Daily analysis of silver for January 09, 2014 Market Analysis Review

Overview

Based on H4 chart, silver is still stabilizing between support at 16.00 and resistance level of 16.50 after its rebound from the Resistance level of 16.50 yesterday and its failure to break it. If silver continues its bearish move and manages to break the support level of 16.00 which is being tested now, it would give a strong indicator for the downward move and would open the way towards the support level of 15.50. Then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair fails to break the support level of 16.00 and reverses its downward move, it may be a good opportunity for bullish signals enabling the resistance level of 16.75 in order to test it again. The breakout of this resistance level will denote a bullish strength providing new buy signals from this level until reaching the resistance level of 17.00.

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

Overview

According to today's H4 chart, yesterday's closing below the resistance level of 181.00 gave the price an opportunity to make a bearish move after it failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching the support level of 180.00. In that case, we might get another opportunity for more sell signals which will open the way towards 179.30 as the first target. Then the price should test the support level of 179.30 to continue its bearish move. But as long as the price stabilizes above the support level of 180.00, this cancels the first scenario.

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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GBP/USD intraday technical levels and trading recommendations for January 9, 2015 Market Analysis Review

Overview:

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

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

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

A daily closure below the recent bottoms established around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with projected target at 1.5300. The market has already pushed further below this level reaching down to 1.5030.

The key-support zone for today's movement is located at 1.5090-1.5100. Four-Hour fixation above price level of 1.5120 pauses the current bearish decline exposing price level of 1.5260, 1.5370 and 1.5410.

However, at such strong bearish trend, you should note that persistent fixation below 1.5100 signals more bearish tendency of the market, probably new lows below 1.5030 are going to be hit.

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Intraday technical levels and trading recommendations for GBP/USD for January 9, 2015 Market Analysis Review

Previously, the GBP/USD pair found temporary DEMAND around 1.5550 where many lows were established within a congestion zone back in November 2014.

A bearish breakout was expressed after successive unsuccessful attempts back in 2014.

A bearish flag pattern is obvious on the daily chart, similar to what happened back in October.

The final bearish target was expected to be the level of 1.5140 where the lower limit of the movement channel is located. This target got already reached yesterday.

Today, the GBP/USD pair is currently showing some bullish recovery off the price level of 1.5050 supported by the positive UK Manufacturing production data that emerged today.

Consolidation movement ranging between the price levels of 1.5770 and 1.5550 represented the state of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

As anticipated, the bearish breakout below 1.5550 directly exposed lower targets. The bears have already reached the price level of 1.5050 that hasn't been hit since August 2013.

A potential projection target for the flag continuation pattern was expected to be located around 1.5100, where the lower limit of the current movement channel is roughly located.

Conservative traders should wait for a bullish pull-back towards the recent SUPPLY zone around 1.5480-1.5550 for a low-risk SELL entry. The stop loss should be located above 1.5560.

Note that the price level of 1.5480 corresponds to 50% Fibonacci level as well as multiple previous bottoms established back in December.

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Intraday technical levels and trading recommendations for EUR/USD for January 9, 2015 Market Analysis Review

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

Further actions from the ECB regarding QE are still doubted. The market expected the US Non-Farm Employment indicator to drop. Eurozone manufacturing release wasn't that good today. All these reasons led to the current negative EUR/USD pair sentiment.

The euro has lost almost 200 pips since 2015 started, as the market is pushing towards its lowest levels since December 2009.

The market currently looks oversold below price level of 1.2000 and 1.1950 (prominent psychological SUPPORT & the lower limit of the movement channel on the 4H chart).

Currently, selling the EUR/USD pair is considered a high-risk position at such historically low prices. Bullish pullback should be anticipated looking for better prices to sell the pair off.

The price level of 1.1950 is the recently established SUPPLY level. Intraday short positions can be taken there, provided that the market keeps trading below price level of 1.2000.

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Analysis of EUR/NZD for January 09, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading sideways around the price of 1.5080. According to the H1 time frame, we can observe supply in a ultra high volume (selling climax), which is a sign that selling EUR/NZD around the price of 1.5080 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 selling at this stage but watch for potential selling opportunities after retracement (after bullish correction). Yesterday we got supply in a volume above the average and very weak reaction from buyers.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5195

R2: 1.5236

R3: 1.5304

Support levels:

S1: 1.5059

S2: 1.5018

S3: 1.4950

Trading recommendations: Be careful when selling the EUR/NZD pair at this stage, since we can observe selling climax according to the 1H time frame.

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Analysis of EUR/NZD for January 09, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD was trading sideways around the price of 1.5080. According to the H1 time frame, we can observe supply in an ultra-high volume (selling climax), which is a sign that selling EUR/NZD around the price of 1.5080 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 selling at this stage but watch for potential selling opportunities after retracement (after bullish correction). Yesterday we got supply in a volume above the average and very weak reaction from buyers.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5195

R2: 1.5236

R3: 1.5304

Support levels:

S1: 1.5059

S2: 1.5018

S3: 1.4950

Trading recommendations: Be careful when selling the EUR/NZD pair at this stage, since we can observe selling climax according to the 1H time frame.

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Technical analysis of #USDX for January 9, 2015 Market Analysis Review

The Dollar index is showing signs of a short-term reversal as I mentioned in my yesterday's analysis. The Dollar index is expected to pull back towards 91.50, but I believe the long-term uptrend is not over yet and we should expect this move to continue towards 94-95.

Blue line = support trend line

Red line = expected path of price

The Dollar index is showing some signs of a short-term top. The trend remains bullish but I would expect a pullback towards the 38% retracement and towards the Ichimoku cloud and the blue support trendline. This pullback is only a corrective part of the bigger uptrend and, as the red lines show, I expect this pullback to be followed by a new upward move towards new highs.

The weekly chart remains fully bullish. There are some signs of a possible top, but I believe it will be only a short-term top. Important weekly support is found at 89.90. The longer-term target of the Dollar index is at 94-95.

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Technical analysis of gold for January 9, 2015 Market Analysis Review

Gold price remains inside the trading range of $1,220 and $1,190 forming a sideways contracting triangle. The trend is neutral. Traders should better be patient and wait for a break out. Possible targets are $1,270 or $1,130 depending on the direction of the break.

Red lines = sideways wedge

In the short-term chart we observe the neutral trend the gold price is currently in. Price has entered the Ichimoku cloud which has become very thin. This is a sign that we will soon see a breakout. If it breaks above $1,218-$1,220 then I expect gold to rally towards at least $1,240. If this level is broken, then gold is likely to reach $1,270. If on the other hand gold price breaks below $1,185, then we should expect a test of the lows at $1,130.

Blue lines = contracting triangle

In the daily chart as shown above, we observe the medium-term trend being neutral as gold price is moving sideways inside a triangle. This consolidation does not help traders as there are many overlapping moves that confuse short-term traders. Best strategy is to wait for a breakout, or buy near support of $1,180, or sell near resistance of $1,235.

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

General overview for 09/01/2015 10:30 CET

The market is trading inside of the intraday trading range between the levels of 1.1795 - 1.1872 and it is still developing the suggested triangle pattern in intraday wave -iv- of the overall impulsive wave progression. The orange rectangle area is still valid as a projected target zone and the price is expected to at least touch it before any meaningful correction will happen. Please notice 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

1.1795 - Intraday Support

1.1753 - Weekly Pivot

Trading recommendations:

There is one more wave needed to complete the wave progression to the upside. The target is still the orange rectangle zone between the levels of 1.1897 - 1.1912. After hitting this target zone, the price should reverse downside in a counter-trend internal corrective cycle.

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

General overview for 09/01/2015 10:10 CET

The market is trading inside of the intraday trading range between the levels of 140.54 - 141.63, possibly waiting for today's Non Farm Payrolls data to show the direction. The bias is bullish as the corrective wave progression in wave 2 red to the downside looks completed and the impulsive rebound can happen anytime now. First major intraday resistance is at the level of 141.63 and any breakout higher will directly expose the next resistance at the level of 143.17.

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:

There is not much of the impulsive wave progression to the upside so far but the buy orders opened a couple a days ago should still be kept open as the market is awaiting the NFP news release. 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

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