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Post Info TOPIC: Wave Analysis by InstaForex


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Wave Analysis by InstaForex


Dear forum members,

Me and my colleagues are going to provide you with the latest analysis reviews. Please, follow our analysis and you will be informed about Forex. Hope, our reviews will help you to increase the efficiency of your trading. 

The source is instaforex.com.



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Technical analysis of GBP/CHF for September 08, 2014
 
 

Technical outlook and chart setups: 

1. The GBP/CHF pair is seen to be bouncing lower from the line of resistance here. As expected, the pair has reversed from 1.5250/75 levels last week and has also re-tested the same. Currently trading at 1.5100/10 levels, the pair is expected to continue drifting lower to the 1.4900 and subsequently to 1.4800 levels. On the flip side, only a push above 1.5350 levels would be of concern to bears. 

2. Support is seen at 1.4960, followed by 1.4760 levels and lower while resistance is seen at 1.5350/60, followed by 1.5430/50 respectively. 

3. The structure indicates that GBP/CHF could remain in control of bears till 1.49/1.48 levels at least. 

 

Trading recommendations: 

Remain short for now, stop at 1.5350, target is 1.4800 levels.

More analysis - at instaforex.com



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Technical analysis of EUR/JPY for September 09, 2014
 

Technical outlook and chart setups: 

The EUR/JPY bulls responded well at the back side of resistance turned support line yesterday, as expected. The pair has now produced a bullish reversal candlestick pattern as seen on the daily chart view here and prices and prices pushed ahead up to 137.00 mark before closing at 136.80 yesterday. It looks like the bulls are back in control and should continue dragging prices higher up towards 139.80 and subsequently also through 141.30/40 levels. Support is now seen at 136.00/135.80 levels, while resistance is fixed at 138.20 (interim), followed by 139.20, and 140.10 respectively. The structure for now, reveals that bulls remain in control, bottom line remains that 135.80 should hold well. 

Trading recommendations: 

Remain long for now, stop just below 135.80, target 139.80 at least.

More analysis - at instaforex.com



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Technical analysis of USD/JPY for September 11, 2014
 
 
In Asia, Japan will release the BSI Manufacturing Index. Besides, the US will also release some economic data such as Natural Gas Storage and 30-y Bond Auction. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day. 
 
TODAY TECHNICAL LEVELS: 
Resistance. 3: 107.25. 
Resistance. 2: 107.04. 
Resistance. 1: 106.83. 
Support. 1: 106.58. 
Support. 2: 106.37.
Support. 3: 106.16.
 
More analysis - at instaforex.com



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Intraday trading recommendations for Gold for September 15, 2014
 
 
The yellow metal drifted to a 5-month low, trading near support zone. The metal lost its shine by rising expectations that the US Federal Reserve will raise the interest rates rather earlier than later. The metal has a minor support zone between $1,225 (80.0 fib level) and $1,217 levels. Currently in Pacific session, the metal is trading at $1,225.50 level near the support zone. We recommend fresh selling only below $1,225 or $1,217 (safe trades). Risky traders can buy using sl $1,217 at cmp $1,225.50 for an upside target at $1,231, $1,234, $1,237 and $1,240 levels. The metal has intraday resistance at $1,235, $1,239, $1,242 and $1,248. Strong up move we can see only above $1,248 on a weekly basis.

More analysis - at instaforex.com


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Technical analysis of Silver for September 16, 2014
 
Technical outlook and chart setups: 
Silver has been in a broad consolidation range since June 2013 as depicted on the weekly chart view here. The consolidation type has been decreasing resistance ( $25.10, $22.70, $21.60) and constant support ( $18.20/50). Normally such consolidation ranges break lower, hence it is recommended to enter long positions only after confirmed reversal signal appearance around the support levels. The metal is currently trading at $18.69 levels and might be preparing to produce bullish reversal signal. Please note that support is at $18.20/50 while resistance begins from $20.00 levels. 
 
Trading recommendations: 
Flat for now, looking to initiate long positions on reversal.

 

More analysis - at instaforex.com


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Technical analysis of Silver for September 18, 2014
 
 
Technical outlook and chart setups: 
Silver remains in control of the bears, around $18.50 levels for now, as depicted here on the weekly chart view. As seen here, the support line of the overall consolidation is passing through the current levels and it is a make or break situation around $18.20/50 levels. RSI is hinting towards a potential bullish divergence at 34.00 levels (not seen here). A bullish reversal at current levels should be extremely favorable for bulls. Immediate support is at $18.20 while immediate resistance is the $18.80/90 level, followed by $19.90 respectively.It is yet recommended to remain flat and await a reaction here on the support line of consolidation. 
 
Trading recommendations: 

Remain flat for now, look to go long on confirmation.

 

More analysis - at instaforex.com



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Intraday trading recommendations for GBP/USD for September 19, 2014
 
 
The Pound has given a stellar performance in yesterday's trade closing above 20Dsma. In todays session, the cable held the 20Dsma support and again moved higher, breached the 2-month descending trend line. The pair formed a triangle, and just breached the upper end of that, a daily close above the upper end of the triangle makes further bullish movement in the near term. Today, as of now, the cable made a high at 1.6460 and trading at 1.6422. The pair has resistance between 1.6586-1.6590 levels. A weekly close above these, makes it more bullish in the short term. On the down side, it has support at 1.6380. 
 
Support 1.6380 1.6245 1.6160 

Resistance 1.6440 1.6590 1.6625

 

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Short-term trend levels and an intraday recommendation for Gold for September 22, 2014
 
The yellow metal drifted to $1,213 levels in Friday's session, but managed to close above $1,215 levels. The strong US dollar puts pressure on the metal. Now the metal is trading at $1,215.70, it made a low at $1,214.50. The metal has support at $1,212 (200MEma) and $1,185 (200MSma). The short- and medium-term trend setup at these levels; in case of a daily and weekly close below $1,212, the metal will drift towards $1,185, $1,150 and may be even lower to $1,120 levels. Twice these levels pushed the metal from the lower levels. In June 2013 the metal made a low at $1,180, hit the 200MEma, but 200MSma helped the metal to push higher levels and in December 2013 the situation repeated. Currently the metal testing its fortune at the same support zones again. If this time the metal holds the support, it will give a good rally again, but the chances are very remote. We can still see the bear image in the metal chart. 
 
Support $1,212, $1,185-$1,180, $1,120 
Resistance $1,228, $1,242, $1,254

 

More analysis - at instaforex.com



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Technical analysis of AUD/USD for September 30, 2014
 
The AUD/USD pair had fallen from the level of 0.8920, and the decline was extended further to as low as 0.8720 yesterday; furthermore, the price has been below 23.6% of Fibonacci retracement levels in the daily chart. Additionally, it should be noted that the price has formed strong resistance at the 0.8920 level and minor resistance at 0.8780. Moreover, this strong level has still been trapped between 23.6% of Fibonacci retracement levels and 00% in the daily chart. As it is known, history usually repeats itself at a certain level. So it will be of the wisdom to use historic quotes to determine future prices; hence, it is probably that the market will show bearish signs again in order to indicate a bearish opportunity at the level of 0.8780 with targets towards the strongest support around the 0.8659 level. Equally important, the market will form a range between two important levels of 0.8720 and 0.8660, so the range will be 80 pips precisely on the last day of September. Also, it should be noted that the double bottom will set at the level of 0.8659.

 

More analysis - at instaforex.com



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Technical analysis of GBP/CHF for October 21, 2014
 
Technical outlook and chart setups: 
The GBP/CHF pair has bounced off the 1.5000 levels as expected and reached initial resistance at 1.5200/50 as seen here. The pair is expected to pullback towards 1.5100 and further rally towards 1.5320/30 at least. Immediate support is seen at 1.4975, followed by 1.4750/60 and lower, while resistance is at 1.5320/30, followed by 1.5450, 1.5550 respectively. It is recommended to to book profits on long positions taken earlier, and again enter at 1.5100; risk remains at 1.4950. The structure indicates that a top might be in place at 1.5550 and that bears should remain in control till prices remain lower than 1.5500/50. The current rally could just be a counter trend. 
 
Trading recommendations: 
Book profits on long positions. Again enter buying around 1.5100 levels, stop is below 1.4950, target is 1.5320.

More analysis - at instaforex.com



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Daily analysis of major pairs for October 22, 2014

EUR/USD: The EUR/USD is now experiencing a pullback in the context of
an uptrend. The pullback may offer another opportunity to go long;
unless the price goes below the support line at 1.2700, which would
put the bullish outlook in jeopardy. With the continuation of the
bullish trend, the price could reach the resistance line at 1.2800
again.


More analysis - at instaforex.com



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Technical analysis of GBP/CHF for October 23, 2014
 
Technical outlook and chart setups: 
The GBP/CHF has managed to hit 1.5320/30 levels as expected and discussed yesterday. Please note that it is also the fibonacci 0.618 resistance of the decline from 1.5550 and 1.4975 earlier. It is recommended to initiate short positions now, risk remains above 1.5450 at least. Resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200, followed by 1.5100, 1.4975 and lower respectively. It looks like bears could resume the down move from current levels and eventually extend it towards 1.4975 and lower. The pair might have formed a meaningful top at 1.5550 levels and could remain lower for a while. 
 
Trading recommendations: 
Remain short from current levels, stop above 1.5450, target is open.

More analysis - at instaforex.com


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Technical analysis on EUR/USD for October 24, 2014
 
 
The greenback is supported by the strong US weekly jobless claims numbers. On Wednesday's session the pair was falling below the ascending symmetric triangle, closed below that and 20dsma as well. In yesterday's session, the pair was rejected at the 20Dsma level. The initial resistance level was at 1.2689 levels. Until the pair closes above 1.2690, sell on every rise. In the h4 chart, the prices are facing a strong resistance level at 12DEMA. On the downside, the pair has support at 1.2625, below this, 1.2606, 1.2584 and 1.2578 are open targets. The selling pressure will increase below 1.2578 (the 80.0 fib level) towards the previous lows at 1.2500 which are strong support and key trend decider levels. On the other side, 1.2676, above 1.2686, 1.2710 and 1.2740 are strong resistance levels. We recommend fresh selling below 1.2625 or wait for an upswing to start selling at 1.2740 levels. 
 
Trade- Selling below 1.2625

 

More analysis - at instaforex.com


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Weekly technical levels of EUR/USD for October 27-31, 2014
 
Overview: 
The EUR/USD pair in the long term. 
The pair called for a bearish market from the level of 1.2839 and closed at 1.2669 last week. So, the price of the EUR/USD pair is going to continue the bearish trend from the level of 1.2707. It also should be noted that the pivot point is set at the same price of 1.2707 for October 27-31, 2014. Accordingly, it will be a good sign to sell below 1. 2707 with the first target of 1.2613 to test a minor support at this price. Moreover, the double bottom will set at the 1.2613 level. Also, it will call for downtrend in order to continue its bearish movement towards 1.2575 in order to test the weekly support 1. 

At the same time, the stop loss should be placed above the weekly pivot point at the price of 1.2730. Equally important, the resistance will set at the 1.2727 level (50% of Fibonacci retracement levels). Additionally, it should be noted that the range today will be about 74 pips.

 

More analysis - at instaforex.com



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Technical analysis of Silver for October 28, 2014
 
Technical outlook and chart setups: 
Silver is trading at the support region around $17.00 levels for now. The metal could be preparing to rally towards $17.50/60 levels at least, if not higher from here. Hence, it is recommended to remain long for now, risk remains at $16.60. The metal still continues to be in a trading range, where support is around $17.00 and resistance is around $17.60/70 respectively. The metal is supported by $16.60 for now and bulls should remain in control till prices remain above the same. Resistance is seen at $18.00, followed by $18.50 and higher respectively. 
 
Trading recommendations: 

Remain long, sset stop at $16.40, target is open.

More analysis - at instaforex.com



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Technical analysis of Gold for October 29, 2014
 
Technical outlook and chart setups: 
The 4H chart view presented here indicates that Gold could still dip towards $1,210.00 levels before resuming rally. As seen here, the $1,210.00 level is fibonacci 0.618 support of the rally between $1183 and $1,255.00. Furthermore it is also the extension of the drop from $1,255.00 to $1,225.00/26.00 levels. Support is seen at $1,205.00, followed by $1,183.00, while resistance is seen at $1,255.00 (interim), followed by $1,275.00 and higher respectively. It is recommended to look to enter buying around $1,210.00 levels as a safe trading strategy. On the flip side, the metal is expected to face resistance around $1,240.00 levels, if a rally is materialized from current levels. An aggressive trade strategy cold be to initiate short positions there. ($1,240.00). 
 
Trading recommendations: 

Short around $1,240.00 if the metal rallies from current levels, set stop above $1,255.00, target is $1,210.00. OR Initiate long positions after a dip at $1,210.00 levels.

 

More analysis - at instaforex.com



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Forecast and trading recommendations on EUR/JPY for Octoebr 30, 2014

The cross is trading at 3-week high. The cross managed to breach the 20Wsma, but was unable to sustain above that. In the daily chart, we can see the minor double top at 137.75 levels on a closing basis. On a monthly closing basis, the pair must close above 138.48 levels. In case, if the cross closes below 138.48 we can clearly see the double top formation in the monthly charts representing a downward move towards 135.45 levels. In case, if the cross manages to close above 138.48 the pair can extend its upswing towards 139.40 and 139.90 levels. Including today, we have 1 more trading session left in the current month. In the longer term picture we can see the 131.40 and 129.0 breaks, below this, another steep correction towards 2013 February and March lows. In the current month, the cross erased the 3/4th of its losses. We will re-analyze the chart in case if the pair closes above 138.48 on a monthly closing basis. The Euro is weaker than the Yen.

More analysis - at instaforex.com



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Technical analysis of Gold for November 03, 2014
 
Technical outlook and chart setups: 
Gold dropped to $1,160.00 levels taking out long positions yet again. A weekly chat view has been presented here for a larger trend view. A support trend line connecting the 2004/05 and 2008/09 lows is passing through the $1,150.00/$1,160.00 levels. The fibonacci 0.618 support of the rally between $680.00 and $1,900.00 is also passing through the $1,154.00 levels as depicted here. Furthermore, a past resistance turned support is also converging at the same levels. With all the above views, probabilities are high that the metal should bottom out between $1,150.00 and $1,160.00 levels. A bullish reversal signal should be watched for on the daily chart before confirming the same. 
 
Trading recommendations: 
Remain flat for now. Signal confirmation is required between $1,150.00 and $1,160.00 levels.

More analysis - at instaforex.com



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]Technical analysis of USD/JPY for November 04, 2014
 
In Asia, Japan will release the Final Manufacturing PMI and the US will release some economic data such as Trade Balance, Factory Orders m/m, IBD/TIPP Economic Optimism, Congressional Elections. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session. 
 
TODAY TECHNICAL LEVELS: 
Resistance. 3: 114.24. 
Resistance. 2: 114.02. 
Resistance. 1: 113.79. 
Support. 1: 113.52. 
Support. 2: 113.30. 

Support. 3: 113.07. 

 

More analysis - at instaforex.com



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Technical analysis of EUR/JPY for November 05, 2014
 
This week's major event is the Thursday ECB press conference. This time we are not expecting further easing in the EU. In this case the euro will recover against USD and JPY. Today traders eye the BOJ monetary policy meeting minutes. The EUR/JPY cross has been trading on a highly bullish note for 4 weeks. The cross has parallel resistance between 143.44 and 143.78. In the weekly and monthly charts the cross gave an upside breakout. We can expect strong momentum only above 143.78 levels. As of now, today the cross made a high at 142.79 levels. After a huge spike, the prices are corrected well and again are moving higher. We expect the prices to move towards 143.40 and 143.50 levels. We recommend fresh intraday buying only above 142.79 levels. The intraday support exists at 142.20, below this, 141.70 levels. We recommend safe selling below 141.70 for targets at 139.75 levels. Risky traders can sell below 141.90 levels.

 

More analysis - at instaforex.com



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Technical analysis of GBP/CHF for November 06, 2014
 
 
Technical outlook and chart setups: 
The GBP/CHF had pulled back from 1.5450 levels earlier, which is also marked by fibonacci 0.786 resistance as seen here. The pair is now expected to continue drifting lower till prices remain below 1.5450 levels. Resistance is seen at 1.5475, followed by 1.5550/5, while support is seen at 1.5200, followed by 1.5125, 1.4975 and lower respectively. It is recommended to remain short for now, risk remains above 1.5550. Bears are expected to remain in control for now, till prices remain below 1.5450 levels. On the flip side, a push above 1.5450/75 levels would delay matters further. 
 
Trading recommendations: 
Remain short, set stop above 1.5550, target is open.
 
More analysis - at instaforex.com


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Daily analysis of major pairs for November 7, 2014

EUR/USD: The EUR/USD has been able to reach our weekly target at 1.2450. The price has even gone far below that level, owing to the continuous stamina in the USD. The price now targets the support line at 1.2350, which might be breached today or early next week.

 

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Daily analysis of USDX for November 10, 2014
 
The USDX has made an interesting pullback at the level of 87.95 on the daily chart. Because of this bearish pattern, the USDX could make a breakout at the support level of 87.35 and fall to the level of 86.20. However, we must be cautious in the medium term with the USDX, because this instrument could rise to the resistance level of 88.63. Dailychart's resistance levels: 88.63 / 90.40 
Dailychart's support levels: 87.35 / 86.20

 

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Technical analysis of EUR/JPY for November 11, 2014
 
 
Technical outlook and chart setups: 
The EUR/JPY pair seems to be retracing its fall from 144.21 to sub 142.00 levels for now. The resistance (fibonacci 0.618), is around 143.40 levels and it is expected to reverse lower from there on. Resistance is at 144.21(interim), followed by 145.50, while support is seen at 140.30, followed by 139.20/30 and lower respectively. A 3 wave correction can be expected, till prices remain below 144.21 levels here. Bears are expected to resume its 3rd leg lower from around current price action (143.40). It is recommended to remain short, risk remains at 144.50 levels. Downside extensions are pointing towards at least 140.00/139.00 levels. 
 
Trading recommendations: 
Remain short, stop at 144.55, target is open.

 

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Daily analysis of GBP/USD for November 12, 2014
 
 
At the H4 chart, the GBP/USD pair made a bullish consolidation above the support level of 1.5874. The next goal on the bullish road would be the resistance level of 1.5951. We must highlight the fact that this pair has been following the bearish bias for several weeks. So, it's normal to see these corrective movements. The MACD indicator remains in the positive territory. 
H4chart's resistance levels: 1.5951 / 1.6004 
H4chart's support levels: 1.5874 / 1.5811

 

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Daily analysis of major pairs for November 13, 2014
 
 
EUR/USD: Unlike the Cable, the EUR/USD pair has not traded downwards significantly, though the overall bias has been bearish. As long as the price is below the support line at 1.2500, it would be assumed that the bearish outlook is intact. It is now either the price breaks the support line at 1.2400 or breaks the resistance line at 1.2500 to the upside.
 
More analysis - at instaforex.com


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Technical analysis of Gold for November 17, 2014
 
Technical outlook and chart setups: 
Gold has rallied to $1,195.00 levels in last 2 trading sessions. The metal could still have room left on the higher side. $1,207.00 looks like the next potential immediate target. It is recommended to hold long positions and move risk to $1,145.00. As seen here, the $1,207.00 is a potential resistance and also fibonacci convergence level. A bearish reaction there should be watched for a potential down trend resumption. Immediate support is at $1,145.00, followed by $1,130.00 while resistance is seen at $1,207.00, followed by $1,230.00/35.00, $1,250.00/55.00 and higher respectively. 
 
Trading recommendations: 
Remain long, stop at $1,145.00, target is $1,207.00.

 

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Daily analysis of GBP/USD for November 18, 2014
 
The GBP/USD pair continues to find support on the bearish trend line at the level of 1.5635, which is prompting the pair to strengthen the current bearish trend on H4 chart. However, the GBP/USD pair could form a double bottom pattern to rise again to the resistance level of 1.5698. The aforesaid movement may be a corrective move in favor of the bearish trend and the following objective remains at the support level of 1.5512. The MACD indicator remains in the positive territory. 
H4chart's resistance levels: 1.5698 / 1.5811 
H4chart's support levels: 1.5600 / 1.5512

 

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Daily analysis of major pairs for November 19, 2014
 
 
EUR/USD: 
This market also shows protracted efforts by bulls to push the price upwards, as bearish pulls are being rejected. A movement above the resistance line at 1.2600 would mean the end of the bearish bias, leading to a Bullish Confirmation Pattern in the market.

 

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Daily analysis of major pairs for November 20, 2014
 
 
EUR/USD: There is now a Bullish Confirmation Pattern in the chart, which would become stronger as the price manages to cross the resistance line at 1.2600 to the upside, closing above it. Moreover, many strong economic figures are expected today and they will have a serious impact on the markets.

 

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Daily analysis of USDX for November 21, 2014

At the H4 chart, the USDX has still been following the bullish trend line at the support level of 87.35. However, the USDX has formed several fractals at the resistance level of 87.93, so this instrument has lost bullish force in the medium term and eventually the USDX could fall to the level of 86.75 next week. 
H4chart's resistance levels: 87.93 / 88.19 
H4chart's support levels: 87.35 / 87.00

 

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Daily analysis of major pairs for November 25, 2014
 
EUR/USD: After testing the support line at 1.2400, this market trended upwards. There is still a Bearish Confirmation Pattern in the market, which can only be rendered invalid when the price goes above the resistance line at 1.2600. Otherwise, the price may go further downwards from here.

 

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Daily analysis of major pairs for November 26, 2014
 
 
EUR/USD: This currency trading instrument is making some commendable effort to go bullish, though some odds are still against it. An upward movement of over 110 so far this week is formidable enough, and when price goes above the resistance line at 1.2600, then things would have gone bullish. However, this goal is not currently easy to achieve.


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Daily analysis of GBP/USD for November 27, 2014
 
On the daily chart, the GBP/USD pair gained a bullish momentum above the support level of 1.5746, where the pair is trying to reach the level of 1.5883. If the GBP/USD pair manages to make a breakout in that area, the next target would be the 1.6046 level. However, the GBP/USD pair could enter a phase of consolidation in the coming days due to low liquidity expected on the American markets. The MACD remains in the positive territory. 
Dailychart's resistance levels: 1.5883 / 1.6046 
Dailychart's support levels: 1.5746 / 1.5642 

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Technical analysis of EUR/USD for November 28, 2014
 
When the European market opens, some economic news will be released such as German Retail Sales m/m, French Consumer Spending m/m, Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment Rate, and Italian Prelim CPI m/m. The US will not release any economic reports. So, in this context EUR/USD will move with low to medium volatility during this day. 
 
TODAY TECHNICAL LEVELS: 
Breakout BUY Level: 1.2513.
Strong Resistance:1.2505. 
Original Resistance: 1.2493. 
Inner Sell Area: 1.2481. 
Target Inner Area: 1.2451. 
Inner Buy Area: 1.2421. 
Original Support: 1.2409. 
Strong Support: 1.2397. 
Breakout SELL Level: 1.2389.

 

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Technical analysis of EUR/USD for December 02, 2014
 
When the European market opens, some economic news will be released such as Spanish Unemployment Change and PPI m/m. Besides, the US will release the economic data too such as the Construction Spending m/m and Total Vehicle Sales. So, amid the reports, EUR/USD will move with low to medium volatility during this day. 
 
TODAY TECHNICAL LEVELS: 
Breakout BUY Level: 1.2526. 
Strong Resistance:1.2528. 
Original Resistance: 1.2516. 
Inner Sell Area: 1.2504. 
Target Inner Area: 1.2474. 
Inner Buy Area: 1.2444. 
Original Support: 1.2432. 
Strong Support: 1.2420. 
Breakout SELL Level: 1.2412. 

 

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Daily analysis of major pairs for December 3, 2014
 
 
EUR/USD: EUR/USD traded downwards on Tuesday, breaking below the resistance line at 1.2400. The resistance line is now an immediate barrier to any rallies that may be initiated by the bulls. Meanwhile, price may trend further downwards towards the support line at 1.2350.

 

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Daily analysis of USDX for December 04, 2014
 
 

On the daily chart, the USDX is making a breakout at the level of 88.63, so massive buy orders in this instrument could lead the US dollar to reach a historic high levels at 90.40. However, like any sharp movement, the USDX could form another bullish pattern above the support level of 88.63. The MACD indicator is entering the neutral territory. Daily chart's resistance levels: 90.40 / 89.00 

Dailychart's support levels: 88.63 / 87.35

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Technical analysis of USD/CAD for December 5, 2014
 

Overview:

 The trading recommendations today will give its impact in the short term. Also, we should remember that history will probably repeat itself at this level again. Thus, according to the previous events, the USD/CAD pair is going to move between 1.1313 and 1.1454. In particular, the double bottom has set at the price of 1.1314 and the support is represented at the same level on H4 chart. Consequently, the trend may fail to close below the strong support at 1.1313. So, buy below the level of 1.1313 with the first target at 1.1418, then it will be continued towards 1.1554 in order to test this strong support. The stop-loss is to be placed below the level of 1.1313. On the other hand, the strong resistance will be formed at the level of 1.1465 (100% Fibonacci retracement levels) providing a clear signal for sell deals with the targets seen at 1.1420 and 1.1393.

 

Intraday technical levels: 

Date:5/12/2014 Pair:USD/CAD 

R3: 1.1463

R2: 1.1430 

R1: 1.1406 

PP: 1.1373 

S1: 1.1349 

S2: 1.1316 

S3: 1.1292


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Daily analysis of major pairs for December 9, 2014
 
 

EUR/USD: After testing the support line at 1.2250, EUR/USD price bounced upwards, and the upwards bounce can continue a bit further upwards. For the upwards bounce to be strong enough to threaten the existing bearish bias, it must go above the resistance line at 1.2500; otherwise this may be another opportunity to sell short.

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Technical analysis of EUR/USD for December 10, 2014
 
When the European market opens, some economic news will be released such as French Final Non-Farm Payrolls q/q and French Industrial Production m/m. The US will release the economic data too such as the Crude Oil Inventories, 10-y Bond Auction, Federal Budget Balance. So, amid the reports, EUR/USD will move low to medium volatility during this day. 
 
TODAY TECHNICAL LEVELS: 
Breakout BUY Level: 1.2446. 
Strong Resistance:1.2439. 
Original Resistance: 1.2427. 
Inner Sell Area: 1.2415. 
Target Inner Area: 1.2386. 
Inner Buy Area: 1.2358. 
Original Support: 1.2345. 
Strong Support: 1.2334. 
Breakout SELL Level: 1.2327. 
 
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Daily analysis of GBP/USD for December 11, 2014
 
The GBP/USD pair is conducting a breakout at the level of 1.5698, because this pair intends to go up to where the 200-day moving average is located on the H4 chart. This move is probably since the GBP/USD pair managed to consolidate above the bearish trend line that was putting pressure on the level of 1.5650. However, for the rest of the week, movements in a low range are expected. 
H4chart's resistance levels: 1.5811 / 1.5874 
H4chart's support levels: 1.5698 / 1.5589

 

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Elliott wave analysis of EUR/JPY for December 15 - 2014
 
Technical summary: 
Wave c of the correction from 149.13 is developing. Till now, we have seen wave a and b and wave c is currently unfolding. Red wave i ended at 147.69 and red wave ii is unfolding towards the 148.50 - 148.89 area from where the more powerful red wave iii lower to 145.88 is expected. The first target for this correction is found at 144.78. That said, wave c could easily extend lower to 142.05, but for now let's see what will happen as we approach 144.78. 
 
Trading recommendation: 
We are short in EUR from 147.97 and will move our stop to break-even and re-sell EUR at 148.50 with stop placed at 149.20 if/when our stop is hit.

 

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Technical analysis of Gold for December 17, 2014
 
 
Technical outlook and chart setups: 
Gold is trading at sub $1,200.00 levels after making highs at $1,222.00/23.00 yesterday. The yellow metal remained just shy of the $1,270.00/80.00 mark, which is defined as the best buy for now. Immediate support is seen at $1,170.00, followed by $1,142.00, $1,130.00 and lower while resistance is seen at $1,255.00 and higher respectively. It is recommended to initiate long positions around $1,170.00/80.00 levels, risk remains below $1,140.00. Bulls are expected to remain in control till prices stay above $1,140.00. A break there could be extremely bearish and push prices lower into the $1,030.00/50.00 region. 
 
Trading recommendations: 

Remain flat for now, look to buy around $1,170.00/80.00 levels.

 

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Technical analysis of USD/JPY for December 18, 2014
 
 
No economic data is expected in Japan today. As for the US, it will release some economic data such as Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, Flash Services PMI, and Unemployment Claims. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session. 
 
TODAY TECHNICAL LEVELS: 
Resistance. 3: 119.28. 
Resistance. 2: 119.05. 
Resistance. 1: 118.82. 
Support. 1: 118.54. 
Support. 2: 118.31. 

Support. 3: 118.07.
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USDX Technical analysis for December 19, 2014
 
The Dollar index is making a short-term pullback as expected by our previous post. However, a trend remains bullish in all time frames. The longer-term target since early October is the 91 level as this is the bullish flag break out target.

 

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USDX Technical analysis for December 22, 2014

The Dollar index as expected after the strong reversal, is now making new highs getting closer to our target of 91 given some time ago by my bullish flag analysis. Bulls remain in control after the sharp upward reversal we saw last week. Bulls should continue to support this upward move as it seems that it has only just started.

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Gold Technical analysis for December 23, 2014

Gold price has broken the neckline and has given a short-term sell signal. The target for the Head and Shoulders pattern I mentioned yesterday is the recent lows at $1,140-30. I'm bearish for Gold. Gold is at a short-term downtrend and in danger of starting a new downward move that could bring the price near $1,050.

 

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Daily analysis of major pairs for January 5, 2015
 
 

EUR/USD: The EUR/SUD trended downwards on Friday, closing below the resistance line at 1.2050. The support line at 1.2000 is being tested and with further exertion of selling pressure, it may be breached to the downside. After this, the price may then go for another support line at 1.1950.

 

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