Daily analysis of USDX for December 23, 2014 Market Analysis Review

The USDX has made a successful breakout at the 89.55 level, so that the next target on the H4 chart would be the resistance level of 90.25, at least in the medium term. However, the USDX could try to consolidate below the 89.55 level and down to the support level of 89.05, although the field is getting ready for the USDX rise to the level of 90.25 on the H4 chart.

H4chart's resistance levels: 90.25 / 91.25

H4chart's support levels: 89.55 / 89.05

On the H1 chart, the USDX has formed two fractals at the resistance level of 89.76, which will increase strength in that area so that this instrument falls to the support level of 89.51. However, the bearish retracement could extend to the level of 89.25 in the short term as long as the USDX makes a breakout at the level of 89.51. The MACD indicator is moving into the negative territory.

H1 chart's resistance levels: 89.76 / 90.01

H1 chart's support levels: 89.51 / 89.25

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 89.76, take profit is at 90.01, and stop loss is at 89.51.

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Daily analysis of GBP/USD for December 23, 2014 Market Analysis Review

On the H4 chart, the GBP/USD pair again found support at the level of 1.5589, since it had formed several fractals below the resistance level of 1.5698. Most strategists share the view that GBP/USD will continue strengthening the bearish bias to conduct a breakout at that support level with the formation of a lower low pattern and fall to the level of 1.5541.

H4chart's resistance levels: 1.5698 / 1.5811

H4chart's support levels: 1.5589 / 1.5541

During the session yesterday, the GBP/USD pair found strong resistance at the 1.5632 level. Now, this pair is trying to consolidate below the 1.5590 level to drop to the support level of 1.5534 in the medium term. For now, the GBP/USD pair has high chances of making a bearish consolidation below the 1.5534 level.

H1 chart's resistance levels: 1.5632 / 1.5686

H1 chart's support levels: 1.5590 / 1.5534

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 1.5590, take profit is at 1.5534, and stop loss is at 1.5650.

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Elliott wave analysis of EUR/NZD for December 23 - 2014 Market Analysis Review

Technical summary:

We are still looking for an obvious sign, that the corrective decline from 1.6207 is over and a new rally towards at least 1.6163 is unfolding. However, a break above 1.6163 should open up for a further move much higher. In the short term, a break above minor resistance at 1.5881 will be the first good indication, that the correction ended at 1.5724 and the expected rally is developing.

Trading recommendation:

We missed our buying opportunity near 1.5703, but will buy EUR upon a break above 1.5881 with stop placed at 1.5700.

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Elliott wave analysis of EUR/JPY for December 23 - 2014 Market Analysis Review

Technical summary:

The break above 147.03 suggests that an x-wave higher to nearly 148.23, but not above this resistance, is unfolding. Once we get close to 148.23, we should look for signs, that the next zig-zag correction lower is unfolding towards 142.06. However, if resistance at 148.23 is broken, then the correction unfolding shifts to a flat correction calling for a return to 149.78 before lower in wave c.

Trading recommendation:

Our stop+reverse at 147.05 was hit and we are now long in EUR from 147.05 and will place stop at 145.90 and take profit at 148.05

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Technical analysis of USD/JPY for December 23, 2014 Market Analysis Review

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a two-week high 120.19 this morning. Liquidity is thin as financial markets in Japan are shut Tuesday for a public holiday and global trading volumes have shrunk ahead of the Christmas holiday period. USD/JPY is supported by a smaller safe-haven appeal of the yen and yen-funded carry trades as positive risk sentiment prevails (VIX fear gauge eased 7.52% to 15.25, S&P 500 closed up 0.38% at 2,078.54 overnight) following last week's Federal Reserve message expressing confidence in the U.S. economy but pledging to be "patient" on raising interest rates. USD/JPY is also supported by the positive dollar sentiment (ICE spot dollar index hit eight-and-a-half year high 89.794 overnight; last 89.742 versus 89.650 early Monday) as expectations that the Fed would raise interest rates sooner than other central banks and rise in Chicago Fed National Activity Index to +0.73 in November from +0.31 in October overshadowed a bigger-than-expected 6.1% drop in U.S. November existing-home sales (versus forecast -1.1%); sell-yen orders from Japan's importers as well as Bank of Japan's large-scale monetary easing policy. But USD/JPY gains are tempered by the buy-yen orders from Japan's exporters. Slew of U.S.

Technical comment:
Daily chart mixed as MACD bearish but stochastics bullish, five-day moving average rising above 15-day moving average, bullish parabolic stop-and-reverse signal hit Monday.

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 120.80 and the second target at 121.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.10. A break of this target would push the pair further downward and one may expect the second target at 118.40. The pivot point is at 119.65.

Resistance levels:

120.80

121.20

121.50



Support levels:

119.10

118.40
117.75

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Technical analysis of EUR/USD for December 23, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Belgian NBB Business Climate, Italian Retail Sales m/m, and French Consumer Spending m/m. Besides, the US will release a big number of economic reports such as the Richmond Manufacturing Index, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, New Home Sales, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, HPI m/m, Final GDP Price Index q/q, Durable Goods Orders m/m, Final GDP q/q, and Core Durable Goods Orders m/m. So, amid the reports, EUR/USD will move with low to medium volatility during this session.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2287.

Strong Resistance:1.2280.

Original Resistance: 1.2268.

Inner Sell Area: 1.2256.

Target Inner Area: 1.2227.

Inner Buy Area: 1.2198.

Original Support: 1.2186.

Strong Support: 1.2174.

Breakout SELL Level: 1.2167.

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/CHF for December 23, 2014 Market Analysis Review

Fundamental overview:
USD/CHF is expected to consolidate with a bullish bias after hitting a two-year high at 0.9850 on Monday. It is supported by the positive dollar sentiment (ICE spot dollar index hit eight-and-a-half year high 89.794 overnight; last 89.742 versus 89.650 early Monday) as expectations that the Fed would raise interest rates sooner than other central banks and rise in Chicago Fed National Activity Index to +0.73 in November from +0.31 in October overshadowed a bigger-than-expected 6.1% drop in U.S. November existing-home sales (versus forecast -1.1%). Besides, Swiss National Bank announced on Thursday it would charge a negative interest rate on deposits from Jan. 22. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross.

Technical comment:
Daily chart is positive-biased as MACD and stochastics are bullish five- and 15-day moving averages are advancing.

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 0.9890 and the second target at 0.9940. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9715. A break of this target would push the pair further downward, and one may expect the second target at 0.9660. The pivot point is at 0.9780.

Resistance levels:

0.9890

0.9915

0.9940

Support levels:

0.9715

0.9660

0.9605

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Technical analysis of USD/JPY for December 23, 2014 Market Analysis Review

In Asia, Japan will not release any economic data. However, the US will release a bunch of economic data such as Richmond Manufacturing Index, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, New Home Sales, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, HPI m/m, Final GDP Price Index q/q, Durable Goods Orders m/m, Final GDP q/q, and Core Durable Goods Orders m/m. 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: 120.69.

Resistance. 2: 120.46.

Resistance. 1: 120.22.

Support. 1: 119.93.

Support. 2: 119.69.

Support. 3: 119.46.

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 NZD/USD for December 23, 2014 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a lower range. It is undermined by the positive dollar sentiment and soft commodity prices. But Kiwi sentiment are soothed by the narrower-than-expected New Zealand November trade deficit of NZ$213 million (versus forecast NZ$550 million deficit). NZD/USD losses are also tempered by the Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment as well as NZD-USD interest differential.

Technical Comment:
Daily chart is mixed as five and 15-day moving averages are declining, but MACD and stochastics are 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 0.7710. A break of this target will move the pair further downward to 0.7685. The pivot point stands at 0.7770. 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 0.7795 and the second target at 0.7835.

Resistance levels:

0.7795

0.7835

0.7870



Support levels:

0.7710

0.7685

0.7660

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Technical analysis of GBP/JPY for December 23, 2014 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate with a bullish bias. GBP/JPY is supported by the positive risk sentiment. But GBP/JPY gains are tempered by the soft GBP/USD undertone.

Technical comment:
Daily chart is mixed as MACD isbearish, but stochastics is bullish at oversold levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 187.70 and the second target at 188.45. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 185.85. A break of this target would push the pair further downward and one may expect the second target at 185.20. The pivot point is at 186.45.

Resistance levels:

187.70

188.45

189.35

Support levels:

185.85

185.20

184.75

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Daily analysis of major pairs for December 23, 2014 Market Analysis Review

EUR/USD: This pair has continued its downward journey and it is close to the support line at 1.2200 (being below the resistance line at 1.2250). A break below that line would proffer an opportunity to target another support line at 1.2150, which is a real target for this week.

USD/CHF: This pair has continued its upwards journey and it is close to the resistance level at 0.9850. A break above that level would proffer an opportunity to target another resistance level at 0.9900, which is the ultimate target for this week.

GBP/USD: The Cable traded downwards on Monday in the context of the downtrend. The price is supposed to continue trending further downwards, reaching the accumulation territory at 1.5550. There may be an initial challenge at that accumulation territory, but with further strength in the Greenback, it could be breached to the downside.

USD/JPY: This currency trading instrument continues its slow and steady journey upwards. The supply level at 120.00 is now under siege and with more effort from bulls, the price may go above that supply level, going further upwards. Basically, the next target is located at the supply level at 120.50.

EUR/JPY: The EUR/JPY pair is still making attempts to go further bullish – though the attempt is being frustrated now and then. It would be OK to wait for a more pronounced directional movement before a position is taken. A break above the supply zone at 147.50 would strengthen the bullish outlook, while a break below the demand zone at 145.50 would strengthen the bearish outlook.

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#USDX Technical analysis for December 23, 2014 Market Analysis Review

The Dollar index remains in an uptrend and has reached new highs as expected. Last week gave the bullish signal to start a new upward move. The Dollar index is making higher highs and higher lows.

Green line = support

The Dollar index remains in a fully bullish trend according to the Ichimoku indicators. 89.40 is short-term support. If broken, we could see a pull back towards the kijun-sen or the cloud itself at 88.60-88.70 area.

Nothing new to add regarding the weekly chart. The strong upward reversal from last week was a clear message for dollar bears not to bet against it. The uptrend is very strong and the bullish flag target is expected to be achieved by the year end if not exceeded. I remain fully bullish for the Dollar.

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Gold Technical analysis for December 23, 2014 Market Analysis Review

Gold price has broken the neckline and has given a short-term sell signal. The target for the Head and Shoulders pattern I mentioned yesterday is the recent lows at $1,140-30. I'm bearish for Gold. Gold is at a short-term downtrend and in danger of starting a new downward move that could bring the price near $1,050.

Green line = support

Red line = resistance

Blue horizontal line = Head and shoulders neckline

Gold price broke below the neckline today. This implies that the Head and Shoulder target should be reached shortly. This target is at $1,130. Gold is below the short-term Ichimoku cloud. In the context that the upward sloping green line is broken, we should expect more selling pressures for Gold price.

The weekly chart has started the week with a bearish note. Breaking below the kijun-sen support is not a good sign. Closing this week below it, considering the fact that we remain below the weekly Ichimoku cloud, it implies that we should expect new lows.

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USDCAD Daily Analysis - December 23, 2014 Forex Analysis

USDCAD moved sideways in a narrow range between 1.1560 and 1.1673. The price action in the range is likely consolidation of the uptrend from 1.1191. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.1800 area. Key support is at 1.1560, only break below this level could signal completion of the uptrend.

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USDCHF Daily Analysis - December 23, 2014 Forex Analysis

No changed in our view, USDCHF remains in uptrend from 0.9552, further rise could be expected after a minor consolidation, 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 23, 2014 Forex Analysis

USDJPY remains 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 longer term uptrend from 105.19 (Oct 15 low), then the following upward movement could bring price to 125.00 area. Support is at 118.80, only break below this level will indicate that sideways movement is underway, then the trading range would be between 115.56 and 121.84.

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AUDUSD Daily Analysis - December 23, 2014 Forex Analysis

AUDUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 0.8794. Further decline would likely be seen, 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 23, 2014 Forex Analysis

GBPUSD is facing 1.5541 support again, a breakdown below this level will signal resumption of the downtrend from 1.6182 (Oct 28 high), then the following downward movement could bring price to 1.5000 area. Resistance is at 1.5680, only break above this level will indicate that lengthier sideways movement is underway, and the trading range would be between 1.5541 and 1.5825.

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EURUSD Daily Analysis - December 23, 2014 Forex Analysis

EURUSD remains in downtrend from 1.2569, and the fall extended to as low as 1.2216. Further decline could be expected after a minor consolidation, and next target would be at 1.2000 area. Resistance is at 1.2350, only break above this level could trigger another rise to 1.2500 zone.

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Technical analysis of USD/JPY for December 22, 2014 Market Analysis Review

Fundamental overview:
USD/JPY is expected to consolidate with bullish bias after hitting an eight-day high 119.66 this morning. Trading volumes are light as many market participants move to sidelines ahead of Christmas and New Year holidays. USD/JPY is supported by the yen-funded carry trades as positive risk sentiment prevailed (VIX fear gauge eased 1.9% to 16.49, S&P 500 closed up 0.46% at 2,070.65 on Friday) after the Federal Reserve System on Wednesday expressed confidence in the U.S. economy but pledged to be "patient" on raising interest rates. USD/JPY is also supported by the positive dollar sentiment (ICE spot dollar index hit eight-and-a-half-year high 89.654 on Friday, last 89.650 versus 89.210 on early Friday) amid expectations that the U.S. economy would outperform other major economies and that the Fed would raise interest rates sooner than other central banks, the demand from Japan's importers and the Bank of Japan's large-scale monetary easing policy. But USD/JPY gains are tempered by the Japanese export sales and positions adjustment ahead of Japan's public holiday on Tuesday.

Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is in bullish mode.

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 120.25 and the second target at 120.80. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.35. A break of this target would push the pair further downward and one may expect the second target at 117.75. The pivot point is at 118.35.

Resistance levels:

120.25

120.80

121.10



Support levels:

118.35
117.75

117

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USD/CAD intraday technical levels and trading recommendations for December 22, 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 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 of the previous prominent bearish swing.

During the past few weeks, the USD/CAD pair established a temporary consolidation zone between 1.1430-1.1330 and recently around 1.1480, the bullish breakout above which allowed bulls to reach new highs around 1.1540 and 1.1670.

The price zone of 1.1430-1.1460 remains the nearest SUPPORT zone for the current prices. It corresponds with the lower limit of the daily channel as well as the previous high that goes back to November.

Persistence above this zone 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 corresponded with the upper limit of the bullish channel as well as 61.8% Fibonacci level. Long positions should have been left already.

Trading recommendations:

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

Conservative traders should be looking for a pull-back towards 1.1440 for a LONG position. SL should be set as daily closure below 1.1400.

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GBP/USD intraday technical levels and trading recommendations for December 22, 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.

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.

Failure of the market to defend the price zone of 1.5890-1.5900 allowed bears to push towards the support level located around 1.5600.

The GBP/USD pair looked quite oversold after such a long bearish swing off 1.6500. That is why bullish correction was anticipated around 1.5600 as it is a prominent WEEKLY support corresponding to multiple previous tops established back in May and June 2013. That is why the market meets prominent bullish rejection each time bears push below 1.5600 - 1.5580

Bullish fixation above the price level of 1.5760 (bullish breakout of the daily bearish channel) exposes the price levels of 1.5880 and 1.5950 for retesting.

However, less probably, a break below the recent bottoms established around 1.5580-1.5540 renders the current consolidation range as a bearish flag pattern with projected target at 1.5310 like what happened back in October.

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.

Otherwise, it's recommended to stay out of the market until the next destination of the GBP/USD pair is determined.

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Technical analysis of USD/CHF for December 22, 2014 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in higher range.It is supported by the Swiss National Bank's announcement on Thursday on charging a negative interest rate of 0.25% on deposits from January 22 to cool the strength of the Swiss franc. USD/CHF is also buoyed by the positive dollar sentiment and the franc sales on cross trades versus major currencies.

Technical comment:

The daily chart is positive-biased as the MACD and stochastics are bullish, 5- and 15-day moving averages are advancing.

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 0.9850 and the second target at 0.9890. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9715. A break of this target would push the pair further downward, and one may expect the second target at 0.9660. The pivot point is at 0.9775.

Resistance levels:

0.9850

0.9890

0.9915

Support levels:

0.9715

0.9660

0.9605

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Intraday technical levels and trading recommendations on GBP/USD for December 22, 2014 Market Analysis Review

Two weeks ago, the GBP/USD pair found intraday DEMAND around 1.5550 where many lows were previously established back in November.

Moreover, previous multiple bottoms were established above 1.5550-1.5580, rendering it a prominent DEMAND zone.

The DAILY outlook favors the bullish scenario initially towards 1.5800 then towards 1.5950 provided that bulls keep defending the lower limit of the current consolidation range around 1.5550.

Another less probable scenario: a bearish flag pattern that waits for a bearish breakout below 1.5550 (similar to what happened back in October). Projection target would be located around the price level of 1.5200.

The current outlook is bearish on the H4 chart. Successive lower highs and lows have been established before the current ranging movement started to occur.

A consolidation movement ranging between the price levels of 1.5770 and 1.5550 took place. It represents a state of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

Intraday traders should wait for bullish pullback towards the recent SUPPLY zone located around 1.5775-1.5810 for a low-risk SHORT position.

Risky traders should note that bearish breakout below 1.5550 directly exposes potential bearish projection targets around 1.5330.

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Daily analysis of USDX for December 22, 2014 Market Analysis Review

The USDX is trying to consolidate above the support level of 88.63 with the formation of a higher high pattern. On the upside road, the nearest target is the resistance level of 90.40. However, it is likely that the USDX starts making retracements towards the support level of 88.63. The MACD indicator is moving into positive territory.

Dailychart's resistance levels: 90.40 / 93.44

Dailychart's support levels: 88.63 / 87.35

In the H1 chart, the USDX tried to continue falling below the support level of 89.25, but failed and now, this instrument is trying to reach the resistance level of 89.76 again. However, the range movements continue to dominate over the current trend on this chart, so it is very likely that during today's session, the USDX moves in range.

H1 chart's resistance levels: 89.51 / 89.76

H1 chart's support levels: 89.25 / 88.99

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 89.51, take profit is at 89.76, and stop loss is at 89.25.

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Daily analysis of GBP/USD for December 22, 2014 Market Analysis Review

The range movements still dominates over the current trend of GBP/USD, at least on the daily chart, because this pair has found strong resistance at the level of 1.5642, so that the next target would be the support level of 1.5506, which is a low range level. However, we can not even speak of a clear and definite trend in the GBP/USD. The MACD indicator is entering neutral territory.

Dailychart's resistance levels: 1.5642 / 1.5746

Dailychart's support levels: 1.5506 / 1.5407

On the H1 chart, the GBP/USD is trying to form a pattern below bearish resistance level of 1.5632 and 200-day moving average, so the bearish bias remains intact, and even the support level of 1.5590 remains the closest goal in the bearish road for the GBP/USD. If the pair manages to make a breakout in that area, it would be expected to fall to the level of 1.5534.

H1 chart's resistance levels: 1.5632 / 1.5686

H1 chart's support levels: 1.5590 / 1.5534

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 1.5590, take profit is at 1.5534, and stop loss is at 1.5650.

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Technical analysis of GBP/CHF for December 22, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair rallied through the line of resistance up to the 1.5400 levels last week, as seen here. The pair has pulled back and it is testing the back side of the resistance turned support trend line at 1.5330/40 levels for now. Immediate support is seen at 1.5330 (interim), followed by 1.5070, 1.5000 and lower while resistance is seen at 1.5450/75, followed by 1.5550 respectively. It is recommended to hold remaining long positions and move risk to break even. It is possible for the pair to pull back before rallying further high towards 1.5450 levels.

Trading recommendations:

Remain long for now, stop at break even, target is open.

Good luck!

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Technical analysis of silver for December 22, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver seems to have carved out a potential right shoulder of an inverted head and shoulder formation at around $15.50/60 levels as seen here. The metal may test lows around the $14.90 level on the downside, before reversing. To put it simple, bulls should remain well in control untill prices remain above $14.50 levels. Hence, it is recommended to hold long positions for now, risk remains at $14.50. Immediate support is seen at $15.50 (interim), followed by $14.90, $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively.

Trading recommendations:

Remain long, stop at $14.50, target is open.

Good luck!

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EUR/NZD analysis for December 22, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading upward.The price tested the level of 1.5856 in a volume above the average. According to the daily time frame, we can observe a lack of supply, which is a sign that selling EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5900 and Fibonacci retracement 61.8% at the price of 1.6000. According to the 4H time frame, we can observe lack of supply around the price of 1.5750. My advice is to watch for potenatial selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5820

R2: 1.5840

R3: 1.5873

Support levels:

S1: 1.5754

S2: 1.5734

S3: 1.5701

Trading recommendations: Be careful when selling the EUR/NZD pair since we have a lack of supply around the level of 1.5750.

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Technical analysis of gold for December 22, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold still remains subdued within the $1,195.00/1,200.00 levels. The metal is now expected to stay above $1,183.50 levels and push higher above $1,255.00 in the coming sessions. Bulls should remain in control unutill prices remain above $1,150.00 levels. Immediate support is seen at $1,183.50 (interim), followed by $1,170.00, $1,140.00 and $1,130.00 while resistance is seen at $1,235.00 levels, followed by $1,255.00 and higher respectively. It is, hence, recommended to remain long for now, risk remains below $1,150.00. On the flip side, a break below $1,140.00 would delay the bullish scenario and bring bears into picture again.

Trading recommendations:

Remain long for now, stop below $1,150.00, target is open.

Good luck!

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Gold analysis for December 22, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,195.00. We are still waiting for a larger activity on the market and stronger price action. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1.195.00 (currently on the test). According to the 1H time frame, we can observe weak supply on the market, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities near the lows. Any larger demand in a high volume may confirm further bullish phase. According to the daily time frame, we can observe supply in an ultra low volume.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,195.96

R2: 1,296.44

R3: 1,197.20

Support levels:

S1: 1,194.44

S2: 1,193.96

S3: 1,193.20

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

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Technical analysis of USD/CHF for December 22, 2014 Market Analysis Review

Overview :

• According to the previous events, the USD/CHF pair has still been moving between 0.9850 and 0.9790. So we expect a large range about 60 pips in the coming hours. The breakout seen at the ratio of 78.6% Fibonacci retracement level (the double bottom in the daily chart) for that the key level is set at the level of 0.9741 because it represents strong support and coincides with the 78.6% Fibonacci retracement level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9741 with the first target of 0.9848 in order to test the double top. It will call for uptrend in order to continue its bullish movement towards 0.9888. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently, the stop loss should be placed below the double bottom at the price of 0.9741.

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Technical analysis of NZD/USD for December 22, 2014 Market Analysis Review

Overview :

• The NZD/USD pair has been moving in downtrend since the last month. So, according to the prior events, the price of the NZD/USD pair has still been moving between the ratio of 78.6% Fibonacci retracement levels at the level of 0.7814 and 38.2% Fibonacci retracement at the 0.7709 level. Furthermore, the price opened below the ratio of 61.8% Fibonacci retracement levels (0.7770). Also, it should be noted that the resistance is set at the 0.7815 level today. Therefore, it will be a good sign to sell below the level of 0.7815 with the first target of 0.7740. It should be noticed that the minor support has already set at the price of 0.7710. However, in case of a reversal takes place and the NZD/USD pair breaks through the support level of 0.7710, the market will lead to further decline to 0.7670 today in order to indicate a correctional movement at this level. Meanwhile, the H4 chart represents strong support at 0.7670 which forms the double bottom.

Intraday technical levels :

Date:22/12/2014

Pair:NZD/USD

• R3: 0.7838


• R2: 0.7817


• R1: 0.7779


• PP: 0.7758


• S1: 0.7720


• S2: 0.7699


• S3: 0.7661

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Technical analysis of EUR/JPY for December 22, 2014 Market Analysis Review

General overview for 22/12/2014 12:10 CET

There are some first indications that the current wave development is trying to break out to the upside, but first the important resistance at the level of 147.02 must be violated in a clear, impulsive fashion. If it happens, the price will enter the area, where it can try to break even higher above the neutral range. To do this, the upper zone boundary at the level of 148.23 must be violated. A lack of this kind of price action will result in another range zone congestion and a possible breakout lower through the golden trend line to the level of 144.98.

Support/Resistance:

149.77 - Swing High

149.63 - WR2

148.23 - Bullish Zone Level

147.74 - WR1

147.02 - Intraday Resistance

146.34 - Weekly Pivot

145.70 - Technical Support

144.98 - Intraday Support

Trading recommendations:

The impulsive wave progression might just have started and as long as the golden trend line is not broken, the traders should consider opening buy orders only. SL orders should be placed below the 146.34 level and TP orders should be placed at the level of 148.23.

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Technical analysis of USD/CAD for December 22, 2014 Market Analysis Review

General overview for 22/12/2014 11:50 CET

As anticipated last time, the corrective cycle is getting more complex and time-consuming. Current wave progression indicates a possible triangle formation in wave Y brown and an upside breakout above the level of 1.1672 to complete wave 5 purple. The first target projection for this wave is at the level of 1.1733. Only a breakout below the level of 1.1500 would invalidate this scenario.

Support/Resistance:

1.1733 - WR2

1.1672 - WR1

1.1632 - Intraday Resistance

1.1610 - Weekly Pivot

1.1558 - intraday Support

1.1546 - WS1

1.1500 - Technical Support

Trading recommendations:

The impulsive wave progression has not been completed yet and traders should consider opening only buy orders from current price levels. SL orders should be placed below the level of 1.1558 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.

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