Daily analysis of USDX for December 30, 2014 Market Analysis Review

The USDX has gradually consolidated above the 90.16 level, given that this area has served as strong resistance to this instrument. Therefore, caution should be exercised in the way the USDX is making this consolidation, because this instrument is not forming a strong bullish pattern on the H4 chart.

H4chart's resistance levels: 90.50 / 91.55

H4chart's support levels: 90.16 / 89.55

On the H1 chart, one can appreciate that the USDX attempted to form a higher high pattern below the resistance level of 90.26. However, USDX failed several times to make a breakout in that area. Therefore, if the USDX manages to make a bullish consolidation above this area, the next target would be the resistance level of 90.50.

H1 chart's resistance levels: 90.26 / 90.50

H1 chart's support levels: 90.01 / 89.76

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 89.76.

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Daily analysis of GBP/USD for December 30, 2014 Market Analysis Review

On the H4 chart, GBP/USD continues to strengthen the bearish structure with the formation of a lower low pattern. Note that this pair formed a fractal near the resistance level of 1.5589. So, the GBP/USD pair is still likely to stay solid in the current bearish bias. For now, this pair is trying to make a breakout at the support level of 1.5512.

H4chart's resistance levels: 1.5541 / 1.5589

H4chart's support levels: 1.5512 / 1.5341

In the short term, the situation has not changed much about the current status of the trend in the GBP/USD pair, as this pair performed a successful breakout at the level of 1.5534. Meanwhile, the GBP/USD pair is preparing to consolidate below the 1.5501 level, although this can only be achieved only if the pair ends of the lower low pattern development.

H1 chart's resistance levels: 1.5534 / 1.5590

H1 chart's support levels: 1.5501 / 1.5460

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 1.5541.

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Technical analysis of EUR/USD for December 30, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Spanish Flash CPI y/y, M3 Money Supply y/y, and Private Loans y/y. The US will release the economic reports too such as the CB Consumer Confidence and S&P/CS Composite-20 HPI y/y. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2215.

Strong Resistance:1.2208.

Original Resistance: 1.2196.

Inner Sell Area: 1.2184.

Target Inner Area: 1.2155.

Inner Buy Area: 1.2126.

Original Support: 1.2114.

Strong Support: 1.2102.

Breakout SELL Level: 1.2095.

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 30, 2014 Market Analysis Review

In Asia, Japan will not release any news, but the US will release some economic data such as CB Consumer Confidence and S&P/CS Composite-20 HPI y/y. 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: 121.07.

Resistance. 2: 120.84.

Resistance. 1: 120.60.

Support. 1: 120.31.

Support. 2: 120.08.

Support. 3: 119.84.

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 30, 2014 Market Analysis Review

EUR/USD: This is a bear market and it is not yet prudent to go long in it. The price is currently below the resistance line at 1.2200, going towards the support line at 1.2150. That support line is the next target to be reached, and with the current bearish outlook in the market, this is possible.

USD/CHF: This is a bull market and short trades are not recommended here. Right now, it is logical to buy short-term pullbacks with the hope that the price may go higher. Being above the support level at 0.9850, the price has a great possibility of reaching the resistance level at 0.9900. It could even breach it to the upside.

GBP/USD: The Cable has gone further downwards in the context of a downtrend, going below the distribution territory at 1.5550. The Bearish Confirmation Pattern on the chart is ever conspicuous, and the price is close to the accumulation territory at 1.5500. The probability that the accumulation territory would be breached to the downside is very high. Should this happen, the next target would be the accumulation territory at 1.5450.

USD/JPY: This currency trading instrument has been going upwards in a slow and steady manner – with everything supporting the Bullish Confirmation Pattern in the market. The bias is bullish and the price would easily test the supply level at 121.00. That is the next target.

EUR/JPY: Since the JPY is weak, the EUR/JPY cross has been making attempts to go north. A break above the supply level at 147.50 would result in a confirmed bullish bias in the market.

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#USDX Technical analysis for December 30, 2014 Market Analysis Review

The Dollar index has broken the short-term consolidation and has pushed higher to new highs getting closer to our 91 target from the bullish flag pattern. A trend remains bullish. Support at 89.50 is critical for short-term.

Green line = support

Red lines = sideways consolidations

The Dollar index has broken yet another sideways consolidation to the upside. As I mentioned yesterday, a move above 90.18 would signal a break out and the start of another upward move that will bring us closer to 91 which is our target for some time now. But lets look at the bigger picture as the bullish implications are big.

Red line = resistance

The Dollar index is depicted above in a monthly chart. Price has not only managed to break above the Ichimoku cloud resistance but has also broken the descending trend line resistance from 2009. The Dollar index has managed to reach and break above the 38% Fibonacci retracement of the big decline from 121. This means that we could reach even higher towards the 50% or even the 61.8% retracement of the decline. Assuming that this is good news for bulls, a healthy correction is always needed before resuming the up trend. So, we need to be patient and wait for a pull back near 84-82 to buy for the next leg up.

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Gold Technical analysis for December 30, 2014 Market Analysis Review

Gold price as expected could not break above the important resistance of $1,195-$1,200 area and was rejected. The rejection by the trend line resistance has pushed Gold price towards the recent lows and support at $1,180.

Red line = resistance

Green line = support

Gold price as can be seen on the 4-hour chart above was rejected at the resistance we mentioned on Monday. Price remains below the red trend line and below the Ichimoku cloud. As long as price is below $1,195, I feel confident we will break below support at $1,170 and we will test the recent lows at $1,130.

Blue line = support

Gold price is on a bearish trend for some time now. The weekly chart above shows that price is below the kijun-sen support. Although it is still early in the week, we should not ignore the fact that Gold price continues to make lower lows and lower highs. Closing this week below $1,185 will be a bearish signal with potential downward move to $1,130 or even new lows.

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USDCAD Daily Analysis - December 30, 2014 Forex Analysis

USDCAD continued its sideways movement in a 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 30, 2014 Forex Analysis

USDCHF continued its upward movement from 0.9553, and the rise extended to as high as 0.9913. Near term support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.0000 area. Key support is at 0.9839, only break below this level could signal completion of the uptrend.

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USDJPY Daily Analysis - December 30, 2014 Forex Analysis

USDJPY remains in uptrend from 155.56. 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 119.80, only break below this level could bring price back to 116.50 area.

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AUDUSD Daily Analysis - December 30, 2014 Forex Analysis

AUDUSD is facing the resistance of the price channel on 4-hour chart. As long as the channel resistance holds, the rise from 0.8087 could be treated as consolidation of the downtrend from 0.8795, another fall to 0.7900 area is still possible after consolidation. On the upside, a clear break above the channel resistance will indicate that the downtrend had completed at 0.8087 already, then further rise to 0.8300 area could be seen.

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GBPUSD Daily Analysis - December 30, 2014 Forex Analysis

GBPUSD stays in the downward price channel on 4-hour chart, and remains in downtrend from 1.5785. Further decline could be expected, and next target would be at 1.5000 area. Resistance is at the upper line of the channel, only a clear break above the channel resistance could bring price back to 1.5750 zone.

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EURUSD Daily Analysis - December 30, 2014 Forex Analysis

EURUSD's downward movement from 1.2569 extended to as low as 1.2132. Near term resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.2000 area. Key resistance is now at 1.2220, only break above this level could signal completion of the downtrend.

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GBP/USD intraday technical levels and trading recommendations for December 29, 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 29, 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 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 29, 2014 Market Analysis Review

The GBP/USD pair found temporary 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 so, bears have already reached down to 1.5485.

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 the holidays 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 29, 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 the news that the ECB would announce QE at 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 should have been expected 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 :

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 29, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading downward. The price has tested the level of 1.5633 in an average volume. Our support level around the price of 1.5650 is held successfully, which is a sign that selling EUR/NZD at this stage looks risky. 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. Anyway, if the price breaks the level of 1.5640, next support level is around the price of 1.5585 (Fibonacci expansion 161.8%).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5767

R2: 1.5794

R3: 1.5839

Support levels:

S1: 1.5677

S2: 1.5650

S3: 1.5605

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 29, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,192.00. We are waiting for a larger activity on the market and stronger price action. 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 H4 time frame, we can observe weak supply. My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, we can observe low activity today. 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: 1,195.72

R2: 1,196.28

R3: 1,197.20

Support levels:

S1: 1,193.88

S2: 1,193.32

S3: 1,192.40

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

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#USDX technical analysis for December 29, 2014 Market Analysis Review

The Dollar index remains in an uptrend, but the strong uptrend is showing signs of fatigue. There are some indications that bulls should be very cautious as we could see a small pullback for a few days. Long-term trend remains bullish. Bullish flag target remains at 91 and stop for longs at 87.60.

Red lines = trading range

The Dollar index is trading inside a range between 90.18 and 89.60. Price is above the Ichimoku cloud and trend remains bullish for the short-term. Breaking below 89.60 could push the index towards 89 but this will probably be a buy opportunity. Breaking above 90.18 will probably push the index towards 91 and we will raise our short-term trailing stop to 89.70.

Red line = support

The weekly chart remains bullish as long as price is above 87.60. The tenkan-sen support at 88.50 is the first weekly support. If it is broken, we should expect a test of the consolidation area at 87.60. Breaking below that support we should expect a push towards 85 where the kijun-sen is. Trend remains bullish on the weekly chart, and I still believe we can reach my 91 target.

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Gold technical analysis for December 29, 2014 Market Analysis Review

Gold price is consolidating below short-term resistance at $1,195-$1,200 area. Important support is at $1,184 and at $1,239. Longer-term trend remains bearish as long as price is below $1,240 and I favor a move towards $1,130 at least.

On the short-term chart as shown above, Gold price is trading sideways in a contracting triangle and above the Ichimoku cloud. $1,192 is important short-term support and $1,198 is important short-term resistance. If the triangle boundaries are broken, they will give a buy or sell short-term signal with $1,220 or $1,184 as targets.

Red line = resistance

Blue line = support

Gold price is testing the resistance at $1,195 as this is where the downward sloping trend line from recent highs is found. Price is below the Ichimoku cloud and this implies that trend remains bearish. I believe that a rejection at current prices will push gold back towards $1,130. A weekly close below $1,184 will also give us a bearish signal.

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

General overview for 29/12/2014 09:20 CET

The market stays inside of the tight trading range between the levels of 147.13 - 146.44 marked by the Christmas time and end of the year low liquidity, including profit taking price behavior as well. The golden intraday trend line has been touched 5 times and the last touch was from the downside, what can indicate a lower prices to come. Nevertheless, the market is currently trading close to the weekly pivot at the level of 146.54 and only a breakout below the intraday support at the level of 146.44 would be a valid range violation and market should follow through to test the lower price supports at the level of 145.98 and 145.70. On the other hand, only a clear string impulsive breakout above the intraday resistance at the level of 147.13 would be a valid range breakout, that should be targeting the level of 148.22. Please notice that as long as the level of 144.97 is not broken, the mid-term and longer-term bias is to the upside.

Support/Resistance:

149.76 - Technical Resistance|Swing High|

148.35 - WR3

148.22 - Technical Resistance

147.74 - WR2

147.17 - WR1

147.13 - Intraday Resistance

146.54 - Weekly Pivot

146.44 - Intraday Support

145.92 - WS1

145.70 - Technical Support

145.39 - WS2

144.97 - Technical Support|Swing Low|

144.82 - WS3

Trading recommendations:

From a trading point of view there is no real change, and as I'd mentioned it before: 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 146.44 level, and TP orders should be placed at the level of 148.23. Please notice that the end of the year liquidity is low and the market moves might get very sharp and sudden in either direction.

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Elliott wave analysis of EUR/NZD for December 29, 2014 Market Analysis Review

Technical summary:

The decline from 1.7153 just became much more complicated with the break below the support line from 1.5407. The break below this support line is the first indication that the August 2012 lows at 1.4966 will be revisited. The next good indication will be a break below support at 1.5643. With this new information I have changed my scenario which now shows that we are likely in wave z of a triple combination, that began all the way back at 1.7153.

Trading recommendation:

With the new scenario we will shift from a EUR-buying strategy to a EUR-selling strategy. We will sell EUR near 1.5710 with a stop at 1.5840.

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Elliott wave analysis of EUR/JPY for December 29 - 2014 Market Analysis Review

Technical summary:

There is no real change here. We are still looking for a rally towards 148.36 to end the x-wave and set the stage for a new decline in wave y towards at least 143.50 and possibly even lower to 142.06. Only a direct break below support at 145.95 will indicate that the x-wave ended early, and the decline to 143.50 is developing.

Trading recommendation:

Our stop at 146.40 was hit. We will sell EUR again at 148.30 or upon a break below 145.95.

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Daily analysis of USDX for December 29, 2014 Market Analysis Review

On the daily chart, the USDX is kept alive in the bullish bias. There are still no signs that this instrument will make a trend change, at least in the medium term. However, we must not lose sight of the resistance level of 90.40, as this area has been strong in the past and currently, the USDX could make a pullback on that level.

Dailychart's resistance levels: 90.40 / 93.44

Daily chart's support levels: 88.63 / 87.35

The USDX is having fallen below the resistance level of 90.01. Therefore, during today's session, this instrument is likely to fall to the support level of 89.76. However, on this area, the USDX could perform a rebound to rise again to the level of 90.01, while the MACD indicator remains in the negative territory. So, the USDX could perform a breakout at the support level of 89.76.

H1 chart's resistance levels: 90.01 / 90.26

H1 chart's support levels: 89.76 / 89.51

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 90.01, take profit is at 90.26, and stop loss is at 89.76.

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