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Technical Analysis Dec.2nd

by on December 2, 2014 7:50 am BST
 

EURUSD

EURUSD is still trading in a narrow range, which is partly explained by the long-term triangle pattern. On Monday, the Euro continued hovering around the down-trend around 1.2450, which is strengthened by monthly pivot point and 20-day SMA. Therefore, we expect the Euro to lose value on Tuesday and cross the weekly pivot point at 1.2447, which will open the way down to this year’s low at 1.2360, in order for the pair to reach it in the medium-term.

Traders’ Sentiment
It seems that advantage of bulls over bears is not the case anymore, as now there are only 48% of long positions on the single currency (54% yesterday). Pending orders, however, improved significantly to stay completely neutral in 100-pip range from the spot price.

EURUSD Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.2598 1.26 1.2552
Resistance 2 1.2552 1.2553 1.2519
Resistance 1 1.2511 1.2513 1.2498
Pivot 1.2465 1.2466 1.2465
Support 1 1.2423 1.2425 1.2432
Support 2 1.2378 1.2379 1.2411
Support 3 1.2336 1.2338 1.2378

GBPUSD

The GBPUSD cross is strongly supported by the 55, 100 and 200-period SMAs around the 1.57 level. For now it is still unclear whether it will be enough to push the pair above the down-trend’s resistance line that is located around 1.5741. However, if the previously mentioned supports fail to keep the pair afloat then the pair most likely will test this years low once again, since the daily and weekly technicals are bearish.

Traders’ Sentiment
The sentiment towards GBPUSD improved by 8% and a majority of the market participants are still expecting the British currency to outperform the Greenback, namely 63% of them. In the meantime, the share of sell orders slipped from 74% to 67%.

GBPUSD Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.5982 1.6002 1.5873
Resistance 2 1.5873 1.5883 1.5804
Resistance 1 1.5803 1.5823 1.5762
Pivot 1.5694 1.5704 1.5694
Support 1 1.5624 1.5644 1.5626
Support 2 1.5515 1.5525 1.5584
Support 3 1.5446 1.5466 1.5515

USDJPY

USDJPY struggled to remain above 118 level yesterday; however, with a help of the weekly PP and 100/200-period SMAs the US Dollar is still trading above the trend-line. Now the pair is climbing towards another major level at 119 and we think that the pair might be ready to surpass it, even though yesterday it failed to do so. The bullish daily PP will be a helpful hand to leave the 119 level behind.

Traders’ Sentiment
More traders than yesterday consider the dip in USDJPY to be undervalued; however, the sentiment still remains neutral. Accordingly, the share of long positions grew from 51% up to 53%. The distribution between the buy and sell orders is more stable than yesterday—58% and 42% respectively.

USDJPY Pivot Levels Pivot Woodie Fibonacci
Resistance 3 120.3 120.24 119.72
Resistance 2 119.72 119.69 119.23
Resistance 1 119.02 118.96 118.93
Pivot 118.44 118.41 118.44
Support 1 117.74 117.68 117.95
Support 2 117.16 117.13 117.65
Support 3 116.45 116.39 117.16

USDCHF

USDCHF Pivot Levels Pivot Woodie Fibonacci
Resistance 3 0.9755 0.9755 0.9721
Resistance 2 0.9721 0.9721 0.9694
Resistance 1 0.9683 0.9683 0.9677
Pivot 0.9649 0.9649 0.9649
Support 1 0.9611 0.9611 0.9621
Support 2 0.9577 0.9577 0.9604
Support 3 0.9539 0.9539 0.9577