Intraday technical levels and trading recommendations for EUR/USD for January 30, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially if the current monthly breakout below 1.2000 maintains its bearish momentum until the end of January.

During the past few weeks, EUR/USD bears have been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery is finally being witnessed this week.

On the daily chart the market looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT and the lower limit of the movement channel on the daily chart).

As it was suggested in the previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off (R1 at 1.1550 and R2 at 1.1700).

The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.

On the other hand, persistence below 1.1385-1.1400 (previous daily HIGHs) exposes the recent lows around 1.1110 for retesting.

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Intraday technical levels and trading recommendations for GBP/USD for January 30, 2015 Market Analysis Review

The previous consolidation movement extended between the price levels of 1.5550 and 1.5770, it represented a period of indecision of the market after such a long bearish rally that started off 1.7100 and 1.6500.

Bearish breakout below 1.5550 directly exposed lower targets. Bears have already reached the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.

As it was suggested in the previous articles, conservative traders should wait for a bullish pullback towards the recent SUPPLY zone around 1.5370-1.5450 for a low-risk SELL entry.

The market has already pushed further below the price level of 1.5140 (projection target of the previous bearish breakout) reaching the lower limit of the depicted bearish channel around 1.5000.

On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. Since then, the pair has trapped within a consolidation zone ranging between 1.4960 and 1.5230.

The daily closure below 1.4960 renders the current movement as a bearish FLAG pattern similar to what happened back in December 2014. Projection targets would be located around 1.4750.

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GBP/USD intraday technical levels and trading recommendations for January 30, 2015 Market Analysis Review

Overview:

The daily closure below the recent bottoms located around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with projection target at 1.5300.

The market has already pushed further below this level reaching down to 1.5030-1.4980 where the lower limit of the channel has been providing support for the pair over the past few weeks.

Earlier this week, bullish recovery was manifested on the daily chart. A temporary bullish breakout above the upper limit of the short-term flag pattern took place.

The H4 chart shows transition into a sideway movement with mild bearish tendency, maintained within the depicted sideway channel.

The key-support level for today is the price level of 1.5030 (yesterday's low). Breakout below 1.5025 exposes the lower limit of the current ranging movement located around 1.4920 where bullish recovery should be anticipated.

Trading recommendations:

A short-term LONG position may be considered at retesting of price zone of 1.4920-1.4900. Target Levels should be located at 1.5030, 1.5100 and 1.5150.

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USD/CAD intraday technical levels and trading recommendations for January 30, 2015 Market Analysis Review

Overview:

The USD/CAD pair established previous consolidation zone between the price levels of 1.1560 and 1.1670. This price zone roughly corresponds to 61.8% prominent WEEKLY Fibonacci level. Bullish breakout above it allowed bulls to reach new highs around 1.2560.

The market looks quite overbought since bulls have pushed further above the upper limit of both depicted bullish channels. Hence, a coming bearish correction should be anticipated.

Wednesday's bullish engulfing daily candlestick invalidated the preceding Hanging-Man candlestick.

Moreover, the USD/CAD bulls defended the recent INTRADAY SUPPORT around 1.2300. Hence, a new bullish swing is being established without further retesting of 1.1950.

The nearest resistance levels to meet the USD/CAD pair are located around 1.2820, then 1.2930 where previous WEEKLY highs were established back in 2009.

Trading recommendations:

It's recommended to stay out of the market until the next destination of the USD/CAD pair becomes obvious, but, anyway, try to look for signs of bearish reversal around such historically high prices (1.2850-1.2900).

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Technical analysis of EUR/JPY for January 30, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair seems to be correcting lower towards the levels of 132.00/131.75 before resuming rally towards 138.00 and higher. It is recommended to remain long for now and also look for adding further on dips into 132.00. Immediate support is seen at 132.30 (interim), followed by 131.75 (fibonacci 0.618) and lower while resistance is seen at the levels of 134.00, followed by 137.50, 138.00 and higher, respectively. Bulls should be poised to remain in control untill prices remain above the levels of 130.00 from here on. Please keep the bigger picture in mind: "The drop from the levels of 149.80 has been in 5 waves. A 3 wave corrective rally is on cards towards the levels of 142.30 from here."

Trading recommendations:

Remain long, stop is at 130.00, target is 138.00 for now.

Good luck!

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Technical analysis of GBP/CHF for January 30, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is trading in a 100-pip range between 1.3870 and 1.3970 for now, after it broke above the of levels 1.3350/1.3400 earlier. The upside potential still remains at 1.4100 which is Fibonacci 0.618 resistance of the drop from the levels of 1.5550 to 1.1800, respectively. It is recommended to hold long positions and also to look for adding further on dips. Immediate support is seen at 1.3650, followed by 1.3450, 1.3350/3400 and lower while resistance is seen at 1.3980 (interim), followed by 1.4100 and higher, respectively. Bears could resume down swing for the levels of 1.4100.

Trading recommendations:

Remain long for now, stop is at break, even target is 1.4100.

Good luck!

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Gold analysis for January 30, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price has tested the level of 1,251.82 in a volume above the average. According to the H4 time frame, we got selling climax and potential end of bearish corrective phase (abcd). Our Fibonacci expansion 100 % at the price of 1,262.00 got broken. Be careful when selling gold and watch for potential buying opportunities on the lows (buy on the dips). I have placed Fibonacci retracement from the most recent swings and got Fibonacci retracement 38.2% at the price of 1,254.00. Anyway, if the price breaks the level of 1,254.00 in a strong volume, we may see a possible testing of the level of 1,240.00 (Fibonacci expansion 161.8%).

Daily Fibonacci pivot points :

Resistance levels :

R1: 1,278.05

R2: 1,286.19

R3: 1,299.37

Support levels :

S1: 1,251.69

S2: 1,243.55

S3: 1,230.37

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).

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