Technical analysis of GBP/USD for December 14, 2015 Market Analysis Review

The weekly technical analysis of the GBP/USD pair:

Trading recommendations:

• According to the previous events, the GBP/USD pair is still moving between the levels of 1.5239 and 1.5034.
• Strong resistance will be formed at 1.5239 providing a clear signal for sell deals with a targets seen at the daily pivot point (1.5100) and 1.5064. On the other hand, stop loss should be placed above the double top at 1.5260.
• Strong level (support) will be formed at 1.5034 providing a clear signal for buy deals with a target seen at 1.5205.

Observations:

• The double top will be set at the level of 1.5239.
• We expect a range of 110 pips today.
• But it should be noted that the risk of 73 pips must make a profit of 110 pips.
• Volatility: 295. Therefore, the market indicates the lower volatility.
• The value of 23.6% Fibonacci retracement levels is 1.5022 (for confirming for the bullish market).

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Global macro overview for 14/12/2015 Market Analysis Review

Global macro overview for 14/12/2015:

The eurozone industrial production data was released early this morning have beating the expectations: market participants had expected the number to be at the level of 0.3% m/m (1.4% y/y), the number was 0.6% m/m (1.9% y/y). Comparing this data to the previous month output (-0.3% m/m; 1.3% y/y), we can see solid improvement in the EU industrial production as this sector of the economy is continuing to build up momentum.

The EUR/USD pair is trading slowly in the middle of a range ahead of the Fed's rate decision on Wednesday. The next support is seen at the level of 1.0923 and next resistance is seen at the level of 1.1030.

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Global macro overview for 14/12/2015 Market Analysis Review

Global macro overview for 14/12/2015:

The most anticipated fundamental event, the Fed's interest rate decision, will take place this week. On the other hand, last night's data regarding Japan's Tankan Manufacturing index was better than expected (25 vs. 23 expected and 12 vs. 11 expected) against the disappointing outlook. In particular, the weak manufacturer outlook suggested a fall to -4 from -2, which is a surprising signal about widespread pessimism from businesses. This might be the first reason behind the BOJ's decision to broaden easing measures in Q1 2016.

The USD/JPY pair is trading in the middle of a range between the levels of 120.02 and 122.24, still above the long-term golden trend line.

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Gold : analysis for December 14 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,068.00. In the daily time frame, I found an inside-bar formation with support at the level of $1,058.15 and resistance at the level of $1,088.50. A trend is downward in mid and long term. According to the H1 time frame, we can observe a buying climax with a very wide spread of bars and strong reaction from sellers. I found lower swing highs and supply trend line, which is a sign of downward momentum. I have placed Fibonacci expansion to find potential support. Fibonacci expansion 100% is at the level of $1,063.00 (already tested) and Fibonacci expansion 161.8% is at the level of $1,050.00. If the price breaks the level of $1,062.00 in a high volume, we may see potential testing of the level of $1,050.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,073.15

R2: 1,073.60

R3: 1,074.37

Support levels:

S1: 1,071.60

S2: 1,071.13

S3: 1,070.35

Trading recommendations: Watch for selling opportunities. A trend is downward in the short and mid terms.

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Technical analysis of EUR/JPY for December 14, 2015 Market Analysis Review

General overview for 14/12/2015 08:50 CET

A corrective cycle might be evolving into more complex WXY pattern if the level of 133.33 is not clearly violated. However, if this level is broken, the abcde green triangle pattern in wave (b) is completed and impulsive wave to the upside is in progress.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.62 - WR1

133.33 - Intraday Resistance

133.11 - Weekly Pivot

132.48 - Intraday Support

132.12 - 50%Fibo

Trading recommendations:

Day traders should consider placing sell orders only from the level of 133.33 with tight SL and TP at the level of 132.47 and 132.12.

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USDX technical analysis for December 14, 2015 Market Analysis Review

The US dollar index failed to reach a new lower low last week. It is now testing important short-term resistance levels. As I have been expecting since last Friday, bulls should regain control of the trend as the Fed is expected to raise rates and strengthen the US dollar.

Black line - resistance trend line

Although the market might have already priced in a rate hike, technically the US dollar index is ready to give a short-term bullish signal by breaking above the resistance trend line at 97.90. Next resistance is seen at 98.90. Support is found at 97.20. If it gets broken, we should expect the level of 96.50 to be tested.

In the weekly chart, we can see how the price held above the first Ichimoku support the tenkan-sen at 97.15 where the 50% Fibonacci retracement is also found. Bulls have stepped in and from this area we could see the next upward leg that can bring the index to new highs above 100-101.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 14, 2015 Market Analysis Review

Gold price remains under pressure, and we have not seen yet another breakout or bullish signal. This will happen only if the price breaks above $1,080. Gold price has stopped moving to lower lows and this increases the chances of a weekly bounce towards at least $1,120.

Black line - resistance

Green line - support

In the 4-hour chart, gold price remains above the Ichimoku cloud support. Important short-term resistance is found at the black downward sloping trend line at $1,080. Support is found at $1,060. Breaking above $1,080 will increase the chances of a move towards $1,100-$1,120. Breaking below $1,060 will open the way to $1,000.

Nothing new is happening in the weekly chart. Oversold stochastic and RSI turning upwards. Selling pressure stopped pushing the price towards new lows and we should expect a strong bounce soon. However, with the FOMC meeting taking place this week, traders should be very cautious.The material has been provided by InstaForex Company - www.instaforex.com

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