USD/CAD intraday technical levels and trading recommendations for December 15, 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 1.3400 and 1.2800.

Few weeks ago, a bearish breakout below the support level of 1.3075 was needed to allow the further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3400 was executed on December 7.

Daily fixation above 1.3400 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 of 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if a bullish pullback occurs soon.

Trading recommendations:

Conservative traders should wait for the USD/CAD pair to retrace towards the zone of 1.3380-1.3400 to have a low risk buy entry. S/L should be placed below 1.3300.

Initial T/P levels should be placed at 1.3500 and 1.3600. The long-term bullish target is projected towards 1.4100.

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Intraday technical levels and trading recommendations for GBP/USD for December 15, 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 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 a 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). Otherwise, another bullish pullback towards 1.5350 should be expected.

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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 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 a further bearish decline towards the weekly demand level of 1.4950 (corresponding to the lower limit of the depicted channel).

A bullish engulfing daily candlestick was expressed around 1.4950 on December 3.

That is why a bullish pullback towards 1.5200-1.5230 and probably 1.5350 should be expected as long as GBP/USD bulls keep moving above 1.5000 and 1.5100.

Trading Recommendation:

A valid buy entry was suggested around the weekly demand zone of 1.4950-1.4930. S/L should be elevated to 1.5100. T/P levels should be located at 1.5000, 1.5170 and 1.5300.

On the other hand, a valid sell entry can be offered anywhere around the supply level of 1.5250-1.5300. S/L should be placed above 1.5350.

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Intraday technical levels and trading recommendations for EUR/USD for December 15, 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 strong bearish rejection, which took the price to the area around the level of 1.1450.

Hence, the long-term projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level of 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.

A daily breakdown of the monthly demand level (1.0550) was needed to expose next bearish target levels at 1.0460. 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 level of 1.1000 remains the significant supply level to offer a valid sell entry. S/L should be placed above 1.1075. Initial T/P levels should be located at 1.0900 and 1.0810.

On the other hand, an obvious daily fixation above 1.1000 opens the way towards 1.1150 where prominent daily bottoms were previously established.

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Technical analysis of USD/JPY for December 15, 2015

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USD/JPY is expected to trade with bearish bias as key resistance is at 121.45. Overnight, US stock indices settled with broad gains, lifted by shares in telecoms and consumer staples sectors. The Dow Jones Industrial Average rose 0.6% to 17,368, the S&P 500 gained 0.5% to 2,021, and the Nasdaq Composite was up 0.4% to 4,952.

Nymex crude oil also rebounded, gaining 1.9% to $36.31 a barrel, while gold was down 1.0% to $1,063 an ounce. Meanwhile, the benchmark 10-year Treasury yield climbed up to 2.225% from 2.139% Friday.

At the same time, the US dollar edged lower as investors positioned for the Federal Reserve's interest rate decision later this week. The Wall Street Journal Dollar Index fell 0.1% to 89.68. EUR/USD was broadly flat at 1.0990, while USD/JPY was up 0.1% to 121.02, while AUD/USD rose 0.8% to 0.7241 and NZD/USD was up 0.5% to 0.6754. The pair sank to as low as 120.30 before posting a rebound overnight. Though it is currently continuing with the rebound and trading above the 20-period (30-minute chart) and 50-period moving averages, it remains capped by the key resistance at 121.45. As long as 121.35 is not surpassed, the pair is expected to post choppy price actions with a bearish bias. The first downside target is set at 120.30 (yesterday's low) and the second one at 119.60 (last seen on October 22).

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 120.30. A break of that target will move the pair further downwards to 119.60. The pivot point stands at 121.45. 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 121.85 and the second target at 122.25.

Resistance levels: 121.85 122.25 122.70

Support levels: 120.30 119.60 119

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Technical analysis of NZD/CAD for December 15, 2015

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The pair NZD/CAD has been moving up for an extended period of time now, which makes it about 3 months of an uptrend. There is a possibility that bulls are now exhausted. They can give up their long positions which can lead to a correctional wave down.

The reason for that is the double Fibonacci based resistance that has been reached and seems rejected. The price bounced off the 161.8% and 76.4% retracement levels at the same time. Clearly, the resistance is strong and not penetrated. With the given conditions, I would expect a wave down to test one of the Fibonacci (18th October low - 15th December high) retracement levels, either 23.6% (0.9170) or 38.2% (0.9060.

Consider looking for sell opportunities sometime this week, while the price is near 0.9290, targeting one of the above mentioned Fibonacci levels.

Support: 0.9170, 0.9060

Resistance: 0.9350, 0.9290

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Technical analysis of CAD/CHF for December 15, 2015

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After a very heavy drop, CAD/CHF found the bottom near the 0.6900 support area. And then no clear trend was formed. The consolidation might continue and overall, the best strategy during such periods is to buy low and sell high.

Currently, we are witnessing the price being at its low since August 24, 2015 and it is rejecting the ascending channel. At the same time, 38.2% Fibonacci level was broken while the 50% retracement level has not been tested yet.

Consider buying CAD/CHF while it is near the S1 (0.7140) support level, targeting 50% Fibonacci, that is the 0.7770 resistance area. The stop loss should be put slightly below the low of August 24, 2015.

Support: 0.7140, 0.6900

Resistance: 0.7310, 0.7570, 0.7780

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Technical analysis of USD/CHF for December 15, 2015

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USD/CHF is expected to trade with bearish bias. The pair rebounded yesterday, but is still below its key resistance at 0.9910. The intraday technical indicators are mixed and call for caution. A new test of 0.9795 is most likely to occur in the coming trading hours. Only a breakout of this threshold would open the path to 0.9795 and 0.9750.

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 0.9795. A break of that target will move the pair further downwards to 0.9750. The pivot point stands at 0.9910. 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 0.9950 and the second target at 0.9990.

Resistance levels: 0.9950 0.9990 1.0020

Support levels: 0.9795 0.9750 0.97

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Technical analysis of NZD/USD for December 15, 2015

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NZD/USD is expected to trade in a higher range as bias remains bullish. The pair resumed its bullish trend, backed by its rising 20-period moving average. Currently trading at 0.6750, the prices are very close to the resistance at 0.6750, and are expected to test it in sight. The relative strength index is bouncing off its neutrality area at 50, calling for further advance. To sum up, as long as 0.6750 holds on the downside, a new rise is expected to 0.6845 and 0.6880 in extension.

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 0.6845 and the second target at 0.6880. In the alternative scenario, short positions are recommended with the first target at 0.6725 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 0.6685. The pivot point is at 0.6750.

Resistance levels: 0.6845 0.6880 0.6930

Support levels: 0.6685 0.6660 0.6590

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Technical analysis of GBP/JPY for December 15, 2015

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GBP/USD is expected to trade with a bearish bias as key resistance is seen at 184. The pair remains under pressure below the key resistance of 184, which is likely to limit any upward attempts. Both the 20-period and 50-period moving averages are turning down, which indicates a negative signal in the market. In this case, as long as 184 holds on the upside, a new pullback to 182.65 (the previous swing low), and 181.95 seems to be on the cards.

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 182.65. A break of that target will move the pair further downwards to 181.95. The pivot point stands at 184.00. 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 184.50 and the second target at 185.05.

Resistance levels: 184.50 185.05 185.70

Support levels: 182.65 181.95 181.15

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Technical analysis of AUD/USD for December 15, 2015

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Overview:

  • According to the previous events, the AUD/USD pair is going to move between support and resistance today. The support and resistance are placed at the levels of 0.7212 and 0.7298 respectively. The resistance is set at the level of 0.7298. Consequently the market will indicate a bearish opportunity below 0.7298, because the level of 0.7298 is going to act as strong resistance on December 15, 2015. Therefore, sell below this level today with the first target at 0.7212 in order to test the weekly pivot point in the H1 chart. Equally important, if the trend succeeds in closing below 0.7212, then the market will be continuing in downtrend below the weekly pivot point towards the level of 0.7195 with a view to test the double bottom. However, the stop loss should be placed above 0.7300 at the level of 0.7345.
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Technical analysis of USD/CHF for December 15, 2015

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Overview:

  • The USD/CHF pair has still been moving between 0.9801 and 0.9915, but we should noticed that the price set below strong resistance at the levels of 0.9901 (50% of Fibonacci retracement levels in H4 chart). Moreover, these levels are coinciding between 50% and 38.2% of Fibonacci retracement levels in the H4 chart and the pair has already formed a strong resistance at the level of 0.9915. So, now the pair is approaching it in order to test it. Therefore, downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9915, sell below 0.9915 with the first target at 0.9803. It will call for downtrend continues falling towards 0.9803 to try to breaking the weekly support 1. Thus, if the trend is able to break out the weekly support 1 (0.9803), then the level of 0.9676 will be seen.

Intraday technical levels:

  • R3: 1.0075
  • R2: 0.9989
  • R1: 0.9915
  • PP: 0.9844
  • S1: 0.9798
  • S2: 0.9697
  • S3: 0.9558
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Global macro overview for 15/12/2015

Global macro overview for 15/12/2015:

The ZEW Economic sentiment data for Germany was released this morning beating the expectations. The economic sentiment index slightly improved to the level of 16.1 from 15.2 last month and the current situation assessment sub-index improved to the level of 55.0 as well from 54.2 a month ago. ZEW institute head Clemens Fuest commented that the slowdown in emerging markets exerting pressure on German exports and large influx of refugees is a challenge above all. Nevertheless, everything looks good enough to the ZEW survey respondents.

The EUR/USD pair is trading slowly in a tight range ahead of the important US news release tomorrow. The resistance is seen at the level of 1.1059 and next support is seen at the level of 1.0923.

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Global macro overview for 15/12/2015

Global macro overview for 15/12/2015:

he UK inflation data has been released this morning widely disappointing the market. The consumer price index edged higher to the level of 0.1% versus 0.0% a month ago, but the produce index components were all worse than expected. The PPI input lowered to -1.6% versus -1.0% a month ago, and the PPI output came in at -0.2% versus 0.0% a month ago. The inflation then appears to stubbornly stay at lower levels and the BoE targeted level of 2% seems to be far away.

The GBP/USD pair is training inside a tight range ahead of the major market news release from the US on Wednesday. The support level is seen at 1.5107 and resistance is seen at the level of 1.5198.

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EUR/NZD : analysis for December 15, 2015

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Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6170. In the background, the price went down in an ultra-high volume (selling climax), so selling around the level of 1.6180 looks very risky. In the M30 time frame, I found an extended downward channel, and the price is about to break the level of 1.6250. Also, I saw rejection from Fibonacci retracement 61.8% at the level of 1.6150. Major resistance is seen around the level of 1.6540. Intraday resistance is at 1.6350

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6360

R2: 1.6400

R3: 1.6460

Support levels:

S1: 1.6230

S2: 1.6190

S3: 1.6130

Trading recommendations : Selling EUR/NZD at this stage looks very risky since the price is testing the major support cluster. Watch for potential buying opportunities on dips.

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Gold analysis for December 15, 2015

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Overview:

Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,058.58 in a high volume. In the daily time frame, I found an inside-bar formation with a support at the level of $1,058.15 and resistance at the level of $1,088.50. The trend is downward in mid and long terms. According to the H1 time frame, we can observe a buying climax with a very wide spread of bars and strong reaction from sellers. I found lower swing highs and rejection from our supply trend line, which is a sign of downward continuation. Our Fibonacci expansion 100% is at the level of $1,063.00 was broken and Fibonacci expansion 161.8% at the level of $1,050.00 is next support.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,072.30

R2: 1,076.50

R3: 1,083.25

Support levels:

S1: 1,058.80

S2: 1,054.60

S3: 1,047.90

Trading recommendations: Watch for selling opportunities. The trend is downward in short and mid terms.

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USDX technical analysis for December 15, 2015

The US dollar index remains weak with new short-term lows ahead, but with the RSI providing a bullish divergence signal combined with the FOMC meeting scheduled for tomorrow. Dollar bears should be very cautious.

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Black lines - downward sloping wedge

Blue line - price projection

The US dollar index is trading inside a downward sloping wedge at the 50% Fibonacci retracement of a rise from 93.80. This is important support. The RSI is also giving a bullish divergence signal as it does not reach lower lows like the price did. With the FOMC meeting taking place tomorrow and these signals, bears should be very cautious.

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Although short-term trend is bearish, the medium- and long-term trend remains bullish as the weekly chart remains above the weekly Ichimoku indicators and above the weekly cloud. Weekly support levels are found at 96.50 and at 95.40. I believe that the US dollar index will reverse to the upside and we should expect the US dollar to rally. Important resistance that needs to be broken is seen at 98.

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Gold technical analysis for December 15, 2015

Gold has broken the short-term triangle consolidation to the downside generating a short-term sell signal. Gold price can now move lower towards $1,020-30 to reach a new lower low.

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Green line - support (broken)

Black line - resistance

Gold price is trading below both the support trend line and below the Ichimoku cloud. This is a short-term bearish signal. Unless bulls manage to push prices above $1,080, we should expect more selling pressures towards $1,020-30.

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The weekly chart continues to show the price trading at oversold levels and downside movement is limited to a new low towards $1,020-30. At this point I cannot expect a deep decline below $1,000. The next big move will be to the upside.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for December 15, 2015

General overview for 15/12/2015 07:40 CET

As anticipated yesterday, the price went up just to hit the intraday resistance at the level of 133.33 and after that it was capped. The resistance level is still key one, and in case of any breakout to the upside, highs of the recent post-ECB range will be tested.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.62 - WR1

133.33 - Intraday Resistance

133.11 - Weekly Pivot

132.48 - Intraday Support

132.12 - 50%Fibo

Trading recommendations:

Day traders should consider placing sell orders only from the level of 133.33 with tight SL and TP at the level of 132.47 and 132.12.

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Technical analysis of USD/CAD for December 15, 2015

General overview for 15/12/2015 07:30 CET

The market had reached marginal new high, but then reversed quickly. The intraday support level of 1.3677 acted the support line as the price bounced from this level. A decline towards the support level was impulsive and the whole trend looks mature now as all five waves present. Please notice the bearish divergence supports the view that the top for the wave B purple is in place. To confirm the top is in place, the market must break below the technical support level of 1.3621.

Support/Resistance:

1.3779 - Intraday Resistance

1.3679 - Intraday Support

1.3646 - Weekly Pivot

1.3621 - Technical Support

Trading recommendations:

Swing traders should consider closing long-term buy orders as the cycles in the higher time frames suggests possible completion of the five wave impulsive development and an imminent corrective cycle.

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Technical analysis of Silver for December 15, 2015

Technical outlook and chart setups:

Silver continues moving in the downtrend hitting lower lows and lower highs. A low of $13.63 was reached yesterday. The metal needs to move above at least $14.00 and $14.60 subsequently to confirm that bulls are back in control. It is recommended to remain flat now and wait for further bullish evidence. Immediate support is seen at $13.63 follower by $13.00 and lower, while resistance is seen at $14.00 followed by $14.60 and higher. A good sign is a bullish divergence appearing on the daily chart, which indicates that reversal is near.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for December 15, 2015

Technical outlook and chart setups:

Gold dropped to the level of $1,058.00/59.00 yesterday before pulling back higher again. The metal is trading at the level of $,063.00 at the moment looking for an opportunity to break above the level $1,080.00. The yellow metal is trading within a channel after having broken out of immediate trend-line resistance. Please note that the metal is still holding its Fibonacci 0.618 support and a push to $1,080.00 would confirm prices moving further up to $1,115.00. It is hence recommended to hold long positions taken earlier with risk at the levels of $1,043.00. Immediate support is seen at $1,057.00, while resistance is seen at $1,080.00.

Trading recommendations:

Remain long with stop at $1,043.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for December 15, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 133.20/30 after bouncing from 132.50 yesterday. The pair tested its immediate resistance trend line as seen here dropping lower. Bearish reversal is taking place now, prices are expected to drop below the level 132.50. It is hence recommended to initiate 50% short positions now with risk around 134.80. Immediate support is seen at the level of 132.50 followed by 131.00 and lower, while resistance is seen at 134.50. Bears should remain in control until prices stay broadly below the level of 134.50.

Trading recommendations:

Initiate 50% short positions with stop at 134.80, a target is open.

Good luck!

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Daily analysis of major pairs for December 15, 2015

EUR/USD: This pair is making attempts to go above the important resistance line at 1.0000. With the ongoing buying pressure observed in the market, the price could go above the resistance line this week. One thing should be noted, we may witness some weakness in the EUR/USD pair before the end of this month.

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USD/CHF: The USD/CHF pair faces two challenges: the euro is strong and the Swiss franc could potentially rally before the Christmas Eve. Nonetheless, the USD might rally against other currencies. The price moved a bit lower on Monday, and this could be sustained today.

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GBP/USD: This currency trading instrument came down by 100 pips on Monday, though there is no threat to nascent bullish signals in the market. The price would need to go below the accumulation territory of 1.5000 before it can be said that the bullish bias is over. Unless that happens, the price is likely to go upwards again. Therefore, any shallow pullbacks like this could potentially be a "buy" signal.

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USD/JPY: The USD/JPY pair traded lower on Monday underlining the ongoing weakness in the market. The demand level of 120.50 was tested and it could be tested again. In case that demand level is breached to the downside, the next target would be the demand level at 120.00. Serious weakness in the yen is needed for the bearish trend to reverse.

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EUR/JPY: The EUR/JPY pair merely consolidated on Monday. There was nothing significant. The price can continue trading lower, which may threaten the bullish bias. This is called a consolidation to the downside; the yen loses stamina.

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Technical analysis of GBP/CHF for December 15, 2015

Technical outlook and chart setups:

The GBP/CHF pair hit another low of 1.4817 yesterday before pulling back sharply through the level of 1.4950. It seems that the pair has formed a base right at the trend line passing the level of 1.3800 according to the daily setups. It should be now poised to extend to 1.5000 immediately before producing any meaningful retracement. It is therefore recommended to remain long with risk at the level of 1.4700. Immediate support is seen at 1.4800 (interim) followed by 1.4750 and lower, while resistance is seen at 1.5030.

Trading recommendations:

Remain long with stop at 1.4700, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for December 15, 2015

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Wave summary:

We still think that a low of wave [ii] was found at 1.6142 and that wave [iii] is unfolding higher towards 1.7191 as the first major target for wave [iii]. In the longer term higher levels should be seen. However, a deeper decline from 1.6445 can not push the pair below a low of 1.6142 as this will invalidate the short-term count.

To indicate that wave [ii] is over a breakout above minor resistance at 1.6277 is needed, while a breakout above resistance at 1.6336 is needed to confirm that wave [ii] has ended and wave [iii] higher towards 1.7190 is developing. while a break above resistance at 1.6336 is needed to confirm that wave [ii] has ended and wave [iii] higher towards 1.7190 is developing.

Trading recommendation:

Our stop at 162.10 was hit for a small loss. We will only buy on a breakout above 1.6277 and place stop at 1.6140.

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Elliott wave analysis of EUR/JPY for December 15, 2015

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Wave summary:

An anticipated correction in wave b seems to end just before the 50% corrective target at 132.11 (the low of 132.48), a breakout above minor resistance at 133.34 will be the first good indication that wave b is over, while a breakout above resistance at 133.77 will be needed to confirm that wave b is over and wave c is headed higher towards at least 135.34 and even 136.69.

Support is found at 132.80 and should protect the downside for a breakout above 133.34.

Trading recommendation:

We will buy at 132.90 or upon a breakout above 133.77 with stop at 132.40.

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Technical analysis of EUR/USD for December 15, 2015

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When the European market opens, economic news on the Employment Change q/q, ZEW Economic Sentiment, and German ZEW Economic Sentiment is due to be released. The US will publish the data on the TIC Long-Term Purchases, NAHB Housing Market Index, Empire State Manufacturing Index, Core CPI m/m, and CPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1052.

Strong Resistance:1.1046.

Original Resistance: 1.1035.

Inner Sell Area: 1.1024.

Target Inner Area: 1.0999.

Inner Buy Area: 1.0974.

Original Support: 1.0963.

Strong Support: 1.0952.

Breakout SELL Level: 1.0946.

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 15, 2015

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In Asia, Japan will not release any economic data, but the US is expected to unveil data on the TIC Long-Term Purchases, NAHB Housing Market Index, Empire State Manufacturing Index, Core CPI m/m, and CPI m/m. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.72.

Resistance. 2: 121.48.

Resistance. 1: 121.25.

Support. 1: 120.96.

Support. 2: 120.72.

Support. 3: 120.48.

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 15, 2015

The USDX is about to form a kind of double bottom pattern on the H1 chart, the weak bias seems to remain alive as long as the index stays trading below the 200 SMA in this time frame. We can expect a bearish continuation towards the support level of 97.01. An overall structure favors this scenario, but we should remain cautious during this weak, because of the Fed's meeting.

USDXH1.png

H1 chart's resistance levels: 98.14 / 98.80

H1 chart's support levels: 97.60 / 97.01

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 97.60, take profit is at 97.01, and stop loss is at 98.21.

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

Daily analysis of GBP/USD for December 15, 2015

On the H1 chart, the GBP/USD pair is finding dynamic support above the 200 SMA, which is close to the support zone of 1.5122. That's why we would like to see a rebound in coming days, as the GBP/USD pair remains alive with a short-term bullish bias. However, a breakout below the level of 1.5079 will invalidate that scenario. The MACD indicator is oversold.

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H1 chart's resistance levels: 1.5181 / 1.5238

H1 chart's support levels: 1.5122 / 1.5079

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5181, take profit is at 1.5238, and stop loss is at 1.5125.

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

NZD/USD intraday technical levels and trading recommendations for December 14, 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.

Three weeks ago, a bullish engulfing candlestick was expressed around 0.6520.

Two weeks ago, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place.

Temporary bearish rejection should be expected around 0.6700-0.6750 (prominent resistance zone) on the daily chart. Actually, previous bearish rejection had been expressed earlier two weeks ago on Friday.

On the other hand, an estimated projection target for this flag pattern is located at 0.6950 only if the NZD/USD pair manages to keep trading above 0.6750 and 0.6840.

nzdh44.png

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

As anticipated, the NZD/CAD pair found resistance around 0.6690 and 0.6750 providing evident bearish rejection.

For conservative traders, a valid buy entry was suggested around 0.6600 (corresponds to the depicted uptrend and the upper limit of the broken consolidation range). S/L should be elevated to 0.6680 to secure some of the achieved profits.

The level of 0.6750 remains a significant resistance level to offer bearish rejection similar to what happened back on December 4.

On the other hand, bullish fixation above 0.6750 and 0.6780 (previous daily high) exposes the next resistance level that comes to meet the NZD/USD pair around 0.6850.

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

USD/CAD intraday technical levels and trading recommendations for December 14, 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 1.3400 and 1.2800.

Few weeks ago, a bearish breakout below the support level of 1.3075 was needed to allow the further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3400 was executed on December 7.

Daily fixation above 1.3400 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 of 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if bullish pullback occurs soon.

Trading recommendations:

Conservative traders should wait for the USD/CAD pair to retrace towards the zone of 1.3380-1.3400 to have a valid buy entry. S/L should be placed below 1.3300.

Initial T/P levels should be placed at 1.3500 and 1.3600. The long-term bullish target is projected towards 1.4100.

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