Technical analysis of AUD/USD for January 21-22, 2015 Market Analysis Review

Overview :

• The support of the AUD/USD pair has already been set at the price of 0.8164. On the H4 chart, the ratio of 50% Fibonacci retracement levels is coinciding with the support of 0.8164. Moreover, it should be noted that the minor resistance will be set at the 0.8232 price today. So, according to the previous events, the AUD/USD pair is going to move between the resistance and the support. Then, the market will be trading between the levels of 0.8232 and 0.8164. Therefore, we expect a range about 68 pips. Consequently, if the trend fails to close below the level of 0.8164, it will be a good opportunity to buy above 0.8170 with the first target at 0.8238 (78,6% Fibonacci retracement levels), then it will be continued straight towards the double top around the area of 0.8294 tomorrow. Moreover, it should be noted that the market was very stable and trend was also very clear (upward) since yesterday. However, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss should be placed below the level of 0.8130.

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#USDX technical analysis for January 21, 2015 Market Analysis Review

The Dollar index remains in an uptrend and continues to make higher highs and higher lows in the short-term. it is an important day for the Dollar as well as tomorrow with Mario Draghi announcing that the ECB is going to follow the QE policy. I expect the Dollar index to be greatly affected by it.

Technically, the Dollar index remains in an uptrend in the short-term after the big volatility caused by the SNB rate cut. Support is found at 92.65 and resistance at 93.10. Breaking any of these levels will push the index towards 93.40 or 92.35.

The weekly chart remains fully bullish and inside the upward sloping channel. Weekly important support for this uptrend is found at 90.80. Resistance on the weekly chart is found at 93.70. My longer-term target of 94-95 remains valid.

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Gold technical analysis for January 21, 2015 Market Analysis Review

Gold price has broken above $1,300 and has closed above the 61.8% retracement resistance of the decline from $1,393. This resistance is important and as long as we hold above $1,300, momentum will be in favor of bulls. We could see a minor pullback towards $1,290 today to backtest broken resistance but overall trend is bullish.

On the daily chart aboe we see how Gold has broken above the 61.8% retracement of the decline from $1,393. Price is clearly above the Ichimoku cloud with all Ichimoku indicators fully bullish. My target for the short-term is at $1,330.

Green line = support

In the shorter-term Gold price remains in an uptrend as price makes higher highs and higher lows. Price is above the Ichimoku cloud on the 15-minute chart. Short-term double top pattern at $1,303 is signaling the potential of a short-term pullback towards $1,290. Trend remains bullish and any pullback should be considered a buy opportunity with $1,240 stop.

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Technical analysis of EUR/JPY for January 21, 2015 Market Analysis Review

General overview for 21/01/2015 09:30 CET

Despite the yesterday's breakout above the level of 137.02 and entering the neutral zone, the market was unable to hold the gains and currently is testing the golden trend line from the upside. It is still possible that another leg upward will be made above the intraday resistance at the level of 137.64. So far the price sits at the golden trend line support and waits for the data.

Support/Resistance:

134.72 - Intraday Support

136.80 - Weekly Pivot

137.64 - Intraday Resistance

138.90 - WR1

Trading recommendations:

As it was advised all week long, buying on the dips on this market is the way to trade it with the SL orders placed just below the level of 134.12.

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Technical analysis of USD/CAD for January 21, 2015 Market Analysis Review

General overview for 21/01/2015 09:15 CET

The market has made another higher high, and the wave progression has been slightly changed to include the alternative scenario. The bottom for the corrective cycle in wave 4 green is possible, but it looks like the correction is very simple and it might evolve into something more complex, maybe even a triangle. The move upward is so fat in three waves that looks like a zig-zag. As long as another higher high is made, the recent wave progression might still be a part of some more complex corrective cycle. The key level for intraday traders is the intraday support at the level of 1.2045.

Support/Resistance:

1.2192 - WR2

1.2113 - Intraday Resistance

1.2097 - WR1

1.2045 - Intraday Support

1.1949 - Weekly Pivot

Trading recommendations:

As it was advised all week long, buying on the dips on this market is the way to trade it. However, please, notice that the SL orders should be moved just below the level of 1.2045 now as any breakout lower might be the first sight that the market is going back to the corrective zone.

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Elliott wave analysis of EUR/NZD for January 21 - 2015 Market Analysis Review

Technical summary:

The rally of the 1.4788 low has been nice and strong, but we have to keep in mind, that this rally is only a part of the red wave iv correction and once this correction is over a new decline to new all time lows is expected. Looking at red wave ii, it was simple zig-zag correcting most of red wave i, which means that red wave iv should be shallow and only correct a minor part of red wave iii. We have already seen the 23.6% corrective target at 1.5112 and it looks like a continuation higher towards the 38.2% corrective target at 1.5312 could be seen, but we should not become stubborn if prices begin to turn lower.

Trading recommendation:

We are long EUR from 1.4855 and will move our stop higher to 1.5000 and place our take profit + revers at 1.5145

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Elliott wave analysis of EUR/JPY for January 21 - 2015 Market Analysis Review

Technical summary:

We can count five waves up from the 134.71 low. The following correction has stopped exactly at the 61.8% corrective target of the rally from 134.71 to 137.64. Ideally this support will continue to protect the downside for a break above minor resistance at 136.45 and more importantly a break above resistance at 137.27 confirming the next impulsive rally higher towards at least 138.75 and more likely even higher towards 140.56 to confirm the 134.71 low as an important low.

Trading recommendation:

We are long EUR from 136.88 with a stop placed at 135.10. If you are not long EUR yet, then buy near 135.83 with a stop at 135.10 too.

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