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Monday, 4 January 2016

Technical analysis of EUR/JPY for January 4, 2016 Market Analysis Review

General overview for 04/01/2016 09:30 CET

An anticipated wave c purple to the downside has developed correctly, but the whole structure might be close to invalidation if the level of 129.65 is violated. In H4 time frame, the bigger cycle wave B blue bottom is exactly at the level of 129.65 and then the bullish impulsive cycle starts in form of a wave 1. The main count is still valid, but to confirm a bullish breakout and trend reversal, the price must violate the technical resistance at the level of 131.02.

Support/Resistance:

129.65 - Bigger Time Frame Impulsive Count Invalidation Level

129.80 - WS1

130.14 - Intraday Resistance

131.02 - Technical Resistance

131.14 - Weekly Pivot

131.62 - WR1

Trading recommendations:

Daytraders should consider buying on the dips in this market with SL below the level of 129.64 and TP open for now.

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 EUR/JPY for January 4, 2016 . Thanks for your support.

USDX technical analysis for January 4, 2016 Market Analysis Review

The US dollar index has started the year in a very defensive position as sellers push it lower towards important short-term support at 98. The short-term picture is mixed and traders should be very cautious as if sellers find no resistance from buyers, then we should not cancel out a move back towards 96.

Blue line - trend-line support

The US dollar index is testing the blue trend-line support and the Ichimoku cloud support at 98. A break below this support will push the index towards 97, which is the next important horizontal support. Breaking below it will open the way for 96.

The weekly chart shows us that if this week continues as bad as it started, we should be expecting the US dollar index to move towards the weekly kijun-sen (yellow indicator) support at 96.60 and maybe lower towards 96 at the upper weekly cloud boundary. Resistance is at 99 and it must be broken in order to have a confirmed bullish reversal with eyes on new highs next.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 USDX technical analysis for January 4, 2016 . Thanks for your support.

Technical analysis of USD/CAD for January 4, 2016 Market Analysis Review

General overview for 04/01/2016 09:00 CET

The corrective cycle in wave 4 might be completed as the triangle pattern on this pair is clearly visible. There is still one more wave up needed to complete the impulsive wave progression, but confirmation for this wave come with the violation of the round number of 1.4000. The last wave 5 will have a new high above this level.

Support/Resistance:

1.4058 - WR3

1.4000 - Round Number Resistance|WR2|

1.3923 - WR1

1.3872 - Weekly Pivot

1.3814 - Intraday Support

1.3807 - WS1

Trading recommendations:

Daytraders should consider buying on the dips in this market with SL below the level of 1.3814 and TP open for now.

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 USD/CAD for January 4, 2016 . Thanks for your support.

Gold technical analysis for January 4, 2016 Market Analysis Review

The gold price continues trading sideways between $1,090-$1,040. With weekly stochastic still at oversold levels, despite the new lows and overall dollar strength, gold has not collapsed and, as expected, the downside is very limited. On the other hand the upside potential remains good.

Blue lines - triangle pattern

Red line - important support

The gold price continues trading sideways and has formed a triangle pattern with the $1,077 upper boundary and $1,050, the lower one. After a break above $1,077 we should expect the long-awaited bounce towards $1,120-30 to appear. A break of $1,050 can open the way for the sub-move of $1,000 in what I see the final leg of the decline from its all time highs.

Red lines - downward sloping wedgeYellow line - long-term resistance

Blue lines - long-term Fibonacci retracements

With weekly stochastic still at oversold levels and near the lower wedge boundary, I still favor the bullish scenario with a bounce at least towards $1,120-30. The long-term trend remains bearish as the price is below the Ichimoku cloud, but I believe it is possible to see the cloud being tested.

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 4, 2016 . Thanks for your support.

Elliott wave analysis of EUR/NZD for January 4, 2016 Market Analysis Review

Wave summary:

The wave ii tooled us all the way down to 1.5794 just above the start of the wave i at 1.5784. Second waves are allowed to correct 100% of the first wave, but they must never ever break below the start point of the first wave. In this case, the wave ii stopped just 10 pips before the starting point of the wave i and thereby sustained the count we have been working since early December.

In the short term, we will be looking for support at 1.5997 and a break above 1.6220 as the next important resistance to break is on the way higher to at least 1.6935.

Trading recommendation:

We bought EUR at 1.5810 and will move our stop higher to 1.5925. If you are not EUR long already, then buy near 1.5997 and use the same stop at 1.5925.

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 4, 2016 . Thanks for your support.

Elliott wave analysis of EUR/JPY for January 4, 2016 Market Analysis Review

Wave summary:

A direct break below important support at 131.00 was the deciding factor. That break indicated that the wave (ii) ended at 134.59; and the wave (iii), lower to 126.05 and more likely even lower towards 116.13, which is now unfolding.

In the short term, we will ideally see resistance at 130.55 protecting the upside from a break below 129.62 confirming more downside pressure towards 126.05 and lower.

Trading recommendation:

Our stop + reverse at 130.95 was hit, meaning we are now short from 130.95 and we will place our new stop at 130.65.

Technical analysis of EUR/USD for January 04, 2016 Market Analysis Review

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When the European market opens, some economic reports will be released. For instance, data on Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, Spanish Manufacturing PMI, and German Prelim CPI m/m will be disclosed.The US will release its economic reports on the ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI. So amid the statistics, EUR/USD will move with low to medium volatility during this day.

TECHNICAL LEVELS FOR TODAY:

Breakout BUY Level: 1.0897.

Strong Resistance:1.0891.

Original Resistance: 1.0880.

Inner Sell Area: 1.0869.

Target Inner Area: 1.0844.

Inner Buy Area: 1.0819.

Original Support: 1.0808.

Strong Support: 1.0797.

Breakout SELL Level: 1.0791.

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.