Intraday technical levels and trading recommendations for EUR/USD for January 16, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below major DEMAND LEVELS around 1.2000 and 1.1860 where historical bottoms were previously established back in 2012 and 2010.

Further actions from the ECB regarding QE are still doubted due to the ECB’s policy meeting on January 22. This is strongly affecting the market leading to the current long-term negative sentiment of the EUR/USD pair.

The pair has lost almost 490 pips since the beginning of 2015, as the market is pushing towards its lowest levels since November 2003.

The market currently looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT & the lower limit of the movement channel on the H4 chart).

Currently, SELLING the EUR/USD pair should be avoided as much as possible at such historically low prices.

On the other hand, BUYING the pair is considered a low-risk opportunity but with low probability after such strong bearish trend.

Bullish pullback should be anticipated when looking for better prices to sell the pair off.

The price zone of 1.1750-1.1820 is the recently established SUPPLY zone. Short-term SELL positions can be taken there provided that the market keeps trading below the price level of 1.1880.

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Intraday technical levels and trading recommendations for GBP/USD for January 16, 2015 Market Analysis Review

Many previous lows were established around 1.5550 where the GBP/USD pair found temporary DEMAND in November 2014. A bearish breakout was expressed after many unsuccessful attempts back in 2014.

A bearish breakout scenario similar to what happened back in October was successfully executed shortly after. The final bearish target was expected to be around the price level of 1.5140.

The market has already pushed further below this level on Friday, reaching the lower limit of the depicted bearish channel around 1.5050.

The GBP/USD pair has shown bullish recovery off the price level of 1.5050 which is manifested in the successive bullish hammer daily candlesticks. This was enhanced by the positive UK Manufacturing production data that emerged last week.

The price level of 1.5100 has been defended by bulls since the start of 2015. Bullish fixation above 1.5130-1.5180 is mandatory to maintain the current corrective movement towards 1.5400.

Consolidation movement range 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 exposed lower targets directly. Bears have already reached the price level of 1.5050 that has not been hit since August 2013.

For RISKY traders, LONG entries was suggested around the price level of 1.5100. Stop Loss to be located below 1.5075 (Tuesday's low).

Conservative traders should wait for a bullish pullback 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.

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USD/CAD intraday technical levels and trading recommendations for January 16, 2015 Market Analysis Review

Overview:

During the past few weeks, the USD/CAD pair established a temporary consolidation zone between the price levels of 1.1560 and 1.1670 bullish breakout above which allowed bulls to reach the price levels of 1.1800, 1.1900 and recently 1.2045 where new highs have been visited.

As expected from the nearest H4 support, the price zone of 1.1800-1.1750 provided excellent SUPPORT for the pair. LONG positions were suggested at retesting. It is running in profits now.

You should also note the newly established short-term channel being expressed since the price level of 1.1750 extended up to 1.2050. It happened because the market looks quite overbought since bulls have pushed further above the upper limit of the long-term movement channel.

This channel pattern may indicate bearish reversal, if confirmed, with H4 bearish breakdown of the lower limit of it around price level of 1.1850-1.1870.

Otherwise, if bulls keep defending the recent INTRADAY SUPPORT around 1.1850 down to 1.1800, the market bias remains positive.

Trading recommendations:

LONG positions are suggested at retesting the price zone of 1.1800-1.1750 with tight SL placed slightly below 1.1730.

Counter-trend risky traders can wait either for a bullish spike towards 1.2090 or for H4 bearish breakout below 1.1850 to SELL the USD/CAD pair aiming for 1.1750 and 1.1680.

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GBP/USD intraday technical levels and trading recommendations for January 16, 2015 Market Analysis Review

Overview:

The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September 2014 when the ongoing channel was initiated.

On December 17, the market failed to express a bullish breakout above the upper limit of the daily bearish channel. Shortly after, an extensive bearish pressure was applied against the price levels of 1.5540-1.5560 on December 23.

Daily closure below the recent bottoms established around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with projection target at 1.5300.

The market has already pushed further below this level reaching down to 1.5030 where the lower limit of the channel provided significant support for the pair.

Bullish recovery was manifested by the ascending bottoms being established on the H4 chart. This may apply further pressure to break above the recent high (1.5260).

The key-support zone for today's movement is located at 1.5150-1.5180. Fixation above it enhances the bullish side of the market towards 1.5260, 1.5370 and 1.5410.

However, within such strong bearish trend you should not exclude the other scenario that the H4 fixation below 1.5150 and 1.5100 indicates further bearish tendency on the market, probably, new lows below 1.5030 are going to be hit.

Trading recommendations:

Price zone of 1.5350-1.5380 ( 61.8% Fibonacci Level ) should be watched for new SELL entries with SL as daily closure above 1.5400.

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EUR/NZD analysis for January 16, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.4875. According to the daily time frame, we can observe strong supply in an ultra high volume (selling climax), so selling EUR/NZD at this stage looks very risky. Our Fibonacci expansion 161.8% at the price of 1.4900 is on the test. Be careful when selling since we may expect reaction from buyers. According to the H4 time frame, we can observe selling climax in the background and weak supply around the level of 1.4800. Any larger demand in a high volume may confirm further bullish corrective phase. Anyway, if the price breaks the level of 1.4900 in a stong price action, we may see a potential testing of the level of 1.4425.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5168

R2: 1.5279

R3: 1.5458

Support levels:

S1: 1.4809

S2: 1.4698

S3: 1.4518

Trading recommendations: Be careful when selling the EUR/NZD pair at this stage since the price is testing Fibonacci expansion 161.8%.

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Gold analysis for December 16, 2014 Market Analysis Review

Overview :

Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,266.55 in an ultra high volume. Our Fibonacci expansion 161.8% at the price of 1,265.00 is on the test. According to the H4 time frame, we can observe supply in a volume below the average, which is a sign that selling gold at this stage looks risky. Be careful when selling gold and watch for potential buying opportunities on the lows. We got support level at the price of 1,244.00 (swing high like support). If the price breaks the level of 1,265.00 in a high volume, we may see potential testing of the level of 1,292.00 (submajor Fibonacci retracement 38.2%).

Daily pivot Fibonacci points:

Resistance levels :

R1: 1,268.40

R2: 1,278.10

R3: 1,293.80

Support levels :

S1: 1,237.00

S2: 1,227.97

S3: 1,211.60

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

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Technical analysis of EUR/JPY for January 16, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has remained unchanged from yesterday and is seen to be trading around 135.20/30 levels for now. The pair could break lower towards 134.00 levels before a counter trend rally resumed towards potentially 143.00/144.00 levels in the sessions to come. Immediate support is seen at 134.00 levels while resistance is not before 140.40 levels (Fibonacci 0.382 of the recent drop). It is recommended to remain flat for now and look for bullish opportunities at lower levels around 134.00 levels. Please note that the bigger picture might be indicating a deeper correction towards 115.00/116.00 levels, which could complete in 3 waves.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of NZD/USD for January 16, 2015 Market Analysis Review

Overview :

• The USD/CAD pair is going to continue its rise upright from the price of 1.1920 in the short-term. It should be noted that the support is setting at the price of 1.1920 which represents the 78.6% of Fibonacci retracement levels on the H4 chart. Moreover, the same price is probably going to form a double bottom at the same time frame. Accordingly, the USD/CAD pair is showing signs of strength following the break of the highest level of 1.1944. So, it will be a good sign to buy above the level of 1.1920 with the first target of 1.2017 in order to test the double top and further to 1.2070. Also, it might be noted that the level of 1.2070 is a good place to take profit because it will form a new double top. On the other hand, in case reversal takes place and the USD/CAD pair breaks through the support level of 1.1920, the market will lead to further decline to 1.1844 to indicate a bearish market.

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Technical analysis of GBP/USD for January 16, 2015 Market Analysis Review

Forecast :

• According to the previous events, the price of the GBP/USD pair has still been moving between the levels of 1.5170 and 1.5258. The level of 1.5258 represents the daily resistance 1. It should be noted that the daily resistance 1 coincides with the ratio of 38.2% Fibonacci retracement levels. Thus, sell below the price of 1.5258 in the short-term with the first target of 1.5173 in order to test the double bottom. If the trend can break the double bottom at 1.5173, it might resume to 1.5142 (the second support). The stop loss should never exceed your maximum exposure amounts. Hence, it will be quite profitable to set your stop loss at the level of 1.5276.

Intraday technical levels :

Date:16/01/2015

Pair:GBP/USD

• R3: 1.5363


• R2: 1.5314


• R1: 1.5246


• PP: 1.5197


• S1: 1.5129


• S2: 1.5080


• S3: 1.5012

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#USDX technical analysis for January 16, 2015 Market Analysis Review

The Dollar index was heavily influenced by the yesterday's SNB decision on rate cut, and volatility was very high. The best strategy is to wait for the dust to settle as this volatility increase is very dangerous and yesterday it make damage for both bulls and bears.

The short-term chart is showing an expanding triangle pattern and the extreme volatility we witnessed yesterday. Prices look like they are coming back to the middle of the range and it seems that the sideways pattern continues. Short-term support is at 91.50 and short-term resistance at 92.70.

Black lines = bullish channel

The Dollar index remains inside the upward sloping bullish channel. Yesterday's increase in volatility and extreme price movement have not changed the long- or short-term trend in the Dollar index. The weekly candle remains positive and supportive of the bullish trend. However, bulls should be very cautious and raise their stops to 91 as a break below that level could signal a deeper correction towards 89.

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Gold technical analysis for January 16, 2015 Market Analysis Review

Gold price made a decisive breakout yesterday above $1,245. This was needed for the breakout not to be considered as fake. With this breakout our first target of $1,260-70 has been reached. However, there is still some more upside potential that could bring Gold price towards $1,300.

Green line = support

Gold price continues its upward trend by making higher highs and higher lows. Price is in a clear uptrend above the Ichimoku cloud. the short-term support at $1,245 is the previous breakout level that bulls should defend. Breaking below that level could bring prices towards $1,230.

Gold price, as shown on the daily chart, has broken the triangle pattern to the upside. The two targets that I have are above $1,300. The first target comes from the equal size of the base of the triangle and the second target is equal to the first rise in prices from $1,130 to $1,240. Trend is bullish on the daily chart and is also supported by the fact that price is above the Ichimoku cloud and Ichimoku indicators are bullish.

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Technical analysis of USD/CAD for January 16, 2015 Market Analysis Review

General overview for 16/01/2015 09:20 CET

The market keeps making a corrective structure, as it was anticipated yesterday, and the first possible pattern for the corrective structure in wave 4 green might be a triangle pattern. This idea has been drawn on hourly chart and only a strong, clear breakout below the level of 1.1802 might invalidate the pattern. That would mean the market is making a different corrective structure and it could get complex and time consuming. Nevertheless, the bias is still bullish as there are unfinished impulsive waves to the upside.

Support/Resistance:

1.1802 - Intraday Support

1.1829 - Weekly Pivot

1.1926 - WR1

1.1987 - WR2

1.2000 - Intraday Resistance

Trading Recommendations:

Daytraders and swingtraders should consider buying the dips in this market with SL below the level of 1.1802 and wait for the corrective cycle to complete.

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Technical analysis of EUR/JPY for January 16, 2015 Market Analysis Review

General overview for 16/01/2015 09:10 CET

The market keeps falling further and currently is very close to invalidate the main count. Any violation of the level of 134.12 is a direct main count invalidation. It means, that the big impulsive cycle to the upside has been completed and now the market is in corrective cycle that looks like a zig-zag (or double zig-zag). Moreover, the corrective cycle has not been finished yet and more downside prices are expected then. Only a sustained breakout above the level of 137.01 would confirm a possible rebound of this market.

Support/Resistance:

134.12 - Key Level|Main Impulsive Count Invalidation Level|

134.32 - WS3

134.73 - Intraday Support

136.99 - Intraday Resistance

Trading Recommendations:

Daytraders should consider opening buy positions only if the level of 137.01 is clearly violated with SL below the level of 134.12 and open TP level for now.

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Technical analysis of USD/JPY for January 16, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade downside. It is undermined by the flows to haven JPY and unwinding JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 4.24% to 22.39, S&P 500 closed 0.92% lower at 1,992.67 overnight) as a shock decision by the Swiss National Bank to abandon the Swiss franc's ceiling against the euro that was in place for more than three years roiled global markets. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 1.725% versus 1.835% late Wednesday), and Japan's exporter sales. But USD/JPY losses are tempered by the demand from Japan's importers and Bank of Japan's large-scale monetary easing policy and positions adjustment ahead of U.S. long weekend (financial markets in U.S. are shut for a public holiday on Monday). U.S. data were mixed on Thursday as less-than-expected 0.3% on-month fall in U.S. December PPI (versus forecast -0.4%) and stronger-than-expected rise in New York Fed Empire State manufacturing index to 9.95 in January from -1.23 in December (versus forecast 4.5) were offset by more-than-expected 316,000 U.S. jobless claims in week ended Jan. 10 (versus forecast 295,000) and bigger-than-expected drop in Philadelphia Fed business index to 6.3 in January from 24.3 in December (versus forecast 20.0).

Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, although the latter is 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 116. A break of this target will move the pair further downward to 115.50. The pivot point stands at 117.55. 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 this scenario, a long position is recommended with the first target at 117.95 and the second target at 118.50.

Resistance levels:

117.95

118.50

119



Support levels:

116

115.50

115

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Technical analysis of USD/CHF for January 16, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a volatile fashion amid thin liquidity after plunging as low as 0.7360 on Thursday - its record low in three and a half years - after Swiss National Bank expectedly cancelled the minimum exchange rate of CHF1.20 per euro, lowered the interest rate on sight deposit account balances by 0.5 percentage points to 0.75%, and moved the target range for the three-month Libor further into the negative territory, to between -1.25% and 0.25% from the current range of between 0.75% and 0.25%. USD/CHF is undermined by the franc demand for cross trades versus major currencies. But USD/CHF downside is supported by the USD bargain hunting, possible SNB intervention as the Swiss central bank in its statement said it will continue to take account of the exchange rate in formulating is monetary policy in future and, if necessary, it remains active in the foreign exchange market to influence monetary conditions.

Technical comment:
Daily chart is negative-biased as MACD and slow stochastic indicators are bearish, 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 0.8405. A break of this target will move the pair further downward to 0.8005. The pivot point stands at 0.9150. 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 0.9550 and the second target at 0.9780.

Resistance levels:

0.9550

0.9780

0.9810

Support levels:

0.8405

0.8005

0.7975

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Technical analysis of NZD/USD for January 16, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a range. It is undermined by the increased investor risk aversion and Kiwi sales on soft NZD/CHF cross. But NZD/USD downside is limited by the Kiwi demand for buoyant NZD/CAD and for soft EUR/NZD, GBP/NZD, AUD/NZD crosses, NZD-USD interest differential as well as positions adjustment ahead of the weekend.

Technical comment:

Daily chart is mixed as MACD histogram bars are turned positive, but stochastics is neutral.

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 0.79 and the second target at 0.7930. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.7755. A break of this target would push the pair further downwards and one may expect the second target at 0.7720. The pivot point is at 0.7755.

Resistance levels:

0.79

0.7930

0.7975



Support levels:

0.7720

0.7690

0.7650

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Technical analysis of GBP/JPY for January 16, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate with a bearish bias. It is undermined by the flows to haven yen amid increased investor risk aversion and the weak euro sentiment. But GBP/JPY losses are tempered by the demand from Japan's importers and positions adjustment ahead of the weekend.

Technical comment:
Daily chart is 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 176. A break of this target will move the pair further downward to 175.15. The pivot point stands at 178.40. 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 179.60 and the second target at 180.10.

Resistance levels:

179.60

180.10

181

Support levels:

176

175.15

174.65

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