Daily analysis of GBP/USD for December 29, 2014 Market Analysis Review

The GBP/USD pair continues to consolidate in the bearish trend below the resistance level of 1.5642, although the pair is making bullish retracements on the daily chart. For now, the hypothesis that the GBP/USD pair will develop a bearish structure is highly probable, therefore it is advisable to wait until this pair makes a breakout at the support level of 1.5506.

Dailychart's resistance levels: 1.5642 / 1.5746

Dailychart's support levels: 1.5506 / 1.5407

On the H1 chart, GBP/USD has recovered significantly from the level of 1.5555, as this pair had a bullish momentum short and it is likely to reach the resistance level of 1.5590 soon. During today's session, the GBP/USD pair may even consolidate above the 200-day moving average. The MACD indicator remains in the positive territory.

H1 chart's resistance levels: 1.5590 / 1.5632

H1 chart's support levels: 1.5534 / 1.5501

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5534, take profit is at 1.5501, and stop loss is at 1.5568.

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Technical analysis of EUR/USD for December 29, 2014 Market Analysis Review

There is no news release during this day, so be careful due to the lack of liquidity and low volatility in the quiet market.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2242.

Strong Resistance:1.2235.

Original Resistance: 1.2223.

Inner Sell Area: 1.2211.

Target Inner Area: 1.2182.

Inner Buy Area: 1.2158.

Original Support: 1.2141.

Strong Support: 1.2129.

Breakout SELL Level: 1.2122.

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

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Technical analysis of USD/JPY for December 29, 2014 Market Analysis Review

There is no news release during this day, so be careful due to the lack of liquidity and low volatility in the quiet market.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.11.

Resistance. 2: 120.87.

Resistance. 1: 120.64.

Support. 1: 120.35.

Support. 2: 120.11.

Support. 3: 119.87.

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

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Daily analysis of major pairs for December 29, 2014 Market Analysis Review

EUR/USD: This market fell further last week, closing below the resistance line at 1.2200. The next target for the price is at the support line of 1.2150, and should that support line be breached to the downside, the price may then target another support line at 1.2100.

USD/CHF: This market rose further last week, closing above the support level at 0.9850. The next target for the price is at the resistance level of 0.9900, and should that resistance level be breached to the downside, the price may then target another resistance level at 0.9950. Could the USD reach parity with the CHF? It seems very likely.

GBP/USD: This currency trading instrument went downward last week, but further downward movement was rejected as the price bounced upwards from the accumulation territory at 1.5500. Now, hovering around the accumulation territory at 1.5550, further upward bounce could be contained at the distribution territory at 1.5600. Meanwhile, the price could fall down again, testing the accumulation territory at 1.5500.

USD/JPY: The USD/JPY pair closed at 120.31, on Friday, December 26, 21014. This pair trended upwards last week before it consolidated towards the end of the week. The bias is bullish and the supply level at 12.50 would soon be breached to the upside; after which another supply level at 130.00 would be challenged.

EUR/JPY: This cross should be bullish – just like certain JPY pairs. However, the weakness in the EUR is too much to allow any significant bullish move. There is a possibility that the demand level at 146.00 could be tested, though a rally may cause the price to reach the supply zone at 147.50.

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Weekly technical levels of GBP/USD for December 29, 2014 Market Analysis Review

Trading recommendations :

• According to the previous events, the price of GBP/USD pair is still trading between the levels of 1.5596 and 1.5510.


• The descending movement will probably be lower than the 1.5596 (61.8% of Fibonacci retracement levels) level with the first targets at 1.5506 and 1.5473 (the weekly support 1). However, the stop loss should be set above the resistance 1.56620.

The weekly technical levels of GBP/USD pair.

The movement of pivot point among resistances and supports.

• If the price is at a pivot point, watch for a move back to resistance 1 or support 1.


• If the price is at resistance 1, expect a move to resistance 2 or back towards a pivot point.


• If the price is at support 1, expect a move to support 2 or back towards resistance 1.


• If the price is at support 2, expect a move to support 3 or back towards support 1.


• If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.

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Weekly technical levels of EUR/USD for December 29, 2014 Market Analysis Review

The weekly technical levels of EUR/USD pair.

Overview :

• The resistance of the EUR/USD pair sets at the level of 1.2205 which represents the weekly pivot point. So, if the trend will not able to break and close above the level of 1.2205. Then, it will be a downside momentum, which is rather convincing and the structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at 1.2205. Hence, it will be a good sign to sell at this level in order to continue downward towards 1.2164 on H1 chart. Thus, according to the previous events, the price will move between the levels of 1.2205 and 1.2164 (the double bottom). Therefore, sell again below the double bottom 1.2164 because it looks for further downside with a target of 1.2138 (the weekly support 1).
  

Notes :

• 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 reach resistance 2 or support 2 and even resistance 3 or support 3.


• The resistances will set at the levels of 1.2205 and 1.2246 this week.


• The double top is going to set at the 1.2272 price.


• The area of 1.2205 is a useful spot to sell in the long term.


• We expect a small range of 55 pips on December 29, 2014.

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Weekly technical levels of NZD/USD for December 29, 2014 Market Analysis Review

The weekly technical levels of NZD/USD pair.

Forecast :

• Best trade to buy the NZD/USD pair above the level of 0.7693 in the short term with the first target at the level of 0.7766. Then, it will resume towards 0.7795 as the second target. A stop loss should be placed below the strong support at 0.7658. It should be noted that the level of 0.7693 represents the weekly double bottom, and the support 1 had already set at the price of 0.7704.

Observations :

• Use historic prices to determine future prices.


• Fibonacci retracement should be used to determine an accurate psychology level of support and resistance, and playing according to it in this time frame.
  


• Fibonacci means trade in a range (it is looks like the trend is trapping and going up or down, if you sell or buy for a long term in this period you will sure going to lose your profit.)


• Stop loss should never exceed your maximum exposure amounts.


• Usually, the market has a high volatile, if the last day had a higher volatility.

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USDCAD Daily Analysis - December 29, 2014 Forex Analysis

USDCAD stays in the trading range between 1.1560 and 1.1673. As long as 1.1560 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.1191. Further rise could be expected after consolidation, and next target would be at 1.1800 area. Only break below 1.1560 support could signal completion of the uptrend.

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USDCHF Daily Analysis - December 29, 2014 Forex Analysis

USDCHF's upward movement from 0.9553 extended to as high as 0.9886. 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 29, 2014 Forex Analysis

USDJPY's upward movement from 115.56 extended to as high as 120.82. Further rise to test 131.84 resistance would likely be seen, 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 could bring price back to 116.50 area.

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AUDUSD Daily Analysis - December 29, 2014 Forex Analysis

AUDUSD remains in downtrend from 0.8795, the rise from 0.8087 is likely consolidation of the downtrend. Near term resistance is at the upper line of the price channel on 4-hour chart, as long as the channel 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 29, 2014 Forex Analysis

GBPUSD is now in downtrend from 1.5785. Resistance is at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.5000 area. On the upside, a clear break above the channel resistance will indicate that lengthier consolidation for the longer term downtrend from 1.6182 (Oct 28 high) is needed, then further rise to 1.5750 area could be seen.

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EURUSD Daily Analysis - December 29, 2014 Forex Analysis

EURUSD is now in downtrend from 1.2569, and the fall extended to as low as 1.2166. Further decline could be expected after a minor consolidation, and next target would be at 1.2000 area. Resistance is at 1.2250, only break above this level will indicate that consolidation of the downtrend is underway, then the following upward movement could bring price to 1.2400 area.

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