Gold technical analysis for December 24, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has dropped to $1,170.00 levels, as was expected and discussed earlier. The metal is trading at $1,176.00 levels for now and might be preparing to stage a rally from here on. Please note that Fibonacci 0.618 support is also around the current price action. A bullish rally from here would bring back bulls under control and extend up to at least $1,255.00 levels. It is recommended to hold long positions and also look to add further at the current levels. Immediate support is seen at $1,160.00/65.00 levels, followed by $1,140.00, $1,130 and lower while resistance is seen at $1,220.00/25.00, followed by $1,235.00, $1,255.00 and higher respectively. Bulls are expected to remain in control untill prices remain above $1,140.00.

Trading recommendations:

Remain long, stop below $1,150.00, target is open.

Good luck!

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GBP/USD intraday technical levels and trading recommendations for December 24, 2014 Market Analysis Review

Overview:

The GBP/USD pair has been moving downward respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.

The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.

Failure of the market to defend the price zone of 1.5890-1.5900 allowed bears to push towards the support level located around 1.5550 where recent congestion zone was established above.

Recently, the market failed to express bullish breakout above the price level of 1.5760 (upper limit of the daily bearish channel). Instead, extensive bearish breakout was applied against the price levels of 1.5540-1.5560 (this breakdown was successfully executed yesterday).

Note that DAILY fixation below the recent bottoms established around 1.5540-1.5560 renders the current consolidation range as a bearish flag pattern with potential projected target at 1.5310 (similarto what happened back in October 2014).

Key level for the current week's movement is 1.5600. Persistence below it signals bearish tendency on the market and vice is versa.

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Intraday technical levels and trading recommendations on EUR/USD for December 24, 2014 Market Analysis Review

Bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern and the upper limit of the depicted bearish channel were established.

Recently, the daily fixation below 1.2360 (the lower limit of the depicted broken congestion zone) extended the bearish targets towards the price level of 1.2250.

However, after bears could fixate below 1.2360, evident bullish recovery was expressed so that bulls could reach the price level of 1.2560 few days later.

Bearish pressure that originated off 1.2560 (the upper limit of the movement channel) led to a breakdown of the price level of 1.2250 which supported the EUR/USD pair for a long time.

For intraday traders, the price level of 1.2150 remains a significant Fibonacci expansion level. Intraday DEMAND will probably be present at retesting.

Trade Recommendations :

As anticipated, risky traders could have benefited from the bearish breakout below 1.2250. This breakout exposes potential projection target roughly located around 1.2100.

Conservative traders should be looking for SHORT positions. Best low-risk entries may be taken around 1.2260 (the latest broken bottom).

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Elliott wave analysis of EUR/NZD for December 24, 2014 Market Analysis Review

Technical Summary:

We are still looking for a break above the resistance at 1.5881 as a confirmation that a bottom is in the place at 1.5724 for a rally towards at least 1.6163. As long as the resistance at 1.5881 protects the upside, there is still a risk of decline below the support at 1.5643 and if it happens, a new decline to 1.5398 and, most likely, below it should be expected. For now, we just have to watch, which way it will break, but we do favor the upside.

Trading Recommendation:

We will buy EUR upon a break above 1.5881 with stop placed at 1.5720.

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Intraday technical levels and trading recommendations on GBP/USD for December 24, 2014 Market Analysis Review

Two weeks ago, the GBP/USD pair found intraday DEMAND around 1.5550 where many lows were previously established back in November.

Moreover, previous multiple bottoms were established above 1.5550-1.5580, rendering it a prominent DEMAND zone.

The DAILY outlook looked quite bullish while bulls were defending the lower limit of the consolidation range around 1.5550 for many successive weeks. However, a bearish breakout was expressed yesterday.

The bears have already reached down to 1.5485. Daily closure confirmed the bearish breakout.

Now we are seeing a bearish flag pattern similar to what happened back in October provided that the market does not reach above 1.5550 (recent SUPPLY level).

Projection target would be located around the price level of 1.5350.

A consolidation movement ranging between the price levels of 1.5770 and 1.5550 took place.

It represented the state of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

As anticipated, the bearish breakout below 1.5550 directly exposed lower targets. Potential projection target for this range breakout pattern should be located around 1.5330-1.5350.

On the other hand, conservative traders should wait for bullish pullback towards the prominent SUPPLY zone located around 1.5660 for a low-risk SHORT position.

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Elliott wave analysis of EUR/JPY for December 24 - 2014 Market Analysis Review

Technical Summary:

We are still looking for a rally slightly higher to 148.23 to end wave x and then we should see the next decline towards 142.06. If, however, the resistance at 148.23 is broken the corrective pattern changes to a flat correction, that would call for a rally to 149.78 before we should expect the next move lower. We are in a small wave (ii) correction and once this correction is over, new highs above 149.78 should be seen.

Trading Recommendation:

We long EUR from 147.05 with stop placed at 145.90. We will move stop higher to 146.40 once minor resistance at 147.15 is broken, and keep our take profit at 148.05

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Technical analysis of USD/CAD for December 24, 2014 Market Analysis Review

General overview for 24/12/2014 08:10 CET

The wave progression is still trying to develop the last stages of a complex corrective cycle in wave Y. Since the last week, the range zone between the levels of 1.1558 and 1.1664 has been well respected. The suggested pattern of a complex corrective cycle in the overall wave 4 purple looks like a double three correction with a triangle pattern as the last in the progression. The recent leg down labeled as the wave e green of wave 4 purple might be its last leg down. A long-awaited upside breakout might be just about to happen. Only a breakout below the level of 1.1500 would invalidate this scenario. Please notice that the mid- and longer-term bias are bullish, and new highs are expected.

Support/ Resistance:

1.1733 - WR2

1.1672 - WR1

1.1645 - Intraday Resistance

1.1610 - Weekly Pivot

1.1558 - Intraday Support

1.1546 - WS1

1.1500 - Technical Support

Trading recommendations:

The corrective cycle in wave Y brown has not been completed yet as there is one more wave missing to the downside. The Traders should consider opening only buy orders from the current price levels with SL 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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