EUR/AUD intraday technical levels and trading recommendations for January 28, 2015

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The depicted DAILY chart of the EUR/AUD pair reflects a steep medium-term downtrend initiated on December 17.


The WEEKLY chart shows a long-term Head and Shoulders reversal pattern with neckline roughly located around 1.4050. Approximate long-term projection target would be located around 1.2850.


Note the broken SUPPORT level at 1.4250 where the previous multiple prominent bottoms were established back in November 2014. It is now acting as ab Intraday resistance. It applied multiple bearish rejections during the last weeks.


On the other hand, a bearish FLAG pattern is being established above 1.4050 (Head &Shoulders pattern's neckline). Early confirmation requires DAILY closure below 1.4200-1.4220. Estimated projection target would be located around 1.4090 and 1.4000.


On the other hand, the daily persistence above 1.4250 pauses the current bearish momentum giving more time for a corrective movement towards 1.4400 to take place.


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GBP/USD intraday technical levels and trading recommendations for January 28, 2015

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Overview:


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.


The 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 1.5030-1.4980 where the lower limit of the channel has been providing support for the pair over the past few weeks.


Bullish recovery is manifested on the H4 chart. A bullish breakout above the upper limit of the short-term flag pattern took place earlier yesterday.


The key-support level for today is the price level of 1.5120 (backside of the upper limit of the recently broken H4 channel).


Trading outside the H4 flag pattern (above 1.5120) enhances bullish side of the market at least towards 1.5260.


Trading recommendations:


The price zone of 1.5280-1.5350 (50% - 61.8% Fibonacci Levels and the upper limit of the daily channel) should be watched for new SELL entries with SL located slightly above 1.5400.


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Gold analysis for January 28, 2014

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Overview :


Since our last analysis gold has been trading downwards. The price has tested the level of 1,283.03 in an ultra high volume. According to the daily time frame, we got weak demand in a volume below the average, what caused price to start with bearish corrective phase. According to the H1 time frame, we got selling climax and potential end of bearish corrective phase (abcd). Our Fibonacci expansion 161.8% at the price of 1,285.00. Be careful when selling gold and watch for potential buying opportunities on the lows (buy on the dips).


Daily Fibonacci pivot points :


Resistance levels :


R1: 1,297.95


R2: 1,303.99


R3: 1,313.77


Support levels :


S1: 1,278.39


S2: 1,272.35


S3: 1,262.57


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


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USD/CAD intraday technical levels and trading recommendations for January 28, 2015

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Overview:


The USD/CAD pair established a temporary consolidation zone between the price levels of 1.1560 and 1.1670. This price zone roughly corresponds to 61.8% prominent WEEKLY Fibonacci level. Bullish breakout above it allowed bulls to reach new highs around 1.2490.


The market looks quite overbought since bulls have pushed further above the upper limit of the depicted bullish channels. Hence, high probability of bearish reversal exists.


The daily chart indicates a high probability of bearish reversal especially after a hanging man daily candlestick followed by the yesterday's bearish engulfing daily candlestick.


The nearest SUPPORT zone to meet the USD/CAD pair is located around 1.2015 - 1.1950 where a recent consolidation zone was established as well as the broken upper limit of the depicted channel that waits for retesting.


On the other hand, if bulls keep defending the recent INTRADAY SUPPORT around 1.2300, a new bullish swing may be established without further retesting of 1.1950.


Trading recommendations:


LONG positions are suggested at retesting of the new SUPPORT zone around 1.2015-1.1950. SL should be located below 1.1900. TP to be placed at 1.2100 and 1.2220.


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Intraday technical levels and trading recommendations for EUR/USD for January 28, 2015

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The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.


This month, EUR/USD bears have been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery is finally being witnessed this week.


The pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially after the monthly breakout below 1.2000 was confirmed.


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On the daily chart, the market looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT and the lower limit of the movement channel on the daily chart).


As it was suggested in previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off.


Fundamentally, the pair is showing little movement ahead of the FOMC statement which will be released later.


The federal reserve will be spotted today with the release of policy statement by the end of a two-day meeting.


The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.


BUYING the pair is considered a low-risk opportunity following such a steep decline, especially after the yesterday's candlestick (bullish engulfing). Bulls should be conservative with their targets as the pair is in a frank long-term downtrend.


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EUR/NZD analysis for January 28, 2014

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Overview:


In our last analysis EUR/NZD was trading downwards. As we expected, the price tested the level of 1.5134 in a volume below the average. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 61.8% at the price of 1.5225 that was held successfully. According to the 4H time frame, we got lack of demand in the backround around the price of 1.5225, which caused price to start with bearish movement. Be careful when buying EUR/NZD and watch for potential selling opportunities after retracement. Any larger supply in a high volume may confirm further bearish phase. Anyway, if we see larger demand on the market, we may expect testing of the level of 1.5430.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5286


R2: 1.5329


R3: 1.5399


Support levels:


S1: 1.5146


S2: 1.5103


S3: 1.5033


Trading recommendations: Be careful when buying the EUR/NZD pair since our Fibonacci retracement 61.8% is held successfully


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Intraday technical levels and trading recommendations for GBP/USD for January 28, 2015

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The previous consolidation movement extended between the price levels of 1.5550 and 1.5770, it represented a period of indecision of the market after such a long bearish rally that started off 1.7100 and 1.6500.


Bearish breakout below 1.5550 directly exposed lower targets. Bears have already reached the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.


As it was suggested in the previous articles, conservative traders should wait for a bullish pullback towards the recent SUPPLY zone around 1.5370-1.5450 for a low-risk SELL entry. The stop loss should be located above 1.5500 (upper limit of the channel).


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A bearish breakout scenario, similar to what happened back in October, was successfully executed by the end of December 2014.


The market has already pushed further below the price level of 1.5140 (projection target of the bearish breakout) reaching the lower limit of the depicted bearish channel around 1.5000.


On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. However, this was followed by a bearish spike reaching the price level of 1.4950 (slightly above the upper limit of the depicted channel).


As anticipated, bullish rejection was expressed around the price level of 1.4950. This enhances the bullish side of the market at least towards 1.5250-1.5300 where we can take low risk SELL entries as mentioned above.


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Technical analysis of USD/CAD for January 28, 2015

General overview for 28/01/2015 14:35 CET


The impulsive wave progression might have been finished with an ending diagonal structure in the last wave v black, and now the market might continue to go lower. Nevertheless, any golden trend line breakout and a new high above the level of 1.2498 invalidate this point of view and make the next weekly resistance at the level of 1.2698 in view.


Support/Resistance:


1.2698 - WR1


1.2498 - Swing High|Intraday Resistance|


1.2375 - Intraday Support


1.2320 - Weekly Pivot


1.2309 - Intraday Support


1.2181 - WS1


Trading recommendations:


After the golden trend line breakout daytraders might consider opening sell orders with SL above the level of 1.2501 and TP at the level of 1.2310.


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Technical analysis of EUR/JPY for January 28, 2015

General overview for 28/01/2015 14:15 CET


The very well defined intraday resistance at the level of 134.21 still keeps a lid on any market rallys. This is why any breakout higher above this level will be crucial for market to define the low for the wave 3 black. Current wave progression looks like a beginning of a zig-zag shaped corrective cycle due to its impulsive development. To continue higher with this kind of progression, the market must bounce from the intraday support at the level of 132.46 or 131.83 and make a new local high above the level of 134.21.


Support/Resistance:


130.14 - Swing Low


131.83 - Intraday Support


132.46 - Intraday Support


132.95 - Intraday Support


134.21 - Intraday Resistance


134.99 - WR1


Trading recommendations:


As long as the market trades below the level of 134.21, choppy trading conditions are expected, as the market might be making wave 4 black in shape of a triangle or any other corrective shape. Any breakout higher above the level of 134.21 is bullish; buy orders should be opened with SL below one of the intraday support levels.


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Technical analysis of AUD/USD for January 28, 2015

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Overview :



  • The price of AUD/USD pair has been set below the double top (0.8127) since January 22, 2015. Also, it should be noted that the price has formed a strong resistance level of 0.8127 thata represents the golden ratio of Fibonacci retracement levels on the H1 chart. Furthermore, this strong level has still been moving between 23.6% of Fibonacci retracement levels and 61.8% at the same time frame. Additionally, the AUD/USD pair will be trapped between the prices of 0.8127 and 0.7960. Therefore, the trend will probably be fallen from the level of 0.8130 extended further to as low as 0.8020 today. Hence, the market will probably start showing signs of bearish market again in order to indicate the bearish opportunity from the level of 0.8130 to 0.8020 with targets towards the strong support around 0.7960. Meanwhile, the bears were forced to pull back at the level of this area; therefore, this level will form a strong support at 0.7910 in order to indicate a bullish opportunity above the support, However, the stop loss should always be taken into account for that it is very safe to set the stop loss at the level of 0.8168.



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Technical analysis of EUR/USD for January 28, 2015

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Overview :



  • The double top of the EUR/USD pair will be set at the level of 1.1576 and the double bottom is going to be set at 1.1114 level.

  • The strong resistance has been already placed at the same price of the double top around the area of 1.1576 which represents the 61.8% of Fibonacci retracement levels in H1 chart.

  • The major support is going to be set at 1.1202 on January 28, 2015.

  • So, according to the previous events, the price of the EUR/USD pair is going to move between 1.1202 and 1.1576.

  • We expect a range of 274 pips this week.

  • The level of 1.3332 is representing the weekly pivot point.

  • Therefore, it will be very useful to sell below the prices of 1.1576/1.3332 in the short-term with the first target at 1.1200; but if the trend is able to break the major support at 1.1200, it might resume to 1.1114 in order to test the double bottom again.



Intraday technical levels:

Date:28/01/2015

Pair:EUR/USD



  • R3: 1.1659

  • R2: 1.1540

  • R1: 1.1460

  • PP: 1.1341

  • S1: 1.1261

  • S2: 1.1142

  • S3: 1.1062



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#USDX technical analysis for January 28, 2015

The Dollar index continued to lower yesterday, as expected, towards 94 and towards my important daily support at 93.75. Longer-term trend remains bullish, but the short-term top at 95.50 is now an important resistance.


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On the 4-hour chart shown above the Dollar index remains above the Ichimoku cloud support and is testing the kijun-sen support (yellow line). Resistance is found at 95. If it is broken, we will have increased chances of a new brea out to new highs. The support at 94-93.75 could provide an upward reversal.


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The daily chart remains bullish as the price is testing the daily ichimoku tenkan-sen indicator at 93.50-93.75. If this support is broken on a daily basis we should expect a move towards 92.50. The longer-term trend remains bullish. However, bulls should be very cautious if the level of 92.50 is broken.


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Gold technical analysis for January 28, 2015

Gold price is holding above support at $1,275-80. If we look at the medium-term chart, we observe that we are at important support. There are increased chances of rising to $1,330 if we hold above yesterday's lows. Otherwise we will test $1,220.


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Red line = support


The 4-hour chart above shows Gold price above the red upward sloping trend line support and above the Ichimoku cloud support. However, Gold price is below the tenkan-sen and the kijun-sen. Short-term resistance is found at $1,298. Breaking above it will increase the chances of rising to $1,330. Breaking below $1,272 will increase the chances for a move towards $1,220.


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On the daily chart, Gold price remains above the tenkan-sen indicator (purple line) and looks like it was making a shallow pullback before the resumption of the uptrend towards $1,330. I remain bullish as long as this trading instrument is holding above yesterday's lows. The target is at $1,330. If we break support, I expect the kijun-sen (yellow line) to be tested.




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Technical analysis of USD/JPY for January 28, 2015

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Fundamental overview:

USD/JPY is expected to consolidate with risks skewed lower as markets await 1900 GMT Federal Reserve monetary policy decision, the Fed isn't expected to make any change in monetary policy but market participants will be interested in any change in wording, especially to the phrases "considerable time" and the Fed "can be patient." USD/JPY is undermined by the weaker dollar sentiment (ICE spot dollar index last 93.96 versus 94.97 early Tuesday) on selloff in U.S. stocks (S&P 500 closed down 1.34% at 2,029.55 overnight), positions adjustment before the FOMC statement. Surprise 3.4% on-month drop in U.S. December durable goods orders (versus forecast +0.3%) and weaker-than-expected 4.3% on-year rise in U.S. November S&P/Case-Shiller 20-city home price index (versus forecast +4.6%) outweighed stronger-than-expected rise in U.S. Conference Board consumer confidence index to 102.9 in January from December's 92.6 (versus forecast 95.1), larger-than-expected 11.6% increase in U.S. new home sales to 481,000 in December (forecast +3.0%) and stronger-than-expected U.S. January flash services PMI of 54.0 (versus forecast 53.8 and December's 53.3). USD/JPY is also weighed by Japan's export sales and reduced hopes for extra monetary easing steps by the Bank of Japan after Economy minister Akira Amari said the BOJ wasn't constrained by a two-year schedule for achieving its 2% inflation target; flows to haven yen amid increased risk aversion (VIX fear gauge rose 10.95% to 17.22) on disappointing U.S. corporate earnings, caution before FOMC decision, and lingering concerns about a potential showdown between Greece's new government and its international creditors. But USD/JPY losses are tempered by the demand from Japan's importers and ultra-loose Bank of Japan's monetary policy.


Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is neutral. T


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 118.50 and the second target at 118.85. In an alternative scenario, if the price moves below its pivot points, short position is recommended with the first target at 117.20. A break of this target would push the pair further downwards and one may expect the second target at 116.80. The pivot point is at 117.55.


Resistance levels:

118.50

118.85

119.35

Support levels:

17.20

116.80

116.50


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Technical analysis of USD/CHF for January 28, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with bullish bias after hitting eight-day high 0.9166 on Tuesday as markets await the U.S. FOMC interest rate decision. USD/CHF is underpinned by the franc sales on cross trades versus major currencies, the negative Swiss interest rates and the threat of the SNB CHF-selling intervention. But USD/CHF gains are tempered by the weaker dollar sentiment (ICE spot dollar index last 93.96 versus 94.97 early Tuesday) on selloff in the U.S. stocks (S&P 500 closed down 1.34% at 2,029.55 overnight), positions adjustment before the FOMC statement. At the same time surprise 3.4% MoM drop in the U.S. December durable goods orders (versus forecast +0.3%) and 4.3% YoY rise in the U.S. November S&P/Case-Shiller 20-city home price index (versus forecast +4.6%) outweighed rise in the U.S. Conference Board consumer confidence index to 102.9 in January from December's 92.6 (versus forecast 95.1), 11.6% increase in the U.S. new home sales to 481,000 in December (forecast +3.0%) and the U.S. January flash services PMI of 54.0 (versus forecast 53.8 and December's 53.3).


Technical comment:
The daily chart is mixed as the MACD is in bearish mode, but stochastics are turning bullish.


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 0.9125 and the second target at 0.92. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8840. A break of this target would push the pair further downwards, and one may expect the second target at 0.8750. The pivot point is at 0.8905.


Resistance levels:

0.9125

0.92

0.9250


Support levels:

0.8840

0.8750

0.87


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Daily analysis of major pairs for January 28, 2015

EUR/USD: This pair has already moved upwards by over 250 pips this week, starting from the support line at 1.1100. A movement above the resistance line at 1.1500 would render the existing dominant bias (bearish) useless, as another long-term bullish journey may begin.


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USD/CHF: As it is expected, this special pair has moved upwards this week – in a slow and gradual manner. The price has moved upwards by more than 400 pips, topping at 0.9161 before the current minor retracement. The top at 0.9161 is expected to be breached upwards this week or next week, allowing further bullish movement in the market.


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GBP/USD: The Cable has moved upwards so far this week, putting the recent bearish outlook in jeopardy. From the accumulation territory at 1.5000, the price has moved upwards by more than 200 pips, pushing against the distribution territory at 1.5200. A movement above the distribution territory at 1.5300 would mean the end of the recent bearish outlook.


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USD/JPY: It is better to assume a short-term trading approach in this market, because the price is now swinging up and down on short-term basis. There is a supply level at 119.00 and a demand level at 117.00.


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EUR/JPY: Despite the fact that this market has moved upwards by more than 400 pips this week, it remains a bear market. The EMA 56 is above the EMA 11 and the RSI period 14 is still below the level 50. Unless the price goes above the supply zone at 136.00, the signal is “sell.”


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Technical analysis of GBP/JPY for January 28, 20185

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Fundamental overview:
GBP/JPY is expected to consolidate in a higher range as markets await the U.S. FOMC interest rate decision. GBP/JPY is supported by the improved euro sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by the flows to haven yen amid increased risk aversion and the Japanese exporters.


Technical comment:
The daily chart is mixed as the MACD is bearish, 5 and 15-day moving averages are falling, but stochastics is turned bullish at oversold levels.


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 1179.45 and the second target at 180.15. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 177.15. A break of this target would push the pair further downwards and one may expect the second target at 176.45. The pivot point is at 177.85.


Resistance levels:

179.45

180.15

180.90


Support levels:

177.15

176.45

175.75


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Technical analysis of NZD/USD for January 28, 2015

NZDUSDM30.png

Fundamental overview:
NZD/USD is expected to consolidate with bearish bias as markets await the U.S. FOMC interest rate decision and the Reserve Bank of New Zealand interest rate decision at 20:00 GMT. The currency pair is supported by the weaker dollar sentiment. But NZD/USD upside is limited by the increased risk aversion and expectations that the RBNZ will keep its rates for longer.


Technical comment:

The daily chart is mixed as the MACD is bearish, five-day moving average is below 15-day moving average and is declining, but stochastics is turned bullish at oversold levels.


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 0.74. A break of this target will move the pair further downward to 0.7325. The pivot point stands at 0.75. 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 0.7580 and the second target at 0.7625.


Resistance levels:

0.7580

0.7625

0.7635



Support levels:


0.74

0.7325

0.73


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Technical analysis of EUR/JPY for January 28, 2015


Technical outlook and chart setups:


The EUR/JPY pair remains poised to rally towards 138.00 levels at least and subsequently to 142.30/40 levels. As discussed earlier, the pair has taken out initial resistance at 133.00 levels and rallied up to 134.20 levels yesterday before pulling back lower. It is recommended to buy on dips from here on, risk remains 130.00 and upside potential remains 138.00 at least. Immediate support is seen at 132.50/133.00 levels and lower while resistance is seen at 134.20 (interim), followed by 135.00, 137.50/138.00 and higher respectively. Bulls should remain in control until prices remain above 130.00 for now.


Trading recommendations:


Buy on dips from here, stop 130.00, the targets are at 138.00 and 142.00.


Good luck!




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Technical analysis of Silver for January 28, 2015


Technical outlook and chart setups:


Silver had dropped to past resistance turned support levels around $17.50 yesterday before pulling back higher. The metal could be poised to rally through $18.90 levels from here on. It is hence recommended to remain long again and look to add further on dips. Immediate support is seen at $17.40/50 (interim), followed by $16.50/70 and lower while resistance is seen at $18.50 (interim), followed by $18.90 and higher respectively. The inverted head and shoulder setup is shaping up well and bulls are expected to remain in control till prices remain above $15.50 levels moving ahead.


Trading recommendations:


Remain long, stop at $15.50, the target is at $21.00 at least.


Good luck!


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Forecast of USD/JPY for January 28, 2015

The US dollar weakens further against most major currencies after the mixed US economic reports. The CB consumer confidence index showed an uptick in January standing at 102.9 up from 93.1 in December. The new home sales in the US jumped to the 11.6% highest level in more than six years. The US services PMI has been rising for over five years. The index posted 54.0 in January from 53.3 in December. These are the US dollar supporting data. But on the other hand, US durable goods orders fell 3.4% in December following a 2.1% decline in November. The pair has been consolidating in a tight range between 118.85 and 117.10. On a positional basis, until the pair holds at 117.00 and trades above 118.85, it can give another stellar show towards 120.00+. In case if the pair breaks below 117.00, it can extend its fall up to 115.00 and panic will be triggered below 115.00. At yesterday's session, the pair made a low at 117.32. The pair has been testing the area near 117.00 for 5 days. The intraday support exists at 118.00 and 117.70. Today, the focus has shifted to the Federal Reserve's policy meeting. The key factor is the deadline of raising the benchmark short-term interest rates. On the hourly chart, the hourly candles closed, the pair is trading above moving averages. In case if the pair breaks below 117.70, the weakness will emerge at 117.00 and 115.50 on the down side.


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Forecast and trading recommendations on Gold for January 28, 2015

The yellow metal took the parallel support from January 19th low at $1,271.80 at yesterday's session. The yellow metal has surged after the US economic data gave a mixed weather. The metal gave approx $20 at yesterday's session. The metal has been facing strong resistance between $1,300.00 and $1,307.00. The metal can challenge strong upward momentum above $1,307.50 with the targets at $1,319.00, $1,322.50, $1,335.00, $1,340.00, and $1,344.00. On the monthly chart, the descending trend line has been acting as a strong resistance. At today's session, we recommend selling below $1,287.00 and safe selling will be triggered below $1,283.00. The panic will be triggered below $1,271.00. Today, the focus has shifted to the Federal Reserve's policy meeting. The key factor is the deadline of raising the benchmark short-term interest rates. On the H4 chart, the prices are closed and trading below 35DEMA. The intraweek support exists at $1,266.00 and $1,254.70. In case if the metal breaks below $1,271.80, it can extend its fall towards $1,269.00, $1,266.50, $1,262.50, and $1,255.00. In case a weekly close is below $1,266.00, bears tighten their grip towards $1,255.00,$1,238.00, and $1,214.00. On the bullish front, we can expect strong upward momentum only above $1,309.00 towards $1,340.00.


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Technical analysis and trading recommendation on EUR/USD for January 28, 2015

Review:


The US dollar weakens further against most major currencies after the mixed US economic reports. The CB consumer confidence index showed an uptick in January standing at 102.9 up from 93.1 in December. The new home sales in the US jumped to the 11.6% highest level in more than six years. This indicates the optimistic outlook for the economy in the new year. The US services PMI has risen for over five years. The index posted 54.0 in January from 53.3 in December. These are the US dollar supporting data. But on the other hand, US durable goods orders fell 3.4% in December following a 2.1% decline in November. The mixed US data pushed the euro almost 200 pips in Intraday against the USD.


Technical view:


At yesterday's session, the pair touched the 34hrsma on the h4-chart and closed below it. Last month, when the pair touched even the 34hrsma it made a new low. It was repeated thrice. As of now, at the early Asian session the pair was unable to breach the 34hrsma level. The pair has Intraday support at 1.1320, 1.1250, and 1.1225. We recommended buying above 1.1300 with the targets at 1.1360 and 1.1450, the pair made a high at 1.1423. The pair has intra week resistance at 1.1460 and 1.1600. The 34hrsma on H4 chart exists at 1.1400. In case a h4 candle manages to close above 1.1400, then it can challenge 60 and 160 pips on the north side. Today, the focus has shifted to the Federal Reserve's policy meeting; the key factor is the deadline of raising the benchmark short-term interest rates. We recommend fresh buying only above 1.1460. We recommend fresh selling below the 1.1295 levels.1422399616_EURUSDH1.png


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Technical analysis of EUR/USD for January 28, 2015

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When the European market opens, some economic news will be released such as German 30-y Bond Auction, German Import Prices m/m, and GfK German Consumer Climate. Besides, the US will release some economic reports such as the Federal Funds Rate, FOMC Statement, and Crude Oil Inventories. So, amid the reports, EUR/USD will move with medium to high volatility during this day.


TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.1411.


Strong Resistance:1.1404.


Original Resistance: 1.1393.


Inner Sell Area: 1.1382.


Target Inner Area: 1.1355.


Inner Buy Area: 1.1328.


Original Support: 1.1317.


Strong Support: 1.1306.


Breakout SELL Level: 1.1299.


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 28, 2015

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In Asia, Japan will not release any economic data but the US will publish some economic reports such as Federal Funds Rate, FOMC Statement, and Crude Oil Inventories. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.


TODAY TECHNICAL LEVELS:


Resistance. 3: 118.70.


Resistance. 2: 118.47.


Resistance. 1: 118.24.


Support. 1: 117.95.


Support. 2: 117.72.


Support. 3: 117.49.


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 28, 2015

The USDX had a pullback below the support level of 94.18, as a result of normal correction moves that the instruments had to do to follow the general bullish bias without overbought levels at the oscillators, such as the MACD indicator. By the way, the USDX could extend the retracement until the support level of 93.02. The 200 SMA is still bullish.


USDXDaily.png

The bias on the H1 chart is bearish, as the USDX had a deep fall until the 200 SMA, where later this instrument did a rebound and got consolidated above the support level of 94.02. Currently, the USDX is forming a bearish pattern, but that rebound could be an indication of a dynamic support found on that zone, as the USDX is taking a breath to continue strengthening the general bullish bias.


USDXH1.png

Daily chart's resistance levels: 94.18 / 97.52


Dailychart's support levels: 93.02 / 92.02


H1 chart's resistance levels: 94.38 / 94.78


H1 chart's support levels: 94.02 / 93.67




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 94.38, take profit is at 94.78, and stop loss is at 94.01.


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Daily analysis of GBP/USD for January 28, 2015

The GBP/USD pair had another bullish session during yesterday, as this pair is trading close to the resistance level of 1.5247. Remember that a breakout on that zone could activate buy orders on this pair to the nearest resistance level of 1.5491. Anyway, from a general view, the GBP/USD pair is still forming a bearish pattern and that bias is still valid.


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The H1 chart is showing us an interesting price action on the GBP/USD pair, because the pair is currently forming a higher high pattern above the 200 SMA, as a result of a bullish momentum that the GBP/USD pair had during the first hours of the last American session. At the moment, if the pair makes a breakout at the level of 1.5200, the buyers could find resistance at the level of 1.5264.


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Daily chart's resistance levels: 1.5247 / 1.5491


Dailychart's support levels: 1.5025 / 1.4853


H1 chart's resistance levels: 1.5200 / 1.5264


H1 chart's support levels: 1.5142 / 1.5084




Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5200, take profit is at 1.5264, and stop loss is at 1.5137.


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Forecast of GBP/USD for January 28, 2015

The pound gets a chance to move higher from the mixed US economic data. After a month, the pound gained approx 150 pips at yesterday's session. The UK's GDP is estimated to have increased by 0.5% in Q4 2014. On the other hand, the US dollar weakens further against most major currencies after the mixed US economic reports. Today, the focus has shifted to Federal Reserve's policy meeting, the key factor is the deadline of raising the benchmark short-term interest rates. The cable moved to a 1-week high at 1.5223. The cable has the nearest resistance at 1.5270. The pair is still trading in the downward channel. The pair has intraday support at 1.5125, 1.5090, and 1.5060. As per the hourly moving averages, the bearish crossover still favors bears. We recommend fresh selling below 1.5120 with the targets at 1.5090 and 1.5060. On the hourly chart, the cable gave an upside breakout from the narrow range. The panic will be triggered below 1.5060. On the other hand, we can see strong momentum only above 1.5270 towards the 1.5320 and 1.5390 levels.


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Intraday technical levels and trading recommendations for EUR/USD for January 27, 2015

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The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.


The market has been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery is being witnessed this week.


The pair has lost almost 750 pips since the beginning of 2015 as the market is revisiting the lowest rates since November 2003.


After monthly breakout below 1.2000, approximate long-term projection targets would be located near 0.9450.


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


Conservative traders should wait for a bullish pullback looking for better prices to SELL the pair off.


On the other hand, BUYING the pair is considered a low-risk opportunity after such a steep decline, especially after a daily candlestick that represents bullish reversal.


The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.


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Intraday technical levels and trading recommendations for GBP/USD for January 27, 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 breakout scenario, similar to what happened back in October, was successfully executed shortly after.


The market has already pushed further below the price level of 1.5140 (projection target of the bearish breakout) reaching the lower limit of the depicted bearish channel around 1.5050.


Initially, the GBP/USD pair has shown bullish recovery off the price level of 1.5050. However, a bearish engulfing daily candlestick was expressed off 1.5210 followed by bearish spike reaching the price level of 1.5000.


As anticipated, bullish rejection was expressed around the price level of 1.4950 (the lower limit of the channel). This enhances the bullish side of the market at least towards 1.5250-1.5300.


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Previous consolidation movement extended between the price levels of 1.5770 and 1.5550, it 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. Bears have already reached the price levels of 1.5050 and 1.4960 recently.


Conservative traders should wait for a bullish pullback towards the recent SUPPLY zone around 1.5370-1.5450 for a low-risk SELL entry. The stop loss should be located above 1.5500 (upper limit of the channel).


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USD/CAD intraday technical levels and trading recommendations for January 27, 2015

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Overview:


The USD/CAD pair established a temporary consolidation zone between the price levels of 1.1560 and 1.1670. This price zone roughly corresponds to 61.8% prominent WEEKLY Fibonacci level bullish breakout above which allowed bulls to reach new highs around 1.2490.


The market looks quite overbought since bulls have pushed further above the upper limit of the depicted bullish channels. Hence, bulls should be conservative with their targets.


Note that the daily chart indicates a high probability of bearish reversal especially after a hanging man daily candlestick followed by a bearish engulfing daily candlestick being expressed.


The nearest SUPPORT zone to meet the USD/CAD pair is located around 1.2015 - 1.1950 where a recent consolidation zone was established as well as the broken upper limit of the depicted channel that waits for retesting.


Otherwise, if bulls keep defending the recent INTRADAY SUPPORT around 1.2300, a new bullish swing may be established without further retesting of 1.1950.


Trading recommendations:


LONG positions should be anticipated around the new SUPPORT zone around 1.2015-1.1950. SL should be located below 1.1900. TP to be placed at 1.2100 and 1.2220.


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