USD/CAD intraday technical levels and trading recommendations for January 29, 2015

cadweekly.pngcaddaly.png


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 1.2560.


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 bearish reversal scenario indicated after the Hanging Man daily candlestick was invalidated with yesterday's bullish engulfing daily candlestick.


Moreover, USD/CAD bulls kept defending the recent INTRADAY SUPPORT around 1.2300. Hence, a new bullish swing is being established without further retesting of 1.1950.


The nearest resistance zone to meet the USD/CAD pair is located around 1.2800 where previous WEEKLY highs were previously established back in 2009.


Trading recommendations:


It's recommended to stay out of the market until the next destination of the USD/CAD pair becomes obvious, but at anyway try to look for SELL entries at such historically high prices.


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

GBP/USD intraday technical levels and trading recommendations for January 29, 2015

gbpusddailyyy.png1422541494_gbpusdh4.png


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 was manifested on the H4 chart. A bullish breakout above the upper limit of the short-term flag pattern took place. A bearish pullback for retesting is being expressed today.


The key-support level for today is the price level of 1.5120 (backside of the upper limit of the H4 Flag pattern). That is why daily closure should be considered today.


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.


A short-term LONG position may be considered if the current daily candlestick closes as engulfing one. TP should be located slightly below 1.5300.


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

Technical analysis of USD/JPY for January 29, 2015

USDJPYM30.png

Fundamental overview:
USD/JPY is expected to trade in a lower range. It is undermined by the renewed decline in oil prices, the flows to the safe haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 16.03% to 19.98, S&P 500 closed 1.35% lower at 2,002.16 overnight) on growing market turmoil in Greece as its new government pushed for debt renegotiation with international creditors. USD/JPY is also weighed by Japan's exports, the lower U.S. Treasury yields (10-year at 1.724% versus 1.825% late Tuesday) as the Federal Reserve reiterated its pledge to remain "patient" in deciding when to raise interest rates while boosting its assessment of the economy and labor market in its latest policy statement. But USD/JPY losses are tempered by the improved dollar sentiment (ICE spot dollar index last 94.63 versus 93.96 early Wednesday) after the FOMC meeting, demand from the Japanese importers and the ultra-loose Bank of Japan's monetary policy.


Technical comment:
The daily chart is tilting negative as the MACD is bearish, stochastics is turning bearish.


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


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

Technical analysis of USD/CHF for January 29, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to trade with risks skewed higher. It is supported by the positive dollar sentiment (ICE spot dollar index last 94.63 versus 93.96 early Wednesday), the franc sales on soft CHF/JPY cross, the negative Swiss interest rates and the threat of the SNB CHF-selling intervention. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross.


Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is in bullish mode, inside-day-range pattern was completed on Wednesday.


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 0.9265 and the second target at 0.9365. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8985. A break of this target would push the pair further downwards, and one may expect the second target at 0.8925. The pivot point is at 0.9050.


Resistance levels:

0.9265

0.9365

0.9415


Support levels:

0.8985

0.8925

0.89


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

Technical analysis of EUR/USD for January 29, 2015


Technical outlook and chart setups:


The EUR/USD pair has bounced off up to 300 pips after hitting lows at the levels of 1.2200 early this week. The pair pulled back into the levels of 1.1260 today, before rallying higher through the handle at 1.1340. Immediate support is seen at 1.2220 levels, followed by 1.1100 and resistance is seen at 1.1420 (interim) followed by the level of 1.1620 and higher, respectively. It is recommended to initiate long positions now with risk below at 1.1100 and a minimum upside potential through 1.1620/50. It is too early to predict a reversal but a potential inverted head and shoulder reversal is shaping up on hourly charts. A break of 1.1650 levels would confirm a trend reversal (a large pullback rally) on the 4H chart as well.


Trading recommendations:


Initiate long positions now at 1.1340/50, stop at 1.11 and target at 1.1650.


Good luck!




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

Technical analysis of GBP/JPY for January 29, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is undermined by the negative EUR sentiment as uncertainty mounts over the plans of Greece's new government to renegotiate the country's debt with international creditors. The pair is also weakened by flows to the safe haven yen amid increased risk aversion and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers.


Technical comment:
The daily chart is mixed as bearish outside-day-range pattern was completed on Wednesday, the MACD bearish, 5- & 15-day moving averages are falling but stochastics bullish is 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


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

Intraday technical levels and trading recommendations for GBP/USD for January 29, 2015

gbpusddaily.png


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).


gpbusdh4.png


The H4 chart shows a bearish breakout scenario, similar to what happened back in October, 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 it was mentioned above.


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

Intraday technical levels and trading recommendations for EUR/USD for January 29, 2015

eurmonth.png

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 pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially if the current monthly breakout below 1.2000 maintains its bearish momentum until the end of January.


During the past few weeks, 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.


eurusdh4.pngeurusddaily.png


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).


Once more, the pair is showing little movement ahead of U.S. Unemployment Claims and Pending Home Sales.


As suggested in previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off (R1@1.1550 and R2@1.1700).


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.


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

Technical analysis of NZD/USD for January 29, 2015

NZDUSDM30.png

Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting near a 4-year low of 0.7310 overnight as the Reserve Bank of New Zealand keeps its cash rate at 3.5% but removes any tightening bias from its statement and even opens the possibility of rate cut. "Future interest rate adjustments, either up or down, will depend on the emerging flow of economic data," says the RBNZ Governor Graeme Wheeler. NZD/USD is also weighed by the unexpected New Zealand December trade deficit of NZD159 million (versus forecast for surplus of NZD75 million), the positive dollar sentiment and the kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and on buoyant AUD/NZD cross.


Technical comment:

The daily chart is negative-biased as bearish outside-day-range pattern was completed on Wednesday, 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 0.7235. A break of this target will move the pair further downward to 0.7210. The pivot point stands at 0.74. 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 0.7445 and the second target at 0.75.


Resistance levels:

0.7445

0.75

0.7580



Support levels:


0.7235

0.7210

0.7145


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

EUR/NZD analysis for January 29, 2014

EURNZDMonthly29.png

EURNZDDaily29.png


Overview:


In our last analysis EUR/NZD was trading upwards. The price tested the level of 1.5577 in a volume below the average. Our Fibonacci retracement 38.2% at the price of 1.5415 got broken so we may expect testing of the level of 1.5800 (Fibonacci retracement 61.8%). Accordiung to the monthly time frame, we can observe successful rejection from our support level at the price of 1.5000. Selling EUR/NZD at this stage looks risky so my advice is to watch for potential buying opportunities after retracement (buy on the dips).


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5434


R2: 1.5503


R3: 1.5613


Support levels:


S1: 1.5213


S2: 1.5144


S3: 1.5033


Trading recommendations: Be careful when selling since we have successful rejection from monthly support level in the background.




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

Technical analysis of GBP/CHF for January 29, 2015


Technical outlook and chart setups:


The GBP/CHF pair has inched up higher to the 1.4000 handle today. The pair still has room to rally towards 1.4100 levels which is the Fibonacci 0.618 resistance, and a recommended exit levels for long positions are still held. The pair has been rallying steadily after breaking out of the consolidation above 1.3350/1.3400 levels earlier. Immediate support is seen at 1.3460 followed by 1.3350/1.3400 and lower while resistance is seen at 1.4100 levels and higher, respectively. Bulls should remain in control for now but 1.4100 could bring bears back again into action.


Trading recommendations:


Remain flat if you exited long positions yesterday. Exit all long positions ahead of 1.4100.


Good luck!


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

Technical analysis of EUR/JPY for January 29, 2015.


Technical outlook and chart setups:


The EUR/JPY pair dropped to 132.40/50 levels yesterday and, as suggested, long positions initiated. The pair may dip to 132.00 levels before rallying further high into the 138.00 handle. It is still recommended to keep buying on dips from here on, risk remains below 130.00. Bulls are poised to stage an impressive counter trend rally in 3 waves which could reach 143.30 levels in the coming weeks. Immediate support is seen at 132.00 followed by 130.00 while resistance is seen at 138.00 followed by 142.00 and higher, respectively. The pair is expected to print higher highs and higher lows untill prices remain above 130.00 levels.


Trading recommendations:


Remain long, stop is below 130.00, target is 138.00.


Good luck!




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

Gold analysis for January 29, 2014

GOLDDaily29.png

GOLDH429.png


Overview :


Since our last analysis gold has been trading downwards. The price has tested the level of 1,263.61 in a volume below the average. According to the H4 time frame, we got selling climax and potential end of bearish corrective phase (abcd). Our Fibonacci expansion 100 % at the price of 1,262.00 is held successfully. Be careful when selling gold and watch for potential buying opportunities on the lows (buy on the dips). Anyway, if the price breaks the level of 1,262.00 in a high volume and strong price action, we may see a possible testing of the level of 1,254.00.


Daily Fibonacci pivot points :


Resistance levels :


R1: 1,292.83


R2: 1,296.23


R3: 1,301.73


Support levels :


S1: 1,281.83


S2: 1,278.43


S3: 1,272.93


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




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

Technical analysis of Silver for January 29, 2015


Technical outlook and chart setups:


Silver drops below $17.65 to $17.40 levels, breaking below the trend line support as it is seen on the chart. Please also note that the metal is trading very close to the Fibonacci 0.382 support at $17.35 levels. A break below $17.35 would challenge support at $16.60/70 (the Fibonacci 0.618 support) levels. It is recommended to hold earlier long positions if profits are not realized, and also look for adding further positions around $16.60. Immediate support is seen at $17.35, followed by $17.00, $16.60 and lower while resistance is seen at $18.20 (interim), followed by $18.40/50 and higher, respectively. Please remember that the bigger picture is buy on dips, and this is just a counter trend.


Trading recommendations:


Remain long and look for adding further around $16.60, stop is at $15.50, target is $21.00 at least.


Good luck!




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

Technical analysis of Gold for January 29, 2015


Technical outlook and chart setups:


Gold breaks lower through the $1,269.00 levels as it was expected and discussed yesterday. The metal has also broken the support trend line passing through the lows, starting from $1,170.00 levels as seen here. The metal is expected to be well supported at $1,250.00 levels as you can see on the chart (red). Please also note that $1,250.00 is the Fibonacci 0.382 support of the rally from $1,170.00 to $1,307.00 levels, respectively. Immediate support is seen at $1,250.00 followed by $1,220.00/25.00 and lower, while resistance is seen at $1,295.00 (interim) followed by $1,307.00 and higher, respectively. Bears are expected to remain active for a while, before bulls take back control.


Trading recommendations:


Initiate long positions around $1,250.00 and lower untill $1,220.00/25.00, stop is below $1,200.00, target is open.


Good luck!




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

Technical analysis of USD/CAD for January 29, 2015

usdcadh4.png

Trading recommendation :



  • The upward trend is still strong for that the pair will probably go up more.

  • According to the previous events, the USD/CAD pair is going to move between 1.2465 and 1.2652 today.

  • It should be noted that the level of 1.2465 represents the double bottom; and the weekly pivot point is placed at the price of 1.2380.

  • The resistance will be set at the level of 1.27570 this week.

  • The support has already been placed at the price of 1.2380.

  • We expect a new range about 225 pips this week.

  • The key level will be set at the level of 1.2380. Therefore, it will be very useful to buy above the price of 1.2380 in the short-term with the first targets at 1.2560 and 1.2650. Moreover, if the trend is able to break the double top at 1.2650, it might resume to 1.2750 (127.2% Fibonacci retracement levels).



Intraday technical levels :

Date: 29/01/2015

Pair: USD/CAD



  • R3: 1.2690

  • R2: 1.2602

  • R1: 1.2565

  • PP: 1.2477

  • S1: 1.2440

  • S2: 1.2352

  • S3: 1.2315



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

Technical analysis of GBP/USD for January 29, 2015

gbpusdh4.png

Overview :



  • The price of the GBP/USD pair has been not stable because the trend has been moving downwards from the price of 1.5284 towards the price of 1.4946. Then it corrected the uptrend to set at the price of 1.5140 today. Additionally, the pair is going to be trapped between 1.5284 and 1.5050. Furthermore, it should be noted that the resistance has already set at the price of 1.5284 (it coincides with the ratio of 32.8% Fibonacci retracement levels) and the supports are placed at 1.5050 and 1.4949 which represent the weekly pivot point and the double bottom, respectively. As a result, the GBP/USD pair is likely to start showing signs of the bearish market at the level of 1.6940 because the market will indicate a bearish opportunity at the spot of 1.5284, so the level will be acting as strong resistance today. In other words, it will be a good decesion to sell below the price of 1.5284 with the first target of 1.5050 in order to try to close below the weekly pivot point. It will call for the downtrend to continue its bearish movement towards 1.4949 to test the double bottom on the H4 chart. On the other hand, the stop loss should be placed above 1.5327.



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

#USDX technical analysis for January 29, 2015

The Dollar index has held its short-term support after the recent pullback and is now strong again to resume the uptrend. The short-term support was tested, and a new upward move has started that could even push the index towards 100.


usdx.jpg

The Dollar index has managed to hold support by the kijun-sen (yellow line) and the 38% Fibonacci retracement. The price is above the cloud support. The short-term support is now at 93.75. If it is broken, we should expect a move towards 93.50 cloud support or even 93.15 where the 61.8% retracement is found. Resistance is at 95 and at 95.50.


usdxd.jpg

On the daily chart the Dollar index still manages to hold above the tenkan-sen (purple line) support. If it is broken, we should expect a move towards the kijun-sen (yellow line) towards 93. Trend remains bullish for the medium and long-term. Breaking above 95.50 will increase the chances of a new upward move towards 100.


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

Gold technical analysis for January 29, 2015

Gold price continues the sideways consolidation inside the triangle pattern. Trend is neutral in the short-term as we wait to see the direction of the breakout. In my opinion, the most possible is breaking upwards above $1,298 and reaching my target of $1,330.


goldh4.jpg

Red lines = triangle pattern


Gold price is inside a contracting triangle pattern. Soon we will see a breakout. The price is inside the cloud implying that the trend is neutral. Resistance is at $1,290 and $1,298. Support is at $1,272 and at $1,265. Breaking above $1,290 will increase the chances of breaking above $1,298 and to move towards $1,330. If support at $1,272 fails, the chances to reach $1,265 and even $1,220 will increase.


goldd.jpg

On the daily chart we observe Gold price although it remains above the Ichimoku cloud, it has broken below the tenkan-sen(purple line) support which is now at $1,290. A daily close below $1,290 will put the short-term bullish trend in danger and may push the price towards the tenkan-sen (yellow line) at $1,240.




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

Technical analysis of EUR/JPY for January 29, 2015

General overview for 29/01/2015 09:40 CET


The yesterday's intraday support levels have been identified correctly and they are still providing the support for the price. The downside breakout is the crucial move on this market right now as it can be a part of a larger wave (b) blue progression. Nevertheless, the market is still developing the corrective wave 4 black and only a breakout below the level of 130.14 would invalidate this view.


Support/Resistance:


130.14 - Swing Low


131.83 - Intraday Support


132.46 - Intraday Support


134.21 - Intraday Resistance


134.99 - WR1


Trading recommendations:


Not much has changed since yesterday: the market still trades below the level of 134.21. Choppy trading conditions are expected as the market might be making wave 4 black in a shape of triangle or any other corrective shape. Any breakout higher above the level of 134.21 is bullish and buy orders should be opened with SL below one of the intraday support levels.


eurjpy_h1.jpg




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

Technical analysis of USD/CAD for January 29, 2015

General overview for 29/01/2015 09:20 CET


The scenario has been changed a little to incorporate the latest wave development into the overall scenario, but the outlook has not changed a bit: still one more wave to the upside is missing and it looks like the market is trying to make it now. The bullish breakout above the level of 1.2340 will directly expose another weekly pivot at the level of 1.2698 to test, and this is the first target projection for wave 5 green this week. Please notice the bearish divergence is supporting the view of the last impulsive wave to the upside to come.


Support/Resistance:


1.2698 - WR1


1.2540 - Swing High|Intraday Resistance|


1.2375 - Intraday Support


1.2320 - Weekly Pivot


1.2309 - Intraday Support


1.2181 - WS1


Trading recommendations:


Fake golden trend line breakout forced to close sell orders with a minimal loss. Today daytraders should consider opening buy orders from the current price levels with SL below the level of 1.2498 and TP at the level of 1.2698.


usdcad_h1.jpg




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

Technical analysis of EUR/USD for January 29, 2015

!EURUSD.jpg

When the European market opens, some economic news will be released such as Italian 10-y Bond Auction, Private Loans y/y, M3 Money Supply y/y, German Unemployment Change, and German Prelim CPI m/m. The US will release the economic data too such as the Natural Gas Storage, Pending Home Sales m/m, and Unemployment Claims. So, amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.1342.


Strong Resistance:1.1336.


Original Resistance: 1.1325.


Inner Sell Area: 1.1314.


Target Inner Area: 1.1288.


Inner Buy Area: 1.1262.


Original Support: 1.1251.


Strong Support: 1.1240.


Breakout SELL Level: 1.1234.


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.




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

Technical analysis of USD/JPY for January 29, 2015

!USDJPY.jpg

In Asia, Japan will release the Retail Sales y/y. Besides, the US will release some economic reports such as Natural Gas Storage, Pending Home Sales m/m, and Unemployment Claims. 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: 118.51.


Resistance. 2: 118.28.


Resistance. 1: 118.05.


Support. 1: 117.76.


Support. 2: 117.53.


Support. 3: 117.30.


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.




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

Daily analysis of USDX for January 29, 2014

Yesterday, the FOMC minutes were published and the USDX had a bullish momentum above the support level of 94.18. Besides, a fractal was formed next to that zone. Currently, the USDX is still following the bullish bias. So, the instrument could reach the resistance level of 95.45 in the nearest time. At the moment, the 200 SMA and MACD indicator are still bullish.


USDXDaily.png

On the H1 chart, the USDX made a successful breakout at the resistance level of 94.38, the USDX is on the way to reach the resistance level of 94.78 in the coming hours. If the USDX makes a breakout to that zone, it would be expected to rise until the resistance level of 95.05. Fron the intraday view, the USDX still has strength to continue building the bullish road.


USDXH1.png

Daily chart's resistance levels: 95.45 / 97.52


Dailychart's support levels: 94.18 / 93.02


H1 chart's resistance levels: 94.78 / 95.05


H1 chart's support levels: 94.38 / 94.02




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 94.78, take profit is at 95.05, and stop loss is at 94.49.


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

Daily analysis of GBP/USD for January 29, 2015

During yesterday's session, the GBP/USD pair had a bearish day, closing the price below the important resistance level of 1.5247. We're still aware of a possible breakout on that zone, but the pair is still being pushed to the downside, because of lack of the bullish momentum from the technical view. Besides, the GBP/USD pair could fall again to the support level of 1.5025.


GBPUSDDaily.png

The GBP/USD pair did a rebound at the 200 SMA on the H1 chart and is still respecting the bullish trend line, that is currently serving as support on the pair. Furthermore, the GBP/USD pair could rise again until the psycological level of 1.5200, where the pair has to make a breakout in order to reach the resistance level of 1.5264, with a 1:1 risk and reward trade.


GBPUSDH1.png

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.


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

Technical analysis of Gold for January 29, 2015

The hawkish Federal Reserve statement pushed the yellow metal towards the $1,280.00 levels. The prices are closed and trading below hourly moving averages. Until the prices trade below $1,290.00, bears have an upper hand. 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. The metal has been facing strong resistance between $1,300.00 and $1,307.00. The metal can challenge strong upward momentum above $1,309.00 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 strong resistance.


Selling at current prices of $1,282.00.


GOLDDaily.png


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

Technical analysis of USD/CAD for January 29, 2015

The pair moved to 6-year high and closed at the highest point of the day. Today in early Asia's session, the pair was unable to breach the previous day's high. We recommend fresh buying above 1.2540. After the FOMC meeting, the pair gained 130 pips at yesterday's session. The Federal Reserve was more hawkish than expected. Today, the focus has shifted to US unemployment claims. Tomorrow, it's a big day for this pair. The Canadian GDP and US flash GDP are due. This month the pair gained more than 900 pips. The pair has the nearest resistance at the 1.2714 levels. The pair has intraweek support at 1.2460 and 1.2385. The pair has an hourly support at the 1.2440 levels. We can expect selling pressure below 1.2440 with the target at 1.2380.


Support: 1.2500, 1.2440, 1.2380.


Resistance: 1.2540.


USDCADH1.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for January 29, 2015

The yen rose against most major pairs. At yesterday's session, the pair rejected at 20Dsma. Today, at Asia's early session the pair managed to hold the previous day's low. The pair has been consolidating for 3 consecutive weeks between 180.55 and 175.83. The pair has strong support at 175.30 or 50Wsma. In case a weekly close is below this, the pair can attract more room in downside towards 173.50. This month, the pair breaks below the 200Msma, but it manages to trade above it. On the weekly chart, the pair closed below the 20Wsma and made a minor double top at 180.53. On the H4-chart, the prices are closed and trading below hourly moving averages. We can observe a descending triangle on the H4-chart. So, on this chart the prices are consolidating at the 177.65 levels. The intraday resistance exists between 178.50 and 178.80. We can see strong momentum towards 180.20, in case if the pair breaches above 179.40. Today, the focus has shifted to Japan's retail sales data. We recommend fresh selling only below 177.60 levels with the targets at 177.20, 177.00, and 176.50.


1422489803_GBPJPYDaily.png


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

Forecast and trading recommendations on EUR/JPY for January 29, 2015

The cross paused its 2-day winning move. At yesterday's late session, the pair fell approx 1.3% and made a low at 132.45. The pair has the nearest strong support at 131.20; below it 129.40 and 129.00 will act as strong support levels. In case if the cross falls below 129.00 on a monthly closing basis, it can extend its fall to 128.00, 125.00, and 121.50 or 50Msma. Considering the current situation, we have 2 trading days left this month. The weekly support exists at 129.40. Today, the focus has shifted to German prelim CPI and unemployment change data. As for the factors affecting the yen, Japan's retail sales data is due. Today, the cross also opened and is trading on a bearish note. On the hourly chart, the prices are closed and trading below hourly moving averages. We can observe strong distribution patterns on the h4 chart between 134.00 and 134.20. Until the pair closes below, bears have an upper hand.


Monthly support: 131.20,129.40,129.00


Intraweek resistance: 134.35


1422487958_EURJPYH4.pngThe material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for January 29, 2015

EUR/USD: The situation on this pair is nearly similar to that of EUR/JPY. From the beginning of this week, the market moved upward by roughly 300 pips, reaching the resistance line at 1.1400. From that line, the market has begun another phase of bearish movement in conjunction with the overall bias – which is bearish.


1422486503_1.png

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.


1422486531_2.png

GBP/USD: It is getting clear that the price on this currency trading instrument may not be able to go above the distribution territory at 1.5200. The probability of this trading instrument becoming weaker this week or next week is very high; plus a movement below the accumulation territory at 1.5050 would confirm just that.


1422486550_3.png

USD/JPY: This pair continues to be characterized by short-term upswings and downswings. Right now, the price is below the EMA 11 and the RSI period 14 is below the level of 50, leading to a weak Bearish Confirmation Pattern on the chart. The next short-term downswing could take the price towards the demand level at 117.00.


1422486571_4.png

EUR/JPY: The EUR/JPY pair has become weak in the near-term. From the beginning of this week, the market moved upward by roughly 400 pips, reaching the supply zone at 134.00. From that zone, the market has begun another phase of bearish movement in conjunction with the overall bias which is bearish.


1422486608_5.pngThe material has been provided by InstaForex Company - www.instaforex.com