EUR/AUD intraday technical levels and trading recommendations for January 23, 2015

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The depicted charts of the EUR/AUD pair illustrates a prominent downtrend on both the daily and weekly charts.


The WEEKLY chart shows a long-term Head and Shoulders reversal pattern being established with neckline roughly located around 1.4050.


The daily chart shows:


- The recently broken SUPPORT level at 1.4230 where the previous multiple prominent bottoms were established back in November 2014. Today, this may constitute an intraday resistance.


- The recent RESISTANCE level around 1.4400 where a newly established congestion zone was breached last week.


On the other hand, a bearish FLAG pattern is being established above 1.4050 (H&S pattern's neckline). Confirmation requires DAILY closure below 1.4050-1.4000.


Estimated projection target would be located around 1.3820.


On the other hand, daily persistence above 1.4240 pauses the current bearish momentum giving more time for corrective movement towards 1.4400 for retesting.


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

Gold analysis for January 23, 2014

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Overview :


Since our last analysis gold has been trading sideways around the price of 1.295.00. I have found support around the price of 1,281.00 (swing high like support), and this level is successfully resisted. According to the H4 time frame, we can observe weak supply in a volume below the average, which is a sign that selling gold at this stage looks risky. Be careful when selling gold and watch for potential buying opportunities on the lows. We have resistance levels at the price of 1,304.00 and 1,344.00.


Daily Fibonacci pivot points :


Resistance levels :


R1: 1,306.83


R2: 1,313.61


R3: 1,324.57


Support levels :


S1: 1,284.91


S2: 1,278.31


S3: 1,267.17


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


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