EUR/AUD intraday technical levels and trading recommendations for January 23, 2015 Market Analysis Review

The depicted charts of the EUR/AUD pair illustrates a prominent downtrend on both the daily and weekly charts.

The WEEKLY chart shows a long-term Head and Shoulders reversal pattern being established with neckline roughly located around 1.4050.

The daily chart shows:

- The recently broken SUPPORT level at 1.4230 where the previous multiple prominent bottoms were established back in November 2014. Today, this may constitute an intraday resistance.

- The recent RESISTANCE level around 1.4400 where a newly established congestion zone was breached last week.

On the other hand, a bearish FLAG pattern is being established above 1.4050 (H&S pattern's neckline). Confirmation requires DAILY closure below 1.4050-1.4000.

Estimated projection target would be located around 1.3820.

On the other hand, daily persistence above 1.4240 pauses the current bearish momentum giving more time for corrective movement towards 1.4400 for retesting.

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Gold analysis for January 23, 2014 Market Analysis Review

Overview :

Since our last analysis gold has been trading sideways around the price of 1.295.00. I have found support around the price of 1,281.00 (swing high like support), and this level is successfully resisted. According to the H4 time frame, we can observe weak supply in a volume below the average, which is a sign that selling gold at this stage looks risky. Be careful when selling gold and watch for potential buying opportunities on the lows. We have resistance levels at the price of 1,304.00 and 1,344.00.

Daily Fibonacci pivot points :

Resistance levels :

R1: 1,306.83

R2: 1,313.61

R3: 1,324.57

Support levels :

S1: 1,284.91

S2: 1,278.31

S3: 1,267.17

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

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Technical analysis of Gold for January 23, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has made another high at $1,308.00 levels and is seen trading below $1,300.00 mark for now. The metal might be preparing for a pullback lower towards $1,250.00 levels, as it was discussed yesterday. Immediate support is seen at $1,280.00, followed by $1,250.00/60.00, $1,230.00 and lower, while resistance is seen at $1,312.00, followed by $1,330.00/40 and higher respectively. As depicted here, the rally which begun from $1,170.00 levels is reaching its Fibonacci 1.618 extension levels at $1,312.00 for now. If Gold pushes further, it would challenge the $1,330.00/40 mark which is a major resistance. Either way a pullback could happen now or after hitting $1,340.00 levels. The metal is a clear buy on dips.

Trading recommendations:

Buy on dips for now.

Good luck!

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EUR/NZD analysis for January 23, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. The price tested the level of 1.4887 in a high volume. According to the daily time frame, we can observe supply in a high volume. Our Fibonacci retracement 61.8% at the price of 1.5415 has beem held successfully which is a sign that buying looks risky. According to the 4H time frame, we can observe lack of supply at the price of 1.4887, so we may expect reaction from buyers. I have placed Fibonacci retracement and got Fibonacci retracement 38.2% at the price of 1.5095 and Fibonacci retracement 61.8% at the price of 1.5225.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5356

R2: 1.5437

R3: 1.5568

Support levels:

S1: 1.5094

S2: 1.5013

S3: 1.4882

Trading recommendations: Be careful when selling the EUR/NZD pair since we have strong supply in the background.

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Intraday technical levels and trading recommendations for EUR/USD for January 23, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

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 were established back in 2005 and 2003.

The pair has lost almost 750 pips since the beginning of 2015 as the market is revisiting the lowest rates since November 2003.

After monthly breakout below 1.2000, approximate long-term projection targets would be located near 0.9450.

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 conservative traders should wait for bullish pullback looking for better prices to SELL the pair off.

The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.

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Intraday technical levels and trading recommendations for GBP/USD for January 23, 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 was manifested in the successive bullish hammer daily candlesticks.

The price level of 1.5100 has been defended by bulls since the start of 2015. However, a bearish engulfing daily candlestick was expressed yesterday off 1.5210. This applied extensive bearish pressure on the previous low around 1.5050 invalidating the double-bottom pattern mentioned yesterday.

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 levels of 1.5050 and 1.4960 recently.

Conservative traders should wait for a bullish pullback towards the recent SUPPLY zone around 1.5370-1.5450 for a low-risk SELL entry. The stop loss should be located above 1.5500 (upper limit of the channel).

For RISKY traders, a high-risk LONG entry can be taken around the price level of 1.4900 (where the lower limit of the depicted channel is located).

Stop Loss should be set as daily closure below entry levels (1.4900 - 1.4880).

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USD/CAD intraday technical levels and trading recommendations for January 23, 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 1.2000-1.1930.

The prominent H4 support near the price zone of 1.1800-1.1750 provided excellent SUPPORT for the pair last 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 both depicted bullish channels. Hence, bulls should be conservative with their targets.

The nearest SUPPORT zone to meet the USD/CAD pair is located around 1.2015 - 1.1950 where a recent consolidation zone was established as well as the broken upper limit of the depicted channel that waits for retesting.

Otherwise, if bulls keep defending the recent INTRADAY SUPPORT around 1.2110, a new bullish swing may be established without further retesting of 1.1950.

Trading recommendations:

LONG positions should be anticipated around the new SUPPORT zone around 1.2015-1.1950. SL should be located below 1.1900. TP to be placed at 1.2100 and 1.2220.

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GBP/USD intraday technical levels and trading recommendations for January 23, 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 on the H4 chart off the price level of 1.5030. However, 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.

As anticipated, within such a strong bearish trend, the market failed 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 be anticipated towards 1.4930-1.4900 initially.

The key-support level for today's movement is located at 1.4970 (Thursday's low). Fixation above it probably enhances bullish side of the market towards 1.5150, 1.5260.

Trading recommendations:

The 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.

Suggested short position after the H4 closure below 1.5080 is running in profits now. SL should be advanced to 1.5050 to offside some of the risks. Final target can be set at 1.4950.

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Technical analysis of NZD/USD for January 23, 2015 Market Analysis Review

Overview :

• The NZD/USD pair has set a strong support at the level of 0.7362 around the weekly double bottom. Also, be aware of the supports at 0.7430 and 0.7392. On the other hand, resistance has been already placed around the area of 0.7537, because minor resistance has been set at 0.7500; and the prices of 0.7530 and 0.7540 represent strong resistance. So, if the trend is of a downside character, the strength of the currency will be defined as following: NZD is in the downtrend and USD is in the uptrend. Therefore, sell below the level of 0.7537 which represents the weekly resistance with the first target at the 0.7430 price. Moreover, if the trend does not fail to close above the level of 0.7430, it will call for a downtrend to continue its bearish movement towards 0.7362 in order to test this strong resistance (it should be noted that the price of 0.7362 is going to form the weekly resistance and the double top at the same price). At the same time, the stop loss should be placed at the level of 0.7563.

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Technical analysis of GBP/USD for January 23, 2015 Market Analysis Review

Intraday overview :

• According to the previous events, the GBP/USD pair will probably go down because the downward trend is still strong. Moreover, it should be noted that the price of GBP/USD has still been trapped between 1.5033 and 1.4959. The level of 1.5033 will indicate strong resistance (it represents the ratio of 23.6% Fibonacci retracement level on the H1 chart). Furthermore, the price will test the double bottom at this level of 00% Fibonacci retracement levels (1.4959). Therefore, it will be very gainful to sell at 1.5033 with the first target at 1.4959, then it will continue towards 1.4939 in order to test the last weekly support.

Intraday technical levels:

Date:23/01/2015

Pair:GBP/USD

• R3: 1.5396


• R2: 1.5304


• R1: 1.5155


• PP: 1.5063


• S1: 1.4914


• S2: 1.4822


• S3: 1.4673

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Technical analysis of EUR/JPY for January 23, 2015 Market Analysis Review

General overview for 22/01/2015 09:50 CET

Due to the breakout of level of 134.62 the main scenario has been invalidated and the alternative one is in play right now. There are two Elliott wave scenarios (main and alternative) available on weekly time frame charts:

-Main Scenario - Indicates a top for big wave 1 blue at the level of 145.72 and then complex corrective structure in wave A blue, then irregular flat corrective structure in wave B blue and now the last five wave impulsive decline in wave C blue that targets the level of 131.05.

-Alternative Scenario - This scenario indicates more downside wave progression after big wave 1 blue top at the level of 149.80. The corrective decline is sharp and sudden, so the zig-zag pattern is being expected here. This pattern has been partially done, but there is still plenty of room for the corrective cycle to the downside.

Please, notice that both of the scenarios still indicate that a bullish wave 3 blue will be developed when the corrective cycle in wave 2 blue is completed.

Support/Resistance:

149.80 - Swing High

140.19 - 50WMA

136.24 - 100WMA

131.05 - Projected Target Level

121.78 - 200WMA

119.13 - Extended Target Projection Level

Trading recommendations:

Swingtraders should now wait for the level of 131.05 to be tested and examine market behavior on that level before deciding to trade the wave B blue to the upside.

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Technical analysis of USD/CAD for January 23, 2015 Market Analysis Review

General overview for 22/01/2015 09:40 CET

The last impulsive wave to the upside labeled as wave -v- blue might have been completed as an ending diagonal pattern. This would mean the market might now start a more deeper corrective cycle in the wave iv black before one more wave to the upside will be done. The key level for intraday traders is the intraday support at the level of 1.2310, and any breakout lower would mean the top for the wave iii black is in place and corrective cycle has started.

Support/Resistance:

1.2418 - Swing High

1.2342 - WR3

1.2310 - Intraday Support

1.2192 - WR2

Trading recommendations:

Daytraders and swingtraders should now close all buy positions that were still open and wait for corrective cycle to complete before opening another buy positions for last wave to the upside.

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#USDX technical analysis for January 23, 2015 Market Analysis Review

Mario Draghi's announcement of the European version of Quantitative Easing gave a boost to the dollar as the euro weakend. The Dollar index has broken above the boundaries of the wedge formation pushing to new highs and towards our longer-term target of 94-95.

The Dollar index broke above 93.30 and has made a high at 94.48. I have given the target area of 94.95 some time ago, and I continue to believe that this trend remains strong and bullish. Traders should not bet against it as it is very strong. The Dollar index has now support at 93 and short-term trend will change only if price breaks below 92.50.

I post once again the monthly chart showing how the price exploded higher after breaking so easily above the 38% retracement. It is now moving towards 95-96 area where the 50% retracement is. With the dynamic of this trend, I will not be surprised to see the Dollar index even towards the 61.8% retracement. Trend is clearly bullish and very strong. There is no reason to go against it now.

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Gold technical analysis for January 23, 2015 Market Analysis Review

Gold price pulled back yesterday towards $1,280 as expected and then reversed to new highs. Price is pulling back down, but as long as price is above $1,285-80, we should expect to see $1,330. Otherwise, the pullback could push price towards $1,260.

Green line = support

Gold price is above the short-term Ichimoku cloud and above the short-term support of $1,285. Resistance is found at $1,310. At the current price levels we prefer to be bullish with $1,280 stop and add above $1,310 with $1,330 target.

Gold price remains inside an upward sloping channel as shown on the chart above. Losing the cloud support at $1,280-85 will push the price towards the lower channel boundary at $1,260-65. Breaking below this bullish channel could mean that a deeper correction has started with $1,200 possible target.

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Technical analysis of USD/JPY for January 23, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade in a higher range. It is underpinned by the reduced safe-haven appeal of the yen as global risk sentiment improves (VIX fear gauge eased 13.0% to 16.4; S&P 500 rose 1.53% to close at 2,063.15 overnight) after the European Central Bank announced a larger-than-expected bond-buying program aimed at reviving the eurozone economy. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 1.885% versus 1.851% late Wednesday), the bullish dollar sentiment (ICE spot dollar index hit nine-year high 94.497 overnight, last at 94.21 versus 92.75 early Thursday) on divergent U.S. monetary policy stance versus other major central banks, demand from Japan's importers as well as Bank of Japan's large-scale monetary easing policy. But USD sentiment is dented by the more-than-expected 307,000 U.S. jobless claims in week ended Jan. 17 (versus forecast 300,000), bigger-than-expected drop in Kansas City Fed composite index to 3 in January from 8 in December (versus forecast 7). USD/JPY gains are also tempered by the Japan's export sales and positions adjustment ahead of the weekend.

Technical comment:
Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold levels.

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 118.85 and the second target at 118.35. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 116.80. A break of this target would push the pair further downwards and one may expect the second target at 116.30. The pivot point is at 117.20.

Resistance levels:

118.85

119.35

119.75



Support levels:

16.80

16.30

116

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