Technical analysis of NZD/USD for December 12, 2014

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Fundamental overview:
NZD/USD is expected to trade with risks skewed to downside after hitting a seven-day high 0.7870 on Thursday. It is undermined by the positive dollar sentiment, receding investor risk appetite, weak commodity prices and drop in BNZ Business Performance of Manufacturing Index to a four-month low of 55.2 in November from downwardly revised 58.9 in October. But NZD/USD losses are tempered by the less dovish than expected policy statement of the Reserve Bank of New Zealand on Thursday, the kiwi demand on soft AUD/NZD cross, NZD-USD interest differential and positions adjustment ahead of the weekend. The daily chart is tilting positive as stochastics is rising from oversold levels, the MACD histogram bars are turning positive.


Technical Comment:
The daily chart is mixed as the MACD is bearish, but stochastics is turned bullish at oversold levels.


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 the pivot point. Short positions are recommended with the first target at 0.7765. A break of this target will move the pair further downward to 0.7730. The pivot point stands at 0.7835. In case the price moves in the opposite direction and bounces back from the support level, 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 0.7870 and the second target at 0.7905.


Resistance levels:

0.7870

0.7905

0.7945



Support levels:
0.7765

0.7730

0.77


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

Technical analysis of GBP/JPY for December 12, 2014

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Fundamental overview:


GBP/JPY is expected to consolidate with bearish bias. It is undermined by the reduced investor risk appetite and Japan's export sales. But GBP/JPY downside is limited by the demand from the Japanese importers and positions adjustment ahead of the weekend.


Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish.


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 the pivot point. Short positions are recommended with the first target at 184.95. A break of this target will move the pair further downward to 184. The pivot point stands at 187.10. In case the price moves in the opposite direction and bounces back from the support level, 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 187.80 and the second target at 188.40.


Resistance levels:

187.90

188.40

189


Support levels:

184.95

184

183.35


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

USD/CAD intraday technical levels and trading recommendations for December 12, 2014

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Overview:


Three months ago, the price levels around 1.0620 (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 new highs around 1.1495 and 1.1535 which got hit today.


The price zone of 1.1430-1.1460 remains a key zone for this week's remaining trading sessions. Persistence above it signals the bullish tendency towards 1.1550 initially and 1.1650 to come next.


Trading recommendations:


Although, LONG positions suggested after the USD/CAD pair closed above 1.1450 were considered high-risk ones, they're are running in profits towards their targets (the price level of 1.1650 yet to come).


However, conservative traders should minimize the risk and advance their SL to entry levels (or slightly below - around 1.1420, for example).


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