NZD/USD intraday technical levels and trading recommendations for December 2, 2015

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The daily chart shows a bullish Flag pattern that was initiated on September 23 around the level of 0.6230.

A bullish engulfing candlestick was expressed at 0.6520 yesterday.Today, a bullish breakout above 0.6600 is taking place.

Temporary bearish rejection should be expected around 0.6690, which is a prominent daily resistance level on the daily chart. Actually, initial bearish rejection has been expressed earlier today.

On the other hand, an estimated projection target for this flag pattern is located at 0.6950 as long as the NZD/USD pair keeps trading above 0.6600.

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Recently, significant bullish rejection was expressed around 0.6430 followed by a consolidation range that extended between 0.6500 and 0.6600.

Earlier today, an obvious bullish breakout above 0.6600 was executed via a full-body bullish H4 candlestick.

Next resistance levels around 0.6690 and 0.6750 where temporary bearish rejection.

For conservative traders, a valid bay entry can be offered around 0.6600 (corresponds to the backside of the broken trend and the upper limit of the broken consolidation range). S/L should be set as closure below 0.6550 in the H4 chart.

On the other hand, the price level of 0.6640 remains the key level to be defended by NZD/USD bulls to keep pushing higher. Otherwise, stronger bearish pullback towards 0.6600 should be anticipated.

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GBP/USD intraday technical levels and trading recommendations for December 2, 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 a bearish decline towards 1.4950, which corresponds to a previous weekly bottom (Intraday Support level).

On the other hand, a stronger support level is located at 1.4850 (the lower limit of the depicted movement channel).

This is where conservative traders can wait for a low-risk buy entry. S/L should be placed below 1.4780.

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USD/CAD intraday technical levels and trading recommendations for December 2, 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 last month, the USD/CAD pair has been moving sideways (ranging between 1.3300 and 1.3430).

Daily fixation 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.

On the other hand, a valid sell entry can be offered at retesting of 1.3450 (Fibonacci Expansion 141.0%). S/L should be located above 1.3500.

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EUR/NZD analysis for December 02, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.5930. The short-term trend is still downward. The major 22-day trading range (redistribution) support at the level of 1.6150 was broken last week. In the H1 time frame, I found a solid trading range between the prices of 1.5875 and 1.5970. Watch for a potential breakout downside to confirm further downward continuation. 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: 1.6015

R2: 1.6050

R3: 1.6115

Support levels:

S1: 1.5895

S2: 1.5855

S3: 1.5795

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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Gold analysis for December 02, 2015

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Overview:

Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,059.94. In the daily time frame, I found a weak demand bar and rejection from our SMA 10. 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, as I expected, the price reacted from intraday resistance of $1,074.00 (strong intraday resistance). Intraday support is seen around the level of $1,053.00. The next strong daily support is seen around the level of $1,046.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,073.35

R2: 1,076.00

R3: 1,080.30

Support levels:

S1: 1,064.80

S2: 1,062.15

S3: 1,057.90

Trading recommendations: Be careful when buying gold because we have a strong rejection from our resistance and gold is in the strong downward trend. Watch for potential selling opportunities.

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Technical analysis of GBP/CHF for December 02, 2015

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading around the 1.5417 levels for now after printing highs at the 1.5550 levels earlier. The pair might be setting up for a deeper correction as depicted on the H4 chart view here. Bears should remain in control until prices stay below the 1.5550 levels broadly in the coming sessions. Prices could drop towards the 1.4900 levels as well, but a break below 1.5300 would confirm and accelerate the drop. It is recommended to remain flat for now and wait for further confirmation. Immediate support is seen at the 1.5300 levels, while resistance is seen at the 1.5550 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for December 2, 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.

A long-term bearish target is projected towards the price 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 and the bearish engulfing weekly candlesticks of the previous weeks.

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 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.

Prominent demand levels at 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 then 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 2, 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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Technical analysis of EUR/JPY for December 02, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading at the 130.50 levels for now looking to push through and trigger a rally at 132.30 and subsequently 134.00 levels at least in the coming sessions. It is recommended to remain long for now with risk around the 129.00 levels. Immediate support is seen at the 129.50/60 levels, followed by 129.00 and lower, while resistance is seen at the 132.20 levels and higher. Please note that bulls should remain poised to push higher until prices stay above 129.50 levels broadly.

Trading recommendations:

Remain long for now, stop is at 129.00, target is open.

Good luck!

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Technical analysis of Gold for December 02, 2015

Technical outlook and chart setups:

Gold is trading around the levels of $1,066.00/67.00 now, absolutely flat from where it was seen yesterday. Please note that the metal is testing its immediate resistance line calling for a breakout to confirm that the metal is heading towards the resistance level of $1,080.00 and higher. It is recommended to stay long with risk around $1,048.00. Immediate support is seen at $1,063.00 levels, followed by $1,052.00 and lower, while resistance is seen at $1,080.00 followed by $1,088.00/98.00 and higher.

Trading recommendations:

Remain long with stop at $1,048.00, a target is open.

Good luck!

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Technical analysis of Silver for December 02, 2015

Technical outlook and chart setups:

Silver is trading around the $14.15 levels and has held on the lows at the $13.90 levels until now. Besides, the metal has formed a bullish morning star candlestick pattern on the daily chart, indicating a potential reversal. But for today, prices have remained stagnant around the $14.10/15 levels and a push above $14.40 would be required to accelerate further. It is recommended to remain long for now with risk at the $13.70 levels. Immediate support is seen at the $13.90 levels, while resistance is seen at the $14.45/50 levels and higher. Bulls should be poised to take control until prices remain above the $13.90 levels from here.

Trading recommendations:

Remain long for now, stop is at $13.70, target is open.

Good luck!

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Global macro overview for 02/12/2015

Global macro overview for 02/12/2015:

Worse-than-expected news on the UK economy was released this morning as the PMI construction index dropped to the lowest level this year (55.3 vs. 58.2 expected and 58.8 prior). There was slowing growth seen across all three sectors, housing, commercial and civil engineering. Exceptionally low numbers were revealed by housing activity: 55.2 vs 59.6 prior, which is lowest since June 2013. The UK construction firms are again overwhelmingly positive about the outlook for their business activity, while only a small proportion points to falling output levels during the next 12 months.

The GBP/USD pair is still searching for a bottom after the disappointing data. The next important support is seen at the level of 1.4993.

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Global macro overview for 02/12/2015

Global macro overview for 02/12/2015:

The inflation data from the eurozone has hit the wires earlier today with the figures regarding producer and consumer price index. Both of the indices have unexpectedly dropped below the market consensus levels. The PPI rose 3.1% vs. 3.2% expected and 3.2% prior and the CPI increased 0.1% vs. 0.2% expected and 0.1% prior. This means that market participants expect the ECB to change its current policy at its meeting on Thursday. Possible scenarios include lowering the deposit rate below the current -0.20% or extending the current QE program up to September 2016.

The EUR/USD pair is trading at its lowest levels since April after the negative reaction to the inflation figures. The next support is seen at the level of 1.0565.

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Technical analysis of USD/CAD for December 2, 2015

General overview for 02/12/2015 12:20 CET

Ahead of the important news release delivered from the US, the market is consolidating around the weekly pivot at the level of 1.3362. Upward wave development was not strong enough to breakout above the golden trend-line dynamic resistance. 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:

Day traders should refrain from trading and wait for a better pattern to occur.

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Technical analysis of EUR/JPY for December 2, 2015

General overview for 02/12/2015 12:10 CET

The intraday resistance at the level of 130.78 has been violated, but the hourly candle did not close above the level and the market is still trading inside the bearish zone. Nevertheless, the ending diagonal pattern looks completed, but the market is not strong enough yet to break out higher above the bearish zone.

Support/Resistance:

129.33 - WS1

129.64 - Intraday Support

130.18 - Weekly Pivot

130.20 - Intraday Support

130.71 - WR1

130.78 - Intraday Resistance

131.57 - WR2

132.06 - WR3

Trading recommendations:

The buy orders have been closed after recommended TP at the level of 130.78 was hit yesterday. Currently, the daytraders should refrain from trading and wait for a better trading setup to occur.

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Technical analysis of AUD/USD for December 2, 2015

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Overview:

  • The resistance of the AUD/USD pair has been set at the price of 0.7375 and the support has been placed at the 0.7273 price. So, according to the previous events, the AUD/USD pair is going to move between the resistance and support. As a rule, history will probably repeat itself at this level again. Therefore, we expect a range about 102 pips in coming hours. Accordingly, if the trend fails to close below the level of 0.7273, it will be a good opportunity to buy above 0.7273 with the first target at 0.7342 (the double top). Then, it will continue straight towards 0.7375. Nevertheless, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed below the level of 0.7251.

Notes:

  • The risk of 68 pips must make a profit of 102 pips.
  • The strong support has been placed at the 0.7272 mark, which coincides with the value of 61.8% Fibonacci retracement levels.
  • The support will be set at the level of 0.7272. And the double bottom will be set at the price of 0.7255.
  • The resistances will be at the levels of 0.7342 and 0.7375.
  • The volatility will be about 110.50. As a rule, the market is highly volatile if the previous day has a huge volatility.
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Technical analysis of NZD/USD for December 2, 2015

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Overview:

  • The NZD/USD pair has broken major resistance at 0.7792 for that the level of 0.6589 became support, and it will continue to act as strong support today. Also, it should be noted that the daily pivot point is calculated at 0.6632, and it is now approaching the test, therefore, it will probably start an upward movement in this area and recover again. So, the market will indicate a bullish opportunity at the levels of 0.6589 and 0.6632. Thus, it will be a good sign to buy in this area with the first target at 0.6687 (100% of Fibonacci retracement levels), and continue towards 0.6720. On the other hand, if there is a breakout at 0.6589, it will be a good sign to set the stop loss for that the best location for placing it should be at the level of 0.6563.

Trading recommendations:

  • According to the previous events, the NZD/USD pair will move between 0.6589 and 0.6687.
  • Buy above the level of 0.6589 with the first target at 0.6687. Moreover, if the trend will be able to break the double top at the level of 0.6687, then it might resume moving towards 0.6720.
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USDJPY technical analysis for December 2, 2015

The USD/JPY pair is trading sideways inside a trading range between 122.20 and 123,70. The short-term trend is neutral as prices move sideways and therefore traders should be patient.

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Blue lines - neutral channel

The USD/JPY pair is trapped inside the trading range. There is no clear direction as prices are moving sideways. A trend is neutral. Traders should better be patient and wait for a confirmed breakout of the range before opening a position.

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Blue line - long-term resistance

Although the USD/JPY pair is above the Ichimoku cloud and above the kijun-sen indicator, the price is very close to the downward sloping blue trend-line resistance. This resistance is seen at 124.20 and is declining. A new final high cannot be ruled out as the price remains supported above 122.20.

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AUDUSD technical analysis for December 2, 2015

The AUD/USD pair is moving in a strong uptrend having broken through the resistance level at 0.73. It can reach 0.74 in the short term. There is a bullish flag pattern breakout that justifies the continuation of the uptrend.

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Blue lines - bullish flag

AUSD/USD has broken above the bullish flag pattern. The next short-term resistance is seen at 0.7350 which is the next resistance before 0.74. The price continues to trade above the Ichimoku cloud and above the kijun- and tenkan-sen indicators. Support is found at 0.73.

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Blue line - resistance (broken)

Red line - support

The daily chart is bullish as the price has broken above the Ichimoku cloud. The only warning we got is from the stochastic indicator that has entered overbought levels. Bulls should now be cautious raising their stops to 0.73 as a pullback towards 0.72 is possible.

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Daily analysis of major pairs for December 2, 2015

EUR/USD: Without testing the support line at 1.0550, the EUR/USD pair went upwards by 80 pips and this could be a rally in the context of a downtrend, unless the resistance line at 1.0700 is broken to the upside. This is the only condition that could render the current bearish bias useless, and unless that happens rallies could be taken as short-selling opportunities.

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USD/CHF: The USD/CHF pair went sideways on Tuesday, as the price gallivanted between the support level at 1.0250 and the resistance level at 1.0300. The price would move out of the channel soon, going upwards in respect of the current bullish bias in the market, although this does not rule out the possibility of transitory pullbacks along the way.

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

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USD/JPY: The USD/JPY pair has now moved above the demand level of 122.50. It is highly probable that the price would reach the supply level of 123.50; and in case this happens, the bullish signal will become stronger in the market. Further bullish movement is expected in the market.

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EUR/JPY: In spite of the bullish attempts, there is not yet a buy signal in the chart. Though, this is a threat to the Bullish Confirmation Pattern in the market, because the RSI period 14 is already above the level of 50; but the EMA 11 is yet to cross the EMA 56 to the upside. An upwards movement of at least 200 pips is needed for the recent bearish bias to become completely illogical.

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USDX technical analysis for December 2, 2015

The US dollar index has broken down the rising wedge, and we can see a correction beginning. I have warned bulls that they should be cautious and raise their protective stops. With NFP on Friday and with the ECB press conference scheduled for tomorrow, this week is very possible to be very volatile.

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Blue lines - bullish channel

Red lines - bearish divergence

In the 4-hour chart above we can see that the US dollar index has broken down the bullish channel. However, the price still holds above the Ichimoku cloud. Short-term resistance is seen at 100.17, while the index is now trading at 99.85. Support is found at 99.60 and at 99.45.

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In the weekly chart above we can see that the index has reached the previous highs and shows signs of rejection and reversal. The weekly stochastic is oversold but has not yet generated a sell signal. It has only given us a warning that there are increased chances of a reversal. Weekly support is found at 99 and below that level we will find support at 98.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for December 2, 2015

Gold price, as expected, has started a 3-wave corrective pullback after finishing 5 waves up from $1,052. I believe we should expect more upside in coming days. We are not sure yet if the low we have seen is long-term one, but the price range of $1,050-950 the area where a long-term low will be reached.

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Gold price is testing the kijun- and tenkan-sen support at $1,060-65. Resistance is seen at $1,077. I expect this pullback to be over soon and another move higher to follow. It will probably test $1,100.

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Red lines - declining wedge

Blue line- projection

Gold price has an oversold stochastic oscillator in the weekly chart. Last time, the stochastic was at this level. It produced a bounce of nearly $100. So, I would stay bullish as I expect a bounce towards at least the kijun- and tenkan-sen near $1,120-30.

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Technical analysis of USD/JPY for December 02, 2015

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The USD/JPY pair is expected to trade with a bullish bias. The bias remains bullish.Overnight, the US stock indices closed higher with an end-of-session rally. Rising shares were noted in the health care equipment, software and pharmaceutical sectors. The Dow Jones Industrial Average rose 1.0% to 17888, the S&P 500 gained 1.1% to 2102, while the Nasdaq Composite was up by 0.9% to 5156. Nymex crude oil settled up 0.5% at $41.85 a barrel, gold was up another 0.5% to $1,069 an ounce, and the benchmark 10-year Treasury yield edged down to 2.155% from 2.220% at the previous session.

Meanwhile, the US dollar declined further as the November ISM Manufacturing Index came in at 48.6 (vs 50.5 expected, 50.1 in October). The Wall Street Journal Dollar Index dropped 0.5% to 90.45. EUR/USD rose 0.6% to 1.0631 and NZD/USD surged 1.4% to 0.6670.

The AUD/USD pair gained 1.3% to 0.7321 overnight, while this morning the Australian government reported that the country's 3Q GDP rose 2.5% year-on-year (vs rise of 2.4% expected) and 0.9% seasonally-adjusted on-quarter (0.8% gain expected). The pair underwent a choppy session yesterday and finally located at the key support of 122.75. It is currently trading above the 20-period intraday (30-minute chart) moving average, while the relative strength index is around the neutrality level of 50 lacking downward momentum. The intraday outlook remains bullish, and the first upside target is set at 123.20 (around yesterday's high) and the second one at 123.35 (around the high of November 30).

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 123.35 and the second target at 123.60. In the alternative scenario, short positions are recommended with the first target at 122.50 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 122.25. The pivot point is at 122.75.

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 02, 2015

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The USD/CHF pair is expected to trade with a bullish above 1.0245. The pair is now trading sideways within an intraday range, but stands firmly above its key support at 1.0250, which has been tested for at least 4 times. The intraday relative strength index is mixed calling for caution. We should keep a close eye on the threshold at 1.0245, as long as it is not broken, look for a technical rebound 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 NZD/USD for December 02, 2015

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The NZD/USD pair is expected to trade in a higher range as the bias remains bullish. The pair continued to post strong rebounds, and remains bullish above its rising 50-period moving average. The relative strength index stands firmly above its neutrality level of 50. Furthermore, the process of reaching higher highs and lows remains intact, which indicates that the current trend is still positive. Hence, as long as 0.6615 (our trailing stop loss) is not broken, we should expect a new increase to 0.6690 and 0.6720.

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 0.6690 and the second target at 0.6720. In the alternative scenario, short positions are recommended with the first target at 0.659040 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 0.6565. The pivot point is at 0.6615.

Resistance levels: 0.6690 0.6720 0.6760

Support levels: 0.6590 0.6565 0.65

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Technical analysis of GBP/JPY for December 02, 2015

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The GBP/JPY pair is expected to trade in a higher range as the pair is expected to continue its rebound. The pair is trading above its rising 20-period and 50-period moving averages. The relative strength index is above its neutrality level of 50 lacking downward momentum. As long as 184.80 holds as the key support level, look for a further advance to the first upside target at 186 and then the second one at 186.30.

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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Elliott wave analysis of EUR/NZD for December 2, 2015

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Wave summary:

With the downside target at 1.5898 fulfilled, we are looking for signs that a bottom is in place. The first minor indication, will be a breakout above 1.5980, while a breakout above resistance at 1.6243 is needed to confirm the bottom and that a strong rally back towards 1.8020 and higher is developing.

There is the risk of a clear breakout below 1.5898 which can result in the downside pressure towards 1.5688 and even lower to 1.5478.

Trading recommendation:

We are long EUR from 1.5925 with stop placed at 1.5850. If you are not long EUR yet, then buy a break above 1.5980 and use the same stop at 1.5850.

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Elliott wave analysis of EUR/JPY for December 2, 2015

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Wave summary:

A breakout above minor resistance at 130.32 confirmed that wave [iii] ended at 129.62 and wave [iv] now is unfolding. This ideal target for wave [iv] is seen at 132.50.

Wave [ii] was a simple zig-zag correction that corrected most of wave [i] so due to the alternation principle, we should expect a complex sideways correction in wave [iv].

In the short term, support at 129.98 will be ideal to protect the downside for the move closer to 132.50.

Trading recommendation:

We are long EUR from 130.08 and will move our stop higher to 129.95 and take profit at 132.25. If you are not long EUR yet, then buy near 130.30 and use the same stop and take profit levels.

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Technical analysis of EUR/USD for December 02, 2015

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When the European market opens, economic news on the PPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, and Spanish Unemployment Change is due to be released. The US will publish economic data on the Beige Book, Fed Chair Yellen Speaks, Crude Oil Inventories, Revised Unit Labor Costs q/q, Revised Nonfarm Productivity q/q, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0675.

Strong Resistance:1.0668.

Original Resistance: 1.0658.

Inner Sell Area: 1.0648.

Target Inner Area: 1.0623.

Inner Buy Area: 1.0598.

Original Support: 1.0588.

Strong Support: 1.0578.

Breakout SELL Level: 1.0571.

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 02, 2015

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In Asia, Japan will release data on the Monetary Base y/y. The US will publish some economic data on the Beige Book, Fed Chair Yellen Speaks, Crude Oil Inventories, Revised Unit Labor Costs q/q, Revised Nonfarm Productivity q/q, and ADP Non-Farm Employment Change. 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: 123.54.

Resistance. 2: 123.30.

Resistance. 1: 123.06.

Support. 1: 122.76.

Support. 2: 122.52.

Support. 3: 122.28.

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 02, 2015

On H1 chart, the USDX is finding dynamic support at the 200 SMA. A rebound is expected in coming hours because of the current strengthening in the US dollar. A breakout above the level of 100.24 will open the door to test the key high around the level of 101.01. However, if a bearish consolidation happens below the level of 99.80, then we can expect a fall towards 99.25.

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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 02, 2015

The GBP/USD pair did a pullback around the level of 1.5120, where the 200 SMA is located on the H1 chart, so the current structure is still calling for more downsides. There is a lower low pattern formation below the resistance level of 1.5100. A breakout below the level of 1.5062 will expose the pair to test the next support at the level of 1.5031. The MACD indicator is at the negative territory.

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H1 chart's resistance levels: 1.5100 / 1.5120

H1 chart's support levels: 1.5062 / 1.5031

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 1.5062, take profit is at 1.5031, and stop loss is at 1.5092.

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

Daily analysis of Silver for December 01, 2015

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Overview

The silver price shows confined sideways trading between the EMA50 and the critical support at 13.96, waiting for breaking this level to confirm the continuation of the main bearish trend, which targets 13.50 and then 13.00 mainly. The silver price fluctuates near the EMA50, while stochastic reaches the thresholds of the overbought levels. It represents the negative factor that we wait for to boost the price to resume the bearish bias, targeting a break of the 13.96 level to open the way towards 13.50 and then 13.00.

Note that breaching the 14.35 level will push the price to test the critical resistance at 14.85 before any new attempt to decline. Holding below this level represents an important condition for the continuation of the bearish trend.

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Daily analysis of GBP/JPY for December 01, 2015

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Overview

Intraday bias in GBP/JPY is turned neutral for the moment. But the outlook is unchanged and stays cautiously bearish. Consolidation pattern from 180.36 has completed at 188.79. A deeper fall is expected for the test of the 180.36/64 support zone. In case of recovery, the outlook will stay cautiously bearish as long as 188.79 resistance holds. GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about the strong resistance from 199.80/200.00 to bring the reversal finally.

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

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

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The daily chart shows a bullish Flag pattern that was initiated on September 23 around the price level of 0.6230.

A bullish engulfing candlestick was expressed off 0.6520 yesterday.Today, a bullish breakout above 0.6600 is taking place.

Temporary bearish rejection should be expected around the 0.6690 mark, which is a prominent daily resistance level on the daily chart.

On the other hand, an estimated projection target for this flag pattern is located at 0.6950 as long as the NZD/USD pair keeps trading above 0.6600.

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Recently, significant bullish rejection was expressed around 0.6430 followed by a consolidation range that extended between 0.6500 and 0.6600.

Earlier today, an obvious bullish breakout above 0.6600 was executed via a full-body bullish H4 candlestick.

Next resistance levels stand around 0.6690 and 0.6750 where temporary bearish rejection should be expected.

For conservative traders, a valid BUY entry can be offered around 0.6600 (corresponds to the backside of the broken trend and the upper limit of the broken consolidation range). S/L should be set as H4 closure below 0.6550.

On the other hand, the price level of 0.6640 remains a key level to be watched for the short-term price reaction.

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