Elliott wave analysis of EUR/NZD for January 20, 2016 Market Analysis Review

Wave summary:

The correction moved deeper than we had expected hitting 1.6637 as a low. The decline to 1.6637 did not change anything and we are still looking for an upside acceleration towards 1.7641 and 1.8020 as the next major upside targets.

In the short term, we will be looking for a minor correction lower to 1.7070 and possibly even lower to 1.6970 before the next rally higher to 1.7641.

Trading recommendation:

Our stop at 1.6640 was unfortunately hit, but for a massive profit. However, we want to buy EUR again at 1.7085 or upon a breakout above 1.7210. We will start by placing our stop at 1.6635 expecting it to move higher soon.

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Elliott wave analysis of EUR/JPY for January 20, 2016 Market Analysis Review

Wave summary:

The triangle consolidation we have been tracking over the last two weeks is finally over and we should now see resistance at 128.75 protecting the upside for a downside thrust out of the triangle and a decline towards 126.05 and 125.45 as the next downside targets. In the longer term, we continue to look for even lower levels near 123.16 and possibly even lower to 117.37.

Only an unexpected breakout above 128.75 will indicate an upside thrust out of the triangle and a rally to 129.79 before moving lower again.

Trading recommendation:

We are short EUR from 130.95 with stop placed at 128.80. If you are not short EUR, then sell near 128.20 or upon a breakout below minor support at 127.96 and place your stop at 128.80 too.

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Technical analysis of EUR/USD for January 20, 2016 Market Analysis Review

When the European market opens, some economic news on the German PPI m/m is due to be released. The US will publish the economic data on the Crude Oil Inventories, Housing Starts, Core CPI m/m, CPI m/m, and Building Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0974.

Strong Resistance:1.0968.

Original Resistance: 1.0957.

Inner Sell Area: 1.0946.

Target Inner Area: 1.0921.

Inner Buy Area: 1.0896.

Original Support: 1.0885.

Strong Support: 1.0874.

Breakout SELL Level: 1.0868.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for January 20, 2016 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will publish economic data on the Crude Oil Inventories, Housing Starts, Core CPI m/m, and CPI m/m, and Building Permits. So, there is a strong probability that the SD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 117.88.

Resistance. 2: 117.65.

Resistance. 1: 117.42.

Support. 1: 117.13.

Support. 2: 116.90.

Support. 3: 116.67.

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 major pairs for January 20, 2016 Market Analysis Review

EUR/USD: A bias is neutral in the near term, just like in the USD/CHF pair. The EMA 11 is slightly above the EMA 56, but the Williams' % Range period 20 does not give any directional clue. It might be helpful to stay away from this market now.

USD/CHF: The trend in this pair is neutral in the near-term because it has not made any strong directional movement in recent times. There are short-term upswings and downswings in the market, but a predictable directional movement is anticipated this week or next week, which would most probably favor bears.

GBP/USD: The GBP/USD pair moved downwards by over 110 pips this week. The market came down by at least 1050 pips since the middle of December 2015. There is a strong Bearish Confirmation Pattern in the market and the price is likely to continue going downwards, reaching the accumulation territories of 1.4100 and 1.4050.

USD/JPY: USD/JPY traded sideways on Tuesday. We would still like to call attention to an extant bearish outlook for the market (just as for certain other JPY pairs). The price is likely to continue trending further downwards this week, reaching the demand levels of 116.00 and 115.50.

EUR/JPY: The EUR/JPY pair moved simply sideways on Tuesday. The bias is bearish in the near-term and we may see a breakout to the upside or the downside today, owing to the expected fundamental figures, which might have impact on the markets. The events affecting the euro would surely have impact on this cross.

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Daily analysis of USDX for January 20, 2016 Market Analysis Review

The USDX is still trading above the 200 SMA on the H1 chart, but the resistance level of 99.22 is rejecting the current price action. Also, we should note that moving average is offering dynamic support at the current stage. However, a breakout above the level of 99.22 will open the doors to test the level of 99.49. The MACD indicator is entering the neutral 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 USDX breaks with a bullish candlestick; the resistance level is seen 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 20, 2016 Market Analysis Review

On the H1 chart, GBP/USD is reaching new multi-year lows, after a breakout below the support level of 1.4198. Currently, we are expecting a lower low pattern formation which could deliver more declines, as the 200 SMA still points to the downside. Fractals are also showing a well-established bearish structure. The MACD indicator is in the negative territory.

H1 chart's resistance levels: 1.4309 / 1.4373

H1 chart's support levels: 1.4198 / 1.4080

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 1.4080, and stop loss is at 1.4309.

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Technical analysis of USD/JPY for January 19, 2016 Market Analysis Review

USD/JPY is turning upwards. US stock markets were closed Monday for the Martin Luther King holiday.

Oil prices continued their slump with the West Texas Intermediate futures trading down 1.6% at $28.94 a barrel, and the Brent crude futures, which once touched a nearly 13-year low at $27.67 a barrel, falling 1.4% to $28.55 a barrel.

Meanwhile, the US dollar remained firm against most other major currencies. The pair has just broken above the key resistance at 117.20 turning the intraday outlook to bullish. Currently, it is trading around the upper Bollinger band as those bands are widening. At the same time, the 20-period (30-minute chart) moving average stays above the 50-period one, and the intraday relative strength index is well directed within the buying area between 50 and 70. The bullish intraday outlook is therefore expected to persist. The first upside target is set at 118.35 (level of overlapping resistance and support); and the second one, at 118.75 (around the high of January 13).

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 118.35. A break of that target will move the pair further downwards to 118.75. The pivot point stands at 117.20. 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 116.80 and the second target at 116.50.

Resistance levels: 118.35, 118.75, 119.25

Support levels: 116.80, 116.50, 116

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Technical analysis of USD/CHF for January 19, 2016 Market Analysis Review

USD/CHF is expected to trade in a lower range as the key resistance is at 1.0090. The pair still remains under pressure below its nearest resistance at 0.6490, which is expected to hold any potential upsides. The key moving averages are mixed to bearish, while the relative strength index is turning up, but lacks strong upward momentum. In these perspectives, as long as 1.0090 is not clearly surpassed, look for a return to 1.00 and 0.9955 in extension.

Trading reccomendations:

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 1.00. A break of that target will move the pair further downwards to 0.9955. The pivot point stands at 1.0090. 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 1.0140 and the second target at 1.0179.

Resistance levels: 1.0140, 1.0170, 1.0210

Support levels: 1.00, 0.9955, 0.99

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Technical analysis of NZD/USD for January 19, 2016 Market Analysis Review

NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair stays above its key support at 0.6435 and remains on the upside. Meanwhile, the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6540 at first. A break above this level would call for further advance toward 0.6580.

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, long positions are recommended with the first target at 0.6540 and the second target at 0.6580. In the alternative scenario, short positions are recommended with the first target at 0.6410 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 0.6365. The pivot point is at 0.6435.

Resistance levels: 0.6540, 0.6580, 0.6610

Support levels: 0.6410, 0.6365, 0.6335

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Daily analysis of USD/JPY for January 19, 2016 Market Analysis Review

Overview

As the minor resistance at 118.37 is intact, further fall could still be seen. But price actions from 125.85 are still viewed as a sideways consolidation pattern. Thus, we expect the strong support from 116.13 to bring a rebound. Breaches above the mark of 118.37 will turn bias back to the upside for the 120.33 support that turned into resistance. Nevertheless, a sustained break of 116.13 will indicates that it is a deeper medium-term correction. At this point, we are viewing it as a sideways pattern and expect the 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 the 38.2% retracement of 75.56 (low of 2011) to 125.85 at 106.63 and lower.

Daily Pivots: (S1) 116.88; (P) 117.16; (R1) 117.59

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Daily analysis of Silver for January 19, 2016 Market Analysis Review

Overview

The tight range continues dominating. The silver price is hovering around the EMA50 and around 13.96 level. So there is no change in the sideways trading scenario confined between the 13.65 support and 14.25 resistance. The price is waiting to exit this range to detect the next track on a short-term basis clearly. Breaking the 13.65 level will push the price to resume the main bearish trend which targets 13.00, while breaching the mark of 14.25 represents the key of starting bullish correction that targets 14.67 followed by 15.30 levels on a near-term basis. The silver price showed a quick positive attempt to approach the 14.25 level, but it bounced down to settle around 13.96 again. It keeps the domination of the sideways range valid in intraday trading, with its lines represented by the 13.65 support and 14.25 resistance. We remind you that a break of the mentioned levels will offer clearer signals for the next targets on an intraday and short-term bases.

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Technical analysis of GBP/JPY for January 19, 2016 Market Analysis Review

GBP/JPY is expected to trade in a lower range as the key resistance is at 168.20. The pair stays below its key resistance at 168.20 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 166.20. A break below this level would open the way to further weakness towards 165.45.

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 166.20. A break of that target will move the pair further downwards to 165.45. The pivot point stands at 168.20. 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 169 and the second target at 169.85.

Resistance levels: 169, 169.85, 170.45

Support levels: 166.20, 165.45, 165

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Daily analysis of GBP/JPY for January 19, 2016 Market Analysis Review

Overview

Intraday bias in GBP/JPY remains on the downside for the long-term Fibonacci level at 165.67. A break will target the 161.8% projection of 195.86 to 180.36 from 188.79 at 163.71. On the upside, breaks above the minor resistance of 170.57 will turn bias neutral and bring consolidations. The current development confirmed medium-term topping at 195.86 on a bearish divergence condition in the weekly MACD. A fall from 195.86 is currently viewed as a correction and would first target 38.2% retracement of 116.83 to 195.86 at 165.67. Based on the current momentum, the correction would likely extend to 61.8% retracement at 147.01 before completion.

Daily Pivots: (S1) 166.26; (P) 167.20; (R1) 168.03

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USD/CAD intraday technical levels and trading recommendations for January 19, 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.

A 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) enhanced the bullish side of the market on December 7.

A bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was expected as a result of the bullish breakout above 1.3400.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4600-1.4650 (141.4% Fibonacci expansion).

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 bearish correction occurs.

Trading recommendations:

A valid sell entry can be offered around 1.4650 (141.4% Fibonacci expansion). S/L should be located above 1.4700. Initial T/P levels should be located at 1.4550, 1.4300, and 1.4150.

On the other hand, conservative traders should wait for a bearish engulfing candlestick closure below the level of 1.4100 (Fibonacci Expansion 100%) to sell the USD/CAD pair. S/L should be located above 1.4150.

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NZD/USD intraday technical levels and trading recommendations for January 19, 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 depicted chart illustrates a double-top reversal pattern. The depicted support level at 0.6430 should be broken downwards in order to confirm the reversal pattern.

However, traders should note that the level of 0.6430 constitutes the significant support level, which corresponds to the backside of the broken downtrend line depicted on the chart.

Hence, a strong bullish rejection and a valid buy entry were expected around the zone of 0.6430-0.6400.

Today, a bullish closure above 0.6490 is mandatory to push the pair towards higher bullish targets.

On the other hand, a bearish daily closure below 0.6400 opened the way towards 0.6250 where multiple previous bottoms were located (a low probability).

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Intraday technical levels and trading recommendations for GBP/USD for January 19, 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 of 1.4950 was expected as a result of the bearish breakdown below 1.5200.

A weekly fixation below 1.4950 opened the way towards 1.4620, which was broken to the downside as well.

Moreover, the previous weekly candlesticks closed below the depicted demand level of 1.4620 and below 1.4360.

Hence, a quick bearish decline was performed towards the next demand zone (1.4360-1.4222) where bullish rejection should be anticipated.

On the other hand, bullish closure above 1.4360 and 1.4610 is mandatory to bring bullish strength into the market again. The first bullish target is seen at 1.4950.

During 2015, significant bearish rejection has been 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.

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) favors a 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 prominent demand levels at 1.4615 and 1.4360 were previously broken to the downside.

That is why, any signs of bullish rejection around the current demand level at 1.4222 should be considered a valid buy signal.

Trading Recommendation:

Risky traders can have a valid buy entry anywhere around the level of 1.4220. S/L should be located below 1.4150 to minimize our risk.

Initial T/P levels should be located at 1.4360, 1.4440, and 1.4500.

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Intraday technical levels and trading recommendations for EUR/USD for January 19, 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) where bullish recovery was initiated.

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

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 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 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 a valid sell entry. Moreover, a Head and Shoulders reversal pattern was established around the mentioned supply level.

The previous bearish closure below 1.0800 (the reversal pattern neckline) confirmed a 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 mandatory to allow more bearish decline to occur towards 1.0730, 1.0620, and 1.0570.

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Technical analysis of GBP/CHF for January 19, 2016 Market Analysis Review

GBP/CHF is sill trading downwards and the downtrend remains intact. The pair is breaking all supports, producing lower highs and lower lows.

After the breakout of the 1.4600 support area, the Fibonacci applied to the first corrective wave up shows that 161.8% and 261.8% support levels were broken, while 361.8% target (S2 1.4160) has not been tested yet. At the same time, the pair has rejected the R1 resistance and the downtrend trend line today.

Consider selling GBP/CHF while the price is near R1 (1.4425) targeting the S2 (1.4160) area. The stop loss should be well above the R2.

Support: 1.4290, 1.4160

Resistance: 1.4425, 1.4510

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EUR/NZD analysis for January 19, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. EUR/NZD is in a bearish corrective phase. The price tested the level of 1.6672. The price has tested the level of 1.6788 in a volume above the average. In the daily time frame, the price is still above all the key MAs: 50SMA,100SMA,150SMA, and 200SMA. In the H1 time frame, I found corrective Fibonacci expansion 100% around the price of 1.6635. The price is testing the 200 SMA according to the H1 time frame. The short-term trend is still upward. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities on the dips. Resistance level is seen at 1.7130.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6985

R2: 1.7040

R3: 1.7130

Support levels:

S1: 1.6805

S2: 1.6750

S3: 1.6660

Trading recommendations: The short-term trend is still upward. So, watch for potential buying opportunities on the dips.

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Gold : analysis for January 19 , 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,085.25. In the daily time frame, we can observe a weak a supply bar and rejection from resistance cluster at the level of $1,094.00. Buying at this stage looks risky since the price rejected our strong resistance. The intraday trend is neutral. In the M30 time frame, I found a volume spike (buying climax) and a wide spread of bars. Also, we can observe a broken upward trend line. Buying at this stage looks very risky. An intraday target is set at the level of $1,071.00. Be careful when buying gold at this stage and watch for potential selling opportunities. The key support is found at the level of $1,046.00. A potential breakout of the level of $1,046.00 will confirm the short-term continuation of the downward trend.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,092.00

R2: 1,093.40

R3: 1,095.60

Support levels:

S1: 1,087.50

S2: 1,086.00

S3: 1,083.85

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

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Global macro overview for 19/01/2016 Market Analysis Review

Global macro overview for 19/01/2016:

The UK inflation data has been released early this morning and all of them were better than expected. The consumer price index has rose slightly to the level of 0.1% versus 0.0% last month and the retail price index rose to the level of 0.3% from 0.2% a month before. However, this data favors the BoE 2% inflation projections, they might be a pretty good beginning of inflation picking up. This is why the BoE newest member Gertjan Vlieghe hinted that interest rates may remain lower for longer or even be cut in case a slowdown in Britain's economy intensifies and there is no pressure from inflation readings.

The GBP/USD rose after the data were released, but the downtrend still continues. The next support is seen at the level of 1.4236 and next resistance is seen at the level of 1.4351.

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Global macro overview for 19/01/2016 Market Analysis Review

Global macro overview for 19/01/2016:

The important economic data on the GDP and industrial production was delivered from China overnight. The real GDP decreased to 1.6% q/q (6.8% y/y) from the previous level of 1.8% q/q (6.9% y/y) together with the industrial production ( 5.9% vs. 6.0% expected). The market so far seems to approve this weak data as it indicated that the world's second largest economy continued to slow in 2015. With the GDP hit the lowest levels since 1990, a transition from the manufacturing- and exports-based economy towards more consumption-oriented economy is going rather smooth, but data reliability still remains in question.

The AUD/USD pair has been lifted by the recent Chinese data and it is currently trading just above the daily resistance at the level of 0.6936.

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Technical analysis of USD/CAD for January 19, 2016 Market Analysis Review

General overview for 19/01/2016:

After breaking below yesterday's intraday support, the price has hit the lower channel boundary and now is trying to regain the upside momentum. The market is still trading inside the bullish zone and any breakout above the intraday resistance at the level of 1.4484 would mean a test of the recent local highs.

Support/Resistance:

1.4603 - Local High

1.4484 - Intraday Resistance

1.4415 - Weekly Pivot

1.4419 - Intraday Support

1.4293 - WS1

Trading recommendations:

The sell orders recommended yesterday should still be kept open with SL just above the level of 1.4484. TP is still open now.

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Technical analysis of EUR/JPY for January 19, 2016 Market Analysis Review

General overview for 19/01/2016:

The market is still trading inside the range zone and it dose not look impulsively bullish now. This cycle might get even more complex and time-consuming as it develops into more complex corrective structure. An upside breakout is still expected, but any new local low below the level of 126.78 would immediately invalidate this view increasing the odds for more downside pressure.

Support/Resistance:

126.37 - WS2

126.84 - WS1

126.78 - Technical Support

127.29 - Intraday Support

127.78 - Weekly Pivot

128.29 - WR1

129.07 - Intraday Resistance

129.25 - WR2

129.61 - Wave c Target Projection

Trading recommendations:

Day traders should consider placing buy orders from current market levels with SL below the level of 127.29 and TP at the level of 129.61.

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USDX technical analysis for January 19, 2016 Market Analysis Review

The US dollar index continues to trade above support at 98.80, but I believe it is forming a bearish wedge. We could see a higher high today or tomorrow, but I expect this pattern to be broken downwards towards 97.

Blue line -medium-term trend line support

Red lines - bullish channel

In the short-term, prices are held above both the cloud and trend-line support. The bullish channel we are in is well defined, so a close below 98.70 will be a clear confirmation of bearish reversal. This will imply 97 will have high chances to be tested.

Blue lines - bearish wedge

The daily chart shows a bearish wedge pattern which is being formed just above daily cloud support at 98.80. If this support fails to hold, we should expect the price to test support at 98.40 initially and then most probably move even lower. I am bearish on the US dollar as long as we are below 100.50.

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Gold technical analysis for January 19, 2016 Market Analysis Review

Gold price managed to close above weekly support last week, and there are signs that it can move towards $1,120. Gold is headed towards higher highs and higher lows confirming the bullish trend.

Red lines - bullish channel

Green rectangle - target area

Gold price is trying to break above the short-term Ichimoku cloud resistance at $1,098. As long as the price holds above the lower red line of the bullish channel, bulls are in control of the trend with the most probable target at $1,120.

On a weekly basis, the price is trapped between the kijun- and tenkan-sen indicators. Support was held last week and gold seems now to be going to test the kijun-sen once again. I expect the yellow metal to move higher towards $1,120 this week.The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Gold technical analysis for January 19, 2016 . Thanks for your support.