Technical analysis of NZD/USD for January 14, 2014 Trend News

Overview:

NZD/USD is expected to trade in higher range. It is supported by the negative dollar sentiment and buoyant commodity prices.The NZIER 4Q quarterly survey of business opinion showed that net 52% of New Zealand firms are now expecting business conditions to improve over the next six months, up from a net 33% in 3Q. But NZD/USD gains are tempered by Kiwi sales in soft NZD/JPY cross amid increased investor risk aversion and concerns over the weak economic outlook for China. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter in the overbought zone, five-day moving average is above 15-day MA and still advancing.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.841 and the second target at 0.84445 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.83.A breach of this target will move the pair further downwards and one may expect the second target at 0.8265. The pivot point stands at 0.834.

Resistance levels:

0.841

0.8445

0.85

Support levels:

0.83

0.8265

0.824

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#USDX analysis for January 14, 2014 Trend News

Nothing much new with the Dollar index today. Prices remain weak below important resistance area of 81-81.50. There is no clear upward or even downward impulsive move. Prices make overlapping formations in both ways and things remain unclear. This is indicative of the sideways move we remain. That is why we prefer to remain neutral or short below 81.50.

Prices remain above the broken triangle boundaries as mentioned yesterday. The hovering above this broken trend line is a bullish sign but not strong enough to make us open long positions. Short term resistance is found at 80.85 and if broken we could have a retest of the 81.15 previous short-term high.

Nothing much new in the daily chart as well. Prices remain below important resistance area. No clear sign of a trend. Market forces neutralize one another and that is why we have no direction. Prices are expected soon to start a new trend and that is why we have to remain patient and neutral. Sometimes it is wiser not to have a position than have one.

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Technical analysis of EUR/JPY for January 14, 2014 Trend News

General overview for 14/01/2014 07:40 CET

The range indicated yesterday has been broken to the downside as anticipated.

Currently, the main count indicates one more low possibe as long as the level of 142.16 is not violated. If it is, then the level of 140.48 is the low for wave C green.

Please notice that to confirm the upward scenario, the intrady resistance at the level of 141.56 must be broken. In case of failure, the downside target is the level of 140.00.

Support/Resistance:

140.48 - Intraday Support

140.63 - WS2

140.83 - 141.05 - Technical Support Zone

141.42 - WS1

141.56 - Intraday Resistance

142.28 - Weekly Pivot

Trading recommendations:

For intraday scalpers: if the level of 141.56 is broken, then Buy Stop orders should be opened, with SL at the level of 140.99 and TP at the level of 142.04 and 142.28.

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