Technical analysis of EUR/USD for January 30, 2015 Market Analysis Review

When the European market opens, a batch of economic news will be released such as Unemployment Rate, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, Spanish Flash GDP q/q, Spanish Flash CPI y/y, French Consumer Spending m/m, and German Retail Sales m/m. The US will also release several economic data such as the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Employment Cost Index q/q, Advance GDP Price Index q/q, and Advance GDP q/q. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1382.

Strong Resistance:1.1375.

Original Resistance: 1.1364.

Inner Sell Area: 1.1353.

Target Inner Area: 1.1326.

Inner Buy Area: 1.1299.

Original Support: 1.1288.

Strong Support: 1.1277.

Breakout SELL Level: 1.1270.

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 30, 2015 Market Analysis Review

In Asia, Japan will release a variety of reports such the Housing Starts y/y, Prelim Industrial Production m/m, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US will also release several economic data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Employment Cost Index q/q, Advance GDP Price Index q/q, and Advance GDP q/q. 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: 118.72.

Resistance. 2: 118.49.

Resistance. 1: 118.25.

Support. 1: 117.97.

Support. 2: 117.753.

Support. 3: 117.50.

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 and trading recommendation on GBP/USD for January 30, 2015 Market Analysis Review

The Pound was rejected from 20Dsma and tumbled against the strong US dollar. The UK's annual house price growth slowed to 6.8% in January from 7.2% in December. It has slowed for the fifth month in a row. The US unemployment claims plunged, which gave strong support to the greenback. In the week ending January 24, the flash figure for seasonally adjusted initial claims was 265,000 which is a decrease by 43,000 from the previous week's revised level. This is the lowest level of initial claims since April 15, 2000. But the pending home sales data was disappointing and declined 3.7%.

As of now, this week the cable managed to hold the previous week's low at 1.4951. The cable erased half of its week's gains, trading in marginal green on a weekly basis. Today, at the Asian session the prices are facing resistance at 12ema on the H1-chart. The hourly resistance levels exists at 1.5090, 1.5115, and 1.5135. Until the prices close below 1.5135, bears have an upper hand. We can see a pullback only above 1.5165 towards 1.5200 and 1.5225. Today, the focus has shifted to US preliminary GDP data.

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Forecast and trading recommendations of Gold for January 30, 2015 Market Analysis Review

The yellow metal plunged into a 2-week low after a stellar 10% return earlier this year. The selling pressure touched the metal after the Greek election results and the selling pressure turns to profit booking after the Federal Reserve meeting. The open interest declines are representing the long unwinding taking place during this week. After the FOMC meeting, the USD regained its strength putting pressure on the metal. In yesterday's economic data, the unemployment claims showed a decrease of 43,000; besides, pending home sales data was disappointing making a 3.7% decline. Today, the focus has shifted to the flash GDP.

In yesterday's fall, the metal broke below the 50Wsma at $1,267.00; gold is still trading below it. The intraday support exists between $1,253.50 and $1,249.50 at 200Dema levels. In case if the metal breaks below $1,249.50, bears can challenge towards $1,238.00, $1,235.00, and $1,226.00 in the near term. Today's closing will provide enough trading room in the near term. In yesterday's article, we recommended selling at $1,282.00 with the target at $1,255.00. Gold made a low at $1,251.80. Today, the strategy will be to use a rise to sell or to do fresh selling below $1,249.00 levels. The intraday resistance exists at $1,263.00, $1,270.00 and $1,276.00. Risky buying will be triggered above $1,263.00 with the targets at $1,270.00 and $1,273.00. Bulls can challenge a strong upward momentum, only above $1,285.50. So, use every rise to sell. Previously, we recommended fresh buying only above $1,309 for $1,340.00, which was not triggered. Now, the fresh buying has come down to $1,286.00 levels.

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Technical analysis and trading recommendation on USD/JPY for January 30, 2015 Market Analysis Review

The strong US dollar took the pair towards 20Dsma. The US unemployment claims plunged, which gave a strong support to the greenback. In the week ending January 24, the flash figure for seasonally adjusted initial claims was 265,000, a decrease of 43,000 from the previous week's revised level. This is the lowest level for initial claims since April 15, 2000. But the Pending home sales data was disappointing, it declined 3.7%. On the other hand, Japan's retail sales unexpectedly fell in December. Sales declined 0.3% percent from November for a third month in a row. Today, the focus has shifted to US preliminary GDP.

The pair has been still consolidating in the same tight range between 118.85 and 117.10 as we discussed in our earlier reports. The prices are trading within a triangle on the h4 chart. In case if the prices managed to give an upside breakout, it can challenge towards 120.50. In yesterday's session the pair managed to close above 34hrsma levels. The prices are facing strong resistance at the 80.0 fib level on the h4-chart. For about 3 hours, the prices have been taking support from the previous swing high at 118.24. We recommend buying at the current price of 118.27 with the targets at 118.50, 118.65, and 118.80. On a positional basis, until the pair holds at 117.00 and trades above 118.85, it can give another stellar show towards 120.00+. In case if the pair breaks below 117.00, it can extend its fall to 115.00 and panic will spark below 115.00. The intraday support levels exists at 118.15 and 117.85. We recommend selling only below 117.85, until bulls have an upper hand.

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Daily analysis of major pairs for January 30, 2015 Market Analysis Review

EUR/USD: This pair has made noteworthy attempt to go bullish this week – with visible results on some EUR pairs. This pair has moved upwards and it is currently consolidating, indicating a transitory pause in the buying pressure. When the current consolidation ends, the price may continue going further upwards.

USD/CHF: As forecasted, the USD/CHF pair has moved upwards in a slow and steady manner and this upwards movement is supposed to continue this week, allowing further bullish development in the market. In addition, some fundamental figures are expected today and they can have some impact in the market.

GBP/USD: Here, the GBP/USD pair is weak (though it is strong somewhere else). The price has moved upwards this week, challenging the distribution territory at 1.5200. This nearly rendered the existing bearish outlook useless, but the price was unable to go further upwards. The price fell from the distribution territory at 1.5200. The fact is this: long trades are no longer sensible in this market.

USD/JPY: The ongoing stamina in the USD and the noticeable weakness in the JPY has enabled this market to go bullish in the near-term. The price is now above the EMA 56 and the RSI period 14 is above the level 50. The signal in the market is now a “buy.”

EUR/JPY: The perpetual buying pressure on this cross has resulted in a threat that has almost rendered the Bearish Confirmation Pattern invalid. While, short trades are now becoming illogical here, a movement above the supply zone at 135.00 would signal the end of the extant recent bearish bias.

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USDCAD Daily Analysis - January 30, 2015 Forex Analysis

USDCAD continued its upward movement from 1.1803, and the rise extended to as high as 1.2677. Key support is now at 1.2380, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.2800 area.

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USDJPY Daily Analysis - January 30, 2015 Forex Analysis

USDJPY stays in a narrow range between 117.17 and 118.86. Near term support is at 117.17, as long as this level holds, the sideways movement could be treated as consolidation of the uptrend from 115.85, another rise to test 120.82 resistance is still possible after consolidation.

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AUDUSD Daily Analysis - January 30, 2015 Forex Analysis

AUDUSD's downward movement from 0.8294 extended to as low as 0.7719. Resistance is now at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.7500 area.

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GBPUSD Daily Analysis - January 30, 2015 Forex Analysis

GBPUSD failed to break above the top of the price channel on 4-hour chart, indicating that the price action from 1.5034 could be treated as consolidation of the downtrend from 1.5785, another fall to toward 1.4500 could be expected 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 30, 2015 Forex Analysis

EURUSD is facing the resistance of the downward trend line on 4-hour chart, a clear break above the trend line resistance will indicate that the downtrend from 1.2569 had completed at 1.1097 already, then further rally to 1.1600 area could be seen. However, as long as the trend line resistance holds the downtrend could be expected to continue, and next target would be at 1.0700 area.

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USD/CAD intraday technical levels and trading recommendations for January 29, 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 it allowed bulls to reach new highs around 1.2560.

The market looks quite overbought since bulls have pushed further above the upper limit of the depicted bullish channels. Hence, high probability of bearish reversal exists.

The bearish reversal scenario indicated after the Hanging Man daily candlestick was invalidated with yesterday's bullish engulfing daily candlestick.

Moreover, USD/CAD bulls kept defending the recent INTRADAY SUPPORT around 1.2300. Hence, a new bullish swing is being established without further retesting of 1.1950.

The nearest resistance zone to meet the USD/CAD pair is located around 1.2800 where previous WEEKLY highs were previously established back in 2009.

Trading recommendations:

It's recommended to stay out of the market until the next destination of the USD/CAD pair becomes obvious, but at anyway try to look for SELL entries at such historically high prices.

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GBP/USD intraday technical levels and trading recommendations for January 29, 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 1.5030-1.4980 where the lower limit of the channel has been providing support for the pair over the past few weeks.

Bullish recovery was manifested on the H4 chart. A bullish breakout above the upper limit of the short-term flag pattern took place. A bearish pullback for retesting is being expressed today.

The key-support level for today is the price level of 1.5120 (backside of the upper limit of the H4 Flag pattern). That is why daily closure should be considered today.

Trading outside the H4 flag pattern (above 1.5120) enhances bullish side of the market at least 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 located slightly above 1.5400.

A short-term LONG position may be considered if the current daily candlestick closes as engulfing one. TP should be located slightly below 1.5300.

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Technical analysis of USD/JPY for January 29, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade in a lower range. It is undermined by the renewed decline in oil prices, the flows to the safe haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 16.03% to 19.98, S&P 500 closed 1.35% lower at 2,002.16 overnight) on growing market turmoil in Greece as its new government pushed for debt renegotiation with international creditors. USD/JPY is also weighed by Japan's exports, the lower U.S. Treasury yields (10-year at 1.724% versus 1.825% late Tuesday) as the Federal Reserve reiterated its pledge to remain "patient" in deciding when to raise interest rates while boosting its assessment of the economy and labor market in its latest policy statement. But USD/JPY losses are tempered by the improved dollar sentiment (ICE spot dollar index last 94.63 versus 93.96 early Wednesday) after the FOMC meeting, demand from the Japanese importers and the ultra-loose Bank of Japan's monetary policy.

Technical comment:
The daily chart is tilting negative as the MACD is bearish, stochastics is turning bearish.

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 118.50 and the second target at 118.85. In an alternative scenario, if the price moves below its pivot points, short position is 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 117.55.

Resistance levels:

118.50

118.85

119.35

Support levels:

17.20

116.80

116.50

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Technical analysis of USD/CHF for January 29, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with risks skewed higher. It is supported by the positive dollar sentiment (ICE spot dollar index last 94.63 versus 93.96 early Wednesday), the franc sales on soft CHF/JPY cross, the negative Swiss interest rates and the threat of the SNB CHF-selling intervention. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross.

Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is in bullish mode, inside-day-range pattern was completed on Wednesday.

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 0.9265 and the second target at 0.9365. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8985. A break of this target would push the pair further downwards, and one may expect the second target at 0.8925. The pivot point is at 0.9050.

Resistance levels:

0.9265

0.9365

0.9415

Support levels:

0.8985

0.8925

0.89

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Technical analysis of EUR/USD for January 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD pair has bounced off up to 300 pips after hitting lows at the levels of 1.2200 early this week. The pair pulled back into the levels of 1.1260 today, before rallying higher through the handle at 1.1340. Immediate support is seen at 1.2220 levels, followed by 1.1100 and resistance is seen at 1.1420 (interim) followed by the level of 1.1620 and higher, respectively. It is recommended to initiate long positions now with risk below at 1.1100 and a minimum upside potential through 1.1620/50. It is too early to predict a reversal but a potential inverted head and shoulder reversal is shaping up on hourly charts. A break of 1.1650 levels would confirm a trend reversal (a large pullback rally) on the 4H chart as well.

Trading recommendations:

Initiate long positions now at 1.1340/50, stop at 1.11 and target at 1.1650.

Good luck!

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Technical analysis of GBP/JPY for January 29, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is undermined by the negative EUR sentiment as uncertainty mounts over the plans of Greece's new government to renegotiate the country's debt with international creditors. The pair is also weakened by flows to the safe haven yen amid increased risk aversion and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers.

Technical comment:
The daily chart is mixed as bearish outside-day-range pattern was completed on Wednesday, the MACD bearish, 5- & 15-day moving averages are falling but stochastics bullish is at 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 1179.45 and the second target at 180.15. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 177.15. A break of this target would push the pair further downwards and one may expect the second target at 176.45. The pivot point is at 177.85.

Resistance levels:

179.45

180.15

180.90

Support levels:

177.15

176.45

175.75

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Intraday technical levels and trading recommendations for GBP/USD for January 29, 2015 Market Analysis Review

The previous consolidation movement extended between the price levels of 1.5550 and 1.5770, it represented a period of indecision of the market after such a long bearish rally that started off 1.7100 and 1.6500.

Bearish breakout below 1.5550 directly exposed lower targets. Bears have already reached the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.

As it was suggested in the previous articles, 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).

The H4 chart shows a bearish breakout scenario, similar to what happened back in October, successfully executed by the end of December 2014.

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 1.5000.

On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. However, this was followed by a bearish spike reaching the price level of 1.4950 (slightly above the upper limit of the depicted channel).

As anticipated, bullish rejection was expressed around the price level of 1.4950. This enhances the bullish side of the market at least towards 1.5250-1.5300 where we can take low-risk SELL entries as it was mentioned above.

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Intraday technical levels and trading recommendations for EUR/USD for January 29, 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 pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially if the current monthly breakout below 1.2000 maintains its bearish momentum until the end of January.

During the past few weeks, EUR/USD bears have been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery is finally being witnessed this week.

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 daily chart).

Once more, the pair is showing little movement ahead of U.S. Unemployment Claims and Pending Home Sales.

As suggested in previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off (R1@1.1550 and R2@1.1700).

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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Technical analysis of NZD/USD for January 29, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting near a 4-year low of 0.7310 overnight as the Reserve Bank of New Zealand keeps its cash rate at 3.5% but removes any tightening bias from its statement and even opens the possibility of rate cut. "Future interest rate adjustments, either up or down, will depend on the emerging flow of economic data," says the RBNZ Governor Graeme Wheeler. NZD/USD is also weighed by the unexpected New Zealand December trade deficit of NZD159 million (versus forecast for surplus of NZD75 million), the positive dollar sentiment and the kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and on buoyant AUD/NZD cross.

Technical comment:

The daily chart is negative-biased as bearish outside-day-range pattern was completed on Wednesday, the MACD is bearish, stochastics stays suppressed at oversold levels, five and 15-day moving averages are declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.7235. A break of this target will move the pair further downward to 0.7210. The pivot point stands at 0.74. 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 0.7445 and the second target at 0.75.

Resistance levels:

0.7445

0.75

0.7580



Support levels:

0.7235

0.7210

0.7145

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EUR/NZD analysis for January 29, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. The price tested the level of 1.5577 in a volume below the average. Our Fibonacci retracement 38.2% at the price of 1.5415 got broken so we may expect testing of the level of 1.5800 (Fibonacci retracement 61.8%). Accordiung to the monthly time frame, we can observe successful rejection from our support level at the price of 1.5000. Selling EUR/NZD at this stage looks risky so my advice is to watch for potential buying opportunities after retracement (buy on the dips).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5434

R2: 1.5503

R3: 1.5613

Support levels:

S1: 1.5213

S2: 1.5144

S3: 1.5033

Trading recommendations: Be careful when selling since we have successful rejection from monthly support level in the background.

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Technical analysis of GBP/CHF for January 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has inched up higher to the 1.4000 handle today. The pair still has room to rally towards 1.4100 levels which is the Fibonacci 0.618 resistance, and a recommended exit levels for long positions are still held. The pair has been rallying steadily after breaking out of the consolidation above 1.3350/1.3400 levels earlier. Immediate support is seen at 1.3460 followed by 1.3350/1.3400 and lower while resistance is seen at 1.4100 levels and higher, respectively. Bulls should remain in control for now but 1.4100 could bring bears back again into action.

Trading recommendations:

Remain flat if you exited long positions yesterday. Exit all long positions ahead of 1.4100.

Good luck!

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Technical analysis of EUR/JPY for January 29, 2015. Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair dropped to 132.40/50 levels yesterday and, as suggested, long positions initiated. The pair may dip to 132.00 levels before rallying further high into the 138.00 handle. It is still recommended to keep buying on dips from here on, risk remains below 130.00. Bulls are poised to stage an impressive counter trend rally in 3 waves which could reach 143.30 levels in the coming weeks. Immediate support is seen at 132.00 followed by 130.00 while resistance is seen at 138.00 followed by 142.00 and higher, respectively. The pair is expected to print higher highs and higher lows untill prices remain above 130.00 levels.

Trading recommendations:

Remain long, stop is below 130.00, target is 138.00.

Good luck!

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Gold analysis for January 29, 2014 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price has tested the level of 1,263.61 in a volume below the average. According to the H4 time frame, we got selling climax and potential end of bearish corrective phase (abcd). Our Fibonacci expansion 100 % at the price of 1,262.00 is held successfully. Be careful when selling gold and watch for potential buying opportunities on the lows (buy on the dips). Anyway, if the price breaks the level of 1,262.00 in a high volume and strong price action, we may see a possible testing of the level of 1,254.00.

Daily Fibonacci pivot points :

Resistance levels :

R1: 1,292.83

R2: 1,296.23

R3: 1,301.73

Support levels :

S1: 1,281.83

S2: 1,278.43

S3: 1,272.93

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

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Technical analysis of Silver for January 29, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver drops below $17.65 to $17.40 levels, breaking below the trend line support as it is seen on the chart. Please also note that the metal is trading very close to the Fibonacci 0.382 support at $17.35 levels. A break below $17.35 would challenge support at $16.60/70 (the Fibonacci 0.618 support) levels. It is recommended to hold earlier long positions if profits are not realized, and also look for adding further positions around $16.60. Immediate support is seen at $17.35, followed by $17.00, $16.60 and lower while resistance is seen at $18.20 (interim), followed by $18.40/50 and higher, respectively. Please remember that the bigger picture is buy on dips, and this is just a counter trend.

Trading recommendations:

Remain long and look for adding further around $16.60, stop is at $15.50, target is $21.00 at least.

Good luck!

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Technical analysis of Gold for January 29, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold breaks lower through the $1,269.00 levels as it was expected and discussed yesterday. The metal has also broken the support trend line passing through the lows, starting from $1,170.00 levels as seen here. The metal is expected to be well supported at $1,250.00 levels as you can see on the chart (red). Please also note that $1,250.00 is the Fibonacci 0.382 support of the rally from $1,170.00 to $1,307.00 levels, respectively. Immediate support is seen at $1,250.00 followed by $1,220.00/25.00 and lower, while resistance is seen at $1,295.00 (interim) followed by $1,307.00 and higher, respectively. Bears are expected to remain active for a while, before bulls take back control.

Trading recommendations:

Initiate long positions around $1,250.00 and lower untill $1,220.00/25.00, stop is below $1,200.00, target is open.

Good luck!

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Technical analysis of USD/CAD for January 29, 2015 Market Analysis Review

Trading recommendation :

• The upward trend is still strong for that the pair will probably go up more.


• According to the previous events, the USD/CAD pair is going to move between 1.2465 and 1.2652 today.


• It should be noted that the level of 1.2465 represents the double bottom; and the weekly pivot point is placed at the price of 1.2380.


• The resistance will be set at the level of 1.27570 this week.


• The support has already been placed at the price of 1.2380.


• We expect a new range about 225 pips this week.


• The key level will be set at the level of 1.2380. Therefore, it will be very useful to buy above the price of 1.2380 in the short-term with the first targets at 1.2560 and 1.2650. Moreover, if the trend is able to break the double top at 1.2650, it might resume to 1.2750 (127.2% Fibonacci retracement levels).

Intraday technical levels :

Date: 29/01/2015

Pair: USD/CAD

• R3: 1.2690


• R2: 1.2602


• R1: 1.2565


• PP: 1.2477


• S1: 1.2440


• S2: 1.2352


• S3: 1.2315

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Technical analysis of GBP/USD for January 29, 2015 Market Analysis Review

Overview :

• The price of the GBP/USD pair has been not stable because the trend has been moving downwards from the price of 1.5284 towards the price of 1.4946. Then it corrected the uptrend to set at the price of 1.5140 today. Additionally, the pair is going to be trapped between 1.5284 and 1.5050. Furthermore, it should be noted that the resistance has already set at the price of 1.5284 (it coincides with the ratio of 32.8% Fibonacci retracement levels) and the supports are placed at 1.5050 and 1.4949 which represent the weekly pivot point and the double bottom, respectively. As a result, the GBP/USD pair is likely to start showing signs of the bearish market at the level of 1.6940 because the market will indicate a bearish opportunity at the spot of 1.5284, so the level will be acting as strong resistance today. In other words, it will be a good decesion to sell below the price of 1.5284 with the first target of 1.5050 in order to try to close below the weekly pivot point. It will call for the downtrend to continue its bearish movement towards 1.4949 to test the double bottom on the H4 chart. On the other hand, the stop loss should be placed above 1.5327.

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#USDX technical analysis for January 29, 2015 Market Analysis Review

The Dollar index has held its short-term support after the recent pullback and is now strong again to resume the uptrend. The short-term support was tested, and a new upward move has started that could even push the index towards 100.

The Dollar index has managed to hold support by the kijun-sen (yellow line) and the 38% Fibonacci retracement. The price is above the cloud support. The short-term support is now at 93.75. If it is broken, we should expect a move towards 93.50 cloud support or even 93.15 where the 61.8% retracement is found. Resistance is at 95 and at 95.50.

On the daily chart the Dollar index still manages to hold above the tenkan-sen (purple line) support. If it is broken, we should expect a move towards the kijun-sen (yellow line) towards 93. Trend remains bullish for the medium and long-term. Breaking above 95.50 will increase the chances of a new upward move towards 100.

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Gold technical analysis for January 29, 2015 Market Analysis Review

Gold price continues the sideways consolidation inside the triangle pattern. Trend is neutral in the short-term as we wait to see the direction of the breakout. In my opinion, the most possible is breaking upwards above $1,298 and reaching my target of $1,330.

Red lines = triangle pattern

Gold price is inside a contracting triangle pattern. Soon we will see a breakout. The price is inside the cloud implying that the trend is neutral. Resistance is at $1,290 and $1,298. Support is at $1,272 and at $1,265. Breaking above $1,290 will increase the chances of breaking above $1,298 and to move towards $1,330. If support at $1,272 fails, the chances to reach $1,265 and even $1,220 will increase.

On the daily chart we observe Gold price although it remains above the Ichimoku cloud, it has broken below the tenkan-sen(purple line) support which is now at $1,290. A daily close below $1,290 will put the short-term bullish trend in danger and may push the price towards the tenkan-sen (yellow line) at $1,240.

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Technical analysis of EUR/JPY for January 29, 2015 Market Analysis Review

General overview for 29/01/2015 09:40 CET

The yesterday's intraday support levels have been identified correctly and they are still providing the support for the price. The downside breakout is the crucial move on this market right now as it can be a part of a larger wave (b) blue progression. Nevertheless, the market is still developing the corrective wave 4 black and only a breakout below the level of 130.14 would invalidate this view.

Support/Resistance:

130.14 - Swing Low

131.83 - Intraday Support

132.46 - Intraday Support

134.21 - Intraday Resistance

134.99 - WR1

Trading recommendations:

Not much has changed since yesterday: the market still trades below the level of 134.21. Choppy trading conditions are expected as the market might be making wave 4 black in a shape of triangle or any other corrective shape. Any breakout higher above the level of 134.21 is bullish and buy orders should be opened with SL below one of the intraday support levels.

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Technical analysis of USD/CAD for January 29, 2015 Market Analysis Review

General overview for 29/01/2015 09:20 CET

The scenario has been changed a little to incorporate the latest wave development into the overall scenario, but the outlook has not changed a bit: still one more wave to the upside is missing and it looks like the market is trying to make it now. The bullish breakout above the level of 1.2340 will directly expose another weekly pivot at the level of 1.2698 to test, and this is the first target projection for wave 5 green this week. Please notice the bearish divergence is supporting the view of the last impulsive wave to the upside to come.

Support/Resistance:

1.2698 - WR1

1.2540 - Swing High|Intraday Resistance|

1.2375 - Intraday Support

1.2320 - Weekly Pivot

1.2309 - Intraday Support

1.2181 - WS1

Trading recommendations:

Fake golden trend line breakout forced to close sell orders with a minimal loss. Today daytraders should consider opening buy orders from the current price levels with SL below the level of 1.2498 and TP at the level of 1.2698.

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