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Technical Analysis from www.Instaforex.com
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Technical analysis of NZD/USD for December 07, 2015 2015-12-07 0/5
NZD/USD is expected to trade with a bullish bias. Currently, the pair is trading at 0.6695. A trend remains bullish above the rising 50-period moving average, and the pair seems to be forming an intraday "bullish flag" pattern". The relative strength index is still positive above its neutrality area of 50. Besides, the process of moving towards higher highs and lows remains intact. To sum up, as long as 0.6660 holds on the downside, watch for a new bounce to 0.6720 and 0.6790 after limited consolidation. Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6720 and the second target at 0.6790. In the alternative scenario, short positions are recommended with the first target at 0.6630 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6590. The pivot point is at 0.6660. Resistance levels: 0.670 0.6790 0.6830 Support levels: 0.6630 0.6590 0.6565 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
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Technical analysis of USD/CHF for December 07, 2015 2015-12-07 0/5
USD/CHF is expected to trade with a bearish bias as the key resistance is seen at 1.0055. The pair failed to break out above its nearest resistance at 1.0055 after the second test, and also broke below its 20-period and 50-period simple moving average on an intraday basis. The outlook remains negative, as the relative strength index is weak below its neutrality area of 50. In these perspectives, a new pullback to 0.9870 and 0.9830 seems to be on the cards, as long as 1.0055 is resistance. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 1.0115. A break of that target will move the pair further downwards to 1.0175. The pivot point stands at 1.0055. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9875 and the second target at 0.9810. Resistance levels: 1.0115 1.0175 1.0245 Support levels: 0.9875 0.9810 0.9745 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
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Technical analysis of USD/JPY for December 07, 2015 2015-12-07 0/5
USD/JPY is expected to rebound. Last Friday, the US stocks surged on strong November jobs data, paring losses made in the previous session. The Dow Jones Industrial Average rose 2.1% to 17847, the S&P 500 added 2.1% to 2091, and the Nasdaq Composite was also up 2.1% to 5142. Non-farm payrolls rose 211K in November (vs +200K expected, +298K in October), while the jobless rate remained unchanged at 5.0% (as expected). At the same time, the US dollar broadly strengthened against most other major currencies with the Wall Street Journal Dollar Index gaining 0.4% to 89.76. EUR/USD declined 0.5% to 1.0884 and USD/JPY gained 0.5% to 123.16. Nymex crude oil dropped 2.7% to $39.97 a barrel after the OPEC had decided to maintain current production levels. On the other hand, gold surged 2.3% to $1086 an ounce. Meanwhile, the benchmark 10-year Treasury declined to 2.274% from 2.328% at the previous session. The pair posted a rebound after falling to 122.44 last Friday. Currently, it remains on the upside while being supported by the ascending 20-period intraday (30-minute chart) moving average, which stands above the 50-period one. At the same time, the relative strength index is well directed above the neutrality level of 50. The first upside target at 123.60 (around last Friday's high) is in sight, and a breakout above this level should trigger a further rise toward 123.85 (around the high of December 3). Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 123.60 and the second target at 123.85. In the alternative scenario, short positions are recommended with the first target at 122.75 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 122.50. The pivot point is at 123.05. Resistance levels: 123.60 123.85 124 Support levels: 122.75 122.50 122.25 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
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EUR/USD:
Since testing the resistance line at 1.0950, the EUR/USD pair has gone down by 150 pips. For the recent bullish breakout not to be a false one, the price needs to continue journeying upwards. Otherwise, the price is likely to go further downwards, which might eventually threaten the bullish stance.
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USD/CHF:
Since testing the resistance level of 0.9900, the USD/CHF pair has gone up by 100 pips. For the recent bearish breakout not to be a false one, the price needs to continue journeying downwards. Otherwise, the price will go further upwards, which might eventually threaten the bearish stance.
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GBP/USD:
This market has moved downward by 100 pips since last Friday. Even the bullish attempt we saw on Thursday was not strong enough to render the current bearish outlook invalid, since the stance on the GBPUSD is bearish. It is possible that the bearish signal in the market would be sustained
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USD/JPY:
Despite strong movements of major pairs last week, this currency trading instrument merely moved sideways. There were short-term upswings and downswings in the market, which made the market condition great for scalpers and intraday traders. The bias is neutral and it may continue as such until there is a movement of at least 200 pips either upwards or downwards.
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EUR/JPY:
This market is currently consolidating, but we might witness a further bullish breakout in the market, since the outlook on the JPY pairs is bright for December. There is a Bullish Confirmation Pattern in the market. The price might still go further upwards despite occasional consolidations and pullbacks.
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Technical analysis of GBP/JPY for December 08, 2015 2015-12-08 0/5
GBP/JPY is expected to trade with a bearish bias at the key resistance of 185.90. The pair is turning down against its key resistance of 185.90. Meanwhile, the intraday relative strength index lacks upward momentum. The first target to the downside is therefore seen at the horizontal support and overlap at 184.55. A breakout below this level would open the way to further weakness toward 183.95. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 184.55. A break of that target will move the pair further downwards to 183.95. The pivot point stands at 185.90. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 186.30 and the second target at 186.55. Resistance levels: 186.30 186.55 187 Support levels: 184.55 183.95 183 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
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Technical analysis of NZD/USD for December 08, 2015 2015-12-08
NZD/USD is under pressure at the moment. The pair fell below its previous key support of 0.6685 yesterday, and is likely to test 0.6605 (the low of December 3) in coming trading hours. Both the 20-period and 50-period moving averages are turning down, and act as resistance as well. Furthermore, the relative strength index is badly directed. To sum up, as long as 0.6685 holds on the upside, look for a new decline to 0.6605 and 0.6560. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6605. A break of that target will move the pair further downwards to 0.6565. The pivot point stands at 0.6685. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6730 and the second target at 0.6770. Resistance levels: 0.6730 0.6770 0.6810 Support levels: 0.6605 0.6565 0.6515 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
