Technical analysis of EUR/JPY for December 07, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair pulled back from the level of 134.50 last Friday and is trading around 133.96 at the moment. The pair has stalled its rally around the Fibonacci 0.618 resistance, of the drop between the levels of 127.00 and 129.50 at 134.50 respectively. Furthermore, the trend-line resistance is also passing through the same region as seen here. The pair is expected to turn lower till 134.50 remains intact. Immediate support is seen at the level of 133.30 and lower, while resistance is seen at the level of 134.50 (interim) followed by 136.00, 137.00, and higher. A push above 137.00 would confirm a turn in the long-term trend.

Trading recommendations:

Exit long positions. Initiate 50% short positions with stop at 135.70.

Good luck!

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Technical analysis of GBP/CHF for December 07, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped lower tothe level of 1.4950 last Friday as per expectations, but remained shy of 1.4925 before pulling back higher. As shown on the chart, the pair might still drop to the Fibonacci convergence zone around 1.4925 before turning bullish again. Please note that 1.4900/25 is the Fibonacci 0.618 support of the entire rally from 1.4500 to 1.5550. Immediate support is seen at the level of 1.4900, while resistance is seen at the level of 1.5325 and higher. Bulls should be looking to take back control around 1.4900/25.

Trading recommendations:

Stay long at 1.4920 with stop at 1.4800, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for December 7, 2015 Market Analysis Review

Wave summary:

We have seen a perfect impulsive rally from 1.5784 to 1.6490 followed by a nice corrective decline to the 61.8% corrective target at 1.6053 (the low came in at 1.6049) from where the next impulsive rally is expected to take us higher to 1.7191 and possibly even higher to 1.7896 as the next upside targets.

In the longer term, we will be looking for even higher targets as wave 3 progresses.

Trading recommendation:

We bought EUR at 1.6065 with stop at 1.6045. If you are not long EUR yet, then buy near 1.6140 and use the same stop at 1.6045.

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Technical analysis of USD/JPY for December 07, 2015 Market Analysis Review

USD/JPY is expected to rebound. Last Friday, the US stocks surged on strong November jobs data, paring losses made in the previous session. The Dow Jones Industrial Average rose 2.1% to 17847, the S&P 500 added 2.1% to 2091, and the Nasdaq Composite was also up 2.1% to 5142. Non-farm payrolls rose 211K in November (vs +200K expected, +298K in October), while the jobless rate remained unchanged at 5.0% (as expected).

At the same time, the US dollar broadly strengthened against most other major currencies with the Wall Street Journal Dollar Index gaining 0.4% to 89.76. EUR/USD declined 0.5% to 1.0884 and USD/JPY gained 0.5% to 123.16.

Nymex crude oil dropped 2.7% to $39.97 a barrel after the OPEC had decided to maintain current production levels. On the other hand, gold surged 2.3% to $1086 an ounce. Meanwhile, the benchmark 10-year Treasury declined to 2.274% from 2.328% at the previous session. The pair posted a rebound after falling to 122.44 last Friday. Currently, it remains on the upside while being supported by the ascending 20-period intraday (30-minute chart) moving average, which stands above the 50-period one. At the same time, the relative strength index is well directed above the neutrality level of 50. The first upside target at 123.60 (around last Friday's high) is in sight, and a breakout above this level should trigger a further rise toward 123.85 (around the high of December 3).

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 123.60 and the second target at 123.85. 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: 123.60 123.85 124

Support levels: 122.75 122.50 122.25

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Daily analysis of major pairs for December 7, 2015 Market Analysis Review

EUR/USD: There is a Bullish Confirmation Pattern in the market now, which has overturned the recent bearish bias abruptly. This market should trend further upwards this week; otherwise what happened last week would turn out to be a false breakout. More fundamental figures are expected this week and they could have impact on the markets.

USD/CHF: This pair dropped by 400 pips last week, turning bearish abruptly. There is now a clear Bearish Confirmation Pattern in the chart, because the price has already gone below the great psychological resistance level of 1.0000. It might require some difficulty for the USD/CHF pair to go above the great resistance level again, owing to its negative correlation in the EUR/USD pair, and the fact that CHF itself might rally in the middle of December.

GBP/USD: The GBP/USD pair rose from the accumulation territory at 1.4900, to test the distribution territory of 1.5150 (a movement of 250 pips). However, the price needs to move further upwards by 150 pips before the extant bearish outlook can be rendered invalid. Really, the outlook for GBP pairs remains gloomy.

USD/JPY: Despite strong movements of major pairs last week, this currency trading instrument merely moved sideways. There were short-term upswings and downswings in the market, which made the market condition great for scalpers and intraday traders. The bias is neutral, and it may continue as such until there is a movement of at least 200 pips upwards or downwards.

EUR/JPY: Last week, the EUR/JPY pair rose from the demand zone of 130.00 testing the supply zone of 134.50. This was a movement of 450 pips, which was an exponential movement brought about by the great stamina in the EUR. The price is currently consolidating, but we might witness a further bullish breakout in the market, since the outlook for JPY pairs is bright for December 2015.

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Elliott wave analysis of EUR/JPY for December 7, 2015 Market Analysis Review

Wave summary:

A breakout above 133.22 invalidated the bearish count and told us that a decline from 141.04 to 129.62 was a leading diagonal as wave (i) and a correction in wave (ii) towards 136.69 now should be expected before the next impulsive decline in wave (iii).

The corrective rally in wave (ii) has met the leading diagonal resistance-line near 134.59 and could enter a period of consolidation before the final move closer to 136.69 to end wave(ii). This target has been met and new impulsive decline is expected.

Trading recommendation:

We will buy EUR here at 133.95 and place our stop at 133.50 and place take profit at 136.50.

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For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for December 7, 2015 . Thanks for your support.

Technical analysis of USD/CHF for December 07, 2015 Market Analysis Review

USD/CHF is expected to trade with a bearish bias as the key resistance is seen at 1.0055. The pair failed to break out above its nearest resistance at 1.0055 after the second test, and also broke below its 20-period and 50-period simple moving average on an intraday basis. The outlook remains negative, as the relative strength index is weak below its neutrality area of 50. In these perspectives, a new pullback to 0.9870 and 0.9830 seems to be on the cards, as long as 1.0055 is resistance.

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 1.0115. A break of that target will move the pair further downwards to 1.0175. The pivot point stands at 1.0055. 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 0.9875 and the second target at 0.9810.

Resistance levels: 1.0115 1.0175 1.0245

Support levels: 0.9875 0.9810 0.9745

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Technical analysis of NZD/USD for December 07, 2015 Market Analysis Review

NZD/USD is expected to trade with a bullish bias. Currently, the pair is trading at 0.6695. A trend remains bullish above the rising 50-period moving average, and the pair seems to be forming an intraday "bullish flag" pattern". The relative strength index is still positive above its neutrality area of 50. Besides, the process of moving towards higher highs and lows remains intact. To sum up, as long as 0.6660 holds on the downside, watch for a new bounce to 0.6720 and 0.6790 after limited consolidation.

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 0.6720 and the second target at 0.6790. In the alternative scenario, short positions are recommended with the first target at 0.6630 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 0.6590. The pivot point is at 0.6660.

Resistance levels: 0.670 0.6790 0.6830

Support levels: 0.6630 0.6590 0.6565

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Technical analysis of GBP/JPY for December 07, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bullish bias above 185.50. A support base at 185.50 was formed allowing temporary stabilization. The pair is expected to look for a higher top as the relative strength index is well directed. Further upside movement is therefore expected with the next horizontal resistance and overlap set at 186.55 first. A breakout above this level would call for further advance towards 187.

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 186.55 and the second target at 187. In the alternative scenario, short positions are recommended with the first target at 185.05 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 184.55. The pivot point is at 185.50.

Resistance levels: 186.55 187 187.75 Support levels: 185.05 184.55 184

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Technical analysis of EUR/USD for December 07, 2015 Market Analysis Review

When the European market opens, economic news on the Eurogroup Meeting, Sentix Investor Confidence, and German Industrial Production m/m is due to be released. The US will publish the economic data on the Consumer Credit m/m and Labor Market Conditions Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0921.

Strong Resistance:1.0915.

Original Resistance: 1.0904.

Inner Sell Area: 1.0893.

Target Inner Area: 1.0868.

Inner Buy Area: 1.0843.

Original Support: 1.0832.

Strong Support: 1.0821.

Breakout SELL Level: 1.0815.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for December 07, 2015 . Thanks for your support.

Technical analysis of USD/JPY for December 07, 2015 Market Analysis Review

In Asia, Japan will release data on the Leading Indicators together with BOJ Gov Kuroda's Speach. The US will publish economic data on the Consumer Credit m/m and Labor Market Conditions Index m/m. 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: 123.84.

Resistance. 2: 123.60.

Resistance. 1: 123.36.

Support. 1: 123.06.

Support. 2: 122.82.

Support. 3: 122.58.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for December 07, 2015 . Thanks for your support.