Intraday technical levels and trading recommendations on GBP/USD for December 10, 2014

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Overview:


The GBP/USD pair has been moving downward 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 consolidation range as a bearish flag pattern with projected target at 1.5410.


Trading recommendations:


As anticipated, a previous valid BUY opportunity was suggested at retesting of the same price level of 1.5600. This position was running in profit until bearish pullback took place towards entry levels again.


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 slightly above the upper limit of the depicted bearish channel ).


Stop Loss should be located just above 1.5950.


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Intraday technical levels and trading recommendations on GBP/USD for December 10, 2014

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The GBP/USD pair was trapped between 1.6100 and 1.5890 for almost 20 days before bearish breakout could take place.


Daily fixation below 1.5870 led bearish pressure to the pair so that it reached 1.5620-1.5650 where a prominent consolidation zone was established above.


This week, the GBP/USD pair is finding intraday DEMAND around 1.5580-1.5550 where many recent lows were previously established back in November.


The current DAILY price action favors the bullish scenario initially towards 1.5800.


Monday's bullish engulfing daily candlestick emerged off 1.5550 where the backside of the broken downtrend is located. However, yesterday's daily - Doji - candlestick reflects indecision at the important levels which may give some time for more sideway movement.


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4H chart reveals the recent downside movement maintained within the limits of the depicted channel.


Conservative traders were waiting for a bullish pullback towards the price zone of 1.5680-1.5710 for a low-risk SELL entry. Stop Loss should be located at 1.5740.


On the other hand, an obvious 4H fixation below the triple-bottom price zone (1.5600 - 1.5590 ) indicates an upcoming bearish movement towards 1.5480-1.5500 where the lower limit of the current movement channel is located.


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Intraday technical levels and trading recommendations on EUR/USD for December 10, 2014

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The price zone of 1.2880-1.2900 (corresponding to the upper limit of the previous broken channel) was targeted 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 soon, thus confirming a flag continuation pattern. Bearish projected target was already reached around 1.2490.


As anticipated earlier, daily fixation below 1.2490-1.2500 (the origin of the previous bullish swing expressed one month ago) extends the bearish targets towards the price level of 1.2200.


After the bears could fixate below 1.2360 this week, the EUR/USD pair is showing bullish recovery again above it due to the lack of bearish pressure below 1.2255.


Yesterday's daily candlestick spiked up to 1.2446. However, the market came back to close at 1.2373. It could be a sign of indecision about a possible bullish breakout off the upper limit of the depicted movement channel.


Price level of 1.2200 remains the projected target of the current bearish flag pattern as long as 1.2360-1.2390 remains defended by the EUR/USD bears.


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The bearish flag scenario should now be considered for the long-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair again.


A double-top pattern was expressed last week on the 4H chart around 1.2500. As anticipated, fixation below neckline (price level of 1.2430) enhanced the bearish trend on the market.


Fixation below the recently broken bottom around 1.2390 is mandatory to maintain the current bearish momentum towards 1.2200. Some signs of bearish rejection are being expressed today.


Moreover, the EUR/USD pair has a bearish projected target (the flag pattern) roughly located around price level of 1.2200 where the lower limit of the depicted 4H channel is also located.


Trade recommendations:


Intraday traders can SHORT the pair anywhere around 1.2410 -1.2450 (prominent Fibonacci Levels). Stop Loss should be set at a four-hour closure above 1.2470.


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Intraday technical levels and trading recommendations on USD/CAD for December 10, 2014

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Overview:


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


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 the price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where the bearish rejection was applied.


As anticipated, the bullish breakout above 1.1440 is important to push towards 1.1550 where the upper limit of the ongoing bullish channel is located.


During the past few weeks, the USD/CAD pair established a recent SUPPORT zone around 1.1430-1.1330, breakout above which allowed the bulls to reach a new high around 1.1495.


Price zone of 1.1430-1.1460 is a key zone for today's movement. Persistence above it signals the bullish tendency towards 1.550 initially. Otherwise, another bearish correction towards 1.1400 should not be excluded.


Trading recommendations:


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


Conservative traders still can SHORT the pair around the current prices with Stop Loss at daily closure above 1.1470. Targets would be located around 1.1310 and 1.1230.


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Analysis of EUR/NZD for December 10, 2014

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Overview:


In our last analysis, EUR/NZD was trading downwards. As we expected, the price tested the level of 1.6026 in an average volume. Our Fibonacci expansion 100% at the price of 1.6145 held successfully, and it made price start with downward movement. I placed Fibonacci retracement to find potential support level and I got Fibonacci retracement 38.2% at the price of 1.5960 and Fibonacci retracement 61.8% at the price of 1.5840. According to the 4H time frame, we can observe lack of demand around the price of 1.6150. So, be careful when buying and watch for potential selling opportunities. Any larger supply may confirm a further bearish phase.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6150


R2: 1.6180


R3: 1.6230


Support levels:


S1: 1.6051


S2: 1.6021


S3: 1.5971


Trading recommendations: Be careful when buying the EUR/NZD pair since we got rejection from our resistance level in the background.


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Analysis of gold for December 10, 2014

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Overview :


Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of 1,238.09 in a volume above the average. Our Fibonacci expansion 100% at the price of 1,186.00 is broken so we may expect potential testing of the level of 1,255.00-1,265.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we finished the bearish corrective phase abcd, and we can observe a weak supply on the market.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,238.59


R2: 1,247.91


R3: 1,263.00


Support levels:


S1: 1,208.41


S2: 1,199.09


S3: 1,184.00


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


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Technical analysis of NZD/USD for December 10, 2014

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Forecast :



  • According to the previous events, the price of the NZD/USD pair is still moving between 0.7766 and 0.7661.

  • The level of 0.7761 represents the double top, and the weekly resistance 1 is set at the same level.

  • Consequently, sell below the price of 0.7766 in the short term with the first target at 0.7660, it might resume to 0.7610 if the trend can break the support at 0.7660.


Notes :



  • The double top will set at the level of 0.7761.

  • The major support is going to set at 0.7609.

  • The minor support has set at the price of 0.7660.

  • The price hit the weekly pivot point and the support 1 this week.

  • We expect a range of 69 pips today.


Intraday technical levels :



  • Projected high: 1.7821

  • Breakout (buy stop): 1.7771

  • Strong resistance (sell limit): 0.77

  • Current pivot: 0.7709

  • Strong support (buy limit): 0.7609

  • Breakout (sell stop): 0.7600

  • Projected low: 0.7562


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Technical analysis of EUR/USD for December 10, 2014

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Overview :



  • The weekly pivot point of the EUR/USD pair has set at the level of 1.2353. Also, the daily pivot point set at the same price for December 10, 2014. Consequently, the market has still been calling for downward because the price set below the weekly resistance 1 at 1.2436 since yesterday. Accordingly, if the trend fails to close above the level of 1.2436, then it will be a good opportunity to sell below the weekly resistance 1 with the first target at 1.2353 (this level is going to represent the weekly support 1). Then it will be continued in downtrend towards 1.2246 in order to test the double bottom. On the other hand, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss should be placed above the double top at the level of 1.2450 (78.6% of Fibonacci retracement levels).


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#USDX technical analysis for December 10, 2014

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Black line = support


Blue line = resistance


The index remains inside the upward sloping channel. Short-term support is at 88.50 and short-term resistance is at 88.85. The decline from 89.50, I believe, is corrective and we could see a new higher high towards 91 as per our bullish flag pattern. Bulls, I believe, have not said their last word yet.


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On a weekly basis, the Dollar index remains bullish, although, the double top is not a good sign. If at the end of the week we see this red candle much smaller than it is today, it will be a bullish signal implying that bulls continue to support the trend. However, if the week ends with a candle like this, then we should be very carefull for the next week as this could mean the end of the up trend from 79.75.


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Gold technical analysis for December 10, 2014

Gold price broke above resistance levels at $1,208-10 yesterday and gave a buy signal. Gold price reached our first target at $1,240 by making a high at $1,239. Short-term support is at $1,225 and at $1,215. This upward move could continue towards $1,260 if support levels are held.


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Red line = support


Blue line = trend support


Gold price is making higher highs and higher lows. Price made a double top and it could signal a move towards short-term support at $1,225. If this support is broken we could see a push towards $1,215 where the rising trend line is found. $1,240 is an important resistance and if it is broken we could see an upward extension towards $1,260-70.


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Gold price has broken above the Ichimoku cloud and is now back testing the breakout area. The pullback inside the cloud will be a bearish sign as it will mean that the breakout was fake. Important bullish support is at $1,185. Breaking below this level will signal the end of the upward bounce and the start of a new downward move towards new lows.


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Technical analysis of EUR/JPY for December 10, 2014


Technical outlook and chart setups:


The EUR/JPY pair dipped into the immediate trend line support as seen here, around 147.00 levels. Please note that the pair has not yet broken the trend line and still remains in the buy zone, hence recommendations are to remain long with risks at 146.50 levels for now. The bulls are still in control and rally could resume taking the pair higher towards 150.80 and 151.80 levels respectively. Also note that the pair has been supported by fibonacci 0.618 at 147.20, of the rally between 145.50 to 149.80 levels. Immediate support is at 146.50 levels, followed by 145.50, while resistance is seen at 149.70/80 levels respectively.


Trading recommendations:


Remain long for now, stop at 146.50, the target is open.


Good luck!


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Technical analysis of GBP/CHF for December 10, 2014


Technical outlook and chart setups:


The GBP/CHF pair dropped towards 1.5150 levels before pulling back sharply yesterday. The pair is currently trading at 1.5210/20 levels and it is recommended to exit short positions and remain flat for a while. Please note that the pair remains well supported by the rising trend line around 1.5175 levels. Furthermore, past resistance turned support zone and fibonacci support levels are seen to be passing through the same levels. A bullish follow through now, could bring back bulls into action and the pair might be headed towards 1.5450 levels at least. Immediate support is at 1.5075 levels while resistance is seen at 1.5350 (interim), followed by 1.5450 respectively.


Trading recommendations:


Exit short positions at market and remain flat. Aggressive trade setup would be to initiate long positions, stop at 1.5100, the target is open.


Good luck!


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Technical analysis of USD/CAD for December 10, 2014

General overview for 10/12/2014 06:50 CET


The black impulsive count has been invalidated due to wave one and wave four overlaps, but there is still a possibility of a leading diagonal in wave 1 black as long as the level of 1.1339 is not violated. The most important level for further impulsive wave progression is the intraday resistance at the level of 1.1460 and only a clear breakout higher above this level puts bulls back to control. Otherwise, the market might fall even deeper and the alternative count, labeled as alt: (a), (b) blue so far will be in play then.


Support/Resistance:


1.1579 - WR2


1.1519 - WR1


1.1500 - Intraday Resistance


1.1460 - Intraday Resistance|Key Level|


1.1416 - Weekly Pivot


1.1396 - Intraday Support


1.1357 - WS1


1.1339 - Leading Diagonal Invalidation Level


Trading recommendations:


The SL from yesterday's buy trades has been hit and currently there is no active open orders. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.


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Technical analysis of Gold for December 10, 2014


Technical outlook and chart setups:


Gold has pushed through resistance at $1,235.00 levels yesterday. Bulls are now poised to take out $1,255.00 resistance before a meaningful pullback can take place. It is recommended to remain flat for now and enter long after the expected pullback. Aggressive trade setup would be to initiate long positions, with risk at $1,219.00, targeting above $1,255.00 levels. Immediate support is seen at $1,220.00 (interim), followed by $1,190.00, $1,145.00 and $1,130.00 while resistance is seen at $1,255.00, followed by $1,295.00 and higher respectively. Bulls are in control for now and poised to take out $1,255.00 at least.


Trading recommendations:


Remain flat and await a meaningful pullback to enter long.


Good luck!




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Technical analysis of EUR/JPY for December 10, 2014

General overview for 10/12/2014 06:30 CET


The green impulsive count has been canceled due to wave one and wave four overlaps and now an alternate count is in play. In this count, the general idea is a little more complex wave developing in a corrective cycle labeled as waves WXY brown of a wave 2 red. Currently, this cycle has got back into the yellow neutral zone and further downward progression is expected. The first level of support is the yesterday's big candle shadow bottom at the level of 146.76, but if it is violated, the market should fall event further to the level of 145.70. Only a sustained breakout above the level of 148.32 would change the bearish outlook.


Support/Resistance:


151.04 - WR1


149.76 - Technical Resistance


149.00 - Weekly Pivot


148.32 - WS1|Key Level|


147.53 - Intraday Resistance


146.79 - Intraday Support


146.34 - WS2


Trading recommendations:


The sell orders from the level of 147.37 should be still kept open and traders are welcome to add to the shorts at any price between this level and the level of 148.32.. SL orders should be placed above the level of 148.33 and TP orders should be placed at the level of 146.34 with a possible extension downward to the level of 145.70.


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Technical Analysis of GOLD for December 10, 2014

The risk appetite supported the yellow metal to regain its safe haven status. The metal soared to the nearest resistance at $1,240.00. The unexpected decision of the Greek government strongly impacted on the USD on a negative side. However, China's CPI data released today again came out below expectations, this leads to bring back the US dollar as a safe haven asset. Now, the focus has shifted to the technical resistance at $1,240.00 ahead of the tomorrow’s US data. A positive readings may push automatically the metal prices towards the South.


The precious metal has intraday key level at $1,226.00. We recommend selling below $1,226.00 with the targets at $1,221.00 and $1,216.00. The intraday support exists at $1,215.00 and $1,205.00. Bulls will try hard to hold their grip, until the prices are trading above $1,205.00 and 34hrsma. The technical indicators (hourly moving averages) favor bulls.


Intraday - Key support level at $1,205.00.


Hourly - Key support level at $1,226.00.


On the daily chart, the yellow metal managed to close above 7-month descending trend line. The metal can challenge $1,255.00 in case if the prices break $1,240.00 on the higher side.


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Technical Analysis of USD/CHF for December 10, 2014

IMPACT ON THE USD-


The unexpected decision of Greek government strongly impacted on the USD on a negative side. Investors are expecting a possible victory for the opposition party that wants to modify the bailout.


UPCOMING EVENTS-


Now, the focus has shifted to the tomorrow’s key economic events on the USD and CHF as well.


USD economic events-


Core retail sales, retail sales, and unemployment claims.


CHF economic events-


SNB press conference and monetary policy assessment.


TECHNCIAL VIEW


The pair was sold-off on the previous day, but managed to hold the parallel support at 0.9649. The pair managed to erase half of its intraday losses. The pair has the nearest strong support at 0.9642. In case if the pair closes below 0.9640, only then we can turn to the bearish side with the targets at 0.9615 and 0.9600. Until the prices close above 0.9600, we are expecting buying on the dips. We recommend intraday buying above 0.9725 with the targets at 0.9750. Besides, we recommend selling below 0.9690 with the targets at 0.9650 and 0.9620. The hourly and intraday momentum oscillators are indicating a mixed bag. The hourly resistance exists at 0.9725 and 0.9755 levels. We can see strong momentum above 0.9755 levels.


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Technical Analysis of EUR/USD for December 10, 2014

IMPACT ON THE EURO-


The focus has shifted to French industrial production and non-farm payroll data. This week, the key event falls on the TLTRO result on Thursday. We expect increase in the French industrial production from the even level a month before.


IMPACT ON THE USD-


The unexpected decision of Greek government strongly impacted on the USD on a negative side. Investors are expecting a possible victory for the opposition party that wants to modify the bailout.


TECHNCIAL VIEW


The cable marginally gained at the previous session, but was unable to close above 20Dsma. The pair has intraday parallel resistance at 1. 2456, above this 1.2530 and 1.2600 will act as resistance levels. The hourly resistance exists at 1.2393 and 1.2456. On the support side, they exist between 1.2360 and 1.2325 on an hourly basis. We recommend fresh intraday buying above 1.2400 with the targets at 1.2450, 1.2500, and 1.2530. We recommend intraday selling below 1.2325 with immediate targets at 1.2295, 1.2270, and 1.2247. Below the 1.2350 levels, we can see strong selling pressure. The hourly (h1 and H4) stochastic is indicating a selling mode.


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Elliott wave analysis of EUR/NZD for December 10 - 2014

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Technical summary:


The resistance line from 1.6446 has blocked the rally higher, but it should just be a matter of time, before this resistance line is broken for a further move higher towards 1.6273. In the short term, we will be looking for support near 1.6028 for the next attempt to break above the resistance line near 1.6120. Once this resistance line is cleared, the next target at 1.6273 should be reached pretty quickly. In the longer term, we will be looking for a rally towards 1.7124.


Trading recommendation:


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Elliott wave analysis of EUR/JPY for December 10 - 2014

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Technical summary:


The break below the minor support-line from 145.58 confirms that wave c lower to 144.79 is unfolding. In the short term, we expect minor resistance at 148.37 to protect the upside for a break below 146.80 confirming the next wave lower to the 144.79 target. If however, the minor resistance at 148.37 is broken, that would delay the expected decline for a move closer to 148.88, but likely not above.


Trading recommendation:


We are short in EUR from 147.97 with stop placed at 148.95. If you are not short in EUR yet, then sell near 147.65 with the same stop at 148.95.


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Technical Analysis of GBP/USD for December 10, 2014

IMPACT ON THE USD-


The unexpected decision of Greek government strongly impacted on the USD on a negative side. Investors are expecting a possible victory for the opposition party that wants to modify the bailout.


IMPACT ON THE GBP-


The UK data again disappointed analysts. The total production output is estimated to have increased by 1.1% between October 2013 and October 2014. Total production in October 2014 is estimated to have contracted by 0.1% compared with September 2014. Manufacturing was the only one of the four main components to fall, decreasing by 0.7%.


TECHNCIAL VIEW


The cable marginally gained at the previous session, but was unable to close above 20Dsma. The cable has intraday resistances at 1.5726 and 1.5764 and weekly resistance at the 1.5826 level. The hourly resistance exists at the 1.5686 and 1.5726 levels. On the support side, they exist between 1.5660 and 1.5650 on an hourly basis. We recommend fresh intraday buying above 1.5726 with the targets at 1.5764 and 1.5800. We recommend intraday selling below 1.5650 with immediate targets at 1.5630, 1.5615, 1.5600, and 1.5550. Below the 1.5620 levels, we can see strong selling pressure. The hourly (H1 and H4) stochastic is indicating a selling mode.


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Technical analysis of EUR/USD for December 10, 2014

!EURUSD.jpg When the European market opens, some economic news will be released such as French Final Non-Farm Payrolls q/q and French Industrial Production m/m. The US will release the economic data too such as the Crude Oil Inventories, 10-y Bond Auction, Federal Budget Balance. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2446.

Strong Resistance:1.2439.

Original Resistance: 1.2427.

Inner Sell Area: 1.2415.

Target Inner Area: 1.2386.

Inner Buy Area: 1.2358.

Original Support: 1.2345.

Strong Support: 1.2334.

Breakout SELL Level: 1.2327.

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 10, 2014

!USDJPY.jpg


In Asia, Japan will release the BSI Manufacturing Index, PPI y/y, and Consumer Confidence. The US will also publish some economic data such as Crude Oil Inventories, 10-y Bond Auction, and Federal Budget Balance. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.04.

Resistance. 2: 119.81.

Resistance. 1: 119.58.

Support. 1: 119.29.

Support. 2: 119.06.

Support. 3: 118.82

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for December 10, 2014

EUR/USD: EUR/USD has been making attempts to go bullish this week. The bias this week has been bullish so far, but it would not be said that the bearish bias is over unless the price closes above the resistance line at 1.2500. Otherwise, this may be another opportunity to go short at a better price.


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USD/CHF: This currency trading instrument has been making attempts to go bearish this week. The movement this week has been bearish so far, but it would not be said that the bullish bias is over unless price closes below the support level at 0.9600. Otherwise, this may be another opportunity to go long at a better price.


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GBP/USD: This is a bear market – unless price succeeds in going above the distribution territory at 1.5800. There are mixed signals on the chart, for the RSI period 14 is above the level 50, whereas the EMA 11 is still below the EMA 56. It means either the price goes towards the distribution territory at 1.5800 or goes below the accumulation territory at 1.5600.


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USD/JPY: This pair has experienced a large pullback, dropping by over 350 pips before further pullback was rejected at the demand level of 118.00. The price bounced upwards from here and this may proffer a good opportunity to go long.


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EUR/JPY: There is still a Bullish Confirmation Pattern on the chart, despite the fact that bears made a desperate attempt to pull the price lower. The attempt has been challenged at the demand zone of 147.00, and the price may go upwards from here. Being above the demand zone at 146.00 means the bullish outlook is intact.


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Daily analysis of USDX for December 10, 2014

The USDX made another fall to the support level of 88.63 on the daily chart, although this is normally a technical level, because the USDX is performing corrective movements in favor of the current bullish trend. A rebound in that area could lead to this instrument to rise up to the resistance level of 90.40 in the medium term. The MACD indicator is entering the neutral territory.


Daily chart's resistance levels: 90.40 / 93.44


Dailychart's support levels: 88.63 / 87.35


USDXDaily.png

On the H1 chart, the USDX tried to consolidate below the 88.43 level, but failed. Now the USDX is trying to regain the intraday bullish bias above the 200-day moving average. Therefore, this instrument is unlikeyl to make a breakout at the resistance level of 88.71 and reaches the level of 88.99 in the coming hours.


H1 chart's resistance levels: 88.71 / 88.99


H1 chart's support levels: 88.43 / 88.15


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


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

Daily analysis of GBP/USD for December 10, 2014

On the daily chart, the GBP/USD pair continues to struggle against the force of bears and one such attempt is the bullish consolidation above the support level of 1.5642. In this area, the GBP/USD pair could climb back to the resistance level of 1.5746 to take a new look and pursue the overall bearish trend, because this pair still remains below the 200-day moving average.


Dailychart's resistance levels: 1.5746 / 1.5883


Dailychart's support levels: 1.5642 / 1.5506


GBPUSDDaily.png


In the intraday outlook, the GBP/USD pair is trying to form bullish patterns above the 200-day moving average, because the support level of 1.5632 has been quite strong in the last hours, which leads this pair to perform rebounds in the bullish bias. If the GBP/USD pair manages to make a breakout at the level of 1.5686, the next target would be the resistance level of 1.5739, which would cancel the bearish trend for the rest of the week.


H1 chart's resistance levels: 1.5590 / 1.5632


H1 chart's support levels: 1.5534 / 1.5501


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.


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