GBP/USD intraday technical levels and trading recommendations for December 26, 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 1.5550 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 was successfully executed on Tuesday).

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 to what happened back in October 2014).

Key level for the current week's movement is 1.5600. Persistence below it signals more bearish dominance in the market and vice versa.

In other words, another daily closure above the zone of 1.5550-1.5600 invalidates the ongoing bearish range breakout pattern probably extending the bullish targets towards 1.5700 levels again.

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USD/CAD intraday technical levels and trading recommendations for December 26, 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.

During the past few weeks, the USD/CAD pair established a temporary consolidation zone between 1.1430-1.1330 and recently around 1.1480. Bullish breakout above these zones 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.

The price level of 1.1650 (which was our final bullish target) roughly corresponded with the upper limit of the bullish channel as well as 61.8% Fibonacci level.

According to the chart, the USD/CAD consolidation pattern has tightened. A Wedge/Flag pattern is being expressed on the H4 chart.

This is because of the positive United States GDP data that emerged. It applied further demand on the dollar currency. However, weak oil recovery still keeps the movement contained.

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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Intraday technical levels and trading recommendations on GBP/USD for December 26, 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.

The DAILY outlook looked quite bullish while bulls were defending the lower limit of the consolidation range around 1.5550 for many successive weeks. However, a bearish breakout was expressed on Tuesday.

The bears have already reached down to 1.5485. Daily closure confirmed the bearish breakout.

Now we are seeing a bearish flag pattern similar to what happened back in October provided that the market does not reach above 1.5550-1.5570 (recent SUPPLY zone).

Projection target would be located around the price level of 1.5350.

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

However, activity in the market remains limited as holiday pushes into a tight trading range, no real directional movement should be expected.

Note that H4 fixation above 1.5570 temporarily pauses the current bearish trend exposing higher SUPPLY levels (initially 1.5650) to be retested first.

Conservative traders should wait for a bullish pullback towards higher SUPPLY levels for lower-risk SHORT entries.

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Intraday technical levels and trading recommendations on EUR/USD for December 26, 2014 Market Analysis Review

Recently, the 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.

The EUR/USD pair continued to move lower after breaking below major DEMAND LEVEL at 1.2250 rendering the price level of 1.2100 as the next targetted SUPPORT where the lower limit of the current movement channel is located.

Fundamentally, the EURO sentiment will probably remain negative upon news that the ECB would announce QE in the first January policy meetings.

Activity in the market remains limited as holiday pushes into a tight trading range, no real directional movement should be expected .

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

Please also note that obvious H4 break below 1.2150 theoretically exposes the full-range breakout projection target around 1.2030.

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 1.2030.

Conservative traders should be looking for SHORT positions. Best low-risk entries may be taken around 1.2250-1.2260 (the latest broken DEMAND ZONE).

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EUR/NZD analysis for December 26, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading downward. The price has tested the level of 1.5711 in a volume below the average. We may see a potential testing of the level of 1.5675-1.565 (swing low like support). Selling EUR/NZD at this stage looks risky since we can observe supply in a low volume. We are waiting for a larger activity on the market and stronger price action. My advice is to watch for potential buying opportunities on the lows. Any larger demand may confirm a further bullish phase.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5808

R2: 1.5825

R3: 1.5854

Support levels:

S1: 1.5751

S2: 1.5734

S3: 1.5706

Trading recommendations: Be careful when selling the EUR/NZD pair since we can observe supply in a low volume

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Gold analysis for December 26, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upward. As we expected, the price tested the level of 1,198.92 in a high volume. Our Fibonacci retracement 61.8% at the price of 1.172.00 has been held successfully, which caused price to start with an upward movement. According to the H1 time frame, we can observe demand in an ultra high volume (buying climax). My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, the price went from neutral to bullish. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1,196.00 (currently on the test) and Fibonacci retracement 61.8% at the price of 1,212.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,178.94

R2: 1,180.87

R3: 1,182.84

Support levels:

S1: 1,175.04

S2: 1,173.07

S3: 1,171.14

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

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#USDX Technical analysis for December 26, 2014 Market Analysis Review

The Dollar index remains in an up trend for the short-term as long as it trades above 89.60. The index continues to make higher highs and higher lows. The new upward breakout keeps both short- and long-term trend bullish with 91 as 1st target.

Green line = support

The dollar index has broken below the tenkan-sen at 89.96 on the 4-hour chart. This implies that unless we break again above it, we could see a pullback towards the kijun-sen and the green line support at the 89.70-89.60 area. Breaking below that support area will probably push the index towards the Ichimoku cloud support.

The weekly chart of the Dollar index remains fully bullish with 91 target given by the bullish flag pattern we mentioned some time ago. The tenkan-sen support has risen towards last weeks lows which are now very important for the medium-term trend. If we break below these lows, we should expect the Dollar index to move lower towards 85-84 or even 81-82. Until then, I remain bullish with 91 as 1st target.

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Gold Technical analysis for December 26, 2014 Market Analysis Review

Gold price remains in a down trend both in the short- and long-term. Currently, price is above important weekly support at $1,185. Today, we see Gold price testing important short-term resistance and this is an opportunity to sell with $1,220 as stop.

Green line = support

Blue horizontal line = H&S neckline

Gold price has managed to move back above the H&S neckline and has also broken above the kijun-sen resistance at $1,187. This results to a push towards the Ichimoku cloud resistance at $1,200. Price is below the Ichimoku cloud. Trend remains bearish. Price is now close to important resistance and this is a good opportunity to sell.

Blue line = support

Gold price in the weekly chart remains in an indecisive price range between $1,240-$1,180. Weekly support is at $1,180 and resistance at $1,240. The kijun-sen support at $1,180 if broken will give a weekly sell signal that will push prices towards $1,130 lows. Breaking above weekly resistance at $1,240 will give a buy signal with the $1,290 target.

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Technical analysis of EUR/JPY for December 26, 2014 Market Analysis Review

General overview 26/12/2014 10:30 CET

There are two possible scenarios for the current wave progression. The main scenario indicates a completed corrective structure in wave 2 red and a possible start of the impulsive wave development to the upside. The alternative scenario suggests a more complex structure in wave 2 red that is still developing to the downside and the recent wave progression is a wave alt:XX brown of the overall corrective structure. That means, there is one more wave to the downside missing to complete this structure, and then an impulsive rally up is anticipated. The key level for both scenarios is at the level of 148.23 as any breakout higher favors main scenario, and any failure there favors the alternative scenario .

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. The SL orders still 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.

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Technical analysis of USD/CAD for December 26, 2014 Market Analysis Review

General overview 26/12/2014 10:20 CET

The market moves are currently very limited as the last wave down in complex corrective cycle is in progression. The preferred count favors one more wave to the downside to complete the triangle pattern and then an impulsive rally to the upside, targeting the levels 1.1672 and then 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 as there is one more wave missing to the downside. The Traders should consider opening only buy stop orders from the level of 1.1631 with SL 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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