Gold analysis for December 13, 2016

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Recently, gold has been moving sideways at the price of $1,159.60. According to the 30M time frame, price is trading below 21 SMA and Gold may visit yesterday's low at the level of $1,151.30. According to market profile analysis, yesterday's point of control is set at the price of $1,157.15. If the price is rejected from the point of control, Gold may test $1,165.50.

Resistance levels:

R1: 1,164.30

R2: 1,166.90

R3: 1,171.50

Support levels:

S1: 1,155.60

S2: 1,153.40

S3: 1,149.20

Trading recommendations for today: Watch the price action around point of control to confirm a further direction.

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EUR/NZD analysis for December 13, 2016

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Recently, EUR/NZD has been moving sideways around the price of 1.4725. My analysis from yesterday is still valid. According to the 30M time frame and using the market profile, I found today's point of control at the price of 1.4780. I also found a trading range between the price of 1.4815 (resistance) and the price of 1.4715 (support). My advice is to watch for a potential breakout of support to confirm downward continuation. The trend is bearish. If the price breaks the support, EUR/NZD may visit the level of 1.4580 (Fibonacci expansion 61.8%).

Fibonacci Pivot Points:

Resistance levels

R1: 1.4810

R2: 1.4830

R3: 1.4860

Support levels:

S1: 1.4750

S2: 1.4730

S3: 1.4700

Trading recommendations for today: Watch for a potential breakout of a trading range to confirm a futher direction. A short-term trend is downward.

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Global macro overview for 13/12/2016

Global macro overview for 13/12/2016:

The ZEW Economic Sentiment indicator, aggregating economic forecasting group of German institutional investors and analysts for the next six months, increased to 18.1 points, while market participants expected only a slight increase to 16.5 points from 15.8 a month ago. The ZEW Current Situation indicator, which describes the current economic conditions in Germany, rose from 58.8 points in November to a level of 63.5 in December. According to the ZEW Institute, despite the fact that the outlook for the coming months remains at the same level, this recent solid improvement in the assessment of current conditions makes both readings positive. Meanwhile, the economic sentiment for the Eurozone countries improved as well. This ZEW index rose in December to a level of 18.1, clearly exceeding the previous reading of 15.8 and the forecast of 16.8. In conclusion, a bunch of solid data from Germany should help to improve the overall sentiment on the financial market until the FED meeting later this week.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The market is trading just around the weekly pivot at the level of 1.0618 and it looks like bears are in control over this market. The next support is seen at the level of 1.0505 and the next resistnace is seen at the level of 1.0710.

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Global macro overview for 13/12/2016

Global macro overview for 13/12/2016:

The Australian House Price Index data posted overnight turned out to be much worse than investors' expectations. In the third quarter of this year, an average selling price of a residential home in Australia increased by only 1.5% against a forecast of 2.3%. This is not the first confirmation that the situation of the Australian real estate market is not the best. Another important figure for investors was NAB Business Confidence report. This report showed a drop to 5 points, while created by the RBA index measuring overall sentiment rose one notch to 5 points. Analysts at NAB emphasized the poor condition of the retail sector as well as the persistent low level of capital investment. In conclusion, not a great set of data from Australia's housing sector for the last quarter.

Let's now take a look at the AUD/USD technical picture in the daily time frame. The market still tries to challenge the technical resistance at the level of 0.7504, but so far in vain. Moreover, the pair is still trading below all of the moving averages and below the recently broken golden trend line support, so there is still no good news for bulls either. Sideways price action might continue for some time unless a clear violation of technical resistance occurs.

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Technical analysis of USD/CHF for December 13, 2016

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Overview:

  • The USD/CHF pair is still trading between the levels of 1.0064 and 1.0204. Besides, the weekly resistance and support are seen at the levels of 1.0062 and 1.0204 respectively. Besides, it should be noted that history usually repeats itself at certain level. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed, the market moved from its bottom at 1.0062 and continued to rise towards the top of 1.0130. 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. We still prefer a bearish market as the trend will not be able to break the last major resistance of 1.0204. This is confirmed by the RSI indicator signaling that we are still in a bearish trending market. So, the major resistance has already set at the point of 1.0204 for that you should place your stop loss above the last top.
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Technical analysis of NZD/USD for December 13, 2016

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Overview:

  • The NZD/USD pair will continue rising from the level of 0.7153 in the long term. It should be noted that the first support is established at the level of 0.7183 which represents the daily pivot point on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7183. So, buy above the level of 0.7183 with the first target at 0.7200 in order to test the daily resistance 1. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.7200, then the market will call for a strong bullish market towards the objective of 0.7221 today. The level of 0.7221 is a good place to take profits. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.753, a further decline to 0.7110 can occur. It would indicate a bearish market.
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Technical analysis of USD/CAD for December 13, 2016

General overview for 13/12/2016:

After hitting the 78%Fibo at the level of 1.3129 the market is consolidating in a tight range just above the intraday support. The bottom for the wave c (green) still holds the support line. The whole down move is the last part of the big abc correction, so now the market should try to rally higher. To do this, the bulls must break out above the dashed blue channel resistance around the level of 1.3263. A failure there might indicate a further deterioration lower.

Support/Resistance:

1.3061 - WS1

1.3111 - Intraday Support

1.3169 - Intraday Resistance

1.3208 - Weekly Pivot

1.3263 - WR1

1.3412 - WR2

Trading recommendations:

Day traders should consider opening only buy orders with tight SL. Any violation of the level of 1.3169 would indicate a further rally towards 1.3208 first and 1.3263 then.

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Technical analysis of EUR/JPY for December 13, 2016

General overview for 13/12/2016:

The corrective cycle continues with top for the wave b (green) in place. Currently, the market is trading just below the gray supply zone, but still above the golden trend line, so it might attack the recent high at the level of 123.34 any time now. Please notice, that this is wave four in progress, so the correction might evolve to a more complex and time-consuming pattern like a triangle. Sideways price action between the level of 123.34 and 120.89 is expected for now until the correction is completed.

Support/Resistance:

123.34 - Intraday Resistance

121.93 - Intraday Support

121.38 - Weekly Pivot

120.89 - Intraday Support

119.40 - WS1

118,71 - Technical Support

Trading recommendations:

Day traders should consider opening only sell orders with SL just above the level of 123.34. TP Should be set at the bottom of the range.

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Technical analysis of USDX for December 13, 2016

The Dollar index has found support at 101 and may have finished with the short-term pullback. Trend remains bullish as long as price is above 99.44 and new highs could be expected tomorrow after the FED meeting and the announcement by Janet Yellen.

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Red line- resistnace

Blue line -support

The Dollar index is bouncing off the Ichimoku cloud short-term support. Price is above the cloud. Trend remains bullish. 101.80 is resistance. If broken, we should expect a move towards 103. The rate hike is already priced in. However what Janet Yellen tells will be in the center of attention.

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Green line - trend line support

The Dollar index is at weekly resistance. As long as price is above the low of last week at 99.44, trend will remain bullish targeting 103-104. As long as price is above the long-term green trend line support trend is bullish expecting a move above 104.

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Technical analysis of gold for December 13, 2016

Gold bounced towards $1,167 yesterday but the bounce was not strong enough to break above resistance of $1,180. Trend remains bearish with increased chances of reaching $1,120. However the bearish side is not to be chased. Traders should be patient and look for bullish signals.

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Black lines - bearish channel

Price remains below the Ichimoku cloud on the 4-hour chart. Trend is bearish. No reversal sign yet. Resistance is at $1,180. This level must be broken for short-term trend to change. Support is at $1,150.

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Red lines - downward sloping wedge pattern

The daily chart continues to show price in a downward sloping wedge. Once this wedge is broken I will expect Gold price to retrace 100% of the wedge and push price at least towards $1,300. Oscillators are diverging and oversold. The next big move will be to the upside.

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Daily analysis of major pairs for December 13, 2016

EUR/USD: This pair went upwards on Monday in the context of a downtrend. The upwards movement could be taken as another short-selling opportunity, unless the resistance line at 1.0800 is overcome (which would require a serious buying pressure). Price may still target the support lines at 1.0600 and 1.0550.

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USD/CHF: This pair went downwards on Monday in the context of an uptrend. The downwards movement could be taken as another buy-long opportunity, unless the support level at 1.0050 is breached to the downside (which would require a serious selling pressure). Price may still target the resistance levels at 1.0200 and 1.0250.

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GBP/USD: The GBP/USD pair trended upwards yesterday, which resulted in another bullish signal. Price is now above the accumulation territory at 1.2650, targeting the distribution territories at 1.2700 and 1.2750. As long as price does not go south by 200 pips from here, the bullish signal would be valid.

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USD/JPY: This market experienced a minor correction on December 12. There is a Bullish Confirmation Pattern on the 4-hour chart, and since the outlook on JPY pairs remains bullish for this week, the USD/JPY pair would also normally trend further upwards. The targets for this week are located at the supply levels of 115.50, 116.00, and 116.50.

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EUR/JPY: This is a bull market, and it is supposed to continue trending upwards. The EUR is weak in itself, but the reason it is going up against the JPY is because the latter is weaker than it is. The supply zones at 123.00 and 123.50 could be targeted this week.

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Elliott wave analysis of EUR/NZD for December 13, 2016

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Wave summary:

We continue to look for a final decline closer to 1.4590 to complete the ending diagonal and set the stage for a new impulsive rally with the first major target seen at 1.5837.

Short term, minor resistance near 1.4823 is likely to cap the upside for the move closer to 1.4590, but a clear break above 1.4823 will be the first warning that a low could be in place, but only a break above resistance at 1.5092 will confirm that the low is in place and that the rally towards 1.5837 is unfolding.

Trading recommendation:

We have put in orders to buy EUR at 1.4610 or upon a break above 1.5092 with stop placed at 1.4585.

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Elliott wave analysis of EUR/JPY for December 13, 2016

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Wave summary:

Our preferred count shows that an expanded flat wave (iv) is building. We have seen wave a and b and wave c lower towards the 118.00 - 118.38 area is now unfolding from 123.35. This count means resistance at 123.35 will need to cap the upside for a break below minor support at 122.03 and more importantly support at 121.16 confirming the expected decline to the 118.00 - 118.38 area.

A break above 123.35 will indicate that wave b is not yet complete, but the potential upside should be very limited.

Trading recommendation:

We are short EUR from 122.10 with stop placed at 123.45 and take profit at 118.50. If you are not short EUR yet, then sell near 123.35 and use the same stop at 123.45.

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Technical analysis of USD/JPY for December 13, 2016

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USD/JPY is expected to extend its downside movement. The pair has clearly reversed down following the bearish breakout of its previous horizontal support at 115.60, which is now playing a resistance role. A bearish cross has been identified between the 20-period and 50-period moving averages. The relative strength index remains on the downside.

U.S. government bonds sank further as rallying oil prices lifted inflation expectations. The benchmark 10-year Treasury yield popped above the 2.500% threshold before settling at 2.478%, its highest closing level since June 26, 2015, up from 2.462% Friday.

The U.S. dollar reversed course to the downside after rising for two days as investors held a wait-and-see mood ahead of the Federal Reserve's two-day policy meeting. The ICE U.S. Dollar Index gave up all gains made on Friday as it slipped 0.6% to 101.03.

Hence, as long as 115.60 is not surpassed, look for a new decline to 114.60 and 114.30 in extension.

Trading Recommendation: 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 114.60. A break below this target will move the pair further downwards to 114.30. The pivot point stands at 115.60. 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 116.15 and the second one at 116.50.

Resistance levels: 116.15, 116.50, 117.00

Support levels: 114.60, 114.30, 113.90

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Technical analysis of USD/CHF for December 13, 2016

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USD/CHF Intraday: Capped by a bearish trend line. The pair remains on the downside targeting the immediate support at 1.0110. In fact, it has produced a bearish pattern of "lower highs" which helps to maintain the bearish intraday bias. The descending 20-period moving average is also exerting resistance to the pair. U.S. government bonds sank further as rallying oil prices lifted inflation expectations. The benchmark 10-year Treasury yield popped above the 2.500% threshold before settling at 2.478%, its highest closing level since June 26, 2015, up from 2.462% Friday.

Below 1.0115, the next support would be found at 1.0080.

Resistance levels: 1.0195, 1.0215, 1.0245

Support levels: 1.0110, 1.0080, 1.0060

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Technical analysis of NZD/USD for December 13, 2016

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NZD/USD is expected to extend its upside movement. The pair keeps trading on the upside targeting the first upside target at 0.7210. It is currently seeking support from the 20-period moving average, which stays above the 50-period one. At the same time, the intraday relative strength index is well directed above the neutrality level of 50 showing upward momentum for the pair. As long as the level at 0.7170 holds as the key support, the intraday outlook remains bullish, and the pair should proceed toward 0.7225 after breaking above 0.7210.

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. Therefore, long positions are recommended with the first target at 0.7210 and the second one at 0.7225. In the alternative scenario, short positions are recommended with the first target at 0.7155 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7140. The pivot point lies at 0.7170.

Resistance levels: 0.7210, 0.7225, 0.7265

Support levels: 0.7155, 0.7140, 0.7100

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Technical analysis of GBP/JPY for December 13, 2016

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GBP/USD is expected to trade with a bullish bias. The pair has entered a consolidation phase after striking 146.40 on the upside. Currently it has located support from the ascending 20-period moving average, which is far above the 50-period one. Meanwhile, the intraday relative strength index keeps riding on a rising trend line, indicating continued upward momentum for the pair.

Above 145.40, the pair should rise further to 146.40, a key overlapping level of resistance and support seen on Dec 9. Key support is located at 145.40.

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. Therefore, long positions are recommended with the first target at 146.40 and the second one at 147. In the alternative scenario, short positions are recommended with the first target at 144.65 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 144.15. The pivot point lies at 145.40.

Resistance levels: 146.40, 147.00, 147.85

Support levels: 144.65, 144.15, 143.30

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Technical analysis of EUR/USD for Dec 13, 2016

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When the European market opens, a series of economic data will be released such as ZEW Economic Sentiment, Employment Change q/q, German ZEW Economic Sentiment, Italian Industrial Production m/m, German WPI m/m, and German Final CPI m/m. The US will also release some economic news such as 30-y Bond Auction, Import Prices m/m, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0691.

Strong Resistance: 1.0684.

Original Resistance: 1.0674.

Inner Sell Area: 1.0664.

Target Inner Area: 1.0639.

Inner Buy Area: 1.0614.

Original Support: 1.0604.

Strong Support: 1.0594.

Breakout SELL Level: 1.0587.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for Dec 13, 2016

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In Asia, today Japan will not release any economic data. On the dollar front, the US will release some economic news such as 30-y Bond Auction, Import Prices m/m, and NFIB Small Business Index. 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: 115.74.

Resistance 2: 115.51.

Resistance 1: 115.29.

Support 1: 115.01.

Support 2: 114.78.

Support 3: 114.55.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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NZD/USD Intraday technical levels and trading recommendations for December 13, 2016

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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 allowed a quick decline towards 0.6960 (BUY zone) where bullish rejection and a valid BUY entry were expected. All T/P levels were successfully achieved.

Bearish persistence below the price level of 0.7100 is needed to pursue towards lower target levels around 0.7060 and 0.6990.

On the other hand, the price level of 0.7250 remains a significant SELL entry if the current bullish pullback persists above 0.7200.

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USD/CAD intraday technical levels and trading recommendations for December 13, 2016

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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 a bullish breakout took place one month 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 during the first attempt.

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

Bearish persistence below the price level of 1.3300 (50% Fibonacci Level) was achieved. This allows a further decline towards 1.3200, 1.3090, and 1.2990 (61.8% Fibonacci Level) where bullish rejection should be expected.

On the other hand, bullish breakout above 1.3360 will probably liberate a quick bullish movement towards 1.3650 (low probability).

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Intraday technical levels and trading recommendations for GBP/USD for December 13, 2016

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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.

Risky traders can consider the current bullish pullback towards the price zone of 1.2700-1.2750 for a valid SELL entry. S/L should be set as daily closure above 1.2750. T/P levels should be located at 1.2300 and 1.2100.

This SELL entry should be managed cautiously as the ascending bottoms around the price levels of 1.2120 and 1.2320 will probably apply significant bullish pressure over the Supply zone of 1.2700-1.2750.

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Intraday technical levels and trading recommendations for EUR/USD for December 13, 2016

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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.

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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 was seen on the depicted daily chart.

The price level of 1.0825 (Fibonacci Expansion 100%) constituted a recent supply level which offered a valid SELL entry. Stop Loss should be lowered to 1.0700 to secure some profits

On the other hand, bearish persistence below the depicted demand level around 1.0570 is needed to allow further bearish decline. The first bearish target would be located around 1.0220.

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Daily analysis of USDX for December 13, 2016

USDX did a retracement from Monday's highs and now it's testing the 200 SMA on H1 chart, around 100.93, where a demand zone is located. If the index does a rebound above that area, it can resume the overall bias toward new highs, probably above the 102.00 handle, while in the other scenario, a breakout below the 100.93 level should expose the 100.43 price zone.

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H1 chart's resistance levels: 101.56 / 101.93

H1 chart's support levels: 100.93 / 100.43

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 101.56, take profit is at 101.93 and stop loss is at 101.18.

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Daily analysis of GBP/USD for December 13, 2016

The pair gained a strong bullish momentum during Monday's session, consolidating above the 1.2650 level across the board, following a dynamic support provided by the 200 SMA on H1 chart. If GBP/USD manages to break above the key area of 1.2700, it should reach the highs from December 6th, but the bullish bias is still limited below that zone.

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H1 chart's resistance levels: 1.2700 / 1.2763

H1 chart's support levels: 1.2613 / 1.2551

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 1.2700, take profit is at 1.2763 and stop loss is at 1.2637.

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