Daily analysis of major pairs for December 15, 2014 Market Analysis Review

EUR/USD: This pair has been making serious effort to go upwards – with a measure of success. The market went upwards by over 200 pips last week, closing above the support line at 1.2450. There is a Bullish Confirmation Pattern in the market. Price is expected to go towards the resistance line at 1.2500.

USD/CHF: This pair has been trending downwards – with a measure of success. The market went downwards by over 170 pips last week, closing below the resistance level at 0.9650. There is a Bearish Confirmation Pattern in the market. Price is expected to go towards the support level at 0.9600.

GBP/USD: The Cable made some effort to go bullish last week. Price went upwards in a slow and steady manner and then moved sideways, closing at 1.5715 on Friday, December 12, 2014. Price may go further upwards towards the distribution territory at 1.5800, provided that the Greenback continues its current weakness.

USD/JPY: USD/JPY closed below the supply level at 119.00 on Friday. Price nosedived by over 400 pips last week, thereby overturning the recent bullish bias. Things have gone bearish and with continuous weakness in Greenback, price could test the demand level at 118.00.

EUR/JPY: The situation on this cross is dicey. Some indicators are bullish and some are bearish in the same timeframe. Therefore, one may stay aside until there is a clean directional movement. One thing could be noted: This cross is likely to go upwards with a high probability this week .

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Technical analysis of USD/JPY for December 15, 2014 Market Analysis Review

In Asia, Japan will release the Tankan Non-Manufacturing Index and Tankan Manufacturing Index. The US is also ready to release some economic data such as NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and Empire State Manufacturing Index. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.13.

Resistance. 2: 118.90.

Resistance. 1: 118.86.

Support. 1: 118.38.

Support. 2: 118.14.

Support. 3: 117.91.

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Daily analysis of USDX for December 15, 2014 Market Analysis Review

On the H4 chart, the USDX has been pretty weak below the resistance level of 88.65, because this instrument is trying to find support at the 88.19 level for a rebound and consolidation in the bullish bias this week. If the USDX does a breakout at the resistance level of 88.65, the next target would be the 89.05 level.

H4 chart's resistance levels: 88.27 / 88.44

H4chart's support levels: 88.19 / 87.93

The USDX continues to consolidate below the 200-day moving average on the H1 chart. Now, this instrument is forming a bearish pattern below the resistance level of 88.43. Therefore, the USDX is likely to rise to that level, because the USDX is trying to fill the bearish gap left when opening the week. The MACD indicator remains in the negative territory.

H1 chart's resistance levels: 88.43 / 88.71

H1 chart's support levels: 88.15 / 87.86

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 88.43, take profit is at 88.71, and stop loss is at 88.15.

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Daily analysis of GBP/USD for December 15, 2014 Market Analysis Review

The GBP/USD pair is trying to stay solid in the bullish trend, next to the 200-day moving average. This pair is likely to reach the resistance level of 1.5811 this week, but we must be aware of a possible breakout at the support level of 1.5698, which would open the way for the pair to fall to the level of 1.5589.

H4 chart's resistance levels: 1.5825 / 1.5874

H4chart's support levels: 1.5698 / 1.5589

At the H1 chart, GBP/USD continues moving in a low range above the support level of 1.5686, where the pair has formed several fractals. The resistance level of 1.5739 remains the strongest area of supply, so that if the GBP/USD takes a breakout at that level, it would be expected to rise to the level of 1.5810. The MACD indicator is moving into the positive territory.

H1 chart's resistance levels: 1.5739 / 1.5810

H1 chart's support levels: 1.5686 / 1.5632

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 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.

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Elliott wave analysis of EUR/NZD for December 15 - 2014 Market Analysis Review

Technical summary:

Important support at 1.5789 was never in any danger of being hit as the low came in at 1.5843. The following break above 1.5981 indicates that red wave ii is over and red wave iii is developing. In the short term, we would like to see support at 1.5981 protecting the downside for a break above 1.6207 and confirming the rally higher to 1.6273 on the way higher to 1.6446 and 1.6526 in red wave iii. Only an unexpected break below 1.5872 will be of concern and endanger the important low at 1.5789.

Trading recommendation:

We are long in EUR from 1.5915 and will move our stop higher to 1.5865. If you are not long in EUR yet, then buy near 1.5981 with stop at 1.5865 too.

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Elliott wave analysis of EUR/JPY for December 15 - 2014 Market Analysis Review

Technical summary:

Wave c of the correction from 149.13 is developing. Till now, we have seen wave a and b and wave c is currently unfolding. Red wave i ended at 147.69 and red wave ii is unfolding towards the 148.50 - 148.89 area from where the more powerful red wave iii lower to 145.88 is expected. The first target for this correction is found at 144.78. That said, wave c could easily extend lower to 142.05, but for now let's see what will happen as we approach 144.78.

Trading recommendation:

We are short in EUR from 147.97 and will move our stop to break-even and re-sell EUR at 148.50 with stop placed at 149.20 if/when our stop is hit.

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USDCAD Daily Analysis - December 15, 2014 Forex Analysis

USDCAD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.1191. Further rise could be expected in a couple of days, and next target would be at 1.1700 area. Support is located at the upward trend line, only a clear break below the trend line support could signal completion of the uptrend.

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