Daily analysis of silver for January 09, 2014

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Overview


Based on H4 chart, silver is still stabilizing between support at 16.00 and resistance level of 16.50 after its rebound from the Resistance level of 16.50 yesterday and its failure to break it. If silver continues its bearish move and manages to break the support level of 16.00 which is being tested now, it would give a strong indicator for the downward move and would open the way towards the support level of 15.50. Then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair fails to break the support level of 16.00 and reverses its downward move, it may be a good opportunity for bullish signals enabling the resistance level of 16.75 in order to test it again. The breakout of this resistance level will denote a bullish strength providing new buy signals from this level until reaching the resistance level of 17.00.


Resistance and support levels: R3 (17.00), R2 (16.75), R1(16.50), S1 (16.00), S2 (15.50), S3 (15.20)







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

Daily analysis of GBP/JPY for January 09, 2015

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Overview


According to today's H4 chart, yesterday's closing below the resistance level of 181.00 gave the price an opportunity to make a bearish move after it failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching the support level of 180.00. In that case, we might get another opportunity for more sell signals which will open the way towards 179.30 as the first target. Then the price should test the support level of 179.30 to continue its bearish move. But as long as the price stabilizes above the support level of 180.00, this cancels the first scenario.


Resistance and support levels: R3 (182.50), R2 (181.70), R1 (181.00), S1 (180.00), S2 (179.30), S3 (179.00).





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