Technical analysis of USD/JPY for December 09, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with risks skewed lower after hitting a seven-year high at 121.86 on Monday. It is undermined by flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge jumped 20.22% to 14.21, S&P 500 closed 0.73% lower at 2,060.31 overnight) as concerns mount over flagging global economic growth after data showed Japan's economy contracted more-than-expected 1.9% in 3Q, German industrial output rose less-than-expected 0.2% in October, while China's trade exports grew weaker-than-expected 4.7% in November. USD/JPY is also weighed by the weaker USD sentiment (ICE spot dollar index last 89.10 versus 89.38 early Monday) as U.S. Treasury yields fell overnight (10-year at 2.257% versus 2.307% late Friday) Bank of International Settlements warned on Sunday in its most recent quarterly report that there are potential adverse implications from a prolonged rally in the dollar for economies beyond the U.S. that have large U.S. dollar-denominated liabilities and Japan's export sales. But the USD sentiment is soothed by 6.1% rise in Conference Board U.S. employment trends index to 123.24 in November. USD/JPY losses are also tempered by the demand from Japan's importers and Bank of Japan's large-scale monetary easing policy.

Technical comment:
Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics is turned bearish at overbought levels, bearish dark-cloud-cover candlestick pattern was completed on Monday.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 120.10. A break of this target will move the pair further downwards to 119.60. The pivot point stands at 121.35. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 121.85 and the second target at 122.30.

Resistance levels:

121.85

122.30

122.65

Support levels:

120.10

119.60

119.30

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Technical Analysis of Gold for December 09, 2014 Market Analysis Review

The weak dollar pushed the yellow metal above $1,200.00 and managed to close above this. The yellow metal is still trading in a tight range and hovering around $1,200.00. We can observe a flag pattern on the daily and hourly charts. For a speculative view, we recommend selling below $1,199.00 with the targets at $1,195.00 and $1,191.00. The selling pressure will weigh the metal in case if the metal falls below $1,191.00 towards $1,186.00 and 20Dsma. The metal has been facing strong resistance on the descending trend line on the daily chart. A daily close above this leads to relief rally towards $1,230.00. In case if the prices close above $1,212.00, we can expect $1,230.00 in the near term. But please note, the complete picture remains selling on rallies. The stronger US dollar will weigh the metal prices. The longer-term picture still favours selling side.

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Technical Analysis of USD/CAD for December 09, 2014 Market Analysis Review

The pair gave a strong close at yesterday's session after the weak Canadian building permits. The total value of building permits was $7.5 billion in October, edging up 0.7% from September. We have been recommending buying for 5 weeks. The pair favours buying on every dip with higher targets as I am waiting for close above 1.1467 on a daily basis with the targets at 1.1570, 1.1640, and 1.1740. At yesterday's session, the pair managed to close above 1.1467. The prices are closed and trading above 12ema and 35DEMA. We recommend fresh buying above 1.1500 levels with the targets at 1.1515, 1.1550, and 1.1570. The pair has hourly support at 1.1450 and intraday support at 1.1390. Use dip to add more longs. The hourly momentum oscillators are giving an overbought sign. Fresh buyers can wait for a minor healthy correction at today's session. In case if we get a minor correction, traders can buy at 1.1450 with sl 1.1425. We recommend fresh selling at 1.1420 with the targets at 1.1390 and 1.1370 levels.

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Technical Analysis of GBP/USD for December 09, 2014 Market Analysis Review

The Pound sterling has taken advantage of the dollar weakness. The pair has been struggling at 20Dsma for 9th trading sessions. It's a quiet week ahead for the UK. The cable breaks below the support level. It indicated a further downside journey in the coming session. We recommended selling on every rise and again we are repeating the same this week. The cable rejected at 50hrsma at yesterday's session. Today, the pair again rejected at 20Dsma. We recommend intraday buying above 1.5680 with the targets at 1.5700, 1.5725, and 1.5750. For an intraday view, the hourly support exists at 1.5635, 1.5625, and 1.5600. We recommend selling below 1.5610. Until the pair trades below 1.5764, we can expect 1.5525 levels on the downside.

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Technical Analysis of EUR/USD for December 09, 2014 Market Analysis Review

The Euro bounces slightly against US dollar from a 2-year low. The pair managed to close above 1.2300. At yesterday's session, the German Industrial output edged up 0.2% in October for a second month. The major event falling on Thursday is Targeted LTRO. This event turns this week to a key week for the euro zone. The nearest resistance exists at 1.2360 and support exists at 1.2255 and 1.2240. The pair is facing strong resistance at 20hrsma and 1.2320. We recommended selling on every rise, we are repeating the same again. The weekly resistance exists at 1.2362 and weekly supports exist at 1.2250. We recommend selling at the current market price or below 1.2300. In case if the pair closes below 1.2230 on a monthly closing basis, we can expect another 200-pips downfall. For an Intraday view, the prices are closed above 35DEMA at 1.2590. We recommend selling on every rise up to 1.2360. For an hourly view, the pair has support at 1.2307, below this 1.2290 is acting as support. In case if the prices fall below 1.2270, it can extend its fall up to 1.2240 and 1.2220 levels.

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Technical analysis of USD/CHF for December 09, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to consolidate after hitting a one-and-a-half year high at 0.9818 on Monday. It is undermined by the weaker USD sentiment(ICE spot dollar index last 89.10 versus 89.38 early Monday) as U.S. Treasury yields fell overnight (10-year at 2.257% versus 2.307% late Friday); Bank of International Settlements warned on Sunday in its most recent quarterly report that there are potential adverse implications from a prolonged rally in the dollar for economies beyond the U.S. that have large U.S. dollar-denominated liabilities; Japan's export sales. But the USD sentiment is soothed by 6.1% rise in Conference Board U.S. employment trends index to 123.24 in November. But USD/CHF downside is limited by the franc sales on soft CHF/JPY cross and unexpected 0.1% on-year drop in Switzerland November CPI (versus forecast 0.0%); ultra-loose Swiss National Bank's monetary policy. Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, 5 and 15-day moving averages are advancing.

Technical comment:

Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turning positive, five-day moving average is above 15-day moving average and is advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9795 and the second target at 0.9820. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9705. A break of this target would push the pair further downwards and one may expect the second target at 0.9675. The pivot point is at 0.9740.

Resistance levels:

0.9795

0.9820

0.9855

Support levels:

0.9705

0.9675

0.9635

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Technical analysis of NZD/USD for December 09, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate with a bearish bias after hitting a two-and-a-half year low at 0.7621 on Monday. It is undermined by the expectations that Fonterra this week would announce a downward revision of its previous forecast of NZ$5.30 payout to dairy farmers; caution that the Reserve Bank of New Zealand might adopt a dovish tone at its Thursday policy meeting, soft commodity prices, Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and Kiwi sales on rebounding AUD/NZD cross. But NZD/USD losses are tempered by the weaker USD sentiment and NZD-USD interest differential.

Technical Comment:

Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7565. A break of this target will move the pair further downwards to 0.7530. The pivot point stands at 0.7645. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7710 and the second target at 0.7780.

Resistance levels:

0.7710

0.7780

0.7815



Support levels:
0.7565

0.7530

0.75

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