Daily analysis of EUR/JPY for January 06, 2016 Market Analysis Review

Overview

EUR/JPY continues falling today and reaches as low as 127.31 so far. Intraday bias remains on the downside to test the 126.09 key support level. We stay cautious about strong support from 126.09. But a break of the 129.66 support, turning it into resistance, is needed to indicate short-term bottoming. Otherwise, the outlook will stay bearish. A decisive break of 126.09 will extend the larger decline from 149.76. A strong rebound after failing to sustain below 38.2% retracement of 94.11 to 149.76 at 128.50 points to the development of a sideways pattern. We expect more range trading between 126.09 and 149.76 in the medium term. An upside breakout should come next at a later stage. Nevertheless, a decisive break of 126.09 would extend the correction towards 61.8% retracement at 115.36.

Daily Pivots: (S1) 127.16; (P) 128.31; (R1) 129.12

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Daily analysis of Silver for January 06, 2016 Market Analysis Review

Overview

The silver price shows more fluctuations around 13.96 and the EMA 50. Therefore, there is no change in our main bearish overview that depends on the stability of the daily close below 14.25, waiting to head towards 13.50 followed by 13.00 initially. Stochastic starts to offer negative overlapping signal that might motivate the price to resume the bearish bias in the upcoming sessions. The silver price have not shown any strong moves since morning, moving near the 13.96 level. This keeps the bearish trend scenario valid (no changes seen today), targeting 13.50 then 13.00 levels mainly. Its continuation is conditioned by holding below the 14.25 level.

Expected trading range for today is between the 13.50 support and 14.25 resistance.

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Daily analysis of GBP/JPY for January 06, 2016 Market Analysis Review

Overview

A decline in the GBP/JPY pair is still in progress and intraday bias remains on the downside for 100% projection of 195.86 to 180.36 from 188.79 at 173.9. A decisive break there will target the next long-term Fibonacci level at 165.67. On the upside, movements above 176.15 minor resistance will turn bias neutral and bring consolidations. But the near-term outlook will stay bearish as long as 180.36 resistance turned into support holds. A fall from 196.85 is currently viewed as a correction and would first target 38.2% retracement of 116.83 to 195.86 at 165.67. We asses the depth of the correction based on reactions to 165.67 and the structure of the decline. A break of 180.36 will bring a rebound, but we expect the strong resistance to limit the upside and bring another fall to extend the corrective pattern.

Daily Pivots: (S1) 173.81; (P) 174.98; (R1) 175.88

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EUR/NZD analysis for January 06, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6229 in an average volume. In the daily time frame, I found testing of 200 SMA and 50 SMA. In the H4 time frame, I found a massive volume spike and wide-range bar (buying climax). Buying EUR/NZD at this stage looks risky. I placed Fibonacci retracement to find a potential end of the upward correction and got Fibonacci retracement 38.2% at the price of 1.6180 (successfully held) and Fibonacci retracement 61.8% at the price of 1.6395.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6090

R2: 1.6120

R3: 1.6170

Support levels:

S1: 1.5990

S2: 1.5955

S3: 1.5910

Trading recommendations: Buying EUR/NZD looks very risky at this stage since the price respected our daily 200 SMA in the H4 and daily time frames. Watch for potential selling opportunities.

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Gold analysis for January 06, 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,092.72 in a high volume. In the daily time frame, the price has broken our 50 SMA. Selling at this stage looks risky. The intraday trend is upward, but the mid-term trend is still downward. I placed Fibonacci retracement to find resistance levels and got Fibonacci retracement 38.2% at the price of $1,102.00 and Fibonacci retracement 61.8% at the price of $1,136.00. Intrday buying positions are preferable.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,080.70

R2: 1,084.20

R3: 1,086.90

Support levels:

S1: 1,074.50

S2: 1,071.80

S3: 1,068.30

Trading recommendations: Watch for potential buying opportunities, selling looks risky.

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NZD/USD intraday technical levels and trading recommendations for January 6, 2016 Market Analysis Review

The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.

On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.

Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800.

As anticipated, temporary bearish rejection existed around the price level of 0.6840 (daily resistance level) similar to what happened previously on December 16.

On the other hand, an estimated projection target for this flag pattern remains at 0.6950 when the NZD/USD pair manages to keep trading above 0.6840.

On the other hand, a daily closure below 0.6750 invalidates the depicted uptrend, allowing a quick bearish decline initially towards the price level of 0.6600 where significant bullish rejection maybe applied.

Few weeks ago, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick on the H4 chart.

Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing temporary bearish rejection.

For the NZD/USD conservative traders, a valid buy entry was previously suggested around 0.6600 (corresponding to the depicted uptrend and the upper limit of the broken consolidation range).

Last week, lack of enough bullish pressure above 0.6800 was manifested. That is why, the current bearish decline is pushing even below the depicted support level at 0.6700.

A valid buy entry was suggested around the price zone of 0.6750-0.6700 where the depicted uptrend came to meet the NZD/USD pair.

However, it should be closed as an evident bearish breakdown of the depicted uptrend line has already been executed.

Hence, a quick bearish decline towards the prominent support level of 0.6600 where a new bullish swing, so a valid buy entry should be expected.

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USD/CAD intraday technical levels and trading recommendations for January 6, 2016 Market Analysis Review

Overview:

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). A long-term bullish target was projected towards the level of 1.3270.

A significant bearish rejection was observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3400.

Few weeks ago, a bearish breakout below the support level of 1.3075 was needed to enable a further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3400 (the upper limit of the recent consolidation range) was performed on December 7.

Daily fixation above 1.3400 enhanced the bullish side of the market.

A bullish visit towards the next resistance level of 1.4100 (Fibonacci Expansion 100%) should be expected. Hence, a valid sell entry should be expected around this level.

On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for a valid buy entries if a bullish pullback occurs.

Trading recommendations:

Risky traders can have a counter-trend sell position around 1.4100 (Fibonacci Expansion 100%) if enough bearish rejection is expressed when retesting takes place.

On the other hand, conservative traders should wait for the USD/CAD pair to retrace towards the zone of 1.3380-1.3400 looking for a low-risk buy entry. S/L should be placed below 1.3300.

The initial T/P levels should be placed at 1.3500 and 1.3600. The long-term bullish target is projected towards 1.4100.

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