01/08/15 ~ Best and Easy Analyst News

Thursday 8 January 2015

Elliott wave analysis of EUR/NZD for January 9, 2015 Market Analysis Review

Technical summary:

Blue wave iii has extended deeper towards the 200% extension target of blue wave i. We expect blue wave iv to start any time now for correction to at least 1.5341 and maybe even slightly higher to 1.5454 before blue wave v lower takes over for the decline to 1.4966, which marks the July 2012 bottom.

Trading recommendation:

We will be looking for a EUR selling opportunity near 1.5450, once blue wave iv starts to unfold.

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For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for January 9, 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for January 9, 2015 Market Analysis Review

Technical summary;

The correction we were looking for ended at 142.73 against our ideal target at 142.78 before turning lower again towards the ideal downside target at 140.12. Once the ideal downside target at 140.12 has been tested, we think the risk will shift towards the upside for a new impulsive rally to above the top at 149.78, but first let's focus on finishing the downside near 140.12.

Trading recommendation:

We will buy EUR at 140.25 with a stop placed at 139.60.

Technical analysis of USD/JPY for January 09, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a three-day high of 119.97 on Thursday as markets await 1330 GMT U.S. December non-farm payrolls (expected to have increased by 240,000) and unemployment rate (expected to have slipped to 5.7% from November's 5.8%). USD/JPY is underpinned by the yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 11.91 to 17.01; S&P 500 closed up 1.79% at 2,062.14 overnight) as expectations of continued accommodative monetary policy from major central banks stoked investor risk appetite. USD/JPY is also supported by the positive dollar sentiment (ICE spot dollar index hit nine-year high 92.528 Thursday, last at 92.31 versus 92.02 early Thursday), higher U.S. Treasury yields (10-year at 2.013% versus 1.952% late Wednesday), demand from Japan importers and the Bank of Japan's large-scale monetary easing policy. But the USD sentiment is dented by more-than-expected 294,000 U.S. jobless claims in a week ended Jan. 3 (versus forecast 290,000), less-than-expected $14.08 billion increase in U.S. November consumer credit (versus forecast +$15.0 billion). USD/JPY gains are also tempered by Japanese exports and positions adjustment ahead of the long weekend in Japan (financial markets in Japan are shut on Monday for a public holiday).

Technical comment:
The daily chart is mixed as MACD is bearish, the five-day moving average is below the 15-day moving average and declining but stochastics turned neutral.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 118.5. A break of this target will move the pair further downward to 118.05. The pivot point stands at 119.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 119.95 and the second target at 120.3.

Resistance levels:

119.95

120.3

120.65

Support levels:

118.50

118.05

117.75

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for January 09, 2015 . Thanks for your support.

Technical analysis of NZD/USD for January 09, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate in a higher range as markets await the U.S. non-farm payrolls report. The kiwi sentiment is boosted by a 10.0% increase in New Zealand's November building consents (versus October's +8.8%). NZD/USD is also supported by firmer dairy prices, the kiwi demand on the buoyant NZD/JPY cross amid positive risk sentiment and the kiwi demand on the soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD gains are tempered by the positive dollar sentiment and positions adjustment ahead of weekend.

Technical comment:

The daily chart is mixed as MACD and stochastic are indicators in a bullish mode but five and 15-day moving averages are meandering sideways.

Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7850 and the second target at 0.7890. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.7720. A break of this target would push the pair further downward and one may expect the second target at 0.7680. The pivot point is at 0.7755.

Resistance levels:

0.7850

0.7890

0.7945

Support levels:

0.7720

0.7680

0.7650

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for January 09, 2015 . Thanks for your support.

Technical analysis of GBP/JPY for January 09, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias as markets await the U.S. non-farm payrolls report. GBP/JPY is supported by the positive risk sentiment and demand from Japan importers. But GBP/JPY upside is limited by the weak euro sentiment, Japan exporter sales and positions adjustment ahead of the long weekend in Japan.

Technical comment:
The daily chart is still negative-biased as MACD is bearish, stochastics stays suppressed at oversold levels, five and 15-day moving averages are declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 179.60. A break of this target will move the pair further downward to 179. The pivot point stands at 181. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 181.70 and the second target at 182.70.

Resistance levels:

181.70

182.70

183.65

Support levels:

179.60

179

177.10

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for January 09, 2015 . Thanks for your support.

Daily analysis of USDX for January 09, 2015 Market Analysis Review

On the daily chart, it seems that the USDX is trying to form a bullish pattern, because the volume of trading this instrument has decreased in the last few hours, so the USDX could conduct a retracement below the psychological level of 92.00. For now, the resistance level of 93.44 remains the bullish target.

Dailychart's resistance levels: 93.44 / 96.59

Dailychart's support levels: 90.40 / 88.63

The USDX has consolidated above the support level of 92.08, because this instrument has not been able to make a breakout at the level of 92.51. Today, depending on the publication of the first U.S NFP of the year, it is likely that the USDX will start moving in a low range to try to form a solid bullish pattern.

H1 chart's resistance levels: 92.51 / 92.92

H1 chart's support levels: 92.08 / 91.66

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 92.51, take profit is at 92.92, and stop loss is at 92.08.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for January 09, 2015 . Thanks for your support.

Daily analysis of GBP/USD for January 09, 2015 Market Analysis Review

The GBP/USD has not yielded to the force of the bulls on the daily chart, because this pair continues to form bearish candlesticks and is also trying to find a solid bottom to begin to form a lower low pattern. On the downside, the support level of 1.5015 remains the next goal The MACD indicator remains in negative territory.

Dailychart's resistance levels: 1.5159 / 1.5266

Dailychart's support levels: 1.5015 / 1.4894

On the H1 chart, GBP/USD has moved into a range below the resistance level of 1.5110. For now, the GBP/USD remains strong in the bearish bias on a short-term basis, but this could change if the pair makes a breakout of the resistance level of 1.5146 and rises to the level of 1.5200. The MACD indicator is entering neutral territory.

H1 chart's resistance levels: 1.5110 / 1.5146

H1 chart's support levels: 1.5074 / 1.5018

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 1.5074, take profit is at 1.5018, and stop loss is at 1.5131.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for January 09, 2015 . Thanks for your support.

Technical analysis of EUR/JPY for January 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY is stalling at 141.00 levels for now and could drop to 140.00 before resuming its rally again. Please note that 140.00 level is valid if there is also fibonacci 0.618 support of the rally from 134.00 to 149.80 levels respectively. It is recommended to remain long for now and also look to add further at 140.00 levels if prices manage to reach there. Risk remains at 139.00 levels. Immediate support is seen at 140.00 (fibonacci), followed by 137.00 and lower, while resistance is seen at 145.00 levels, followed by 147.00, 148.00 and 149.80 respectively. A push through the 145.00/146.00 levels would accelerate further bullish run towards fresh highs.

Trading recommendations:

Remain long for now. The stop is at 139.00 and the target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for January 09, 2015 . Thanks for your support.

Technical analysis of EUR/USD for January 09, 2015 Market Analysis Review

!EURUSD.jpg

When the European market opens, some economic news will be released such as French Trade Balance and Industrial Production m/m reports as well as German Trade Balance and Industrial Production m/m data.The US will release its economic data too such as Wholesale Inventories m/m, Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Change. So amid the reports, EUR/USD will move medium to high volatility during this day.

Today's technical levels:

Breakout BUY Level: 1.1851.

Strong Resistance:1.1844.

Original Resistance: 1.1833.

Inner Sell Area: 1.1822.

Target Inner Area: 1.1794.

Inner Buy Area: 1.1766.

Original Support: 1.1755.

Strong Support: 1.1744.

Breakout Sell Level: 1.1737.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for January 09, 2015 . Thanks for your support.

Technical analysis of USD/JPY for January 09, 2015 Market Analysis Review

!USDJPY.jpg

In Asia, Japan will release its Leading Indicators data, while the US will disclose its Wholesale Inventories m/m, Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Change data. So there is a big probability USD/JPY will move with low volatility during the Asian session, but with high volatility during the US session.

Today's technical levels:

Resistance. 3: 120.11.

Resistance. 2: 119.87.

Resistance. 1: 119.64.

Support. 1: 119.35.

Support. 2: 119.12.

Support. 3: 118.88.

Technical analysis of GBP/CHF for January 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair had risen into 1.5380 levels before pulling back towards 1.5350 levels. The pair is either poised to rally further from current levels or probably drop into the 1.5200 levels and then resume its rally. In either scenario, it is recommended to hold long positions for now and also look to add further if prices reach the 1.5200 levels. Risk remains at 1.5150 for now. Please also note that 1.5200 is the fibonacci 0.618 support of the rally from 1.5000 to 1.5525, and hence more significant for a bullish turnaround. Immediate support now is at 1.5250 (interim), followed by 1.5200 and lower, while resistance is seen at 1.5400 levels followed by 1.5520 respectively.

Trading recommendations:

Remain long for now. The stop is at 1.5150, and the target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/CHF for January 09, 2015 . Thanks for your support.

Technical analysis of silver for January 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has paused its rally around $16.40/50 levels as seen here. A drop at least towards $16.00 or $15.90 levels is expected before the rally resumes. Please note that $16.00 was resistance earlier, which could act as support now, if prices manage to reach there. It is recommended to remain flat for a while and look to enter buying on a drop from here. Immediate support is seen at $16.00, followed by $15.80/90, $15.50 and lower, while resistance is seen at $17.40/50, $17.80/18.00 and higher respectively. Only a drop below $15.50 and subsequently $14.50 could be a worry for the bullish setup.

Trading recommendations:

Remain flat for now. Look to buy lower.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of silver for January 09, 2015 . Thanks for your support.

Technical analysis of gold for January 09, 2015 Market Analysis Review

Technical outlook and chart setups:

A daily chart view has been depicted here again for a larger view of wave structures. Gold had bounced off the support from $1,170.00 levels and reached $1,220.00/23.00 levels before pulling back. At the moment, the metal can be seen testing a dropping resistance trendline. A bullish bounce from current levels could possibly push the metal higher into $1,235.00 and higher levels. Another possibility still remains for a drop into $1,190.00 levels before rallying further. It is recommended to remain flat for 1-2 days and watch out for a reaction at the trendline. Immediate support is at $1,200.00 levels followed by $1,190.00 and lower while resistance is seen at $1,235.00 levels, followed by $1,255.00 and higher respectively.

Trading recommendations:

Remain flat for now. Look to buy lower.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of gold for January 09, 2015 . Thanks for your support.

Technical analysis of EUR/USD for January 9, 2015 Market Analysis Review

Overview :

The EUR/USD pair is in the short term.

The price of the EUR/USD pair is going to turn to bearish sentiment from the level of 1.1840. Moreover, it should be noted that the level of 1.1863 is representing a double top today. Accordingly, it will be a good sign to sell below the double top at 1.1863 with the first target of 1.1755. Then, if the price breaks the level of 1.1755, it will call for a downtrend market in order to continue its bearish movement towards 1.1710 (to form a new double bottom point at this area). Equally important, the resistance would set at the 1.1840 level. Additionally, it should be noted that today's range will be about 85 pips (1.1840 - 1.1755) at least. However, the stop loss should be placed below the double top at the price of 1.1893, so the stop loss should be set in 30 pips since the risk of 30 pips could make profit of 60 pips.

Observations :

The EUR/USD pair called for the bearish market from the price of 1.1840 towards the level of 1.1796; but the EUR/USD pair recovered again to start going upwards close to 1.1805 yesterday.

The support will set at the level of 1.1755, but the new double bottom is going to set at 1.1710 today.

The minor resistance has set at 1.1840; and the price of 1.1863 is representing strong resistance.

We expect volatility of more than 209 pips today. As a rule, the market is highly volatile if the last day had huge volatility.

If the trend is of a downside character, then the strength of the currency will be defined as following: EUR is in a downtrend and USD is in an uptrend.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for January 9, 2015 . Thanks for your support.

Technical analysis of GBP/USD for January 9, 2015 Market Analysis Review

Overview :

Bearish outlook for January 9, 2015.

According to the previous events, the price of GBP/USD pair has still been trapped between 1.5178 and 1.5041. The level of 1.5178 is representing strong resistance. Also, it should be noted that the price of 1.5178 is coinciding with the ratio of 23.6% Fibonacci retracement levels. The minor support has set at the level of 1.5041 (it represents the double bottom). Hence, we expect a range about 85 pips. Therefore, the market is going to call for a downtrend from the level of 1.5178. Thus, sell below the level of 1.5178 in the short term with the first target of 1.5041. It could resume to 1.5003 if the trend is able to break the 1.5041 level.

Observations :

Major support will set at 1.4936.

The level of 1.5083 is representing the daily pivot point.

Major resistance has already set at the price of 1.5178.

It should be noted that the weekly range is not very large this week.

According to our statistics, the range was between 65 pips and 93 pips daily.

Note :

Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term in this period, you will surely lose your profit.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for January 9, 2015 . Thanks for your support.

USDCAD Daily Analysis - January 9, 2015 Forex Analysis

USDCAD remains in uptrend from 1.1560, the fall from 1.1873 is likely consolidation of the uptrend. Support is at 1.1731, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.2000 area. Only break below 1.1731 support will indicate that the uptrend had completed at 1.1873 already, then deeper decline to 1.1600 area could be seen.

For more short term forex analysis and info visit via USDCAD Daily Analysis - January 9, 2015 . Thanks for your support.

USDCHF Daily Analysis - January 9, 2015 Forex Analysis

USDCHF remains in uptrend from 0.9553, and the rise extended to as high as 1.0216. Further rise could be expected after a minor consolidation, and next target would be at 1.0300 area. Support levels are at 1.0115 and 1.0030, only break below these levels could signal completion of the uptrend.

For more short term forex analysis and info visit via USDCHF Daily Analysis - January 9, 2015 . Thanks for your support.

USDJPY Daily Analysis - January 9, 2015 Forex Analysis

USDJPY remains in uptrend from 115.56, the fall from 120.82 could be treated as consolidation of the uptrend. Support is at 118.05, as long as this level holds, the uptrend could be expected to resume, and next target would be at 125.00 area. On the downside, a breakdown below 118.05 support will signal completion of the uptrend, then the following downward movement could bring price to 115.00 area.

For more short term forex analysis and info visit via USDJPY Daily Analysis - January 9, 2015 . Thanks for your support.

AUDUSD Daily Analysis - January 9, 2015 Forex Analysis

AUDUSD continued its sideways movement in a range between 0.8032 and 0.8214. As long as 0.8214 resistance 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 .

For more short term forex analysis and info visit via AUDUSD Daily Analysis - January 9, 2015 . Thanks for your support.

Daily analysis of Silver for January 08, 2015 Market Analysis Review

Overview

As shown on the today's H4 chart, the metal is stabilizing below the Resistance level of 16.50 after its failure to break the Support area today. Currently, we should wait for closing below the Support level of 16.00 and closing below to get the bearish move opportunity. In that case, we will get a good chance to sell below the Support level till the price tests the next Support level of 15.50. Therefore, we can consider our first target few pips above this Support level, but as long as the price is above the Support area and the upward trendline, this cancels the bearish move scenario.

Resistance and support levels: R3 (17.00), R2 (16.75), R1(16.50), S1 (16.00), S2 (15.50), S3 (15.20)

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of Silver for January 08, 2015 . Thanks for your support.

Daily analysis of GBP/JPY for January 08, 2015 Market Analysis Review

Overview

According to our yesterday's forecast, more bullish signals are expected in case of closing above the Resistance level of 180.00. Today, as it is shown in the H4 chart, the pair has already managed to break the Resistance level and close 4H above it. Currently, the pair is approaching the Resistance level of 181.00 trying to break it through to continue the upward move. More bullish signals are in case of closing 4H above this Resistance level with the first target few pips below the Resistance level of 181.70 then 182.50 as the second target.

Resistance and Support levels: R3 (182.50), R2 (181.70), R1 (181.00), S1 (180.00), S2 (179.30), S3 (179.00)

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/JPY for January 08, 2015 . Thanks for your support.

Analysis of EUR/NZD for January 08, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading downwards. As we expected, the price tested the level of 1.5059 in a high volume. According to the H4 time frame, we can can observe supply in a volume above the average, which is a sign that buying EUR/NZD still looks risky. Our Fibonacci expansion 100% at the price of 1.5400 got broken so we may see a potential testing of the level of 1.4950 (Fibonacci expansion 161.8%). Be careful when buying and watch for potential selling opportunities after retracement. We can also observe weak reaction from buyers, which is a sign that they are not ready for stronger bullish correctiion.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5305

R2: 1.5338

R3: 1.5391

Support levels:

S1: 1.5200

S2: 1.5167

S3: 1.5115

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

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For detail explanation and best discovery on daily market trends and news you may visit via Analysis of EUR/NZD for January 08, 2014 . Thanks for your support.

Technical analysis of USD/CHF for January 8, 2015 Market Analysis Review

Overview :

The USD/CHF pair is going to set strong supports at the levels of 1.0136 and 1.0077; on the other hand the resistance levels will set at the 1.0250 and 1.0295 levels. Thus, the price is going to move between 1.0136 and 1.0250 in coming hours. As a result, the price has already formed the strong support at the level of 1.0136 and it is now approaching it in order to test it. Therefore, the USD/CHF pair will get a rather convincing upside momentum and the structure of the increment does not look corrective, indicating a bullish opportunity above the 1.0136 level so it will be a good sign to buy above 1.0136 with the first target of 1.0210 (this level is coinciding with the daily pivot point today). It will also call for an uptrend in order to continue bearish move towards 1.0250. The price is at 1.0294 to form a new double top. However, the stop loss should always be taken into account, hence it will be reasonable to set your stop loss at the price of 1.0042.

Analysis of gold for January 08, 2014 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downwards. The price tested the level of 1,204.57 in a volume below the average According to the 4H time frame, we can observe weak supply in a volume below the average, which is a sign that selling gold at this stage looks risky. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,201.00 and Fibonacci retracement 61.8% at the price of 1,189.00. Be careful when selling gold and watch for potential buying opportunities on the lows. According to the daily time frame, we can observe high churn volume (high volume supply and weak price action).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,217.00

R2: 1,219.44

R3: 1,223.37

Support levels:

S1: 1,209.14

S2: 1,206.70

S3: 1,202.77

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

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Analysis of gold for January 08, 2014 . Thanks for your support.

Technical analysis of USD/CAD for January 8, 2015 Market Analysis Review

Overview :

The market is going to continue to show signs of strength at the level of 1.1755 which represents the rate of 61.8% Fibonacci retracement levels. Therefore, the resistance of the USD/CAD pair has broken and it turned to support for five months (January 8, 2014), so the pair has already formed strong support at the level of 1.1755 and the second support will be found around the area of 1.1718. Additionally, according to the previous events, the USD/CAD pair has still been trapped between 1.1760 and 1.1834. Hence, the market indicates the bullish opportunity at the level of 1.1755 with the first target of 1.1807 and continues towards 1.1836. But it should noted that the strong resistance will set at the level of 1.1873 (the double top in H1 chart). On the contrary, the stop loss is to be placed below the level of 1.1718. This level is representing a new double bottom in the H1 chart. However, If the trend cannot break and close above the level of 1.1873, then it will be a rather convincing downside momentum and the structure of the fall will not be corrective, for that the market will indicate a bearish opportunity at the level of 1.1873. Consequently, strong resistance will be formed at the level of 1.1873 providing a clear signal for sell deals with the targets seen at 1.1795 and 1.1755 in order to test the first support.

Technical analysis of EUR/JPY for January 8, 2015 Market Analysis Review

General overview for 08/01/2015 10:30 CET

The market is trying to resume the uptrend but has been of no avail so far. The first intraday resistance at the level of 141.68 still puts a cap on any meaningful rebound and this level is the key level to succeed in an impulsive wave development. The price stays inside of the intraday trading range between the levels of 140.54 - 141.68 and only a breakout above/below any of the levels will give more clues about the further market movement. Please note that the bias is still bullish and the bullish divergence on momentum oscillator supports this view.

Support/Resistance:

140.54 - WS2

141.65 - Intraday Resistance

141.95 - WS1

143.18 - Intraday Resistance

144.10 - 144.42 - Gap Zone

144.58 - Weekly Pivot

145.57 - Technical Resistance

146.22 - WR1

Trading recommendations:

We still keep buy orders opened from a couple of days ago, with SL below the level of 140.54 and TP at the level of 144.42. The next good level to add to existing positions is at the level of 143.17.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/JPY for January 8, 2015 . Thanks for your support.

Technical analysis of USD/CAD for January 8, 2015 Market Analysis Review

General overview for 08/01/2015 10:20 CET

The internal corrective cycle in the last impulsive wave to the upside is in progress and the suggested corrective pattern is a triangle. Still the projected orange zone is the valid target for wave 5 purple before any meaningful decline will happen. Please noteу that the market is still in the bullish zone and only a breakout below the weekly pivot at the level of 1.1752 would temporary change the intraday bullish outlook.

Support/Resistance:

1.1935 - WR1

1.1897 - 1.1912 - Projected Target Zone for Wave 5 Purple

1.1872 - Intraday Resistance

1.1806 - Intraday Support

1.1753 - Weekly Pivot

Trading recommendations:

Yesterday's buy orders has been stopped out for a small loose but overall bias is still bullish as there is one more wave to complete the wave development. Target is still the orange rectangle zone between the levels of 1.1897 - 1.1912.

Technical analysis of #USDX for January 8, 2015 Market Analysis Review

The Dollar index remains in a strong up trend and has reached the short-term bullish flag target of 92.20-92.30. I believe we should expect a short-term pull back today 91.50 or 91.20. This does not mean that I expect a bigger reversal but only a short-term pull back before continuing higher.

Blue line = support

In the 4 hour chart above we see the Dollar index that remains in a strong up trend. Short-term support is at 91.84. If broken we should expect a move lower towards 91.50 or even 91.20. The blue trendline provides support and I do not expect price to break below it at this stage.

The weekly chart remains fully bullish and despite the pull back I expect, I do not see this chart showing any signs of reversal. Important weekly support is at 90 and if broken the next support is at 86.60. Fully bullish in Ichimoku terms and with potential to continue higher as long as it trades above 90.

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Technical analysis of gold for January 8, 2015 Market Analysis Review

Gold may be forming a bullish flag with a possible target of $1,270. The short-term trend is sideways while gold trades between $1,220 and $1,200. The medium-term trend is neutral as gold price is forming a big sideways triangle. The long-term trend remains bearish.

Blue line = flag pole

Red lines = flag

In the 15 minute chart, we see the bullish flag being formed. A break out above $1,220 will confirm the flag break out with possible target equal to the flag pole. For the time being prices are trending sideways to lower within the red channel.

In the 4 hour chart above we observe the triangle pattern that is being formed. Strong resistance by this pattern is at $1,230. Even if price breaks above $1,220 it will need to break above $1,230-40 in order to confirm the bullish flag and the target of $1,270. Support is found by the Ichimoku cloud at $1,195. I prefer to stay neutral.

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Technical analysis of USD/JPY for January 08, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to consolidate with a buoyant tone. It is underpinned by the yen-funded carry trades amid improved investor risk sentiment (VIX fear gauge eased 8.57% to 19.31; S&P 500 closed up 1.16% at 2,025.9 overnight) as data showing the eurozone fell into deflation for the first time in more than five years bolstered expectations for the European Central Bank to engage in full-blown quantitative easing as early as Jan. 22, while balanced minutes of the Federal Reserve's December policy meeting suggest the U.S. central bank will be in no rush to raise interest rates before the middle of this year. USD/JPY is also supported by the demand from Japan importers, the Bank of Japan's large-scale monetary easing policy and positive dollar sentiment (ICE spot dollar index hit nine-year high 92.265 Wednesday, last at 92.02 versus 91.73 early Wednesday) on narrower-than-expected U.S. November trade deficit of $39 billion (versus forecast $42 billion), while ADP report showing 241,000 increase in U.S. December private sector jobs--although below forecast +250,000--bolstered hopes that Friday's U.S. non-farm payrolls data would be robust. But USD/JPY gains are tempered by the Japan exporter sales, lower U.S. two-year Treasury yields (last at 0.613% versus 0.633% late Tuesday) after release of FOMC minutes.

Technical comment:
Daily chart is still negative-biased as MACD and slow stochastic indicators are in bearish mode, five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 118.5. A break of this target will move the pair further downward to 118. The pivot point stands at 119.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 119.95 and the second target at 120.3.

Resistance levels:

120.3

120.65

121

Support levels:

118.65

118.05

117.75

Technical analysis of USD/CHF for January 08, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to consolidate with bullish bias after hitting four-year high 1.0176 on Wednesday.It is underpinned by the positive dollar sentiment; contagion from the weak euro on the Swiss franc and ultra-loose Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross.

Technical comment:
Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, five and 15-day moving averages are advancing.

Trading recommendations:

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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 1.0225 and the second target at 1.0255. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 1.0090. A break of this target would push the pair further downward, and one may expect the second target at 1.0030. The pivot point is at 1.0125.

Resistance levels:

1.0225

1.0255

1.0275

Support levels:

1.0090

1.0030

0.9985

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Technical analysis of NZD/USD for January 08, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in higher range. It is supported by the firmer dairy prices, kiwi demand on buoyant NZD/JPY cross amid reduced risk aversion, kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD gains are tempered by the positive dollar sentiment.

Technical comment:
Daily chart is mixed as MACD and stochastic indicators are in bullish mode but five and 15-day moving averages are meandering sideways, inside-day-range pattern was completed on Wednesday.

Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7820 and the second target at 0.7850. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.7720. A break of this target would push the pair further downward and one may expect the second target at 0.7680. The pivot point is at 0.7755.

Resistance levels:

0.7820

0.7850

0.7875

Support levels:

0.7720

0.7680

0.7650

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