Technical analysis of Silver for December 04, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is testing its immediate trend-line resistance of $14.10 at the moment. Please note that the metal had bounced back after hitting lows around $13.82 earlier. Resistance is seen at the fibonacci 0.786 level now. A breakout above the trend line and subsequently above $14.25/30 in coming sessions could encourage bulls, but in favor of the continued downtrend, we still expect the metal to drop towards $13.00 as shown here. It is therefore recommended to remain flat. Immediate support is seen the levels of $13.82 followed by $13.00 and lower, while resistance is seen at $14.30 followed by $14.45/50 and higher.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for December 04, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has retraced back to the level of $1,062.00/65.00 after reaching fresh lows at $1,046.00 earlier. The yellow metal faced resistance at $1,075.00, and until the resistance holds good, bears are expected to gain control and push prices lower towards $1,030.00 and subsequently towards $999.00. It is hence recommended to initiate 50% short positions now with risk at $1,078.00. Immediate support is seen at $1.046.00 followed by $1,030.00 while resistance is lined up to $1,075.00 followed by $1,088.00 and higher.

Trading recommendations:

Initiate 50% short positions now with stop at $1,078.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for December 04, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped towards 1.4950/60 levels yesterday. Now it looks like the drop is almost over, and the pair should look up to bulls to reach higher highs and higher lows from here. One last drop to 1.4930 is still possible before the rally will resume. It is hence recommended to initiate 50% long positions now and the remaining 50% at 1.4930 with risk at 1.4800. Immediate support is seen at the level of 1.4930, while resistance is seen at 1.5320. Bulls are expected to regain control soon.

Trading recommendations:

Initiate 50% long positions now and the remaining at 1.4930 with stop at 1.4800, a target is open.

Good luck!

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Technical analysis of EUR/JPY for December 04, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has rallied 500 pips rising through the projected targets at 134.00/50 in just one trading session. Please note that the pair has reached the Fibonacci 0.618 resistance levels of the drop from 137.00/50 to 129.50. Moreover it is testing the intermediary resistance line as well. A bearish reversal is possible from the current levels, that could drag prices lower again. It is hence recommended to take profits on the long positions now and initiate short positions with risk at the level of 135.50. Immediate resistance is seen at 136.50, while support is seen at 133.50/134.00.

Trading recommendations:

Take profits on long positions. Stay short now with stop at 135.50, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for December 4, 2015 Market Analysis Review

Wave summary:

We have finally seen a bottom at 1.5784 (but at no point was a close below 1.5897 seen on the 4 hourly chart) for a strong impulsive rally. In the short term, I expect support at 1.6053 to be able to protect the downside for the next impulsive rally above important resistance at 1.6576 confirming the bottom for a continuation higher to 1.8020 and above.

As we are in the very start of a new impulsive uptrend, we have to be aware that the first correction from 1.5784 to 1.6490 can be deep.

Trading recommendation:

We are long EUR from 1.6010 and will take profit here at 1.6355. We will buy EUR again at 1.6065 or upon a breakout above 1.6490 (one order done cancels another).

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Elliott wave analysis of EUR/JPY for December 4, 2015 Market Analysis Review

Wave summary:

A rally from the low of 129.62 was much stronger than expected alone resistance at 130.93, resistance at 132.50, and the invalidation point at 133.22, which has forced us to review our previous preferred count. This the previous count could not be correct upon the breakout above 133.22 as that left us with overlap between wave [i] and wave [iv], which is not allowed under the Elliott Wave Principle.

The new preferred count shows a leading diagonal from the 141.06 high has unfolded as wave (i) and wave (ii) is now ongoing for a correction back to the top of wave iv, which also marks the 61.8% corrective target at 136.70.

In the short term, the leading diagonal resistance line near 134.50 will likely protect the upside for a minor correction to 132.73 and maybe even closer to 131.64 before the next rally higher to 136.70.

Trading recommendation:

We took profit on our long EUR position at 132.25. We will buy EUR again at 131.75 with stop placed at 129.75 and take profit placed at 136.50.

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Technical analysis of EUR/USD for December 04, 2015 Market Analysis Review

When the European market opens, economic news on the Retail PMI and German Factory Orders m/m is due to be published. The US will release economic data on the Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0973.

Strong Resistance:1.0967.

Original Resistance: 1.0956.

Inner Sell Area: 1.0945.

Target Inner Area: 1.0920.

Inner Buy Area: 1.0895.

Original Support: 1.0884.

Strong Support: 1.0873.

Breakout SELL Level: 1.0867.

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 04, 2015 Market Analysis Review

In Asia, Japan will release data the Consumer Confidence and Average Cash Earnings y/y. The US will publish some economic data on the Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.31.

Resistance. 2: 123.07.

Resistance. 1: 122.83.

Support. 1: 122.53.

Support. 2: 122.29.

Support. 3: 122.05.

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 4, 2015 Market Analysis Review

EUR/USD: In a surprise move, the EUR/USD pair broke out of its recent sideways movement in the context of a downtrend, going upwards by 450 pips. There is a now a Bullish Confirmation Pattern in the market, which has overturned the recent bearish bias abruptly. More fundamental figures are expected today and they could have impact on the markets.

USD/CHF: It was very interesting that the USD/CHF pair dropped by over 350 pips on Thursday. This week alone, the price has dropped by 400 pips leading to an overnight bearish outlook in the market. Since the price has dropped below the great psychological level of 1.0000, a further bearish movement is possible.

GBP/USD: Having tested the accumulation territory of 1.4900, this market went upwards by 250 pips, testing the distribution territory of 1.5150. One thing: the bearish losses that were seen this week so far have already been gained. On the other hand, the upward bounce, which happened in a weak positive correlation with the EUR/USD pair, has not been strong enough to override the extant bearish bias. The price would need to move further upwards by 200 pips to override the bearish bias.

USD/JPY: Sudden weakness in the USD has made this currency trading instrument gone lower across the EMA 56 to the downside. The RSI period 14 is now below the level of 50, which is an indication of early bearish bias in the market. The bearish bias might continue.

EUR/JPY: It had already been said that this cross would not go upwards seriously unless the EUR gained serious stamina, or the JPY lost stamina. The price moved upwards by 450 pips in a single day after testing the demand zone of 130.00. The price has already moved above the demand level of 134.00, and further bullish movement is possible.

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Daily analysis of USDX for December 04, 2015 Market Analysis Review

On the H1 chart, the USDX had a very bearish reaction after the ECB meeting and that is why we can currently observe a sharp drop towards the support level of 97.60, where a temporal bottom is found. However, we can expect a corrective move until the resistance zone of 98.80 in which a breakout could open the doors to test the level of 99.25. The MACD indicator is reaching oversold conditions.

H1 chart's resistance levels: 98.80 / 99.25

H1 chart's support levels: 97.60 / 97.01

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 98.80, take profit is at 99.25, and stop loss is at 98.34.

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Daily analysis of GBP/USD for December 04, 2015 Market Analysis Review

The cable has been moving on a strong bullish bias after a strong bottom was found around the psychological level of 1.4900 during Thursday's session in the ECB's meeting aftermath. Currently, the pair is doing a consolidation above the 200 SMA on the H1 chart. It is possible to see a higher high pattern formation in coming days. The MACD indicator is reaching overbought conditions.

H1 chart's resistance levels: 1.5177 / 1.5219

H1 chart's support levels: 1.5122 / 1.5031

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 1.5122, take profit is at 1.5031, and stop loss is at 1.5219.

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NZD/USD intraday technical levels and trading recommendations for December 3, 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 this week, an obvious bullish breakout above 0.6600 was executed via a full-body bullish H4 candlestick.

Next resistance levels to meet the NZD/USD pair are located around 0.6690 and 0.6750 where temporary bearish rejection should be expected.

For conservative traders, a valid buy 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 on 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, a deeper bearish pullback towards 0.6600 should be expected.

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USD/CAD intraday technical levels and trading recommendations for December 3, 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 1.3350. Initial T/P levels should be placed at 1.3150 and 1.3080.

On the other hand, another 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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Intraday technical levels and trading recommendations for GBP/USD for December 3, 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 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.

Hence, a quick bearish decline towards the weekly demand level at 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Note that another weekly closure below 1.4950 opens the way towards 1.4800 (long-term bearish target).

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).

That 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. These levels currently 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 and then 1.5050 (previous weekly bottom) enhanced further bearish decline towards the weekly demand level of 1.4950 (also corresponding to the lower limit of the depicted channel).

Trading Recommendation:

For conservative traders, a valid buy entry will probably be offered around the weekly demand zone of 1.4950-1.4930.

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

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Intraday technical levels and trading recommendations for EUR/USD for December 3, 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 a prominent bullish pullback was expressed as anticipated in previous articles.

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

On the other hand, bullish fixation above 1.0550 and 1.0700 brings the EUR/USD pair back to the level of 1.0850 (Recent Supply level) where another sell entry can be offered. S/L should be placed above 1.0900.

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Technical analysis of GBP/CHF for December 03, 2015 Market Analysis Review

Technical outlook and chart setups:

Please note that the chart was prepared just before today's announcement of the ECB and hence the price difference is seen. The pair is seen to be trading at 1.5200 and it may be poised to drop further towards the level of 1.4900 as well. It is also possible that the pair can bounce off higher after having bounced off the Fibonacci 0.786 support at 1.5050. It is hence recommended to remain flat for now. Immediate support is seen at 1.5000, while resistance is seen at 1.5320. Bulls need to pass the level of 1.5320 at least before buying on dips here.

Trading recommendations:

Remain flat for now.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading well above the level of 131.00 and almost at the initial resistance of 132.20. Please note that we repeatedly indicated the bullish divergence scenario on multiple chart views earlier and hinted long positions anticipating a turn around which can take place soon. The day is here and bulls are completely under control. It is recommended to remain long with risk at break-even levels. Immediate support is seen at 129.50 followed by 129.00 and lower, while resistance is seen at 132.50 and higher. This could just be the beginning of the much anticipated counter-trend rally.

Trading recommendations:

Remain long, move stop to break-even levels, a target is open.

Good luck!

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Technical analysis of Gold for December 03, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the level of $1,054.00 now after having dropped lower towards $1,046.00 earlier. The metal might be willing to gain support at the level of $1,030.00, the multi year resistance turned support on the weekly charts discussed earlier. It is hence recommended to remain flat for now and watch out for further evidence. Immediate interim support is seen at $1,046.00 followed by $1,030.00 and lower, while resistance is seen at $1,075.00 followed by $1,088.00 and higher. A breakout of $1,075.00 would be required to turn bullish again.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Silver for December 03, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver broke down yesterday and hit another low at the level of $13.82. The metal is trading around $13.92 at the moment with immediate resistance at $14.20/30. The metal needs to break above the immediate resistance to come back into the buy zone. It is too late to initiate short positions as well with divergence showed in several time frames. Immediate and interim support is found at $13.80. A breakout below would open doors to $13.00 and lower. It is therefore recommended to remain flat or hold previous long positions with risk at $13.70, but do not initiate fresh long positions now. Bulls need to break above $14.20 at least to confirm that they are back in control.

Trading recommendations:

Remain flat or hold earlier long positions with stop at $13.70.

Good luck!

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

Overview

The fall in GBP/JPY from 188.79 has resumed after a brief consolidation, and intraday bias is back on the downside. The consolidation pattern from 180.36 has been completed at 188.79. A deeper fall is expected for a test in the 180.36/64 support zone. The minor resistance above 186.00 will make bias neutral again. But this bearish view will be maintained as long as the 188.79 resistance holds. This is supported by a bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about the strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 183.58; (P) 184.60; (R1) 185.25

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

Overview

Silver price managed to break the bearish pennant pattern that appears in the above chart providing good negative motive, which supports the continuation of the main bearish trend. The price is now making attempts to confirm breaking the previously recorded bottom at 13.96, affected by the continuous negative pressure that comes from the EMA 50. Therefore, we believe that there are chances that our main targets which begins at 13.50 and extends to 13.00 will point that holding below the level of 14.25 represents the first protection factor for our expectations of a bearish trend continuation.

We expect a trading range between support at 13.50 and resistance at 14.25 today.

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Technical analysis of USD/CHF for December 3, 2015 Market Analysis Review

Overview:

• The key level of the USD/CHF pair will be set at the level of 1.0302. Besides, the level of 1.0249 represents the weekly pivot point.
• The support of the USD/CHF pair has already been set at 1.0145 this week.
• Moreover, the weekly support 1 will be set at the same level. If the trend fails to close below the level of 1.0145, it will be a good opportunity to buy above 1.0145 with the first target at 1.0249 and then it will continue straight towards 1.0302 in the coming hours.
• The price of 1.0302 represents the weekly resistance 1 and 1.0328 is going to form a double top on the H1 chart.
• So, we expect a new range about 225 - 260 pips this week.

Intraday key levels:

• Resistance 3:1.0393
• Resistance 2:1.0350
• Resistance 1:1.0266
• Pivot Point:1.0223
• Support 1:1.0139
• Support 2:1.0096
• Support 3:1.0012

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EUR/NZD analysis for December 03, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5838 in a high volume. 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. Our strong trading range between the prices of 1.5875 and 1.5970 was finally broken. Resistance (changing in polarity) at the level of 1.5880 is on the test. The major profit target level is seen at 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: 1.6005

R2: 1.6036

R3: 1.6085

Support levels:

S1: 1.5905

S2: 1.5875

S3: 1.5824

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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Global macro overview for 03/12/2015 Market Analysis Review

Global macro overview for 03/12/2015:

The better-than-expected news about the Australian economy was revealed yesterday. The Australian GDP posted a strong gain of 0.9% in the third quarter, beating the estimate of 0.7%. Earlier in the week, the Reserve Bank of Australia held interest rates at 2.00%, and the RBA statement had an optimistic tone in regard to the economy. Moreover, the RBA affirmed they will cut the rates only if the economy gets worse.

The AUD/USD pair has broken above the golden trend line and now is trying to test the technical resistance at the level of 0.7384. The next support is seen at the level of 0.7282.

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Technical analysis of GBP/USD for December 3, 2015 Market Analysis Review

Overview:

The GBP/USD pair has been set at the level of 1.4894. This level is acting as a strong support and it coincides with the ratio of 00% of Fibonacci retracement levels on the H1 chart. Therefore, the first key level will be set at the level of 1.4975 (the daily pivot point). Furthermore, yesterday the trend was very clear and was indicating a downtrend, but the trend has rebounded from the area of 1.4894. Thus, we expect that the trend will call for a bullish market above the level of 1.4894 because buyers are bidding for a low price. As a result, buy above the price of 1.4894 with the targets of 1.4975 and 1.5010. Besides, the level of 1.5010 represents the daily resistance 1.

Observations:

• Major support has been set at 1.4994 and the resistance will be placed at the price of 1.5010, so, we expect that the pair will move between 1.4894 and 1.5010 today.
• We foresee a new range about 116 pips.
• If the trend is upward, the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.

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Global macro overview for 03/12/2015 Market Analysis Review

Global macro overview for 03/12/2015:

The main event of the week, the European Central Bank (ECB) interest rate decision meeting is scheduled for release at 1:45 pm GMT. The regulator is expected to announce further easing measure to boost the eurozone's economy. However, there are three scenarios for the ECB policy announcement:

1. Cut the main interest rate together with discount rate and extend timeline of the current bond-buying program (possibly increase of the amount of the program)

2. Do nothing about the current situation despite all the recent Draghi's remarks, because of the real deflation threat in the eurozone. In that case the ECB decides to wait for the Fed to raise the rates first.

3. Rhetoric change about the QE program with an increase of EUR 20 billion to monthly purchases and a possible extension in 2017 are likely. This scenario might go without a deeper negative discount rate.

From the technical point of view, the EUR/USD pair is likely to fall deeper towards the technical support at the level of 1.0462 and might even breakout below it. The resistance is seen at the level of 1.0636.

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Gold analysis for December 03 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As I had expected, our profit target at $1,046.21 was met. In the daily time frame, I found a strong supply bar and rejection from our SMA 10. In the M30 time frame, as I had expected, the price reacted from intraday support at $1,046.00. Watch for a potential breakout of $1,046.00 to confirm further downward continuation. Intraday resistance is now at the level of $1,054.00. Next daily support level is seen at $987.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,065.03

R2: 1,069.75

R3: 1,077.35

Support levels:

S1: 1,049.85

S2: 1,045.15

S3: 1,037.50

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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EUR/USD technical analysis for December 3, 2015 Market Analysis Review

With the ECB press conference just a few hours away, everyone is expecting ECB President Mario Draghi to unveil the strategy regarding the extension size of the QE program. The trend in EUR/USD remains bearish, but technically there are many chances of a big bounce.

Red line - weekly trend-line support

The weekly chart above shows that the price got rejected at the weekly cloud resistance at 1.1350-1.14 and we are heading towards new lows. The trend line from 2008 is giving us the 1.02-1.03 area as the target to finish the decline. Stochastic oscillator is at oversold levels so we can find an important bottom anywhere between 1.01 and 1.03.

Blue lines - bullish wedge

The pair is grinding lower inside a wedge and below the Ichimoku cloud. The trend remains bearish. The 1.0640 mark is an important resistance, and the level of 1.05 is a wedge support. Before a bullish reversal we could see a throwover below the support of 1.05 towards 1.04. I prefer to be neutral today and wait and act after the ECB press conference.

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NZD/USD technical analysis for December 3, 2015 Market Analysis Review

NZD/USD is trading in a bullish short-term trend, but there are signs of a possible reversal towards 0.66 or lower. The price is very close to daily resistance of 0.67, which can push prices towards 0.6850 in case it gets broken.

Blue lines - bullish channel

Red line -long-term resistance

NZD/USD is testing the upper boundary resistance of the Ichimoku cloud at 0.67. A daily close above the cloud will be a confirmation of the bullish trend and will increase chances of moving towards the longer-term trend-line resistance at 0.6850-0.69.

Red rectangle - resistance

The NZD/USD pair has made a pullback after reaching a high of 0.6687. The price is challenging short-term resistance at 0.6660-0.6670. Support is found at 0.6640 today. In overall bulls need to be very cautious specially if a low of 0.6610 gets is broken as we could see a deeper pullback towards 0.65. For now bulls remain in control of the trend.

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USD/CAD technical analysis for December 3, 2015 Market Analysis Review

USD/CAD has provided a sell signal by breaking below and out of the rising wedge. Important resistance is found at 1.34 and as long as we are below it, the chances of a deeper downward correction are high.

Blue line - resistance

Red line - support (broken)

The rising wedge is broken. The price is expected to move towards the kijun-sen (yellow line indicator) support or even the Ichimoku cloud. I am bearish as long as the price is below 1.3410-1.3430. If the resistance is broken, I expect the price to test 1.35.

Red rectangle - resistance

Green rectangle - support

Important support is in the 1.3280-1.33 area. Important resistance is set at 1.3410-1.3430. The price is moving sideways in the short term within the trading range. If support fails, we should expect the 1.31 level to be tested. If resistance is broken, the mark of 1.35 will be seen.

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

The USD/JPY pair is expected to trade with a bullish bias above 123.05. Overnight, energy shares brought down the US stock indices as Nymex crude oil plunged 4.6% to $39.94 a barrel. The Dow Jones Industrial Average dropped 0.9% to 17729, the S&P 500 fell 1.1% to 2079, while the Nasdaq Composite was down by 0.6% at 5123. Gold lost 1.5% to $1,053 an ounce, while the benchmark 10-year Treasury yield rose to 2.178% from 2.155% at the previous session.

Meanwhile, the US Federal Reserve Chairwoman Janet Yellen expressed confidence in the country's economic growth, which investors took as a signal that she is ready to raise rates this month. Also, the ADP private payrolls added 217,000 jobs in November (vs 190,000 rise expected, 196,000 rise in October). As a result the Wall Street Journal Dollar Index rose as high as 91.02, with is its highest level since December 2002. the EUR/USD pair declined 0.2% to 1.0611, GBP/USD dropped 0.9% to 1.4948, AUD/USD fell 0.2% to 0.7307, while USD/JPY was up by 0.3% to 123.24. The pair has entered the consolidation zone after surging as high as 123.67 overnight. Having the key support located at 123.05, it is currently trading in the support area around the rising 50-period intraday (30-minute chart) moving average. And the relative strength index is around the neutrality level of 50 lacking downward momentum. As long as 123.05 holds as the key support, the pair is expected to regain the first upside target at 123.75 (around yesterday's high) before heading toward 124.00.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 123.75 and the second target at 124. In the alternative scenario, short positions are recommended with the first target at 122.75 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.50. The pivot point is at 123.05.

Resistance levels: 123.75 124 124.50

Support levels: 122.75 122.50 122.25

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

USD/CHF is under pressure. Currently trading at 1.0230, the pair remains under pressure after yesterday's downside breakout of 1.0255. The previous key support now plays a resistance role and should limit any potential rebounds. Last but not least, the relative strength index is negative now below its neutrality area at 50. In conclusion, as long as the 1.0255 mark holds on the upside, look for further decline to 1.0170 and 1.0140 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 1.0170. A break of that target will move the pair further downwards to 1.0140. The pivot point stands at 1.0255. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 1.03 and the second target at 1.0330.

Resistance levels: 1.03 1.0330 1.0370

Support levels: 1.0170 1.0140 1.01

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

NZD/USD is expected to trade with bullish bias above 0.6615. The pair rebounded on its horizontal level at 0.6615 yesterday, and it seems likely to post a new rise. The support base at 0.6615 has been formed and allowed for a temporary stabilization. Furthermore, the relative strength index is mixed to bullish. Hence, as long as 0.6615 is not broken, an advance to 0.6670 and 0.6690 (December 1 top) in extension is on the cards.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6690 and the second target at 0.6720. In the alternative scenario, short positions are recommended with the first target at 0.659040 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6565. The pivot point is at 0.6615.

Resistance levels: 0.6690 0.6720 0.6760

Support levels: 0.6590 0.6565 0.65

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Technical analysis of GBP/JPY for December 03, 2015 Market Analysis Review

The GBP/JPY pair is expected to trade with a bearish bias. The pair has broken below its 20-period and 50-period moving averages and consolidated on the downside. The 20-period moving average crossed below the 50-period one (negative signal). The relative strength index is below its neutrality level of 50 and lacks upward momentum. As long as 184.80 is resistance, look for a further downside toward 183.50.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 183.85. A break of that target will move the pair further downwards to 183.50. The pivot point stands at 184.80. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 185.30 and the second target at 185.65.

Resistance levels: 185.30 185.65 187.25 Support levels: 183.85 183.50 183

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USDX technical analysis for December 3, 2015 Market Analysis Review

The US dollar index remains in a bullish trend, but risk reward for bulls is not good at current levels. Bulls need to be very cautious and raise their stops to 99.40 in order to protect their positions.

Blue lines - bullish channel

The US dollar index has broken the bullish channel downwards but remains above the Ichimoku cloud. It is back testing the lower channel boundary. Support is found at 99.70 and then at 99.40. Resistance is seen at 100.50.

The weekly chart shows prices trading near its previous highs. This is important resistance area. We could see a throwover above the previous highs and towards 101-102, but bulls must be on the high alert as the stochastic is oversold and there are increased chances of a pullback towards 97. Weekly support is found at 99.40.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 3, 2015 Market Analysis Review

Gold price reached a new lower low yesterday after breaking the short-term support at $1,060-65. Besides, it has reached our lower end of the target area touching $1,046. I continue to expect a big bounce towards $1,120-30 and I continue to believe this is not the time to be short or sell gold. This is the time to be looking for an opportunity to open long positions.

Blue line - bullish divergence

Gold price remains below the Ichimoku cloud confirming short-term trend remains bearish. However, despite the price reaching lower lows, the 4-hour stochastic is not following this scenario. There is a bullish divergence. This is not the time to be looking for short positions.

Red lines - declining wedge

Blue lines - projection

Gold price is at the lower wedge boundary. Weekly stochastic is oversold. We could slide lower towards $1,020-30, but in overall this is the time to be looking for an opportunity to open long positions as I expect gold price to make a strong bounce towards at least $1,120-30.

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