Gold analysis for December 22, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of 1,195.00. We are still waiting for a larger activity on the market and stronger price action. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1.195.00 (currently on the test). According to the 1H time frame, we can observe weak supply on the market, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities near the lows. Any larger demand in a high volume may confirm further bullish phase. According to the daily time frame, we can observe supply in an ultra low volume.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,195.96

R2: 1,296.44

R3: 1,197.20

Support levels:

S1: 1,194.44

S2: 1,193.96

S3: 1,193.20

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).

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Technical analysis of USD/CHF for December 22, 2014 Market Analysis Review

Overview :

• According to the previous events, the USD/CHF pair has still been moving between 0.9850 and 0.9790. So we expect a large range about 60 pips in the coming hours. The breakout seen at the ratio of 78.6% Fibonacci retracement level (the double bottom in the daily chart) for that the key level is set at the level of 0.9741 because it represents strong support and coincides with the 78.6% Fibonacci retracement level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good sign to buy above 0.9741 with the first target of 0.9848 in order to test the double top. It will call for uptrend in order to continue its bullish movement towards 0.9888. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently, the stop loss should be placed below the double bottom at the price of 0.9741.

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Technical analysis of NZD/USD for December 22, 2014 Market Analysis Review

Overview :

• The NZD/USD pair has been moving in downtrend since the last month. So, according to the prior events, the price of the NZD/USD pair has still been moving between the ratio of 78.6% Fibonacci retracement levels at the level of 0.7814 and 38.2% Fibonacci retracement at the 0.7709 level. Furthermore, the price opened below the ratio of 61.8% Fibonacci retracement levels (0.7770). Also, it should be noted that the resistance is set at the 0.7815 level today. Therefore, it will be a good sign to sell below the level of 0.7815 with the first target of 0.7740. It should be noticed that the minor support has already set at the price of 0.7710. However, in case of a reversal takes place and the NZD/USD pair breaks through the support level of 0.7710, the market will lead to further decline to 0.7670 today in order to indicate a correctional movement at this level. Meanwhile, the H4 chart represents strong support at 0.7670 which forms the double bottom.

Intraday technical levels :

Date:22/12/2014

Pair:NZD/USD

• R3: 0.7838


• R2: 0.7817


• R1: 0.7779


• PP: 0.7758


• S1: 0.7720


• S2: 0.7699


• S3: 0.7661

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Technical analysis of EUR/JPY for December 22, 2014 Market Analysis Review

General overview for 22/12/2014 12:10 CET

There are some first indications that the current wave development is trying to break out to the upside, but first the important resistance at the level of 147.02 must be violated in a clear, impulsive fashion. If it happens, the price will enter the area, where it can try to break even higher above the neutral range. To do this, the upper zone boundary at the level of 148.23 must be violated. A lack of this kind of price action will result in another range zone congestion and a possible breakout lower through the golden trend line to the level of 144.98.

Support/Resistance:

149.77 - Swing High

149.63 - WR2

148.23 - Bullish Zone Level

147.74 - WR1

147.02 - Intraday Resistance

146.34 - Weekly Pivot

145.70 - Technical Support

144.98 - Intraday Support

Trading recommendations:

The impulsive wave progression might just have started and as long as the golden trend line is not broken, the traders should consider opening buy orders only. SL orders should be placed below the 146.34 level and TP orders should be placed at the level of 148.23.

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Technical analysis of USD/CAD for December 22, 2014 Market Analysis Review

General overview for 22/12/2014 11:50 CET

As anticipated last time, the corrective cycle is getting more complex and time-consuming. Current wave progression indicates a possible triangle formation in wave Y brown and an upside breakout above the level of 1.1672 to complete wave 5 purple. The first target projection for this wave is at the level of 1.1733. Only a breakout below the level of 1.1500 would invalidate this scenario.

Support/Resistance:

1.1733 - WR2

1.1672 - WR1

1.1632 - Intraday Resistance

1.1610 - Weekly Pivot

1.1558 - intraday Support

1.1546 - WS1

1.1500 - Technical Support

Trading recommendations:

The impulsive wave progression has not been completed yet and traders should consider opening only buy orders from current price levels. SL orders should be placed below the level of 1.1558 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.

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Technical analysis of NZD/USD for December 22, 2014 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a range. It is supported by the Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, NZD-USD interest differential and firmer commodity prices. However, NZD sentiment is dented by the 1.9-point drop in New Zealand Westpac McDermott Miller consumer confidence index to 116.7 in 4Q from 3Q. NZD/USD upside is also limited by the positive dollar sentiment and Kiwi sales on rebounding AUD/NZD cross.

Technical Comment:
Daily chart is mixed as MACD and stochastics are neutral.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.7685. A break of this target will move the pair further downward to 0.7660. The pivot point stands at 0.7765. 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. In that scenario, a long position is recommended with the first target at 0.7795 and the second target at 0.7835.

Resistance levels:

0.7795

0.7835

0.7870



Support levels:

0.7685

0.7660

0.7625

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Technical analysis of GBP/JPY for December 22, 2014 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate. It is supported by the positive risk sentiment and demand from Japan's importers. But GBP/JPY upside move is limited by Japan's export sales and soft EUR/USD undertone.

Technical comment:
The daily chart is mixed as MACD is bearish, five-day moving average is below 15-day moving average and is declining but stochastics is bullish at oversold levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 187.70 and the second target at 188.45. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 184.35. A break of this target would push the pair further downward and one may expect the second target at 183. The pivot point is at 185.20.

Resistance levels:

187.70

188.45

189.35

Support levels:

184.35

183

182.5

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