AUD/USD remain bearish

We remain bearish below major resistance at 0.7580 (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance) with price recently breaking a long term support-turned-resistance line leading us to expect a strong continued drop from this level to at least 0.7447 support (Fibonacci retracement, swing low support).

Stochastic (21,5,3) drops from 92% resistance and has good downside potential until its next support at 1.4%.

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

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EUR/JPY profit target reached, prepare to turn bullish

Price pushed down strongly towards our profit target yesterday. We turn bullish above 121.11 support (Fibonacci retracement, horizontal swing low support) for a bounce up towards 122.22 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is seeing strong support above the 5.4% level.

Buy above 121.11. Stop loss at 120.50. Take profit at 122.22.

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Gold analysis for January 31, 2017

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Recently, gold has been trading upawrds. As I expected, the price tested the level of $1,207.78. According to the 30M time frame, I found confrmed bullish divergence on a Moving Average Oscilator, which is a sign of potential strength. My advice is to watch for buying opportunities. A target is set on the supply cluster at the price of $1,218.00.

Resistance levels:

R1: 1,197.30

R2: 1,200.00

R3: 1,204.30

Support levels:

S1: 1,188.60

S2: 1,185.90

S3: 1,181.55

Trading recommendations for today: Watch for potential buying opportunities.

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EUR/NZD analysis for January 31, 2017

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Recently, EUR/NZD has been trading sideways at the price of 1.4710. According to the 15M time frame, I found hidden bearish divergence on the moving average oscilator and a strong pin bar on the second swing high. My advice is to watch for selling opportunities. A downward target is set at the price of 1.4645. Anyway, to confirm hidden divergence the price needs to break the level of 1.4688.

Fibonacci Pivot Points:

Resistance levels

R1: 1.4750

R2: 1.4785

R3: 1.4840

Support levels:

S1: 1.4650

S2: 1.4615

S3: 1.4560

Trading recommendations for today: watch for potential selling opportunities.

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USD/CAD intraday technical levels and trading recommendations for January 31, 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 towards 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 31, 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.

Bullish persistence above 0.7100 allowed further bullish advance toward 0.7250-0.7300 (Sell-Zone) where a valid SELL entry can be offered if enough bearish pressure is maintained (Note the bearish engulfing daily candlestick of Thursday).

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Intraday technical levels and trading recommendations for GBP/USD for January 31, 2017

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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).

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 was expected near 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, a bullish engulfing candlestick was expressed around the demand level of 1.2000. That's why, another bullish breakout above 1.2430 was initiated.

The next bullish target is located around 1.2750. Otherwise, the next bearish destination would be located around 1.1200 if bearish momentum is resumed.

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Intraday technical levels and trading recommendations for EUR/USD for January 31, 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) enhanced the bearish momentum toward the price level of 1.1000 (Key-Level 1).

Bearish persistence below 1.0825 (Key-Level 2) allowed further decline toward 1.0570 (demand level) where evident bullish rejection was 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 and a valid SELL entry can 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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Technical analysis of USD/JPY for January 31, 2017

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USD/JPY is expected to trade with a bullish bias. The pair broke above its 50-period moving average and is holding on the upside. Moreover, the 20-period moving average is turning up and is likely to cross above the 50-period one in coming sessions. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, 113.30 is playing a key support role, which should limit the downside potential.

As long as this level is not broken, look for a technical rebound towards 114.25 and even 114.50 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 114.25 and the second one at 114.50. 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 112.55. The pivot point is at 113.30.

Resistance levels: 114.25, 114.50, 115.00 Support levels: 113.00, 112.55, 112.00

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Technical analysis of USD/CHF for January 31, 2017

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USD/CHF is expected to trade in a lower range as the pair in under pressure. The pair broke below the 20-period and 50-period moving averages and consolidated on the downside. The declining 20-period moving average crossed below the 50-period one and is heading downward. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

On Monday, U.S. stock indexes posted the biggest losses of the year as investors' sentiment was dampened by President Trump's controversial immigration order, which has been regarded as not business-friendly. Investors were also cautious ahead of a heavy schedule of central bank meetings, economic data, and corporate earnings. The U.S. National Association of Realtors reported that pending home sales rose 1.6% on month in December (vs. +1.1% expected). The Dallas Federal Manufacturing Activity Outlook jumped to 22.1 in January (vs. 15.0 expected) from 17.7 in December.

As long as 0.9975 holds as resistance, look for a further drop to 0.9910 and even 0.9885 in extension.

Resistance levels: 1.000, 1.0015, 1.0030

Support levels: 0.9910, 0.9885, 0.9825

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Technical analysis of NZD/USD for January 31, 2017

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NZD/USD is expected to advance further. The pair is holding on the upside above its 20-period and 50-period moving averages, which play support roles and maintain the upside bias. Moreover, the bullish cross between 20-period and 50-period moving averages has been identified. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. As long as 0.7255 is support, look for a further rise to 0.7300 and even 0.7325 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 0.7300 and the second one at 0.7325. In the alternative scenario, short positions are recommended with the first target at 0.7235 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 0.7200. The pivot point is at 0.7255.

Resistance levels: 0.7300, 0.7325, 0.7340

Support levels: 0.7235, 0.7200, 0.7175

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Technical analysis of GBP/JPY for January 31, 2017

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GBP/JPY is expected to trade with a bearish bias as the key resistance at 142.35. The pair is posting a technical rebound, but remains under pressure below its key resistance at 121.90. The descending 50-period moving averages should maintain a bearish bias. Meanwhile, the relative strength index lacks upward momentum. As long as 142.35 holds as the key resistance, the risk of a break below 140.80 is high.

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 140.80. A break below this target will move the pair further downwards to 140.45. The pivot point stands at 142.35. 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 143.00 and the second one at 143.65.

Resistance levels: 143.00, 143.65, 144.15

Support levels: 140.80, 140.45,140.00

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Technical analysis of USD/CHF for January 31, 2017

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Overview:

  • The USD/CHF pair fell from the level of 0.9981 to the bottom at 0.9933 yesterday. Today, the USD/CHF pair faces strong support at the level of 0.9933 which has already been touched. The pair is likely to approach it in order to test it again and form a double bottom. Moreover, if the pair succeeds in passing through the level of 0.9933, the market will indicate a bearish opportunity below this level. A breakout of that target will move the pair further downwards to 0.9900. Today, we expect the USD/CHF pair to move between the levels of 0.9981 and 0.9933. Equally important, the RSI is still calling for a strong bearish market, and the current price is below the moving average (100) on the H1 time frame. Therefore, we recommend to sell below the resistance of 0.9957 targeting the level of 0.9900. Don't forget about the stop loss that should be set above the last bullish wave at the level of 1.0011.
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Technical analysis of NZD/USD for January 31, 2017

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Overview:

  • The support level for the NZD/USD pair is seen at 0.7261. The pair has formed a double bottom at 0.7221. According to previous events, the double bottom is also coinciding with the major support this week. Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the support levels of 0.7261 and 0.7221. It will be advantageous to buy above the support area of 0.7261 with the first target at 0.7312 so as to test the double top in the H1 chart. Additionally, if the pair breaks the price of 0.9787, then it will continue towards 0.7350 with a view to test the weekly resistance 1. However, the stop loss has always been taken into account. Thus, it will be useful to set it below the support at the level of 0.7350. Also, it should be noticed that the stop loss should never exceed your maximum exposure amounts.

Intraday key levels:

  • Resistance 2: 0.7350
  • Resistance 1: 0.7312
  • Pivot Point: 0.7284
  • Support 1: 0.7261
  • Support 2: 0.7221
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Technical analysis of USDX for January 31, 2017

The Dollar index despite the strong start yesterday and the break above 100.80, did not continue the rally but instead was pressured and pulled back towards 100.30. Price is making higher highs and higher lows in the short term but there is still no confirmed trend change.

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Red line - resistance

Blue lines - bullish channel

The Dollar index is trying to break out and above the resistance area of 101 where we find both the 4 hour Ichimoku cloud and the downward sloping red trend line. Price is making higher highs and higher lows but is still below the cloud. A break above 101 will be a bullish signal. Short-term support is at 100.10.

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Green line - long-term support trend line

Price is trading between the tenkan- and kijun-sen (red and yellow line indicators). I expect the tenkan-sen to be tested. This is important resistance. A break above it will increase the chances we have completed wave 4 correction at 99.79.

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Technical analysis of gold for January 31, 2017

Gold price bounced towards $1,204 yesterday. This Gold bounce was expected since price reached the $1,180 level where the 38% Fibonacci retracement was found. Gold price is expected to make a lower high around current levels and reverse downwards towards $1,160.

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Gold price is trading below the Ichimoku cloud in the 4 hour chart. Price has bounced off the 38% Fibonacci retracement. This bounce should soon be faded and reverse lower. The 61.8% Fibonacci retracement is my target for the correction to end. I'm not ruling out a deeper correction but this is the most probable target.

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In previous posts I said that the correction in Gold would take a couple of weeks. We are still in the corrective phase. Price remains below weekly cloud resistance. A test of the tenkan-sen (red line indicator) is expected before the resumption of the up trend.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for Jan 31, 2017

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When the European market opens, some Economic Data will be released, such as Unemployment Rate, Prelim Flash GDP q/q, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, German Unemployment Change, Spanish Flash CPI y/y, French Prelim CPI m/m, French Consumer Spending m/m, German Retail Sales m/m, and French Prelim GDP q/q. The US will release the economic data, too, such as CB Consumer Confidence, Chicago PMI, S&P/CS Composite-20 HPI y/y, and Employment Cost Index q/q. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0747.

Strong Resistance:1.0740.

Original Resistance: 1.0730.

Inner Sell Area: 1.0720.

Target Inner Area: 1.0695.

Inner Buy Area: 1.0670.

Original Support: 1.0660.

Strong Support: 1.0650.

Breakout SELL Level: 1.0643.

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 31, 2017

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In Asia, Japan will release the Housing Starts y/y, BOJ Policy Rate, BOJ Outlook Report, BOJ Press Conference, Monetary Policy Statement, Prelim Industrial Production m/m, Unemployment Rate, and Household Spending y/y data, and the US will release some Economic Data, such as CB Consumer Confidence, Chicago PMI, S&P/CS Composite-20 HPI y/y, and Employment Cost Index q/q. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.17.

Resistance. 2: 113.95.

Resistance. 1: 113.73.

Support. 1: 113.45.

Support. 2: 113.23.

Support. 3: 113.00.

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

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Daily analysis of major pairs for January 31, 2017

EUR/USD: This pair experienced a minor pullback on January 30, in the context of an uptrend. As long as price does not go below the support line at 1.0500, the uptrend would be valid. Normally, price may go above the resistance lines at 1.0750, 1.0800 and 1.0850 this week.

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USD/CHF: The USD/CHF only went flat throughout last week, in the context of a downtrend. The market has, interestingly oscillated around the psychological level at 1.0000. Should the market stay around that level for the next several trading days, the bias on the market would turn neutral.

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GBP/USD: The Cable has continued the bearish correction it started last Friday. Further bearish correction would pose a threat to the recent bullish outlook, especially when the accumulation territory at 1.2300 is breached to the downside. Should price rally significantly from here, it would help re-establish the recent bullish bias.

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USD/JPY: The market went slightly downwards yesterday, just in conjunction with the extant bearish outlook. It turned out that the rally that was seen at the end of last week was simply a good opportunity to go short at better prices. There is a clean Bearish Confirmation Pattern in the market, and further southwards movement is anticipated.

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EUR/JPY: The EUR/JPY went downwards on Monday, now above the demand zone 121.50. Price may go upwards from here, generating a bullish signal in the short term. On the other hand, a movement below the demand zones at 121.00 and 120.00 would result in a bearish signal.

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Daily analysis of USDX for January 31, 2017

USDX is doing zigzag movements around the 200 SMA at H1 chart, without a clear direction in the short-term. The overall structure is still bearish and a breakout below the 100.00 handle is no discarded yet, which also should open the doors for another lower extension toward 98.98. If the index manages to rebound at the current stage, then it can reach the 101.43 level.

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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.

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Daily analysis of GBP/USD for January 31, 2017

GBP/USD weakened across the board during Monday's session and it's challenging the 200 SMA at H1 chart, where another bullish momentum can be seen. However, recent Brexit's developments couldn't help to lift the Sterling, in order to reach new highs in the short-term. However, if the pair plummets to 1.2420 and breaks it to the downside, then we can expect another decline toward 1.2294.

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H1 chart's resistance levels: 1.2534 / 1.2645

H1 chart's support levels: 1.2420 / 1.2294

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 1.2534, take profit is at 1.2645 and stop loss is at 1.2421.

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Daily analysis of EUR/JPY for January 30, 2016

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Overview

The EUR/JPY pair settled up above 122.40 level to confirm its overall bullish bias that represents the neckline of the double bottom pattern. Therefore, we keep waiting for a new bullish attack. Let me remind you that the initial upward target is seen at 123.75. We have to wait for the extension of the trading range to the resistance at 124.75. Stochastic attempts to settle within the overbought level to reinforce the positive pressure, which provides the required momentum to achieve the suggested targets. The expected trading range for today is between 122.40 and 123.75

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Daily analysis of USD/JPY for January 30, 2017

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Overview

The USD/JPY pair is showing clear bearish bias as a result of testing the key support 113.97. As we mentioned in our recent reports, breaking this level will put the price under the negative pressure again with the first downward target at 112.55 and later at 110.55. Stochastic approaches from the oversold areas to form a bullish momentum that we are waiting to push the price upwards again. Thus, the bullish trend will remain valid until now unless we witness a clear break and the price holds below 113.97. Let me remind you that breaching 115.60 will open the way to rally towards 118.00 as a next main target of the bullish wave. The expected trading range for today is between 113.60 support and 115.60 resistance

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Daily analysis of Gold for January 30, 2016

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Overview

Gold price shows a bearish bias after approaching the critical resistance at 1,197.10, which represents one of the next trend keys besides 1,183.83 support, where the price is following its way to test this support. Therefore, we prefer staying aside for a while in order to monitor the price behavior according to the key levels represented by 1,183.83 support and 1,197.10 resistance. Please note that breaching this resistance will confirm that bearish correction unfolding in the recent sessions is to stop. The correction is to be followed by rallying towards 1,218.55 initially. Besides, breaking 1,183.83 will extend the bearish wave to target 1,173.00 and might extend to 1,162.40 before any new attempt to rise. The expected trading range for today is between 1,180.00 support and 1,210.00 resistance.

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Daily analysis of Silver for January 30, 2017

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Overview

Silver price bounced strongly to the upside after approaching 16.56 level. The matel is expected to resume the main bullish track approaching our first target at 17.43. We are waiting until the metal breaches this level to confirm the way towards 18.30 as a next main station. Therefore, our bullish overview will remain valid and active in the upcoming period supported by the EMA50, on condition the price stays firmly above 16.56 level. The expected trading range for today is between 16.90 support and 17.43 resistance.

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