Daily analysis of major pairs for January 27, 2016 Market Analysis Review

EUR/USD: This pair was making bullish effort in the context of a bearish signal. There are resistance lines at 1.0900 and 1.0950. There are also support lines at 1.0800 and 1.0750. The price would either go above these resistance lines to generate a bullish signal or go below the support lines to reinforce the recent bearish outlook.

USD/CHF: There was a lot of trading activities around the level of 1.0150, which has been broken to the upside as the price continues to move upwards in the context of an uptrend. The best thing right now is to seek long trading opportunities in the market owing to the current bullish signal and the bright outlook for the USD.

GBP/USD: The GBP/USD pair went upwards yesterday because bulls were making effort to push the price upwards. However, the bearish outlook is extant unless the price goes above the distribution territory of 1.4450, which might render the bearish outlook invalid. There are accumulation territories around 1.4200 and 1.4150, which could be tested in case the price goes south.

USD/JPY: This pair merely consolidated yesterday, though a closer look at the chart shows that the price is likely to keep moving in this trend. There is a bullish signal in the chart as the price is now above the EMA 56, while the RSI period 14 is above the level of 50. The outlook for the USD is bright and therefore, the USD/JPY pair might continue moving upwards.

EUR/JPY: The bullish determination started by this cross is presently paying off. There is a novel Bullish Confirmation Pattern in the chart, which means the price has the potential to continue going upwards from here reaching the supply zones of 129.50 and 130.00 within the next few trading days.

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Technical analysis of Silver for January 27, 2016 Market Analysis Review

Technical outlook and chart setups:

Silver has broken out of the cone consolidation structure as shown in the H4 chart. It is trading around $14.40/50 now looking for an opportunity to drop lower towards at least $14.30 if not even lower. Please also note that the Fibonacci 50% support and resistance-turned-support trend line is also seen at $14.30 levels. It is hence recommended to take profits on long positions and buy again near the level of $14.30 with risk at $14.00. Immediate support is seen at $14.30, while resistance is seen at $14.60. A bullish reversal from $14.30 should push the metal towards the level of $15.00 as well.

Trading recommendations:

Take profits and remain flat. Buy again around $14.30.

Good luck!

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Technical analysis of Gold for January 27, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold rose through $1,120.00/22.00 yesterday as we had expected and discussed earlier. The yellow metal should remained poised to move through higher levels of $1,125.00 and $1,136.00 before turning lower again. Indicators reveal that the metal could retrace to $1,110.00 in the short term before hitting fresh highs in the area around $1,136.00. It is hence recommended to take profits on all long positions and remain flat looking for an opportunity to enter at lower levels again. Immediate support is seen at $1,110.00, while resistance is seen at $1,125.00/36.00.

Trading recommendations:

Take profits on long positions. Remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for January 27, 2016 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has taken out initial resistance at 128.50 and must be looking for an opportunity to move through the level of 129.00 before producing a meaningful retracement. The pair has broken above the immediate line of resistance, which is encouraging for bulls. It is expected to drop lower towards 127.10/20 before resuming its previous rally. It is recommended to remain flat for now and wait for a reaction at the level of 127.20. Immediate support is seen at 126.00, while resistance is seen at 129.00.

Trading recommendations:

Remain flat.

Good luck!

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Technical analysis of GBP/CHF for January 27, 2016 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair reached fresh highs at the levels of 1.4640/50 yesterday, taking out initial resistance at 1.4600 as depicted here on the hourly chart. The pair should be looking for an opportunity to produce a meaningful correction. It is expected to drop in a corrective manner (3 waves) towards 1.4320/30 before resuming its earlier rally. Please note that it is also the Fibonacci 0.618 support of the rally between the levels of 1.4125 and 1.4640 respectively. It is hence recommended to initiate short positions now with risk at the levels of 1.4650. Immediate support is seen at 1.4450, while resistance is seen at 1.4640.

Trading recommendations:

Initiate short positions with stop at 1.4650, a target is at 1.4330.

Good luck!

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Elliott wave analysis of EUR/NZD for January 27 - 2016 Market Analysis Review

Wave summary:

We are still looking for upside acceleration soon. A direct breakout above 1.6706 indicated that red wave ii ended a little earlier than expected and that red wave iii higher towards at least 1.7641 is already developing.

We will continue to look for a breakout above minor resistance at 1.6896 and more importantly a breakout above resistance at 1.7010 that will confirm that red wave ii is indeed over and red wave iii higher is unfolding.

It will take an unexpected breakout below support at 1.6505 to invalidate this count.

Trading recommendation:

We are long EUR from 1.6706 with stop placed at 1.6505. If you are not long EUR yet, then buy near 1.6625 or upon a breakout above 1.6896 and use the same stop at 1.6505.

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Elliott wave analysis of EUR/JPY for January 27, 201 Market Analysis Review

Wave summary:

The corrective rally in wave [iv] from 126.14 continues to unfold as we expected. It looks as if wave c of [iv] turns into a small ending diagonal, which means the final rally higher towards 129.07 is likely to be a little slower than we first anticipated, but nothing else has changed.

Short-term support is found at 128.23 and again at 128.05. It is expected to protect the downside for the next part of wave c higher towards 129.07.

Only an unexpected breakout below support at 127.77 will indicate that the corrective rally in wave [iv] has already ended and a new impulsive decline in wave [v] lower to 123.89 is developing.

Trading recommendation:

We will sell EUR at 129.00 or upon the breakout below the important short-term support of 127.77.

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Technical analysis of EUR/USD for Januari 27, 2016 Market Analysis Review

When the European market opens, some economic news on the German 30-y Bond Auction and GfK German Consumer Climate is due to be released. The US will release economic data on the Federal Funds Rate, FOMC Statement, Crude Oil Inventories, and New Home Sales. So amid the reports, EUR/USD will move with medium to high volatility.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0907.

Strong Resistance:1.0901.

Original Resistance: 1.0890.

Inner Sell Area: 1.0879.

Target Inner Area: 1.0854.

Inner Buy Area: 1.0829.

Original Support: 1.0818.

Strong Support: 1.0807.

Breakout SELL Level: 1.0801.

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 27, 2016 Market Analysis Review

In Asia, Japan will not release any economic data today, but the US will deliver some economic news on the Federal Funds Rate, FOMC Statement, Crude Oil Inventories, and New Home Sales. So, there is a strong probability that the USD/JPY pair will move with medium to high volatility.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 118.78.

Resistance. 2: 118.55.

Resistance. 1: 118.32.

Support. 1: 118.02.

Support. 2: 117.79.

Support. 3: 117.56.

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 27, 2016 Market Analysis Review

US Dollar Index has declined below the 200 SMA at H1 chart after a strong resistance was found around 99.49. Current price action is telling us that a support level is located at 98.97, as an inflection zone was formed during the January 19th and 20th sessions and pushed the index higher. However, this bullish scenario can invalidate if the USDX breaks the support at 98.72. MACD indicator is currently declining, as it is still moving on the negative territory.

H1 chart's resistance levels: 99.22 / 99.49

H1 chart's support levels: 98.97 / 98.72

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the USD Index breaks a bullish candlestick; the resistance level is at 99.22, take profit is at 99.49, and stop loss is at 98.95.

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Daily analysis of GBP/USD for January 27, 2016 Market Analysis Review

GBP/USD had a bullish momentum above the support at 1.4198 after a fractal structure formation declined from the January 22th highs. The H1 chart is showing that a high pattern can move further above the 200 SMA and the support can be found at 1.4309. This level is a key bottom for GBP/USD, as we saw a strong sellers' reaction to the price action during the sessions of January 18th, 19th, 22th and 25th. Additionally, a break above the 1.4373 level will expose the pair to the next resistance placed around 1.4464, where a inflection zone was formed during the January 13th session. MACD indicator is reaching overbought conditions, so the pair may start to make pullbacks to test the 1.4309 level and to resume the bearish bias.

H1 chart's resistance levels: 1.4373 / 1.4464

H1 chart's support levels: 1.4309 / 1.4198

Trading recommendations for today: Based on the H1 chart, sell (short) orders are recommended only if GBP/USD breaks a bearish candlestick; the support level is at 1.4309, take profit is at 1.4198, and stop loss is at 1.4422.

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

Overview

The recovery from the 163.96 short-term bottom is still in progress and further rise could be seen. We expect the upside to be limited by the 38.2% retracement of 188.79 to 163.96 at 173.44 and bring fall resumption. A break of 163.96 will extend the fall from 195.86. Current development confirmed medium-term topping at 195.86 on bearish divergence condition in the weekly MACD. A fall from 195.86 is currently viewed as a correction and 38.2% retracement of 116.83 to 195.86 at 165.67 has already been met. Based on the current momentum, the correction is likely to extend to the 61.8% retracement at 147.01 before completion.

Daily Pivots: (S1) 167.50; (P) 168.92; (R1) 170.78

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NZD/USD intraday technical levels and trading recommendations for January 26, 2016 Market Analysis Review

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

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

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

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

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

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

Earlier today, the price levels around 0.6400 stood as a significant support offering a valid buy entry which is running in profits now.

Bullish persistence above 0.6500 is currently needed to keep moving towards higher bullish targets. Otherwise, another bearish correction towards 0.6370 should be expected.

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

Overview

The silver price is testing the 23.6% Fibonacci level at 14.25, approaching the sideways range resistance that is located at 14.40, accompanied by stochastic reaching the overbought areas. So the price might be pushed to trade negatively in the upcoming sessions. The price might head to test the mentioned range support at 13.65. Therefore, the sideways scenario will remain valid and active as long as the price is between the above-mentioned levels. Breaching the 14.40 level will lead the price to more bullish correction, the next main target of which is located at 15.30. However, breaking the 13.65 level represents the key to return to the main bearish trend, the first target of which is located at 13.00.

The expected trading range for today is between 13.80 support and 14.50 resistance.

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USD/CAD intraday technical levels and trading recommendations for January 26, 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).

Significant bearish rejection was observed around 1.3450.Hence, another consolidation range was established between 1.2800 and 1.3450.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market.

A bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was expected as a result of the bullish breakout above 1.3450.

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

On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if the current bearish correction persists below 1.4100.

Trading recommendations:

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

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

On the other hand, conservative traders should wait for a daily candlestick closure below the level of 1.4100 to sell the USD/CAD pair. S/L should be located above 1.4150.

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 26, 2016 Market Analysis Review

Few months ago, the market was pushed above the weekly levels around 1.5550 trying to reach the price zone of 1.5900, where the depicted Head and Shoulders pattern was expressed.

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

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

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

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

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

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

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.

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

Daily persistence below 1.4800 (the lower limit of the 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 moving further below the prominent demand levels of 1.4620 and 1.4360.

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

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

Trading Recommendation:

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

Initial T/P levels should be located at 1.4360, 1.4440, and 1.4500, while S/L should be located below 1.4160.

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

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Intraday technical levels and trading recommendations for GBP/USD for January 26, 2016 Market Analysis Review

Few months ago, the market was pushed above the weekly levels around 1.5550 trying to reach the price zone of 1.5900, where the depicted Head and Shoulders pattern was expressed.

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

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

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

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

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

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

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.

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

Daily persistence below 1.4800 (the lower limit of the 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 moving further below the prominent demand levels of 1.4620 and 1.4360.

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

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

Trading Recommendation:

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

Initial T/P levels should be located at 1.4360, 1.4440, and 1.4500, while S/L should be located below 1.4160.

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

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Intraday technical levels and trading recommendations for EUR/USD for January 26, 2016 Market Analysis Review

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

On March 2015, the EUR/USD bears challenged the monthly demand level of 1.0550 (established in January 1997). A month later, a strong bullish recovery was expressed around the mentioned demand level.

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

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

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

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

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

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

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

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

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

On the other hand, bullish persistence above 1.0830 hinders further bearish decline. If it is so, a bullish pullback towards 1.1000 should be expected.

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

Overview:

Recently, EUR/NZD has been moving sideways in the area of 1.6670. In the daily time frame, we can observe a bullish bar but in a low volume, which is a sign that buying looks risky. I have placed Fibonacci retracement to find potential resistance and I found Fibonacci retracement 61.8% at the level of 1.7180 (successfully held few days ago). In the H4 time frame, the price has broken our intraday upward trend line, and we may see possible downward movement. Be careful when buying and watch for potential selling opportunities.The short-term take profit zone is set at the level of 1.5850.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6830

R2: 1.6895

R3: 1.7000

Support levels:

S1: 1.6620

S2: 1.6550

S3: 1.6450

Trading recommendations: Intraday trend is downward. Watch for potential selling opportunities.

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Gold analysis for January 26 , 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,117.42. In the daily time frame, we can observe a demand bar in an average, 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 price broke our resistance level at $1.111.50, which is now acting as good support. This area looks like a good place to open buying positions. The take-profit zone is set at the level of $1,134.00 (Fibonacci retracement 61.8%).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,109.60

R2: 1,112.00

R3: 1,115.85

Support levels:

S1: 1,102.00

S2: 1,099.60

S3: 1,095.80

Trading recommendations: Watch for potential buying opportunities on dips.

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Global macro overview for 26/01/2016 Market Analysis Review

Global macro overview for 26/01/2016:

The NAB Business Confidence index data was released overnight in Australia and the figures remained strong in December. Despite the recent market sell-off, the business confidence declined only slightly from +5 in November to +3 in December. The data reflects that the sentiment among the Australian firms remains positive and it is in line with the expectations of the Australian policy makers: the non-mining recovery remains on track. In such a situation. the Reserve Bank of Australia should not cut the interest rate in the near future.

Now let us take a look at the technical picture of AUD/USD. After a recent sell-off at the end of the year, the double-bottom pattern has been made, making the level of 0.6826 important long-term support. Currently, the AUD/USD pair is trying to climb higher and break above near-term resistance at the level of 0.7470. Next support is seen at the level of 0.6918.

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Global macro overview for 26/01/2016 Market Analysis Review

Global macro overview for 26/01/2016:

Crude oil prices are in the spotlight again as they fell back below the $30 a barrel. The recent remarks from Kuwait and Iraq regarding the willingness to cut oil production in coordination with other non-OPEC countries did not help oil prices rise. There is still plenty of supply in the market; moreover, the Iraqi oil production hit a record in December as the output increased in the southern and central fields.

From the technical point of view, there is an interesting situation as oil prices might be forming a double-bottom pattern. The first leg of this pattern is already in place and now the lower channel line is being tested around the important psychological level of $30. The bearish engulfing pattern in the daily time frame must be confirmed by another daily downside candle to confirm this scenario. If it is successful, we might see another test of the low at the level of 26.16.

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

Overview:

• According to the previous events, the NZD/USD pair has still been moving between 0.6440 and 0.6497. Today, strong resistance will be formed at the level of 0.6537, providing a clear signal for sell deals with the target seen at 0.6466 and 0.6406 in order to test the double bottom on the H1 chart. Moreover, in the long term, a strong support level will be formed at the level of 0.6406, providing a clear signal for resell deals with the targets seen at the 0.6348 mark, with a view to test the double bottom in the same time frame. However, stop loss is to be placed above 0.6575.

Notes:

• We expect a range about 93 pips today.
• The risk of 62 pips must make a profit of 93 pips.
• The level of 0.6537 will confirm the bearish market.
• Volatility today is 95.50. As a rule, the market is highly volatile if the last day has huge volatility.

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

Overview:

• The USD/CHF pair has already found the major support at the level of 1.0057 and minor support is found at 1.0120. Equally important, the level of 1.0120 coincides with a ratio of 61.8% Fibonacci retracement levels. On the other hand, the double top was placed at the point of 1.0263; and the first resistance line is seen at 1.0211. Additionally, according to the previous events, the price will move between 1.0120 and 1.0263. In addition, we expect a range of about 123 pips today. Also, it should be noted that the trend is ascending from the support level of 1.0120. Therefore, strong support is expected to be found at the level of 1.0120 providing a clear signal to buy with a targets at 1.0211. If the trend is able to break the first target, it will resume towards 1.0263. Anywise, stop loss should never exceed your maximum exposure amounts, for that the stop loss should be placed below the double bottom at the level of 1.0012.

Forecast:

• The minor support sets at 1.0120 for that it is a good deal to buy at 1.0120 with targets at 1.0211 and 1.0263. However, the stop loss must be placed at 1.0012.

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

USD/JPY is expected to trade in a lower range. Overnight, the US stocks ended lower as pressure on oil prices resumed. The Dow Jones Industrial Average fell 1.3% to 15885, the S&P 500 dropped 1.6% to 1877, while the Nasdaq Composite was down 1.6% to 4518.

Nymex crude oil, which had soared 9% last Friday, gave back 5.7% to settle at $30.34 a barrel. Gold gained 1.0% to $1108 an ounce, while the benchmark 10-year Treasury yield moved down to 2.022% from 2.052% in the previous session.

Meanwhile, as oil prices weakened, the Canadian dollar erased its earlier gains against the US dollar, with USD/CAD surging 1.2% to 1.4289. At the same time, EUR/USD rose 0.5% to 1.0847, USD/JPY declined 0.4% to 118.28, and AUD/USD was down 0.7% to 0.6954.

The pair has broken below a bullish trend line remaining on the downside. Currently, it is trading below the 20-period (30-minute chart) moving average, which stands below the 50-period one. Meanwhile, the intraday relative strength index remains below the neutrality level of 50 after breaking below a rising trend line. Therefore, the intraday outlook has turned bearish and the pair should decline toward the first downside target at 117.50 (a level of over-lapping support and resistance) and the second target at 117.10.

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 117.50. A break of that target will move the pair further downwards to 117.10. The pivot point stands at 118.50. 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 119.20 and the second target at 119.60

Resistance levels: 119.20, 119.60, 119.90

Support levels: 117.50,117.10,116.75

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

USD/CHF is expected to trade with a bullish bias above 1.0100. The pair stands firmly above its nearest support of 1.0100, and may challenge its next resistance at 1.0175. The process of reaching higher highs and lows remains intact, which should confirm a positive outlook. Besides, the support found at 1.0100 has raised a possibility of a temporary stabilization. To sum up, any consolidations above 1.0100 should be limited before a further advance to 1.0175 and 1.0215.

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 1.0100.

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 26, 2016 Market Analysis Review

NZD/USD is expected to move downwards. The pair remains under pressure below its nearest resistance at 0.6495. Both the 20-period and 50-period moving averages are heading downwards acting resistance roles. Besides, the relative strength index is turning down below its neutrality area of 50. In this case, as long as 0.6495 is not surpassed, further decline is more likely to occur to 0.6410 and 0.6370.

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 0.6495. 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 0.6520 and the second target at 0.6550.

Resistance levels: 0.6520,0.6550, 0.6610

Support levels: 0.6410, 0.6350, 0.63

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

GBP/JPY is expected to trade in a lower range as the pair is under pressure now. The pair is trading below its key resistance at 169.40 and remains on the downside. The 20-period moving average stays above its 50-period one, while the relative strength index lacks downward momentum. Further downside is therefore expected with the next horizontal resistance and overlap set at 166.65 first. A breakout below this level would call for a further decline towards 166.05.

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 166.65. A break of that target will move the pair further downwards to 166.05. The pivot point stands at 169.40. 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 170.35 and the second target at 171.35.

Resistance levels: 170.35, 171.35, 172

Support levels: 166.65, 166.05, 165.50

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USDX technical analysis for January 26, 2016 Market Analysis Review

The US dollar index is getting under pressure ahead of the FOMC rate announcement and Janet Yellen's speech. The bearish wedge pattern I mentioned in my previous post is being tested and we could see a downward breakdown over the next couple of sessions.

Red lines - bearish wedge

The price is above the Ichimoku cloud in the 4-hour chart, but it has also broken below the kijun-sen support. The next support is found at 98.80-98.60 where the Ichimoku cloud is observed and a lower boundary of the upward sloping wedge.

Red lines - upward sloping wedge

The daily chart remains bullish as the price remains above the cloud, inside the wedge and above both the tenkan- and kijun-sen indicators. Volatility is expected to rise over the next two sessions. I believe the price is likely to break out downwards towards 97. Resistance is seen at 100.

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Gold technical analysis for January 26, 2016 Market Analysis Review

Gold price is moving higher towards our targeted area of $1,120-30. A trend remains bullish in the short-term, but bulls should start being cautious and raise their stops as we are approaching important resistance levels.

Blue lines - bullish channel

Red line - long-term support

Gold price has reached the 50% retracement of a decline from $1,190. The trend is bullish as the price is breaking above the Ichimoku cloud. The next resistance and possible reversal level is seen at $1,130 where we find the 61.8% Fibonacci retracement.

The weekly chart remains bullish for the short-term and price is approaching the kijun-sen resistance indicator as we expected. A weekly close above the kijun-sen will push gold price towards the Ichimoku cloud at $1,150.The material has been provided by InstaForex Company - www.instaforex.com

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