Forecast and trading recommendations on Gold for January 28, 2015 Market Analysis Review

The yellow metal took the parallel support from January 19th low at $1,271.80 at yesterday's session. The yellow metal has surged after the US economic data gave a mixed weather. The metal gave approx $20 at yesterday's session. The metal has been facing strong resistance between $1,300.00 and $1,307.00. The metal can challenge strong upward momentum above $1,307.50 with the targets at $1,319.00, $1,322.50, $1,335.00, $1,340.00, and $1,344.00. On the monthly chart, the descending trend line has been acting as a strong resistance. At today's session, we recommend selling below $1,287.00 and safe selling will be triggered below $1,283.00. The panic will be triggered below $1,271.00. Today, the focus has shifted to the Federal Reserve's policy meeting. The key factor is the deadline of raising the benchmark short-term interest rates. On the H4 chart, the prices are closed and trading below 35DEMA. The intraweek support exists at $1,266.00 and $1,254.70. In case if the metal breaks below $1,271.80, it can extend its fall towards $1,269.00, $1,266.50, $1,262.50, and $1,255.00. In case a weekly close is below $1,266.00, bears tighten their grip towards $1,255.00,$1,238.00, and $1,214.00. On the bullish front, we can expect strong upward momentum only above $1,309.00 towards $1,340.00.

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Technical analysis and trading recommendation on EUR/USD for January 28, 2015 Market Analysis Review

Review:

The US dollar weakens further against most major currencies after the mixed US economic reports. The CB consumer confidence index showed an uptick in January standing at 102.9 up from 93.1 in December. The new home sales in the US jumped to the 11.6% highest level in more than six years. This indicates the optimistic outlook for the economy in the new year. The US services PMI has risen for over five years. The index posted 54.0 in January from 53.3 in December. These are the US dollar supporting data. But on the other hand, US durable goods orders fell 3.4% in December following a 2.1% decline in November. The mixed US data pushed the euro almost 200 pips in Intraday against the USD.

Technical view:

At yesterday's session, the pair touched the 34hrsma on the h4-chart and closed below it. Last month, when the pair touched even the 34hrsma it made a new low. It was repeated thrice. As of now, at the early Asian session the pair was unable to breach the 34hrsma level. The pair has Intraday support at 1.1320, 1.1250, and 1.1225. We recommended buying above 1.1300 with the targets at 1.1360 and 1.1450, the pair made a high at 1.1423. The pair has intra week resistance at 1.1460 and 1.1600. The 34hrsma on H4 chart exists at 1.1400. In case a h4 candle manages to close above 1.1400, then it can challenge 60 and 160 pips on the north side. Today, the focus has shifted to the Federal Reserve's policy meeting; the key factor is the deadline of raising the benchmark short-term interest rates. We recommend fresh buying only above 1.1460. We recommend fresh selling below the 1.1295 levels.

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Technical analysis of EUR/USD for January 28, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as German 30-y Bond Auction, German Import Prices m/m, and GfK German Consumer Climate. Besides, the US will release some economic reports such as the Federal Funds Rate, FOMC Statement, and Crude Oil Inventories. So, amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1411.

Strong Resistance:1.1404.

Original Resistance: 1.1393.

Inner Sell Area: 1.1382.

Target Inner Area: 1.1355.

Inner Buy Area: 1.1328.

Original Support: 1.1317.

Strong Support: 1.1306.

Breakout SELL Level: 1.1299.

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.

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Technical analysis of USD/JPY for January 28, 2015 Market Analysis Review

In Asia, Japan will not release any economic data but the US will publish some economic reports such as Federal Funds Rate, FOMC Statement, and Crude Oil Inventories. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.70.

Resistance. 2: 118.47.

Resistance. 1: 118.24.

Support. 1: 117.95.

Support. 2: 117.72.

Support. 3: 117.49.

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.

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Daily analysis of USDX for January 28, 2015 Market Analysis Review

The USDX had a pullback below the support level of 94.18, as a result of normal correction moves that the instruments had to do to follow the general bullish bias without overbought levels at the oscillators, such as the MACD indicator. By the way, the USDX could extend the retracement until the support level of 93.02. The 200 SMA is still bullish.

The bias on the H1 chart is bearish, as the USDX had a deep fall until the 200 SMA, where later this instrument did a rebound and got consolidated above the support level of 94.02. Currently, the USDX is forming a bearish pattern, but that rebound could be an indication of a dynamic support found on that zone, as the USDX is taking a breath to continue strengthening the general bullish bias.

Daily chart's resistance levels: 94.18 / 97.52

Dailychart's support levels: 93.02 / 92.02

H1 chart's resistance levels: 94.38 / 94.78

H1 chart's support levels: 94.02 / 93.67

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 94.38, take profit is at 94.78, and stop loss is at 94.01.

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Daily analysis of GBP/USD for January 28, 2015 Market Analysis Review

The GBP/USD pair had another bullish session during yesterday, as this pair is trading close to the resistance level of 1.5247. Remember that a breakout on that zone could activate buy orders on this pair to the nearest resistance level of 1.5491. Anyway, from a general view, the GBP/USD pair is still forming a bearish pattern and that bias is still valid.

The H1 chart is showing us an interesting price action on the GBP/USD pair, because the pair is currently forming a higher high pattern above the 200 SMA, as a result of a bullish momentum that the GBP/USD pair had during the first hours of the last American session. At the moment, if the pair makes a breakout at the level of 1.5200, the buyers could find resistance at the level of 1.5264.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5200 / 1.5264

H1 chart's support levels: 1.5142 / 1.5084

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5200, take profit is at 1.5264, and stop loss is at 1.5137.

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Forecast of GBP/USD for January 28, 2015 Market Analysis Review

The pound gets a chance to move higher from the mixed US economic data. After a month, the pound gained approx 150 pips at yesterday's session. The UK's GDP is estimated to have increased by 0.5% in Q4 2014. On the other hand, the US dollar weakens further against most major currencies after the mixed US economic reports. Today, the focus has shifted to Federal Reserve's policy meeting, the key factor is the deadline of raising the benchmark short-term interest rates. The cable moved to a 1-week high at 1.5223. The cable has the nearest resistance at 1.5270. The pair is still trading in the downward channel. The pair has intraday support at 1.5125, 1.5090, and 1.5060. As per the hourly moving averages, the bearish crossover still favors bears. We recommend fresh selling below 1.5120 with the targets at 1.5090 and 1.5060. On the hourly chart, the cable gave an upside breakout from the narrow range. The panic will be triggered below 1.5060. On the other hand, we can see strong momentum only above 1.5270 towards the 1.5320 and 1.5390 levels.

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USDCAD Daily Analysis - January 28, 2015 Forex Analysis

USDCAD remains in uptrend from 1.1560, the fall from 1.2500 is likely consolidation of the uptrend. Support is at 1.2250, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.2700 area. Only break below 1.2250 support could signal completion of the uptrend.

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USDJPY Daily Analysis - January 28, 2015 Forex Analysis

USDJPY moved sideways in a narrow range between 117.17 and 118.86. The price action in the range is likely consolidation of the short term uptrend from 115.85, another rise to test 120.82 resistance could be expected after consolidation.

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AUDUSD Daily Analysis - January 28, 2015 Forex Analysis

AUDUSD broke above 0.8000 resistance, indicating that lengthier consolidation of the downtrend from 0.8294 is underway. Range trading between 0.7857 and 0.8100 would likely be seen over the next several days.

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GBPUSD Daily Analysis - January 28, 2015 Forex Analysis

GBPUSD is facing the resistance of the top of the price channel on 4-hour chart. As long as the channel resistance holds, the price action from 1.5034 could be treated as consolidation of the downtrend from 1.5785, another fall towards 1.4500 is still possible after consolidation. Key resistance is at 1.5268, only break above this level could signal completion of the downtrend.

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EURUSD Daily Analysis - January 28, 2015 Forex Analysis

EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.2569. As long as the trend line resistance holds, the rise from 1.1097 could be treated as consolidation of the downtrend, and another fall towards 1.0500 is still possible after consolidation. Only a clear break above the trend line resistance could signal completion of the downtrend.

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Intraday technical levels and trading recommendations for EUR/USD for January 27, 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.

The market has been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery is being witnessed this week.

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.

On the daily chart the market 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).

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

On the other hand, BUYING the pair is considered a low-risk opportunity after such a steep decline, especially after a daily candlestick that represents bullish reversal.

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 27, 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.

Initially, the GBP/USD pair has shown bullish recovery off the price level of 1.5050. However, a bearish engulfing daily candlestick was expressed off 1.5210 followed by bearish spike reaching the price level of 1.5000.

As anticipated, bullish rejection was expressed around the price level of 1.4950 (the lower limit of the channel). This enhances the bullish side of the market at least towards 1.5250-1.5300.

Previous consolidation movement extended between the price levels of 1.5770 and 1.5550, it 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).

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USD/CAD intraday technical levels and trading recommendations for January 27, 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 reach new highs around 1.2490.

The market looks quite overbought since bulls have pushed further above the upper limit of the depicted bullish channels. Hence, bulls should be conservative with their targets.

Note that the daily chart indicates a high probability of bearish reversal especially after a hanging man daily candlestick followed by a bearish engulfing daily candlestick being expressed.

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 1.2300, 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 27, 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.

The 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.

The key-support level for today's movement is located at 1.5120 (the upper limit of the recently broken H4 channel).

If the bulls maintain the current bullish breakout outside the H4 channel above price level of 1.5120, fixation above it probably enhances bullish side of the market towards 1.5260.

Trading recommendations:

The price zone of 1.5280-1.5350 (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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EUR/AUD intraday technical levels and trading recommendations for January 27, 2015 Market Analysis Review

The depicted DAILY chart of the EUR/AUD pair illustrates a strong medium-term downtrend.

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

Note the recently broken SUPPORT level at 1.4250 where the previous multiple prominent bottoms were established back in November 2014. This price level expressed multiple previous rejections manifested in the previous daily candlesticks.

The next target level for the pair is located around 1.4400 (a newly established congestion zone breached last week) provided that bulls keep fixating above 1.4250 on a daily basis.

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, the daily persistence above 1.4250 pauses the current bearish momentum giving more time for a corrective movement towards 1.4400 to take place.

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EUR/NZD analysis for January 27, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. The price tested the level of 1.5267 in a a volume below the average. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at the price of 1.5225 (currently on the test). According to the 4H time frame, we can observe lack of supply at the price of 1.4887 which caused price to start with bullish movement. Be careful when buying EUR/NZD and watch for potential selling opportunities after retracement. Any larger supply in a high volume may confirm further bearish phase. Anyway, if we see larger demand on the market, we may expect testing the level of 1.5430.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5219

R2: 1.5283

R3: 1.5386

Support levels:

S1: 1.5013

S2: 1.4950

S3: 1.4846

Trading recommendations: Be careful when buying the EUR/NZD pair since our Fibonacci retracement 61.8% is on the test.

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Gold analysis for January 27, 2014 Market Analysis Review

Overview :

Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,288.33 in a very high volume. According to the daily time frame, we have weak supply in a volume below the average, what caused price to start with an upward movement. According to the H1 time frame, we can observe an end of bearish corrective phase (abcd). Our Fibonacci expansion 161.8% at the price of 1,275.00 nas been held successfully. Be careful when selling gold and watch for potential buying opportunities on the lows.

Daily Fibonacci pivot points :

Resistance levels :

R1: 1,294.75

R2: 1,300.31

R3: 1,309.33

Support levels :

S1: 1,276.71

S2: 1,271.15

S3: 1,262.13

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

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Technical analysis of USD/JPY for January 27, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade in a higher range. It is supported by the reduced safe-haven appeal of the yen amid diminished risk aversion (VIX fear gauge eased 6.84% to 15.52; S&P 500 rose 0.26% to close at 2,057.09 overnight) as investors took the victory of the Greek leftish party Syriza in their stride. Investors speculate it will pursue its anti-austerity agenda without Greece leaving the eurozone, while prospect of the European Central Bank making monthly bond purchases of €60 billion continued to buoy risk sentiment. USD/JPY is also supported by the higher U.S. Treasury yields (2-year at 0.519% versus 0.499% late Friday), and demand from Japan's importers, and ultraloose the Bank of Japan's monetary policy. But USD/JPY gains are tempered by the Japanese exports and softer USD sentiment (ICE spot dollar index last 94.97 versus 95.32 early Monday) as the Dallas Fed business activity index fell to -4.4 in January from +3.5 in December. The gains are also restrained by the caution ahead of the Federal Reserve's monetary decision on Wednesday.

Technical comment:
The daily chart is mixed as the MACD is bearish, 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 118.85 and the second target at 119.35. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 117.20. A break of this target would push the pair further downwards and one may expect the second target at 116.80. The pivot point is at 117.50.

Resistance levels:

118.85

119.35

119.75



Support levels:

17.20

116.80

116.50

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Technical analysis of USD/CHF for January 27, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is underpinned by the franc sales on cross trades versus major currencies, the negative Swiss interest rates and the threat of the SNB's CHF-selling intervention. But USD/CHF gains are tempered by the softer USD sentiment (ICE spot dollar index last 94.97 versus 95.32 early Monday) as the Dallas Fed business activity index fell to -4.4 in January from +3.5 in December, and by the caution ahead of the Federal Reserve's monetary decision on Wednesday.

Technical comment:
The daily chart is mixed as the 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 0.9125 and the second target at 0.92. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8840. A break of this target would push the pair further downwards, and one may expect the second target at 0.8750. The pivot point is at 0.8905.

Resistance levels:

0.9125

0.92

0.9250

Support levels:

0.8840

0.8750

0.87

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Technical analysis of GBP/USD for January 27, 2015 Market Analysis Review

Overview :

• The market of GBP/USD showed signs of instability. The trend movement was controversial as it took place in a narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5147 and 1.4950, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait untill the sideways channel is passed through. Then the market will probably show signs of a bullish trend. In other words, buy deals are recommended above 1.4950 (represents the double bottom on the H1 chart) level with their first target at the level of 1.5077. From this point, the pair is likely to begin an ascending movement to the point of 1.5110 and further to the level of 1.5147. But it should be noticed that the level of 1.5147 will form a strong resistance which coincides with the ratio of 61.8% Fibonacci retracement levels at the same time frame. However, if the pair fails to pass through the level of 1.5147, the market will indicate a bearish opportunity below the strong resistance level of 1.5150. Regarding this, sell deals are recommended lower than the 1.5147 level with the first target at 1.5050 (the weekly pivot point). It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.4966.

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Technical analysis of NZD/USD for January 27, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting a three-year low 0.7394 on Monday. It is undermined by the expectations that the Reserve Bank of New Zealand will keep its rates for longer. the pair is also weakened by the kiwi sales on buoyant AUD/NZD cross and weak commodity prices. But NZD/USD losses are tempered by the softer USD sentiment and receding risk aversion.

Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish, although the latter is at oversold levels; five and 15-day moving averages are declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.74. A break of this target will move the pair further downward to 0.7325. The pivot point stands at 0.75. 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 0.7580 and the second target at 0.7625.

Resistance levels:

0.7580

0.7625

0.7635



Support levels:

0.74

0.7325

0.73

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Technical analysis of GBP/JPY for January 27, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate in a lower range. It is supported by the improved euro sentiment, reduced safe-haven appeal of the yen amid diminished risk aversion and demand from Japan's importers. But GBP/JPY gains are tempered by the Japanese exports.

Technical comment:
the daily chart is still negative-biased as the MACD is bearish, stochastics stays suppressed at the 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 177.15. A break of this target will move the pair further downward to 176.45. The pivot point stands at 179. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 179.45 and the second target at 180.15.

Resistance levels:

179.45

180.15

180.90

Support levels:

177.15

176.45

175.75

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Technical analysis of USD/CHF for January 27, 2015 Market Analysis Review

Overview :

• The market of USD/CHF is still showing signs of strength following the break below the level of 0.9285. Therefore, it will turn to a strong resistance. In s this case a stronger drop should be seen towards 0.8863 support for confirmation. Moreover, the trend is still below the three major resistances of 0.9125, 0.9285 and 0.9330, thus it will be a good sign to sell below 0.9285 and sell again below 0.9125. The Swissy is also quoted amid the promise to “sell unlimited euro” in order to support its currency. Hence, psychology level is set at 0.9285, and one should be patient to keep the trade untill the end because the USD/CHF pair is going to fall from the mentioned resistances. Thus, at 0.9285/0.9125 a strong level (resistances) will be formed providing a clear signal for deals with the target seen at the 0.8863 and 0.8752 levels. However, the stop loss is to be placed above the price of 0.9300.

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#USDX technical analysis for January 27, 2015 Market Analysis Review

The Dollar index has given a short-term sell signal as its main component EURUSD is making a bigger than normal bounce to the upside.The longer-term trend remains bullish and for now we consider this pullback in the index as a short-term correction.

The Dollar index has made a short-term top at 95.50 and is moving lower towards 94 support where the kijun-sen indicator is found. Breaking below 94 we have the cloud support at 92.75. Trend is bearish for the short-term as long as price is below 95.20.

The longer-term trend remains bullish, but on the daily chart we have a sell signal that could justify a few days of pullback towards 93.75. Important support is found at 93-92 and it will be critical for the longer-term trend to see how market treats those levels.

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Gold technical analysis for January 27, 2015 Market Analysis Review

Gold price remains in a short-term downtrend. The price, as I mentioned in previous posts, is in danger of falling towards $1,260 or even $1,220. It seems that this correction has started. Support at $1,270-75 is critical for the short-term trend.

Red line = support trend line

Gold price is breaking below support trend line, and the Ichimoku cloud is now above the current price on the 30-minute chart. Short-term trend is bearish and, I believe, we are heading towards the 38% retracement just above $1,250. I prefer to stay neutral and avoid trading current price action as there is no clear structure.

On the daily chart that I posted yesterday I expect price to move towards the tenkan-sen support near $1,265. If we break below this level we should expect price to move towards $1,220. Trend is short-term bearish.

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Technical analysis of USD/CAD for January 27, 2015 Market Analysis Review

General overview for 27/01/2015 08:45 CET

The recent price action to the upside is rather choppy and does not look like a typical impulsive wave, but this kind of wave development might be a part of a structure called Ending Diagonal. The other clue comes from the bearish divergence between the price and momentum, that is diminishing as the price makes higher highs. That kind of market behavior might suggest that a local top for this market is near and any breakout below the level of 1.2309 would be first confirmation of this possibility.

Support/Resistance:

1.2496 - Swing High

1.2320 - Weekly Pivot

1.2309 - Intraday Support

1.2181 - WS1

Trading recommendations:

As long as the price stays above the level of 1.2309, choppy trading conditions are expected and daytraders should consider opening only a buy orders with SL just below this level, using any scalping strategy to gain 20-30 pips. Please, watch the golden channel breakout for a possible short trade opportunity if the level of 1.2400 is clearly violated.

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Technical analysis of EUR/JPY for January 27, 2015 Market Analysis Review

General overview for 27/01/2015 08:30 CET

The most important level that, if broken, could ignite the bullish wave progression to the upside has not been violated yet. This level is the intraday resistance at the level of 134.19. It looks like the market has made five waves to the upside and now it will try to test the intraday resistance at the level of 131.83. If this support is broken, then the next support is at the local swing low at the level of 130.14. Please notice, that the market is still trading inside the bearish zone and the corrective wave 4 black might still be in progress.

Support/Resistance:

128.22 - WS1

130.14 - Swing low

131.83 - Intraday Support

132.95 - Weekly Pivot

134.19 - Intraday Resistance

134.95 - WR1

137.63 - Technical Resistance

Trading recommendations:

Below the level of 134.19 choppy trading conditions are expected as the market might be making wave 4 black in shape of a triangle or any other corrective shape. This is why daytraders should consider opening only sell orders with SL just above this level, using any scalping strategy to gain 20-30 pips.

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Daily analysis of USDX for January 27, 2015 Market Analysis Review

The USDX is still very bullish on the main time frames, such as the daily chart. Because of it, it's wise to wait for a bullish formation in order to follow the current bias on this instrument. We recommend to wait for a retracement to the support level of 94.18 and later we could see about a higher high pattern formation. On the other hand, the USDX could extend the fall until the 93.02 level, if the sellers take the flag during this week.

On the H1 chart, the USDX found strong resistance at the level of 95.48. Besides, we can expect a consolidation very close to the support level of 94.38. Currently, we need to wait for a breakout at the resistance level of 95.48 to continue putting buy positions on this instrument and also, to follow the trend, that is currently supported by the bullish 200 SMA, that is pointing upwards. The MACD indicator is entering the positive territory.

Daily chart's resistance levels: 97.52 / 99.17

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 95.48 / 96.63

H1 chart's support levels: 94.38 / 94.02

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 95.48, take profit is at 96.63, and stop loss is at 94.32.

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Daily analysis of GBP/USD for January 27, 2015 Market Analysis Review

During the last session, the GBP/USD pair had a recovery from the support tested at the 1.5025 level. Currently, the pair is still forming a lower low pattern in order to fall until the support level of 1.4853, but the fact is that a retracement could take place in the coming hours, as the GBP/USD pair is attracting buyers to the current price zone on the daily chart.

From an intraday outlook, we can see the strength of the current bullish trend line that was drawn from the January 23's low. Now, the GBP/USD pair is trying to make a breakout at the resistance level of 1.5084, where the 200 SMA is also located on the H1 chart. We cannot forget this pair could find solid dynamic resistance in that zone. If the GBP/USD pair does a pullback, the next target would be the psycological level of 1.5000.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5000 / 1.5084

H1 chart's support levels: 1.4927 / 1.4849

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 1.4927, take profit is at 1.4849, and stop loss is at 1.5006.

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