Technical analysis of GBP/CHF for February 01, 2016 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair looks to be preparing for a drop lower towards 1.4300 levels, before resuming its rally. The pair is trading around 1.4569 now following hitting a high of 1.4660. Please also note that the pair has pulled back from the Fibonacci 0.382 resistance level (a drop from 1.5570 to 1.4120). It is hence recommended to remain short with risk at the level of 1.4685. Immediate interim resistance is seen at 1.4660, while support is seen at 1.4300 followed by 1.4125. A corrective drop from current levels should be followed by a rally towards 1.5/1.51.

Trading recommendations:

Stay short now with stop at 1.4685, a target is at 1.4300.

Good luck!

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USDX technical analysis for February 1, 2016 Market Analysis Review

The US dollar index is showing triple-top divergence signals as prices has reached new higher highs and stochastic. Important trend support is found at 98.50 where we saw prices performing a big bounce last week.

Red lines indicating divergence are seen inside the range between 98.50 and 100, so a breakout above or below could start a considerable new trend. Short-term support is found at 99. A breakout will open the way to 98.50. Resistance is seen at 100.

Blue lines - megaphone top

Red lines - upward sloping wedge

On the weekly chart price is still above the Ichimoku cloud inside the red upward sloping wedge. A break below 98.50 will be a bearish signal as it would push the price towards the weekly cloud support near 96.40 at least. On the other hand, a break above 100 could cause a final push towards 101.50-102 where the megaphone trend-line upper boundary is found.

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Gold technical analysis for February 1, 2016 Market Analysis Review

Gold price is moving higher inside the short-term upward sloping channel. A trend remains bullish as long as the price is above last week's low of $1,108. The area of $1,130-35 is a bullish target now.

Blue lines - bullish short-term channel

Black lines - medium-term bullish channel

Gold price remains above the Ichimoku cloud. The short-term trend is bullish. Support is found at $1,108. Resistance is seen at $1,130-35. The most probable outcome is to see prices moving higher towards $1,130.

Black lines - long-term downward sloping wedge

As expected gold price managed to stage an important bounce off the lower wedge boundary towards the kijun-sen resistance (yellow line) and after a long time we see this resistance indicator being challenged. Weekly support is found at the tenkan-sen (red line indicator).

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Elliott wave analysis of EUR/JPY for January 29, 2016 Market Analysis Review

Wave summary:

Bank of Japan has adopted negative interest rates this morning and that could be a game-changing decision. Therefore, we are going to watch the weekly chart today to get the right perspective. Our preferred count since late December 2013 shows that the pair will remain flat. A breakout above resistance at 132.44 will indicate that this expanded flat ended at 126.05 in mid-April last year. All price actions are part of a new impulsive structure since then.

A breakout above 132.44 will call for a rally towards 134.59 before a correction occurs. However, in the longer term we will be looking for much higher levels.

Trading recommendation:

Our stop at 130.25 has been hit and we should assess the situation before opening a new position.

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Elliott wave analysis of EUR/NZD for February 1, 2016 Market Analysis Review

Wave summary:

We continuously expect minor support at 1.6603 to protect the downside for a breakout above minor resistance at 1.6849 and more importantly a breakout above 1.6948 confirming more upside pressure towards 1.7273 and 1.7641.

Only an unexpected breakout below 1.6603 will delay the expected rally higher (for a more complex corrective decline) towards 1.6372 before the next impulsive rally higher takes place.

Trading recommendation:

We are long EUR from 1.6706 with stop placed at 1.6600. If you are not long EUR yet, then buy on a breakout above 1.6849 and use the same stop at 1.6600.

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Daily analysis of major pairs for February 1, 2016 Market Analysis Review

EUR/USD: The bias is neutral because every bullish effort to effect a protracted rally has been invariably frustrated by the bear's obstinacy. Unless one is a scalper, it would be OK to stay away from this market until there is a directional movement, which would most probably favor bears.

USD/CHF: This currency trading instrument had been consolidating for the first few days of the previous week and then rallied further reinforcing the existing bullish bias in the market. The price was able to go above the support levels of 1.0150 and 1.0200.The resistance level of 1.0250 has already been tested, and the market is expected to go above i, reaching the resistance level of 1.0300. There is a Bullish Confirmation Pattern in the market.

GBP/USD: We always say that rallies should be avoided on this pair and they should be taken as opportunities to go short. That was exactly what happened last week. The bullish effort we saw from Monday to Thursday was frustrated by a 200-pip bearish correction that happened on Friday. In fact, the bearish journey is supposed to continue this week and this month, an the outlook for GBP pairs is bearish.

USD/JPY: Last week, the USD/JPY pair was moving sideways from Monday to Thursday in the context of an uptrend. On Friday, January 29, 2016, the price broke significantly upwards testing the supply level of 121.50 (a movement of 300 pips). The outlook for USD/JPY, an other JPY pairs as well, is bullish for this week and for this month. Thus, we expect the USD/JPY pair to continue moving upwards this week.

EUR/JPY: Just like the USD/JPY pair and other JPY pairs, this cross moved seriously upwards last week. Before January 29, 2016, this cross had been already engaged in a slow and steady upward movement. The price went upwards by 400 pips last week, before experiencing a shallow pullback on Friday. A further rally is possible as the market proffers long opportunities with pullbacks along the way.

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Elliott wave analysis of EUR/JPY for February 1, 2016 Market Analysis Review

Wave summary:

A very strong rally on Friday which took place after BOJ's decision to adopt the negative interest rate, looked impulsive and if a breakout above important resistance at 132.44 is seen, then we will change our preferred count to above. This count shows that an expanded flat correction we have been tracking since late December 2013 terminated at 126.05 in mid-April 2015 and was followed by an impulsive wave (i) to 141.04 and the decline from 141.04 to 126.14 was a very deep wave (ii). A breakout above 132.44 will call for wave (iii) higher to at least 150.16.

If, however resistance at 132.44 is able to protect the upside for renewed downside pressure, the very complex corrective corrective pattern could still be unfolding.

Trading recommendation:

We will await the outcome of the test of the resistance-line before making the next move.

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Technical analysis of EUR/USD for February 01, 2016 Market Analysis Review

When the European market opens, economic news on the Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI is due to be released. The US will deliver economic data on the Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0890.

Strong Resistance:1.0884.

Original Resistance: 1.0873.

Inner Sell Area: 1.0862.

Target Inner Area: 1.0837.

Inner Buy Area: 1.0812.

Original Support: 1.0801.

Strong Support: 1.0790.

Breakout SELL Level: 1.0784.

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 February 01, 2016 Market Analysis Review

In Asia, Japan will release data on the Final Manufacturing PMI, and the US will unveil some economic data on the Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, there is a probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 121.84.

Resistance. 2: 121.60.

Resistance. 1: 121.37.

Support. 1: 121.07.

Support. 2: 120.83.

Support. 3: 120.60.

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 February 01, 2016 Market Analysis Review

The US dollar index is forming a higher high pattern below the resistance level of 99.73 after a huge rebound made at lows of January 28 . However, we should note that a strong inflection area is located around that resistance zone because the index was rejected during the session on January 21 as we can see at the H1 chart. The MACD indicator is overbought and we can see a correction towards the level of 99.43.

H1 chart's resistance levels: 99.73 / 99.97

H1 chart's support levels: 99.43 / 99.23

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 99.73, take profit is at 99.97, and stop loss is at 99.49.

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Daily analysis of GBP/USD for February 01, 2016 Market Analysis Review

We should note that during the last Friday session a double top pattern was formed and after it we saw a huge decline towards the support level of 1.4198. That move told us that the bearish bias has been resumed in a short-term basis. A breakout below the level of 1.4198 will expose the cable towards 1.4098, where a key inflection area was formed during the session on January 21. The MACD indicator is reaching an oversold condition and we may see some rebounds in coming hours.

H1 chart's resistance levels: 1.4309 / 1.4373

H1 chart's support levels: 1.4198 / 1.4098

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 found at 1.4198, take profit is at 1.4098, and stop loss is at 1.4298.

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Daily analysis of Silver for January 29, 2016 Market Analysis Review

Overview

The silver price declined strongly yesterday, breaking the 14.27 level, and has settled at a daily close below it. This stops the positive overview suggested in our recent reports and puts the price inside the sideways range again, waiting to breach one of the lines represented by the 13.65 support and 14.40 resistance to detect the next targets clearly. Therefore, the sideways trading will remain dominant on an intraday basis. Breaching the 14.40 level will reactivate the correctional bullish scenario, which next target is 15.30; while breaking the mark of 13.65 will resume the main bearish trend, which targets begin at 13.00 and extend to 12.00.

The expected trading range for today is between the 13.80 support and 15.67 resistance.

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Daily analysis of GBP/JPY for January 29, 2016 Market Analysis Review

Overview

The H4 chart demonstrates that a rebound from 163.96 extends higher today and the price has breached 38.2% retracement of 188.79 to 163.96 at 173.44. The rebound is stronger than expected and there is no sign of topping yet. A further rise could be seen to 55-day EMA (now at 176.45). On the downside, breaches below the minor support at 168.55 will turn the bias back to the low of 163.96.

Daily Pivots: (S1) 169.12; (P) 170.13; (R1) 171.60

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Gold analysis for January 29, 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways at the level of $1.114.00. An intraday short-term trend is neutral, but the short term trend is upward. It seems like that our strong support at the price of $1,109.00 held very successful.Also. the pair is trading well above all key MA`s (SMA 50,100,150,200) according to the H4 time frame. The take-profit zone is established around the level of $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). In the 30M time frame, I found a massive volume spike (selling climax) and successfully test of supply, which is a sign that selling looks risky. Watch for buying opportunities on dips.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,122.90

R2: 1,126.65

R3: 1,133.70

Support levels:

S1: 1,110.75

S2: 1,107.00

S3: 1,100.95

Trading recommendations:Trading recommendations: watch for potential buying opportunities on dips.

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EUR/NZD analysis for January 29, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6642 in a very high volume. In the daily time frame, we can observe a test of our key point in the control zone (1.6640-1.6515). In the H4 time frame, the price has broken this point, and we may expect further upward movements. I found upward trend line. The price is well above all key MA`s (50SMA, 100SMA, 150SMA, and 200 SMA). The first take profit zone is seen around the level of 1.7260 (previous swing high).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6965

R2: 1.7020

R3: 1.7110

Support levels:

S1: 1.6780

S2: 1.6725

S3: 1.6630

Trading recommendations: Trading recommendations: the intraday trend is neutral, but the short-term trend is upward. Watch for potential buying opportunities.

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Global macro overview for 29/01/2016 Market Analysis Review

Global macro overview for 29/01/2016:

The UK GDP data for the fourth quarter were released yesterday and the figures were in line with expectations (0.5% q/q; 1.9% y/y). The services industry contributed greatly to the GDP increase in the end of 2015 (78.6% of Britain's economic output), while production and construction continued to drag the growth down. For the whole 2015, the UK growth slowed to 2.2% from 2.9% in 2014, the Office for National Statistics says. Importantly, the UK economic output have been rising steadily for the last 12 consecutive quarters and unemployment is at its lowest level for a decade. Therefore, the BoE is likely to be more focused on the global growth problems (particularly in China) that can cause headwinds for the British economic recovery.

Now let's take a look at the technical chart of the GBP/USD pair. Currently, the H4 time frame shows down trend, and the recent bounce from the 1.4078 level is in a shape of a rising wedge. This means that any break below the lower dashed blue line will indicate the downtrend resumption that can even accelerate if the technical support at 1.4218 is violated.

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Global macro overview for 29/01/2016 Market Analysis Review

Global macro overview for 29/01/2016:

The Japanese yen has fallen sharply on Friday after the Bank of Japan shocked financial markets by lowering interest rates into negative territory from 0.10% to -0.10%. Other fundamental data were worse than expected as well, including the national CPI index, household spending and industrial production. However, the BoJ Governor Haruhiko Kuroda has warned recently that the bank would continue monetary easing if necessary. It looks like the BoJ actions aimed to increase the inflationary pressure has been unsuccessful, so last night the bank decided to follow the path which the ECB took last year. Still, there is the question whether negative rates would help to fight the inflation? Some clues can be borrowed from the experience of ECB: it had implemented negative rates, but inflation levels didn't respond.

From the technical point of view, the reaction of the USD/JPY pair was quite dramatical, as USD/JPY has surged to its highest levels since late December. However, there is still one more resistance to break before we can conclude the longer term upward trend has resumed: daily technical resistance is at 123.77. When the pair breaks this level, the bulls will set their new target at 125.84 and beyond.

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Technical analysis of USD/CAD for January 29, 2016 Market Analysis Review

General overview for 29/01/2016:

The market still trades inside of the narrow dashed blue channel, but the upside breakout is coming. The reason for that is diminishing downward momentum and bullish divergence, which might be seen between the price and momentum oscillator. Moreover, there is an uncompleted wave progression to the upside that indicates at least wave c purple should made a local high around the level of 1.4272. Please notice the larger uptrend is still intact in this time frame, but the corrective cycle might get complex and more time-consuming.

Support/Resistance:

1.4690 - Swing High

1.4436 - WR1

1.4420 - Technical Resistance

1.4330 - 38%Fibo

1.4325 - Technical Resistance

1.4272 - Weekly Pivot

1.4156 - Intraday Resistance

1.3947 - Intraday Support

Trading recommendations:

We are still expecting bullish wave c to the upside. So again today day traders should consider placing buy orders if the intraday resistance at the level of 1.4156 is violated. The SL orders should be placed below the level of 1.4028 and TP at the level of 1.4271.

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Technical analysis of EUR/JPY for January 29, 2016 Market Analysis Review

General overview for 29/01/2016:

As anticipated yesterday, the up trend has resumed in a very impulsive fashion. The market has broken above the technical resistance at the level of 130.85, reaching a local high at the level of 132.27. From the Elliott Wave point of view the current upward move might be completed as there are five impulsive wave seen in the hourly chart. Nevertheless, an alternative count suggests even more impulsive wave progression to the upside as long as the level of 130.22 is not violated.

Support/Resistance:

132.27 - Local High|Intraday Resistance|

131.73 - WR3

130.22 - Intraday Support

130.13 - WR2

Trading recommendations:

Yesterday's TP level has been hit and all trades should be closed in profit. Currently, day traders should refrain from trading and wait for another trading setup to occur.

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Technical analysis of NZD/USD for January 29, 2016 Market Analysis Review

Overview:

• The NZD/USD pair is still trading between the levels of 0.6428 and 0.6558, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate signs of a bullish trend. In other words, buy deals are recommended above the level of 0.6427 with its first target at 0.6558. From this point, the pair is likely to begin the ascending movement to the point of 0.6558 and further to the level of 0.6593 in order to form a new double top in the H1 chart. However, if the pair fails to pass through the level of 0.6593, the market will indicate a bearish opportunity below the new strong resistance level of 0.6593. Regarding to this, sell deals are recommended below the level of 0.6593 with the first target at 0.6477. It is possible that the pair will turn to downward movement, continuing the development of the bearish trend towards the level of 0.6424.

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Technical analysis of EUR/USD for January 29, 2016 Market Analysis Review

Overview:

• Today, the EUR/USD pair will probably turn to bearish sentiment from the level of 1.0922 because the first resistance is seen at the level of 1.0922. The double top was also placed near the resistance at 1.0984. Accordingly, it will profitable to sell at 1.0922 with the first target at 1.0850/1.0856 testing minor support at this level, which represents a the ratio of 38.2% Fibonacci retracement in the H1 chart. If the trend breaks 38.2% Fibonacci retracement, it will call for a downtrend in order to continue its bearish movement towards 1.0724. The weekly support one is found at 1.0724 thus week. However, the stop loss should be placed at the level of 1.1005. Equally important, the support level is seen at 1.0724. Therefore, we expect a range between the levels of 1.0724 and 1.0984 today.

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USDX technical analysis for January 29, 2016 Market Analysis Review

The US dollar index broke an upward sloping wedge downwards as expected, but renewed dollar strength after the BOJ announcements has pulled the index back up to test the broken support and cloud resistance.

Red lines - upward sloping wedge

The US dollar index has broken below 98.80 cloud and wedge support, but now it is bouncing back up towards the Ichimoku cloud resistance that was support. This back-test could be a final chance to go short on the dollar index. As long as the price is below the cloud, I would remain bearish.

The US dollar index has reached the level of 98.44 yesterday, so a breakout below that low will confirm the bearish reversal and that we are heading towards 97 at least if not lower. The price is testing the weekly tenkan-sen on the weekly chart as shown above. Today's close is important.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for January 29, 2016 Market Analysis Review

Gold price continues pulling back towards support of $1,110-$1,105 as it trades inside a short-term upward sloping channel. Yesterday, I warned bulls to be cautious as our target was reached.

Yellow lines - short-term bullish channel

Blue line -bullish channel

Gold price continues to trade above the Ichimoku cloud inside the bullish channel, but is testing the kijun-sen (yellow indicator) support at $1,110. Breaking below it will open the way for a deeper pullback towards the Ichimoku cloud.

On a weekly basis, the price has reached as expected the kijun-sen but got rejected. To remain in control, bulls should not fail to hold. A failure to hold above the tenkan-sen will imply new lows below $1,000.The material has been provided by InstaForex Company - www.instaforex.com

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Daily analysis of major pairs for January 29, 2016 Market Analysis Review

EUR/USD: This currency trading instrument has succeeded in generating a "buy" signal. Short trades are not currently logical according to the price action in the chart. The price could go further north, targeting the resistance lines at 1.0000 and 1.0050. A breakout above the resistance line of 1.0000 would particularly be remarkable, because it is a psychological line.

USD/CHF: The USD/CHF pair moved sideways yesterday trading in a weakening bullish trend. The bullish effort devoted to the EUR/USD pair has been affecting the USD/CHF pair (which is negatively correlated to the EUR/USD). In case the EUR/USD pair goes further upwards, USD/CHF might plummet.

GBP/USD: There has been a persistent bullish effort on this pair – against all odds. The bullish effort has been persistent enough to become a real threat to the extent bearish outlook. In fact, an upward movement of 200 pips would lead to a new bullish signal. A Bullish Confirmation Pattern is likely to be formed in the market in the market.

USD/JPY: The bullish signal remains valid in this market, though the price has not gone significantly upwards. The price is above the EMA 56 and the RSI period 14 is above the level of 50, which means that there is a high possibility that the price could go further upwards when momentum returns to the market.

EUR/JPY: The EUR/JPY pair is trading in a clear uptrend. It has moved up by 200 pips this week getting above the demand zones of 128.50, 129.00, and 129.50. Our target for this week has already been met at the supply zone of 130.00, but the price is clearly ready to move far beyond this supply zone. So, the next targets are the supply zones of 130.50 and 131.00, which the pair might attain today or next week.

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Technical analysis of Silver for January 29, 2016 Market Analysis Review

Technical outlook and chart setups:

Silver is testing the resistance-turned-support line of a consolidation around $14.25. The metal could hit a higher low at $14.20 yesterday looking for an opportunity to test $14.60 levels again. Please note that a successful test here should enable bulls to gain control of the market again with prices exceeding $14.60 and $15.00. It is hence recommended to remain long now with risk at $13.90. Immediate support is seen at $14.00, while resistance is seen at $14.50/60.

Trading recommendations:

Remain long now with stop at $13.90, a target is $14.60.

Good luck!

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Technical analysis of Gold for January 29, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold formed a bottom around $1,108.00/09.00 and then reversed. The metal is trading around the level of $1,115.00/16.00 now looking for a way to push higher towards $1,136.00 at least. An overall bullish structure still remains intact in the yellow metal chart. Gold bounced off a trend line support, Fibonacci 0.382 support, and past resistance turned support as depicted on the H4 chart. It is hence recommended to remain long and also add further positions with risk at $1,100.00. Immediate support is seen at $1,100.00, while resistance is seen at $1,128.00 (interim).

Trading recommendations:

Remain long with stop at $1,100.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for January 29, 2016 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY has raised and hit an intraday high of 132.25 before pulling back. The pair is trading around the level of 131.80 now looking for an opportunity to reverse from current levels, towards the major trend which is down. Please note that the pair has hit the trend line resistance and also around Fibonacci 0.618 retracement as depicted on the daily chart. It is hence recommended to initiate short positions with risk at the level of 134.00. Immediate support is seen at 130.50, while resistance is now seen at 132.25. Bears should regain control until prices remain broadly below 132.25.

Trading recommendations:

Initiate short positions now with stop at 134.00, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for January 29, 2016 Market Analysis Review

Wave summary:

We can see an upward staircase, but this might be because this cross is accumulating energy for the extended red wave iii higher towards 176.41 and higher towards 1.8020.

In the short term, we expect minor support at 1.6715 and more importantly support at 1.6603 to protect the downside for a breakout above 1.7010 and more importantly a breakout above 1.7273 providing upside acceleration to 1.7641 and 1.8020.

Only a breakout below support at 1.6603 will delay the expected rally higher.

Trading recommendation:

We are long EUR from 1.6706 with stop placed at 1.6600. If you are not long EUR yet, then buy on the breakout above 1.7010 and place your stop at 1.6600 too.

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NZD/USD intraday technical levels and trading recommendations for January 29, 2016 Market Analysis Review

On December 30, a significant bearish rejection took place around the level of 0.6840 (daily resistance level) similar to what happened previously on October 23.

Moreover, a daily closure below 0.6750 allowed a quick bearish decline to occur initially towards the level of 0.6500, which was broken to the downside as well.

The daily chart illustrates a double-top reversal pattern. An obvious bearish breakdown of the depicted support level at 0.6400 should be executed in order to confirm the reversal pattern.

However, the levels of 0.6400-0.6350 constituted a significant support zone, which corresponded to the backside of a broken downtrend line. Hence, a strong bullish rejection was expressed on January 20.

Last week, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets.

However, on Friday, a lower high has been reached at the level of 0.6530. This enhanced the bearish side of the market and brought the NZD/USD pair towards the depicted support level of 0.6400 again.

Earlier this week, the depicted support level of 0.6400 acted as a prominent key level, which offered a valid buy entry as expected. The suggested position is running in profits now. S/L should be moved to 0.6400 to secure some profits.

Bullish persistence above 0.6500 is currently needed to keep moving towards higher bullish targets. An initial target is located at 0.6590.

Otherwise, a bearish closure below 0.6500 brings another bearish pullback towards 0.6430 and 0.6370 (which is less probable to occur).

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USD/CAD intraday technical levels and trading recommendations for January 29, 2016 Market Analysis Review

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established between 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was executed.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4600 (141.4% Fibonacci expansion) where evident bearish rejection was expected (a bearish engulfing weekly candlestick).

The level of 1.4100 (Fibonacci Expansion 100%) remains a significant key level to be watched for price reaction during the current week's consolidations. It may offer a valid sell entry if any bullish pullback occurs soon.

On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if the current bearish momentum persists below the mentioned key level (1.4100) and 1.4000 (a prominent Weekly Support).

Trading recommendations:

As we expected, a valid sell entry was offered around 1.4650 (141.4% Fibonacci expansion). It is already running in profits.

S/L should now be lowered to 1.4200 to secure our profits, while the next T/P level remains projected at 1.3800 if USD/CAD bears maintain enough bearish momentum below 1.4100 and 1.4000.

On the other hand, conservative traders should wait for a bearish pullback towards the price zone of 1.3370-1.3400 where a valid buy entry can be offered.

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Intraday technical levels and trading recommendations for GBP/USD for January 29, 2016 Market Analysis Review

Few months ago, the market was pushed above the depicted weekly level at 1.5550 trying to reach the zone of 1.5900. That's where the depicted Head and Shoulders pattern was formed.

On November 2015, a bearish engulfing weekly candlestick closed below the level of 1.5200 (the neckline of the Head and Shoulders pattern). This supported the bearish side of the market in the long term.

A quick bearish decline towards the previous weekly level of 1.4950 was expected as a result of the bearish breakout below 1.5200.

Extensive bearish pressure has been applied to the demand levels of 1.4620 and 1.4360. Both of them were broken to the downside.

Shortly after, the GBP/USD pair has moved below 1.4220, evident signs of bullish recovery expressed around 1.4075. This resulted in the hammer weekly candlestick, which closed above 1.4220 indicating extensive bullish rejection.

That is why, the zone of 1.4360-1.4220 remains a significant demand zone for the GBP/USD pair.

Bullish persistence above 1.4220 and 1.4360 is mandatory to maintain enough bullish strength in the market. The first bullish target is seen at 1.4615.

During 2015, significant bearish rejection was expressed around 1.5770 and 1.5230 where a bearish Head and Shoulders reversal pattern was formed. Since then, the market has been trending downwards within the depicted bearish channel.

Few weeks ago, the level of 1.4950 was broken to the downside, constituting a significant supply level.

Daily persistence below 1.4800 (the lower limit of the depicted bearish channel) favored a bearish decline towards 1.4680 and 1.4610 where previous prominent bottoms are located on the GBP/USD daily chart.

Currently, the GBP/USD pair looks oversold as it is moving further below the prominent demand levels of 1.4620 and 1.4360.

That is why, any signs of bullish rejection around the demand level of 1.4220 should be considered a valid buy signal.

Bullish persistence above 1.4360 is mandatory to maintain enough bullish strength in the market. The first bullish target is projected towards 1.4615.

Trading Recommendation:

In our previous articles, traders were advised to take a valid buy entry when the GBP/USD pair achieved a daily closure above the level of 1.4220 on Friday. It is already running in profits now.

Initial T/P levels should be located at 1.4360, 1.4440, and 1.4500, while S/L should be advanced to 1.4200 to offset the associated risk.

Those who missed the initial trade can have another buy entry when the GBP/USD pair achieves a bullish closure above 1.4360. T/P levels would be located at 1.4440, 1.4500, and 1.4600.

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Intraday technical levels and trading recommendations for EUR/USD for January 29, 2016 Market Analysis Review

On January 2015, the EUR/USD pair moved below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450.

On March 2015, EUR/USD bears challenged the monthly demand level of 1.0570 (established in January 1997). One month later, strong bullish recovery was observed around the mentioned demand level.

April's candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October and November) reflected strong bearish rejection around the level of 1.1450.

As mentioned above, the long-term projected target is still seen at 0.9450 if the current monthly candlestick closes below the depicted demand level of 1.0570.

On August 2015, the EUR/USD pair looked overbought as the market spiked above the level of 1.1500 (daily supply level).

Shortly after, the intraday supply zone of 1.1360-1.1400 produced significant bearish pressure.

A bearish breakout of the depicted uptrend was performed on October 23. This enhanced a long-term bearish scenario with targets at 1.0800 and 1.0600.

On November 2015, daily persistence below the level of 1.0800 (a prominent key level) ensured enough bearish momentum towards 1.0550 (a monthly demand level) where the recent bullish pullback was initiated towards 1.0800 and 1.1000.

During the last few weeks, the level of 1.1000 was considered to be the significant supply level to offer valid sell entries. Moreover, a Head and Shoulders reversal pattern was executed as depicted on the chart.

The previous bearish closure below 1.0800 (the reversal pattern neckline) confirmed the depicted reversal pattern. An estimated bearish target is located at 1.0620.

Today, bearish persistence below 1.0800 (neckline of the depicted reversal pattern) is needed to allow more bearish decline to occur towards 1.0730, 1.0620, and 1.0570.

On the other hand, bullish persistence above 1.0830 hinders further bearish decline. Hence, a bullish pullback towards 1.1000 would be expected.

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