Technical analysis of AUD/USD for December 4, 2014

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Overview :



  • The USD/CAD pair is going to call for a downwards market in coming days and the price will probably drop from the level of 0.8426. For that, we expect that the price is going to move between the levels of 0.8426 and 0.8335 in order to form a range of 191 pips this week. The support sets at the level of 0.8335 and resistances stand at the levels of 0.8470 and 0.8426. Therefore, the sellers are going to sell below the level of 0.8426 with the first target of 0.8366 that might resume to 0.8335. It should be also noted that a double bottom is going to set at the price of 0.8355. On the other hand, the strong support is set at the level of 0.8335, so if the trend is able to break the first support at the level of 0.8335 the market will call for a bearish trend at the level of 0.8330 in order to continue to the next support around the area of 0.8273 today.


Intraday technical levels :


Date : 4/12/2014


Pair : AUD/USD



  • R3: 0.8525

  • R2: 0.8495

  • R1: 0.8449

  • PP: 0.8419

  • S1: 0.8373

  • S2: 0.8343

  • S3: 0.8297


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EUR/NZD : analysis for December 04, 2014

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Overview:


In our last analysis, EUR/NZD has been trading upwards. The price re-tested the level of 1.5920 (Fibonacci retracement 61.8%) in a high volume. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion of 100% at the price of 1.5780 and Fibonacci expansion of 161.8% at the price of 1.5715. Our Fibonacci retracement of 61.8% at the price of 1.5910 held successful, which enabled the price to start with a downward movement. According to the daily time frame, we can observe indecision bar.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5922


R2: 1.5954


R3: 1.6004


Support levels:


S1: 1.5821


S2: 1.5789


S3: 1.5738


Trading recommendations: Be careful when buying EUR/NZD since we got an absorption volume in the background. Watch for potential selling opportunities.


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Gold : analysis for December 04, 2014

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Overview :


Since our last analysis, gold has been trading sideways around the price of 1,201.00. We are waiting for a larger volume and stronger price action. According to the daily time frame, we can obesrve weak demand in a volume below average, which is a sign that buying at this stage looks very risky. Our Fibonacci expansion of 100% at the price of 1,217.00 held successfully, which enabled the price to start with a downward movement. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement of 38.2% at the price of 1,191.00 (held successful) and Fibonacci retracement of 61.8% at the price of 1,172.00. I have also placed Fibonacci expansion from the most recent swings to find potential end of a bearish corrective phase. I got Fibonacci expansion of 61.8% at the price of 1,197.00, Fibonacci expansion of 100% at the price of 1,186.00 and Fibonacci expansion of 161.8% around the price of 1,169.00. 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: 1,213.94


R2: 1,219.02


R3: 1,227.23


Support levels:


S1: 1,197.52


S2: 1,192.44


S3: 1,184.23


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


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Technical analysis of NZD/USD for December 4, 2014

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Overview :



  • The NZD/USD pair will retain to move downwards from the level of 0.7795 (this level coincides with the 38.2% of Fibonacci retracement levels in H4 chart). Accordingly, the NZD/USD pair is going to show signs of strength at the lowest price of 0.7660 which represents the double bottom. Thus, the pair will move between the level of 0.7795 and 0.7660. So, it will be a good deal to sell below the level of 38.2% of Fibonacci retracement levels on H4 chart with the first target at 0.7700 and further at 0.7660. Equally important, 0.76660 will be acting as a strong support for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with around 00% of Fibonacci Fibonacci retracement levels. On the other hand, in case a reversal takes place and the NZD/USD pair is not able to break through the support at the 0.7660 level, the market will further rise towards 0.7750 in order to indicate a bullish market on the 4th of December 2014.


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Technical analysis of EUR/JPY for December 4, 2014

General Overview for 04/12/2014 09:50 CET


The count has been flipped around as the main count now is indicating more impulsive wave developing to the upward direction (waves (i)-(ii), I-II), and alternative count is still pointing out a more complex and time-consuming corrective WXY brown (alt.2 red) cycle targeting the level of 1.4478 - 144.54. The change was made due to an inability of the price to break out the golden corrective channel to the downside. The bullish, neutral and bearish zones have been added as well and the most important thing about the bullish zone is that it starts just above the intraday resistance at the level of 148.17, making this a key level for bulls. On the other hand, the key level for bears would be intraday support at the level of 140.02 and breakout lower would directly expose the technical support at the level of 145.70 and below.


Support/Resistance:


149.76 - WR2


149.15 - Swing High


149.11 - WR1


148.77 - Intraday Resistance|Key Level|


147.34 - Weekly Pivot


147.02 - Intraday Support|Key Level|


146.55 - WS1


145.70 - Higher Time Frame Technical Support


144.89 - WS2


144.54 - 144.78 - Target Projection For Wave Y Brown


Trading recommendations:


There is no follow through from the sell orders opened yesterday, so they need to be closed with a small profit or on break even. Next orders would be only a buy/sell stop orders placed at the level of 148.20 (buy stop, TP 149.11) and 146.99 (sell stop, TP 145.70), with tight SL (10-15pips).


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#USDX Technical analysis for December 4, 2014

The Dollar index continues higher and today I expect to be a very volatile day specially after the speech by ECB president Mario Draghi. My bullish flag target remains at 91. Longer-term trend remains bullish as long as price is above 87.50.


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Black lines=sideways channel


The Dollar index is making higher highs and higher lows. Support at 87.50 has held and the Dollar index as expected has started a new upward move that I believe could end near my bullish flag target of 91. Short-term support is found at 88.80 and below that at 88.40. Resistance is at 89.


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The weekly chart as shown above continues to remain fully bullish targeting 91. The weekly support at 86,70 is rising and I believe a break below it will confirm that the upward move from 79.75 is over. However, the first reversal sign will come if the Dollar index breaks and closes this week below 87.50. The trend remains bullish and I expect to see a pull back and new highs again. I remain bulish as long as we are above 87.50.


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Technical analysis of USD/CAD for December 4, 2014

General Overview for 04/12/2014 09:20 CET


The corrective cycle is getting more complex and time-consuming after the top for wave XX brown has been made. The intraday range is now even wilder as the zone now is between the intraday resistance at the level of 1.1423 and intraday support is at the level of 1.1310. However, there is indication of a possible wave Z brown completion into the area of 1.1265, but please notice this corrective cycle might get even more complex.


Support/Resistance:


1.1465 - Swing High


1.1446 - 1.1465 - Supply Zone


1.1423 - Intraday Resistance


1.1379 - Weekly Pivot


1.1317 - WS1


1.1310 - Intraday Support


1.1296 - Wave Z Brown Target Level


Trading recommendations:


The uptrend is still not intact and swing 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. Traders might consider opening sell positions from current price levels for intraday scalping opportunities, with SL above the level of 1.1375 and TP at the level of 1.1310.


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Gold Technical analysis for December 4, 2014

Gold price consolidates near the recent highs above $1,200. If short-term support at $1,200-$1,190 holds, then we could see another break out towards $1,260-$1,270. If support fails, we should push lower towards $1,170. A bullish flag is being formed and a break out above $1,215 will give us a buy signal.


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Gold price is consolidating near the 38% retracement of the decline from $1,343. Price is below the Ichimoku cloud. So, strong resistance at $1,220 if broken we could see another upward move towards at least the 50% retracement at $1,240 or even the 61.8% retracement at $1,262.


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Red lines = triangle pattern


Gold price is making a triangle pattern between $1,215 and $1,200. A break out above $1,215 will put the recent highs to the test and if support fails we should push towards $1,170. There is a bullish flag pattern also that could give us a target of $1,270. A breakout above $1,220 will confirm that we are heading towards $1,270. A rejection at current levels will imply that the downward correction is not over.


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Technical analysis of EUR/JPY for December 04, 2014


Technical outlook and chart setups:


The EUR/JPY pair broke its channel line support yesterday and dropped to 147.00 levels before pulling back. The pair is trading at 147.60 levels for the moment but is facing resistance at the back side of the channel line. A drop below 147.00 now would accelerate downfall towards 142.00 levels at least. Please note that the outer line support is around 142.50 for now. It is recommended to remain short for now, risk remains at 149.00. Immediate support is 146.50, followed by 145.50, 145.00 and lower while resistance is seen at 148.25, followed by 149.00 respectively.


Trading recommendations:


Remain short for now, stop at 149.00, the target is open.


Good luck!


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Technical analysis of GBP/CHF for December 04, 2014


Technical outlook and chart setups:


The GBP/CHF pair took out stops at 1.5250 and rallied through 1.5300/50 levels yesterday. This event was discussed and expected once 1.5250 was taken out. The pair has reached a potential resistance at 1.5350/60 and also a convergence, as seen here. A push through 1.5360, could reach 1.5408/10 and also 1.5450 subsequently. It is recommended to remain flat for now and watch out for a bearish reaction at current levels before initiate short positions. Only a break above 1.5450 levels would confirm that bulls are back in control and could push prices above 1.5550 in near term. Immediate resistance is at 1.5450, followed by 1.5550, while support is seen at 1.5150, followed by 1.5075 and lower respectively.


Trading recommendations:


Remain flat for now. Aggressive trade setup would be to initiate short positions now, stop at 1.5450, the target is open.


Good luck!


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Technical analysis of Silver for December 04, 2014


Technical outlook and chart setups:


Silver has been drifting around $16.40.60 levels since yesterday. The metal is expected to drop lower towards $15.30 or even up to $14.90 levels before rallying further up. Furthermore, there seems to be a convergence around $15.50/60 and $14.90 levels of the retracement and extension levels, indicating a strong possibility of the next low formation around either of the above. Immediate support is seen at $15.50, followed by $14.90, $14.50 and lower respectively. It is recommended to remain flat for now and look to initiate longs around $15.30 levels. Bulls should be determined to rally towards fresh highs after a drop.


Trading recommendations:


Remain flat, look to go long around $15.30, stop at $14.20, the target is open.


Good luck!


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Technical analysis of Gold for December 04, 2014


Technical outlook and chart setups:


Gold is expected to form a gartley, before rallying to higher levels. The metal is seen trading around the $1,204.00/06.00 levels at the moment. A drop below $1,190.00 would suffice minimum requirement and optimum level for the next low would be $1,174.00 levels. As depicted here, a convergence is also seen at $1,172.00/74.00 levels, where the retracement (blue) and extension levels (red) of the respective swings. Immediate support is seen at $1,190.00 (interim), followed by $1,170.00, $1,142.00 and lower while resistance is seen at $1,215.00/20.00 levels, followed by $1,235.00, $1,255.00 and higher respectively. It is recommended to remain flat for now and look to buy lower from here.


Trading recommendations:


Looking to long around $1,175.00, stop $1,130.00, the target is at $1,255.00.


Good luck!


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Daily analysis of major pairs for December 4, 2014

EUR/USD: It was mentioned that the bearish outlook on EUR/USD would be strengthened further after it broke the support line at 1.2400 to the downside. That is exactly what has happened. After the downside breakout of the line at 1.2400 (which has now become a resistance line), price went further downwards by another 100 pips. The bearish outlook is so strong that the support line at 1.2300, which has already been tested, could also be breached to the downside.


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USD/CHF: Our long-term target at 0.9750 has been exceeded, and price is now trending further upwards. The Bullish Confirmation Pattern in the chart is very strong, and the next target to be reached is the resistance line at 0.9800.


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GBP/USD: The bearish trend on EUR/USD is now stronger than the bearish trend on GBP/USD. The outlook remains downwards – the EMA 11 is below the EMA 56 and the RSI period 14 is almost below the level 50. Thus, price may trend downwards again and test the accumulation territory at 1.5650.


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USD/JPY: This currency trading instrument continues to trend upwards in a slow and steady manner. It is now going above the demand level at 119.50. The supply level at 120.00 is thus an easy target.


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EUR/JPY: The JPY is weak, but this cross has not trended upwards significantly this week. Rather than that, it has moved sideways simply because the EUR itself is not strong. However, a breakout to the upside is expected soon, as price goes towards the supply zone at 148.50.


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Elliott wave analysis of EUR/NZD for December 4 - 2014

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Technical summary:


We are still looking for support at 1.5788 to protect the downside for a break above minor resistance at 1.5942 and more importantly a break above resistance at 1.5791, which will confirm the next rally higher to 1.6273 and above. Only and unexpected break below 1.5788 will delay the expected upside pressure for a move lower to 1.5722 before moving higher again. At no point should the low at 1.5643 be broken as that would invalidate the bullish count.


Trading recommendation:


We are long in EUR from 1.5830 with stop at 1.5775. If you are not long in EUR yet, then buy at a break above 1.5942 with the same stop.


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Elliott wave analysis of EUR/JPY for December 4 - 2014

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Technical Summary:


Our preferred count still shows, that wave b of the wave (ii) correction ended at 148.19 and waves c lower to at least 144.77 is now unfolding. In the short term, a break below 147.27 will confirm the next implusive move lower. Only a break above resistance at 147.89 will delay the expected downside pressure for one final rally higher to 148.25 before moving lower again.


Trading recommendation:


We are short in EUR from 148.10 with stop placed at 148.30. If you are not short in EUR yet, then sell near 147.89 or upon a break below 147.27 with the same stop at 148.30.


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Technical Analysis of GBP/USD for December 04, 2014

The pound sterling gained 70 pips at yesterday's session after soft US data and stronger UK data. November’s survey of the UK service sector indicated strengthening of activity growth amid reports on firm demand and rising volumes of new business. A rise in the index to 58.6 from 56.2 in October, pointed to a marked and accelerated rate of expansion that was well above the survey’s historical average. This makes an optimistic outplook for the UK's economy in the near term. On the other hand, the US dollar is trading at multi-year highs on a strong demand. Today, the focus has shifted to the US unemployment claims and BoE interest rate decision. Ahead of the major economic data, the cable is trading with a mild bullish tone. The pair has been facing strong resistance at 20Dsma for 7 days. The cable has support at 1.5630 on a daily a closing basis. In case if the cable closes below 1.5630, we can expect a 150-pips fall on the down side. Until the prices are closed and trading below 1.5764 (h4 candle), we can expect 1.5525 on the downside within the strong support zone existed between 1.5630 and 1.5585. From an intraday view, the prices are consolidating between 1.5679 and 1.5710 levels. We recommend selling below 1.5660 levels.


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Technical Analysis of Gold for December 04, 2014

The yellow metal gained momentum after the soft ADP jobs data. Today, the focus has shifted to the US unemployment data and ECB press conference. At yesterday's session, we recommended buying at $1,200.50 with the target at $1,207.00. The metal made high at $1,214.70. The support levels shifted to $1,202.00 and $1,199.00. Today, a positive reading from US will lead to selling pressure again. 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. The metal has been facing strong resistance at the descending trend line in the daily chart. A daily close above this leads to a relief rally towards $1,230.00. Attention is fully focused on today's ECB meeting. Any indication of a policy change will boost the US dollar strength. Gold is inverse to the US dollar. The hourly support levels exists at $1,206.00 and $1,203.00. We recommend safe selling below $1,199.00 with the targets at $1,194.00, $1,191.00, and $1,190.00. In case if the prices fall below $1,188.00, we can expect a steep fall towards $1,183.00,$1,180.00, and $1,1780.00 levels.


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Technical Analysis of USD/CHF for December 04, 2014

The stronger US data pushed the pair to a 1-year high at 0.9783. Economic activity in the non-manufacturing sector grew in November for the 58th consecutive month, according to the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM report. At yesterday's session, the pair gained 60 pips and closed at the highest level of the day. The pair touches the top end of the channel. In case if the prices are closed above the top end of the channel on a daily basis, it adds more bullish thoughts. We have been recommending buying on every dip at 0.9820, 0.9874, 0.9970, and 1.0270. Bulls must be able to close above 0.9742 on a weekly closing basis. Until the prices close above 0.9650, the pair favors buying on dips. The hourly momentum indicators, are showing an overbought sign. We recommend fresh buying above 0.9785. The pair has resistance at 0.9805. We can expect strong momentum only above 0.9805 towards 0.9850 and 0.9870. The pair has support at 0.9730 and 0.9715, below this 0.9688 and 0.9670 will act as strong support levels. Today, the focus shifts to the US unemployment data.


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Technical analysis of EUR/USD for December 04, 2014

!EURUSD.jpg When the European market opens, some economic news will be released such as Retail PMI, French 10-y Bond Auction, Spanish 10-y Bond Auction, and Minimum Bid Rate. The US will release the economic data too such as the Challenger Job Cuts y/y, Unemployment Claims, and Natural Gas Storage. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2373.

Strong Resistance:1.2356.

Original Resistance: 1.2354.

Inner Sell Area: 1.2342.

Target Inner Area: 1.2313.

Inner Buy Area: 1.2284.

Original Support: 1.2272.

Strong Support: 1.2260.

Breakout SELL Level: 1.2253.

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 04, 2014

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Today, Japan will not release any economic news, but the US will publish some economic data such as Challenger Job Cuts y/y, Unemployment Claims, and Natural Gas Storage. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.47.

Resistance. 2: 120.24.

Resistance. 1: 120.00.

Support. 1: 119.72.

Support. 2: 119.49.

Support. 3: 119.25.


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Technical Analysis of EUR/USD for December 04, 2014

The pair lost its ground at 1.2358 and fell 80 pips at yesterday's session. The pair was losing its steam in yesterday's trade after the weak Euro data and the stronger US data. The US dollar stood ahead against most major pairs. Ahead of the ECB press conference, the Euro looks highly bearish, broken the previous lows. The pair has strong, long-term support at 1.2226. Below 1.2226, 1.2045 and 1.1876 are the other multiple support levels. We have been recommending selling on every rise with the initial targets at 1.2320 and 1.2230. Our first target was completed, waiting for the rest. If a weekly close is below 1.2350, we can expect 500 odd pips correction on the downside from the longer-term view. The further direction will depend on the Thursday's ECB action. A lot of pressure is still being put on the Euro. In the US, unemployment claims are the key major data. A positive reading will add more strength to the US dollar. Today, the pair opened and is trading above the previous high. Currently, 1.2300 is acting as a support level. The pair has resistance between 1.2358 and 1.2360. The previous supports became resistance levels. We recommend fresh intraday selling below 1.2295 with the targets at 1.2255 and 1.2240 levels. Use every rise to sell.


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Daily analysis of USDX for December 04, 2014

On the daily chart, the USDX is making a breakout at the level of 88.63, so massive buy orders in this instrument could lead the US dollar to reach a historic high levels at 90.40. However, like any sharp movement, the USDX could form another bullish pattern above the support level of 88.63. The MACD indicator is entering the neutral territory.


Daily chart's resistance levels: 90.40 / 89.00


Dailychart's support levels: 88.63 / 87.35


USDXDaily.png

The USDX has consolidated above the support level of 88.71. It should be noted that the USDX has formed two fractals at the resistance level of 88.99. If the USDX manages to make a breakout at that level, it's expected to rise to the level of 89.25. However, caution should be used with this instrument, because the MACD indicator is moving into the negative territory.


H1 chart's resistance levels: 88.99 / 89.25


H1 chart's support levels: 88.71 / 88.43


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 88.99, take profit is at 89.25, and stop loss is at 88.71.


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Daily analysis of GBP/USD for December 04, 2014

The GBP/USD pair is trying to make a pullback at the resistance level of 1.5698, because this still remains weak in the H4 chart. The bearish trend could extend to the level of 1.5512, but GBP/USD could perform retracement again to the level of 1.5811. This pair is trying to form a fractal at the level of 1.5698, which would confirm the strong current bearish bias. The MACD is moving into the positive territory.


H4chart's resistance levels: 1.5698 / 1.5811


H4chart's support levels: 1.5589 / 1.5512


1417647820_GBPUSDH4.png


In the H1 chart, GBP/USD has formed a fractal above the 200-day moving average, which would confirm the bearish continuation for this pair. The GBP/USD could fall to the support level of 1.5632 in the coming hours. If the GBP/USD pair does a breakout at that level, the next target would be the 1.5590 level. The MACD indicator is entering the overbought area.


H1 chart's resistance levels: 1.5686 / 1.5739


H1 chart's support levels: 1.5632 / 1.5590


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


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Elliott wave analysis of EUR/NZD for December 3 - 2014

2014-12-03-EURNZD-8H.png


Technical summary:


Not much has happened here, but we are still looking for support at 1.5788 to protect the downside for a break above resistance at 1.5942 and more importantly a break above resistance at 1.5991 to confirm the next rally towards 1.6273 and higher. Only an unexpected break below support at 1.5788 will delay the expected rally for a move closer to 1.5722 before the next move higher.


Trading recommendation:


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Elliott wave analysis of EUR/JPY for December 3 - 2014

2014-12-03-EURJPY-8H.png


Technical summary:


The correction in wave b needed a final rally closer to the ideal target at 148.25 (the high came in at 148.19). We will now be looking for a break below minor support at 146.25 as indication, that wave c lower to at least 144.77 is developing. We do believe that wave c will move lower than that, but 144.77 should be the minimum target. Short term, only an unexpected break above resistance at 149.13 will invalidate the bearish count.


Trading recommendation:


We are short in EUR from 148.10 and will keep our stop at 148.30. If you are not short in EUR yet, then sell near 148.25 or upon a break below 146.25 with the same stop.


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Technical analysis of USD/JPY for December 03, 2014

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Fundamental overview:


USD/JPY is expected to consolidate with a bullish bias after hitting seven-year high 119.29 on Tuesday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 88.62 versus 87.98 early Tuesday) after Federal Reserve Vice Chairman Stanley Fischer said the central bank is getting closer to dropping the pledge of keeping interest rates low for a "considerable time" and stronger-than-expected 1.1% increase in U.S. October construction spending (versus forecast +0.6%); jump in U.S. ISM-NY current business index to 62.4 in November from 54.8 in October; weaker oil prices. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.294% versus 2.218% late Monday, the positive investor risk appetite (VIX fear gauge eased 10.08% to 12.85; S&P 500 closed up 0.64% at 2,066.55 overnight), demand from Japan's importers and Bank of Japan's large-scale monetary easing policy. But USD/JPY gains are tempered by Japan's exporter sales and caution ahead of U.S. payrolls report Friday.


Technical comment:
Daily chart is positive-biased as stochastics is bullish, 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 119.70 and the second target at 120.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.50. A break of this target would push the pair further downwards and one may expect the second target at 118.10. The pivot point is at 119.


Resistance levels:

119.70

120.15

120.35


Support levels:

118.50

118.10

117.85


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

Technical analysis of USD/CHF for December 03, 2014

USDCHFM30.png


Fundamental overview:


USD/CHF is expected to trade in higher range. It is supported by the positive dollar sentiment (ICE spot dollar index last 88.62 versus 87.98 early Tuesday) after Federal Reserve Vice Chairman Stanley Fischer said the central bank is getting closer to dropping the pledge of keeping interest rates low for a "considerable time"; stronger-than-expected 1.1% increase in U.S. October construction spending (versus forecast +0.6%), jump in U.S. ISM-NY current business index to 62.4 in November from 54.8 in October and contagion from a weak euro on the Swiss franc, ultra-loose Swiss National Bank's monetary policy and franc sales on buoyant EUR/CHF cross.


Technical comment:

Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turning positive, five-day moving average is above 15-day moving average and is 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 0.9795 and the second target at 0.9820. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9680. A break of this target would push the pair further downwards and one may expect the second target at 0.9655. The pivot point is at 0.9705.


Resistance levels:

0.9795

0.9820

0.9855


Support levels:

0.9680

0.9655

0.9615


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

Technical analysis of NZD/USD for December 03, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to trade in a lower range. NZD sentiment is dented by the 1.1% drop in Fonterra's GDT Price Index at latest Global Dairy Trade auction. NZD/USD is also undermined by the positive dollar sentiment (ICE spot dollar index last 88.62 versus 87.98 early Tuesday) after Federal Reserve Vice Chairman Stanley Fischer said the central bank is getting closer to dropping the pledge of keeping interest rates low for a "considerable time"; stronger-than-expected 1.1% increase in U.S. October construction spending (versus forecast +0.6%) jump in U.S. ISM-NY current business index to 62.4 in November from 54.8 in October. But NZD/USD losses are tempered by the positive investor risk appetite and NZD-USD interest differential.


Technical Comment:

Daily chart is negative-biased as stochastics is bearish, MACD histogram bars are turning negative, five-day moving average is below 15-day moving average and is declining.


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 0.7735. A break of this target will move the pair further downwards to 0.7710. The pivot point stands at 0.7810. 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 0.7855 and the second target at 0.7885.


Resistance levels:

0.7855

0.7885

0.7925



Support levels:
0.7735

0.7710

0.7675


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

Technical analysis of GBP/JPY for December 03, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to trade with risks skewed lower. It is undermined by the soft euro sentiment and Japan's export sales. But GBP/JPY losses are tempered by the positive investor risk appetite, demand from Japan's importers and buoyant USD/JPY undertone and sterling demand on soft EUR/GBP cross.


Technical comment:

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


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 187.50 and the second target at 188. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 185.90. A break of this target would push the pair further downwards and one may expect the second target at 185.25. The pivot point is at 186.25.


Resistance levels:

187.50

188

188.50


Support levels:

185.90

185.25

184.70


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

EUR/NZD : analysis for December 03, 2014

EURNZDDaily03.png


EURNZDH403.png


Overview:


In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5824 in a high volume. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 100% at the price of 1.5780 and Fibonacci expansion 161.8% at the price of 1.5715. Our Fibonacci retracement 61.8% at the price of 1.5910 held successful, which enabled the price to start with downward movement. According to the daily time frame, we got up-thrust bar (supply overcoming demand). Be careful when buying and watch for potential selling opportunities.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5914


R2: 1.5945


R3: 1.5995


Support levels:


S1: 1.5815


S2: 1.5784


S3: 1.5735


Trading recommendations: Be careful when buying EUR/NZD since we got absorption volume in the background. Watch for potential selling opportunities.


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