Technical analysis of EUR/JPY for December 15, 2015 Market Analysis Review

General overview for 15/12/2015 07:40 CET

As anticipated yesterday, the price went up just to hit the intraday resistance at the level of 133.33 and after that it was capped. The resistance level is still key one, and in case of any breakout to the upside, highs of the recent post-ECB range will be tested.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.62 - WR1

133.33 - Intraday Resistance

133.11 - Weekly Pivot

132.48 - Intraday Support

132.12 - 50%Fibo

Trading recommendations:

Day traders should consider placing sell orders only from the level of 133.33 with tight SL and TP at the level of 132.47 and 132.12.

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Technical analysis of USD/CAD for December 15, 2015 Market Analysis Review

General overview for 15/12/2015 07:30 CET

The market had reached marginal new high, but then reversed quickly. The intraday support level of 1.3677 acted the support line as the price bounced from this level. A decline towards the support level was impulsive and the whole trend looks mature now as all five waves present. Please notice the bearish divergence supports the view that the top for the wave B purple is in place. To confirm the top is in place, the market must break below the technical support level of 1.3621.

Support/Resistance:

1.3779 - Intraday Resistance

1.3679 - Intraday Support

1.3646 - Weekly Pivot

1.3621 - Technical Support

Trading recommendations:

Swing traders should consider closing long-term buy orders as the cycles in the higher time frames suggests possible completion of the five wave impulsive development and an imminent corrective cycle.

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Technical analysis of Silver for December 15, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver continues moving in the downtrend hitting lower lows and lower highs. A low of $13.63 was reached yesterday. The metal needs to move above at least $14.00 and $14.60 subsequently to confirm that bulls are back in control. It is recommended to remain flat now and wait for further bullish evidence. Immediate support is seen at $13.63 follower by $13.00 and lower, while resistance is seen at $14.00 followed by $14.60 and higher. A good sign is a bullish divergence appearing on the daily chart, which indicates that reversal is near.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for December 15, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold dropped to the level of $1,058.00/59.00 yesterday before pulling back higher again. The metal is trading at the level of $,063.00 at the moment looking for an opportunity to break above the level $1,080.00. The yellow metal is trading within a channel after having broken out of immediate trend-line resistance. Please note that the metal is still holding its Fibonacci 0.618 support and a push to $1,080.00 would confirm prices moving further up to $1,115.00. It is hence recommended to hold long positions taken earlier with risk at the levels of $1,043.00. Immediate support is seen at $1,057.00, while resistance is seen at $1,080.00.

Trading recommendations:

Remain long with stop at $1,043.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for December 15, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 133.20/30 after bouncing from 132.50 yesterday. The pair tested its immediate resistance trend line as seen here dropping lower. Bearish reversal is taking place now, prices are expected to drop below the level 132.50. It is hence recommended to initiate 50% short positions now with risk around 134.80. Immediate support is seen at the level of 132.50 followed by 131.00 and lower, while resistance is seen at 134.50. Bears should remain in control until prices stay broadly below the level of 134.50.

Trading recommendations:

Initiate 50% short positions with stop at 134.80, a target is open.

Good luck!

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Daily analysis of major pairs for December 15, 2015 Market Analysis Review

EUR/USD: This pair is making attempts to go above the important resistance line at 1.0000. With the ongoing buying pressure observed in the market, the price could go above the resistance line this week. One thing should be noted, we may witness some weakness in the EUR/USD pair before the end of this month.

USD/CHF: The USD/CHF pair faces two challenges: the euro is strong and the Swiss franc could potentially rally before the Christmas Eve. Nonetheless, the USD might rally against other currencies. The price moved a bit lower on Monday, and this could be sustained today.

GBP/USD: This currency trading instrument came down by 100 pips on Monday, though there is no threat to nascent bullish signals in the market. The price would need to go below the accumulation territory of 1.5000 before it can be said that the bullish bias is over. Unless that happens, the price is likely to go upwards again. Therefore, any shallow pullbacks like this could potentially be a "buy" signal.

USD/JPY: The USD/JPY pair traded lower on Monday underlining the ongoing weakness in the market. The demand level of 120.50 was tested and it could be tested again. In case that demand level is breached to the downside, the next target would be the demand level at 120.00. Serious weakness in the yen is needed for the bearish trend to reverse.

EUR/JPY: The EUR/JPY pair merely consolidated on Monday. There was nothing significant. The price can continue trading lower, which may threaten the bullish bias. This is called a consolidation to the downside; the yen loses stamina.

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Technical analysis of GBP/CHF for December 15, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair hit another low of 1.4817 yesterday before pulling back sharply through the level of 1.4950. It seems that the pair has formed a base right at the trend line passing the level of 1.3800 according to the daily setups. It should be now poised to extend to 1.5000 immediately before producing any meaningful retracement. It is therefore recommended to remain long with risk at the level of 1.4700. Immediate support is seen at 1.4800 (interim) followed by 1.4750 and lower, while resistance is seen at 1.5030.

Trading recommendations:

Remain long with stop at 1.4700, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for December 15, 2015 Market Analysis Review

Wave summary:

We still think that a low of wave [ii] was found at 1.6142 and that wave [iii] is unfolding higher towards 1.7191 as the first major target for wave [iii]. In the longer term higher levels should be seen. However, a deeper decline from 1.6445 can not push the pair below a low of 1.6142 as this will invalidate the short-term count.

To indicate that wave [ii] is over a breakout above minor resistance at 1.6277 is needed, while a breakout above resistance at 1.6336 is needed to confirm that wave [ii] has ended and wave [iii] higher towards 1.7190 is developing. while a break above resistance at 1.6336 is needed to confirm that wave [ii] has ended and wave [iii] higher towards 1.7190 is developing.

Trading recommendation:

Our stop at 162.10 was hit for a small loss. We will only buy on a breakout above 1.6277 and place stop at 1.6140.

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Elliott wave analysis of EUR/JPY for December 15, 2015 Market Analysis Review

Wave summary:

An anticipated correction in wave b seems to end just before the 50% corrective target at 132.11 (the low of 132.48), a breakout above minor resistance at 133.34 will be the first good indication that wave b is over, while a breakout above resistance at 133.77 will be needed to confirm that wave b is over and wave c is headed higher towards at least 135.34 and even 136.69.

Support is found at 132.80 and should protect the downside for a breakout above 133.34.

Trading recommendation:

We will buy at 132.90 or upon a breakout above 133.77 with stop at 132.40.

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Technical analysis of EUR/USD for December 15, 2015 Market Analysis Review

When the European market opens, economic news on the Employment Change q/q, ZEW Economic Sentiment, and German ZEW Economic Sentiment is due to be released. The US will publish the data on the TIC Long-Term Purchases, NAHB Housing Market Index, Empire State Manufacturing Index, Core CPI m/m, and CPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1052.

Strong Resistance:1.1046.

Original Resistance: 1.1035.

Inner Sell Area: 1.1024.

Target Inner Area: 1.0999.

Inner Buy Area: 1.0974.

Original Support: 1.0963.

Strong Support: 1.0952.

Breakout SELL Level: 1.0946.

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 15, 2015 Market Analysis Review

In Asia, Japan will not release any economic data, but the US is expected to unveil data on the TIC Long-Term Purchases, NAHB Housing Market Index, Empire State Manufacturing Index, Core CPI m/m, and CPI m/m. 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: 121.72.

Resistance. 2: 121.48.

Resistance. 1: 121.25.

Support. 1: 120.96.

Support. 2: 120.72.

Support. 3: 120.48.

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 USDX for December 15, 2015 Market Analysis Review

The USDX is about to form a kind of double bottom pattern on the H1 chart, the weak bias seems to remain alive as long as the index stays trading below the 200 SMA in this time frame. We can expect a bearish continuation towards the support level of 97.01. An overall structure favors this scenario, but we should remain cautious during this weak, because of the Fed's meeting.

H1 chart's resistance levels: 98.14 / 98.80

H1 chart's support levels: 97.60 / 97.01

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 97.60, take profit is at 97.01, and stop loss is at 98.21.

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Daily analysis of GBP/USD for December 15, 2015 Market Analysis Review

On the H1 chart, the GBP/USD pair is finding dynamic support above the 200 SMA, which is close to the support zone of 1.5122. That's why we would like to see a rebound in coming days, as the GBP/USD pair remains alive with a short-term bullish bias. However, a breakout below the level of 1.5079 will invalidate that scenario. The MACD indicator is oversold.

H1 chart's resistance levels: 1.5181 / 1.5238

H1 chart's support levels: 1.5122 / 1.5079

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 1.5238, and stop loss is at 1.5125.

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NZD/USD intraday technical levels and trading recommendations for December 14, 2015 Market Analysis Review

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

Three weeks ago, a bullish engulfing candlestick was expressed around 0.6520.

Two weeks ago, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place.

Temporary bearish rejection should be expected around 0.6700-0.6750 (prominent resistance zone) on the daily chart. Actually, previous bearish rejection had been expressed earlier two weeks ago on Friday.

On the other hand, an estimated projection target for this flag pattern is located at 0.6950 only if the NZD/USD pair manages to keep trading above 0.6750 and 0.6840.

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

As anticipated, the NZD/CAD pair found resistance 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 depicted uptrend and the upper limit of the broken consolidation range). S/L should be elevated to 0.6680 to secure some of the achieved profits.

The level of 0.6750 remains a significant resistance level to offer bearish rejection similar to what happened back on December 4.

On the other hand, bullish fixation above 0.6750 and 0.6780 (previous daily high) exposes the next resistance level that comes to meet the NZD/USD pair around 0.6850.

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USD/CAD intraday technical levels and trading recommendations for December 14, 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 and 1.2800.

Few weeks ago, 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 December 7.

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 remains a significant support zone to be watched for valid buy entries if bullish pullback occurs soon.

Trading recommendations:

Conservative traders should wait for the USD/CAD pair to retrace towards the zone of 1.3380-1.3400 to have a valid buy entry. S/L should be placed below 1.3300.

Initial T/P levels should be placed at 1.3500 and 1.3600. The long-term bullish target is projected towards 1.4100.

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Intraday technical levels and trading recommendations for GBP/USD for December 14, 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 should be expected.

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.

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 a further bearish decline towards the weekly demand level of 1.4950 (corresponding to the lower limit of the depicted channel).

A bullish engulfing daily candlestick was expressed around 1.4950 on December 3.

That is why a bullish pullback towards 1.5200-1.5230 and probably 1.5350 should be expected as long as GBP/USD bulls keep moving above 1.5000 and 1.5100.

Trading Recommendation:

A valid buy entry was suggested around the weekly demand zone of 1.4950-1.4930. S/L should be elevated to 1.5100. 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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Intraday technical levels and trading recommendations for EUR/USD for December 14, 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, the long-term projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level of 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.

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

On the other hand, an obvious daily fixation above 1.1000 opens the way towards 1.1150 where prominent daily bottoms were previously established.

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Technical analysis of USD/JPY for December 14, 2015 Market Analysis Review

USD/JPY is expected to trade in a lower range as key resistance is seen at 121.35. Last Friday, the US stock indexes tumbled as energy and materials shares sank on falling oil prices. Investors were cautious over how financial markets would react after this week's Federal Reserve meeting. Nymex crude oil plunged 3.1% to $35.62 a barrel. The Dow Jones Industrial Average fell 1.8% to 17,265, the S&P 500 lost 1.9% to 2,012, and the Nasdaq Composite was down 2.2% to 4,933.

Meanwhile, investors piled into the safety of the US government bonds, driving the benchmark 10-year Treasury yield down to 2.139% from 2.239% on Thursday. And gold was up by 0.3% to $1,074 an ounce.

Boosted by falling oil prices, USD/CAD chalked fresh 11-year highs and rose 1.0% to $1.3754. Also, the US dollar strengthened against other commodity-related currencies. AUD/USD dropped 1.3% to 0.7186 and NZD/USD was down 0.5% to 0.6719. On the other hand, EUR/USD rose 0.4% to 1.0987 and USD/JPY dropped 0.6% to a 5-week closing low of 120.86.

The pair fell to as low as 120.55 last Friday. Currently, it keeps trading on the downside and is around the 20-period (30-minute chart) moving average, which is below the 50-period one. Meanwhile, the relative strength index remains below the neutrality level of 50 lacking upward momentum. The first downside target at 120.50 (last Friday's low) is in sight and a breakout below this level would open a path toward 120.15 (last seen on October 28).

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 120.50. A break of that target will move the pair further downwards to 120.15. The pivot point stands at 121.35. 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 121.85 and the second target at 122.25.

Resistance levels: 121.85 122.25 122.70

Support levels: 120.50 120.15 119.75

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Technical analysis of GBP/JPY for December 14, 2015 Market Analysis Review

GBP/JPY is expected to trade in a lower range. The pair stays below its key resistance at 184.50 capped by its 20-period intraday moving average, which has crossed below the 50-period one. Meanwhile, the relative strength index is turning down to 50. The first target to the downside is set at the horizontal support overlapping at 181.95. A breakout below this level would open the way to further weakness toward 181.15.

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 181.95. A break of that target will move the pair further downwards to 181.15. The pivot point stands at 184.50. 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 185.05 and the second target at 185.70.

Resistance levels: 185.05 185.70 186.35

Support levels: 181.95 181.15 180.35

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Technical analysis of USD/CHF for December 14, 2015 Market Analysis Review

USD/CHF is expected to trade with a bearish bias as key resistance is seen at 0.9865. The pair is turning down, and is still under pressure below the resistance at 0.9865, representing the key horizontal level and the current 50-period moving average. The 20-period moving average is reversing down plying a role of resistance. Furthermore, the relative strength index is below its neutrality area of 50. Therefore, as long as 0.9865 acts as resistance, look for choppy price actions with a bearish bias. Our next down targets are seen at 0.9795 and 0.9750.

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 0.9795. A break of that target will move the pair further downwards to 0.9750. The pivot point stands at 0.9865. 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 0.9915 and the second target at 0.9950.

Resistance levels: 0.9915 0.9950 0.9985

Support levels: 0.9795 0.9750 0.97

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Technical analysis of NZD/USD for December 14, 2015 Market Analysis Review

NZD/USD is expected to trade with a bullish bias currently trading at 0.6700, the pair is just above its key support at 0.6724 and is still testing this threshold. The intraday technical indicator such as the relative strength index is mixed calling for being cautious. Besides, the 20-period and 50-period moving averages are turning flat, posting mixed signals. In this case, as long as 0.6700 is not clearly broken, we remain cautiously positive with targets at 0.6790 and 0.6835.

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 0.6790 and the second target at 0.6835. In the alternative scenario, short positions are recommended with the first target at 0.666 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 0.67.

Resistance levels: 0.6790 0.6835 0.6875

Support levels: 0.6660 0.6590 0.6565

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Daily analysis of Silver for December 14, 2015 Market Analysis Review

Overview

Silver price ended last week trading below the level of 13.96, which puts the price under the negative pressure in the upcoming period, opening the way towards 13.50 and then to 13.00 as next major targets. The EMA50 negatively influences the price, while stochastic gradually loses its bullish momentum to support the suggested bearish bias. Be aware that breaching 13.96 and then 14.15 will hinder the current decline making the price to recover attempts on an intraday basis. Silver price has been trading negatively since morning in an attempt to move away from the level of 13.96, which supports the continuation of our bearish trend expectations efficiently for the rest of the day. With supported from the EMA50 waiting for visiting 13.50 and then 13.00 should remind you that holding below 13.96 and 14.15 is important for the continuation of the suggested decline.

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Daily analysis of GBP/JPY for December 14, 2015 Market Analysis Review

Overview

A fall from 188.79 is expected to extend lower with resistance 186.33 remaining intact. As noted before, a consolidation pattern from 180.36 was completed at 188.79 and a deeper decline should be seen back to the support zone of 180.36/64. Nonetheless, a break of minor resistance at 186.33 would now dampen our bearish view and turn focus back to 188.79. Also, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A breakout of 174.86 will confirm 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'll be cautious on strong resistance from 199.80/200.00.

Daily Pivots: (S1) 183.37; (P) 184.21; (R1) 184.86;

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EUR/NZD analysis for December 14, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6234. In the background, the price went down in an ultra-high volume (selling climax), so trading around the level of 1.6180 looks very risky. I saw rejection from Fibonacci retracement 61.8% at the level of 1.6255. We may see potential retesting of 1.6560 during the next period. Selling looks very risky.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6430

R2: 1.6500

R3: 1.6615

Support levels:

S1: 1.6210

S2: 1.6140

S3: 1.6030

Trading recommendations : Selling EUR/NZD at this stage looks very risky since the price is testing the major support cluster. Watch for potential buying opportunities on dips.

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Technical analysis of Silver for December 14, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading around the level of $13.67 at the moment dropping below $13.76. Fresh lows have been reached today, but bullish divergence remains on the daily chart view (not shown here). The metal is expected to produce a counter-trend bounce any time soon, but it is recommended to remain flat at the moment. Immediate support is seen at $13.00 followed by $12.00 and lower, while resistance is seen at $14.60 and higher. Bears shall continue to remain in control until prices remain under the level of $14.60.

Trading recommendations:

Remain flat now.

Good luck!

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Technical analysis of Gold for December 14, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold reached intraday lows at the level of $1,065.00 before pulling back higher again today. The yellow metal is trading around $1,067.00/68.00 now. We expect it to hit a highs of $1,115.00 until prices stay broadly above $1,062.00 and subsequently above $1,045.00. It is hence recommended to remain long from Friday ($1,062.00), with risk at $1,045.00. Immediate support is seen at $1,062.00 (interim) followed by $1,045.00 and lower, while resistance is seen at $1,084.00 followed by $1,088.00 and higher.

Trading recommendations:

Remain long with stop at $1,045.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for December 14, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has reached fresh lows today and is currently trading around the levels of 1.4840/50. According to the wave structure, a drop from 1.5570 still seems to be corrective. It can be completed at both 1.4850 or 1.4800. It is therefore recommended to remain long looking for an opportunity to add positions around the level of 1.4800 if reached with risk around 1.4700. Immediate support is seen at the level of 1.4700, while resistance is seen at 1.5150 followed by 1.5320 and higher respectively.

Trading recommendations:

Remain long, add further around 1.4800, stop is at 1.4700, a target is open.

Good luck!

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Technical analysis of EUR/JPY for December 14, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY has dropped lower towards 132.40/50 levels today. Please note that it is also around the Fibonacci 0.382 support of the entire rally between 129.00 and 134.00 respectively. It is quite possible that the pair bounces or at least produces a pullback from current levels. It is hence recommended to take profits on short positions taken earlier. Immediate support is seen at the levels of 132.40/50 (interim) followed by 131.50 and lower, while resistance is seen at 133.00 followed by 133.50, 134.50, and higher. On the flip side, a breakout below 132.40 would accelerate further downside.

Trading recommendations:

Place take profits on short positions taken earlier and remain flat.

Good luck!

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Technical analysis of EUR/USD for December 14, 2015 Market Analysis Review

Overview:

• The level of 1.1088 is going to form a coherent resistance this week. Moreover, it might be important to notice that the pivot point of the EUR/USD pair will be set at the price of 1.0941. Besides, the support was broken and turned into resistance last week. As a result, it will very profitable to sell at 1.1088 with a target at 1.0941 in the short term in order to test the first support. On the other hand, the best place to set stop loss should be above the weekly resistance 1 (1.1088).

Notes:

• Major support will be set at the price of 1.0852; and the double bottom has been already placed at 1.0795.
• Major resistance is going to be at 1.1088
• We expect a new range about 325 pips this week.
• If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in a downtrend.

Weekly technical levels of EUR/USD:

Review:

• The pivot point: resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it could pass them through. Pivot lines work well on sideways markets as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and to continue moving. If released breaking news affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3.

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Technical analysis of GBP/USD for December 14, 2015 Market Analysis Review

The weekly technical analysis of the GBP/USD pair:

Trading recommendations:

• According to the previous events, the GBP/USD pair is still moving between the levels of 1.5239 and 1.5034.
• Strong resistance will be formed at 1.5239 providing a clear signal for sell deals with a targets seen at the daily pivot point (1.5100) and 1.5064. On the other hand, stop loss should be placed above the double top at 1.5260.
• Strong level (support) will be formed at 1.5034 providing a clear signal for buy deals with a target seen at 1.5205.

Observations:

• The double top will be set at the level of 1.5239.
• We expect a range of 110 pips today.
• But it should be noted that the risk of 73 pips must make a profit of 110 pips.
• Volatility: 295. Therefore, the market indicates the lower volatility.
• The value of 23.6% Fibonacci retracement levels is 1.5022 (for confirming for the bullish market).

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Global macro overview for 14/12/2015 Market Analysis Review

Global macro overview for 14/12/2015:

The eurozone industrial production data was released early this morning have beating the expectations: market participants had expected the number to be at the level of 0.3% m/m (1.4% y/y), the number was 0.6% m/m (1.9% y/y). Comparing this data to the previous month output (-0.3% m/m; 1.3% y/y), we can see solid improvement in the EU industrial production as this sector of the economy is continuing to build up momentum.

The EUR/USD pair is trading slowly in the middle of a range ahead of the Fed's rate decision on Wednesday. The next support is seen at the level of 1.0923 and next resistance is seen at the level of 1.1030.

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Global macro overview for 14/12/2015 Market Analysis Review

Global macro overview for 14/12/2015:

The most anticipated fundamental event, the Fed's interest rate decision, will take place this week. On the other hand, last night's data regarding Japan's Tankan Manufacturing index was better than expected (25 vs. 23 expected and 12 vs. 11 expected) against the disappointing outlook. In particular, the weak manufacturer outlook suggested a fall to -4 from -2, which is a surprising signal about widespread pessimism from businesses. This might be the first reason behind the BOJ's decision to broaden easing measures in Q1 2016.

The USD/JPY pair is trading in the middle of a range between the levels of 120.02 and 122.24, still above the long-term golden trend line.

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Gold : analysis for December 14 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,068.00. In the daily time frame, I found an inside-bar formation with support at the level of $1,058.15 and resistance at the level of $1,088.50. A trend is downward in mid and long term. According to the H1 time frame, we can observe a buying climax with a very wide spread of bars and strong reaction from sellers. I found lower swing highs and supply trend line, which is a sign of downward momentum. I have placed Fibonacci expansion to find potential support. Fibonacci expansion 100% is at the level of $1,063.00 (already tested) and Fibonacci expansion 161.8% is at the level of $1,050.00. If the price breaks the level of $1,062.00 in a high volume, we may see potential testing of the level of $1,050.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,073.15

R2: 1,073.60

R3: 1,074.37

Support levels:

S1: 1,071.60

S2: 1,071.13

S3: 1,070.35

Trading recommendations: Watch for selling opportunities. A trend is downward in the short and mid terms.

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Technical analysis of EUR/JPY for December 14, 2015 Market Analysis Review

General overview for 14/12/2015 08:50 CET

A corrective cycle might be evolving into more complex WXY pattern if the level of 133.33 is not clearly violated. However, if this level is broken, the abcde green triangle pattern in wave (b) is completed and impulsive wave to the upside is in progress.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.62 - WR1

133.33 - Intraday Resistance

133.11 - Weekly Pivot

132.48 - Intraday Support

132.12 - 50%Fibo

Trading recommendations:

Day traders should consider placing sell orders only from the level of 133.33 with tight SL and TP at the level of 132.47 and 132.12.

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USDX technical analysis for December 14, 2015 Market Analysis Review

The US dollar index failed to reach a new lower low last week. It is now testing important short-term resistance levels. As I have been expecting since last Friday, bulls should regain control of the trend as the Fed is expected to raise rates and strengthen the US dollar.

Black line - resistance trend line

Although the market might have already priced in a rate hike, technically the US dollar index is ready to give a short-term bullish signal by breaking above the resistance trend line at 97.90. Next resistance is seen at 98.90. Support is found at 97.20. If it gets broken, we should expect the level of 96.50 to be tested.

In the weekly chart, we can see how the price held above the first Ichimoku support the tenkan-sen at 97.15 where the 50% Fibonacci retracement is also found. Bulls have stepped in and from this area we could see the next upward leg that can bring the index to new highs above 100-101.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 14, 2015 Market Analysis Review

Gold price remains under pressure, and we have not seen yet another breakout or bullish signal. This will happen only if the price breaks above $1,080. Gold price has stopped moving to lower lows and this increases the chances of a weekly bounce towards at least $1,120.

Black line - resistance

Green line - support

In the 4-hour chart, gold price remains above the Ichimoku cloud support. Important short-term resistance is found at the black downward sloping trend line at $1,080. Support is found at $1,060. Breaking above $1,080 will increase the chances of a move towards $1,100-$1,120. Breaking below $1,060 will open the way to $1,000.

Nothing new is happening in the weekly chart. Oversold stochastic and RSI turning upwards. Selling pressure stopped pushing the price towards new lows and we should expect a strong bounce soon. However, with the FOMC meeting taking place this week, traders should be very cautious.The material has been provided by InstaForex Company - www.instaforex.com

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