Technical analysis of USD/CAD for January 26, 2016 Market Analysis Review

General overview for 26/01/2016:

The USD/CAD pair moved higher in its corrective cycle. Currently, it is trading just below the 38%Fibo at the level of 1.4330. This level should act as strong resistance and the price should reverse to the downside as there is still one more wave missing. The current-corrective cycle might extend the drop as low as the level of 1.000, so the correction might get very large, complex, and time-consuming.

Support/Resistance:

1.4690 - Swing High

1.4436 - WR1

1.4420 - Technical Resistance

1.4330 - 38%Fibo

1.4325 - Intraday Resistance

1.4272 - Weekly Pivot

1.4228 - Intraday Support

1.4112 - Intraday Support

Trading recommendations:

Day traders should consider placing sell orders from the current levels as there is still one more wave to the downside missing (wave (v) green). The SL for this trade should be placed above the level of 1.4228 and TP at the level of 1.4112.

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Technical analysis of EUR/JPY for January 26, 2016 Market Analysis Review

General overview for 26/01/2016:

Labeling for EUR/JPY has been updated to incorporate wave b purple triangle pattern, just as anticipated yesterday. Currently, the last wave to the downside is in progress, and if the intraday support at the level of 127.42 is not violated, then a bullish trend should resume. In case the support breaks out, traders should be ready for a more complex corrective cycle and a possible test at the level of 126.12.

Support/Resistance:

126.08 - Higher Time Frame Cycles Invalidation Level

126.95 - WS1

127.41 - Intraday Support

127.75 - Weekly Pivot

129.08 - Intraday Resistance

129.34 - WR1

130.13 - WR2

130.75 - 130.85 - Technical Resistance| Gap |

Trading recommendations:

Day traders should consider placing buy order from the level of 127.42 in order to catch the anticipated wave -iii- to the upside. The SL for this trade should be placed below the level of 126.08 and TP will open now. Moreover, this position might be an opportunity for longer and more profitable swing trading.

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Elliott wave analysis of EUR/NZD for January 26, 2016 Market Analysis Review

Wave summary:

EUR/NZD failed to move lower towards 1.6480. Instead of it, the pair broke above resistance at 1.6706 indicating that the bottom was already in place for the expanded flat wave ii. After an expanded flat wave two, an extended rally should always be expected. So, the bottom is about to break above minor resistance at 1.7010 and more importantly above 1.7273, strong and almost vertical rally towards at least 1.7641 and more likely even higher to 1.8020 should be expected.

In the short term, we expect minor support at 1.6706 to protect the downside for a breakout above 1.7010 for another impulsive move higher to 1.7641.

Trading recommendation:

We bought EUR at 1.6706 and placed our stop at 1.6505. If you are not long EUR yet, then buy near 1.6706 and use the same stop at 1.6505.

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Elliott wave analysis of EUR/JPY for January 26, 2016 Market Analysis Review

Wave summary:

We continue to watch for more corrective consolidation after the test of 126.14. In the short term, we would not be surprised to see a minor dip closer to 127.41 and maybe even lower to 127.17 before the next move higher towards 129.07 takes place to end the correction in wave [iv] and to set a stage for a new impulsive decline in wave [v] towards 123.89. We expect this level to act as the next ideal downside target.

Trading recommendation;

We will sell EUR again at 129.00 with stop placed at 130.80.

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Technical analysis of EUR/USD for January 26, 2016 Market Analysis Review

When the European market opens, no economic news is due to be released. But the US will publish data on the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, and HPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0899.

Strong Resistance:1.0893.

Original Resistance: 1.0882.

Inner Sell Area: 1.0871.

Target Inner Area: 1.0846.

Inner Buy Area: 1.0821.

Original Support: 1.0810.

Strong Support: 1.0799.

Breakout SELL Level: 1.0793.

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 26, 2016 Market Analysis Review

In Asia, Japan will release data on the SPPI y/y. The US will deliver economic data on the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, and HPI m/m. So there is a probability that the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 118.69.

Resistance. 2: 118.46.

Resistance. 1: 118.23.

Support. 1: 117.94.

Support. 2: 117.71.

Support. 3: 117.48.

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 26, 2016 Market Analysis Review

EUR/USD: There is already a Bearish Confirmation Pattern seen in the EUR/USD chart, albeit the price made a faint effort to rally on Monday. The market went upwards by a mere 40 pips, rising from the support line of 1.0800. The current bearish pattern would be logical as long as the price does not go above the resistance line of 1.0950 (which is an adamant barrier to the bulls). An outlook for the EUR (plus other EUR pairs) is bearish for this week, and thus, the price could eventually trade lower.

USD/CHF: There is still a lot of trading activities around the level of 1.0150, which is an important level. There is a high possibility that the price would be trading above that level this week, in order to continue its bullish journey which was started last week. Today's outlook for the US dollar is bright and this might help the pair to move further northwards.

GBP/USD: As long as the distribution territories of 1.4550 and 1.4600 are not breached to the upside, long trades will not be sensitive to the cable. The current shallow rally in the market could turn out to be a good opportunity to sell short. The price is likely to test the accumulation territories around 1.4150 and 1.4000, which were also tested last week.

USD/JPY: This pair merely moved sideways yesterday, though a closer look at the chart shows that the price is likely to trend further upwards this week. This poses a threat to an extant bearish outlook, which will eventually be rendered invalid when the supply level at 119.00 is overcome. The outlook for USD is bright and therefore the USD/JPY pair might continue moving upwards.

EUR/JPY: The EUR/JPY pair consolidated on Monday. There are demand zones around 128.00 and 127.50. There are also supply zones of 129.00 and 130.00. The price would either break above the supply zones or break below the demand zones today or tomorrow, and this can result in a directional movement.

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Daily analysis of USDX for January 26, 2016 Market Analysis Review

USDX has found resistance at the 99.49 level and now we can see a decline towards the support level of 99.22 where the nearest moving average (200) is located . It seems the bullish bias will remain alive, as the index is still trading above that price zone. Besides, there are no significant bearish patterns formations on the road.

H1 chart's resistance levels: 99.49 / 99.69

H1 chart's support levels: 99.22 / 98.97

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD index breaks a bullish candlestick; the resistance level is at 99.49, take profit is at 99.69, and stop loss is at 99.28.

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Daily analysis of GBP/USD for January 26, 2016 Market Analysis Review

GBP/USD has been trading into a slow tone below the 200 SMA at H1 chart where a dynamic resistance can be found. The area around the 1.4309 level is still offering some opportunities for sellers on an intraday basis, as the cable seems to have ended the correction in the upside. A breakout below the 1.4198 level will confirm that scenario. MACD indicator is entering at neutral 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 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 25, 2016 Market Analysis Review

USD/JPY is expected to trade in a higher range. Last Friday, US stocks advanced further, driven by energy shares as oil prices continued their rebound. Strong buying was also seen in technology and telecoms shares. Nymex crude oil soared 9.0% to $32.19 a barrel, rallying 21.2% in two days. The Dow Jones Industrial Average gained 1.3% to 16,093, the S&P 500 rose 2.0% to 1,906, while the Nasdaq Composite was up 2.7% to 4,591.

Gold eased 0.3% to $1,097 an ounce, while the benchmark 10-year Treasury yield climbed to 2.052% from 2.021% on Thursday.

Meanwhile, the US dollar strengthened against the euro, the Japanese yen, and the Swiss franc with EUR/USD losing 0.7% to 1.0794, USD/JPY rising 0.9% to 118.77 and USD/CHF gaining 0.9% to 1.0156. On the other hand, boosted by stronger oil prices, the Canadian dollar rebounded against the greenback. USD/CAD dropped 1.0% to 1.4115, losing 3.2% in three days.The pair continued with its uptrend with the bullish intraday outlook being maintained by the ascending 50-period (30-minute chart) moving average. The 20-period moving average stays above the 50-period one. As long as 117.95 holds as the key support, the pair is expected to reach the first upside target at 119.15 (around the high of January 6) and the second one at 119.60 (around the high of January 5).

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 119.15 and the second target at 119.60. In the alternative scenario, short positions are recommended with the first target at 117.45 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 117.10. The pivot point is at 117.95.

Resistance levels: 119.15, 119.60, 119.90

Support levels: 117.45,117.10,116.75

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Technical analysis of USD/CHF for January 25, 2016 Market Analysis Review

The upside movement is expected to prevail in USD/CHF. The pair remains on the upside, supported by its ascending 20-period and 50-period moving averages. The relative strength index is also bullish above its neutrality area at 50. Furthermore, the nearest support at 1.0110 should limit any downside room, and call for a new bounce. To sum up, breaches above 1.0110 (our trailing stop loss) will lead to further upsides to 1.0175 and 1.0215 in extension.

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 1.0175 and the second target at 1.0215. In the alternative scenario, short positions are recommended with the first target at 1.0065 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 1.0030. The pivot point is at 1.0110.

Resistance levels: 1.0175, 1.0215,1.0245

Support levels: 1.0065,1.0030, 0.9990

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Technical analysis of NZD/USD for January 25, 2016 Market Analysis Review

NZD/USD is turning down. The pair reversed down after the recent downside breakout of the support of its 50-period moving average. The 20-period moving average is turning down, and also crossed below the 50-period one. The nearest resistance at 0.6520 keeps placing prices under strong selling pressure. Last but not least, the relative strength index is badly directed, without showing any reversal signs. Hence, as long as 0.6520 holds on the upside, look for further decline to 0.6410 and 0.6370 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 0.6410. A break of that target will move the pair further downwards to 0.6350. The pivot point stands at 0.6520. 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 0.6550 and the second target at 0.6610.

Resistance levels: 0.6550, 0.6610, 0.6650

Support levels: 0.6410, 0.6350, 0.63

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Technical analysis of GBP/JPY for January 25, 2016 Market Analysis Review

GBP/JPY is expected to trade in a higher range as bias remains bullish. The pair stands above its key support at 167.80 and remains on the upside. The 20-period moving average stays above its 50-period one, while the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 170.60 at first. A break above this level would call for further advance towards 171.40 in extension.

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 170.60 and the second target at 171.40. In the alternative scenario, short positions are recommended with the first target at 166.80 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 166.15. The pivot point is at 167.80.

Resistance levels: 170.60, 171.40, 172

Support levels: 166.80, 166.15, 165.50

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NZD/USD intraday technical levels and trading recommendations for January 25, 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 0.6400-0.6350 constitutes a significant support zone, which corresponds to the backside of a broken downtrend line. Hence, a strong bullish rejection and a valid buy entry were expected in the zone of 0.6400-0.6380.

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

Note that another bullish closure above 0.6500 allows a quick bullish movement towards 0.6600 to occur.

However, on Friday, a lower high has been expressed off the price level of 0.6530. This enhances the bearish side of the market and probably brings the NZD/USD pair again towards the depicted support level at 0.6400.

On the other hand, the price zone of 0.6400-0.6370 remains a significant support zone to be watched for another buy entry if further bearish pressure persists below 0.6500.

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USD/CAD intraday technical levels and trading recommendations for January 25, 2016 Market Analysis Review

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). A 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 to take place 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 bearish 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) where bearish rejection was expected.

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

Trading recommendations:

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

S/L should now be lowered to 1.4350, while the next T/P level remains projected at 1.4000 if USD/CAD bears manage to break below 1.4100 (Fibonacci Expansion 100%).

On the other hand, conservative traders should wait for a bearish 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, while initial T/P levels should be located at 1.4000 and 1.3850.

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Intraday technical levels and trading recommendations for GBP/USD for January 25, 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 a bearish breakout below 1.5200.

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

Shortly after the GBP/USD moved below 1.4220, strong signs of bullish recovery have been expressed around 1.4075 resulting in the weekly candlestick, which closed above 1.4220 again (a bullish hammer weekly candlestick).

The price zone of 1.4360-1.4220 remains a significant demand zone for the GBP/USD pair.

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

During 2015, the 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 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) favored a bearish decline towards 1.4680 and 1.4610 where previous prominent bottoms are located on the GBP/USD daily chart.

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

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

Bullish persistence above 1.4360 should keep moving the pair towards higher bullish targets. The first bullish target is seen at 1.4615.

Trading Recommendation:

As anticipated, traders could take a valid buy entry when the GBP/USD pair achieved a daily closure above the level of 1.4220 on Friday.

Initial T/P levels should be located at 1.4360, 1.4440, and 1.4500, while S/L should be located below 1.4200.

On the other hand, risky traders can have a valid buy entry when the GBP/USD pair achieves another bullish closure above 1.4360. T/P levels would be located at 1.4440, 1.4500, and 1.4600.

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Technical analysis of Silver for January 25, 2016 Market Analysis Review

Technical outlook and chart setups:

SNow silver is trading higher around the levels of $14.20/25, but still remains inside the cone consolidation structure as seen on the H4 chart. The metal needs to break higher towards $14.35/40 to confirm a breakout of the consolidation. At the moment, it is bouncing off the resistance and support lines within the consolidation. It is hence recommended to keep trading accordingly, and then trade in the direction of a breakout. Immediate resistance is seen at $14.35, while support is found at $13.80/90.

Trading recommendations:

Buy at the support of $13.90/14.00 and sell at the resistance of $14.30/35 now.

Good luck!

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Global macro overview for 25/01/2016 Market Analysis Review

Global macro overview for 25/01/2016:

The last month of the year is usually highly correlated with increases in sales as the Christmas holiday shopping spree is wildly-known customer behavior. Nevertheless, the last week's retail sales data from the UK was quite worse than analysts had expected. The December 2015 was disappointing for the British retailers who unexpectedly saw a 1% drop in overall sales instead of a healthy increase. Two main reasons might lie behind the drop in sales. First one is the ongoing flood and warm weather in the UK, which keeps customers away from stores and is directly causing people to buy less clothes and shoes. The second reason might have even more long-term consequences as more people are now shopping online hence a need for traditional shops is slowly decreasing. However, the main question is whether this drop in sales is the beginning of the longer-term decline in spending in the European second largest economy or if this is just a seasonal correction towards the norm. We will have to wait for another data release to draw any meaningful conclusions.

In the mean time, let's take a look at the technical picture of the GBP/USD pair. On the weekly chart, we can see a doji/hammer candlestick pattern after the end of the downtrend. This pattern might suggest it is time for a bounce or even trend reversal. This possibility is supported by the price behavior in the lower time frame: on the H4 chart, the price is now testing the support at the level of 1.4218 and in case of a success, we might see another attempt to break above the resistance level of 1.4360.

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Gold analysis for January 25, 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. In the daily time frame, we can observe a weak supply bar, which is a sign that sellers do not have power and that we may expect further upward movements to take place. An intraday trend is upward. The resistance level is set at $1,112.30. If the price breaks the level of $1,112.30 in a high volume, we may expect potential testing of $1,135.00 (Fibonacci retracement 61.8% and SMA200).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,098.50

R2: 1,098.70

R3: 1,109.00

Support levels:

S1: 1,097.80

S2: 1,097.60

S3: 1,097.25

Trading recommendations: Watch for potential buying opportunities on dips.

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Intraday technical levels and trading recommendations for EUR/USD for January 25, 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 valid sell entries. Moreover, a Head and Shoulders reversal pattern is presented around the mentioned supply level as depicted on the chart.

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

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

Otherwise, note that a bullish closure above 1.0825 hinders a further bearish decline allowing more sideways movements to take place.

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Technical analysis of Gold for January 25, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the levels of $1,104.00/05.00 now looking for an opportunity to test $1,113.00. The metal is likely to seek a push through $1,125.00 and $1,136.00 subsequently until bulls keep prices above the trend-line support. The metal has been bouncing off the Fibonacci and trend-line supports as depicted on the H4 chart. It is hence recommended to remain long for now with risk at $1,080.00. Immediate support is seen at $1,092.00 followed by $1,082.00 and lower, while resistance is seen at $1,13.00 and higher.

Trading recommendations:

Remain long with stop at $1,090.00, a target is at $1,125.00.

Good luck!

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Global macro overview for 25/01/2016 Market Analysis Review

Global macro overview for 25/01/2016:

The German Ifo index data has been released this morning disappointing market participants. The main component of the index, Ifo Business Climate, came in at the level of 107.3 points, lower than expected 108.6 points. Moreover, the rest of the Ifo index components of were lower-than-expected as well: the Ifo expectation index came in at 102.4 points against the forecast of 104.0 and the Ifo current assessment index hit 112.5 points while analysts had foretasted 112.8 points. Nevertheless, despite the lower-than-expected figures, the main trend for the Ifo business climate index is still steady and slowly increasing as it oscillates are between a low of 103.0 (November 2014) and high of 109.2 (December 2015). The point is that the sentiment in the manufacturing, construction, wholesales and retail sales is positive and steady in current economic conditions, so spending, hiring, and investment in Germany and the EU should follow the same path as the sentiment.

Now let us analyze the technical side of the EUR/USD pair after the data was released. The dashed blue trend line still provides the dynamic support around the level of 1.0800. Any breakout below this level should put the next support at the level of 1.0776 to test. In case of a bounce, the next resistance is seen at the level of 1.0858.

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Technical analysis of EUR/JPY for January 26, 2016. Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has just managed to take out initial resistance at the level of 128.50 on the H4 chart. According to the Fibonacci ratio spread here, the level of 127.00 remains strong support. The pair could be preparing to retrace lower from current levels towards 127.00 before resuming its previous rally. It is hence recommended to remain flat for now and look for an opportunity to go long again at 127.00. Immediate support is seen at 127.50/60 followed by 127.00 and lower, while resistance is seen at 129.00 followed by 130.75 and higher.

Trading recommendations:

Remain flat for now and look for an opportunity to buy again at 127.00.

Good luck!

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EUR/NZD : analysis for January 25, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the 1.6719 level in a high volume. In the daily time frame, we can observe neutral bar (Friday bar) and rejection from Fibonacci retracement 50% (1.6550). In the H4 time frame, we found bullish engulfing candle formation, which is a sign that we may expect potential upward movement. Resistance levels are set at the 1.7130 and 1.7260 levels.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6715

R2: 1.6770

R3: 1.6850

Support levels:

S1: 1.6550

S2: 1.6500

S3: 1.6415

Trading recommendations: Intraday trend is upwards. Watch for potential buying opportunities on the dips.

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Technical analysis of GBP/CHF for January 25, 2016 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF is seen to be trading at 1.4450/60 levels with immediate support now at 1.4400 levels. Bulls are likely to remain poised to rally past 1.4600 levels provided 1.44 remains intact. Importantly, the resistance trend line also has been broken, and prices has been in the buy zone so far. It is hence safe to initiate fresh long positions now, with risk at 1.44 levels. While immediate support is seen around 1.4400 levels followed by 1.4140/50 levels, resistance is seen at 1.4600 levels, followed by 1.4800 and higher respectively. The short term outlook remains bullish.

Trading recommendations:

Initiate long positions now, stop at 1.4400 target, or 1.4600 at least.

Good luck!

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Technical analysis of EUR/JPY for January 25, 2016 Market Analysis Review

General overview for 25/01/2016:

EUR/JPY has bounced from the support level at 126.12, but it wan't strong enough to break range and enter the bullish zone. The current labeling indicates the possible corrective cycle progression inside the -ii- blue wave and if the intraday support at the level of 127.42 is not violated, then bullish trend should resume. In case the support breaks out, the traders should be ready for more complex corrective cycle and a possible test of the level of 126.12.

Support/Resistance:

126.08 - Higher Time Frame Cycles Invalidation Level

126.95 - WS1

127.41 - Intraday Support

127.75 - Weekly Pivot

129.08 - Intraday Resistance

129.34 - WR1

130.13 - WR2

130.75 - 130.85 - Technical Resistance| Gap |

Trading recommendations:

Day traders should consider opening buy order from the level of 127.42 in order to catch the anticipated wave -iii- to the upside. The SL for this trade should be placed below the level of 126.08 and TP would open for now. Moreover, this position might be an opportunity for a longer and more profitable swing trade.

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Technical analysis of USD/CAD for January 25, 2016 Market Analysis Review

General overview for 25/01/2016:

The alternative count suggested last week is in play now as the wave four has overlapped the wave one top. In this current labeling, there is still one more wave up missed - wave 5 purple. The current-corrective cycle might extend the drop as low as the level of 1.000, so the correction might get very large, complex, and time-consuming.

Support/Resistance:

1.4690 - Swing High

1.4436 - WR1

1.4420 - Technical Resistance

1.4272 - Weekly Pivot

1.4228 - Intraday Resistance

1.4112 - Intraday Support

Trading recommendations:

Day traders should consider placing sell orders from the current levels as there is still one more wave to the downside to complete (wave (v) green). The SL for this trade should be placed above the level of 1.4228 and TP at the level of 1.4112 at least.

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Technical analysis of GBP/USD for January 25, 2016 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Trading recommendations:

• According to the previous events, the GBP/USD pair will move between the levels of 1.4190 and 1.4393 in coming hours. We expect the trend to call for the bullish market at the level of 1.4186. As a result, buy at the level of 1.4186 with the first target at 1.4328, it might resume to 1.4393 in order to test the weekly resistance 1. Stop loss should be placed below 1.4186. It will be helpful to set it at the level of 1.4126 35 for the next two days.

Review:

• According to the previous events, the GBP/USD pair will move between the levels of 1.4190 and 1.4393 in coming hours.
• Resistance is seen at the level of 1.4393.
• Support is already found at the level of 1.4190.
• We expect a new range about 210 pips in days to come.
• The key level will be set at 1.4236, the level which represents the weekly pivot point.

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Technical analysis of EUR/USD for January 25, 2016 Market Analysis Review

Overview:

• The EUR/USD pair is likely to move between the levels of 1.0777 and 1.0876 on January 25, 2016. The level of 1.0777 will act as strong support. Intraday resistance is seen at the level of 1.0850. Also, the weekly pivot point sets at the level of 1.0850. In the short term, we expect a new double top to be formed at the level of 1.0850. Therefore, it will be wise to buy above the area of 1.0850 with the first target at 1.0876 (minor resistance), then it will continue towards the level of 1.0922 in order to test the weekly resistance 1. However, stop loss should be placed below the double bottom at 1.0743.

Observations:

• A trend still calls for a bullish market from the level of 1.0850.
• Support is found at the level of 1.0777.
• The weekly resistance has been already placed at 1.0922.
• So, we expect a weekly range between the levels of 1.0777 and 1.0970.
• The weekly pivot point is set at 1.0850. So, if the price moves above the level of 1.0850, it will confirm a bullish market.

The weekly technical analysis of EUR/USD pair:

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USDX technical analysis for January 23, 2016 Market Analysis Review

The US dollar index remains inside the bearish wedge pattern and continues to grind higher. However, I prefer to remain bearish and expect this wedge pattern to be broken downwards.

Red lines - bearish wedge

The US dollar index is trading inside the red wedge pattern and above the Ichimoku cloud. Support is found at 98.80 where both the cloud and the lower wedge boundary are found. If this level gets broken, we should expect pressure to be put onto the next critical support level of 98.50.

Red lines - wedge pattern

In the daily chart, the index is above the cloud and both tenkan- and kijun-sen. Support is critical at 98.50 as Ichimoku indicators confidence and wedge support is found. The level of 97 is the first short-term target if support at 98.50 fails to work well.

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Gold technical analysis for January 23, 2016 Market Analysis Review

Gold price remains in a short-term bullish trend, and I continue to expect prices to move higher towards the area of $1,120-30. The trend remains bullish as the price is headed towards higher highs and higher lows.

Blue lines - bullish channel

Gold price continues to trade above the Ichimoku cloud and inside an upward sloping channel. Support is found at $1,080, while resistance is seen at $1,110. I continue to expect gold price to reach the upper channel boundary and finish its rise from $1,050.

The weekly chart continues to show that the price remains supported, and while the oversold stochastic is bouncing, we should expect the kijun-sen resistance to be tested this week if not broken upwards. Important weekly support is found at $1,080. A weekly close below this level will open the way to $950.The material has been provided by InstaForex Company - www.instaforex.com

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Daily analysis of major pairs for January 25, 2016 Market Analysis Review

EUR/USD: The EUR/USD pair was able to move downwards last week, closing just below the resistance line at 1.0800 on Friday. There is now a Bearish Confirmation Pattern on this pair, which means the price could begin to trend further downwards. There is a potential bearish target at the support line of 1.0750, while the resistance line at 1.0950 is a formidable barrier to bulls.

USD/CHF: There was an upwards movement of 150 pips on the USD/CHF last week – something that has caused a clean bullish signal in the market. Since the important market level of 1.0100 is being breached to the upwards successfully, it might be logical to assume that the price would continue moving northwards. This week, bullish potential targets are at the resistance levels of 1.0200 and 1.0250.

GBP/USD: From Monday to Wednesday, GBP/USD moved downwards by 170 pips, testing the accumulation territory of 1.4100 last week. From that territory, the price started making some bullish effort, which might not render the current bearish bias invalid unless the price moves above the distribution territory of 1.4500. This would require serious attempts from bulls because the strong USD would make it difficult for this pair to rally this week.

USD/JPY: The USD/JPY pair tested the demand level at 116.00, and then bounced upwards by 280 pips. This poses a direct threat to the extant bearish outlook, which would eventually be rendered invalid in case the price continues going further upwards this week. The outlook for the USD is bright and therefore the USD/JPY pair might continue moving upwards.

EUR/JPY: The outlook remains bearish and unchanged for this market, though there are mixed signals seen. It is better to stay away from this market until there is a directional signal. There may be a breakout, which would be influenced by the events affecting the euro. There would be a breakout above the supply level of 129.00 or below the demand level of 126.50 this week.

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