Weekly Trend: Down. Currency Overview for December 17, 2014

December 17, 2014

EUR/USD 1.2465

EURO on trading zone
As we see over the chart, market managed to jump above resistance zone of 1.2440-60, which may place the pair inside trading zone between 1.2250 - 1.2600 levels
Short-run
as we advised before as long as market holding trades above 1.2360 expect another advance toward 1.2530 zone , already done , while above 1.2600 market may provide farther advance over short-run toward 1.2770-90 zone
zone of 1.2770-90 may provide good zone to re-short-sell market , where as long as market holding trades below 1.2885 the downtrend wave will sustain
Daily Trend: UP
Weekly Trend: Down

SUPPORT RESISTANCE
LEVEL1 1.2430 1.2530
LEVEL2 1.2360 1.2600
LEVEL3 1.2290 1.2770-90

GBP/USD: 1.5715

 

Pound on trading zone
As we advised before, market managed to jump above 1.5625 which allowed farther rebound correction where market managed to hit our target 1.5700-20 zone
market now facing resistance at 1.5755 and 1.5825
as long as market holding trades below 1.5825 the downtrend pressure will sustain , while above 1.5875 the indicators will start to show uptrend pressure
short-run
Market may provide good zone for short-sell around 1.5770-90 , while as long as market holding trades below 1.5875 the downtrend wave will sustain toward 1.5380
so far short-run trading zone still holding between 1.5540 - 1.5875 , while as long as market holding trades below 1.5875 the downtrend wave will sustain
Med-term
as long as market holding trades below 1.5875 the downtrend wave will sustain where targets will sustain toward 1.5380 zone
Daily Trend: Down
Weekly Trend: Down

 

SUPPORT RESISTANCE
LEVEL1 1.5625 1.5770-90
LEVEL2 1.5585 1.5825
LEVEL3 1.5540 1.5875

USD/JPY: 117.10

 

Japanese Yen on uptrend wave
Short-run
As we advised before, market managed to hit below 118.00 levels which may activate farther drop later toward 115.00-50 zone
market managed to test the doors of 115.50 yesterday before rebounding while market still facing resistance zone at 117.50-75
as long as market holding trades below 117.50 the short-run downtrend pressure will sustain toward 115.00-50 zone , while above 117.75 expect 118.50-70 zone
market will provide good zone to re-long-buy market around 115.00-50 zone , where as long as market holding trades above 114.80 the uptrend will sustain for the short-run , below 114.80 risk for farther drop may control the market
Long-Run
as long as market holding trades above 100.60 the long-run uptrend wave will sustain this year
Daily Trend: Up
Weekly Trend: Up

 

SUPPORT RESISTANCE
LEVEL1 116.25 117.50-75
LEVEL2 115.50 118.50-70
LEVEL3 114.80 119.55

Oil (F5) 55.25

 

Oil tumble after OPEC decision with no supply cut
Oil prices sustain drop after OPEC meeting where countries agree that no supply cut action
Market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009
Market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure, where Japanese data show depend recession which indicating reduce demand for Oil
Short-run
market managed to add more drop over Oil prices after the last forecast cut from IEA , where as long as market holding trades below 63.70 a farther drop would be expected over the med-run toward 50.00 levels
so far market moving inline with our expectation where managed yesterday to hit 53.90 low , while target still toward 50.00
as long as market holding trades below 60.00 expect target toward 50.00
Daily Trend: Down
Weekly Trend: Down

 

SUPPORT RESISTANCE
LEVEL1 53.80 56.00
LEVEL2 52.60 57.40
LEVEL3 51.50 59.00

GOLD 1197

 

Gold between deflation & Dollar hike
market managed to activate more drop pressure over Gold after FOMC rate projections for rising interest rate next year
while economic data from Europe and Japan showing slow down which may cause more deflation in prices which will affect Gold for more drop also next year
market managed to spark rebound correction as expected , where market managed to head to break above 1182 resistance zone
while the break above 1182 may activate short-run rebound correction toward 1230-35 zone , already done, as we advised before
market managed last week and finally to continue our projection path toward 1230-35 , which provided good zone to short-sell market , while as long as market holding trades below 1255 the downtrend pressure will back over the gold with first target toward 1195-1200 zone , already done
above 1255 market may sustain advance toward 1280-85 zone
short-run
market over the short-run showing ability for trading zone between 1185 - 1225 zone , be careful that market still holding ability for another rebound to test 1240-45 zone , its just a chance not a must
below 1185 expect 1150-55 zone
Long-Run
long-run downtrend wave that we advise last year still targeting 1100 , where as long as market holding trades below 1255 the target will remain toward 1100
Daily Trend: Up
Weekly Trend: Down

 

SUPPORT RESISTANCE
LEVEL1 1185 1221-25
LEVEL2 1175 1235
LEVEL3 1155 1245-50

Dow Jones: 17100

 

Equity demand
Global Equity markets faced drop around the world , where continues drop of Oil threaten inflation for more drop , while Russian surprising rate hike placed demand for haven
Short-run
market managed to fell below 17200 support zone which added more drop over equity , where market anticipate Fed to head next year for rate hike
market fell yesterday toward 16975 before rebounding toward 17365 , where this trading zone may control market until Fed statement today
as long as market holding trades above 17000 a rebound correction may be expected toward 17700 zone , below 17000 expect 16600-700 zone
Long-Run
as we mentioned at the end of last year and early this year , Dow managed to head toward near 18000 by the end of this year
Daily Trend: Down
Weekly Trend: Up

 

SUPPORT RESISTANCE
LEVEL1 16975 17340
LEVEL2 16920 17450
LEVEL3 16700 17570

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