Tuesday 23 December 2014

Technical analysis of EUR/JPY for December 24, 2014 Market Analysis Review

General overview for 24/12/2014 08:10 CET


The golden trend line is still being respected by the market. After making an intraday double (or even triple) top formation, the price has fallen just to slightly bounce from the dynamic trend line support. The daily range is getting very tight right now, the price is consolidating just above the weekly pivot and the market is almost ready for the Christmas break and liquidity dries up. Nevertheless, 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 147.11 must be violated in a clear, impulsive fashion.


Support/Resistance:


149.77 - Swing High


149.63 - WR2


148.23 - Bullish Zone Level


147.74 - WR1


147.11 - Intraday Resistance


146.34 - Weekly Pivot


145.70 - Technical Support


144.98 - Intraday Support


Trading recommendations:


As long as the golden trend line is not broken the bias is bullish and traders should consider opening buy orders only. Still the SL orders should be placed below the 146.34 level and TP orders should be placed at the level of 148.23. Please notice the liquidity is getting low and the market moves might get very sharp and sudden in either direction.


eurjpy_h1.jpg


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Daily analysis of USDX for December 24, 2014 Market Analysis Review

On the daily chart, the USDX remains strong in the current bullish momentum. So, this instrument is likely to reach the resistance level of 90.40 in the coming hours. For now, the USDX could begin to form a higher high pattern to attempt a breakout in that area and go up to the next target at 93.44 in the medium term.


Dailychart's resistance levels: 90.40 / 93.44


Dailychart's support levels: 88.63 / 87.35


USDXDaily.png

The USDX has been moving in a range above the support level of 90.01 in the last hours, but this instrument has not yet shown signs of making a change in the current trend. So, it is wise to think that the USDX should be kept strong in the bullish trend, at least in the short term. The MACD indicator is in the negative territory.


H1 chart's resistance levels: 90.26 / 90.50


H1 chart's support levels: 90.01 / 89.76


USDXH1.png


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 90.26, take profit is at 90.50, and stop loss is at 90.01.


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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for December 24, 2014 . Thanks for your support.

Daily analysis of GBP/USD for December 24, 2014 Market Analysis Review

The GBP/USD pair has been making sharp declines in the last weeks of the year, because this pair has tried to make a breakout at the support level of 1.5506. For now, the odds are high that the GBP/USD pair will continue strengthening the bearish bias on the daily chart, although a possible rebound to the current levels is not ruled out.


Dailychart's resistance levels: 1.5642 / 1.5746


Dailychart's support levels: 1.5506 / 1.5407


GBPUSDDaily.png


On the H1 chart, the GBP/USD pair is trying to form a bearish pattern below the resistance level of 1.5534. For now, movements in a range of this pair might suggest that GBP/USD is trying to continue the bearish trend for several days and this could be checked with a breakout at the level of 1.5501, which would open the way for the GBP/USD pair to fall to the level of 1.5460.


H1 chart's resistance levels: 1.5534 / 1.5590


H1 chart's support levels: 1.5501 / 1.5460


GBPUSDH1.png


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 1.5501, take profit is at 1.5460, and stop loss is at 1.5543.


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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for December 24, 2014 . Thanks for your support.

Technical analysis of EUR/USD for December 24, 2014 Market Analysis Review

!EURUSD.jpg


When the European market opens, no economic news are expected today. However, the US will release some economic data such as the Crude Oil Inventories 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: 1.2245.


Strong Resistance:1.2238.


Original Resistance: 1.2226.


Inner Sell Area: 1.2214.


Target Inner Area: 1.2186.


Inner Buy Area: 1.2158.


Original Support: 1.2146.


Strong Support: 1.2134.


Breakout SELL Level: 1.2127.


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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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for December 24, 2014 . Thanks for your support.

Technical analysis of USD/JPY for December 24, 2014 Market Analysis Review

!USDJPY.jpg


In Asia, Japan will not release any economic data. However, the US will release some economic reports such as Crude Oil Inventories 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.


Resistance. 3: 120.98.


Resistance. 2: 120.74.


Resistance. 1: 120.51.


Support. 1: 120.21.


Support. 2: 119.98.


Support. 3: 119.74.


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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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for December 24, 2014 . Thanks for your support.

Technical analysis of USD/CAD for December 24, 2014 Market Analysis Review

usdcadh1.png

Overview :



  • As expected, the USD/CAD pair rebounded at the level of 1.1568 (61.8% Fibonacci retracement levels), and it showed signs of strength following the level of 1.1568. Additionally, the resistance has broken and turned to support at the same key level (1.1568). Equally important, the price set above the support two week ago. Consequently, the pair has already formed a strong support around the spot of 1.1575. Furthermore, the price is going to move between the levels 1.1570 and 1.1673. The double top will set at the point of 1.1673 in the H1 chart. Therefore, the USD/CAD pair started showing the signs of the bull market, so the market indicates the bullish opportunity at the level of 1.1568 with the first target of 1.1620, and continues towards the level of 1.1673 again. On the other hand, stop loss should always be taken into account, hence it will be profitable to set your stop loss at the 1.1533 level.


Intraday technical levels :


Date: 24/12/2014


Pair: USD/CAD



  • R3: 1.1725

  • R2: 1.1695

  • R1: 1.1657

  • PP: 1.1627

  • S1: 1.1589

  • S2: 1.1559

  • S3: 1.1521


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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for December 24, 2014 . Thanks for your support.

Technical analysis of GBP/USD for December 24, 2014 Market Analysis Review

gbpusdh1.png


Overview :



  • The GBP/USD pair movement will be continued dropping directly from the level of 1.5635 (50% of Fibonacci retracement levels) in H1 chart. Moreover, this level was confirmed by the bullish market yesterday. Additionally, the price of the GBP/USD pair has been showing a downward trend at the same price which represents the weekly resistance 1 around the area of 1.5651. Therefore, the market will indicate the bearish opportunity at the level of 1.5651. Also, it should be noted that the weekly support became the resistance 1 on December 24, 2014. Accordingly, it will be a good sign to sell at 1.5635 (in the short term) with the first target of 1.5485 in order to form the double bottom and further to 15411 to test the weekly support 1 in H1 chart. Furthermore, it also should be noted that this level of taking profit will coincide with a new bottom, for that it is going to be a good place to take profit. On the other hand, the stop loss should be placed above the weekly pivot point 1.5654 at the price of 1.5682.


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Observations :



  • If the trend is buoyant, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.

  • Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.

  • Fibonacci is in a trading range; it looks like the trend is trapping and going up or down. If you sell or buy in the long term, you will surely lose your profit.

  • Stop loss should never exceed your maximum exposure amounts.

  • As a rule, the market is highly volatile if the previous day had huge volatility.


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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for December 24, 2014 . Thanks for your support.

#USDX Technical analysis for December 24, 2014 Market Analysis Review

The Dollar index remains very strong and in a clear uptrend. The bullish flag target of 91 will soon be achieved. The Dollar index continues to make higher highs and higher lows. Bulls continue to have the upper hand.


usdx.jpg

Green line = short-term support


The Dollar index is in a fully bullish trend according to the Ichimoku indicators. Price is above the cloud and is making higher highs and higher lows. The short-term support at 88.60 is critical short-term support. My next target remains at 91.


usdxd.jpg

The weekly chart again remains bullish and confirms the strong up trend. The bullish flag target remains at 91. Weekly support is found at 87.65. Weekly resistance is found at 91. Breaking below 87.65 could signal the start of a new downward move that could bring the index towards 84-83. However, I do not believe in this scenario. I believe that the Dollar index can continue even higher than the target of 91.


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Gold Technical analysis for December 24, 2014 Market Analysis Review

Gold price has back tested the broken neckline at $1,180 and I believe we should expect more selling pressures to push Gold price towards at least $1,130. Trend is bearish. Bears are in control as long as price is below $1,210-20.


goldh4.jpg

Red line = resistance


Gold price remains below the red downward sloping trend line resistance and below the Ichimoku cloud. Gold price has also broken the neckline support at $1,180, reached $1,170 and has successfully back tested the breakout level only to be rejected. Gold price is in a short-term downtrend as price is making lower lows and lower highs.


gold.jpg

Blue line = support


The weekly chart remains fully bearish and if this week closes below $1,193 we should expect the lows at $1,130 to be challenged. Holding above $1,193 could signal another bounce towards $1,240. However, this scenario has the least chances of success. I prefer to remain bearish as long as we trade below $1,210.


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Daily analysis of major pairs for December 24, 2014 Market Analysis Review

EUR/USD: This pair has continued its downwards journey and it is has closed below the resistance line at 1.2200. There is a clean Bearish Confirmation Pattern on the chart, which means that the price is likely to continue trending more downwards. The next target for bears is at the support line of 1.2150.


1419374817_1.png

USD/CHF: This currency trading instrument has been going upwards so far this week, trading above the support level at 0.9850. The EMA 11 is above the EMA 56 and the Williams’ % Range has always sauntered around the overbought area. This means the price may continue going higher.


1419374842_2.png

GBP/USD: The market has become weak – just like its EUR/USD counterpart. The accumulation territory at 1.5550 is now being battered; which is a great effort by bears to breach this uncontrollable territory. It can be noted that bears made unsuccessful attempts in the past to reach this territory. This time around, they may succeed in breaching it to the downside.


1419374870_3.png

USD/JPY: The USD/JPY pair has exceeded our target for this week. The price is now trading above the demand level at 120.50, going towards another supply level at 121.00. With the ongoing slow and steady movement in the market, the supply level would be breached to the upside.


1419374905_4.png

EUR/JPY: After a bullish attempt on Monday, this market has been trading sideways. However, the bias is already bullish and there could soon be a breakout to the upside. Should this happen, the price may start going towards the supply zone at 147.50, which may also be breached to the upside.


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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of major pairs for December 24, 2014 . Thanks for your support.

GBP/USD intraday technical levels and trading recommendations for December 23, 2014 Market Analysis Review

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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 1.5550 where recent congestion zone was established above.


Recently, the market failed to express bullish breakout above the price level of 1.5760 (upper limit of the daily bearish channel). Instead, extensive bearish breakout was applied against the price levels of 1.5540-1.5560 (this breakdown is being resumed today).


Note that DAILY fixation below the recent bottoms established around 1.5540-1.5560 renders the current consolidation range as a bearish flag pattern with potential projected target at 1.5310 (similar scenario to what happened back in October 2014).


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Intraday technical levels and trading recommendations on GBP/USD for December 23, 2014 Market Analysis Review

gbpusd.jpg


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 looked quite bullish while bulls were defending the lower limit of the consolidation range around 1.5550 for many successive times.


However, a bearish breakout is being attempted today. The bears have already reached down to 1.5480. Daily closure should be watched for DAILY confirmation.


Now we expect to see a bearish flag pattern similar to what happened back in October. Projection target would be located around the price level of 1.5350.


gbpusd4h.jpg

A consolidation movement ranging between the price levels of 1.5770 and 1.5550 took place.


It represented the state of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.


As anticipated, the bearish breakout below 1.5550 directly exposed lower targets. Potential projection target for this range breakout pattern should be located around 1.5330-1.5350.


On the other hand, intraday traders should wait for bullish pullback towards the recent SUPPLY zone located around 1.5600 for a low-risk SHORT position.


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Intraday technical levels and trading recommendations on EUR/USD for December 23, 2014 Market Analysis Review

1419347531_euruddaily.jpgeurusd4h.jpg


Bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern and the upper limit of the depicted bearish channel were established.


Recently, daily fixation below 1.2360 (the lower limit of the depicted broken congestion zone) extended the bearish targets towards the price level of 1.2250.


However, after bears could fixate below 1.2360, evident bullish recovery was expressed so that bulls could reach the price level of 1.2560 few days later.


This week, the price level of 1.2250 was subjected to extensive bearish pressure that originated off 1.2560 (the upper limit of the movement channel) leading to its breakdown that took place yesterday.


For intraday traders, the price level of 1.2150 remains a significant Fibonacci expansion level. Intraday DEMAND will probably be present at retesting.


Trade Recommendations :


As anticipated, risky traders could have benefited from the bearish breakout below 1.2250. This breakout exposes potential projection target roughly located around 1.2100.


Conservative traders should be looking for SHORT positions. Best low-risk entries may be taken around 1.2260 (the latest broken bottom).


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

SILVER_23-12.png


Overview


On the today's H4 chart, yesterday the metal failed to break the support level of 15.70 to bounce again from it and trade between the support level of 15.70 and the resistance level of 16.00. Currently, the metal is retesting the resistance level of 16.00 again, therefore, we should wait for closing above to continue its upward trend move. Given that the metal has managed to close H4 on the above today, it gives us a good opportunity for more bullish signals above it with the first target few pips below the resistance level of 16.50, then the second target of 16.75 after breaking this resistance level. But as long as silver is trading below 15.70, waiting would be prefered, otherwise, it cancels the bullish move scenario.


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 23, 2014 Market Analysis Review

GBPJPY_23-12.png


Overview


Proceeding from the today's H4 chart, the pair is still trading between the support level of 186.70 and the resistance level of 187.70 and currently the pair fails again to break the resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the resistance level of 187.70 untill the H4 closure above the resistance level of 188.50 as a target level. Then we should wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 189.30. On the other hand, if the pair fails to break the resistance level of 187.70 and bounces from it, it may take a downward trend, which will enable the support level of 186.70 again. Therefore, we suggest waiting for the next closing before making a decision.


Resistance and support levels: R3 (189.30), R2 (188.50), R1 (187.70), S1 (186.70), S2 (185.80), S3 (185.00).


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Weekly technical levels of EUR/USD for December 23-26, 2014 Market Analysis Review

General idea about the pivot points:



  • R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on sideway markets, as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue its movement. If the breaking news released affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.


The weekly technical levels of EUR/USD pair.


eurusd_pp.png

Review :



  • If there is no significant news to influence, the market price will be moving from pivot point to support 1 (1.2108). But if there is significant news, the market price may go down through resistance 1 (1.2108) and reach support 2 (1.1990) or weekly pivot point (1.2339) and even support 3 (1.5759) in the long term for the next year.

  • The double top of EUR/USD pair will set at the level of 1.2353 (which represents the ratio of 38.2% Fibonacci retracement levels).

  • The minor support is going to set at 1.2145. And this level is going to represent a new double bottom today.

  • The major support has already set at the price of 1.2108.

  • The price hit the weekly pivot point, resistance 1 and support 1 last week, because of the series of relatively equal highs and equal lows.

  • We expect a new range of 286 pips this week.

  • It should be noted that if the trend is downward, then the strength of the currency will be defined as follows: EUR is in a downtrend and USD is in a uptrend.



eurusdh1.png


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EUR/NZD analysis for December 23, 2014 Market Analysis Review

EURNZDDaily23.png


EURNZDH423.png


Overview:


In our last analysis, EUR/NZD was trading downward.The price tested the level of 1.5750 in an average volume. According to the daily time frame, we got weak demand, which casued price to continue with downward movement. I placed Fibonacci expansion to find potential support levels and got Fibonacci expansion 161.8% at the price of 1.5585. According to the H4 time frame, we can observe a lack of supply in an average volume and lack of demand in the background. My advice is to watch for potenatial selling opportunities after retracement.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5852


R2: 1.5873


R3: 1.5906


Support levels:


S1: 1.5786


S2: 1.5765


S3: 1.5732


Trading recommendations: Be careful when buying the EUR/NZD pair since we have a lack of demand around the level of 1.5840.


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Weekly technical levels of GBP/USD for December 23-26, 2014 Market Analysis Review

The weekly technical levels of GBP/USD pair.


gbpusd_pp.png


Trading recommandations :



  • According to the previous events, the price of GBP/USD pair is still trapped between the levels of 1.5651 and 1.5515.

  • The level of 1.5651 represents the weekly pivot point and the minor resistance is set at 1.5602.

  • Therefore, sell below the level of 1.5602 in the short term with the first target of 1.5518 which represents the weekly support 1. If the price can break the weekly support 1, then it might resume to 1.5466 in order to resume new double bottom.



gbpusdh1.png


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Gold analysis for December 23, 2014 Market Analysis Review

GOLDDaily23.png


GOLDH423.png


Overview :


Since our last analysis, gold has been trading downward. The price has tested the level of 1,170.63 in a ultra high volume (selling climax). I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1.172.00 (currently on the test). According to the H4 time frame, we can observe selling climax in the background, which is a sign that selling gold at this stage looks very 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 a volume below the average.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,197.27


R2: 1,205.03


R3: 1,217.60


Support levels:


S1: 1,172.13


S2: 1,164.37


S3: 1,151.80


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


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

General overview for 23/12/2014 12:25 CET


The yesterday's intraday resistance at the level of 147.02 has been marginally broken, but so far there is no follow through with this breakout and the market has made an intraday double top. This pattern might suggest some decline now as the price might be heading to test the golden trend line and the weekly pivot at the level of 146.34. Nevertheless, 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 147.11 must be violated in a clear, impulsive fashion.


Support/Resistance:


149.77 - Swing High


149.63 - WR2


148.23 - Bullish Zone Level


147.74 - WR1


147.11 - Intraday Resistance


146.34 - Weekly Pivot


145.70 - Technical Support


144.98 - Intraday Support


Trading recommendations:


As long as the golden trend line is not broken the bias is bullish and traders should consider opening buy orders only. Still the SL orders should be placed below the 146.34 level and TP orders should be placed at the level of 148.23.


eurjpy_h1.jpg


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

General overview for 23/12/2014 12:05 CET


The wave progression is developing, as it was anticipated yesterday, and with very limited market moves the price stays inside the trading range. 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. Please notice that the mid- and longer-term bias are bullish, and new highs are expected.


Support/ Resistance:


1.1733 - WR2


1.1672 - WR1


1.1645 - Intraday Resistance


1.1610 - Weekly Pivot


1.1558 - Intraday Support


1.1546 - WS1


1.1500 - Technical Support


Trading recommendations:


The corrective cycle in wave Y brown has not been completed yet, but traders should consider opening only buy orders from the current price levels. SL orders, like yesterday, 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.


usdcad_h1.jpg


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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for December 23, 2014 . Thanks for your support.