EUR/NZD analysis for December 31, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading sideways around the price of 1.5515. We are facing very low volume on the market due to the bank holidays. Our support level around the price of 1.5650 got broken, which is a sign that we may see more downward movement. I have placed major Fibonacci expansion to find potential support level and got Fibonacci expansion 100% at the price of 1.5400. According to the H4 time frame, we can observe weak supply, which is a sign that selling EUR/NZD at this stage looks risky. My advice is to watch for potential selling opportunities after retracement with potential target around the price of 1.5400. Anyway, if we see a larger demand on the market in a very high volume, it may confirm further bullish corrective phase.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5600

R2: 1.5631

R3: 1.5681

Support levels:

S1: 1.5500

S2: 1.5469

S3: 1.5419

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

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Daily analysis of USDX for December 31, 2014 Market Analysis Review

On the daily chart, the USDX has made a pullback on the level of 90.37 to form a higher high pattern, since this instrument has formed a fractal below the low levels played a couple of days ago, which would give some strength to the USDX. However, due to so pronounced movement that has had the USDX in the medium term, this instrument could fall to the level of 88.63.

Dailychart's resistance levels: 90.40 / 93.44

Dailychart's support levels: 88.63 / 87.35

In the last hours, the USDX has just tried to do a bullish consolidation above the 90.01 level, but without success. These movements have only a very solid technical explanation that the volume of trading of the New Year's eve is being present, because the USDX has low range movements and MACD indicator is a proof of this, as it is in the neutral territory.

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 89.75.

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Daily analysis of GBP/USD for December 31, 2014 Market Analysis Review

The GBP/USD is having a bullish momentum at the end of the year, making a consolidation near the resistance level of 1.5642. However, the bearish structure on the daily chart still remains intact, because the GBP/USD still has a high probability of falling back to the support level of 1.5506 and conduct a breakout in that area with the formation of a bearish pattern.

Dailychart's resistance levels: 1.5642 / 1.5746

Dailychart's support levels: 1.5506 / 1.5407

On the H1 chart, GBP/USD has made a breakout at the level of 1.5590, so that the next short-term target in the for this pair would be the resistance level of 1.5632. This bullish move time can not be considered as a possible trend change in the GBP/USD, because this pair currently does not have enough bullish momentum.

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 1.5646.

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Technical analysis of USD/CAD for December 31, 2014 Market Analysis Review

General overview for 31/12/2014 08:40 CET

As anticipated yesterday, the last wave to the downside is still being expected here to complete the overall complex and time consuming corrective cycle in wave 4 purple. The projected target is at the level of 1.1558, but the price has bounced from the intraday support at the level of 1.1588, and now the corrective structure might be completed. Confirmation of this scenario comes with the breakout of the intraday resistance at the level of 1.1649, otherwise, the market will keep trading inside the neutral range zone. Please notice that any breakout above the level of 1.1665 is bullish and further high prices should be expected.

Support/Resistance:

1.1712 - WR2

1.1670 - WR1

1.1650 - Intraday Resistance

1.1623 - Weekly Pivot

1.1588 - Intraday Support

1.1581 - WS1

1.1558 - Technical Support

1.1535 - WS2

1.1500 - Invalidation Level

Trading recommendations:

Buy orders opened from the level of 1.1633 should be still kept open. The SL orders should be placed below the level of 1.1588 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.

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Technical analysis of EUR/JPY for December 31, 2014 Market Analysis Review

General overview for 31/12/2014 08:20 CET

The yesterday's intraday support has been taken out, the market has made a fresh new lows but it failed so far to follow through with the decline. The neaк-term outlook remains the same with two possible scenarios available. The main scenario indicates a completed corrective cycle in wave XX brown, and another leg to the downside is being expected to complete the last wave Z brown in wave 2 red. The alternate outlook indicates an unfinished wave XX brown in a shape of an irregular flat correction, where wave (a) and (b) blue are done and now wave (c) blue to the upside is anticipated. The confirmation of the main scenario comes with a rejection of the level of 146.43. On the other hand, the confirmation of the alternative outlook comes with a violation of the level of 146.43. Any new low below the level of 144.97 supports the main scenario.

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 Resistance|Key Level|

145.92 - WS1

145.70 - Technical Support

145.39 - WS2

144.78 - Intraday Support|Swing Low|

144.82 - WS3

Trading recommendations:

Daytraders should refrain from trading for now. Please use tight SL orders as 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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