Elliott wave analysis of EUR/NZD for December 29, 2015 Market Analysis Review

Wave summary:

It was very disappointing to see another failure to break above minor resistance at 1.6151. It does keep a weak downtrend in place for a possible new low closer to 1.5858, but the low at 1.5784 should hold firm for a new impulsive rally in wave iii towards 1.7064.

Only an unexpected breakout below 1.5784 will delay the expected rally higher for a move closer to support at 1.5651 before the next attempt to move higher.

Trading recommendation:

We will buy EUR upon a breakout above minor resistance at 1.6089 and place stop at 1.5925.

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Elliott wave analysis of EUR/JPY for December 29, 2015 Market Analysis Review

Wave summary:

There is no change in a view here. We continue to watch for a rally towards 135.97 as long as support at 131.46 is able to protect the downside. In the short term, a breakout above minor resistance at 132.80 will confirm a new rally to 134.59 and above towards 135.97.

Only an unexpected breakout below support at 131.00 will invalidate the bullish outlook indicating that wave (ii) ended early at 134.59 and wave (iii) lower to 126.05 and below is developing.

Trading recommendation:

We are long EUR from 132.17 with stop placed at 131.40. If you are not long EUR yet, then buy a breakout above 132.46 and use the same stop at 131.40, but be ready to move it higher soon.

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Technical analysis of USD/MXN for December 29, 2015 Market Analysis Review

The USD/MXN pair has been moving within a very wide channel where an upper trend line was rejected on December 14. Following a sharp fall resulted in the ascending trend line breakout and signalling the weakness in the USD/MXN pair.

After the breakout, the price returned back to 61.8% Fibonacci retracement level applied to the 1st of December low and 14th of December high. So far all the fact supporting an idea of a downward correction continuation.

Consider selling USD/MXN, while the price is near R1 (17.25) targeting S1 (16.85), which is 61.8% Fibonacci retracement level applied to a high reached on December 14 and low hit on December 16. Stop loss should be set well above the most recent high reached on December 24.

Support: 16.85

Resistance: 17.25

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Technical analysis of EUR/USD for December 29, 2015 Market Analysis Review

When the European market opens, no economic news is due to be released, but the US will unveil economic data on the CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, and Goods Trade Balance. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1032.

Strong Resistance:1.1026.

Original Resistance: 1.015.

Inner Sell Area: 1.1004.

Target Inner Area: 1.0980.

Inner Buy Area: 1.0954.

Original Support: 1.0943.

Strong Support: 1.0932.

Breakout SELL Level: 1.0926.

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 29, 2015 Market Analysis Review

In Asia, Japan will not release significant economic news, but the US is expected to publish economic data on the CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, and Goods Trade Balance. So, there is a strong probability that 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: 120.95.

Resistance. 2: 120.71.

Resistance. 1: 120.48.

Support. 1: 120.18.

Support. 2: 119.94.

Support. 3: 119.71.

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 29, 2015 Market Analysis Review

On the H1 chart, the USDX remains finding support at the level of 97.86, which is a key zone for buyers on a short-term basis. However, if the index achieves in breaking that zone to the downside, then the bearish bias will strengthen eventually reaching the level of 97.00.

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 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 29, 2015 Market Analysis Review

The pair faced strong resistance at the level of 1.4918, which is very close to the 200 SMA in the H1 chart. This time frame is showing us a downside bias that can get another bearish momentum when the GBP/USD pair achieves in breaking the support level of 1.4802 and that will open the doors to 1.4702 in the short term. The MACD indicator remains at the negative territory.

H1 chart's resistance levels: 1.4918 / 1.4999

H1 chart's support levels: 1.4802 / 1.4702

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 1.4802, take profit is at 1.4702, and stop loss is at 1.4908.

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Daily analysis of major pairs for December 29, 2015 Market Analysis Review

EUR/USD: This pair was quiet on Monday, and there may not be a serious movement in the market this week owing to 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 on Monday, with no significant journey to the upside or to the downside. There could be some movement in the market this week, but nothing extraordinary is expected. However, momentum is likely to return to the market during the first week of January 2016.

GBP/USD: The GBP/USD pair moved slightly downwards on Monday proving that the rally we saw last week was merely an upward bounce in the context of a downtrend. Further bearish movements are expected this week and next week (as it is also forecasted for other GBP pairs); therefore accumulation territories around 1.4850 and 1.4800 would be tested.

USD/JPY: The USD/JPY pair has moved down by 110 pips, now it is 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: An upwards bounce we witnessed last week proved to be an opportunity to go short. The price came down after that, plus the demand zone at 131.50 is the next target, which might be breached to the downside soon.

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NZD/USD intraday technical levels and trading recommendations for December 28, 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.

A temporary bearish rejection was expected around 0.6750 and 0.6840 (daily resistance levels) in the daily chart. Actually, an earlier bearish rejection was expressed two weeks ago on Friday.

On the other hand, an estimated projection target for this flag pattern remains at 0.6950 only if the NZD/USD pair manages to keep trading above 0.6840.

Two weeks ago, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick on the H4 chart.

Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing evident bearish rejection.

For the NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponding to the depicted uptrend and the upper limit of the broken consolidation range).

Shortly after, another 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.

Last week, lack of enough bullish pressure above 0.6800 was manifested. That's why, a bearish pullback took place towards 0.6770 where the current bullish swing was initiated.

Bullish fixation above 0.6845 enhances the bullish side of the market. Long-term bullish targets are located at 0.6950 as long as the NZD/USD pair keep pushing above 0.6845.

On the other hand, a valid buy entry can be offered around 0.6750 where the depicted uptrend line comes to meet the NZD/USD pair.

S/L to be located below 0.6700. Initial T/P level remains located at 0.6840.

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

Overview

From the attached H4 chart, we can notice that the rebound from 129.66 is finished at 134.58 already. A deeper fall should be seen for 129.66 support first. Besides, EUR/JPY is staying in a falling channel that started at 141.04 and a deeper decline is in favor. A break of 129.66 will target a test on 126.09 low. Price actions from 149.76 medium-term top is viewed as corrective in nature. A strong rebound after failing to sustain below 38.2% retracement of 94.11 to 149.76 at 128.50 argues that it's developing in a sideway pattern. We'd expect more range trading between 126.09 and 149.76 in the medium term. And that should then be followed by an upside breakout at a later stage. Nonetheless, a decisive break of 126.09 would extend the correction towards 61.8% retracement at 115.36.

Daily Pivots: (S1) 131.69; (P) 131.85; (R1) 132.11;

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

Overview

Silver price shows more sideways trading near the 14.25 level, while stochastic shows a bearish bias on intraday time frames, which supports the chance to trade negatively in the upcoming sessions to keep the bearish bias preferred on the intraday and short-term basis. The price needs to break the 13.96 level to reinforce the expectations for targeting 13.50 then 13.00 levels mainly, reminding you that the stability of the daily close below 14.25 important for achieving the suggested targets.

The expected trading range for today is between 13.70 support and 14.50 resistance.

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USD/CAD intraday technical levels and trading recommendations for December 28, 2015 Market Analysis Review

Overview:

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

A significant bearish rejection was 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 a 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 7th.

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.

A significant bearish rejection and valid sell entry should be expected around this price 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:

A counter-trend sell position can be offered around 1.4100 (Fibonacci Expansion 100%) for risky traders if enough bearish rejection is expressed.

On the other hand, 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.

The Iinitial 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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Daily analysis of GBP/JPY for December 28, 2015 Market Analysis Review

Overview

A temporary low is in place at 178.95 and an intraday bias is turned neutral for some consolidations. But an upside of the recovery should be limited well below 183.96 and bring fall reversal. A decline from 195.86 is still in progress and should target 174.86 key support level next. A break there will indicate larger trend reversal. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm the 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 about strong resistance from 199.80/200.00 to bring the reversal eventually.

Daily Pivots: (S1) 178.95; (P) 179.45; (R1) 179.95;

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Intraday technical levels and trading recommendations for GBP/USD for December 28, 2015 Market Analysis Review

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 was providing the GBP/USD pair with a significant resistance.

The 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 a long-term perspective.

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 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 weekly closure below 1.4950 opens the way towards 1.4800 (a long-term bearish target) as an initial target.

Note that a bullish closure above 1.4950 brings another bullish pullback towards 1.5350 especially after the depicted bullish rejection was expressed at 1.4800 (the lower limit of the current bearish channel).

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 20th.

Bearish persistence below 1.5200 and then below 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 3rd.

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 had been already expressed. The level of 1.4950 is the key level to be watched for new sell entries if bullish pullback occurs.

As suggested in the previous article, the price zone of 1.4800-1.4830 (the lower limit of the depicted channel) has offered a valid buy entry on December 22.

The expected bullish target (1.4950) is being approached today.

Trading Recommendation:

Risky traders can sell the GBP/USD pair at retesting of the broken demand level at 1.4950. S/L should be set as a daily closure above 1.4960.

The initial bearish target would be located at 1.4850 where the lower limit of the depicted channel is located.

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Intraday technical levels and trading recommendations for EUR/USD for December 28, 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.

The 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, a 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 the current month (December).

On August 24th, the EUR/USD pair looked overbought as the market spiked 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 was performed on October 23rd. 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.

This week, the level of 1.1000 constitutes a significant supply level to offer a valid sell entry. A Head and Shoulders reversal pattern is being established around the depicted supply level.

S/L should be located above 1.1050. Initial T/P levels should be located at 1.0900 and 1.0810.

An obvious bearish closure below 1.0820 (the neckline of the depicted reversal pattern) is needed to allow a further bearish decline towards 1.0730 and 1.0550 again.

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

The USD/JPY pair is expected to trade in a lower range. At Thursday's shortened session, the US stock indexes slipped as energy shares pared some gains of the previous sessions. The Dow Jones Industrial Average fell 0.3% to 17552, the S&P 500 edged down 0.2% to 2060, while the Nasdaq Composite rose less than 0.1% to 5048.

Nymex crude oil continued its rally gaining another 1.6% to settle at $38.10 a barrel, while gold added 0.5% to $1,075 a troy ounce. The benchmark 10-year Treasury yield declined to 2.241% from 2.262% at the previous session.

Meanwhile, the US dollar continued moving in its downtrend, with the Wall Street Journal Dollar Index declining 0.4% to 89.64. EUR/USD increased 0.6% to 1.0969, USD/JPY lost 0.4% to 120.42 The pair remains on the downside lacking upward momentum. Currently, it is trading below the 20-period (30-minute chart) moving average, which stands below the 50-period one. At the same time, the intraday relative strength index is badly directed below the neutrality level of 50. We are still bearish about our intraday outlook, and the pair is expected to return to the first downside target at 120.00 before declining further to 119.75 (last seen on Oct. 22).

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 120.00. A break of that target will move the pair further downwards to 119.75. The pivot point stands at 120.75. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121 and the second target at 121.30.

Resistance levels: 121.00, 121.30, 121.75

Support levels: 120.00, 119.75, 119.35

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

The USD/CHF pair is under pressure. The pair is moving clearly in a downtrend, as the process of reaching lower highs and lows remains intact. The relative strength index has broken down its neutrality level of 50, calling for a further decline. Moreover, the nearest resistance at 0.9830 should maintain strong selling pressure on the prices. To sum up, we expect a new pullback to 0.9830 and 0.9800 below 0.980.

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 0.9830. A break of that target will move the pair further downwards to 0.98. The pivot point stands at 0.9915. 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 0.9940 and the second target at 0.9970.

Resistance levels: 0.9940 0.9970 0.9990

Support levels: 0.9830, 0.98, 0.9755

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

NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above the key support of 0.6805 remaining supported by the rising 50-period simple moving average. An immediate trend is upward but weak. Therefore, a consolidation cannot be ruled out at the current stage, but it should be limited by 0.6805. As long as this level is not broken, look for further advance towards 0.6865 and 0.6890.

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, it is recommended to open long positions with the first target at 0.6865 and the second target at 0.69. In the alternative scenario, it is recommended to open short positions with the first target at 0.6780, 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 0.690. The pivot point is at 0.6805.

Resistance levels: 0.6865, 0.69, 0.6950

Support levels: 0.6780, 0.6755, 0.67

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Technical analysis of GBP/JPY for December 28, 2015 Market Analysis Review

The GBP/JPY pair is expected to move mostly downside. The pair is moving sideways and is likely to face the key resistance at 180.10. Meanwhile, the relative strength index is turning down. The first downside target is seen at the horizontal support and overlap at 179. A breakout below this level would open the way to further weakness toward 178.50.

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 179.00. A break of that target will move the pair further downwards to 178.50. The pivot point stands at 180.10. 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 180.60 and the second target at 181.20.

Resistance levels: 180.60 181.20 182.10

Support levels: 179 178.50 178

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Technical analysis of GBP/CHF for December 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has been recently consolidating around the levels of 1.4700/30 after dropping to 1.4600. The pair has breached its support trend line by a small margin, but still holds support at 1.4550. If the drop from 1.5570 acts as an impulse, a counter-trend rally would push prices higher towards at least 1.5200 in the nearest term. It is recommended to initiate 50% long positions with risk at 1.4600. Immediate support is seen at 1.4550, while resistance is seen at 1.5000 followed by 1.5200 and higher.

Trading recommendations:

Initiate 50% long positions with stop at 1.4600, a target is open.

Good luck!

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Technical analysis of Silver for December 28, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trading around the level of $14.07 looking for an opportunity to form a base around $13.90/95 before rallying further. The metal has broken out of the resistance trend line, but needs to find a clear way to the level of $14.60 before it can be confirmed that bulls are in control. At the moment, the metal is retracing lower expected to find support around $13.90 before bouncing off. It is hence recommended to remain flat and look for an opportunity to enter around the level of $13.90. Immediate support is seen at $13.90 (Fibonacci 0.618) followed by $13.80 and lower, while resistance is seen at $14.60 and higher.

Trading recommendations:

Look for an opportunity to buy around $13.90.

Good luck!

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Technical analysis of Gold for December 28, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has been drifting in a corrective manner since reaching highs of $1,081.00/82.00 last week. The yellow metal is still expected to drop lower towards the level of $1,060.00 from here before it could receive any major support. The metal could bounce from $1,060.00 or drop further lower into the region around $1,050.00 before bouncing back. It is hence recommended to initiate fresh long positions around $1,060.00 with risk at $1,043.00. Immediate support is seen at $1,060.00 followed by $1,047.00, while resistance is see at $1,081.00/82.00 levels and higher.

Trading recommendations:

Look for an opportunity to buy around $1,060.00.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair dropped to the level of 131.00 as expected earlier. Since then, the pair has been drifting sideways between 131.25 and 132.75 as seen on the H4 chart. Bulls are expected to remain in control until prices remain broadly above the level of 131.00. Please note that the pair has found support at the Fibonacci 0.618 level at 131.00 earlier. It is hence recommended to remain long with risk at the level of 130.00. Immediate support is seen at 131.00 levels (interim) followed by 129.50 and lower, while resistance is seen at 132.75 followed by 133.75 and higher.

Trading recommendations:

Remain long, stop is at 130.00, a target is open.

Good luck!

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

Overview:

• The USD/CHF pair has already faced strong resistance at the level of 0.9912 and now it is approaching it in order to test it. Also, it should be noted that the price is still trading between 0.9910 and 0.9833 and below strong resistance at the level of 0.9912. Therefore, the fact that the yen will move downwards is rather convincing. The fall does not look corrective. It is likely to indicate a bearish opportunity below 0.9912 (you should keep in mind that the weekly pivot point is seen at 0.9888). It will be profitable to sell below 0.9988 with the first target at 0.9863. The pair will call for a downtrend to continue moving towards 0.9833 (around 23.6% of Fibonacci retracement levels in the H1 chart. Furthermore, it should also be said that the double bottom is expected to be formed at 126.00 calling for the strong support. So, the pair can rebound in the area around 0.9809. The market can start showing the bullish signs.

Trading recommendations:

• According to the previous events, the price is expected to remain between 0.9912 and 0.9833.
• The descending movement is likely to begin from the level 0.9112 (strong resistance) with targets seen at 0.9833 and 0.989.

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

Overview:

• The EUR/USD pair has rebounded from the major support level of 1.0930 and it is approaching its support now in order to test it. Moreover, it should be noted that the level of 1.0930 represents the weekly pivot point this week. So, it will probably start moving upside in this area and recover again. Therefore, buy at this spot with the first target at 1.0986 to form the double top and continue towards 1.1008 (it should be noted that this level will form the weekly resistance 1). On the other hand, in case of a breakout at 1.0927, a good place for stop loss is seen below 1.0915.

Observations:

• If the trend is upward, then the strength of the currencies will be defined as following: EUR is in an uptrend and USD is in a downtrend.
• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
• Fibonacci is in a trading range; it looks like the trend is trapping and going up or down. If you sell or buy in the long term in this period, you will surely lose your profit.

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

The weekly technical analysis of the GBP/USD pair:

Trading Recommendations:

• According to the previous events, the GBP/USD pair is still moving between 1.4841 and 1.4980 this week. .
• Buy above 1.4841 with the first target at 1.4944, it might resume to 1.4980.
• Below 1.5030 (161.8% of Fibonacci retracement levels), look for further downside with the aim to test the levels of 1.4980 and 1.4950 again.

Observations:

• Please check out the market volatility before investing, because the scenario may have already been invalidate.
• Use historic prices to determine future prices.

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EUR/NZD : analysis for December 28, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6065. We can observe low liquidity and weak price action. In the daily time frame, I found a weak supply bar and a strong head-and-shoulders confirmed formation (a broken neckline). According to the H1 time frame, the price is trading below 50, 100, 200 SMA. I found 2 climatic actions in a background and a strong up-thrust bar in an ultra high volume (sign of weakness). 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 (broken), Fibonacci expansion 100% is at the level of 1.5840, and Fibonacci expansion 161.8% is seen at the level of 1.5470.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6075

R2: 1.6100

R3: 1.6140

Support levels:

S1: 1.6000

S2: 1.5975

S3: 1.5940

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

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Gold : analysis for December 28 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,070.62. In the daily time frame, I found a weakly supply bar, which is a sign that selling looks risky. An intraday trend is neutral. In the 30M-time frame, we can observe successful re-testing of our channel and a breakout of a bullish flag, which made a good buy point at the level of $1,072.00.The first resistance is seen at the level of $1,080.00 and second at $1,088.70. The key price action resistance is seen around the level of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,076.20

R2: 1,076.50

R3: 1,077.00

Support levels:

S1: 1,075.15

S2: 1,074.80

S3: 1,074.25

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

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Global macro overview for 28/12/2015 Market Analysis Review

Global macro overview for 28/12/2015:

The Japanese inflation data released overnight showed the core consumer prices climbed for the first time in five months in November. Japan's industrial production however decreased for the first time in three months in November, as exports declined more than analysts had expected. The industrial output was reported at the level of -1.0% vs. -0.4% expected, but it was still 1.6% higher than a year before. Amid the latest reports we can suspect that BoJ Governor Haruhiko Kuroda may start additional stimulus measures as early as the next month.

The USD/JPY pair is just bouncing off the important technical support at the level of 120.35. The next resistance is seen at the level of 121.37.

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Global macro overview for 28/12/2015 Market Analysis Review

Global macro overview for 28/12/2015:

The last week's data from the US job market was slightly better than analysts had expected as the number of Americans applying for unemployment benefits declined 5,000 people to a seasonally adjusted 267,000 in the week ended December 19. This low level of unemployed US citizens was last seen in 1973, so it is a very good sign that the US labor market continues to strengthen. Please remember that the initial claims number below 300 000 is associated with strong labor market conditions and this kind of situation helps to boost consumer spending, This might be very important amid current economic conditions as the US is now facing headwinds from the strong US dollar and slowing global economic growth.

The US dollar index has been rejected after hitting 61% Fibo level of the previous sell-off range. Currently, it is trading slightly below 21 and 50 periods moving average, just above the technical support at the level of 97.18.

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

General overview for 28/12/2015 08:40 CET

The wave c purple in the complex corrective structure hasn't been completed yet and the new lower low is still being expected in this pair. Nevertheless, any breakout higher above the intraday resistance at the level of 132.77 will be the first clue that wave XX brown might not been completed as well. Moreover, any breakout above the level of 133.76 will invalidate the idea of a complex corrective cycle, so this level is worth keeping an eye on.

Support/Resistance:

129.87 - WS3

130.68 - WS2

131.02 - Technical Support

131.14 - WS1

131.48 - Intraday Support

131.96 - Weekly Pivot

132.44 - WR1

132.77 - Intraday Resistance

133.26 - WR2

133.74 - WR3

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 132.77 and TP at the level of 131.48 and below.

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

General overview for 28/12/2015 08:20 CET

AAs anticipated last week, wave 4 black is now developing in a corrective mode in the market. The first three waves look completed, but there is still a chance the whole structure will evolve into more complex and time-consuming pattern like triangle or complex corrective structure.

Support/Resistance:

1.4041 - WR2

1.4000 - Intraday Resistance

1.3927 - WR1

1.3870 - Weekly Pivot

1.3815 - Intraday Support

1.3748 - WS1

1.3693 - WS2

Trading recommendations:

Day traders should consider placing buy orders from current market levels with SL below the level of 1.3815 and TP at the level of 1.3870.

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