Technical analysis of NZD/USD for December 22, 2014 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a range. It is supported by the Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, NZD-USD interest differential and firmer commodity prices. However, NZD sentiment is dented by the 1.9-point drop in New Zealand Westpac McDermott Miller consumer confidence index to 116.7 in 4Q from 3Q. NZD/USD upside is also limited by the positive dollar sentiment and Kiwi sales on rebounding AUD/NZD cross.

Technical Comment:
Daily chart is mixed as MACD and stochastics are neutral.

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 0.7685. A break of this target will move the pair further downward to 0.7660. The pivot point stands at 0.7765. 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 0.7795 and the second target at 0.7835.

Resistance levels:

0.7795

0.7835

0.7870



Support levels:

0.7685

0.7660

0.7625

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Technical analysis of GBP/JPY for December 22, 2014 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate. It is supported by the positive risk sentiment and demand from Japan's importers. But GBP/JPY upside move is limited by Japan's export sales and soft EUR/USD undertone.

Technical comment:
The daily chart is mixed as MACD is bearish, five-day moving average is below 15-day moving average and is declining but stochastics is bullish at oversold levels.

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 187.70 and the second target at 188.45. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 184.35. A break of this target would push the pair further downward and one may expect the second target at 183. The pivot point is at 185.20.

Resistance levels:

187.70

188.45

189.35

Support levels:

184.35

183

182.5

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Elliott wave analysis of EUR/NZD for December 22 - 2014 Market Analysis Review

Technical summary:

Ideally, support near 1.5703 will protect the downside for a break above resistance at 1.5845 and more importantly a break above 1.5879 confirming a new rally towards 1.6100 in a possble b-wave triangle. Only a break below support at 1.5643 will invalidate the outlook for a b-wave triangle and call for renewed downside pressure towards 1.5398 and lower.

Trading recommendation:

We will buy EUR near 1.5703 with a stop at 1.5640.

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Elliott wave analysis of EUR/JPY for December 22 - 2014 Market Analysis Review

Technical summary:

We are still locked inside the red wave iv triangle, but it should just be a matter of time, before we will see a break out of the triangle towards the downside for a move closer to 143.81. In the short term, we expect resistance at 146.74 to protect the upside for the break below support at 145.39 confirming the decline towards 143.81. Only an unexpected break above resistance at 147.03 will shift the focus towards the upside for a new rally towards 149.78 and above.

Trading recommendation:

We will sell EUR here at 146.28 with a stop+reverse at 147.05 and place take profit at 143.95.

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Technical analysis of EUR/USD for December 22, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Consumer Confidence. The US will also publish the economic data such as the Existing Home Sales. So, amid the reports, EUR/USD will move low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2286.

Strong Resistance:1.2279.

Original Resistance: 1.2267.

Inner Sell Area: 1.2255.

Target Inner Area: 1.2226.

Inner Buy Area: 1.2197.

Original Support: 1.2185.

Strong Support: 1.2173.

Breakout SELL Level: 1.2166.

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/JPY for December 22, 2014 Market Analysis Review

In Asia, Japan will release the BOJ Monthly Report. The US will also publish some economic data such as Existing Home Sales. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

Resistance. 3: 119.97.

Resistance. 2: 119.74.

Resistance. 1: 119.50.

Support. 1: 119.22.

Support. 2: 118.98.

Support. 3: 118.75.

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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Daily analysis of major pairs for December 22, 2014 Market Analysis Review

EUR/USD: This is a bear market and the bearish movement is supposed to continue this week. From the resistance line at 1.2550, the price dropped by more than 300 pips, closing below the resistance line at 1.2250. The next target to be reached by the price is the support line at 1.2200.

USD/CHF: This is a bull market and the bullish movement is supposed to continue this week. From the support level at 0.9550, the price rose by more than 280 pips, moving close to the resistance line at 0.9850. That resistance level could be breached to the upside, and the next target to be reached by the price is resistance level at 0.9900.

GBP/USD: This is a very volatile market. The volatility is caused by a struggle between the bull and the bear, though bears have upper hands. With further strength in the Greenback, the price could challenge the accumulation territory at 1.5550.

USD/JPY: The USD/JPY pair went upwards last week, following a bearish run that made it go below the demand level at 116.00. The price was unable to stay below the demand level at 116.00 – as it rose steeply above the demand level at 119.00. This market could continue its upwards movement and as a result of that, price could reach another supply level at 120.50.

EUR/JPY: This currency trading instrument closed at 146.16 on Friday, December 19, 2014, on a bearish note. The price ought to be bullish like some other JPY pairs, but the weakness in the EUR is too much to allow it. Only a movement above the supply zone at 147.50 could mean the end of the bearish outlook.

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