Intraday technical levels and trading recommendations on GBP/USD for December 15, 2014

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As depicted on the chart, the GBP/USD pair established a consolidation range above 1.5890 up to 1.6100 for almost 20 days before bearish breakout could take place early in November.


Daily fixation below 1.5870 led bearish pressure to the pair so that it reached the price level of 1.5600 where a new consolidation zone is being established above.


Last 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 DAILY outlook favors the bullish scenario initially towards 1.5800 provided that the bulls can fixate above 1.5720 soon enough (it could not happen until now).


The market is still finding resistance around 1.5720 (the upper limit of the depicted channel) and it may give some time for more sideway movement.


On the long term, it is either a double-bottom reversal pattern being established above 1.5580 OR another bearish flag pattern that waits for bearish breakout below 1.5550 (similar to what happened back in October).


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


On the short term, conservative traders were waiting for a bullish pullback towards the price zone of 1.5680-1.5710 for a low-risk SELL entry. It was triggered last week on Friday. It is running in profits now. Stop Loss should be lowered to 1.5720.


As anticipated, obvious 4H fixation below the current Fibonacci levels zone (1.5680 - 1.5700 ) indicated an upcoming bearish movement towards 1.5480-1.5500 where the lower limit of the current movement channel is located.


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Weekly technical levels of GBP/USD for December 15-19, 2014

The weekly technical levels of GBP/USD pair:


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Trading recommendations :



  • The resistance of the GBP/USD pair has already set at 1.5800, but the minor resistance has set at the level of 1.5711. Furthermore, it will be very profitable to sell below this level for retesting the weekly pivot point and weekly support 1 in the long term, because the market is going to call for a downtrend from the price of 1.5711. Therefore, sell deals are recommended below 1.5711 with targets at 1.5648 (the level of 1.5648 represents the intraday pivot point) and 1.5585 to reach the weekly support 1. On the contrary, the support is going to set at the level of 1.5585 today.


Observations :



  • The market is going to call for a downtrend.

  • The double top will set at the level of 1.5756.

  • The minor resistance is going to set at 1.5711.

  • The major resistance has already set at the price of 1.5800.

  • The price hit the weekly pivot point this week and the first resistance last week.

  • We expect a range about 74 pips today.



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Gold analysis for December 15, 2014

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Overview :


Since our last analysis, gold has been trading downward. The price tested the level of 1,209.42 in a volume below the average. Our corrective Fibonacci expansion 100% at the price of 1,209.00 is on the test so be careful when selling gold at this stage. I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1,206.00. My advice is to look for buying opportunities near the lows (after retracement). According to the 4H time frame, we can observe supply in a volume below the average. So, selling gold at this stage looks risky, watch for potential buying oppoprtunities.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,224.21


R2: 1,224.95


R3: 1,226.13


Support levels:


S1: 1,221.85


S2: 1,221.11


S3: 1,219.93


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


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Weekly technical levels of EUR/USD for December 15-19, 2014

The weekly technical levels of EUR/USD pair:


1418645870_eurusd_pp.png

Overview :



  • In the short term, the price of the EUR/USD pair is going to turn to a bearish trend from the level of 1.2494. Also, it should be noted that the level of 1.2494 represents the ratio of 100% Fibonacci retracement levels in the H1 chart and also the double top at the same frame time since last week. Accordingly, it will be a good sign to sell below 1.2490 with the first target of 1.2400 to test the the weekly pivot point at this price. Then, it will call for a downtrend in order to continue its bearish movement towards 1.2324 (the weekly minor support). Moreover, it might be noted that the strong support will set at the level of 1.2307 in the next hours. At the same time, the stop loss should be placed above the weekly pivot point at the price of 1.2494. Equally important, the weekly resistance will set at the 1.2555 level.



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Technical analysis of USD/JPY for December 15, 2014

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Fundamental overview:


USD/JPY is expected to trade with risks skewed to downside. It is undermined by the weaker USD sentiment (last ICE spot dollar index 88.20 versus 88.52 on early Friday) as the U.S. Treasury yields fell (10-year at 2.103% versus 2.178% on late Thursday), lower than expected and the U.S. PPI of dropped 0.2% on month in November (versus forecast -0.1%) and haven buying of the U.S. Treasury bonds. USD/JPY is also weighed by the Japanese export sales, flows to haven JPY amid increased risk aversion (VIX fear gauge rose 4.98% to 21.08, S&P 500 closed 1.62% lower at 2,002.33 on Friday) amid growing concerns over the global economy as oil prices fell to five-and-a-half-year lows (Nymex crude hit $56.25/bbl this morning, its lowest figure since May 18, 2009) after the International Energy Agency lowered its estimate for global oil demand growth. But USD sentiment is soothed by the stronger than expected rise in University of Michigan preliminary U.S. consumer sentiment index to 93.8 in December from November's 88.8 (versus forecast 90.0). USD/JPY losses are also tempered by Japan's ruling Liberal Democratic Party's well anticipated victory in the weekend's snap election regarded as an endorsement of Prime Minister Abe's economic programs; demand from Japan's import and Bank of Japan's large-scale monetary easing policy.


Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish; five-day moving average is falling below 15-day moving average although intraday range pattern was completed on Friday.


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 positions are recommended with the first target at 117.80. A break of this target will move the pair further downwards to 117.40. The pivot point stands at 119.10. 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 119.50 and the second target at 120.10.


Resistance levels:

119.50

120.10

120.45



Support levels:
117.80

117.40

117.05


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Technical analysis of NZD/USD for December 15, 2014

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Fundamental overview:
NZD/USD is expected to trade in a lower range. It is undermined by the increased risk aversion and weak commodity prices. But NZD/USD losses are tempered by the weaker USD sentiment (last ICE spot dollar index 88.20 versus 88.52 on early Friday) as the U.S. Treasury yields fell (10-year at 2.103% versus 2.178% on late Thursday), the U.S. PPI dropped 0.2% on month in November (versus forecast -0.1%) and haven buying of the U.S. Treasury bonds and NZD-USD interest differential.


Technical Comment:
The daily chart is mixed as stochastics is in bullish mode, but the MACD is 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 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


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Technical analysis of GBP/JPY for December 15, 2014

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Fundamental overview:
GBP/JPY is expected to trade with risks skewed downside. It is undermined by the weaker USD/JPY undertone, Japan's export sales and increased risk aversion. But GBP/JPY losses are tempered by the demand from Japan's importers.


Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is falling below 15-day moving average.


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


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Technical analysis of USD/CHF for December 15, 2014

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Fundamental overview:
USD/CHF is expected to trade in a lower range. It is undermined by the weaker USD sentiment (ICE spot dollar index last 88.20 versus 88.52 early Friday) as U.S. Treasury yields fell (10-year at 2.103% versus 2.178% late Thursday) on lower-than-expected U.S. PPI of -0.2% on-month in November (versus forecast -0.1%) and haven-buying of U.S. Treasury bonds and franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy.


Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is falling below 15-day moving average.


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 positions are recommended with the first target at 0.9302. A break of this target will move the pair further downwards to 0.9595. The pivot point stands at 0.9685. 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 0.9720 and the second target at 0.9755.


Resistance levels:

0.9720

0.9755

0.9790


Support levels:

0.9615

0.9595

0.9545


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EUR/NZD analysis for December 15, 2014

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Overview:


In our last analysis, EUR/NZD was trading upward. As we expected, the price tested the level of 1.6081 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1.6060 has been held successfully, and it made price start with downward movement. I placed Fibonacci expansion to find potential support levels and got Fibonacci expansion 61.8% at the price of 1.5860. According to the 1H time frame, we can observe supply in a volume above the average. So, be careful when buying EUR/NZD at this stage since price rejected from our resistance level.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6074


R2: 1.6121


R3: 1.6198


Support levels:


S1: 1.5919


S2: 1.5872


S3: 1.5794


Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test.


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#USDX technical analysis for December 15, 2014

The Dollar index had a bad week but did not break important support levels so the longer-term uptrend remains bullish. The Dollar index will need to be strong this week otherwise we risk to confirm a trend reversal and a bearish market starting.


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Red line = resistance


Blue line = support


The Dollar index is supported at 87.90-88 area. Short-term resistance is found at 88.50. If it is broken we will challenge the strong short-term resistance at 88.80. Breaking above that level could be the start that ignites the next upward towards 91.


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The bullish flag target remains at 91. The weekly candle is quite worrying but if this week we manage to rally above 88.80 then we have a good chance of making a new higher high to complete the upward move from 79.75. Cloud indicators remain bullish.


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Gold technical analysis for December 15, 2014

Gold price has broken once again below $1,215 and is unable to break above $1,233 resistance. The short-term price action implies that we should expect a downward move towards $1,205-$1,200. Important daily support at $1,180, if broken, will be a bearish sign implying that we could have started a medium-term move to new lows.


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Blue line = resistance


Red line = support


Gold price is now trading below support and is making new lows. After reversing at the important resistance level of $1,240, gold price has not managed to recover. As long as price is below the blue trend line resistance, short-term trend will remain bearish. Short-term support is found at $1,205-$1,200. Breaking below that area will put $1,180 to the test.


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On the 4-hour chart shown above gold price has broken below the Kijun-sen and if this 4-hour candle closes below $1,217 then we should expect this downward move to extend towards the Ichimoku cloud at $1,200. Cloud support is also at $1,185-80. If it is broken then we should expect the $1,140 low to be tested.


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Technical analysis of EUR/JPY for December 15, 2014

General overview for 15/12/2014 09:20 CET


This pair is still in the corrective sub-cycle that was labeled on the chart as wave -ii- black. The intraday range is currently growing from the level of 148.24 to the level of 146.42 and only a clear violation of any of these levels could provide more clues about further wave progression. Please notice that the bias is still to the upside as there are missing impulsive waves, however, the current gains are being limited by the golden trend line resistance that is successfully capping any upward attempts.


Support/Resistance:


1149.79 - Swing High


149.20 - WR1


148.24 - Intraday Resistance


147.82 - Weekly Pivot


146.42 - Intraday Support


145.84 - WS1


145.70 - Technical Support


Trading recommendations:


Larger time frame trends are still bullish and so is the mid-term outlook for this pair, so buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 145.70, TP should be placed at the level of 151.16.


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Technical analysis of USD/CAD for December 15, 2014

General overview for 15/12/2014 08:50 CET


The current impulsive wave progression still has some uncompleted waves to the upside and it looks like it is going to make new highs this week to develop further the wave sequence. As the current cycle is now corrective, after the wave (iii) green has topped at the level of 1.1590 (our target was 1.1579). The wave progression should now decline a little to test the weekly pivot at the level of 1.1531 or maybe even lower to the technical support at the level of 1.1500. Then, the uptrend should resume and make new highs, targeting the level of 1.1666 first. Please notice that any violation of the level of 1.1454 invalidates this count.


Support/Resistance:


1.1666 - WR1


1.1590 - Intraday Resistance


1.1531 - Weekly Pivot


1.1500 - Technical Support


1.1478 - WS1


1.1454 - Technical Support|Invalidation Level|


Trading recommendations:


Larger time frame trends are still bullish and so is near and mid-term outlook for this pair, so buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 1.1454, TP should be placed at the level of 1.1666.


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Technical analysis of GBP/CHF for December15, 2014


Technical outlook and chart setups:


The GBP/CHF pair has been trading in a 150 pip range between 1.5100 and 1.5250 since a few sessions. The pair has broken below the immediate line of support, and since then has been drifting sideways. Higher probability remains that the pair breaks higher into 1.5450 levels before a meaningful retracement could occur. On the flip side, if 1.5075 breaks, the pair could drift lower towards 1.4950 and even lower. Bulls could remain in control till prices are above 1.5075 levels. Immediate support is seen around 1.5075, followed by 1.4950 and lower while resistance is seen around 1.5350/60, followed by 1.5450 and higher respectively.


Trading recommendations:


Remain long, stop at 1.5000, the target remains open.


Good luck!


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Technical analysis of Gold for December 15, 2014


Technical outlook and chart setups:


Gold is again trading at the lower range at $1,215.00 levels. Furthermore, the metal has broken below the immediate line of support as seen here. A further dip from current levels could take it towards $1,170.00 levels before rallying further. On the flip side, a bullish reversal now could rally towards $1,255.00 levels before producing a meaningful correction. Immediate support is seen at $1,190./92.00 levels, followed by $1,142.00 and lower while resistance is seen at $1,235.00 (interim), followed by $1,255.00 and higher respectively.


Trading recommendations:


Remain flat for now. Look to initiate long positions around $1,170.00/$80.00 levels.


Good luck!




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Technical Analysis of EUR/JPY for December 15, 2014

WEEKLY ECONOMIC DATA TO IMPACT ON JPY


Monday - Flash manufacturing PMI


Thursday - Monetary policy statement


Friday - BOJ press conference


We can see the year-end position squaring will be triggered in some pairs and crosses. The cross broken down the support trend line and is unable to trade above that. Today, at the early Asia-Pacific session the cross faced a huge volatility. The cross managed to offset all its losses and made a new intraday high, but it is still unable to secure at the higher levels. We recommend selling only below 147.47. The cross will regain its strong momentum only above 148.60 and 147.66. The intraday support exists at 146.80. Today, at the panic stage the cross managed to hold the level and bounced from there. In case, an hourly candle closes above 148.24, it can challenge 148.90, 149.00, 149.35, and 150.00 in the near term.


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Technical Analysis on USD/CAD for December 15, 2014

The pair had the strongest close last week. The major key economic event is FOMC meeting scheduled this week.


WEEKLY ECONOMIC DATA TO IMPACT ON THE PAIR


Monday US - Industrial and Manufacturing, Production, and NAHB Housing Market Index


Tuesday US - Building Permits and Housing Starts


CAD - Manufacturing sales


Wednesday US - Core Inflation and Federal Reserve Rate Decision


CAD - Wholesale sales


Thursday US - Jobless Claims Data


Friday CAD - Core CPI, CPI, core retail sales, and retail sales


We have been recommending buying on every dip with the targets at 1.1570, 1.1640, and 1.1740 on a positional basis. The pair made a high at 1.1595. Ahead of the major US data such as the industrial production report and NAHB housing market index, the pair is trading in a bearish zone. At Asia's session, the pair is trading at a 4 HR low of 1.1565. The nearest support exists at 1.5560 and 1.5550. We recommend fresh intraday selling below 1.1550 with the targets at 1.1515, 1.1500, and 1.1490. We are still optimistic from the short- and medium-term perspective. The intraday support exists at 1.1490. In case today if the pair falls below 1.1516 and an hourly candle closes below 1.1516, we can confirm it will be capped at 1.1595 in the near term.


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Weekly forecast and an intraday analysis of GBP/USD for December 15-18, 2014

WEEKLY ECONOMIC DATA TO IMPACT ON THE PAIR


Monday GBP - CBI industrial order expectations


USD - Industrial and Manufacturing, Production, and NAHB Housing Market Index


Tuesday GBP - Bank stress test result, BOE governor Carney speech, CPI, PPI input, and RPI


USD - Building Permits and Housing Starts


Wednesday GBP - Unemployment rate


USD - Core Inflation and Federal Reserve Rate Decision


Thursday GBP - retail sales


USD - Jobless Claims Data


The US strong data and raising expectations that the Federal Reserve will soon announce a interest rates hike supported the US dollar. The cable managed to gain ground last week. Today, ahead of the US industrial production and NAHB housing market index the pair is trading in a bearish zone. The cable has the nearest support at 1.5695 and 1.5685. The cable managed to close above 20Dsma. For an intraday view, the prices are holding at 35DEMA or 1.5700. In case if the prices fall below 1.5700, we can expect 34hrsma will act as support at 1.5670 and 1.5650. The hourly momentum oscillators are giving a selling signal. We recommend fresh selling below 1.5695 with the targets at 1.5680 ,1.5670, 1.5650, and 1.5630. The pair has hourly resistance at 1.5720 and 1.5736. On the hourly chart, the cable prices are managing to hold and trade above a 1-week support trend line. In case it breaks below the trend line, we can expect 1.5650 will decide the weekly trend. The prices have been consolidating for 3 days.


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Weekly forecast and an intraday analysis of EUR/USD for December 15-18, 2014

Review- The single European currency supported by the Industrial production data gave an uptick. Industrial production went up by 0.1%, according to the estimates from the Eurostat. In September 2014, industrial production growth was revised down to 0.5% after the projected 0.6%. In October 2014, this indicator increased by 0.7% on a yearly basis. The industrial production is 0.8% up as compared to the same month a year ago.


WEEKLY ECONOMIC DATA IMPACT ON THE PAIR


Monday EUR- German Buda monthly report


USD - Industrial and Manufacturing, Production, NAHB Housing Market Index


Tuesday EUR - French, German, and Euro zone Flash manufacturing PMI, services PMI, Euro zone Balance of Trade, German ZEW Sentiment


USD - Building Permits, Housing Starts


Wednesday EUR - Euro zone Inflation and Core CPI


USD - Core Inflation, Federal Reserve Rate Decision


Thursday EUR - German Ifo business climate


USD - Jobless Claims Data


Friday EUR- German consumer climate and PPI data


Technical view:


At Friday's session, the pair was unable to breach 1.2495 (Thursday's high) levels. Today, the pair opened on a bearish note trading on a downtick with the strong US dollar. Today, the pair direction will be determined at the US session by the industrial production report and NAHB housing market index. We are expecting an uptick from the US data. The pair has a strong resistance zone between 1.2507 and 1.2530. The hourly resistance exists at 1.2494. In case of negative readings on the US data, it may ignite some bullish power above 1.2530 with the targets at 1.2600. The intraday support exists at 1.2370. The hourly support exists at 1.2420 and 1.2400. We recommend selling with the targets at 1.2420, 1.2400, and maybe even at 1.2370 levels.


We can expect panic selling below 1.2360 levels.


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Daily analysis of major pairs for December 15, 2014

EUR/USD: This pair has been making serious effort to go upwards – with a measure of success. The market went upwards by over 200 pips last week, closing above the support line at 1.2450. There is a Bullish Confirmation Pattern in the market. Price is expected to go towards the resistance line at 1.2500.


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USD/CHF: This pair has been trending downwards – with a measure of success. The market went downwards by over 170 pips last week, closing below the resistance level at 0.9650. There is a Bearish Confirmation Pattern in the market. Price is expected to go towards the support level at 0.9600.


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GBP/USD: The Cable made some effort to go bullish last week. Price went upwards in a slow and steady manner and then moved sideways, closing at 1.5715 on Friday, December 12, 2014. Price may go further upwards towards the distribution territory at 1.5800, provided that the Greenback continues its current weakness.


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USD/JPY: USD/JPY closed below the supply level at 119.00 on Friday. Price nosedived by over 400 pips last week, thereby overturning the recent bullish bias. Things have gone bearish and with continuous weakness in Greenback, price could test the demand level at 118.00.


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EUR/JPY: The situation on this cross is dicey. Some indicators are bullish and some are bearish in the same timeframe. Therefore, one may stay aside until there is a clean directional movement. One thing could be noted: This cross is likely to go upwards with a high probability this week .


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Technical analysis of USD/JPY for December 15, 2014

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In Asia, Japan will release the Tankan Non-Manufacturing Index and Tankan Manufacturing Index. The US is also ready to release some economic data such as NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and Empire State Manufacturing Index. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.


TODAY TECHNICAL LEVELS:


Resistance. 3: 119.13.


Resistance. 2: 118.90.


Resistance. 1: 118.86.


Support. 1: 118.38.


Support. 2: 118.14.


Support. 3: 117.91.


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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Daily analysis of USDX for December 15, 2014

On the H4 chart, the USDX has been pretty weak below the resistance level of 88.65, because this instrument is trying to find support at the 88.19 level for a rebound and consolidation in the bullish bias this week. If the USDX does a breakout at the resistance level of 88.65, the next target would be the 89.05 level.


H4 chart's resistance levels: 88.27 / 88.44


H4chart's support levels: 88.19 / 87.93


USDXH4.png

The USDX continues to consolidate below the 200-day moving average on the H1 chart. Now, this instrument is forming a bearish pattern below the resistance level of 88.43. Therefore, the USDX is likely to rise to that level, because the USDX is trying to fill the bearish gap left when opening the week. The MACD indicator remains in the negative territory.


H1 chart's resistance levels: 88.43 / 88.71


H1 chart's support levels: 88.15 / 87.86


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 88.43, take profit is at 88.71, and stop loss is at 88.15.


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Daily analysis of GBP/USD for December 15, 2014

The GBP/USD pair is trying to stay solid in the bullish trend, next to the 200-day moving average. This pair is likely to reach the resistance level of 1.5811 this week, but we must be aware of a possible breakout at the support level of 1.5698, which would open the way for the pair to fall to the level of 1.5589.


H4 chart's resistance levels: 1.5825 / 1.5874


H4chart's support levels: 1.5698 / 1.5589


GBPUSDH4.png


At the H1 chart, GBP/USD continues moving in a low range above the support level of 1.5686, where the pair has formed several fractals. The resistance level of 1.5739 remains the strongest area of supply, so that if the GBP/USD takes a breakout at that level, it would be expected to rise to the level of 1.5810. The MACD indicator is moving into the positive territory.


H1 chart's resistance levels: 1.5739 / 1.5810


H1 chart's support levels: 1.5686 / 1.5632


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 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.


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Elliott wave analysis of EUR/NZD for December 15 - 2014

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Technical summary:


Important support at 1.5789 was never in any danger of being hit as the low came in at 1.5843. The following break above 1.5981 indicates that red wave ii is over and red wave iii is developing. In the short term, we would like to see support at 1.5981 protecting the downside for a break above 1.6207 and confirming the rally higher to 1.6273 on the way higher to 1.6446 and 1.6526 in red wave iii. Only an unexpected break below 1.5872 will be of concern and endanger the important low at 1.5789.


Trading recommendation:


We are long in EUR from 1.5915 and will move our stop higher to 1.5865. If you are not long in EUR yet, then buy near 1.5981 with stop at 1.5865 too.


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

Elliott wave analysis of EUR/JPY for December 15 - 2014

2014-12-15-EURUSD-8H.png


Technical summary:


Wave c of the correction from 149.13 is developing. Till now, we have seen wave a and b and wave c is currently unfolding. Red wave i ended at 147.69 and red wave ii is unfolding towards the 148.50 - 148.89 area from where the more powerful red wave iii lower to 145.88 is expected. The first target for this correction is found at 144.78. That said, wave c could easily extend lower to 142.05, but for now let's see what will happen as we approach 144.78.


Trading recommendation:


We are short in EUR from 147.97 and will move our stop to break-even and re-sell EUR at 148.50 with stop placed at 149.20 if/when our stop is hit.


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