Gold technical analysis for December 10, 2014 Market Analysis Review

Gold price broke above resistance levels at $1,208-10 yesterday and gave a buy signal. Gold price reached our first target at $1,240 by making a high at $1,239. Short-term support is at $1,225 and at $1,215. This upward move could continue towards $1,260 if support levels are held.

Red line = support

Blue line = trend support

Gold price is making higher highs and higher lows. Price made a double top and it could signal a move towards short-term support at $1,225. If this support is broken we could see a push towards $1,215 where the rising trend line is found. $1,240 is an important resistance and if it is broken we could see an upward extension towards $1,260-70.

Gold price has broken above the Ichimoku cloud and is now back testing the breakout area. The pullback inside the cloud will be a bearish sign as it will mean that the breakout was fake. Important bullish support is at $1,185. Breaking below this level will signal the end of the upward bounce and the start of a new downward move towards new lows.

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Technical analysis of EUR/JPY for December 10, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair dipped into the immediate trend line support as seen here, around 147.00 levels. Please note that the pair has not yet broken the trend line and still remains in the buy zone, hence recommendations are to remain long with risks at 146.50 levels for now. The bulls are still in control and rally could resume taking the pair higher towards 150.80 and 151.80 levels respectively. Also note that the pair has been supported by fibonacci 0.618 at 147.20, of the rally between 145.50 to 149.80 levels. Immediate support is at 146.50 levels, followed by 145.50, while resistance is seen at 149.70/80 levels respectively.

Trading recommendations:

Remain long for now, stop at 146.50, the target is open.

Good luck!

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Technical analysis of GBP/CHF for December 10, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped towards 1.5150 levels before pulling back sharply yesterday. The pair is currently trading at 1.5210/20 levels and it is recommended to exit short positions and remain flat for a while. Please note that the pair remains well supported by the rising trend line around 1.5175 levels. Furthermore, past resistance turned support zone and fibonacci support levels are seen to be passing through the same levels. A bullish follow through now, could bring back bulls into action and the pair might be headed towards 1.5450 levels at least. Immediate support is at 1.5075 levels while resistance is seen at 1.5350 (interim), followed by 1.5450 respectively.

Trading recommendations:

Exit short positions at market and remain flat. Aggressive trade setup would be to initiate long positions, stop at 1.5100, the target is open.

Good luck!

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Technical analysis of USD/CAD for December 10, 2014 Market Analysis Review

General overview for 10/12/2014 06:50 CET

The black impulsive count has been invalidated due to wave one and wave four overlaps, but there is still a possibility of a leading diagonal in wave 1 black as long as the level of 1.1339 is not violated. The most important level for further impulsive wave progression is the intraday resistance at the level of 1.1460 and only a clear breakout higher above this level puts bulls back to control. Otherwise, the market might fall even deeper and the alternative count, labeled as alt: (a), (b) blue so far will be in play then.

Support/Resistance:

1.1579 - WR2

1.1519 - WR1

1.1500 - Intraday Resistance

1.1460 - Intraday Resistance|Key Level|

1.1416 - Weekly Pivot

1.1396 - Intraday Support

1.1357 - WS1

1.1339 - Leading Diagonal Invalidation Level

Trading recommendations:

The SL from yesterday's buy trades has been hit and currently there is no active open orders. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.

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Technical analysis of Gold for December 10, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has pushed through resistance at $1,235.00 levels yesterday. Bulls are now poised to take out $1,255.00 resistance before a meaningful pullback can take place. It is recommended to remain flat for now and enter long after the expected pullback. Aggressive trade setup would be to initiate long positions, with risk at $1,219.00, targeting above $1,255.00 levels. Immediate support is seen at $1,220.00 (interim), followed by $1,190.00, $1,145.00 and $1,130.00 while resistance is seen at $1,255.00, followed by $1,295.00 and higher respectively. Bulls are in control for now and poised to take out $1,255.00 at least.

Trading recommendations:

Remain flat and await a meaningful pullback to enter long.

Good luck!

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Technical analysis of EUR/JPY for December 10, 2014 Market Analysis Review

General overview for 10/12/2014 06:30 CET

The green impulsive count has been canceled due to wave one and wave four overlaps and now an alternate count is in play. In this count, the general idea is a little more complex wave developing in a corrective cycle labeled as waves WXY brown of a wave 2 red. Currently, this cycle has got back into the yellow neutral zone and further downward progression is expected. The first level of support is the yesterday's big candle shadow bottom at the level of 146.76, but if it is violated, the market should fall event further to the level of 145.70. Only a sustained breakout above the level of 148.32 would change the bearish outlook.

Support/Resistance:

151.04 - WR1

149.76 - Technical Resistance

149.00 - Weekly Pivot

148.32 - WS1|Key Level|

147.53 - Intraday Resistance

146.79 - Intraday Support

146.34 - WS2

Trading recommendations:

The sell orders from the level of 147.37 should be still kept open and traders are welcome to add to the shorts at any price between this level and the level of 148.32.. SL orders should be placed above the level of 148.33 and TP orders should be placed at the level of 146.34 with a possible extension downward to the level of 145.70.

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Technical Analysis of GOLD for December 10, 2014 Market Analysis Review

The risk appetite supported the yellow metal to regain its safe haven status. The metal soared to the nearest resistance at $1,240.00. The unexpected decision of the Greek government strongly impacted on the USD on a negative side. However, China's CPI data released today again came out below expectations, this leads to bring back the US dollar as a safe haven asset. Now, the focus has shifted to the technical resistance at $1,240.00 ahead of the tomorrow’s US data. A positive readings may push automatically the metal prices towards the South.

The precious metal has intraday key level at $1,226.00. We recommend selling below $1,226.00 with the targets at $1,221.00 and $1,216.00. The intraday support exists at $1,215.00 and $1,205.00. Bulls will try hard to hold their grip, until the prices are trading above $1,205.00 and 34hrsma. The technical indicators (hourly moving averages) favor bulls.

Intraday - Key support level at $1,205.00.

Hourly - Key support level at $1,226.00.

On the daily chart, the yellow metal managed to close above 7-month descending trend line. The metal can challenge $1,255.00 in case if the prices break $1,240.00 on the higher side.

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