Elliott wave analysis of EUR/NZD for January 14, 2016 Market Analysis Review

Wave summary:

We have seen the expected rally back to and just above a former high of 1.6841, we still need a firm close above this high to confirm the next rally higher to 1.7205 and even 1.7641 as a close at an 8-hourly basis above 1.6841 will call for an upside acceleration in wave [iii] of iii of 3. This is normally the part of the trend, where the trend is the strongest and becomes almost vertical in its move higher.

In the short term, we will ideally see minor support at 1.6646 protecting the downside, but as we are in the early parts of wave [iii] higher, we must accept a deeper corrective decline towards 1.6515 before the next strong rally higher.

Trading recommendation:

We are long EUR from 1.5810 and will move our stop higher to 1.6350. If you are not long EUR yet, then buy near 1.6515 if possible or upon a break above 1.6829 and use the same stop at 1.6350.

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Elliott wave analysis of EUR/JPY for January 14, 2016 Market Analysis Review

Wave summary:

The possible triangle we mentioned yesterday is more and more likely to be formed. As we said yesterday, we are still at the very beginning of the process, so a lot can still happen to the corrective pattern. But for now, we will play out the triangle scenario. Once this triangle terminates, a downward thrust is expected for a continuation lower to 126.05 and 125.45.

The short-term resistance is found near 128.80. It will take a break above 129.08 to invalidate the triangle scenario.

Trading recommendation:

We are short EUR from 130.95 and will move our stop to 129.15. If you are not short EUR yet, then sell near 128.80 and use the same stop at 129.15.

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Technical analysis of USD/JPY for January 14, 2016 Market Analysis Review

USD/JPY is expected to trade in a lower range. Overnight, the US stocks resumed their slide losing over 2%. Consumer discretionary and health care shares declined. The Dow Jones Industrial Average dropped 2.2% to 16151, the S&P 500 lost 2.5% to 1890, while the Nasdaq Composite was down 3.4% to 4526.

Nymex crude oil edged up 4 cents to close at $30.48 a barrel, gold rose 0.6% to $1093 an ounce, while the benchmark 10-year Treasury yield declined further to 2.07% from 2.100% at the previous session.

Meanwhile, the US dollar pared most of its gains against the euro and the yen. EUR/USD increased 0.2% to 1.0873 (day low at 1.0803), and USD/JPY edged up to 117.66 (day high at 118.37) from 117.62. On the other hand, the greenback remained firm against commodity-related currencies with USD/CAD rising another 0.5% to 1.4337 and AUD/USD falling 0.4% to 0.6954. Though the pair broke above the previous key resistance at 118.05, it could only run up to 118.38 before starting its descent. It is currently trading around the lower Bollinger band, while the 20-period (30-minute chart) has crossed below the 50-period one. And the intraday relative strength index is around the over-sold level of 30. The first downside target at 117.20 (a base seen in January 11-12) is in sight, and the break-below of this level could call for a further decline toward 116.75.

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 117.20. A break of that target will move the pair further downwards to 116.75. The pivot point stands at 118.05. 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 118.35 and the second target at 118.60.

Resistance levels: 118.35, 118.60, 119

Support levels: 117.20, 116.75, 116.10

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Technical analysis of USD/CHF for January 14, 2016 Market Analysis Review

USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair stands firmly above its major support around 1.0020, which should call for a stabilization. Even though, a continuation of the consolidation cannot be ruled out at the current stage, its extension should be limited. To conclude, as long as 1.0020 is not broken, look for a further advance to 1.0105 and 1.0140 after a small pause.

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 1.0105 and the second target at 1.0140. In the alternative scenario, it is recommended to open short positions with the first target at 0.9990, 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 0.9950. The pivot point is at 1.0020.

Resistance levels: 1.0105, 1.0140, 1.0170

Support levels: 0.9990, 0.9950, 0.99

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Technical analysis of NZD/USD for January 14, 2016 Market Analysis Review

NZD/USD is expected to trade in a lower range . The pair broke below its intraday trading range pattern yesterday, and accelerated on the downside. The 20-period moving average also crossed below the 50-period one, and should act as a strong resistance to push the prices lower. Besides, the relative strength index is badly directed without showing any signals of reversal. To sum up, as long as 0.6540 (our trailing stop loss) is not surpassed, a decline to 0.6450 and 0.6400 should be expected.

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 0.6450. A break of that target will move the pair further downwards to 0.64. The pivot point stands at 0.6540. 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 0.6585 and the second target at 0.6635.

Resistance levels: 0.6585, 0.6635, 0.6675

Support levels: 0.6450, 0.64, 0.6365

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Technical analysis of GBP/JPY for January 14, 2016 Market Analysis Review

GBP/JPY is expected to trade in a lower range as the key resistance is seen at 170.45. The pair has struck against its key resistance at 170.45 turning down. The 20-period and 50-period moving averages are above the prices now. Furthermore, the relative strength index fell below its neutrality area of 50, which should confirm a bearish reversal. Hence, as long as 170.45 holds on the upside, any rebounds should be limited before a new pullback to 168.50 and 167.35 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 168.50. A break of that target will move the pair further downwards to 167.35. The pivot point stands at 170.45. 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 171.35 and the second target at 172.30.

Resistance levels: 171.35, 172.30, 173.45

Support levels: 168.50, 167.35, 166.25

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Technical analysis of EUR/USD for Januari 14, 2016 Market Analysis Review

When the European market opens, some economic news on the ECB Monetary Policy Meeting Accounts, Eurogroup Meetings, Spanish 10-y Bond Auction, Italian Industrial Production m/m, and German WPI m/m is due to be released. The US will publish the economic data on the 30-y Bond Auction, Natural Gas Storage, Import Prices m/m, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0937.

Strong Resistance:1.0931.

Original Resistance: 1.0920.

Inner Sell Area: 1.0909.

Target Inner Area: 1.0884.

Inner Buy Area: 1.0859.

Original Support: 1.0848.

Strong Support: 1.0837.

Breakout SELL Level: 1.0831.

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 14, 2016 Market Analysis Review

In Asia, Japan will release data on the Prelim Machine Tool Orders y/y, PPI y/y and Core Machinery Orders m/m. The US will unveil some economic data such as 30-y Bond Auction, Natural Gas Storage, Import Prices m/m, and Unemployment Claims. So, there is a strong probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 118.08.

Resistance. 2: 117.85.

Resistance. 1: 117.62.

Support. 1: 117.34.

Support. 2: 117.11.

Support. 3: 116.88.

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 14, 2016 Market Analysis Review

The Index is still doing a pullback from the resistance level of 99.22, and we can see a bottom around the 200 SMA price zone (98.79 support level). That's why we're with a dynamic support idea over there, in order to re-take the bullish path in a short-term basis. A breakout above the 99.22 level will expose the 99.49 level. MACD indicator is at negative territory.

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 14, 2016 Market Analysis Review

On H1 chart, GBP/USD is still doing a rebound above the support level of 1.4373, and we're watching very strong resistance around the 1.4464, where it has already formed some fractals that strengthen the bearish bias in a short and mid term basis. 200 SMA is still pointing to the downside and MACD indicator is entering negative territory, so we can expect a decline towards the 1.4309 level.

H1 chart's resistance levels: 1.4464 / 1.4555

H1 chart's support levels: 1.4373 / 1.4309

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 1.4373, take profit is at 1.4309, and stop loss is at 1.4437.

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USD/CAD intraday technical levels and trading recommendations for January 13, 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 1.4150 (Fibonacci Expansion 100%) was expected to take place. Temporary bullish fixation above 1.4150 is being manifested on the daily chart.

Note that bullish persistence above 1.4150 enhances the bullish side of the market towards 1.4600 where 141.4% Fibonacci expansion is located.

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 wait for enough bearish rejection to be expressed (bearish engulfing candlestick closure below the price level of 1.4100).

On the other hand, conservative traders should wait for the USD/CAD pair to retrace towards the zone around 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 1.4140.

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NZD/USD intraday technical levels and trading recommendations for January 13, 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.

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.

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

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.

A bearish decline went further below 0.6600 extending towards 0.6500 which corresponds to the lower limit of the previous consolidation range.

Early signs of bullish recovery were originated around the prominent support level at 0.6500 on January 11. A bullish swing is being expressed towards 0.6600.

Today, a bullish fixation above 0.6600 is needed to pursue towards higher bullish targets at 0.6700 and 0.6750 where price actions should be watched carefully.

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Intraday technical levels and trading recommendations for GBP/USD for January 13, 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 previous weekly level at 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Weekly fixation below 1.4950 opened the way towards 1.4620 which was broken-down last week as well.

Moreover, the previous weekly candlestick closed below the depicted demand level at 1.4620. Hence, a quick bearish decline towards the next demand level (1.4360) should be expected.

On the other hand, another bullish closure above 1.4610 brings bullish strength into the market. The first bullish target would be located at 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.

Currently, the GBP/USD pair looks oversold as it is being pushed further below the lower limit of the depicted bearish channel. Moreover, the previous demand level at 1.4615 was broken down last Friday.

That is why, early signs of bullish rejection should be considered around the demand level of 1.4360 as a valid buy signal.

Trading Recommendation:

Risky traders can have a valid BUY entry anywhere around the price level of 1.4360.

S/L should be located below 1.4300 to minimize our risk.

Initial T/P levels should be located at 1.4440, 1.4500 and 1.4610.

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Intraday technical levels and trading recommendations for EUR/USD for January 13, 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.

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

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

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Technical analysis of GBP/CHF for January 13, 2016 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair seems to have formed intermediary low at 1.4350 levels for now. But the pair really needs to push above 1.4825 resistance levels to confirm that bulls are back and poised to remain in control in the short term. The pair is trading around 1.4523 levels for now, after bouncing off the fibonacci 0.786 levels of the rally between 1.4350 and 1.4575 levels respectively. The pair should be looking to push prices towards at least 1.4700/30 levels if not higher. It is hence recommended to remain long from yesterday and move risk to break even levels for now. Immediate support is seen at 1.4375 levels while resistance is seen through1.4650 levels, followed by 1.4825 and higher respectively.

Trading recommendations:

Remain long from yesterday, stop at break even levels, a target 1.4730.

Good luck!

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Technical analysis of EUR/JPY for January 13, 2016. Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair continues to drift sideways for now within 127.50 and 128.50 levels respectively. The pair should be looking to stage at least a counter trend rally towards 130.50 levels in the sessions to come. Please note that a short term resistance line is also passing through the 130.50 levels; a break higher would lead towards 132.50.60 levels heading for the next resistance line. It is recommended to remain flat for now and wait for further evidence to initiate positions. Immediate support is seen at 126.75 levels while resistance is seen at 130.75 respectively. Bulls would remain poised to remain in control till prices stay above 126.00 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for January 13, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold has finally dropped to our measured fibonacci support levels around $1,079.00/80.00 today. The metal is now expected to form bottom around current levels, and stage an extended rally towards $1,125.00 and $1,136.00 levels respectively. Please note that $1,079.00 levels is also the fibonacci 0.618 support of the entire rally from $1,057.00 to $1,113.00 respectively. Furthermore, note that the recent resistance has turned into support, this area is also around the same levels. A bullish reversal should be expected here and hence recommendations are to initiate fresh long positions with risk at $1,060.00 levels. Immediate support is seen at $1,060.00 levels, while resistance is seen at $1,107.00 levels respectively. Looking higher from current levels.

Trading recommendations:

Remain long from here, stop at $1,060.00, a target is open.

Good luck!

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Technical analysis of Silver for January 13, 2016 Market Analysis Review

Technical outlook and chart setups:

Silver has dropped to $13.70 levels today before pulling back higher again. Please note that the metal is bouncing off the support and resistance lines within the cone consolidation precisely. The metal has formed a bullish pin bar candlestick pattern on the 4H chart view, as seen here, right at the support trend line. It is now expected to stage a rally through $14.20/30 levels, which is resistance trend line. A break above from there would be extremely bullish and could see prices rising quickly through the $15.00 and higher levels. It is hence recommended to initiate long positions now, with risk at $13.45 levels. Immediate support is seen at $13.65 levels while resistance is seen at $14.05 levels respectively.

Trading recommendations:

Remain/Initiate fresh long positions now, stop at $13.45, a target is open.

Good luck!

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Technical analysis of USD/CAD for January 13, 2016 Market Analysis Review

Overview:

• The USD/CAD pair rebounded at the level of 1.4185 again, and it showed signs of strength following the level of 1.4215. Additionally, the resistance was broken and turned to support at the same key level (1.4215). Moreover, we expect a range between the levels of 1.4215 and 1.4310. Equally important, the price set above the support since last week. Consequently, the pair has already formed a strong support at 1.4215. Therefore, the USD/CAD pair started showing the signs of a bull market, so the market indicates the bullish opportunity at the level of 1.4215 with the first target of 1.4266, and continues towards the level of 1.4310. On the other hand, stop loss should always be taken into account, thus it makes sense to set your stop loss at the 1.4173 price.

Notes:

• The weekly resistance is going to set at the level of 1.4315.
• The support has already set at 1.4195, this level is coinciding with the ratio of 88.2% Fibonacci retracement level.
• We expect a range around 256 pips this week.

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EUR/NZD analysis for January 13, 2016 Market Analysis Review

Overview: Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6406 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 H4 time frame, I found that supply came in today. Besides, the price is above SMA50, SMA100, and SMA200. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities. I placed Fibonacci expansion to find a potential end of downward correction and got Fibonacci expansion 100% at the price of 1.6380 (held successful). I also found a downward channel and potential breakout of the channel will confirm upward continuation. The key resistance level (take profit zone) is at the price of 1.6835. Watch for buying opportunities. Fibonacci Pivot Points: Resistance levels: R1: 1.6685 R2: 1.6735 R3: 1.6810 Support levels: S1: 1.6520 S2: 1.6480 S3: 1.6400 Trading recommendations: The short-term trend is still upward. So, watch for potential buying opportunities on the dips.

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Technical analysis of AUD/USD for January 13, 2016 Market Analysis Review

Overview:

• The price of AUD/USD has been below the double top (0.7102) since last week. A strong resistance is formed at the level of 0.7102. Additionally, this level coincides with the ratio of 38.2% Fibonacci retracement level in the H4 chart. On the other hand, the major support had already set at 0.6927. Therefore, the price AUD/USD will move between the 0.6927 and 0.7102 levels in the coming hours. Thus, the market is likely to start showing signs of the bearish trend again in order to indicate the bearish opportunity from the level of 0.7102 with targets towards the strong support around 0.6927. Meanwhile, bears were forced to pull back at the level of this area, therefore this level will form strong support at 0.6927 for indicating a bullish opportunity above the support. Thus, it is good to buy in the short term above the price of 0.6927 with the first target at 0.7035 and it might resume to the 0.7100 price.

Notes:

• The resistance has set at the level of 0.7102 and the support placed at 0.6927.
• The key of the AUD/USD pair is going to set at 0.7035 (daily pivot) today.
• We expect a range of 175 to 200 pips in coming days.

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Gold : analysis for January 13 , 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,079.65. In the daily time frame, we can observe rejection of Fibonacci retracement 38.2% and successful rejection of SMA 100. Buying at this stage looks risky since the price rejected our strong resistance. The intraday trend is downward. According to 30M time frame, the trend dynamic changed from upward to downward. Price is below all key MAs (50,100,150,200). Besides, the short- and mid-term trend is downward. We placed Fibonacci expansion to find a potential intraday target and got Fibonacci expansion 161.8% at the level of $1,076.00. Be careful when buying gold at this stage and watch for potential selling opportunities. The key support for gold is at the price of $1,046.00. The potential breakout of the level of $1,046.00 will confirm short-term continuation of downward trend.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,095.15

R2: 1,098.50

R3: 1,104.10

Support levels:

S1: 1,084.00

S2: 1,080.65

S3: 1,075.00

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

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Technical analysis of USD/JPY for January 13, 2016 Market Analysis Review

Upside movements are expected to prevail in the USD/JPY pair. Overnight, US stocks settled higher despite a continuous slump in oil prices. Technology and health-care shares were the best performers. The Dow Jones Industrial Average rose 0.7% to 16,516, the S&P 500 gained 0.8% to 1,938, while the Nasdaq Composite was up 1.0% to 4,685.

Nymex crude oil, which had once sank below $30.00 a barrel, plunged another 3.1% to $30.44 a barrel, gold dropped 0.7% to $1,086 an ounce, while the benchmark 10-year Treasury yield declined to 2.100% from 2.160% in the previous session.

The US dollar stays firm with EUR/USD being broadly flat at 1.0857, USD/CHF closing again above the 1.0000 level, and USD/CAD gaining another 0.3% to 1.4260. Dragged by a downbeat British industrial output report, GBP/USD plunged to a 5.5-year low at 1.4351 before closing 0.7% lower at 1.4443. Having undergone yesterday's choppy session, the pair has managed to stay on the upside. Currently, it is trading above the over-lapping 20- and 50-period moving averages and is around the upper Bollinger band. Besides, the relative strength index is rising, calling for a new up-leg. As long as 117.60 holds as the key support, the pair should proceed towards the first upside target at 118.80 (around the high of January 11).

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 117.60.

Resistance levels: 118.80, 119.30, 119.75

Support levels: 117.20, 116.75, 116.10

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Technical analysis of USD/CHF for January 13, 2016 Market Analysis Review

USD/CHF is expected to trade in a higher range. The pair has resumed its uptrend on an intraday basis and is now challenging its nearest resistance at 0.9990. The 20-period and 50-period moving averages are still heading upwards, and the relative strength index is bullish above its neutrality area at 50. In this case, as long as 1.0080 is not broken, look for a new test of 1.0120. A break above 1.0080 would open the path to 1.0080, and maybe even to 1.0120.

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 1.0080 and the second target at 1.0120. In the alternative scenario, it is recommended to open short positions with the first target at 0.9950, 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 0.9915. The pivot point is at 0.9990.

Resistance levels: 1.0080, 1.0120, 1.0150

Support levels: 0.9950, 0.9915, 0.9870

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Global macro overview for 13/01/2016 Market Analysis Review

Global macro overview for 13/01/2016:

The trade balance data from China was released overnight and they revealed that for the first time in six months China's trade surplus has increased ( $60.1bln vs. $52.5bln expected). The exports was way better than expected ( -1.4% y/y vs. -8.0% y/y expected), but the imports dropped to the level of 7.6% y/y ( -11.0% y/y expected). Nevertheless, a surge in exports last month might happen because of a shopping spree at the end of the year and it is hard to say whether this trend will continue over the next months.

The NZD/USD pair is trading right at the daily channel support at the level of 0.6515. The next resistance is seen at the level of 0.6578.

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Technical analysis of NZD/USD for January 13, 2016 Market Analysis Review

NZD/USD is under pressure. The pair remains capped by a negative trend line and is also under pressure below its major resistance at 0.6595. Both the 20-period and 50-period moving averages are turning down, calling for a new decline to 0.6545 and 0.65 in extension. Furthermore, the relative strength index has struck against its falling resistance and lacks upward momentum. To sum up, expect a return towards 0.650 below 0.6595.

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 0.6545. A break of that target will move the pair further downwards to 0.65. The pivot point stands at 0.6595. 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 0.6635 and the second target at 0.6675.

Resistance levels: 0.6635, 0.6675, 0.6705

Support levels: 0.6545, 0.65, 0.6445

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Global macro overview for 13/01/2016 Market Analysis Review

Global macro overview for 13/01/2016:

The US crude oil tumbled below $30 for the first time in 12 years as the overwhelmingly bearish sentiment had pushed the prices below the last support at the level of 33.14. A continuing supply glut and fragile demand from China has erased any gains for the last four years and now these low price levels are starting to threat the survival of many US shale companies. Some analysts are warning that this is not the end of the downtrend as the price might not reverse before hitting $20 level and the world's biggest energy companies are saying that it may be many years before prices recover.

The crude oil is trading at the level of 31.27 at the time of writing. The next daily support is seen at the level of 29.88.

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Technical analysis of GBP/JPY for January 13, 2016 Market Analysis Review

GBP/JPY is expected to trade in a higher range as the key resistance is at 170.10. The pair stays below its key resistance at 170.10 and remains under pressure. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 169.35. A break below this level would open the way to further weakness towards 168.30.

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 170.10. 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 171.70 and the second target at 172.50.

Resistance levels: 171.70, 172.50, 173.45

Support levels: 169.35, 168.30, 167.65

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Technical analysis of EUR/JPY for January 13, 2016 Market Analysis Review

General overview for 13/01/2016:

The wave b purple progression is getting more complex and time consuming. 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 an 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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Technical analysis of USD/CAD for January 13, 2016 Market Analysis Review

General overview for 13/01/2016:

As anticipated yesterday, the target for wave 5 has been hit and now the market might start to develop an impulsive downside structure. Nevertheless, to confirm this outlook the price must break first below the technical support at the level of 1.4187 and then below the previous wave four lows at the level of 1.4055. Otherwise, the extension in wave 5 might be stretched even higher.

Support/Resistance:

1.4355 - WR1

1.4314 - Intraday Resistance

1.4271 - Wave 5 Target Projection

1.4214 - Intraday Support

1.4187 - Technical Support

1.4098 - Weekly Pivot

1.4010 - WS1

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL just above the level of 1.4314 and TP at the level of 1.4055.

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Technical analysis of EUR/AUD for January 13, 2016 Market Analysis Review

Following my previous EURAUD analysis, the pair continues trading near the support level S1 (1.5475) and yet no daily close was below that level. As price hasn't reached the target at R1 (1.5900) and hasn't broken (closed day) below the S1 support yet, consider buying EURAUD at the current level. The stop loss should be placed slightly below the most recent high. Alternatively, the exit signal could be the daily close below 8th of January low.

Support: 1.5475

Resistance: 1.5900

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Technical analysis of EUR/SEK for January 13, 2016 Market Analysis Review

After a steady downtrend, EURSEK broke above the descending channel on the 5th of January. The Fibonacci applied to the channel breakout point shows that while S2 (50%) and S1 (38.2%) support levels were rejected, the channel breakout target at R1 (9.2985) hasn't been tested.

Consider buying EURSEK if price gets back to the S1 support (9.2300), targeting 0% Fibs at R1 (9.2985). Stop loss should be placed below the channel breakout point (S2).

Support: 9.2305, 9.2095

Resistance: 9.2985

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NZD/USD technical analysis for January 13, 2015 Market Analysis Review

NZD/USD is expected to make a bounce higher towards 0.6640 as long as it holds above 0.6515. There are sings of a short-term trend reversal as the price has reached an important long-term support.

Red line - long-term resistance trend line

Blue line - long-term support trend line

The daily chart of NZD/USD shows that the price is at important support levels while the stochastic oscillator is at oversold levels. The price should bounce strongly from current levels as long as bulls manage to hold above 0.6515. A break below this level will open the way to the level of 0.61.

The double bottom on the 4-hour chart above 0.65 can produce a bounce towards 0.6650. The short-term resistance will produce a buy signal if it is broken at 0.6590. Support is at 0.6550 and should not be broken if bulls want to remain in control of the short-term trend.The material has been provided by InstaForex Company - www.instaforex.com

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EUR/USD technical analysis for January 13, 2015 Market Analysis Review

The EUR/USD pair is in a short-term bearish trend, but this decline is corrective and soon we will see a reversal to the upside. I do not expect the price to break below 1.07.

Red lines - bearish channel

EUR/USD is inside the bearish channel from the mark of 1.0970. The price is sliding lower inside the neutral area of the Ichimoku cloud. Only a break above 1.0950 will confirm a trend reversal on the daily chart. Only then we can feel more comfortable being long targeting 1.11-1.12.

EUR/USD is approaching the 61.8% Fibonacci retracement, which is an important support and we can see a trend reversal around this level. The next level of support is at the 78.6% retracement. Weakness is expected to be short-lived. I expect prices to reverse higher.The material has been provided by InstaForex Company - www.instaforex.com

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USDX technical analysis for January 13, 2016 Market Analysis Review

The Dollar index still holds above the medium-term upward sloping trend line support but looks like momentum is weakening near the 78.6% Fibonacci retracement of the latest decline.

Blue line - trend line support

The Dollar index is trading above the Ichimoku cloud and above the blue trend line support. Although early on Monday morning when markets opened price broke below it, bulls stepped in strongly and pushed prices back towards 99.

The Dollar index is just below the 78.6% retracement resistance. This is an important resistance level and a reversal is highly probable in this area. A break below 98 will be a strong sell signal with target at least near 97. Short-term support is at 98.80-98.70, so a break below that area will give an initial reversal signal.The material has been provided by InstaForex Company - www.instaforex.com

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Gold wave analysis for January 13, 2016 Market Analysis Review

Gold price continues its downward slide diminishing the chances of the bullish scenario of an impulsive wave up. So this upward bounce is most probably complete with an A-B-C correction and an important high at $1,111.

Gold price is testing the wave 1 or A high support at $1,080. An overlap of this high will imply two things. The rise from $1,058 is either wave C or wave (1) of 3. Price has also reached Ichimoku cloud support so there are still some chances of an upward move.

On a weekly basis Gold price has reached the kijun-sen resistance (yellow indicator) and got rejected. Now it is pulling back towards the support of the tenkan-sen. I believe support will hold and not break.A weekly break above $1,120 will open the way for a push towards $1,150. If however we close below $1,079 then we could see a new downward move towards $1,000 and lower.

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