Elliott wave analysis of EUR/NZD for December 3 - 2015 Market Analysis Review

Wave summary:

Ideally, we have seen a bottom at 1.5838 for a break above minor resistance at 1.6009 and more importantly a breakout above resistance at 1.6243 confirming that a bottom for the correction from 1.9114 is in place and a new impulsive rally to 1.8020 and above can develop.

We have to acknowledge the risk is more downside pressure towards 1.5688 and possibly even 1.5479 if minor resistance at 1.6009 is able to protect the upside.

Trading recommendation:

Our stop at 1.5850 was taken out. We will only buy on a break above 1.6009 and place our stop just below the lowest price seen.

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Elliott wave analysis of EUR/JPY for December 3, 2015 Market Analysis Review

Wave summary:

We continue to look for a corrective rally towards 132.50 before the next impulsive decline lower to 127.60 should be seen.

In the short term, a breakout above minor resistance at 130.93 will call for a continuation higher to the levels of 132.27 - 132.50, with an ideal target at 132.50. Once this target has been reached, the risk will turn lower again for the final decline in wave iii closer to 127.60.

Trading recommendation:

We are long EUR from 130.08 with stop placed at 129.95. Upon a breakout above 130.93 we will raise our stop to 130.20. If you are not long EUR yet, then buy on a breakout above 130.93 and use the same stop at 130.20. Take profit should be placed at 132.25 in both cases.

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Technical analysis of EUR/USD for December 03, 2015 Market Analysis Review

When the European market opens, some economic news on the Minimum Bid Rate, ECB Press Conference, French 10-y Bond Auction, Spanish 10-y Bond Auction, Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI is due to be released. The US will unveil economic data on the Natural Gas Storage, Factory Orders m/m, ISM Non-Manufacturing PMI, Fed Chair Yellen Testifies, Final Services PMI, Unemployment Claims, and Challenger Job Cuts y/y. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0657.

Strong Resistance:1.0650.

Original Resistance: 1.0640.

Inner Sell Area: 1.0630.

Target Inner Area: 1.0605.

Inner Buy Area: 1.0580.

Original Support: 1.0570.

Strong Support: 1.0560.

Breakout SELL Level: 1.0553.

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 03, 2015 Market Analysis Review

In Asia, Japan will not release any economic reports, but the US will publish data on the Natural Gas Storage, Factory Orders m/m, ISM Non-Manufacturing PMI, Fed Chair Yellen Testifies, Final Services PMI, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.94.

Resistance. 2: 123.70.

Resistance. 1: 123.46.

Support. 1: 123.16.

Support. 2: 122.91.

Support. 3: 122.67.

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 3, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair is only making faint bullish attempts, which would not render the current bearish outlook invalid until the price moves above the resistance line at 1.0700 (which would require a serious bullish breakout). Until that happens, the market will remain bearish.

USD/CHF: This pair has experienced a pullback of over 100 pips this week testing the support level of 1.0200. As long as the price is above the great psychological level of 1.0000, it would be safe to assume that the extant bullish bias is valid. As a result of this, it is possible that the price could assume another leg of upwards effort. Some fundamental figures are expected today and they are supposed to have an impact on the market.

GBP/USD: As it was forecasted earlier this week, the initial rally that took place on the cable proved to be a good opportunity to go short. From the distribution territory at 1.5100, which was tested by the recent upwards bounce, the price dropped by 200 pips to test the accumulation territory of 1.4900. We expected the price to move below the accumulation territory.

USD/JPY: The bullish signal on the USD/JPY pair has become quite visible in solidarity with the recent bullishness in the market. The price is above the EMA 56 and the RSI period 14 is above the level of 50. Since it is expected that bulls would keep on striving to maintain the US dollar stamina further northward movement is probable.

EUR/JPY: The near-term rally on this cross posed a threat to the recent Bearish Confirmation Pattern in the chart. A movement of at least 150 pips would be the last straw that could break the camel's back; which means it could lead to a new bullish outlook.

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Daily analysis of USDX for December 03, 2015 Market Analysis Review

The USDX made a strong pullback around the level of 100.24 as the Fed Yellen's speech produced that kind of volatility. We can see a test of the 200 SMA on the H1 chart in coming days, because the index can perform a rebound over there towards the resistance zone of 100.24. We should remind that a breakout above it will open the door to the price zone of 101.00. The MACD indicator is at the negative territory.

H1 chart's resistance levels: 100.24 / 101.01

H1 chart's support levels: 99.80 / 99.25

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 100.24, take profit is at 101.01, and stop loss is at 99.48.

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Daily analysis of GBP/USD for December 03, 2015 Market Analysis Review

On the H1 chart, GBP/USD had a strong fall until the support level of 1.492 following a bearish momentum which happened during yesterday's European session. A lower low pattern is expected to hold above that bottom, as the cable needs to perform a rally towards the resistance zone of 1.5002 in coming days, where a pullback can happen for resume the decline. The MACD indicator is reaching oversold conditions.

H1 chart's resistance levels: 1.5002 / 1.5031

H1 chart's support levels: 1.4926 / 1.4865

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 found at 1.4926, take profit is at 1.4865, and stop loss is at 1.4986.

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NZD/USD intraday technical levels and trading recommendations for December 2, 2015 Market Analysis Review

The daily chart shows a bullish Flag pattern that was initiated on September 23 around the level of 0.6230.

A bullish engulfing candlestick was expressed at 0.6520 yesterday.Today, a bullish breakout above 0.6600 is taking place.

Temporary bearish rejection should be expected around 0.6690, which is a prominent daily resistance level on the daily chart. Actually, initial bearish rejection has been expressed earlier today.

On the other hand, an estimated projection target for this flag pattern is located at 0.6950 as long as the NZD/USD pair keeps trading above 0.6600.

Recently, significant bullish rejection was expressed around 0.6430 followed by a consolidation range that extended between 0.6500 and 0.6600.

Earlier today, an obvious bullish breakout above 0.6600 was executed via a full-body bullish H4 candlestick.

Next resistance levels around 0.6690 and 0.6750 where temporary bearish rejection.

For conservative traders, a valid bay entry can be offered around 0.6600 (corresponds to the backside of the broken trend and the upper limit of the broken consolidation range). S/L should be set as closure below 0.6550 in the H4 chart.

On the other hand, the price level of 0.6640 remains the key level to be defended by NZD/USD bulls to keep pushing higher. Otherwise, stronger bearish pullback towards 0.6600 should be anticipated.

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GBP/USD intraday technical levels and trading recommendations for December 2, 2015 Market Analysis Review

Overview:

The previous bullish swing put the resistance level of 1.5800 under strong bullish pressure.

Hence, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached due to the excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection, which took place on October 6.

Shortly after, bearish persistence below the level of 1.5200 was needed for a more bearish decline towards the level of 1.4950 (prominent weekly support). However, a temporary bullish breakout above 1.5200 has been expressed on November 15.

Bullish fixation above the price zone of 1.5200-1.5250 allowed a bullish movement towards 1.5330 (the upper limit of the depicted channel). It placed the GBP/USD pair under significant bearish pressure.

This week, bearish persistence below 1.5030 (important key level) is needed to allow a bearish decline towards 1.4950, which corresponds to a previous weekly bottom (Intraday Support level).

On the other hand, a stronger support level is located at 1.4850 (the lower limit of the depicted movement channel).

This is where conservative traders can wait for a low-risk buy entry. S/L should be placed below 1.4780.

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EUR/NZD analysis for December 02, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.5930. The short-term trend is still downward. The major 22-day trading range (redistribution) support at the level of 1.6150 was broken last week. In the H1 time frame, I found a solid trading range between the prices of 1.5875 and 1.5970. Watch for a potential breakout downside to confirm further downward continuation. The major profit target level is at the price of 1.5740 (Major Fibonacci retracement 61.8%.).

According to the Wyckoff research I wrote major points:

SC - Selling climax

AR - Automatic rally

ST - Secondary test

UT - Up thrust

UTAD - Up thrust after distribution

LPSY - Last point of supply

SOW - Sign of weakness

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6015

R2: 1.6050

R3: 1.6115

Support levels:

S1: 1.5895

S2: 1.5855

S3: 1.5795

Trading recommendations : Intraday selling opportunities are preferable. Try to sell on rallies. According to the daily time frame, the profit level is seen at 1.5740.

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USD/CAD intraday technical levels and trading recommendations for December 2, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in blue).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the Fibonacci level, which was previously breached to the upside on September 23 and recently on November 12.

Significant bearish rejection has been observed around 1.3450 (141.4% Fibonacci Expansion).

Later on October 1, bearish closure below 1.3270 (Fibonacci Expansion 100%) took place. This exposes the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

A bearish breakout below the support level of 1.3075 was mandatory to allow the further bearish decline towards 1.2930. However, an evident bullish rejection was expressed around this level.

Another bullish visit to the level of 1.3270 (FE 100%) was initiated on November 4. A bullish breakout above 1.3300 was performed again on November 13.

Since last month, the USD/CAD pair has been moving sideways (ranging between 1.3300 and 1.3430).

Daily fixation above 1.3300 exposes the next resistance level at 1.3450 (Fibonacci Expansion 141.0%) where a valid sell entry can be offered again.

On the other hand, a bearish breakdown below 1.3300 (FE 100%) is needed to enhance the bearish side of the market again.

Trading recommendations:

Conservative traders should wait for an obvious bearish closure below 1.3250 (FE 100% and a short-term uptrend) to sell the USD/CAD pair. S/L should be placed above 1.3370.

Initial T/P levels should be placed at 1.3150 and 1.3080.

On the other hand, a valid sell entry can be offered at retesting of 1.3450 (Fibonacci Expansion 141.0%). S/L should be located above 1.3500.

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Gold analysis for December 02, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,059.94. In the daily time frame, I found a weak demand bar and rejection from our SMA 10. Our strong support around the levels of $1,075.00-$1,080.00 has become the strong resistance (changing polarity) now. In the M30 time frame, as I expected, the price reacted from intraday resistance of $1,074.00 (strong intraday resistance). Intraday support is seen around the level of $1,053.00. The next strong daily support is seen around the level of $1,046.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,073.35

R2: 1,076.00

R3: 1,080.30

Support levels:

S1: 1,064.80

S2: 1,062.15

S3: 1,057.90

Trading recommendations: Be careful when buying gold because we have a strong rejection from our resistance and gold is in the strong downward trend. Watch for potential selling opportunities.

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Technical analysis of GBP/CHF for December 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading around the 1.5417 levels for now after printing highs at the 1.5550 levels earlier. The pair might be setting up for a deeper correction as depicted on the H4 chart view here. Bears should remain in control until prices stay below the 1.5550 levels broadly in the coming sessions. Prices could drop towards the 1.4900 levels as well, but a break below 1.5300 would confirm and accelerate the drop. It is recommended to remain flat for now and wait for further confirmation. Immediate support is seen at the 1.5300 levels, while resistance is seen at the 1.5550 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for December 2, 2015 Market Analysis Review

A few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern).

This supported the bearish side of the market in the long term.

A long-term bearish target is projected towards the price level of 1.4800 for this reversal pattern.

The previous demand level at 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken down three weeks ago. This bearish tendency was confirmed by the Shooting Star and the bearish engulfing weekly candlesticks of the previous weeks.

A quick bearish decline towards the weekly demand level at 1.4950 remains expected as long as the bearish breakdown below 1.5200 persists on a weekly basis.

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, an evident bullish reaction was performed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks).

This led to the previous bullish pullback towards 1.5600 (the backside of the depicted uptrend). It placed the GBP/USD pair under significant bearish pressure.

Prominent demand levels at 1.5350 and 1.5200 were broken down a few weeks ago.

Currently, these levels constitute prominent supply to be watched for new sell entries.

The key level of 1.5200 was temporarily breached to the upside before a daily bearish engulfing candlestick was expressed around 1.5330 on November 20.

Bearish persistence below 1.5200 then 1.5050 (previous weekly bottom) enhances further bearish decline towards the weekly demand level at 1.4960.

Trading Recommendation:

For conservative traders, a valid buy entry will probably be offered around the weekly demand levels of 1.4950.

S/L should be placed below 1.4900. Initial T/P levels should be located at 1.5170 and 1.5300.

A new SELL entry can be offered around 1.5200 (depicted supply level) if the current bullish pullback persists above 1.5150.

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Intraday technical levels and trading recommendations for EUR/USD for December 2, 2015 Market Analysis Review

The EUR/USD pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have previously pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, next monthly candlesticks (August, September, October and November) reflected a strong bearish rejection, which took place around the level of 1.1450.

Hence, in the long term, a projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level at 1.0555 occurs before the end of this month (December).

On August 24, the market looked overbought as bulls were pushing the pair further above the level of 1.1500 (daily supply level).

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050, which were already reached.

A bearish breakout of the depicted uptrend has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Two weeks ago, daily persistence below the level of 1.0950 exposed the next demand level around 1.0850 where prominent bottoms were previously established in May, July, and August.

Last week, daily persistence below the level of 1.0700 (key level) ensured enough bearish momentum towards 1.0550 (prominent monthly low) where price actions should be watched for a possible bullish pullback.

A daily breakdown of the monthly demand level (1.0550) is needed to expose next bearish target levels at 1.0460 then 1.0300 as initial targets for the long-term bearish breakout mentioned above.

On the other hand, bullish fixation above 1.0550 brings the EUR/USD pair again towards 1.0700 (key level) where another valid SELL entry can be offered.

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Technical analysis of EUR/JPY for December 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading at the 130.50 levels for now looking to push through and trigger a rally at 132.30 and subsequently 134.00 levels at least in the coming sessions. It is recommended to remain long for now with risk around the 129.00 levels. Immediate support is seen at the 129.50/60 levels, followed by 129.00 and lower, while resistance is seen at the 132.20 levels and higher. Please note that bulls should remain poised to push higher until prices stay above 129.50 levels broadly.

Trading recommendations:

Remain long for now, stop is at 129.00, target is open.

Good luck!

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Technical analysis of Gold for December 02, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the levels of $1,066.00/67.00 now, absolutely flat from where it was seen yesterday. Please note that the metal is testing its immediate resistance line calling for a breakout to confirm that the metal is heading towards the resistance level of $1,080.00 and higher. It is recommended to stay long with risk around $1,048.00. Immediate support is seen at $1,063.00 levels, followed by $1,052.00 and lower, while resistance is seen at $1,080.00 followed by $1,088.00/98.00 and higher.

Trading recommendations:

Remain long with stop at $1,048.00, a target is open.

Good luck!

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Technical analysis of Silver for December 02, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading around the $14.15 levels and has held on the lows at the $13.90 levels until now. Besides, the metal has formed a bullish morning star candlestick pattern on the daily chart, indicating a potential reversal. But for today, prices have remained stagnant around the $14.10/15 levels and a push above $14.40 would be required to accelerate further. It is recommended to remain long for now with risk at the $13.70 levels. Immediate support is seen at the $13.90 levels, while resistance is seen at the $14.45/50 levels and higher. Bulls should be poised to take control until prices remain above the $13.90 levels from here.

Trading recommendations:

Remain long for now, stop is at $13.70, target is open.

Good luck!

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Global macro overview for 02/12/2015 Market Analysis Review

Global macro overview for 02/12/2015:

Worse-than-expected news on the UK economy was released this morning as the PMI construction index dropped to the lowest level this year (55.3 vs. 58.2 expected and 58.8 prior). There was slowing growth seen across all three sectors, housing, commercial and civil engineering. Exceptionally low numbers were revealed by housing activity: 55.2 vs 59.6 prior, which is lowest since June 2013. The UK construction firms are again overwhelmingly positive about the outlook for their business activity, while only a small proportion points to falling output levels during the next 12 months.

The GBP/USD pair is still searching for a bottom after the disappointing data. The next important support is seen at the level of 1.4993.

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Global macro overview for 02/12/2015 Market Analysis Review

Global macro overview for 02/12/2015:

The inflation data from the eurozone has hit the wires earlier today with the figures regarding producer and consumer price index. Both of the indices have unexpectedly dropped below the market consensus levels. The PPI rose 3.1% vs. 3.2% expected and 3.2% prior and the CPI increased 0.1% vs. 0.2% expected and 0.1% prior. This means that market participants expect the ECB to change its current policy at its meeting on Thursday. Possible scenarios include lowering the deposit rate below the current -0.20% or extending the current QE program up to September 2016.

The EUR/USD pair is trading at its lowest levels since April after the negative reaction to the inflation figures. The next support is seen at the level of 1.0565.

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Technical analysis of USD/CAD for December 2, 2015 Market Analysis Review

General overview for 02/12/2015 12:20 CET

Ahead of the important news release delivered from the US, the market is consolidating around the weekly pivot at the level of 1.3362. Upward wave development was not strong enough to breakout above the golden trend-line dynamic resistance. Please notice the market is still trading inside the bullish zone and only a sustained breakout below the support at the level of 1.3223 would change the short-term bullish outlook.

Support/Resistance:

1.3447 - WR1

1.3433 - Intraday Resistance

1.3362 - Weekly Pivot

1.3290 - WS1

1.3279 - Intraday Support

Trading recommendations:

Day traders should refrain from trading and wait for a better pattern to occur.

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Technical analysis of EUR/JPY for December 2, 2015 Market Analysis Review

General overview for 02/12/2015 12:10 CET

The intraday resistance at the level of 130.78 has been violated, but the hourly candle did not close above the level and the market is still trading inside the bearish zone. Nevertheless, the ending diagonal pattern looks completed, but the market is not strong enough yet to break out higher above the bearish zone.

Support/Resistance:

129.33 - WS1

129.64 - Intraday Support

130.18 - Weekly Pivot

130.20 - Intraday Support

130.71 - WR1

130.78 - Intraday Resistance

131.57 - WR2

132.06 - WR3

Trading recommendations:

The buy orders have been closed after recommended TP at the level of 130.78 was hit yesterday. Currently, the daytraders should refrain from trading and wait for a better trading setup to occur.

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Technical analysis of AUD/USD for December 2, 2015 Market Analysis Review

Overview:

• The resistance of the AUD/USD pair has been set at the price of 0.7375 and the support has been placed at the 0.7273 price. So, according to the previous events, the AUD/USD pair is going to move between the resistance and support. As a rule, history will probably repeat itself at this level again. Therefore, we expect a range about 102 pips in coming hours. Accordingly, if the trend fails to close below the level of 0.7273, it will be a good opportunity to buy above 0.7273 with the first target at 0.7342 (the double top). Then, it will continue straight towards 0.7375. Nevertheless, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed below the level of 0.7251.

Notes:

• The risk of 68 pips must make a profit of 102 pips.
• The strong support has been placed at the 0.7272 mark, which coincides with the value of 61.8% Fibonacci retracement levels.
• The support will be set at the level of 0.7272. And the double bottom will be set at the price of 0.7255.
• The resistances will be at the levels of 0.7342 and 0.7375.
• The volatility will be about 110.50. As a rule, the market is highly volatile if the previous day has a huge volatility.

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Technical analysis of NZD/USD for December 2, 2015 Market Analysis Review

Overview:

• The NZD/USD pair has broken major resistance at 0.7792 for that the level of 0.6589 became support, and it will continue to act as strong support today. Also, it should be noted that the daily pivot point is calculated at 0.6632, and it is now approaching the test, therefore, it will probably start an upward movement in this area and recover again. So, the market will indicate a bullish opportunity at the levels of 0.6589 and 0.6632. Thus, it will be a good sign to buy in this area with the first target at 0.6687 (100% of Fibonacci retracement levels), and continue towards 0.6720. On the other hand, if there is a breakout at 0.6589, it will be a good sign to set the stop loss for that the best location for placing it should be at the level of 0.6563.

Trading recommendations:

• According to the previous events, the NZD/USD pair will move between 0.6589 and 0.6687.
• Buy above the level of 0.6589 with the first target at 0.6687. Moreover, if the trend will be able to break the double top at the level of 0.6687, then it might resume moving towards 0.6720.

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USDJPY technical analysis for December 2, 2015 Market Analysis Review

The USD/JPY pair is trading sideways inside a trading range between 122.20 and 123,70. The short-term trend is neutral as prices move sideways and therefore traders should be patient.

Blue lines - neutral channel

The USD/JPY pair is trapped inside the trading range. There is no clear direction as prices are moving sideways. A trend is neutral. Traders should better be patient and wait for a confirmed breakout of the range before opening a position.

Blue line - long-term resistance

Although the USD/JPY pair is above the Ichimoku cloud and above the kijun-sen indicator, the price is very close to the downward sloping blue trend-line resistance. This resistance is seen at 124.20 and is declining. A new final high cannot be ruled out as the price remains supported above 122.20.

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AUDUSD technical analysis for December 2, 2015 Market Analysis Review

The AUD/USD pair is moving in a strong uptrend having broken through the resistance level at 0.73. It can reach 0.74 in the short term. There is a bullish flag pattern breakout that justifies the continuation of the uptrend.

Blue lines - bullish flag

AUSD/USD has broken above the bullish flag pattern. The next short-term resistance is seen at 0.7350 which is the next resistance before 0.74. The price continues to trade above the Ichimoku cloud and above the kijun- and tenkan-sen indicators. Support is found at 0.73.

Blue line - resistance (broken)

Red line - support

The daily chart is bullish as the price has broken above the Ichimoku cloud. The only warning we got is from the stochastic indicator that has entered overbought levels. Bulls should now be cautious raising their stops to 0.73 as a pullback towards 0.72 is possible.

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Daily analysis of major pairs for December 2, 2015 Market Analysis Review

EUR/USD: Without testing the support line at 1.0550, the EUR/USD pair went upwards by 80 pips and this could be a rally in the context of a downtrend, unless the resistance line at 1.0700 is broken to the upside. This is the only condition that could render the current bearish bias useless, and unless that happens rallies could be taken as short-selling opportunities.

USD/CHF: The USD/CHF pair went sideways on Tuesday, as the price gallivanted between the support level at 1.0250 and the resistance level at 1.0300. The price would move out of the channel soon, going upwards in respect of the current bullish bias in the market, although this does not rule out the possibility of transitory pullbacks along the way.

GBP/USD: The cable simply performed a shallow upward bounce on Tuesday, while the outlook remains bearish. Yes, it is highly possible that the current bearish bias would be sustained, because the outlook for the GBP/USD pair (including GB pairs) is gloomy for December 2015. It is likely that the price would drop further by 150 pips minimum.

USD/JPY: The USD/JPY pair has now moved above the demand level of 122.50. It is highly probable that the price would reach the supply level of 123.50; and in case this happens, the bullish signal will become stronger in the market. Further bullish movement is expected in the market.

EUR/JPY: In spite of the bullish attempts, there is not yet a buy signal in the chart. Though, this is a threat to the Bullish Confirmation Pattern in the market, because the RSI period 14 is already above the level of 50; but the EMA 11 is yet to cross the EMA 56 to the upside. An upwards movement of at least 200 pips is needed for the recent bearish bias to become completely illogical.

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USDX technical analysis for December 2, 2015 Market Analysis Review

The US dollar index has broken down the rising wedge, and we can see a correction beginning. I have warned bulls that they should be cautious and raise their protective stops. With NFP on Friday and with the ECB press conference scheduled for tomorrow, this week is very possible to be very volatile.

Blue lines - bullish channel

Red lines - bearish divergence

In the 4-hour chart above we can see that the US dollar index has broken down the bullish channel. However, the price still holds above the Ichimoku cloud. Short-term resistance is seen at 100.17, while the index is now trading at 99.85. Support is found at 99.60 and at 99.45.

In the weekly chart above we can see that the index has reached the previous highs and shows signs of rejection and reversal. The weekly stochastic is oversold but has not yet generated a sell signal. It has only given us a warning that there are increased chances of a reversal. Weekly support is found at 99 and below that level we will find support at 98.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 2, 2015 Market Analysis Review

Gold price, as expected, has started a 3-wave corrective pullback after finishing 5 waves up from $1,052. I believe we should expect more upside in coming days. We are not sure yet if the low we have seen is long-term one, but the price range of $1,050-950 the area where a long-term low will be reached.

Gold price is testing the kijun- and tenkan-sen support at $1,060-65. Resistance is seen at $1,077. I expect this pullback to be over soon and another move higher to follow. It will probably test $1,100.

Red lines - declining wedge

Blue line- projection

Gold price has an oversold stochastic oscillator in the weekly chart. Last time, the stochastic was at this level. It produced a bounce of nearly $100. So, I would stay bullish as I expect a bounce towards at least the kijun- and tenkan-sen near $1,120-30.

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