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

Overview

Silver price closed yesterday trading above the bearish channel's resistance that appears in the image, while the price could not surpass the critical resistance barrier at 14.25, which keeps the chances valid for resuming the main bearish trend, especially that stochastic shows clear negative signals on the four-hour time frame. Thus, we keep preferring the overall bearish trend that targets 13.50 then 13.00 initially, unless witnessing a clear breach and a daily close above 14.25 level. Silver price didn't show any strong move since morning, to keep fluctuating near 14.25, therefore, there is no change on the bearish trend scenario that depends on the stability of the daily close below the mentioned level, reminding you that our next targets are at 13.50 then 13.00.

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

Overview

The breach of 180.36 suggests that a decline from 195.86 is resuming. The intraday bias stays on the downside for the next support level of 174.86. A break will indicate a larger trend reversal. On the upside, above 182.12, the minor resistance will turn bias neutral and bring consolidations first. This is supported by the bearish divergence condition in weekly MACD. 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 trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we can expect strong resistance from 199.80/200.00 to bring reversal.

Daily Pivots: (S1) 179.83; (P) 180.52; (R1) 181.10;

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

USD/JPY is expected to trade with bearish bias.Overnight, the US stock indices closed higher with an end-of-session rally. Rising shares were noted in the semiconductor, food & staples retailing, and consumer services sectors. The Dow Jones Industrial Average gained 0.7% to 17251, the S&P 500 rose 0.8% to 2021, and the Nasdaq Composite was up 0.9% at 4968.

Nymex crude oil edged up 1 cent to settle at $34.74 a barrel, gold gained 1.2% to $1,078 an ounce, while the benchmark 10-year US Treasury yield declined to 2.196% from 2.215% last Friday.

The US dollar remained on the defensive as EUR/USD gained another 0.4% to 1.0912, AUD/USD climbed 0.3% to 0.7187, and NZD/USD was up 0.5% to 0.6757. Meanwhile, the dollar stayed weak against the yen with USD/JPY at 121.15, and strong against the Canadian dollar with USD/CAD at 1.3957. The pair posted a rebound after dipping as low as 120.82 overnight. However, the pair remains under pressure while being capped by the 50-period (30-minute chart) moving average. The 20-period moving average has crossed below the 50-period one. The rebound is losing momentum, and once it ends, the pair is expected to decline toward the first downside target at 120.85 (a price base seen on December 15) and the second one at 120.55 (the low of December 15). Only a break above the key resistance at 121.75 would turn the intraday outlook bullish.

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 120.50. A break of that target will move the pair further downwards to 120.15. The pivot point stands at 121.50 . In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.75 and the second target at 122.15.

Resistance levels: 121.75 122.15 122.55

Support levels: 120.50 120.15 119.65

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

USD/CHF is expected to trade with bearish bias as key resistance is at 0.9940. The pair managed to hold above its nearest key support at 0.9830, and it is likely to post some technical rebounds. The relative strength index turned up and jumped above its neutrality area at 50. The resistance base at 0.9940 should prevent any upward attempts. Thus, as long as the resistance level is at 0.9840, the pair is more likely to post further downward movement to 0.9830, and 0.9790 (the high of December 17).

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: 0.9970 0.9990 1.0015

Support levels: 0.9830 0.9795 0.9750

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

NZD/USD is expected to trade above 0.6765. The pair extended its gains after the validation of an intraday "bullish flag" pattern. The 20-period and 50-period moving averages are heading upwards, and they will continue to push the prices higher. The relative strength index bounced off its neutrality area at 50, showing strong upward momentum. Hence, as long as 0.6765 is not broken, there is a possibility of further advance to 0.6865 and 0.69 (the high of December 16).

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 0.6740, 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 0.6710. The pivot point is at 0.6765.

Resistance levels: 0.6865, 0.69, 0.6950

Support levels: 0.6740, 0.6710, 0.6660

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Technical analysis of S&P500 for December 22, 2015 Market Analysis Review

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Gold: analysis for December 22 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,078.00. 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 and broken 200 SMA 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: 1,080.50

R2: 1,083.20

R3: 1,087.50

Support levels:

S1: 1,071.90

S2: 1,069.22

S3: 1,064.90

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

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