Technical analysis of Gold for December 03, 2014 Market Analysis Review

The yellow metal was under pressure of the strong US data in yesterday's session. Today the focus has shifted to US ADP non-farm unemployment change data, ISM non-manufacturing PMI and ECB press conference. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. In case, if the US posts positive readings again the yellow metal has to go to the south levels again. The metal has resistance at $1,202.50. We recommend risky buying above $1,200.50 and safe buying at $1,203.00 for targets at $1,207.00 levels. The metal has intraday support at $1,191.00 and $1,188.00 levels. We can see kind of selling pressure below $1,1880.00 up to $1,182.00, $1,180.00 and $1,172.00 levels. Overall the yellow metal future is not that bright. In yesterday's session our selling recommendation gave good money. The weekly resistance exists at $1,236.00, above this, $1,255.00 will come to existence. The monthly resistance level exists at $1,275.00 levels.

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Technical analysis of EUR/USD for December 03, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m. The US will release the economic data too such as the ADP Non-Farm Employment Change, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, Beige Book, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2447.

Strong Resistance:1.2440.

Original Resistance: 1.2428.

Inner Sell Area: 1.2416.

Target Inner Area: 1.2387.

Inner Buy Area: 1.2358.

Original Support: 1.2346.

Strong Support: 1.2334.

Breakout SELL Level: 1.2327.

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Technical analysis of USD/JPY for December 03, 2014 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will release some economic data such as ADP Non-Farm Employment Change, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, Beige Book. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.96.

Resistance. 2: 119.72.

Resistance. 1: 119.49.

Support. 1: 119.21.

Support. 2: 118.98.

Support. 3: 118.74.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis on USD/CAD for December 03, 2014 Market Analysis Review

USD/CAD

The US dollar gained against most major pairs. The pair gained 90 pips in yesterday's session and closed near the highest level. But as of now, today the pair is unable to breach previous day's high of 1.1424 levels. The pair's nearest resistance exists at 1.1467 levels. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. Today the focus has shifted to US ADP non-farm unemployment change data, ISM non-manufacturing PMI. On the CAD major economic key events will be released today. The BOC interest rate and governor Poloz speaks. The pair has resistance at 1.1425 on a daily closing basis. In case if the pair closes above 1.1386 on a weekly basis, it can gain 260 pips on the higher side. On the down side, the pair has a strong support zone between 1.1120 and 1.1100 levels on a weekly basis. The pair has weekly support at 1.1314, 1.1295 and 1.1250 levels. The swing support exists at 1.1190 levels. Until it closes above 1.1190, the bullish view continues. We recommend fresh buying above 1.1414 levels for targets at 1.1446 and 1.1465 levels. The hourly support levels exist at 1.1394 and 1.1375 levels. In case if the prices correct below 1.1375 it can look for other supports at 1.1330 and 1.1310 levels.

Support 1.1394, 1.1375, 1.1330

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Technical analysis of USD/CHF for December 03, 2014 Market Analysis Review

USD/CHF

The US dollar gained against most major pairs. The pair gained 80 pips in yesterday's session and closed at the highest level. The pair has immediate resistance at 0.9742 and 0.9751 levels. In case if the pair manages to close above 0.9742 it can go up 210 pips on a positional basis. On the higher side, we can expect 0.9820, 0.9874, 0.9970 and 1.0270 levels. We have been recommending buying on every dip for the same targets. Today the focus shifts to ADP non-farm unemployment change data. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. A positive readings will push the prices to the north side. For an intraday view, the hourly momentum oscillators are indicating overbought signs. The prices have support at 0.9715, 0.9700 and 0.9680 levels. Until the prices close above 0.9650 the pair favours buying on dips. The safe trading will be above 0.9751 levels.

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Daily analysis of USDX for December 03, 2014 Market Analysis Review

The USDX continues to strengthen the bullish trend above the support level of 88.44. The next hurdle for this instrument is the resistance level of 88.65. If the USDX manages to make a breakout in that area, it would be expected to rise to the level of 89.40 where one bullish trend line is on the H4 chart. The MACD indicator remains in positive territory.

H4chart's resistance levels: 88.65 / 89.00

H4chart's support levels: 88.44 / 88.27

In the H1 chart, the USDX has gained bullish momentum above 200 SMA, because this instrument is forming a bullish pattern above the support level of 88.43. The USDX has reached new high levels for several weeks, so it is very likely that this instrument make a retracement to the support level of 88.43. The MACD indicator is entering overbought area.

H1 chart's resistance levels: 88.71 / 88.99

H1 chart's support levels: 88.43 / 88.15

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 88.71, take profit is at 88.99, and stop loss is at 88.43.

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Daily analysis of GBP/USD for December 03, 2014 Market Analysis Review

On the daily chart, the GBP/USD has not yet found out in what range it is now, because this pair is forming a bearish pattern below the resistance level of 1.5746. The GBP/USD may perform a breakout at the level of 1.5642, but we must remember that this level has been very strong in recent days. Hence the GBP/USD could made a retracement at the resistance level of 1.5883 in the medium term.

Dailychart's resistance levels: 1.5746 / 1.5883

Dailychart's support levels: 1.5642 / 1.5506

The GBP/USD had a bearish session during yesterday, as this pair has consolidated back below the 200-day moving average on the H1 chart. However, the possibility that the GBP/USD will form a double bottom pattern in the support level of 1.5590 is not precluded. If it does, this pair could rise again to the resistance level of 1.5739. The MACD indicator remains in negative territory.

H1 chart's resistance levels: 1.5686 / 1.5739

H1 chart's support levels: 1.5632 / 1.5590

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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.

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