Daily Technical Levels Of Major Pairs

AUDUSD Neutral In Near Tterm, Bearish Market Structure Intact (06-Dec-2017    at   12:29:12 pm)

AUDUSD has turned increasingly bearish as the pair continues to trade below its 200-day moving average and has retraced more than half of the rise from 0.7328 to 0.8124. Prices are now close to the lowest level in six months.

Daily Wave Analysis: EUR/USD Bearish Channel Aiming At 1.17 And 50-61.8% Fibonacci (06-Dec-2017    at   12:16:44 pm)

The EUR/USD is building a bearish correction as expected. The choppy and corrective price action is making a wave 1-2 (pink) pattern more likely. The bearish channel could take price down lower to the Fibonacci levels of wave 2. A break below the bottom (purple box) invalidates this wave pattern.

Elliott Wave View: Nasdaq (06-Dec-2017    at   11:09:18 am)

Nasdaq Short term Elliott Wave view suggests that the rally to 6429.5 ended Intermediate wave (3). Intermediate wave (4) pullback is currently in progress to correct cycle from 8/21 low (5753.6) in 3, 7, or 11 swing before Index resumes the rally. Subdivision of Intermediate wave (4) is unfolding as a double three Elliott wave structure where Minor wave W ended at 6246 and Minor wave X ended at 6391.75. Minor wave Y of (4) is in progress towards 6096.66 – 6209.70 area, then Index should resume the rally higher from there or bounce in 3 waves at least. We don’t like selling the proposed pullback and expect buyers to appear from the above area for at least a 3 waves bounce as far as pivot at 8/21 low (5753.6) stays intact.

Pound (1.3429) has dropped from yesterday's high at 1.3482 and is moving towards support near 1.335 on the daily charts; thereby looking set for a round of range-wise oscillation between 1.335 and 1.35 for few days before it moves towards levels beyond 1.35.

Gold Extends Slide As US Dollar, Equities Stay Aloft On US Tax Reform Anticipation (06-Dec-2017    at   06:24:03 am)

As the US dollar and equity markets on Tuesday continued to stay supported on anticipation of impending tax reform in the US, both market volatility and safe-haven demand continued to contract. This contraction could clearly be seen in the price of gold, which extended its slide of the past week as the rebounding dollar attempted to 
push higher.