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Thread: Short Term Technical Analysis for Majors (07:00 GMT)

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    Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    Volatility appears to be easing after the pair’s rollercoaster ride during the past few days, failure of breaking 1.3817 high is keeping the pair on a down trend towards 1.3215-30 zone, any rise above 1.3817 would open an uptrend towards previous peak of 1.3890

    Res: 1.3820, 1.3845, 1.3860, 1.3890
    Sup: 1.3780, 1.3755, 1.3730, 1.3715




    GBP/USD
    Caped by yesterday’s High at 1.6535 and previous day’s peak at 1.6545 Sterling managed to hold ground above 1.6455 zone for a retest to the upper side, currently towards 1.6535 again, and to 1.6575 ahead of 1.6620 Aug 2011 high, only a break of 1.6440-55 zone would open acceleration towards 1.9390 zone.

    Res: 1.6520, 1.6535, 1.6575, 1.6620
    Sup: 1.6455, 1.6440, 1.6395, 1.6345




    USD/JPY
    Failure to break yesterdays high at 105.40 left the pair in a correction action for the past two days for a test of 104 zone, currently first support is found at 104.80 and 104.60 next, a break there would open further correction towards 104.10 and 103.70
    On the upside, 105.15 offers good resistance, and if broken we might see a retest of 105.40 peak, a break there would resume the uptrend 106.55 Oct 2010 high.

    Res: 105.15, 105.40, 106.55, 107.80
    Sup: 104.80, 104.60, 104.10, 103.70




    USD/CAD
    Failure to break current month peaks at 1.0730 zone, yesterday the pair dropped towards 1.0635 so far and if unable to find momentum USDCAD might drop again if 1.0635 is broken, probably towards 1.0600-20 zone if not to 1.0580 (23 Dec Low)
    Momentum can be found if 1.0660 is broken, that could open a test for 1.0690 and 1.0730 next.

    Res: 1.0660, 1.0690, 1.0715, 1.0730
    Sup: 1.0635, 1.0615, 1.0605, 1.0580




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    market is going to be flat for this week due to festive season, might be some considerable movement next week...


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    Technical Analysis Gold for December 7, 2015

    Gold prices moved higher on Friday, after falling to gain substantial traction following the disappointing ECB change of monetary policy. Friday’s stronger than expected U.S. jobs data help buoy the yellow metal. Prices sliced through the 20-day moving average near 1,075 which is now seen as support. Target resistance is seen near the 50-day moving average at 1,118.

    U.S. nonfarm payrolls rose 211k in November. The 271k surge in October was bumped up to 298k while September's 137k was nudged to 145k for a net 35k upward revision. The unemployment rate was steady at 5.0%. The labor force rose 273k after rebounding 313k in October. Household employment increased 244k. The labor force participation rate ticked up to 62.5% from 62.4%. Average hourly earnings edged up 0.2% following October's 0.4% jump. Hours worked dipped to 34.5 from 34.6. Private payrolls increased 197k, led by a 46k surge in construction. The goods producing sector added 34k.


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    Technical Analysis Crude Oil for December 7, 2015

    Crude oil prices dropped more than 2.7% on Friday after OPEC announced it had agreed to roll over its policy of maintaining crude production in order to gain market share. This easily offset a drop in oil rigs which could reduce U.S. production. Baker Hughes reported its weekly count of U.S. oil rigs fell by 10 to a total of 545, compared with 1,030 a year ago. This is the third consecutive week of declines.

    Oil prices generated an outside day on Friday. This is where price action generates a higher high a lower low and a lower close which is generally considered a reversal pattern. Resistance is seen near the 20-day moving average at 41.84, which support is seen near last week’s lows at 39.84. Momentum has turned negative with the MACD (moving average convergence divergence) index generating a sell signal. This occur as the spread crosses below the 9-day moving average of the spread.


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    Technical Analysis EUR/USD for December 7, 2015

    The EUR/USD bounced back following a stronger than expected payroll report. The dollar recovery is still shallow as the market is still fathoming Thuryday’s drama. ECB vice president Constancio said of yesterday's volatility: "The markets got it wrong in forming their expectations. They did indeed have higher expectations than were there and that's why they reacted like they reacted but that was not our intention."

    The currency pair was unable to push through resistance near the 50-day moving average at 1.0975. Support is lower near the 20-day moving average at 1.0694. Momentum has turned positive with the MACD (moving average convergence divergence) index generating a buy signal. This occurs as the spread (the 12-day moving average minus the 26-day moving average) crosses above the 9-day moving average of the spread. The index moved from negative to positive territory confirming the buys signal.


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    USD/CAD Technical Signal for 10th Dec


    (Last Price: 1.3552)
    SELL, Entry = 1.3551, SL = 1.3591, TP = 1.3511
    if wrong then BUY, Entry = 1.3591, SL = 1.3551, TP = 1.3631


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    GBP/CHF Technical Signal for 10th Dec

    Remain long now with stop at 1.4800, a target is open (at least 1.5900).


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    EUR/JPY Technical Signal for 10th Dec

    Initiate short positions with stop at 134.80, a target is at 131.00.


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    EUR/JPY Technical Signal for 10th Dec another case

    We are looking for a buying opportunity at 132.95. If done, we will place our stop at 132.00.


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    EUR/NZD Technical Signal for 10th Dec

    Our stop at 1.6390 was hit for a nice 345 pip profit. We will only buy on a break above 1.6348 and place a stop just below the most recent low.


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