01/20/15 ~ Best and Easy Analyst News

Tuesday 20 January 2015

Technical analysis of EUR/USD for January 21, 2015 Market Analysis Review

Fundamental overview:
EUR/USD is expected to trade in lower range. It is undermined by the expectations for full-scale quantitative easing measures from the European Central Bank at its meeting Thursday and lower-than-expected Germany December PPI of -1.7% on-year (versus forecast -1.4%), broadly firmer dollar undertone and fears of Greece exit from the eurozone if the anti-austerity left-wing Syriza party wins the snap elections Sunday and renege on the country's reform program and euro sales on soft EUR/GBP cross. But the EUR sentiment is soothed by the stronger-than-expected rise in Germany ZEW indicator of economic sentiment to 48.4 in January from December's 34.9 (versus forecast 40.3). EUR/USD losses are also tempered by the euro demand on buoyant EUR/JPY cross amid subdued risk aversion and the weak yen sentiment.

Technical comment:

Daily chart is negative-biased as MACD is bearish, stochastics stay 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 1.1515. A break of this target will move the pair further downward to 1.1450. The pivot point stands at 1.1665. 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 1.1720 and the second target at 1.1795.

Resistance levels:

1.1720

1.1795

1.1845

Support levels:

1.1515

1.1450

1.1415

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for January 21, 2015 . Thanks for your support.

Technical analysis of USD/CHF for January 21, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a range. The pair is undermined by franc demand on cross trades versus major currencies. But USD/CHF downside is limited by broadly firmer dollar undertone (ICE spot dollar index last 93.00 versus 92.58 early Tuesday), negative Swiss interest rates, and threat of SNB CHF-selling intervention. However, the USD sentiment is dented by lower-than-expected U.S. January NAHB housing market index of 57 (versus forecast 58).

Technical comment:
Daily chart is mixed as MACD is in bearish mode, 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 0.8840 and the second target at 0.8910. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.8550. A break of this target would push the pair further downwards and one may expect the second target at 0.8445. The pivot point is at 0.8685.

Resistance levels:

0.8840

0.8910

0.8975

Support levels:

0.8550

0.8445

0.84

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for January 21, 2015 . Thanks for your support.

Technical analysis of NZD/USD for January 21, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a lower range. Kiwi sentiment is dented by the lower-than-expected New Zealand 4Q CPI of -0.2% on-quarter (versus forecast -0.1%); weaker 1.0% rise in Fonterra's GDT Price Index at latest Global Dairy Trade auction versus the 3.6% increase at its previous auction. NZD/USD is also weighed by the broadly firmer dollar undertone and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the subdued risk aversion and NZD-USD yield differential.

Technical comment:

Daily chart is negative-biased as MACD and slow stochastic indicators are bearish.

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 0.7620. A break of this target will move the pair further downward to 0.7605. The pivot point stands at 0.77. 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 0.7765 and the second target at 0.7815.

Resistance levels:

0.7765

0.7815

0.7845

Support levels:

0.7620

0.7605

0.7575

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for January 21, 2015 . Thanks for your support.

Technical analysis of EUR/USD for January 21, 2015 Market Analysis Review

When the European market opens, no economic data will be released from the Euro Zone. But the US will publish some economic reports such as the Housing Starts and Building Permits. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1607.

Strong Resistance:1.1600.

Original Resistance: 1.1589.

Inner Sell Area: 1.1578.

Target Inner Area: 1.1578.

Inner Buy Area: 1.1524.

Original Support: 1.1513.

Strong Support: 1.1502.

Breakout SELL Level: 1.1495.

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.

Technical analysis of USD/JPY for January 21, 2015 Market Analysis Review

In Asia, Japan will release the BOJ Press Conference, All Industries Activity m/m, and Monetary Policy Statement. The US will publish some economic reports such as Housing Starts and Building Permits. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.01.

Resistance. 2: 118.78.

Resistance. 1: 118.55.

Support. 1: 118.26.

Support. 2: 118.03.

Support. 3: 117.80.

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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 21, 2015 . Thanks for your support.

Daily analysis of USDX for January 21, 2014 Market Analysis Review

The Union State Address at the United States by their president, Barack Obama, will be an event that will help to give a more evident “north” to the USDX, because at the moment, this instrument is trying to perform a breakout at the resistance level of 93.02, as we can see it on the daily chart after a development of one bullish pattern. The next target would be the 94.18 level.

During the last American's session, the USDX got to stay above the support level of 92.88 with a higher high pattern formation. The USDX is still respecting the bullish trend line next to the support level of 92.88. Currently, the short-term bias for the USDX would be the level of 93.22, where this instrument could find strong resistance. We'll be waiting for a breakout at that zone.

Daily chart's resistance levels: 93.02 / 94.18

Dailychart's support levels: 91.88 / 90.28

H1 chart's resistance levels: 93.22 / 93.65

H1 chart's support levels: 92.88 / 92.55

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 93.22, take profit is at 93.65, and stop loss is at 92.79.

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for January 21, 2014 . Thanks for your support.

Daily analysis of GBP/USD for January 21, 2015 Market Analysis Review

The financials markets in the United Kingdom are waiting for the BoE minutes that will be published today at 09:30 GMT, no suprises are expected in their statement. However, from the technical view on the daily chart, the GBP/USD pair is waiting for a momentum, bullish or bearish, above the resistance level of 1.5247 or below the support level of 1.5025.

On the H1 chart, there was an interesting price action during Tuesday's session, because the GBP/USD pair found dynamic resistance at the 200 SMA, which is currently neutral. Now, this pair is trying to fall again to the support level of 1.5128. The bias remains bearish, because the MACD indicator is on the negative territory and a breakout at the 1.5128 level would open the way for more falls until the 1.5084 level.

Daily chart's resistance levels: 1.5247 / 1.5424

Dailychart's support levels: 1.5025 / 1.4821

H1 chart's resistance levels: 1.5169 / 1.5251

H1 chart's support levels: 1.5128 / 1.5084

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 1.5128, take profit is at 1.5084, and stop loss is at 1.5172.

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for January 21, 2015 . Thanks for your support.

Daily analysis of major pairs for January 21, 2015 Market Analysis Review

EUR/USD: This is a weak market and the recent bullish attempt in it was being thwarted by bearish effort. The price is currently below the resistance line at 1.1550 and it may reach the support line at 1.1500.

USD/CHF: The outlook on this special market remains unchanged. When the USD/CHF pair dropped like a stone last week, the EUR/USD pair ought to spike skywards, since they are negatively correlated in a normal condition. The latter was not affected, and both pairs cannot remain bearish for a long time (and the USD is strong in its own right). USD/CHF would, therefore, move upwards by at least, 500 pips this week.

GBP/USD: In spite of some obvious efforts by bulls to push the price upwards, the USD is still able to prove it is stronger than the GBP. While the GBP is rising somewhere else, it is falling against the USD and it may reach the accumulation territory at 1.5050.

USD/JPY: Since it tested the demand level at 116.00, the USD/JPY pair has moved upwards by over 250 pips, trading above the demand level at 118.50. The price is expected to keep on going upwards, closing above the supply level at 119.50. This view is supported by the Bullish Confirmation Pattern on the chart.

EUR/JPY: Like a few other JPY pairs, the EUR/JPY cross is trying to move upwards. The market has moved upwards this week by more than 200 pips; yet the long-term outlook is bearish. While the price is above the EMA 11, it is still below the EMA 56. Although the RSI period 14 is above the level 50, things will not really turn bullish until the price crosses the supply zone at 138.50 to the upside.

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of major pairs for January 21, 2015 . Thanks for your support.

Technical analysis of EUR/USD for January 21, 2015 Market Analysis Review

Overview :

The minor support of the EUR/USD pair is going to set at 1.1485. And this level is going to represent the weekly support 1. But the second support had already set at the price of 1.1457. We sould consider the following important notice: the price hit the weekly pivot point and all supports because the market went through a high volatility last week. We expect a bearish market from the weekly pivot point at 1.1632. So, according to the previous events, the price of the EUR/USD pair is going to move between 1.1636 and 1.1480. Sell below the level of 1.1632 with the first target at 1.1555, then it will be continued towards 1.1485 to test the major support today. Also, it should be noticed that the double bottom will set at the same price of the major support (1.1485).

Notes :

Check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

Additionally, the stop loss should always be taken in account. Therefore, it will be very safe to set your stop loss at the price of 1.1660.

Technical analysis of GBP/USD for January 21, 2015 Market Analysis Review

Trading recommandations :

The GBP/USD pair has still been trapped between the levels of 1.5218 and 1.5063. The level of 1.6163 is representing the weekly pivot point. Also, it should be noted that the weekly pivot point is coinciding with the ratio of 50% Fibonacci retracement levels. So, sell below the level of 1.5218 in the short term with the first target of 1.5103, it might resume to 1.5063 in order to test the weekly support 1. Moreover, if the trend manages to break the weekly support 1 at 1.5063, then the trend will continue towards the double bottom at the level of 1.5036.

Observations :

The market was in a downtrend. Moreover, the trend was so clear because the price moved higher to 1.5200; but the price of the GBP/USD pair has been rebounding lower towards the level of 1.5140.

The double bottom is set at the price of 1.5036.

We expect a range of 275 pips this week. The last range was 193 pips.

The level of 1.5252 is the key level to confirm the bullish market.

It should be noted that if there is no significant news to influence, the market price will be moving from the pivot point to resistance 1 or support 1. But if there is a significant news, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.

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

The stop loss should never exceed your maximum exposure amounts.

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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 21, 2015 . Thanks for your support.

USDCAD Daily Analysis - January 21, 2015 Forex Analysis

USDCAD's upward movement from 1.1560 extended to as high as 1.2114. Further rise could be expected, and next target would be at 1.2200 area. Support is now at 1.1900, only break below this level could signal completion of the uptrend.

For more short term forex analysis and info visit via USDCAD Daily Analysis - January 21, 2015 . Thanks for your support.

USDJPY Daily Analysis - January 21, 2015 Forex Analysis

USDJPY's upward movement from 115.85 extended to as high as 118.86. Further rise to test 120.82 resistance is possible, a break of this level will signal resumption of the longer term uptrend from 101.06 (Jul 10, 2014 low), then the following upward movement could bring price to 125.00 area. However, as long as 120.82 resistance holds, the sideways movement in a range between 115.56 and 121.84 could be expected to continue.

For more short term forex analysis and info visit via USDJPY Daily Analysis - January 21, 2015 . Thanks for your support.

AUDUSD Daily Analysis - January 21, 2015 Forex Analysis

AUDUSD is in short term uptrend from 0.8032, the fall from 0.8294 is likely consolidation of the uptrend. Further rise to 0.8350 area to complete the upward movement is possible. Support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could trigger another fall towards 0.7500.

For more short term forex analysis and info visit via AUDUSD Daily Analysis - January 21, 2015 . Thanks for your support.

GBPUSD Daily Analysis - January 21, 2015 Forex Analysis

GBPUSD is forming a sideways consolidation of the downtrend from 1.5785. Range trading between 1.5034 and 1.5300 would likely be seen in a couple of days. Resistance is at 1.5300, as long as this level holds, the downtrend could be expected to resume, and another fall to 1.4700 is still possible.

For more short term forex analysis and info visit via GBPUSD Daily Analysis - January 21, 2015 . Thanks for your support.

EURUSD Daily Analysis - January 21, 2015 Forex Analysis

EURUSD is in consolidation of the downtrend from 1.2569. Range trading between 1.1459 and 1.1870 would likely be seen in a couple of days. Key resistance is at 1.1870, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.1300 is still possible.

For more short term forex analysis and info visit via EURUSD Daily Analysis - January 21, 2015 . Thanks for your support.

Technical analysis of GBP/JPY for January 20, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is supported by the subdued investor risk aversion and demand from Japan's importers. But GBP/JPY gains are tempered by the Japanese exporter.

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

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 180.90 and the second target at 181.65. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 177.50. A break of this target would push the pair further downwards and one may expect the second target at 176.94. The pivot point is at 178.25.

Resistance levels:

180.90

181.65

182.35

Support levels:

177.50

176.95

176.45

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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 20, 2015 . Thanks for your support.

GBP/USD intraday technical levels and trading recommendations for January 20, 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. Since the pair hit the recent high around 1.5260, successive bearish pressure has been applied resulting in the flag pattern on the H4 chart.

The key-support level for today's movement is located at 1.5100 (the lower limit of the depicted flag pattern). Fixation above it enhances the bullish side of the market towards 1.5260 and 1.5380.

However, within such a strong bearish trend you should not exclude the other scenario that the market fails to fixate above 1.5200 (the upper limit of the flag pattern) followed by H4 breakdown below 1.5150 and 1.5100. If so, further bearish tendency on the market should not be excluded, probably, new lows below 1.5030 would be visited then.

Trading recommendations:

Price zone of 1.5350-1.5380 (50% - 61.8% Fibonacci Levels and the upper limit of the daily channel) should be watched for new SELL entries with SL as daily closure above 1.5400.

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For detail explanation and best discovery on daily market trends and news you may visit via GBP/USD intraday technical levels and trading recommendations for January 20, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for GBP/USD for January 20, 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 market has already pushed further below the price level of 1.5140 (projection target of the bearish breakout) 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. A double-bottom reversal pattern is being established above it.

Bullish fixation above the price level of 1.5180 - 1.5230 (neck-line) confirms this pattern and enhances 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 were suggested around the price level of 1.5100. Stop Loss remains below the price level of 1.5075 (Tuesday's and recently Thursday's low). TP should be located at 1.5230, 1.5350 and 1.5400.

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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For detail explanation and best discovery on daily market trends and news you may visit via Intraday technical levels and trading recommendations for GBP/USD for January 20, 2015 . Thanks for your support.

Technical analysis of Silver for January 20, 2015. Market Analysis Review

Technical outlook and chart setups:

Silver pushed further high to $18.00 levels today before pulling back. The metal has taken initial resistance already at $17.80 levels as discussed yesterday and hence a pullback can materialize. Hence it is recommended to book either full at least partial profits now ($17.80). Immediate support is seen at $16.75 levels, followed by $16.40/30, $15.50 and lower while resistance is seen at $18.30 levels, followed by $19.20 and higher respectively. Bulls are in complete control for now and any intraday dips should be considered as opportunities to go long.

Trading recommendations:

Fix partial/full profits for now and wait for a correction to go long again.

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 20, 2015. . Thanks for your support.

Technical analysis of Gold for January 20, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold inched towards $,294.00 levels today before pulling back. Please, note that the metal is breaking out of the sloping resistance line at the moment. A complete bullish candle today would confirm the trend line break and continue pushing the metal higher towards $1,300.00/05.00 levels and higher. Immediate support is seen at $1,275.99/80.00 levels (trend line resistance turned into support), followed by $1,230.00/40.00, $1,205.00, $1,170.00 and lower, while resistance is seen at $1,300.00/05.00, followed by $1,320.00, $1,340.00 and higher respectively. It is recommended to remain long (if still holding positions) and also look for adding further on dips. Bulls seem to be in control for now and shall remain so untill prices stay above $1,170.00 mark.

Trading recommendations:

Remain long (if still holding) and look for buying further on dips. Target is at $1,305.00.

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 20, 2015 . Thanks for your support.

Technical analysis of GBP/CHF for January 20, 2015. Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is consolidating within the range between 1.2600 and 1.3400 respectively. The hourly chart depicted here shows the cone shaped consolidation after bouncing off 1.2600 levels earlier. Immediate support is seen at 1.2900, followed by 1.2800, 1.2600 and lower while resistance is seen at 1.3400 levels followed by 1.3800 respectively. It is recommended to remain long from yesterday, risk remains at 1.2850 levels. After such a huge price action seen last week in a single trading session, such consolidation phase was expected and it could continue for a while before the pair breaks out.

Trading recommendations:

Remain long for now, stop at 1.2850, target is open.

Good luck!

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/CHF for January 20, 2015. . Thanks for your support.

Gold analysis for January 20, 2014 Market Analysis Review

Overview :

Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,293.93 in a high volume. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at the price of 1,292.00 (currently on the test). According to the H4 time frame, we can observe demand in a high volume, which is a sign that selling looks risky. Be careful when selling gold and watch for potential buying opportunities on the lows. If the price breaks the level of 1,292.00 in a high volume and strong price action, we may see potential testing of the level of 1,344.00 (swing high like resistance).

Daily pivot Fibonacci points:

R1: 1,278.64

R2: 1,280.30

R3: 1,282.97

Support levels :

S1: 1,273.30

S2: 1,271.64

S3: 1,268.97

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

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For detail explanation and best discovery on daily market trends and news you may visit via Gold analysis for January 20, 2014 . Thanks for your support.

EUR/NZD : analysis for January 20, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price tested the level of 1.5032 in a volume above the average. According to the daily time frame, we can observe strong supply in an ultra high volume (selling climax) in the background, so selling EUR/NZD at this stage looks very risky. Our Fibonacci expansion 161.8% at the price of 1.4900 was held successfully. Our resistance level around the price of 1.5050 is on the test. I have placed Fibonacci retracement from most recenet swings and got Fibonacci retracement 38.2% at the price of 1.4990 (already broken) and Fibonacci retracement 61.8% at the price of 1.5120. If the price breaks the level of 1.5050 in a stong price action, we may see a potential testing of the level of 1.5120.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4953

R2: 1.4988

R3: 1.5046

Support levels:

S1: 1.4837

S2: 1.4802

S3: 1.4744

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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For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD : analysis for January 20, 2014 . Thanks for your support.

Technical analysis of EUR/JPY for January 20, 2015 Market Analysis Review

Technical outlook and chart setups:

It seems that the EUR/JPY pair has resumed its counter trend rally towards at least 140.30 levels from here on. The pair has rallied over 100 pips in today's trade and is approaching the 138.00 mark. Immediate support on the daily chart view depicted here is seen at 134.00 levels and lower while resistance is seen at 140.30 levels (Fibonacci ratio) and higher respectively. Bulls could remain in control at least untill 140.30 levels from here on. The bigger picture reveals that EUR/JPY might have begun a 3 wave corrective decline into the 115.00/116.00 levels and the current rally could be wave 2, within the 3 waves correction. Please, note that a push above 140.30 levels could extend further towards 143.50 and 144.00 levels, before reversing lower.

Trading recommendations:

Remain long for now, stop at 134.00, target at least 140.30.

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 20, 2015 . Thanks for your support.

Technical analysis of USD/CAD for January 20, 2015 Market Analysis Review

Overview :

The support of the USD/CAD pair has been broken and turned into resistance at the same key level (1.2009), so the resistance has already been set at the price of 1.2009. The double top has resumed at the point of 1.2046 on the H1 chart. It is equally important that the trend saw a bearish market and the price is set below the resistance since the last week. Moreover, we expect a range of 62 pips today. As expected, the price is going to move between 1.2010 and 1.1926. It should be noted that the level of 1.1926 represents the 61.8% of Fibonacci retracement levels. Therefore, the USD/CAD pair started showing signs of bearish market from the level of 1.1160. Consequently, the market indicates the bearish opportunity at the level of 1.2010 with the first target of 1.1950 and continues towards the level of 1.1924. It should be also noted that the level of 1.1924 represents a strong support on January 20, 2015. Moreover, the same level is coinciding with the 61.8% Fibonacci retracement levels at the same time frame. Consequently, the pair is going to form a strong support at the 1.1924 price. On the other hand, the stop loss should always be taken into account, hence it will set your stop loss above the double top at the 1.2066 price.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for January 20, 2015 . Thanks for your support.

#USDX technical analysis for January 20, 2015 Market Analysis Review

The Dollar index is moving higher but still inside the expanding triangle pattern. This upward move in prices is not very promising, and I feel that this rise is very fragile. Bulls should be very cautious. Trend remains bullish in the longer-term and the best strategy is to raise stops.

Black lines = expanding triangle pattern

The expanding triangle pattern implies that we should expect Dollar weakness and a pullback towards 91.50 as long as the price remains below the upper triangle boundary. Resistance is at 92.90 and short-term support at 92.50. Breaking below 92.50 will be a sell signal with short-term target of 91.50.

Black lines = price channel

The Dollar index remains inside the upward sloping trend channel. Ichimoku indicators remain fully bullish and with no signs of a possible reversal. The only worrying sign is the thin Ichimoku cloud. Important weekly support is found at 90. Breaking below that level will imply the end of this upward move from 79.75.

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Gold technical analysis for January 20, 2015 Market Analysis Review

Gold price moved mainly sideways yesterday and did not push lower than $1,272. Today Gold price has made another breakout to new highs moving closer to our longer-term targets. Trend remains bullish. Short-term weakness will be signaled if we break yesterday's lows.

Green line = horizontal trend line support

The Ichimoku cloud is below the current price, and all Ichimoku indicators remain fully bullish on the 4-hour chart as shown above. Trend is clearly bullish; and unless we see a break below $1,272, bulls should not be worried. If support at $1,272 is broken, we should expect Gold price to move towards the Ichimoku cloud at $1,230-35.

Last week I pointed out two possible targets for Gold to move relative to the triangle base and the previous upward move from $1,130 to $1,240. The breakout above the triangle was a great buying signal, and, I believe, that there are good chances of reaching the target areas as shown on the daily chart above. Important daily support is now at $1,220-$1,230.

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Technical analysis of NZD/USD for January 20, 2015 Market Analysis Review

Overview :

The NZD/USD pair is going to continue rising upright from the price of 0.7710. Another support has already set at the level of 0.7669 which represents the double bottom on the H1 chart. On the other hand, the resistances will set at the levels of 0.7766 and 0.7790. It should be noted that 38.2% and 50% of Fibonacci retracement levels and the levels 0.7766 and 0.7790 are conforming the same prices respectively. Accordingly, the NZD/USD pair is showing signs of strength following the break of the highest level at 0.7713. So, it will be a good sign to buy above the level of 11% of Fibonacci retracement levels on the daily chart with the first target at 0.7766 and further at 0.7790 (it will act as a strong resistance). Thus, it is going to be a good place to take profit. Moreover, it should be also noted that this level of taking profit will coincide with the double top. However, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.7710, the market will lead to further decline to 0.7657, in order to indicate a bearish market in the long-term.

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Technical analysis of USD/CAD for January 20, 2015 Market Analysis Review

General overview for 20/01/2015 09:15 CET

Choppy and overlapping price action indicates that the triangle pattern is still possible and wave development should now continue slightly to the downside to make another intraday low. As long as the market trades inside the green bullish zone and above the intraday support at the level of 1.1802, the idea of a corrective cycle in shape of a triangle is still valid.

Support/Resistance:

1.1802 - Intraday Support

1.1853 - WS1

1.1949 - Weekly Pivot

1.1986 - Intraday Resistance

1.2045 - Intraday High

1.2097 - WR1

Trading recommendations:

As advised yesterday, daytraders and swingtraders should consider buying the dips in this corrective structure as long as the level of 1.1802 is not violated. SL should be placed below the level of 1.1799 and TP at the level of 1.2100 with a possible upside extension. Please, notice that the market is still trading around the weekly pivot level and volatility is rather low currently.

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Technical analysis of EUR/JPY for January 20, 2015 Market Analysis Review

General overview for 20/01/2015 09:00 CET

The market moved slightly higher above the key level and weekly pivot at the level of 136.80 and now awaits news data to confirm the upward direction. The next level of resistance is the weekly pivot resistance at the level of 138.90. Any breakout above this level will result in entering bullish zone, and higher prices are expected on the market. Only a sustained breakout below the level of 134.73 would invalidate this outlook.

Support/Resistance:

134.74 - Intraday Support

136.80 - Weekly Pivot

137.02 - Intraday Resistance

138.90 - WR1

Trading recommendations:

As advised yesterday, daytraders and swingtraders should now keep buy orders open, with SL below the level of 134.72 and TP at the level of 138.90 with a possible upside extension.

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Elliott wave analysis of EUR/NZD for January 20 - 2015 Market Analysis Review

Technical summary:

Blue wave v only made it to 147.89 before bottoming out and ending red wave iii and setting the stage for a correction towards at least 1.5122 and likely even higher to 1.5329 before turning lower in red wave v. In the short term, we expect support at 1.4885 will be able to protect the downside for the rally towards 1.5122 and possibly higher towards 1.5329. Only a direct break below 1.4885 will call for a new test of 147.89.

Trading recommendation:

We took profit and reversed our EUR-short position at 1.4855 for a very nice profit. We will place our stop at 1.4880 on our long EUR position from 1.4855.

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Elliott wave analysis of EUR/JPY for January 20 - 2015 Market Analysis Review

Technical summary:

Important support at 134.13 was not even close to being tested as the low was hit at 134.71. The following break above minor resistance at 136.87 indicates that at least a temporary bottom is in place. To confirm that an important bottom is in place, a break above resistance at 138.79 is still needed. We will be looking for support at 136.73 to protect the downside for a continuation higher towards 137.34 from where a shallow correction is expected and then higher towards 138.09. Only a direct break below 135.95 will be of concern, but it will take a break below 135.13 to indicate a test of important support at 134.13.

Trading recommendation:

We are long in EUR from 136.88 and will move our stop higher to 135.10.

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Technical analysis of EUR/USD for January 20, 2015 Market Analysis Review

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When the European market opens, some economic news will be released such as ZEW Economic Sentiment, German ZEW Economic Sentiment, Italian Trade Balance, and German PPI m/m. The US will publish the economic data too such as the NAHB Housing Market Index. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1639.

Strong Resistance:1.1632.

Original Resistance: 1.1621.

Inner Sell Area: 1.1610.

Target Inner Area: 1.1583.

Inner Buy Area: 1.1556.

Original Support: 1.1545.

Strong Support: 1.1534.

Breakout SELL Level: 1.1527.

Technical analysis of USD/JPY for January 20, 2015 Market Analysis Review

Today, Japan will not release any economic data, but the US is expected some economic data such as NAHB Housing Market Index. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.76.

Resistance. 2: 118.53.

Resistance. 1: 118.30.

Support. 1: 118.01.

Support. 2: 117.77.

Support. 3: 117.54.

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Daily analysis of USDX for January 20, 2015 Market Analysis Review

The USDX is still following the bullish bias in the long term, because this instrument was forming a higher high pattern above the support level of 91.88 and during the last days, the bullish momentum has unleashed the buy orders at the USDX, giving it a good road to perform a consolidation above the resistance level of 93.02 in the near term. The MACD indicator is trying to enter the negative territory.

For a good intraday oulook on the USDX, we need to pay atrention to the bullish trend line that has been drawn from the January 15's low, giving strong support to the USDX at the moment on H1 chart. The 200 SMA is bullish, and bulls could be strong during this week, if the USDX performs a breakout at the resistance level of 92.88 with the formation of some bullish pattern.

Daily chart's resistance levels: 93.02 / 94.18

Dailychart's support levels: 91.88 / 90.28

H1 chart's resistance levels: 92.88 / 93.22

H1 chart's support levels: 93.55 / 92.05

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 92.88, take profit is at 93.22, and stop loss is at 92.55.

Daily analysis of GBP/USD for January 20, 2015 Market Analysis Review

The 200 SMA on the daily chart is still pointing downwards in our medium term outlook for the GBP/USD pair. During the last session, this pair continues moving in favor of the bearish bias, because its next targets still remain at the support level of 1.5025. Furthermore, the GBP/USD pair could make a rebound above that support and again, rise until the resistance level of 1.5247, because the GBP/USD pair is still looking for more falls in order to look for touching the level of 1.4821 in the medium term.

On a short-term basis, we can see on the H1 chart that the GBP/USD pair found a supply force at the resistance level of 1.5169, and a confirmation of that is the formation of one fractal at yesterday's high levels. Anyway, the GBP/USD pair is still bearish in the short term with a target placed at the support level of 1.5084, where this pair has to perform a breakout to continue falling until the 1.5034 level, a good trade for scalpers.

Daily chart's resistance levels: 1.5247 / 1.5424

Dailychart's support levels: 1.5025 / 1.4821

H1 chart's resistance levels: 1.5169 / 1.5251

H1 chart's support levels: 1.5084 / 1.5034

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 1.5084, take profit is at 1.5034, and stop loss is at 1.5134.

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