EUR/NZD analysis for December 31, 2014

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Overview:


In our last analysis, EUR/NZD was trading sideways around the price of 1.5515. We are facing very low volume on the market due to the bank holidays. Our support level around the price of 1.5650 got broken, which is a sign that we may see more downward movement. I have placed major Fibonacci expansion to find potential support level and got Fibonacci expansion 100% at the price of 1.5400. According to the H4 time frame, we can observe weak supply, which is a sign that selling EUR/NZD at this stage looks risky. My advice is to watch for potential selling opportunities after retracement with potential target around the price of 1.5400. Anyway, if we see a larger demand on the market in a very high volume, it may confirm further bullish corrective phase.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5600


R2: 1.5631


R3: 1.5681


Support levels:


S1: 1.5500


S2: 1.5469


S3: 1.5419


Trading recommendations: Be careful when selling the EUR/NZD pair at this stage, since we can observe supply in a low volume.


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Daily analysis of USDX for December 31, 2014

On the daily chart, the USDX has made a pullback on the level of 90.37 to form a higher high pattern, since this instrument has formed a fractal below the low levels played a couple of days ago, which would give some strength to the USDX. However, due to so pronounced movement that has had the USDX in the medium term, this instrument could fall to the level of 88.63.


Dailychart's resistance levels: 90.40 / 93.44


Dailychart's support levels: 88.63 / 87.35


USDXDaily.png

In the last hours, the USDX has just tried to do a bullish consolidation above the 90.01 level, but without success. These movements have only a very solid technical explanation that the volume of trading of the New Year's eve is being present, because the USDX has low range movements and MACD indicator is a proof of this, as it is in the neutral territory.


H1 chart's resistance levels: 90.01 / 90.26


H1 chart's support levels: 89.76 / 89.51


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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 90.01, take profit is at 90.26, and stop loss is at 89.75.


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Daily analysis of GBP/USD for December 31, 2014

The GBP/USD is having a bullish momentum at the end of the year, making a consolidation near the resistance level of 1.5642. However, the bearish structure on the daily chart still remains intact, because the GBP/USD still has a high probability of falling back to the support level of 1.5506 and conduct a breakout in that area with the formation of a bearish pattern.


Dailychart's resistance levels: 1.5642 / 1.5746


Dailychart's support levels: 1.5506 / 1.5407


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On the H1 chart, GBP/USD has made a breakout at the level of 1.5590, so that the next short-term target in the for this pair would be the resistance level of 1.5632. This bullish move time can not be considered as a possible trend change in the GBP/USD, because this pair currently does not have enough bullish momentum.


H1 chart's resistance levels: 1.5632 / 1.5686


H1 chart's support levels: 1.5590 / 1.5534


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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 1.5646.


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Technical analysis of USD/CAD for December 31, 2014

General overview for 31/12/2014 08:40 CET


As anticipated yesterday, the last wave to the downside is still being expected here to complete the overall complex and time consuming corrective cycle in wave 4 purple. The projected target is at the level of 1.1558, but the price has bounced from the intraday support at the level of 1.1588, and now the corrective structure might be completed. Confirmation of this scenario comes with the breakout of the intraday resistance at the level of 1.1649, otherwise, the market will keep trading inside the neutral range zone. Please notice that any breakout above the level of 1.1665 is bullish and further high prices should be expected.


Support/Resistance:


1.1712 - WR2


1.1670 - WR1


1.1650 - Intraday Resistance


1.1623 - Weekly Pivot


1.1588 - Intraday Support


1.1581 - WS1


1.1558 - Technical Support


1.1535 - WS2


1.1500 - Invalidation Level


Trading recommendations:


Buy orders opened from the level of 1.1633 should be still kept open. The SL orders should be placed below the level of 1.1588 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.


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Technical analysis of EUR/JPY for December 31, 2014

General overview for 31/12/2014 08:20 CET


The yesterday's intraday support has been taken out, the market has made a fresh new lows but it failed so far to follow through with the decline. The neaк-term outlook remains the same with two possible scenarios available. The main scenario indicates a completed corrective cycle in wave XX brown, and another leg to the downside is being expected to complete the last wave Z brown in wave 2 red. The alternate outlook indicates an unfinished wave XX brown in a shape of an irregular flat correction, where wave (a) and (b) blue are done and now wave (c) blue to the upside is anticipated. The confirmation of the main scenario comes with a rejection of the level of 146.43. On the other hand, the confirmation of the alternative outlook comes with a violation of the level of 146.43. Any new low below the level of 144.97 supports the main scenario.


Support/Resistance:


149.76 - Technical Resistance|Swing High|


148.35 - WR3


148.22 - Technical Resistance


147.74 - WR2


147.17 - WR1


147.13 - Intraday Resistance


146.54 - Weekly Pivot


146.44 - Intraday Resistance|Key Level|


145.92 - WS1


145.70 - Technical Support


145.39 - WS2


144.78 - Intraday Support|Swing Low|


144.82 - WS3


Trading recommendations:


Daytraders should refrain from trading for now. Please use tight SL orders as the end of the year liquidity is low and the market moves might get very sharp and sudden in either direction.


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Technical analysis of EUR/USD for December 31, 2014

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When the European market opens, the economic calendar lacks any reports. However, the US will release the economic data too such as the Crude Oil Inventories, Unemployment Claims, Natural Gas Storage, Pending Home Sales m/m, and Chicago PMI. So, amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.2216.


Strong Resistance:1.2209


Original Resistance: 1.2197.


Inner Sell Area: 1.2185.


Target Inner Area: 1.2156.


Inner Buy Area: 1.2127.


Original Support: 1.2115.


Strong Support: 1.2103.


Breakout SELL Level: 1.2096.


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

Technical analysis of USD/JPY for December 31, 2014

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In Asia, Japan will not release any news but the US will release some economic data such as Crude Oil Inventories, Unemployment Claims, Natural Gas Storage, Pending Home Sales m/m, and Chicago PMI. 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: 119.90.


Resistance. 2: 119.67.


Resistance. 1: 119.45.


Support. 1: 119.15.


Support. 2: 118.92.


Support. 3: 118.68.


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

Daily analysis of major pairs for December 31, 2014

EUR/USD: The EUR/USD went further south yesterday, going below the support line at 1.2150. The price is currently above the support line, but it may go below it again, closing below it. The eventual target for bears is at the support line at 1.2100.


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USD/CHF: This market went above the resistance level at 0.9900 briefly before closing below it. It is expected that the price would go above that resistance level again, closing above it. The bias in the market is bullish and with just a movement of over 100 pips, the USD could reach parity with the CHF.


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GBP/USD: The Cable tested the accumulation territory at 1.5500 before the current upward bounce in the market. The upwards bounce is supposed to be transient, not going above the distribution territory at 1.5600. It is likely that the accumulation territory at 1.5500 could be tested again: the price could even go below it.


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USD/JPY: The sudden stamina in the JPY caused this currency trading instrument to go south on Tuesday. The southward movement was strong enough to lead to a Bearish Confirmation Pattern on the chart. The price is now below the EMA 21 and the RSI period 14 is below the level 50. A movement below the demand level at 119.00 would signify further weakness in the market.


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EUR/JPY: The sudden strength in the Yen has caused the EUR/JPY pair (and some JPY pairs) to go downwards by around 200 pips on Tuesday. The demand zone at 145.00 has been tested and with further weakness in the market, the demand zone would be tested again and possibly breached to the downside.


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#USDX technical analysis for December 31, 2014

The Dollar index remains in a bullish trend, and today it moved closer to our bullish flag target of 91. Trend remains bullish and trailing stops should be raised to 89.70. The short-term resistance is found at 90.10. A two-hour-candle close above it will be a bullish signal with new highs as target.


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Green line = support


Bulls should not be worried as long the Dollar index remains above 89.70 . If support fails, I expect, at least a pullback towards the 38% retracement and the level where the Ichimoku cloud support is. The green rectangle shows the area where I expect a deeper pullback to find support.


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Red line = long-term resistance


The weekly chart continues to be fully bullish. Weekly support is found at 88.60; and if broken, at 85.10. Price is still above the kijun-sen and the tenkan-sen with both indicators having positive slope. The Chiku-span is also bullish pointing higher. The Ichimoku cloud is below current price but it worries me that it is thin. Bulls should be very cautious and keep stops close.


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Gold technical analysis for December 31, 2014

Gold price has held its support on Tuesday and made a big upward spike towards $1,210. This puts the short-term trend back into bulls' hands, but bears, I believe, have not said their final word. Gold price, although, it made a break above the short-term resistance trend line, has pulled back inside the bearish Ichimoku cloud.


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Red line = resistance


Gold price as mentioned above, has broken the downward sloping trend line resistance. However price only managed to reach the 61.8% retracement and pull back inside the cloud. This means that short-term trend is neutral. The 61.8% retracement is important resistance; and if bears manage to hold it intact, we could expect a strong downward reversal.


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Blue line = support


Gold price on the weekly chart continues to trade between the kijun-sen and the tenkan-sen. It continues to trade in the neutral area between important levels of $1,240 and $1,180. The Ichimoku cloud, however, remains above current weekly chart, and this implies that the longer-term trend is bearish. A close above the tenkan-sen will give gold price a push towards the cloud resistance. On the other hand, a close below the kijun-sen at $1,185 will be a bearish signal.


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Technical analysis of GBP/USD for December 31, 2014

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Overview :



  • The GBP/USD pair on December 31, 2014. The resistance is going to set at the level of 0.5598. Consequently, the descending movement will probably be lower than the 0.5600 level with the targets at 0.5520 and 0.5485. Also, it should be noted that the weekly support 1 set at the level of 1.5473. On the contrary, the support has already set at 1.5473. Furthermore, it should be noticed that it will be very profitable to buy above this level for retesting this level in the short period. Therefore, buy deals are recommended above the 1.5473 level with targets at 1.5560 and 1.5610 to reach the double top.


Technical levels :



  • It should be noted that the price will move between 1.5600 and 1.5522 today.

  • Projected high: 1.5610

  • Strong resistance (sell limit): 1.5610.

  • The resistance will be set at the price of 1.5600.

  • Current pivot: 1.5556

  • Projected low: 1.5473


Observations :



  • The support will set at the level of 1.5473, but the double bottom is going to set at 1.5485.

  • The GBP/USD pair called for bearish market from the price of 1.5610 this week.

  • Stop loss should never exceed your maximum exposure amounts.

  • As a rule, the market is highly volatile on the last day of a year.


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Technical analysis of EUR/USD for December 31, 2014

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Overview :



  • The EUR/USD pair has rebounded from the minor resistance at the level of 1.2180, and it is now approaching its support in order to test it. Moreover, it should be noted that the price of 1.2205 is representing the weekly pivot point on the last day of 2014. So it will probably again start a downside movement in this area and recovery. Therefore, it will be a good sign to sell at this point with the first target of 1.2123 to form the double top and continue towards 1.2100 (it should be noted that this level will form the weekly support 1). On the other hand, in case of a break at the level of 1.2205, the best place to set the stop loss should be at the level of 1.2246.


Notes :



  • Major support will set at the level of 1.2100.

  • Major resistance has placed at the 1.2205 price.

  • We expect a new range about 63 pips today.


Intraday technical levels :


Date:30/12/2014


Pair:EUR/USD



  • R3: 1.2251

  • R2: 1.2219

  • R1: 1.2187

  • PP: 1.2155

  • S1: 1.2123

  • S2: 1.2091

  • S3: 1.2059


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EUR/NZD analysis for December 30, 2014

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Overview:


In our last analysis, EUR/NZD was trading downward. The price has tested the level of 1.5508 in an average volume. Our support level around the price of 1.5650 got broken, which is a sign that we may see more downward movement. I have placed major Fibonacci expansion to find potential support level and got Fibonacci expansion 100% at the price of 1.5400. According to the H4 time frame, we can observe selling climax in the background and weak supply later. Selling at this stage looks risky. My advice is to watch for potential selling opportunities after retracement with potential target around the price of 1.5400. Anyway, if we see a larger demand on the market in a very high volume, it may confirm further bullish phase.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5691


R2: 1.5721


R3: 1.5770


Support levels:


S1: 1.5593


S2: 1.5563


S3: 1.5514


Trading recommendations: Be careful when selling the EUR/NZD at this stage, since we can observe supply in a low volume.


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

Gold analysis for December 30, 2014

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Overview :


Since our last analysis, gold has been trading upward. As we expected, the price tested the level of 1,210.57. Our Fibonacci retracement 61.8% at the price of 1.181.00 has been held successfully what caused price to start with an upward movement. According to the H4 time frame, we can observe demand in an ultra high volume (buying climax). My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, we can observe demand in a volume above the average, which is a sign that selling gold at this stage looks risky. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1,196.00 and Fibonacci retracement 61.8% at the price of 1,212.00. If the price breaks the level of 1,212.00 in a high volume, we may see a potential testing of the level of 1,237.00.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,193.22


R2: 1,197.68


R3: 1,204.90


Support levels:


S1: 1,178.78


S2: 1,174.32


S3: 1,176.10


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


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Technical analysis of AUD/USD for December 30, 2014

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Overview :



  • The AUD/USD pair rose from the strong level of 0.8122 and extended further to as high as 0.8146 yesterday, and it has closed at the 0.8155 level today. It should be noted that support will be formed at 0.8155 because this level has also formed a double bottom on H1 chart. Furthermore, the price set above 23.6% of Fibonacci retracement levels a day ago. For that, we expect a saturation around the level of 0.8155 (but it should be noted that the real strong support has been already placed at the level of 0.8122). Hence, the market is likely to start showing the signs of a bullish bias again from this spot in order to indicate a bullish opportunity from the level of 0.812 (11.8% of Fibonacci retracement levels on the H1 chart). Accordingly, buy above the level of 0.8122 with the first target at 0.8178; besides, it will call for an uptrend in order to continue bullish towards 0.8197 in coming hours. On the other hand, if bulls are forced to pullback below the level of 0.8122 and sellers can break this level, the best solution is to set a stop loss at the price of 0.8108.



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Technical analysis of USD/CAD for December 30, 2014

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Overview :



  • The price of USD/CAD pair is continuing to show signs of strength following the break at the price of 1.1561. The level of 1.1561 represents a strong support this month and coincides with the 50% of Fibonacci retracement levels in H1 chart. Therefore, the USD/CAD pair resistance has broken and it has turned to support for a month approximately. Moreover, the pair has already formed the strong support at the level of 1.1560. So, the market indicates a bullish opportunity at the level of 1.1565 with the target of 1.1625. It should be noted that the ratio of 78.6% Fibonacci retracement levels coincides with the price of 1.1625. If the price of USD/CAD pair wil be able to break the level of 1.1625; then the trend continues towards the second target at 1.1648. Also, it should be noted that the double top has already set at the point of 1.1673. And if the trend breaks this level and closes below the key level (1.1587), then it will be a rather convincing downside momentum. The structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at the price of 1.1587. Accordingly, it will be a good sign to sell at this level. It should be noticed that the support has already been placed at the 1.1561 level.


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Technical analysis of USD/CAD for December 30, 2014

General overview for 30/12/2014 10:00 CET


Despite making new local high yesterday, the market still stays inside the intraday trading range between the levels of 1.1558 - 1.1665. Nevertheless, the last wave to the downside is still being expected here to complete the overall complex and time consuming corrective cycle in wave 4 purple. The projected target is at the level of 1.1558. Please notice that any breakout above the level of 1.1665 is bullish and further high prices should be expected.


Support/Resistance:


1.1712 - WR2


1.1670 - WR1


1.1650 - Intraday Resistance


1.1623 - Weekly Pivot


1.1588 - Intraday Support


1.1581 - WS1


1.1558 - Technical Support


1.1535 - WS2


1.1500 - Invalidation Level


Trading recommendations:


Yesterday's buy stop orders from the level of 1.1633 should be still kept open. The SL orders should be placed below the level of 1.1588 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.


usdcad_h1.jpg


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Technical analysis of EUR/JPY for December 30, 2014

General overview for 30/12/2014 09:30 CET


The overnight price action has finally broke out of the tight trading zone and after making a false upside breakout with doji candle, the market sharply reversed and broke the intraday support at the level of 146.43. Currently, this level is the key level in the analysis as there are two possible Elliott wave scenarios available. The main scenario indicates a completed corrective cycle in wave XX brown, and another leg to the downside is being expected to complete the last wave Z brown in wave 2 red. The alternate scenario indicates an unfinished wave XX brown in a shape of an irregular flat correction, where wave (a) and (b) blue are done and now wave (c) blue to the upside is anticipated. The confirmation of the main scenario comes with the level of 146.43 rejection. On the other hand, the confirmation of the alternative scenario comes with the level of 146.43 violation. Any new low below the level of 144.97 supports the main scenario .


Support/Resistance:


149.76 - Technical Resistance|Swing High|


148.35 - WR3


148.22 - Technical Resistance


147.74 - WR2


147.17 - WR1


147.13 - Intraday Resistance


146.54 - Weekly Pivot


146.44 - Intraday Resistance|Key Level|


145.92 - WS1


145.70 - Technical Support


145.39 - WS2


144.97 - Intraday Support|Swing Low|


144.82 - WS3


Trading recommendations:


Daytraders should stay aside and watch the price will either test the level of 146.43 (and trade the breakout or a rejection), or price will violate the level of 144.97 ( and trade the downside breakout). Please use tight SL orders as the end of the year liquidity is low and the market moves might get very sharp and sudden in either direction.


eurjpy_h1.jpg


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Elliott wave analysis of EUR/NZD for December 30, 2014

2014-12-30-EURNZD-8H.png


Technical summary:


There was no time for a proper correction back to 1.5724; and we are already close to the Spetember low at 1.5526 which will likely act as a support for a minor correction towards 1.5629 before the next decline towards 1.54 and 1.4966 in a huge flat correction.


Trading recommendation:


We will sell EUR at 1.5615 with stop placed at 1.5675


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Elliott wave analysis of EUR/JPY for December 30, 2014

2014-12-30-EURJPY-8H.png


Technical summary:


The x-wave we where looking for ended early at 147.22; and now we will be looking for a decline in wave y to 142.44, where wave y will be equal in length to wave w. In short-term we expect minor resistance at 145.75 to protect the upside for a continuation lower to 144.71.


Trading recommendation:


We sold EUR at 145.90 and will place our stop at 146.55 and take profit at 142.50.


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Daily analysis of USDX for December 30, 2014

The USDX has gradually consolidated above the 90.16 level, given that this area has served as strong resistance to this instrument. Therefore, caution should be exercised in the way the USDX is making this consolidation, because this instrument is not forming a strong bullish pattern on the H4 chart.


H4chart's resistance levels: 90.50 / 91.55


H4chart's support levels: 90.16 / 89.55


USDXH4.png

On the H1 chart, one can appreciate that the USDX attempted to form a higher high pattern below the resistance level of 90.26. However, USDX failed several times to make a breakout in that area. Therefore, if the USDX manages to make a bullish consolidation above this area, the next target would be the resistance level of 90.50.


H1 chart's resistance levels: 90.26 / 90.50


H1 chart's support levels: 90.01 / 89.76


USDXH1.png


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 89.76.


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Daily analysis of GBP/USD for December 30, 2014

On the H4 chart, GBP/USD continues to strengthen the bearish structure with the formation of a lower low pattern. Note that this pair formed a fractal near the resistance level of 1.5589. So, the GBP/USD pair is still likely to stay solid in the current bearish bias. For now, this pair is trying to make a breakout at the support level of 1.5512.


H4chart's resistance levels: 1.5541 / 1.5589


H4chart's support levels: 1.5512 / 1.5341


1419915016_GBPUSDH4.png


In the short term, the situation has not changed much about the current status of the trend in the GBP/USD pair, as this pair performed a successful breakout at the level of 1.5534. Meanwhile, the GBP/USD pair is preparing to consolidate below the 1.5501 level, although this can only be achieved only if the pair ends of the lower low pattern development.


H1 chart's resistance levels: 1.5534 / 1.5590


H1 chart's support levels: 1.5501 / 1.5460


GBPUSDH1.png


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 1.5541.


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Technical analysis of EUR/USD for December 30, 2014

!EURUSD.jpg


When the European market opens, some economic news will be released such as Spanish Flash CPI y/y, M3 Money Supply y/y, and Private Loans y/y. The US will release the economic reports too such as the CB Consumer Confidence and S&P/CS Composite-20 HPI y/y. So, amid the reports, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.2215.


Strong Resistance:1.2208.


Original Resistance: 1.2196.


Inner Sell Area: 1.2184.


Target Inner Area: 1.2155.


Inner Buy Area: 1.2126.


Original Support: 1.2114.


Strong Support: 1.2102.


Breakout SELL Level: 1.2095.


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

Technical analysis of USD/JPY for December 30, 2014

!USDJPY.jpg


In Asia, Japan will not release any news, but the US will release some economic data such as CB Consumer Confidence and S&P/CS Composite-20 HPI y/y. 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: 121.07.


Resistance. 2: 120.84.


Resistance. 1: 120.60.


Support. 1: 120.31.


Support. 2: 120.08.


Support. 3: 119.84.


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 30, 2014

EUR/USD: This is a bear market and it is not yet prudent to go long in it. The price is currently below the resistance line at 1.2200, going towards the support line at 1.2150. That support line is the next target to be reached, and with the current bearish outlook in the market, this is possible.


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USD/CHF: This is a bull market and short trades are not recommended here. Right now, it is logical to buy short-term pullbacks with the hope that the price may go higher. Being above the support level at 0.9850, the price has a great possibility of reaching the resistance level at 0.9900. It could even breach it to the upside.


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GBP/USD: The Cable has gone further downwards in the context of a downtrend, going below the distribution territory at 1.5550. The Bearish Confirmation Pattern on the chart is ever conspicuous, and the price is close to the accumulation territory at 1.5500. The probability that the accumulation territory would be breached to the downside is very high. Should this happen, the next target would be the accumulation territory at 1.5450.


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USD/JPY: This currency trading instrument has been going upwards in a slow and steady manner – with everything supporting the Bullish Confirmation Pattern in the market. The bias is bullish and the price would easily test the supply level at 121.00. That is the next target.


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EUR/JPY: Since the JPY is weak, the EUR/JPY cross has been making attempts to go north. A break above the supply level at 147.50 would result in a confirmed bullish bias in the market.


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#USDX Technical analysis for December 30, 2014

The Dollar index has broken the short-term consolidation and has pushed higher to new highs getting closer to our 91 target from the bullish flag pattern. A trend remains bullish. Support at 89.50 is critical for short-term.


1419893087_usdx.jpg

Green line = support


Red lines = sideways consolidations


The Dollar index has broken yet another sideways consolidation to the upside. As I mentioned yesterday, a move above 90.18 would signal a break out and the start of another upward move that will bring us closer to 91 which is our target for some time now. But lets look at the bigger picture as the bullish implications are big.


1419893199_usdxd.jpg

Red line = resistance


The Dollar index is depicted above in a monthly chart. Price has not only managed to break above the Ichimoku cloud resistance but has also broken the descending trend line resistance from 2009. The Dollar index has managed to reach and break above the 38% Fibonacci retracement of the big decline from 121. This means that we could reach even higher towards the 50% or even the 61.8% retracement of the decline. Assuming that this is good news for bulls, a healthy correction is always needed before resuming the up trend. So, we need to be patient and wait for a pull back near 84-82 to buy for the next leg up.


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Gold Technical analysis for December 30, 2014

Gold price as expected could not break above the important resistance of $1,195-$1,200 area and was rejected. The rejection by the trend line resistance has pushed Gold price towards the recent lows and support at $1,180. 1419892645_goldh4.jpg


Red line = resistance


Green line = support


Gold price as can be seen on the 4-hour chart above was rejected at the resistance we mentioned on Monday. Price remains below the red trend line and below the Ichimoku cloud. As long as price is below $1,195, I feel confident we will break below support at $1,170 and we will test the recent lows at $1,130.


1419892768_gold.jpg

Blue line = support


Gold price is on a bearish trend for some time now. The weekly chart above shows that price is below the kijun-sen support. Although it is still early in the week, we should not ignore the fact that Gold price continues to make lower lows and lower highs. Closing this week below $1,185 will be a bearish signal with potential downward move to $1,130 or even new lows.




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GBP/USD intraday technical levels and trading recommendations for December 29, 2014

gbpdailyy.jpggbpp44hh.jpg


Overview:


The GBP/USD pair has been moving downward respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.


The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.


Failure of the market to defend the price zone of 1.5890-1.5900 allowed bears to push towards the support level located around 1.5550 where recent congestion zone was established above.


Recently, the market failed to express bullish breakout above the price level of 1.5760 (upper limit of the daily bearish channel). Instead, extensive bearish breakout was applied against the price levels of 1.5540-1.5560 (this breakdown was successfully executed on Tuesday).


Note that DAILY fixation below the recent bottoms established around 1.5540-1.5560 renders the current consolidation range as a bearish flag pattern with potential projected target at 1.5310 (similar to what happened back in October 2014).


Key level for the current week's movement is 1.5600. Persistence below it signals more bearish dominance in the market and vice versa.


In other words, another daily closure above the zone of 1.5550-1.5600 invalidates the ongoing bearish range breakout pattern, probably, extending the bullish targets towards 1.5700 levels again.


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USD/CAD intraday technical levels and trading recommendations for December 29, 2014

caddaily.jpgcad4h.jpg


Overview:


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


During the past few weeks, the USD/CAD pair established a temporary consolidation zone between 1.1430-1.1330 and recently around 1.1480. Bullish breakout above these zones allowed bulls to reach new highs around 1.1540 and 1.1670.


The price zone of 1.1430-1.1460 remains the nearest SUPPORT zone for the current prices. It corresponds with the lower limit of the daily channel as well as the previous high that goes back to November.


The price level of 1.1650, which was our final bullish target, roughly corresponded with the upper limit of the bullish channel as well as 61.8% Fibonacci level.


According to the chart, the USD/CAD consolidation pattern has tightened. A Wedge/Flag pattern is being expressed on the H4 chart.


This is because of the positive United States GDP data emerged. It applied further demand on the dollar currency. However, weak oil recovery still keeps the movement contained.


Trading recommendations:


Risky traders should look for SHORT positions around the price level of 1.1650. SL should be located above 1.1700.


Conservative traders should be looking for a pull-back towards 1.1440 for a LONG position. SL should be set as daily closure below 1.1400.


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