Gold : analysis for December 02, 2014

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Overview :


Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,220.90 in an ultra high volume (buying climax). According to the daily time frame, we can obesrve demand in an ultra high volume (buying climax), which is a sign that buying at this stage looks very risky. Our Fibonacci expansion 100% at the price of 1,217.00 held successfully, which enabled the price to start with downward movement. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,191.00 and Fibonacci retracement 61.8% at the price of 1,172.00. My advice is to look for buying opportunities near the lows (after retracement). Any larger reaction from buyers may confirm further bullish continuation.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,223.89


R2: 1,142.61


R3: 1,272.90


Support levels:


S1: 1,163.31


S2: 1,144.59


S3: 1,114.30


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


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Technical analysis of USD/CAD for December 2, 2014

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Trading recommendations :



  • According to the previous events, the support and resistance of the USD/CAD pair have been set at the levels of 1.1324 and 1.1401 respectively. So, the pair is going to move between the levels of 1.1340 and 1.1393.

  • Therefore, sell below the price of 1.1401 with the first target at 1.1360, then it will be gone towards 1.1325 in order to test this strong support.

  • If the trend fails to close below the support of 1.2324, so buy above 1.2324 with the target at 1.1366, then at the price of 1.1400.


Observations :



  • Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

  • Key level is at 1.1355.

  • History will probably repeat itself at this level again.


Intraday technical levels :


Date:2/12/2014


Pair:USD/CAD



  • R3: 1.1563

  • R2: 1.1510

  • R1: 1.1418

  • PP: 1.1365

  • S1: 1.1273

  • S2: 1.1220

  • S3: 1.1128


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Technical analysis of EUR/JPY for December 2, 2014

General overview for 02/12/2014 11:35 CET


The corrective cycle labeled as wave X brown might have been completed, but so far there is not much of evidence that the price is resuming the impulsive wave progression to the downside in order to complete the correction in leg Y brown. Instead, the market is trading in the tight range zone and breakout above the intraday resistance at the level of 148.14 is needed for the price to test the latest swing high at the level of 149.15. Otherwise, the bias is still bearish as long as no new high is made.


Support/Resistance:


149.11 - WR1


148.09 - Intraday Resistance


147.40 - Intraday Support


147.34 - Weekly Pivot


146.65 - WS1


145.68 - Technical Support


144.89 - WS2


144.54 - 144.74 - Minimum Target Projection Level


Trading recommendations:


As long as no new high is made, traders should still consider selling this pair from the current market levels with SL above the level of 148.14 and TP at the level of 144.77.


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Technical analysis of USD/CHF for December 2, 2014

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Overview:



  • The price of USD/CHF pair is still been trapped between 0.9650 and 0.9704 but it should noticed that the price has set above strong support at the level of 0.9650 (50% of Fibonacci retracement levels in H1 chart). Moreover, it is worthy of note that these levels coincide between 50% and 100% of Fibonacci retracement levels in H1 chart and the pair has already formed a strong support at the level of 0.9650. Now, it is approaching it in order to test it. Therefore, the USD/CHF pair upside momentum is rather convincing and the structure of the rise does not look corrective, in order to indicate a bullish opportunity above 0.9650, it will be a good sign to sell above this support with the first target of 0.9690. It will call for an uptrend continuing rising towards 0.9704 to try to break the weekly resistance 1. Thus, if the trend will be able to break the weekly resistance 1, then the market will lead to the double top at the point of 09727.


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Technical analysis of USD/CAD for December 2, 2014

General overview for 02/12/2014 11:20 CET


After making five impulsive waves to the upside and hitting the supply zone between the levels of 1.1446 - 1.1465, the market reversed in a sharp corrective cycle. So far the labeling of this reversal is in the shape of a double zig-zag pattern, but as long as the level of 1.1435 is not violated, the pattern might evolve into a triple zig-zag. That would mean another leg down can be made here and the projected level for this leg is at the level of 1.1296. Nevertheless, the alternative count indicates a possibility of a completed corrective cycle at the level of 1.1311 (alt:(ii)). Now, any impulsive breakout above the intraday resistance at the level of 1.1360 and then above the weekly pivot at the level of 1.1379 might be considered as a new upward wave beginning.


Support/Resistance:


1.1465 - Swing High


1.1446 - 1.1465 - Supply Zone


1.1379 - Weekly Pivot


1.1360 - Intraday Resistance


1.1317 - WS1


1.1295 - Intraday Support


Trading recommendations:


The uptrend is still not intact and traders still should consider buying the dips as the market has to complete more waves to the upside. All SL should be placed below the level of 1.1295.


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#USDX Technical analysis for December 2, 2014

The Dollar index made a deeper than expected pull back yesterday but held support. Now, the index is trying once again to move towards the upper boundaries of the trading range. Longer-term trend remains bullish and I still believe we can achieve the bullish flag target of 91.


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Black line = price channel


Despite breaking above the sideways channel yesterday, the Dollar index pulled back inside it and has tested the short-term Ichimoku cloud support at 87.75. Important short-term support is found at 87.70 and resistance is at 88.40. The Dollar index is making higher lows and we need to see now a higher high as well.


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The weekly chart is still showing that buyers continue to appear when prices fall below 88 and manage to push it back above 88. The bullish flag pattern remains intact and I continue to expect the 91 level to be reached. Critical support at 86.30 on a daily basis.


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Gold Technical analysis for December 2, 2014

With an impressive reversal from $1,140, Gold price has managed to break all resistane levels and also break above $1,207 which was the recent high. Gold price managed to catch most traders off guard as this reversal was so strong that we seldom see such intraday moves in Gold.


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Gold price has made a high at $1,221 which was the 78.6% retracement of the decline from $1,255 to $1,130. Could this impressive upward bounce be the end of a corrective move that fooled both bulls and bears after the Swiss referendum? Could be. Bulls in order to defend this trend reversal will need to hold the Monday low at $1,141. Breaking this low will put the end to any bullish scenario. First, bulls will need to defend the short-term support levels at $1,173 and at $1,190.


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Gold price in the daily chart is showing signs of a trend reversal. However, Monday's daily candle is an impressive statement by bulls. However, we should note that price remains below the Ichimoku cloud and is reversing from near the 61.8% retracement. There is high probability that at $1,221 we say the end of a three wave upward correction. Gold price made a high yesterday also at the 38% retracement of the decline from $1,343. So the Fibonacci confluence around $1,220 is very critical resistance. Long-term trend remains bearish. As long as price is below the Ichimoku cloud I believe we can see $1,050.


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Technical analysis of EUR/JPY for December 02, 2014


Technical outlook and chart setups:


The EUR/JPY pair retraced lower till sub 147.00 levels yesterday before rallying again. The pair is still holding its new channel line support well, and might be looking to push higher towards 151.00 at least. It is recommended to remain long and move risk to 147.00 levels. In the event of the 147.00 break, one can look to stop and reverse. Immediate support is at 146.50, followed by 145.50 (interim), 145.00 and lower while resistance is seen at 149.00 levels. Please note that the pair should be in control of bulls till the channel line remains intact and print higher highs. On the flip side, if channel support breaks, the pair could be in for a deeper correction lower towards 142.00 levels.


Trading recommendations:


Remain long, move stop to 147.00 from 146.50 (there is no risk now!), the target is 151.00.


Good luck!


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Technical analysis of GBP/CHF for December 02, 2014


Technical outlook and chart setups:


The GBP/CHF pair has rallied into 1.5180 levels after forming base around 1.5075 levels yesterday. The pair is finding difficult to push through the 1.5225 interim resistance. Hence recommendations are to book profits on long positions taken earlier. An aggressive trade setup would be to initiate short positions at current market at 1.5170/75, with risk at 1.5250 levels. Immediate resistance is seen at 1.5220 levels (interim), followed by 1.5300, 1.5450/75 and 1.5550 while support is seen at 1.5075 (interim), followed by 1.5000, 1.4950 and lower respectively. Bears could possibly regain control on a failure to break above 1.5220/30 levels here.


Trading recommendations:


Book profits on long positions at 1.5170/80. Initiate short positions, stop 1.5250/60, the target is open. (aggressive trade setup).


Good luck!


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Technical analysis of Silver for December 02, 2014


Technical outlook and chart setups:


Silver raises past the first measured resistance at $16.70 levels as seen here, before pulling back. The metal confirms the first step of a potential bullish reversal now. It is recommended to book profits on the long positions initiated yesterday at current price at $16.30. Immediate support is around $15.30/40 levels (fibonacci 0.618), followed by $14.50 while resistance is at $17.40/50, followed by $17.80/18.00 levels and higher respectively. The metal might be carving out a potential inverted head and shoulder reversal from here on, where the right shoulder is projected around $15.30 levels. The metal is now expected to retrace lower towards $25.30/40 levels before turning bullish again for a potential trend reversal.


Trading recommendations:


Book profits on yesterdays long positions at market ($!6.25/30), place long entry orders again around $15.30/40, stop at $14.20, the target is open.


Good luck!


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Technical analysis of Gold for December 02, 2014


Technical outlook and chart setups:


Gold has rallied sharply from $1,142.00/43.00 levels yesterday, and made highs at $1,220.00, before pulling back. Please note that the metal has bounced off the 0.786 fibonacci support of the rally from $1,130.00 to $1,207.00 as depicted here. Minimum extensions of the rally are pointing towards $1,255.00 levels. It is recommended to enter long positions on dips from here on. Immediate support is $1,142.00/43.00, followed by $1,130.00 and lower while resistance is at $1,235.00, followed by $1,255.00 and higher respectively. Bulls should remain in control for now and push prices higher around at least $1,255.00.


Trading recommendations:


Buy on intraday dips, stop at $1,140.00, the target is open.


Good luck!


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Daily analysis of major pairs for December 2, 2014

EUR/USD: The condition on EUR/USD remains dicey. Rallies into the resistance lines at 1.2500 and 1.2600 should be seen as short-selling opportunities (for price may go further downwards from there). It is only a break above the resistance line at 1.2600 that can render the bearish bias invalid.


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USD/CHF: The situation on USD/CHF is unchanged and it requires tact. Pullbacks into the support levels at 0.9600 and 0.9550 should be seen as good offers to buy long, unless price breaks the support level at 0.9550 to the downside. In that case, the bias could turn bearish.


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GBP/USD: Cable tested the accumulation territory at 1.5600 and later bounced upwards by over 150 pips. Before it can be said that the bias is bullish, price needs to go above the distribution territory at 1.5800. Otherwise, the price action may offer another short-selling opportunity, as price tries to test the accumulation territory at 1.5700 again.


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USD/JPY: This currency trading instrument has tested the ultimate target at 119.00, before the current shallow pullback. However, the dominant bias remains bullish and the shallow pullback may be challenged at the demand levels at 117.50 and 117.00. From these levels, price may turn upwards again.


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EUR/JPY: This market has also experienced a shallow pullback; but it may trend further upwards (as the demand zones at 147.00 and 146.50 are poised to act as barriers to further bearish attempts). The ultimate target is still at the supply zone of 149.00.


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Elliott wave analysis of EUR/NZD for December 2 - 2014

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Technical summary:


EUR/NZD took another deep dive from 1.5991 to 1.5792, but we should see support at 1.5789 to protect the downside for a break above minor resistance at 1.5855 calling for a new rally towards 1.600. Above here, it will confirm the next rally higher to 1.6273 on the way higher to 1.6446 and 1.6800 in a longer term. Only an unexpected rally below 1.5789 will delay the expected rally for a decline closer to 1.5722, but the downside potential should be limited. Under no circumstance, a break below 1.5688 can be accepeted as it will invalidate the bullish scenario.


Trading recommendation:


We are long in EUR from 1.5830 with our stop place at 1.5775. If you are not long in EUR yet, then buy a break above 1.5855 and use the same stop at 1.5775.


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Elliott wave analysis of EUR/JPY for December 2 - 2014

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Technical summary:


EUR/JPY reached 148.15 (just below the ideal target at 148.25) before turning lower. We will now be looking for a break below support at 147.29 confirming the top and the next decline towards at 146.29 and 145.58 on the way lower to at least 144.77 and likely even lower to 142.05 in a longer term. At this point, only a break above 148.15 will delay the expected downside pressure, but the potential upside should be very limited from here.


Trading recommendation:


We are short in EUR from 148.10 and will place our stop at 148.30. If you are not short in EUR yet, then sell a break below 147.08 with the same stop.


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Technical Analysis of GBP/USD for December 02, 2014

The cable gained approx 100 pips in yesterday's trade. The UK manufacturing PMI gave an uptick to the pound sterling. Manufacturing production rose for the 20th successive month in November as well. As for the US dollar, the soft data weighed on the down side. The cable made a new low at 1.5586 and started moving upwards. The cable was restricted to 20Dsma at yesterday's session and closed below it. Today, the cable again was rejected at 20Dsma and is trading below it. Currently, the positional support level exists at 1.5643. The new bearish wave will appear in case if the prices are closed below 1.5643 on a daily basis. We can expect 180-pips fall in case the prices are closed below 1.5643. On a weekly basis, in case if the pair closes below 1.5500, we can expect 250 odd pips correction on the downside in the medium-term view. The pair has strong, long-term support at 1.5500. Below 1.5500, 1.5429 and 1.5300 are another support levels. From an intraday view, we recommend fresh buying only above 1.5765 levels. For bears, we are recommending selling below 1.5720. The hourly support exists at 1.5720 and intraday support exists at 1.5700 levels.


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Technical Analysis of Gold for December 02, 2014

The yellow metal gave a mind-blowing performance at yesterday's session, after Moody downgraded the Japanese economy. The long-awaited Swiss referendum's results dried in few hours. Everyone realized the next bearish leg on the yellow metal after the Swiss referendum. But at yesterday's session, it gave a stellar performance gaining $57. In my yesterday's article, supports were determined at $1,141.80 and $1,137.00, gold made a low at $1,142.50. But I didn't recommend buying. On the bullish front, the metal has resistance at $1,224.00. The metal managed to close above 20 and 50Dsma at yesterday's session. The soft US ISM data supported the metal as well. On the down side, the metal has support at $1,203 and $1,200.00. The prices are closed far above the 12ema and 34hrsma. Currently, the hourly 12ema at $1,202.00 is giving support. We recommend fresh buying only above $1,215.00 and strong momentum will ignite only above $1,224.00 with the targets at $1,232.00. On the whole, the yellow metal future is not that bright. Our long-term bearish targets are still open. We recommend intraday fresh selling below $1,203.00 or safe selling below $1,199.00 with the targets at $1,195.00 and $1,190.00. The weekly resistance exists at $1,236.00, above this $1,255.00 will come into existence. The monthly resistance level exists at $1,275.00. Today, ahead of Yellen's speech at FOMC, the metal is trading with a mild negative stance after spectacular gains.


GOLDH4.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of EUR/USD for December 02, 2014

The soft US ISM data pushed the USD pairs to lower levels. The ISM index little changed to 58.7 last month, the second-strongest level since April 2011, compared with 59 in October. In the euro area, the Italian manufacturing output slightly weakens. The currency pair managed to hold margin gains on the previous week and in yesterday's session. It doesn't mean, the Euro is looking attractive. The US dollar paused its rally and shifted to a consolidation stage. The pair made a minor base at 1.2358, below this 1.2320 is the strongest support. The Euro is still favoring the sell on every upswing. The further direction will be determine on Thursday's ECB meeting. A lot of pressure is still being put on the Euro. Today, the focus has shifted to Spanish unemployment data.The pair has strong, long-term support at 1.2226. Below 1.2226, levels 1.2045 and 1.1876 are another multiple support levels. We have been recommending selling on every upswing with the downside initial targets at 1.2320 and 1.2230.


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From an intraday view, the pair has support at 1.2460. Until the prices remain below 1.2531, the selling pressure continues. We recommend selling at 1.2450 with the targets at 1.2420, 1.2400, and 1.2360. The weakness will turn to selling pressure below 1.2420; panic will be triggered below 1.2360. If a weekly close is below 1.2350, we can expect 500 odd pips correction on the downside in the longer-term view. The pair has strong, long term support at 1.2226. Below 1.2226, 1.2045 and 1.1876 are another multiple support levels. We have been recommending selling on every upswing with the down side initial targets at 1.2320 and 1.2230 levels.


EURUSDH1.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of USD/CAD for December 02, 2014

The soft US ISM data pushed the USD pairs to lower levels. The ISM index was little changed to 58.7 last month, the second-strongest level since April 2011, compared with 59 in October. As for the CAD, the Canadian GDP gave an optimistic view on the Canadian economy. Friday's Canadian GDP data is still weighing with the pair. The pair rejected at previous high and closed at 20Dsma. Today, the pair opened on a bearish note, opened higher at 1.1329. Until the pair trades below 1.1330, the bearish view is still valid on the hourly basis. The pair has weekly support at 1.1314, 1.1295, and 1.1250. The swing support exists at 1.1190. In case if the pair closes below 1.1190, we can declare a broadening top with the near- and medium-term outlook. Until it closes above 1.1190, the bullish view continues. Today, the focus shifts to Federal Chairwoman Yellen speech. From an intraday view, the prices are trading next to the multiple support zone. The supports exist at 1.1300 and 1.1280. Risky traders can sell at 1.1310; safe selling at 1.1280 with the targets at 1.1245 and 1.1230. The pair has resistance at 1.1425 on a daily closing basis. In case if the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. On the down side, the pair has strong support zone between 1.1120 and 1.1100 on a weekly basis. Speculative traders can buy with sl 1.1310 with the targets at 1.1340 and 1.1360 levels.


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Technical analysis of EUR/USD for December 02, 2014

!EURUSD.jpg When the European market opens, some economic news will be released such as Spanish Unemployment Change and PPI m/m. Besides, the US will release the economic data too such as the Construction Spending m/m and Total Vehicle Sales. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2526.

Strong Resistance:1.2528.

Original Resistance: 1.2516.

Inner Sell Area: 1.2504.

Target Inner Area: 1.2474.

Inner Buy Area: 1.2444.

Original Support: 1.2432.

Strong Support: 1.2420.

Breakout SELL Level: 1.2412.

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 02, 2014

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In Asia, Japan will release the Monetary Base y/y, Average Cash Earnings y/y, and 10-y Bond Auction. The US is also going to publish some economic data such as Construction Spending m/m and Total Vehicle Sales. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.02.

Resistance. 2: 118.79.

Resistance. 1: 118.55.

Support. 1: 118.27.

Support. 2: 118.04.

Support. 3: 117.80.

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 USDX for December 02, 2014

The USDX has had no significant changes in the daily chart, because the range between the 88.63 and 87.35 levels has made this instrument continue forming a bullish pattern in the long term. Recall that if the USDX takes a breakout at the resistance level of 88.63, it's expected to rise to the level of 90.40. The 200-day moving average still remains at the level of 83.23.


Daily chart's resistance levels: 88.63 / 90.40


Dailychart's support levels: 87.35 / 86.20


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In the H1 chart, the USDX is trying to stay below the 200-day moving average, although the support level of 87.86 has given this instrument one slight bullish momentum that could lead it to visit the resistance level of 88.15 in the short term. If the USDX takes a breakout at that level, the next target would be the 88.43 level. The MACD indicator is moving into the negative territory.


H1 chart's resistance levels: 88.15 / 88.43


H1 chart's support levels: 87.86 / 87.58


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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 88.15, take profit is at 88.43, and stop loss is at 87.87.


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Daily analysis of GBP/USD for December 02, 2014

In the H4 chart, the GBP/USD pair gathered a bullish momentum above the support level of 1.5589, because this pair is trying to gain strength for a breakout at the eve support and fall to the level of 1.5512. The pair up is likely to go up to the resistance level of 1.5811 this week, because the GBP/USD pair has managed to hold above the 1.5698 level, where one bullish trend line is located. In addition, the 200 SMA is approaching the level of 1.5811. The MACD indicator remains in the positive territory.


H4chart's resistance levels: 1.5811 / 1.5874


H4chart's support levels: 1.5698 / 1.5589


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The GBP/USD pair is consolidating above the 200 SMA in the H1 chart with the formation of a higher high pattern. The resistance level of 1.5739 could produce a pullback in this pair, so GBP/USD could perform a retracement to the level of 1.5687. Our bearish outlook still remains alive in this pair. So, it is advisable to place sell orders below this zone to the support level of 1.5632. The MACD indicator is in the overbought zone.


H1 chart's resistance levels: 1.5739 / 1.5810


H1 chart's support levels: 1.5686 / 1.5632


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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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.


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Technical analysis of USD/JPY for December 01, 2014

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Fundamental overview:


USD/JPY is expected to trade in a lower range. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 88.30 versus 88.00 early Friday) as oil prices extend falls Friday to four-and-a-half year lows following OPEC's decision to stick to its existing target for oil production. USD/JPY is also supported by the demand from Japan's importers and the weak yen sentiment as Japan's adjusted core CPI fell to 0.9% in October from 1.0% in September, moving further away from the 2.0% level targeted by the Bank of Japan and bolstering expectations for additional monetary easing by the central bank. But USD/JPY gains are tempered by Japan's exporter sales, diminished investor risk appetite (VIX fear gauge rose 10.44% to 13.33, S&P 500 closed 0.25% lower at 2,067.56 Friday) and lower U.S. Treasury yields (10-year at 2.196% versus 2.234% late Wednesday).


Technical comment:
Daily chart is positive-biased as stochastics stays elevated at overbought levels, five and 15-day moving averages are advancing.


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 its pivot point. Short position is recommended with the first target at 117.60. A break of this target will move the pair further downwards to 117. The pivot point stands at 118.55. In case the price moves in the opposite direction and bounces back from the support level, then 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 118.90 and the second target at 119.30.


Resistance levels:

118.90

119.30

119.75


Support levels:

117.60

117

116.65


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Technical analysis of NZD/USD for December 01, 2014

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Fundamental overview:


NZD/USD is expected to trade with a bullish bias. It is ndermined by the broadly firmer dollar undertone, soft commodity prices and diminished investor risk appetite. But NZD sentiment are soothed by the ANZ monthly New Zealand business survey for November showing a net 31.5% of respondents expected business conditions to improve over the next 12 months compared with a net 26.5% in the previous survey. NZD/USD losses are also tempered by the NZD-USD interest differential, Kiwi demand on buoyant NZD/JPY cross amid the weak yen sentiment and Kiwi demand on soft AUD/NZD cross.


Technical Comment:

Daily chart is mixed as MACD is bullish; but stochastics is bearish, five-day moving average is falling below 15-day moving average.


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 0.7925 and the second target at 0.7950. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.78. A break of this target would push the pair further downwards and one may expect the second target at 0.7775. The pivot point is at 0.7845.


Resistance levels:

0.7925

0.7950

0.7975



Support levels:
0.78

0.7775

0.7750


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

Technical analysis of GBP/JPY for December 01, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to trade in a higher range. It is supported by the weak yen sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's exporter sales and diminished investor risk appetite and sterling sales on buoyant EUR/GBP cross.


Technical comment:

Daily chart is positive-biased as stochastics stays elevated near overbought levels, 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 186.50 and the second target at 187. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 184.70. A break of this target would push the pair further downwards and one may expect the second target at 184. The pivot point is at 185.25.


Resistance levels:

186.50

187

187.65 Support levels:

184.70

184

183.35


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