Daily analysis of Gold for December 29, 2016

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Overview

The gold price opens today's trading with bullish bias approaching the initial resistance at 1,154.76, poised to breach this level and head towards our main target at 1,172.68. This will keep our positive overview valid and active for the upcoming sessions, supported by stochastic and the EMA50 positivity. Therefore, we expect bullish bias today conditioned by the price stability above 1,124.88 as a break of this level is a negative factor that will push the price to 1,047.61 on the near-term basis. The expected trading range for today is between the 1,135.00 support and the 1,165.00 resistance.

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USD/CHF keeps moving in bearish trend

We remain bearish below 1.0278 resistance (Horizontal overlap resistance) for a further push down to 1.0200 resistance (Fibonacci projection, Fibonacci retracement, horizontal overlap support).

Stochastic (21,5,3) is turning down from an area of resistance and displays bearish divergence vs price signalling a reversal is impending.

Sell below 1.0278. Set top loss at 1.0321 and take profit at 1.0200.

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EUR/USD remains bullish

We remain bullish above 1.0418 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 1.0510 once again (Fibonacci retracement, horizontal overlap support).

Stochastic (21,5,3) has bounced above our 7% support.

Buy above 1.0418. Set stop loss at 1.0347 and take profit at 1.0510.

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USD/JPY turns bearish with a break of major support

The price has broken our long term ascending support-turned-resistance line triggering a bearish move below 117.18 resistance (Fibonacci retracement, horizontal pullback resistance, ascending resistance pullback) from here to at least the first support at 116.48 (Fibonacci retracement, Fibonacci projection, horizontal swing low support).

RSI (34) has made a bearish exit signalling a change in momentum.

Sell below 117.18 Set stop loss at 117.48 and take profit at 116.48.

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Daily analysis of Silver for December 29, 2016

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Overview

The silver price has started trying to breach the key resistance at 16.15 now, which supports the expected bullish trend continuation in the upcoming period. The price is likely to visit 16.56 levels and the breach of it will lead the price to 17.43 levels. In general, we will still expect bullish bias unless breaking and holding below 15.49 levels. The expected trading range for today is between the 15.90 support and the 16.56 resistance.

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USD/CAD intraday technical levels and trading recommendations for December 29, 2016

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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 challenged the upper limit of the depicted channel around 1.3360-1.3400 which succeeded to apply enough bearish pressure on the pair.

Shortly after, 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 allowed a further decline toward 1.3200 and 1.3080 (the lower limit of the depicted channel) where bullish rejection was expressed as anticipated.

The current bullish breakout above 1.3360 (50% Fibonacci level) will probably liberate a quick bullish movement toward 1.3700-1.3750 (the upper limit of the depicted channel) where bearish rejection should be expected.

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Daily analysis of major pairs for December 29, 2016

EUR/USD: Since the middle of last week, this currency trading instrument has been moving sideways. There is a clean Bearish Confirmation Pattern in the market, and thus, the outlook on the trading instrument remains bearish. The current sideways movement is only a pause in the journey downwards, for the downward movement is expected to continue.

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USD/CHF: Yesterday, the USD/CHF moved briefly above the resistance level at 1.0300, only to go below it again. The bias on the market remains bullish and the targets for this week and next week are located at the resistance levels of 1.0300 and 1.0350. There is a strong demand level at 1.0000.

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GBP/USD: The Cable moved downwards on Wednesday. It has gone down by 66 pips this week, testing the accumulation territory at 1.2200. Since last week, price has gone down by 290 pips, and it may even go down further and further, before the end of this week or early next week.

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USD/JPY: Price on this pair has moved only sideways this week – till now. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. It is more likely that price would be going upwards when a directional movement begins to happen (to emphasize the current bullish outlook). The next immediate target is the supply level at 118.00.

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EUR/JPY: This currency trading instrument went down 130 pips yesterday, threatening the recent bullish signal in the market. The RSI period 14 has crossed the level 50 to the downside, and EMA 11 has almost crossed the EMA 56 to the downside. Should price go further downwards by 120 pips, the bias on the market would turn bearish.

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Intraday technical levels and trading recommendations for GBP/USD for December 29, 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 toward the price levels around 1.2700 (Bearish projection target).

Since then, the GBP/USD pair has been 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 was executed toward 1.2700-1.2750.

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

This SELL entry should be monitored cautiously as the ascending bottoms around the price levels of 1.2120 and 1.2320 may apply significant bullish pressure against the supply zone of 1.2700-1.2750 thus threatening the suggested trade.

On the other hand, price action should be watched around the current price levels (1.2300-1.2260) where a previous top was recently established on October 19. Hence, bullish rejection should be anticipated around the current price levels.

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Intraday technical levels and trading recommendations for EUR/USD for December 29, 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 toward 0.9450.

In March 2015, 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 remains a projected target if the current monthly candlestick maintains its bearish closure 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 1.0575 is needed to pursue 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.

Closure below 1.1250 (supply level 1) maintained enough bearish pressure and enhanced the downside momentum toward the price level of 1.1000 (key level 1).

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

Bearish persistence below 1.0825 allowed a further fall to occur at 1.0570 (demand level) where bullish rejection and a valid BUY entry were expressed on November 24.

The price level of 1.0825 (Fibonacci Expansion 100%) constituted a recent supply level which offered a valid SELL entry on December 8. Stop Loss should be lowered to 1.0600 to secure some profits.

Bearish persistence below the depicted demand level around 1.0570 allows further bearish decline. The first bearish target would be located around 1.0220.

On the other hand, the price level of 1.0570 constitutes a recent supply level to be watched for SELL entries if a bullish pullback occurs above 1.0500.

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Analysis of gold for December 29, 2016

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Recently, gold has been trading upwards. The price tested the level of $1,149.99 in average volume. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,141.65. Besides, the price respected key resistance level at $1,150.45, which is a sign that gold may trade lower. My advice is to watch for potential selling opportunities due to massive climax in the background and successful rejection of resistance. First downward target is set at the price of $1,141.65.

Resistance levels:

R1: 1,140.75

R2: 1,141.50

R3: 1,142.75

Support levels:

S1: 1,138.30

S2: 1,137.55

S3: 1,136.30

Trading recommendations for today: watch for potential selling opportunities due to massive buying climax in the background.

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Global macro overview for 29/12/2016

Global macro overview for 29/12/2016:

Crude oil inventories data is scheduled for release today at 04:00 pm GMT. Market participants are expecting a modest decline of 1500k barrels after the last week's increase of 2256k barrels. This will be the last set of oil data in 2016. The recent agreement between OPEC and other oil exporters, which calls for production cuts, is expected to come into force on January 1, 2017. According to the agreement, oil production should be cut by 1.8 million barrels per day, but it depends on the country involved. Saudi Arabia, OPEC's largest producer, has agreed to bear most of the cuts in production (486k bpd). Kuwait will decrease supplies by 130k bpd, Iraq by 209k bpd, and Russia by 300k bpd. Iran is the only OPEC member that is going to increase oil production by 90k bpd. In conclusion, market participants who speculate on further increases in the energy price may be exaggerating. Limits made by OPEC in recent years have been regularly violated by almost all members of the cartel. Besides, Russia's intention to limit supplies does not look plausible as well. Even if all of them fail to fulfill obligations, the US may pick up the slack in the market. The price above $50 per barrel restores the profitability of production from shale deposits.

Let's now take a look at the crude oil technical picture on the 4H time frame. The bulls are still in control of this market as the price is trading near its recent highs. Nevertheless, the negative divergence between the price and momentum oscillator is growing and any violation of the golden trend line will mean support at the levels of 52.40 and 51.56 will be tested again.

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NZD/USD intraday technical levels and trading recommendations for December 29, 2016

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On November 8, significant signs of a bearish reversal were expressed around the upper limit of the depicted consolidation range (0.7350).

The bearish breakdown of 0.7250 (the lower limit of the depicted range) enhanced the bearish side of the market toward 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 toward 0.6960 (BUY zone) where bullish rejection and a valid BUY entry were expected. All T/P levels were successfully achieved.

Once again, bearish persistence below the price level of 0.7100 enabled the NZD/USD pair to pursue toward lower target levels around 0.6990 (the upper limit of the depicted BUY zone).

The price level of 0.6990 failed to apply enough bullish pressure. Instead, bearish continuation was achieved toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

The NZD/USD pair remains trapped within the depicted price range (0.6860-0.6990) until breakout occurs in either directions. That's why, the current price level (0.6960) should be watched for a possible bullish breakout.

Bullish breakout above 0.6960 will allow the pair to pursue toward the price level of 0.7100 as initial target.

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Analysis of EUR/NZD for December 29, 2016

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5007 in a high volume. Using the market profile, I found yesterday's point of control at 1.5046 on the 30M time frame. The intraday trend is bearish. Watch for potential selling opportunities on pullbacks. I placed Fibonacci expansion to find a potential downward target and I got Fibonacci expansion 161.8% at the price of 1.4930.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5140

R2: 1.5170

R3: 1.5230

Support levels:

S1: 1.5020

S2: 1.4985

S3: 1.4925

Trading recommendations for today: watch for selling opportunities.

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Global macro overview for 29/12/2016

Global macro overview for 29/12/2016:

The pending home sales report is an advanced read of trends in the US housing market that tracks activity of purchasing existing single-family homes. According to the latest data released yesterday, the US pending home sales dropped by 2.5% to seasonally adjusted 107.3 in November, following the preceding month's rise of 0.1% to 110.0 points. Meanwhile global investors anticipated a slight acceleration of 0.5% during the reported period. The sales eased to the lowest level since January 2016. Larry Yun, the Chief Economist at the National Association of Realtors, the main reasons behind the drop are a sharp rise in mortgage rates and lack of supply on the housing market. In conclusion, the US housing market data was weak, but it may be a seasonal factor that will improve during the spring next year.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. Bulls have managed to bounce from the technical support at the level of 1.0363 area and now are back to test the weekly pivot again. This slow and steady price action suggest more sideways moves until the end of the 2016. The larger time frame trend remais bearish.

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Technical analysis of NZD/USD for December 29, 2016

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Overview:

  • The NZD/USD pair continues to move upwards from the level of 0.6905. Today, the first support level is seen at 0.6905; the price is moving in a bullish channel now. Furthermore, the price has set above the strong support at the level of 0.6905, which coincides with the 11.8% Fibonacci retracement level on the H1 time frame. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the NZD/USD pair to trade between 0.6905 and 0.7005. So, the support stands at 0.6905, while daily resistance is seen at the 0.7005 level. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6950. In other words, buy orders are recommended above 0.6950 with the first target at the level of 0.7005 and the next one at 0.7048. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.7005 today, the market will decline further to 0.6861 in order to retest the double bottom again on the same time frame.
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Technical analysis of USD/CHF for December 29, 2016

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Overview:

  • The USD/CHF pair faced strong support at the level of 1.0213. So, the strong resistance at 1.0213 has already been met and the pair is likely to try to approach it in order to test it again. The level of 1.0213 represents a weekly pivot point, acting as strong support today. Furthermore, the USD/CHF pair is continuing to trade in a bullish trend from the previous support level of 1.0213. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 1.0213 and 1.0287. Besides, the double top is set at 1.0312. The price spots of 1.0213 and 1.0220 remain a significant support zone. Thus, the trend is still bearish as long as the level of 1.0213 is not breached.
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  • This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.0213 with the first target at the level of 1.0244. If the trend is able to break the first traget at the level of 1.0244, then the market will continue rising towards the weekly resistance 2 at 1.0287. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100) on the H4 chart.
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Technical analysis of USD/CAD for December 29, 2016

General overview for 29/12/2016:

The projected target for green wave (v) at the level of 1.3588 has been hit overnight and now the market is unfolding internal corrective structure. Moreover, the alternative scenario is indicating that the recent impulsive wave progression was the last swing up in the blue wave alt.(b) and now this longer-term cycle might have been completed as well. Any rally above the intraday resistance at the level of 1.3600 will invalidate this alternative scenario.

Support/Resistance:

1.3588 - Swing High

1.3475 - Intraday Support

1.3483 - Weekly Pivot

1.3412 - WS1

1.3244 - WS2

Trading recommendations:

Take profit level set above the at1.3588 had been hit and now all buy orders should be closed with profit. Day traders should now refrain from trading and wait for another trading setup to occur shortly.

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Technical analysis of EUR/JPY for December 29, 2016

General overview for 29/12/2016:

Another low has been made in this market as the triangle pattern is unfolding in the overall structure. The projected level for wave e (green) has been hit and now the triangle pattern might be completed. In order to confirm this scenario, bulls will have to break above the intraday resistance at the level of 122.18 and head towards the weekly pivot at the level of 122.50. There is still one more wave to the upside missing.

Support/Resistance:

124.07 - WR1

123.20 - Intraday Resistance

122.50 - Weekly Pivot

122.19 - Intraday Support

121.78 - WS1

120.94 - WS2

Trading recommendations:

As there is still one more wave to the upside missing, only buy orders should be placed in this market. We recommend to set TP above the level of 124.08.

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Elliott wave analysis of EUR/NZD for December 29, 2016

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Wave summary:

The correction in wave [ii] continues to work its way lower to the ideal 1.4964 target. We have seen a test of 1.4985, and we'll likely need a little more downside to complete the corrective decline in wave [ii] to set the stage for wave [iii]. Then the price can take over for a rally towards 1.5836 and above.

Only a direct break above 1.5191 will indicate that wave [ii] is completed early and wave [iii] is already unfolding.

Trading recommendation:

We will keep our EUR buy order at 1.4925 or upon a break above 1.5191.

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Elliott wave analysis of EUR/JPY for December 29 - 2016

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Wave summary:

So much for that possible triangle count. In a low trading volume environment, it does not take much to destroy possibilities like this. So a complex wave (iv) is unfolding and the "old" 119.69 target back in play.

In the short term, we are looking for a decline to just below 120.80, that should be followed by a flat correction and then lower to the ideal corrective target near 119.69 to complete wave (iv) and setting the stage for the final rally in wave (v) of 3 towards 126.54.

Trading recommendation:

Our stop at 122.10 was hit. We will sell EUR here at 121.71 with stop placed at 122.20 and take profit located at 120.85.

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Technical analysis of USD/JPY for December 29, 2016

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USD/JPY is expected to trade with bearish bias as the Key resistance is at 117.00. The pair has broken below the lower boundary of a bullish channel and remains on the downside. Technically the relative strength index is bearish and below its neutrality area at 50. Hence, as long as 117.00 holds on the upside, look for a further drop toward 116.20. A break below this level would call for a further drop toward 116.00.

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 116.20. A break below this target will move the pair further downwards to 116.00. The pivot point stands at 117.00. 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 117.50 and the second one at 117.25.

Resistance levels: 117.25, 117.50, 117.90

Support levels: 116.20, 116.00, 115.55

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Technical analysis of USD/CHF for December 29, 2016

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USD/CHF is under pressure. The pair faces the challenge of its nearest resistance at 1.0275, and may post a new decline in the coming trading hours. The relative strength index lacks upward momentum, calling for caution. U.S. government bonds gained in prices as the five-year auction drew the strongest demand since November 2014. The five-year notes were sold at a 2.057% yield. Meanwhile, the benchmark U.S. 10-year Treasury yield declined to 2.510% from 2.562% Tuesday. The National Association of Realtors reported that pending home sales fell 2.5% on month in November, compared to +0.5% expected.

Therefore, as long as 1.0275 is resistance, further losses are expected to 1.0240 in extension.

Resistance levels: 1.0290, 1.0310, 1.0330 Support levels: 1.0240, 1.0225, 1.0200

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Technical analysis of NZD/USD for December 29, 2016

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NZD/USD is expected to continue its rebound. The pair is rebounding, and is now challenging its next resistance level at 0.6945. The relative strength index is above its neutrality level at 50 and shows upside momentum. To sum up, as long as 0.6915 is not broken, it is likely to advance with 0.6945 and 0.6960 as targets.

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 0.6935 and the second one at 0.6945. In the alternative scenario, short positions are recommended with the first target at 0.6880 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 0.6870. The pivot point lies at 0.6895.

Resistance levels: 06935, 0.6945, 0.6965

Support levels: 0.6880, 0.6870, 0.6855

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Technical analysis of GBP/JPY for December 29, 2016

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GBP/JPY is under pressure. The pair is now testing the lower support of a symmetric triangle. The pair is trading on the downside and has been capped by its descending 50-period moving average. Thus, as long as 143.35 is not surpassed, expect a new drop toward 142.60, if break below, look for a further decline toward 142.25 as possible.

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 142.60. A break below this target will move the pair further downwards to 142.25. The pivot point stands at 143.35. 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 143.80 and the second one at 144.25.

Resistance levels: 143.80, 144.25, 145.15

Support levels: 142.60,142.25, 141.60

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Technical analysis of USD/JPY for Dec 29, 2016

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In Asia, Japan will release the BOJ Summary of Opinions data and the US will release some Economic Data, such as Crude Oil Inventories, Natural Gas Storage, Prelim Wholesale Inventories m/m, Goods Trade Balance, and Unemployment Claims. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 117.38.

Resistance. 2: 117.15.

Resistance. 1: 116.92.

Support. 1: 116.64.

Support. 2: 116.41.

Support. 3: 116.10

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 EUR/USD for Dec 29, 2016

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When the European market opens, some Economic Data will be released, such as Italian 10-y Bond Auction, Private Loans y/y, and M3 Money Supply y/y. The US will release the economic data, too, such as Crude Oil Inventories, Natural Gas Storage, Prelim Wholesale Inventories m/m, Goods Trade Balance, and Unemployment Claims. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0478.

Strong Resistance:1.0471.

Original Resistance: 1.0461.

Inner Sell Area: 1.0451.

Target Inner Area: 1.0426.

Inner Buy Area: 1.0401.

Original Support: 1.0391.

Strong Support: 1.0381.

Breakout SELL Level: 1.0374.

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

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Daily analysis of USDX for December 29, 2016

The index had a bullish momentum during Wednesday's session, as it's looking to trade at higher levels around 103.98 in coming days. That path will remain untouched, as we're heading into a new year and it's expected to see some narrow range moves until this Friday. The closest support is located at the 200 SMA (H1 chart).

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H1 chart's resistance levels: 103.98 / 104.69

H1 chart's support levels: 102.56 / 101.40

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 103.98, take profit is at 104.69 and stop loss is at 103.26.

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Daily analysis of GBP/USD for December 29, 2016

Despite low trading volume in the financial markets, GBP/USD managed to break the sideways range below the 1.2249 level and it's pointing to test the demand zone of 1.2185. It's highly likely that the pair will continue to trade around that area because the overall picture is still bearish across the board. However, MACD indicator is turning positive, favoring for more upsides.

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H1 chart's resistance levels: 1.2250 / 1.2317

H1 chart's support levels: 1.2185 / 1.2121

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2185, take profit is at 1.2121 and stop loss is at 1.2250.

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Daily analysis of EUR/JPY for December 28, 2016

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Overview

No news for EUR/JPY. The pair is still fluctuating below the bearish channel's resistance at 123.80, thus keeping the bearish correctional expectation in the upcoming trading. We await new negative momentum, which increase the chances of reaching 121.60. A break of this level will extend the expected losses to 120.00 in the upcoming period. We should mention that the price rally above the mentioned resistance will cancel the bearish overview leading to a new bullish bias and targeting positive levels that begin at 124.60 and run to 126.15. The expected trading range for today is between 123.80 and 121.60.

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Daily analysis of GBP/JPY for December 28, 2016

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Overview

The GBPJPY price provided a new positive close above the support level of 143.25 increasing the chances for regaining the expected bullish bias. Therefore, we will keep waiting for the price attraction to 146.60 levels, and a breach of it will confirm the extension of the recorded top at 148.25 to form the second target for the near and medium period. Note that the price attempt to decline below the current support and providing negative close will return the bearish correctional attempts to 140.35. The expected trading range for today is between 143.25 and 146.60.

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Daily analysis of Gold for December 28, 2016

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Overview

The gold price hovers around the EMA50 after attempting to breach it yesterday. Stochastic managed to get rid of its negativity to reach the threshold of the oversold areas to provide positive momentum that we are waiting to help the price resume the bullish trend in the upcoming period targeting 1,172.68 levels mainly. Therefore, our bullish trend expectations will remain valid and active on the intraday basis unless a break of 1,124.88 levels. A breach of 1,154.76 is required to ease the mission of achieving more positive targets. The expected trading range for today is between the 1,130.00 support and the 1,160.00 resistance.

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Daily analysis of Silver for December 28, 2016

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Overview

The silver price approached 16.15 levels yesterday, but did not breach it. The EMA50 forms negative pressure that the price needs to get rid of to be able to continue its bullish track on the intraday and short-term basis. We are still waiting a breach of the mentioned level to confirm the continuation of the bullish wave, which first main target is located at 16.56. In general, the bullish trend will remain valid and active unless breaking and holding below 15.49 levels. A breach of the targeted level will extend the bullish wave to 17.43 as the next main target. The expected trading range for today is between the 15.80 support and the 16.30 resistance.

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