Technical analysis of EUR/USD for January 29, 2014 Trend News

When the European market opens, some economic news will be released such as GfK German Consumer Climate, M3 Money Supply y/y,Private Loans y/y,German 10-y Bond Auction.The US will release the most important economic data such as the US-Crude Oil Inventories, US-FOMC Statement & US-Federal Funds Rate, so amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3723.

Strong Resistance:1.3714.

Original Resistance: 1.3701.

Inner Sell Area: 1.3688.

Target Inner Area: 1.3655.

Inner Buy Area: 1.3622.

Original Support: 1.3609.

Strong Support: 1.3696.

Breakout SELL Level: 1.3587.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3609 and 1.3701. The rate is accompanied by strong support at 1.3696 and by 1.3714 as strong resistance.

If EUR/USD breaks out and closes below the 1.3587 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3723 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 1.3622 and at 1.3688, a SELL position. In this case both targets should be placed at the level of 1.3655.

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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Technical analysis of USD/JPY for January 29, 2014 Trend News

In Asia, Japan will not release economic data,'s but the US will release some economic data such as US-Crude Oil Inventories,US-FOMC Statement & US-Federal Funds Rate. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium to high volatility during the US session.

Resistance. 3: 103.69.

Resistance. 2: 103.49.

Resistance. 1: 103.29.

Support. 1: 103.04.

Support. 2: 102.84.

Support. 3: 102.63.

DESCRIPTION:

Please, pay attention to the levels of support 3 (102.63) and resistance 3 (103.69). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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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Technical analysis of gold for January 29, 2014 Trend News

Strong dollar pushes gold towards lower levels. Consumer confident index improved to 80.7 from 77.5 in December and rumours spreading the Fed going to cut its stimulus program. In the daily chart oscillators is in the sell mode. Gold rally to high of $1,280, a 2-month high. Chinese traders were not actively participating in this week due to Chinese Lunar Year. Now the focus shifted sharply on the US Fed meeting today. It is widely expected to cut its quantitative easing program. If it happens, gold will fall further to $1,220 and $1,195. In abnormal cases if it does not do so, gold prices will spike to new higher levels at $1,295 and $1,330. We favour to sales on every raise. In Asia's trading session yellow metal is trading at the level of $1,252 holding yesterday's low of $1,248.70. The yellow metal is trading in a tight range of $1,245-$1,255.

Support: $1,245, $1,235, $1,230, $1,218, $1,184.

Resistance: $1,255, $1,259, $1,268, $1,280, $1,293.

Upside momentum only if trades are above $1,256.

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Technical analysis of Apple for January 29, 2014 Trend News

Apple is one of the prime stocks. It made a good rally from June's lows. Correcting itself after an upmove. In yesterday's trade, there was a big gap down. Apple announced financial results for the fourth quarter of 2013. It posted the revenue of $57.6 billion and a net profit of $13.1 billion. On January 13, 2014, we gave an alert regarding the technical breakdown, and our target completed. Apple obeyed us. In the daily chart oscillators gave a sell signal with a sl at $560.0 Yesterday's low is very crucial for the coming session. Apple closed above the gap down level, which was a bull factor. In the hourly chart, we can see a pullback due to oversold conditions.

Support: $501, $482.

Resistance: $515, $530.

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Technical analysis of USD/JPY for January 29, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bullish bias as markets await 1900 GMT FOMC interest rate announcement, this is the last meeting for Ben Bernanke as the chairman of the Federal Reserve. The Fed is expected to continue scaling back its monthly bond-buying program by another $10 billion to $65 billion. USD/JPY is underpinned by yen-funded carry trades amid improved investor risk sentiment (VIX fear gauge eased 9.3% to 15.8; S&P rose 0.61% overnight) as worries receded over emerging-market countries after Turkish central bank hiked its overnight lending rate to 12% from 7.75%; stronger-than-expected rise in U.S. Conference Board consumer confidence index to 80.7 in January (versus 77.6 forecast) from revised 77.5 in December (originally reported as 78.1) and 13.7% on-year rise in S&P / Case-Shiller 20-city home price index in November (although slightly below +13.8% forecast). USD/JPY is also supported by demand from Japan importers and ultra-loose Bank of Japan's monetary policy. But dollar sentiment is dented by the surprise 4.3% drop in U.S. December durable goods orders (defying forecast for 1.5% rise) and fall in Richmond Fed's manufacturing activity index to 12 in January from 13 in December. USD/JPY gains are also tempered by Japan exporter sales.

Technical сomment:

Daily chart is mixed as MACD is bearish, five and 15 day moving averages are declining; but stochastics is turning bullish near oversold zone.

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 103.55 and the second target at 103.8. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102.25. A breach of this target will push the pair further downwards and one may expect the second target at 101.9. The pivot point is at 102.45.

Resistance levels:

103.55

103.8

104.1

Support levels:

102.25

101.9

101.75

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Technical analysis of EUR/USD for January 29, 2014 Trend News

EUR/USD broke the seven-month lower trend line. Oscillators gave a negative divergence indication. The index of consumer confidence improved to 80.7 from 77.5 in December. The pair is trading at the level of 1.3651, the lowest point on January 29, 2014. From the last Friday the pair has been trading in a bearish phase, making lower lows and lower highs (major bearish factor). 1.3740 is the major resistance zone. Positional basis, if the price breaks above the previous high of 1.3740 next targets come at 1.3937.

Support: 1.3640, 1.3624, 1.3618.

Resistance: 1.3661, 1.3673, 1.3686.

Overall, the pair is trading in a bearish mode. On an intraday basis, the pair is trading in the sell zone with resistance at the level of 1.3570. Positional traders, go short with sl at 1.3750 for the targets of 1.36 and 1.33.

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Technical analysis of USD/CHF for January 29, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bullish bias as markets await U.S. FOMC interest rate decision. USD/CHF is supported by the franc sales on buoyant EUR/CHF cross and reduced in safe-haven appeal of franc as worries receded over emerging-market countries. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and declining, but stochastics is turning bullish in oversold zone.

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 0.904 and the second target at 0.908. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8925. A breach of this target will push the pair further downwards and one may expect the second target at 0.8925. The pivot point is at 0.895.

Resistance levels:

0.904

0.908

0.812

Support levels:

0.8925

0.89

0.888

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Technical analysis of NZD/USD for January 29, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bullish bias as markets await 1900 GMT U.S. FOMC interest rate decision and 2000 GMT (9 am Thursday NZ Time) RBNZ official cash rate announcement. Money markets see a 38% chance that the RBNZ will raise rates from 2.5% where it has stayed for nearly three years. NZD/USD is supported by Kiwi demand on the NZD/JPY cross amid reduced risk aversion. But NZD/USD gains are tempered by Kiwi sales on buoyant AUD/NZD cross. Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and declining, but stochastics is turning bullish in oversold zone.

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 0.8305 and the second target at 0.834. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8215. A breach of this target will push the pair further downwards and one may expect the second target at 0.8195. The pivot point is at 0.825.

Resistance levels:

0.8305

0.834

0.838

Support levels:

0.8215

0.8195

0.8135

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Technical analysis of GBP/JPY for January 29, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bullish bias as markets await U.S. FOMC interest rate decision. GBP/JPY is supported by improved investor risk sentiment and demand from the Japan importers. But EUR/JPY gains are tempered by Japan's exporter sales. Daily chart is mixed as MACD is bearish, five and 15-day moving averages are declining; but stochastics is turned to bullish in oversold zone.

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 172.4 and the second target at 173.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 168.85. A breach of this target will move the pair further downwards and one may expect the second target at 167.9. The pivot point is located at 169.85.

Resistance levels:

172.4

173

173.45

Support levels:

168.85

167.9

167.45

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Daily analysis of USDX for January 29, 2014 Trend News

Daily chart: The USDX is trying to take again the bullish trend which was missing forming for a couple of weeks. Now, the USDX is heading up to the 200-day moving average, as this is making a breakout in the resistance level of 80.62. However, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 80.11. The MACD indicator is still in negative territory.

H4 chart: The 200 SMA is serving as the dynamic resistance on the USDX, so we must be prepared to any bearish rebound near this level. However, the USDX is trying to consolidate above this level. If successful, it is expected to rise to the resistance level of 80.83. The MACD indicator is in positive territory, so the bullish consolidation is very possible.

H1 chart: The USDX has found strong support on the level of 80.59 and now, this is trying to climb to the 200-day moving average, which is close to the resistance level of 80.73. If the USDX makes a breakout at that level, it would be expected to rise to the level of 80.93. Furthermore, if the USDX breaks the support level of 80.59, it's expected to fall to the level of 80.35 . The MACD indicator is in neutral territory.

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 80.59, take profit is at 80.35, and stop loss is at 80.83.

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Daily analysis of GBP/USD for January 29, 2014 Trend News

Daily chart: During yesterday's session, the pair had no significant movements, as it moved within a low range without forming patterns that could confirm a change in trend. Our bullish outlook is still very much alive in this pair, since the fractal formed near the level of 1.6447 offers very good support. Anyway, if this pair comes to have a bullish momentum at present levels, it would be expected to rise to the level of 1.6663. The MACD indicator is still in positive territory.

H4 chart: The GBP/USD stays below the resistance level of 1.6592. Now this pair is finding support on the bullish trend line near the 1.6560 level. If this pair manages to break the resistance level of 1.6592, which is expected to rise to the level of 1.6644, it is very likely since the GBP/USD remains above the 200 SMA. The MACD indicator is entering negative territory.

H1 chart: The GBP/USD was consolidated over the level of 1.6578, but the pair found resistance below the 1.6629 level and now, it is trying to find support on the point of control near the 1.6564 level. It is very likely that this pair will fall to the level of 1.6544. However, if this pair manages to break the resistance level of 1.6578, it is expected to rise to the level of 1.6629. GBP/USD remains above the 200 SMA and the MACD indicator continues in negative 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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Technical analysis of NZD/USD for January 29, 2014 Trend News

Overview :

• The NZD/USD pair movement will be continued directly from the resistance at the level of 0.8390 in H1 chart (127.2% of Fibonacci retracement levels). therefore, the price of the NZD/USD pair is showing signs of weakness, following the break of the lowest level of 0.8350, hence it will be a good sign to sell below the level of 0.8350 in H1 chart (in the short term) with the first target of 0.8257 in order to test the pivot point and further to 0.8212 to form double bottom, then this price will act as a strong suport for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with 00% of Fibonacci retracement levels. However, in case if a reversal takes place and the NZD/USD pair breaks through the minor resistance level of 0.8317, the market will lead to increase further to 0.8375 for indicating bullish market.

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Technical analysis of EUR/USD for January 29, 2014 Trend News

Overview :

• The EUR/USD pair resistance was broken and it turned support at the level of 1.3544 last week, as well as the same level is coinciding with the first weekly support on January 29, 2014. Therefore, the pair has already formed a strong support at the 1.3544 level. But it should be noticed that a minor support will be set at the level of 1.3625 around the 50% Fibonacci retracement levels in H1 chart. Moreover, the price of the EUR/USD pair could not close neither below 1.3544 nor 1.3625. Additionally, it should also be noted that the price has still been moving between 88.2% Fibonacci retracement levels and 23.6%. Equally important, the RSI and the moving average (100) are still calling for uptrend, for that the market indicates a bullish opportunity at the level of 1.3544 or 1.3600 with the first target of 1.3710 and continues towards 1.3777 in order to try to test the weekly resistance 1. On the other hand, if the price closes below the minor support, then the best location for placing a stop loss should be below 1.3580, thus the price will call for a bearish market in order to go further towards the double bottom at 1.3507 to test it again.

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

Overview:

USD/JPY is expected to consolidate after hitting its seven-week low of 101.77 on Monday. It is undermined by the flows to the safe-haven yen amid weaker risk appetite (S&P fell 0.49% overnight) on lingering concerns over emerging markets and prospect of further scaling down of the Federal Reserve's stimulus program. USD/JPY is also weighed by the smaller-than-expected U.S. December new home sales of 414,000 (versus 455,000 forecast) and Japan's exports volumes. But the USD/JPY losses are tempered by higher U.S. Treasury yields demand from the Japanese importers, widening Japan's December trade deficit, ultra-loose Bank of Japan's monetary policy, and traders positions adjustments ahead of the Fed's policy announcement on Wednesday.

Technical сomment:

Daily chart is still 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. 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, it 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 NZD/USD for January 28, 2014 Trend News

Overview:

NZD/USD is expected to consolidate after hitting its three-week low of 0.8194 Monday. It is undermined by lower investor risk appetite, falling commodity prices, and the kiwi sales on rebounding AUD/NZD. But NZD/USD downside move is limited by the hawkish Reserve Bank of New Zealand's monetary policy stance and trader's cautious moves before the Fed's policy announcement on Wednesday. Daily chart is still negative-biased as MACD and stochastics are bearish; five day moving average is falling below the 15-day MA.

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 0.8305 and the second target at 0.834. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8215. A breach of this target will push the pair further downwards and one may expect the second target at 0.8195. The pivot point is at 0.825.

Resistance levels:

0.8305

0.834

0.838

Support levels:

0.8215

0.8195

0.8135

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

Overview:

USD/CHF is expected to range-trade. It is supported by the franc sales on rebounding EUR/CHF and soft CHF/JPY crosses. But the USD/CHF upside move is limited by flows to the safe-haven franc amid concerns over emerging markets, traders are cautious before the Fed's policy announcement on Wednesday. Daily chart is still negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining, although inside-day-range pattern is completed on Monday.

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

Overview:

GBP/JPY is expected to consolidate. It is undermined by diminished investor risk appetite and Japan's exports volumes. But GBP/JPY downside move is limited by the demand from the Japanese importers and position adjustments of traders ahead of the Fed's policy announcement Wednesday. Daily chart is still negative-biased as MACD and stochastics are bearish,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 an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 168.85. A breach of this target will move the pair further downwards and one may expect the second target at 167.9. The pivot point is located at 169.3.

Resistance levels:

171.3

172.4

173

Support levels:

168.85

167.9

167.45

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USD/CAD intraday technical levels and trading recommendations for January 28, 2014 Trend News

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

This bullish jump is purely fundamental-induced due to the positive data from the United States that was released during the past few weeks.

Temporarily, The USD failed to keep its gains against the CAD, and the USD/CAD pair was being pushed to the downside until Yesterday when another bullish impulse was initiated on retesting of 1.1030 resulting in a daily bullish engulfing candlestick.

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.

Yesterday, another bullish impulse was initiated on retesting of 1.1030 resulting in a daily bullish engulfing candlestick. The pair is probably heading towards 1.1230 in the intermediate term.

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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GBP/USD intraday technical levels and trading recommendations for January 28, 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 then, the bulls have been defending 1.6250 as a prominent support. Another successful bullish retesting took place in mid-December that pushed the pair again to the upside.

Based on this 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 obvious bullish rejection of 1.6490 on Friday.

Bullish momentum was still manifest during today's consolidations till few hours ago when bearish rejection was expressed on retesting of 1.6620.

As suggested Yesterday, Profits of the BUY entry taken at 1.6470 should have been taken at 1.6575 then 1.6620.

4H closure above 1.6600 may indicate another bullish opportunity towards 1.6666 then probably new highs around 1.7000 roughly.

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Intraday technical levels and trading recommendations for GBP/USD for January 28, 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 off these high levels (1.6666) on Friday.

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

Today few hours ago, the pound sterling Pound was pushed again above 1.6590, reaching today's high at 1.6620.

This is fundamentally-induced movement as investors are awaiting British economic data which is expected to confirm the strength of the economic growth of the UK.

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 this week's movement.

As expected, bullish fixation above enhanced bullish momentum towards the recent high around 1.6660-1.6620.

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

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Intraday technical levels and trading recommendations for EUR/USD for January 28, 2014 Trend News

A breakout above the previous resistance level of 1.3450 allowed the bulls to push within the bullish channel to hit higher levels around 1.3650 then 1.3750.

This bullish momentum took 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.

After few days of consolidation around SMA-100, bullish rejection was expressed at 1.3520. This led to a long full-bullish engulfing daily candlestick.

On Friday, the bulls pushed towards the price levels around 1.3737 where strong bearish rejection was expressed resulting in two successive shooting star Daily candlesticks on Friday and yesterday.

This may indicate a possible corrective movement to take place towards 1.3575 at least.

Obvious bullish rejection took place off the level of 1.3520 which is an important key-level on an intraday basis (corresponding to previous price ranges established 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 1.3575 then 1.3530. Breakdown of 1.3630 (where SMA-100 comes to meet the pair) is mandatory to gather enough bearish momentum to push towards 1.3500.

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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GOLD analysis for January 28, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, as we expected, the price reached our first target level at 1,260.00 (submajor FR 38.2 %) on average volume.Our next down station is FR 61.8 % at 1,250.00.We also got major FR 38.2 % at 1,243.00. We can observe rejection from our FR 38.2% and volume leveling off at 1,279.00 which caused the price to start downward movement. Buying Gold looks risky since we are in short- and mid-term downtrend, and we also got finished ABCD bullish corrective phase in the background.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,271.64

R2: 1,277.46

R3: 1,286.90

Support levels:

S1: 1,252.76

S2: 1,246.94

S3: 1,237.50

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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Gold Elliott wave analysis for January 28, 2014 Trend News

Gold price has been rejected at the important resistance of $1,270-80 we have been talking about for some time. If you see our previous analysis you will see we were targeting $1,270 as the target to end the upward corrective move from $1,180. The rise from the lows at $1,180 is not impulsive. Gold price action has an overlapping pattern something that makes us believe that this is a correction. However, the trend remains up as prices continue to make higher highs and higher lows.

Gold price is stil trading above the purple upward sloping trend line. This fact supports bullish positions. If Gold price falls below this trend line then bulls will have problems. The rise from $1,180 has stopped at the 50% Fibonacci retracement of the decline $1,360-$1,180. This is another sign of how important the resistance at $1,170-80 is. Short-term support is found at $1,240-35. Short-term resistance is found at $1,277-80.

The daily chart above shows us that Gold price has moved back below the longer term downward sloping purple trend line. This is good for bears. However as long as Gold price trade above the blue area, then bulls should be safe. If Gold price moves below this area at $1,230 then we will have confirmation that the upward correction is over.

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#USDX technical analysis for January 28, 2014 Trend News

The Dollar index has almost reached our target of 80.10. The index made yesterday a low at 80.15 and bounced upwards towards the broken support at 80.40. Now trading above 80.50, the short-term trend has reversed to up and there are increased chances that we will see a test of the 81 price level.

Short-term resistance is found at 80.75 and if broken we could see the index reach 81-81.15. Short-term support is found at 80.35 and then at 80.10. Today we favor bullish positions with 80.40 stop and 80.75-81 target.

On a daily basis, the index is fighting the 2 MA at 80.60-70 and tries to break above them. Currently, the index is below the two MA indicators and this is bearish. However, with a higher low on a daily basis at 80.15 relative to the previous important low at 79.75, this could be forming a higher low and higher highs pattern. Still important resistance level is the 81.50 and only if this level is broken we should expect the index to move near 82.50-83. Breaking below 80.15 will be negative for bulls as then our target will be 79.50-79.

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Elliott Wave Analysis of EUR/NZD for January 28, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6643

R2: 1.6599

R1: 1.6558

Current spot: 1.6491

S1: 1.6492

S2: 1.6463

S3: 1.6410

Technical summary:

We have seen the expected decline towards support at 1.6492 to finish the flat correction, which has developed the last couple of days. Once this flat correction is finished, we should expect a new rally higher towards 1.6792 in red wave v.

In the short term we could see a slightly deeper correction towards 1.6463 as long as resistance at 1.6558 protects the upside, but from 1.6463 or upon a break above 1.6558 we should see a new rally higher towards the ideal red wave v target at 1.6792.

Trading recommendation:

We are long in EUR from 1.6495 with a stop at 1.6340. If you are not long in EUR yet, then buy EUR near 1.6463 or upon a break above 1.6558 with the same stop at 1.6340.

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Elliott Wave Analysis of EUR/JPY for January 28, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.43

R2: 141.03

R1: 140.70

Current Spot: 140.44

S1: 140.12

S2: 139.68

S3: 139.15

Technical summary:

As expected the resistance in the 140.50 - 140.78 (the high has been 140.70) protected the upside, but we still need a break below support at 139.68 to confirm that a top is in place and the next strong impulsive wave lower is developing. As long as support at 140.13 stays unbroken we could see a move slightly higher towards 140.78 before lower.

In the short term a break below 140.13 will be the first indication that the next powerful decline is developing, while a break below 139.68 confirms the top for a decline towards 135.39.

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 near 140.78 or upon a break below 140.13 with the same stop at 141.80.

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

General overview for 28/01/2014 08:30 CET

The lack of an immediate bullish bounce to the upside above the area of 141.01 - 141.14 prevents from ruling out a more downside wave development possibility. Currently the market is at the very important key level zone and breakout higher is needed to confirm the low for wave 4 purple and further upside wave progression. Any breakout to the downside, below the weekly pivot at the level of 140.16 means, that the bearish corrective wave progression might continue and recent low at the level of 139.11 might be tested again.

Support/Resistance:

142.35 - Wave X High

141.24 - WR1

141.01 - 141.14 - Demand Breakthrough Zone

140.55 - 140.69 - Technical Resistance | Key Level |

140.16 - Weekly Pivot

139.74 - Intraday Support

139.11 - Swing Low

Trading recommendations:

The area between the levels of 140.55 - 140.69 is the main resistance and it provides a good opportunity to open a short position with SL above the level of 140.71 and TP at the level of 140.16 and 139.74.

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

General overview for 28/01/2014 08:10 CET

The idea of a price formation called head and shoulders yesterday did not work out really and it has been abandoned for now. Instead of that the count has been updated and now it suggest a possible top in this market. The downside reaction is not that much impulsive like it should be, but I can label the first wave down as a leading diagonal. This means that currently price is in a corrective cycle wave (ii) green that has not been finished yet. The suggested shape of this correction looks like a zigzag formation. There are missing waves b purple to the bottom and last wave up, wave c purple. When the correction is completed, the downside should resume. Only a breakout above the level of 1.1171 would invalidate the count.

Support/Resistance:

1.1186 - WR1

1.1171 - Swing High

1.1125 - 1.1134 - Key Level

1.1118 - Intraday Resistance

1.1083 - Intraday Support

1.1062 - Weekly Pivot

1.1029 - Technical Support Zone

Trading recommendations:

Buy positions should be opened from the level of 1.1062 with SL below the level of 1.1029 and TP at the level of 1.1125

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Daily analysis of major pairs for January 28, 2014 Trend News

EUR/USD: The Bullish Confirmation Pattern on the EUR/USD is still valid and the price would go further upwards after it leaves the current consolidation phase. The Williams’ % Range has retraced southwards a little that means there is a hidden weakness in the market – a good point from which the price can rise further.

USD/CHF: The Bearish Confirmation Pattern on the USD/CHF is still valid and the price would go further downwards after it leaves the current consolidation phase. The Williams’ % Range has retraced north a little, which means there is a hidden stamina in the market – a good point from which the price can fall further.

GBP/USD: It was noted that as long as the Cable is unable to close below the EMA 56 on the 4-hour chart, the bullish bias valid. This is exactly what happened: after testing the EMA 56 area several times, the price skyrocketed by over 120 pips. It is now trading above the accumulation territory at 1.6600. The next target is at the distribution territory at 1.6650.

USD/JPY: The exponential weakness that was experienced in the market made it test the demand level at102.00, a point from which the price bounced upwards. Right now, the price is a kind of moving sideways, but the supply level at 103.00 may prevent further rise, for the bearish outlook is still relevant. So the price may fall further.

EUR/JPY: The outlook on the USD/JPY is exactly valid for this cross - though the prices and the levels are different. The supply zone at 141.00 should check any bullish attempts, for the price is expected to go further south.

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