Technical analysis of NZD/USD for December 12, 2014 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade with risks skewed to downside after hitting a seven-day high 0.7870 on Thursday. It is undermined by the positive dollar sentiment, receding investor risk appetite, weak commodity prices and drop in BNZ Business Performance of Manufacturing Index to a four-month low of 55.2 in November from downwardly revised 58.9 in October. But NZD/USD losses are tempered by the less dovish than expected policy statement of the Reserve Bank of New Zealand on Thursday, the kiwi demand on soft AUD/NZD cross, NZD-USD interest differential and positions adjustment ahead of the weekend. The daily chart is tilting positive as stochastics is rising from oversold levels, the MACD histogram bars are turning positive.

Technical Comment:
The daily chart is mixed as the MACD is bearish, but stochastics is turned bullish at oversold levels.

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 the pivot point. Short positions are recommended with the first target at 0.7765. A break of this target will move the pair further downward to 0.7730. The pivot point stands at 0.7835. In case the price moves in the opposite direction and bounces back from the support level, 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 0.7870 and the second target at 0.7905.

Resistance levels:

0.7870

0.7905

0.7945



Support levels:
0.7765

0.7730

0.77

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Technical analysis of GBP/JPY for December 12, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate with bearish bias. It is undermined by the reduced investor risk appetite and Japan's export sales. But GBP/JPY downside is limited by the demand from the Japanese importers and positions adjustment ahead of the weekend.

Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish.

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 the pivot point. Short positions are recommended with the first target at 184.95. A break of this target will move the pair further downward to 184. The pivot point stands at 187.10. In case the price moves in the opposite direction and bounces back from the support level, 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 187.80 and the second target at 188.40.

Resistance levels:

187.90

188.40

189

Support levels:

184.95

184

183.35

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USD/CAD intraday technical levels and trading recommendations for December 12, 2014 Market Analysis Review

Overview:

Three months ago, the price levels around 1.0620 (the lower limit of the depicted chart) initiated the current strong uptrend.

Recently, bulls were pushing towards the upper limit of the movement channel (1.1370) in mid-October. Immediate bearish rejection was expressed resulting in a bearish correction towards 1.1200.

4H fixation below 1.1230 - 1.1210 (50% Fibonacci level) temporarily allowed bears to push towards 1.1100 (the lower limit of the bullish channel), where extensive bullish support was offered.

Recently, bulls have pushed further above the price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where the bearish rejection was applied.

As anticipated, the bullish breakout above 1.1440 is important to push towards 1.1550 where the upper limit of the ongoing bullish channel is located.

During the past few weeks, the USD/CAD pair established a recent SUPPORT zone around 1.1430-1.1330, breakout above which allowed the bulls to reach new highs around 1.1495 and 1.1535 which got hit today.

The price zone of 1.1430-1.1460 remains a key zone for this week's remaining trading sessions. Persistence above it signals the bullish tendency towards 1.1550 initially and 1.1650 to come next.

Trading recommendations:

Although, LONG positions suggested after the USD/CAD pair closed above 1.1450 were considered high-risk ones, they're are running in profits towards their targets (the price level of 1.1650 yet to come).

However, conservative traders should minimize the risk and advance their SL to entry levels (or slightly below - around 1.1420, for example).

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Intraday technical levels and trading recommendations on EUR/USD for December 12, 2014 Market Analysis Review

The price zone of 1.2880-1.2900 (corresponding to the upper limit of the previous broken channel) was targeted month ago. However, bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was established.

A bearish breakout off the bullish channel took place soon, thus confirming a flag continuation pattern. Bearish projected target already reached the level around 1.2490.

As anticipated earlier, daily fixation below 1.2490-1.2500 (the origin of the previous bullish swing expressed one month ago) extends the bearish targets towards the price level of 1.2200.

After bears could fixate below 1.2360, the EUR/USD pair has shown bullish recovery again above it due to the lack of bearish pressure below 1.2255.

Price level of 1.2200 remains the projected target of the current bearish flag pattern as long as 1.2500 remains defended by the EUR/USD bears.

The double-top pattern was expressed last week on the 4H chart around 1.2500. As anticipated, fixation below neckline (price level of 1.2430) enhanced the bearish trend on the market.

Yesterday, bulls spiked up to 1.2496. However, the market came back to trade below 1.2400. It could represent a failed bullish breakout off the upper limit of the depicted movement channel.

Fixation below the technical key level of 1.2370 is mandatory to maintain enough bearish momentum to push towards 1.2200.

On the other hand, 4H closure above the price zone of 1.2460-1.2480 ( Wednesday's daily high ) invalidates the suggested bearish scenario temporarily exposing price levels of 1.2580 for retesting.

Trade recommendations:

As anticipated before, intraday traders can SHORT the pair anywhere around 1.2410 -1.2450 (prominent Fibonacci Levels). Stop Loss should be set at a four-hour closure above 1.2470.

Target level should be located around the price level of 1.2200.

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EUR/NZD analysis for December 12, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading upward. As we expected, the price tested the level of 1.5970 in an average volume. Our Fibonacci retracement 61.8% at the price of 1.5835 held successfully, and it made price start with strong upward movement. I placed Fibonacci retracement to find potential resistance level and got Fibonacci retracement 38.2% at the price of 1.5975 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.6060. According to the 4H time frame, we can observe demand on the market. So, be careful when buying EUR/NZD at this stage since price is testing our resistance level.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5947

R2: 1.5979

R3: 1.6031

Support levels:

S1: 1.5843

S2: 1.5811

S3: 1.5759

Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test.

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Gold analysis for December 12, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upward. The price tested the level of 1,231.79 in a volume above the average. Our Fibonacci expansion 100% at the price of 1,186.00 is broken, so, we may expect potential testing of 1,255.00-1,265.00 levels. Our Fibonacci retracement 38.2% at the price of 1,218.00 held successfully and caused price to start with upward movement. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we can observe demand in a volume above the average. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,231.62

R2: 1,235.64

R3: 1,242.13

Support levels:

S1: 1,218.64

S2: 1,214.62

S3: 1,208.13

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

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Technical analysis of AUD/USD for December 12, 2014 Market Analysis Review

Overview :

• According to the previous events, the price of the AUD/USD pair has still been moving between the levels of 0.8308 and 0.8214. As it is known, if the trend is downward, then the strength of the currency pair will be defined as following: USD is in uptrend and AUD is in downtrend. Consequently, we expect that the trend is going to call for a bearish market at the level of 0.8308 (23.6% Fibonacci retracement levels) on the H1 chart. Additionally, it should be noted that the range today will be about 73 pips. Thereupon, sell at the price of 0.8308 with the first target at 0.8250, it might resume to 0.8214 in order to test the double bottom. At the same time, the stop loss should never exceed your maximum exposure amounts. Accordingly, your stop loss should be placed above the 0.8345 level.

Intraday technical levels :

Date: 12/12/2014

Pair: AUD/USD

• R3: 0.8520


• R2: 0.8447


• R1: 0.8360


• PP: 0.8287


• S1: 0.8200


• S2: 0.8127


• S3: 0.8040

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