NZD/USD intraday technical levels and trading recommendations for December 30, 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 movement continued toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

The NZD/USD pair will remain 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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USD/CAD intraday technical levels and trading recommendations for December 30, 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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Intraday technical levels and trading recommendations for GBP/USD for December 30, 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 is anticipated around the current price levels.

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Intraday technical levels and trading recommendations for EUR/USD for December 30, 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 a SELL entry during the current bullish pullback above 1.0500.

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Daily analysis of USD/JPY for December 30, 2016

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Overview

The USDJPY pair ended yesterday's trading at 116.55, leaning on the minor bearish channel's support shown on the chart. The pair rebound bullishly at today's opening attempting to resume the main bullish trend, supported by stochastic positivity on the four-hour time frame. Therefore, we believe that the chances of further increase in the upcoming sessions are valid, and the price needs to breach 117.60 levels to achieve our positive targets that start at 118.40 and extend to 120.00. A break of 115.90 levels will stop the suggested positive scenario and push the price to 113.97 mainly. The expected trading range for today is between the 116.00 support and the 118.00 resistance.

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Daily analysis of GBP/JPY for December 30, 2016

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Overview

The GBPJPY price formed a minor bearish channel that supports our bearish correctional overview, which depends on the stability of the resistance at 144.60. Stochastic reaches the overbought level that increases the chances of hitting the mentioned resistance and then forming the negative attack to target 142.80 levels and the support at 141.40. The breach of the bearish channel's resistance will cancel the bearish correctional overview. A rally to 146.60 reaching the top at 148.40 will help the price regain its bullish bias. The expected trading range for today is between 144.60 and 142.80.

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Daily analysis of Gold for December 30, 2016

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Overview

The gold price traded upwards yesterday and breached 1,154.76 and settled above it, thus supporting our bullish trend expectations in the upcoming period. The price is likely to test 1,172.68 levels. It is important to monitor the price when reaching this level as the breach represents the key to extend gold price gains to 1,211.31. Therefore, we still expect bullish trend on the intraday and short-term basis supported by the EMA50. Holding above 1,124.88 represents the most important condition to continue the expected rise. The expected trading range for today is between the 1,145.00 support and the 1,180.00 resistance.

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Daily analysis of Silver for December 30, 2016

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Overview

The silver price opened today's trading with more bullish bias breaching and settling above 16.15 levels. The price received positive momentum that supports our expectations of continuing the bullish trend on the intraday and short-term basis, which next target is at 16.56. A breach of this level will push the price to 17.43 as the next main station. Therefore, we are waiting for further upside in the upcoming sessions unless breaking and holding below 15.49. The expected trading range for today is between the 16.00 support and the 16.56 resistance.

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USD/CHF profit target reached, remain bearish

Price dropped to our yesterday's profit target perfectly. We remain bearish below 1.0219 resistance (Fibonacci retracement, horizontal pullback resistance) for another push down to 1.0087.

Stochastic (21,5,3) has broken an ascending support-turned-resistance line signalling a change in momentum.

Sell below 1.0219. Set stop loss at 1.0263 and take profit at 1.0087.

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EUR/USD profit target reached perfectly, remain bullish

Price shot up and reached our profit target perfectly as expected. We remain bullish above 1.0479 support (Fibonacci retracement, horizontal pullback support) for a push up to 1.0655 once again.

RSI (34) has made a bullish exit above our 60% support line.

Buy above 10479. Set stop loss at 1.0371 and take profit at 1.0655.

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Daily analysis of major pairs for December 30, 2016

EUR/USD: The EUR/USD made some bullish effort yesterday. This means that the recent bearish outlook on the market is currently being threatened. A movement of about 200 pips to the upside is expected, though that may be not enough to override the bearish outlook, unless the resistance line at 1.0750 is overcome.

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USD/CHF: The USD/CHF pair displayed bearish signals on Thursday, as the price moved below the resistance level at 1.0250. There is a possibility that price will move further downwards on Friday, though a strong opposition would be met at the key psychological level of 1.0000.

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GBP/USD: The cable moved slightly downwards on Thursday. 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: There is already a "Sell" signal in this market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Long trades the USD/JPY are not advised any more, since further journey to the south may be witnessed. The demand levels at 116.00 and 115.50 may be the next targets.

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EUR/JPY: This is a flat market and there is no Bearish Confirmation Pattern or Bullish Confirmation Pattern on it (at least in the short-term). The movement on the market would henceforth be determined by whatever happens to EUR. The strong European currency may bring about a rally while the weak euro would result in some southward movement.

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Gold analysis for December 30, 2016

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Recently, gold has been trading upwards. The price tested the level of $1,163.03 in an average volume. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,148.00. Besides, there is a buying climax in the background, but the price broke that climax bar high, which is a sign that strength is still present. My advice is to watch for a potential breakout of supply trend line to confirm further upward continuation. I placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of $1,163.00, Fibonacci expansion 100% at the price of $1,166.80 and Fibonacci expansion 161.8% at the price of $1,172.00.

Resistance levels:

R1: 1,158.75

R2: 1,162.30

R3: 1,168.15

Support levels:

S1: 1,147.30

S2: 1,143.50

S3: 1,137.75

Trading recommendations for today: Watch for potential buying opportunities if the price breaks supply trend line.

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Technical analysis of USD/JPY for December 30, 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 117.15. 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 117.35 and the second one at 117.55.

Resistance levels: 117.35, 117.55, 117.90

Support levels: 116.20, 116.00, 115.55

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EUR/NZD analysis for December 30, 2016

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5278 in an ultra-high volume. Using the market profile, I found yesterday's point of control at 1.5070 on the 30M time frame. The intraday trend is bullish. Watch for potential buying opportunities on dips. I expect the price to at least re-test the high at the level of 1.5278.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5090

R2: 1.5115

R3: 1.5150

Support levels:

S1: 1.5020

S2: 1.5000

S3: 1.4965

Trading recommendations for today: watch for buying opportunities.

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Technical analysis of NZD/USD for December 30, 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 pair has set above the strong support at the level of 0.6905. Today the current rise will remain within a framework of correction, as seen on the one-hour chart. The NZD/USD pair didn't make any significant movements yesterday. There are no changes to our technical outlook. The bias remains bullish in the nearest term testing 0.7048 or higher. 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, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the first support of 0.6900.
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Technical analysis of USD/CHF for December 30, 2016

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Overview:

  • The USD/CHF pair faced strong resistance at 1.0252. This level is expected to act as major support today. From this point of view, we expect the pair to continue moving in a bearish trend from the resistance levels of 1.0200 and 1.0252. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bearish market. Besides, the trend is still showing strength below the moving average (100). Moreover, if the pair fails to pass through the level of 1.0200, the market will indicate a bearish opportunity below the first resistance level of 1.0200. Thus, the market is indicating a bearish opportunity below 1.0200 -1.0252 for that it will be good to sell at 1.0200 with the first target of 1.0042. It will also call for a downtrend in order to continue towards 0.9948. The daily strong support is seen at 0.9948. Don't forget to set your stop loss at the level of 1.0252.
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Global macro overview for 30/12/2016

Global macro overview for 30/12/2016:

The US Chicago PMI (a monthly measure of business conditions based on surveys of purchasing managers across Illinois, Indiana and Michigan) is scheduled for release at 02.45pm GMT today. Market participants are expecting a slight decrease from 57.6 points to 56.5 points. The Chicago PMI seems to have stabilized above the 50-level, indicating that there is growth in manufacturing. The data posted higher lows and higher highs in 2016. Moreover, if the previous relation between the PMI and industrial production growth helds steady, the year-over-year production growth is about to turn positive in early 2017.

Let's now take a look at the US dollar index technical picture on the daily time frame. The market has made something that looks like a triple top around the recent swing high at the level of 103.66, but it still trades above the important technical support at the level of 102.06. It is quite possible that this will be another higher low in the sequence and bulls will push the price higher after the correction in completed.

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Global macro overview for 30/12/2016

Global macro overview for 30/12/2016:

The initial jobless claims reports saw the light yesterday, revealing that the US job market is still very resilient as the layoffs are hovering around historically low levels. According to the Labor Department, initial unemployment claims declined by 10k to 265k during the previous week from a six-month high in the prior period. Market participants expected a smaller decrease from 277k to 275k. The US jobless claims stay below 300k for a 95th week in a row, which is the best result since 1970.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. Yesterday's rally towards the technical resistance at 1.0671 was caused by poor liquidity during late American/early Asian session. Nevertheless, the market reversed quickly, and the intraday support for day-traders lies at 1.0505. The longer-term bias remains beraish.

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Technical analysis of USD/CAD for December 30, 2016

General overview for 30/12/2016:

The market is trading inside the trading range between the recent top at the level of 1.3598 and intraday support at 1.3474. 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 1.3588 has 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 30, 2016

General overview for 30/12/2016:

The bottom for the blue wave (4) has been established at the level of 121.55 and now the market is trying to develop the last wave to the upside. The most important level is now the intraday resistance at 123.84 and technical resistance at 124.10. This is where the projected top for the blue wave (5) is located, but the market might extend higher towards the level of 125.00.

Support/Resistance:

124.10 - Technical Resistnace

124.07 - WR1

123.84 - 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 30, 2016

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Wave summary:

EUR/NZD tested the 38.2% corrective target at 1.4976 before turning higher. The wave [ii] and wave [iii] higher are likely completed towards the 161.8% extension; the target at 1.5911 should now be expected. The pair can break below support at 1.4971 to reinstate the correction in wave [ii], but the potential downside will likely be limited to 1.4924 from where wave [iii] will be ready to take over for a rally towards the 1.5836 -1.5911 area.

Trading recommendation:

We are long EUR from 1.5295 and will place our stop at 1.4960.

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Elliott wave analysis of EUR/JPY for December 30, 2016

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Wave summary:

Ultra-low liquidity in the Far East market resulted in a spike in the EUR towards 123.85. This spike was quickly reversed, but the damage was done to bears. We still expect more correction/consolidation, but the possibility of a larger running triangle developing is becoming more and more likely. If this is correct, then we should seen wave e move closer to 122.21 before turning higher in wave v towards 126.54.

Only a break below yesterday's low at 121.53 will confirm the decline to 119.23 before the next rally higher in wave v can be expected.

Trading recommendation: Our stop at 122.20 was hit for a small loss. We will only buy EUR on a break above 123.85.

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Technical analysis of USD/CHF for December 30, 2016

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USD/CHF is expected to prevail its downside movement. The pair is trading below its 20-period moving average and the 50-period one, which are playing resistance roles. Besides, the negative outlook is further reinforced as the pair is trading below the bearish trend line which emerged since December 28. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

Hence, as long as 1.0220 holds on the upside, look for a further drop toward 1.0165. A break below this level would call for a further drop toward 1.0125.

Resistance levels: 1.0245, 1.0260, 1.0300

Support levels: 1.0165, 1.0125, 1.01

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Technical analysis of NZD/USD for December 30, 2016

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NZD/USD upward movement is supported by a rising trend line. The pair has been supported by a bullish trend line since December 28. The relative strength index stands firmly above its neutrality level at 50 without any reversal signal. Therefore, as long as 0.6945 is not broken below, the pair is expected to post further rebound to challenge 0.6975 at first.

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 0.6975 and the second one at 0.6990. In the alternative scenario, short positions are recommended with the first target at 0.6930 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 0.6915. The pivot point lies at 0.6945.

Resistance levels: 06975, 0.6990, 0.6715

Support levels: 0.6930, 0.6915, 0.6865

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Technical analysis of GBP/JPY for December 30, 2016

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GBP/JPY is expected to trade with bullish bias above 142.75. The pair is posting a pullback but stays above its horizontal support at 142.75. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. As long as 142.75 is not broken below, further bounce is expected with 143.90 as the next target.

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 143.90 and the second one at 144.20. In the alternative scenario, short positions are recommended with the first target at 142.50 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 142.25. The pivot point lies at 142.75.

Resistance levels: 143.90, 144.20, 145.15

Support levels: 142.50,142.25, 141.60

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Technical analysis of EUR/USD for Dec 30, 2016

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When the European market opens, some Economic Data will be released, such as Spanish Flash CPI y/y. The US will release the economic data, too, such as Chicago PMI, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0601.

Strong Resistance:1.0594.

Original Resistance: 1.0584.

Inner Sell Area: 1.0574.

Target Inner Area: 1.0549.

Inner Buy Area: 1.0524.

Original Support: 1.0514.

Strong Support: 1.0504.

Breakout SELL Level: 1.0497.

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 30, 2016

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In Asia, today, Japan will not release any Economic Data, but the US will release Chicago PMI. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 116.93.

Resistance. 2: 116.70.

Resistance. 1: 116.48.

Support. 1: 116.20.

Support. 2: 115.97.

Support. 3: 115.74.

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 30, 2016

USDX posted new weekly lows after a bearish session during Thursday and it's likely that the index ends the year hovering around 200 SMA at H1 chart. The nearest support lies at the 102.56 level, and if it gives up, then we can expect further weakness toward the 101.40 level in the short-term. MACD indicator is turning neutral, calling for sideways in upcoming sessions.

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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 30, 2016

The pair is headed to close the year above the 1.2185 demand zone, following a recovery's session on Thursday. Currently, GBP/USD is trying to reach the 200 SMA at H1 chart and if it manages to break above the 1.2300 handle, then that scenario is likely to happen in the short-term. However, that moving average should be acting as dynamic resistance.

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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 GBP/JPY for December 29, 2016

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Overview

The GBP/JPY price was affected by new negative pressure. Stochastic formed a new bearish wave that makes the price move below 143.25 levels as shown in the image above. The stability of this support will delay the bullish overview, which increases the chances of suffering several losses by reaching 142.20 and 140.35. That is why we expect the price to move upwards reaching the anticipated levels. Then monitor the price behavior to detect the main trend in the future period. The expected trading range for today is between 143.80 and 140.40.

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

Daily analysis of USD/JPY for December 29, 2016

USDJPYH4.png

Overview

The USDJPY pair has been trading downwards since morning. The pair broke and settled below 116.55 levels, which hints that the price attempts to start a bearish correction in the upcoming period before resuming the main bullish trend. Therefore, we prefer staying aside temporarily in order to monitor the daily close as holding below the mentioned level will confirm movements to 113.97 before any new attempt to rise. Stepping above 116.55 will reactivate the bullish trend scenario, which targets begin at 118.50 and extend to 120.00. The expected trading range for today is between the 116.00 support and the 118.00 resistance.

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