Technical analysis on EU,GU and majors

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for December 4, 2014

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.
Last week, the bears managed to break below the recent low around 1.5790. This exposed potential targets at 1.5700,1.5650 and 1.5580 where the backside of the broken channel as well as previous bottoms are located.
As anticipated, risky traders could have taken a BUY position around 1.5600-1.5650. It achieved some profits then the market returned to retest the same entry levels.
Conservative traders should wait for another pull-back towards 1.5830-1.5860 for a low-risk SELL entry. Stop Loss should be located at 1.5870 ( slightly above entry levels ).
On the other hand, a break below the triple-bottom price zone (1.5600 - 1.5590 ) temporarily ends the indecision state of the market exposing price levels of 1.5500.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

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Technical Analysis of USD/CHF for December 04, 2014

The stronger US data pushed the pair to a 1-year high at 0.9783. Economic activity in the non-manufacturing sector grew in November for the 58th consecutive month, according to the nations purchasing and supply executives in the latest Non-Manufacturing ISM report. At yesterday's session, the pair gained 60 pips and closed at the highest level of the day. The pair touches the top end of the channel. In case if the prices are closed above the top end of the channel on a daily basis, it adds more bullish thoughts. We have been recommending buying on every dip at 0.9820, 0.9874, 0.9970, and 1.0270. Bulls must be able to close above 0.9742 on a weekly closing basis. Until the prices close above 0.9650, the pair favors buying on dips. The hourly momentum indicators, are showing an overbought sign. We recommend fresh buying above 0.9785. The pair has resistance at 0.9805. We can expect strong momentum only above 0.9805 towards 0.9850 and 0.9870. The pair has support at 0.9730 and 0.9715, below this 0.9688 and 0.9670 will act as strong support levels. Today, the focus shifts to the US unemployment data.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for December 04, 2014

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 119.87 on Wednesday. It is underpinned by the positive dollar sentiment (ICE spot dollar index last 88.94 versus 88.62 early Wednesday) and higher shorter-dated U.S. Treasury yields (2-year at 0.559% versus 0.539% late Tuesday) as stronger-than-expected U.S. November ISM non-manufacturing PMI of 59.3 (versus forecast 57.6 and October's 57.1) outweighed fewer-than-expected 208,000 increase in U.S ADP new private-sector jobs in November (versus forecast +223,000) and lower-than-expected revised U.S. 3Q productivity of +2.3% (versus forecast +2.5%) & 3Q unit labor costs of -1.0% (versus forecast -0.7%); U.S. Federal Reserve November Beige Book report offered a broadly upbeat view of the economy, recent hawkish speeches from Fed Vice Chairman Stanley Fischer and New York Fed chief William Dudley reinforced expectations that U.S. interest rates would start to rise by mid-2015. USD/JPY is also supported by the demand from Japan importers, Bank of Japan's large-scale monetary easing policy and positive investor risk appetite as Wall Street climbed to record highs overnight amid stabilizing oil prices and accommodative monetary policies from major central banks (VIX fear gauge eased 2.96% to 12.47; S&P 500 hit all-time high 2,076.28 before closing up 0.38% at 2,074.33). But USD/JPY gains are tempered by Japan's exporter sales; caution ahead of U.S. payrolls report Friday.
Technical comment:
Daily chart is positive-biased as stochastics is bullish, five and 15-day moving averages are advancing.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 120.15 and the second target at 120.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119. A break of this target would push the pair further downwards and one may expect the second target at 118.50. The pivot point is at 119.45.
Resistance levels: 120.15 120.60 121
Support levels: 119 118.50 118

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for December 4, 2014

Gold price consolidates near the recent highs above $1,200. If short-term support at $1,200-$1,190 holds, then we could see another break out towards $1,260-$1,270. If support fails, we should push lower towards $1,170. A bullish flag is being formed and a break out above $1,215 will give us a buy signal. goldh4.jpg

Red lines = triangle pattern
Gold price is making a triangle pattern between $1,215 and $1,200. A break out above $1,215 will put the recent highs to the test and if support fails we should push towards $1,170. There is a bullish flag pattern also that could give us a target of $1,270. A breakout above $1,220 will confirm that we are heading towards $1,270. A rejection at current levels will imply that the downward correction is not over.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for December 5, 2014

The bearish flag scenario should now be considered for the longer-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair around (review Trade recommendations below).
A double-top pattern was expressed this week on the 4H chart around 1.2500. As anticipated, fixation below neckline ( price level of 1.2430 ) enhanced the bearish tendency of the market.
Moreover, the EUR/USD pair has a bearish projection target (the Flag pattern) roughly located around price levels of 1.2200.
Fixation below recent SUPPLY levels around 1.2400 - 1.2430 ( significant Fibonacci Levels ) is mandatory to maintain the current bearish momentum towards 1.2200.
Trade recommendations:
The Stop Loss for the previously mentioned SELL position around 1.2470 should be lowered to 1.2460 to offside the risk after taking some profits.
Target levels should be set at 1.2430, 1.2360 initially and price zone of 1.2250-1.2200 to be watched next.
As mentioned Yesterday, Intraday traders can SHORT the pair around price zone of 1.2420-1.2445. SL should be set as four-hour closure above 1.2470.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for December 5, 2014

Overview:
The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.
The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.
Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards support level located around 1.5600 where the lower limit of the ongoing channel was previously located.
The GBP/USD pair looked quite oversold. Bullish correction was anticipated as the pair has tested a prominent WEEKLY support (price level of 1.5600 ) corresponding to multiple previous tops established back in May and June 2013.
On the other hand, a break below the recent bottom around 1.5580 invalidates this bullish scenario and renders the current consolidation range as a bearish flag pattern with projection target at 1.5410.
Trading recommendations:
As anticipated, a previous valid BUY opportunity was suggested at retesting of the same price zone 1.5610-1.5620. This position was running in profit until bearish pull-back took place towards entry levels again.
Another low-risk BUY entry may be offered at retesting of 1.5610-1.5620 again. These price levels remains suitable for BUYING the GBP/USD pair until bearish breakout takes place.
TP levels should be set at 1.5760, 1.5820 and 1.5880.
On the other hand, a low risk SELL entry will probably be offered around 1.5880-1.5940 ( Important Fibonacci Levels and the upper limit of the depicted bearish channel ) with SL located just above 1.5950.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical Analysis of USD/CHF for December 05, 2014

The pair touched the top end of the channel and fell sharply. The US data gave an optimistic view on the labour market. In the week ending November 29, the flash figure for seasonally adjusted initial claims was 297,000, a decrease of 17,000 from the previous week's revised print. The pair was sold off in yesterday's session, but managed to hold the descending trend line. The pair managed to erase half of its intraday losses and closed at the breakout level. The prices are facing strong resistance at 0.9720 levels, above this 0.9740 is the other resistance level. In case if the prices are closed above the top end of the channel on daily basis, it adds more bullish thoughts. We have been recommending buying on every dip at 0.9820, 0.9874, 0.9970, and 1.0270. Bulls must be able to close above 0.9742 on a weekly closing basis. Until the prices close above 0.9650, the pair favours buying on dips. From an intraday view, we recommend buying above 0.9720 levels.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for December 05, 2014

In Asia, Japan will release the Leading Indicators. Besides,the US will publish some economic data such as Non-Farm Employment Change, Trade Balance, Unemployment Rate, Average Hourly Earnings m/m, Factory Orders m/m, and Consumer Credit m/m. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with medium to high volatility during the US session.
TODAY TECHNICAL LEVELS:
Resistance. 3: 120.53.
Resistance. 2: 120.29.
Resistance. 1: 120.06.
Support. 1: 119.77.
Support. 2: 119.54.
Support. 3: 119.30.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for December 5, 2014

Gold price continues to trade sideways. A pullback towards $1,180 is quite possible before the resumption of the uptrend towards $1,270. The short-term trend is neutal as long as price is below $1,215. Bulls should be worried if support at $1,170 fails. On the other hand, bears could see a push above $1,215 which will start to cover short positions.

The weekly chart above shows how price closed above the Tenkan-sen last week. So, this week I expect to see a break towards the kijun-sen towards $1,230 at least. The next important resistance by the Fibonacci ratios is at $1,236 and then at $1,263. The weekly candle of last week is very bullish and I expect to see at least one more bullish weekly candle. So, the trend remains bullish in the short term with increased chances of a move towards $1,260-70.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for December 8, 2014

The bearish flag scenario should now be considered for the longer-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair again.
A double-top pattern was expressed this week on the 4H chart around 1.2500. As anticipated, fixation below neckline ( price level of 1.2430 ) enhanced the bearish trend on the market.
Moreover, the EUR/USD pair has a bearish projection target (the Flag pattern) roughly located around price levels of 1.2200 where the lower limit of the depicted 4H channel is also located..
Fixation below the recently broken bottom around 1.2390 is mandatory to maintain the current bearish momentum towards 1.2200.
Trade recommendations:
Intraday traders can SHORT the pair anywhere around 1.2340-1.2360 ( the most recent top ). SL should be set as four-hour closure above 1.2400.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for December 8, 2014

4H chart reveals the recent downside movement maintained within the limits of the depicted channel.
Conservative traders should wait for a pull-back towards price level of 1.5630 for a low-risk SELL entry. Stop Loss should be located at 1.5720.
On the other hand, an obvious 4H fixation below the triple-bottom price zone (1.5600 - 1.5590 ) indicates an upcoming bearish movement towards 1.5480-1.5500 where the lower limit of the current movement channel is located.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical Analysis of USD/CHF for December 08, 2014

The stronger US data pushed the prices to the North. The US data rises the bets on the Federal Reserve to raise the interest rates sooner than later. This view added some more fuel to the US dollar. The yellow metal again closed below $1,200.00. The US added 321,000 new non-farm jobs in the month of November. The actual print is 90,000 more than the forecast of 231,000. It is the highest gain since January 2012 and up from the previous months figure of 243,000. The pair managed to closed above 0.9742 on a weekly basis. We still recommend using every dip to buy at 0.9820, 0.9874, 0.9970, and 1.0270. The pair made a high at 0.9800 and closed at the day's highest level. We are waiting to close above 0.9742 on a weekly basis for 4 weeks, now it has happened. I am expecting 200 pips on the North side. At the previous session, we recommended buying at 0.9720 levels which gave good money. Today, the pair was unable to break the previous day's high at 0.9800. We recommend fresh buying above 0.9800 with the targets at 0.9824, 0.9838, and 0.9870. On the daily chart, the prices make higher lows and higher highs. In case if the prices close above 0.9800 on the h4 chart, it can challenge 0.9840, 0.9850, and 0.9880 in intraday. For an hourly view, the prices are taking support at 35DEMA 0.9770, below this 0.9740 will act as strong support levels.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for December 08, 2014

In Asia, Japan will release the Current Account, Final GDP q/q, Bank Lending y/y, Final GDP Price Index y/y, and Economy Watchers Sentiment. The US will also publish some economic data such as Labor Market Conditions Index m/m. So, there is a big probability the USD/JPY pair will move with low volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 122.15.
Resistance. 2: 121.91.
Resistance. 1: 121.67.
Support. 1: 121.38.
Support. 2: 121.14.
Support. 3: 120.90.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for December 8, 2014

Gold price continues to slide lower after making a high at $1,222. Short-term support at $1,200 was broken and price fell towards $1,185 only to bounce back towards $1,195 but still below $1,200. Short-term trend is bearish and I expect this downward correction to reach $1,173 or $1,180 before it resumes the uptrend.

The longer-term view remains bearish as price is below the Ichimoku cloud which is found at $1,280 and below the kijun-sen at $1,240. I'm neutral as long as Gold price is above $1,140 and I believe we could see an upward move towards $1,140 before the resumption of the down trend.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for December 09, 2014

When the European market opens, some economic news will be released such as German Trade Balance, French Gov Budget Balance, and French Trade Balance. The US will release the economic data too such as the NFIB Small Business Index, JOLTS Job Openings, IBD/TIPP Economic Optimism, and Wholesale Inventories m/m. So, amid the reports, EUR/USD will move low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2365.
Strong Resistance:1.2358.
Original Resistance: 1.2346.
Inner Sell Area: 1.2334.
Target Inner Area: 1.2305.
Inner Buy Area: 1.2276.
Original Support: 1.2264.
Strong Support: 1.2252.
Breakout SELL Level: 1.2245.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for December 09, 201

Overview:
The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.
The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.
Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards support level located around 1.5600 where the lower limit of the ongoing channel was previously located.
The GBP/USD pair looked quite oversold. Bullish correction was anticipated as the pair has tested a prominent WEEKLY support (price level of 1.5600) corresponding to multiple previous tops established back in May and June 2013.
On the other hand, a break below the recent bottom around 1.5580 invalidates this bullish scenario and renders the current consolidation range as a bearish flag pattern with projected target at 1.5410.
Trading recommendations:
As anticipated, a previous valid BUY opportunity was suggested at retesting of the same price level of 1.5600. This position was running in profit until bearish pull-back took place towards entry levels again.
TP levels should be set at 1.5760, 1.5820 and 1.5880.
On the other hand, a low risk SELL entry will probably be offered around 1.5880-1.5940 ( Important Fibonacci Levels and the upper limit of the depicted bearish channel ) with SL located just above 1.5950.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/CHF for December 09, 2014

Intraday trading recommendations:
According to the previous events, the price of USD/CHF is still trapped between the levels of 0.9770 and 0.9705. The level of 0.9770 will indicate strong resistance. Moreover, the price will form a double top at this level, therefore, it will be wise to sell at 0.9770 (short term) with the first target at 0.9732 (61.8% Fibonacci retracement levels). Then it will continue towards 0.9705 and 0.9679 in order to test the weekly support 1.
Observations (intraday):
Projected high: 0.9770 We expect a range of 198 pips this week.
Projected low: 0.9679
Weekly technical levels:
Date and Time: 9/12/2014 13:12
Pair: USD/CHF
Projected High: 0.9981
Breakout (Buy Stop): 0.9926
Strong Resistance (Sell Limit): 0.9896
Current Pivot: 0.9778
Strong Support (Buy Limit): 0.9659
Breakout (Sell Stop): 0.9634
Projected Low: 0.9584

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for December 09, 2014

Fundamental overview:
USD/JPY is expected to consolidate with risks skewed lower after hitting a seven-year high at 121.86 on Monday. It is undermined by flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge jumped 20.22% to 14.21, S&P 500 closed 0.73% lower at 2,060.31 overnight) as concerns mount over flagging global economic growth after data showed Japan's economy contracted more-than-expected 1.9% in 3Q, German industrial output rose less-than-expected 0.2% in October, while China's trade exports grew weaker-than-expected 4.7% in November. USD/JPY is also weighed by the weaker USD sentiment (ICE spot dollar index last 89.10 versus 89.38 early Monday) as U.S. Treasury yields fell overnight (10-year at 2.257% versus 2.307% late Friday) Bank of International Settlements warned on Sunday in its most recent quarterly report that there are potential adverse implications from a prolonged rally in the dollar for economies beyond the U.S. that have large U.S. dollar-denominated liabilities and Japan's export sales. But the USD sentiment is soothed by 6.1% rise in Conference Board U.S. employment trends index to 123.24 in November. USD/JPY losses are also tempered by the demand from Japan's importers and Bank of Japan's large-scale monetary easing policy.
Technical comment:
Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics is turned bearish at overbought levels, bearish dark-cloud-cover candlestick pattern was completed on Monday.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 120.10. A break of this target will move the pair further downwards to 119.60. The pivot point stands at 121.35. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 121.85 and the second target at 122.30.
Resistance levels: 121.85 122.30 122.65
Support levels: 120.10 119.60 119.30

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold technical analysis for December 09, 2014

Gold price has reversed higher above $1,200 after reaching the 38% retracement of the rise from $1,141 to $1,222. There are increased chances of a new upward breakout towards $1,240 or even $1,260.

The daily chart remains bearish as price is below the Ichimoku cloud. Breaking above $1,222 will be a very bullish sign for Gold bulls. Important daily support is at $1,170. Breaking below that level will imply that bears are retaking control and that Gold price will challenge the lows at $1,140-30. I feel that this scenario has the least chances.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for December 10, 2014

Overview:
The weekly pivot point of the EUR/USD pair has set at the level of 1.2353. Also, the daily pivot point set at the same price on December 10, 2014. Consequently, the market has still been calling for downward because the price set below the weekly resistance 1 at 1.2436 since yesterday. Accordingly, if the trend fails to close above the level of 1.2436, then it will be a good opportunity to sell below the weekly resistance 1 with the first target at 1.2353 (this level is going to represent the weekly support 1). Then it will be continued in downtrend towards 1.2246 in order to test the double bottom. On the other hand, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss should be placed above the double top at the level of 1.2450 (78.6% of Fibonacci retracement levels).

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014