Technical analysis of Silver for January 29, 2016 Market Analysis Review

Technical outlook and chart setups:

Silver is testing the resistance-turned-support line of a consolidation around $14.25. The metal could hit a higher low at $14.20 yesterday looking for an opportunity to test $14.60 levels again. Please note that a successful test here should enable bulls to gain control of the market again with prices exceeding $14.60 and $15.00. It is hence recommended to remain long now with risk at $13.90. Immediate support is seen at $14.00, while resistance is seen at $14.50/60.

Trading recommendations:

Remain long now with stop at $13.90, a target is $14.60.

Good luck!

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Technical analysis of Gold for January 29, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold formed a bottom around $1,108.00/09.00 and then reversed. The metal is trading around the level of $1,115.00/16.00 now looking for a way to push higher towards $1,136.00 at least. An overall bullish structure still remains intact in the yellow metal chart. Gold bounced off a trend line support, Fibonacci 0.382 support, and past resistance turned support as depicted on the H4 chart. It is hence recommended to remain long and also add further positions with risk at $1,100.00. Immediate support is seen at $1,100.00, while resistance is seen at $1,128.00 (interim).

Trading recommendations:

Remain long with stop at $1,100.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for January 29, 2016 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY has raised and hit an intraday high of 132.25 before pulling back. The pair is trading around the level of 131.80 now looking for an opportunity to reverse from current levels, towards the major trend which is down. Please note that the pair has hit the trend line resistance and also around Fibonacci 0.618 retracement as depicted on the daily chart. It is hence recommended to initiate short positions with risk at the level of 134.00. Immediate support is seen at 130.50, while resistance is now seen at 132.25. Bears should regain control until prices remain broadly below 132.25.

Trading recommendations:

Initiate short positions now with stop at 134.00, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for January 29, 2016 Market Analysis Review

Wave summary:

We can see an upward staircase, but this might be because this cross is accumulating energy for the extended red wave iii higher towards 176.41 and higher towards 1.8020.

In the short term, we expect minor support at 1.6715 and more importantly support at 1.6603 to protect the downside for a breakout above 1.7010 and more importantly a breakout above 1.7273 providing upside acceleration to 1.7641 and 1.8020.

Only a breakout below support at 1.6603 will delay the expected rally higher.

Trading recommendation:

We are long EUR from 1.6706 with stop placed at 1.6600. If you are not long EUR yet, then buy on the breakout above 1.7010 and place your stop at 1.6600 too.

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NZD/USD intraday technical levels and trading recommendations for January 29, 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 reached at the level of 0.6530. This enhanced the bearish side of the market and brought the NZD/USD pair towards the depicted support level of 0.6400 again.

Earlier this week, the depicted support level of 0.6400 acted as a prominent key level, which offered a valid buy entry as expected. The suggested position is running in profits now. S/L should be moved to 0.6400 to secure some profits.

Bullish persistence above 0.6500 is currently needed to keep moving towards higher bullish targets. An initial target is located at 0.6590.

Otherwise, a bearish closure below 0.6500 brings another bearish pullback towards 0.6430 and 0.6370 (which is less probable to occur).

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USD/CAD intraday technical levels and trading recommendations for January 29, 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 significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established between 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was executed.

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).

The level of 1.4100 (Fibonacci Expansion 100%) remains a significant key level to be watched for price reaction during the current week's consolidations. It may offer a valid sell entry if any bullish pullback occurs soon.

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 momentum persists below the mentioned key level (1.4100) and 1.4000 (a prominent Weekly Support).

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 1.4200 to secure our profits, while the next T/P level remains projected at 1.3800 if USD/CAD bears maintain enough bearish momentum below 1.4100 and 1.4000.

On the other hand, conservative traders should wait for a bearish pullback towards the price zone of 1.3370-1.3400 where a valid buy entry can be offered.

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Intraday technical levels and trading recommendations for GBP/USD for January 29, 2016 Market Analysis Review

Few months ago, the market was pushed above the depicted weekly level at 1.5550 trying to reach the zone of 1.5900. That's where the depicted Head and Shoulders pattern was formed.

On November 2015, a bearish engulfing weekly candlestick closed 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 the bearish breakout below 1.5200.

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

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

That is why, the 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 enough bullish strength in the market. The first bullish target is seen at 1.4615.

During 2015, significant bearish rejection was 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 depicted 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 in the market. The first bullish target is projected towards 1.4615.

Trading Recommendation:

In our 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 advanced to 1.4200 to offset the associated risk.

Those who missed the initial trade 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 29, 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, EUR/USD bears challenged the monthly demand level of 1.0570 (established in January 1997). One month later, strong bullish recovery was observed 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 level of 1.1450.

As mentioned above, the 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 produced 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 needed 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. Hence, a bullish pullback towards 1.1000 would be expected.

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Technical analysis of EUR/USD for Januari 29, 2016 Market Analysis Review

When the European market opens, economic news on the Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Private Loans y/y, M3 Money Supply y/y, Spanish Flash GDP q/q, Spanish Flash CPI y/y, French Consumer Spending m/m, French CPI m/m, German Retail Sales m/m, and French Prelim GDP q/q is due to be released. The US will unveil economic data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Goods Trade Balance, Employment Cost Index q/q, Advance GDP Price Index q/q, and Advance GDP q/q. So amid the reports, the EUR/USD pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0981.

Strong Resistance:1.0975.

Original Resistance: 1.0964.

Inner Sell Area: 1.0953.

Target Inner Area: 1.0928.

Inner Buy Area: 1.0903.

Original Support: 1.0892.

Strong Support: 1.0881.

Breakout SELL Level: 1.0875.

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 29, 2016 Market Analysis Review

In Asia, Japan will release data on the BOJ Press Conference, Housing Starts y/y, BOJ Core CPI y/y, BOJ Outlook Report, Monetary Policy Statement, Prelim Industrial Production m/m, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US will deliver economic data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Goods Trade Balance, Employment Cost Index q/q, Advance GDP Price Index q/q, and Advance GDP q/q. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 119.20.

Resistance. 2: 118.97.

Resistance. 1: 118.74.

Support. 1: 118.45.

Support. 2: 118.22.

Support. 3: 117.99.

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 GBP/CHF for January 29, 2016 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is trading around the level of 1.4550/60 at the moment looking for an opportunity to drop lower towards 1.4300/30 before resuming its rally. The pair is attempting to complete the final leg of the corrective drop from 1.4645. It would complete a counter trend wave structure around the level of 1.4300. It is hence recommended to remain short now and add positions with risk at 1.4650. Immediate support is seen at the levels of 1.4475/50, while resistance is seen at 1.4640/50. Bears are expected to remain in control until prices stay below 1.4645.

Trading recommendations:

Remain short now with stop at 1.4650, a target is at 1.4300

Good luck!

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Daily analysis of USDX for January 29, 2016 Market Analysis Review

The H1 chart structure is showing us that the USDX has declined sharply from the highs formed around the 200 SMA price zone. Currently, the Index is finding strong bottom around the 98.52 level which is an inflection area formed during the January 15th session's lows. If the USDX manages to break that zone to the downside, then we can expect another decline towards the 98.35 level, which would endanger our bullish overall outlook.

H1 chart's resistance levels: 98.72 / 98.97

H1 chart's support levels: 98.52 / 98.35

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 98.72, take profit is at 98.97, and stop loss is at 98.46.

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Daily analysis of GBP/USD for January 29, 2016 Market Analysis Review

The cable recovered above the 200 SMA at H1 chart after it had gained a momentum during the Thursday's session. Currently we're seeing a higher high pattern formation below the resistance at 1.4373, and the pair is likely to break it above. Then it is expected to rally towards the next inflection area formed during the January 13th session, around the 1.4467 level. MACD indicator is reaching overbought territory, so we'll be able to see some pullbacks in coming hours as the overall bearish structure cannot be discarded yet.

H1 chart's resistance levels: 1.4373 / 1.4467

H1 chart's support levels: 1.4309 / 1.4198

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 1.4309, take profit is at 1.4198, and stop loss is at 1.4417.

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Daily analysis of EUR/JPY for January 28, 2016 Market Analysis Review

Overview

The break of the 129.07 minor resistance suggests a near-term reversal before the 126.09 key support level. A rebound from 126.16 should now target the 55-day EMA (now at 130.57). A sustained break will target the 134.58 resistance. In case of a retreat, we stay cautious on strong support from 126.09 to bring a rebound. Price actions from the 149.76 medium-term top is viewed as a developing corrective pattern. At this point, as long as the 126.09 support holds, we expect a sideways pattern between 126.09 and 149.76 in the medium term to be followed by an upside breakout at a later stage. However, a decisive break of 126.09 will raise some questions over this outlook and would bring a deeper fall to 61.8% retracement of 94.11 to 149.76 at 115.36.

Daily Pivots: (S1) 128.52; (P) 129.00; (R1) 129.75

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Daily analysis of Silver for January 28, 2016 Market Analysis Review

Overview

The silver price continues fluctuating around the sideways range resistance, while stochastic approaches the oversold areas. This keeps the bullish trend scenario valid and active for the rest of the day, waiting to target 14.67 followed by 15.30 levels on a near-term basis. Breaking 14.27 will stop the suggested rise and put the price under negative pressure that the main bearish trend might resume again. The EMA50 supports the suggested bullish wave, and breaching the 14.67 level will ease achieving the mentioned target, while the bullish trend will remain valid and active unless breaking the 14.27 level and holding below it.

The expected trading range for today is between the 14.20 support and 15.00 resistance.

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Daily analysis of USD/JPY for January 28, 2016 Market Analysis Review

Overview

A rebound in USD/JPY from 115.96 is still in progress. A further rise is in favor to 120.33 (support turned resistance). A break will target 123.74 next. Overall, price actions from 125.85 are viewed as a sideways consolidation pattern and we will hold on to this view as long as the 115.96 support holds. The consolidation pattern from the 125.85 medium-term top is still in progress. At this point, we are viewing it as a sideways pattern and expect strong support around 116.13 to contain 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 (2011 low) to 125.85 at 106.63 and lower.

Daily Pivots: (S1) 118.13; (P) 118.60; (R1) 119.15

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Technical analysis of USD/JPY for January 28, 2016 Market Analysis Review

USD/JPY is expected to trade with a bullish bias above 118.35. Overnight, the US stock indices closed lower after the US Federal Reserve left interest rates unchanged saying: "The committee is closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation." The Dow Jones Industrial Average slid 1.4% to 15944, the S&P 500 lost 1.1% to 1882, while the Nasdaq Composite was down 2.2% to 4468.

Nymex crude oil gained another 2.7% to $32.30 a barrel, gold increased 0.5% to $1125 an ounce, while the benchmark 10-year Treasury yield edged up to 2.003% from 1.996% at the previous session.

Meanwhile, the U.S. dollar cannot benefit from the Fed's release, which did not cut uncertainty about another rate hike in March. EUR/USD rose 0.2% to 1.0891, AUD/USD gained 0.3% to 0.7025, and USD/CAD was down 0.2% to 1.4091. Meanwhile, GBP/USD fell 0.8% to 1.4229.

NZD/USD plunged 1.0% to 0.6430 as New Zealand's central bank maintained the official cash rate unchanged at 2.50% (as expected) saying: "Some further policy easing may be required over the coming year to ensure that future average inflation settles near the middle of the target range." The pair ran up to 119.07 before entering a consolidation zone. Currently it is trading above the key support level of 118.35. The 20-period (30-minute chart) moving average remains above the 50-period one, while the relative strength index is around the neutrality level of 50. As long as 118.15 holds as the key support, the intraday outlook stays bullish and the pair should challenge again the first upside target at 119.15.

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 119.50. In the alternative scenario, short positions are recommended with the first target at 118 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 117.60. The pivot point is at 118.35.

Resistance levels: 119.15, 119.50, 119.85

Support levels: 118, 117.60, 117.20

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Technical analysis of USD/CHF for January 28, 2016 Market Analysis Review

USD/CHF is expected to consolidate. The pair remains under pressure below the resistance level of 1.0185. It is likely to consolidate. The relative strength index is mixed to bearish below its neutrality area of 50. Furthermore, the key moving averages are turning down as well. Hence, below 1.0185 (a key horizontal resistance), expect a return to 1.0085 and 1.0050.

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 1.0215. A break of that target will move the pair further downwards to 1.0250. The pivot point stands at 1.0185. 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 1.0085 and the second target at 1.0050.

Resistance levels: 1.0215, 1.0250, 1.0295

Support levels: 1.0085, 1.0050,1.0030

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NZD/USD intraday technical levels and trading recommendations for January 28, 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 of 0.6400 again.

Yesterday, the depicted support level of 0.6400 acted as a prominent key level, which offered a valid buy entry as expected. The suggested position is running in profits now. S/L should be moved to 0.6400 to secure some profits.

Bullish persistence above 0.6500 is currently needed to keep moving towards higher bullish targets. An initial target is located at 0.6590.

Otherwise, a bearish closure below 0.6500 brings another bearish pullback towards 0.6430 and 0.6370 (which is less probable).

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Technical analysis of NZD/USD for January 28, 2016 Market Analysis Review

NZD/USD is turning down. The pair has accelerated its slide after breaking below the 20-period and 50-period moving averages, both of which have turned downward and should act as resistance. The relative strength index has just broken below its key level of 30 ("oversold"), but has not yet displayed any reversal signals. As long as 0.6530 holds on the upside, look for a further decline to 0.6465 and 0.6410.

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 0.6455. A break of that target will move the pair further downwards to 0.6410. The pivot point stands at 0.6530. 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 0.6580.

Resistance levels: 0.6550, 0.6580, 0.6610

Support levels: 0.6455, 0.6410, 0.6375

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USD/CAD intraday technical levels and trading recommendations for January 28, 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 significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established between 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was executed.

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).

The level of 1.4100 (Fibonacci Expansion 100%) remains the significant key level to be watched for price reaction during the current week's consolidations.

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 momentum persists below the mentioned key level (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 1.4200 to secure our profits, while the next T/P level remains projected at 1.3800 if USD/CAD bears maintain enough bearish momentum below 1.4100 (Fibonacci Expansion 100%) and 1.4000 (Recent Weekly Support).

On the other hand, conservative traders should wait for a bearish pullback towards the price zone of 1.3370-1.3400 where a valid BUY entry can be offered.

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Technical analysis of GBP/JPY for January 28, 2016 Market Analysis Review

GBP/JPY is expected to trade with bullish bias. The pair is well supported by its rising 20-period moving average, which stays above the 50-period one. Meanwhile, the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 71.35 at first. A break above this level would call for further advance towards 172.20 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 171.35 and the second target at 172.20. In the alternative scenario, short positions are recommended with the first target at 168.05 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 167. The pivot point is at 168.80.

Resistance levels: 171.35, 172, 172.30

Support levels: 168.05, 167, 166.05

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EUR/NZD analysis for January 28, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7003 in a very high volume. In the daily time frame, we can observe a strong bullish bar in a high volume. In the H4 time frame, the price has broken the point of control zone and we may expect further upward movement. The price is well above all key MA`s (50SMA, 100SMA, 150SMA, and 200 SMA). In lower time frames, I found a change in the trend dynamic from downward to upward. Watch for potential buying opportunities at dips. The first take profit zone is set at the price of 1.7260 (previous swing high).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.7000

R2: 1.7085

R3: 1.7225

Support levels:

S1: 1.6720

S2: 1.6630

S3: 1.6496

Trading recommendations: The intraday trend is upward. Watch for potential buying opportunities.

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Gold : analysis for January 28 , 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As I anticipated, the price tested the level of $1,127.87 in a high volume. An intraday short-term trend is upward. The price broke our resistance level of $1.111.50 and I found successful re-test, which is a sign that we may see further upward movements. Also. the pair is trading well above all key MA`s (SMA 50,100,150,200) according to the H4 time frame. The take-profit zone is established around the level of $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). Watch for buying opportunities on dips.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,125.85

R2: 1,128.20

R3: 1,131.90

Support levels:

S1: 1,118.20

S2: 1,115.19

S3: 1,112.15

Trading recommendations:Trading recommendations: watch for potential buying opportunities on dips.

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Intraday technical levels and trading recommendations for GBP/USD for January 28, 2016 Market Analysis Review

Few months ago, the market was pushed above the depicted weekly level at 1.5550 trying to reach the zone of 1.5900. That's where the depicted Head and Shoulders pattern was formed.

On November 2015, a bearish engulfing weekly candlestick closed 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 the 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 broken to the downside.

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

That is why, the 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 enough bullish strength in the market. The first bullish target is seen at 1.4615.

During 2015, significant bearish rejection was 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 depicted 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 in the market. The first bullish target is projected towards 1.4615.

Trading Recommendation:

In our 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 advanced to 1.4200 to offset the associated risk.

Those who missed the initial trade 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 28, 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, EUR/USD bears challenged the monthly demand level of 1.0570 (established in January 1997). One month later, strong bullish recovery was observed 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 level of 1.1450.

As mentioned above, the 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 produced 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 needed 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. Hence, a bullish pullback towards 1.1000 would be expected.

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Technical analysis of GBP/USD for January 28, 2016 Market Analysis Review

Overview:

• The weekly pivot point of the GBP/USD pair sets at the level of 1.4236 for that the support is found at the same level this week. According to the previous events, the price is still moving between 1.4236 and 1.4393. It also should be noted that a range about 157 pips is expected today. Consequently, the trend is calling for a bullish market above the level of 1.4236. Therefore, buy deals are recommended above 1.4236 with a target at 1.4393. Moreover, the resistance is seen at the level of 1.4393. If the trend manages to break the weekly resistance 1 at the level of 1.4393. Then, buy above 1.4393 again looking for further upside move with targets at 1.4428, 1.4475, and 1.4520 in order to test the major resistances this week. On the other hand, the descending movement will probably be lower than 1.4236 with initial targets at 1.4171 and 1.4109.

Intraday technical levels:

• R3: 1.4449
• R2: 1.4402
• R1: 1.4323
• PP: 1.4276
• S1: 1.4197
• S2: 1.4150
• S3: 1.4071

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Technical analysis of USD/CHF for January 28, 2016 Market Analysis Review

Overview:

• The USD/CHF pair will probably form a strong support at the level of 1.1056; because the trend is still above a ratio of 50% Fibonacci retracement in the H4 chart. From this point, the trend will continue its bullish movement above the area of 1.0056. Also, it should be noted that the level of 1.0120 acts as minor support. Moreover, the daily pivot point has placed at the same level of 1.0120.
• Right now, the price sets at 1.0140 for that we expect the saturation to take place around 1.0120 (resistance became support). Therefore, the market is likely to start showing bullish signs. In other words, buy deals are recommended above the level of 1.0120 with the first target seen at 1.0211 and further at 1.0263. However, the stop loss should be placed at 0.9970.

Intraday technical levels:

• Projected high: 1.0327
• Breakout (buy stop): 1.0211
• Current pivot: 1.0120
• Breakout (sell stop): 0.9992
• Projected low: 0.9785

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Global macro overview for 28/01/2016 Market Analysis Review

Global macro overview for 28/01/2016:

After four rate cuts in 2015, the Reserve Bank of New Zealand decided to hold the official cash rate at the level of 2.5% yesterday, but in the statement the RBNZ said it still can cut the rate soon due to the slower global economy growth (particularly relating to China) and dropping oil prices. The last RBNZ cut in December 2015 had set the interest rates at the level of 2.5%, which is the all-time low. Nevertheless, the RBNZ inflation expectations are targeting the level between 1-3% for this year despite the last week's data showed the annual inflation change eased to just 0.1%, the weakest in more than 15 years. To stimulate its own economy and to meet the inflation targets, the RBNZ will have to cut the rates even further this year.

From the technical point of view, the NZD/USD pair is still moving in the downtrend, however there are some indications of a possible trend change in the daily chart (daily hammer from 20th Jan). Nevertheless, to give us the first sign of real trend reversal, the price must get above the technical resistance at the level of 0.6579 and above the golden trend line as well. Without this kind of price actions, the current rally will be considered just a correction in a longer-term downtrend.

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Elliott wave analysis of EUR/NZD for January 28, 2016 Market Analysis Review

Wave summary:

Our preferred count shows that we are at an early stage of red wave iii higher towards 1.7641.

In the short term, we are looking for minor support near 1.6769 and more importantly support at 1.6603 to protect the downside for a breakout above resistance of 1.7010 and more importantly resistance of 1.7273 for an expected rally towards 1.7641 and above.

A break below 1.6603 will delay the rally higher.

Trading recommendation:

We are long EUR from 1.6706 and will move our stop higher to 1.6600. If you are not long EUR yet, then buy EUR upon a break above 1.7010 and use the same stop at 1.6600.

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Elliott wave analysis of EUR/JPY for January 28, 2016 Market Analysis Review

Wave summary:

A corrective rally in wave [iv] we were watching for is extending beyond 129.48. Does that alter our count? Not really, we will just be looking for a push a little higher to the 50% corrective target of wave [iii] at 129.97 before renewed downside pressure is expected. To confirm that wave [iv] is over, we need a breakout below 128.72 to call for a decline to below 126.14 with an ideal downside target at 117.37.

Only an unexpected breakout above the low of wave [i] at 132.39 will invalidate this count.

Trading recommendation:

We sold EUR at 129.00 and will place our stop at 130.25. If you are not short EUR yet, then sell near 129.90 or upon a breakout below support at 128.72 and use the same stop at 130.25

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Global macro overview for 28/01/2016 Market Analysis Review

Global macro overview for 28/01/2016:

The Fed kept the interest rates on hold yesterday, which was in line with expectations. Moreover, in its statement the Fed mentioned that the members were closely watching global economic and financial developments. An important line from the statement was the one regarding the 2% inflation target. The Fed officials acknowledged inflation was estimated to stay "low in the near term" due to continued drop in energy prices; at the same time, growth of the US economy slowed in the end of the last year. No hints were done regarding a possible pace of further rate hikes, but it was mentioned in the statement that the rate hikes would depend on "the economic outlook as informed by incoming data". The conclusions are rather simple to draw: the Fed still thinks the further rate hike is an ongoing, data dependent process which is now on hold due to the low inflation and falling energy prices.

Now let's take a look at what's changed on the US Dollar Index daily chart after the Fed event yesterday. It looks like the market wasn't strong enough to break above the resistance at 99.98 and now it is threatening to break out of the channel and continue lower towards the important support at 97.18. To confirm this scenario, the traders should wait for the daily candle to close on lows.

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USDX technical analysis for January 28, 2016 Market Analysis Review

The US dollar index remains inside an upward sloping wedge pattern. Yesterday, support was tested and prices bounced upwards. I expect the outcome of this pattern to be a bearish breakdown.

Red lines - upward sloping wedge

The US dollar index is testing the lower channel boundary and the Ichimoku cloud in the 4-hour chart. The price is still in the upward sloping wedge, so we cannot confirm bearish reversal yet. Support is at the critical level of 98.50 and 98.70. Resistance is seen at 99.50 and next at 100.10.

Blue lines - megaphone pattern

Red lines - upward sloping wedge

The weekly USDX chart contains several points that need to be noted. Apart from the short-term upward sloping wedge (red lines), we have to point out the possible megaphone topping pattern that could give a marginal new higher high, but would sharply reverse. We should not forget that we are still above the weekly cloud, so the long-term trend remains bullish. Weekly tenkan-sen ( red line indicator) is being tested, so as long as the price closes above it, we remain bullish.

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Gold technical analysis for January 28, 2016 Market Analysis Review

Gold price reached our target at the upper channel boundary and reversed. A trend however remains bullish and there are still chances of a move even higher towards $1,150.

Black lines - bullish channel

Gold price reached the upper channel boundary. The target is achieved. The price remains above the cloud heading towards the important resistance of the 61.80% Fibonacci retracement of a decline from $1,190. Support is found at $1,105-$1,110.

Black lines - downward sloping wedge

Gold price is still inside the long-term downward sloping wedge and below the Ichimoku cloud. The long-term trend remains bearish. The price broke above the weekly kijun-sen (yellow line indicator) and got rejected. This is normal as this is very important resistance. A weekly closure above the kijun-sen will be a very bullish sign. A rejection here could mean a pull back is coming towards $1,090.

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Technical analysis of EUR/JPY for January 28, 2016 Market Analysis Review

General overview for 28/01/2016:

The pair has finally broken out of a range zone right into the bullish territory. Moreover, the current wave progression to the upside does not look completed as there is still one more wave missing. A target is seen at the level of 130.13, but it might get extended to the level of 130.37 before any meaningful reversal occurs.

Support/Resistance:

126.08 - Higher Time Frame Cycles Invalidation Level

126.95 - WS1

127.75 - Weekly Pivot

128.71 - Intraday Support

129.34 - WR1

129.47 - Intraday Resistance

130.13 - WR2

130.75 - 130.85 - Technical Resistance| Gap |

Trading recommendations:

Day traders should consider buying on dips in this market with SL below the level of 128.71 and TP at the level of 130.13.

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Technical analysis of USD/CAD for January 28, 2016 Market Analysis Review

General overview for 28/01/2016:

A test of the local swing low had been done and now the market might start to break above the golden trend line again. The downward momentum is diminishing and bullish divergence might be seen between the price and momentum oscillator. The next target is seen at the weekly pivot at the level of 1.4272, but first the price must break out of the intraday range zone and head above the intraday resistance.

Support/Resistance:

1.4690 - Swing High

1.4436 - WR1

1.4420 - Technical Resistance

1.4330 - 38%Fibo

1.4325 - Technical Resistance

1.4272 - Weekly Pivot

1.4156 - Intraday Resistance

1.4028 - Intraday Support

Trading recommendations:

For today, day traders should consider placing buy orders if the intraday resistance at the level of 1.4156 is violated. The SL orders should be placed below the level of 1.4028 and TP at the level of 1.4271.

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Technical analysis of GBP/USD for January 28, 2016. Market Analysis Review

Technical outlook and chart setups:

The GBP/USD pair is trading around 1.4250 after having reached an intermediary high at the level of 1.4370. Bulls will remain in control till prices stay above 1.4100. Also please note that the pair had bounced off the Fibonacci 0.618 support earlier, at the level of 1.4170. It is hence recommended to remain long with risk at 1.4100. Immediate support is seen at 1.4170, while resistance is seen at 1.4350. Furthermore, the support trend line remains intact as depicted on the H4 chart , which is encouraging to bulls.

Trading recommendations:

Remain long with stop at 1.4100, a target is open.

Good luck!

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Technical analysis of USD/CHF for January 28, 2016 Market Analysis Review

Technical outlook and chart setups:

The USD/CHF pair might have completed its counter-trend rally which has been unfolding from 0.9780 since December 15, 2015. The pair is trading around 1.0170 now looking for an opportunity to form a top ahead of 1.0325 and reverse lower. Please also note that the pair is trading within the Fibonacci 0.618 and 0.786 resistance levels. It is hence recommended to initiate 50% short positions with risk around 1.0350. Immediate resistance is seen at 1.0320, while support is seen at 1.0110. Bears should be poised to remain in control till prices stay below 1.0325.

Trading recommendations:

Remain short now, stop is at 1.0350, a target is open.

Good luck!

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