Technical analysis of USD/JPY for January 09, 2017

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USD/JPY is expected to continue its downside movement. The pair is trading below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is capped by a bearish trend line and is below its neutrality level at 50.

The U.S. Labor Department released a solid December jobs report. Employers added 156,000 nonfarm payrolls in the month (vs. +175,000 expected) with jobless rate edging higher to 4.7% from 4.6% in November (as expected). In addition, an average hourly wage for private-sector workers advanced 10 cents or 0.39% in November, to $26.00. Importantly, wages increased 2.9% on year in December, the strongest annual growth since 2009.

As long as 116.70 holds on the upside, look for a further drop toward 115.70 and even 115.15 in extension.

Recommendation:

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 115.70. A break below this target will move the pair further downwards to 115.15. The pivot point stands at 116.70. 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 117.10 and the second one at 117.75.

Resistance levels: 117.10, 117.75, 118.05

Support levels: 115.70, 115.15114.70

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Technical analysis of USD/CHF for January 09, 2017

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USD/CHF is expected to continue its upside movement. The pair posted a technical bounce and is likely to challenge its nearest resistance at 1.0200 in the coming trading hours. A strong support at 1.0155 has formed and should limit any downward attempts. In addition, a bullish cross between the 20-period and 50-period moving averages has been identified .

The U.S. Labor Department released a solid December jobs report. Employers added 156,000 nonfarm payrolls in the month (vs. +175,000 expected) with jobless rate edging higher to 4.7% from 4.6% in November (as expected). In addition, average hourly wage for private-sector workers advanced 10 cents from November, or 0.39%, to $26.00. In fact, wages increased 2.9% on year in December, the strongest annual growth since 2009.

As long as 1.0155 holds on the downside, look for further advance to 1.0200, and 1.0240 in extension.

Resistance levels: 1.0200, 1.0240, 1.0285

Support levels: 1.0125, 1.0100, 1.0060

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Technical analysis of NZD/USD for January 09, 2017

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NZD/USD is expected to continue its bounce supported by the fundamental outlook. The pair has been well supported by a rising trend line, while the 20-period moving average remains above the 50-period one. The relative strength index stays above 50 and is positively oriented. Therefore, as long as 0.6960 holds as the key support, look for a bounce to 0.7035 and 0.7070.

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 0.7035 and the second one at 0.7070. In the alternative scenario, short positions are recommended with the first target at 0.6940 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 0.6925. The pivot point is at 0.6960.

Resistance levels: 0.7035, 0.7070, 0.7100

Support levels: 0.6940, 0.6925, 0.6885

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NZD/USD Intraday technical levels and trading recommendations for January 9, 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 was trapped within the depicted price range (0.6860-0.6990) until breakout occurred. That's why, the current bullish breakout above 0.6990 should be maintained and defended by the bulls.

A bullish breakout above 0.6960 will allow the pair to head initially for the price level of 0.7100 where bearish rejection is expected.

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Technical analysis of GBP/JPY for January 09, 2017

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GBP/JPY is under pressure. The pair recorded a series of lower tops and lower bottoms, which confirms a negative view. The declining 20-period and 50-period moving averages are playing resistance roles and maintain the downside bias. The relative strength index broke below its 30% level, which is a bearish sign. Additionally, 143.60 is playing a key resistance role, which should limit the upside potential. As long as this key level is not broken up, look for a further drop toward 141.70 and even 141.20 in extension.

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 141.70. A break below this target will move the pair further downwards to 141.20. The pivot point stands at 143.60. 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 144.05 and the second one at 144.40.

Resistance levels: 144.40, 144.95, 145.40

Support levels: 141.70, 141.20, 140.40

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Global macro overview for 09/01/2017

Global macro overview for 09/01/2017:

The recent comments of UK Prime Minister Theresa May for Sky News television indicated that Britain will leave the EU single market as she set out her determination to strike a post-Brexit trading deal that allows her to control immigration from the rest of Europe. Moreover, Mrs May said, she is not interested in any kind of a partial temporary deal with the Eurozone, but she wants a completely new deal with the Eurozone which will be utmost beneficial to the UK companies. She said the UK cannot keep 'bits' of the EU membership. In conclusion, a hard-Brexit option is still on the table according to Mrs May as the most important negotiations since the Eurozone beginning will start soon.

Let's now take a look at the GBP/USD technical picture in 4H time frame. After Mrs May comments, the market headed for support at the level of 1.2197 and broke out lower. The next important support is seen at the level of 1.2113 - 1.2080 and the level of 1.2197 will now act as technical resistance for the price. Please notice a growing bullish divergence between the price and momentum oscillator.

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USD/CAD intraday technical levels and trading recommendations for January 9, 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, a 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.

A bullish breakout above 1.3360 (50% Fibonacci level) allows a 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 1.3170.

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Gold analysis for January 09, 2017

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Recently, gold has been trading sideways at the price of $1,178.00. According to the 30M time frame and using the market profile, I found Friday's point of control at the price of $1,178.40. The intraday trend is bullish and my advice is to watch for buying opportunities on the dips. I have placed Fibonacci expansion to find a potential upward target. I got Fibonacci expansion 161.8% at the price of $1,181.80.

Resistance levels:

R1: 1,174.50

R2: 1,174.90

R3: 1,175.70

Support levels:

S1: 1,172.60

S2: 1,172.00

S3: 1,171.30

Trading recommendations for today: Watch for potential buying opportunities.

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Global macro overview for 09/01/2017

Global macro overview for 09/01/2017:

The most important economic events on the market this week:

- Some of the FOMC members are scheduled to speak this week. Boston Fed President Eric Rosengren will deliever his speech on Monday at 02:00pm GMT. That same evening appearance of Dennis Lockhart, President of the Atlanta Fed, is expected at 05:45pm GMT. On Thursday Fed Chairperson Janet Yellen together with Charles Evans will give a speech in Washington DC at 01:30pm GMT, while Denis Lockhart and Robert Kaplan will appear at 05:30pm GMT and 06:45pm GMT correspondingly.

- In the context of inflation, on Thursday markets will closely follow the minutes of the December meeting of the European Central Bank. Investors hope to get more clues on the shape of the bond buying program and easing monetary policy in 2017- 2018. The discussion of the ECB Governing Council on lowering the rate of assets purchases to 20 billion euros per month starting from April will also be in focus.

- On Friday, the report of the Canadian rating agency DBRS will be under the spotlight. The agency will review the assessment of Italy's creditworthiness. Along with the so-called "big three" (Moody's, Fitch, and S&P), DBRS's ratings are taken into account by the ECB.

- And last, but not least: US President-elect Donald Trump twitted last week that next Wednesday he will hold a press conference to discuss "general affairs". This will be the first official Trump's press conference since he won the presidential election in the US.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. The market is trading around the weekly pivot at the level of 1.0508, roughly in the middle of the trading range. The longer term is still bearish, but the growing bullish divergence is indicating a temporary rally towards the level of 1.0669 min.

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EUR/NZD analysis for January 09, 2017

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Recently, EUR/NZD has been moving sideways at the price of 1.5100. According to the 30M time frame and using the market profile, I found Friday's point of control at the price of 1.5080. The price is trading in an upward channel and my advice is to watch for potential buying opportunities. The first take profit level is set at the price of 1.5120. Anyway, if the price breaks the upward channel, watch for selling opportunities with the target at 1.5000.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5150

R2: 1.5175

R3: 1.5215

Support levels:

S1: 1.5070

S2: 1.5045

S3: 1.5000

Trading recommendations for today: Friday's point of control on the test. Watch for buying opportunities.

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Technical analysis of USD/CAD for January 9, 2017

General overview for 09/01/2017:

The bottom for the wave 2 or (b) might have been found at the level of 1.3177. The growing bullish divergence between the price and momentum oscillator indicates a stronger bounce towards the 50%Fibo at the level of 1.3390. Nevertheless, the most important zone for bulls is the gray rectangular area between the levels of 1.3437 - 1.3460. Only a sustained breakout above this zone in the impulsive fashion will confirm the wave 3 is in progress and new high will be made in this market.

Support/Resistance:

1.3101 - WS1

1.3177 - Intraday Support

1.3266 - Intraday Resistance

1.3280 - Weekly Pivot

1.3383 - WR1

1.3350 - 50%Fibo

1.3437 - 61%Fibo

1.3460 - Technical Resistance

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 1.3266 is clearly violated. If the low for the wave 2 or (b) is in place then the price should target the level of 1.3383.

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Technical analysis of EUR/JPY for January 9, 2017

General overview for 09/01/2017:

The market still trades inside of the trading range between the intraday resistance at the level of 123.84 and intraday support at the level of 122.01. The current labeling suggests more impulsive wave progression come shortly, but the key to the upside levels is the wave -i- high at the level of 123.84. This level must be clearly violated in order to an impulsive structure to develop. Otherwise, the corrective cycle in wave (4) (blue) will evolve into even more complex and time-consuming structure.

Support/Resistance:

123.97 - WR1

123.84 - Intraday Resistance

123.00 - Weekly Pivot

122.46 - WS1

122.01 - Intraday Support

121.47 - WS2

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 123.84 is clearly violated. The uncompleted wave progression to the upside support this view.

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Technical analysis of GBP/USD for January 09, 2017

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Overview:

  • The GBP/USD pair continues to move downwards from the level of 1.2315, which represents the double top on the daily chart. Last week, the pair dropped from the level of 1.2315 to the bottom around 1.2175. Today, the first resistance level is seen at 1.2206 followed by 1.2315, while daily support is seen at the levels of 1.2118 and 1.2031. According to the previous events, the GBP/USD pair is still moving between the levels of 1.2206 and 1.2031 in coming hours. The first resistance stands at 1.2206, for that if the GBP/USD pair fails to break through the resistance level of 1.2206, the market will decline further to 1.2118. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.2050 in order to test the second support (1.2031). On the contrary, if a breakout takes place at the resistance level of 1.2315(the double top), then this scenario may become invalidated resistance of 1.2315.
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Technical analysis of EUR/USD for January 09, 2017

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Overview:

  • The market opened below the weekly resistance 1 (1.0656). It continued to move downwards from the level of 1.0622 to the bottom around 1.0514. Today, the first resistance level is seen at 1.0656 followed by 1.0723, while daily support 1 is seen at 1.0498 (weekly pivot). The EUR/USD pair broke support which turned to strong resistance at 1.0656. Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the support (1.0498) which is expected to act as major support today. Amid the previous events, the EUR/USD pair is still moving between the levels of 1.0656 and 1.0498. Therefore, the major resistance can be found at 1.0656 providing a clear signal to sell with a target seen at 1.0498. If the trend breaks the weekly pivot point at 1.0498, the pair will move downwards continuing the bearish trend development to the level of 1.0373 in order to test the weekly support. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 1.0622-1.0656 this week. However, the stop loss should be placed above the second resistance of 1.0723.
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Technical analysis of NZD/USD for January 9, 2017

NZD/USD is trading above critical medium- to long-term support of 0.69. NZD/USD is trading inside an upward sloping channel and there are a lot of chances to see a strong bounce targeting levels above 0.76, but confirmation will come on a break above 0.72.

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NZD/USD is trading above the Ichimoku cloud in the short term and making higher highs and higher lows. Price is bouncing off the cloud support. Resistance is at 0.7030-0.7040. Support is at 0.6930-0.6920.

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Red lines - upward sloping channel

Price is trading above the weekly Ichimoku cloud and above the lower channel boundary. A bounce is justified at current levels and as long as price is trading inside the bullish channel. A break above 0.7170-0.72 will confirm my bullish scenario and increase chances of reaching 0.76 and higher. Our target will be the upper channel boundary.

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Technical analysis of AUD/USD for January 9, 2017

AUDUSD is showing signs of a possible big degree reversal to the upside, so we pay close attention. A possible double bottom at 0.7150 and a higher low relative to the 2015 low at 0.6850, creates a setup that could push this pair back towards 0.83.

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Green line - resistance

AUD/USD is in a short-term bearish trend and despite the bounce from 0.7150 trend remains bearish. Resistance is at 0.7350 and if this level is broken we should expect price to move towards the Ichimoku cloud resistance at 0.7450.

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On a weekly basis, I will be very optimistic if price manages to break above the Ichimoku cloud. A break above the cloud will be a bullish sign that could push price towards the 38% Fibonacci retracement at least near 0.8350 not a move to ignore. The upside potential is very big and a break above 0.7730 will increase the chances of this scenario coming true.

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Intraday technical levels and trading recommendations for GBP/USD for January 9, 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.

Risky traders considered the recent bullish pullback toward the price zone of 1.2700-1.2750 for a valid SELL entry. S/L should be lowered to 1.2500 to secure some profits. T/P level should be located at 1.2100.

This SELL entry should be monitored cautiously as the ascending bottoms around the price levels of 1.2120 and 1.2320 may generate significant bullish pressure thus threatening the suggested trade.

On the other hand, price action should be watched around the current price levels (1.2150-1.2100) where previous bottoms were established. Hence, bullish rejection is anticipated around the current price levels.

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Technical analysis of USDX for January 9, 2017

The Dollar index is bouncing as part of a retracement process of the decline from its latest high. I believe the downside is not over for the Dollar index. This bounce looks more like a backtest of the broken support rather than the start of a new upward move.

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The Dollar index is testing short-term Ichimoku cloud resistance at 102.40-102.50. This is also the 50% Fibonacci retracement of the decline. However the most important resistance level bulls need to break is the 61.8% Fibonacci level at 102.90. Price is below the Ichimoku cloud and this favors bears.

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Green line - long-term support

On a weekly basis, the Dollar is overbought, diverging and showing bearish reversal signs. The first sign came last week with the break below 102. We are now backtesting this breakdown. If the week closes below 102.15 we will have another bearish sign. However, the strongest bearish sign will come on a break below 101.25. Then price will be heading straight to 99. On the other hand bulls need to break above 102.90 first and next 103.70.

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Technical analysis of gold for January 9, 2017

Gold price continues to trade strongly above $1,170 and near $1,180 despite the Dollar strength we saw on Friday. I would expect a deeper pullback in Gold prices towards $1,140-50 area to retrace the first leg up from $1,122.

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Gold is trading above the 4-hour Ichimoku cloud. Support is at $1,165 and next at $1,150. As long as price is above the 4-hour Ichimoku cloud we will continue to expect to see Gold move towards $1,200-$1,220 at least. Short-term resistance is found at $1,182.

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Red lines - wedge

The wedge is broken and has given us a bullish signal two weeks ago. The target remains at the lower cloud boundary at $1,220. Gold price has stopped last week's rise right at the tenkan-sen (red line indicator). This could be a long-term low and important long-term reversal, but Gold bulls need to break above $1,200-$1,220 to confirm the bottom.

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Intraday technical levels and trading recommendations for EUR/USD for January 9, 2017

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010.

Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level.

However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the depicted supply levels (note the monthly candlesticks of May, August, and October 2016).

In the longer term, the level of 0.9450 remains a projected target if the current monthly candlestick maintains its bearish closure below the depicted monthly demand level of 1.0570.

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The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0575 is needed to pursue this bearish scenario.

In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.

Closure below 1.1250 (supply level 1) maintained enough bearish pressure and enhanced the downside momentum toward the price level of 1.1000 (key level 1).

On November 9, an obvious bearish break of the 1.1000 price level occurred (Shooting Star daily candlestick). Moreover, further decline below 1.0825 (Fibonacci Expansion 100%) was expressed.

Bearish persistence below 1.0825 allowed a further fall to occur at 1.0570 (demand level) where bullish rejection and a valid BUY entry were expressed on November 24.

The price level of 1.0825 (Fibonacci Expansion 100%) constituted a recent supply level which offered a valid SELL entry on December 8. Stop Loss should be lowered to 1.0600 to secure some profits.

Bearish persistence below the depicted demand level around 1.0570 allows further bearish decline. The first bearish target would be located around 1.0220.

On the other hand, the price level of 1.0570 constitutes a recent supply level to be watched for a SELL entry during the current bullish pullback above 1.0500.

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Elliott wave analysis of EUR/NZD for January 9, 2017

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Wave summary:

No much action here.

We are still looking for upside acceleration towards the 1.5837 - 1.5863 area in wave iii/. To confirm that wave iii/ is unfolding, we need a break above 1.5228 and more importantly above minor resistance at 1.5285.

Short-term support is seen at 1.5065 and again at 1.5036

R3: 1.5285

R2: 1.5228

R1: 1.5153

Pivot 1.5129

S1: 1.5065

S2: 1.5036

S3: 1.4960

Trading recommendation:

We are long EUR from 1.5123 with stop placed at 1,4955. If you are not long EUR yet, then buy a break above 1.5228 and use the same stop at 1.4955.

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Elliott wave analysis of EUR/JPY for January 9, 2017

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Wave summary:

The triangle consolidation we have been tracking in wave (iv) completed with the test of 122.18 and wave (v) higher towards 126.54 is now ready to unfold. In the short term, a break above minor resistance at 123.85 confirms that wave (v) is unfolding towards 126.54 to complete the raly in wave 3 from 112.05.

Short-term support is now seen at 123.09 and again at 122.60.

R3: 125.00

R2: 124.44

R1: 123.85

Pivot: 123.61

S1: 123.09

S2: 122.60

S3: 122.00

Trading recommendation:

We are long EUR from 123.13 with stop placed at 121,90. If you are not long EUR yet, then buy near 123,09 or upon a break above 123.85 and use the same stop at 121.90.

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Technical analysis of EUR/USD for Jan 09, 2017

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When the European market opens, some economic data will be released, such as Unemployment Rate, Sentix Investor Confidence, Italian Monthly Unemployment Rate, German Trade Balance, and German Industrial Production m/m. The US will release the economic data, too, such as Consumer Credit m/m and Labor Market Conditions Index m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0587.

Strong Resistance:1.0580.

Original Resistance: 1.0570.

Inner Sell Area: 1.0560.

Target Inner Area: 1.0535.

Inner Buy Area: 1.0510.

Original Support: 1.0500.

Strong Support: 1.0490.

Breakout SELL Level: 1.0483.

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 09, 2017

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In Asia, Japan will not release any Economic Data today, but the US will release some Economic Data, such as Consumer Credit m/m and Labor Market Conditions Index m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 117.85.

Resistance. 2: 117.62.

Resistance. 1: 117.39.

Support. 1: 117.10.

Support. 2: 116.87.

Support. 3: 116.64.

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 major pairs for January 9, 2017

EUR/USD: The EUR/USD has generated a "buy" signal since the middle of last week. In spite of the bearish retracement that was seen on Friday, the bullish signal is still in place. This week, bulls would try to target the resistance lines at 1.0600, 1.0650 and 1.0700. Any bearish retracements seen here could turn out to be another "buy" signal.

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USD/CHF: The USD/CHF has generated a "sell" signal since the middle of last week. However, the sell signal is valid only in the short-term. There can be a long-term sell signal only when the psychological level at 1.0000 is breached to the downside. There can be bearish movements in the short-term and the current rally in the market is an indication of another short-term selling opportunity.

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GBP/USD: The GB/USD went downwards on Friday – something that could jeopardize the recent short-term bullish signal in the market. A breach of the accumulation territory at 1.2200 would result in a bearish signal, and a movement of about 200 pips to the upside would support the recent bullish signal.

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USD/JPY: This pair came down significantly on Thursday, only to move upwards on Friday. The outlook remains bearish unless price goes upwards by another 150 pips (a situation that would lead to a bullish signal). There are demand levels at 116.00, 115.50 and 115.00, which could be reached this week.

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EUR/JPY: This cross pair has been quite choppy and turbulent. Price has been going sideways for a long time, but lately, bulls are making effort to push price upwards. In the near-term, the outlook is bullish and price can move upwards by at least, 150 pips this week, reaching the supply zone at 123.50, 124.00 and 124.50.

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

Daily analysis of USDX for January 09, 2017

USDX recovered some lost ground during Friday's session, as the NFP numbers helped to lift the greenback, despite its below-than-expected number of jobs added in December. Currently, the index is challenging the resistance level of 102.29, which is very close to the 200 SMA zone at H1 chart and it could help to restart the overall bearish bias. If that happens, then we can expect another decline toward 101.39.

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H1 chart's resistance levels: 102.29 / 102.81

H1 chart's support levels: 101.96 / 101.39

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 101.96, take profit is at 101.39 and stop loss is at 102.54.

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

Daily analysis of GBP/USD for January 09, 2017

Friday was very volatile for USD-related pairs and in the case of the Sterling, GBP/USD weakened across the board to consolidate below the 200 SMA at H1 chart. The next target to the downside is located around 1.2226, where a demand zone is placed and it could help to bring some bulls force to push higher the pair. If GBP/USD gets back to the previous trend, it should break the resistance level of 1.2306 to reach the area of 1.2385.

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H1 chart's resistance levels: 1.2306 / 1.2385

H1 chart's support levels: 1.2226 / 1.2176

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 1.2306, take profit is at 1.2385 and stop loss is at 1.2228.

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