Elliott wave analysis of EUR/NZD for December 10, 2015 Market Analysis Review

Wave summary:

We did see an anticipated breakout above resistance at 1.6490 for a rally higher to 1.6749. This morning, RBNZ cut its rates by 25 basis points, which should help this cross move even higher. However, a rather hawkish statement from RBNZ after the rate cut caused a deep retracement of the rally from 1.6049 to 1.6748. We do regard a decline from 1.6748 as a corrective decline, which have ideally terminated at 1.6242 for the next impulsive rally higher towards 1.7191.

That said we have to accept a possibility of an even deeper corrective decline closer to 1.6049, but at no point is this low allowed to be broken as that will invalidate the above count.

Trading recommendation:

Our stop at 1.6390 was hit for a nice 345 pip profit. We will only buy on a break above 1.6348 and place a stop just below the most recent low.

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

Wave summary:

Nothing is going on here at the moment. We would still like to see a minor move lower to 132.88 before the next rally higher towards at least 135.34 and possibly even higher to 136.69 before renewed downside pressure should be expected.

Only a direct breakout above resistance at 134.59 will cancel the expected decline closer to 132.88 and move directly towards 135.34.

Trading recommendation:

We are looking for a buying opportunity at 132.95. If done, we will place our stop at 132.00.

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Technical analysis of Silver for December 10, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver retraced to Fibonacci 0.618 levels from its last week's highs to the level of $14.17. Please note that the metal can still drop lower towards $14.00 (which is also the Fibonacci 0.786 support), before resuming its rally. Also watch out for the immediate resistance line turned support around $14.00. Hence it is recommended to initiate 50% long positions now remaining around $14.00 with risk at $13.55. Immediate support is seen at the level of $13.80, while resistance is seen at the level of $14.60 (interim), followed by $15.10 and higher. Bulls are poised to take control back until prices stay above $13.80.

Trading recommendations:

Initiate 50% long positions remaining 50% at $14.00 with stop at $13.55, a target is open.

Good luck!

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Technical analysis of Gold for December 10, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around $1,072.00/73.00 now looking for an opportunity to drop lower to the levels of $1,060.00/62.00 before resuming its previous rally. Please note that Fibonacci 0.618 support of the rally between $1,045.00 and $1,090.00 also falls around the levels of $1,060.00. Furthermore, the immediate resistance line turned support. It is recommended to exit short positions and remain flat now. Look for an opportunity to go long around the levels of $1,060.00/62.00with risk below $1,045.00. Immediate support is seen at $1,060.00 followed by $1,045.00, while resistance is seen at $1,090.00.

Trading recommendations:

Exit short positions and remain flat now. Look for an opportunity to initiate long positions around the levels of $1,060.00 with stop at $1,042.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for December 10, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is testing its immediate line of resistance around 133.80 now. Please note that the pair had stalled at the level of 134.50 earlier, and since then has been stuck in a range. Also note that 134.50 is just around the Fibonacci 0.618 resistance of a drop between 137.00 and 129.00. It is hence recommended to initiate short positions with risk just above the level of 134.50. Immediate resistance is seen at 134.50 followed by 136.50 and higher, while support is seen at 133.20 followed by 131.00 and lower. Bears should be poised to regain control until prices stay below 134.50.

Trading recommendations:

Initiate short positions with stop at 134.80, a target is at 131.00.

Good luck!

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Technical analysis of GBP/CHF for December 10, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF daily chart shows the bigger wave structure. It is clear that the pair has been moving towards higher highs and higher lows since the level of 1.3800. The line of support is also has been followed by prices reversing from near to it at the moment. A morning star bullish reversal candlestick pattern is expected to unfold here, which would confirm that the pair is headed north and a meaningful low has been reached around 1.4860. It is hence recommended to remain long and also look for an opportunity to reach fresh positions with risk remaining around the level of 1.4800. Immediate support is seen at 1.4800 followed by 1.4531 and lower, while resistance is seen at 1.5300 and higher.

Trading recommendations:

Remain long now with stop at 1.4800, a target is open (at least 1.5900).

Good luck!

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Technical analysis of EUR/USD for December 10, 2015 Market Analysis Review

When the European market opens, economic news on the French Industrial Production m/m, French CPI m/m, and French Final Non-Farm Payrolls q/q is due to be released.The US will unveil economic data on the Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, Import Prices m/m, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1070.

Strong Resistance:1.1064.

Original Resistance: 1.1053.

Inner Sell Area: 1.1042.

Target Inner Area: 1.1016.

Inner Buy Area: 1.0990.

Original Support: 1.0979.

Strong Support: 1.0968.

Breakout SELL Level: 1.0962.

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 10, 2015 Market Analysis Review

In Asia, Japan will release data on the PPI y/y and BSI Manufacturing Index. The US will deliver economic data on the Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, Import Prices m/m, and Unemployment Claims. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.14.

Resistance. 2: 121.90.

Resistance. 1: 121.67.

Support. 1: 121.38.

Support. 2: 121.14.

Support. 3: 120.90.

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 10, 2015 Market Analysis Review

EUR/USD: This pair has moved upwards by 200 pips this week. Since the bullish breakout that happened last week, the price has moved upwards by 500 pips. This means the breakout is not false one. The price is now above the support line at 1.1000 going towards the resistance line at 1.1050. It should be noted that the support line at 1.1000 is important; therefore it would not be easy for the price to breach it to the downside anytime soon.

USD/CHF: The USD/CHF pair has dropped by 170 pips this week. Since the bearish breakout of the last week, the price has nosedived by 470 pips. The price is below the resistance level of 0.9850 going towards the support level of 0.9800. Apart from the natural negative correlation with the EUR/USD pair, another reason for weakness in the USD/CHF pair is the fact that the CHF is also strong.

GBP/USD: The cable has given out a bullish signal. The price is now above the EMA 11, which in its turn is above the EMA 56. The RSI period 14 is above the level of 50. Furthermore, some fundamental figures are expected today and they might have an impact on the market.

USD/JPY: The USD/JPY pair has left the recent neutral zone owing to the bearish breakout, which happened on Wednesday. The price dropped by 200 pips this week. There is now a bearish bias in the market. Further southward journey is possible until there may be occasional bounces.

EUR/JPY: This cross traded sideways on Wednesday without any serious breakout. Since there is still a clear Bullish Confirmation Pattern in the market, the price can easily continue journeying northwards. One reason for this expectation is the bright outlook for the market.

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Daily analysis of USDX for December 10, 2015 Market Analysis Review

The USDX is currently dominated by the bearish bias below the resistance level of 97.60, and the closest support is located at the level of 97.02. When a breakout lower happens there, we should see a lower continuation towards the level of 96.62. The US Dollar is still weak and the 200 SMA on the H1 chart is currently favoring the bearish scenario. The MACD indicator is at the negative territory.

H1 chart's resistance levels: 97.60 / 98.80

H1 chart's support levels: 97.01 / 96.62

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is found at 97.01, take profit is at 96.62, and stop loss is at 97.37.

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Daily analysis of GBP/USD for December 10, 2015 Market Analysis Review

We have seen huge bullish momentum gained by the GBP/USD pair during Wednesday's session, as the pair is currently doing a consolidation above the 200 SMA on the H1 chart. We should expect a breakout above the resistance zone of 1.5181 in order to see a further advance towards the next obstacle for buyers around the level of 1.5239, of course after a higher high pattern formation finishes. The MACD indicator is at the positive territory.

H1 chart's resistance levels: 1.5181 / 1.5239

H1 chart's support levels: 1.5122 / 1.5072

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5181, take profit is at 1.5239, and stop loss is at 1.5124.

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

Overview

The silver price continues fluctuating near the previously breached minor bearish channel's resistance level, keeping its stability above this level. It keeps the bullish trend scenario valid and active for today. It depends on the stability above the 13.96 level, while its main target is located at 14.85. Remember to monitor the price behavior when reaching any of the above-mentioned levels as breaching the 14.85 level will lead the price to achieve more gains. Breaking of 13.96 represents the key of resuming the main bearish trend, which next targets are located at 13.50 then 13.00. On the other hand, you should take into consideration that breaking of the 13.96 level will stop the suggested rise and push the price to decline again.

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NZD/USD intraday technical levels and trading recommendations for December 9, 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 was suggested 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 not be excluded to happen again.

Next bullish targets come to meet the NZD/USD pair at 0.6666, 0.6700 and 0.6750.

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

Overview

Intraday bias in GBP/JPY remains on the downside for the moment. 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. Nevertheless, a break of the 186.33 minor resistance would now dampen our bearish view and turn the focus back to 188.79 instead. The breach of the medium-term trend-line support is taken as a sign of a trend reversal. This is supported by 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 strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 183.58; (P) 184.66; (R1) 185.58

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USD/CAD intraday technical levels and trading recommendations for December 9, 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 1.3400 down to 1.2800.

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

A bullish breakout above 1.3400 was executed on Monday earlier this week.

Daily fixation above 1.3400 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 of 1.3370-1.3400 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.

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Intraday technical levels and trading recommendations for EUR/USD for December 9, 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.

A daily breakdown of the monthly demand level (1.0550) was needed to expose next bearish target levels at 1.0460 initially.

However, bullish fixation above 1.0550 and 1.0700 brought the EUR/USD pair back towards the level of 1.0990 (Sell Entry).

Today, the price level of 1.1000 remains a significant supply level to be watched for a valid sell entry. S/L should be placed above 1.1075. Initial T/P levels should be located at 1.0900 and 1.0810.

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Intraday technical levels and trading recommendations for GBP/USD for December 9, 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 a 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). Otherwise, another bullish pullback towards 1.5350 shouldn't be excluded.

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 then 1.5050 (previous weekly bottom) enhanced further bearish decline towards the weekly demand level at 1.4950 (also correspondsto 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 and probably 1.5350 should be expected as long as the GBP/USD bulls keep moving above 1.4950-1.5000.

Trading Recommendation:

A valid buy entry was suggested around the weekly demand zone of 1.4950-1.4930. S/L should be elevated to 1.5000. T/P levels should be located at 1.5000, 1.5170 and 1.5300.

On the other hand, a valid SELL entry can be offered anywhere around the supply level of 1.5300. S/L should be placed above 1.5350.

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EUR/NZD : analysis for December 09, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6571 in a high volume. According to the H1 time frame, we can observe strong resistance cluster at the level of 1.6570 (currently on the test). I placed Fibonacci expansion to find potential profit targets. First profit target has been reached at 1.6480 (Fibonacci expansion 61.8%) and second is at 1.6745 (Fibonacci expansion 100%.) is still in the play. Watch for RBNZ decision today and then act according to price action. Watch for potential buying opportunities on dips.The short-term trend has changed from downward to upward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6445

R2: 1.6490

R3: 1.6550

Support levels:

S1: 1.6315

S2: 1.6275

S3: 1.6210

Trading recommendations : Buying EUR/NZD at this stage looks very risky since the price testing major resistance cluster. Watch for potential buying opportunities after potential breakout of our resistance.

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Gold : analysis for December 09 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As I had expected, the price tested the level of $1,083.54 in a high volume. Considerable progress was made since my original bullish trading idea. 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, the price was rejected at the key support level of $1,069.00. I expect it to test the level of $1,088.50. I had 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: 1,077.86

R2: 1,080.50

R3: 1,083.30

Support levels:

S1: 1,071.15

S2: 1,069.00

S3: 1,065.70

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

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Technical analysis of NZD/CAD for December 9, 2015 Market Analysis Review

NZD/CAD has been steadily rising since November 18 and there are no signs of a trend reversal at this point yet.

The price clearly broke above the previous resistance at 0.8950 which has become the support that has been rejected. Overall, the price is moving within the ascending channel and could go slightly down to test the lower trend line of the channel. However, the uptrend is still intact and the probability of further uptrend remains quite high.

Consider buying NZD/CAD if the price gets back to support area near 0.8950 to target potential tipple top at 0.9045 and possibly higher. On the other hand, a break below the support could result in a trend reversal and conservative trading is preferable.

Support: 0.8955

Resistance: 0.9045

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

USD/JPY is expected to trade with bearish bias. Overnight, US stock indices extended losses, weighed down by declining metal and mining shares. The Dow Jones Industrial Average dropped another 0.9% to 17,568, the S&P 500 fell 0.7% to 2,063, and the Nasdaq Composite was down 0.1% to 5,098. Nymex crude oil slid a further 0.4% to $37.51 a barrel, gold gained 0.4% to $1,074 an ounce, and the benchmark 10-year Treasury edged down to 2.227% from 2.236% in the previous session.

Meanwhile, the greenback showed mixed trading yesterday. USD/CAD gained 0.7% to 1.3583, AUD/USD dropped 0.7% to 0.7214, GBP/USD fell 0.3% to 1.5006, while EUR/USD rebounded 0.5% to 1.0893 and USD/JPY was down 0.5% to 122.90. The pair is trading on the downside below both the 20-period (30-minute chart) and 50-period intraday moving averages. And the relative strength index badly directed below the neutrality level at 50. As long as such a bearish intraday outlook persists, the pair should return to the first downside target at 122.50 (around yesterday's low) before falling further to 122.25 (the low of December 4).

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 122.50. A break of that target will move the pair further downwards to 122.25. The pivot point stands at 123.20. 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 123.50 and the second target at 123.75.

Resistance levels: 123.50 123.75 124

Support levels: 122.50 122.25 121.85

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

USD/CHF is expected to trade with bearish bias. The pair has reversed down while being capped by the descending 20-period and 50-period moving averages. The key resistance at 0.9985 still holds on the upside. Besides, the relative strength index is weak below its neutrality area at 50. In conclusion, as long as 0.9985 is not surpassed, a new pullback seems to be on the cards to at least 0.9870 (the low of December 3). In case of a breakout, look for a further decline to 0.9830.

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 0.9870. A break of that target will move the pair further downwards to 0.9830. The pivot point stands at 0.9950. 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 0.9985 and the second target at 1.0035.

Resistance levels: 0.9985 1.0035 1.0075

Support levels: 0.9870 0.9830 0.9790

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Technical analysis of EUR/GBP for December 9, 2015 Market Analysis Review

EUR/GBP has been ranging between the 0.7000 and 0.7500 areas since March 2015. There is still no clear direction where the price could be heading in the long term. And this sort of scenario is very appropriate for the "buy low, sell high" approach.

The price broke below the 61.8% Fibonacci applied to the low of July 17 and the high of October 13, which indicates the weakness of the euro against the British pound. Currently, the price retraced back to the 38.2% Fibonacci that has been rejected together with the descending channel suggesting that bears could start taking over.

Consider selling EUR/GBP on the H4 close below the 0.7245 level which previously acted as a support and resistance multiple times. If the price goes down, it is most likely to form a double bottom near the low of 0.7000 hit on July 17. It could be used as a target. Stop loss should be well above 23.6% Fibs.

Support: 0.7210, 0.7145, 0.7060, 0.6930

Resistance: 0.7280, 0.7360

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Technical analysis of NZD/USD for December 09, 2015 Market Analysis Review

NZD/USD is expected to trade in a lower range as the key resistance is at 0.6665. The pair is trading sideways within a range between 0.6665 and 0.6605. Nevertheless, the relative strength index lacks upward momentum. Furthermore, the upward potential is likely to be limited by the resistance at 0.6665. In these perspectives, as long as 0.6665 is not surpassed, look for a new pullback to 0.6565 and 0.6540 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 0.6565. A break of that target will move the pair further downwards to 0.6540. The pivot point stands at 0.6665. 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 0.6685 and the second target at 0.6730.

Resistance levels: 0.6685 0.6730 0.6770

Support levels: 0.6565 0.6540 0.6515

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Technical analysis of NZD/USD for December 9, 2015 Market Analysis Review

Overview:

• • The NZD/USD pair will continue with its rise straight from the level of 0.6578 (23.6% of Fibonacci retracement levels on the H1 chart). Moreover, it is probably going to form a double bottom at the same price of 0.6578. Therefore, the NZD/USD pair is showing signs of strength following the break of the highest level of 0.6578, so it will be a good sign to buy above the level of 38.2% of Fibonacci with the first target of 0.6649 and further to 0.6682 (it will act as a strong resistance, so it will be a good place to put take profit). This level of taking profit will coincide with 61.8% of Fibonacci retracement level. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6578, the market will decline further to 0.6548 in order to indicate a bearish market in the same time frame.

Trading recommendations:

• According to the previous events, the price will be moving between the levels of 0.6577 and 0.6650.
• Buy above the price of 0.6577 with the first target of 0.6649, it might resume to 0.6682.
• Look for further downside with the targets at 0.6682 and 0.670 below the levels of 0.6545.

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Global macro overview for 09/12/2015 Market Analysis Review

Global macro overview for 09/12/2015:

The Chinese inflation edged up a little according to the consumer price index data released overnight. The index showed a slight increase from 1.3% to 1.5% in November, but remained well under the government's 2015 price target of 3 percent. This weak figures are rising concerns whether the world's second largest economy is slowly entering the deflationary territory. Moreover, the data might increase demands from economists for more stimulus and rate cuts to accelerate the growth.

However, the US Dollar index is still trading above 50- and 100-day moving average, but it failed to break higher above the golden trend-line dynamic resistance level. The next support is seen at the level of 97.82.

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Technical analysis of USD/CHF for December 9, 2015 Market Analysis Review

Overview:

• The USD/CHF pair is likely to find strong resistance at the level of 1.0048 and face support at 0.9815. Moreover, the double top will be placed at the same level of 0.9875. Equally important, the price is still moving between 0.9982 and 0.9875 today. Besides, the USD/CHF pair has been below the ratio of Fibonacci 38.2% retracement since yesterday. As a result, the price has already formed minor resistance at the level of 0.9982 and it is approaching it now in order to test it again. Therefore, the USD/CHF pair will get convincing downside momentum. The structure of the rise does not look corrective. It indicates a bearish opportunity below the levels of 0.9982 and 1.0048 in coming days. So, it will be a good sign to below 0.9982 with the first target at 0.9982 (this level coincides with the daily pivot point) and it will call for a downtrend in order to continue bearish moves towards 0.9875 and 0.9815 with a view to form a new double bottom on the H1 chart. However, the stop loss should always be taken into account. Thus, it will be wise to set your stop loss at 1.0085.

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

GBP/JPY is expected to trade with a bearish bias. The pair stays below its key resistance at 185.25 moving sideways between 185.25 and 184.55. Meanwhile, the relative strength index is mixed to bearish. As long as 185.25 is resistance, look for choppy price actions with a bearish bias. The first target to the downside is set at the horizontal support and overlap at 185.55. 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 185.25. 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 186.35.70 and the second target at 186.30.

Resistance levels: 185.70 186.30 186.55 Support levels: 184.55 183.95 183

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Global macro overview for 09/12/2015 Market Analysis Review

Global macro overview for 09/12/2015:

Oil prices stabilized yesterday after suffering heavy losses as the decision of the OPEC not to consider production output cuts triggered another sell-offs. The reason for that might be another fundamental news release regarding crude oil inventories which is due to be published at 3:30pm GMT today. The previous reading came in at the level of 1170K barrels, but this week market participants expect lower number (900K barrels). This number will be monitored closely, because any bigger-than-expected stockpiles will be another reason for investors to sell crude oil again.

The technical picture for crude oil does not look very bullish at present, however the doji candle might be seen after the sell-off lows around the level of 36.63. The next resistance is seen at the level of 38.95.

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Daily analysis of major pairs for December 9, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair is still making attempts to go further upwards, while the bias in the market remains bullish. The price is testing the resistance line of 1.0900, and in case the resistance line is breached to the upside, the resistance line of 1.0950 would be the next target, which might be easily attained by bulls.

USD/CHF: This pair is still in a strong bearish mode. The EMA 11 is below the EMA 56 while the Williams' % Range period 20 is often in the oversold territory. At this junction, any upwards slopes of the Williams' % Range should be interpreted as short-selling opportunities. Yes, the USD/CHF pair is under pressure at the moment.

GBP/USD: Since testing the distribution territory of 1.5150, the GBP/USD pair has gradually come down. In fact, there is a "sell" signal in the market, just in line with the bearish expectation on GBP pairs. It is possible that the market would continue going downwards with further 150 pips this week.

USD/JPY: This pair is yet to make any significant moves. There are 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: Following the great bullish breakout last week, this cross first traded sideways on Monday and then made an attempt to continue moving upwards on Tuesday. Since there is now a clear Bullish Confirmation Pattern in the market, it is easy for the price to continue journeying northwards. One reason for this expectation is the bright outlook for JPY pairs.

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Technical analysis of USD/CAD for December 9, 2015 Market Analysis Review

General overview for 09/12/2015 11:20 CET

Another marginal high has been reached and the top for the wave B purple might now be in place at the level of 1.3621. The bearish divergence between the price and the momentum oscillator supports the view, but to confirm this, the market must breakout lower into the neutral (yellow) zone again.

Support/Resistance:

1.3621 - Swing High

1.3607 - Intraday Resistance

1.3555 - WR3

1.3547 - Intraday Support

1.3517 - Technical Support

Trading recommendations:

Day traders should consider placing sell orders from current levels with tight SL and TP at the level of 1.3547.

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

General overview for 09/12/2015 11:10 CET

The market is still moving inside a trading range as the wave b of the overall corrective cycle is in progress. In the meantime the 615 Fibo at the level of 134.15 is tested again. If it gets broken, then the next resistance is seen at the level of 134.55.

Support/Resistance:

134.60 - Intraday Resistance

133.52 - Intraday Support

133.06 - 100&FiboExp|Weekly Pivot|

131.56 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur, because current risk to reward ratio is too high for any trade.

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USDX technical analysis for December 9, 2015 Market Analysis Review

The US dollar index got rejected at the 38% Fibonacci retracement resistance as we had expected pulling back down towards last week's lows. I expect dollar bulls to give a strong fight and not surrender as the support at 97.50 is very strong.

The US dollar index price is below the Ichimoku cloud heading lower towards the recent lows after the rejection at the 38% Fibonacci retracement. Support is found at 97.50 and resistance is seen at 98.70. Breaking above resistance could push the price towards 99-99.20. Breaking below support will push the index towards at least 97.20.

The weekly chart continues to be overbought and, despite a sharp decline, the stochastic oscillator has not fallen much. I believe more downside should be expected in the US dollar index over the next few weeks, but any prediction now is very dangerous considering the approaching FOMC meeting and the rate hike which is on the cards. Traders should be very cautious no matter how volatility is going to spike next week.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 9, 2015 Market Analysis Review

Gold price remains supported in the short-term as it holds above the broken resistance of the ichimoku cloud and above the 38% Fibonacci retracement of the latest rise from $1,046 to $1,089.

Gold price is above the Ichimoku cloud in the 4-hour chart. This favors bulls. The price has retraced 38% of the latest rise and has successfully back tested the breakout area of $1,070. Bulls now need to break above $1,090, while bears need to see more selling pressures in gold and a push below $1,060.

The weekly chart continues to justify at least a short-term bounce towards the area of $1,120 if not towards the Ichimoku cloud near $1,150-70. This can very well being also a long-term bottom, but only a breakout above $1,200-$1,250 could increase the chances of such a bullish scenario.The material has been provided by InstaForex Company - www.instaforex.com

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