NZD/USD intraday technical levels and trading recommendations for January 25, 2016

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On December 30, a significant bearish rejection took place around the level of 0.6840 (daily resistance level) similar to what happened previously on October 23.

Moreover, a daily closure below 0.6750 allowed a quick bearish decline to occur initially towards the level of 0.6500, which was broken to the downside as well.

The depicted chart illustrates a double-top reversal pattern. The depicted support level at 0.6430 should be broken downwards in order to confirm the reversal pattern.

However, traders should note that the level of 0.6400-0.6350 constitutes a significant support zone, which corresponds to the backside of a broken downtrend line. Hence, a strong bullish rejection and a valid buy entry were expected in the zone of 0.6400-0.6380.

Last week, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets.

Note that another bullish closure above 0.6500 allows a quick bullish movement towards 0.6600 to occur.

However, on Friday, a lower high has been expressed off the price level of 0.6530. This enhances the bearish side of the market and probably brings the NZD/USD pair again towards the depicted support level at 0.6400.

On the other hand, the price zone of 0.6400-0.6370 remains a significant support zone to be watched for another buy entry if further bearish pressure persists below 0.6500.

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USD/CAD intraday technical levels and trading recommendations for January 25, 2016

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A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart). A long-term bullish target was projected towards the level of 1.3270.

A significant bearish rejection was observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3400.

A few weeks ago, a bearish breakout below the support level of 1.3075 was needed to enable a further bearish decline to take place towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3400 (the upper limit of the recent consolidation range) enhanced the bullish side of the market on December 7.

A bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was expected as a bearish breakout above 1.3400.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4600-1.4650 (141.4% Fibonacci expansion) where bearish rejection was expected.

On the other hand, the price zone of 1.3370-1.3400 remains the significant support zone to be watched for valid buy entries if bearish correction occurs.

Trading recommendations:

As we expected, a valid sell entry was offered around 1.4650 (141.4% Fibonacci expansion). It is already running in profits now.

S/L should now be lowered to 1.4350, while the next T/P level remains projected at 1.4000 if USD/CAD bears manage to break below 1.4100 (Fibonacci Expansion 100%).

On the other hand, conservative traders should wait for a bearish candlestick closure below the level of 1.4100 (Fibonacci Expansion 100%) to sell the USD/CAD pair.

S/L should be located above 1.4150, while initial T/P levels should be located at 1.4000 and 1.3850.

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Intraday technical levels and trading recommendations for GBP/USD for January 25, 2016

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Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which provided significant bearish resistance.

Recent weekly candlesticks came as bearish engulfing candles closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern). This supported the bearish side of the market in the long term.

A quick bearish decline towards the previous weekly level of 1.4950 was expected as a result of a bearish breakout below 1.5200.

Extensive bearish pressure has been applied to demand levels of 1.4620 and 1.4360. Both of them were broken to the downside.

Shortly after the GBP/USD moved below 1.4220, strong signs of bullish recovery have been expressed around 1.4075 resulting in the weekly candlestick, which closed above 1.4220 again (a bullish hammer weekly candlestick).

The price zone of 1.4360-1.4220 remains a significant demand zone for the GBP/USD pair.

That is why, bullish persistence above 1.4220 and 1.4360 is mandatory to maintain bullish strength in the market. The first bullish target is seen at 1.4615.

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During 2015, the significant bearish rejection has been expressed around 1.5770 and 1.5230 where a bearish Head and Shoulders reversal pattern was formed. Since then, the market has been trending downwards within the depicted bearish channel.

The level of 1.4950 was broken to the downside few weeks ago, constituting a significant supply level. As anticipated, it offered a valid sell entry on December 24.

Daily persistence below 1.4800 (the lower limit of the current bearish channel) favored a bearish decline towards 1.4680 and 1.4610 where previous prominent bottoms are located on the GBP/USD daily chart.

Currently, the GBP/USD pair looks oversold as it is being pushed further below the prominent demand levels of 1.4620 and 1.4360.

That is why, any signs of bullish rejection around the demand level of 1.4220 should be considered a valid buy signal.

Bullish persistence above 1.4360 should keep moving the pair towards higher bullish targets. The first bullish target is seen at 1.4615.

Trading Recommendation:

As anticipated, traders could take a valid buy entry when the GBP/USD pair achieved a daily closure above the level of 1.4220 on Friday.

Initial T/P levels should be located at 1.4360, 1.4440, and 1.4500, while S/L should be located below 1.4200.

On the other hand, risky traders can have a valid buy entry when the GBP/USD pair achieves another bullish closure above 1.4360. T/P levels would be located at 1.4440, 1.4500, and 1.4600.

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Technical analysis of Silver for January 25, 2016

Technical outlook and chart setups:

SNow silver is trading higher around the levels of $14.20/25, but still remains inside the cone consolidation structure as seen on the H4 chart. The metal needs to break higher towards $14.35/40 to confirm a breakout of the consolidation. At the moment, it is bouncing off the resistance and support lines within the consolidation. It is hence recommended to keep trading accordingly, and then trade in the direction of a breakout. Immediate resistance is seen at $14.35, while support is found at $13.80/90.

Trading recommendations:

Buy at the support of $13.90/14.00 and sell at the resistance of $14.30/35 now.

Good luck!

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Global macro overview for 25/01/2016

Global macro overview for 25/01/2016:

The last month of the year is usually highly correlated with increases in sales as the Christmas holiday shopping spree is wildly-known customer behavior. Nevertheless, the last week's retail sales data from the UK was quite worse than analysts had expected. The December 2015 was disappointing for the British retailers who unexpectedly saw a 1% drop in overall sales instead of a healthy increase. Two main reasons might lie behind the drop in sales. First one is the ongoing flood and warm weather in the UK, which keeps customers away from stores and is directly causing people to buy less clothes and shoes. The second reason might have even more long-term consequences as more people are now shopping online hence a need for traditional shops is slowly decreasing. However, the main question is whether this drop in sales is the beginning of the longer-term decline in spending in the European second largest economy or if this is just a seasonal correction towards the norm. We will have to wait for another data release to draw any meaningful conclusions.

In the mean time, let's take a look at the technical picture of the GBP/USD pair. On the weekly chart, we can see a doji/hammer candlestick pattern after the end of the downtrend. This pattern might suggest it is time for a bounce or even trend reversal. This possibility is supported by the price behavior in the lower time frame: on the H4 chart, the price is now testing the support at the level of 1.4218 and in case of a success, we might see another attempt to break above the resistance level of 1.4360.

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Gold analysis for January 25, 2016

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Overview:

Since our last analysis, gold has been trading upwards. In the daily time frame, we can observe a weak supply bar, which is a sign that sellers do not have power and that we may expect further upward movements to take place. An intraday trend is upward. The resistance level is set at $1,112.30. If the price breaks the level of $1,112.30 in a high volume, we may expect potential testing of $1,135.00 (Fibonacci retracement 61.8% and SMA200).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,098.50

R2: 1,098.70

R3: 1,109.00

Support levels:

S1: 1,097.80

S2: 1,097.60

S3: 1,097.25

Trading recommendations: Watch for potential buying opportunities on dips.

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Intraday technical levels and trading recommendations for EUR/USD for January 25, 2016

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Previously, the EUR/USD pair moved lower 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.

EUR/USD bears pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997) where bullish recovery was initiated.

April's candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October and November) reflected strong bearish pressure around the level of 1.1450.

A long-term projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level of 1.0570 occurs before the end of this month (January).

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On August 24, the EUR/USD pair looked overbought as the market spiked above the level of 1.1500 (daily supply level).

Shortly after, the intraday supply zone of 1.1360-1.1400 provided significant bearish pressure. An intraday sell entry was suggested. All T/P levels located at 1.1150 and 1.1050 were already reached.

A bearish breakout of the depicted uptrend was performed on October 23. This enhanced a long-term bearish scenario with targets at 1.0800 and 1.0600.

One month ago, daily persistence below the level of 1.0800 and 1.0700 (key levels) ensured enough bearish momentum towards 1.0550 (prominent monthly level) where the recent bullish pullback was initiated towards 1.0800 and 1.1000.

During the last few weeks, the level of 1.1000 was considered to be the significant supply level to offer valid sell entries. Moreover, a Head and Shoulders reversal pattern is presented around the mentioned supply level as depicted on the chart.

A previous bearish closure below 1.0800 (the reversal pattern neckline) once confirmed the depicted reversal pattern. An estimated bearish target is located at 1.0620.

Today, bearish persistence below 1.0800 (neckline of the depicted reversal pattern) is mandatory to allow more bearish decline to occur towards 1.0730, 1.0620, and 1.0570.

Otherwise, note that a bullish closure above 1.0825 hinders a further bearish decline allowing more sideways movements to take place.

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Technical analysis of Gold for January 25, 2016

Technical outlook and chart setups:

Gold is trading around the levels of $1,104.00/05.00 now looking for an opportunity to test $1,113.00. The metal is likely to seek a push through $1,125.00 and $1,136.00 subsequently until bulls keep prices above the trend-line support. The metal has been bouncing off the Fibonacci and trend-line supports as depicted on the H4 chart. It is hence recommended to remain long for now with risk at $1,080.00. Immediate support is seen at $1,092.00 followed by $1,082.00 and lower, while resistance is seen at $1,13.00 and higher.

Trading recommendations:

Remain long with stop at $1,090.00, a target is at $1,125.00.

Good luck!

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Global macro overview for 25/01/2016

Global macro overview for 25/01/2016:

The German IFO index data has been released this morning, and the figures have disappointed the market participants. According to data, IFO Business Climate, the main component of the index, is at the level of 107.3 points, lower than the forecast of 108.6 points. Moreover, the rest of the IFO components has declined as well: IFO Expectation index is at 102.4 points vs. 104.0 expected and IFO Current Assessment index is at 112.5 points vs.112.8 points expected. Nevertheless, despite the lower than expected figures, the undelying trend of the Ifo Business Climate index is still steady and slowly increasing as it oscillates between the low of 103.0 (November 2014) and high of 109.2 (December 2015). The point is that the sentiment of the manufacturers, builders, wholesalers and retailers is positive and steady in the current economic conditions, thereafter the spending, hiring and investment in Germany and the EU should follow the same path as sentiment.

Now let us analyze the technical side of the EUR/USD pair after the data was released. The dashed blue trend line still provides the dynamic support around the level of 1.0800. Any breakout below this level should put the next support at the level of 1.0776 to test. In case of the bounce, the next resistance is seen at the level of 1.0858.

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Technical analysis of EUR/JPY for January 26, 2016.

Technical outlook and chart setups:

The EUR/JPY pair has just managed to take out initial resistance at the level of 128.50 on the H4 chart. According to the Fibonacci ratio spread here, the level of 127.00 remains strong support. The pair could be preparing to retrace lower from current levels towards 127.00 before resuming its previous rally. It is hence recommended to remain flat for now and look for an opportunity to go long again at 127.00. Immediate support is seen at 127.50/60 followed by 127.00 and lower, while resistance is seen at 129.00 followed by 130.75 and higher.

Trading recommendations:

Remain flat for now and look for an opportunity to buy again at 127.00.

Good luck!

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EUR/NZD : analysis for January 25, 2016

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the 1.6719 level in a high volume. In the daily time frame, we can observe neutral bar (Friday bar) and rejection from Fibonacci retracement 50% (1.6550). In the H4 time frame, we found bullish engulfing candle formation, which is a sign that we may expect potential upward movement. Resistance levels are set at the 1.7130 and 1.7260 levels.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6715

R2: 1.6770

R3: 1.6850

Support levels:

S1: 1.6550

S2: 1.6500

S3: 1.6415

Trading recommendations: Intraday trend is upwards. Watch for potential buying opportunities on the dips.

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Technical analysis of GBP/CHF for January 25, 2016

Technical outlook and chart setups:

The GBP/CHF is seen to be trading at 1.4450/60 levels with immediate support now at 1.4400 levels. Bulls are likely to remain poised to rally past 1.4600 levels provided 1.44 remains intact. Importantly, the resistance trend line also has been broken, and prices has been in the buy zone so far. It is hence safe to initiate fresh long positions now, with risk at 1.44 levels. While immediate support is seen around 1.4400 levels followed by 1.4140/50 levels, resistance is seen at 1.4600 levels, followed by 1.4800 and higher respectively. The short term outlook remains bullish.

Trading recommendations:

Initiate long positions now, stop at 1.4400 target, or 1.4600 at least.

Good luck!

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Technical analysis of EUR/JPY for January 25, 2016

General overview for 25/01/2016:

EUR/JPY has bounced from the support level at 126.12, but it wan't strong enough to break range and enter the bullish zone. The current labeling indicates the possible corrective cycle progression inside the -ii- blue wave and if the intraday support at the level of 127.42 is not violated, then bullish trend should resume. In case the support breaks out, the traders should be ready for more complex corrective cycle and a possible test of the level of 126.12.

Support/Resistance:

126.08 - Higher Time Frame Cycles Invalidation Level

126.95 - WS1

127.41 - Intraday Support

127.75 - Weekly Pivot

129.08 - Intraday Resistance

129.34 - WR1

130.13 - WR2

130.75 - 130.85 - Technical Resistance| Gap |

Trading recommendations:

Day traders should consider opening buy order from the level of 127.42 in order to catch the anticipated wave -iii- to the upside. The SL for this trade should be placed below the level of 126.08 and TP would open for now. Moreover, this position might be an opportunity for a longer and more profitable swing trade.

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Technical analysis of USD/CAD for January 25, 2016

General overview for 25/01/2016:

The alternative count suggested last week is in play now as the wave four has overlapped the wave one top. In this current labeling, there is still one more wave up missed - wave 5 purple. The current-corrective cycle might extend the drop as low as the level of 1.000, so the correction might get very large, complex, and time-consuming.

Support/Resistance:

1.4690 - Swing High

1.4436 - WR1

1.4420 - Technical Resistance

1.4272 - Weekly Pivot

1.4228 - Intraday Resistance

1.4112 - Intraday Support

Trading recommendations:

Day traders should consider placing sell orders from the current levels as there is still one more wave to the downside to complete (wave (v) green). The SL for this trade should be placed above the level of 1.4228 and TP at the level of 1.4112 at least.

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Technical analysis of GBP/USD for January 25, 2016

The weekly technical analysis of GBP/USD pair:

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Trading recommendations:

  • According to the previous events, the GBP/USD pair will move between the levels of 1.4190 and 1.4393 in coming hours. We expect the trend to call for the bullish market at the level of 1.4186. As a result, buy at the level of 1.4186 with the first target at 1.4328, it might resume to 1.4393 in order to test the weekly resistance 1. Stop loss should be placed below 1.4186. It will be helpful to set it at the level of 1.4126 35 for the next two days.

Review:

  • According to the previous events, the GBP/USD pair will move between the levels of 1.4190 and 1.4393 in coming hours.
  • Resistance is seen at the level of 1.4393.
  • Support is already found at the level of 1.4190.
  • We expect a new range about 210 pips in days to come.
  • The key level will be set at 1.4236, the level which represents the weekly pivot point.

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Technical analysis of EUR/USD for January 25, 2016

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Overview:

  • The EUR/USD pair is likely to move between the levels of 1.0777 and 1.0876 on January 25, 2016. The level of 1.0777 will act as strong support. Intraday resistance is seen at the level of 1.0850. Also, the weekly pivot point sets at the level of 1.0850. In the short term, we expect a new double top to be formed at the level of 1.0850. Therefore, it will be wise to buy above the area of 1.0850 with the first target at 1.0876 (minor resistance), then it will continue towards the level of 1.0922 in order to test the weekly resistance 1. However, stop loss should be placed below the double bottom at 1.0743.

Observations:

  • A trend still calls for a bullish market from the level of 1.0850.
  • Support is found at the level of 1.0777.
  • The weekly resistance has been already placed at 1.0922.
  • So, we expect a weekly range between the levels of 1.0777 and 1.0970.
  • The weekly pivot point is set at 1.0850. So, if the price moves above the level of 1.0850, it will confirm a bullish market.

The weekly technical analysis of EUR/USD pair:

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USDX technical analysis for January 23, 2016

The US dollar index remains inside the bearish wedge pattern and continues to grind higher. However, I prefer to remain bearish and expect this wedge pattern to be broken downwards.

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Red lines - bearish wedge

The US dollar index is trading inside the red wedge pattern and above the Ichimoku cloud. Support is found at 98.80 where both the cloud and the lower wedge boundary are found. If this level gets broken, we should expect pressure to be put onto the next critical support level of 98.50.

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Red lines - wedge pattern

In the daily chart, the index is above the cloud and both tenkan- and kijun-sen. Support is critical at 98.50 as Ichimoku indicators confidence and wedge support is found. The level of 97 is the first short-term target if support at 98.50 fails to work well.

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Gold technical analysis for January 23, 2016

Gold price remains in a short-term bullish trend, and I continue to expect prices to move higher towards the area of $1,120-30. The trend remains bullish as the price is headed towards higher highs and higher lows.

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Blue lines - bullish channel

Gold price continues to trade above the Ichimoku cloud and inside an upward sloping channel. Support is found at $1,080, while resistance is seen at $1,110. I continue to expect gold price to reach the upper channel boundary and finish its rise from $1,050.

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The weekly chart continues to show that the price remains supported, and while the oversold stochastic is bouncing, we should expect the kijun-sen resistance to be tested this week if not broken upwards. Important weekly support is found at $1,080. A weekly close below this level will open the way to $950.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for January 25, 2016

EUR/USD: The EUR/USD pair was able to move downwards last week, closing just below the resistance line at 1.0800 on Friday. There is now a Bearish Confirmation Pattern on this pair, which means the price could begin to trend further downwards. There is a potential bearish target at the support line of 1.0750, while the resistance line at 1.0950 is a formidable barrier to bulls.

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USD/CHF: There was an upwards movement of 150 pips on the USD/CHF last week – something that has caused a clean bullish signal in the market. Since the important market level of 1.0100 is being breached to the upwards successfully, it might be logical to assume that the price would continue moving northwards. This week, bullish potential targets are at the resistance levels of 1.0200 and 1.0250.

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GBP/USD: From Monday to Wednesday, GBP/USD moved downwards by 170 pips, testing the accumulation territory of 1.4100 last week. From that territory, the price started making some bullish effort, which might not render the current bearish bias invalid unless the price moves above the distribution territory of 1.4500. This would require serious attempts from bulls because the strong USD would make it difficult for this pair to rally this week.

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USD/JPY: The USD/JPY pair tested the demand level at 116.00, and then bounced upwards by 280 pips. This poses a direct threat to the extant bearish outlook, which would eventually be rendered invalid in case the price continues going further upwards this week. The outlook for the USD is bright and therefore the USD/JPY pair might continue moving upwards.

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EUR/JPY: The outlook remains bearish and unchanged for this market, though there are mixed signals seen. It is better to stay away from this market until there is a directional signal. There may be a breakout, which would be influenced by the events affecting the euro. There would be a breakout above the supply level of 129.00 or below the demand level of 126.50 this week.

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Elliott wave analysis of EUR/NZD for January 25, 2016

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Wave summary:

We are looking for a bottom in red wave ii above important support at 1.6370 for the next rally higher towards 1.7641 and higher to 1.8020.

The corrective pattern we expect red wave ii to take is an expanded flat correction and does that prove correct then a strong rally in red wave iii should be expected.

As long as minor resistance at 1.6706 is protecting the upside, we will be looking for a move closer to 1.6480 and maybe even closer to 1.6439 before red wave iii will be ready to take over for a strong rally higher to 1.7641 and above.

Only an unexpected breakout below 1.6370 will force a new count for the rally from 1.5784.

Trading recommendation:

We will buy EUR at 1.6480 with stop placed at 1.6365 or upon a breakout above 1.6706 with stop placed at 1.6480.

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Elliott wave analysis of EUR/JPY for January 25, 2016

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Wave summary:

A quick rally back into the triangle consolidation was a strong indication that wave [iii] had ended and wave [iv] back to the top of wave four of one lessor degree was unfolding. The top of this wave four comes in at the level of 129.08 which is very close to the 38.2% corrective target of wave [iii] at 129.06, so with a cluster of corrective target in the area of 129.06 - 129.08 we will be looking for a top here and renewed downside pressure in wave [v] towards 123.85.

Trading recommendation:

Our stop at 127.90 was hit for a nice profit. Sell EUR again at 129.00 with stop placed at 130.80.

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Technical analysis of EUR/USD for Januari 25, 2016

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When the European market opens, economic news on the Belgian NBB Business Climate, German Buba Monthly Report, Italian Retail Sales m/m, and German Ifo Business Climate is due to be released. Today, the US will not release any economic data. So amid the reports, EUR/USD will move with low volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0849.

Strong Resistance:1.0843.

Original Resistance: 1.0832.

Inner Sell Area: 1.0821.

Target Inner Area: 1.0796.

Inner Buy Area: 1.0771.

Original Support: 1.0760.

Strong Support: 1.0749.

Breakout SELL Level: 1.0743.

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 Januari 25, 2016

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In Asia, Japan will release data on the Trade Balance, and the US will not release any significant economic data today. So there is a strong probability that the USD/JPY pair will move with low volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 119.20.

Resistance. 2: 118.96.

Resistance. 1: 118.74.

Support. 1: 118.45.

Support. 2: 118.22.

Support. 3: 117.99.

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 25, 2016

In the short term, the USDX is showing us bullish strength above the 200 SMA as we can see on the H1 chart. A few sessions ago, the index did a rebound on that moving average and we can expect a rally towards the resistance level of 99.69. This would be the last step in order to reach the key level in the zone around 100.00. The MACD indicator remains in the positive territory and the slope of the 200 SMA is slightly pointing to the upside.

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H1 chart's resistance levels: 99.69 / 100.00

H1 chart's support levels: 99.49 / 99.22

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 99.69, take profit is at 100.00, and stop loss is at 99.38.

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Daily analysis of GBP/USD for January 25, 2016

The pair found strong resistance around the 200 SMA in the H1 chart, where a dynamic supply zone is highly active. This could produce some kind of decline on a short-term basis, as the cable can try another breakout below the level of 1.4198, in order to extend the downside bias until the level 1.4080. Bear in mind that the GBP/USD pair has already found strong bottom over that low level and a stronger rebound can happen for a very large corrective move. The MACD indicator is at the negative territory.

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H1 chart's resistance levels: 1.4309 / 1.4373

H1 chart's support levels: 1.4198 / 1.4080

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 level of 1.4198, take profit is at 1.4080, and stop loss is at 1.4309.

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