Elliott wave analysis of EUR/JPY for December 5 - 2014 Market Analysis Review

Technical summary:

As the euro was reinforced after a less dovish ECB press conference, a break above 148.19 and even 148.25 was seen. That said, we are still holding below the top at 149.13, which is an invalidation point for our bearish count. In the short term, we will look for new signs of weakness in a form of a break below minor support at 148.11 and more importantly a break below support at 147.28 that would call for wave c lower to 145.35 and possibly even lower to 143.15 if wave c extends.

Trading recommendation:

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Technical Analysis of USD/CHF for December 05, 2014 Market Analysis Review

The pair touched the top end of the channel and fell sharply. The US data gave an optimistic view on the labour market. In the week ending November 29, the flash figure for seasonally adjusted initial claims was 297,000, a decrease of 17,000 from the previous week's revised print. The pair was sold off in yesterday's session, but managed to hold the descending trend line. The pair managed to erase half of its intraday losses and closed at the breakout level. The prices are facing strong resistance at 0.9720 levels, above this 0.9740 is the other resistance level. In case if the prices are closed above the top end of the channel on daily basis, it adds more bullish thoughts. We have been recommending buying on every dip at 0.9820, 0.9874, 0.9970, and 1.0270. Bulls must be able to close above 0.9742 on a weekly closing basis. Until the prices close above 0.9650, the pair favours buying on dips. From an intraday view, we recommend buying above 0.9720 levels.

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Technical Analysis of Gold for December 05, 2014 Market Analysis Review

GOLD

The yellow metal prices are consolidating in the descending trend line on the daily chart. Today, the pair opened on a bearish note. The nearest support level exists at $1,200.00. Today, the focus has shifted to US jobs data and the unemployment rate. Positive readings lead to further bearishness of the metal prices. The weekly resistance exists at $1,236.00. The monthly resistance level exists at $1,275.00. The metal has been facing strong resistance in the descending trend line on the daily chart. A daily close above this leads to a relief rally towards $1,230.00. Ahead of the major economic events, the metal looks very weak. We have to monitor the key data. We recommend fresh buying only above $1,206.00. For bears, we recommend selling below $1,200.00 with the targets at $1,195.00 and $1,191.00. The prices have been consolidating for 5 days after a sharp rise. In case if the prices close above $1,212.00, we can expect $1,230.00 in the near term. But please note, the overall strategy remains selling on a rally.

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Technical analysis of USD/JPY for December 05, 2014 Market Analysis Review

In Asia, Japan will release the Leading Indicators. Besides,the US will publish some economic data such as Non-Farm Employment Change, Trade Balance, Unemployment Rate, Average Hourly Earnings m/m, Factory Orders m/m, and Consumer Credit m/m. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.53.

Resistance. 2: 120.29.

Resistance. 1: 120.06.

Support. 1: 119.77.

Support. 2: 119.54.

Support. 3: 119.30.The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of EUR/USD for December 05, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Germany Factory Orders m/m and Revised GDP q/q. The US will release the economic data too such as the Non-Farm Employment Change, Trade Balance, Unemployment Rate, Average Hourly Earnings m/m, Factory Orders m/m, and Consumer Credit m/m. So, amid the reports, EUR/USD will move medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2446.

Strong Resistance:1.2439.

Original Resistance: 1.2427.

Inner Sell Area: 1.2415.

Target Inner Area: 1.2386.

Inner Buy Area: 1.2357.

Original Support: 1.2345.

Strong Support: 1.2333.

Breakout SELL Level: 1.2326.

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 of USD/CAD for December 05, 2014 Market Analysis Review

The pair took the 20Dsma support. In the week ending November 29, the flash figure for seasonally adjusted initial claims was 297,000, a decrease of 17,000 from the previous week's revised level. Today, the pair is managing to trade in the green. As of now, today it is unable to break the previous high at 1.1397. 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 challenge 260 odd pips on the higher side. On the down side, the pair has a strong support zone between 1.1120 and 1.1100 on a weekly basis. The pair has weekly support at 1.1314, 1.1295, and 1.1250. The swing support exists at 1.1190 levels. Until it closes above 1.1190, the bullish view is still valid. As of now, this week the pair made a high at 1.1459 but it was unable to break 1.1467. In case the pair closes above 1.1467 on a weekly closing basis, it challenges 275 pips in the short term. On the h4 chart, oscillators are giving a buying signal. The pair favours buying on every dip with higher targets. We can see momentum above 1.1400, it can challenge 1.1415, 1.1425, and 1.1445.

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Daily analysis of major pairs for December 5, 2014 Market Analysis Review

EUR/USD: After testing the support line at 1.2300, this currency pair shot upwards, reaching the resistance line at 1.2450. It is really a break above the resistance line at 1.2500 that can lead to a possibility of forming a bullish bias, otherwise, this could be a wonderful opportunity to go short again.

USD/CHF: After going above the resistance level at 0.9750, this pair retraced southwards, reaching the support level at 0.9650. It is really a break below the support level at 0.9600 that can lead to a possibility of forming a bearish bias, otherwise, this could be a wonderful opportunity to go long again.

GBP/USD: This market did not make any major move yesterday – unlike EUR/USD. The outlook remains downwards on the Cable – the EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Price may go downwards below the accumulation territory at 1.5600. Otherwise, price may shot upwards.

USD/JPY: USD/JPY is now trading above the demand level at 119.50, having tested the supply level at 120.00. With ongoing strength in the market, the supply level at 120.00 may be broken to the upside, and price may close above it. In addition, strong fundamental figures are expected today and they will have a big impact on the market.

EUR/JPY: A sudden surge of energy in the market has made this cross to break out in a serious manner. Price is now close to the supply zone at 148.50, and with further stamina in the market, the long-awaited supply level at 149.00 would be touched soon. During the upward breakout, the supply zone at 149.00 was almost tested.

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