NZD/USD intraday technical levels and trading recommendations for December 4, 2015 Market Analysis Review

The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.

A bullish engulfing candlestick was expressed at 0.6520 yesterday.Today, a bullish breakout above 0.6600 is taking place.

Temporary bearish rejection should be expected around 0.6690, which is a prominent daily resistance level on the daily chart. Actually, initial bearish rejection has been expressed earlier today.

On the other hand, an estimated projection target for this flag pattern is located at 0.6950 as long as the NZD/USD pair keeps trading above 0.6600.

Recently, significant bullish rejection was expressed around 0.6430 followed by a consolidation range that extended between 0.6500 and 0.6600.

Earlier this week, an obvious bullish breakout above 0.6600 was executed via a full-body bullish H4 candlestick.

Next resistance levels to meet the NZD/USD pair are located around 0.6690 and 0.6750 where temporary bearish rejection should be expected.

For conservative traders, a valid buy entry can be offered around 0.6600 (corresponds to the backside of the broken trend and the upper limit of the broken consolidation range). S/L should be set as closure below 0.6550 on the H4 chart.

On the other hand, the price level of 0.6640 remains the key level to be defended by NZD/USD bulls to keep pushing higher. Otherwise, a deeper bearish pullback towards 0.6600 should be expected.

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Intraday technical levels and trading recommendations for GBP/USD for December 4, 2015 Market Analysis Review

A few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern).

This supported the bearish side of the market in the long term.

A long-term bearish target is projected towards the level of 1.4800 for this reversal pattern.

The previous demand level at 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken down three weeks ago. This bearish tendency was confirmed by the Shooting Star and the bearish engulfing weekly candlesticks of the previous weeks.

Hence, a quick bearish decline towards the weekly demand level at 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Note that another weekly closure below 1.4950 opens the way towards 1.4800 (long-term bearish target).

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it an evident bullish reaction was performed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks).

That led to the previous bullish pullback towards 1.5600 (the backside of the depicted uptrend). It placed the GBP/USD pair under significant bearish pressure.

Prominent demand levels at 1.5350 and 1.5200 were broken down a few weeks ago. These levels currently constitute prominent supply to be watched for new sell entries.

The key level of 1.5200 was temporarily breached to the upside before a daily bearish engulfing candlestick was expressed around 1.5330 on November 20.

Bearish persistence below 1.5200 and then 1.5050 (previous weekly bottom) enhanced further bearish decline towards the weekly demand level of 1.4950 (also corresponding to the lower limit of the depicted channel).

Trading Recommendation:

For conservative traders, a valid buy entry will probably be offered around the weekly demand zone of 1.4950-1.4930.

S/L should be placed below 1.4900. Initial T/P levels should be located at 1.5170 and 1.5300.

On the other hand, risky traders can sell the GBP/USD pair at price level of 1.5220. S/L should be placed above 1.5300.

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Intraday technical levels and trading recommendations for EUR/USD for December 4, 2015 Market Analysis Review

The EUR/USD pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have previously pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, next monthly candlesticks (August, September, October and November) reflected a strong bearish rejection, which took place around the level of 1.1450.

Hence, in the long term, a projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level at 1.0555 occurs before the end of this month (December).

On August 24, the market looked overbought as bulls were pushing the pair further above the level of 1.1500 (daily supply level).

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050, which were already reached.

A bearish breakout of the depicted uptrend has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Two weeks ago, daily persistence below the level of 1.0950 exposed the next demand level around 1.0850 where prominent bottoms were previously established in May, July, and August.

Last week, daily persistence below the level of 1.0700 (key level) ensured enough bearish momentum towards 1.0550 (prominent monthly low) where a prominent bullish pullback was expressed as anticipated in previous articles.

A daily breakdown of the monthly demand level (1.0550) was needed to expose next bearish target levels at 1.0460 and then at 1.0300 as initial targets for the long-term bearish breakout mentioned above.

On the other hand, bullish fixation above 1.0550 and 1.0700 brings the EUR/USD pair back to the level of 1.0990 (Sell Entry) where another sell entry can be offered. S/L should be placed above 1.1050.

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EUR/NZD analysis for December 04, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6483 in an ultra high volume due to Draghi's speech yesterday. According to the 4H time frame, the price rejected from major resistance at the price of 1.6490. It still may be a distribution phase and we may see potential downward movements. If the price breaks the level of 1.6150, it will confirm further downward continuation. Anyway, the breakout of the level 1.6580 will confirm upward momentum. The short-term trend is still downward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6470

R2: 1.6630

R3: 1.6885

Support levels:

S1: 1.5965

S2: 1.5810

S3: 1.5550

Trading recommendations : Buying EUR/NZD at this stage looks very risky. Watch for potential selling opportunities. Support level is at the price of 1.6150.

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Gold analysis for December 04, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,065.25. In the daily time frame, our SMA 10 is on the test. In the 4H time frame, I found a change in polarity and strong support at the price of $1,065.00 has become strong resistance now. Besides, I found strong buying climax in the background and a doji bar at our resistance. Watch for potential selling opportunities. Intraday support is at the price of $1,046.10.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,064.75

R2: 1,069.10

R3: 1,076.15

Support levels:

S1: 1,050.70

S2: 1,046.35

S3: 1,039.35

Trading recommendations: Be careful when buying gold because we have a strong rejection from our resistance and gold is in the strong downward trend. Watch for potential selling opportunities.

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Daily analysis of Silver for December 04, 2015 Market Analysis Review

Overview

Silver price bounced bullishly after an attempt to break out the level of 13.96 yesterday, to fluctuate around the EMA50 again, noticing that stochastic loses its positive momentum gradually to reach the overbought areas, which forms negative factor that we expect to push the price lower. Silver price keeps moving near the EMA 50, while stochastic enters the overbought levels, reinforcing our expectations for the main bearish trend continuation, which is next main targets at 13.50 and then at 13.00. In general, we will keep our bearish trend expectations if the price settles below 14.25 today, where breaching this level might push the price towards the level of 14.85 in order to test it before any new attempt to decline takes place.

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Daily analysis of GBP/JPY for December 04, 2015 Market Analysis Review

Overview

With 186.00 minor resistance intact, a further fall is still expected in the GBP/JPY pair. A consolidation pattern from 180.36 was completed at 188.79. A deeper fall is expected to test the support zone of 180.36/64. Above minor resistance of 186.00, a bias will turn neutral again. But we will maintain this bearish view as long as resistance of 188.79 holds. This is supported by bearish divergence condition in the weekly MACD. Also, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A breakout at 174.86 will confirm trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we should be cautious on strong resistance from 199.80/200.00 which can finally bring reversal.

Daily Pivots: (S1) 184.46; (P) 185.17; (R1) 186.34;

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