Technical Analysis for December 10, 2014

EUR/USD erases the entire last bear move in the market and traded back to 1.24475 before retracing back to 1.239 level. A big correction like this will only disturb the market and currently there is no direction in EUR/USD. A retest to 1.24 will threaten short term bear trend and a move under 1.23 will resume the bearishness to 1.2 next.

EUR/GBP trying to break above to 0.793 line but eventually stopped around that level. Currently it’s trying to make some correction to 0.79 and still trapped in trading range around 0.784 – 0.793. A retest to the top will target 0.8 next and a lower break to 0.784 will target 0.78 next.

EUR/JPY traded at 147.8 level after made a big reversal under 147. The big bear move will absolutely threaten the bull trend from this pair and this will bring confusion to the trend. A lower break once again under 147 will target 146 next and a comeback to 148.7 will target 149.2 next.

EUR/CHF still is trading around 1.202 but keeps grinding lower. A lower level under 1.201 will target 1.2 eventually but a comeback to 1.2035 will target 1.205 again next.

GBP/USD rebound higher to 1.568, trying to break 1.57 line but can’t last long in that level. A reversal risk still quite high now and if an attempt to break 1.562 done, it will target 1.557 level again next. A break above 1.57 again will try to find price stability around that level.

USD/JPY breaks down again and again and traded around 119.4 after touching the last bottom price around 118 level. A reversal to 120 will try to find price stability in this pair. A break under 118 again will target 117 next.

USD/CAD made a small correction to 1.14 line and rebounces to 1.14 level. The trend still bullish and higher target will be 1.15. A break once again under 1.14 line will threaten 1.13 level next.

USD/CHF made a low level under 0.97 for a brief moment but got back to that level. A retest to break 0.967 line will target 0.96 next and a higher break to 0.978 will target 0.98 next.

AUD/USD made a big correction to 0.835 level but eventually grinds lower again to 0.83 level. The next target for this trend will be 0.824 and a reversal to 0.84 will target 0.844 short terms. No break sign in this pair yet, bearish trend intact.

The NZD/USD attempts to break 0.775 level and reach 0.777 but failed. Currently it keeps trying to reach 0.77 level after corrected to 0.767 level. Next lower target will be 0.765 first and higher target is 0.777 level.

 

Trading Events (GMT) :

12:30 AM (AUD) Home Loans

01:30 AM (CNY) CPI

01:30 AM (CNY) PPI

05:00 AM (JPY) Consumer Confidence

06:30 AM (EUR) French Final Non Farm Payrolls

07:45 AM (EUR) French Industrial Production

09:30 AM (GBP) Trade Balance

03:30 PM (USD) Crude Oil Inventories

04:15 PM (CAD) Gov Council Member Wilkins Speaks

06:01 PM (USD) 10 y Bond Auction

07:00 PM (USD) Fed Budget Balance

08:00 PM (NZD) Official Cash Rate

08:00 PM (NZD) RBNZ Press Conference

08:00 PM (NZD) RBNZ Rate Statement

08:00 PM (NZD) RBNZ Monetary Policy Statement

09:45 PM (NZD) FPI

11:50 PM (JPY) Core Machinery Orders

11:50 PM (JPY) Tertiary Industry Activity

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