Technical analysis of GBP/CHF for December 18, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair might finally made a meaningful bottom at 1.4730 yesterday looking for an opportunity to rally towards 1.5050 and 1.5200. Please note that prices bounced from the Fibonacci 0.786 support of the entire rally between 1.4530 and 1.5570. It is hence recommended to remain long for now, with risk at 1.4700. Immediate support is now seen at the level of 1.4730 (interim) followed by 1.4550 and lower, while resistance is seen at 1.5000 followed by 1.5150 and higher. Bulls are poised to regain control until prices remain broadly above the level of 1.4730.

Trading recommendations:

Remain long for now, stop is at 1.4700, a target is open.

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Technical analysis of EUR/JPY for December 18, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is dropping lower towards 131.50 as expected, after testing a high of 133.75 taken place yesterday. It is currently trading around the level of 132.30 at the moment and prices could still drop to 131.50 before reversing. Please note that prices might still be in a counter trend drop, hence it is recommended to remain flat now looking for a reaction at 131.50 before taking fresh long positions. Immediate support is seen at 131.50 followed by 130.00 and 129.00, while resistance is seen at 133.75.00 followed by 134.50.

Trading recommendations:

Book profits on short positions taken yesterday. Look for an opportunity to go long again at the level of 131.50, stop is at 129.00, a target is open.

Good luck!

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Technical analysis of Gold for December 18, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the level of $1,056.00 now after today's drop to the level of $1,047.00. The metal has tested the previous low, but managed to hold it well bouncing back. The wave structure might indicate a meaningful bottom in place at $1,045.00, and that the next big move can come on the higher side in the form of an extended corrective rally. It is hence recommended to go long now with risk below $1,045.00. Immediate support is seen at $1,045.00, while resistance is seen at $1,080.00.

Trading recommendations:

Turn bullish now with stop at $1,043.00, a target is open.

Good luck!

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Technical analysis of Silver for December 18, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading around $13.80 now after testing recent lows at the level of $13.63 hit earlier. The metal has got potential to extend towards at least $15.40/50. On the flip side, a breakout below the level of $13.63 should see prices dropping to $13.00 and lower before turning bullish again. There is a high probability that a rally from the current levels will take place, hence it is recommended to initiate long positions now with risk at $13.40. Immediate support is seen at $13.63, while resistance is seen at $14.30 (interim) followed by $14.60 and higher. Bulls may be poised to regain control until prices remain above $13.60.

Trading recommendations:

Initiate long positions with stop at $13.40, a target is open.

Good luck!

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Technical analysis of EUR/USD for December 18, 2015 Market Analysis Review

The EUR/USD seems to be in a corrective phase after a heavy drop from 1.1500 to 1.0550. The 38.2% Fibonacci retracing has been broken, while the next Fibonacci level (50%) was not tested.

Currently, the price moved lower and rejected off the previous resistance level, which now confirmed to be support (S1) for the second time. As the support level is held, consider buying EUR/USD, while the price is near it targeting the area near 50% Fibonacci retracement, 1.1100 and lower. Stop loss should be placed well below (S1).

Support: 0.7966

Resistance: 1.0970, 1.1113

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Technical analysis of EUR/GBP for December 18, 2015 Market Analysis Review

EUR/GBP started to look for resistance levels although breaking them consistently. This could be a sign of an uptrend is getting exhausted where a sharp drop in price might be expected.

However, I would expect another and potentially final wave down before the major fall as EUR/GBP holds at all support levels in general and most recent 61.8% Fibonacci retracement in particular.

Consider buying EURGBP while the price is near 0.7280 (61.8% Fibs) targeting 0.7350 area (161.8% Fibs) and perhaps slightly lower. The stop loss should be placed below the most recent low of the 17th of December.

Support: 0.7233, 0.7250

Resistance: 0.7270, 0.7285, 0.7305, 0.7350

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Technical analysis of AUD/USD for December 18, 2015 Market Analysis Review

Overview:

• According to the previous events, the AUD/USD pair is still moving between the levels of 0.7156 and 0.7059. The levels of 0.7156 and 0.8725 coincide with the 38.2% of Fibonacci retracement levels and 11.8% respectively in the H4 chart. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be profitable to sell below the level of 0.7150 with the first target at 0.7102 and the price will drop towards 0.7060. However, if the pair fails to break 0.7102, the market will indicate a bullish opportunity above it, then the level will act as strong support. For that, buy above the 23.6% of Fibonacci retracement (0.7102) with the first target at 0.7156 and it will call for an uptrend in order to continue bullish movement towards 0.7193.

Forecast:

• The level of 0.7199 represents the double top, and the weekly support 1 is set at 0.7156. In the long term, sell below the level of 0.7156 with the first target at 0.7100, if the trend is be able to break the double bottom at the level of 0.7100; then it might resume to 0.7060.

Notes:

• The double top will set at the level of 0.7199.
• The major support is going to set at 0.7059.
• We expect a range of 95 pips today.

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Technical analysis of EUR/USD for December 18, 2015 Market Analysis Review

Overview:

The EUR/USD pair is trading between the levels of 1.0866 and 1.0722 (these levels coincide with the Fibonacci retracement levels 78.6% and 38.2% respectively). It should be noted that the level at 1.0866 will act as a strong resistance because it represents a ratio of 78.6% Fibonacci retracement levels in the H1 chart. Moreover, the daily pivot point has always set below the resistance and it will act as a minor resistance in the area of 1.0849. Therefore, it will be rather gainful to sell below the levels of 1.0866 or 1.0849 and move further downside with targets at 1.0722 and 1.0694. The double bottom will set at the point of 1.0642; but the weekly support 1 has already been found at 1.0694. On the other hand, stop loss should always be taken in account, consequently, it will be of beneficial to set the stop loss above the resistance 1 at the level of 1.0866.

Intraday technical levels:

Pair:EUR/USD

• 1.0993
• 1.0954
• 1.0879
• 1.0840
• 1.0765
• 1.0726
• 1.0651

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Daily analysis of major pairs for December 18, 2015 Market Analysis Review

EUR/USD: This pair has already generated a "sell" signal making long trades illogical. The price was unable to go above the resistance line at 1.1050, and since then the price has gone down by 220 pips. It is better to seek short trades here, for further southward movement is anticipated.

USD/CHF: The USD/CHF pair has been making some commendable bullish attempts. The price is now above the support level of 0.9950 in the context of a downtrend. However, it must be mentioned that any movement above the resistance level of 1.0050 will result in a Bullish Confirmation Pattern in the market. By then, the EMA 11 will go above the EMA 56, while the Williams' % Range period 20 is likely to remain in the overbought territory (which has already been attained).

GBP/USD: The bearish indication on the cable is now conspicuous. This week, the price has fallen by 300 pips, forming a clean Bearish Confirmation Pattern in the market. The price has moved below the distribution territory of 1.4900 going towards the accumulation territory of 1.4850. The market has become really weak and this is expected to continue for some time.

USD/JPY: Having gone upwards by 230 pips this week (from the demand level at 120.50), the USD/JPY pair has gone bullish. The price is now above the demand level of 122.50, going towards the supply level of 123.00. This has become an easy target for bulls.

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. It is possible for the price to journey further upwards from here, as bulls target the supply zones of 134.00 and 134.50.

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Daily analysis of USDX for December 18, 2015 Market Analysis Review

It seems that the index is trying to consolidate above the 200 SMA for a bullish ride in a short-term basis. However, because of this, the USDX could start to pullback towards the support level of 98.80, where a rebound can happen. It should be noted also that there is a higher high pattern formation ongoing in the H1 chart. The MACD indicator is entering at the negative territory.

H1 chart's resistance levels: 99.19 / 99.48

H1 chart's support levels: 98.80 / 98.14

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks the bullish resistance level at 99.19, take profit is at 99.48, and stop loss is at 98.86.

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Daily analysis of GBP/USD for December 18, 2015 Market Analysis Review

GBP/USD is still alive with an intraday declines held below the resistance level of 1.4918, and now it is expected to test the support zone of 1.4852. A breakout below there will open the doors to another fall towards the level of 1.4802 in coming days. Another scenario is calling for a corrective rebound, which could be possible to happen. The MACD indicator is at the positive territory.

H1 chart's resistance levels: 1.4918 / 1.4962

H1 chart's support levels: 1.4852 / 1.4802

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is found at 1.4852, take profit is at 1.4802, and stop loss is at 1.4904.

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Daily analysis of Silver for December 17, 2015 Market Analysis Review

Overview

Silver price traded with clear positive yesterday to test the bearish channel's resistance that appears in the chart accompanied by clear negative signals coming from stochastic, which supports the chances for bouncing lower to resume the bearish trend, and its next targets are at 13.50 and 13.00. Therefore, we will keep our bearish trend expectations in the upcoming period unless breaching the level of 14.20 and holding above it. Silver price keeps its stability below the bearish channel's resistance level that appears in the chart, while stochastic keeps providing negative signals on the four hours time frame, therefore, we keep preferring the bearish trend in the upcoming period, targeting 13.50 and then 13.00, while its continuation is conditioned by holding below 14.20.

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

Overview

A decline from 188.79 continued last week even though downside momentum was unconvincing. A further fall is expected this week as long as resistance of 186.33 holds. As noted before, the consolidation pattern from 180.36 has 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. In the longer term, the uptrend from a long term-bottom at 116.83 could be topped. There is no confirmation yet but even in case of another rise, strong resistance is expected near 61.8% retracement of 251.09 to 116.83 at 199.80.

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 17, 2015 Market Analysis Review

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

On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.

Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800 initially.

Temporary bearish rejection was 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 remains 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 made via a full-body bullish candlestick in the H4 chart.

Shortly after, the NZD/CAD pair faced resistance between 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).

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 the depicted uptrend line comes to meet the NZD/USD pair.

A valid buy entry can be considered around the level of 1.6700 (the depicted uptrend line as well as a recent support level) if enough bullish rejection is expressed on the H4 chart.

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 17, 2015 Market Analysis Review

Overview:

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

Significant bearish rejection has been observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3400.

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 (the upper limit of the recent consolidation range) was performed on December 7.

Daily fixation above 1.3400 enhances the bullish side of the market.

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

On the other hand, the price zone around 1.3370-1.3400 remains the 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 17, 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 of 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken to the downside 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 of 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 earlier this month on December 3.

A bullish pullback towards 1.5200-1.5230 was expressed as the GBP/USD pair managed to hold 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 level of 1.4950 is the new key level to be watched for price action.

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. S/L should be set as daily closure above the entry level.

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Intraday technical levels and trading recommendations for EUR/USD for December 17, 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 performed 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 recent bullish pullback was initiated.

This week, the level of 1.1000 constituted a significant supply level to offer a valid sell entry. S/L should be placed above 1.1010. Initial T/P levels should be located at 1.0900 and 1.0810.

On the other hand, an obvious bearish closure below 1.0820 is needed to allow a further bearish decline towards 1.0730 and possibly 1.0550 again.

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Gold analysis for December 17 , 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. In the H4 time frame, we can observe a spike (buying climax) with a very wide spread of bars due to the Fed's rate hike by 25bps. I found lower swing highs and another 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: 1,076.00

R2: 1,079.35

R3: 1,085.45

Support levels:

S1: 1,065.20

S2: 1,061.20

S3: 1,056.20

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

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Technical analysis of Silver for December 17, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading around the level of $14.07 now testing the trend-line resistance as seen here. The metal needs to push through $14.60 to turn bullish in the medium term. On a flip side, bearish reversal would encourage for bears to take control back. It is hence recommended to remain flat for now and watch for more evidence. Immediate support is seen at $13.60, while resistance is seen at $14.60. A push through $14.60 would give us the required confidence to buy on dips.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for December 17, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the levels of $1,066.00 right now drifting sideways in the channel shown in the chart. A drop to the levels of $1,052.00/55.00 should be watched for a bullish reaction. Bulls are expected to take control from there holding lows of $1,045.00. It is hence recommended to either remain long from earlier with risk below $1,045.00 or flat now. Immediate support is seen at $1,055.00 followed by $1,045.00 and lower, while resistance is seen at $1,080.00 and higher. Bears should remain in control at least until $1,052.00/55.00.

Trading recommendations:

Remain flat and look for an opportunity to re-enter longs around $1,052.00/55.00 on a bullish bounce.

Good luck!

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

Overview:

Recently, EUR/NZD has been moving downwards .As I had expected, the price tested the level of 1.6018 in a high volume. In the H4 time frame, I found strong 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 (broken) and Fibonacci expansion 161.8% at the level of 1.5470.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6190

R2: 1.6240

R3: 1.6315

Support levels:

S1: 1.6035

S2: 1.5990

S3: 1.5910

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

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

Technical outlook and chart setups:

The EUR/JPY pair is trading around 132.92 at the moment. The pair has reversed from 133.75 facing interim resistance there. Bears should remain in control until prices stay below 133.75 going ahead. It is hence recommended to remain short with risk at 134.50 now. Immediate resistance is seen at 133.75 followed by 134.50 and higher, while support is found at the level of 131.50 and lower looking for an opportunity to drop to at least 131.50/70 in the sessions to come.

Trading recommendations:

Remain short with stop at 134.50, a target 131.50

Good luck!

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

Technical outlook and chart setups:

The GBP/CHF pair dropped to the level of 1.4740 after the Fed's announcement before pulling back sharply. The pair has finally bounced off the intermediary support trend line at 1.3800. Also, the Fibonacci 0.786 support has held well until now. The pair can be expected to rally through the level of 1.5300 at least if not higher. It is hence recommended to remain long with risk at 1.4700. Immediate support is seen at 1.4700 followed by 1.4550 and lower, while resistance is seen at 1.5000 followed by 1.5150 and higher.

Trading recommendations:

Remain long with stop at 1.4700.

Good luck!

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Global macro overview for 17/12/2015 Market Analysis Review

Global macro overview for 17/12/2015:

The UK released an important set of economic data on retail sales today. The strong data significantly beat the expectations. Market participants expected retail sales with auto fuel at the level of 0.6% m/m (3.0%y/y), but the data came in at the level of 1.7%m/m (5.0%y/y). Nevertheless, please remember that these are sorts of numbers you would expect to see in this time of year as the Black Friday strongly featured in sales readings.

The GBP/USD pair positively responded to the news, but then reversed and got back into the daily trading range. Currently, the pair is trading at the level of 1.4944 and the next support is seen at the level of 1.4894.

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Global macro overview for 17/12/2015 Market Analysis Review

Global macro overview for 17/12/2015:

The Fed raised the short-term interest rate to 0.25% at its yesterday's meeting as expected. It validates the US economic recovery after the crisis of 2008. Moreover, the further rate hikes are expected, but the overall rate increasing process will remain gradual and data-dependent. The inflation expectation picked up recently and the targeted level of 2% is still on the table, but it might be updated if needed. As Janet Yellen mentioned during the Fed's press conference, the employment has significantly recovered, but weakness remains in particular wage growth, which is lower due to lack of inflationary pressure.

The US dollar index bounced from the support level of 97.18 and even broke above the intraday resistance at the level of 98.33. Nevertheless, it is still trading below the long-term important resistance at the level of 100.50.

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

General overview for 17/12/2015 09:50 CET

The internal wave progression of the wave b green is evolved into a more complex and time-consuming structure. Inside of this structure, the wave c green to the downside is still missed and a projected target is seen at the level of 132.13.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.76 - Intraday Resistance

133.62 - WR1

133.11 - Weekly Pivot

132.70 - Intraday Support

132.12 - 50%Fibo

Trading recommendations:

Day traders should consider placing sell orders only if the level of 132.70 is violated. SL orders should be placed at the level of 133.30 and TP orders should be placed at the level of 132.14.

The material has been provided by InstaForex Company - www.instaforex.com

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

General overview for 17/12/2015 09:30 CET

The main count has been invalidated and the alternative count is in play now. This alternative count indicates a possible impulsive wave progression from a low of 1.2850, which is about to complete. Currently, the market is in the corrective sub-cycle (wave 4 black) and there is one more wave to the upside missed ( wave 5 black) to complete the impulsive cycle. This last wave ( wave 5 purple) is the last one in a greater cycle progression. It might end the whole advance that started at the level of 0.9428.

Support/Resistance:

1.3926 - WR1

1.3847 - Intraday Resistance

1.3677 - Intraday Support

1.3646 - Weekly Pivot

Trading recommendations:

Day traders should consider buying on dips in this market with SL below the level of 1.3677 and TP at the level of 1.3928.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for December 17, 2015 . Thanks for your support.

USDX technical analysis for December 17, 2015 Market Analysis Review

The US dollar index gave the first bullish reversal signal ahead of the FOMC meeting by breaking above and out of the downward sloping wedge. When I identified the wedge pattern, I found that dollar's strength was to come back and US dollar bears should be cautious.

Black lines - bullish wedge

Blue line - bullish divergence

A couple of days days ago, I identified the bullish wedge and the bullish divergence in the US dollar index the 4-hour chart. A buy signal would be given once the price broke out of the wedge. After yesterday's FOMC announcement, the US dollar index got very volatile as it usually does in circumstances like this. It was an important day for the greenback. The index pulled back but failed to break below the critical support of 75.

The 50% Fibonacci retracement held very well in the weekly chart after the FOMC meeting, and as we expected the USDX started its next upward journey. Now it is important to break above resistance of 99 and hold above 97.50. As long as the price is above 97.50, we remain bullish on the US dollar.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 17, 2015 Market Analysis Review

Gold price started moving upwards yesterday heading resistance at $1,080 before the FOMC rate announcement, but bulls could not hold the price at that level, as it got rejected and pulled back amid the stronger US dollar.

Blue lines - bearish channel

Gold price tried to break out of the bearish channel, but got rejected. The price also did not manage to break above the Ichimoku cloud. Resistance is seen at $1,080. Support is at $1,046. Bears are still in control of the longer- and medium-term trend. The short-term trend is neutral.

Nothing has changed my view on the weekly chart. The price should start bouncing towards $1,120-30. Downward moves are limited to $1,020-30 as I do not see much potential to the downside as we have not seen bounces for a long time.The material has been provided by InstaForex Company - www.instaforex.com

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