Intraday technical levels and trading recommendations on GBP/USD for December 3, 2014

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Previously at Price zone (1.6350-1.6410), the current long-term bearish trend was initiated almost two months ago.


Price zone of 1.6100-1.6140 constituted a solid SUPPLY zone. On the other side, prominent bullish DEMAND existed around price zone of 1.5940 - 1.5890.


Hence, the pair was trapped between 1.6100 and 1.5890 for almost 20 days before bearish breakout could take place.


Daily fixation below 1.5870 has put further bearish pressure on the pair to reach 1.5650 where the back side of the broken bearish channel is located.


The previous daily candlesticks represented intraday DEMAND offered around 1.5650 after such a strong bearish momentum. Sideway movement has been taking place for a whole week.


The market is showing indecision between 1.5600 and 1.5760 ( Monday's high ). Alternative bullish and bearish daily candlesticks are being expressed within a 150 pips range.


The GBP/USD pair has a solid Intraday SUPPLY around 1.5830-1.5880 where many prominent lows were located.


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4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.


Last week, the bears managed to break below the recent low around 1.5790. This exposed potential targets at 1.5700,1.5650 and 1.5580 where the backside of the broken channel as well as previous bottoms are located.


As anticipated, risky traders could have taken a BUY position around 1.5600-1.5650. It achieved some profits then the market returned to retest the same entry levels.


Conservative traders should wait for another pull-back towards 1.5830-1.5860 for a low-risk SELL entry. Stop Loss should be located at 1.5870 ( slightly above entry levels ).


On the other hand, a break below the triple-bottom price zone (1.5600 - 1.5590 ) temporarily ends the indecision state of the market exposing price levels of 1.5500.


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Intraday technical levels and trading recommendations on EUR/USD for December 3, 2014

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The price zone of 1.2880-1.2900 (corresponding to the upper limit of the previous broken channel) was being targeted a month ago. However, bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was established.


A bearish breakout off the bullish channel took place shortly after, thus confirming a Flag continuation pattern. Bearish projection target was already reached around 1.2490.


Daily fixation below 1.2490-1.2500 (the origin of the previous bullish swing expressed one month ago) theoretically extends the bearish targets towards the price level of 1.2200.


As we mentioned, the EUR/USD bears needed to obviously fixate below 1.2490 soon enough (took place two weeks ago).


As anticipated during the past two weeks, the bears have been defending the price zone of 1.2470-1.2490 and recently price level of 1.2365 as their recent SUPPLY levels.


Price level of 1.2200 corresponds to the projection target of the current bearish flag pattern as long as 1.2490 remains unbroken.


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The bearish flag scenario should now be considered for the longer-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair around (review Trade recommendations below).


A double-top pattern is now manifested on the 4H chart. As anticipated, fixation below neckline ( price level of 1.2430 ) enhanced the bearish tendency of the market.


On the other hand, the EUR/USD pair has a bearish projection target (the Flag pattern) roughly located around price levels of 1.2200.


Fixation below recent SUPPLY levels around 1.2365 and 1.2430 is mandatory to maintain the current bearish momentum towards 1.2200.


Trade recommendations:


Price zone of 1.2470-1.2490 was considered for SELLING the pair. This price zone corresponds to a previous swing low ( established on October 6) as well as significant Fibonacci level of the most recent bearish impulse.


The Stop Loss should be lowered to be slightly above 1.2450. Target levels should be set at 1.2430, 1.2360 initially and price zone of 1.2250-1.2200 to be watched next.


Intraday traders can SHORT the pair around 1.2365 at retesting. SL should be set as four-hour closure above 1.2400.


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GBP/USD intraday technical levels and trading recommendations for December 3, 2014

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Overview:


The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.


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.


Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards support level located around 1.5600 where the lower limit of the ongoing channel was previously located.


The GBP/USD pair looked quite oversold. Bullish correction was anticipated as the pair has tested a prominent WEEKLY support (price level of 1.5600 ) corresponding to multiple previous tops established back in May and June 2013.


On the other hand, a break below the recent bottom around 1.5580 invalidates this bullish scenario and renders the current movement as a bearish flag pattern with projection target at 1.5410.


Trading recommendations:


As anticipated, a previous valid BUY opportunity was suggested at retesting of the same price zone 1.5610-1.5620. This position was running in profit until bearish pull-back took place towards entry levels again. Another BUY entry may be offered at retesting which is taking place now. TP levels should be set at 1.5760, 1.5820 and 1.5880.


On the other hand, a low risk SELL entry will probably be offered around 1.5880-1.5940 ( Important Fibonacci Levels and the upper limit of the depicted bearish channel ) with SL located just above 1.5950.


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USD/CAD intraday technical levels and trading recommendations for December 3, 2014

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Overview:


Three months ago, the price levels around 1.0620 initiated the current strong uptrend on July 2.


Recently, bulls were pushing towards the upper limit of the movement channel (1.1370) in mid-October. Immediate bearish rejection was expressed resulting in a bearish correction towards 1.1200.


4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) temporarily allowed bears to push towards 1.1100 (the lower limit of the bullish channel), where extensive bullish support was offered.


Recently, bulls have pushed further above price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where bearish rejection was applied.


Recently, despite the significant bullish SUPPORT being offered around price zone of 1.1275-1.1230, the USD/CAD pair spiked down to price level of 1.1190 where the current bullish spike was initiated.


The USD/CAD bulls are currently challenging the latest achieved swing high around 1.1440-1.1465. Temporary bearish rejection was expressed this week.


Bullish breakout above 1.1440 is mandatory for push towards 1.1550 where the upper limit of the ongoing bullish channel is located.


Trading recommendations:


The market offered a previous valid BUY entry at retesting of price level of 1.1225 ( the lower limit of the depicted channel ). Stop Loss should be set as daily closure below 1.1220.


Risky traders can LONG the USD/CAD pair after the market expresses 4H closure above price level of 1.1450 (this is a high risk position).


A potential long-term bullish target is located at 1.1500 and 1.1550 (the upper limit of the depicted movement channel ).


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#USDX Technical analysis for December 3, 2014

The Dollar index has broken resistance once again and now it looks like the upward move we were expecting has started. The target is 90-91. The bullish flag target is at 91 and at this level I expect to see the end of the move.


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Black line = price channel


The Dollar index has broken above the sideways price channel and is making higher highs and higher lows. The trend is bullish. Support is at 88.45 and at 87.80. Resistance is at 90 and 91. These two levels are the targets of the bullish flag pattern. A fall below 87.80 would mean that a strong reversal is coming in the Dollar index.


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The bullish flag pattern is once again shown in the weekly chart above. The weekly candle is supported below 88 and as I mentioned yesterday, this was a good bullish sign meaning a new upward move is at its early stages. However, bulls should be very cautious as we are at the final stages of the rise from 79.75. The target is 91. I would use 87.80 as a stop for any long position.


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Technical analysis of gold for December 3, 2014

Gold price has formed a bullish flag that could bring it to $1,270-$1,280. The short-term trend remains bullish. Price is supported and there are increased chances of a new upward breakout. Monday's big trend reversal to the upside has changed our medium to long-term view and has diminished the chances of a new low below $1,130.


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As can be seen in the medium-term chart above, there is a big bullish flag formed after the reversal on Monday. Support by the Ichimoku cloud is held. Support is at $1,190 and $1,170. As long as price is above those levels we should expect a new upward move towards $1,270. Confirmation will come with a new high above $1,220.


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Short-term trend is neutral. Support is at $1,190 where the 38% Fibonacci retracement is found. Resistance at $1,220. If $1,190 is broken, we should expect gold price to move towards the 50% or 61.8% Fibonacci retracements. As long as gold price is above $1,140-$1,130, we should expect a new high towards $1,170.


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Technical analysis of GBP/CHF for December 03, 2014


Technical outlook and chart setups:


The GBP/CHF pair tested 1.5225 resistance before pulling back. A push through 1.5230/50 would trigger further rally to the 1.5300/50 region. On the flip side, a failure could bring prices lower to at least 1.5100 levels if not lower. It is recommended to remain short from yesterday, with risk at 1.5250 for now. Immediate resistance is at 1.5230 (interim), followed by 1.5300,1.5450/75 and 1.5550 while support is seen at 1.5150, followed by 1.5070, 1.5000, 1.4950 and lower respectively. The pair seems to remain in control of bears till prices remain below 1.5250 levels from here. Furthermore, if 1.5070/75 is broken, the pair could drop further towards 1.5000 and lower.


Trading recommendations:


Remain short, stop at 1.5250, target is open.


Good luck!


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Technical analysis of silver for December 03, 2014


Technical outlook and chart setups:


Silver had rallied on December 01, and took out resistance at the level of $16.70 levels. The metal is expected to pullback towards $15.30/50 levels at least before rallying further up. It is recommended to initiate long positions again on a pullback towards $15.40 levels, which could also be defined as a right shoulder for a potential inverted head and shoulder reversal. Support is seen at sub $15.30/40 (fibonacci 0.618 support), followed by $14.50 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 and higher respectively. Bulls shall remain in control till prices remain above $14.50 from here.


Trading recommendations:


Remain flat for now. Initiate longs at $15.40/50, stop at $14.20, target is open.


Good luck!


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Technical analysis of Gold for December 03, 2014


Technical outlook and chart setups:


Gold is looking to retrace the rally from $1,142.00 to $1,220.00 levels for now. Minimum level of expectations are around $1,170.00/75.00 levels if not lower. It is then recommended to initiate long positions, with risk below $1,140.00 levels. Immediate support on the daily chat view here is seen at $1,142.00, followed by $1,130.00 and lower, while resistance is seen at $1,235.00, followed by $1,255.00 and higher respectively. Bulls seem to be in control for now and till prices remain above $1,130.00/40.00 mark. A push above $1,220.00 would take the pair towards at least $1,255.00/60.00 levels.


Trading recommendations:


Remain flat for now. Look to buy around $1,175.00, stop at $1,240,00, target is $1,255.00.


Good luck!


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Technical analysis of Gold for December 03, 2014

The yellow metal was under pressure of the strong US data in yesterday's session. Today the focus has shifted to US ADP non-farm unemployment change data, ISM non-manufacturing PMI and ECB press conference. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. In case, if the US posts positive readings again the yellow metal has to go to the south levels again. The metal has resistance at $1,202.50. We recommend risky buying above $1,200.50 and safe buying at $1,203.00 for targets at $1,207.00 levels. The metal has intraday support at $1,191.00 and $1,188.00 levels. We can see kind of selling pressure below $1,1880.00 up to $1,182.00, $1,180.00 and $1,172.00 levels. Overall the yellow metal future is not that bright. In yesterday's session our selling recommendation gave good money. The weekly resistance exists at $1,236.00, above this, $1,255.00 will come to existence. The monthly resistance level exists at $1,275.00 levels.


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Technical analysis of EUR/USD for December 03, 2014

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When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m. The US will release the economic data too such as the ADP Non-Farm Employment Change, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, Beige Book, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2447.

Strong Resistance:1.2440.

Original Resistance: 1.2428.

Inner Sell Area: 1.2416.

Target Inner Area: 1.2387.

Inner Buy Area: 1.2358.

Original Support: 1.2346.

Strong Support: 1.2334.

Breakout SELL Level: 1.2327.


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Technical analysis of USD/JPY for December 03, 2014

In Asia, Japan will not release any economic data, but the US will release some economic data such as ADP Non-Farm Employment Change, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, Beige Book. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.96.

Resistance. 2: 119.72.

Resistance. 1: 119.49.

Support. 1: 119.21.

Support. 2: 118.98.

Support. 3: 118.74.

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.


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Technical analysis on USD/CAD for December 03, 2014

USD/CAD


The US dollar gained against most major pairs. The pair gained 90 pips in yesterday's session and closed near the highest level. But as of now, today the pair is unable to breach previous day's high of 1.1424 levels. The pair's nearest resistance exists at 1.1467 levels. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. Today the focus has shifted to US ADP non-farm unemployment change data, ISM non-manufacturing PMI. On the CAD major economic key events will be released today. The BOC interest rate and governor Poloz speaks. 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 gain 260 pips on the higher side. On the down side, the pair has a strong support zone between 1.1120 and 1.1100 levels on a weekly basis. The pair has weekly support at 1.1314, 1.1295 and 1.1250 levels. The swing support exists at 1.1190 levels. Until it closes above 1.1190, the bullish view continues. We recommend fresh buying above 1.1414 levels for targets at 1.1446 and 1.1465 levels. The hourly support levels exist at 1.1394 and 1.1375 levels. In case if the prices correct below 1.1375 it can look for other supports at 1.1330 and 1.1310 levels.


Support 1.1394, 1.1375, 1.1330


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Technical analysis of USD/CHF for December 03, 2014

USD/CHF


The US dollar gained against most major pairs. The pair gained 80 pips in yesterday's session and closed at the highest level. The pair has immediate resistance at 0.9742 and 0.9751 levels. In case if the pair manages to close above 0.9742 it can go up 210 pips on a positional basis. On the higher side, we can expect 0.9820, 0.9874, 0.9970 and 1.0270 levels. We have been recommending buying on every dip for the same targets. Today the focus shifts to ADP non-farm unemployment change data. In yesterday's data, the US construction spending beat estimates, posting its largest gains in 5 months. A positive readings will push the prices to the north side. For an intraday view, the hourly momentum oscillators are indicating overbought signs. The prices have support at 0.9715, 0.9700 and 0.9680 levels. Until the prices close above 0.9650 the pair favours buying on dips. The safe trading will be above 0.9751 levels.


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Daily analysis of USDX for December 03, 2014

The USDX continues to strengthen the bullish trend above the support level of 88.44. The next hurdle for this instrument is the resistance level of 88.65. If the USDX manages to make a breakout in that area, it would be expected to rise to the level of 89.40 where one bullish trend line is on the H4 chart. The MACD indicator remains in positive territory.


H4chart's resistance levels: 88.65 / 89.00


H4chart's support levels: 88.44 / 88.27


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In the H1 chart, the USDX has gained bullish momentum above 200 SMA, because this instrument is forming a bullish pattern above the support level of 88.43. The USDX has reached new high levels for several weeks, so it is very likely that this instrument make a retracement to the support level of 88.43. The MACD indicator is entering overbought area.


H1 chart's resistance levels: 88.71 / 88.99


H1 chart's support levels: 88.43 / 88.15


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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 88.71, take profit is at 88.99, and stop loss is at 88.43.


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Daily analysis of GBP/USD for December 03, 2014

On the daily chart, the GBP/USD has not yet found out in what range it is now, because this pair is forming a bearish pattern below the resistance level of 1.5746. The GBP/USD may perform a breakout at the level of 1.5642, but we must remember that this level has been very strong in recent days. Hence the GBP/USD could made a retracement at the resistance level of 1.5883 in the medium term.


Dailychart's resistance levels: 1.5746 / 1.5883


Dailychart's support levels: 1.5642 / 1.5506


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The GBP/USD had a bearish session during yesterday, as this pair has consolidated back below the 200-day moving average on the H1 chart. However, the possibility that the GBP/USD will form a double bottom pattern in the support level of 1.5590 is not precluded. If it does, this pair could rise again to the resistance level of 1.5739. The MACD indicator remains in negative territory.


H1 chart's resistance levels: 1.5686 / 1.5739


H1 chart's support levels: 1.5632 / 1.5590


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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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USD/CAD intraday technical levels and trading recommendations for December 2, 2014

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Overview:


Three months ago, the price levels around 1.0620 initiated the current strong uptrend on July 2.


Recently, bulls were pushing towards the upper limit of the movement channel (1.1370) in mid-October. Immediate bearish rejection was expressed resulting in a bearish correction towards 1.1200.


4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) temporarily allowed bears to push towards 1.1100 ( the lower limit of the bullish channel ) where extensive bullish support was offered.


Recently, bulls have pushed further above price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where bearish rejection was applied.


Recently despite the significant bullish SUPPORT being offered around price zone of 1.1275-1.1230, the USD/CAD pair spiked down to price level of 1.1190 where the current bullish spike was initiated.


The USD/CAD bulls are currently challenging the latest achieved swing high around 1.1440-1.1465. Temporary bearish rejection was expressed Yesterday.


Bullish breakout above 1.1440 is mandatory for push towards 1.1550 where the upper limit of the ongoing bullish channel is located.


Trading recommendations:


The market offered a previous valid BUY entry at retesting of price level of 1.1225 ( the lower limit of the depicted channel ). Stop Loss should be set as daily closure below 1.1220.


Risky traders can LONG the USD/CAD pair after the market expresses 4H closure above price level of 1.1450 (This is a high risk position).


Potential long-term bullish target is located at 1.1500 and 1.1550 ( the upper limit of the depicted movement channel ).


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Technical analysis of USD/JPY for December 02, 2014

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Fundamental overview:


USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 119.15 on Monday. It is undermined by the flows to haven JPY amid decreased investor risk tolerance (VIX fear gauge rose 7.2% to 14.29, S&P 500 closed 0.68% lower at 2,053.44 overnight) on weak manufacturing PMI data out of China and Europe and Moody's downgrade of Japan's credit rating by one notch to A1; disappointing U.S. Black Friday weekend as National Retail Federation estimated that retail spending over the post-Thanksgiving weekend fell 11%. USD/JPY is also afected by Japan's export sales, broadly weaker dollar undertone (ICE spot dollar index last 87.98 versus 88.30 early Monday) as oil prices rebound (Nymex crude hit four-and-a-half year low of $63.72/bbl Monday but settled up $2.85 at $69.00/bbl). But USD sentiment are soothed by the less-than-expected drop in U.S. ISM manufacturing PMI to 58.7 in November from 59.0 in October (versus forecast 58.0), stronger Markit final U.S. November manufacturing PMI of 54.8 versus flash reading of 54.7. USD/JPY downside also limited by demand from Japan's importers; higher U.S. Treasury yields (10-year at 2.359% versus 2.196% late Friday); Bank of Japan's large-scale easing policy.


Technical comment:
Daily chart is mixed as stochastics stays elevated at overbought levels, five and 15-day moving averages are advancing, but MACD is in a bearish mode.


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 119.45 and the second target at 119.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.10. A break of this target would push the pair further downwards and one may expect the second target at 117.85. The pivot point is at 118.50.


Resistance levels:

119.45

119.70

120


Support levels:

118.10

117.85

117.60


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Technical analysis of NZD/USD for December 02, 2014

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Fundamental overview:


NZD/USD is expected to consolidate with a bearish bias. NZD/USD is supported by broadly weaker dollar undertone (ICE spot dollar index last 87.98 versus 88.30 early Monday) as oil prices rebound (Nymex crude hit four-and-a-half year low of $63.72/bbl Monday but settled up $2.85 at $69.00/bbl), rebounding commodity prices and NZD-USD interest differential and Kiwi demand on soft AUD/NZD cross. But NZD/USD gains are tempered by the decreased investor risk appetite.


Technical Comment:

Daily chart is mixed as bullish outside-day-range pattern was completed on Monday, MACD is bullish but stochastics is in a bearish mode.


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 0.7805. A break of this target will move the pair further downwards to 0.7775. The pivot point stands at 0.7870. 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 0.79 and the second target at 0.7945.


Resistance levels:

0.79

0.7945

0.7975



Support levels:
0.7805

0.7775

0.7750


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Technical analysis of GBP/JPY for December 02, 2014

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Fundamental overview:


GBP/JPY is expected to consolidate after hitting a six-day high 148.14 on Monday. It is undermined by the reduced investor risk tolerance and Japan's export sales. Sterling sentiment boosted by surprise rise in U.K. CIPS/Markit manufacturing PMI to 53.5 in November from 53.2 in October (versus forecast 52.8). But GBP/JPY downside is limited by the demand from Japan's importers.


Technical comment:

Daily chart is mixed as stochastics bullish near overbought levels, five and 15-day moving averages are advancing, but MACD is bearish.


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 187 and the second target at 187.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 185.25. A break of this target would push the pair further downwards and one may expect the second target at 184.70. The pivot point is at 185.90.


Resistance levels:

187

187.50

188


Support levels:

185.25

184.70

184


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