Technical Analysis: Currency pairs – Dec 04
Technical Analysis for December 04, 2014
EUR/USD keep pushing under 1.24 line and will continue the long term downtrend. Currently EUR/USD traded around 1.231 and the next target for a lower leg will be 1.225. A reversal to 1.24 will bring EUR/USD into trading range around 1.24 – 1.25.
EUR/GBP makes a big reversal under 0.79. Currently EUR/GBP traded around 0.785 and the next target for a lower movement will be 0.78. A reversal to 0.79 will bring EUR/GBP back into the sideways around 0.7875 – 0.793.
EUR/JPY trying to move under 147 but was rebounded to 147.5. The next target after it breaks lower will be 146.7 but a higher movement over 148 will target 149 next.
EUR/CHF still trying to retest the higher level once again and traded at 1.2045 but currently stay at 1.2035 level. A higher movement will target 1.205 next and a lower break to 1.2025 will bring back EUR/CHF into the last trading range. Since it can’t break under 1.2025, no big change on EUR/CHF.
GBP/USD tries to break higher crossing 1, 57 line but was rebounded to 1.5685. A reversal higher to 1.57 will target 1.58 again and if it breaks 1.56 it will target 1.555 next. Risk for reversal in trend is very high.
USD/JPY breaks 119 level and will target 120 next. If it breaks lower under 118.9 then it will target 118 level next. Long term uptrend intact here, very bullish.
USD/CAD traded at 1.136 level, down from the last high 1.14 level and this threatens for a reversal. Bull movement will target 1.15 next but a reversal under 1.13 level will target 1.12 again and this will bring the market into a new sideways.
USD/CHF breaks the last target at 0.975 and moves higher once again and trading at 0.9775 for now. The next target for the higher movement will be 0.98 and if it moves lower to 0.96 it will re-enter the sideways once more again.
AUD/USD moves lower and hit the target at 0.84 level. The next lower leg will target 0.83 and a higher movement for reversal higher than 0.85 will target 0.856 next. AUD/USD escapes from sideways and keep going down.
The NZD/USD move lower and breaks 0.777 line. The next target for a lower movement will be 0.77 and a reversal to 0.78 will target 0.79 next. NZD/USD has continues the long term downtrend for now.
Trading Events (GMT) :
12:30 AM (AUD) Retail Sales
12:30 AM (AUD) Trade Balance
12:30 AM (USD) FOMC Member Fisher Speaks
08:00 AM (GBP) Halifax HPI
09:10 AM (EUR) Retail PMI
12:30 PM (GBP) Official Bank Rate
12:00 PM (GBP) Asset Purchase Facility
Tentative (GBP) MPC Rate Statement
12:30 PM (USD) Challenger Job Cuts
12:45 PM (EUR) Minimum Bid Rate
01:30 PM (EUR) ECB Press Conference
01:30 PM (USD) Unemployment Claims
01:30 PM (USD) FOMC Member Mester Speaks
03:00 PM (CAD) Ivey PMI
03:30 PM (USD) Natural Gas Storage
05:30 PM (USD) FOMC Member Brainard Speaks
10:30 PM (AUD) AIG Construction Index
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