Elliott wave analysis of EUR/NZD for December 28, 2015 Market Analysis Review

Wave summary:

Our preferred count still shows that wave ii is likely to be terminated at 1.5930 and that wave iii higher is in its early beginning. However, we need a breakout above minor resistance at 1.6151 to indicate that wave iii is unfolding, while a breakout above resistance at 1.6446 is needed to confirm that wave iii higher towards 1.7064 is developing.

There is a risk of a break below 1.5930 that indicates that wave ii is over and a little more downside will be needed. Wave ii is not allowed to break below the beginning of wave i at 1.5784, so a breakout below here will invalidate the bullish rally we are looking for.

Trading recommendation:

We will only buy EUR upon a breakout above 1.6151 and our stop will be placed at 1.5925.

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Elliott wave analysis of EUR/JPY for December 28, 2015 Market Analysis Review

Wave summary:

Wave [ii] became a little bit deeper than expected, but following waves are allowed to correct 100% of the first wave, so it is not surprising that wave [ii] is 78.6% of wave [i]. With wave [ii] in place, we will now be looking for an acceleration higher to 135.07 to end wave [iii] calling for a shallow wave [iv] before the final rally higher to 135.67 in wave [v] of c of (ii) that should set a stage for the next powerful decline towards 126.10 and lower.

It will take an anticipated breakout below 131.00 to invalidate a call for a rally higher to 135.67 in wave [ii] indicating that wave (ii) is already ended at 134.59 and wave (iii) is developing lower to the area around 126.10.

Trading recommendation:

Our stop was hit. We will buy EUR again 132.17 with stop placed at 131.40 and we will place take profit + revers at 135.34

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Daily analysis of USDX for December 28, 2015 Market Analysis Review

The bias is very bearish on the H1 chart and the USDX seems to be very active in the bearish trend, as the 200 SMA offered a strong dynamic resistance during the last week. Currently, a bottom can be found around the level of 97.86, where a breakout lower will expose the index to test a low of 97.66 in a short-term basis. The MACD indicator is in the neutral territory.

H1 chart's resistance levels: 98.14 / 98.66

H1 chart's support levels: 97.86 / 97.66

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks current levels with a bearish candlestick; the support level is found at 97.86, take profit is at 97.66, and stop loss is at 98.05.

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Daily analysis of GBP/USD for December 28, 2015 Market Analysis Review

On the H1 chart, GBP/USD is trying to recover from the losses held during the Christmas week and the 200 SMA is offering buyers dynamic resistance. However, a rally towards the resistance level of 1.4999 can be expected. A breakout should happen in this area to test another high of 1.5064. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 1.4999 / 1.5064

H1 chart's support levels: 1.4918 / 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 seen at 1.4918, take profit is at 1.4802, and stop loss is at 1.5035.

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Technical analysis of EUR/USD for December 28, 2015 Market Analysis Review

There is no economic data to be delivered from the European and US markets today. So amid the reports, EUR/USD will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1020.

Strong Resistance:1.1014.

Original Resistance: 1.003.

Inner Sell Area: 1.0992.

Target Inner Area: 1.0967.

Inner Buy Area: 1.0942.

Original Support: 1.0931.

Strong Support: 1.0920.

Breakout SELL Level: 1.0914.

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 28, 2015 Market Analysis Review

In Asia, Japan will release data on the Prelim Industrial Production m/m and Retail Sales y/y, but the US will not release any economic data. So, there is a strong probability that the USD/JPY pair will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.00.

Resistance. 2: 120.76.

Resistance. 1: 120.54.

Support. 1: 120.24.

Support. 2: 120.00.

Support. 3: 119.77.

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.

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

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Daily analysis of major pairs for December 28, 2015 Market Analysis Review

EUR/USD: Last week, this pair closed at 1.0952 on a slight bullish note. There may not be serious momentum in the market this week, owing to a "poor" trading activity, but we could see surprising movements in some EUR pairs (like EURNZD, EURAUD and EURCAD). As for the EUR/USD pair, there is a likelihood that the resistance lines at 1.0950 and 1.0000 would be reached within the next several trading days.

USD/CHF: This market merely moved sideways last week, with no significant journey to the upside or to the downside. There could be some movements in the market this week, but nothing extraordinary is expected. However, it is very likely that momentum would return to the market in the first week of January 2016.

GBP/USD: What has happened so far on the cable is what can be called a rally in the context of an uptrend. The price has been going gradually upwards since last week, while the outlook remains bearish. Only a movement above the distribution territory at 1.5050 would render the bearish outlook invalid; otherwise, the current rally would be logically taken for another short-selling opportunity.

USD/JPY: The USD/JPY pair trended nicely downwards last week. The pair moved down by 110 pips is now trading below the supply level of 120.50, and going towards the demand level at 120.00. There is a very strong Bearish Confirmation Pattern in the chart; plus the price is likely to go further south when momentum returns to the market.

EUR/JPY: The upwards bounce we witnessed last week proved to be an opportunity to go short. The price moved down after that testing the demand zone of 131.50, which might be breached to the downside soon.

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Daily analysis of DAX for December 28, 2015 Market Analysis Review

We should note the DAX is facing off the dynamic resistance offered by the 200 SMA in the H1 chart, where a pullback can happen. However, if the index breaks the highs around the price zone of 10821, then we should turn our outlook to a bullish scenario for a short- and mid-term basis. The RSI indicator remains in the positive territory.

H1 chart's resistance levels: 10723 / 10821

H1 chart's support levels: 10597 / 10499

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the DAX breaks a bearish candlestick; the support level is at 10597, take profit is at 10499, and stop loss is at 10696.

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Daily analysis of SP 500 (#SPX) for December 28, 2015 Market Analysis Review

The SP 500 is currently being rejected by the price actions around the level of 2069.1, where the sellers are highly active. A decline towards the 200 SMA is expected in case that bearish scenario happens, so the index could do another fall until the support level of 2045.5 in a mid-term basis, which is below the 200 SMA in the H1 chart. The RSI indicator is in the positive territory.

H1 chart's resistance levels: 2069.1 / 2073.9

H1 chart's support levels: 2059.7 / 2054.9

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the SP 500 breaks a bearish candlestick; the support level is at 2059.7, take profit is at 2054.9, and stop loss is at 2063.9.

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Daily analysis of NZD/USD for December 28, 2015 Market Analysis Review

On the H1 chart, NZD/USD is currently doing a rally above the level of 0.6826 with a focus on 0.6860. We can expect a breakout over there to reach new highs, but as long as the kiwi succeeds in performing a pullback at current levels, we can see a re-test of the 200 SMA in this time frame, which is slightly bullish.

H1 chart's resistance levels: 0.6860 / 0.6893

H1 chart's support levels: 0.6826 / 0.6793

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the NZD/USD pair breaks a bullish candlestick; the resistance level is at 0.6860, take profit is at 0.6893, and stop loss is at 0.6828.

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Daily analysis of EUR/USD for December 28, 2015 Market Analysis Review

The EUR/USD pair is trying to approach new highs as it did a rebound above the 200 SMA. The resistance level of 1.0955 is a key zone for sellers, so the pair couldn't perform another rally towards at least 1.1000 in the short term. However, we can expect a pullback to test the pivot point around the zone of 1.0912.

H1 chart's resistance levels: 1.0955 / 1.0999

H1 chart's support levels: 1.0912 / 1.40868

Trading recommendations for today: Based on the H1 chart, place buy (buy) orders only if the EUR/USD pair breaks a bullish candlestick; the resistance level is at 1.0955, take profit is at 1.0999, and stop loss is at 1.0912.

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