Technical analysis of Gold for December 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has been trading below the recent highs made around $1,099.00 last week. The yellow metal has been trading around $1,077.00 levels for now and look still vulnerable to bears. Last week's rally was long, but that doesn't take the metal out of woods. A drop towards $1.030.00 and lower remains highly probable as the overall downtrend is still intact. It is hence recommended to initiate 50% short positions at current levels, with risk at $1,100.00. Immediate resistance is seen at $1,100.00, while support is found at $1.066.00 (interim) and lower. Bears should be poised to regain control till prices remain below the level of $1,099.00.

Trading recommendations:

Initiate short positions now ($1,077.00), stop is at $1,100.00, a target is open.

Good luck!

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 Gold for December 09, 2015 . Thanks for your support.

Technical analysis of EUR/JPY for December 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 134.00 now, having stuck in a range between 133.20 and 134.50 respectively. The pair is also seen to be testing the resistance trend line, just peeping out into the buy zone now. A breakout above 134.50 would be extremely encouraging to bulls and open doors for a rally through the levels of 136.00/137.00 respectively. On the flip side, a drop below 133.20 would confirm a meaningful top is in place around 134.50 and prices should head lower. Immediate support is seen at the levels of 133.20, while resistance is seen at 134.50 respectively.

Trading recommendations:

Remain flat now.

Good luck!

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/JPY for December 09, 2015 . Thanks for your support.

Technical analysis of GBP/CHF for December 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair had dropped lower to 1.4860 levels yesterday before pulling back higher. The pair is trading around 1.4900 levels for now, looking to resume rally as depicted here. The Counter Trend dropped towards the level of 1.4930. The minimum criteria for the drop has been met and bulls are expected to take back control any moment. Also note that prices are still within the Fibonacci 0.618 support around the level of 1.4930. Immediate support is found around the level of 1.4750 followed by 1.4700 and lower, while resistance is seen at 1.5150 and higher respectively.

Trading recommendations:

Initiate long positions now, stop is at 1.4700, a target is open.

Good luck!

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 GBP/CHF for December 09, 2015 . Thanks for your support.

Elliott wave analysis of EUR/NZD for December 9, 2015 Market Analysis Review

Wave summary:

The price-action for EUR/NZD continues to unfold as expected. We are currently testing the top of wave i at 1.6490 and a breakout above here will call for an extended rally higher towards 1.7191 as the next upside target.

In the short-term, only a breakout below minor support at 1.6390 will indicate that a correction towards at least 1.6311 and 1.6221 is needed before the next impulsive rally higher.

Trading recommendation:

We are long EUR from 1.6045 and will move our stop higher to 1.6390. If you are not long EUR yet, then buy on a breakout above 1.6490 and use the same stop at 1.6390.

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 Elliott wave analysis of EUR/NZD for December 9, 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for December 9, 2015 Market Analysis Review

Wave summary:

We could still see a little more correction closer to support near 132.88 before the next rally higher towards at least 135.34 and possibly even 136.69 form where a new strong decline is expected.

If our count is correct, a leading diagonal seen from 141.04 to 129.62 as wave (i) and a corrective rally is currently unfolding in wave (ii). Once this corrective rally comes to an end renewed downside pressure towards 129.62 and below is expected.

Trading recommendation:

We are look for a buying opportunity at 132.95 or upon a breakout above 134.12 (one order done cancels the other).

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 Elliott wave analysis of EUR/JPY for December 9, 2015 . Thanks for your support.

Daily analysis of USDX for December 09, 2015 Market Analysis Review

On the H1 chart, the USDX did not show any considerable changes during Tuesday's session, as the index is trying to found strong resistance around the level of 98.80 in order to fall towards the support zone of 97.60 where buyers can appear. Anyway, our outlook for the USDX is still bearish in a short-term basis, but a rally towards the 200 SMA cannot be discarded yet.

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 ISDX breaks with a bullish candlestick; the resistance level is at 98.80, take profit is at 99.25, and stop loss is at 98.34.

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 Daily analysis of USDX for December 09, 2015 . Thanks for your support.

Daily analysis of GBP/USD for December 09, 2015 Market Analysis Review

The GBP/USD pair is currently trading in a weak mode above the support level of 1.4996, where a breakout to the downside can happen to test the level of 1.4915. The cable is doing a consolidation below the 200 SMA on the H1 chart, which is also pointing to the downside. The structure is calling for more declines in a short-term basis. The MACD indicator is entering the positive territory.

H1 chart's resistance levels: 1.5072 / 1.5122

H1 chart's support levels: 1.4996 / 1.4915

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 1.4996, take profit is at 1.4915, and stop loss is at 1.5079.

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 Daily analysis of GBP/USD for December 09, 2015 . Thanks for your support.

Daily analysis of Silver for December 08, 2015 Market Analysis Review

Overview

SThe silver price declined yesterday to test the EMA50 that forms a good intraday support base at 14.15, accompanied by clear positive signals through stochastic. It s supports the chances of bouncing up and resume the bullish bias that targets testing of the 14.85 level mainly. Therefore, the bullish trend will be suggested for today unless a break of 14.15 is followed by the 13.96 levels and holding below them. Remember to monitor the price behavior when reaching the targeted level because of its importance of detecting the price's next destination on a short-term basis. Our main target is located at 14.85, and a break of it will extend silver gains to reach 15.40 initially, while the bullish trend will remain valid unless a clear break and stability below 14.15 and 13.96 are seen.

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 Daily analysis of Silver for December 08, 2015 . Thanks for your support.

Daily analysis of GBP/JPY for December 08, 2015 Market Analysis Review

Overview

A break of the temporary low at 183.96 indicates resumption of a fall from 188.79 and intraday bias is turned back to the downside. Overall, we are still favoring the scenario that the consolidation pattern from 180.36 has been completed at 188.79. A deeper decline would be seen to the 180.36/64 support zone. A break of the 186.33 minor resistance would now dampen our bearish view and turn our focus back to 188.79 instead. It is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of the 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 the 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 185.34; (P) 185.84; (R1) 186.21

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 Daily analysis of GBP/JPY for December 08, 2015 . Thanks for your support.

NZD/USD intraday technical levels and trading recommendations for December 8, 2015 Market Analysis Review

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

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.

As anticipated, resistance levels of the USD/CAD pair is found around 0.6690 and 0.6750 providing evident bearish rejection.

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 a closure below 0.6550 on the H4 chart.

On the other hand, the level of 0.6640 remains the key level to be defended by NZD/USD bulls with the aim to keep pushing higher. Otherwise, a deeper bearish pullback towards 0.6600 should be expected.

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 NZD/USD intraday technical levels and trading recommendations for December 8, 2015 . Thanks for your support.

USD/CAD intraday technical levels and trading recommendations for December 8, 2015 Market Analysis Review

Overview:

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). The long-term bullish target was projected towards the level of 1.3270.

Significant bearish rejection has been observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3380.

Last week, a bearish breakout below the support level of 1.3075 was mandatory to allow the further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3380 was made on Monday earlier this week.

Daily fixation above 1.3380 enhances the bullish side of the market towards the next resistance level at 1.4100 (Fibonacci Expansion 100%) where bearish rejection should be anticipated.

On the other hand, the price zone around 1.3380 is still a significant support zone to be watched for valid buy entries.

Trading recommendations:

Conservative traders should wait for a bearish pullback towards 1.3380-1.3400 to buy the USD/CAD pair.

S/L should be placed below 1.3300.

Initial T/P levels should be placed at 1.3500 and 1.3600. A bullish target is projected towards 1.4100.

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 USD/CAD intraday technical levels and trading recommendations for December 8, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for GBP/USD for December 8, 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).

It 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 one month 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 is needed to clear the way towards 1.4800 (long-term bearish target).

Prominent demand levels at 1.5350 and 1.5200 were broken down a few weeks ago. These levels currently constitute prominent supply levels to be watched for new sell entries.

Recently, 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 at 1.4950 (also corresponding to the lower limit of the depicted channel).

A bullish engulfing daily candlestick was expressed around 1.4950 on Thursday.

That is why, a bullish pullback towards 1.5200-1.5230 should be expected as long as the EUR/USD bulls keeps moving above 1.4950.

Trading Recommendation:

For conservative traders, a valid buy entry was 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 1.5000, 1.5170 and 1.5300.

On the other hand, risky traders can sell the GBP/USD pair if a bearish closure below 1.4950 occurs today. S/L should be placed above 1.5010.

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 Intraday technical levels and trading recommendations for GBP/USD for December 8, 2015 . Thanks for your support.

Global macro overview for 08/12/2015 Market Analysis Review

Global macro overview for 08/12/2015:

Another fundamental data set from the UK did not really help clear the overall picture. The industrial production figures were better than expected (0.0% vs. 0.1% exp), but manufacturing production was worse than expected (-0.4% vs. 0.0% exp.). Despite the fact that the overall economic growth is still advancing at a solid pace, the manufacturing sector is facing stronger headwinds. Nevertheless, please notice that Markit's purchasing managers' index popped up to a 16-month high in October.

The GBP/USD pair has negatively reacted to the recent news release and is currently trading at the technical support level of 1.4957. The next support is found at the level of 1.4894 and next meaningful resistance is seen at the levels of 1.5000 and 1.5054.

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 Global macro overview for 08/12/2015 . Thanks for your support.

Intraday technical levels and trading recommendations for EUR/USD for December 8, 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 the price to the area 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).

Shortly after, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. All T/P levels located at 1.1150 and 1.1050 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.

Three weeks ago, 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 initiated as anticipated in previous articles.

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 Intraday technical levels and trading recommendations for EUR/USD for December 8, 2015 . Thanks for your support.

Global macro overview for 08/12/2015 Market Analysis Review

Global macro overview for 08/12/2015:

Crude oil had slipped to its 6-year low as the OPEC members failed to reach an agreement on production cutbacks at the meeting in Vienna on Friday. This decision will result in a huge global glut of oil, that might lead to a shortage of land-stores facilities. Moreover, the statement issued by the OPEC did not mention the production target, which means the cartel members can not reach an agreement in this particular case, so the production output levels will remain high.

The crude oil monthly chart indicats a strong technical support at the level of 33.32 and this is where the crude oil is heading before any important bounce will happen.

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 Global macro overview for 08/12/2015 . Thanks for your support.

Technical analysis of CHF/JPY for December 8, 2015 Market Analysis Review

The CHF/JPY pair might reach new highs.

Having formed a top at 123.82, CHF/JPY has been consolidating for the past 5 days with the low at 122.66. the price has remained within the triangle until today.

Today, the price has managed to break above the triangle and, prior to that, bounced off the ascending trend line. It could be the signal for the potential continuation of an uptrend.

Consider buying CHF/JPY while the price is near the 123.40 support 1 level, targeting R2 (124.14) which is a Fibonacci-based strong resistance level.

Support: 123.40, 123.13

Resistance: 123.67, 124.14

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 CHF/JPY for December 8, 2015 . Thanks for your support.

Technical analysis of USD/CAD for December 8, 2015 Market Analysis Review

Overview:

• The resistance of the USD/CAD pair has been broken and turned into support at the key level of 1.3436, so the support of the USD/CAD pair has already been set at the price of 1.3436. Moreover, the same level is coinciding with the 78.6% Fibonacci retracement levels. Consequently, the pair is going to form a strong support at the 1.3443 price. Equally important, the price has been set above the resistance since last week. Furthermore, the price is still moving between 1.3583 and 1.3476. Therefore, the USD/CAD pair started showing the signs of a bullish market, hence the market indicates the bullish opportunity at the level of 1.3505 with the first target of 1.3583, and continues towards the level of 1.3651 with a view to form a new double top. Additionally, the level of 1.3651 is representing a strong resistance on December 08, 2015.

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/CAD for December 8, 2015 . Thanks for your support.

Technical analysis of AUD/USD for December 8, 2015 Market Analysis Review

Overview:

• Due to the previous events, the AUD/USD pair is still moving between the prices of 0.7271 and 0.7185. Additionally, the the level of 0.7211 is representing the daily pivot point. So, the psychological level has been set at the 0.7211 price today. Therefore, sell deals are recommended below the 0.7211 level with targets at the level of 0.7185. Moreover, the price of the AUD/USD pair is going to try to break the weekly support 1 at 0.7185 to call for the bearish market below 0.8787. Consequently, the price will continue moving towards the level of 0.7158 in order to form a double bottom at this level on the H1 chart. On the other hand, the stop loss should always be taken into account, thereupon it will be safer to set your stop loss at the 0.7305 price.

Notes:

• Minor support will be set at the price of 0.7271.
• Major support has already been set at 0.7158.
• We expect a range of 113 pips in coming days.
• Volatility: 72 in pip.

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 AUD/USD for December 8, 2015 . Thanks for your support.

Gold : analysis for December 08 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards.As I had expected, the price tested the level of $1,066.28 in a high volume. In the daily time frame, our SMA 10 was broken and this is the first sign of a potential change in the trend's dynamic. According to the H1 time frame, price rejected from our key support at the price of $1,069.00. I expect testing of $1,088.50. I have placed Fibonacci expansion to find potential profit targets. I got Fibonacci expansion 61.8% at the level of $1,092.50, Fibonacci expansion 100% at the level of $1,108.00 and Fibonacci expansion 161.8% at the level of $1,134.50.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,082.00

R2: 1,086.50

R3: 1,093.85

Support levels:

S1: 1,067.45

S2: 1,062.95

S3: 1,055.65

Trading recommendations: Be careful when selling gold because we can observe strong demand in the background. Watch for potential buying opportunities on dips.

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 Gold : analysis for December 08 , 2015 . Thanks for your support.

EUR/NZD analysis for December 08, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6378 in a high volume. According to the H1 time frame, we can observe strong rejection from Fibonacci retracement 61.8% at the level of 1.6070. I placed Fibonacci expansion to find potential profit targets. First profit target is seen at the level of 1.6480 (Fibonacci expansion 61.8%) and second is at 1.6745 (Fibonacci expansion 100%.) Watch for potential buying opportunities on dips. The short-term trend has changed from downward to upward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6350

R2: 1.6400

R3: 1.6490

Support levels:

S1: 1.6170

S2: 1.6115

S3: 1.6025

Trading recommendations : Selling EUR/NZD at this stage looks very risky. Watch for potential buying opportunities on dips.

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 EUR/NZD analysis for December 08, 2015 . Thanks for your support.

Technical analysis of USD/JPY for December 08, 2015 Market Analysis Review

USD/JPY is expected to trade with a bullish bias. Overnight, the US stock indexes ended lower, dragged by a broad selloff in energy shares triggered by oil prices' continuous slide. The Dow Jones Industrial Average fell 0.7% to 17730, the S&P 500 lost 0.7% to 2077, and the Nasdaq Composite was down by 0.8% to 5101. Nymex crude oil plunged 5.8% to $37.65 a barrel to near seven-year lows.

Gold lost 1.5% to $1070 an ounce and the benchmark 10-year Treasury edged down to 2.236% from 2.274% in the previous session.

The US dollar managed to hold its gains against most other major currencies. Boosted by a clump in oil prices, USD/CAD surged 1.0% to 1.3504. EUR/USD was down by 0.5% landing at 1.0835, NZD/USD lost 1.6% to 0.6638, while AUD/USD was down by 1.0% to 0.7265. The pair remains on the upside and is currently trading around the over-lapping 20-period (30-minute chart) and 50-period intraday moving averages. Meanwhile, the relative strength index is hovering around the neutrality level of 50. As long as the bullish intraday outlook is maintained and 122.90 acts as key support, the pair is expected to break out the first upside target at 123.55 (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 123.50 and the second target at 123.75. 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 122.90.

Resistance levels: 123.50 123.75 124

Support levels: 122.70 122.50 122.25

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 08, 2015 . Thanks for your support.

Technical analysis of USD/CHF for December 08, 2015 Market Analysis Review

USD/CHF is expected to trade with a bearish bias as key resistance is seen at 1.0035. The pair is still under pressure below its major resistance of 1.0035, which has been tested several times, and also holds on the upside. A bearish cross between the 20-period and 50-period moving averages has been identified (a strong negative signal). Moreover, the relative strength index broke out below its neutrality area of 50. Hence, as long as the resistance at 1.0035 is not surpassed, the risk of a breakout below 0.9945 remains high.

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 0.9945. A break of that target will move the pair further downwards to 0.9870. The pivot point stands at 1.0035. 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 1.0150 and the second target at 1.0175.

Resistance levels: 1.0115 1.0175 1.0245

Support levels: 0.9945 0.9870 0.9810

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/CHF for December 08, 2015 . Thanks for your support.

Technical analysis of NZD/USD for December 08, 2015 Market Analysis Review

NZD/USD is under pressure at the moment. The pair fell below its previous key support of 0.6685 yesterday, and is likely to test 0.6605 (the low of December 3) in coming trading hours. Both the 20-period and 50-period moving averages are turning down, and act as resistance as well. Furthermore, the relative strength index is badly directed. To sum up, as long as 0.6685 holds on the upside, look for a new decline to 0.6605 and 0.6560.

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 0.6605. A break of that target will move the pair further downwards to 0.6565. The pivot point stands at 0.6685. 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 0.6730 and the second target at 0.6770.

Resistance levels: 0.6730 0.6770 0.6810

Support levels: 0.6605 0.6565 0.6515

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 NZD/USD for December 08, 2015 . Thanks for your support.

Technical analysis of GBP/JPY for December 08, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bearish bias at the key resistance of 185.90. The pair is turning down against its key resistance of 185.90. Meanwhile, the intraday relative strength index lacks upward momentum. The first target to the downside is therefore seen at the horizontal support and overlap at 184.55. A breakout below this level would open the way to further weakness toward 183.95.

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 184.55. A break of that target will move the pair further downwards to 183.95. The pivot point stands at 185.90. 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 186.30 and the second target at 186.55.

Resistance levels: 186.30 186.55 187 Support levels: 184.55 183.95 183

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 GBP/JPY for December 08, 2015 . Thanks for your support.

Technical analysis of EUR/JPY for December 8, 2015 Market Analysis Review

General overview for 08/12/2015 09:10 CET

The abc simple corrective cycle had been completed just below the level of 133.30, and so far it did not reach the 100% FiboExt at the level of 133.06. The mentioned low might be an end of a wave 2 as well, but there are some indications of more complex corrective cycle to come in wave 2.

Support/Resistance:

134.60 - Intraday Resistance

133.52 - Intraday Support

133.06 - 100&FiboExp|Weekly Pivot|

131.56 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current market levels with tight SL and TP at the level of 132.52.

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/JPY for December 8, 2015 . Thanks for your support.

Technical analysis of USD/CAD for December 8, 2015 Market Analysis Review

General overview for 08/12/2015 08:40 CET

An anticipated upside breakout finally accursed as the last wave in the cycle was made. The current structure in wave B purple has been labeled as WXYXXZ complex corrective pattern and it looks completed now. Nevertheless, to confirm the top is in place, the market must breakout below the technical support at the level of 1.3456 and head towards the golden trend-line support.

Support/Resistance:

1.3484 - WR2

1.3456 - Technical Support

1.3232 - WR1

1.3362 - Weekly Pivot

1.3310 - WS1

1.3279 - Intraday Support

1.3240 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current levels with tight SL and TP at the level of 1.3456.

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/CAD for December 8, 2015 . Thanks for your support.

USDX technical analysis for December 8, 2015 Market Analysis Review

The US dollar index has made a bounce, as we expected, reaching the 38% Fibonacci retracement resistance. We expect reversal soon towards the downside and towards new short-term lows after the rejection in the area of 100.

The price is below the Ichimoku cloud and we have signs of rejection at the 38% Fibonacci retracement. The price should now continue moving lower in order to test last week's lows. Resistance is seen at 99.50 while support is at 97.60.

The weekly candle remains above the Ichimoku cloud. Weekly support comes at 97.50 where the 38% Fibonacci retracement is found and where we saw prices bouncing last week. If this low is broken, we should expect the index to move lower towards the 50% retracement and even the 61.8% retracement.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 USDX technical analysis for December 8, 2015 . Thanks for your support.

Gold technical analysis for December 8, 2015 Market Analysis Review

Gold prices pulled back yesterday towards $1,070 as we had expected. Now I expect gold prices to bounce towards new highs near $1,100 in the short term.

Gold prices are above the Ichimoku cloud pulling back to test it after the upward breakout. Holding above the cloud and the kijun-sen (yellow indicator) in the 4-hour chart is a bullish sign. Breaking below it will not be good for bulls. Support is found at $1,070-68. Resistance is seen at $1,090.

The weekly candles of gold prices remain below the weekly Ichimoku cloud and inside the downward sloping wedge. This implies a long-term trend remains bearish. However, stochastics are oversold and with prices at the lower boundary of the wedge, there is a strong probability of a bounce rather than a resumption of the downtrend.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 Gold technical analysis for December 8, 2015 . Thanks for your support.