Vladimir Mihaylov
Independent Analyst
EUR is moving in a range since the end of last week between 1.2400 and 1.2485. Of course range is pretty wide and allows to use the strategy buy at the bottom and sell at the top as we have a strong resistance above 1.2500. I expect range trade to continue with bearish tone, i am not optimistic about the EUR recovery till the end of this month and year. Christmas is coming in 10 days and we may see a partly profit taking ahead of the holiday. Here are the resistance and support levels for this week: first resistance comes at 1.2510, then 1.2540 and finally 1.2590, first support is 1.2420, then 1.2390 and finally 1.2370, below the last bears will push the price below 1.2300.
GOLD has broken the thin Daily negative Ichimoku cloud, but the bulls do not believe in themselves, that is the reason why the price cannot escape from the Senkou Span B price and still uses it as support line.The metal is bullish above 1212 but below 1202 it may test 1180 once again before making a clear break above the cloud. If for any reason we are ablre to break below 1180 this will reverse the bullish outlook to bearish.
NZD continues to trade below 0.7830 which is the first daily resistance. Daily indicators are bearish and it is quite possible the pair to test 0.7700 soon. Currently the H4 indicators are bearish too. The pair will remain bearish as long as the price is below 0.7790. If we have a break above 0.7830 the upside is likely to continue to 0.7880 and 0.7910
AUD as expected continues to slide, but while Daily and Weekly indicators are still bearish , the H4 and H1 ones are showing some signs of upside correction. A break below 0.8230 will be a signal for a new downside attempt, while breaking above 0.8250 will be a signal for some upside recovery.
JPY still keeps the dollar below 119.00, but the JPY's losses are far from over. I expect that after some range trade between 117.80 and 119.80 the pair will attack again 122.00. Previous two were the Daily support and resistance levels for the week. H4 and Daily indicaotrs show upside to continue in the days ahead, while Weekly ones turned bearish.
GBP is in a range trade mode with 1.5650 support and 1.5740 resistance. Next resistance level is 1.5780 and finally 1.5830. Above the last the pair may try to attack the Daily Icimoku cloud, but i doubt the attack to succeed at first attempt. Below 1.5650 bears will try to recored a fresh low, but first they have to deal with the 1.5585 support level. Most of indicators are flat and it is better to stay out of the market for one or two days to allow the pair to choose direction.
RUB continues to loose price against the dollar, however despite the optimistic start of this week's trade above 58.00 indicators show some uncertainty among bulls and if 58.00 is lost today we may go easily below 57.00.
FOR today:
SHORT EUR below 1.2480 SL 1.2490 TP 1.2400-1.2370-1.2340-1.2310-1.2285
LONG EUR above 1.2420 SL 1.2410 TP 1.2460-1.2490-1.2530-1.2550-1.2580
LONG GOLD above 1209 SL 1206 TP 1231-1248-1256
SHORT GOLD below 1202 SL 1205 TP 1191-1182-1168-1156
Good luck!
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