Gold technical analysis for January 2, 2015 Market Analysis Review

Gold price is testing the important support at $1,180 once again. The rejection at the resistance of the 61.8% retracement was an important bearish signal and I continue to lean on the bearish side looking for a test of $1,130 at least.

Gold price has moved back towards the lower boundaries of the ichimoku cloud and has marginally broken out and below the cloud. This is a bearish sign. Combined with the rejection at the resistance area I mentioned a few days back, the outlook for the coming weeks is not good for bulls. Strong resistance is at $1,200. Strong support at $1,180. Bears may be in control for now but not out of danger of being stopped. Bears will get confirmation if support at $1,180-70 is broken. Bulls on the other hand will get confirmation if price breaks above the 61.8% retracement.

Red line = support

Gold price in the 15 minute chart remains in a short-term downtrend. A break below $1,184 will give a sell signal with a target at least at $1,178. This intraday sell setup is valid as long as gold price does not break above the recent high at $1,190.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Gold technical analysis for January 2, 2015 . Thanks for your support.

Elliott wave analysis of EUR/NZD for January 2 - 2015 Market Analysis Review

Technical summary:

The September low at 1.5526 has been broken too and after small correction towards 1.5630 the next downside target will come in at 1.5407. However, the longer-term decline is expected to continue all the way back to the July 2012 low at 1.4966 in major flat correction. Correction from the 1.7153 high has been a very complex triple combination and we are currently in the final z-wave of this triple combinatio with more downside to cover.

Trading recommendation:

We have missed our selling target at 1.5615, but will try to sell at 1.5620 with a stop at 1.5725.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/NZD for January 2 - 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for January 2 - 2015 Market Analysis Review

Technical summary:

Wave y of the double zig-zag combination is currently unfolding. After a minor correction to 145.70, we will be looking for the next decline towards 143.56 and 142.44. It will take an unexpected rally above resistance at 147.22 to invalidate the expected decline.

Trading recommendation:

We sold EUR at 145.90 and will move our stop lower to break-even. If you are not short EUR yet, then sell it near 145.70 with the same stop at 145.90.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for January 2 - 2015 . Thanks for your support.

Daily analysis of USDX for January 02, 2015 Market Analysis Review

The USDX continues trying to consolidate above the 90.16 level, because this instrument has cost much to make a breakout at the resistance level at the H4 chart. If the USDX meets the current bullish objectives, it is expected to rise to the level of 91.00 in the medium term. For now, caution when trading in the short term is recommended.

H4 chart's resistance levels: 90.75 / 91.65

H4chart's support levels: 90.16 / 89.55

At the H1 chart, the USDX had a bullish momentum before the start of 2015 over the support level of 90.01 and now the USDX is trying to form a higher high pattern to reach the resistance level of 90.50 in the short term. Therefore, it is very likely that the USDX will make a little retracement in favor of the current trend.

H1 chart's resistance levels: 90.50 / 90.74

H1 chart's support levels: 90.26 / 90.02

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 90.50, take profit is at 90.74, and stop loss is at 90.26.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for January 02, 2015 . Thanks for your support.

Daily analysis of GBP/USD for January 02, 2015 Market Analysis Review

At the H4 chart, the GBP/USD is facing to the resistance level of 1.5589, where the price action has shown in the past that this pair has some difficulties to overcome this area on a bullish tone. Therefore, the GBP/USD should form a higher high pattern above that level and then climb to the resistance level of 1.5698, where the 200-day moving average is located.

H4chart's resistance levels: 1.5589 / 1.5698

H4chart's support levels: 1.5541 / 1.5512

The resistance level of 1.5590 at the H1 chart has been very strong, so the GBP/USD may fall to the support level of 1.5534, supported by the fact that the 200 SMA is located near current levels of this pair, . If the GBP/USD makes a breakout at the support level of 1.5534, the next target would be the 1.5501 level.

H1 chart's resistance levels: 1.5590 / 1.5632

H1 chart's support levels: 1.5534 / 1.5501

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5534, take profit is at 1.5501, and stop loss is at 1.5567.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for January 02, 2015 . Thanks for your support.

Daily analysis of major pairs for January 2, 2015 Market Analysis Review

EUR/USD: The EUR/USD has been able to trade downwards this week, closing below the resistance line at 1.2150. The price is now challenging the support line at 1.2100, which would be easily breached to the downside, especially in the face of the current weakness in the EUR.

USD/CHF: The USD/CHF has been able to trade upwards this week, closing above the support level at 0.9900. The price is now going towards the supply level at 0.9950, which would be easily breached to the upside, especially in the face of the current strength in the USD. It is now very much likely that the USD would reach parity with the CHF.

GBP/USD: This is a weak market – irrespective of what the bulls are doing. Rallies have invariably offered short-selling opportunities. There is no going to be a threat to the bullish outlook unless the price closes above the distribution territory at 1.5700. Meanwhile, the recalcitrant accumulation territory at 1.5500 could be tested again. That is our target for next week.

USD/JPY: This currency trading instrument is in an unstable condition, and it is better to stay away from the market right now. A break above the supply level at 120.50 would strengthen a bullish outlook; whereas a break below the demand level at 118.50 would result in a Bearish Confirmation Pattern in the chart.

EUR/JPY: This is a bear market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. The price can test the demand zone at 144.50.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of major pairs for January 2, 2015 . Thanks for your support.

Technical analysis of GBP/USD for January 2, 2015 Market Analysis Review

Overview :

• The resistance of the GBP/USD pair has already set at 1.5635 (50% of Fibonacci retracement levels). Moreover, the double top sets at the level of 1.5666. According to the previous events, the GBP/USD pair has still been moving between 1.5635 and 1.5533. It should be noted that the market was closed on January 1, 2015; so we expect a large range of 105 pips today because resistance stood at 1.5635. Therefore, it will be quite profitable to sell below this level (1.5635) for retesting this level in the short term. Hence, sell deals are recommended below the level of 1.5635 with targets at 1.5533 (the level of 1.5533 is representing the first support) and 1.5520 to reach the second support. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently it should be placed above the double top at the price of 1.5684.

Notes :

• We expect a new range up to 110 pips.


• Strong support level will be formed at the price of 1.5520 today.


• The value of 50% Fibonacci retracement levels has set at the 1.5635 level. The level of 1.5635 is the key level to confirm the bullish market.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for January 2, 2015 . Thanks for your support.