GBP/USD intraday technical levels and trading recommendations for December 1, 2015

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Overview:

The previous bullish swing put the resistance level of 1.5800 under strong bullish pressure.

Hence, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached due to the excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection, which took place on October 6.

Shortly after, bearish persistence below the level of 1.5200 was needed for a more bearish decline towards the level of 1.4950 (prominent weekly support). However, a temporary bullish breakout above 1.5200 has been expressed on November 15.

Bullish fixation above the price zone of 1.5200-1.5250 allowed a bullish movement towards 1.5330 (the upper limit of the depicted channel). It placed the GBP/USD pair under significant bearish pressure.

This week, bearish persistence below 1.5030 (important key level) is needed to allow bearish decline towards 1.4950, which corresponds to the previous weekly bottom.

On the other hand, a stronger support level is located at 1.4850 (the lower limit of the depicted movement channel). This is where a low-risk buy entry can be offered to conservative traders. S/L should be placed below 1.4780.

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USD/CAD intraday technical levels and trading recommendations for December 1, 2015

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Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in blue).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the Fibonacci level, which was previously breached to the upside on September 23 and recently on November 12.

Significant bearish rejection has been observed around 1.3450 (141.4% Fibonacci Expansion).

Later on October 1, bearish closure below 1.3270 (Fibonacci Expansion 100%) took place. This exposes the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

A bearish breakout below the support level of 1.3075 was mandatory to allow the further bearish decline towards 1.2930. However, an evident bullish rejection was expressed around this level.

Another bullish visit to the level of 1.3270 (FE 100%) was initiated on November 4. A bullish breakout above 1.3300 was performed again on November 13.

Since then, the USD/CAD pair has been moving sideways (ranging between 1.3300 and 1.3430).

Daily persistence above 1.3300 exposes the next resistance level at 1.3450 (Fibonacci Expansion 141.0%) where a valid sell entry can be offered again.

On the other hand, a bearish breakdown below 1.3300 (FE 100%) is needed to enhance the bearish side of the market again.

Trading recommendations:

Conservative traders should wait for an obvious bearish closure below 1.3250 (FE 100% and a short-term uptrend) to sell the USD/CAD pair. S/L should be placed above 1.3370.

Initial T/P levels should be placed at 1.3150 and 1.3080.

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Intraday technical levels and trading recommendations for GBP/USD for December 1, 2015

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A few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern).

This supported the bearish side of the market in the long term. An approximate target should be located at the level of 1.4800 for this reversal pattern.

The previous demand level at 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken down three weeks ago. This bearish tendency was confirmed by the Shooting Star bearish weekly candlestick of a previous week.

A quick bearish decline towards the weekly demand level at 1.4950 remains expected as long as the bearish breakdown below 1.5200 persists on a weekly basis.

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The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented the further bearish decline.

Instead of it, an evident bullish reaction was performed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks).

This led to the previous bullish pullback towards 1.5600 (the backside of the depicted uptrend). It placed the GBP/USD pair under significant bearish pressure.

The demand levels of 1.5350 and 1.5200 were broken down a few weeks ago. Currently, these levels constitute prominent supply to be watched for new sell entries.

The key level of 1.5200 was temporarily breached to the upside before a daily bearish engulfing candlestick was expressed around 1.5330 on November 20.

Bearish persistence below 1.5200 and 1.5050 (previous weekly bottom) enhances further bearish decline towards the weekly demand level at 1.4960.

Trading Recommendation:

For conservative traders, a valid buy entry will probably be offered around the weekly demand levels of 1.4950.

S/L should be placed below 1.4900. Initial T/P levels should be located at 1.5170 and 1.5300.

A new SELL entry can be offered around 1.5200 (depicted supply level) if the current bullish pullback persists above 1.5150.

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Intraday technical levels and trading recommendations for EUR/USD for December 1, 2015

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The EUR/USD pair moved lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have previously pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, next monthly candlesticks (August, September, October and November) reflected a strong bearish rejection, which took place around the level of 1.1450.

Hence, in the long term, a projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level at 1.0555 occurs before the end of this month (December).

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On August 24, the market looked overbought as bulls were pushing the pair further above the level of 1.1500 (daily supply level).

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050, which were already reached.

A bearish breakout of the depicted uptrend has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Two weeks ago, daily persistence below the level of 1.0950 exposed the next demand level around 1.0850 where prominent bottoms were previously established in May, July, and August.

Last week, daily persistence below the level of 1.0700 (key level) ensured enough bearish momentum towards 1.0550 (prominent monthly low) where price actions should be watched for a possible bullish pullback.

A daily breakdown of the monthly demand level (1.0550) is needed to expose next bearish target levels at 1.0460 then 1.0300 as initial targets for the long-term bearish breakout mentioned above.

On the other hand, bullish fixation above 1.0550 brings the EUR/USD pair again towards 1.0700 (key level) where another valid SELL entry can be offered.

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Global macro overview for 01/12/2015

Global macro overview for 01/12/2015:

The Bank of England has revealed the results of the stress testing in the UK banking system this morning. Stress tests examine the potential impact of a hypothetical adverse scenario in regard to the health of the banking system and individual institutions within it. All 7 major UK banks pass 2015 stress tests (Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, Santander UK, the Royal Bank of Scotland and Standard Chartered) and according to BOE Governor Mark Carney, the banks are more resilient than before financial crisis.

After the positive reaction to Carney's remarks, the GBP/USD pair returned to its trading range and is currently trading just above the intraday support at the level of 1.5053.

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Technical analysis of USD/CAD for December 1, 2015

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Overview:

The USD/CAD pair rebounded at the level of 1.3282 and showed signs of strength after it. Additionally, the resistance was broken and turned into support at the same area (1.3282). Equally important, the price was set above the support since last week. Consequently, the pair has already formed the strong support at 1.3280. The double bottom is going to set around this area. Furthermore, the price has still been trading between 1.3282 and the double top (1.3435) on the H4 chart. Therefore, the USD/CAD pair started showing the signs of the bullish market. So, the market indicates the bullish opportunity at the level of 1.3280 with the first target of 1.3327, and continues towards the level of 1.3435 in order to test the weekly double top in the same time frame. On the other hand, the stop loss should always be taken into account. Therefore, it will be very safe to set your stop loss at the 1.3238 price.

Intraday technical levels:

  • Resistance 2: 1.3435
  • Resistance 1: 1.3388
  • Pivot point: 1.3331
  • Support 1: 1.3282
  • Support 2: 1.3189
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Global macro overview for 01/12/2015

Global macro overview for 01/12/2015:

The important news regarding the employment in Germany has been released this morning. The German job numbers were better than expected as unemployment change declined by 13,000, and the unemployment rate edged lower to 6.3%. Please keep in mind that it might be very volatile week for the euro as the ECB news event on Thursday might deliver more details about an anticipated monetary measures at its December meeting.

The EUR/USD pair initially rose sharply to the level of 1.0619, but was capped by a strong technical resistance and currently is trading in the middle of the range. The next support is seen at the level of 1.0565.

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Technical analysis of USD/CHF for December 1, 2015

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Overview:

The USD/CHF pair has been moving in an uptrend since the last week. So, according to the prior events, the price of the USD/CHF pair has still been moving between the ratio of 61.8% Fibonacci retracement levels at the level of 1.0248 and 1000% Fibonacci retracement at the 1.0327 level. Furthermore, the price opened above the ratio of 61.8% Fibonacci retracement levels (1.0248). Besides, the support is set at the 1.0248 level today. Therefore, it will be a good sign to buy above the level of 1.0248 with the first target of 1.0303. The minor support has already been set at the price of 1.0303. Moreover, if the trend breaks the price of 1.0303, it will continue towards the double top around the area of 1.0327. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 1.0248, the market will lead to a further decline to 1.0204 today in order to indicate a correctional movement at this level. Meanwhile, the H4 chart represents strong support at 1.0200 which forms the double bottom.

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Technical analysis of USD/CAD for December 1, 2015

General overview for 01/12/2015 12:20 CET

Upward wave development was not strong enough to break above the golden trend-line dynamic resistance and the market is currently in a corrective cycle again. Please notice the market is still trading inside the bullish zone and only a sustained breakout below the support at the level of 1.3223 would change the short-term bullish outlook.

Support/Resistance:

1.3447 - WR1

1.3433 - Intraday Resistance

1.3362 - Weekly Pivot

1.3290 - WS1

1.3279 - Intraday Support

Trading recommendations:

Unfortunately, the yesterdays TP has not been hit, but the orders were in profit for the major part of time. For now, traders should refrain from trading and wait for a better pattern to occur.

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Technical analysis of EUR/JPY for December 1, 2015

General overview for 01/12/2015 12:10 CET

An Ending Diagonal pattern looks completed now and an uptrend should resume soon. The most important level is still intraday resistance at 130.79 and only if this level is clearly violated, the upward wave progression will continue unfolding.

Support/Resistance:

129.33 - WS1

129.64 - Intraday Support

130.18 - Weekly Pivot

130.47 - Intraday Resistance

130.71 - WR1

130.78 - Intraday Resistance

131.57 - WR2

132.06 - WR3

Trading recommendations:

Day traders should still keep buy orders open with SL below the level of 129.64 and TP at the level of 130.18 and then at 130.78.

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GBP/USD technical analysis for December 1, 2015

The British pound continues strengthening against the US dollar, but it is approaching short-term important resistance levels and bulls need to be very cautious.

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On the 4-hour chart shown above, the price is trading below the Ichimoku cloud, but above the kijun-sen and tenkan-sen indicators. Resistance is at 1.5150, while support at 1.5050. There are signs that the bullish short-term momentum is weakening, but if bulls manage to hold above 1.5050, they could make another try towards the 1.5150 resistance.

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Blue lines - wedge formation

GBP/USD is sliding downwards inside a wedge pattern. The weekly chart shows that the price is below the Ichimoku cloud and below the tenkan-sen and kijun-sen indicators. Resistance is important at 1.5150-1.5250 while support is found at 1.4950. The stochastic oscillator is also providing a bullish divergence as it did not make a lower low as the price did. This is a reversal signal that GBP/USD bears should consider their actions carefully.

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EUR/NZD analysis for December 01, 2015

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Overview:

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.5889. The short-term trend is downward. The major 22-day trading range (redistribution) support at the level of 1.6150 was broken last week. In the H4 time frame, our strong resistance at the level of 1.6240 successfully held. Watch for selling opportunities on rallies. The major profit target level is at the price of 1.5740 (Major Fibonacci retracement 61.8%.)

According to the Wyckoff research I wrote major points:

SC - Selling climax

AR - Automatic rally

ST - Secondary test

UT - Up thrust

UTAD – Up thrust after distribution

LPSY - Last point of supply

SOW - Sign of weakness

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6186

R2: 1.6240

R3: 1.6320

Support levels:

S1: 1.6020

S2: 1.5965

S3: 1.5880

Trading recommendations : Intraday selling opportunities are preferable. Try to sell on rallies. According to the daily time frame, the profit level is seen at 1.5740.

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AUDUSD technical analysis for December 1, 2015

The AUD/USD pair is in the process of making an important breakout and medium-term trend reversal confirmation as the price is testing resistance of 0.73. A trend is bullish as long as prices are above 0.7150 with possible bounce targets at 0.7380 or even 0.77 next month.

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Blue line - resistance

Red lines - support

The AUD/USD pair has broken above the medium-term downward sloping blue trend line of 0.94. The price has tested this breakout point above the trend line and has also produced a confirmed breakout above the daily Ichimoku cloud resistance. The AUD/USD pair is moving towards higher highs and higher lows. Support is at 0.7150, while short-term resistance is at 0.73.

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Blue line - resistance (broken)

The weekly chart above shows clearly the important breakout above the trend-line resistance. Next important resistance is seen at 0.7380 where the kijun-sen (yellow line indicator) is found. Breaking above this level will open the way to a bigger bounce towards the Ichimoku cloud near 0.78.

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Gold analysis for December 01 , 2015

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,074.45. In the daily time frame, I found a demand bar and inside-bar formation. Our SMA 10 is now on the test. Our strong support around the levels of $1,075.00-$1,080.00 has become the strong resistance (changing polarity) now. In the M30 time frame, we can observe testing of the level of $1,074.00 (strong intraday resistance). The next strong daily support is seen around the level of $1,046.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,068.15

R2: 1,072.10

R3: 1,078.60

Support levels:

S1: 1,055.20

S2: 1,051.25

S3: 1,044.80

Trading recommendations: Be careful when buying gold as the price is testing the resistance level now and gold is in the strong downward trend. Watch for potential selling opportunities.

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USDCAD technical analysis for December 1, 2015

The USD/CAD is testing important medium-term support levels and the rising wedge formation boundaries. The stochastic oscillator price is giving bearish divergence signals and there are increased chances of a start of a new downward move that can bring the price towards 1.30.

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Red line - support

Blue line - resistance

This pair is breaking below the Ichimoku cloud and below the red trend-line support. The stochastic oscillator is turning lower from overbought levels. This could be the start of a new downward move that could bring the price back at the start of this rising wedge near 1.29-1.30.

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Red line - support

Blue line - resistance

The USD/CAD is testing the lower boundary of the rising wedge. Support is critical at the 1.33-1.3280 area. Breaking below these levels will push the price towards 1.3150 where the Ichimoku cloud support is found. I believe that eventually the price will break down below the support. I'm bearish on USD/CAD.

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USDX technical analysis for December 1, 2015

The US dollar index is turning lower and testing the rising wedge channel support. This is the time to be bearish or neutral on the US dollar as there are signs of an approaching price reversal. I have been cautious and neutral on the US dollar for the last couple of weeks as the price did not make any significant breakout.

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Blue lines - bullish channel

Red lines - bearish divergence

The US dollar index is testing the channel support. The stochastic has produced a bearish divergence that I've called out a couple of sessions before and that has increased our cautiousness. As I said before, this is the time for US dollar bulls to take profits and raise their stops. The US dollar index is expected to make a downward correction towards at least 97.50.

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The daily chart shows how the price managed to reach the previous highs and resistance area of 100-101. A rejection here is very possible taking into account the bearish wedge pattern, which we can see in the daily chart above. The daily stochastic is at overbought levels and the index should reverse and break down below the wedge towards the kijun-sen (yellow indicator).The material has been provided by InstaForex Company - www.instaforex.com

Gold wave analysis for December 1, 2015

Gold price has made 5 waves up from recent lows of $1,052 to just below $1,075. A three wave pullback is expected and then another leg upwards towards at least $1,090. Gold might be in the process of a long-term bottom formation, so bears should be very cautious. A new lower low towards $1,020-40 cannot be forgotten yet.

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As can be seen in the 4-hour chart above, I have labeled the 5 wave advance in gold price. This is the first bullish signal regarding the possibility of long-term reversal. We expected a bounce from current levels as the price was heavily oversold even in the weekly level as can be seen below. A short-term trend has changed to bullish. Medium-term trend will change to bullish if the price breaks above $1,100.

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The weekly chart shows how the stochastics are oversold now and that there is a sign that reversal to the upside is possible. The first weekly target is the tenkan-sen and kijun-sen indicators in the area of $1,115-25. I would remain bullish on gold as this could also be an opportunity of long-term reversal.

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Technical analysis of EUR/JPY for December 01, 2015

Technical outlook and chart setups:

The EUR/JPY pair has been holding and testing lows at 129.65. It has bounced off higher towards 130.15 levels at the moment. The pair seems to be setup for a counter-trend rally soon. It is recommended to remain long with risk around the level of 129.30. Bulls should be poised to push prices higher towards at least 134.00 until 129.60 remains intact. Immediate support is seen at 129.65 followed by 129.30 and lower, while resistance is seen at 131.00 followed by 132.20 and higher .

Trading recommendations:

Remain long with stop is at 129.00, a target is open.

Good luck!

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Technical analysis of Gold for December 01, 2015

Technical outlook and chart setups:

Gold has rallied to the level of $1,075.00 during the day and is expected to take out resistance at $1,080.00 as well, after a dip fall at $1,066.00. The metal is testing its immediate line of resistance as seen on the chart, and a breakout here will be the first sign of a potential reversal. It would be then confirmed that the metal has formed an interim low at $1,052.00. Immediate support is seen at the level of $1,052.00 followed by $1,030.00 and lower, while resistance is seen at $1,080.00 followed by $1,090.00 and higher. Please note that prices could head towards $1,040.00 in the near term.

Trading recommendations:

Initiate long positions now with stop at $1,048.00, a target is open.

Good luck!

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Technical analysis of Silver for December 01, 2015

Technical outlook and chart setups:

Silver holds $13.93 now trading around the level of $14.19. A trend still can change from current levels due to the divergence seen in both metals last week. Bulls should be poised to push prices towards $15.00 until Silver stays above $13.93. It is hence recommended to initiate long positions with risk at $13.70. Immediate support is seen at $13.93 followed by $13.00 and lower, while resistance is seen at $14.45 followed by $15.10/15 and higher. Only a breakout below $13.93 would delay matters further and the metal may drop to $13.00.

Trading recommendations:

Initiate long positions with stop at $13.70, a target is at $15.00

Good luck!

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Daily analysis of major pairs for December 1, 2015

EUR/USD: The EUR/USD merely consolidated to the downside in the context of a downtrend. The support line at 1.0550 would be tested soon and it could even be breached to the downside. The support line at 1.0500 is thus the potential target for the week.

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USD/CHF: Since going above the big support level at 1.0000, this pair has moved upwards by 300 pips, testing the resistance level at 1.0300. One good method for dealing with this pair is to buy on dips in the context of an uptrend (which is happening right now), since the outlook for USD remains bullish. A further bullish journey is possible.

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GBP/USD: The cable simply performed a shallow upward bounce on Monday, while the outlook remains bearish. Yes, it is highly possible that the current bearish bias would be sustained, because the outlook on GBP/USD (including GBP pairs) is gloomy for December 2015. The price is likely to drop further by 150 pips minimum.

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USD/JPY: The USD/JPY pair has now moved above the demand level of 123.00. There is a highly probability that the price would reach the supply level of 123.50; and in case this happens, the bullish signal would have become stronger in the market. Further bullish movement is expected in the market.

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EUR/JPY: Yesterday, there was not much activity on this cross. There is still a clear Bearish Confirmation Pattern in the market, as long as the EUR is weak. Any rallies that are witnessed in this market would merely signal short-selling opportunities. Unless the JPY loses strength significantly, long trades are not rational.

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Elliott wave analysis of EUR/NZD for December 1, 2015

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Wave summary:

We have finally seen an expected test of our target at 1.5898 (the low has been 1.5899), and we will look for a breakout above minor resistance at 1.6066 now as the first indication that a correction from 1.9114 has finally come to an end. However, a break above resistance at 1.6239 will be needed to confirm that an important low has been seen.

There is a risk that resistance at 1.6239 is able to protect the upside for more downside pressure towards 1.5688 and maybe even lower to 1.5478. This is not our preferred outlook, but we need to consider this possibility.

Trading recommendation:

We bought EUR at 1.5925 and will place our stop at 1.5850. If you are not long EUR yet, then buy on a breakout above minor resistance at 1.6066 and place you stop just below the most recent low.

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Elliott wave analysis of EUR/JPY for December 1, 2015

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Wave summary:

We continue to look for a correction in wave [iv] towards 132.50 before the final decline in wave [v] lower to 127.60 to end wave iii. That said we will like to warn that a break above 133.22 will question this count. The decline from a high of 141.06 in early June has been quite messy and very hard to read.

In the short term, a break above minor resistance at 130.30 will be the first indication that wave [iv] is developing, while a breakout above resistance at 130.76 will confirm wave [iv].

Trading recommendation:

We are long EUR from 130.08 with stop placed at 129.08. If you are not long EUR yet, then buy EUR upon a break above 130.30 and place your stop just below the most recent low.

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Technical analysis of USD/JPY for December 01, 2015

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The USD/JPY pair is expected to trade with a bearish bias as the key resistance is seen at 123.15. Overnight, the US stock indices closed lower, dragged by declining health-care and consumer staples shares. The Dow Jones Industrial Average fell 0.4% to 17719, the S&P 500 dropped 0.5% to 2080, while the Nasdaq Composite was down by 0.4% to 5108. Nymex crude oil edged down 0.1% to $41.65 a barrel, gold rebounded 0.5% to $1,064 an ounce, and the benchmark 10-year Treasury yield remained stable at 2.220%.

Meanwhile, the US dollar consolidated after last Friday's gains. The AUD/USD pair gained 0.5% to 0.7226, NZD/USD was up by 0.8% to 0.6580, and USD/CHF declined 0.2% to 1.0286. On the other hand, EUR/USD declined 0.3% to 1.0563 and USD/JPY was up by 0.2% to 123.08. The pair posted a technical rebound last night, but remains under pressure below its nearest resistance at 1.5070, which should maintain selling pressure. The intraday relative strength index is close to its horizontal resistance at 70, and seems to be losing its upward momentum. Therefore, the upward potential is likely to be limited by the resistance at 123.15. Below this threshold, look for a new pullback to 122.50 and 122.25 (the low of November 30).

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 122.50. A break of that target will move the pair further downwards to 122.25. The pivot point stands at 123.15. 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. According to that scenario, long positions are recommended with the first target at 123.35 and the second target at 123.60.

Resistance levels: 123.35 123.60 124

Support levels: 122.50 122.25 122

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Technical analysis of USD/CHF for December 01, 2015

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The USD/CHF pair is expected to trade with a bullish bias above 1.0260. The pair stands firmly above its support base around 1.0245, which has already been tested for two times. It allows for a temporary stabilization. The intraday relative strength index is bouncing off the "oversold" area of 30 showing bullish momentum. To sum up, as long as 1.0260 holds on the downside, expect further advance to 1.0330 and 1.0370.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 1.0330 and the second target at 1.0370. In the alternative scenario, short positions are recommended with the first target at 1.0220 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 1.0195. The pivot point is at 1.0260.

Resistance levels: 1.0330 1.0370 1.0410

Support levels: 1..0220 1.0195 1.0170

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Technical analysis of GBP/JPY for December 01, 2015

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GBP/JPY is expected to trade with a bullish bias. The pair posted a rebound overnight after falling as low as 184.25. The 20-period moving average has moved above the 50-period one, while the relative strength index is staying above the neutrality level of 50 calling for further advance. The pair is therefore expected to reach the first upside target at 186 (around yesterday's high) before approaching the second one at 186.30 (a resistance seen on November 25).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 186 and the second target at 186.30. In the alternative scenario, short positions are recommended with the first target at 184.25 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.85. The pivot point is at 184.80.

Resistance levels: 186 186.30 187

Support levels: 184.25 183.85 183

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Technical analysis of NZD/USD for December 01, 2015

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NZD/USD is expeced to trade with a bullish bias. Currently trading at 0.6622, the pair is still in an uptrend, but is approaching its key resistance at 0.6645 (around the high of November 26). A test should take place before any further advance. The 20-period and 50-period moving averages are still heading upwards without showing any reversal signal. Besides, the relative strength index is positive calling for a new rise. Hence, above 0.6565 look for 0.6645 and 0.6670 as our targets.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6645 and the second target at 0.6670. In the alternative scenario, short positions are recommended with the first target at 0.6540 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6510. The pivot point is at 0.6565.

Resistance levels: 0.6645 0.6670 0.6715

Support levels: 0.6540 0.6510 0.6490

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Technical analysis of EUR/USD for December 01, 2015

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When the European market opens, economic news on the Unemployment Rate, Italian Quarterly Unemployment Rate, Italian Monthly Unemployment Rate, Final Manufacturing PMI, German Final Manufacturing PMI, German Unemployment Change, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI is due to be released. The US will unveil data on the Total Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0619.

Strong Resistance:1.0612.

Original Resistance: 1.0602.

Inner Sell Area: 1.0592.

Target Inner Area: 1.0567.

Inner Buy Area: 1.0542.

Original Support: 1.0532.

Strong Support: 1.0522.

Breakout SELL Level: 1.0515.

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

Technical analysis of USD/JPY for December 01, 2015

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In Asia, Japan will release data on the 10-y Bond Auction, Final Manufacturing PMI, and Capital Spending q/y. The US will publish economic data on the Total Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.60.

Resistance. 2: 123.36.

Resistance. 1: 123.12.

Support. 1: 122.82.

Support. 2: 122.58.

Support. 3: 122.34.

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 USDX for December 01, 2015

The index has been moving sideways, but it still favors the bullish bias in the short-term. The resistance zone of 100.24 is still a very strong hurdle for the overall trend and a breakout higher will perform a bullish consolidation on the USDX, which can last in the short and medium- terms. The 200 SMA is slightly bullish and the MACD indicator remains at the negative territory.

USDXH1.png

H1 chart's resistance levels: 100.24 / 101.01

H1 chart's support levels: 99.80 / 99.25

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 100.24, take profit is at 101.01, and stop loss is at 99.48.

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

Daily analysis of GBP/USD for December 01, 2015

On the H1 chart, GBP/USD found a temporary bottom around the psychological level of 1.5000. The current structure could be calling for more rallies towards the level of 1.5100, which is very close to the SMA 200 in this time frame. After that test, we should expect a pullback towards new lows, and the pair can start to strengthen. The MACD indicator remains at the positive territory.

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H1 chart's resistance levels: 1.5062 / 1.5100

H1 chart's support levels: 1.5031 / 1.4982

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 found at 1.5031, take profit is at 1.4982, and stop loss is at 1.5080.

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

Daily analysis of Silver for November 30, 2015

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Overview

The silver price shows some slight bullish bias approaching the EMA50, while stochastic continues losing its positive momentum gradually approaching the overbought areas. It supports the chances of bouncing bearishly to resume the main bearish trend. Therefore, our bearish overview will remain valid for the rest of the day conditioned by holding below the 14.85 level, reminding you that our next targets begin at 13.50 followed by 13.00. The silver price made a new test of the 13.96 level without breaking it. it means stochastic loses its positive momentum gradually, while the EMA50 keeps pushing negatively on intraday and short-term trading.

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Daily analysis of GBP/JPY for November 30, 2015

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Overview

The current development indicates that the consolidation pattern from 180.36 has been completed at 188.79. A deeper fall is expected for a test of the 180.36/64 support zone. For the moment, the outlook will stay bearish as long as the 188.79 resistance holds even in case of recovery. In the longer-term picture, the uptrend from the 116.83 long-term bottom could be topping. There is no confirmation yet, but even is case of another rise, strong resistance is likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 184.14; (P) 184.72; (R1) 185.20

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USD/CAD intraday technical levels and trading recommendations for November 30, 2015

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Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in blue).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the Fibonacci level, which was previously breached to the upside on September 23 and recently on November 12.

Significant bearish rejection has been observed around 1.3450 (141.4% Fibonacci Expansion).

Later on October 1, bearish closure below 1.3270 (Fibonacci Expansion 100%) was expressed. This exposes the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

A bearish breakout below the support level of 1.3075 was mandatory to allow the further bearish decline towards 1.2930. However, an evident bullish rejection was expressed around this level.

Another bullish visit to the level of 1.3270 (FE 100%) was initiated on November 4. A bullish breakout above 1.3300 was performed again on November 13.

Since then, the USD/CAD pair has been moving sideways (ranging between 1.3300 and 1.3430).

Daily persistence above 1.3300 exposes the next resistance level at 1.3450 (Fibonacci Expansion 141.0%) where a valid sell entry can be offered.

On the other hand, bearish breakdown below 1.3300 (FE 100%) is needed to enhance the bearish side of the market again.

Trading recommendations:

Conservative traders should wait for an obvious bearish closure below 1.3250 (FE 100%) to sell the USD/CAD pair.

S/L should be placed above 1.3370.

Initial T/P levels should be placed at 1.3150 and 1.3080.

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Intraday technical levels and trading recommendations for GBP/USD for November 30, 2015

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A few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern).

This supported the bearish side of the market in the long term. An approximate target should be located at the level of 1.4800 for this reversal pattern.

The previous demand level at 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken down three weeks ago. This bearish tendency was confirmed by the Shooting Star bearish weekly candlestick of a previous week.

A quick bearish decline towards the weekly demand level at 1.4950 remains expected as long as the bearish breakdown below 1.5200 persists on a weekly basis.

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The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented the further bearish decline.

Instead of it, an evident bullish reaction was performed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks).

This led to the previous bullish pullback towards 1.5600 (the backside of the depicted uptrend). It placed the GBP/USD pair under significant bearish pressure.

The demand levels of 1.5350 and 1.5200 were broken down a few weeks ago. Currently, these levels constitute prominent supply to be watched for new sell entries.

The key level of 1.5200 was temporarily breached to the upside before until a daily bearish engulfing candlestick was expressed around 1.5330 on November 20.

Note that bearish persistence below 1.5200 and 1.5050 (previous weekly bottom) enhances further bearish decline towards the weekly demand level at 1.4960.

Trading Recommendation:

Risky traders were advised to sell the GBP/USD pair anywhere around 1.5350. S/L can be lowered to 1.5150 to secure our profits.

For conservative traders, a low-risk buy entry will probably be offered around the weekly demand levels of 1.5000-1.4950. S/L should be placed below 1.4920. Initial T/P levels should be located at 1.5170 and 1.5300.

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