Technical Analysis for December 08, 2014

EUR/USD moves lower once again crossing the last bottom line. The next target will be 1.225 and once it breaks that level it will target 1.2 for the long term. A reversal to 1.24 will bring a price stability around 1.24 – 1.25 level.

 

EUR/GBP moves lower to 0.785 level and retraced to 0.788 level. A reversal to 0.79 level will make EUR/GBP enters sideways around 0.7875 – 0.793 level. Next lower target will be 0.78.

 

EUR/JPY rebounded over 149 level and keep pushing higher. A reversal risk is very high due to the volatility in the market. The next higher target is 150 and lower break under 148.5 will target 147.8 next.

 

EUR/CHF moves higher to 1.2075 but eventually goes down again to 1.202 trading range. This will bring EUR/CHF into 1.201- 1.2025 trading range once again. 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 makes a big lower leg from 1.569 down to 1.557. The next target for the lower movement will be 1.555, if it returns to 1.57 it will target 1.58 next. A reversal risk is very high currently due to the volatility in the market. A new lower level will be seen as well if it breaks 1.555 level for now. Long term down trend still intact, bearish.

 

USD/JPY breaks 121 level and traded at 121.58. The next higher target will be 122.5 if it breaks 122 level but a reversal risk is very high due to the volatility in the market. Next lower movement under 120 will target 119. Long term uptrend very strong, very bullish.

 

USD/CAD traded above 1.14 and will target 1.15 next. A lower movement under 1.14 will bring the price to around 1.13 level once again, currently USD/CAD is continuing long term uptrend, bullish.

 

USD/CHF breaks 0.98 line and still trading around that range. Next target will be 0.986 and a lower break under 0.97 will bring USD/CHF back to 0.965. Uptrend remains well respected, bullish.

 

AUD/USD moves lower and traded around 0.83 level. The next lower leg will target 0.824 and a higher movement for reversal higher than 0.84 will target 0.85 next. Downtrend still very strong, bearish.

 

The NZD/USD moves lower and traded around 0.77 level. The next target for a lower movement will be 0.76 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) ANZ Job Advertisement

05:00 AM (JPY) Economy Watchers Sentiment

07:00 AM (EUR) German Industrial Production

08:15 AM (CHF) CPI

08:15 AM (CHF) Retail Sales

09:30 AM (EUR) Sentix Investor Confidence

All day (EUR) Euro Group Meeting

01:15 AM (CAD) Housing Starts

01:30 PM (CAD) Building Permits

03:00 PM (USD) Labor Market Conditions Index

11:50 PM (JPY) M2 Money Stock

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