Daily analysis of Silver for December 08, 2015

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Overview

SThe silver price declined yesterday to test the EMA50 that forms a good intraday support base at 14.15, accompanied by clear positive signals through stochastic. It s supports the chances of bouncing up and resume the bullish bias that targets testing of the 14.85 level mainly. Therefore, the bullish trend will be suggested for today unless a break of 14.15 is followed by the 13.96 levels and holding below them. Remember to monitor the price behavior when reaching the targeted level because of its importance of detecting the price's next destination on a short-term basis. Our main target is located at 14.85, and a break of it will extend silver gains to reach 15.40 initially, while the bullish trend will remain valid unless a clear break and stability below 14.15 and 13.96 are seen.

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Daily analysis of GBP/JPY for December 08, 2015

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Overview

A break of the temporary low at 183.96 indicates resumption of a fall from 188.79 and intraday bias is turned back to the downside. Overall, we are still favoring the scenario that the consolidation pattern from 180.36 has been completed at 188.79. A deeper decline would be seen to the 180.36/64 support zone. A break of the 186.33 minor resistance would now dampen our bearish view and turn our focus back to 188.79 instead. It is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of the 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to the 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 185.34; (P) 185.84; (R1) 186.21

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NZD/USD intraday technical levels and trading recommendations for December 8, 2015

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

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

As anticipated, resistance levels of the USD/CAD pair is found around 0.6690 and 0.6750 providing evident bearish rejection.

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 a closure below 0.6550 on the H4 chart.

On the other hand, the level of 0.6640 remains the key level to be defended by NZD/USD bulls with the aim to keep pushing higher. Otherwise, a deeper bearish pullback towards 0.6600 should be expected.

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USD/CAD intraday technical levels and trading recommendations for December 8, 2015

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Overview:

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). The long-term bullish target was projected towards the level of 1.3270.

Significant bearish rejection has been observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3380.

Last week, a bearish breakout below the support level of 1.3075 was mandatory to allow the further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3380 was made on Monday earlier this week.

Daily fixation above 1.3380 enhances the bullish side of the market towards the next resistance level at 1.4100 (Fibonacci Expansion 100%) where bearish rejection should be anticipated.

On the other hand, the price zone around 1.3380 is still a significant support zone to be watched for valid buy entries.

Trading recommendations:

Conservative traders should wait for a bearish pullback towards 1.3380-1.3400 to buy the USD/CAD pair.

S/L should be placed below 1.3300.

Initial T/P levels should be placed at 1.3500 and 1.3600. A bullish target is projected towards 1.4100.

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Intraday technical levels and trading recommendations for GBP/USD for December 8, 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).

It supported the bearish side of the market in the long term.

A long-term bearish target is projected towards 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 one month ago This bearish tendency was confirmed by the Shooting Star and the bearish engulfing weekly candlesticks of the previous weeks.

Hence, a quick bearish decline towards the weekly demand level at 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Note that another weekly closure below 1.4950 is needed to clear the way towards 1.4800 (long-term bearish target).

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Prominent demand levels at 1.5350 and 1.5200 were broken down a few weeks ago. These levels currently constitute prominent supply levels to be watched for new sell entries.

Recently, 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 then 1.5050 (previous weekly bottom) enhanced further bearish decline towards the weekly demand level at 1.4950 (also corresponding to the lower limit of the depicted channel).

A bullish engulfing daily candlestick was expressed around 1.4950 on Thursday.

That is why, a bullish pullback towards 1.5200-1.5230 should be expected as long as the EUR/USD bulls keeps moving above 1.4950.

Trading Recommendation:

For conservative traders, a valid buy entry was offered around the weekly demand zone of 1.4950-1.4930.

S/L should be placed below 1.4900. Initial T/P levels should be located at 1.5000, 1.5170 and 1.5300.

On the other hand, risky traders can sell the GBP/USD pair if a bearish closure below 1.4950 occurs today. S/L should be placed above 1.5010.

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Global macro overview for 08/12/2015

Global macro overview for 08/12/2015:

Another fundamental data set from the UK did not really help clear the overall picture. The industrial production figures were better than expected (0.0% vs. 0.1% exp), but manufacturing production was worse than expected (-0.4% vs. 0.0% exp.). Despite the fact that the overall economic growth is still advancing at a solid pace, the manufacturing sector is facing stronger headwinds. Nevertheless, please notice that Markit's purchasing managers' index popped up to a 16-month high in October.

The GBP/USD pair has negatively reacted to the recent news release and is currently trading at the technical support level of 1.4957. The next support is found at the level of 1.4894 and next meaningful resistance is seen at the levels of 1.5000 and 1.5054.

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Intraday technical levels and trading recommendations for EUR/USD for December 8, 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 the price to the area 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).

Shortly after, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. All T/P levels located at 1.1150 and 1.1050 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.

Three weeks ago, daily persistence below the level of 1.0700 (key level) ensured enough bearish momentum towards 1.0550 (prominent monthly low) where a prominent bullish pullback was initiated as anticipated in previous articles.

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Global macro overview for 08/12/2015

Global macro overview for 08/12/2015:

Crude oil had slipped to its 6-year low as the OPEC members failed to reach an agreement on production cutbacks at the meeting in Vienna on Friday. This decision will result in a huge global glut of oil, that might lead to a shortage of land-stores facilities. Moreover, the statement issued by the OPEC did not mention the production target, which means the cartel members can not reach an agreement in this particular case, so the production output levels will remain high.

The crude oil monthly chart indicats a strong technical support at the level of 33.32 and this is where the crude oil is heading before any important bounce will happen.

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Technical analysis of CHF/JPY for December 8, 2015

The CHF/JPY pair might reach new highs.

Having formed a top at 123.82, CHF/JPY has been consolidating for the past 5 days with the low at 122.66. the price has remained within the triangle until today.

Today, the price has managed to break above the triangle and, prior to that, bounced off the ascending trend line. It could be the signal for the potential continuation of an uptrend.

Consider buying CHF/JPY while the price is near the 123.40 support 1 level, targeting R2 (124.14) which is a Fibonacci-based strong resistance level.

Support: 123.40, 123.13

Resistance: 123.67, 124.14

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Technical analysis of USD/CAD for December 8, 2015

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Overview:

  • The resistance of the USD/CAD pair has been broken and turned into support at the key level of 1.3436, so the support of the USD/CAD pair has already been set at the price of 1.3436. Moreover, the same level is coinciding with the 78.6% Fibonacci retracement levels. Consequently, the pair is going to form a strong support at the 1.3443 price. Equally important, the price has been set above the resistance since last week. Furthermore, the price is still moving between 1.3583 and 1.3476. Therefore, the USD/CAD pair started showing the signs of a bullish market, hence the market indicates the bullish opportunity at the level of 1.3505 with the first target of 1.3583, and continues towards the level of 1.3651 with a view to form a new double top. Additionally, the level of 1.3651 is representing a strong resistance on December 08, 2015.
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Technical analysis of AUD/USD for December 8, 2015

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Overview:

  • Due to the previous events, the AUD/USD pair is still moving between the prices of 0.7271 and 0.7185. Additionally, the the level of 0.7211 is representing the daily pivot point. So, the psychological level has been set at the 0.7211 price today. Therefore, sell deals are recommended below the 0.7211 level with targets at the level of 0.7185. Moreover, the price of the AUD/USD pair is going to try to break the weekly support 1 at 0.7185 to call for the bearish market below 0.8787. Consequently, the price will continue moving towards the level of 0.7158 in order to form a double bottom at this level on the H1 chart. On the other hand, the stop loss should always be taken into account, thereupon it will be safer to set your stop loss at the 0.7305 price.

Notes:

  • Minor support will be set at the price of 0.7271.
  • Major support has already been set at 0.7158.
  • We expect a range of 113 pips in coming days.
  • Volatility: 72 in pip.
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Gold analysis for December 08, 2015

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Overview:

Since our last analysis, gold has been trading downwards.As I had expected, the price tested the level of $1,066.28 in a high volume. In the daily time frame, our SMA 10 was broken and this is the first sign of a potential change in the trend's dynamic. According to the H1 time frame, price rejected from our key support at the price of $1,069.00. I expect testing of $1,088.50. I have placed Fibonacci expansion to find potential profit targets. I got Fibonacci expansion 61.8% at the level of $1,092.50, Fibonacci expansion 100% at the level of $1,108.00 and Fibonacci expansion 161.8% at the level of $1,134.50.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,082.00

R2: 1,086.50

R3: 1,093.85

Support levels:

S1: 1,067.45

S2: 1,062.95

S3: 1,055.65

Trading recommendations: Be careful when selling gold because we can observe strong demand in the background. Watch for potential buying opportunities on dips.

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EUR/NZD analysis for December 08, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6378 in a high volume. According to the H1 time frame, we can observe strong rejection from Fibonacci retracement 61.8% at the level of 1.6070. I placed Fibonacci expansion to find potential profit targets. First profit target is seen at the level of 1.6480 (Fibonacci expansion 61.8%) and second is at 1.6745 (Fibonacci expansion 100%.) Watch for potential buying opportunities on dips. The short-term trend has changed from downward to upward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6350

R2: 1.6400

R3: 1.6490

Support levels:

S1: 1.6170

S2: 1.6115

S3: 1.6025

Trading recommendations : Selling EUR/NZD at this stage looks very risky. Watch for potential buying opportunities on dips.

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Technical analysis of USD/JPY for December 08, 2015

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USD/JPY is expected to trade with a bullish bias. Overnight, the US stock indexes ended lower, dragged by a broad selloff in energy shares triggered by oil prices' continuous slide. The Dow Jones Industrial Average fell 0.7% to 17730, the S&P 500 lost 0.7% to 2077, and the Nasdaq Composite was down by 0.8% to 5101. Nymex crude oil plunged 5.8% to $37.65 a barrel to near seven-year lows.

Gold lost 1.5% to $1070 an ounce and the benchmark 10-year Treasury edged down to 2.236% from 2.274% in the previous session.

The US dollar managed to hold its gains against most other major currencies. Boosted by a clump in oil prices, USD/CAD surged 1.0% to 1.3504. EUR/USD was down by 0.5% landing at 1.0835, NZD/USD lost 1.6% to 0.6638, while AUD/USD was down by 1.0% to 0.7265. The pair remains on the upside and is currently trading around the over-lapping 20-period (30-minute chart) and 50-period intraday moving averages. Meanwhile, the relative strength index is hovering around the neutrality level of 50. As long as the bullish intraday outlook is maintained and 122.90 acts as key support, the pair is expected to break out the first upside target at 123.55 (around the high of December 3).

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 123.50 and the second target at 123.75. In the alternative scenario, short positions are recommended with the first target at 122.75 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 122.50. The pivot point is at 122.90.

Resistance levels: 123.50 123.75 124

Support levels: 122.70 122.50 122.25

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Technical analysis of USD/CHF for December 08, 2015

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USD/CHF is expected to trade with a bearish bias as key resistance is seen at 1.0035. The pair is still under pressure below its major resistance of 1.0035, which has been tested several times, and also holds on the upside. A bearish cross between the 20-period and 50-period moving averages has been identified (a strong negative signal). Moreover, the relative strength index broke out below its neutrality area of 50. Hence, as long as the resistance at 1.0035 is not surpassed, the risk of a breakout below 0.9945 remains high.

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 0.9945. A break of that target will move the pair further downwards to 0.9870. The pivot point stands at 1.0035. 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 1.0150 and the second target at 1.0175.

Resistance levels: 1.0115 1.0175 1.0245

Support levels: 0.9945 0.9870 0.9810

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Technical analysis of NZD/USD for December 08, 2015

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NZD/USD is under pressure at the moment. The pair fell below its previous key support of 0.6685 yesterday, and is likely to test 0.6605 (the low of December 3) in coming trading hours. Both the 20-period and 50-period moving averages are turning down, and act as resistance as well. Furthermore, the relative strength index is badly directed. To sum up, as long as 0.6685 holds on the upside, look for a new decline to 0.6605 and 0.6560.

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 0.6605. A break of that target will move the pair further downwards to 0.6565. The pivot point stands at 0.6685. 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 0.6730 and the second target at 0.6770.

Resistance levels: 0.6730 0.6770 0.6810

Support levels: 0.6605 0.6565 0.6515

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Technical analysis of GBP/JPY for December 08, 2015

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GBP/JPY is expected to trade with a bearish bias at the key resistance of 185.90. The pair is turning down against its key resistance of 185.90. Meanwhile, the intraday relative strength index lacks upward momentum. The first target to the downside is therefore seen at the horizontal support and overlap at 184.55. A breakout below this level would open the way to further weakness toward 183.95.

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 184.55. A break of that target will move the pair further downwards to 183.95. The pivot point stands at 185.90. 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 186.30 and the second target at 186.55.

Resistance levels: 186.30 186.55 187 Support levels: 184.55 183.95 183

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Technical analysis of EUR/JPY for December 8, 2015

General overview for 08/12/2015 09:10 CET

The abc simple corrective cycle had been completed just below the level of 133.30, and so far it did not reach the 100% FiboExt at the level of 133.06. The mentioned low might be an end of a wave 2 as well, but there are some indications of more complex corrective cycle to come in wave 2.

Support/Resistance:

134.60 - Intraday Resistance

133.52 - Intraday Support

133.06 - 100&FiboExp|Weekly Pivot|

131.56 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current market levels with tight SL and TP at the level of 132.52.

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Technical analysis of USD/CAD for December 8, 2015

General overview for 08/12/2015 08:40 CET

An anticipated upside breakout finally accursed as the last wave in the cycle was made. The current structure in wave B purple has been labeled as WXYXXZ complex corrective pattern and it looks completed now. Nevertheless, to confirm the top is in place, the market must breakout below the technical support at the level of 1.3456 and head towards the golden trend-line support.

Support/Resistance:

1.3484 - WR2

1.3456 - Technical Support

1.3232 - WR1

1.3362 - Weekly Pivot

1.3310 - WS1

1.3279 - Intraday Support

1.3240 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current levels with tight SL and TP at the level of 1.3456.

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USDX technical analysis for December 8, 2015

The US dollar index has made a bounce, as we expected, reaching the 38% Fibonacci retracement resistance. We expect reversal soon towards the downside and towards new short-term lows after the rejection in the area of 100.

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The price is below the Ichimoku cloud and we have signs of rejection at the 38% Fibonacci retracement. The price should now continue moving lower in order to test last week's lows. Resistance is seen at 99.50 while support is at 97.60.

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The weekly candle remains above the Ichimoku cloud. Weekly support comes at 97.50 where the 38% Fibonacci retracement is found and where we saw prices bouncing last week. If this low is broken, we should expect the index to move lower towards the 50% retracement and even the 61.8% retracement.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for December 8, 2015

Gold prices pulled back yesterday towards $1,070 as we had expected. Now I expect gold prices to bounce towards new highs near $1,100 in the short term.

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Gold prices are above the Ichimoku cloud pulling back to test it after the upward breakout. Holding above the cloud and the kijun-sen (yellow indicator) in the 4-hour chart is a bullish sign. Breaking below it will not be good for bulls. Support is found at $1,070-68. Resistance is seen at $1,090.

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The weekly candles of gold prices remain below the weekly Ichimoku cloud and inside the downward sloping wedge. This implies a long-term trend remains bearish. However, stochastics are oversold and with prices at the lower boundary of the wedge, there is a strong probability of a bounce rather than a resumption of the downtrend.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for December 8, 2015

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Wave summary:

Our call for a rally from a corrective low of 1.6053 (61.8% of the rally from 1.5784 to 1.6490) perfectly worked and we are already trading at near important short-term resistance of 1.6380. A breakout above 1.6380 will confirm a continuation higher to a high of 1.6490 and above here is likely to call for a movement towards 1.7191.

There is a risk that the correction from 1.6490 turns out to be more complex, but both the price and time is enough to push us directly above resistance at 1.6380 and more importantly above 1.6490 for a rally towards 1.7191.

Trading recommendation:

We are long EUR from 1.6065 with stop placed at 1.6045. If you are not long EUR already the buy near 1.6140 or upon a breakout above 1.6380. Use the same stop at 1.6045.

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Elliott wave analysis of EUR/JPY for December 8, 2015

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Wave summary:

EUR/JPY failed to test the leading diagonal resistance-line, which has prolonged the correction from 134.59 and keeps a window open for a deeper correction lower to 132.88 before the next move higher towards 136.69 to the the corrective rally of the wave (i) low at 129.62.

Only a direct breakout above minor resistance at 134.12 will indicate a new test of a high of 134.95 and above here confirming the rally higher towards 136.69.

Trading recommendation:

Our stop at 133.50 was hit for a small loss. We will re-buy EUR at 132.95 or upon a breakout above 134.12 (one order done cancels the other).

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Technical analysis of EUR/USD for December 08, 2015

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When the European market opens, economic news on the Revised GDP q/q, French Trade Balance, and French Gov Budget Balance is due to be released .The US will unveil economic data on the IBD/TIPP Economic Optimism, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0885.

Strong Resistance:1.0879.

Original Resistance: 1.0868.

Inner Sell Area: 1.0857.

Target Inner Area: 1.0832.

Inner Buy Area: 1.0807.

Original Support: 1.0796.

Strong Support: 1.0785.

Breakout SELL Level: 1.0779.

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 major pairs for December 8, 2015

EUR/USD: Since testing the resistance line at 1.0950, the EUR/USD pair has gone down by 150 pips. For the recent bullish breakout not to be a false one, the price needs to continue journeying upwards. Otherwise, the price is likely to go further downwards, which might eventually threaten the bullish stance.

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USD/CHF: Since testing the resistance level of 0.9900, the USD/CHF pair has gone up by 100 pips. For the recent bearish breakout not to be a false one, the price needs to continue journeying downwards. Otherwise, the price will go further upwards, which might eventually threaten the bearish stance.

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GBP/USD: This market has moved downward by 100 pips since last Friday. Even the bullish attempt we saw on Thursday was not strong enough to render the current bearish outlook invalid, since the stance on the GBPUSD is bearish. It is possible that the bearish signal in the market would be sustained.

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USD/JPY: Despite strong movements of major pairs last week, this currency trading instrument merely moved sideways. There were short-term upswings and downswings in the market, which made the market condition great for scalpers and intraday traders. The bias is neutral and it may continue as such until there is a movement of at least 200 pips either upwards or downwards.

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EUR/JPY: This market is currently consolidating, but we might witness a further bullish breakout in the market, since the outlook on the JPY pairs is bright for December. There is a Bullish Confirmation Pattern in the market. The price might still go further upwards despite occasional consolidations and pullbacks.

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Daily analysis of USDX for December 08, 2015

The USDX has been recovering after a decline held until the support level of 97.60. Now it's looking for an opportunity to break the resistance zone of 98.80. A push higher will take this index to the 200 SMA on the H1 chart, which is very close to the level of 99.25. In another scenario, a breakout below the level of 97.60 will expose the USDX to test a low of 97.01. The MACD indicator is entering the neutral territory.

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H1 chart's resistance levels: 98.80 / 99.25

H1 chart's support levels: 97.60 / 97.01

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 98.80, take profit is at 99.25, and stop loss is at 98.34.

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Daily analysis of GBP/USD for December 08, 2015

On the H1 chart, GBP/USD has been weak at the start of this week, as the pair is looking for an opportunity to consolidate again below the 200 SMA. The next support is found around the level of 1.4996 and when a breakout happens there, then we can see another fall towards the support level of 1.4915. Be aware of possible bullish corrective rebounds. The MACD indicator is entering the neutral territory.

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H1 chart's resistance levels: 1.5072 / 1.5122

H1 chart's support levels: 1.4996 / 1.4915

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 1.4996, take profit is at 1.4915, and stop loss is at 1.5079.

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Technical analysis of USD/JPY for December 08, 2015

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In Asia, Japan will release data on the Economy Watchers Sentiment, 30-y Bond Auction, Final GDP Price Index y/y, Bank Lending y/y, Final GDP q/q, and Current Account. The US will release economic data on the IBD/TIPP Economic Optimism, JOLTS Job Openings, on NFIB Small Business Index. 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: 123.92.

Resistance. 2: 123.68.

Resistance. 1: 123.44.

Support. 1: 123.12.

Support. 2: 122.90.

Support. 3: 122.66.

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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USD/CAD intraday technical levels and trading recommendations for December 7, 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% and the depicted short-term uptrend) is needed to enhance the bearish side of the market again.

Trading recommendations:

A valid sell entry can be offered at retesting of the price level of 1.3450 (Fibonacci Expansion 141.0%) which is being tested today. S/L should be located above 1.3530.

On the other hand, 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 1.3300. Initial T/P levels should be placed at 1.3150 and 1.3080.

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Intraday technical levels and trading recommendations for EUR/USD for December 7, 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.

One month 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.

Three weeks ago, daily persistence below the level of 1.0700 (key level) ensured enough bearish momentum towards 1.0550 (prominent monthly low) where a prominent bullish pullback was initiated as anticipated in previous articles.

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

However, bullish fixation above 1.0550 and 1.0700 brought the EUR/USD pair back towards the level of 1.0990 (Sell Entry).

Today, the price level of 1.0830 remains a significant key level to be watched for price actions. Bullish persistence above it brings the EUR/USD pair again towards 1.0990 where a valid sell entry can be offered again.

S/L should be placed above 1.1050.

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Intraday technical levels and trading recommendations for GBP/USD for December 7, 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).

It supported the bearish side of the market in the long term.

A long-term bearish target is projected towards 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 one month ago This bearish tendency was confirmed by the Shooting Star and the bearish engulfing weekly candlesticks of the previous weeks.

Hence, a quick bearish decline towards the weekly demand level at 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Note that another weekly closure below 1.4950 opens the way towards 1.4800 (long-term bearish target).

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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).

That 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. These levels currently 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 then 1.5050 (previous weekly bottom) enhanced further bearish decline towards the weekly demand level of 1.4950 (also corresponding to the lower limit of the depicted channel).

Trading Recommendation:

For conservative traders, a valid buy entry was offered around the weekly demand zone of 1.4950-1.4930.

S/L should be placed below 1.4950. Initial T/P levels should be located at 1.5170 and 1.5300.

On the other hand, risky traders can sell the GBP/USD pair at the price level of 1.5220 if the current bullish pullback persists above 1.5100. S/L should be placed above 1.5300.

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Daily analysis of Silver for December 07, 2015

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Overview

The silver price broke the 14.25 level and it has settled above it, opening the way towards visiting the critical resistance at 14.85 in the upcoming sessions. The price tries to regain the correctional bullish trend, the lines of which you see on the chart. Therefore, we prefer more upside moves in the upcoming sessions, pointing that holding below 14.85 will keep the overall bearish trend valid. It will make the price bounce lower and resume the negative trading that extend to 13.50 then 13.00 levels on the near-term basis. Breaching the 14.85 level will extend silver gains to reach 15.40 directly.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/JPY for December 07, 2015

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Overview

According to the shown H4 chart, a temporary low is formed at 183.96. Initial bias in GBP/JPY is neutral this week. Overall, we are still favoring the scenario that the consolidation pattern from 180.36 has been completed at 188.79. Another fall is expected and movements below 183.96 will target a test of the 180.36/64 support zone. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring a reversal finally. In the longer-term picture, the uptrend from the 116.83 long-term bottom could be topping. There is no confirmation yet, but even in case of another rise, strong resistance is now likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 185.27; (P) 185.75; (R1) 186.39

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