Gold analysis for January 22, 2014 Trend News

The upward correction in Gold prices from $1,180 will soon reach an end. Prices could very well have already topped and the downward move could already have started. However as long as prices trade above $1,234 there is still a chance that we can see gold prices reach $1,270.

Gold's rising wedge seems broken but we could see another try to reach the blue noted area in the above chart where our initial correction target was. We prefer to look on the bearish side using close by stops. In this case we would use the recent high as a stop at $1,259.50. If prices break below $1,234, we will have a confirmation of the important top. The rise from the recent lows is far from impulsive. The form of the rise implies that this is just a correction and when it will end, the downward pressures will resume.

The daily chart confirms that there is strong resistance in the area that gold is currently trading in. Not only the previous neckline provides resistance, but also the downward sloping purple channel boundaries provide strong resistance. That is why we believe that it is time for gold prices to reverse downwards again. Our longer-term target remains $1,140.

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#USDX analysis for January 22, 2014 Trend News

The Dollar index continues to be in an upward short-term trend. This bullish trend remains intact as long as prices trade above the upward sloping trend line support. The short-term support is found at 80.90. The short-term resistance is found at 81.20. Prices make a pattern of higher highs and higher lows. This is bullish.

This upward trend is expected to continue. Prices are now making a back test of the trend line support. The most important support level for bulls is 80.40. Breaking below that level will diminish the chances of success for our bullish view. Moreover, bulls will need to see the index break above 81.50 in order to confirm our target of 82.50.

Concluding, although the short-term trend is down, prices still find it hard to break above the important resistance area as noted with blue in the above chart. We expect this upward move to continue and eventually break the resistance level at 81.50. Stop for long positions is 80.40. Short positions should use 81.50 as stop. We favor the bullish potential with 83-84 as a target.

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GBP/USD intraday technical levels and trading recommendations for January 22, 2014 Trend News

GBP/USD has been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.

Since this breakout, the bulls have been defending 1.6250 as a prominent support for them. Further successful retesting took place on mid of December that pushed the pair again to the upside.

The daily chart shows recent bearish rejection at the upper limit of the ongoing channel around 1.6590 (on January 2). This pushed the pair towards 1.6310 where another bullish impulse was initiated.

Based on the mentioned bullish breakout, the GBP/USD pair has a projection target located around 1.6630. Any BUY positions should be closed there.

In the long -term, there is a prominent WEEKLY resistance located around 1.6740. Daily fixation above 1.6600-1.6630 will probably open the way towards it. However, we should notice price action at 1.6630 initially as bearish rejection may take place off there.

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GOLD analysis for January 22, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways, around the price of 1,242.00, we are still waiting for bullish movement and a possible test of previous swing high at 1,260.00.We can observe lacking of supply and volume leveling off around the price of 1,238.00, which is a good sign that gold may start bullish movement. Since the price has broken in the background the level of 1,254.00, we may expect testing of previous swing high at 1,260.00 and possible testing of major FE 100 % at 1,279.00-1,295.00. Do not forget, gold is in bearish trend and we are now in bullish corrective phase. If our submajor FR61.8 % at 1,244.00 can not hold, we may see testing of major FR 38.2 % around the price of 1,233.00-1,230.00, before another bullish movement. Anyway, selling gold at this stage looks risky since gold is in progress of bullish corrective phase, and we saw volume leveling off in the background. Watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,251.64

R2: 1,256.20

R3: 1,263.57

Support levels:

S1: 1,236.90

S2: 1,232.34

S3: 1,224.97

Trading recommendation: Trading the metal, be careful with selling gold and try to catch bullish corrective phase.

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EUR/NZD analysis for January 22, 2014 Trend News

Overview:

Since our last analysis, the EUR/NZD pair has been trading upwards,as we expected, the price tested the level of 1.6328 on average volume. As you can see in the chart, after the selling climatic action at 1.6270, EUR/NZD started upward movement. Currently, we can observe volume leveling off at the price of 1.6246 which is a sign that selling at this stage looks risky. The first upper station FR 38.2 % at 1.6335 has been almost met and our FR 61.8 % at 1.6400 is still waiting.We can also observe demand in the background which is another sign that selling looks risky. In case that the price continues with downward movement, we may see the testing of previous swing low at 1.6220. Do not forget EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buyingopportunities and try to catch bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6323

R2: 1.6344

R3: 1.6378

Support levels:

S1: 1.6254

S2 : 1.6233

S3: 1.6198

Trading recommendation: Be careful with selling the EUR/NZD pair,watch for buying opportunities and try to catch bullish continuation phase.

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USD/CAD intraday technical levels and trading recommendations for January 22, 2014 Trend News

This week, the bulls managed to reach new price levels (around 1.1000) that haven't been reached since September 2009. This bullish momentum is purely fundamental-induced due to the positive data from the United States.

Yesterday, Fed watcher Jon Hilsenrath comments about the probability to reduce further monetary easing in the next week applied further bullish pressure on the pair. However, the USD failed to keep its gains against the CAD as the USD/CAD pair was pushed again below 1.0975 by the end of the day.

The next prominent resistance level is located around 1.1230 corresponding to 50% Fibonacci Level of the bearish movement extending between March 2009 and July 2011.

Temporary resistance is located at the price level of 1.1000 as it corresponds to the upper limit of the depicted bullish channel.

The USD/CAD pair has a prominent support zone at 1.0700-1.0750 which represents the upper limit of consolidation range that got broken this month.

Any further testing of this zone will provide a valid BUY entry for the mid-term.

The 4H chart reveals the obvious bearish rejection (bearish engulfing candlestick) which was expressed Yesterday in reaction to price level of 1.1000.

The short-term view seems to be negative as long as the pair is consolidating below 1.0975. Today, the bears need to breakdown the next uptrend line that comes to meet the pair around 1.0950.

Breakdown of this uptrend line will probably open the way for a corrective movement towards 1.0900 then 1.0860. Otherwise, the long-term bullish scenario mentioned above would be intact.

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Intraday technical levels and trading recommendations for GBP/USD for January 22, 2014 Trend News

The bulls managed to break through 1.6450-1.6480 (50% - 61.8% Fibonacci levels and the upper limit of the ongoing channel). This invalidated our short-term bearish scenario.

Fundamentally, the Sterling Pound rose quickly after showing a sharp decline in the unemployment rate. This enhanced the image on the economic recovery of the UK.

The unemployment rate has declined to 7.1% in the three months that ended in October, compared with the precedingthree months in which the reading was 7.4%.

Technically, the GBP/USD has two important levels, one to the downside located near 1.6480 acting as DEMAND level and the other one to the upside located near 1.6590 acting as SUPPLY level.

Visiting 1.6590-1.6600 has become so close especially after the positive fundamental data released today. Moreover, the short-term view turned to be positive with a suggested BUY entry at retesting of DEMAND zone at 1.6480-1.6450.

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