Daily analysis of USDX for December 23, 2014 Market Analysis Review

The USDX has made a successful breakout at the 89.55 level, so that the next target on the H4 chart would be the resistance level of 90.25, at least in the medium term. However, the USDX could try to consolidate below the 89.55 level and down to the support level of 89.05, although the field is getting ready for the USDX rise to the level of 90.25 on the H4 chart.

H4chart's resistance levels: 90.25 / 91.25

H4chart's support levels: 89.55 / 89.05

On the H1 chart, the USDX has formed two fractals at the resistance level of 89.76, which will increase strength in that area so that this instrument falls to the support level of 89.51. However, the bearish retracement could extend to the level of 89.25 in the short term as long as the USDX makes a breakout at the level of 89.51. The MACD indicator is moving into the negative territory.

H1 chart's resistance levels: 89.76 / 90.01

H1 chart's support levels: 89.51 / 89.25

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 89.76, take profit is at 90.01, and stop loss is at 89.51.

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Daily analysis of GBP/USD for December 23, 2014 Market Analysis Review

On the H4 chart, the GBP/USD pair again found support at the level of 1.5589, since it had formed several fractals below the resistance level of 1.5698. Most strategists share the view that GBP/USD will continue strengthening the bearish bias to conduct a breakout at that support level with the formation of a lower low pattern and fall to the level of 1.5541.

H4chart's resistance levels: 1.5698 / 1.5811

H4chart's support levels: 1.5589 / 1.5541

During the session yesterday, the GBP/USD pair found strong resistance at the 1.5632 level. Now, this pair is trying to consolidate below the 1.5590 level to drop to the support level of 1.5534 in the medium term. For now, the GBP/USD pair has high chances of making a bearish consolidation below the 1.5534 level.

H1 chart's resistance levels: 1.5632 / 1.5686

H1 chart's support levels: 1.5590 / 1.5534

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 1.5590, take profit is at 1.5534, and stop loss is at 1.5650.

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Elliott wave analysis of EUR/NZD for December 23 - 2014 Market Analysis Review

Technical summary:

We are still looking for an obvious sign, that the corrective decline from 1.6207 is over and a new rally towards at least 1.6163 is unfolding. However, a break above 1.6163 should open up for a further move much higher. In the short term, a break above minor resistance at 1.5881 will be the first good indication, that the correction ended at 1.5724 and the expected rally is developing.

Trading recommendation:

We missed our buying opportunity near 1.5703, but will buy EUR upon a break above 1.5881 with stop placed at 1.5700.

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Elliott wave analysis of EUR/JPY for December 23 - 2014 Market Analysis Review

Technical summary:

The break above 147.03 suggests that an x-wave higher to nearly 148.23, but not above this resistance, is unfolding. Once we get close to 148.23, we should look for signs, that the next zig-zag correction lower is unfolding towards 142.06. However, if resistance at 148.23 is broken, then the correction unfolding shifts to a flat correction calling for a return to 149.78 before lower in wave c.

Trading recommendation:

Our stop+reverse at 147.05 was hit and we are now long in EUR from 147.05 and will place stop at 145.90 and take profit at 148.05

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Technical analysis of USD/JPY for December 23, 2014 Market Analysis Review

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a two-week high 120.19 this morning. Liquidity is thin as financial markets in Japan are shut Tuesday for a public holiday and global trading volumes have shrunk ahead of the Christmas holiday period. USD/JPY is supported by a smaller safe-haven appeal of the yen and yen-funded carry trades as positive risk sentiment prevails (VIX fear gauge eased 7.52% to 15.25, S&P 500 closed up 0.38% at 2,078.54 overnight) following last week's Federal Reserve message expressing confidence in the U.S. economy but pledging to be "patient" on raising interest rates. USD/JPY is also supported by the positive dollar sentiment (ICE spot dollar index hit eight-and-a-half year high 89.794 overnight; last 89.742 versus 89.650 early Monday) as expectations that the Fed would raise interest rates sooner than other central banks and rise in Chicago Fed National Activity Index to +0.73 in November from +0.31 in October overshadowed a bigger-than-expected 6.1% drop in U.S. November existing-home sales (versus forecast -1.1%); sell-yen orders from Japan's importers as well as Bank of Japan's large-scale monetary easing policy. But USD/JPY gains are tempered by the buy-yen orders from Japan's exporters. Slew of U.S.

Technical comment:
Daily chart mixed as MACD bearish but stochastics bullish, five-day moving average rising above 15-day moving average, bullish parabolic stop-and-reverse signal hit Monday.

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 120.80 and the second target at 121.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.10. A break of this target would push the pair further downward and one may expect the second target at 118.40. The pivot point is at 119.65.

Resistance levels:

120.80

121.20

121.50



Support levels:

119.10

118.40
117.75

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Technical analysis of EUR/USD for December 23, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Belgian NBB Business Climate, Italian Retail Sales m/m, and French Consumer Spending m/m. Besides, the US will release a big number of economic reports such as the Richmond Manufacturing Index, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, New Home Sales, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, HPI m/m, Final GDP Price Index q/q, Durable Goods Orders m/m, Final GDP q/q, and Core Durable Goods Orders m/m. So, amid the reports, EUR/USD will move with low to medium volatility during this session.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2287.

Strong Resistance:1.2280.

Original Resistance: 1.2268.

Inner Sell Area: 1.2256.

Target Inner Area: 1.2227.

Inner Buy Area: 1.2198.

Original Support: 1.2186.

Strong Support: 1.2174.

Breakout SELL Level: 1.2167.

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/CHF for December 23, 2014 Market Analysis Review

Fundamental overview:
USD/CHF is expected to consolidate with a bullish bias after hitting a two-year high at 0.9850 on Monday. It is supported by the positive dollar sentiment (ICE spot dollar index hit eight-and-a-half year high 89.794 overnight; last 89.742 versus 89.650 early Monday) as expectations that the Fed would raise interest rates sooner than other central banks and rise in Chicago Fed National Activity Index to +0.73 in November from +0.31 in October overshadowed a bigger-than-expected 6.1% drop in U.S. November existing-home sales (versus forecast -1.1%). Besides, Swiss National Bank announced on Thursday it would charge a negative interest rate on deposits from Jan. 22. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross.

Technical comment:
Daily chart is positive-biased as MACD and stochastics are bullish five- and 15-day moving averages are 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 0.9890 and the second target at 0.9940. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9715. A break of this target would push the pair further downward, and one may expect the second target at 0.9660. The pivot point is at 0.9780.

Resistance levels:

0.9890

0.9915

0.9940

Support levels:

0.9715

0.9660

0.9605

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