Technical analysis on EU,GU and majors

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for December 22, 2014

Overview:
The GBP/USD pair has been moving downward respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.
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.
Failure of the market to defend the price zone of 1.5890-1.5900 allowed bears to push towards the support level located around 1.5600.
The GBP/USD pair looked quite oversold after such a long bearish swing off 1.6500. That is why bullish correction was anticipated around 1.5600 as it is a prominent WEEKLY support corresponding to multiple previous tops established back in May and June 2013. That is why the market meets prominent bullish rejection each time bears push below 1.5600 - 1.5580
Bullish fixation above the price level of 1.5760 (bullish breakout of the daily bearish channel) exposes the price levels of 1.5880 and 1.5950 for retesting.
However, less probably, a break below the recent bottoms established around 1.5580-1.5540 renders the current consolidation range as a bearish flag pattern with projected target at 1.5310 like what happened back in October.
Trade Recommendation:
Wait for bullish fixation above 1.5760 for a LONG entry with SL as daily closure below entry levels. TP should be located at 1.5800 and 1.5880.
Otherwise, it's recommended to stay out of the market until the next destination of the GBP/USD pair is determined.

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

 

[bhanu545]

Technical analysis of USD/JPY for December 22, 2014

Fundamental overview:
USD/JPY is expected to consolidate with bullish bias after hitting an eight-day high 119.66 this morning. Trading volumes are light as many market participants move to sidelines ahead of Christmas and New Year holidays. USD/JPY is supported by the yen-funded carry trades as positive risk sentiment prevailed (VIX fear gauge eased 1.9% to 16.49, S&P 500 closed up 0.46% at 2,070.65 on Friday) after the Federal Reserve System on Wednesday expressed confidence in the U.S. economy but pledged to be "patient" on raising interest rates. USD/JPY is also supported by the positive dollar sentiment (ICE spot dollar index hit eight-and-a-half-year high 89.654 on Friday, last 89.650 versus 89.210 on early Friday) amid expectations that the U.S. economy would outperform other major economies and that the Fed would raise interest rates sooner than other central banks, the demand from Japan's importers and the Bank of Japan's large-scale monetary easing policy. But USD/JPY gains are tempered by the Japanese export sales and positions adjustment ahead of Japan's public holiday on Tuesday.
Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is in bullish mode.
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 120.25 and the second target at 120.80. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.35. A break of this target would push the pair further downward and one may expect the second target at 117.75. The pivot point is at 118.35.
Resistance levels: 120.25 120.80 121.10
Support levels: 118.35 117.75 117

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

 

[bhanu545]

Technical analysis of USD/CHF for December 22, 2014

Fundamental overview:
USD/CHF is expected to trade in higher range.It is supported by the Swiss National Bank's announcement on Thursday on charging a negative interest rate of 0.25% on deposits from January 22 to cool the strength of the Swiss franc. USD/CHF is also buoyed by the positive dollar sentiment and the franc sales on cross trades versus major currencies.
Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, 5- 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 0.9850 and the second target at 0.9890. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9715. A break of this target would push the pair further downward, and one may expect the second target at 0.9660. The pivot point is at 0.9775.
Resistance levels: 0.9850 0.9890 0.9915
Support levels: 0.9715 0.9660 0.9605

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

 

[bhanu545]

Technical analysis of gold for December 22, 2014

Technical outlook and chart setups:
Gold still remains subdued within the $1,195.00/1,200.00 levels. The metal is now expected to stay above $1,183.50 levels and push higher above $1,255.00 in the coming sessions. Bulls should remain in control unutill prices remain above $1,150.00 levels. Immediate support is seen at $1,183.50 (interim), followed by $1,170.00, $1,140.00 and $1,130.00 while resistance is seen at $1,235.00 levels, followed by $1,255.00 and higher respectively. It is, hence, recommended to remain long for now, risk remains below $1,150.00. On the flip side, a break below $1,140.00 would delay the bullish scenario and bring bears into picture again.
Trading recommendations:
Remain long for now, stop below $1,150.00, target is open. Good luck!

Performed by Harsh Japee, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for December 23, 201

Bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern and the upper limit of the depicted bearish channel were established.
Recently, daily fixation below 1.2360 (the lower limit of the depicted broken congestion zone) extended the bearish targets towards the price level of 1.2250.
However, after bears could fixate below 1.2360, evident bullish recovery was expressed so that bulls could reach the price level of 1.2560 few days later.
This week, the price level of 1.2250 was subjected to extensive bearish pressure that originated off 1.2560 (the upper limit of the movement channel) leading to its breakdown that took place yesterday.
For intraday traders, the price level of 1.2150 remains a significant Fibonacci expansion level. Intraday DEMAND will probably be present at retesting.
Trade Recommendations :
As anticipated, risky traders could have benefited from the bearish breakout below 1.2250. This breakout exposes potential projection target roughly located around 1.2100.
Conservative traders should be looking for SHORT positions. Best low-risk entries may be taken around 1.2260 (the latest broken bottom).

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for December 23, 2014

Overview: The GBP/USD pair has been moving downward respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.
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.
Failure of the market to defend the price zone of 1.5890-1.5900 allowed bears to push towards the support level located around 1.5550 where recent congestion zone was established above.
Recently, the market failed to express bullish breakout above the price level of 1.5760 (upper limit of the daily bearish channel). Instead, extensive bearish breakout was applied against the price levels of 1.5540-1.5560 (this breakdown is being resumed today).
Note that DAILY fixation below the recent bottoms established around 1.5540-1.5560 renders the current consolidation range as a bearish flag pattern with potential projected target at 1.5310 (similar scenario to what happened back in October 2014).

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

 

[bhanu545]

Technical analysis of USD/CHF for December 23, 2014

Fundamental overview:
USD/CHF is expected to consolidate with a bullish bias after hitting a two-year high at 0.9850 on Monday. It is supported by the positive dollar sentiment (ICE spot dollar index hit eight-and-a-half year high 89.794 overnight; last 89.742 versus 89.650 early Monday) as expectations that the Fed would raise interest rates sooner than other central banks and rise in Chicago Fed National Activity Index to +0.73 in November from +0.31 in October overshadowed a bigger-than-expected 6.1% drop in U.S. November existing-home sales (versus forecast -1.1%). Besides, Swiss National Bank announced on Thursday it would charge a negative interest rate on deposits from Jan. 22. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross.
Technical comment:
Daily chart is positive-biased as MACD and stochastics are 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 0.9890 and the second target at 0.9940. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9715. A break of this target would push the pair further downward, and one may expect the second target at 0.9660. The pivot point is at 0.9780.
Resistance levels: 0.9890 0.9915 0.9940
Support levels: 0.9715 0.9660 0.9605

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

 

[bhanu545]

Technical analysis of USD/JPY for December 23, 2014

In Asia, Japan will not release any economic data. However, the US will release a bunch of economic data such as Richmond Manufacturing Index, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, New Home Sales, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, HPI m/m, Final GDP Price Index q/q, Durable Goods Orders m/m, Final GDP q/q, and Core Durable Goods Orders m/m. 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: 120.69.
Resistance. 2: 120.46.
Resistance. 1: 120.22.
Support. 1: 119.93.
Support. 2: 119.69.
Support. 3: 119.46.

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

 

[bhanu545]

Gold analysis for December 23, 2014

Overview :
Since our last analysis, gold has been trading downward. The price has tested the level of 1,170.63 in a ultra high volume (selling climax). I placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 61.8% at the price of 1.172.00 (currently on the test). According to the H4 time frame, we can observe selling climax in the background, which is a sign that selling gold at this stage looks very risky. My advice is to watch for potential buying opportunities near the lows. Any larger demand in a high volume may confirm further bullish phase. According to the daily time frame, we can observe supply in a volume below the average.
Daily pivot Fibonacci points:
Resistance levels: R1: 1,197.27 R2: 1,205.03 R3: 1,217.60
Support levels: S1: 1,172.13 S2: 1,164.37 S3: 1,151.80
Trading recommendations:
Watch for potential buying opportunities after retracement (buy on the lows).

Performed by Petar Jacimovic, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for December 24, 2014

When the European market opens, no economic news are expected today. However, the US will release some economic data such as the Crude Oil Inventories and Unemployment Claims. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2245.
Strong Resistance:1.2238.
Original Resistance: 1.2226.
Inner Sell Area: 1.2214.
Target Inner Area: 1.2186.
Inner Buy Area: 1.2158.
Original Support: 1.2146.
Strong Support: 1.2134.
Breakout SELL Level: 1.2127.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for December 24, 2014

Overview: The GBP/USD pair has been moving downward respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.
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.
Failure of the market to defend the price zone of 1.5890-1.5900 allowed bears to push towards the support level located around 1.5550 where recent congestion zone was established above.
Recently, the market failed to express bullish breakout above the price level of 1.5760 (upper limit of the daily bearish channel). Instead, extensive bearish breakout was applied against the price levels of 1.5540-1.5560 (this breakdown was successfully executed yesterday).
Note that DAILY fixation below the recent bottoms established around 1.5540-1.5560 renders the current consolidation range as a bearish flag pattern with potential projected target at 1.5310 (similarto what happened back in October 2014).
Key level for the current week's movement is 1.5600. Persistence below it signals bearish tendency on the market and vice is versa.

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

 

[bhanu545]

Technical analysis of USD/JPY for December 24, 2014

In Asia, Japan will not release any economic data. However, the US will unveil some economic reports such as Crude Oil Inventories 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 LEVEL :
Resistance. 3: 120.98.
Resistance. 2: 120.74.
Resistance. 1: 120.51.
Support. 1: 120.21.
Support. 2: 119.98.
Support. 3: 119.74.

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

 

[bhanu545]

Gold analysis for December 24, 2014

Overview :
Since our last analysis, gold has been trading sideways around the price of 1,177.00. We are facing very low activity on the market due to the holidays. Our Fibonacci retracement 61.8% at the price of 1.172.00 has been held successfully, which is a sign that selling gold at this stage looks risky. According to the H4 time frame, we can observe selling climax in the background and then sideways. My advice is to watch for potential buying opportunities near the lows. Any larger demand in a high volume may confirm further bullish phase. According to the daily time frame, we can observe neutral bar in a very low volume.
Daily pivot Fibonacci points:
Resistance levels: R1: 1,183.21 R2: 1,186.15 R3: 1,190.93
Support levels: S1: 1,173.65 S2: 1,170.71 S3: 1,165.93
Trading recommendations:
Watch for potential buying opportunities after retracement (buy on the lows).

Performed by Petar Jacimovic, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Silver daily analysis for December 24, 2014

Overview
Yesterday the metal failed to break the support level of 15.50 to bounce again from it and to trade between this rupport level and below the sesistance level of 16.00. Currently, the metal must retest the resistance level of 16.00 again, therefore, we should wait for closing above to continue its upward trend move. Given that the metal has managed to close H4 above today, it gives us a good opportunity for more bullish signals above it with the first target few pips below the resistance level of 16.50, then the second target at 16.75, after breaking this support level. But as long as silver is trading below 16.00, waiting would be preferred in that case and it cancels the bullish move scenario.
Resistance and support levels:
R3 (16.75), R2 (16.50), R1 (16.00),
S1 (15.70), S2 (15.40), S3 (15.00).

Performed by Hossam Soliman Ali, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for December 26, 2014

Overview:
The EUR/USD pair broke major resistance at 1.2339 this week. Also, the pivot point is calculated at 1.2339 and the pair has been falling from this area for three days. Therefore, it will probably start a downside movement at this area and recover again. So, the market will indicate a bearish opportunity at the level of 1.2339 or 1.2323 (23.6% of Fibonacci retracement levels on H4 chart), for that it will be a good sign to sell at this spot with the first target of 1.2164 (the double bottom), and continue towards 1.2105 in order to test the support one. On the other hand, if a break of 1.2340 happens, then it will be a good location for placing stop loss.
Trading recommendations:
In the long term, the price of EUR/USD pair is still moving between 1.2320 and 1.2155. But, it should be noted that the price has set below the resistance since the 22nd of December, 2014. Hence, below the level of 1.2339 (resistance), look for further downside with the 1.2164 and 1.2105 targets.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for December 26, 2014

Overview:
The GBP/USD pair has been moving downward respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.
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.
Failure of the market to defend the price zone of 1.5890-1.5900 allowed bears to push towards the support level located around 1.5550 where recent congestion zone was established above.
Recently, the market failed to express bullish breakout above the price level of 1.5760 (upper limit of the daily bearish channel). Instead, extensive bearish breakout was applied against the price levels of 1.5540-1.5560 (this breakdown was successfully executed on Tuesday).
Note that DAILY fixation below the recent bottoms established around 1.5540-1.5560 renders the current consolidation range as a bearish flag pattern with potential projected target at 1.5310 (similar to what happened back in October 2014).
Key level for the current week's movement is 1.5600. Persistence below it signals more bearish dominance in the market and vice versa.
In other words, another daily closure above the zone of 1.5550-1.5600 invalidates the ongoing bearish range breakout pattern probably extending the bullish targets towards 1.5700 levels again.

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

 

[bhanu545]

Technical analysis of EUR/JPY for December 26, 2014

General overview 26/12/2014 10:30 CET
There are two possible scenarios for the current wave progression. The main scenario indicates a completed corrective structure in wave 2 red and a possible start of the impulsive wave development to the upside. The alternative scenario suggests a more complex structure in wave 2 red that is still developing to the downside and the recent wave progression is a wave alt:XX brown of the overall corrective structure. That means, there is one more wave to the downside missing to complete this structure, and then an impulsive rally up is anticipated. The key level for both scenarios is at the level of 148.23 as any breakout higher favors main scenario, and any failure there favors the alternative scenario .
Support/ Resistance: 149.77 - Swing High
149.63 - WR2
148.23 - Bullish Zone Level
147.74 - WR1
147.11 - Intraday Resistance
146.34 - Weekly Pivot
145.70 - Technical Support
144.98 - Intraday Support
Trading recommendations:
As long as the golden trend line is not broken, the bias is bullish, and traders should consider opening buy orders only. The SL orders still should be placed below the 146.34 level, and TP orders should be placed at the level of 148.23. Please notice the liquidity is getting low, and the market moves might get very sharp and sudden in either direction.

Performed by Sebastian Seliga, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for December 26, 2014

Gold price remains in a down trend both in the short- and long-term. Currently, price is above important weekly support at $1,185. Today, we see Gold price testing important short-term resistance and this is an opportunity to sell with $1,220 as stop.

Blue line = support
Gold price in the weekly chart remains in an indecisive price range between $1,240-$1,180. Weekly support is at $1,180 and resistance at $1,240. The kijun-sen support at $1,180 if broken will give a weekly sell signal that will push prices towards $1,130 lows. Breaking above weekly resistance at $1,240 will give a buy signal with the $1,290 target.

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

 

[bhanu545]

USD/CAD intraday technical levels and trading recommendations for December 26, 2014

Overview:
Three months ago, the price levels around 1.0620 (the lower limit of the depicted chart) initiated the current strong uptrend within the depicted daily channel.
During the past few weeks, the USD/CAD pair established a temporary consolidation zone between 1.1430-1.1330 and recently around 1.1480. Bullish breakout above these zones allowed bulls to reach new highs around 1.1540 and 1.1670.
The price zone of 1.1430-1.1460 remains the nearest SUPPORT zone for the current prices. It corresponds with the lower limit of the daily channel as well as the previous high that goes back to November.
The price level of 1.1650 (which was our final bullish target) roughly corresponded with the upper limit of the bullish channel as well as 61.8% Fibonacci level.
According to the chart, the USD/CAD consolidation pattern has tightened. A Wedge/Flag pattern is being expressed on the H4 chart.
This is because of the positive United States GDP data that emerged. It applied further demand on the dollar currency. However, weak oil recovery still keeps the movement contained.
Trading recommendations:
Risky traders should look for SHORT positions around the price level of 1.1650. SL should be located above 1.1700.
Conservative traders should be looking for a pull-back towards 1.1440 for a LONG position. SL should be set as daily closure below 1.1400.

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

 

[bhanu545]

Technical analysis of EUR/USD for December 29, 2014

There is no news release during this day, so be careful due to the lack of liquidity and low volatility in the quiet market.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2242.
Strong Resistance:1.2235.
Original Resistance: 1.2223.
Inner Sell Area: 1.2211.
Target Inner Area: 1.2182.
Inner Buy Area: 1.2158.
Original Support: 1.2141.
Strong Support: 1.2129.
Breakout SELL Level: 1.2122.

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