Technical Analysis for December 05, 2014

EUR/USD crossed 1.23 line and retraced to 1.245 again. Even though EUR/USD almost trading in the sideways again, eventually it moves down again to 1.238. The next movement will retest 1.23 level once again and if it breaks it will target 1.225. A higher movement to 1.245 will bring back EUR/USD into the sideways.

 

EUR/GBP retraced back to 0.79 level and currently EUR/GBP has entered sideways around 0.7875 – 0.793. A higher break will target 0.79 and a lower break will target 0.78 next.

 

EUR/JPY rebounded over 148 level and was targeting 149 next but eventually retraced to 148.3. Next target for a higher movement will be 149 and next target for a lower movement under 147.8 will be 147.

 

EUR/CHF attempts a lower move under 1.2025. This will bring EUR/CHF into 1.201- 1.2025 trading range. An attempt to higher break will target 1.2035 and after that it will target 1.205. A lower break under 1.2 will bring EUR/CHF to a lower level.

 

GBP/USD tries to break higher crossing 1, 57 line but was rebounded to 1.5675. A reversal higher to 1.57 will target 1.58 again and if it breaks 1.56 it will target 1.555 next. GBP/USD has made a new sideways around 1.5625 – 1.5725 level.

 

USD/JPY breaks 120 level but eventually retraced to 119.75. For now it will try to retest the 120 level and find price stability around that level. 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 1.137 level and show no attempt to break in either way. 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. A break is expected very soon.

 

USD/CHF breaks the last target at 0.97 and stopped at 0.965. Currently and moves higher once again and trading at 0.97 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 traded around 0.838 level. The next lower leg will target 0.83 and a higher movement for reversal higher than 0.85 will target 0.856 next. Downtrend still very strong, bearish.

 

The NZD/USD moves lower and traded around 0.774 level but eventually retraced to 0.778. 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) :

05:00 AM (JPY) Leading Indicators

07:00 AM (EUR) German Factory Orders

08:00 AM (CHF) Foreign Currency Reserves

09:30 AM (GBP) Consumer Inflation Expectations

10:00 AM (EUR) Revised GDP

01:30 PM (CAD) Employment Change

01:30 PM (CAD) Trade Balance

01:30 PM (CAD) Unemployment Rate

01:30 PM (CAD) Labor Productivity

01:30 PM (USD) Non-Farm Employment Change

01:30 PM (USD) Trade Balance

01:30 PM (USD) Unemployment Rate

01:30 PM (USD) Average Hourly Earnings

01:45 PM (USD) FOMC Member Mester Speaks

03:00 PM (USD) Factory Orders

07:45 PM (USD) FOMC Member Fischer Speaks

08:00 PM (USD) Consumer Credit

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