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

Overview

The silver price declined strongly yesterday, breaking the 14.27 level, and has settled at a daily close below it. This stops the positive overview suggested in our recent reports and puts the price inside the sideways range again, waiting to breach one of the lines represented by the 13.65 support and 14.40 resistance to detect the next targets clearly. Therefore, the sideways trading will remain dominant on an intraday basis. Breaching the 14.40 level will reactivate the correctional bullish scenario, which next target is 15.30; while breaking the mark of 13.65 will resume the main bearish trend, which targets begin at 13.00 and extend to 12.00.

The expected trading range for today is between the 13.80 support and 15.67 resistance.

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

Overview

The H4 chart demonstrates that a rebound from 163.96 extends higher today and the price has breached 38.2% retracement of 188.79 to 163.96 at 173.44. The rebound is stronger than expected and there is no sign of topping yet. A further rise could be seen to 55-day EMA (now at 176.45). On the downside, breaches below the minor support at 168.55 will turn the bias back to the low of 163.96.

Daily Pivots: (S1) 169.12; (P) 170.13; (R1) 171.60

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Gold analysis for January 29, 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways at the level of $1.114.00. An intraday short-term trend is neutral, but the short term trend is upward. It seems like that our strong support at the price of $1,109.00 held very successful.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). In the 30M time frame, I found a massive volume spike (selling climax) and successfully test of supply, which is a sign that selling looks risky. Watch for buying opportunities on dips.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,122.90

R2: 1,126.65

R3: 1,133.70

Support levels:

S1: 1,110.75

S2: 1,107.00

S3: 1,100.95

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

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

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6642 in a very high volume. In the daily time frame, we can observe a test of our key point in the control zone (1.6640-1.6515). In the H4 time frame, the price has broken this point, and we may expect further upward movements. I found upward trend line. The price is well above all key MA`s (50SMA, 100SMA, 150SMA, and 200 SMA). The first take profit zone is seen around the level of 1.7260 (previous swing high).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6965

R2: 1.7020

R3: 1.7110

Support levels:

S1: 1.6780

S2: 1.6725

S3: 1.6630

Trading recommendations: Trading recommendations: the intraday trend is neutral, but the short-term trend is upward. Watch for potential buying opportunities.

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Global macro overview for 29/01/2016 Market Analysis Review

Global macro overview for 29/01/2016:

The UK GDP data for the fourth quarter were released yesterday and the figures were in line with expectations (0.5% q/q; 1.9% y/y). The services industry contributed greatly to the GDP increase in the end of 2015 (78.6% of Britain's economic output), while production and construction continued to drag the growth down. For the whole 2015, the UK growth slowed to 2.2% from 2.9% in 2014, the Office for National Statistics says. Importantly, the UK economic output have been rising steadily for the last 12 consecutive quarters and unemployment is at its lowest level for a decade. Therefore, the BoE is likely to be more focused on the global growth problems (particularly in China) that can cause headwinds for the British economic recovery.

Now let's take a look at the technical chart of the GBP/USD pair. Currently, the H4 time frame shows down trend, and the recent bounce from the 1.4078 level is in a shape of a rising wedge. This means that any break below the lower dashed blue line will indicate the downtrend resumption that can even accelerate if the technical support at 1.4218 is violated.

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Global macro overview for 29/01/2016 Market Analysis Review

Global macro overview for 29/01/2016:

The Japanese yen has fallen sharply on Friday after the Bank of Japan shocked financial markets by lowering interest rates into negative territory from 0.10% to -0.10%. Other fundamental data were worse than expected as well, including the national CPI index, household spending and industrial production. However, the BoJ Governor Haruhiko Kuroda has warned recently that the bank would continue monetary easing if necessary. It looks like the BoJ actions aimed to increase the inflationary pressure has been unsuccessful, so last night the bank decided to follow the path which the ECB took last year. Still, there is the question whether negative rates would help to fight the inflation? Some clues can be borrowed from the experience of ECB: it had implemented negative rates, but inflation levels didn't respond.

From the technical point of view, the reaction of the USD/JPY pair was quite dramatical, as USD/JPY has surged to its highest levels since late December. However, there is still one more resistance to break before we can conclude the longer term upward trend has resumed: daily technical resistance is at 123.77. When the pair breaks this level, the bulls will set their new target at 125.84 and beyond.

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Technical analysis of USD/CAD for January 29, 2016 Market Analysis Review

General overview for 29/01/2016:

The market still trades inside of the narrow dashed blue channel, but the upside breakout is coming. The reason for that is diminishing downward momentum and bullish divergence, which might be seen between the price and momentum oscillator. Moreover, there is an uncompleted wave progression to the upside that indicates at least wave c purple should made a local high around the level of 1.4272. Please notice the larger uptrend is still intact in this time frame, but the corrective cycle might get complex and more time-consuming.

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

1.3947 - Intraday Support

Trading recommendations:

We are still expecting bullish wave c to the upside. So again 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 EUR/JPY for January 29, 2016 Market Analysis Review

General overview for 29/01/2016:

As anticipated yesterday, the up trend has resumed in a very impulsive fashion. The market has broken above the technical resistance at the level of 130.85, reaching a local high at the level of 132.27. From the Elliott Wave point of view the current upward move might be completed as there are five impulsive wave seen in the hourly chart. Nevertheless, an alternative count suggests even more impulsive wave progression to the upside as long as the level of 130.22 is not violated.

Support/Resistance:

132.27 - Local High|Intraday Resistance|

131.73 - WR3

130.22 - Intraday Support

130.13 - WR2

Trading recommendations:

Yesterday's TP level has been hit and all trades should be closed in profit. Currently, day traders should refrain from trading and wait for another trading setup to occur.

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Technical analysis of NZD/USD for January 29, 2016 Market Analysis Review

Overview:

• The NZD/USD pair is still trading between the levels of 0.6428 and 0.6558, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then, the market will probably indicate signs of a bullish trend. In other words, buy deals are recommended above the level of 0.6427 with its first target at 0.6558. From this point, the pair is likely to begin the ascending movement to the point of 0.6558 and further to the level of 0.6593 in order to form a new double top in the H1 chart. However, if the pair fails to pass through the level of 0.6593, the market will indicate a bearish opportunity below the new strong resistance level of 0.6593. Regarding to this, sell deals are recommended below the level of 0.6593 with the first target at 0.6477. It is possible that the pair will turn to downward movement, continuing the development of the bearish trend towards the level of 0.6424.

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

Overview:

• Today, the EUR/USD pair will probably turn to bearish sentiment from the level of 1.0922 because the first resistance is seen at the level of 1.0922. The double top was also placed near the resistance at 1.0984. Accordingly, it will profitable to sell at 1.0922 with the first target at 1.0850/1.0856 testing minor support at this level, which represents a the ratio of 38.2% Fibonacci retracement in the H1 chart. If the trend breaks 38.2% Fibonacci retracement, it will call for a downtrend in order to continue its bearish movement towards 1.0724. The weekly support one is found at 1.0724 thus week. However, the stop loss should be placed at the level of 1.1005. Equally important, the support level is seen at 1.0724. Therefore, we expect a range between the levels of 1.0724 and 1.0984 today.

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USDX technical analysis for January 29, 2016 Market Analysis Review

The US dollar index broke an upward sloping wedge downwards as expected, but renewed dollar strength after the BOJ announcements has pulled the index back up to test the broken support and cloud resistance.

Red lines - upward sloping wedge

The US dollar index has broken below 98.80 cloud and wedge support, but now it is bouncing back up towards the Ichimoku cloud resistance that was support. This back-test could be a final chance to go short on the dollar index. As long as the price is below the cloud, I would remain bearish.

The US dollar index has reached the level of 98.44 yesterday, so a breakout below that low will confirm the bearish reversal and that we are heading towards 97 at least if not lower. The price is testing the weekly tenkan-sen on the weekly chart as shown above. Today's close is important.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for January 29, 2016 Market Analysis Review

Gold price continues pulling back towards support of $1,110-$1,105 as it trades inside a short-term upward sloping channel. Yesterday, I warned bulls to be cautious as our target was reached.

Yellow lines - short-term bullish channel

Blue line -bullish channel

Gold price continues to trade above the Ichimoku cloud inside the bullish channel, but is testing the kijun-sen (yellow indicator) support at $1,110. Breaking below it will open the way for a deeper pullback towards the Ichimoku cloud.

On a weekly basis, the price has reached as expected the kijun-sen but got rejected. To remain in control, bulls should not fail to hold. A failure to hold above the tenkan-sen will imply new lows below $1,000.The material has been provided by InstaForex Company - www.instaforex.com

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Daily analysis of major pairs for January 29, 2016 Market Analysis Review

EUR/USD: This currency trading instrument has succeeded in generating a "buy" signal. Short trades are not currently logical according to the price action in the chart. The price could go further north, targeting the resistance lines at 1.0000 and 1.0050. A breakout above the resistance line of 1.0000 would particularly be remarkable, because it is a psychological line.

USD/CHF: The USD/CHF pair moved sideways yesterday trading in a weakening bullish trend. The bullish effort devoted to the EUR/USD pair has been affecting the USD/CHF pair (which is negatively correlated to the EUR/USD). In case the EUR/USD pair goes further upwards, USD/CHF might plummet.

GBP/USD: There has been a persistent bullish effort on this pair – against all odds. The bullish effort has been persistent enough to become a real threat to the extent bearish outlook. In fact, an upward movement of 200 pips would lead to a new bullish signal. A Bullish Confirmation Pattern is likely to be formed in the market in the market.

USD/JPY: The bullish signal remains valid in this market, though the price has not gone significantly upwards. The price is above the EMA 56 and the RSI period 14 is above the level of 50, which means that there is a high possibility that the price could go further upwards when momentum returns to the market.

EUR/JPY: The EUR/JPY pair is trading in a clear uptrend. It has moved up by 200 pips this week getting above the demand zones of 128.50, 129.00, and 129.50. Our target for this week has already been met at the supply zone of 130.00, but the price is clearly ready to move far beyond this supply zone. So, the next targets are the supply zones of 130.50 and 131.00, which the pair might attain today or next week.

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