Daily analysis of USD/JPY for December 25, 2017

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Overview

The USDJ/PY pair is showing some slight bearish bias on its way to test the support base above 113.00 after breaching it previously.

This move is accompanied by stochastic, reaching the oversold areas, while the EMA50 meets the mentioned support to add more strength to it. Therefore, these factors encourage us to keep our bullish overview. The next target is located at 114.73, while holding above 113.00 represents the main condition to achieve it. The expected trading range for today is between 112.80 support and 114.20 resistance.

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Daily analysis of GBP/JPY for December 25, 2017

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Overview

The GBP/JPY pair succeeded to gain new bullish momentum as stochastic approached the 80 level, reinforcing the expected bullish attempts. We are waiting until the price crawls towards the initial target at 152.80, while the continuous positive pressures will allow the price to resume the bullish attack and reach 154.20, followed by reaching 50% Fibonacci correction level at 155.90. We remind you that it is important to hold above the initial support at 150.00, as breaking it will postpone the bullish attack and force the price to provide some correctional bearish trades that will push the price to suffer losses, starting at 149.75 followed by 147.10. The expected trading range for today is between 150.60 and 152.85

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Daily analysis of Gold for December 25, 2017

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Overview

Gold price keeps its stability above 1,263.15 level, while the EMA50 continues to provide the positive support to the price. So, we keep our bullish overview valid until now, waiting until 1,270.00 level is surpassed. In this case, it will simplify the mission of achieving our positive targets from 1,281.17, extending upward to 1,299.20. Stochastic is making efforts so that gold gains the positive momentum to support the rise expectations on condition of holding above 1,263.15. The expected trading range for today is between 1,255.00 support and 1,280.00 resistance.

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Daily analysis of Silver for December 25, 2017

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Overview

Silver price continues to fluctuate in a sideways manner. The price is trapped in a tight track, settling below 16.56. Please, note that stochastic begins to provide a negative overlapping signal on the daily time frame. Traders should wait until the price is to motivated to resume the recently suggested bearish trend, which aims testing 15.49 level mainly. Therefore, we will still suggest the bearish trend in the short term, unless 16.56 level is breached and holds above it with a daily close. The expected trading range for today is between 15.90 support and 16.30 resistance.

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Trading Plan for EUR/USD and US Dollar Index for December 25, 2017

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Technical outlook:

The EUR/USD pair continues to drift within a tight trading range after hitting 1.1900 levels last week. At this point in time, it is producing an engulfing bearish candlestick pattern indicating a potential bearish drop. The rally from 1.1720 levels was also corrective in nature a-b-c which got complete at 1.1900 levels. A channel drawn across the boundary also suggests that correction is over and bearish move should continue. To simplify, till price remain below 1.1960 levels, the EURUSD pair should be looking to push lower. The wave structure also suggests that the pair might have formed a meaningful top in place at 1.2092 levels and should be looking to drop much lower below 1.1550 levels going forward.

Trading plan:

Please remain short for now, stop above 1.1960 and target 1.1550 levels at least.

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Educational video:

Trade Setups: December 22-25, 2017

US Dollar Index chart outlook:

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Technical outlook:

The US Dollar index is working out a potential bottom around 93.00/10 levels for now. Its wave structure still remains constructive for bulls and a rally through 95.00 and higher levels still remain very much on cards. Please note that price is taking support at fibonacci 0.618 levels and a bullish reversal here should be high probability till it stays above 92.50 levels respectively. The overall wave structure also indicates that the US Dollar Index has produced an impulse (5 waves) from 91.00 levels through 95.00 levels earlier, followed by a corrective drop towards 92.50 levels. It remains high probable for the index to continue rallying and unfold into 5 waves at least going forward.

Trading plan:

Please remain long for now, stop below 92.50, target 95.00 and 98.00.

Fundamental outlook:

There are no major fundamental events lined up for the day.

Good luck!

Merry Christmas and A Blessed Year Ahead!

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BITCOIN Analysis for December 25, 2017

Bitcoin's bearish pressure has to lead the price to have drastic fall towards $11,130 event level support area recently from where the price is currently showing some bullish momentum. Though the price had an impulsive bearish pressure taking the price from $19,600 to all the way down to $11,130 price area the speculators have not lost hope yet. The bearish pressure which leads to one of the deepest pullbacks till date is now being considered as needed correction to stabilize the growth of this Cryptocurrency. Most of the speculators are taking this fall as the first step to a Matured market and some are thinking this drastic fall as Blast of the Bubble. Though there have been many financial bubbles in the early ages as Bitcoin was being regulated recently, there are certain chances that the Bitcoin will survive the race. As of the current market situation, the price has created a small range bounded between $11,130 to $15,500 price area whereas currently, the price is trying to break above the dynamic level of 20 EMA, Kijun and Tenkan Line. As of the recent impulsive bullish bounce which was stopped at $15,500 area, it shows that bulls are still present in the market and could push the price higher once again. As the price remains above $11,130 price area the bullish bias is expected to continue further with the target towards $15,500 first and later towards $18,000 price area in the future.

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Daily analysis of major pairs for December 25, 2017

EUR/USD: This pair went upwards last week, from the support line at 1.1750, towards the resistance line at 1.1900. That was a movement of about 150 pips. However, the price began to retrace downwards from Thursday, but it has not gone low enough to jeopardize the current bullish bias.

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USD/CHF: The USD/CHF did not make any significant movement last week, neither is it expected to make any significant movement this week (because volatility would thin out). Price is thus expected to oscillate between the resistance levels at 0.9950 and support level at 0.9800 within the next several trading days. However, a breakout will occur early January.

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GBP/USD: The GBP/USD did not make any significant movement last week, neither is it expected to make any significant movement this week (because volatility would thin out). Price is thus expected to oscillate between the accumulation territory at 1.3250 and the distribution territory at 1.3500 within the next several trading days. However, a breakout will occur early January.

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USD/JPY: This market rallied massively last week, just like its EUR/JPY counterpart. The pair gained 150 pips last week, testing the supply zone at 113.50, and then closing below it on Friday. The bullishness in the market could be sustained until the end of this year (although it is unlikely that a strong movement would be witnessed).

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EUR/JPY: This market rallied massively last week, gaining 240 pips, moving briefly above the supply level at 134.50 and then closing below it on Friday. The bullishness in the market could be sustained until the end of this year.

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Daily analysis of USDX for December 25, 2017

The index is being supported by the 93.30 level in the short-term, as the 200 SMA is still above the current price. USDX is expected to do another leg lower during the coming days, but with no significant moves underway that could unleash volatility, as the markets are on holidays in most of the countries. If it manages to break below 93.30, then the next target would be the 92.83 level.

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H1 chart's resistance levels: 94.09 / 94.85

H1 chart's support levels: 93.30 / 92.83

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 93.30, take profit is at 92.83 and stop loss is at 93.76.

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Daily analysis of GBP/USD for December 25, 2017

The pair is consolidating in a thin range across the board, as the markets are in holiday mood. The 200 SMA remains to cap the bulls and it's the latest hurdle before to reach the next resistance zone at 1.3444. The next critical support lies at 1.3303, at which a breakout could deliver more losses towards the 1.3234 level. MACD indicator stays in the negative territory.

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H1 chart's resistance levels: 1.3444 / 1.3516

H1 chart's support levels: 1.3303 / 1.3234

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 1.3444, take profit is at 1.3516 and stop loss is at 1.3372.

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