Technical analysis of USD/CHF for January 15, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with bearish bias after hitting a four-year high 1.0240 on Wednesday. It is supported by the contagion from the weak euro on the Swiss franc and franc sales on soft CHF/JPY cross and ultra-loose Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the weaker dollar sentiment.


Technical comment:
The daily chart is positive-biased as the MACD is bullish, stochastics stays elevated at overbought levels, five- and 15-day moving averages are advancing.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.8405. A break of this target will move the pair further downward to 0.8005. The pivot point stands at 0.9550. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.9780 and the second target at 1.


Resistance levels:

0.9780

0.9810

0.9845


Support levels:

0.8405

0.8005

0.7975


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Gold analysis for January 15, 2014

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Overview :


Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,260.70 in a high volume. Weak supply from yesterday caused price to continue with upward movement. According to the H4 time frame, we can observe demand in a high volume on the market, which is a sign that selling gold at this stage looks risky. Our Fibonacci expansion 161.8% around the price of 1,265.00 is on the test. Be careful when selling gold and watch for potential buying opportunities on the lows. We got support level at the price of 1,244.00 (swing high like support).


Daily pivot Fibonacci points:


Resistance levels :


R1: 1,244.44


R2: 1,254.37


R3: 1,264.14


Support levels :


S1: 1,224.74


S2: 1,214.97


S3: 1,205.04


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


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Technical analysis of NZD/USD for January 15, 2015

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Fundamental overview:
NZD/USD is expected to trade with bearish bias. It is undermined by the kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the weaker dollar sentiment and NZD-USD interest differential.


Technical comment:

The daily chart is negative-biased as stochastics is falling from overbought levels, the MACD histogram bars is turning negative and five-day moving average is falling below 15-day moving average.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7865 and the second target at 0.79. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.7755. A break of this target would push the pair further downward and one may expect the second target at 0.7720. The pivot point is at 0.7755.


Resistance levels:

0.7865

0.79

0.7935



Support levels:


0.7720

0.7690

0.7650


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Technical analysis of GBP/JPY for January 15, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. It is undermined by the flows to the safe haven yen amid increased investor risk aversion and weak euro sentiment. The GBP/JPY daily chart downside is limited by the continuing impact from the BOE government, Carney's suggestion on Tuesday that there is no need for further monetary stimulus in the U.K. despite weak U.K. inflation, and by the sterling demand on the soft EUR/GBP cross.


Technical comment:
The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, five- and 15-day moving averages are declining.


Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 177.20. A break of this target will move the pair further downward to 176.50. The pivot point stands at 178.80. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 179.60 and the second target at 180.10.


Resistance levels:

179.60

180.10

181


Support levels:

177.20

176.50

176


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EUR/NZD analysis for January 15, 2014



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EURNZDH415.png


Overview:


In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4859 in an ultra high volume. According to the daily time frame, we can observe strong supply in an ultra high volume (selling climax), so selling EUR/NZD at this stage looks very risky.The price rejected from our Fibonacci retracement 38.2% (1,5290) and caused market to continue with downward movement . Our Fibonacci expansion 161.8% at the price of 1.4900 is on the test. Be careful when selling since we may expect reaction from buyers. Anyway, if the price breaks the level of 1.4900, we may see a potential testing of the level of 1.4450.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5317


R2: 1.5354


R3: 1.5414


Support levels:


S1: 1.5198


S2: 1.5161


S3: 1.5102


Trading recommendations: Be careful when selling the EUR/NZD pair at this stage since the price is testing Fibonacci expansion 161.8%.


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Technical analysis of EUR/JPY for January 15, 2015


Technical outlook and chart setups:


A weekly chart view of EUR/JPY has been depicted here to keep in mind the larger picture. The EUR/JPY might have completed the large upswing (5 waves) from 94.00 levels to 149.00 levels that began in the mid 2012. The pair might have a 3 wave correction which can go deep into 115.00 levels as depicted here. The current drop from 149.80 levels might end near 134.00 levels, which could be the first leg of correction. It is recommended to remain flat for now and look for entering long to capture wave 2 which could potentially rally back towards 142.00/143.00 levels. Immediate support is seen at 134.13 followed by 127.00 and lower while resistance is seen at 142.00/143.00 followed by 145.00, 149.80 levels respectively.


Trading recommendations:


Remain flat for now, look for buy slight lower.


Good luck!


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Technical analysis of GBP/CHF for January 15, 2015.


Technical outlook and chart setups:


It was discussed yesterday to short 50% around 1.5470 levels, as aggressive trade strategy. The GBP/CHF pair popped up an intraday high at 1.5540/45 levels and gave in sharply (unexpected drop) into the 1.1780/1800 region. Technically, the pair has hit the fibonacci 0.681 resistance at 1.5540/45 levels and might move below 1.1500 levels in the weeks/months to come by. Please note that intraday/short term supports and resistances shall form in the coming sessions.


Trading recommendations:


Remain flat for now.


Good luck!


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Technical analysis of Silver for January 15, 2015


Technical outlook and chart setups:


Silver pushed higher towards the levels of $17.25 /30 today before pulling back to $17.05 for now. The metal is expected to push through the resistance at $17.40/50 and subsequently $17.80/18.00 levels before producing a meaningful retracement. Please, note that the inverted head and shoulder formation extends up to $18.30 and $18.90 levels as depicted here. Bulls are still in control; and it is recommended to remain long looking for adding further during intraday dips. Immediate support is seen at $16.50, followed by $16.20, $15.50, $14.50 and lower while resistance is seen at $17.40/50 followed by $17.80/18.00 and higher respectively.


Trading recommendations:


Remain long for now, stop at $15.50, target is open.


Good luck!


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Technical analysis of AUD/USD for January 15, 2015

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Overview :



  • According to the previous events, the price of the AUD/USD pair has still been trapped between the levels of 0.8169 and 0.8226. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.0.8222 (it should be noted the the level of 0.8254 will form a double top on the H1 chart) with the first target at 0.8195 and the price will fall towards the 0.8169 level which represents the rate of 61.8% Fibonacci retracement levels. However, if the pair fails to break and close below the price of 0.8169, the market will indicate a bullish opportunity above 0.8170, and the level of 0.8170 will really act as a strong support. It will be a good sign to buy above 0.8170 with the first target at 0.8206 and it will call for an uptrend in order to continue bullish movement towards 0.0.8254 in order to test the double top.



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Technical analysis of USD/CHF for January 15, 2015

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Overview :



  • Today, on January 15, 2015, the USD/CHF pair has dropped sharply from the 0.9947 level towards 0.7309. Now, price is set at the 0.8902 to act as a daily pivot point. It should be noted that the volatility is very high for that the price of the USD/CHF pair is still moving between 0.9397 and 0.8521 in coming day. Furthermore, the price has been set below the strong resistance at the levels of 0.9947 and 0.9397 which coincide with the 61.8% and 50% of Fibonacci retracement levels respectively. Additionally, the current price is worth noting that this level coincides with the 38.2% of Fibonacci retracement levels on H1 chart to the weekly chart. Thereupon, the pair has already formed a strong resistance at this level of 0.9383, and it is now approaching it to test it. Therefore, the possibility that the Swissy will have a downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9383, it will be a good sign to sell below 0.9383 or 0.9110 with the first target of 0.8820. It is equally important that it will call for downtrend in order to continue bearish trend towards 0.8152. On the other hand, it is also noteworthy that the price at 0.8521 will possibly form a strong support. Accordingly, saturation around 0.8521 to rebound the pair is likely to occur. Furthermore, it is possible that the market is going to start showing the signs of bullish market. Hence, it will be a good sign to buy above 0.8521 with the first target of 0.8913 and continue towards 0.9080 and 1.9110.



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Gold technical analysis for January 15, 2015

Gold price is currently above the short-term support of $1,225. The rejection at $1,245 is not a good sign and it increases the chances of a fake breakout. As long as Gold price is above $1,225, bulls will have the upper hand. Bullish confirmation will come if we break above $1,245.


goldh4.jpg

Red line = resistance


Blue line = neckline


Green line = support


Gold price is testing the neckline at $1,225. The double top from the rejection at $1,245 is not a good sign for bulls. If the neckline is broken at $1,225, I will have $1,205 as the first target, but the bearish implication from the fake breakout will be bigger and very bad for the longer-term view.


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The daily chart of Gold price is worrying the bulls as the long-tailed red candles imply fake breakout. Bulls want price to hold support and break resistance at $1,245 to confirm breakout towards $1,270.


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#USDX technical analysis for January 15, 2015

The Dollar index remains in its short-term sideways move after testing both upper and lower boundaries of the trading range. There is still no clear breakout, although, longer-term trend remains bullish. It is better to avoid this neutral short-term trend.


usdx.jpg

Red line = resistance


Blue line = support


The short-term resistance is at 92.40 and short-term support at 91.70. The 4-hour chart above shows clearly the sideways move in which the Dollar currently is and also the boundaries of this trading range. Neutral trend means that we should prefer to abstain from trading and wait for a clear signal once a breakout is made.


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The weekly chart remains fully bullish with no sign of reversal. Weekly support is found at 89.90. This is the tenkan-sen support and the lower boundary of the upward sloping channel. If it is broken, we should expect the Dollar index to pull back towards the kijun-sen support at 86.70. The Chikou-span is positively sloped and, thus, bullish.


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Technical analysis of USD/CAD for January 15, 2015

General overview 15/01/2015 09:10 CET


The market made another higher high, just as anticipated, and currently the corrective cycle might be developing. To confirm this Elliott wave count, the price must break out below the intraday support at the level of 1.1923 and continue lower. Moreover, breaking out of the golden channel is another bearish sign and there is a possibility that the weekly pivot at the level of 1.1829 might be tested at some point of time. Nevertheless, please, remember that the market is in the corrective cycle wave 4 green and in the mid-term there is another wave to the upside coming once the correction is finished.


Support/Resistance:


1.1829 - Weekly Pivot


1.1923 - Intraday Support


1.1926 - WR1


1.1987 - WR2


1.2000 - Intraday Resistance


1.2015 - Swing High


Trading recommendations:


Daytraders should consider opening sell stop orders from the level of 1.1921 with SL above the level of 1.2000 and TP at the level of 1.1829.


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Technical analysis of EUR/JPY for January 15, 2015

General overview 15/01/2015 09:00 CET


The market had bounce exactly from the anticipated level of 137.00 and currently has hit the first intraday resistance at the level of 138.89. However, the Elliott wave count looks uncompleted with one more wave to the downside needed to finish the cycle. Only an impulsive breakout above the level of 140.05 would invalidate the main count. In that case, the low for wave 5 purple would be at the level of 136.99 and the whole corrective cycle might have been considered completed.


Support/Resistance:


136.99 - Intraday Support


137.12 - WS2


138.36 - WS1


138.89 - Intraday Resistance


140.04 - Purple Impulsive Count Invalidation Line


141.31 - Weekly Pivot


Trading recommendations:


Daytraders should consider opening buy stop orders from the level of 138.91 with SL below the level of 136.99 and TP at the level of 140.04.


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Elliott wave analysis of EUR/NZD for January 15 - 2015

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Technical summary:


The correction in blue wave iv entered the resistance area between 1.5330 - 1.5350 before turning lower again. We will now be looking for a break below support at 1.5175 to confirm that blue wave iv ended at 1.5331 and blue wave v lower to 1.4970 is developing. In the short term, we should ideally see minor resistance at 1.5228 protect the upside for a break below support at 1.5175 confirming the next decline towards 1.4970. Only an unexpected break above resistance at 1.5287 will delay the expected decline in blue wave v.


Trading recommendation:


We sold EUR at 1.5320 and will move stop lower to 1.5340. If you are not short EUR yet, then sell a break below 1.5175 with a stop at 1.5290.


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Elliott wave analysis of EUR/JPY for January 15 - 2015

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Technical summary:


The correction in wave (ii) has been much deeper than first expected, but even though the pitchfork support line was pierced shortly, prices quickly went back into the pitchfork. It could be the first good indication, that wave (ii) is over at 137.00. We will be looking for a break above the resistance line at 138.90 as confirmation that a low is indeed in place and a new strong rally higher is evolving. It will take an unexpected break below 137.00 to invalidate the bullish count.


Trading recommendation:


Our stop at 137.85 was hit and we are now looking for a new EUR buying opportunity. We will buy EUR at 137.90 with a stop at 136.95


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Technical analysis of USD/JPY for January 15, 2015

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In Asia, Japan will release the PPI y/y and Core Machinery Orders m/m. Besides, the US will publish some economic data such as Natural Gas Storage, Philly Fed Manufacturing Index, Empire State Manufacturing Index, Core PPI m/m, Unemployment Claims, and PPI m/m. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:


Resistance. 3: 118.33.


Resistance. 2: 118.10.


Resistance. 1: 117.88.


Support. 1: 117.59.


Support. 2: 117.36.


Support. 3: 117.13.


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 EUR/USD for January 15, 2015

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When the European market opens, some economic news will be released such as Trade Balance. The US will release the economic data too such as the Natural Gas Storage, Philly Fed Manufacturing Index, Empire State Manufacturing Index, Core PPI m/m, Unemployment Claims, and PPI m/m. So, amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.1832.


Strong Resistance:1.1825.


Original Resistance: 1.1813.


Inner Sell Area: 1.1801.


Target Inner Area: 1.1774.


Inner Buy Area: 1.1746.


Original Support: 1.1734.


Strong Support: 1.1722.


Breakout SELL Level: 1.1715.


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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Daily analysis of USDX for January 15, 2014

At the daily chart, the USDX had no sudden movements and fulfilled an impending trend change. However, the USDX still remains alive in our bullish oulook. Therefore, our next target on the upside road remains at the resistance level of 93.44, which is a level that could be reached easily, due to few obstacles on the upside road.


Dailychart's resistance levels: 93.44 / 96.60


Dailychart's support levels: 91.62 / 90.40


USDXDaily.png

The USDX is attempting a breakout at the level of 92.08 after conducting a rebound on the 200-day moving average on the H1 chart. If the USDX manages to consolidate above the level of 92.08, it would be expected to reach the level of 92.51 in the short term, although this instrument is kept moving in a low volume territory.


H1 chart's resistance levels: 92.08 / 92.51


H1 chart's support levels: 91.66 / 91.24


USDXH1.png

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 92.08, take profit is at 92.51, and stop loss is at 91.66.


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Daily analysis of GBP/USD for January 15, 2015

The GBP/USD pair remains alive in the bearish trend on the daily chart, although this pair continues to make a bullish retracement. However, GBP/USD might find storng resistance at the level of 1.5266. If this pair makes a pullback at that level, the next target would be the support level of 1.5159. The MACD indicator is entering the neutral territory.


Dailychart's resistance levels: 1.5266 / 1.5407


Dailychart's support levels: 1.5159 / 1.5015


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On the H1 chart, the GBP/USD pair is forming a bullish pattern above the 200-day moving average. Meanwhile, this pair is preparing to try to consolidate above the resistance level of 1.5249. However, as we had mentioned earlier, the GBP/USD pair could resume bearish bias and fall to the level of 1.5146. The MACD indicator is entering the overbought area.


H1 chart's resistance levels: 1.5249 / 1.5295


H1 chart's support levels: 1.5198 / 1.5146


GBPUSDH1.png

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 1.5198, take profit is at 1.5146, and stop loss is at 1.5249.


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Daily analysis of major pairs for January 15, 2015

EUR/USD: Here, the outlook remains bearish – though the price is currently consolidating. The price may go below the support line at 1.1750; in case the expectation fails, a strong rally may begin from here.


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USD/CHF: This currency trading instrument remains bullish. The price is above the EMA 11, which in turn is above the EMA 56. The RSI period 14 is above the level 50, meaning bulls still have the control in the market. With the Bullish Confirmation Pattern on the chart, the price may be able to settle above the resistance level at 1.0200.


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GBP/USD: The Cable has been making visible efforts to go bullish since last week. After testing the accumulation territory at 1.5050, the price has gone upwards by roughly 200 pips. A break above the distribution territory 1.5300 would mean the beginning of a new bullish signal.


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USD/JPY: The USD/JPY pair is bearish in outlook, in spite of the current short-term rally on it. This may be another opportunity to sell short at a better price. Moreover, some fundamental figures are expected today and they would have impact on the markets.


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EUR/JPY: After testing the demand zone at 137.00, the EUR/JPY pair experienced an upward bounce, enabling it to go near the supply level at 138.50. The bearish bias is still very much intact, and the price could still move further south; unless it breaches the supply zone at 139.50 to the upside.


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Intraday technical levels and trading recommendations for EUR/USD for January 14, 2015

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The EUR/USD pair continued to move lower after breaking below the major DEMAND LEVEL at 1.2250 exposing the price levels of 1.2120 and 1.2000 .


Further actions from the ECB regarding QE are still doubted. This is strongly affecting the market leading to the current long-term negative sentiment of the EUR/USD pair.


The pair has lost almost 200 pips since the beginning of 2015, as the market is pushing towards its lowest levels since November 2005.


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The market currently looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT & the lower limit of the movement channel on the H4 chart).


Currently, SELLING the EUR/USD pair is considered a high-risk position at such historically low prices.


On the other hand, BUYING the pair is considered a low-risk opportunity but with low probability after such strong bearish trend.


Bullish pullback should be anticipated when looking for better prices to sell the pair off.


The price level of 1.1950 is the recently established SUPPLY level. Short-term SELL positions can be taken there provided that the market keeps trading below the price level of 1.2000.


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Intraday technical levels and trading recommendations for GBP/USD for January 14, 2015

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Many previous lows were established around 1.5550 where the GBP/USD pair found temporary DEMAND in November 2014. A bearish breakout was expressed after many unsuccessful attempts back in 2014.


A bearish flag pattern similar to what happened back in October was successfully executed shortly after. The final bearish target was expected to be around price level of 1.5140.


The market has already pushed further below this level on Friday, reaching the lower limit of the depicted bearish channel around 1.5050.


Currently, the GBP/USD pair is showing bullish recovery off the price level of 1.5050 which is manifested in the successive bullish hammer daily candlesticks. This is supported by the positive UK Manufacturing production data that emerged on Friday.


Price level of 1.5100 has been defended by bulls since 2015 started. Bullish fixation above 1.5130-1.5180 is mandatory to maintain the current corrective movement towards 1.5400.


1421247613_gbpusd4h.png

Consolidation movement range 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 exposed lower targets directly. The bears have already reached the price level of 1.5050 that has not been hit since August 2013.


For RISKY traders, LONG entries was suggested around price level of 1.5100. Targets would be located initially around 1.5400. Stop Loss to be located below 1.5025. It is running in profits now (+100 pips).


Conservative traders should wait for a bullish pullback towards the recent SUPPLY zone around 1.5480-1.5550 for a low-risk SELL entry. The stop loss should be located above 1.5560.


Note that the price level of 1.5480 corresponds to 50% Fibonacci level as well as the upper limit of the current movement channel.


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USD/CAD intraday technical levels and trading recommendations for January 14, 2015

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Overview:


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 price levels of 1.1560 and 1.1670 bullish breakout above which allowed bulls to reach price levels of 1.1800, 1.1900 and recently 1.2015 where new highs have been scored.


As a conservative trader, you should know that price zone of 1.1800-1.1750 remains the nearest SUPPORT zone for the current prices. LONG positions are suggested at retesting this price zone.


You should also note the ascending channel being expressed since price level of 1.1750 extended up to 1.2000 as the market looks quite overbought since bulls have pushed further above the upper limit of the movement channel.


This channel pattern may indicate bearish reversal, if confirmed, with bearish breakdown of the lower limit of it around price level of 1.1850-1.1870 (the most recent SUPPORT zone).


As long as bulls keep defending the recent INTRADAY SUPPORT around 1.1850, the market bias remains positive.


Trading recommendations:


LONG positions are suggested at retesting price zone of 1.1800-1.1750. SL should be placed slightly below price level of 1.1730.


Counter-trend risky traders can wait for a bearish breakout below 1.1850 to SELL the USD/CAD pair aiming for 1.1750 and 1.1680.


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GBP/USD intraday technical levels and trading recommendations for January 14, 2015

1421246267_gbpusddaily.pnggbpusd4h.png

Overview:


The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.


On December 17, the market failed to express a bullish breakout above the upper limit of the daily bearish channel. Shortly after, an extensive bearish pressure was applied against the price levels of 1.5540-1.5560 on December 23.


Daily closure below the recent bottoms established around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with projection target at 1.5300.


The market has already pushed further below this level reaching down to 1.5030 where the lower limit of the channel was roughly located.


Recently, the GBP/USD pair has established two ascending bottoms on the H4 chart. This indicates a short-term uptrend being initiated.


The key-support zone for today's movement is located at 1.5150-1.5180 fixation above which pauses the current bearish decline exposing price levels of 1.5260, 1.5370 and 1.5410.


However, within such strong bearish trend you should note that H4 fixation below 1.5100 indicates further bearish tendency on the market, probably, new lows below 1.5030 are going to be hit.


Trading recommendations:


Price zone of 1.5380-1.5400 should be watched for new SELL entries with SL as daily closure above 1.5400 (61.8% Fibonacci level).


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