Texas Trade Report Daily Report For 24 December 2013

Good Morning, Good Afternoon or Good Evening where ever you are in the world. This is Texas Trade Report for 24 December 2013. I am Liz S, your currency analyst for this daily edition.  I will be talking about the NZD/JPY, GBP/NZD, EUR/AUD currency pairs, gold and oil in this daily report. This is sole focus of this report.  Before I can go any further, here is the risk disclaimer.

Risk Disclaimer:
  Trading Forex is a risky business and sometimes you will lose the money that you traded. You are leveraged 50:1 or even more. There is the risk of loss of the money have invested. Never invest money that you are not committed losing. There is a possibility of losing your original investment. If you are not sure about investing, seek the help of registered investment adviser.

Also, the purpose of this trading lesson is education. This does not constitute trading advice. Nor do I give out trading signals. All opinions are my own and not Blogger.com nor Google.com.

NZD/JPY Daily Chart

Onto the NZD/JPY, this pair had made it as a high to 85.34 the daily chart. It is currently trading at.85.30. This pair has been trending upward since August 2013. There are not major economic reports for either New Zealand or Japan. We have very quiet markets The fib levels at 23.6% level are 77.22 and 78.93 at 38.2 fib level. At 50.0 % fib level is 80.52. At 61.8 fib level is 81.75.  This pair is in a rising wedge. I am expecting break of the rising wedge on lower and might hit the 61.8 fib level or the 50.0% at 80.52 I am bearish on this pair.

GBP/NZD Daily Chart

Onto the GBP/NZD, this pair has been trending slightly up and is currently trading at 2.0004. This pair made a high of 2.0022. It continues to trend upward for the time being. There are not major economic reports for New Zealand and the UK.  The fib levels are for 23.6% at 1.87534 and 38.2% fib level at 1 9024 on the daily chart. At 50.0% fib level is 1.9260 and at 61.8% fib level at 1.9493. This pair does appear that it wants to go to the upside for a little while longer.   This pair has been trading sideways for some time. It is stuck in the range pattern. I do expect that it will go to retest the highs at 2.0244.I would like to see it hit the 61.8 fib level and 50.0% fib level at 1.9260. I am neutral on this pair because of it being. I do expect to hear more about the rate hikes from the RBNZ in  the first or second quarter of 2014 with regard to the Kwi.  

EUR/AUD Daily Chart

Onto the EUR/AUD, this pair has been trending up and is in a rising wedge pattern. It is currently trading at 1.5318. It made a high of 1.5334. We do expect soon a retest around the 1.5039 area of short term support on the daily chart and longer term support areas are at 1.4520 on the 61.8% fib level on the daily chart. I would like to see a break of this rising wedge and a re-test of 61.8 to show the upward trend is still intact. The stochastics are indicating downward movement and appear that downward pressure is taking hold on the pair for right now. The key fib level for 23.6% are 1.3488 and at 38.2% fib level is 1.3883. At the 50.0% fib level, it is 1.4520 and at the 61.8% fib level 1.4520. The most likely fib level is 61.8 at 1.4520 that would be hit if this pair does retrace. I would like to see a break of this rising wedge and have some follow through on it. I am still bearish on this pair for the short and medium term. The problems with EU have not gone away and are just being papered over at this point. I think 2014 is going be more explosive than a lot people think.

Gold Daily Chart

Onto gold, it is up a little bit from yesterday about $3.00. It is currently trading at $1200.00. I still hold the belief that a break above the $1265.95 and stay above it that would be bullish.  We are not going to see a lot of movement on gold today because the Christmas holiday is coming tomorrow. The liquidity is drying up like desert experiencing a severe drought. I am bullish longer term on gold because I believe this downtrend will end eventually to form a bottom.

Oil Daily Chart

Onto oil, it is currently trading at $99.13 a barrel and is up a little bit from yesterday. It is up by +0.22%. The key fib levels for oil at 50.0% at $100.62 and 102.79 at 61.8 fib level on the daily chart.  These levels still hold. Like the rest of the markets I am not expecting any huge movements until after Christmas. I am still maintaining my overall bullish bias on oil longer term.

We have very quiet market conditions for today. I don’t expect large movements until after Christmas when you get large market movements. The overall markets are still bullish. I am not expecting a repeat of the same kind of movements like we saw from December 2012 up to now.  The overall conditions will change that we hold. I do expect that 2014 will more volatile. Since it the Christmas holiday, I will leave you with a little of something. It is something that no FX broker or trading publication does. We at the Texas Trade Report will. I will put out another report on Thursday. Take care and good luck trading for the rest of today. Happy Holiday to everyone out there no matter where you are in the world. Be Safe and be well. G-d Bless. Here is the gift:

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