NZD/USD intraday technical levels and trading recommendations for December 24, 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.

On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.

Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800 initially.

A temporary bearish rejection was expected around 0.6750 and 0.6840 (daily resistance levels) in the daily chart. Actually, an earlier bearish rejection was expressed two weeks ago on Friday.

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

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Two weeks ago, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick on the H4 chart.

Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing evident bearish rejection.

For the NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponding to the depicted uptrend and the upper limit of the broken consolidation range).

The level of 0.6840 remains a significant resistance level to offer a valid Intraday sell entry.

Shortly after, a previous bearish fixation below 0.6750 opened the way towards 1.6700 where the depicted uptrend line came to meet the NZD/USD pair.

A valid buy entry was suggested around the level of 0.6700 (the depicted uptrend line as well as a recent support level). It's already running in profits now.

Earlier this week, lack of strong bullish pressure was manifested above 0.6800. That's why, a bearish pullback took place towards 0.6750 where another buy entry can be offered.

S/L should be located below 0.6700. Initial T/P level remains located at 0.6840.

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USD/CAD intraday technical levels and trading recommendations for December 24, 2015

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Overview:

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

A significant bearish rejection was observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3400.

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

A bullish breakout above 1.3400 (the upper limit of the recent consolidation range) was performed on December 7th.

Daily fixation above 1.3400 enhances the bullish side of the market.

A bullish visit towards the next resistance level of 1.4100 (Fibonacci Expansion 100%) should be expected.

A significant bearish rejection and valid sell entry should be expected around this price level.

On the other hand, the price zone around 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if a bullish pullback occurs soon.

Trading recommendations:

A counter-trend sell position can be offered around 1.4100 (Fibonacci Expansion 100%) for risky traders if enough bearish rejection is expressed at retesting.

On the other hand, conservative traders should wait for the USD/CAD pair to retrace towards the zone of 1.3380-1.3400 looking for a low-risk buy entry. S/L should be placed below 1.3300.

The Iinitial 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 24, 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 was providing the GBP/USD pair with a significant resistance.

The 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 a long-term perspective.

A long-term bearish target is projected towards the level of 1.4800 for this reversal pattern.

The previous demand level of 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken to the downside 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 of 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Note that the previous weekly closure below 1.4950 opened the way towards 1.4800 (a long-term bearish target).

On the other hand, a bullish closure again above 1.4950 brings another bullish pullback towards 1.5350 especially after the obvious bullish rejection was expressed near 1.4800.

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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 20th.

Bearish persistence below 1.5200 and then below 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 earlier this month on December 3rd.

A bullish pullback towards 1.5200-1.5230 was expressed as the GBP/USD pair managed to hold above 1.5000 and 1.5100.

Last week, a significant bearish rejection was expressed around 1.5230. Many bearish engulfing daily candlesticks had been already expressed. The level of 1.4950 is the key level to be watched for new sell entries if bullish pullback occurs.

As suggested in the previous article, the price zone of 1.4800-1.4830 (the lower limit of the depicted channel) can offer a valid buy entry. The expected bullish target (1.4950) is being approached today.

Trading Recommendation:

Risky traders can sell the GBP/USD pair at retesting of the broken demand level at 1.4950. S/L should be set as a daily closure above 1.4960.

The initial bearish target would be located at 1.4850 where the lower limit of the depicted channel is located.

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Intraday technical levels and trading recommendations for EUR/USD for December 24, 2015

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Previously, 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.

The EUR/USD bears 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 existed around the level of 1.1450.

Hence, a 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 the current month (December).

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On August 24th, 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 pressure. 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 was performed on October 23rd. 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 the current bullish pullback was initiated.

This week, the level of 1.1000 constitutes a significant supply level to offer a valid sell entry.The Head and Shoulders reversal pattern is being established around the depicted supply level.

S/L should be located above 1.1050. Initial T/P levels should be located at 1.0900 and 1.0810.

An obvious bearish closure below 1.0820 (the neckline of the depicted reversal pattern) is needed to allow a further bearish decline towards 1.0730 and 1.0550 again.

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Technical analysis of NZD/CHF for December 24, 2015

The NZD/CHF uptrend has been taking place since August 2015. On the 8th of December, the price finally broke below the ascending channel suggesting that it might start a correctional move down.

The Fibonacci retracement indicator applied to the channel breakout point show that NZD/CHF found the support at the S3 (0.6530) level and the resistance at R1 (0.6740).

While the resistance is unchanged, it is possible to sell NZD/CHF at the current level, targeting one of the support levels, either S1, S2 or S3. The stop loss should be placed above the most recent high (0.6786) reached on the 22nd of December.

Support: 0.6660, 0.6595, 0.6530

Resistance: 0.6740

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Daily analysis of Silver for December 24, 2015

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Overview

Yesterday, silver closed at 14.25, showing some slight bullish bias now, while we notice that stochastic loses its positive momentum gradually to reach the overbought areas. Therefore, we will continue to suggest the overall bearish trend that its next targets located at 13.50 followed by 13.00, reminding you that it is important to keep the daily close below 14.25 to continue the suggested decline. Today, silver is expected to trade in a range between support at 13.70 and resistance at 14.50.

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Daily analysis of GBP/JPY for December 24, 2015

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Overview

The breach of 180.36 suggests the whole decline from 195.86 is resuming. An intraday bias is staying on the downside for the next 174.86 key support level. A break there will indicate a larger trend reversal. On the upside, above 182.12 minor resistance will turn into neutral bias and bring consolidations first. Besides, 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 the 200 psychological level. 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'll be cautious about strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 179.83; (P) 180.52; (R1) 181.10;

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EUR/NZD : analysis for December 24, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6070. We can observe low volatily due to bank holidays.In the daily time frame, I found a weak supply bar. In the H4 time frame, I found a strong head-and-shoulders confirmed formation (a broken neckline). The price again broke the 200 SMA. Be careful when buying EUR/NZD at this stage since lower prices are expected. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070 (broken), Fibonacci expansion 100% is at the level of 1.5840, and Fibonacci expansion 161.8% is seen at the level of 1.5470.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6120

R2: 1.6155

R3: 1.6210

Support levels:

S1: 1.6010

S2: 1.5980

S3: 1.5925

Trading recommendations : Buying EUR/NZD looks very risky at this stage since the price confirmed a head-and-shoulders formation. Watch for potential selling opportunities.

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Gold : analysis for December 24 , 2015

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Overview:

Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,074.27. In the daily time frame, I found a weak supply bar, which is a sign that selling looks risky. The short-term trend is upward. In the 30M-time frame, we can observe successful re-testing of our channel, which made a good buy point around the price of $1,072.00. I have placed Fibonacci retracement and Fibonacci retracement 61% is at the price of $1,070.00.The first resistance is seen at the level of $1,080.00 and second at $1,088.70. Key price action resistance is around the price of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,073.80

R2: 1,075.00

R3: 1,077.10

Support levels:

S1: 1,069.80

S2: 1,068.50

S3: 1,066.50

Trading recommendations: Watch for potential buying opportunites, selling looks risky.

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Global macro overview for 24/12/2015

Global macro overview for 24/12/2015:

A set of worse than expected data from Canada was released yesterday and they all missed expectations. The retail sales were at the level of 0.1% vs. 0.4%, but were still better than -0.4% a month ago. The core retail sales were at the level of 0% vs. 0.4% expected and still better than -0.4% a month ago. At last, the GDP for October showed 0% growth vs. 0.2% expected, but still better than -0,5% a month ago. All data are pointing out a slight increase in sales and GDP, but the figures still do not meet the market expectations making the economic growth sluggish and slow. The outlook for Canada does not look brighter either as the majority of fundamental analysts foresee another big wave of sell of in crude oil prices. This is a very important forecast to a commodity currency like the Canadian dollar. It might push the USD/CAD pair even higher next year.

Currently, the daily technical picture of the USD/CAD pair is still in favor of bulls as the pair is trading above the upper channel boundary, consolidating just under the important resistance at the level of 1.4000.

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Global macro overview for 24/12/2015

Global macro overview for 24/12/2015:

According to the data released last night, the New Zealand trade deficit shrank more than expected in November (-779M vs. -812M expected). The exports (4.08 vs. 3.90 expected) were driven by a 23% advance in meat and edible offal exports. Imports ( 4.85 vs. 4.76 expected) were also stronger, driven by a 42% increase in capital goods and a 19% surge in consumer goods. Goods shipped for China surged 17% on year in November, led by a 25% surge in milk powder, whereas exports to Australia dropped 4.1%. The deterioration in export income comes due to continuous weakness in global dairy prices as they have plummeted over 50% since 2015 peak.

The NZD/USD pair is trading inside the rising channel, just shy of important technical resistance at the level of 0.6837.

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Technical analysis of EUR/JPY for December 24, 2015

General overview for 24/12/2015 09:30 CET

The wave a of the last leg of a corrective abc pattern has been formed and now wave b purple is in progress. This means that one more low will be reached below the level of 131.04. Please notice that the invalidation line or the whole structure is seen at the level of 129.65.

Support/Resistance:

134.82 - WR2

134.57 - Swing High

133.11 - WR1

132.76- Intraday Resistance

132.06 - Weekly Pivot

131.48 - Intraday Support

130.68 - WS1

129.65 - Invalidation Level

Trading recommendations:

Day traders should consider placing sell orders from the current market levels with SL above the level of 132.76 and TP at the level of 131.20.

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Technical analysis of USD/CAD for December 24, 2015

General overview for 24/12/2015 09:20 CET

As indicated yesterday, slow and quiet trading is unfolding before Christmas as the market is still inside the daily range. The intraday support at the level of 1.3849 is being tested currently. Further development in the corrective wave 4 black is anticipated with a potential target at the level of 1.3677.

Support/Resistance:

1.4100 - WR1

1.4000 - Intraday Resistance

1.3888 - Weekly Pivot

1.3847 - Intraday Support

1.3776 - WS1

Trading recommendations:

Take profit level has been hit and profits were made. Currently, day traders should consider to refrain from trading and wait for better trading setup to occur.

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Daily analysis of major pairs for December 24, 2015

EUR/USD: Though the movement on the EUR/USD pair looks deceptive, long trades would be rational on it. This is because the EMA 11 is above the EMA 56 and the Williams' Percentage Range is not far from the overbought region. It is even sloping upwards. There is a strong likelihood that the resistance lines of 1.0950 and 1.0000 will be reached within the next several trading days.

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USD/CHF: This pair has only consolidated so far this week, owing to the perceived quietness in the market. This week, the price has oscillated between the resistance level of 0.9950 and the support level of 0.9850. A break out of this trading range may be possible next week because a serious movement is anticipated.

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GBP/USD: The Bearish Confirmation Pattern on the GBP/USD pair is very strong, and it can hold out, despite the current shallow rally in the market. This kind of rally should be seen as another opportunity to go short while the outlook on the market remains bearish. A further bearish movement is expected soon (most probably next week).

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USD/JPY: The USD/JPY pair remains steady – consolidating to the downside in the context of a downtrend. The price is now below the supply level of 121.00, targeting the demand level of 120.50. Since weak trading activity is expected today, the price would not go downwards significantly.

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EUR/JPY: This cross went upwards on Monday and Tuesday, but came down on Wednesday, reinforcing the bearish pressure in the market. The demand zone of 131.50 has been tried and it can be retried, in spite of the upwards bounce that is currently happening (a bullish candle).

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Technical analysis of USD/CHF for December 24, 2015

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Trading recommendations:

  • The resistance of the USD/CHF pair has already set at 0.9937 on December 24, 2015. Moreover, the double top sets at the level of 0.9978. Thus, we expect a range of 97 pips today because usually the last day of a week shows high volatility. Therefore, it will be quite profitable to sell below this level (0.9978) for retesting this level in the short term. Hence, sell deals are recommended below the level of 0.9978 with targets at 0.9908 (the level of 0.9908 is representing the first support) and 0.8979 to reach the second support. Additionally, the descending movement will probably be lower than the 0.9862 level with the target at the double bottom. The double bottom sets at the level of 0.9862 and also coincides with the major support today.

Observations:

  • The resistance will be set at the level of 0.9970 and the support has already been placed at the price of 0.9862.
  • We expect a new range about 232 pips this week.
  • The key level will set at the level of 0.9910.
  • The level of 0.9978 is going to represent the double top.
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Technical analysis of GBP/USD for December 24, 2015

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Overview:

  • The GBP/USD pair closed below the resistance which represents the weekly daily point at the level of 1.4960. Additionally, the market was in a downtrend two days ago. Besides, it should be noted that the price has already broken most of Fibonacci retracement levels. Therefore, the market will probably indicate a bearish opportunity at the level of 1.4955. The price has still been moving between the price of 1.4955 and the 1.4763 level in the short term. Meanwhile, the area below 1.4968 (above the the ratio of 38.2% Fibonacci retracement level on H1 chart) is looking for a further downside with the first target at the 1.4805 level and continue towards 1.4763 in order to test the weekly resistance 1. However, the stop loss should be placed at the price of 1.5019 (above the weekly pivot point).

Notes:

  • It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3. According to the previous events, the GBP/USD pair is going to move between 1.4763 and 1.4998 this week.
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Daily analysis of USDX for December 24, 2015

On H1 chart, USDX is finding strong support at the 98.14 level, where a rebound is expected to re-test the resistance level of 98.66. We should remind you that a higher rally is expected to try a bullish consolidation ahead of the New Year Eve. However, if the index manages to break the 98.14 level, then it's possible to do a decline towards the 97.86 level. MACD indicator is entering the neutral territory.

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H1 chart's resistance levels: 98.66 / 99.19

H1 chart's support levels: 98.14 / 97.16

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 98.66, take profit is at 99.19, and stop loss is at 98.14.

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Daily analysis of GBP/USD for December 24, 2015

GBP/USD managed to regain some losses during the start of this Christmas week and now we can see a bullish consolidation above the support level of 1.4852. A rally is expected to test again the 200 SMA on H1 chart. Around that zone, we should expect a pullback to resume the overall bearish bias. MACD indicator is entering the negative territory.

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H1 chart's resistance levels: 1.4918 / 1.4999

H1 chart's support levels: 1.4852 / 1.4802

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4852, take profit is at 1.4802, and stop loss is at 1.4902.

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Daily analysis of GBP/JPY for December 23, 2015

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Overview

The tight rage controls silver price trading since yesterday, which fluctuates near the critical resistance at 14.25, as long as the price below this level, so we keep preferring the bearish trend on the short term basis, waiting for targeting 13.50 then 13.00 levels initially. You should be aware that stochastic and the EMA50 positive, which might push the price to attempt to stop the suggested negative scenario and head towards achieving some gains on the intraday and short term basis. Silver price didn't show any strong move since morning, therefore, there is no change on the overall bearish trend scenario that depends on the stability of the daily close below 14.25 level, we might witness more of the sideways fluctuation affected by stochastic and the EMA50 positivity, reminding you that our main targets begin at 13.50 then 13.00.

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NZD/USD intraday technical levels and trading recommendations for December 23, 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.

On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.

Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800 initially.

A temporary bearish rejection was expected around 0.6750 and 0.6840 (daily resistance levels) in the daily chart. Actually, an earlier bearish rejection was expressed two weeks ago on Friday.

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

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Two weeks ago, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick on the H4 chart.

Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing evident bearish rejection.

For the NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponding to the depicted uptrend and the upper limit of the broken consolidation range).

The level of 0.6840 remains a significant resistance level to offer a valid Intraday sell entry.

Shortly after, a previous bearish fixation below 0.6750 opened the way towards 1.6700 where the depicted uptrend line came to meet the NZD/USD pair.

A valid buy entry was suggested around the level of 0.6700 (the depicted uptrend line as well as a recent support level). It's already running in profits now.

This week, lack of strong bullish pressure was manifested above 0.6800.

That's why, a bearish pullback is taking place towards 0.6750 where another buy entry can be offered. S/L should be located below 0.6700. Initial T/P level remains located at 0.6840.

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Daily analysis of GBP/JPY for December 23, 2015

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Overview

GBP/JPY's fall is still in progress and intraday bias remains on the downside. As was noted before, the fall from 195.86 has just resumed and will target the key support level of 174.86 . A break will indicate a larger trend reversal. On the upside, above the minor resistance of 182.12, the bias will turn neutral and bring consolidations first. The breach of the medium-term support is taken as a sign of the trend reversal. This is supported by a bearish divergence condition in the weekly MACD. Also, 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 the 200 psychological level. Break of 174.86 will confirm the 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'll be cautious on the strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 178.79; (P) 179.70; (R1) 180.38;

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