex Analysis

EURUSD is facing 1.2247 support, a breakdown below this level will signal resumption of the downtrend from 1.2867 (Oct 15 high), then next target would be at 1.2000 area. Near term resistance is at 1.2375, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then range trading between 1.2247 and 1.2599 could be expected to continue.

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

Overview

From today's 4H chart we see that the metal is still trading between the support level of 15.70 and below the resistance level of 16.00. Silver has failed to break the resistance level yesterday and bounced from it. It took a slightly downward move and currently is approaching the support level of 15.70 again. Presently, we suggest waiting for closing above the resistance level of 16.00 in case it bounces from the support level to give us a new opportunity for more buy signals with the first target of few pips below the resistance level of 16.50. After breaking this resistance level, silver would open the way towards the resistance level of 16.75, which means more bullish signals.

Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.70), S2 (15.40), S3 (15.00).

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

Overview

As it was expected last week, more bullish signals would be expected in case of closing above the resistance level of 185.00. Today, as it is shown in the H4 chart, the pair has already managed to break the resistance level and close 4H above. Currently, the pair is approaching the resistance level of 186.70 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this resistance level with the first target few pips below the resistance level of 187.70, but closing below this Resistance level might cancel the upward trend move.

Resistance and support levels: R3 (188.50), R2 (187.70), R1 (186.70), S1 (185.80), S2 (185.00), S3(184.40)

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Intraday technical levels and trading recommendations on GBP/USD for December 18, 2014 Market Analysis Review

Last week, the GBP/USD pair found intraday DEMAND around 1.5550 where many 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 defending the lower limit of the current consolidation range around 1.5550.

On the long term, multiple bottoms were established above 1.5550-1.5580, rendering it a prominent DEMAND zone.

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

The current outlook is bearish on the 4H chart. Successive lower highs and lows are have been established.

Recently, a consolidation movement ranging between price levels of 1.5770 and 1.5550 took place.

Intraday traders should wait for bullish pull-back towards the recent SUPPLY zone located around 1.5775-1.5810.

Risky traders should note that bearish breakout below 1.5550 directly exposes potential bearish projection targets around 1.1530.

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

Trading recommendations :

• The NZD/USD pair is in the short term. The price of the NZD/USD pair is going to turn to bearish sentiment from the level of 0.7769 (61.8% of Fibonacci retracement levels). It should be noted that the last top has set at the level of 0.7780. Accordingly, it will be a good sign to sell below 0.7770 with the first target of 0.7735 to test minor support at this price. Also, it will call for downtrend in order to continue its bearish movement towards 0.7709 (38.2% of Fibonacci retracement levels). At the same time, the stop loss should be placed above 0.7770 at the price of 0.7792. Also, the stop loss has set in 22 pips. Hence, the risk of 22 pips should make a profit of 43 pips at least. Equally important, the support will set at the 0.7700 level. Additionally, it should be noticed that the range today will be about 70 pips because we have a low volatility today.

Notes :

• According to the previous events, the NZD/USD pair is going to move between 0.7770 and 0.7705.


• The resistance will be set at the level of 0.7770 and the support has already been placed at the price of 0.77.


• We expect a new range about 70 pips today.


• The key level will set at the level of 0.7735 (daily pivot point).


• The level of 0.7780 is going to represent the double top.

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EUR/NZD analysis for December 18, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading downward. As we expected, the price tested the level of 1.5862 in a volume above the average. I placed Fibonacci expansion to find potential resistance level. Our Fibonacci expansion 61.8% at the price of 1.6160 was held successfully, and it made price start with an downward movement. According to the 4H time frame, we can observe supply in a volume above the average. I plaved Fibonacci expansion to find potential support levels and got Fibonacci expansion 61.8% at the price of 1.5940 (already broken), Fibonacci expansion 100% at the price of 1.5800 and Fibonacci expansion 161.8% at the price of 1.5590.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6125

R2: 1.6172

R3: 1.6248

Support levels:

S1: 1.5973

S2: 1.5926

S3: 1.5850

Trading recommendations: Be careful when buying the EUR/NZD pair since we have a strong supply on the market

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

Overview :

• The USD/CAD pair rebounded at the level of 1.1545 again, and it showed signs of strength following the level of 1.1545 for several days. Additionally, the resistance was broken and turned to support at the same key level (1.1545). Moreover, we expect a range between the levels of 1.1545 and 1.1667. Equally important, the price set above the support from the last week. Consequently, the pair has already formed a strong support at 1.1545. Therefore, the USD/CAD pair started showing signs of bullish market, so the market indicates the bullish opportunity at the level of 1.1545 with the first target of 1.16010, and continues towards the level of 1.6067. On the other hand, the stop loss should always be taken into account, hence it set your stop loss at the 1.1527 price.

Observations :

• The weekly resistance is going to set at the level of 1.1667. And the triple top will set at the price of 1.1673.


• The support has already set at 1.1545, this level coincides with the ratio of 61.8% Fibonacci retracement level.


• We expect a range around 239 pips this week.

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Gold analysis for December 18, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downward. The price tested and rejected from the level of 1,183.57. 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 resistance level and got Fibonacci retracement 61.8% at the price of 1.217.00. According to the 1H time frame, we can observe selling climax and after it an absorption volume, which makes gold very risky for selling. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities. According to the daily time frame, we got weak supply in a volume below the average.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,201.26

R2: 1,206.24

R3: 1,214.30

Support levels:

S1: 1,185.14

S2: 1,180.16

S3: 1,172.10

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

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#USDX technical analysis for December 18, 2014 Market Analysis Review

The Dollar index made an impressive bullish reversal yesterday after Janet Yellen's speech regarding FED monetary policy. The Dollar index managed to test the important support at 87.50 area and bounce strongly above short-term resistance levels to reach back above 89.

Red line = resistance

The Dollar index not only broke above the red trend line resistance but also managed to break above the Ichimoku cloud. The decline is now labeled as a corrective action relative to the bigger and longer-term uptrend. Now we are starting a new upward move that, I believe, will finally reach at least 91 which is the bullish flag target that we have been talking about for so long. The Dollar index could see a short-term pullback towards 88.80-88.60 but it will be a buy opportunity, I suppose.

Blue line = weekly support

The weekly chart has been turned to bullish after yesterday FOMC. The weekly support at 87.75-87.50 was tested successfully yesterday; and the index made an impressive bounce back above 89. The bullish flag target remains at 91 and, I guess, more dollar strength should be expected at least until the end of the year.

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Gold Technical analysis for December 18, 2014 Market Analysis Review

Gold price has see a lot of volatility yesterday and despite briefly breaking below support at $1,185, bulls managed to push the precious metal back above $1,200 today. Price remains in a trading range. A trend is neutral.

Red line = resistance

Blue line = support.

Gold price remains in a neutral trend. Support is at $1,185. Resistance is at $1,215-20. If either level is broken, then we could have a new short-term trend start towards $1,140 or $1,240. Price is also inside the Ichimoku cloud in the short-term chart, so this is another indicator that confirms that a trend is neutral.

Blue lines = price channel

In the daily chart as shown above, Gold price is trying once again to break above the Ichimoku cloud. Additionaly, Gold price is trading inside an upward sloping channel. Bulls have the upper hand on a daily basis as long as Gold price is above $1,180. As long as Gold price is above $1,180, we could see price toreach the upper channel boundaries again towards $1,255-60.

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

Technical outlook and chart setups:

The EUR/JPY pair is trading around the levels of 145.90-146.00 for now, and looks like it could continue drifting lower towards the outer trend line at 144.00 levels at least. Please note that Fibonacci 0.382 support of the rally between sub 134.00 and 149.80 is also around 144.00 levels. A bullish bounce there should be awaited before initiating long positions again. Immediate support is seen at 144.00 levels (trend line and Fibonacci 0.382), followed by 143.50, 142.00 and lower while resistance is seen at 148.00 levels, followed by 149.80 respectively. Only a break below the trend line support should delay matters.

Trading Recommendations:

Remain flat. Look to buy lower.

Good luck!

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

General overview for 18/12/2014 09:50 CET

The level of 1.1670 acts as a strong intraday resistance level and despite the fact it was tested three times, the market still can not break through it. From the Elliott Wave point of view at least two scenarios can be placed at this period of time, both suggesting the corrective wave progression to the downside, but now the crucial question is the degree cycle of the correction. Nevertheless, the most important support is the intraday support at the level of 1.1559 and the dynamic support provided by the golden trend line. In case of any lower breakout, the weekly pivot point at the level of 1.1533 should provide a strong level to bounce from.

Support/Resistance:

1.1727 - WR2

1.1670 - Intraday Resistance

1.1666 - WR1

1.1559 - Intraday Support

1.1531 - Weekly Pivot

Trading recommendations:

Swingtraders should have now closed the buy positions as yesterday's spike down has hit the SL order at the level of 1.1590.

Daytraders might consider to open buy stop orders from the level of 1.1672 with tight SL (15-20 pips) and TP at the level of 1.1727.

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

General overview for 18/12/2014 09:30 CET

The overall wave development is still consolidating inside of the golden channel, and average daily range is still rather narrow for this pair. The market is still testing the larger time frame support at the level of 145.70; and no decision on the future price movement has been made yet. Nevertheless, the bias is still to the upside, as the wave structure is corrective and there is still a good chance, that the impulsive waves to the upside will unfold soon.

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 trading levels stay as it was said as yesterday: the key intraday resistance is at the level of 147.02 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 GBP/CHF for December 18, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has bounced off sharply from the 1.5000 lows made on December 16, 2014. The pair could be traded on the long side now, with every dips. It is recommended to remain long from earlier and also look to add further positions on dips, risk can be moved to break even levels. Immediate support is seen at 1.5000 levels (interim), followed by 1.4950 and lower while resistance is seen at 1.5350/60, followed by 1.5450/75 and 1.5550 levels respectively. Bulls are expected to remain under control till prices remain above 1.5000 levels now.

Trading recommendations:

Remain long, stop at break even, the target is open.

Good luck!

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Technical analysis of Silver for December 18, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has remained steady after bouncing off the $15.50/60 levels as seen here. The metal is expected to continue rallying further towards $17.50 levels at least. It is recommended to continue holding long positions for now, risk remains below $14.50 levels. As discussed earlier, the metal may be forming a right shoulder of a potential inverted head and shoulder reversal. Immediate support is seen at $15.50 levels (interim), followed by $14.50 and lower while resistance is seen at $16.60 levels, followed by $17.20/30 and higher up respectively. Bulls should remain in control till prices remain above $14.50 for now.

Trading recommendations:

Remain long for now, stop at $14.50, the target is open.

Good luck!

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Technical analysis of Gold for December 18, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold dropped into the sub $1,280.00 levels yesterday before bouncing back again. The metal has produced a morning star bullish candlestick chart pattern as seen here on the 4H chart. It is recommended to initiate long positions at current market at $1,198.00/99.00 with risk just below $1,180.00 for now. The upside extensions remain at $1,255.00 at least. Immediate support is seen at $1,170.00 (fibonacci 0.618), followed by $1,140.00, $1,130.00 and lower while resistance is seen at $1,220.00, followed by $1,235.00, $1,255.00 and higher up respectively. Bulls could remain in control till prices stay above $1,140.00 levels.

Trading recommendations:

Initiate long positions now, stop below $1,180.00, the target is open.

Good luck!

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

Technical Summary:

The break back below the resistance-line is confusing. It tells us, that the correction in blue wave ii has become more complex, than initially expected. The correction in blue wave ii has turned into an expanded flat correction. It also tells us, that blue wave iii will be a strong and extended wave as soon as it takes off in real. Apparently, we saw the bottom of wave c at 1.5910 and a break above 1.6058 will be the first strong indication that blue wave ii is over and blue wave iii higher is developing. A break above 1.6120 is needed to confirm that blue wave iii towards at least 1.6490 and likely even 1.6668 is developing.

Trading recommendation:

Our stop at 1.5980 was taken out for a nice little profit. We will buy here at 1.6006 with our stop placed at 1.5835.

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