USD/CAD intraday technical levels and trading recommendations for January 2, 2015

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Overview:


Three months ago, the price levels around 1.0620 (the lower limit of the depicted chart) initiated the current strong uptrend within the depicted daily channel.


During the past few weeks, the USD/CAD pair established a temporary consolidation zone between 1.1430-1.1330 and recently around 1.1480. Bullish breakout above these zones allowed bulls to reach new highs around 1.1540 and 1.1670.


The price zone of 1.1430-1.1460 remains the nearest SUPPORT zone for the current prices. It corresponds to the lower limit of the daily channel as well as the previous high that goes back to November.


The price level of 1.1650, which was our final bullish target, roughly corresponded with the upper limit of the bullish channel as well as 61.8% Fibonacci level.


According to the chart, the USD/CAD consolidation pattern has tightened. An upcoming breakout is about to occur, probably with the bearish side of the market.


This is because of the positive United States GDP data emerged. It applied further demand on the dollar currency. However, weak oil recovery still keeps the movement contained.


Trading recommendations:


Risky traders should look for SHORT positions around the price level of 1.1650.


The stop loss should be located slightly above 1.1700.


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Intraday technical levels and trading recommendations on EUR/USD for January 2, 2015

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Recently, the daily fixation below 1.2360 (the lower limit of the previous broken congestion zone) extended the bearish targets towards the price level of 1.2250.


The EUR/USD pair continued to move lower after breaking below major DEMAND LEVEL at 1.2250 exposing price levels of 1.2120 and 1.2020 ( Important Fibonacci Expansion levels ).


Fundamentally, the euro sentiment will probably remain negative upon the news that the ECB would announce QE at the first January policy meetings.


On the other hand, bulls should be watching price level of 1.2020 (psychological SUPPORT level, also corresponds to the lower limit of the depicted movement channel ).


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Activity in the market was limited as New-Year's holiday pushed into a tight sideway movement during the past few days.


However, as anticipated previously, an obvious 4H break-down below 1.2150 exposed the full-range breakout projection target around 1.2030.


Following such a strong bearish swing, the market should be looking for a considerable DEMAND level to pause around.


Note that the current price levels haven't been visited since July 2012.


Trade recommendations :


Conservative traders should now be looking for LONG positions around these historical low prices.


The best low-risk entries may be taken around 1.2020-1.2000 with stop loss as daily closure below 1.2000. Initial bullish target should be located at 1.2140.


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EUR/NZD : analysis for January 02, 2015

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Overview:


In our last analysis, EUR/NZD was trading upwards. The price tested the level of 1.5575 in a volume above the average. According to the H4 time frame, we can see weak supply in the background, which caused price to start with upwrad movement. We have resistance levels at the price of 1.5645-1.5710. My advice is to watch for potential buying opportunities with profit targets around our resistance levels.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5534


R2: 1.5550


R3: 1.5574


Support levels:


S1: 1.5486


S2: 1.5470


S3: 1.5446


Trading recommendations: Be careful when selling the EUR/NZD pair at this stage, since we can observe supply in a low volume.


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Intraday technical levels and trading recommendations for GBP/USD for January 2, 2015

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Previously, the GBP/USD pair found temporary DEMAND around 1.5550 where many lows were established back in November 2014.


The DAILY outlook looked quite bullish while bulls were defending the lower limit of the consolidation range around 1.5550 for many successive weeks.


However, a bearish breakout is now being expressed after successive unsuccessful attempts back in 2014.


Now we are seeing a bearish flag pattern similar to what happened back in October provided that the market does not reach above 1.5550-1.5570 (recent SUPPLY zone).


Projection target would be located around the price level of 1.5350.


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Consolidation movement ranging between the price levels of 1.5770 and 1.5550 represented the state of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.


As anticipated, the bearish breakout below 1.5550 directly exposed lower targets. The bears have already reached price level of 1.5440 that hasn't been visited since August 2013.


Potential projection target for this range breakout pattern should be located around 1.5330-1.5350.


On the other hand, 4H re-fixation above 1.5550 temporarily pauses the current bearish trend exposing higher SUPPLY levels (initially 1.5650) to be retested first.


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Analysis of gold for January 02, 2015

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Overview :


Since our last analysis, gold has been trading downward. The price tested the level of 1,181.06. According to the 14 time frame, we can observe supply in an ultra high volume (selling climax), which is a sign that selling gold at this stage looks risky. My advice is to watch for potential buying opportunities near the lows. According to the daily time frame, we have support level at the price of 1,172.00. Our Fibonacci retracement 61.8% at the price of 1,212.00 has been held successful, which caused price to start with downward movement. If the price breaks the level of 1,212.00 in a high volume, we may see a potential testing of the level of 1,237.00. Any larger demand in a high volume and strong price action may confirm further bullish phase.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,187.43


R2: 1,188.23


R3: 1,189.53


Support levels:


S1: 1,184.83


S2: 1,184.03


S3: 1,182.73


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


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Technical analysis of EUR/JPY for January 2, 2015

General overview for 02/01/2015 11:30 CET


The first stages of a corrective cycle in wave (b) blue are in progress. The first important level is intraday resistance at the level of 145.56 because any violation of this level might lead to further gains in this pair. If it happens, then the next most important level will be the key level acting as an intraday resistance again at the level of 146.39. Only a breakout above this level might be considered as a trend changer and further gains towards the level of 148.23 might be seen as the impulsive wave structure unfolds.


Support/Resistance:


149.76 - Technical Resistance|Swing High|


148.35 - WR3


148.23 - Technical Resistance


147.74 - WR2


147.17 - WR1


146.54 - Weekly Pivot


146.39 - Intraday Resistance|Key Level|


145.92 - WS1


145.70 - Technical Support


145.39 - WS2


144.75- Intraday Support|Swing Low|


144.82 - WS3


Trading recommendations:


Daytraders should consider opening buy stop orders from the level of 145.60 with SL below the level of 144.75 and TP at the level of 146.39.


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Technical analysis of USD/CAD for January 2, 2015

General overview for 02/01/2015 11:15 CET


Intraday resistance at the level of 1.1649 has been violated and it looks like the bottom for wave Z brown of wave 4 purple has been established at the level of 1.1570. Currently, as anticipated, the market is trying to break out above the recent high to complete wave 5 purple of the overall impulsive structure. The first target is at the level of 1.1670 and the second target is at the level of 1.1712.


Support/Resistance:


1.1712 - WR2


1.1670 - WR1


1.1665 - Intraday Resistance


1.1623 - Weekly Pivot


1.1588 - Intraday Support


1.1581 - WS1


1.1570 - Technical Support


1.1535 - WS2


Trading recommendations:


Buy orders opened from the level of 1.1633 should be still kept open and the SL orders should be now moved higher to the level of 1.1642. The TP is still at the level of 1.1672 with a possible extension up to the level of 1.1733.


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Technical analysis of EUR/USD for January 02, 2015

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When the European market opens, some economic news will be released such as Final Manufacturing PMI, Italian Manufacturing PMI, Spanish Manufacturing PMI and Unemployment Change. The US will release its economic data too such as the ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So amid the reports, EUR/USD will move low to medium volatility during this day.


Today's technical levels:


Breakout BUY Level: 1.2143.


Strong Resistance:1.2136.


Original Resistance: 1.2124.


Inner Sell Area: 1.2112.


Target Inner Area: 1.2084.


Inner Buy Area: 1.2056.


Original Support: 1.2044.


Strong Support: 1.2032.


Breakout SELL Level: 1.2025.


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.


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Technical analysis of USD/JPY for January 02, 2015

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In Asia, Japan will not release any economic data but the US will release its ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI data. So there is a big probability USD/JPY will move with low to medium volatility during the day.


Today's technical levels


Resistance. 3: 120.82.


Resistance. 2: 120.58.


Resistance. 1: 120.35.


Support. 1: 120.06.


Support. 2: 119.82.


Support. 3: 119.58.


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.


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#USDX technical analysis for January 2, 2015

The Dollar index opens with a gap up getting even closer to our longer-term target of 91. The longer-term view remains fully bullish especially now when the dollar has cleared off the 38% retracement of the decline from 2000.


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Purple line = support


Green rectangle = support zone


The Dollar index has broken above the recent sideways consolidation with a gap up today reaching even closer to my 91 target. The trend remains bullish. Price is above the support trendline and above the Ichimoku cloud. As long as these criteria are met, the trend will remain bullish. Today, I expect the Dollar index to pull back towards the green support zone.


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Support is found at 90. Resistance is at 90.75. I believe the index is pulling back to close the gap and then resume the uptrend. In the weekly chart above, we see that the index has cleared the 38% retracement resistance. The next target is at the 50% retracement. The parabolic rise is seen to continue. My preferred strategy is to raise stops and protect long positions and not bet against this strong uptrend as it can continue for a long time as it did in 2008.


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Gold technical analysis for January 2, 2015

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.


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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.


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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.


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

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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.


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

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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.


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Daily analysis of USDX for January 02, 2015

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


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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


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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.


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Daily analysis of GBP/USD for January 02, 2015

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


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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


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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.


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Daily analysis of major pairs for January 2, 2015

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.


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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.


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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.


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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.


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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.


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Technical analysis of GBP/USD for January 2, 2015

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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.


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Technical analysis of EUR/USD for January 2, 2015

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Overview :



  • The EUR/USD pair has closed at the price of 1.2101 at the last day of 2014. The trend is still below the major resistance lines and the market is calling for bearish market from its resistances around the area of 1.2155 and 1.2176. So, the strong resistance will set at the spot of 1.2155/1.2176 today. Also, the price of 1.2030 should be considered. It represents a strong support on January 2, 2015. Consequently, we expect a range about 82 pips at the same day. Therefore, the market will probably indicate a bearish opportunity at the level of 1.2155 and the weekly pivot point will act as minor resistance around the area of 1.2133. Thus, according to previous events, the price is going to move between the price of 1.2155 and the 1.2030 level. Š¯ence, the area above 1.2033 (above the strong support) looks for further upside with the first target at the 1.2150 level and continue towards 1.2193 in order to form to test the weekly resistance. Generally, the descending movement will probably be lower than the 1.2155 level with the target at the 1.2030 level. So, the new double bottom sets at the level of 1.2030 and also coincides with the major support.


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Technical analysis of EUR/JPY for January 01, 2015


Technical outlook and chart setups:


The EUR/JPY pair has broken the intermediary support trendline as depicted here, and is seen trading around 144.70/80 levels. The pair can still drift sideways for a while before rallying further up through the 148.00 levels. On the flip side, a further push lower from current levels could drift prices towards 142.00 levels before reversing. It is safe to remain flat for now, look for reaction around 146.00 levels, and to initiate short positions. Immediate resistance is seen at 146.00 levels (support turned resistance line), followed by 147.00, 148.00 and higher, while support is seen at 142.00, followed by 140.00 and lower respectively.


Trading recommendations:


Remain flat for now.


Good luck!


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Technical analysis of GBP/CHF for January 01,2015


Technical outlook and chart setups:


The GBP/CHF pair has rallied through 1.5500 levels as discussed and expected earlier. Please note that the pair's value could come in at 1.5620 levels before a meaningful retracement can be expected. Immediate support is seen at 1.5320/25, followed by 1.5250, 1.5000 and lower while resistance is seen at 1.5550/60 levels respectively. It is safe to hold long positions taken earlier. Risk remains at 1.5300 levels for now. Looking into the 4H structure depicted here, the bulls are poised to push prices through 1.5520 and subsequently through 1.5620 levels. Only a break below 1.5300 levels would delay matters further.


Trading recommendations:


Remain long, lock in profits at 1.5300, target 1.5520 and 1.5620.


Good luck!


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Technical analysis of Gold for January 01, 2015


Technical outlook and chart setups:


A 4H chart view for Gold has been depicted here. The metal bounced off the fibonacci 0.618 support around $1,160.00/70.00 levels last week and has been holding it untill now. Bulls should remain in control, till prices remain above $1,170.00 levels for now. In terms of price, the immediate support is seen at $1,170.00 (interim), followed by $1,143.00, $1,130.00 and lower while resistance is seen at $1,235.00, followed by $1,255.00 and higher respectively. It is recommended to hold long positions taken earlier around $1,170.00 levels last week and also look to add further on dips. Only a break below the trend line and subsequently below $1,143.00 would delay matters.


Trading recommendations:


Remain long, stop below $1,160.00, target is open.


Good luck!


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