Technical analysis of EUR/JPY for December 24, 2014 Market Analysis Review

General overview for 24/12/2014 08:10 CET

The golden trend line is still being respected by the market. After making an intraday double (or even triple) top formation, the price has fallen just to slightly bounce from the dynamic trend line support. The daily range is getting very tight right now, the price is consolidating just above the weekly pivot and the market is almost ready for the Christmas break and liquidity dries up. Nevertheless, there are some first indications that the current wave development is trying to break out to the upside, but first, the important resistance at the level of 147.11 must be violated in a clear, impulsive fashion.

Support/Resistance:

149.77 - Swing High

149.63 - WR2

148.23 - Bullish Zone Level

147.74 - WR1

147.11 - Intraday Resistance

146.34 - Weekly Pivot

145.70 - Technical Support

144.98 - Intraday Support

Trading recommendations:

As long as the golden trend line is not broken the bias is bullish and traders should consider opening buy orders only. Still the SL orders should be placed below the 146.34 level and TP orders should be placed at the level of 148.23. Please notice the liquidity is getting low and the market moves might get very sharp and sudden in either direction.

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Daily analysis of USDX for December 24, 2014 Market Analysis Review

On the daily chart, the USDX remains strong in the current bullish momentum. So, this instrument is likely to reach the resistance level of 90.40 in the coming hours. For now, the USDX could begin to form a higher high pattern to attempt a breakout in that area and go up to the next target at 93.44 in the medium term.

Dailychart's resistance levels: 90.40 / 93.44

Dailychart's support levels: 88.63 / 87.35

The USDX has been moving in a range above the support level of 90.01 in the last hours, but this instrument has not yet shown signs of making a change in the current trend. So, it is wise to think that the USDX should be kept strong in the bullish trend, at least in the short term. The MACD indicator is in the negative territory.

H1 chart's resistance levels: 90.26 / 90.50

H1 chart's support levels: 90.01 / 89.76

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 90.26, take profit is at 90.50, and stop loss is at 90.01.

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Daily analysis of GBP/USD for December 24, 2014 Market Analysis Review

The GBP/USD pair has been making sharp declines in the last weeks of the year, because this pair has tried to make a breakout at the support level of 1.5506. For now, the odds are high that the GBP/USD pair will continue strengthening the bearish bias on the daily chart, although a possible rebound to the current levels is not ruled out.

Dailychart's resistance levels: 1.5642 / 1.5746

Dailychart's support levels: 1.5506 / 1.5407

On the H1 chart, the GBP/USD pair is trying to form a bearish pattern below the resistance level of 1.5534. For now, movements in a range of this pair might suggest that GBP/USD is trying to continue the bearish trend for several days and this could be checked with a breakout at the level of 1.5501, which would open the way for the GBP/USD pair to fall to the level of 1.5460.

H1 chart's resistance levels: 1.5534 / 1.5590

H1 chart's support levels: 1.5501 / 1.5460

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 1.5501, take profit is at 1.5460, and stop loss is at 1.5543.

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Technical analysis of EUR/USD for December 24, 2014 Market Analysis Review

When the European market opens, no economic news are expected today. However, the US will release some economic data such as the Crude Oil Inventories and Unemployment Claims. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2245.

Strong Resistance:1.2238.

Original Resistance: 1.2226.

Inner Sell Area: 1.2214.

Target Inner Area: 1.2186.

Inner Buy Area: 1.2158.

Original Support: 1.2146.

Strong Support: 1.2134.

Breakout SELL Level: 1.2127.

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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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for December 24, 2014 . Thanks for your support.

Technical analysis of USD/JPY for December 24, 2014 Market Analysis Review

In Asia, Japan will not release any economic data. However, the US will release some economic reports such as Crude Oil Inventories and Unemployment Claims. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Resistance. 3: 120.98.

Resistance. 2: 120.74.

Resistance. 1: 120.51.

Support. 1: 120.21.

Support. 2: 119.98.

Support. 3: 119.74.

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.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for December 24, 2014 . Thanks for your support.

Technical analysis of USD/CAD for December 24, 2014 Market Analysis Review

Overview :

• As expected, the USD/CAD pair rebounded at the level of 1.1568 (61.8% Fibonacci retracement levels), and it showed signs of strength following the level of 1.1568. Additionally, the resistance has broken and turned to support at the same key level (1.1568). Equally important, the price set above the support two week ago. Consequently, the pair has already formed a strong support around the spot of 1.1575. Furthermore, the price is going to move between the levels 1.1570 and 1.1673. The double top will set at the point of 1.1673 in the H1 chart. Therefore, the USD/CAD pair started showing the signs of the bull market, so the market indicates the bullish opportunity at the level of 1.1568 with the first target of 1.1620, and continues towards the level of 1.1673 again. On the other hand, stop loss should always be taken into account, hence it will be profitable to set your stop loss at the 1.1533 level.

Intraday technical levels :

Date: 24/12/2014

Pair: USD/CAD

• R3: 1.1725


• R2: 1.1695


• R1: 1.1657


• PP: 1.1627


• S1: 1.1589


• S2: 1.1559


• S3: 1.1521

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Technical analysis of GBP/USD for December 24, 2014 Market Analysis Review

Overview :

• The GBP/USD pair movement will be continued dropping directly from the level of 1.5635 (50% of Fibonacci retracement levels) in H1 chart. Moreover, this level was confirmed by the bullish market yesterday. Additionally, the price of the GBP/USD pair has been showing a downward trend at the same price which represents the weekly resistance 1 around the area of 1.5651. Therefore, the market will indicate the bearish opportunity at the level of 1.5651. Also, it should be noted that the weekly support became the resistance 1 on December 24, 2014. Accordingly, it will be a good sign to sell at 1.5635 (in the short term) with the first target of 1.5485 in order to form the double bottom and further to 15411 to test the weekly support 1 in H1 chart. Furthermore, it also should be noted that this level of taking profit will coincide with a new bottom, for that it is going to be a good place to take profit. On the other hand, the stop loss should be placed above the weekly pivot point 1.5654 at the price of 1.5682.

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Observations :

• If the trend is buoyant, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.


• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.


• Fibonacci is in a trading range; it looks like the trend is trapping and going up or down. If you sell or buy in the long term, you will surely lose your profit.


• Stop loss should never exceed your maximum exposure amounts.


• As a rule, the market is highly volatile if the previous day had huge volatility.
  

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