Daily Video Analysis on USD/JPY - 26th January 2017

We take an in-depth look on USD/JPY to see if there are any trading opportunities available for us to trade off and generate potential profits from. We clearly explain how we use a range of analytical approaches from Fibonacci retracements to Fibonacci extensions, price action and oscillators to determine such trading opportunities.

Join us and learn how to find good trading opportunities through technical analysis!

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AUD/USD remain bearish below major resistance

We remain bearish below major resistance at 0.7580 (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance) and we expect a strong continued drop from this level to at least 0.7447 support (Fibonacci retracement, swing low support).

Stochastic (21,5,3) remain at 92% resistance and sees bearish divergence vs price signalling a reversal is fast approaching.

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EUR/USD remain bearish

We remain bearish below strong resistance at 1.0773 (Fibonacci projection, Fibonacci retracement) for a push down to 1.0682 (Fibonacci retracement, Fibonacci projection, horizontal pullback support).

Stochastic (55,5,3) still has good downside potential for its drop.

Sell below 1.0773. Stop loss at 1.0803. Take profit at 1.0682.

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AUD/USD remain bearish below major resistance

We remain bearish below major resistance at 0.7580 (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance) and we expect a strong continued drop from this level to at least 0.7447 support (Fibonacci retracement, swing low support).

Stochastic (21,5,3) remain at 92% resistance and sees bearish divergence vs price signalling a reversal is fast approaching.

Sell below 0.7580. Stop loss at 0.7644. Take profit at 0.7447.

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AUD/NZD bullish above strong support

We turn bullish one last time above 1.0356 support (Fibonacci projection, major swing low support, bullish candlestick reversal) for a push up to 1.0426 (Fibonacci retracement, recent swing high resistance).

RSI (34) is seeing strong support above 31%.

Stochastic (21,5,3,) is bouncing above support at 6%.

Buy above 1.0356. Stop loss at 1.0337. Take profit at 1.0426.

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USD/JPY remain bearish looking to sell on strength

We remain bearish below 114.37 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a drop to at least 112.54 support (Fibonacci projection, horizontal support).

Stochastic (55,5,3) is seeing strong resistance below the 96% level which it is approaching.

Sell below 114.37. Stop loss at 115.36. Take profit at 112.54.

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USD/CAD intraday technical levels and trading recommendations for January 26, 2017

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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.

The 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) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel). However, significant bearish rejection was expressed around 1.3580 (recent established top).

The price level of 1.3300 (50% Fibonacci Level) failed to provide enough support for the recent bearish pullback.

That's why, the recent bearish pullback toward 1.3000 (61.8% Fibonacci level) offered a valid BUY entry as expected in previous articles.

This week, a bullish breakout above 1.3300 (50% Fibonacci Level) is needed to enhance bullish advance toward 1.3440 and 1.3550. Otherwise, the USD/CAD pair remains trapped within the current consolidation range (1.3000-1.3300).

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NZD/USD Intraday technical levels and trading recommendations for January 26, 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).

A 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 of that, bearish movement continued 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 a bullish breakout occurred.

A bullish breakout above 0.7000 allowed the pair to head toward the price level of 0.7100 (Key-Level) which failed to provide sufficient bearish pressure on the pair.

Instead, bullish persistence above 0.7100 (Key-Level) allows further bullish advance toward 0.7250-0.7300 (SELL-ENTRY) where a valid SELL entry can be offered if enough bearish rejection is expressed.

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Intraday technical levels and trading recommendations for GBP/USD for January 26, 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.

On October 25, Bullish recovery was initiated around the price level of 1.2080. That is why, a bullish pullback was executed toward 1.2700-1.2750.

Risky traders considered this bullish pullback toward the price zone of 1.2700-1.2750 to be a valid SELL entry. All T/P levels were successfully reached.

On January 16, Bullish Price action was expressed around the demand level of 1.2000. That's why, a bullish engulfing candlestick was expressed on Tuesday.

The initial bullish target is located around 1.2550 provided that the current bullish breakout above 1.2430 is maintained.

Otherwise, the next bearish destination would be located around 1.1200 (Fibonacci Expansion 100%) if bearish momentum is resumed.

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Intraday technical levels and trading recommendations for EUR/USD for January 26, 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 toward 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.

In the longer term, the level of 0.9450 remains a projected target if the current monthly candlestick achieves 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).

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

Shortly after, the Fibonacci Expansion 100% (1.0825) constituted a recent supply level which offered a valid SELL entry on December 8.

Bearish persistence below the depicted demand level (1.0570) was expected to allow further decline toward 1.0220. However, significant bullish recovery was expressed around the price level of 1.0340 on January 3.

Bullish persistence above 1.0600 allows further bullish advance toward 1.0825-1.0850 (Fibonacci Expansion 100%) where bearish rejection should be anticipated.

Bullish breakout above 1.0570-1.0600 was executed on January 12. Hence, the price level of 1.0600 now constitutes a recent demand level to be watched for bullish rejection if any bearish pullback occurs.

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Gold analysis for January 26, 2017

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Recently, gold has been trading downwards. As I expected, the price tested the level of $1,191.69. My previous analysis is still valid. According to the 30M time frame, I found another bearish divergence on a Moving Average Oscilator, which is a sign of weakness. My advice is to watch for selling opportunities on the pullbacks. Downward targets are set at the price of $1,188.60 and $1,177.60. The short-term trend is downward.

Resistance levels:

R1: 1,201.35

R2: 1,203.30

R3: 1,206.25

Support levels:

S1: 1,195.30

S2: 1,193.40

S3: 1,190.43

Trading recommendations for today: Watch for potential selling opportunities.

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EUR/NZD analysis for January 26, 2017

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Recently, EUR/NZD has been trading downwards. As I expected, the price tested the level of 1.4693. According to the 15M time frame, I found hidden bearish divergence in progress, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. Anyway, to confirm successful bearish divergence I would like to see a successful breakout of 1.4742. If the price breaks the level of 1.4742, EUR/NZD may re-test the level of 1.4695. The short-term trend is still downward.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4810

R2: 1.4845

R3: 1.4900

Support levels:

S1: 1.4700

S2: 1.4670

S3: 1.4615

Trading recommendations for today: watch for potential selling opportunities.

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Daily analysis of major pairs for January 26, 2017

EUR/USD: The EUR/USD pair remains in a bullish mode. There is a Bullish Confirmation Pattern on the 4-hour chart and price is expected to go further upwards, following the current short-term consolidation. Price is still likely to reach the resistance lines at 1.0800 and 1.0850.

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USD/CHF: The USD/CHF pair is still bearish, though it consolidated yesterday. The support levels at 0.9950, 0.9900, and 0.9850 remain valid targets for this week, although price may temporarily go above the psychological level at 1.0000, it would sooner or later go below it. The Williams" % Range period 20 is not far from the oversold region.

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GBP/USD: It is interesting to see that GBP/USD has continued going upwards. Since the beginning of last week, price has moved upwards by 630 pips. Now the pair is above the accumulation territory at 1.2600 and going towards the distribution territory at 1.2650, which is the next target. Some fundamental figures are expected today and they may have an impact on the markets.

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USD/JPY: There is a bearish signal on this pair – confirmed by the bearish confirmation pattern on the chart. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This means that price is expected to continue going further and further downwards, reaching the demand levels 113.00 and 112.50.

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EUR/JPY: This cross pair did not do anything significant yesterday. There would soon be a rise in momentum, and a movement above the supply zones at 122.50 and 123.00 would return the market into a neutral zone. On the other hand, a movement of 100 – 150 pips would help establish the presence of bears in the market.

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Global macro overview for 26/01/2017

Global macro overview for 26/01/2017:

The Preliminary GDP data from the United Kingdom will be the main fundamental event for the day. An indicator for broad overall growth in the United Kingdom will be released at 09:30 am GMT today and the market analysts project a slight decrease from 0.6% to 0.5% on a quarterly basis. Please notice, that the first reading only includes about 30% of all relevant data, so traders should not make any hasty conclusions. The overall situation of the British economy in the post-Brexit environment is not that bad as many market analysts predicted and the consumer sentiment is still positive and steady. It all might change if the negotiations with the European Union will go wrong, but so far the outlook is better than many economists expected.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. The market is trading near the key support at the level of 0.8446, just below the 50 and 100 periods moving average. The lower low made at the level of 0.8855 might suggest the market is about to break lower and even the lower low at the level of 0.8302 might get violated before the uptrend resumes.

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Technical analysis of NZD/USD for January 26, 2017

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Overview:

  • The NZD/USD pair is likely to continue straight from the level of 0.7276. Support at 0.7208 coincides with ratio of 78.6% Fibonacci retracement level on the H1 chart. Additionally, it is probably tend to form a double bottom at the same level. Therefore, the kiwi shows signs of strength following the break through the highest levels of 0.7276. So, it is going to be a good sign to buy above the support levels of 0.7276 with the first target at 0.7315. If the trend can break the point of 0.7315, it will continue towards the next target of 0.7350. However, in case a reversal takes place and the NZD/USD pair breaks through the support level at 0.7208, the pair will be led to a further decline to 0.7155 and 0.7118 in order to indicate the bearish market. But overall, we still confirm the bullish scenario as the trend is still above the major support of 0.7155.

Intraday technical levels:

  • R2: 0.7350
  • R1: 0.7315
  • PP: 0.7276
  • S1: 0.7208
  • S2: 0.7155
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Technical analysis of USD/CHF for January 26, 2017

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Overview:

  • The USD/CHF pair was trading around the area of 1.0000 two days ago. Today, the level of 0.9958 represents a daily support in the H1 time frame. The pair has already formed the minor resistance at 1.0026 and the strong resistance is seen at the level of 1.0068 as it represents the weekly resistance 1. So, the major resistance is seen at 1.0068, while immediate support is found at 0.9958. If the pair closes below the double bottom of 0.9958, the USD/CHF pair may resume its movement to 0.9900. From this point, we expect the USD/CHF pair to move between the levels of 1.0026 and 0.9900. Equally important, the RSI is still calling for a strong bearish market and the current price is below the moving average 100. As a result, sell below the level of 1.0026 with targets at 0.9958 and 0.9900 in order to form a new double bottom. However, stop loss should always be taken into account; accordingly, it will be beneficial to set the stop loss above the last bullish wave at the level of 1.0068.
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Global macro overview for 26/01/2017

Global macro overview for 26/01/2017:

Despite the agreement on production cuts signed by OPEC members and other major oil producers in December 2016 in an attempt to raise prices, their efforts could be derailed as US oil production is on the increase. The Crude Oil Inventories data released yesterday indicated that crude oil stockpiles rose in the US for a third consecutive week. More US shale producers have commenced operations as oil prices remain above the $50 level. Market participants expected a decrease in US stockpiles from 2,347k barrels to 1,500k barrels, but instead of that, the stockpiles increased by 2,840k barrels. On Sunday, OPEC announced that 1.5 million barrels had been taken out of the market, out of 1.8 million agreed under the recent production pact between OPEC and other oil exporters. In conclusion, if US production continues to rise and offsets the cutbacks announced by OPEC, oil prices could head lower.

Let's now take a look at Crude Oil technical picture in the 4H time frame. The technical resistance at the level of 53.50 has been tested five times already and still hasn't been violated. It might indicate a strong resistance level, so the prices might go lower towards the next important support at the level of 50.90.

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Technical analysis of USDX for January 26, 2017

The Dollar index is near its lows and continues to provide bullish RSI divergence signs. The time when the index will confirm the bullish reversal is very close. I'm bullish about the Dollar index, so I expect at least a bounce towards 101.50-102.

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Black lines -bullish divergence signs

Blue lines - bearish channel

The Dollar index is still inside the bearish channel. Price is still below the 4-hour Ichimoku cloud. But oscillators are oversold, diverging and turning upwards. This will soon provide a strong bounce for the Dollar index at least towards the cloud resistance at 101.35.

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Red lines -bearish channel

On a daily basis the Dollar index reached the lower cloud boundary support and is showing signs of reversal. A bounce towards 101-101.50 is expected now. Bears should wait for a bounce to look for selling while bullish traders are close to important support. I favor short-term bullish positions today.

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Technical analysis of gold for January 26, 2017

Gold price broke below $1,200 yesterday confirming the short-term top we expected to see and the reversal in prices. My first short-term target is at $1,180 but we could see a bounce to $1,210 first. Gold has entered a corrective phase.

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The bearish divergence in Gold price is paying off. Price made a new low yesterday but still holds above the 4-hour Ichimoku cloud. A bounce towards $1,210 is justified. Eventually, prices are expected to move towards $1,180 for the test of the 38% Fibonacci retracement.

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The weekly rejection at $1,220 we expected is materializing. Gold is expected to move lower for the next couple of weeks towards $1,160-70 area. I believe Gold price will be a buy there as prices at $1,122 have made a very important long-term low. I expect a corrective phase to last for a couple of weeks.

Then the metal could resume the uptrend towards $1,300 at least.

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Technical analysis of USD/JPY for January 26, 2017

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USD/JPY is expected to trade with a bearish bias The pair broke below its 20-period and 50-period moving averages, but is still staying above its key support at 113.15 and is supported by bullish trend line (since Jan. 23), which should limit downside potential. The relative strength index is below its neutrality level at 50. We are cautious now.

As long as 113.15 is not broken, I keep positive view unchanged with an up target at 114.15 first.

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 114.15 and the second one at 114.55. In the alternative scenario, short positions are recommended with the first target at 113.00 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 112.75. The pivot point is at 113.15.

Resistance levels: 114.15, 114.55, 114.95 , Support levels: 113.00, 112.75, 112.45

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Technical analysis of USD/CAD for January 26, 2017

General overview for 26/01/2017:

The market is currently trying to test the intraday resistance at the level of 1.3105. Only if this level is clearly violated, the low is in place, otherwise, the market is very close to invalidate the impulsive count. The invalidation line is at the level of 1.3017. The next hurdle will be the golden trend line resistance around the level of 1.3245. Only a sustained breakout below 1.3087 level would invalidate this bullish view.

Support/Resistance:

1.3018 - Technical Support

1.3105 - Intraday Resistance

1.3137 - WS1

1.3189 - Technical Support

1.3261 - Weekly Pivot

1.3507 - WR1

Trading recommendations:

Day traders should open buy orders only if the level of 1.3105 is clearly violated ( hourly candle close above this level). Sl should be placed below the swing low at the level of 1.3016 and TP should be left open for now.

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Technical analysis of EUR/JPY for January 26, 2017

General overview for 26/01/2017:

The market is trading horizontally around the weekly pivot in the zone between the levels of 121.62 and 122.26. This horizontal price action might be an internal corrective sub-cycle unfolding below the golden trend line. To confirm the bottom is in place, the market must break out above the weekly pivot at the level of 122.14 again and head towards the wave 1/a (green) high at the level of 122.95.

Support/Resistance:

123.74 - WR1

122.26 - Intraday Resistance

122.14 - Weekly Pivot

121.62 - Intraday Support

121.34 - WS1

120.53 - Invalidation Level

Trading recommendations:

Day traders should consider opening buy orders only due to uncompleted wave progression to the upside. The SL for all open orders should be placed below the level of 120.53 and TP should be left open for now.

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Technical analysis of USD/CHF for January 26, 2017

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USD/CHF is under pressure. The pair broke below its 20-period and 50-period moving averages, which confirms a negative view. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 1.0015 is playing a key resistance role, which should maintain the strong selling pressure.

As long as this level is not broken above, a further downside to 0.9965 and even 0.9940 is expected.

Resistance levels: 1.0035, 1.0050, 1.0070

Support levels: 0.9965, 0.9940, 0.9910

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Technical analysis of GBP/JPY for January 26, 2017

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GBP/JPY is expected to extend its upside movement. The pair recorded a succession of higher tops and higher bottoms, which confirms a positive view. The rising 20-period and 50-period moving averages further reinforced the upward momentum. The relative strength index is above its neutrality level at 50. As long as 142.90 holds as key support, look for a further upside to 144.20 and even 144.65 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 144.20 and the second one at 144.65. In the alternative scenario, short positions are recommended with the first target at 142.40 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 141.85. The pivot point is at 142.90.

Resistance levels: 144.20, 144.65, 145.25

Support levels: 142.40, 141.35,140.65

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Elliott wave analysis of EUR/NZD for January 26, 2017

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Wave summary:

EUR/NZD is pushing the downside limit at 1.4654 (the low has been seen at 1.4657). Important support at 1.4654 will have to continue to protect the downside for a break above minor resistance at 1.4848 and more importantly for a break above resistance at 1.4953. That confirms the next impulsive rally higher towards 1.5282 and 1.5837. However, if important support at 1.4654 is broken, that will revive the corrective decline from 1.7118 for a move closer to 1.4455 as the next corrective downside target. We do favor the immediately bullish scenario, but we need to be aware of the risk if support at 1.4654 is broken.

R3: 1.4953

R2: 1.4891

R1: 1.4848

Pivot: 1.4770

S1: 1.4654 - The low on December 13 - 2016

S2: 1.4547

S3: 1.4455

Trading recommendation:

WE are long EUR from 1.4884 with stop placed at 1.4650. If you are not long EUR yet, then buy a break above 1.4848 or more conservatively wait for a break above 1.4953 and use the same stop at 1.4650.

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Technical analysis of NZD/USD for January 26, 2017

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NZD/USD is expected to continue 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. In addition, it has been supported by a bullish trend line since Jan 25, which confirms a positive view. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 0.7245 is support, look for a further rise to 0.7315 and 0.7340 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 0.7315 and the second one at 0.7340. In the alternative scenario, short positions are recommended with the first target at 0.7220 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 0.7190. The pivot point is at 0.7245.

Resistance levels: 0.7315, 0.7340, 0.7385

Support levels: 0.7220, 0.7190, 0.7175

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Elliott wave analysis of EUR/JPY for January 26, 2017

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Wave summary:

We continue to look for a break above minor resistance at 122.27 that confirms a continuation towards 122.95. In case the level is surpassed, it is calling for a final rally higher towards the ideal target seen at 126,54. Once the 126,54 target has been tested, a correction towards 120.50 will be expected. Short-term support is seen at 121.79, that ideally will be able to protect the downside for the rally above 122.27. However, even if support at 121.79 is broken, back-up support is seen at 121.58.

R3: 123.12

R2: 122.95

R1: 122.27

Pivot: 122.00

S1: 121.79

S2: 121.58

S3: 121.44

Trading recommendation:

We are long EUR from 121.40 with stop placed at 120.45 Upon a break above 122.27 the stop will be moved higher to 121.50. If you are not long EUR yet, then buy a break above 122.27 and place you stop at 121.50.

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Technical analysis of EUR/USD for Jan 26, 2017

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When the European market opens, some Economic Data will be released, such as Italian 10-y Bond Auction, Italian Retail Sales m/m, GfK German Consumer Climate and Spanish Unemployment Rate. The US will release the economic data, too, such as Natural Gas Storage, CB Leading Index m/m, New Home Sales, Flash Services PMI, Prelim Wholesale Inventories m/m, Goods Trade Balance and Unemployment Claims, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0816.

Strong Resistance:1.0810.

Original Resistance: 1.0799.

Inner Sell Area: 1.0788.

Target Inner Area: 1.0763.

Inner Buy Area: 1.0738.

Original Support: 1.0727.

Strong Support: 1.0716.

Breakout SELL Level: 1.0710.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

Technical analysis of USD/JPY for Jan 26, 2017

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In Asia, Japan will release the SPPI y/y data, and the US will release some Economic Data, such as Natural Gas Storage, CB Leading Index m/m, New Home Sales, Flash Services PMI, Prelim Wholesale Inventories m/m, Goods Trade Balance and Unemployment Claims. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.91

Resistance. 2: 113.69.

Resistance. 1: 113.47.

Support. 1: 113.19.

Support. 2: 112.97.

Support. 3: 112.75.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

Daily analysis of USDX for January 26, 2017

The index is still in sideways mode around the key handle of 100.00, but there are no clear signs of a possible bottom placed, as the US Dollar remains fundamentally weak amid Trump's prospects about US economy. If USDX does a breakout below that area, further declines are expected toward the 98.98 level. MACD indicator is favoring that scenario within the negative territory.

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H1 chart's resistance levels: 101.43 / 102.39

H1 chart's support levels: 100.01 / 98.98

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 100.01, take profit is at 98.98 and stop loss is at 101.03.

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

Daily analysis of GBP/USD for January 26, 2017

The pair managed to consolidate gains above the support zone of 1.2566 and it's looking to test the 1.2645 level. The overall bullish bias remains intact, as the 200 SMA at H1 chart provided fresh momentum and it's helping GBP/USD to reach the 1.2700 psychological area. However, if we can start to witness some pullbacks across the board, Cable can plunge to test the 1.2475 level.

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H1 chart's resistance levels: 1.2645 / 1.2721

H1 chart's support levels: 1.2566 / 1.2475

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 1.2645, take profit is at 1.2721 and stop loss is at 1.2566.

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

EUR/JPY Daily Video Technical Analysis - 25th January 2017

We take an in-depth look on EUR/JPY to see if there are any trading opportunities available for us to trade off and generate potential profits from. We explain clearly how we utilize a range of analytical approaches from Fibonacci retracements to Fibonacci extensions, price action and oscillators to determine such trading opportunities.

Join us and learn how to find good trading opportunities through technical analysis!

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

USD/CHF profit target reached, prepare to turn bearish

We have seen price bounce perfectly towards our profit target. We prepare to turn bearish below 1.0037 resistance (Fibonacci retracement, Fibonacci projection, descending resistance) for a drop to at least 0.9960 support (Fibonacci projection, recent swing low support).

Stochastic (21,5,3) is seeing strong resistance below the 91% level.

Sell below 1.0037. Stop loss at 1.0096. Take profit at 0.9960.

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

EUR/USD testing resistance, remain bearish

We remain bearish below strong resistance at 1.0733 (Potential head-and-shoulders formation, Fibonacci projection, Fibonacci retracement) for a push down to 1.0623 (Fibonacci retracement, recent swing low). Stochastic (21,5,3) is seeing strong resistance at 91%.

Sell below 1.0733. Stop loss at 1.0803. Take profit at 1.0634.

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