Elliott wave analysis of EUR/NZD for December 22 - 2015 Market Analysis Review

Wave summary:

We saw a failed attempt to break above short-term important resistance at 1.6246 yesterday, which added new downside pressure for a new low for wave ii at 1.5949. As long as the start of wave i at 1.5784 stays intact, we will give the bullish count the benefit of the doubt and look for a break above 1.6164 and more importantly a break above 1.6246 to confirm that wave ii is over and an extended wave iii higher is unfolding.

To sum up, a break above 1.6246 failed yesterday and the new low is slightly disturbing and make us more cautious than normal.

Trading recommendation:

We are looking to buy EUR upon a break above 1.6164 and will place stop at 1.5935.

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Elliott wave analysis of EUR/JPY for December 22 - 2015 Market Analysis Review

Wave summary:

We have seen a nicely rally from the 131.00 low. The break above 132.39 is the first minor indication that wave c towards 135.34 and maybe even towards 136.69 now is unfolding. It means the rally of the 131.00 low is not convincing enough so far, but we will hand bulls the benefit of the doubt and stay with the uptrend as long as minor support at 131.65 protects the downside.

The next important resistance to look for is found at 133.78 and a break above here will confirm the rally to 135.34 and possibly higher.

Trading recommendation:

We are long EUR 131.95 and will move our stop higher to 131.60. If you are not long EUR yet, then buy near 132.10 and use the same stop at 131.60.

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Technical analysis of EUR/USD for December 22, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Belgian NBB Business Climate, GfK German Consumer Climate, and German Import Prices m/m. The US will release the economic reports too such as the Richmond Manufacturing Index, Existing Home Sales, HPI m/m, Final GDP Price Index q/q, and Final GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0958.

Strong Resistance:1.0952.

Original Resistance: 1.0941.

Inner Sell Area: 1.0930.

Target Inner Area: 1.0905.

Inner Buy Area: 1.0880.

Original Support: 1.0869.

Strong Support: 1.0858.

Breakout SELL Level: 1.0852.

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 22, 2015 Market Analysis Review

In Asia, Japan will not release any economic data. The US economic calendar will contain some reports such as Richmond Manufacturing Index, Existing Home Sales, HPI m/m, Final GDP Price Index q/q, and Final GDP q/q. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.86.

Resistance. 2: 121.63.

Resistance. 1: 121.39.

Support. 1: 121.09.

Support. 2: 120.85.

Support. 3: 120.61.

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 NZD/USD for December 22, 2015 Market Analysis Review

Overview:

• The NZD/USD pair:
• The resistance will be set at the level of 0.6834 and the support has already been placed at 0.6737.
• The key level is likely to be set at 0.6737.
• The level of 0.6834 will represent the double top, for that the value of 100% Fibonacci retracement levels is placed at the same price (double top on H1 chart).
• The daily pivot point at the 0.6779 price.
• According to the previous events, the GBP/USD pair is going to move between 0.6737 and 0.6834.
• We expect a range about 97 pips today.
• Above the level of 0.6737 the bullish market will be confirmed.

Technical levels:

• It should be noted that the market of the GBP/USD pair will move between 0.6737 and 0.6834 today.
• Projected high: 0.6834.
• Strong resistance (sell limit): resistance will be formed at the level of 0.6834.
• Current pivot: 0.6780 (weekly pivot point sets at 0.6737).
• Breakout (sell stop): 0.6737.
• Projected low: 0.6665.

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Technical analysis of USD/CHF for December 22, 2015 Market Analysis Review

Overview:

• According to the previous events, the USD/CHF pair is still moving between the levels of 0.9813 and 1.0145. So, we expect a large range of about 332 pips this week. The breakout is seen at the ratio of 38.2% Fibonacci retracement level (0.9812). But the key level is set at 0.9910 because it represents minor support and it is coinciding with the 50% Fibonacci retracement level. The history is likely to repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9910 with the first target at 1.0008. It will call for an uptrend in order to continue its bullish movement towards 1.0150. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double top at 0.9785.

Intraday technical levels:

Date: 22/12/2015

Pair: USD/CHF

• R3: 1.0229
• R2: 1.0149
• R1: 1.0008
• PP: 0.9910
• S1: 0.9813
• S2: 0.9693
• S3: 0.9591

Warning:

• It should be noted that if there is no significant news to influence the market, the price is likely to be moving from pivot point to resistance 1 or support 1. But if there is significant news, the price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

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Daily analysis of major pairs for December 22, 2015 Market Analysis Review

EUR/USD: The EUR/USD went slightly higher on Monday. The price is above the support line at 1.0900, nosing towards the resistance level at 1.0950. The price would either go above the aforementioned resistance line or below the aforementioned support line, based on what happens today.

USD/CHF: After testing the support level at 0.9800, the USD/CHF has been making some vivid bullish attempts, all in the context of a downtrend. At this juncture, it is not easy to predict the movement of the market, but the bearish bias would not be rendered invalid as long as the resistance level at 1.0050 is not overcome.

GBP/USD: The GBP/USD consolidated on Monday, in the context of a downtrend. There is a possibility of a breakout today or tomorrow, which is most likely to be in favor of the bears. Any rallies seen in this market should be taken as short-selling opportunities.

USD/JPY: After the bearish signal we got last week, the USD/JPY still shows the possibility of going further downwards. The demand level at 120.50 is the next possible target for the bears, which might be reached today or tomorrow. On the other hand, the supply level at 122.00 might check any possible rallies along the way.

EUR/JPY: This currency trading instrument simply moved sideways on Monday, with no directional movement. The price is currently trying to bounce upwards while the outlook remains bearish. The bearish outlook will not be rendered useless as long as the price does not go above the supply zone at 133.50.

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Daily analysis of USDX for December 22, 2015 Market Analysis Review

On H1 chart, USDX is trying to do another bearish consolidation below the 200 SMA, but it seems the bullish outlook remains alive, at least during the Christmas's week. However, that scenario should be invalidated when a breakout happens around the 98.14 level, which would deliver a push lower towards the 97.86 level. MACD indicator is entering oversold conditions.

H1 chart's resistance levels: 98.66 / 99.19

H1 chart's support levels: 98.14 / 97.16

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 98.66, take profit is at 99.19, and stop loss is at 98.14.

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Daily analysis of GBP/USD for December 22, 2015 Market Analysis Review

No major changes in GBP/USD in Monday's session and during the Christmas week. The support zone of 1.4852 is still a strong level where buyers remain active on a short-term basis. However, we can expect a rally towards the resistance level of 1.4962 as part of the corrective moves within the current intraday's trend. MACD indicator is on the negative 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 at 1.4852, take profit is at 1.4802, and stop loss is at 1.4904.

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Gold : analysis for December 21 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,080.00. In the daily time frame, I found a strong demand bar, which is a sign that selling looks risky. The trend is downward in the mid- and long terms. In the 4H-time frame, we can observe successful breakout of strong trendline, which gave us a sign that we may see further upside. The first resistance is seen at the level of $1,088.70. Key price action resistance is around the price of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,065.50

R2: 1,066.20

R3: 1,066.80

Support levels:

S1: 1,063.90

S2: 1,063.40

S3: 1,062.60

Trading recommendations: Watch for potential buying opportunites, selling looks risky.

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Daily analysis of Silver for December 21, 2015 Market Analysis Review

Overview

A silver price returns to test the bearish channel's resistance at 14.10, accompanied by stochastic enter to the overbought levels, which forms negative pressure that we are waiting to push the price to resume the bearish trend, to keep the negative scenario valid until now. Our expected targets begin at 13.50 followed by 13.00, noting that breaching 14.10 – 14.25 levels will lead the price to turn its short-term track to the upside. Silver is trading positively to begin attempt to breach the bearish channel's resistance that appears on the chart, which provides signals for a possibility to turn the short-term track to the upside, but we notice that stochastic shows clear overlapping signals, and that might assist to push the price to decline again.

Therefore, we will keep our bearish trend expectations that its next targets located at 13.50 then 13.00 unless witnessing a daily close above 14.25.

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EUR/NZD : analysis for December 21, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6054 in an average volume. In the daily time frame, I found a neutral bar. In the H4 time frame, I found a strong head-and-shoulders formation confirmed (a broken neckline). Be careful when buying EUR/NZD at this stage since lower prices are expected. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070, Fibonacci expansion 100% is at the level of 1.5840 and Fibonacci expansion 161.8% is seen at the level of 1.5470. The breakout of 1.6015 will confirm further downside.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6200

R2: 1.6240

R3: 1.6300

Support levels:

S1: 1.6080

S2: 1.6040

S3: 1.5980

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

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Daily analysis of GBP/JPY for December 21, 2015 Market Analysis Review

Overview

GBP/JPY's fall from 188.79 is still in progress and an intraday bias remains on the downside. As noted before, a consolidation pattern from 180.36 has completed at 188.79. And more importantly, the whole decline from 195.86 is possibly resuming. A decisive break of 180.36 will target 174.86, the next key support level. On the upside, above 182.12 minor resistance will turn bias neutral and bring consolidations first. The breach of the medium term trend line support is taken as a sign of a trend reversal. This is supported by bearish divergence condition in weekly MACD. Besides, 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 200 psychological level. Break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we'll be cautious on strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 179.45; (P) 181.66; (R1) 182.78

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NZD/USD intraday technical levels and trading recommendations for December 21, 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 a significant resistance level to offer a valid Intraday sell entry.

However, previous bearish fixation below 0.6750 opened the way towards 1.6700 where the depicted uptrend line came to meet the NZD/USD pair.

A valid buy entry was suggested around the level of 0.6700 (the depicted uptrend line as well as a recent support level). It's already running in profits now.

S/L should be updated to 1.6730 to secure some of the achieved profits. T/P levels are projected towards 0.6840 and 0.6900.

Bullish fixation above 0.6750 is needed to ensure bullish movement towards 0.6840. Otherwise, another pullback towards 0.6700 should be expected.

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Technical analysis of GBP/CHF for December 21, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is holding support at 1.4730, which is Fibonacci 0.786, of the entire rally between 1.4550 and 1.5550/70 respectively. Also, the trend-line support has been being tested for the last several trading sessions. A drop from here, would indicate a deeper correction. At the moment, bulls are having an advantage of the trend-line support. It is hence recommended to remain long with risk at 1.4700. Immediate support is seen at 1.4700 followed by 1.4550, while resistance is seen at 1.5000 followed by 1.5150 an higher respectively.

Trading recommendations:

Remain long with stop at the level of 1.4700.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for December 21, 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.

Significant bearish rejection and a valid sell entry should be expected around this level.

On the other hand, the price zone around 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 looking for 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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Technical analysis of EUR/JPY for December 21, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair dropped to 130.00/50 as expected earlier and bounced off. The wave structure has been unfolding till now encouraging bulls. The pair rallied from 129.50 to 134.50 earlier and the drop from there was corrective, in 3 waves. It is hence recommended to initiate fresh long positions with risk at 130.00. If this wave count works well, the pair could be seen rallying above 134.50 soon. Immediate support is seen at 130.00, followed by 129.00, while resistance is seen at 133.70 and 134.50.

Trading recommendations:

Initiate 50% long positions with stop at 130.00.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for December 21, 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 the previous weekly closure below 1.4950 clears the way towards 1.4800 (long-term bearish target).

On the other hand, a bullish closure again above 1.4950 brings another bullish pullback towards 1.5350.

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.

Last week, a significant bearish rejection was expressed around 1.5230. Many bearish engulfing daily candlesticks were already expressed. The level of 1.4950 is the key level to be watched for new sell entries if bullish pullback occurs.

Trading Recommendation:

A valid sell entry was suggested around the supply level of 1.5250. S/L should be lowered to 1.4970.

Risky traders can sell the GBP/USD pair after the obvious daily closure below 1.4950 which took place on Thursday.

An initial bearish target would be located at 1.4850. S/L should be set as a daily closure above 1.4960.

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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 $1,070.00 and is looking for an opportunity to drop towards $1,057.00 before reversing again. As seen here, the yellow metal is drifting in a channel since last week and bouncing off the support and resistance levels respectively. The most probable wave count could be a drop in 3 waves before rallying back. It is hence recommended to take some profits on long positions and look for a way to add around the level of $1,057.00. Immediate support is seen at $1,064.00 followed by $1,057.00, while resistance is seen at $1,075.00 and higher.

Trading recommendations:

Initiate fresh long positions again around the level of $1,057.00.

Good luck!

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Technical analysis of Silver for December 21, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is looking for an opportunity to correct lower to the levels of $13.80/90 before reversing higher again. The wave structure may be unfolding into a consolidation as depicted by the arrows here before breaking out. The metal is producing an evening star bearish candlestick pattern at the moment and is trading around $14.15/20. It is hence recommended to take partial profits on the long positions taken earlier and look for an opportunity to enter around the level of $13.80/90. Immediate support is seen at $14.02 followed by $13.88 and lower, while resistance is seen at $14.30 and higher.

Trading recommendations:

Remain long (but book partial profits). Enter fresh longs at $13.80/90.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for December 21, 2015 Market Analysis Review

Previously, 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 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 pressure. 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 offering a valid sell entry. S/L should be lowered to 1.0930. Initial T/P levels were located at 1.0900 and 1.0810.

On the other hand, an obvious bearish closure below 1.0820 (the depicted key level) is needed to allow more bearish decline towards 1.0730 and even 1.0550 again.

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Technical analysis of GBP/CHF for December 21, 2015 Market Analysis Review

GBP/CHF established a consistent downtrend with new lower lows and lower highs. While price is moving downwards, it rejects the downtrend trend line on every occasion confirming the validity of the downtrend.

At the same time, 61.8% and then 38.2% Fibonacci retracement levels became resistance and both were rejected. At the moment, there are no obvious signs of trend reversal, although it might be coming pretty soon. So, this could be the last wave down before potential reversal.

Consider selling GBP/CHF, while the price is near R2, targeting 161.8% Fibonacci retracement area near 1.4650. The stop loss should be placed just above the R4.

Support: 1.4755, 1.4645

Resistance: 1.4820, 1.4865, 1.4900, 1.4930

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Technical analysis of EUR/USD for December 21, 2015 Market Analysis Review

Overview:

• The EUR/USD pair probably will keep the bearish sentiment from the level of 1.0909. In addition, it should be noted that the level of 1.0909 represents the weekly pivot point. Accordingly, it will be a good choice to sell below it at 1.0909 with the first target at 1.0802 to test a double bottom in this area. Then, if the price breaks the double bottom, it will call for a downtrend market in order to continue its bearish movement towards 1.0759 (the weekly support 1). Equally important, the resistance would set at the level of 1.0930. Besides, it should be noted that a range about 107 (1.0909 - 1.0802) pips is expected today, but we anticipate a range of up to 283 pips today. However, the stop loss should be placed above the the weekly pivot point at 1.0969, so the stop loss of 60 pips should be set since the risk of 60 pips could make profit of 90 pips.

Notes:

• The weekly pivot point (1.0909) represents the key level this week.
• The price hit the weekly pivot point and the support 1 last week.
• The double bottom will set at the point of 1.0802.

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Technical analysis of GBP/USD for December 21, 2015 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Overview:

• According to the previous events, the GBP/USD pair is still moving between the levels of 1.4998 and 1.4763
• Also, it should be noted that the double bottom set at the level of 1.4864.
• Buy above the level of 1.4864, which represents the double bottom in the long term with the first target at 1.4998 in order to test the weekly pivot point.If the trend succeeds in breaking the weekly pivot point at 1.4998, then It might resume to 1.5040.
• The stop loss should always be taken into account, so it will be very useful to set your stop loss below support 1 at the level of 1.4743 this week.

Notes:

• Strong resistance is seen at the level of 1.5040.
• The support was found at the level of 1.4763. Currently, the double bottom is set at 1.4863.
• We expect a range of 73 pips today.

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Technical analysis of USD/CHF for December 21, 2015 Market Analysis Review

After a sharp drop on December 3, USD/CHF clearly showed signs of weakness. The price is still moving to new lower lows, yet failing to go above R2 resistance, a high hit on December 4.

An overall downtrend is likely to continue especially after the price rejected an upper trend line of the descending channel together with 76.4% Fibonacci retracement level.

Consider selling USD/CHF, while it is near R1 (0.9974) resistance area targeting potential double bottom formation. The S5 support area is near 0.9800. The stop loss should be placed just above the R2 (1.0030) resistance.

Support: 0.9940, 0.9910, 0.9880, 0.9845, 0.9800

Resistance: 0.9975, 1.0030

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Technical analysis of USD/JPY for December 20, 2015 Market Analysis Review

USD/JPY is still under pressure. Last Friday, the US. stocks fell sharply for the second straight day dragged by weakness in financial, technology, and transportation shares. The Dow Jones Industrial Average dropped 2.1% to 17128, the S&P 500 lost another 1.8% to 2005, and the Nasdaq Composite was down by 1.6% to 4923. Meanwhile, the US government bonds strengthened as lower stock prices boosted demand for safe-haven assets. The benchmark for 10-year Treasury yield declined to 2.215% from 2.236% at the previous session.

Nymex crude continued its downward journey giving up another 0.6% to settle at $34.73 a barrel, while gold closed by 1.5% up at $1,065 an ounce.

The US dollar retreated to give back a part of previous sessions' gains, with the Wall Street Journal Dollar Index edging down 0.5% at 90.28. EUR/USD gained 0.4% to 1.0865, USD/JPY plunged 1.1% to 121.20, and AUD/USD was up 0.6% to 0.7169. On the other hand, USD/CAD traded as high as 1.4002 during the day before moving up by 0.1% to 1.3953. The pair accelerated to the downside after breaking below the previous key support of 122. It is currently being capped by the descending 20-period (30-minute chart) moving average, which stands below the 50-period one. The intraday relative strength index stays below the neutrality level of 50 lacking upward momentum. As long as the bearish intraday outlook persists, the pair should decline toward the first downside target at 120.85 (a price base seen on December 15) and second one at 120.55 (the low of December 15).

Trading recommendations:

he 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 120.85. A break of that target will move the pair further downwards to 120.50. The pivot point stands at 121.90 . 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 122.25 and the second target at 122.60.

Resistance levels: 122.25 122.60 123.20

Support levels: 120.85 120.50 120

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Technical analysis of USD/CHF for December 20, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair is moving sideways above its key support of 0.9925. Meanwhile, the relative strength index stands above 50. Further upside is therefore expected with the next horizontal resistance and overlap at 0.9990 first. A breakout above this level would call for a further advance toward 1.0015.

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 0.9990 and the second target at 1.0015. In the alternative scenario, short positions are recommended with the first target at 0.99 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 0.9875. The pivot point is at 0.9925.

Resistance levels: 0.9990 1.0015 1.0060

Support levels: 0.99 0.9875 0.9835

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Technical analysis of NZD/USD for December 20, 2015 Market Analysis Review

NZD/USD is expected to trade in a higher range as the bias remains bullish. Currently trading at 0.6742, the pair has formed a strong support base at 0.67 turning upwards now. The intraday outlook is positive, as the 20- and 50-period moving averages are being reversed upwards playing support roles. The relative strength index holds above its neutrality area of 50. To sum up, as long as 0.67 is not broken, look for a further advance to 0.6775 and 0.6805.

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 0.6775 and the second target at 0.6805. In the alternative scenario, short positions are recommended with the first target at 0.6675 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 0.6650. The pivot point is at 0.67.

Resistance levels: 0.6775 0.6805 0.6860

Support levels: 0.6675 0.6650 0.6615

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Technical analysis of GBP/JPY for December 20 , 2015 Market Analysis Review

GBP/JPY is expected to trade in a lower range. The pair stays below its key resistance at 181.80 capped by its descending 50-period moving average. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 180.20. A breakout below this level would open the way to further weakness toward 179.25.

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 180.20. A break of that target will move the pair further downwards to 179.25. The pivot point stands at 181.80. 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 182.50 and the second target at 183.15.

Resistance levels: 182.50 183.15 184

Support levels: 180.20 179.25 178.65

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Global macro overview for 21/12/2015 Market Analysis Review

Global macro overview for 21/12/2015:

The overnight data from New Zealand revealed the businesses confidence was reported at the highest level since April. The ANZ Business Confidence Index increased from 14.0 to 23.0 beating analysts' expectations. A possible trigger for such optimistic data may lie in the recent GDP reading for the third quarter. According to the data report, the GDP rose to 0.9%, outperforming expectations of a 0.8% expansion. Moreover, the Reserve Bank of New Zealand cut the official rate from 2.75% to 2.5% earlier this month to boost the national economy. This is a quite optimistic end of 2015 for the New Zealand.

The NZD/USD pair is trading inside of the rising blue channel, but still below the important resistance at the level of 0.6837. The next important daily support is seen at the level of 0.6429.

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USDX technical analysis for December 21, 2015 Market Analysis Review

The US dollar index made a reversal at the level of 99.25 where the 61.8% Fibonacci retracement resistance was found for a decline from 100.50 to 97.20. Bulls can still move this index higher, but bears are currently in control of this reversal.

The index found short-term support at 98.20 that bulls need to hold in order to move upwards at 97.20 and continue moving higher. On the other hand, bears have managed to reverse trend lower. However, they need to break below an important low of 97.20 to gain control of the short-term trend.

Blue line - long-term resistance

The weekly chart remains bullish as the price is above the Ichimoku cloud and both the tenkan- and kijun-sen indicators. However, there are signs of reversal as the price is testing the tenkan-sen support level and the stochastic oscillator is turning lower from overbought levels. Bulls need to be very cautious, and if I was long I would exit if 97.20 was broken,

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Gold technical analysis for December 21, 2015 Market Analysis Review

Gold price made a double bottom at the area of $1,046, and as I have been saying for several weeks as gold is trading between $1,080-$1,040, the downside is limited and traders should only be looking for an opportunity to trade on the expected bounce that can push the price towards $1,120-30.

Green line - support of double bottom

Red line - downward sloping resistance trend line

Gold price has made a double bottom at $1,045 area and is now testing the resistance trend line at $1,080 once again. A daily close above it will open the way towards the 38% Fibonacci retracement, which is our first target.

Black lines - bullish wedge

With the price moving inside the downward sloping wedge, Gold price is expected to bounce at least towards the kijun- and tenkan-sen indicators or even the upper wedge boundary where we also can find the Ichimoku cloud. Stochastic is oversold and that is why I continue to believe the upside potential of gold. I am not lookimg for an opportunity to trade the downside.

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Global macro overview for 21/12/2015 Market Analysis Review

Global macro overview for 21/12/2015:

Markets almost forgot the problems caused by the Greece austerity protesters earlier this year, but now another political problem can arise after the Popular Party has won the elections in Spain. This conservative party can not rule along as it has not got the majority, so the PP leader Mariano Rajoy will have to go into coalition with at least one leftist party. This kind of co-operation is likely to cause huge problems for the country in the continued implementation of austerity and reforms needed to match the eurozone's rules. The inability to find a correct political decision might result in economic instability and political paralysis, which can heavily influence the EUR/USD exchange rate next year as Spain is the 4th largest economy in the eurozone.

So far, the EUR/USD pair is slowly trading above the nearest support level of 1.0795. The next important resistance is seen at the level of 1.0923.

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