Technical Analysis of EUR/USD for January 22, 2015 Market Analysis Review

EUR/USD

Impact on EURO

Today, the focus has shifted to major economic events such as the ECB press conference and Spanish data. The ECB is expected to initiate its QE program at today's meeting. Two euro area central bank's officials said the ECB has recommended asset purchases of 50 billion euros a month until December 2016. On the other hand, Spanish unemployment rate is the other report affecting today's trading session. We are expecting a minor down tick in the unemployment data.

Impact on USD

The US building permits fell in December. The US commerce department said that the building permits decreased to 1032 thousand in December 2014 from 1052 thousand in November 2014. The other data, housing starts, rose 4.4% in December. The housing starts rose to a rate of 728,000 hitting the highest level since March 2008. Today, the focus has shifted to unemployment claims.

Technical view:

The pair has been making a minor base around 1.1540. It has been consolidating between 1.1540 and 1.1650. The pair is facing strong resistance between 1.17 and 1.1720. When a daily close is at 12ema and 1.1720, we can expect 1.1790 and 1.1870. From an intraday view, the resistance exists between 1.1640 , 1.1650, and 1.1690. The intraweek resistance exists at 1.1870 20Dsma. Until the pair closes above 1.1860 on a daily basis, the trading pattern will be framed between 1.1530 and 1.1860. We recommend selling below the 1.1530 levels.

Support: 1.1590, 1.1530, 1.1460

Resistance :1.1640, 1.1690, 1.1870

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Technical Analysis of GBP/USD for January 22, 2015 Market Analysis Review

The pound fell against the USD after the release of the UK economic report. The UK's unemployment rate in December was 5.8%, lower than in the period since June to August 2014 (6.0%) and lower than a year earlier (7.1%). The British workers' labour pay grew faster than inflation in November. Today, the focus has shifted to the US unemployment data. The cable has been trading in a range between 1.5000 and 1.5275. The pair has the nearest strong resistance at 1.5265 and 20Dsma. Until the pair closes above 20Dsma, use every rise to sell. The pair has intraday resistance at 1.5165 and 1.5200. The panic will be triggered below 1.5000 towards 1.4830 and 1.4800. The hourly resistance exists at 1.5165, 1.5180, and 1.5200. The supports exists at 1.5125, 1.5100, and 1.5059.

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Technical Analysis of USD/CAD for Januaryr 22, 2015 Market Analysis Review

Impact on USD

The US building permits fell in December. The US commerce department said that the building permits decreased to 1032 thousand in December 2014 from 1052 thousand in November 2014. The other data, housing starts, rose 4.4% in December. The housing starts rose to a rate of 728,000, the highest level since March 2008. Today, the focus has shifted to unemployment claims.

Impact on CAD

BOC surprises with an interest rate cut. Today, the Bank of Canada announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The BOC has to deal with with lower interest rates because global crude oil prices have fallen by more than 40 percent since the October and by more than 55 percent since their recent peak in June 2014.

Technical view:

The pair extends its rally towards 1.2394. The pair managed to breach above 200Msma and it is trading above it. In case, if the pair manages to close above 200Msma 1.2325, it can extend its rally towards 1.2500 and 1.2700. The pair gained almost 500 pips in 2 sessions. We have been recommending buying on every dip for the long-term perspective. The pair has intraday support at 1.2325. The intraweek support exists between 1.2167 and 1.2021. As long as the pair trades above 1.2000, use every dip to buy.

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Technical Analysis of Gold for January 22, 2015 Market Analysis Review

GOLD

The yellow metal fell after the US data and ahead of ECB meeting it is trading with a bearish bias. Today, the metal opened on a bearish note at $1,293.10. The ECB is expected to initiate its QE program at today's meeting. Two euroarea central bank's officials said the ECB has recommended asset purchases of 50 billion euros a month until December 2016. All eyes are focused on the ECB meeting today. The ECB move is an important development in the markets. The metal is facing strong resistance on the weekly descending trend line. The intraweek resistance is at $1,310.00 and 100Wsma. From an intraday view, we recommend buying above $1,300.00 with the targets at $1,303.00 and $1,309.00. The hourly momentum will turn to positive in case, if the metal trades above $1,294.00. The metal has intraday support at $1,288.00 and $1,284.00. We recommend selling below $1,284.00.

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Daily analysis of major pairs for January 22, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair is largely consolidating while the overall outlook remains bearish. There are support lines at 1.1600 and 1.1550 which might challenge further southerly movements. There are also resistance lines at 1.1750 and 1.1800, which may defend the existing bearish outlook.

USD/CHF: The outlook on this special market remains unchanged. The forecast on this currently abnormal market is bearish but bullish correction is expected to continue gradually in spite of occasional large bearish corrections. Therefore, the USD/CHF pair would move upwards by at least 500 pips this week. Some fundamental figures are expected today and they would have some impact on the markets.

GBP/USD: In spite of some obvious effort by bulls to push the price upwards, the USD is still able to prove it is stronger than the GBP. As the GBP is falling somewhere else, it is falling against the USD and it may reach the accumulation territory at 1.5050. There is a Bearish Confirmation Pattern in the chart.

USD/JPY: This market is now dicey – it is not uncommon for the price to trend downwards and then experience bullish correction in the short-term. I would suggest staying away from this market until there is a predictable directional bias.

EUR/JPY: The long-term outlook on this cross 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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USDCAD Daily Analysis - January 22, 2015 Forex Analysis

USDCAD continued its upward movement from 1.1560, and the rise extended to as high as 1.2393. Further rise could be expected after a minor consolidation, and next target would be at 1.2600 area. Support is at 1.2100, only break below this level could signal completion of the uptrend.

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USDJPY Daily Analysis - January 22, 2015 Forex Analysis

USDJPY remains in short term uptrend from 115.85. Further rise to test 120.82 would likely be seen, 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.

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AUDUSD Daily Analysis - January 22, 2015 Forex Analysis

AUDUSD broke below the support of the upward trend line on 4-hour chart. Further decline to test 0.8032 support could be seen, a breakdown below this level will confirm that the downtrend from 0.8910 (Oct 29, 2014 high) has resumed, then next target would be at 0.7500 area.

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GBPUSD Daily Analysis - January 22, 2015 Forex Analysis

GBPUSD moved sideways in a range between 1.5034 and 1.5268. The price action in the range is likely consolidation of the downtrend from 1.5785. As long as 1.5268 resistance holds, the downtrend could be expected to resume, and another fall to 1.4700 is still possible. Key resistance is at 1.5300, only break above this level could signal completion of the downtrend.

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EURUSD Daily Analysis - January 22, 2015 Forex Analysis

EURUSD remains in downtrend from 1.2569, the rise from 1.1459 could be treated as consolidation of the downtrend. Further decline could be expected after consolidation, and next target would be at 1.1300 area. Resistance levels are at 1.1680 and 1.1870, only break above these levels could signal completion of the downtrend.

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

Fundamental overview:
USD/JPY is expected to trade in a lower range. USD/JPY is underpinned by weak yen sentiment amid speculation that the BOJ might ease monetary policy further by cutting the interest rate on commercial banks' excess reserves at the central bank (currently at 0.1%). It is also boosted by yen-funded carry trades amid diminished risk aversion (VIX fear gauge eased 5.06% to 19.89; S&P 500 closed up 0.15% at 2,022.55 overnight) because of expectations that the ECB will unveil a large-scale bond-buying program on Thursday aimed at reviving Europe's economy, and by 7.3% on-year increase in China 4Q GDP (versus forecast +7.2%) that overshadowed a renewed slide in oil prices. USD/JPY is also supported by the higher shorter-dated U.S. Treasury yields (2-year at 0.499% versus 0.480% late Friday), broadly firmer dollar undertone (ICE spot dollar index last 93.00 versus 92.58 early Tuesday) and demand from Japan's importers. But USD sentiment is dented by lower than expected U.S. January NAHB housing market index of 57 (versus forecast 58). USD/JPY gains are also tempered by the Japanese export.

Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is bullish at oversold levels.

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 116.80. A break of this target will move the pair further downward to 116.30. The pivot point stands at 118.05. 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 118.40 and the second target at 118.85.

Resistance levels:

118.40

118.85

119.15



Support levels:

16.80

16.30

116

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EUR/NZD analysis for January 21, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.5110. Our Fibonacci retracement 61.8% at the price of 1.5120 is on the test so be careful when buying EUR/NZD at this stage. According to the daily time frame, we can observe demand in an average volume. We got supply level at the price of 1.5170 and this level has been held successfully. My advice is to watch for potential selling opportunites after retracement. Any larger supply in a high volume may confirm further bearish phase. Anyway, if the price breaks the level of 1.5173, we may see possible testing of the level of 1.5280 (second supply zone).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5150

R2: 1.5212

R3: 1.5311

Support levels:

S1: 1.4952

S2: 1.4890

S3: 1.4791

Trading recommendations: Be careful when buying the EUR/NZD pair at this stage since the price is testing Fibonacci retracement 61.8%.

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Gold analysis for January 21, 2014 Market Analysis Review

Overview :

Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,304.50 in a high volume. Our Fibonacci retracement 61.8% at the price of 1,292.00 got broken. So, we may expect testing the level of 1,344.00 (swing high like resistance). According to the H4 time frame, we can observe weak supply and demand in an average volume. Be careful when selling gold and watch for potential buying opportunities on the lows.

Daily pivot Fibonacci points:

R1: 1,297.42

R2: 1,303.34

R3: 1,312.93

Support levels :

S1: 1,278.24

S2: 1,272.32

S3: 1,263.73

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

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Technical analysis of Silver for January 21, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has made yet another intraday high at $18.30 levels today before pulling back lower. The metal is seen trading at $18.10/15 levels for now and is seen to be forming a potential top formation on the H4 chart shown here. The metal has hit a lowest expected Fibonacci extension at $18.30 levels (not shown here), and the next potential high could be at $18.90 levels at least. It remains quite possible that Silver could retrace a bit lower before resuming rally towards $19.00 and higher levels. Immediate support is seen at $17.50/60 levels, followed by $17.20 (past resistance turned support), $16.50, $16.20 and lower while resistance is seen at $18.30 levels (interim) and higher respectively.

Trading recommendations:

Wait for a pullback lower to enter long again.

Good luck!

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Technical analysis of Gold for January 21, 2015. Market Analysis Review

Technical outlook and chart setups:

Gold has hit yet another intraday high at $1,303.00/04.00 levels before pulling back. The metal is seen to be trading at $1,296.00 levels at the moment and has formed a potential tweezer top candlestick pattern on the 4H chart depicted here. The minimum Fibonacci extension has been met at $1,300.00/05.00 levels today, hence a meaningful pullback could occur before the next leg up resumes. It is recommended to fox full/partial profits on long positions held earlier and remain flat for now. The metal could retrace at least up to $1,250.00 levels (Fibonacci 0.38 support), before resuming rally further towards $1,340.00 levels.

Trading recommendations:

Fix full/partial profits on long positions taken earlier, wait for a pullback to re-enter.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair seems to be retracing at the moment, after printing highs around 137.50/60 levels yesterday. The pair is seen to be trading at 136.20 levels for now, after forming lows at 135.70 levels earlier. Please note that 135.70 levels is Fibonacci 0.618 support of the rally from 134.20 to 137.60. It is still recommended to hold long positions taken earlier and also to look for adding more longs at current levels. A bullish bounce from here is expected to push the pair higher through 140.00 region as depicted here (red color). Immediate support is at 134.00 and lower while resistance is seen at 140.30/40 levels (Fibonacci). Bulls are expected to remain in control as long as prices remain above 134.00.

Trading recommendations:

Remain long, stop below 134.00, target is open.

Good luck!

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

Technical outlook and chart setups:

The GBP/CHF pair is still seen within the overall range as seen here at 1.3070 levels. Though it looks as if the pair is breaking lower, it is recommended to hold long positions and look for adding further at these levels. Immediate support is intact at 1.2900, followed by 1.2800, 1.2600 and lower while resistance is seen at 1.33, followed by 1.3400 and 1.3800 respectively. The pair would be breaking out above 1.3400 levels, and it is expected to rally through 1.4100 levels at least, which is Fibonacci 0.618 resistance of the entire drop from 1.5550 to 1.1800 as depicted here. On the flip side, a break below 1.2900 levels would prove to be bearish.

Trading recommendations:

Remain long for now, stop at 1.2850, target at 1.4150.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for January 21, 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.

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.

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.

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.

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Intraday technical levels and trading recommendations for EUR/USD for January 21, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the 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. EUROZONE current account stepped down to €18.1 billion which is an eight-month low.

This is strongly affecting the market leading to the current long-term negative sentiment of the EUR/USD pair. The market is recently challenging historical lows that was established back in 2005 and 2003.

The pair has lost almost 490 pips since the beginning of 2015, as the market has revisited the lowest rates since November 2003.

The market currently looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT and 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 after such steep decline. That is why bullish pullback should be anticipated looking for better prices to SELL the pair off.

The price zone of 1.1750-1.1820 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed above the price level of 1.1880.

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Technical analysis of USD/CHF for January 21-22, 2015 Market Analysis Review

Overview :

• After the 15th of January 2015, the market of USD/CHF pair was not stable and trend was not also so clear (it is tight sideway range). According to the previous events, the price has still been moving between 0.9107 and 0.8424 so it is recommended to be careful at this area. Therefore, the first step is to wait for a period of tight sideway range market before breakouts. Then, probably, the market is going to start showing signs of bullish market. In other words, it will be a good sign to buy above 0.8424 (38.2% of Fibonacci retracement levels) with a first target of 0.8762 and it will climb towards 0.8875 (weekly pivot point). Moreover, it should also be noted that other resistance is going to set at the levels of 0.9022, 0.9063 and 0.9104 which coincides with the ratio of 61.8% Fibonacci retracement levels. The level of 0.9104 is called for a strong bearish market since January 15, 2015. However, if the pair can not break 0.8762, the market will indicate a bearish opportunity below 0.8762. Then the level will act as strong resistance, for that it will be a good sign to sell below 0.8762 with the first target of 0.8602 and it will call for downtrend in order to continue bearish trend towards 0.8420.

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USD/CAD intraday technical levels and trading recommendations for January 21, 2015 Market Analysis Review

Overview:

The USD/CAD pair established a temporary consolidation zone between the price levels of 1.1560 and 1.1670. This price zone roughly corresponds to 61.8% prominent WEEKLY Fibonacci level bullish breakout above which allowed bulls to establish a new consolidation zone between 1.1980-1.1930.

The prominent H4 support that is the price zone of 1.1800-1.1750 provided excellent SUPPORT for the pair on Thursday. LONG positions were suggested at retesting.

Note the newly established short-term channel being expressed since the price level of 1.1750 reached up to 1.2080. The market looks quite overbought since bulls have pushed further above the upper limit of the long-term movement channel. Hence, bulls should be conservative with their targets.

This minor channel pattern may indicate bearish reversal, if confirmed, with H4 bearish breakdown of the lower limit and the recent support around the levels of 1.1930-1.1900.

Otherwise, if bulls keep defending the recent INTRADAY SUPPORT around 1.1900-1.1930, the market bias will remain positive targeting at 1.2090 and 1.2130 shortly after.

Trading recommendations:

Risky traders can wait either for a bullish spike towards 1.2090-1.2100, or for the H4 bearish breakdown below 1.1900 to SELL the pair aiming for 1.1750 and 1.1700.

You should be conservative with your Stop Loss / Targets of such a counter-trend trade.

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GBP/USD intraday technical levels and trading recommendations for January 21, 2015 Market Analysis Review

Overview:

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 bullish side of the market towards 1.5260 and 1.5380.

However, within such a strong bearish trend you should consider 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.

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.

Intraday traders can SHORT the pair after H4 closure below 1.5080. TP should be located at 1.5035 and 1.5000. SL should be located above 1.5110.

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Technical analysis of AUD/USD for January 21-22, 2015 Market Analysis Review

Overview :

• The support of the AUD/USD pair has already been set at the price of 0.8164. On the H4 chart, the ratio of 50% Fibonacci retracement levels is coinciding with the support of 0.8164. Moreover, it should be noted that the minor resistance will be set at the 0.8232 price today. So, according to the previous events, the AUD/USD pair is going to move between the resistance and the support. Then, the market will be trading between the levels of 0.8232 and 0.8164. Therefore, we expect a range about 68 pips. Consequently, if the trend fails to close below the level of 0.8164, it will be a good opportunity to buy above 0.8170 with the first target at 0.8238 (78,6% Fibonacci retracement levels), then it will be continued straight towards the double top around the area of 0.8294 tomorrow. Moreover, it should be noted that the market was very stable and trend was also very clear (upward) since yesterday. However, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss should be placed below the level of 0.8130.

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#USDX technical analysis for January 21, 2015 Market Analysis Review

The Dollar index remains in an uptrend and continues to make higher highs and higher lows in the short-term. it is an important day for the Dollar as well as tomorrow with Mario Draghi announcing that the ECB is going to follow the QE policy. I expect the Dollar index to be greatly affected by it.

Technically, the Dollar index remains in an uptrend in the short-term after the big volatility caused by the SNB rate cut. Support is found at 92.65 and resistance at 93.10. Breaking any of these levels will push the index towards 93.40 or 92.35.

The weekly chart remains fully bullish and inside the upward sloping channel. Weekly important support for this uptrend is found at 90.80. Resistance on the weekly chart is found at 93.70. My longer-term target of 94-95 remains valid.

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Gold technical analysis for January 21, 2015 Market Analysis Review

Gold price has broken above $1,300 and has closed above the 61.8% retracement resistance of the decline from $1,393. This resistance is important and as long as we hold above $1,300, momentum will be in favor of bulls. We could see a minor pullback towards $1,290 today to backtest broken resistance but overall trend is bullish.

On the daily chart aboe we see how Gold has broken above the 61.8% retracement of the decline from $1,393. Price is clearly above the Ichimoku cloud with all Ichimoku indicators fully bullish. My target for the short-term is at $1,330.

Green line = support

In the shorter-term Gold price remains in an uptrend as price makes higher highs and higher lows. Price is above the Ichimoku cloud on the 15-minute chart. Short-term double top pattern at $1,303 is signaling the potential of a short-term pullback towards $1,290. Trend remains bullish and any pullback should be considered a buy opportunity with $1,240 stop.

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

General overview for 21/01/2015 09:30 CET

Despite the yesterday's breakout above the level of 137.02 and entering the neutral zone, the market was unable to hold the gains and currently is testing the golden trend line from the upside. It is still possible that another leg upward will be made above the intraday resistance at the level of 137.64. So far the price sits at the golden trend line support and waits for the data.

Support/Resistance:

134.72 - Intraday Support

136.80 - Weekly Pivot

137.64 - Intraday Resistance

138.90 - WR1

Trading recommendations:

As it was advised all week long, buying on the dips on this market is the way to trade it with the SL orders placed just below the level of 134.12.

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 21, 2015 . Thanks for your support.

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

General overview for 21/01/2015 09:15 CET

The market has made another higher high, and the wave progression has been slightly changed to include the alternative scenario. The bottom for the corrective cycle in wave 4 green is possible, but it looks like the correction is very simple and it might evolve into something more complex, maybe even a triangle. The move upward is so fat in three waves that looks like a zig-zag. As long as another higher high is made, the recent wave progression might still be a part of some more complex corrective cycle. The key level for intraday traders is the intraday support at the level of 1.2045.

Support/Resistance:

1.2192 - WR2

1.2113 - Intraday Resistance

1.2097 - WR1

1.2045 - Intraday Support

1.1949 - Weekly Pivot

Trading recommendations:

As it was advised all week long, buying on the dips on this market is the way to trade it. However, please, notice that the SL orders should be moved just below the level of 1.2045 now as any breakout lower might be the first sight that the market is going back to the corrective zone.

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 USD/CAD for January 21, 2015 . Thanks for your support.

Elliott wave analysis of EUR/NZD for January 21 - 2015 Market Analysis Review

Technical summary:

The rally of the 1.4788 low has been nice and strong, but we have to keep in mind, that this rally is only a part of the red wave iv correction and once this correction is over a new decline to new all time lows is expected. Looking at red wave ii, it was simple zig-zag correcting most of red wave i, which means that red wave iv should be shallow and only correct a minor part of red wave iii. We have already seen the 23.6% corrective target at 1.5112 and it looks like a continuation higher towards the 38.2% corrective target at 1.5312 could be seen, but we should not become stubborn if prices begin to turn lower.

Trading recommendation:

We are long EUR from 1.4855 and will move our stop higher to 1.5000 and place our take profit + revers at 1.5145

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 Elliott wave analysis of EUR/NZD for January 21 - 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for January 21 - 2015 Market Analysis Review

Technical summary:

We can count five waves up from the 134.71 low. The following correction has stopped exactly at the 61.8% corrective target of the rally from 134.71 to 137.64. Ideally this support will continue to protect the downside for a break above minor resistance at 136.45 and more importantly a break above resistance at 137.27 confirming the next impulsive rally higher towards at least 138.75 and more likely even higher towards 140.56 to confirm the 134.71 low as an important low.

Trading recommendation:

We are long EUR from 136.88 with a stop placed at 135.10. If you are not long EUR yet, then buy near 135.83 with a stop at 135.10 too.

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 Elliott wave analysis of EUR/JPY for January 21 - 2015 . Thanks for your support.