AUD/USD dropping perfectly from our selling area, remain bearish

Price reacted perfectly below our major resistance at 0.7500 (Fibonacci projection, horizontal resistance, Fibonacci retracement) and we expect a continued drop to at least 0.7370 (Fibonacci retracement, Fibonacci projection, horizontal swing low support).

RSI (34) remains below major 61% resistance.

Sell below 0.7500. Stop loss at 0.7557. Take profit at 0.7370.

analytics58480e9d0eb7a.png

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

EUR/USD profit target reached, prepare to turn bullish

Price has dropped perfectly towards our profit target from yesterday. Today we turn bullish above major support at 1.0688 (Fibonacci retracement, horizontal overlap support) where we expect a bounce to at least 1.0808 (Fibonacci retracement, horizontal swing high resistance).

Stochastic (21,5,3) is seeing major support at 9%.

Buy above 1.0688. Stop loss at 1.0623. Take profit at 1.0808.

analytics58480e362c6b0.png

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

USD/CAD intraday technical levels and trading recommendations for December 7, 2016

analytics58480c73f3945.pnganalytics58480c7b01bae.png

On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.

On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) was needed to enhance bearish momentum in the market.

However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.

The USD/CAD pair was trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until bullish breakout took place three weeks ago.

Note that the USD/CAD pair was challenging the upper limit of the depicted flag pattern around 1.3360-1.3400 which failed to apply enough bearish pressure on the pair.

However, significant bearish engulfing weekly candlestick was expressed by the end of the last week indicating strong resistance around 1.3550.

Bearish persistence below the price level of 1.3300 (61.8% Fibonacci Level) is needed to enhance further bearish decline towards 1.3200 and 1.3090.

Otherwise, bullish breakout above 1.3360 will probably liberate a quick bullish movement towards 1.3650 (Low probability).

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

NZD/USD Intraday technical levels and trading recommendations for December 7, 2016

analytics5848098015ab8.png

As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.

During August and September, a consolidation range was established from the price level of 0.7250 up to 0.7350.

Later on October 20, the lower limit of the consolidation range (0.7250) stood as a temporary resistance which initiated a bearish movement towards 0.7100 (lower limit of the depicted channel).

Bullish recovery was expressed around the price level of 0.7100 on October 28. Hence, a double-bottom pattern was expressed on the chart.

Bullish fixation above 0.7250 and 0.7350 was needed to allow further bullish advance towards the projected target of the reversal pattern around 0.7450.

However, significant signs of a bearish reversal were expressed around the upper limit of the price range (0.7350).

The bearish breakdown of 0.7250 (lower limit of the depicted range) enhanced the bearish side of the market towards the price level of 0.7100 (recent bottom of October 28) which was broken as well.

Bearish persistence below 0.7100 allows a quick bearish decline towards 0.6960 (BUY zone) where bullish rejection and a valid BUY entry was expected. All T/P levels were successfully achieved.

On the other hand, the recent bullish pullback towards 0.7120 was considered for selling the NZD/USD pair as it constituted the recent resistance level.

The shooting-star daily candlestick of November 30 enhances this bearish scenario. S/L should be set as daily closure above 0.7150 to minimize the associated risk.

This week, Re-closure below 0.7100 is needed to allow further bearish decline towards 0.7030 and 0.6960.

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

Intraday technical levels and trading recommendations for GBP/USD for December 7, 2016

analytics584803514bfd7.pnganalytics58480359e8b84.png

The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).

Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).

Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why, a bearish projection target would be located around 1.2020.

Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback is being executed towards 1.2700-1.2750.

The current bullish pullback towards the price zone of 1.2700-1.2750 should be considered for a valid SELL entry.

T/P levels should be located at 1.2300 and 1.2100 while S/L should be set as daily closure above 1.2800.

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

Intraday technical levels and trading recommendations for EUR/USD for December 7, 2016

analytics584802aeaea19.png

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the depicted supply levels (note the monthly candlesticks of May, August, and October 2016).

In the longer term, the level of 0.9450 will remain a projected bearish target when the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

analytics584802b668753.png

The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0825 is needed to enhance this bearish scenario.

In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.

Bearish closure below 1.1250 (supply level 1) maintained enough bearish pressure and enhanced the bearish momentum towards the price level of 1.1000 (key level 1).

On November 9, obvious bearish breakdown of the 1.1000 price level occurred (Shooting Star daily candlestick). Moreover, further bearish decline below 1.0825 (Fibonacci Expansion 100%) was expressed.

Bearish persistence below 1.0825 allowed further bearish decline to occur to 1.0570 (demand level) where bullish rejection and a valid BUY entry were expected by the end of last week.

Recent bullish recovery is being manifested on the depicted daily chart.

The price level of 1.0825 (Fibonacci Expansion 100%) constitutes a recent supply level to be watched for a SELL entry if the current bullish pullback persists above 1.0700.

On the other hand, obvious bearish closure below the depicted demand level around 1.0570 allows further bearish decline. The first bearish target would be located around 1.0220.

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

Global macro overview for 07/12/2016

Global macro overview for 07/12/2016:

The eurozone third quarter GDP data was released yesterday and according to the second estimate by Eurostat, the economy expanded 0.3% on a quarterly basis in the Q3, which was in line with the first estimate and analysts' expectations. Moreover, on an annual basis, Q3 GDP growth was revised up to 1.7% from the previously published 1.6% gain. Second-quarter economic growth was also revised up by 0.1% to 1.7%. The advance in the Q3 was mainly driven by household spending (0.2%), and changes in inventories and public sector spending (0.1%). Exports and investment made none contribution to growth, while higher imports cut 0.1% from the final growth figure. In conclusion, all countries in the eurozone grew in the Q3, with Slovenia, Greece, and Portugal showing the highest economic growth.

Let's now take a look at the EUR/USD technical picture at the 4H time frame. The bulls have managed to break out above the technical resistance at the level of 1.0745, but the rally was capped just ahead of 38%Fibo at the level of 1.0807. Currently, the price got back to the support zone at the level of 1.0687 and the market seems to be waiting for a next trigger to resume the downtrend again. In case of a support violation, the next important techncial support is seen at the level of 1.0562.

analytics5847f355bc85c.jpg

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

Gold analysis for December 07, 2016

analytics5847f17f1913e.png

The price of $1,172.00 is the key level on gold. If the price rejects lower from that point, we may see potential testing of $1,165.60. Anyway, if the price breaks an upward channel, gold may visit the level of $1,177.60. The price is trading at the point of control. I found a downward channel and the price is testing the upper diagonal of the channel. Watch for potential selling opportunities. The first downward target is set at the price of $1,165.50. Anyway, if the price breaks the level of $1,172.50, gold may visit the level of $1,177.60 (Fibonacci expansion 61.8%).

Fibonacci pivot points:

Resistance levels:

R1: 1,172.35

R2: 1,177.30

R3: 1,179.80

Support levels:

S1: 1,164.90

S2: 1,162.25

S3: 1,157.50

Trading recommendations for today: Watch for potential selling opportunities. Anyway, if you see an upward breakout of the channel, watch for buying opportunities.

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

Global macro overview for 07/12/2016

Global macro overview for 07/12/2016:

The Gross Domestic Product data from Australia was released overnight and it disappointed global investors. Australian Q3 GDP fell by 0.5% q/q, well below the median forecast of 0.2% contraction. The main reasons behind the negative reading were household spending, house construction, CapEx, and government spending. This is the first negative reading from Australian economy, which is known for being very robust for recession. With the Australian Government looking over its shoulder at the upcoming S&P credit review and maintaining its coveted Triple-A rating, no much help can be expected on the fiscal front.

Let's now take a look at the EUR/AUD technical picture in the daily time frame. The price is still trading below all of the moving averages, but growing bullish divergence between the price and momentum indicator suggests the bounce from the technical support at the level of 1.4142 might get stronger. The next resistance is seen at the level of 1.4510 and 1.4566.

analytics5847ee6b71f5d.jpg

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

EUR/NZD analysis for December 07, 2016

analytics5847eda14a17c.png

Recently, EUR/NZD has been moving downwrads. The price tested the level of 1.5003 in a low volume. I found a trading range between the price of 1.5008 (support) and the price of 1.5155 (resistance). Using the market profile on the 30M time frame, I found today's point of control at the price of 1.5048. It seems like that price around 1.5010 looks like unfair price today and I expect higher price. Watch for potential buying opportunities. Targets are set at the price of 1.5050 and 1.5080.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5130

R2: 1.5160

R3: 1.5215

Support levels:

S1: 1.5020

S2: 1.4990

S3: 1.4935

Trading recommendations for today: Consider buying opportunities.

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

Technical analysis of USD/CAD for December 7, 2016

General overview for 07/12/2016:

The market is slowly trading inside a trading range between the levels of 1.3225 and 1.3356. The downside seems to be limited now as the price can not break out of the dashed blue channel in an impulsive fashion. Please pay attention that the bullish divergence between the price and momentum oscillator supports the bullish view.

Support/Resistance:

1.3235 - Intraday Support

1.3342 - Weekly Pivot

1.3356 - Intraday Resistance

1.3431 - WR1

1.3464 - Wave b High

Trading recommendations:

Day traders should open buy orders only if the level of 1.3356 is clearly violated. Otherwise, the sideways price action does not justify any trade for now.

analytics5847e80a716c4.jpg

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

Technical analysis of EUR/JPY for December 7, 2016

General overview for 07/12/2016:

The market is still trading inside a trading range between the levels of 121.86 and 123.17. It looks like the wave -iv- is unfolding now, possibly in the shape of a triangle. When this corrective structure is completed, then one last wave to the upside remains. The projected target for wave (v) (green) is at the level of 124.00. When the impulsive structure is completed, a larger time frame correction is being expected.

Support/Resistance:

124.00 - WR2

123.17 - Intraday Resistance

122.71 - WR1

121.85 - Intraday Support

120.62 - Weekly Pivot

119.40 - WS1

118.71 - Technical Support

Trading recommendations:

All day traders with open buy orders should prepare to take profits off the table at the current levels (or wait for the level of 124.00 to be hit) and wait for another trading setup to occur shortly.

analytics5847e77b1e66e.jpg

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

Technical analysis of NZD/USD for December 07, 2016

NZDUSDH1.png

Overview:

  • The NZD/USD pair faced a strong resistance at the level of 0.7169, while minor resistance is seen at 0.7146.
  • Support is found at the levels of 0.7093 and 0.7069. Besides, it should be noted that a daily pivot point has already set at the level of 0.7127.
  • The NZD/USD pair is still moving around the key level at 0.7127, which represents a daily pivot in the H1 time frame at the moment.
  • So, the trend continued to move upwards from the level of 0.7100. The pair rose from the level of 0.7169 (this level of 0.7169 coincides with the double bottom) to the top around 0.7169.
  • In consequence, the NZD/USD pair broke resistance, which turned into strong support at the level of 0.7093.
  • The level of 0.7093 is expected to act as major support today. From this point, we expect the NZD/USD pair to continue moving in the bullish trend from the support level of 0.7093 towards the target level of 0.7169.
  • If the pair succeeds in passing through the level of 0.7169, the market will indicate the bullish opportunity above the level of 0.7169 in order to reach the second target at 0.7200.
  • However, if a breakout happens at the second support level of 0.7069 (S2), then this scenario may be invalidated.

Intraday technical levels:

  • R3: 0.7230
  • R2: 0.7200
  • R1: 0.7169
  • PP: 0.7031
  • S1: 0.7093
  • S2: 0.7069
  • S3: 0.7047
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for December 07, 2016

1481103994_USDCHFH4.png

Overview:

  • The trend of the USD/CHF pair's movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. According to the previous events, the price is still moving between the levels of 1.0062 and 1.0200. Besides, the weekly resistance and support are seen at the levels of 1.0062 and 1.0200 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Yesterday, the market moved from its bottom at 1.0062 and continued to rise towards the top of 1.0100. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.6558, the market will indicate a bearish opportunity below the strong resistance level of 1.0150. Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0150 with the first target at 1.0062. If the trend breaks the support level of 1.0062, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9953 in order to test the daily support 2 (horizontal green line). We still prefer a bearish market as the trend will not be able to break the last major resistance of 1.0200. So, the major resistance has already set at the point of 1.0200 for that you should place your stop loss above the last bullish wave.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USDX for December 7, 2016

The US dollar index canceled the bearish flag formation and bounced towards the breakdown area of 100.60-100.70 for a back test. There we also find the first important short-term resistance of the 38% Fibonacci retracement.

analytics5847c67dc8b13.jpg

Blue lines - trend-line resistance (previous support)

The US dollar index is testing the 38% Fibonacci retracement resistance level. The price is below the Ichimoku cloud on the 4-hour chart. The price is back testing the broken blue trend line that was once support. The short-term support is at 100.

analytics5847c77fd61ac.jpg

Green line - trend-line support

The US dollar index has reached the 61.8% Fibonacci retracement of the entire decline from 2001. The price shows initial rejection signs, but it is still too early in the month and we have two important central bank meetings ahead. Both the Fed and the ECB policies and announcements will directly affect the trend here: it will either reverse the bearish monthly picture or reinforce the downward momentum from the start of the month.

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

Technical analysis of GBP/JPY for December 07, 2016

GBPJPYM30.png

GBP/JPY is under pressure. The technical picture of GBP/JPY is negative. The pair is trading below its 50-period moving average, which plays a resistance role. Additionally, the 20-period moving average crossed below the 50-period one, which is negative. The relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 146 holds on the upside, look for a further drop toward 143.45 and even 142.70 in extension.

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 143.45. A break below this target will move the pair further downwards to 142.40. The pivot point stands at 146.00. In case the price moves in the opposite direction and bounces back from the support level, it will go 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 146.70 and the second one at 148.

Resistance levels: 146.70, 148, 149

Support levels: 143.45, 142.70, 142

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

Technical analysis of gold for December 7, 2016

The gold price remains near its lows while still trading inside the bearish channel. There is no reversal confirmation yet. The trend remains bearish. A long-term view remains optimistic supposing that a trend reversal will occur soon.

analytics5847c559a1206.jpg

Black lines - bearish channel

Short-term support is at $1,159 and short-term resistance is at $1,190. The trend remains bearish. The price is below the Ichimoku cloud and inside the bearish channel. Oscillators are diverging.

analytics5847c5b3aa360.jpg

Weekly gold candle is at the lower boundary of the Ichimoku cloud and at the 61.8% Fibonacci retracement. This is an important support and a possible turn point. Next important support is at $1,120, but out and below the weekly Kumo (cloud). Bulls need a lot of work to do to turn this around. I still expect that traders should be patient and wait for a reversal confirmation signal.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for December 7, 2016

EUR/USD: The EUR/USD pair was engaged in a bearish correction yesterday, though there is still a "buy" signal in the market. The EMA 11 is still above the EMA 56, and the Williams' % Range period 20 is often around the overbought area. The bullish signal is supposed to continue.

1.png

USD/CHF: The bearish signal on this pair remains valid, though price has been consolidating in the near term. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is not far from the oversold area. Price is supposed to continue dropping when momentum returns to the market.

2.png

GBP/USD: The Cable pulled back yesterday in the context of an uptrend. Unless price goes below the accumulation territory at 1.2550, the bullish bias would remain intact. From this point, GBP/USD is expected to turn upwards again, as it targets the distribution territories at 1.2700, 1.2750, and 1.2800.

3.png

USD/JPY: This pair has consolidated so far this week in the context of an uptrend. There is a Bullish Confirmation Pattern in the market and a rise in momentum should end up favoring the extant bullish outlook, for the outlook is also bullish for this week. The supply levels at 114.50, 115.00, and 115.50 remain the bullish targets for the week.

4.png

EUR/JPY: This currency trading instrument is still in a bullish mode, as price has gone upwards significantly this week, allowing a strong Bullish Confirmation Pattern to hold in the market. Bulls might be able to target the supply zones at 122.50, 123.00, and 123.50 before the end of this week.

5.png

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

Technical Analysis of the US Dollar Index for December 07, 2016.

Technical outlook and chart setups:

The US Dollar Index is seen to be retracing lower after having printed highs at 102.05 levels on November 23, 2016. Please note that the index has not hit fresh highs on Monday while its counterpart EUR/USD has printed a fresh high. This already is seen as a divergent scenario and price may still continue retracing. Please note that the index seems to form a bottom around 99.70 levels going forward. The index looks to be into its last corrective leg that began from 101.50 levels earlier this week. Furthermore, it is seen to be reacting in a bearish manner from fibonacci 0.382 resistance level of wave 3 as depicted here. Immediate resistance is seen at 100.70 levels, while support is at 100.00 levels respectively.

Trading recommendations:

Remain short with stop above 100.80, with target of 99.70 levels.

Good luck!

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

Elliott wave analysis of EUR/NZD for December 7, 2016

analytics5847a8e9310d6.png

Wave summary:

We continue to look for more upside towards 1.5266 and above here. It confirms that the ending diagonal completed with the test of 1.4737 and that a rally back to the origin of the ending diagonal at 1.5837 is developing.

Short-term support is seen near 1.4937.

Trading recommendation:

We are long EUR from 1.4750 with stop at break-even. If you are not long EUR yet, then buy EUR near 1.4937 and use the same stop at 1.4750

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

EUR/USD Technical Analysis for December 07, 2016.

Technical outlook and chart setups:

The EURUSD pair bounced sharply on December 05, 2016 after forming fresh lows at 1.0500 levels as seen here on a short term time frame (15 minutes). As depicted here, please note that the rally from 1.0500 through 1.0795 levels unfolded into 3 waves. It is quite possible that wave 4 (correction) is now terminated at 1.0695 levels and if this wave structure holds well, the pair should see higher levels going forward. Besides it needs to be noted that the pair is in a counter-trend rally from 1.0500 levels and the same is expected to terminate around 1.0820 or 1.0900 levels respectively. At the moment, prices have bounced off the fibonacci 0.382 support of wave 3, which is a common correlation. Immediate support is seen at 1.0680 levels, while short-term resistance is seen at 1.0810/20 levels respectively.

Trading recommendations:

Remain long now, stop around 1.0650 levels and target is 1.0800 levels.

Good luck!

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

Elliott wave analysis of EUR/JPY for December 7, 2016

analytics5847a7f1571c7.png

Wave summary:

We continue to look for a firm break below minor support at 122.04 and the former top at 121.89 for the decline towards the 118.00 - 118.39 area in wave c of (iv). Once this area has been tested we should see another impulsive rally in wave (v) towards 124.48 to complete wave (v) and 3.

Short-term resistance at 122.93 should cap the upside for the break below support at 121.89 for the expected decline. If resistance at 122.93 fails to cap the upside, we should look directly for a rally towards 124.48.

Trading recommendation:

We sold EUR at 122.04 and will place our stop at 123.00. If you are not short EUR yet, then sell a break below support at 121.89 and use the same stop at 123.00.

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

Technical Analysis of Silver for December 07, 2016.

Technical outlook and chart setups:

Silver found support at $16.20/50 levels on November 23, 2016 and has held those lows since then. The metal is seen to be trading at $16.65/70 levels for now, looking to push higher towards $17.20 and higher levels. Please note that Silver has bounced off the vicinity of fibonacci 0.618 support of the previous rally between $13.60 and $21.13 levels respectively. The wave structure reveals that Silver has potential to push higher towards $21.13 levels at least, provided prices remain above $16.16 going forward. On the flip side, a break below $16.00 would indicate that the metal could test $15.20 before pulling back, though the probability of the latter is smaller. Immediate support is seen through $15.80 level while resistance is at $19.00 level respectively.

Trading recommendations:

Remain long now, stop at $16.10, target is $17.20 and $18.00 levels at least.

Good luck!

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

Gold Technical Analysis for December 07, 2016.

Technical outlook and chart setups:

Gold seems to have formed a meaningful bottom at $1,156.00 level early this week before pulling back higher. The metal is retracing for now and is seen to be trading at $1,167.00 for now. According to the wave structure and fibonacci ratios, the yellow metal should find support at $1,164.00 level as depicted here. An a-b-c corrective drop would also complete there and the metal should be pushing towards $1,188.00 and $1,206.00 levels respectively. The wave structure reveals that the recent rally from $1,156.00 through $1,176.00 levels looks impulse and is followed by a corrective drop. If this wave structure holds well, we should see the metal rallying higher. A push through $1,230.00 and subsequently $1,250.00 levels would indicate that bulls are poised to stay for long. Immediate support is seen at $1,156.00 levels, while resistance is seen at $1,188.00 levels respectively.

Trading recommendations:

Remain long from $1,167.00 and $1,164.00 levels for now, stop just below $1,156.00 and target $1,188.00/$1.206.00 levels.

Good luck!

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

Technical analysis of EUR/USD for Dec 07, 2016

EURUSD.jpg

When the European market opens, some economic data are due today such as Italian Quarterly Unemployment Rate, French Trade Balance, and German Industrial Production m/m. The US will release the economic data too such as Consumer Credit m/m, Crude Oil Inventories, and JOLTS Job Openings. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0766.

Strong Resistance:1.0760.

Original Resistance: 1.0749.

Inner Sell Area: 1.0738.

Target Inner Area: 1.0713.

Inner Buy Area: 1.0688.

Original Support: 1.0677.

Strong Support: 1.0666.

Breakout SELL Level: 1.0660.

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 Dec 07, 2016

USDJPY.jpg

In Asia, Japan will release leading Indicators. The US will also publish some economic data such as Consumer Credit m/m, Crude Oil Inventories, and JOLTS Job Openings. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance 3: 114.69.

Resistance 2: 114.46.

Resistance 1: 114.24.

Support 1: 113.97.

Support 2: 113.74.

Support 3: 113.52.

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 07, 2016

USDX is currently doing a bearish consolidation below the 200 SMA on H1 chart and it remains supported by the 99.98 level. Overall moves are corrective in favor of the bullish bias, as the USDX was in extreme areas around 101.74. However, another corrective attempt could take place towards the 99.39 level. MACD indicator is reaching overbought conditions, which should enable the bearish scenario.

USDXH1.png

H1 chart's resistance levels: 100.68 / 101.74

H1 chart's support levels: 99.98 / 99.39

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 100.68, take profit is at 101.74 and stop loss is at 99.59.

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

Daily analysis of GBP/USD for December 07, 2016

GBP/USD found resistance once again at the 1.2732 level, which is helping to cap further gains on a short-term basis. With that scenario in place, we can expect a decline towards the 200 SMA zone on H1 chart, as corrective moves could take place for the rest of the week. If the pair manages to consolidate below the 1.2625 level, it can test the 1.2568 zone.

GBPUSDH1.png

H1 chart's resistance levels: 1.2732 / 1.2840

H1 chart's support levels: 1.2625 / 1.2568

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2732, take profit is at 1.2840 and stop loss is at 1.2625.

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