Elliott wave analysis of EUR/NZD for December 16, 2015 Market Analysis Review

Wave summary:

A failure to hold an expected wave [ii] low of 1.6105 is of concern to us. However, as the low of 1.6049 continues to preserve a low, we will give bulls the benefit of the doubt, for a new rally above 1.6445 that will call for renewed upside pressure towards 1.6749 and above towards 1.7190.

If however, important support at 1.6049 gives away, a rally of a low at 1.5784 in three waves indicates that it has been a corrective rally and a new decline to and below this low should be seen.

Trading recommendation:

We will only buy EUR upon a break above 1.6255 with stop placed at 1.6115.

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Elliott wave analysis of EUR/JPY for December 16, 2015 Market Analysis Review

Wave summary:

Our preferred count indicates that wave b ended at 132.39 and that wave c higher towards at least 135.34 is about to unfold. However, to confirm that wave b is over and wave c higher is developing, a breakout above 133.53 is needed. It should just be a matter of time before minor resistance at 133.53 is broken, but until then there is the risk of a deeper correction in wave b towards 132.10 and maybe even 131.52.

Trade recommendation:

We are long EUR from 132.90 with stop placed at 132.40. If you are not long EUR yet, then buy EUR upon a breakout above 133.53 and place you stop at 132.60.

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Technical analysis of EUR/CAD for December 16, 2015 Market Analysis Review

The EUR/CAD pair has been moving upwards providing no signs of a potential trend reversal.

The Fibonacci applied to an ascending channel breakout point shows that resistance was broken. The final target at 0% Fibonacci has not been reached, while 23.6% resistance level was broken.

As the price rejected the support area, consider buying EUR/CAD, while it is near S1 (1.4977), targeting R4 (1.5248). Stop loss should be placed well below S2 (76.4% retracement level).

Support: 1.4977, 1.4913

Resistance: 1.5028, 1.5080, 1.5144, 1.5248

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Technical analysis of CHF/JPY for December 16, 2015 Market Analysis Review

CHF/JPY is still trading down although a corrective wave up is taking place. The price is moving within the descending channel, and it was very close to reach the upper trend line, but yet failed to do so.

At the same time, CHF/JPY broke above 61.8% Fibonacci but has not touched the channel nor the next Fibonacci retracement level 76.4%.

While an uptrend trend line was rejected and resistance was not tested. Consider buying CHF/JPY near the current rate targeting R2 (124.24). Stop loss should be placed below S1 (122.34), which is 50% retracement level.

Support: 122.34

Resistance: 123.20, 124.25

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Technical analysis of EUR/USD for December 16, 2015 Market Analysis Review

When the European market opens, economic news on the Trade Balance, Final Core CPI y/y, Final CPI y/y, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due to be released. The US will unveil economic data on the Federal Funds Rate, FOMC Statement, FOMC Economic Projections, Crude Oil Inventories, Flash Manufacturing PMI, Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Building Permits. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0980.

Strong Resistance:1.0980.

Original Resistance: 1.0969.

Inner Sell Area: 1.0958.

Target Inner Area: 1.0933.

Inner Buy Area: 1.0908.

Original Support: 1.0897.

Strong Support: 1.0886.

Breakout SELL Level: 1.0880.

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 16, 2015 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will publish some data on the Funds Rate, FOMC Statement, FOMC Economic Projections, Crude Oil Inventories, Flash Manufacturing PMI, Industrial Production m/m, Capacity Utilization Rate, Housing Starts, and Building Permits. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 122.32.

Resistance. 2: 122.08.

Resistance. 1: 121.85.

Support. 1: 121.55.

Support. 2: 121.32.

Support. 3: 121.08.

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 16, 2015 Market Analysis Review

On the H1 chart, the USDX is preparing to do a pullback at the 200 SMA, because of the current weakness, but bear in mind the index could try an intraday consolidation above the 200 SMA to face resistance in the zone of 98.80. In another scenario, a pullback can send the USDX to visit the support level of 97.01. The MACD indicator is overbought.

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 16, 2015 Market Analysis Review

The cable is still looking for an opportunity to break out the support level of 1.5032 in the H1 chart, as the pair is trading below the 200 SMA. However, a rebound cannot be discarded at this stage yet, because of current strength of the support level. If that happens, we should see a rally towards the resistance level of 1.5122. The MACD indicator is at the negative territory.

H1 chart's resistance levels: 1.5079 / 1.5122

H1 chart's support levels: 1.5032 / 1.4962

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 1.5079, take profit is at 1.5122, and stop loss is at 1.5036.

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

Overview

The silver price shows a bigger decline after confirming breaking the 13.96 level, reinforcing the negative scenario that its next targets located at 13.50 followed by 13.00, to keep the decline suggested for the upcoming sessions. The EMA50 continues to support the bearish wave organized inside the bearish channel that appears on image, which its continuation conditions holding below 13.96 and the most important below 14.30. The silver price settles near the 13.75 level, as long as the price below 13.96 and 14.30, so our bearish trend expectations will remain valid and active, supported by the negative pressure that comes from the EMA50. Our waited targets begin at 13.50 then 13.00, pointing that stochastic current positivity might push the price to retest the 13.96 level before resuming the decline.

Expected trading range for today is between the 13.40 support and the 14.00 resistance.

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

Overview

GBP/JPY's fall from 188.79 is still in progress and intraday bias remains on the downside. Сonsolidation pattern from 180.36 has been completed at 188.79 and a deeper decline should be seen back to the 180.36/64 support zone. Nonetheless, a break of the 186.33 minor resistance would now dampen our bearish view and turn focus back to 188.79 instead. This is supported by bearish divergence condition in the weekly MACD. 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 200 psychological level. A break of 174.86 will confirm a trend reversal and a bring 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) 183.37; (P) 184.21; (R1) 184.86

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NZD/USD intraday technical levels and trading recommendations for December 15, 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 temporary 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 0.6720 to secure some of the achieved profits.

The level of 0.6840 remains a significant resistance level to offer a valid Intraday SELL entry.

On the other hand, bearish fixation below 0.6750 opens the way towards 1.6700 where a valid BUY entry can be offered.

The price level of 1.6700 corresponds to a recent support level and the depicted uptrend line. S/L should be located below 1.6650. T/P levels are projected towards 1.6840 and 1.6900.

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USD/CAD intraday technical levels and trading recommendations for December 15, 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 a 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 low risk 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 15, 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 1.5250-1.5300. S/L should be placed above 1.5350.

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Intraday technical levels and trading recommendations for EUR/USD for December 15, 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 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 level of 1.1000 remains the 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 15, 2015 Market Analysis Review

USD/JPY is expected to trade with bearish bias as key resistance is at 121.45. Overnight, US stock indices settled with broad gains, lifted by shares in telecoms and consumer staples sectors. The Dow Jones Industrial Average rose 0.6% to 17,368, the S&P 500 gained 0.5% to 2,021, and the Nasdaq Composite was up 0.4% to 4,952.

Nymex crude oil also rebounded, gaining 1.9% to $36.31 a barrel, while gold was down 1.0% to $1,063 an ounce. Meanwhile, the benchmark 10-year Treasury yield climbed up to 2.225% from 2.139% Friday.

At the same time, the US dollar edged lower as investors positioned for the Federal Reserve's interest rate decision later this week. The Wall Street Journal Dollar Index fell 0.1% to 89.68. EUR/USD was broadly flat at 1.0990, while USD/JPY was up 0.1% to 121.02, while AUD/USD rose 0.8% to 0.7241 and NZD/USD was up 0.5% to 0.6754. The pair sank to as low as 120.30 before posting a rebound overnight. Though it is currently continuing with the rebound and trading above the 20-period (30-minute chart) and 50-period moving averages, it remains capped by the key resistance at 121.45. As long as 121.35 is not surpassed, the pair is expected to post choppy price actions with a bearish bias. The first downside target is set at 120.30 (yesterday's low) and the second one at 119.60 (last seen on October 22).

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 120.30. A break of that target will move the pair further downwards to 119.60. The pivot point stands at 121.45. 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: 120.30 119.60 119

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

The pair NZD/CAD has been moving up for an extended period of time now, which makes it about 3 months of an uptrend. There is a possibility that bulls are now exhausted. They can give up their long positions which can lead to a correctional wave down.

The reason for that is the double Fibonacci based resistance that has been reached and seems rejected. The price bounced off the 161.8% and 76.4% retracement levels at the same time. Clearly, the resistance is strong and not penetrated. With the given conditions, I would expect a wave down to test one of the Fibonacci (18th October low - 15th December high) retracement levels, either 23.6% (0.9170) or 38.2% (0.9060.

Consider looking for sell opportunities sometime this week, while the price is near 0.9290, targeting one of the above mentioned Fibonacci levels.

Support: 0.9170, 0.9060

Resistance: 0.9350, 0.9290

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

After a very heavy drop, CAD/CHF found the bottom near the 0.6900 support area. And then no clear trend was formed. The consolidation might continue and overall, the best strategy during such periods is to buy low and sell high.

Currently, we are witnessing the price being at its low since August 24, 2015 and it is rejecting the ascending channel. At the same time, 38.2% Fibonacci level was broken while the 50% retracement level has not been tested yet.

Consider buying CAD/CHF while it is near the S1 (0.7140) support level, targeting 50% Fibonacci, that is the 0.7770 resistance area. The stop loss should be put slightly below the low of August 24, 2015.

Support: 0.7140, 0.6900

Resistance: 0.7310, 0.7570, 0.7780

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

USD/CHF is expected to trade with bearish bias. The pair rebounded yesterday, but is still below its key resistance at 0.9910. The intraday technical indicators are mixed and call for caution. A new test of 0.9795 is most likely to occur in the coming trading hours. Only a breakout of this threshold would open the path to 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 0.9910. 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 0.9950 and the second target at 0.9990.

Resistance levels: 0.9950 0.9990 1.0020

Support levels: 0.9795 0.9750 0.97

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

NZD/USD is expected to trade in a higher range as bias remains bullish. The pair resumed its bullish trend, backed by its rising 20-period moving average. Currently trading at 0.6750, the prices are very close to the resistance at 0.6750, and are expected to test it in sight. The relative strength index is bouncing off its neutrality area at 50, calling for further advance. To sum up, as long as 0.6750 holds on the downside, a new rise is expected to 0.6845 and 0.6880 in extension.

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 0.6845 and the second target at 0.6880. In the alternative scenario, short positions are recommended with the first target at 0.6725 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 0.6685. The pivot point is at 0.6750.

Resistance levels: 0.6845 0.6880 0.6930

Support levels: 0.6685 0.6660 0.6590

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

GBP/USD is expected to trade with a bearish bias as key resistance is seen at 184. The pair remains under pressure below the key resistance of 184, which is likely to limit any upward attempts. Both the 20-period and 50-period moving averages are turning down, which indicates a negative signal in the market. In this case, as long as 184 holds on the upside, a new pullback to 182.65 (the previous swing low), and 181.95 seems to be on the cards.

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 182.65. A break of that target will move the pair further downwards to 181.95. The pivot point stands at 184.00. 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 184.50 and the second target at 185.05.

Resistance levels: 184.50 185.05 185.70

Support levels: 182.65 181.95 181.15

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

Overview:

• According to the previous events, the AUD/USD pair is going to move between support and resistance today. The support and resistance are placed at the levels of 0.7212 and 0.7298 respectively. The resistance is set at the level of 0.7298. Consequently the market will indicate a bearish opportunity below 0.7298, because the level of 0.7298 is going to act as strong resistance on December 15, 2015. Therefore, sell below this level today with the first target at 0.7212 in order to test the weekly pivot point in the H1 chart. Equally important, if the trend succeeds in closing below 0.7212, then the market will be continuing in downtrend below the weekly pivot point towards the level of 0.7195 with a view to test the double bottom. However, the stop loss should be placed above 0.7300 at the level of 0.7345.

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

Overview:

• The USD/CHF pair has still been moving between 0.9801 and 0.9915, but we should noticed that the price set below strong resistance at the levels of 0.9901 (50% of Fibonacci retracement levels in H4 chart). Moreover, these levels are coinciding between 50% and 38.2% of Fibonacci retracement levels in the H4 chart and the pair has already formed a strong resistance at the level of 0.9915. So, now the pair is approaching it in order to test it. Therefore, downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9915, sell below 0.9915 with the first target at 0.9803. It will call for downtrend continues falling towards 0.9803 to try to breaking the weekly support 1. Thus, if the trend is able to break out the weekly support 1 (0.9803), then the level of 0.9676 will be seen.

Intraday technical levels:

• R3: 1.0075
• R2: 0.9989
• R1: 0.9915
• PP: 0.9844
• S1: 0.9798
• S2: 0.9697
• S3: 0.9558

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Global macro overview for 15/12/2015 Market Analysis Review

Global macro overview for 15/12/2015:

The ZEW Economic sentiment data for Germany was released this morning beating the expectations. The economic sentiment index slightly improved to the level of 16.1 from 15.2 last month and the current situation assessment sub-index improved to the level of 55.0 as well from 54.2 a month ago. ZEW institute head Clemens Fuest commented that the slowdown in emerging markets exerting pressure on German exports and large influx of refugees is a challenge above all. Nevertheless, everything looks good enough to the ZEW survey respondents.

The EUR/USD pair is trading slowly in a tight range ahead of the important US news release tomorrow. The resistance is seen at the level of 1.1059 and next support is seen at the level of 1.0923.

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Global macro overview for 15/12/2015 Market Analysis Review

Global macro overview for 15/12/2015:

he UK inflation data has been released this morning widely disappointing the market. The consumer price index edged higher to the level of 0.1% versus 0.0% a month ago, but the produce index components were all worse than expected. The PPI input lowered to -1.6% versus -1.0% a month ago, and the PPI output came in at -0.2% versus 0.0% a month ago. The inflation then appears to stubbornly stay at lower levels and the BoE targeted level of 2% seems to be far away.

The GBP/USD pair is training inside a tight range ahead of the major market news release from the US on Wednesday. The support level is seen at 1.5107 and resistance is seen at the level of 1.5198.

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EUR/NZD : analysis for December 15, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6170. In the background, the price went down in an ultra-high volume (selling climax), so selling around the level of 1.6180 looks very risky. In the M30 time frame, I found an extended downward channel, and the price is about to break the level of 1.6250. Also, I saw rejection from Fibonacci retracement 61.8% at the level of 1.6150. Major resistance is seen around the level of 1.6540. Intraday resistance is at 1.6350

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6360

R2: 1.6400

R3: 1.6460

Support levels:

S1: 1.6230

S2: 1.6190

S3: 1.6130

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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Gold analysis for December 15, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,058.58 in a high volume. In the daily time frame, I found an inside-bar formation with a support at the level of $1,058.15 and resistance at the level of $1,088.50. The trend is downward in mid and long terms. 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 rejection from our supply trend line, which is a sign of downward continuation. Our Fibonacci expansion 100% is at the level of $1,063.00 was broken and Fibonacci expansion 161.8% at the level of $1,050.00 is next support.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,072.30

R2: 1,076.50

R3: 1,083.25

Support levels:

S1: 1,058.80

S2: 1,054.60

S3: 1,047.90

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

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USDX technical analysis for December 15, 2015 Market Analysis Review

The US dollar index remains weak with new short-term lows ahead, but with the RSI providing a bullish divergence signal combined with the FOMC meeting scheduled for tomorrow. Dollar bears should be very cautious.

Black lines - downward sloping wedge

Blue line - price projection

The US dollar index is trading inside a downward sloping wedge at the 50% Fibonacci retracement of a rise from 93.80. This is important support. The RSI is also giving a bullish divergence signal as it does not reach lower lows like the price did. With the FOMC meeting taking place tomorrow and these signals, bears should be very cautious.

Although short-term trend is bearish, the medium- and long-term trend remains bullish as the weekly chart remains above the weekly Ichimoku indicators and above the weekly cloud. Weekly support levels are found at 96.50 and at 95.40. I believe that the US dollar index will reverse to the upside and we should expect the US dollar to rally. Important resistance that needs to be broken is seen at 98.

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Gold technical analysis for December 15, 2015 Market Analysis Review

Gold has broken the short-term triangle consolidation to the downside generating a short-term sell signal. Gold price can now move lower towards $1,020-30 to reach a new lower low.

Green line - support (broken)

Black line - resistance

Gold price is trading below both the support trend line and below the Ichimoku cloud. This is a short-term bearish signal. Unless bulls manage to push prices above $1,080, we should expect more selling pressures towards $1,020-30.

The weekly chart continues to show the price trading at oversold levels and downside movement is limited to a new low towards $1,020-30. At this point I cannot expect a deep decline below $1,000. The next big move will be to the upside.The material has been provided by InstaForex Company - www.instaforex.com

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