Elliott wave analysis of EUR/NZD for December 17, 2015 Market Analysis Review

Wave summary:

A breakout below 1.6049 has forced a new short-term count. We still regard the level of 1.5784 as a low for wave 2 and the rally of this low as the start of a new impulsive rally (wave i), while the wave ii has turned into an expanded flat correction. Wave ii could be over at 1.5991, which will confirm a breakout above 1.6246. As long as minor resistance at 1.6246 protects the upside, the risk remains for a move closer to 1.5930, but it is not necessary.

Above 1.6246, the market will call for a continuation higher to 1.6749 and higher to 1.7131.

Trading recommendation:

We will buy only on a break above 1.6246 with stop placed at 1.5985.

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Elliott wave analysis of EUR/JPY for December 17, 2015 Market Analysis Review

Wave summary:

A correction in wave b ended at 132.39 and we continue to watch for a breakout above 133.78 confirming that wave c is unfolding higher towards 135.34 and possibly even higher to 136.69.

Ideally, short-term minor support at 132.65 will protect the downside for an expected breakout above 133.78. Only a breakout below support at 132.39 keeps wave b alive for a move closer to 132.11 and maybe even closer to 131.52 before wave c is ready to take over.

Trade recommendation:

We are long EUR from 132.90 with stop placed at 132.40. If you are not long yet, then buy on a break above 133.78 with stop placed at 132.60.

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Daily analysis of major pairs for December 17, 2015 Market Analysis Review

EUR/USD: After testing the resistance line at 1.1050, this currency trading instrument got corrected to the downside. Nevertheless, this could be seen as a mere correction in the context of an uptrend, because the price should go below the support line of 1.0800 before it could be assumed that the bullish bias is over.

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 major currencies. Any rallies that are seen in this market should be taken as short-selling signals, because the bearish outlook would be in place until the great resistance level of 1.0000 is overcome.

GBP/USD: This week, the cable fell by 200 pips, leading to a clear Bearish Confirmation Pattern in the market. The price has moved below the distribution territory of 1.5000, going towards the accumulation territory of 1.4950.

USD/JPY: After testing the demand level of 120.50, the USD/JPY pair moved upwards by 170 pips this week. This is happening in the context of a downtrend, though the bias would turn bullish once the price goes above the supply level of 122.50 (for the bearish trend is now threatened). Since the outlook on JPY pairs is bullish for the month of December, this is very likely to occur.

EUR/JPY: A closer look at the 4-hour chart reveals that this cross is in a bullish mode, though the price has moved sideways so far the week. The sideways movement cannot last forever. The price is likely to journey further upwards from here, as bulls target the supply zones of 134.00 and 134.50.

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Technical analysis of USD/CHF for December 17, 2015 Market Analysis Review

Overview:

• The USD/CHF pair is calling for the bullish market from the levels of 0.9785, 0.9845, and 0.9908 since last week. Today, the level of 0.9908 represents support 1. Moreover, it should be noticed that the USD/CHF pair is still moving between the first support and first resistance, which set at the 0.9908 and 1.0046 respectively. As it is known, the chronicle will probably repeat itself at these levels again. Therefore, as an upward trend is still strong in the H1 chart, it will be good to buy above the level of 0.9908 with the first target of 0.9984 (minor resistance on the same chart). It will call for an uptrend in order to continue its bullish movement towards 1.0045 in coming hours. Also, we should bear in mind that the strong resistance (1.0046) is coinciding with the ratio of 50% Fibonacci retracement levels. However, a stop loss should never exceed your maximum exposure amounts. Consequently, the stop loss should be placed below the support of 0.9908 at the level of 0.9865.

Observations:

• We expect a new range about 150 pips in coming days.
• The key level will set at the level of 1.0046.
• The support of the USD/CHF pair has already set at 0.9908.

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Technical analysis of GBP/USD for December 17, 2015 Market Analysis Review

Overview:

• The resistance is seen at the level of 1.5034, and a double top is placed at 1.5062 in the H4 chart. Also, it should be noted that the daily pivot point had already placed at 1.5034 in the same time frame. Consequently, the descending movement will probably be lower than the level of 1.5034 with a targets at 1.4894 in order to try breaking a double bottom. If the pair is able to break the double bottom at 1.4894, it will continue moving towards the levels of 1.4854 (support 2). On the contrary, the support was already found at 1.4854. Furthermore, it should be noted that it will rather profitable to buy above this level to retest this level in the long period. Therefore, buy deals are recommended above the level of 1.4854 with targets at 1.4903 and 1.5033 to retest the support from below again.

General idea about the pivot point.

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets as the prices are most likely to be located between resistance 1 and support 1. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may 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. If the trend breaks resistance or support, it is likely to result in a significant price movement.

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Technical analysis of EUR/USD for December 17, 2015 Market Analysis Review

When the European market opens, economic news on the Italian Trade Balance, ECB Economic Bulletin, and German Ifo Business Climate is due to be released. The US will unveil data on the Natural Gas Storage, CB Leading Index m/m, Current Account, Unemployment Claims, and Philly Fed Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0926.

Strong Resistance:1.0920.

Original Resistance: 1.0909.

Inner Sell Area: 1.0898.

Target Inner Area: 1.0873.

Inner Buy Area: 1.0848.

Original Support: 1.0837.

Strong Support: 1.0826.

Breakout SELL Level: 1.0820.

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 17, 2015 Market Analysis Review

In Asia, Japan will release data on the Trade Balance, and the US will publish news on the Natural Gas Storage, CB Leading Index m/m, Current Account, Unemployment Claims, and Philly Fed Manufacturing Index. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.04.

Resistance. 2: 122.80.

Resistance. 1: 122.56.

Support. 1: 122.26.

Support. 2: 122.02.

Support. 3: 121.78.

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 17, 2015 Market Analysis Review

The USDX is trying to do a bullish consolidation above the 200 SMA in the H1 chart, after the Fed's interest rate hike to 0.50%, in an announcement made at Wednesday's session. Technically, we should see a rally towards the resistance level of 98.80 where a pullback can happen to take a breath before any rallies that could be seen. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 98.80 / 99.19

H1 chart's support levels: 98.14 / 97.60

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 98.14, take profit is at 97.60, and stop loss is at 98.69.

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Daily analysis of GBP/USD for December 17, 2015 Market Analysis Review

On the H1 chart, GBP/USD moved lower, but still in a mixed manner after the Fed's meeting which raises the interest rates for first time over the last 7 years. Currently, we can expect another decline towards the support level of 1.4962 which was tested during Wednesday's session. However, we cannot discard a rebound above the resistance level of 1.5032.

H1 chart's resistance levels: 1.5032 / 1.5079

H1 chart's support levels: 1.4962 / 1.4918

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 1.5032, take profit is at 1.5072, and stop loss is at 1.4986.

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Daily analysis of Silver for December 16, 2015 Market Analysis Review

Overview

Silver price shows a slight bullish bias to approach from retesting the level of 13.96, positively influenced by stochastic that we mentioned in our last report, noticing that the indicator loses its bullish momentum accompanied by the mentioned level, which supports the chances for resuming the main bearish trend that moves within the bearish channel that appears in the image. Therefore, our bearish trend expectations will remain valid and active in the upcoming period, supported by the EMA50 which reminds us that our next targets is seen at 13.50 extending to 13.00, while achieving it conditioned by holding below 13.96 and 14.20. Holding below the levels of 13.96 and 14.20 represents the main condition for achieving the suggested targets.

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Daily analysis of GBP/JPY for December 16, 2015 Market Analysis Review

Overview

A fall in the GBP/JPY pair, which began at 188.79, is still in progress with an intraday bias towards the downside. 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 breakout of minor resistance at 186.33 would now dampen our bearish view and turn focus back to 188.79. The breach of the medium term-trend line support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the weekly MACD. 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 should be cautious about strong resistance from 199.80/200.00 to bring reversal.

Daily Pivots: (S1) 183.32; (P) 183.26; (R1) 183.96;

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NZD/USD intraday technical levels and trading recommendations for December 16, 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 0.6750 and 0.6840 (daily resistance levels) on the daily chart. Actually, an earlier bearish rejection had been expressed 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 candlestick in the H4 chart.

Shortly after, the NZD/CAD pair found temporary resistance around 0.6700 and 0.6750 providing evident bearish rejection.

For NZD/USD 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 the 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 the depicted uptrend line as well as a recent support level. 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 16, 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.

A bullish visit towards the next resistance level at 1.4100 (Fibonacci Expansion 100%) should be expected.

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 16, 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 an obvious 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.

This is why a bullish pullback towards 1.5200-1.5230 was expressed as the GBP/USD pair managed to push above 1.5000 and 1.5100.

This week, significant bearish rejection was expressed around 1.5230. Two bearish engulfing daily candlesticks have already been expressed. The price level of 1.4950 is the nearest demand level to be visited.

Trading Recommendation:

A valid sell entry was suggested anywhere around the supply level of 1.5250. S/L should be placed above 1.5300.

Risky traders can wait for bearish closure below 1.4950 to sell the GBP/USD pair. An initial bearish target would be located at 1.4850.

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Intraday technical levels and trading recommendations for EUR/USD for December 16, 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 existed 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 the current bullish pullback was initiated.

A daily breakdown of the monthly demand level (1.0550) was needed to expose the next bearish target level at 1.0460. However, bullish fixation above 1.0550 and 1.0700 brought the EUR/USD pair back to the level of 1.0990 (Sell Entry).

This week, 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, obvious bearish closure below 1.0820 is needed to allow further bearish decline towards 1.0730.

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

USD/JPY is expected to trade with a bullish bias.Overnight, the US stock indices ended higher for the second day as shares in energy, banking, and financial sectors posted gains. The Dow Jones Industrial Average rose by 0.9% to 17524, the S&P 500 gained 1.1% to 2043, and the Nasdaq Composite was 0.9% up to 4995.

Nymex crude oil kept rebounding and settled 2.9% higher at $37.35 a barrel. Gold was down another 0.2% to $1060 an ounce. And the benchmark 10-year Treasury yield increased to 2.269% from 2.225% in the previous session.

Just a day before the Federal Reserve announced its interest rate decision, the US dollar strengthened against other major currencies. The Wall Street Journal reported the US dollar index climbed by 0.4% to the level of 89.96. EUR/USD lost 0.6% falling to 1.0927, GBP/USD fell 0.7% to 1.5036, and USD/JPY gained 0.5% to 121.65. Meanwhile, AUD/USD reversed and dropped 0.7% to 0.7191. The pair has been rebounding since falling as low as 120.55 overnight. Currently, it is trading above the ascending 20-period (30-minute chart) moving average, which stands above the 50-period one. And the intraday relative strength index remains above the neutrality level of 50. With such a bullish intraday outlook, the pair is expected to cross the first upside target at 122.25 (around yesterday's high) before rising toward the second at 122.70 (around the high of December 11).

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 122.25 and the second target at 122.70. In the alternative scenario, short positions are recommended with the first target at 121.15 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 120.90. The pivot point is at 121.45.

Resistance levels: 122.25 122.70 123.20

Support levels: 121.15 120.90 120.50

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Technical analysis of Silver for December 16, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading around $13.86 now and is expected to face resistance at $14.00, which is Fibonacci 0.382 retracement of the recent drop from $14.60 to $13.64. The metal needs to break above $14.60 to relieve itself from the bearish pressure. Until then, bears are expected to remain in control and print lower lows and lower highs. It is hence recommended to remain flat. Immediate support is seen at $13.60 followed by $13.00 and lower, while resistance is seen at $14.00 followed by $14.60 and higher.

Trading recommendations:

Remain flat now.

Good luck!

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

USD/CHF is expected to rebound. The pair is moving on the upside, supported by its rising 20-period and 50-period moving averages. Upside momentum is still strong, as the relative strength index maintains above its neutrality area of 50 without showing any weaknesses. Hence, a new rebound towards 0.9950 and 0.9985 seems to be on the cards as long as 0.9840 (our trailing stop loss) is not broken.

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 0.9950 and the second target at 0.9990. In the alternative scenario, short positions are recommended with the first target at 0.9795 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 0.9750. The pivot point is at 0.9840.

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 16, 2015 Market Analysis Review

NZD/USD is moving downwards. The pair has lost upward momentum and is reversing down. A bearish cross has been identified between the 20-period and 50-period moving averages. Furthermore, strong resistance is seen around 0.6790. Even though a potential technical rebound cannot be ruled out, its extent should be limited by this threshold. To sum up, as long as 0.6790 holds on the upside, watch for a return to 0.6715 and even to 0.6685 (the low of December 14).

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 0.6715. A break of that target will move the pair further downwards to 0.6685. The pivot point stands at 0.6790. 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 0.6835 and the second target at 0.6685.

Resistance levels: 0.6835 0.6880 0.6930

Support levels: 0.6715 0.6685 0.6660

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Technical analysis of Gold for December 16, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading at $1,064.00 now after bouncing off the resistance turned support trend line at $1.058.00 earlier. The metal is bouncing off between the channel as depicted here and requires a breakout in either direction to determine the next big move. It is hence recommended to avoid taking fresh long positions and reverse if the metal breaks below the channel line. Immediate support is seen at $1,045.00 and lower, while resistance is seen at $1,080.00 followed by $1,090.00 and higher.

Trading recommendations:

Remain long with stop at $1,045.00 OR remain flat.

Good luck!

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

GBP/JPY is expected to trade in a lower pressure. The pair stays below its key resistance at 183.50 and remains under pressure. The 20-period moving average has crossed below the 50-period one. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is seen at the horizontal support overlapping at 182.10. A breakout below this level would open the way to further weakness toward 181.70.

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 182.10. A break of that target will move the pair further downwards to 181.70. The pivot point stands at 183.50. 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 184.10 and the second target at 184.50.

Resistance levels: 184.10 184.50 185.05

Support levels: 182.10 181.70 181

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

Technical outlook and chart setups:

The EUR/JPY pair is testing the resistance trend line around the levels of 133.00/10 for the third time in last few trading sessions. Prices had bounced from the Fibonacci 0.382 support level at 132.50 earlier, but resistance is faced at 133.50. A drop below 132.50 is required to confirm that prices have started moving towards a larger trend and that a meaningful top is in place at 134.50. It is hence recommended to remain short with risk at 134.80. Immediate support is seen at 132.50 followed by 131.00 and lower, while resistance is seen at 134.00 followed by 134.50 and higher.

Trading recommendations:

Remain short with stop at 134.80, a target is 131.00.

Good luck!

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

Technical outlook and chart setups:

The GBP/CHF pair re-tested lows of 1.4815 before bouncing back higher. The pair is trading at 1.4880 and might form a meaningful low now. A breakout below the level of 1.4800 should see 1.4750 as next support coming in. It is recommended to remain long with risk at 1.4700. Immediate support is seen at the level of 1.4750 followed by 1.4700 and lower, while resistance is seen at 1.5000 followed by 1.5150, 1.5330, and higher. The structure still remains intact until prices remain broadly above the level of 1.4550.

Trading recommendations:

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

Good luck!

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

Overview:

• The USD/CAD pair found resistances at the level of 1.3800, 1.3825, and 1.3873. Also, it should be noted that the double tops had already been placed at 1.3773. Consequently, bears are going to sell below above-mentioned resistances because the trend is expected to move between the levels of 1.3825 and 1.3668. So, we should be aware that resistance is seen at 1.3825. Therefore, swing trade in the area of 1.3825 in order to sell with a target at 1.3668 (the key price) is favorable. It might resume to 1.3578 to retest support in the H4 chart. Additionally, the trend will call for a bearish market at the level of 1.3825 in case of breaking this level because there is a bearish channel. Stop loss should never exceed your maximum exposure amounts. Thus, set stop loss above 1.3885. However, bulls are going to buy above 1.3880 in the long term with the first target at 1.3918, it might resume towards 1.3966; because if the market calls for bullish sentiment, then the price will form a new double top at the level of 1.3966.

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

Overview:

• According to the previous events, the NZD/USD pair is still trading between the major levels of 0.6702 and 0.6825.
• Strong esistance will be found at the level of 0.6825 (the double top in the H1 chart) providing a clear signal for sell deals with the targets seen at 0.6730 and 0.6702.
• Stop-loss is to be placed above the double top at the level of 0.6863.
• Strong support is likely to be found at the level of 0.6702 providing a clear signal for buy deals with a target at 0.6820.

Notes:

• The level of 0.6729 represents the daily pivot point.
• The double top will be set at the level of 0.6825.
• We expect a range of 123 pips today. But it should be noted that the risk of 82 pips must make a profit of 123 pips.
• Volatility: 121.50.
• The value of 50% Fibonacci retracement levels is 0.6702 (for confirming for the bullish market).

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Global macro overview for 16/12/2015 Market Analysis Review

Global macro overview for 16/12/2015:

The recent news from the UK labor market has just been released at 09:30 am GMT. The UK employment rate were at 73.9% in August - October period, the highest since records began in 1971, and the unemployment rate was at 5.2% against the forecast of 5.3%. The November claimant count rate rose by 2.3% (as expected) and weekly earnings excluding bonus were at 2.0% against +2.3%, which analysts had expected. It looks like weaker wages data being tempered by better jobs release. Please notice that unemployment is at the lowest level since before the financial crisis and wages are at levels about half of where they were before the crisis (still maintaining an upward trend tough).

The GDP/USD pair did not react sharply to the data release and currently is still trying to find the bottom after breaking below the golden trend line. The next support is seen at the level of 1.4957 and next resistance is seen at the level of 1.0565.

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Global macro overview for 16/12/2015 Market Analysis Review

Global macro overview for 16/12/2015:

The long-anticipated fundamental event is happening today in the US, the FED short-term interest rate decision, economic projections, and press conference. The possibility of the Fed's interest rate hike had been priced in 83% today by Fed Funds, so it is almost certain they will do it today. This will be the first rate hike in almost a decade, so the economic implications of this move are very important. Nevertheless, I would like to point out a major concern that many of investors are aware of: what if the Fed will get cold feet and under-deliver? Or, what if there will be only a marginal hike, for example from 0-0.25% to 0.25%? This kind of events would create major credibility issues, a common occurrence with many central banks this year, and leave the markets questioning whether a more transparent Fed is actually of any benefit at all.

The US dollar index is currently trading in the middle of the trading range, just below the important resisntace at the level of 98.33. The support is seen at the level of 97.18 and next resisntace is seen at the level of 99.98.

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Gold : analysis for December 16 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,065.00. In the daily time frame, I found a weak demand bar, which is a sign that buying looks risky. The trend is downward in the mid- and long terms. According to the H34 time frame, we can observe a buying climax with a very wide spread of bars and strong reaction from sellers in the background. I found lower swing highs and rejection from our supply trend line, which is a sign of a downward continuation. Our Fibonacci expansion 100% 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: 1,065.50

R2: 1,068.35

R3: 1,070.45

Support levels:

S1: 1,058.50

S2: 1,056.30

S3: 1,052.45

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

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

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6117 in a high volume. According to the M30 time frame, I found head and shoulders formation confirmed. Be careful when buying EUR/NZD at this stage since I expect lower prices. I had placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070, Fibonacci expansion 100% at the level of 1.5840 and Fibonacci expansion 161.8% at the level of 1.5470.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6240

R2: 1.6280

R3: 1.6340

Support levels:

S1: 1.6115

S2: 1.6080

S3: 1.6015

Trading recommendations : Buying EUR/NZD at this stage looks very risky since the price confirmed head and shoulders formation. Watch for potential selling opportunities.

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USDX technical analysis for December 16, 2015 Market Analysis Review

The US dollar index has reversed its short-term bearish trend generating a short-term bullish signal. Important support is seen at 97. Dollar bulls are in control of both short- and long-term trends again, but with the FOMC announcement about the long-expected rate rise, traders should be very cautious.

Black lines - wedge (broken)

The US dollar index turned upwards as it broke out the downward sloping wedge as we had expected. The bullish divergence in the RSI worked well for our bullish signal. Short-term resistance is seen at 98.30 and next at 99.

The weekly chart remains supported at the 50% retracement and technically the downward correction can be over. The downward sloping stochastic is the only matter of concern. So, important support is found at 97 and next at 96.50. Breaking below these levels will open the way to the weekly Ichimoku cloud at 95.25.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 16, 2015 Market Analysis Review

Today is a big day for the Fed, and markets will most probably trade sideways as volatility is expected to rise after the FOMC announcement. A gold price pattern is not very hopeful for bulls but I believe the downside is also limited to just to a marginal new low towards $1,020.

Blue lines - bearish channel

Gold price is trading inside a bearish channel and below the Ichimoku cloud. Resistance is seen at $1,070 and at $1,080. Support is found at $1,057 and at $1,046. If resistance is broken, I expect the price to move towards at least $1,100-20. If support is broken, I would expect the price to fall towards $1,020-30.

Red lines - wedge pattern

Blue lines - price projection

Gold price is trading close to the lower wedge boundaries in the weekly chart. Strong weekly resistance is seen at $1,080. So, a weekly close above that area will open the way to a bounce towards $1,120-30. However, we should not rule out the possibility of a throwover final new low today if circumstances justify such a decline.

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Daily analysis of major pairs for December 16, 2015 Market Analysis Review

EUR/USD: After testing the resistance line at 1.1050, this currency trading instrument got corrected to the downside. Nevertheless, this could be seen as a mere correction in the context of an uptrend, because the market should experience a pullback of at least 200 pips before it could be assumed that an uptrend is over.

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. Any rallies seen in this market should be taken as short-selling signals, because the bearish outlook would be valid until the great resistance level at 1.0000 is overcome.

GBP/USD: As it was mentioned, the GBP/USD pair generated a "sell" signal, which became the threat to the recent bullish bias. A movement below the accumulation territory of 1.5000 could result in a Bearish Confirmation Pattern, and this is something that is likely to happen.

USD/JPY: After testing the demand level of 120.50, the USD/JPY pair moved upwards by 140 pips this week. It happened in the context of a downtrend, though the bias will turn bullish once the price goes above the supply level of 122.50. Since the outlook for JPY pairs remains bullish in December, this is very likely to occur.

EUR/JPY: A closer look at the 4-hour chart reveals that this cross is trading in a bullish mode. The EMA 11 is above the EMA 56; while the RSI period 14 is above the level of 50. The price is likely to journey further upwards from here, as bulls target the supply zones around 134.00 and 134.50.

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

General overview for 16/12/2015 08:30 CET

The market is slowly trading inside the congestion zone between the intraday support at the level of 1.3677 and intraday resistance at the level of 1.3779. Please notice the market might still be developing wave -iv- blue as the whole structure looks like a triangle pattern. This would mean another marginal high made before any meaningful reversal.

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 EUR/JPY for December 16, 2015 Market Analysis Review

General overview for 16/12/2015 08:40 CET

A grey resistance zone around the level of 133.33 had been violated, but market was not strong enough to follow the breakout. Currently, the internal wave progression of the wave b green is evolving into more complex and time-consuming structure as markets are awaiting today's Fed's rate decision.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.62 - WR1

133.51 - Intraday Resistance

133.11 - Weekly Pivot

132.70 - Intraday Support

132.12 - 50%Fibo

Trading recommendations:

Sell orders placed yesterday were activated, but did not hit the projected TP level (30 pips short). Currently, traders should refrain from trading and wait for the better setup to occur.

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