Daily analysis of USDX for January 06, 2015 Market Analysis Review

The USDX continues to reach new high levels in the H4 chart, because this instrument is about to consolidate above bullish trendline at the level of 91.50. On the upside, it is very likely that the USDX will rise to the resistance level of 93.00 in the medium term, although the USDX could begin to form a bullish pattern.

H4chart's resistance levels: 91.70 / 92.50

H4chart's support levels: 90.16 / 89.55

In the H1 chart, during yesterday's session, the USDX found strong bearish pressure at the level of 91.66, so this instrument moved into a range. However, remember that if the USDX makes a breakout at the support level of 91.24, it's expected to fall to the level of 90.74, where this instrument would fill one bullish gap.

H1 chart's resistance levels: 91.66 / 92.08

H1 chart's support levels: 91.24 / 90.74

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 91.66, take profit is at 92.08, and stop loss is at 91.23.

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Daily analysis of GBP/USD for January 06, 2015 Market Analysis Review

In the H4 chart, GBP/USD continues to weaken and lose positions below the resistance level of 1.5341. So far, this pair has been trying to find support on the bearish trend line near the 1.5200 level. If GBP/USD makes a breakout in that area, the next target would be the support level of 1.5148.

H4chart's resistance levels: 1.5341 / 1.5485

H4chart's support levels: 1.5148 / 1.5017

GBP/USD continues to move in a negative tone, at least in the short term. So far, the pair had already done a rebound at the level of 1.5200 and now GBP/USD is forming a bearish pattern again. In the downside, the support level of 1.5198 remains the next objective, if the pair achieves consolidation below the level of 1.5249. The MACD indicator remains in positive territory.

H1 chart's resistance levels: 1.5295 / 1.5333

H1 chart's support levels: 1.5249 / 1.5198

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5249, take profit is at 1.5198, and stop loss is at 1.5302.

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Technical analysis of EUR/USD for January 06, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release its Factory Orders m/m, ISM Non-Manufacturing PMI, and Final Services PMI. So amid the reports, EUR/USD will move low to medium volatility today during this day.

Today's technical levels:

Breakout BUY Level: 1.2000.

Strong Resistance:1.1993.

Original Resistance: 1.1981.

Inner Sell Area: 1.1969.

Target Inner Area: 1.1941.

Inner Buy Area: 1.1913.

Original Support: 1.1901.

Strong Support: 1.1889.

Breakout SELL Level: 1.1882.

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 06, 2015 Market Analysis Review

In Asia, Japan will release its 10-y Bond Auction and Monetary Base y/y data, while the US will unveil its economic reports such as Factory Orders m/m, ISM Non-Manufacturing PMI, and Final Services PMI. So there is a big probability USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Today's technical levels:

Resistance. 3: 119.95.

Resistance. 2: 119.72.

Resistance. 1: 119.49.

Support. 1: 119.20.

Support. 2: 118.97.

Support. 3: 118.73.

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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GBP/USD intraday technical levels and trading recommendations for January 5, 2015 Market Analysis Review

Overview:

The GBP/USD pair has been moving downward respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.

Recently, the market failed to express bullish breakout above the price level of 1.5760 (upper limit of the daily bearish channel).

Instead, extensive bearish breakout was applied against the price levels of 1.5540-1.5560 (this breakdown was successfully executed on December 23).

DAILY fixation below the recent bottoms established around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with potential projected target at 1.5300 that was reached earlier today.

The key level for today's movement is 1.5265. Persistent fixation below it signals more bearish dominance towards the lower limit of the movement channel around 1.5130.

On the other hand, four-hour fixation above price level of 1.5265 pauses the current bearish decline exposing price level of 1.5370 then 1.5410 for retesting.

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USDCAD Daily Analysis - January 6, 2015 Forex Analysis

USDCAD remains in uptrend from 1.1191, the fall from 1.1841 is likely consolidation of the uptrend. Support is at 1.1700, as long as this level holds, the uptrend could be expected to resume, and next target would be at 1.2000 area. On the downside, a breakdown below 1.1700 support will indicate that the uptrend had completed at 1.1841 already, then deeper decline to 1.1500 area could be seen.

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USDCHF Daily Analysis - January 6, 2015 Forex Analysis

USDCHF remains in uptrend from 0.9553, the fall from 1.0187 is likely consolidation of the uptrend. Support is at 0.9950, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.0300 area. Only break below 0.9950 support could signal completion of the uptrend.

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USDJPY Daily Analysis - January 6, 2015 Forex Analysis

USDJPY failed to break above 120.82 resistance and stayed in a trading range between 118.86 and 120.82. However, another rise to re-test 120.82 resistance is possible, a break of this level will indicate that the uptrend from 115.56 has resumed, then next target would be at 125.00 area. Support is at 118.86, only break below this level could trigger another fall to 115.00 area.

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AUDUSD Daily Analysis - January 6, 2015 Forex Analysis

AUDUSD moved sideways in a trading range between 0.8035 and 0.8214. Resistance is at 0.8214, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 0.8795 (Nov 17, 2014 high), another fall towards 0.7500 is still possible after consolidation. Only break above 0.8214 resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - January 6, 2015 Forex Analysis

GBPUSD remains in downtrend from 1.5785, the rise from 1.5167 could be treated as consolidation of the downtrend. Resistance is at 1.5380, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.5000 area.

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EURUSD Daily Analysis - January 6, 2015 Forex Analysis

EURUSD remains in downtrend from 1.2569, the rise from 1.1861 is likely consolidation of the downtrend. Resistance is at 1.2050, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.1700 area. Only break above 1.2050 resistance could signal completion of the downtrend.

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Intraday technical levels and trading recommendations for EUR/USD for January 5, 2015 Market Analysis Review

Previously, DAILY closure below 1.2360 (the lower limit of the congestion zone) directly exposed price levels around 1.2250.

The EUR/USD pair continued to move lower after breaking below major DEMAND LEVEL at 1.2250 exposing price levels of 1.2120 and 1.2000 .

Fundamentally, the euro sentiment remained negative upon the prospect of more actions from the ECB in the coming weeks regarding QE.

Note that the market is currently pushing further below price level of 1.2000 (prominent psychological SUPPORT, also corresponding to the lower limit of the movement channel).

Price action should be watched carefully at the market closure for further decisions.

As anticipated previously, an obvious 4H break below 1.2150 exposed the full-range breakout projection target around 1.2000.

Following such a strong bearish swing, the market should be looking for a considerable DEMAND level to pause around.

The lower limit of the current movement channel has been breached after the bearish GAP that occurred at the market opening this Monday.

Further price action should be considered as the current price levels haven't been visited since May 2010.

Trade recommendations :

Risky traders should now be looking for LONG positions around these historical low prices after such quick bearish decline off 1.2550.

However, conservative traders should be looking for SHORT positions. Low-risk SELL entries can be taken around price level 1.2250 where a recent SUPPLY zone is located.

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Analysis of EUR/NZD for January 05, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading upwards. As we expected, the price tested the level of 1.5675 in an ultra high volume (buying climax). According to the H4 time frame, we can can observe strong rejection from our resistance level, which caused price to start with downward movement. My advice is to watch for potential selling opportunities. Our major support level is around the price of 1.5400 (Fibonacci expansion 100%).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5624

R2: 1.5659

R3: 1.5714

Support levels:

S1: 1.5513

S2: 1.5478

S3: 1.5422

Trading recommendations: Be careful when buying the EUR/NZD pair at this stage, since we can observe strong rejection in the background.

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Analysis of gold for January 05, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading upwards. The price tested the level of 1,197.58. According to the 4H time frame, we can observe strong demand in the background, which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, we have support level at the price of 1,172.00. Our Fibonacci retracement 61.8% at the price of 1,172.00 has been held successful, which caused price to start with upward movement. If the price breaks the level of 1,212.00 in a high volume, we may see a potential testing of the level of 1,237.00. Any larger demand in a high volume and strong price action may confirm further bullish phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,187.34

R2: 1,189.80

R3: 1,193.77

Support levels:

S1: 1,179.40

S2: 1,176.94

S3: 1,172.97

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).

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Technical analysis of USD/CAD for January 5, 2015 Market Analysis Review

General overview for 05/01/2015 12:00 CET

Just as anticipated during the whole last week, the price has moved impulsively higher, making another swing high at the level of 1.1842 and hitting the projected target levels. Currently there are two possible counts to consider. The first one indicates the possible top in this market as the green five wave impulsive structure has been completed. The alternate one (tracked on H1 chart) indicates more bullish wave progression until the level of 1.1935 min. will be hit. This alternate scenario is very bullish and might suggest that the targets over the level of 1.2000 might be hit with ease. Nevertheless, on an intraday time frame the most important level is the intraday support at the level of 1.1761 and only a breakout below this level would push the price lower to enter the range zone and test the technical support at the level 1.1671. Otherwise, the bias is still bullish.

Support/Resistance:

1.1935 - WR1

1.1842 - Intraday Resistance

1.1761 - Intraday Support

1.1752 - Weekly Pivot

1.1671 - Technical Support

Trading recommendations:

Daytraders should consider to open buy orders from current market levels with SL below the level of 1.1761 and TP at the level of 1.1842.

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Technical analysis of EUR/JPY for January 5, 2015 Market Analysis Review

General overview for 05/01/2015 11:00 CET

On larger time frames we can see that the complex corrective structure labeled here as WXYXXZ brown for wave 2 red might have been completed and now the market might try to rebound impulsively. The last spike down to the level of 143.18 might be the last one in the corrective wave progression to the downside and now the market might start the impulsive structure to the upside. The first resistance is the gap zone between the levels of 144.10 - 144.42 and then a weekly pivot at the level of 144.58. Only a clear impulsive breakout higher would support this view and any violation of the level of 143.18 invalidates this count.

Support/Resistance:

143.18 - Intraday Support|Invalidation Line|

144.10 - 144.42 - Gap Zone

144.58 - Weekly Pivot

144.75 - Intraday Resistance

145.57 - Technical Resistance

146.22 - WR1

Trading recommendations:

Daytraders should consider to open buy orders from current market levels with SL below the level of 143.18 and TP at the level of 144.42 with a possible extension to the level of 144.75.

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#USDX technical analysis for January 5, 2015 Market Analysis Review

The Dollar index has managed to reach my 91 target and has moved even higher with a new bullish flag pattern in the short-term that could push the index above 92. The trend remains bullish and dollar bulls continue to have the upper hand.

Blue trend line= support

The Dollar index has formed another bullish flag that has broken upwards and has 92.20-92.30 as a target. The trend remains fully bullish with price above the Ichimoku cloud and I believe we should expect this uptrend to continue higher as long as price is above 89.80.

Red line = support

The Dollar index in the weekly chart remains fully bullish. Our target has been reached. There is no sign of a trend reversal and I believe this uptrend could continue even higher. The best strategy for me is to raise my stops and ride the uptrend as long as it lasts and not look to guess a top. Ichimoku cloud support is found at 89.50 by the tenkan-sen. The Kijun-sen support is at 86. Technical support is at 87.50.

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Technical analysis of gold for January 5, 2015 Market Analysis Review

Gold price is testing important resistance near $1,200. The trend remains bearish as long as gold price is below $1,205. The weekly trend remains neutral as long as gold price is between $1,240 and $1,170. Gold is now at a price level where I prefer to open short positions rather than long positions.

Red line = resistance

Green line = support

Gold price as shown in the weekly chart above, remains between the kijun-sen and the tenkan-sen. Short-term resistance at $1,213 is shown by the red horizontal trendline. Support at $1,178 is shown by the green horizontal trend line. If the red line is broken, we should expect Gold price to test the tenkan-sen at $1,238. If support is broken, then at the same time the kijun-sen will be broken. So very strong support and important trend level on a weekly basis is $1,178.

Red line= resistance

Blue line= support

Gold price in the short-term is making lower highs and lower lows. Trend remains bearish as long as price is below $1,205. If this level is broken upwards then $1,213 will be tested and most probably gold will test also $1,240. At current price levels I prefer to look for short positions with $1,205 as stop. Target at $1,170. If $1,170 is broken on a daily basis then we should expect a price move to $1,140.

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