Gold analysis for December 30, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upward. As we expected, the price tested the level of 1,210.57. Our Fibonacci retracement 61.8% at the price of 1.181.00 has been held successfully what caused price to start with an upward movement. According to the H4 time frame, we can observe demand in an ultra high volume (buying climax). My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, we can observe demand in a volume above the average, which is a sign that selling gold at this stage looks risky. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1,196.00 and Fibonacci retracement 61.8% at the price of 1,212.00. If the price breaks the level of 1,212.00 in a high volume, we may see a potential testing of the level of 1,237.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,193.22

R2: 1,197.68

R3: 1,204.90

Support levels:

S1: 1,178.78

S2: 1,174.32

S3: 1,176.10

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

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Technical analysis of AUD/USD for December 30, 2014 Market Analysis Review

Overview :

• The AUD/USD pair rose from the strong level of 0.8122 and extended further to as high as 0.8146 yesterday, and it has closed at the 0.8155 level today. It should be noted that support will be formed at 0.8155 because this level has also formed a double bottom on H1 chart. Furthermore, the price set above 23.6% of Fibonacci retracement levels a day ago. For that, we expect a saturation around the level of 0.8155 (but it should be noted that the real strong support has been already placed at the level of 0.8122). Hence, the market is likely to start showing the signs of a bullish bias again from this spot in order to indicate a bullish opportunity from the level of 0.812 (11.8% of Fibonacci retracement levels on the H1 chart). Accordingly, buy above the level of 0.8122 with the first target at 0.8178; besides, it will call for an uptrend in order to continue bullish towards 0.8197 in coming hours. On the other hand, if bulls are forced to pullback below the level of 0.8122 and sellers can break this level, the best solution is to set a stop loss at the price of 0.8108.

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Technical analysis of USD/CAD for December 30, 2014 Market Analysis Review

Overview :

• The price of USD/CAD pair is continuing to show signs of strength following the break at the price of 1.1561. The level of 1.1561 represents a strong support this month and coincides with the 50% of Fibonacci retracement levels in H1 chart. Therefore, the USD/CAD pair resistance has broken and it has turned to support for a month approximately. Moreover, the pair has already formed the strong support at the level of 1.1560. So, the market indicates a bullish opportunity at the level of 1.1565 with the target of 1.1625. It should be noted that the ratio of 78.6% Fibonacci retracement levels coincides with the price of 1.1625. If the price of USD/CAD pair wil be able to break the level of 1.1625; then the trend continues towards the second target at 1.1648. Also, it should be noted that the double top has already set at the point of 1.1673. And if the trend breaks this level and closes below the key level (1.1587), then it will be a rather convincing downside momentum. The structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at the price of 1.1587. Accordingly, it will be a good sign to sell at this level. It should be noticed that the support has already been placed at the 1.1561 level.

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Technical analysis of USD/CAD for December 30, 2014 Market Analysis Review

General overview for 30/12/2014 10:00 CET

Despite making new local high yesterday, the market still stays inside the intraday trading range between the levels of 1.1558 - 1.1665. Nevertheless, the last wave to the downside is still being expected here to complete the overall complex and time consuming corrective cycle in wave 4 purple. The projected target is at the level of 1.1558. Please notice that any breakout above the level of 1.1665 is bullish and further high prices should be expected.

Support/Resistance:

1.1712 - WR2

1.1670 - WR1

1.1650 - Intraday Resistance

1.1623 - Weekly Pivot

1.1588 - Intraday Support

1.1581 - WS1

1.1558 - Technical Support

1.1535 - WS2

1.1500 - Invalidation Level

Trading recommendations:

Yesterday's buy stop orders from the level of 1.1633 should be still kept open. The SL orders should be placed below the level of 1.1588 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 EUR/JPY for December 30, 2014 Market Analysis Review

General overview for 30/12/2014 09:30 CET

The overnight price action has finally broke out of the tight trading zone and after making a false upside breakout with doji candle, the market sharply reversed and broke the intraday support at the level of 146.43. Currently, this level is the key level in the analysis as there are two possible Elliott wave scenarios available. The main scenario indicates a completed corrective cycle in wave XX brown, and another leg to the downside is being expected to complete the last wave Z brown in wave 2 red. The alternate scenario indicates an unfinished wave XX brown in a shape of an irregular flat correction, where wave (a) and (b) blue are done and now wave (c) blue to the upside is anticipated. The confirmation of the main scenario comes with the level of 146.43 rejection. On the other hand, the confirmation of the alternative scenario comes with the level of 146.43 violation. Any new low below the level of 144.97 supports the main scenario .

Support/Resistance:

149.76 - Technical Resistance|Swing High|

148.35 - WR3

148.22 - Technical Resistance

147.74 - WR2

147.17 - WR1

147.13 - Intraday Resistance

146.54 - Weekly Pivot

146.44 - Intraday Resistance|Key Level|

145.92 - WS1

145.70 - Technical Support

145.39 - WS2

144.97 - Intraday Support|Swing Low|

144.82 - WS3

Trading recommendations:

Daytraders should stay aside and watch the price will either test the level of 146.43 (and trade the breakout or a rejection), or price will violate the level of 144.97 ( and trade the downside breakout). Please use tight SL orders as the end of the year liquidity is low and the market moves might get very sharp and sudden in either direction.

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Elliott wave analysis of EUR/NZD for December 30, 2014 Market Analysis Review

Technical summary:

There was no time for a proper correction back to 1.5724; and we are already close to the Spetember low at 1.5526 which will likely act as a support for a minor correction towards 1.5629 before the next decline towards 1.54 and 1.4966 in a huge flat correction.

Trading recommendation:

We will sell EUR at 1.5615 with stop placed at 1.5675

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Elliott wave analysis of EUR/JPY for December 30, 2014 Market Analysis Review

Technical summary:

The x-wave we where looking for ended early at 147.22; and now we will be looking for a decline in wave y to 142.44, where wave y will be equal in length to wave w. In short-term we expect minor resistance at 145.75 to protect the upside for a continuation lower to 144.71.

Trading recommendation:

We sold EUR at 145.90 and will place our stop at 146.55 and take profit at 142.50.

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