Daily analysis of EUR/JPY for January 06, 2016

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Overview

The EUR/JPY pair has displayed anything new until this moment. The pair still aims to return to sideways trading by its fluctuation below the resistance at 124.00 for today. We notice that there is a clear contradiction between the main indicators that increases the chances for the overall sideways trading in the short term. The price is confined between 123.30 and 121.60 levels. To confirm the suggested negativity, the price needs to provide a negative close below 121.60, to begin forming a bearish correctional bias. 120.00 level is forming the initial target in the short term. The expected trading range for today is between 123.50 and 121.60

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Daily analysis of Gold for January 06, 2016

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Overview

Gold price retested $1,172.68 level this morning and is rebounding from there. This dynamic supports the continuation of our bullish outlook in the short term. Importantly, the stochastic gets rid of its negativity gradually to reinforce the chances that the expected rise will continue. Therefore, the bullish trend remains valid and active for today conditioned by holding above $1,158.00. Let me remind you that our next main target is located at $1,211.31. The expected trading range for today is between $1,165.00 support and $1,200.00 resistance.

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Daily analysis of Silver for January 06, 2017

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Overview

Silver price continues to fluctuate around $16.56. Please note that stochastic gets rid of its negativity to reach the thresholds of the oversold areas. This dynamic confrms the bullish scenario, so we expect the price to continue rising in the short term. Let me remind you that our next main target is located at $17.43. The EMA50 continues to support the price from below, reinforcing the chances of an strong bullish trend on the intraday and short term basis. Besides, breaking $16.15 level will push the price to test $15.49 areas again before any new attempt to rise. The expected trading range for today is between $16.40 support and $16.80 resistance.

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Technical analysis of USD/JPY for January 06, 2017

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USD/JPY is expected to continue the rebound. The pair is trading above its ascending 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is standing firmly above its neutrality level at 50 and lacks downward momentum.

Regarding economic data, Automatic Data Processing Inc (ADP) reported that 153,000 private jobs were added in December (vs. +175,000 expected, +215,000 in November). The U.S. Labor Department said initial jobless claims amounted to 235,000 in the week ended December 31 (vs. 260,000 expected). And the Institute for Supply Management (ISM) posted its Non-manufacturing Composite Index at 57.2 (vs. 56.8 expected).

The U.S. dollar remained under heavy selling pressure as investors got more cautious on the U.S. economic outlook. The currency's slide was also attributed to funds' liquidation of long positions on the greenback. The ICE U.S. Dollar Index lost another big-point number of 102.00 as it plunged 1.2% on day to 101.52, its lowest close since December 13.

As long as 115.15 is support, look for a further upside toward 116.75 and even 117.10 in extension.

Recommendation:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 116.75 and the second one, at 117.10. In the alternative scenario, short positions are recommended with the first target at 114.70 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 114.25. The pivot point is at 115.15.

Resistance levels: 116.75, 117.10, 117.75

Support levels: 114.70, 114.25, 114.00

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Global macro overview for 06/01/2017

Global macro overview for 06/01/2017:

The economic data from the United Kingdom for last half of the year were far better than most economists and market participants expected. Recently, at an event at the Institute for Government in London, Andy Haldane, the Bank of England's chief economist, said there was a "disconnect" between political warnings about Brexit and the "remarkably placid" state of the markets, adding that the worst predictions may turn out to be "just scare stories". As we remember, Mark Carney, the Governor of the Bank of England, warned before the referendum that Britain could face a "technical recession" if it voted to leave and said Brexit represented the "biggest domestic risk" to the UK's financial stability. Nevertheless, since the referendum we have not seen a sharp slowdown in the economy and the Bank of England has even ugraded its economic forecasts.

Let's now take a look at the GBP/USD technical picture in 4H time frame. The bulls have managed to rally towards the 38%Fibo of the overall swing down, but the price was capped at the level of 1.2432 and currently is falling slowly back to the trading range. The next support is seen at the level of 1.2267 and the next resistance is seen at the level of 1.2432.

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Technical analysis of USD/CHF for January 06, 2017

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USD/CHF is under pressure. The pair failed to break above its 50-period moving average and accelerated on the downside. The declining 20-period and 50-period moving averages are playing resistance roles and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

Automatic Data Processing Inc (ADP) reported that 153,000 private jobs were added in December (vs. +175,000 expected, +215,000 in November). The U.S. Labor Department said initial jobless claims amounted to 235,000 in the week ended December 31 (vs. 260,000 expected). And the Institute for Supply Management (ISM) posted its Non-manufacturing Composite Index at 57.2 (vs. 56.8 expected).

As long as 1.0136 holds on the upside, look for a further drop toward 1.0090 and even 1.0060 in extension.

Resistance levels: 1.0165, 1.0200, 1.0245

Support levels: 1.0090, 1.0060, 1.0025

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Global macro overview for 06/01/2017

Global macro overview for 06/01/2017:

Another report from the US labor market in form of NFP Payrolls and Unemployment Rate data will be released today at 01:30pm GMT. Market analysts anticipated an increase in the unemployment rate from 4.6% to 4.7%. The rate fell in November to 4.6%, and the previous post-crisis low was 4.7% in May 2016. Before the financial crisis, it hit a low of 4.4%. The Non-Farm Employment Change should stay at a relatively unchanged level of 175k (178k was the last month release). In conclusion, the unemployment rate remains very low and close to the long-term natural rate of unemployment, so nonfarm payroll gains should be expected to be limited as the labour market is close to full employment.

Let's now take a look at EUR/USD technical picture in 4H time frame. A marginal low was made below the technical support at the level of 1.0351, but since then the market has bounced in impulsive fashion to the level of 1.0620. Curretnly, the price is trading quietly above the weekly pivot at the level of 1.0517 as market participants are waiting for the US jobs market data. The next resistance is seen at the level of 1.0660.

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Technical analysis of USD/CAD for January 6, 2017

General overview for 06/01/2017:

The wave c (green) is now terminated at the level of 1.3191 which is at 78%Fibo of the overall swing upward. This means, that if the whole cycle in wave 2 (blue) is now completed, then the wave 3 (blue) to the upside should now unfold. The first important key resistance zone is the gray rectangular area between the levels of 1.3387 and 1.3400. Only a sustained breakout above this level would confirm the bullish impulsive scenario. Otherwise, the market might get back to the trading range and trade sideways.

Support/Resistance:

1.3666 - WR2

1.3598 - Wave 1 Top

1.3539 - WR1

1.3470 - Weekly Pivot

1.3461 - Intraday Resistance

1.3387 - Intraday Resistance

1.3400 - 38%Fibo

1.3387 - Intraday Support

1.3340 - 50%Fibo

1.3278 - 61%Fibo

1.3254 - Intraday Resistance

1.3191 - 78%Fibo | Intraday Support

Trading recommendations:

Daytraders should still consider buying the dips in this market as the upward wave progression is uncompleted.

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Technical analysis of EUR/JPY for January 6, 2017

General overview for 06/01/2017:

The marginal new low was made at the level of 122.01 and then the price reacted impulsivley to the upside. Nevertheless, the low is still way above the impulsive wave invalidation line at the level of 121.59. The whole structure between the levels of 123.85 and 122.25 looks like a double three corrective pattern as it is full of whipsaws and false breakouts in both directions. The most important level is the weekly pivot at the level of 122.93 and intraday support at the level of 122.25. The bias remains bullish as there are unfinished waves to the upside.

Support/Resistance:

124.28 - WR1

123.85 - Intraday Resistance

122.92 - Weekly Pivot

122.01 - Intraday Support

122.04 - WS1

Trading recommendations:

Day traders should still consider buying the dips in this market as the upward wave progression is uncompleted.

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Technical analysis of NZD/USD for January 06, 2017

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NZD/USD is expected to extend its upside movement. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 0.6980 is support, look for a further upside toward 0.7040 and even 0.7065 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7040 and the second one, at 0.7065. In the alternative scenario, short positions are recommended with the first target at 0.6960 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6920. The pivot point is at 0.6980.

Resistance levels: 0.7020, 0.7040, 0.7075

Support levels: 0.6940, 0.6920, 0.6885

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Technical analysis of GBP/JPY for January 06, 2017

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GBP/JPY is expected to trade with a bearish bias as key resistance is set at 144.10. The pair is holding below its key resistance, and remains capped by the 50-period moving average. Meanwhile the relative strength index is around 50 and lacks upward momentum. As long as 144.10 holds as the key resistance, a break below 143.10 is possible.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 143.10. A break below this target will move the pair further downwards to 142.75. The pivot point stands at 144.10. If 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, long positions are recommended with the first target at 144.40 and the second one at 144.95.

Resistance levels: 144.40, 144.95, 145.40

Support levels: 143.10, 142.75, 142.00

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EUR/JPY remain bullish above major support

Price is above major support at 122.15 (Fibonacci retracement, horizontal overlap support, bullish divergence) and we expect a rise above this level to at least 122.83 resistance (Fibonacci retracement, recent swing high resistance).

Stochastic (21,5,3) is bouncing above our support and displays bullish divergence vs price.

Buy above 122.15. Stop loss at 121.89. Take profit at 122.83.

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AUD/JPY remain bullish above major support

We remain bullish above major support at 84.58 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a push up to at least 85.12 resistance (Fibonacci retracement, horizontal overlap resistance, recent swing high).

RSI (34) is right above our long-term ascending support line.

Buy above 84.58. Stop loss at 84.39. Take profit at 85.12.

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Gold analysis for January 06, 2017

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Recently, gold has been trading upwards. As I expected, the price tested the level of $1,184.75 in a high volume. My upward target at the price of $1,184.70 has been met. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of $1,173.40. The intraday trend is bullish and my advice is to watch for buying opportunities on the dips. The upward target is set again at the price of $1,184.80.

Resistance levels:

R1: 1,182.70

R2: 1,185.50

R3: 1,190.00

Support levels:

S1: 1,173.65

S2: 1,171.00

S3: 1,166.30

Trading recommendations for today: Watch for potential buying opportunities.

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EUR/NZD analysis for January 06, 2017

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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5126 in a high volume. According to the 30M time frame and using the market profile, I found yesterday's point of control at the price of 1.5060. I found broken 3-day balance, which is a sign that the market is ready for higher price. My advice is to wait for potential buying opportunities on the dips. Targets are set at the price of 1.5165 and 1.5215. In case the pair can't keep upward momentum, the price may test the level of 1.5000.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5105

R2: 1.5125

R3: 1.5155

Support levels:

S1: 1.5040

S2: 1.5025

S3: 1.4995

Trading recommendations for today: Watch for buying opporutnities due to a breakout of a trading range in the background.

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Technical analysis of NZD/USD for January 06, 2017

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Overview:

  • The NZD/USD pair has faced strong support at the level of 0.6925. So, the strong support has already been set at the level of 0.6925 and the pair is likely to try to approach it in order to test it again. The level of 0.6989 represents a daily pivot point for that it is acting as minor support today. Furthermore, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 1.1069. Currently, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.6925 and 0.7068. Besides, it should be noted that the first resistance is set at 0.7068. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6925 with the first target at the level of 0.7068. If the trend is able to break the double top at the level of 0.7068, then the market will continue rising towards the weekly resistance 2 at 0.7131.
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Daily analysis of major pairs for January 6, 2017

EUR/USD: This pair has generated a "buy" signal. Price went upwards significantly on Thursday, owing to the weakness of USD (which is visible on USD/CHF and USD/JPY). Bulls would now target the resistance lines at 1.0650, 1.0700, and 1.0750. As it was once mentioned, a movement above the price line at 1.0600 would result in a bullish signal; and that is what is currently happening.

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USD/CHF: The USD/CHF pair has come down from the high of January 3 (by about 230 pips). There is now a clear Bearish Confirmation Pattern in the market, and the great psychological level at 1.0000 now stands the chance of being tested. In case it is breached to the downside, long trades would become completely illogical.

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GBP/USD: The Cable has continued to go higher and higher, and that has resulted in a bullish signal in the market. The EMA 11 is above the EMA 56 and the RSI period 14 is below the level 50. A further bullish journey is possible, and the distribution territories at 1.2500 and 1.2550 might be reached. Price might even go above those distribution territories.

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USD/JPY: This pair came down significantly yesterday. From the weekly top of 118.60, price has come down by 330 pips, forming a Bearish Confirmation Pattern on the 4-hour chart. Further downwards movement is expected, which would take price towards the demand levels at 115.00 and 114.50.

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EUR/JPY: This cross pair has been consolidating for a few weeks. Nevertheless, a closer look at the market reveals that bears are still intent on driving price lower. There is a bearish signal in the market: The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Since the movement in the market would be determined by whatever happens to EUR, the demand zones at 121.50 and 121.00 might be reached soon.

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Technical analysis of USD/CHF for January 06, 2017

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Overview:

  • The USD/CHF pair faced strong support at the level of 1.0040. Yesterday, the USD/CHF pair continues to move downwards from the level of 1.0249. The pair dropped from the level of 1.0249 (this level of 0.9965 coincides with the double top) to the bottom around 1.0090. Moreover, the price spot of 1.0040 remains a significant support zone. Therefore, there is a possibility that the USD/CHF pair will move upside and the structure of a fall does not look corrective. In order to indicate the bullish opportunity above 1.0040, buy above 1.0040 with the first target at 1.0173 in order to test yesterday's top. Additionally, if the USD/CHF pair is able to break out the top at 1.0173, the market will rise further to 1.0249 in order to test the daily resistance 2 again. Also, it should be noticed that resistance 1 is seen at the level of 1.0173 which coincides the ratio of 78.6% Fibonacci Expansion. Generally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.0040 with the first target at the level of 1.0173. If the trend is be able to break the first resistance at the level of 1.0173, then the market will continue rising towards the daily resistance 2 at 1.0249.
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Elliott wave analysis of EUR/NZD for January 6, 2017

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Wave summary:

We still need a break above minor resistance at 1.5123 and more importantly a break above resistance at 1.5235 to confirm, that the correction in wave ii/ is complete and wave iii/ higher towards 1.5911 has taken over.

As long as minor resistance at 1.5123 is able to cap the upside, we need to allow for a final move closer to 1.4900 to complete wave ii/ and set the stage for an extended rally in wave iii/.

Trading recommendation:

We are looking for a EUR-buying opportunity at 1.4925 or upon a break above 1.5123.

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Elliott wave analysis of EUR/JPY for January 6, 2016

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Wave summary:

EUR/JPY refuses to correct low and we have to seriously consider the possibility of a wave iv running triangle unfolding instead of the expected expanding flat correction. If a triangle is unfolding, it could be complete with the test of 122.00 and wave (v) higher towards 126,54 is ready to unfold.

A clear break above minor resistance at 123.12 will be the first indication that the triangle consolidation could be complete, while a break above resistance at 123.85 will confirm its completion for the rally higher towards 126.54

Trading recommendation:

We will buy a break above 123.12 with stop placed at 121.90

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Technical analysis of EUR/USD for Jan 06, 2017

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When the European market opens, some economic data will be released such as Retail Sales m/m, French Trade Balance, German Retail Sales m/m, and German Factory Orders m/m. The US will release the economic data too such as Factory Orders m/m, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So amid the reports,EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0642.

Strong Resistance:1.0635.

Original Resistance: 1.0625.

Inner Sell Area: 1.0615.

Target Inner Area: 1.0590.

Inner Buy Area: 1.0565.

Original Support: 1.0555.

Strong Support: 1.0545.

Breakout SELL Level: 1.0538.

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 Jan 06, 2017

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In Asia, Japan will release the Average Cash Earnings y/y. The US will release some economic data such as Factory Orders m/m, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance 3: 116.43.

Resistance 2: 116.21.

Resistance 1: 115.98.

Support 1: 115.70.

Support 2: 115.48.

Support 3: 115.25.

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

USD/CAD intraday technical levels and trading recommendations for January 6, 2017

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On August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.

The USD/CAD pair was trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until a bullish breakout took place one month ago.

Note that the USD/CAD pair challenged the upper limit of the depicted channel around 1.3360-1.3400 which succeeded to apply enough bearish pressure on the pair.

Shortly after, bearish engulfing weekly candlestick was expressed by the end of the week indicating strong resistance around 1.3550.

Bearish persistence below the price level of 1.3300 (50% Fibonacci Level) was achieved.

This allowed a further decline toward 1.3200 and 1.3080 (the lower limit of the depicted channel) where bullish rejection was expressed as anticipated.

The recent bullish breakout above 1.3360 (50% Fibonacci level) allows bullish movement toward 1.3700-1.3750 (the upper limit of the depicted channel) where bearish rejection should be expected.

On the other hand, the current bearish pullback towards 1.3300 - 1.3250 (50% Fibonacci Level) should be watched for bullish rejection and a possible BUY entry. S/L should be placed below 1.3200.

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NZD/USD Intraday technical levels and trading recommendations for January 6, 2017

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On November 8, significant signs of a bearish reversal were expressed around the upper limit of the depicted consolidation range (0.7350).

The bearish breakdown of 0.7250 (the lower limit of the depicted range) enhanced the bearish side of the market toward the price level of 0.7100 (recent bottom of October 28) which was broken as well.

Bearish persistence below 0.7100 allowed a quick decline toward 0.6960 (BUY zone) where bullish rejection and a valid BUY entry were expected. All T/P levels were successfully achieved.

Once again, bearish persistence below the price level of 0.7100 enabled the NZD/USD pair to pursue toward lower target levels around 0.6990 (the upper limit of the depicted BUY zone).

The price level of 0.6990 failed to apply enough bullish pressure. Instead, bearish continuation was achieved toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

The NZD/USD pair remains trapped within the depicted price range (0.6860-0.6990) until breakout occurs in either directions. That's why, the current price level (0.6960) should be watched for a possible bullish breakout.

Bullish breakout above 0.6960 will allow the pair to pursue initially towards the price level of 0.7100 where bearish rejection is expected.

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Intraday technical levels and trading recommendations for GBP/USD for January 6, 2017

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The price zone between 1.3845 and 1.3550 (historical bottoms set in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (fundamental reasons). Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario toward the price levels around 1.2700 (Bearish projection target).

Since then, the GBP/USD pair has been trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why, a bearish projection target would be located around 1.2020.

Recently, bullish recovery was manifested around 1.2080. That is why, a bullish pullback was executed toward 1.2700-1.2750.

Traders were advised to consider the recent bullish pullback toward the price zone of 1.2700-1.2750 for a valid SELL entry. S/L should be set as a daily candlestick closure above 1.2750. T/P levels should be located at 1.2300 and 1.2100.

This SELL entry should be monitored cautiously as the ascending bottoms around the price levels of 1.2120 and 1.2320 may apply significant bullish pressure against the supply zone of 1.2700-1.2750 thus threatening the suggested trade.

On the other hand, price action should be watched around the current price levels (1.2300-1.2260) where a previous top was recently established on October 19. Hence, bullish rejection is anticipated around the current price levels.

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Daily analysis of GBP/USD for January 06, 2017

The pair skyrocketed during Thursday's session above the 1.2400 psychological level and it's heading to test the resistance zone of 1.2454. That scenario is likely to happen in the short term, as GBP/USD already made a new higher high across the board. If the Cable manages to break it, then the next target to the upside is located at the 1.2516 level.

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H1 chart's resistance levels: 1.2454 / 1.2516

H1 chart's support levels: 1.2381 / 1.2313

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2454, take profit is at 1.2516 and stop loss is at 1.2395.

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Daily analysis of USD/JPY for January 05, 2017

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Overview

The USD/JPY pair found solid resistance at 118.30 and failed to breach it. The pair aims to rebound notably and approach from the key support at 115.90. The pair resumes trading inside of a narrow bearish channel shown in the minor image. This hints that the potential decline is to visit 113.97 in the short run. Therefore, the bearish bias will be expected in the upcoming sessions supported by the negative pressure provided by the EMA50. Besides, we should take into consideration that breaching 117.10 followed by 118.40 will stop the expected decline and lead the price to regain its overall bullish bias again. The expected trading range for today is between 115.20 support and 117.10 resistance.

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Daily analysis of Gold for January 05, 2016

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Overview

Gold price made the first breach to $1,172.68 and closed the last four-hour candlestick above it. This proves our bullish outlook in the short term. So we expect a daily close above the mentioned level to add more confirmation to the extended rally on the intraday and short-term basis. The EMA50 continues to support the price from below, to keep the bullish trend active for the upcoming sessions unless the metal breaks $1,151.00 and sinks below it. The expected trading range for today is between $1,160.00 support and $1,190.00 resistance.

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Daily analysis of Silver for January 05, 2017

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Overview

Silver price managed to touch our first main target at $16.56. Please be aware that the metal is still trading upward and could start the process of breaching this level. This supports our scenario of a bullish trend in the short term, paving the way towards $17.43 as the next main station. The EMA50 and stochastic provide positive signals now. Thus, the bullish trend will remain dominant in the upcoming sessions unless the price witnesses a clear break and dips below $16.15. The expected trading range for today is between $16.40 support and $16.80 resistance.

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