Technical analysis of EUR/JPY for Febuary 3, 2016 Market Analysis Review

General overview for 03/02/2016:

A three-wave corrective cycle to the downside looks now completed and further gains are anticipated. A breakout above the intraday resistance level of 130.81 will be the first confirmation of impulsive wave developing. A new high above the level of 132.23 will be the first target for bulls.

Support/Resistance:

133.69 - WR1

132.27 - Local High|Technical Resistance|

130.81 - Intraday Resistance

130.76 - Weekly Pivot

130.22 - Intraday Support

129.18 - WS1

Trading recommendations:

An uptrend might be resumed now, so day traders should consider placing buy orders from the current market levels with SL below the level of 130.21 and TP open for now.

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Technical analysis of USD/CAD for Febuary 3, 2016 Market Analysis Review

General overview for 03/02/2016:

An uncompleted wave progression to the upside is finally picking up some steam as the recent breakout above the upper channel line is now being tested. Currently, the market is trading just above the weekly pivot at the level of 1.4061 and even more gains are being anticipated in this pair.

Support/Resistance:

1.4690 - Swing High

1.4553 - WR3

1.4436 - WR2

1.4324 - Technical Resistance

1.4173 - WR1

1.4061 - Weekly Pivot

1.4104 - Intraday Resistance

1.3907 - Intraday Support

1.3798 - WS1

Trading recommendations:

Buy orders are now in profit and day traders should move the SL to the BE and wait for the TP at the level of 1.4173 is hit.

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Elliott wave analysis of EUR/NZD for February 3, 2016 Market Analysis Review

Wave summary:

EUR/NZD has taken a position from where a strong rally through 1.7007 and more importantly a breakout above 1.7271 can be seen anytime now. But this scenario needs support at 1.6564 to protect the downside for a breakout above minor resistance at 1.6917 and then at 1.7007.

The breakout below 1.6564 will be yet another disappointment which delays the expected rally higher closer to 1.6487 and maybe even closer to 1.6370 before higher again.

Trading recommendation:

We are long EUR from 1.6837 and have placed our stop at 1.6537. If you are not long EUR yet, then buy near 1.6640 or upon a breakout above 1.6780 and use the same stop at 1.6537.

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Elliott wave analysis of EUR/JPY for February 3, 2016 Market Analysis Review

Wave summary;

As the resistance line at 141.04 has protected the upside and turned prices lower, we still have two possible scenarios in play.

The first shows that a very complex corrective pattern is still unfolding for an orthodox top at 145.69 and since then an expanded flat pattern has been unfolding. A final decline to the territory below 126.05 should be seen.

The second scenario suggests that an expanded flat pattern has terminated at 126.05 and a new impulsive rally now is unfolding, but a break above the resistance-line near 132.50 is needed to gain momentum to play out this scenario. The breakout above 132.50 calls for 141.04 and above.

Trading recommendation:

We will remain sidelined for now.

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Daily analysis of major pairs for February 3, 2016 Market Analysis Review

EUR/USD: The rally that started on Monday is still in place, and that has resulted in a buy signal in the market. This is because the EMA 11 is above the EMA 56, while the Williams' % Range period 20 is very close to the overbought region now. Should this reality hold out for a few more days, the price might be able to reach the resistance lines at 1.0950 and 1.0000.

USD/CHF: The USD/CHF pair has consolidated so far this week moving sideways while the EUR/USD pair is making bullish effort. This shows that the USD/CHF pair might not be ready to be engaged in any bearish movement soon, unless the EUR/USD pair itself rallies with a surprising alacrity. As long as the price does not move below the support levels of 1.0100 and 1.0050, the bullish outlook would be in place.

GBP/USD: There is essentially a new bullish signal on the cable owing to the bullish effort taken at the beginning of this week. There is a possibility that the price might reach the distribution territories of 1.4500 and 1.4550. On the downside, there are accumulation territories at 1.4250 and 1.4200, which might lead to a renewed bearish outlook in case they are broken to the downside.

USD/JPY: Since the beginning of this week, this currency trading instrument has been coming down slowly and gradually posing a threat to the recent northward breakout. The price has come down by 120 pips after the opening bell, and once the price goes below the EMA 56 and the RSI period 14 goes below the level of 50, there would be a Bearish Confirmation Pattern in the market, which would signal further southward plunge.

EUR/JPY: This cross is also challenged by the ongoing stamina in the yen. The EUR needs to gain a considerable amount of stamina for the price to go up. The indicators show that the bullish bias remains in place in the chart; until the RSI period 14 goes below the level of 50 and the EMA 11 crosses the EMA 56 to the downside.

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Technical analysis of EUR/USD for February 03, 2016 Market Analysis Review

When the European market opens, economic news on the Retail Sales m/m, Italian Prelim CPI m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI is due to be released.The US will deliver the economic data on the Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0970.

Strong Resistance:1.0964.

Original Resistance: 1.0953.

Inner Sell Area: 1.0942.

Target Inner Area: 1.0917.

Inner Buy Area: 1.0892.

Original Support: 1.0881.

Strong Support: 1.0870.

Breakout SELL Level: 1.0864.

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 February 03, 2016 Market Analysis Review

In Asia, Japan will release data on the Consumer Confidence, and the US will unveil some economic data on the Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, and ADP Non-Farm Employment Change. So, there is a probability that the USD/JPY pair will move with medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 120.47.

Resistance. 2: 120.24.

Resistance. 1: 120.00.

Support. 1: 119.71.

Support. 2: 119.47.

Support. 3: 119.24.

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 February 03, 2016 Market Analysis Review

The USDX is trying to consolidate below the 200 SMA in the H1 chart after a strong rejection around the zone of 99.75. Currently, it should be noted that the inflection area of 98.87 can produce a rebound and eventually, the index can resume the upside towards the zone around 100.00. However, if the USDX breaks the January 20 session's lows, then a downside could be developing towards the level of 98.45.

H1 chart's resistance levels: 99.23 / 99.43

H1 chart's support levels: 98.99 / 98.69

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 99.23, take profit is at 99.43, and stop loss is at 99.03.

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Daily analysis of GBP/USD for February 03, 2016 Market Analysis Review

In the H1 chart, we can see a higher high pattern formation above the support level of 1.4373, where a breakout could happen towards the level of 1.4466. We should note that the level of 1.4423 remains very strong, as during the sessions on February 1 and February 2 an inflection area was formed over there.The 200 SMA is slightly bullish supporting the current upside scenario.

H1 chart's resistance levels: 1.4423 / 1.4466

H1 chart's support levels: 1.4373 / 1.4298

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is found at 1.4406, take profit is seen at 1.4531, and stop loss is at 1.4383.

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NZD/USD intraday technical levels and trading recommendations for February 2, 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 shows 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.

Since January 26, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets. However, a lower high has been previously established at the level of 0.6530 on January 27.

This enhanced the bearish side of the market and brought the NZD/USD pair towards the depicted support level of 0.6400 again.

Last week, the depicted support level of 0.6400 acted as a prominent key level offering a valid buy entry. 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 the price moving towards higher bullish targets. An initial target is located at 0.6590 and 0.6650.

Otherwise, a bearish closure below 0.6500 brings the pair inside the depicted consolidation range again extending it between 0.6400 and 0.6500.

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Daily analysis of GOLD for February 02, 2016 Market Analysis Review

Overview

The gold price managed to touch the level of 1,130.60, which represents 61.8% Fibonacci level for the decline measured from 1,182.80 to 1,046.20. This signals that the price is about to to resume the bearish wave that is moving inside the main bearish channel as it is shown on the chart. Therefore, the decline will be expected in the upcoming sessions, and the targets begin by breaking 1,114.50 and 1,098.40 levels. The breaks will confirm the continuation of the bearish bias on a short-term basis, so the expected bearish trend will remain valid and active unless breaching the mark of 1,140.50 and holding above it.

The expected trading range for today is between the 1,100.00 support and 1,140.50 resistance.

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USD/CAD intraday technical levels and trading recommendations for February 2, 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 from 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 1.4120 (Fibonacci Expansion 100%) was executed.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where evident bearish rejection was expected (a bearish engulfing weekly candlestick).

The level of 1.4120 (Fibonacci Expansion 100%) remains a significant key level to be watched for price reaction during the current week's consolidations. It can offer a valid sell entry if the current bullish pullback persists towards 1.4120.

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 enough bearish momentum is expressed below the mentioned key level (1.4100) and prominent weekly support (1.4000).

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 1.4150 to secure our profits, while the next T/P level remains projected at 1.3800 if USD/CAD bears create enough bearish momentum below 1.4100 and 1.4000.

On the other hand, another SELL entry can be offered around 1.4120 (Fibonacci Expansion 100%) if the current bullish pullback persists towards it. S/L should be set as a daily closure above 1.4150.

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Intraday technical levels and trading recommendations for GBP/USD for February 2, 2016 Market Analysis Review

Few months ago, the market was pushed above the depicted level at 1.5550 trying to reach the zone of 1.5900 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 a 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 were expressed around 1.4075. Hence, the two previous weekly candlesticks closed above 1.4220 indicating strong bullish demand.

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 sign of a 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 bulls managed to achieve a daily closure above the level of 1.4220. It is already running in profits now.

Initial T/P levels should be located at 1.4440, 1.4500 and 1.4615 while S/L should be advanced to 1.4270 to secure some profits.

Traders who missed the initial trade can have another BUY entry near the price level of 1.4360 when retesting occurs.

T/P levels would be located at 1.4470, 1.4550, and 1.4610.

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Intraday technical levels and trading recommendations for EUR/USD for February 2, 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 (reached in January 1997). A month later, a strong bullish recovery was observed around the mentioned demand level.

The April candlestick came as a 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 will still be 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 (prominent key level) ensured enough bearish momentum towards 1.0550 (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 the significant supply level to offer valid sell entries. Moreover, a Head and Shoulders reversal pattern was formed as depicted on the chart. That is why, the current bullish pullback towards 1.1000 should be taken into for selling the EUR/USD pair again.

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, a bearish closure below 1.0800 (neckline of the depicted reversal pattern) is needed to allow further 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, another bullish pullback towards 1.1000 would be expected.

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Daily analysis of Silver for February 02, 2016 Market Analysis Review

Overview

The attached H4 chart demonstrates that the silver price bounced downwards yesterday after testing the sideways range resistance at 14.40, thus hinting at a potential visit to the range's support located at 13.65. Therefore, the sideways trading will remain dominant on the intraday and short-term bases until the price manages to breach one of the mentioned levels. A break of the 13.65 level will lead the price to resume its main bearish track, which next targets are located at 13.00 then 12.00. Meanwhile, a breach of the 14.40 level will lead to more bullish corrections that target 14.67 followed by 15.30 mainly.

The expected trading range for today is between the 13.80 support and 14.67 resistance.

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Technical analysis of GBP/JPY for Feburary 02, 2016 Market Analysis Review

GBP/JPY is expected to trade with a bullish bias above 172.50. The pair stands above its key support at 172.50 and is currently supported by its rising 50-period moving average. Meanwhile, the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 175 at first. A breakout above this level would call for further advance toward 176.20 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 175 and the second target at 176.20. In the alternative scenario, short positions are recommended with the first target at 171.20 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 170. The pivot point is at 172.50.

Resistance levels: 175, 176.20, 177

Support levels: 171.20, 170, 169.40

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Technical analysis of USD/JPY for Feburary 02, 2016 Market Analysis Review

USD/JPY is expected to consolidate with a bearish outlook. Overnight, the US stocks managed to close with small losses despite the recent slump in oil prices. The Dow Jones Industrial Average edged down 0.1% at 16449, the S&P 500 lost less than 1 point at 1939, while the Nasdaq Composite was up 0.1% at 4620. Shares in utilities, food & staples retailing, and consumer services sectors traded higher, while those in energy, banking, and diversified financial sectors were under pressure.

Nymex crude oil plunged 6.0% to $31.62 a barrel, gold gained 1.0% to $1,128 an ounce, while the benchmark 10-year Treasury yield climbed to 1.966% from 1.928%.

Meanwhile, the US dollar weakened against other major currencies. EUR/USD rebounded 0.5% to 1.0886, GBP/USD surged 1.3% to 1.4429, NZD/USD was up 1.2% to 0.6545. At the same time, the greenback turned weaker against the Canadian dollar despite plunging oil prices, with USD/CAD falling by 0.2% to 1.3945. The pair failed to exceed last Friday's high of 121.68 and drifted lower. It is currently capped by the descending 20-period (30-minute chart) moving average, which crossed below the 50-period one. And the intraday relative strength index remains below the neutrality level of 50 lacking upward momentum. As long as the consolidation continues, the pair could return to the first downside target at 120.25 (around yesterday's low) and to second one at 119.60 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 120.25. A break of that target will move the pair further downwards to 119.60. The pivot point stands at 121.25. 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 121.70 and the second target at 122.20.

Resistance levels: 121.70, 122.20, 122.70

Support levels: 120.25, 119.60, 119.45

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Technical analysis of USD/CHF for Feburary 02, 2016 Market Analysis Review

USD/CHF is expected to continue its rebound. The pair is still heading upwards after the bullish penetration of its previous resistance at 1.0175, which now plays a role of support. The 20-period moving average is also turning up, and should continue to push prices higher. Furthermore, the momentum indicator such as relative strength index is bullish above its neutrality area of 50. In these perspectives, as long as 0.6485 holds on the downside, watch for a new bounce to 1.0250 and 1.0290.

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 1.0250 and the second target at 1.0290. In the alternative scenario, short positions are recommended with the first target at 1.0155 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 1.0120. The pivot point is at 1.0175.

Resistance levels: 1.0250, 1.0290, 1.0345

Support levels: 1.0155, 1.0120,1.01

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Technical analysis of NZD/USD for Feburary 02, 2016 Market Analysis Review

NZD/USD is under pressure now. The pair has been capped by a negative trend line and stays below its key resistance at 0.6525. The 20-period moving average has just crossed below the 50-period one, while the relative strength index stays below 50. The first target to the downside is therefore set at 0.6465. A breakout below this level would open the way to further weakness toward 0.6415.

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 0.6560. A break of that target will move the pair further downwards to 0.6580. The pivot point stands at 0.6525. 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 0.6455 and the second target at 0.6415.

Resistance levels: 0.6560, 0.6580, 0.6635

Support levels: 0.6455, 0.6415, 0.6375

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Gold analysis for February 02 , 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1.130.25 in a high volume. An intraday short-term trend is upward. So, selling looks very risky. In the daily time frame, I found demand in a volume above the average. We can see a test of 200 SMA. Also. the pair is trading well above all key MA`s (SMA 50,100,150,200) in the H4 time frame.The upward take-profit zone is established around the level of $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). If the price breaks the level of $1,134.00, we may expect potential testing of $1,182.00. In the M30 time frame, as I expected, buyers absorbed a massive volume spike (selling climax).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,130.20

R2: 1,133.88

R3: 1,139.50

Support levels:

S1: 1,119.00

S2: 1,115.60

S3: 1,111.00

Trading recommendations: Watch for potential buying opportunities on dips.

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EUR/NZD analysis for February 02, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around 1.6800 area. In the daily time frame, we can observe a successful test of our key point in the control zone (1.6640-1.6515). In the 4H time frame, we found a fake breakout of an upward trend line, which is a sign that selling looks risky. The price is well above all key MAs (50SMA, 100SMA, 150SMA, and 200 SMA). According to the 30M time frame, downward channel had been broken and the price went out of 3-days balance zone (1.6725). The first short-term upward take-profit zone is seen around 1.7260 (previous swing high). Intraday upward target is set at 1.6890.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6775

R2: 1.6830

R3: 1.6920

Support levels:

S1: 1.6600

S2: 1.6545

S3: 1.6450

Trading recommendations: the intraday and short-term trends are upward. Watch for potential buying opportunities on the dips.

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Global macro overview for 02/02/2016 Market Analysis Review

Global macro overview for 02/02/2016:

Another portion of the manufacturing PMI reports was delivered from the eurozone yesterday with the biggest gain from the Spanish economy ( 55.4 vs. 52.5 expected and 53.0 prior). It was rather a mixed set of data, where some countries like Germany reported growth in PMI as well ( 53.2 vs. 52.1 and 52.1 prior), France stayed in the same place (50.0 vs. 50.0 and 50.0 prior) and some deteriorated slightly (Italy: 53.2 vs. 54.9 and 55.6 prior; Switzerland: 50.0 vs. 51.0 and 50.4 prior). The biggest gain has been recorded in Spain mainly due to the largest increase in eight months from November 2013. Data shows that eurozone's countries which were harmed by the financial crisis of 2008 report slow-but-sure recovery in their manufacturing activity and further expectations remain positive.

Now let's have a look at the technical chart of EUR/USD. It looks like a big triangle pattern is being formed on the H4 time frame (dashed lines) and odds for the up side breakout are increasing. The next resistance is seen at the level of 1.0992 and any breakout higher might lead the market to the new highs above the level of 1.1059.

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Global macro overview for 02/02/2016 Market Analysis Review

Global macro overview for 02/02/2016:

Last night, the Reserve Bank of Australia decided to maintain the official cash rate at the level of 2%. It is now the eighth consecutive month with no changes in the regulator's monetary policy. The RBA expressed concerns about low market volatility and low inflationary pressures. The inflation growth rate in the year 2015 hit the levels of 1.5% - 1.7% oscillating near the lower end of the RBA's projected range of 2%-3%. To make a conclusion, the RBA remains in the wait-and-see mode now to monitor impact of the recent global financial markets turmoil and slowdowns in China's economy on the Australian economy.

From the technical point of view, the AUD/USD pair managed to retrace 61% of the previous downward swing and now it is expected to reverse from that level. Currently, it is trading at the double support level: horizontal support is found at the level of 0.7041 and dynamic support provided by golden trend line. Any breakout below this important support will confirm our downward bias.

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Technical analysis of EUR/JPY for February 02, 2016. Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY has been testing a long-term resistance trend line for the last two trading sessions. The pair is trading at 131.92 looking for an opportunity to move lower towards fresh swing lows below the level of 126.00 in coming weeks. Please note that Fibonacci 0.618 resistance is also seen at the same levels as depicted in the chart. It is hence recommended to remain short now with risk at 134.00/50. Immediate support is seen at 131.00, while resistance is seen at 132.80. Bears are expected to regain control anytime until prices remain below the level of 134.50 going forward.

Trading recommendations:

Remain short with stop at 134.00, a target is open.

Good luck!

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Technical analysis of USD/CAD for Febuary 2, 2016 Market Analysis Review

General overview for 02/02/2016:

The pair has reached another local low, but it is still trading inside a range zone. Nevertheless, an upside breakout is likely to take place soon as diminishing downward momentum and bullish divergence can be observed between the price and momentum oscillator. Moreover, there is an uncompleted wave progression to the upside which indicates that wave c purple should reach a local high at the level of 1.4272. Please note a larger uptrend is still intact in this time frame, but the corrective cycle might get more complex and more time-consuming.

Support/Resistance:

1.4690 - Swing High

1.4553 - WR3

1.4436 - WR2

1.4324 - Technical Resistance

1.4173 - WR1

1.4061 - Weekly Pivot

1.4039 - Intraday Resistance

1.3907 - Intraday Support

1.3798 - WS1

Trading recommendations:

We are still expecting bullish wave c to the upside. So, day traders should consider placing buy orders today if the intraday resistance at the level of 1.4039 is violated. The SL orders should be placed below the level of 1.3907 and TP at the level of 1.4173.

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Technical analysis of Gold for February 02, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold was trading around $1,124.00 at the moment of publication after printing lows at $1,123.39 today. The metal can show a significant retracement before pushing higher towards $1,136.00 levels. Gold is likely to drop lower towards the $1,107.00 level which coincides the Fibonacci 0.382 support levels as depicted here. Therefore, it is recommended to remain short with risk at $1,131.50. Immediate support is seen at $1,107.00 while resistance lies at $1,130.00. Importantly, immediate trend line support is passing through $1,115.00, watch out for a bullish bounce there.

Trading recommendations:

Remain short with stop at $1,131.5, target is at $1,107.00.

Good luck!

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Technical analysis of Silver for February 02, 2016 Market Analysis Review

Technical outlook and chart setups:

Silver is trading around еру the level of $14.26 now looking for an opportunity to form a base around $14.00 before resuming its rally towards $15.00/20. The metal has been testing the resistance-turned-support trend line for the last couple of trading sessions. The metal is expected to drop lower towards at least $14.00, which is also Fibonacci 0.618 of the rally between $13.70 and $14.55. It is hence recommended to remain flat now and look for an opportunity to buy at lower levels. Immediate support is seen at $14.15 followed by $14.00, while resistance is seen at $14.50. Bears are expected to remain in control until prices stay below $14.60.

Trading recommendations:

Remain flat now, buy lower.

Good luck!

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Technical analysis of EUR/JPY for Febuary 2, 2016 Market Analysis Review

General overview for 02/02/2016:

The pair still trades inside a narrow range zone between the levels of 132.32 and 130.22. Moreover, first indications of a possible three-wave correction termination is visible as well, so any rally upwards that breaks a local high at the level of 132.31 will be labeled as wave three of the main impulsive structure.

Support/Resistance:

133.69 - WR1

132.27 - Local High|Intraday Resistance|

130.76 - Weekly Pivot

130.22 - Intraday Support

129.18 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for another trading setup to occur.

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