Daily analysis of major pairs for January 12, 2016 Market Analysis Review

EUR/USD: The EUR/USD pair went down slightly on Monday with nothing significant. This week would see what shall happen to the market, but the bearish bias would not be over unless the price goes above the resistance line at 1.1000, which is a formidable line.

USD/CHF: On Monday, this pair showed some determination to continue going upwards. It is possible that the price would test the resistance level at 1.0100, which bulls could not breach to the upside last week. Another attempt to breach it to the upside might be witnessed this week, though that would require a significant buying pressure.

GBP/USD: The GBP/USD pair is still in a bearish mode, and the price might go further southwards. Any rallies in the market should be seen as opportunities to sell short, because the bearish trend is likely to continue. Therefore, the accumulation territories 1.4500 and 1.4450 could be attained.

USD/JPY: This currency trading instrument, which moved southwards last week, still shows the tendency to move further south this week. The price made several attempts to break the demand level at 117.00 to the downside, but with no success. The price still shows the determination to go further south, which may eventually enable it to go below the demand level at 117.50.

EUR/JPY: This cross moved lower on Monday in conjunction with the extant bearish outlook. The Bearish Confirmation Pattern in the market is valid, and the price could test the demand zone at 127.00. The price could even breach that demand zone to the downside.

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Technical analysis of USD/CAD for January 12, 2016 Market Analysis Review

General overview for 12/01/2016:

Yesterday's swing high has been broken and this is why the main count has been invalidated. When we take a look at a higher time frame like H4, the wave progression still looks impulsive, but the projected target levels are rather close to the current price. Moreover, there is still no sign of the overbalance and price is still trading inside the dashed blue channel. The projected target for the wave 5 at the level of 1.4271 might be hit, but if wave 5 gets extended to the upside, further price targets are 1.4396 and 1.4551.

Support/Resistance:

1.4355 - WR1

1.4271 - Wave 5 Target Projection

1.4186 - Intraday Support

1.4098 - Weekly Pivot

1.4046 - Intraday Support

1.4010 - WS1

Trading recommendations:

Daytraders should consider to open sell orders from the level of 1.4271 with SL just above and TP at the level of 1.4186.

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Technical analysis of EUR/JPY for January 12, 2016 Market Analysis Review

General overview for 12/01/2016:

One more wave down has been made yesterday inside of the wave b purple subcycle. The count is still valid, but the target for the potential wave c purple has been lowered to the level of 129.61, just above the old wave -iv- top. Nevertheless, to confirm this scenario, the price must break out higher above the golden trend line in impulsive fashion.

Support/Resistance:

127.31 - Intraday Support

128.31 - Weekly Pivot

129.08 - Intraday Resistance

129.31 - Wave c Target Projection

131.01 - Technical Resistance

Trading recommendations:

Daytraders should open buy orders from current market levels witch SL just below the last intraday support at the level of 127.31 and TP at the level of 129.61

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Elliott wave analysis of EUR/NZD for January 12 - 2016 Market Analysis Review

Wave summary:

We expect that the minor correction from 1.6841 down to 1.6468 is enough to resume the underlying uptrend for a rally past resistance at 1.6841. A firm break above 1.6841 will call for upside acceleration with the next targets to look for at 1.7132 and 1.7838.

Should the low at 1.6468 be broken, the next corrective target will be found at 1.6418, but at no time support at 1.6242 is likely to be broken.

Trading recommendation:

We remain long EUR from 1.5810 with our stop placed at 1.6235. If you are not long EUR yet, then buy near 1.6471 and use the same stop at 1.6235.

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Elliott wave analysis of EUR/JPY for January 12 - 2016 Market Analysis Review

Wave summary:

We continue to look for minor resistance at 128.47 protecting the upside for a break below minor support at 127.28 and more importantly a break below support at 126.76 confirming renewed downside pressure towards 126.05 and below to 125.45.

If minor resistance at 128.47 is broken, a more complex correction will be unfolding and a minor rally closer to 129.48 should be expected before the next downside pressure sets in.

Trading recommendation:

We remain short from 130.95 with stop placed at 129.10. If you are not short EUR yet, then sell near 128.20 with stop placed at 128.50.

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Technical analysis of EUR/USD for Januari 12, 2016 Market Analysis Review

When the European market opens, no news will be released from the eurozone. However, the US will post some economic reports such as IBD/TIPP Economic Optimism, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility today.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0905.

Strong Resistance:1.0899.

Original Resistance: 1.0888.

Inner Sell Area: 1.0877.

Target Inner Area: 1.0852.

Inner Buy Area: 1.0827.

Original Support: 1.0816.

Strong Support: 1.0805.

Breakout SELL Level: 1.0799.

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 Januari 12, 2016 Market Analysis Review

In Asia, Japan will release the Economy Watchers Sentiment, Consumer Confidence, Bank Lending y/y, and Current Account. The US will also publish some economic data such as IBD/TIPP Economic Optimism, JOLTS Job Openings, and NFIB Small Business Index. So there is a probability the USD/JPY pair will move with low to medium volatility today.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 118.39.

Resistance. 2: 118.16.

Resistance. 1: 117.93.

Support. 1: 117.65.

Support. 2: 117.42.

Support. 3: 117.19.

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 12, 2016 Market Analysis Review

The USDX is still trying to ride the overall bullish bias, as the support level of 98.39 rejected the price action from sellers. Now, there is a possible bullish consolidation ongoing above the 200 SMA and the Index is pointing to test the resistance zone of 99.22. If the Index breaks this zone, then we can expect a rally towards the 99.49 level.

H1 chart's resistance levels: 99.22 / 99.49

H1 chart's support levels: 98.79 / 98.39

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 99.22, take profit is at 99.49, and stop loss is at 98.94.

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Daily analysis of GBP/USD for January 12, 2016 Market Analysis Review

On the H1 chart, we should note that there are corrective moves above the support level of 1.4464, which can be challenged in the coming days, as the pair remains very strong in the overall bearish bias. The 200 SMA is pointing to the downside and that's why we should keep on mind the bearish targets placed around the 1.4464 and 1.4374 levels.

H1 chart's resistance levels: 1.4555 / 1.4608

H1 chart's support levels: 1.4464 / 1.4373

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 1.4464, take profit is at 1.4373, and stop loss is at 1.4555.

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Daily analysis of USD/JPY for January 11, 2016 Market Analysis Review

Overview

According to the shown H4 chart, there is no change in the USD/JPY outlook. A deeper fall is still expected as long as the 118.83 minor resistance holds to the 116.13 key support level. Price actions from 125.85 are still viewed as a sideways consolidation pattern. Breaks above the level of 118.83 will turn bias back to the upside to the 120.33 support turned into resistance first. Still, a sustained break of 116.13 will indicate that it is deeper medium-term correction. At this point, we are viewing it as a sideways pattern and we expect strong support around 116.13 to contain the downside. However, a sustained break of 116.13 will indicate that the corrective fall from 125.85 would extend to 38.2% retracement of 75.56 (the low of 2011) to 125.85 at 106.63 and lower.

Daily Pivots: (S1) 116.91; (P) 117.82; (R1) 118.34

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Daily analysis of Silver for January 11, 2016 Market Analysis Review

Overview

The silver price continues fluctuating around the EMA50, and the price is still inside the sideways range that appears on the chart above. Its lines are represented by the 13.65 support and 14.25 resistance, noticing that positive Stochastic contradicts the negative pressure exerted by the EMA50. In general, we still suggest sideways trading on an intraday basis until the price manages to breach one of the mentioned levels. Breaking the 13.65 support will push trading to visit 13.00 as the first main target, while breaching the 14.25 level will push the price to test the 15.30 level mainly. The silver price did not show any strong moves to continue fluctuating around the 13.96 level since morning; thus, there is no change in the sideways trading scenario that confined between 13.65 support and 14.25 resistance, waiting to breach one of them in order to detect the next destination clearly.

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Daily analysis of GBP/JPY for January 11, 2016 Market Analysis Review

Overview

GBP/JPY dropped sharply last week and reached the mark of 170.36. The development confirmed a medium term-trend reversal. Initial bias remains on the downside this week for the next long-term Fibonacci level at 165.67. On the upside, breaks above minor resistance at 173.35 will turn bias neutral and bring consolidations first. But recovery should be limited below the 180.36 support turned into resistance and bring fall resumption. In the longer-term picture, the uptrend from the 116.83 long-term bottom should have made a medium-term top at 195.86. We expect price actions from 195.86 to develop into a corrective pattern. Such an uptrend should resume at a later stage after the correction completes.

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NZD/USD intraday technical levels and trading recommendations for January 11, 2016 Market Analysis Review

The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.

On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.

Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800.

As anticipated, temporary bearish rejection existed around the price level of 0.6840 (daily resistance level) similar to what happened previously on December 16.

On the other hand, an estimated projection target for this flag pattern remains at 0.6950 when the NZD/USD pair manages to keep trading above 0.6750 and 0.6840.

On the other hand, a daily closure below 0.6750 invalidated the depicted uptrend, allowing a quick bearish decline initially towards the price level of 0.6600 which was broken-down as well.

Price level of 0.6500 remains a significant Support level for the pair where a new bullish swing towards 0.6600 and 0.6700 may be initiated.

Two weeks ago, lack of enough bullish pressure was seen above 0.6800. That is why, the current bearish decline is pushing the pair even below the depicted support levels at 0.6700 and 0.6600.

However, an evident bearish breakdown of the depicted uptrend line occurred shortly after. This invalidated the previous bullish scenario allowing a quick bearish decline to occur towards the prominent support level of 0.6600.

Bearish decline went further below 0.6600 extending towards 0.6500 which corresponds to the lower limit of a previous consolidation range. Early signs of bullish recovery are manifested on the chart today.

Bullish fixation above 0.6600 is needed to pursue towards higher bullish targets at 0.6700 and 0.6750 where price action should be watched carefully.

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USD/CAD intraday technical levels and trading recommendations for January 11, 2016 Market Analysis Review

Overview:

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 long-term bullish target was projected towards the level of 1.3270.

A significant bearish rejection was observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3400.

Few weeks ago, a bearish breakout below the support level of 1.3075 was needed to enable a further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3400 (the upper limit of the recent consolidation range) was performed on December 7.

Daily fixation above 1.3400 enhanced the bullish side of the market.

A bullish visit towards the next resistance level of 1.4100 (Fibonacci Expansion 100%) was expected to take place. Hence, a valid sell entry should be expected around this level which is being tested again today.

On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for a valid buy entries if a bearish correction occurs.

Trading recommendations:

Risky traders can have a counter-trend sell position around 1.4100 (Fibonacci Expansion 100%) if enough bearish rejection is expressed.

On the other hand, conservative traders should wait for the USD/CAD pair to retrace towards the zone of 1.3380-1.3400 looking for a low-risk buy entry. S/L should be placed below 1.3300.

The initial T/P levels should be placed at 1.3500 and 1.3600. The long-term bullish target is projected towards 1.4100.

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Intraday technical levels and trading recommendations for GBP/USD for January 11, 2016 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which provided significant bearish resistance.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (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 weekly demand level of 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Weekly persistence below 1.4950 exposed the way towards 1.4800 while the price levels of 1.4650 and 1.4600 (the depicted demand levels) waited for a bearish visit after the market pushed further below the level of 1.4800 (the lower limit of the depicted bearish channel).

Given the previous bullish rejection expressed around 1.4600 on April 2015, a new bullish swing off the current price zone should be expected.

However, a bullish closure above 1.4600 and 1.4700 is needed to allow a bullish pullback to occur towards 1.4950.

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

The price level of 1.4950 was broken to the downside few weeks ago, constituting a significant supply level. As anticipated, it offered a valid sell entry on December 24.

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

This week, the GBP/USD pair looks oversold as it is being pushed further below the lower limit of the depicted bearish channel as well as the prominent demand levels at 1.4600.

That is why, early signs of a bullish reversal around the price zone of 1.4650-1.4500 should be considered as a valid buy signal.

Trading Recommendation:

Risky traders can have a valid BUY entry anywhere around the price zone of 1.4650-1.4570 if enough bullish rejection is expressed on short-term charts (H4 and H1).

S/L should be located below 1.4500 to minimize our risk. Initial T/P levels should be located at 1.4700, 1.4800 and 1.4950.

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Intraday technical levels and trading recommendations for EUR/USD for January 11, 2016 Market Analysis Review

Previously, the EUR/USD pair moved lower 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.

EUR/USD bears pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

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

Hence, a long-term projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level of 1.0570 occurs before the end of this month (January).

On August 24, 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 provided significant bearish pressure. An intraday sell entry was suggested. All T/P levels are located at 1.1150 and 1.1050 were already reached.

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.

One month ago, daily persistence below the level of 1.0800 and 1.0700 (key levels) ensured enough bearish momentum towards 1.0550 (prominent monthly level) where the recent bullish pullback was initiated.

Last week, the level of 1.1000 was considered a significant supply level to offer a valid sell entry, and it already did.

A Head and Shoulders reversal pattern was established around the mentioned supply level.

Bearish closure below 1.0800 (neckline) confirmed the depicted reversal pattern. Estimated bearish target is located at 1.0620.

The price zone of 1.0850-1.0900 (reversal pattern's neckline) can offer another valid SELL entry as long as the EUR/USD pair keeps trading below 1.1000 (the origin of the reversal pattern).

Note that bearish persistence below 1.0800 (neckline of the depicted reversal pattern) is needed to allow further bearish decline towards 1.0730 and 1.0550 again.

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Technical analysis of EUR/JPY for January 11, 2016 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading around 128.30 levels for now after bottoming out at 127.00 levels last week. The pair had earlier made interim highs at 129.00 levels and seem to be correcting now before resuming its rally. Bulls could remain in control until prices remain broadly above the 126.00 levels. Besides, the upside potential remains around 134.50 levels and higher levels before producing a meaningful retracement. It is recommended to remain long with risk at 126.00 levels for now. Immediate support is seen at 126.00 levels and resistance is seen at 132.50 levels.

Trading recommendations:

Remain long for now, stop is at 126.00 target is open.

Good luck!

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Technical analysis of GBP/CHF for January 11, 2016. Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading above 1.4500 levels for now and is forming an engulfing bullish candlestick reversal signal on the daily chart. It is indicating that the pair may be poised to stage a rally from current levels in the sessions to come. Note that the pair has found support off the Fibonacci 0.618 support of the entire rally between 1.3800 and 1.5500 levels. Immediate support is seen at 1.4400 levels, while resistance is seen through 1.4800 levels.The pair is expected to face interim resistance at 1.5000 levels, which is the back side of the trend-line resistance.

Trading recommendations:

Initiate long positions now, stop is at 1.4350, target is open.

Good luck!

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Technical analysis of Gold for January 11, 2016. Market Analysis Review

Technical outlook and chart setups:

Gold might have formed an interim resistance around $1,113.00/50 levels on last Friday. The metal should be dropping lower in a corrective way before the rally resumes. Please note that the metal has also hit the Fibonacci 0.382 resistance of the drop between $1,90.00 and $1,046.00 levels. A corrective drop towards $1,180.00 levels could be expected now before the rally could resume again towards $1,1125.00 levels at least. Immediate support is seen at $1,075.00 levels, followed by $1,057.00, while resistance is seen at $1,113.00 levels and higher. Watch out for a bearish reversal around $1,136.00 levels in the near term.

Trading recommendations:

Looking to re-enter long positions around $1,080.00.

Good luck!

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Technical analysis of Silver for January 11, 2016. Market Analysis Review

Technical outlook and chart setups:

Silver is still seen trading in a tight consolidation range of a cone type as depicted on the H4 chart. The metal is bouncing between $13.70/80 levels as support and $14.20/40 levels as resistance. This subdue trading since several trading sessions might be an indicator for the next big move on either side. The break out should be awaited, on either side, which would be extremely powerful. It is recommended to trade in the range for now and then go along the breakout's direction. Immediate support is seen at $13.80 levels, while resistance is seen at $14.20 levels for now. A break above $14.30 and $14.60 would confirm that bulls are here to stay.

Trading recommendations:

Trading in the range is a good strategy for now.

Good luck!

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Technical analysis of EUR/USD for January 11, 2016 Market Analysis Review

Overview:

• The price of the EUR/USD pair is going to move between the levels of 1.1009 and 1.0774. As a result, the range of the EUR/USD pair will be around 235 pips in coming days. The resistance has been set at the level of 1.1009 this week, and a minor support stands at 1.0860 because it is representing the weekly pivot point. Equally important, support has been set at 1.0774 being the weekly support level. So, the market will indicate a bearish opportunity below 1.1009, because the level of 1.1009 was forming a support last week and turned into strong resistance this week. Therefore, it will be a good sign to sell below the price of 1.1009 with the first target of 1.0860 in order to test the pivot point on the H1 chart. Furthermore, if the trend manages to close below the 1.0860 level, then the market will be developing a downtrend below the double bottom towards the level of 1.07780.

Weekly technical analysis of EUR/USD:

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Technical analysis of GBP/USD for January 11, 2016 Market Analysis Review

Weekly technical analysis of GBP/USD:

Trading recommendations:

• The resistance of the GBP/USD pair is set at the level of 1.4611, but a double top is placed at the point of 1.4718. Consequently, the descending movement will probably be lower than the 1.4611 level with the targets at 1.4718 in order to try breaking the weekly pivot point (1.4618). The pair will continue its movement towards the levels of 1.4718. On the contrary, the support has already been set at 1.4505. It will be rather profitable to buy above this level to retest it in the long period. Therefore, buy deals are recommended above the 1.4505 level with targets at 1.4611 and 1.4718 to reach the double top.

General idea about the pivot point.

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released affects the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support, it is likely to result in a significant price movement, it is also referred to as a breakout.

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Gold analysis for January 11, 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,103.00. In the daily time frame, we can observe testing of Fibonacci retracement 38.2% and price action resistance and testing of SMA 100. Buying at this stage looks risky since the price is at the strong resistance. The intraday trend is upward, but the mid-term trend is still downward. I placed Fibonacci expansion to find a potential end of upward correction and got Fibonacci expansion 161.8% at the price of $1,115.50 (almost tested). Be careful when buying gold at this stage and watch for potential selling opportunities.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,107.70

R2: 1,108.80

R3: 1,110.50

Support levels:

S1: 1,104.20

S2: 1,103.10

S3: 1,101.35

Trading recommendations: Watch for potential selling opportunities, buying looks risky.

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EUR/NZD analysis for January 11, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6837 in an average volume. In the daily time frame, I found rejection from our SMA100 and SMA150 at the price of 1.6770. In the H1 time frame, I found a strong upward trend and bullish engulfing pattern. Besides, the price is above SMA50, SMA100, and SMA200. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities. The resistance level is at the price of 1.6835.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6720

R2: 1.6820

R3: 1.6985

Support levels:

S1: 1.6395

S2: 1.6295

S3: 1.6135

Trading recommendations: Resistance at the price of 1.6800 is on the test. Anyway, since the intraday and short-term trend is upward, watch for potential buying opportunities on the dips.

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Technical analysis of Dollar Index for January 11, 2016 Market Analysis Review

Wave after wave, the USDX was producing higher highs and higher lows up until December 3, 2015, when the price fell sharply. After the drop, the price consolidated for over a month and finally on January 7, 2016 the Dollar Index broke below the ascending channel.

Fibonacci applied to the channel breakout point shows that after the breakout, the price rejected R2 (61.8%) with the spike and closed below R1 (50%). In addition, after the channel breakout, the price broke below the S1 (38.2%) support. Overall, it seems that another corrective wave down is coming.

Consider selling the USDX while the price is near R1 (98.70), targeting the S3 (96.90) support area that is the final Fibonacci target based on the channel breakout point.

Support: 98.26, 97.74, 96.88

Resistance: 98.70, 99.12, 99.65

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Technical analysis of CAD/CHF for January 11, 2016 Market Analysis Review

After finding the top formed around 0.7740, a sharp price drop followed on December 3, 2015. While the falling price broke below the ascending channel and even the extended channel trend line. Wthin the following corrective wave up, the price rejected the extended channel trend line and produced a new lower low.

Fibonacci applied to the channel breakout point shows that the final target is at 0.6590 (0% Fibs). At the same time, Fibonacci applied to the last corrective wave up shows that 361.8% is at the same price level of 0.9590.

Consider selling CAD/CHF while the price is above S1 (0.7030), targeting the S3 (0.6590) support area. The stop loss should be placed just above R2 (0.7300).

Support: 0.7030, 0.6860, 0.6590

Resistance: 0.7170, 0.7300

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Technical analysis of EUR/AUD for January 11, 2016 Market Analysis Review

After the price broke below 61.8% Fibonacci it seems that the long-term trend is bearish. But currently, EUR/AUD is having a corrective wave up that has not tested the upside target yet, while the resistance has been broken.

Fibonacci applied to the descending channel trend line shows that the upside target is around 1.5900 area. The very same resistance area is produced by 23.6% Fibs applied to the low of April 29 and high of August 24.

The previous level of resistance (38.2% Fibs) has now became the support level - S1 where it could be a good idea to start looking for buying opportunities. With the target around 1.5900 area, stop loss should be well below the S1.

Support: 1.5475

Resistance: 1.5900

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Technical analysis of USD/JPY for January 11, 2016 Market Analysis Review

USD/JPY is expected to trade in a higher range. Last Friday, US stocks continued with their downtrend despite a stronger-than-expected non-farm jobs report (+292,000 in December vs +210,000 expected). The Dow Jones Industrial Average fell another 1.0% to 16,346, the S&P 500 dropped 1.1% to 1,922, while the Nasdaq Composite was down 1.0% to 4,643.

Nymex crude oil declined 0.3% to $33.16 a barrel, gold dropped 0.5% to $1,103 an ounce, while the benchmark 10-year Treasury yield fell to 2.131% from 2.153% in the previous session.

At the same time, the US dollar kept its strength against commodity currencies, with NZD/USD plunging 1.3% to 0.6538, AUD/USD falling 0.8% to 0.6951 and USD/CAD rising another 0.4% to 1.1468. GBP/USD remained on its downtrend giving up another 0.7% to 1.4517. However, at the end of the session, it pared most of the gains made against the euro and the yen earlier amid the jobs report's release. EUR/USD edged down 0.1% to 1.0929 (vs day low of 1.0801) and USD/JPY was down 0.2% to 117.44 (vs day high of 118.75).The pair maintained its upward momentum and is trading around the lower Bollinger band. The 20-period (30-minute chart) moving average has crossed below the 50-period one, and the intraday relative strength index has dropped below the over-sold level of 30. Therefore the intraday bullish outlook is expected to persist.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, it is recommended to open long positions with the first target at 118.80 and the second target at 119.30. In the alternative scenario, it is recommended to open short positions with the first target at 116.75, if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 116.10. The pivot point is at 117.05.

Resistance levels: 118.80, 119.30, 119.75

Support levels: 116.75, 116.10, 115.75

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Technical analysis of USD/CHF for January 11, 2016 Market Analysis Review

USD/CHF is expected to trade in a higher range. The pair stays above its key support at 0.9920 and remains on the upside. Both rising 20-period and 50-period moving averages maintain a bullish bias. Meanwhile, the relative strength index is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 1.0040 at first. A break above this level would call for further advance towards 1.0080.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, it is recommended to open long positions with the first target at 1.0040 and the second target at 1.0080. In the alternative scenario, it is recommended to open short positions with the first target at 0.9870, if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9810. The pivot point is at 0.9920.

Resistance levels: 1.0040, 1.0080, 1.0110

Support levels: 0.9870, 0.9810, 0.9765

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Technical analysis of NZD/USD for January 11, 2016 Market Analysis Review

NZD/USD is in the downtrend. The pair has broken below its key level at 0.6590. The previous support should now play a strong resistance, which is likely to limit any upward attempts. Furthermore, both the 20-period and 50-period moving averages are turning down, confirming a negative outlook. The relative strength index has broken down its 30 level. In these perspectives, as long as 0.6610 holds on the upside, look for a new pullback to 0.6490 and 0.6445 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6490. A break of that target will move the pair further downwards to 0.6445. The pivot point stands at 0.6590. 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, long positions are recommended with the first target at 0.6610 and the second target at 0.6645.

Resistance levels: 0.6610, 0.6645, 0.6670

Support levels: 0.6490, 0.6445, 0.64

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Technical analysis of GBP/JPY for January 11, 2016 Market Analysis Review

GBP/JPY's bias remains bearish below 172. The pair remains under pressure below its resistance at 172, and has just validated an intraday "bearish flag" pattern. A new drop seems to be on the cards, as the intraday relative strength index is still negative, showing no reversal signals. To sum up, as long as 1.4565 holds on the upside, look for further decline to 169.35 and 168.30 in extension.

Trading Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 169.35. A break of that target will move the pair further downwards to 168.30. The pivot point stands at 172. 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, long positions are recommended with the first target at 173.25 and the second target at 174.30.

Resistance levels: 173.25, 174.30, 175

Support levels: 169.35, 168.30, 167.65

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Global macro overview for 11/01/2016 Market Analysis Review

Global macro overview for 11/01/2016:

The last Friday data on the Canadian job market showed that the Canadian economy created 22,800 net jobs in December and unemployment rate remained at 7.1%. The full-time employment actually declined last month by 6,400. Moreover, Statistics Canada published its 2015 review of the labor market survey. It revealed that Canada's employment increased 0.9% over the course of the year as the labor force bulked up by 158,000 net jobs, showing the best result in three years.

The crude oil is trading just ahead of the important support at the level of 32.09. The next resistance is seen at the level of 33.32.

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Global macro overview for 11/01/2016 Market Analysis Review

Global macro overview for 11/01/2016:

The last Friday NFP data beat the forecasts as the US economy created 292,000 jobs in December against 200,000 expected. Moreover, the US Labor Department revised the data on two previous months, and it turned out the economy added 50,000 more jobs than previously reported. Please notice that the US job market has been reporting strong jobs data in the last months, with 252,000 in November and 307,000 in October. The job market is clearly showing an improvement and next gradual rate hikes by the Fed might start as soon as March 2016.

Despite the strong labor data, the US Dollar index failed to rally for now as it is still trading inside the range between the levels of 97.18 and 99.98.

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Technical analysis of EUR/JPY for January 11, 2016 Market Analysis Review

General overview for 11/01/2016:

The wave b purple of the corrective cycle retraced 61% of the previous swing and then bounced upwards. Currently, the next wave is being expected - wave c purple. The projected target for this wave is now at the level of 129.98, which is just below the 130.00 round level resistance as well.

Support/Resistance:

127.53 - Intraday Support

128.31 - Weekly Pivot

129.08 - Intraday Resistance

129.98 - Wave c Target Projection

131.01 - Technical Resistance

Trading recommendations:

Daytraders should open buy orders from current market levels witch SL just below the last intraday support at the level of 127.53 and TP at the level of 129.98.

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USDX technical analysis for January 11, 2016 Market Analysis Review

The Dollar index is trading around support although it has broken below 98.30 support earlier today. I'm bearish the Dollar index expecting a test of 97 at least.

Blue line - trend line support

The Dollar index is testing support of 98.30-98. A break below this level will bring in more sellers and push price towards 97 at least. Resistance is at 100. Shorter-term resistance is at 99.20.

The Dollar index has entered the Ichimoku cloud neutral area and is trying to break above it again. Resistance by the daily kijun-sen (yellow line indicator) is at 98.80. Support is at 98.20. A new low will push price towards 97. Otherwise it will not be a surprise to see recent high at 99.60 re-tested.The material has been provided by InstaForex Company - www.instaforex.com

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Technical analysis of USD/CAD for January 11, 2016 Market Analysis Review

General overview for 11/01/2016:

The impulsive wave progression to the upside looks completed as all five waves, including five sub-waves in wave 3 purple, are present. The confirmation of the top will come with the daily close below the level of 1.4046, which is now an intraday support. Please notice the growing bearish momentum between the price and momentum oscillator.

Support/Resistance:

1.4355 - WR1

1.4186 - Intraday Resistance

1.4098 - Weekly Pivot

1.4046 - Intraday Support

1.4010 - WS1

Trading recommendations:

Daytraders should open sell orders from current market levels with SL just above the last swing high at the level of 1.4186 and TP at the level of 1.4046.

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Gold wave analysis for January 11, 2016 Market Analysis Review

The gold price has made a text-book extension as wave 3 or C of the 161.8% of wave 1 or A. Upside continuation of this bullish trend will increase chances that a long-term low is in at $1,050.

The gold price has reached the 1.618 extension of the first wave up. A wave 4 is under way according to the bullish scenario. For this scenario to hold, the price should not overlap wave 1. On the other hand, bulls want to see at least one more new higher high. The $1,090 level can be retested as wave 4 may be incomplete.

The weekly chart continues following the path we expected. We have seen a breakout above the weekly sideways consolidation below $1,090 and the first important weekly resistance at $1,110 is being tested. There is more upside potential even towards $1,150.The material has been provided by InstaForex Company - www.instaforex.com

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