Technical analysis of EUR/USD for January 28, 2014 Trend News

When the European market opens, some economic news will be released such as German Import Prices m/m. The US will release the most important economic data such as the US-Core Durable Goods Orders m/m, US-CB Consumer Confidence, US-Richmond Manufacturing Index, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3739.

Strong Resistance:1.3730.

Original Resistance: 1.3717.

Inner Sell Area: 1.3704.

Target Inner Area: 1.3671.

Inner Buy Area: 1.3638.

Original Support: 1.3625.

Strong Support: 1.3612.

Breakout SELL Level: 1.3603.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3625 and 1.3717. The rate is accompanied by strong support at 1.3612 and by 1.3730 as strong resistance.

If EUR/USD breaks out and closes below the 1.3603 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3739 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3638 and at 1.3704, a SELL position. In this case both targets should be placed at the level of 1.3671.

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Fundamental analysis of gold for January 28, 2014 Trend News

The biggest event yet to come on Wednesday through the Fed decision expecting for $10 billion tapering. The yellow metal has already factored it, rallied towards 2-month's high. Chinese physical demand ahead of lunar New year celebrations and weakness in the US dollar makes gold more attractive. Gold made a 5-week upmove in the weekly chart. The FOMC is scheduled to announce its latest monetary policy decision on Wednesday. Expectations suggest a further $10 billion cut in its bond purchasing program. Due to slowdown in the Chinese economy rumours spread Fed would scale back its bond purchasing further.

Thursday, the advance reading on the fourth quarter US GDP is scheduled to be announced. The US economy registered a growth of 4.1% in Q3, 2013. The US GDP is expected to show the growth of 3.2% annualised rate.

In the technical front, gold completed its first ascending wave. We can observe positive divergence in the hourly chart. Gold is trading at the level of $1,256. For intraday perspective, we recommend buying with sl at $1,254, targets of $1,260 and $1,263. But in the daily chart, the stochastics gave a negative divergence indication. Sell on further upmove with the targets of $1,250, $1,244, and $1,233, cmp at $1,256.

Support: $1,254, $1,244.

Resistance: $1,279.

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Technical analysis of Silver for January 28, 2014. Trend News

Technical outlook and chart setups:

1. At the moment, Silver remains unchanged, trading within $19.50 and $20.20/30. It is recommended to remain flat and look to initiate longs towards the sub $19.00 region.

2. Immediate resistance is at $22.00, while supports are spread through $19.30/40, followed by $19.00 and $18.75 respectively.

3. Structure reveals that $18.75 could be a major low formation and utill it holds, Silver could print higher highs and higher lows. The minimum possible extension is at $21.70.

Trading recommendations:

Look to buy around $19.00/40.00 levels.

Good luck!

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Technical analysis of Gold for January 28, 2014. Trend News

Technical outlook and chart setups:

1. The metal has retraced from its recent highs at $1,276.00/79.00. It is still expected to fall further in a corrective manner though, hence recommendations are to remain short for now. Risk remains a $1,283.00/84.00.

2. Immediate resistance is at the $1,290.00/95.00, while supports are spread through $1,230.00, followed by $1,220.00/10.00 and lower respectively.

3. Structure reveals that the metal is poised to fall towards fibonacci 0.618 support at $1,215.00, before the next rally could resume.

Trading recommendations:

Remain short, stop is at $1,285.00, the target is $1,220.00

Good luck!

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Technical analysis of EUR/JPY for January 28, 2014. Trend News

Technical outlook and chart setups:

1. EUR/JPY looks to have initiated its counter trend rally ahead of the major fundamental event tomorrow. It is recommended to sell on rallies into 143.00/50 region from here on.

2. Immediate resistance is 143.00, followed by 145.50, and supports are spread through 138.50, followed by 134.00, 131.00 and lower.

3. The structure reveals that prices could still continue drifting lower from around 143.00/50 levels. As seen here, the fibonacci 0.618 support and possible downside extensions are pointing 136.00 at least.

Trading recommendations:

Flat for now. Looking to sell on rallies to 143.00/50.

Good luck!

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Technical analysis of GBP/CHF for January 28, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has staged a counter trend rally, as discussed and expected, into the sub 1.4900 region. As seen here, the fibonacci 0.618 resistance is at 1.4960, which could be the next point of reversal. It is recommended to remain short and add further on rallies. Risk remains at 1.5150.

2. Immediate resistance is at 1.5120/30, while supports are spread through 1.4550, followed by 1.4350. 1.4200 and lower.

3. The entire structure is turning bearish for now (1.5120/30 levels should hold). The downside extensions are pointing towards 1.44 and 1.4 respectively.

Trading recommendations:

Hold on to short positions and add further on rallies. Stop is at 1.5150, target is at 1.4.

Good luck!

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Analysis of USD/JPY and AUS/USD for January 28, 2014 Trend News

A slide in emerging forex markets was led by the Argentina's peso and Turkish lira. Global macroeconomic data was mixed, with the euro zone PMI reading for January showing a recovery, while China's GDP fell to a 14-year low of 7.7%. The biggest 1-day fall of Argentina's peso on last Thursday was more than a little co-relation of the day 17 years ago when the Thailand baht was driven into free fall. Yesterday Turkish lira fell to new lows against the US dollar. The sell-off was in financial markets due to Chinese manufacturing fears and slowdown. Last week's surprise decline in the January manufacturing PMI, the official Chinese Manufacturing PMI data for the month of January is scheduled for release on Saturday and will be closely scrutinized to gauge economic health of the World's second largest economy.

Traders eye the Fed meeting on this Wednesday, raising expectations for tapering. Countries like South Africa, Chile, Peru, Indonesia, and Thailand were very sensible to the US tapering. India's economic rebalancing shows the way forward for EMs in crisis. Today, the Reserve bank of India is going to announce its interest rate decision. Argentina currency has been depreciating for the last two years every day. Its 2 years old news. But the pressure on the currency reached a point where they decided to relieve it from restrictions and let it fall and find its own level. It's in a way good news for free markets, get it over with rather than keep the crisis lasting. But that removal had a one day impact that has become news to the World over for what is already a country facing 28% inflation.

USD/JPY

The US dollar index is trading at 80.5 and mixed against a few currencies. For the pair of USD/JPY, we alerted in our previous report dated January 16, 2014. We can witness negative divergence in the chart. In yesterday's trading session the pair hit a low at the level of 101.77, the lowest level since December 2013, taken parallel support of December's low. Oscillators are showing a mixed indication. Due to oversold conditions, a pull back is expected from current levels. Overall, the trend is down. Short-term support is at the level of 101-100.95.

AUD/USD

The Australian dollar (AUD) remains very sensitive to Chinese data, as Australia is the major trading partner of China. AUDUSD fell previous week to its lowest level since July 2010. AUD/USD is trading at the level of 0.8741 in Asia's trading session. In the hourly and daily charts oscillators gave a pullback signal, the price reached the resistance zone. Due to the oversold conditions, the fall was limited. Overall, the trend is down, targets are at 0.8450 and 0.8400.

Support: 0.8732, 0.8729.

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Technical analysis of the US dollar for January 28, 2014 Trend News

In the US dollar front, it made a double high at the level of 80.56 and it is trading below 21DEMA that is the major bearish factor. Until it crosses it, we remain in bearish mode. After hitting a 2-months high of 81.39, the dollar index sharply declined to 80.15 In the technical front, oscillators sign a bullish indications for limited downside with a higher lows pattern. If prices are above the level 80.56, next immediate resistance comes at the level of 80.70. Following its drop in the previous week, the FOMC decision to further reduce its economic stimulus, accompanied with a stronger fourth-quarter GDP reading and other economic data, could set the US Dollar to start a fresh leg of up-move against other major currencies.

Support: 80.15, 80.0, 79.70.

Resistance: 80.56, 80.69, 81.27.

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Technical analysis of USD/CHF for January 28, 2014 Trend News

Overview :

• The price of the USD/CHF pair is supposedly going to form strong support at the level of 0.8903 (00% of Fibonacci retracement levels in the H4 chart, it had formed the last bearish wave last week. It should be noted that the price is going to form a double bottom at this level, but the level of 0.8845 acts as strong support because it is representing the first weekly support for January 28-31, 2014. So, the saturation is likely to take place around 0.8850; moreover, the RSI indicators are also going to call for an uptrend at the same level we indicated above. Therefore, it is possible that the market will start showing bullish signs. In other words, buy deals are recommended above 0.8850 with the first target seen at the 0.8933 level and further at the 0.9000 level to test the weekly pivot point. Thus, it also should be noted that the level of 0.9001 is going to form a minor resistance (38.2% of Fibonacci retracement levels) on January 28, 2014. Additionally, the level of 0.9098 will act as a major resistance.

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Technical analysis of GBP/USD for January 28, 2014 Trend News

Trading recommendations :

• Pair: GBP/USD


• Date: 28/1/2014

• According to the previous events, the price of the GBP/USD pair has still been moving between 1.6640 and 1.6515.

Long buying :

• Buy above 1.65 in the short term with the first target of 1.6566, it might resume to 1.6634 (the weekly resistance 1).

Short selling :

• Outlook 1: Swing trade at 1.6666 in order to sell with a traget of 1.6520 in order to test the weekly pivot point at the level of 1.6514.


• Outlook 2: The area below 1.6500 looks for further downside with 1.6463 and 1.6395 as targets.

Notes :

• It should be noted that the market will turn bearish from the level of 1.6666.


• Volatility:145.42; therefore, the market indicates the higher volatility.

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Daily analysis of USDX for January 28, 2014 Trend News

Daily chart: The USDX is forming a higher low pattern below the level of 80.62, so it is a clear confirmation that the USDX is trying to continue falling below the 200 SMA. However, the USDX had already formed a fractal near the support level of 80.11, so the USDX would probably try to climb back up the 200 SMA. The MACD indicator is still in negative territory.

H4 chart: At current levels, the USDX has formed a triangle pattern, so it is expected that the bearish trend will continue over the USDX. On the other hand, if the USDX manages to break the resistance level of 80.52 (bearish trend line), it's expected to go up to the 200-day moving average near the level of 80.70. Meanwhile, the USDX could break the support level of 80.40, to fall to the level of 80.25. The MACD indicator is in extremely oversold zone.

H1 chart: The USDX has not had significant changes, so that the levels of 80.59 and 80.35 remain as strong support and resistance levels. It should be noted that the control point of this week is forming near the resistance level of 80.59. If the USDX manages to break that level, it is expected to rise to the level of 80.73. The MACD indicator is entering neutral territory and in extremely overbought zone.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.55.

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Daily analysis of GBP/USD for January 28, 2014 Trend News

Daily chart: After the sharp drop this pair had last week, during yesterday's session the pair managed to recover. However, this pair is trying to consolidate above the support level of 1.6540, but it still has high chances of falling in the medium term. If this pair manages to break the resistance level of 1.6663, it is expected to rise to the level of 1.6851. The MACD indicator is still in positive territory.

H4 chart: The GBP/USD formed a fractal near the support level of 1.6483. If this pair manages to break the resistance level of 1.6592, it's expected to rise to the level of 1.6644, which is a fairly strong level and blocking the bullish action of this pair. Furthermore, if this pair manages to break the support level at 1.6570, it's expected to fall to the level of 1.6516. The MACD indicator is entering neutral territory.

H1 chart: This pair is consolidating above the 200 SMA and above the point of control at the level of 1.6570. In addition, the GBP/USD is forming a bullish pattern and if this pair manages to break that level, it would be expected to rise to the level of 1.6629. On the other hand, if the pair finds strong resistance in the point of control, it would be expected to fall to the support level of 1.6544. The MACD indicator is entering extremely overbought zone and in neutral territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6578, take profit is at 1.6629, and stop loss is at 1.6526.

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GBP/USD intraday technical levels and trading recommendations for January 27, 2014 Trend News

GBP/USD had been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.

Since this breakout, the bulls have been defending 1.6250 as a prominent support. Another successful retesting took place in mid-December that pushed the pair again to the upside.

Based on the above-mentioned bullish breakout, the GBP/USD pair had a projection target around 1.6630. As suggested, bearish reversal was strongly expressed off 1.6660 (30 pips higher). The pair has declined about 150 pips few hours later.

The 4H chart reveals prominent support levels located at 1.6490 and 1.6450. We can notice bullish rejection of 1.6490 compared to Friday. Bullish momentum is still manifest during today's consolidations.

These support levels provided a valid buy entry as suggested on Friday. Targets should be located at 1.6575 and 1.6620 while SL as 4H closure below 1.6400.

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Weekly Elliott Wave analysis of USD/CAD Trend News

USD/CAD Elliott Wave
Last week, the USD/CAD pair has been trading upwards, corrective wave (c) (coloured red) of the bigger wave [y] (coloured green) has been developing. In the 1-hour chart of this commodity pair, we can see that price has found the resistance at 1.1172 and after that we can see the corrective move lower, this correction looks like the FLAT pattern inside the wave iv (coloured red), so we should focus to potential long opportunity against the 1.0950 level next (short term invalidation). In accordance with our wave rules and taking into account that wave 5 should retrace 161.8% of wave 4, we can define the potential targets by measuring wave 4 with take profit at 1.1257 (161.8% of wave 4).

Support and Resistance
(S3) 1.0812, (S2) 1.0888, (S1) 1.0984, (PP) 1.1060, (R1) 1.1156, (R2) 1.1232, (R3) 1.1328.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1060 with stop loss at 1.0950 and take profit at 1.1257 are recommended.

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Weekly Elliott Wave analysis of AUD/USD Trend News

AUD/USD Elliott Wave
For the last couple of days, the AUD/USD pair has been trading downward, impulsive wave (v) (coloured red) of the bigger wave 1 (coloured blue) has been developing. In the 4-hour chart of this major pair, we can see that the move from the 0.9087 level (end of the (iv) wave) has been taking a form of the Ending Diagonal pattern, and inside this pattern we can see 4 out of 5 wave completed; so one more push lower early this week is going to be ideal to look for the fresh new short positions in this pair. In accordance with our wave rules and taking into account that wave 5 should retrace 161.8% of wave 4, we can define the potential targets by measuring wave 4 with take profit at 0.8625 (161.8% of wave 4). To protect our capital, we can use the invalidation point at the 0.8890 level as our stop loss level.

Support and Resistance
(S3) 0.8520, (S2) 0.8589, (S1) 0.8636, (PP) 0.8705, (R1) 0.8752, (R2) 0.8821, (R3) 0.8868.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short position at level of 0.8730 with stop loss at 08890 and take profit at 0.8625 are recommended.

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Technical analysis of USD/JPY for January 27, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bearish bias after hitting seven-week low 101.77 this morning.It is undermined by the flows to haven yen and unwinding of JPY-funded carry trades amid elevated risk aversion (VIX fear gauge spiked 31.74% to 18.14, S&P tumbled 2.09% Friday) on fears over emerging markets, Chinese economic slowdown and further Fed tapering of its stimulus efforts. USD/JPY is also weighed by the lower U.S. Treasury yields and Japan exporter sales. But USD/JPY losses are tempered by demand from the Japan importers and ultra-loose Bank of Japan's monetary policy.

Technical сomment:

Daily chart is negative-biased as MACD and stochastics are bearish, five and 15-day moving averages are declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 102.25 in mind. A breach of this target will move the pair further downwards to 101.9. The pivot point stands at 103.05. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 103.55 and the second target at 103.8.

Resistance levels:

103.55

103.8

104.1

Support levels:

102.25

101.9

101.75

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Technical analysis of GBP/JPY for January 27, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bullish bias. It is гndermined by the increased investor risk aversion and Japan exporter sales. But GBP/JPY losses are tempered by demand from Japan importers. Daily chart is negative-biased as MACD is bearish, stochastics is reverting from bearish mode at oversold, 5 and 15-day moving averages are falling.

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 171.3 and the second target at 172.4 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 167.45. A breach of this target will move the pair further downwards and one may expect the second target at 166.4. The pivot point stands at 168.3.

Resistance levels:

171.3

172.4

173

Support levels:

167.45

166.4

165.35

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Technical analysis of USD/CHF for January 27, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias after hitting near-one-month low 0.8901 on Friday. It is undermined by flows to haven franc amid elevated risk aversion and Swiss franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by franc sales on soft CHF/JPY cross. Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is falling below 15-day MA.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8925 in mind. A breach of this target will move the pair further downwards to 0.89. The pivot point stands at 0.899. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favourably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.9015 and the second target at 0.904.

Resistance levels:

0.9015

0.904

0.908

Support levels:

0.8925

0.89

0.888

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USD/CAD intraday technical levels and trading recommendations for January 27, 2014 Trend News

The bulls managed to reach new price levels (around 1.1170) that haven't been reached since 2009.

This bullish momentum is purely fundamental-induced due to the positive data from the United States.

Expectations that Federal Reserve would cut the cash facilities at the next meeting enhanced the USD strength against major currencies. However, the USD failed to keep its gains against the CAD, and the USD/CAD pair was pushed again towards 1.1050.

The pair has a significant support zone between 1.0700 and 1.0750 representing the upper limit of consolidation range that got broken this month. Re-testing of this zone will probably provide a valid BUY entry for the mid-term.

The next prominent resistance level is located around 1.1230 corresponding to 50% Fibonacci Level of the bearish movement extending since March 2009 ending in July 2011.

The pair was pushed strongly to the upside after bullish rejection was expressed at the uptrend line that came to meet the pair around 1.0650.

This was followed by bullish breakout above 1.0720 (previous triple-top resistance).

On Thursday, a shooting star daily candlestick was expressed at retesting of 1.1090 then another bearish candlestick was expressed on Friday indicating lack of bullish momentum there.

A prominent SUPPORT zone is located at 1.0960-1.0900. Any further retesting may offer a valid BUY entry with SL as a daily closure below 1.0900.

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Intraday technical levels and trading recommendations for EUR/USD for January 27, 2014 Trend News

A breakout above 1.3450 allowed the bulls to push within the bullish channel to hit higher levels around 1.3650 then 1.3750. This bullish momentum was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Instead, breakdown of the depicted bullish channel took place shortly after (January 2).

This led to the recent bearish movement that almost reached 1.3520.

Bullish rejection took place at 1.3520. This led to a bullish engulfing daily candlestick. This was expressed after few days of consolidation around SMA-100. On Friday, the bulls pushed towards the price levels around 1.3737 where strong bearish rejection was expressed resulting in a shooting star daily candlestick. This may indicate a possible corrective movement which is taking place today.

Obvious bullish rejection took place off the level of 1.352 which is an important key-level on an intraday basis (corresponding to previous price ranges set back in December as well as the lower limit of the channel).

As expected, the pair remains moving within the depicted channel having a strong resistance located at the upper limit of the ongoing channel around 1.3745 (61.8% Fibonacci Level).

Obvious bearish rejection was expressed at 1.3737 (few pips below 1.3745) resulting in 4H closure below 1.3700 (50% Fibonacci Level).

This probably applies further bearish pressure on the pair towards 1.3530.

On the other hand, the bulls need to achieve 4H fixation above 1.3700-1.3740 in order to gather enough bullish momentum to push towards 1.3800. Otherwise, our bearish view remains intact.

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Intraday technical levels and trading recommendations for GBP/USD for January 27, 2014 Trend News

The GBP/USD pair successfully achieved its projection target around 1.6600 after the bullish breakout above 1.6252 took place on November 27.

Further bullish movement took place towards the recent high at 1.6666. However, bearish engulfing daily candlestick was expressed on Friday.

This brought the pair back below 1.6600 extending down to 1.6475 (the recent top on the daily chart).

On Friday, the pound sterling declined to its lowest level in two days against the US dollar ahead of a report from the UK which is expected to show slowing activity of the British economy in the past three months.

This week, bullish recovery is witnessed after testing the price zone of 1.6475-1.6500 corresponding to Demand zone between 50% and 61.8% Fibonacci levels of the bullish swing are between 1.6310 and 1.6666.

The price zone of 1.6475-1.6500 is the key zone of today's movement. Bullish fixation above which will enhance bullish momentum towards the recent high around 1.6660.

On the other hand, re-fixation below it will probably apply further bearish pressure towards 1.6400 then 1.6320.

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GOLD analysis for January 27, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price reached our major target level at 1,279.10 on lower volume. We can observe rejection from our FR 38.2% and volume leveling off at 1,279.00 which is sign that buying at this stage looks risky. Since the price has met our FR 38.2%, there is a chance that Gold has finished bullish corrective phase (ABCD) and that we may see bearish continuation phase. Anyway,to confirm that, we need strong supply on higher volume on the market. In case that the price breaks the level of 1,281.00 on high volume, we may see testing 1,295.00-1,300.00 before bearish continution phase. Stations for potential downward movement are levels of 1.260.00 (FR 38.2 %) and 1.250.00 (FR 61.8 %).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,278.43

R2: 1,280.53

R3: 1,283.93

Support levels:

S1: 1,271.63

S2: 1,269.53

S3: 1,266.13

Trading recommendation: Trading the metal, be careful with buying since we may end bullish corrective phase and start bearish continuation phase.

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EUR/NZD analysis for January 27, 2014 Trend News

Overview:

Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6685 on high volume. Currently, we can observe demand on the market and selling looks very risky. The price has reached our target level at 1.6690, and our next upper station is 1.6800 (Fibonacci Expansion 61.8 %), but just in case that the price breaks the level of 1.6700 (FR 61.8 %). Do not forget EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buying opportunities on the dips and try to catch bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6680

R2: 1.6733

R3: 1.6819

Support levels:

S1: 1.6507

S2 : 1.6454

S3: 1.6367

Trading recommendation: Be careful with selling the EUR/NZD pair,watch for buying opportunities and try to catch bullish continuation phase.

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#USDX analysis for January 27, 2014 Trend News

The Dollar index is below the important support at 80.40. As we mentioned in previous analysis, important support was 80.40. Once the upward sloping trend line was broken, prices moved lower towards 80.40 support where the initial decline made a pause. Now trend continues lower as selling pressures have come back. Bulls seem weak and unable to make a considerable upward move.

Short-term trend remains down. Short-term support is found at 80.05. Short-term resistance and pivot point is found at 80.55. As long as the index trades below this level, we should expect 80.05 to be tested.

The second rejection in the 81.50 area that created a double top formation that is very bearish in the longer term. If the Dollar index does not manage to hold above 79, we could have a collapse towards 74-75. For now we should focus on the important support area of 80. Concluding, we remain bearish as long as the index is below 80.60 on a daily close. Target is 80.10.

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Gold analysis for January 27, 2014 Trend News

Gold price has continued higher towards $1,277 as weakness in emerging markets is being transferred to the European and US stock markets. Gold price is making higher highs and higher lows and at the same time the downward sloping trend line that connect $1,433 and $1,360 is broken. As shown in the chart below, Gold price has managed to just move above this trend line. We will soon find out if this is a bigger degree upward correction or just a fake break out.

Short-term support is found at $1,255. Short-term resistance is found at $1,280. Intermediate-term support is found at $1,230 and this is important for both bulls and bears as it will decide the intermediate-term trend. As long as Gold trades above it, bulls will be safe. If this support level is broken, then the bearish trend will reverse.

This important area is shown by the blue noted area in the daily chart above. If this upward trend continues, then we could see Gold reaching the next blue eclipse near $1,320. If the higher highs and higher lows pattern continues, then we should expect to see a move above $1,300. Short-term trend is up as long as Gold trades above $1,255. If it breaks $1,255 then it will change to neutral. Until then bullish positions are favored. Our longer-term target of $1,140 is in danger as buyers continue to support the precious metal as risk-off signals come from the stock markets worldwide.

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Elliott Wave Analysis of EUR/NZD for January 27, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6752

R2: 1.6690

R1: 1.6629

Current spot: 1.6600

S1: 1.6564

S2: 1.6516

S1: 1.6492

Technical summary:

We have seen the expected correction into the correction area of 1.6462 - 1.6493 with a low at 1.6492. It looks as the ongoing red wave iv correction is a flat correction; therefore, we should see one more decline towards 1.6492 maybe slightly below before the next rally higher to 1.6792 in red wave v and black wave v.

In the short term we should see minor resistance at 1.6629 protecting the upside for a break below 1.6564 towards 1.6492.

Trading recommendation:

We will buy EUR at 1.6495 with a stop at 1.6340.

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Elliott Wave Analysis of EUR/JPY for January 27, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.17

R2: 140.78

R1: 140.50

Current spot: 140.45

S1: 140.12

S2: 139.68

S3: 139.15

Technical summary:

The expected decline is developing nicely. In the short term we expect resistance in the 140.50 - 140.78 area to protect the upside for a break below minor support at 140.40 and more importantly a break below 139.68, which confirms acceleration lower towards 135.39 in blue wave iii. A break below the base channel support line currently at 138.85 confirms the acceleration lower.

If blue wave ii extends to resistance at 141.17 and again to 141.46, but we doubt we will see blue wave ii that high, even though the second waves are allowed to correct all of the first wave.

Trading recommendation:

Stay short in EUR from 141.85 with stop at 141.80. If you are not short in EUR yet, then sell EUR in the 140.50 - 140.78 area with the same stop at 141.80.

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Technical analysis of EUR/JPY for January 27, 2014 Trend News

General overview for 27/01/2014 07:50 CET

The last five waves to the downside has been finally made and the complex and time consuming correction in wave 4 purple has been finished at the level of 139.11. Currently the market is bouncing up from this level and it is about to break out higher above the technical resistance area between the levels of 140.30 - 140.48. If this will happen, then the next area of resistance is between the levels of 141.01 - 141.14.

Support/Resistance:

141.24 - WR1

141.01 - 141.14 - Demand Breakthrough Zone

140.30 - 140.48 - Technical Resistance

140.16 - Weekly Pivot

139.74 - Intraday Support

139.11 - Swing Low

Trading recommendations:

As long as the weekly pivot at the level of 140.16 will provide the support, dips should be bought and long positions should be opened with SL below the level of 140.15 and TP at the level of 141.00.

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