Technical analysis of USD/JPY for January 5, 2018

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All our upside targets which we predicted in yesterday's analysis. The pair keeps trading on the upside after locating a key support at 112.85. Currently, it is around the 20-period moving average while being supported by the ascending 50-period moving average. The relative strength index has managed to stay above the neutrality level of 50, indicating a lack of downward momentum for the pair.

On the economic data front, payroll processor Automatic Data Processing (ADP) reported that U.S. employers added 250,000 private jobs in December, higher than +195,000 expected. Later today, the Labor Department will post its official December jobs report. The number of nonfarm payrolls is expected to have jumped 180,000.

With a bullish intraday outlook, the pair is expected to proceed towards the first upside target at 113.40 before moving higher to 113.270.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.85 with a target of 112.70.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: buy, stop loss at 112.85, take profit at 113.40.

Resistance levels: 113.40, 113.70, and 114.00

Support levels: 112.70, 112.50, and 112.15.

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Technical analysis of USD/CHF for January 5, 2018

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USD/CHF is expected to trade with a bullish outlook. The pair remains on the upside, backed by its rising 50-period simple moving average. A strong support base at 0.9735 has formed, and has allowed for stabilization. In addition, the relative strength index is bullish above its neutrality area at 50.

In which case, as long as 0.9735 is not broken, further advance seems to be on the cards with targets at 0.9800 and 0.9835.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: buy, stop loss at 0.9735, take profit at 0.9800.

Resistance levels: 0.9800, 0.9835, and 0.9875.

Support levels: 0.9705, 0.9670, and 0.9650 .

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Technical analysis of GBP/JPY for January 05, 2018

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GBP/JPY is expected to trade with a bullish outlook. The pair accelerated on the upside last nigh, and is now challenging its key resistance at 152.50. A bullish breakout of this threshold seems likely as the rising 20-period and 50-period moving averages call for a new bounce. The relative strength index is still above its neutrality area at 50.

In this case, even though a consolidation cannot be ruled out at the current stage, its extent should be limited. Above 151.85, look for a new rise to 152.50 and 152.80 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 151.85 with the target at 151.45

Strategy: BUY, Stop Loss: 152.80, Take Profit: 154.00

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 154.00, 154.45, and 155

Support levels: 152.50, 152.10, and 151.65

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Technical analysis of NZD/USD for January 5, 2018

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Our upside targets which we predicted in yesterday's analysis have been hit. Pair is expected to post some further upside gains. The pair managed to break above its previous resistance at 0.7125, which now plays a support role. Both the 20-period and 50-period moving averages are heading upwards now and should continue to push the prices higher. In addition, the relative strength index is bullish above its neutrality area at 50.

Hence, as long as 0.7125 holds on the downside, look for further advance to 0.7170 and 0.7195 in extension.

The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels, while the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7195, 0.7210, and 0.7250.

Support levels: 0.7110, 0.7085, and 0.7050.

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Global macro overview for 05/01/2018

Markets are still in a euphoric mood as DJIA index and SP500 index are at the highest levels ever. The reason behind this behavior is that the recent great readings from the economy have caused the market participants to believe in the acceleration of inflation in the US. The most popular measure of inflationary pressure (a difference between 10- and 5-year swaps) has increased to the highest level in 8 months. On the other hand, the yields on short- and medium-term bonds beat several-year-long records. The profitability of the American 10-year-olds has risen to the highest level in nearly 8 years (2.28%), while the 2-year-olds are approaching 2%, which is the highest level in a decade. Also on this wave, the dollar is losing, because, behind the prospect of an increase in price growth, there is no adequate rise in expectations for interest rate hikes. The market still does not fully take into account three upward movements by 25 basis points until December. However, this might change very soon. During the year, the attractiveness of the US currency among the market participants might increase significantly, but for this to happen, the stock market must drop down the high performance level and make a highly anticipated correction.

Let us now take a look at the SPY (SP500 ETF) technical picture at the H4 time frame. The market made a new all-time high at the level of 272.16 in overbought conditions and despite visible bearish divergence. Currently, the level of 270.62 will act as a technical support, but the key level for a further drop is the technical support at 268.61.

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Daily analysis of major pairs for January 5, 2018

EUR/USD: This currency trading instrument was corrected lower on Wednesday, in the context of a short-term uptrend. But now, the price has assumed its northwards journey and it may reach the resistance lines at 1.2100, 1.2150, and 1.2200. There is an important support line at 1.2000, which a serious barrier to any bears' effort along the way.

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USD/CHF: The bearishness on this currency trading instrument remains intact. In spite of the bulls' effort, the bearish signal is remains in place. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level of 50. There is a Bearish Confirmation Pattern in the market, and more southward movement is a possibility.

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GBP/USD: The bias on GBP/USD is bullish. The bearish correction that was seen on Tuesday has proven to be a clean opportunity to buy long when the price was on sale, in the context of an uptrend. The market is trying to go upwards again, moving towards the distribution territory at 1.3600, which was previously tested. That is the initial target.

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USD/JPY: This pair has rallied by 80 pips this week – in the context of an uptrend. Further rally would result in invalidation of the recent short-term bearishness, especially when the supply level at 113.50 is overcome. Should the price go lower from here, it would help restore the bearishness in the market. Today or early next week would reveal the true intent of the market.

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EUR/JPY: The movements of major pairs are now getting interesting. For example, the EUR/JPY has maintained its bullishness this week, having gained 115 pips, despite the dip that was witnessed earlier this week. The price is now above the demand zone at 136.00, going towards the supply zone at 136.50.

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Bitcoin analysis for January 5, 2018

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The Bitcoin (BTC) has been trading upwards. The price tested the level of $16.196. There are increasingly publicized challenges posed to the Australian cryptocurrency industry by the country's "big four" banks refusal to provide financial services to crypto companies. Many analysts are speculating that the issue will become a catalyst for the development of detailed regulations for the virtual currency era, arguing that the opaque nature of the current legislative apparatus pertaining to cryptocurrencies is to blame for Australia's bitcoin banking embargo. The technical picture looks overbought.

Trading recommendations:

According to the 15M time frame, I found intraday head and shoulders formation and my advice is to watch for potential selling opportunities. I also found a hidden bearish divergence on the stochastic oscillator, which is a sign of weakness. The downward targets are set at $15.457 and $14.792.

Support/Resistance

$16.196 – Intraday resistance (price action)

$14.698– Intraday support $12.112

$15.457 – Objective target 1

$14.792 – Objective target 2

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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GBP/USD analysis for January 5, 2018

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Recently, the EUR/USD pair has been trading sideways at the price of 1.2050. According to the 30M time frame, I found an oversold stochastic oscillator, which is a sign that selling looks risky. The short-term trend is still bullish. I also found a supply trendline in the background, and my advice is to watch for potential bullish breakout to confirm further upward price. The upward targets are set at the price of 1.2100 (pivot resistance 1) and at the price of 1.2137 (pivot resistance 2).

Resistance levels:

R1: 1.2102

R2: 1.2137

R3: 1.2185

Support levels:

S1: 1.2018

S2: 1.1965

S3: 1.1935

Trading recommendations for today: watch for potential buying opportunities.

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GBP/USD analysis for January 5, 2018

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Recently, the GBP/USD pair has been trading sideways at the price of 1.3545. According to the 30M time frame, I found that the price successfully tested the support at 1.3523 (pivot support 1), which is a sign that selling looks risky. I also found a morning star candle formation and oversold stochastic oscillator, which is a sign of strength. My advice is to watch for potetnial buying opportunities. The upward targets are set at 1.3572, 1.3590, and 1.3625.

Resistance levels:

R1: 1.3572

R2: 1.3592

R3: 1.3625

Support levels:

S1: 1.3518

S2: 1.3485

S3: 1.3465

Trading recommendations for today: watch for potential buying opportunities.

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Global macro overview for 05/01/2018

As usual, on Thursday, a weekly report from the labor market was published in the USA. It turned out that 250,000 new applications for unemployment benefits were made (240,000 expected). The average of four weeks for these data increased to 254,000. There was also an ADP report on the change of employment in December in the private sector (the sector created 250,000 jobs, while the market participants expected 190,000). The correlation with the official report is small these days, so he reactions were very suppressed and rather limited to the currency market. This is a good prognosis for the governmental NFP Payrolls report, even if the data does not have a direct link. Nevertheless, the lack of a stronger USD response after the publication of ADP clearly indicates that the issue of wage growth is crucial for the global investors. So far, the verdict about the outcome of today's NFP report based on the available information is fruitless. The ISM Manufacturing index increased stronger to forecasts to 59.7 from 58.2, which is a proof of the condition of the sector. Although the sub-index of employment in the ISM report declined in December to the level of 57, it still indicates the willingness of companies to dynamically expand the employee base.

Let us now take a look at the US Dollar Index technical picture on the H4 time frame before the US job market data is published. The market got back to the consolidation zone within the range of 91.75-92.28 after a failure to rally higher towards the technical resistance at the level of 92.49. Only a sustained breakout above this level will change the current outlook to more bullish.

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Intraday technical levels and trading recommendations for EUR/USD for January 5, 2018

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms 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 1.0500, which had been previously reached in August 1997. In a longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500. However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450. The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the monthly candlestick of September).

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Daily Outlook

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (previous daily supply zone). The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was. If the recent bearish breakout persists below 1.1700 (neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (initial targets for the depicted H&S pattern). A bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the mentioned target level, significant bearish pressure is needed to be applied against the mentioned zone (1.1415-1.1520). However, In November, recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery. This hindered further bearish decline which allowed the current bullish pullback to occur towards the price level of 1.2000-1.2100 where price action should be watched for a valid sell entry. On the other hand, daily persistence above 1.2100 confirms the depicted bullish continuation pattern with projected targets towards 1.2500.

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NZD/USD intraday technical levels and trading recommendations for January 5, 2018

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Daily Outlook

A recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart. This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside. A recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly established demand zone) which failed to offer enough bullish support for the NZD/USD pair. Reconsolidation below the price level of 0.7300 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (key zone) which failed to pause the ongoing bearish momentum. An atypical Head and Shoulders pattern was expressed on the depicted chart which initiated bearish reversal. As expected, the price level of 0.7050 failed to offer enough bullish support to the NZD/USD pair. That is why, a further bearish decline was expected towards 0.6800 (Reversal pattern bearish target). Evident signs of bullish recovery was expressed around the recent low (0.6780). So, a bullish pullback is expected towards 0.7050. Moreover, further bullish advance should be expected towards 0.7150 if the current bullish momentum is maintained above the key level of 0.7050. On the other hand, the price zone of 0.7050-0.6980 has turned a newly established demand zone to be watched for buy entries if any bearish pullback occurs.

Trading Recommendations

An inverted Head and Shoulders pattern was established on the chart indicating high probability of bullish momentum. That is why, the price zone of 0.6800-0.6830 was considered for a short term buy entry. Bullish persistence above 0.7150 is mandatory to pursue towards next bullish targets.

S/L should be moved to 0.7100 to secure some profits. T/P level remains projected towards 0.7150 and 0.7240.

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Technical analysis of NZD/USD for January 5, 2018

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Overview:

  • The NZD/USD pair is continuing to rise from the level of 0.7120 in the long term. It should be noted that the support is established at the level of 0.7120 which represents the 78.6% Fibonacci retracement level on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7165. So, buy above the level of 0.7165 with the first target at 0.7195 in order to test the daily resistance 1 and further to 0.7232. Also, it might be noted that the level of 0.7232 is a good place to take profit because it will form a double top. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7120, a further decline to 0.7060 can occur which would indicate a bearish market.
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Technical analysis of USD/CHF for January 5, 2018

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Overview:

  • The USD/CHF pair is still continuing its bearish trend for a while. The bias remains bearish in the nearest term testing 0.9685 or lower.
  • We still prefer the bearish scenario in the coming hours. The USD/CHF pair broke support at the level of 0.9773 which acts as a resistance now.
  • According to the previous events, the USD/CHF pair is still moving between the levels of 0.9773 and 0.9724. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Hence, the price spot of 0.9773 remains a significant resistance zone.
  • Consequently, there is a possibility that the USD/CHF pair will move downside. The structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9773, sell below 0.9773 with the first target at 0.9685. Besides, the weekly support 2 is seen at the level of 0.9685.
  • On the other hand, traders should watch for any sign of a bullish rejection that occurs around 0.9773. The level of 0.9773 coincides with 23.6% of Fibonacci, which is expected to act as a major resistance today. Since the trend is below the 0.9773 level, the market is still in a downtrend.
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Bitcoin analysis for 05/01/2018

Many people see bitcoin as the cryptocurrency preferred by criminals, but according to experts, this is less and less valid. Criminals give up bitcoin for other virtual currencies.

In recent years, the internet hidden network (deep web) has gained in popularity. The main attraction that people can find there are the offers of shops selling illegal products, such as drugs or weapons. However, thanks to the activities of the FBI people in the hidden network ceased to be completely unpunished. The Silk Road website was one of the most popular selling websites in the entire hidden network. In 2013, the site was closed. This was possible thanks to the FBI-led investigation, which, thanks to the analysis of bitcoin's transaction, led to many detentions.

Therefore, many underground stores have stopped accepting Bitcoin as an available form of payment. At the moment, criminals prefer to use cryptocurrencies that guarantee full anonymity - that is, so-called privacy coins. That's why Dash, Monero and Zcash are the last leaders in the deep network.

Let's now take a look at the bitcoin technical picture on the H4 time frame. The golden trend line resistance has been violated and the market tried to rally towards the technical resistance at the level of $16,638 but failed. The price reversed and is currently testing the trend line from above. As long as the market stays above the intraday support at the level of $14, 106, the outlook remains bullish to neutral. Otherwise, the bears might push the market lower towards the technical support at the level of $12,396.

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Trading plan for 05/01/2018

The EUR/USD pair is moving down slowly at 1.2060 after yesterday's failure to violate the September highs at 1.2090. USD/JPY carried out a successful attack on 113, which was helped by correction of stock exchange indexes. The Nikkei225 increased by 0.9% today, following the green results of Thursday's sessions in Europe and on Wall Street.

On Friday 5th of January, the event calendar is rich in important news releases. The main event of the day is the US job market report in form of Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings and Participation Rate data. Moreover, the market participants will get familiar with German Retail Sales data, Eurozone CPI data, US ISM Non-Manufacturing PMI data and Canadian Trade Balance and Unemployment Rate.

EUR/USD analysis for 05/01/2018:

A bunch of the US job market data is scheduled for release at 01:30 pm GMT and the market participants are expecting the headline NFP-Payrolls number to drop from 228k to 190k, the Unemployment Rate to stay unchanged at 4.1% and the Average Hourly Earnings to jump from 0.2% to 0.3% on a monthly basis. Strong ISM for industry and strong ADP indicate that the economic situation in the US is good, which should translate into a further increase in the number of employees. However, for the interpretation of the NFP report by the markets, it is still more important if the pressure on wage growth is coming behind new jobs, which will trigger inflation and give grounds for further Fed rate hikes. In this topic, the data already published this week do not contribute much, although the risks for USD prevail on the positive side.

Let's now take a look at EUR/USD technical picture at the H4 time frame before the NFP-Payrolls data are released. The market has hit the technical resistance at the level of 1.2090 and pulled-back a little in the direction of the nearest support at the level of 1.2034. There is a clear bearish divergence between the price and the momentum indicator in overbought market conditions, so if the US job market data will beat the market participants, then the price might drop lower towards the level of 1.20003 or even below it.

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Market Snapshot: USD/JPY at the key resistance

The price of USD/JPY has hit the key technical resistance at the level of 113.09, just below the golden trend line resistance. Any breakout higher, fueled by the better than expected US job market data, will likely result in a test of the next technical resistance at the level of 113.50 - 113.74.

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Market Snapshot: GOLD pulls-back lower

The price of gold has pulled back from the recent highs at the level of $1,325 and now is getting closed to test the technical support at the level of $1,315. Nevertheless, the daily trend remains bullish and another higher high is expected at this market after the pullback is terminated.

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Technical analysis of USDX for January 5, 2018

The US dollar index is showing reversal signs after retesting the recent low at 91.75 and the forming a double bottom pattern. As long as we are above 91.75, we could see a bounce towards the 92.70-92.50 area.

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Horizontal blue line - support

Downward sloping blue line - resistance

The US dollar index is expected to bounce at least towards the 38% Fibonacci retracement near the Ichimoku cloud at 92.60 over the coming days. The double bottom formation, as long as it is not broken downwards, should give the dollar a push higher.

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On a weekly basis, the trend remains bearish as long as the price is below 93.75. Today's weekly close will be important and will give us a clue for what to expect next week. There are many chances of a full-scale upward reversal and move towards 97, but we need to see some reversal signs starting today.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for January 5, 2018

The gold price is showing reversal signs. Key support is at $1,306, while resistance at $1,330-50 is very important and will only be broken after a big pullback.

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Blue lines - bearish divergence

The gold price is showing reversal signs. The trend remains bullish on the 4-hour chart, but I expect it to reverse to bearish soon. Support is at $1,306. If it is broken, I expect at least a push towards $1,285. The RSI, Stochastic and the MACD oscillators are diverging and are turning lower.

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On a daily basis, the gold price is very close or has completed the rise from $1,237. I now expect a pullback. I was expecting the pullback from lower levels, but now the chances of it with the RSI at overbought levels are very high. In the Ichimoku cloud terms, I expect a pullback at least towards cloud support.

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Elliott wave analysis of EUR/NZD for January 5 - 2018

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Wave summary:

The lack of upside acceleration is of concern. It could just be a delay of the expected rally through resistance at 1.7064 for more upside pressure towards 1.7777. However, it could be a warning of upside exhaustion and that a deeper corrective pullback is needed. If this is the case, then support at 1.6805 will be broken soon for a decline towards 1.6140.

R3: 1.7064

R2: 1.7025

R1: 1.6966

Pivot: 1.6805

S1: 1.6744

S2: 1.6689

S3: 1.6644

Trading recommendation:

Our stop at 1.6850 has been hit for a small loss of 23 pips. We will place a buy order at 1.6985 and a sell order at 1.6795

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Elliott wave analysis of EUR/JPY for January 5 - 2018

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Wave summary:

EUR/JPY continues to push higher towards the 137.37 target for wave (D). Once this target is tested, wave (E) is expected to take over for a decline towards 123.43.

Support is now seen at 135.55 and a break below it will be the first warning of possible exhaustion, but only a break below minor support at 134.78 will confirm that wave (D) has been completed and wave (E) is developing.

R3: 137.37

R2: 136.71

R1: 136.55

Pivot: 135.55

S1: 134.78

S2: 134.58

S3: 133.89

Trading recommendation:

We are long EUR from 134.10 with our stop + revers placed at 134.75. We will place our take profit+revers at 136.75.

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Technical analysis of EUR/USD for Jan 05, 2018

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When the European market opens, some economic data will be released such as Italian Prelim CPI m/m, PPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, and Retail PMI, as well as French Prelim CPI m/m and German Retail Sales m/m. The US will publish some macroeconomic reports too: Factory Orders m/m, ISM Non-Manufacturing PMI, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. Amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.2137.

Strong Resistance:1.2130.

Original Resistance: 1.2118.

Inner Sell Area: 1.2106.

Target Inner Area: 1.2078.

Inner Buy Area: 1.2050.

Original Support: 1.2038.

Strong Support: 1.2026.

Breakout SELL Level: 1.2019.

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 05, 2018

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Japan will release the Monetary Base y/y and the US will reveal some Economic Data such as Factory Orders m/m, ISM Non-Manufacturing PMI, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m . So there is a probability the USD/JPY pairwill move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.34.

Resistance. 2: 113.12.

Resistance. 1: 112.90.

Support. 1: 112.62.

Support. 2: 112.40.

Support. 3: 112.18.

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 05, 2018

The index continues to find resistance at the 92.10 level as an effort to resume the bearish bias, but corrective moves are not discarded yet at this stage. If the support zone of 91.68 gives up, the next leg lower should go as long as the 91.13 level. The MACD indicator remains in favor of the bears, moving in the negative territory.

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H1 chart's resistance levels: 92.10 / 92.57

H1 chart's support levels: 91.68 / 91.13

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 91.68, take profit is at 91.13 and stop loss is at 92.24.

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

Daily analysis of GBP/USD for January 05, 2018

The pair has been moving in a corrective phase around the middle band of Bollinger bands. The nearest support lies at 1.3470, where the 200 SMA is located on the H1 chart. If GBP/USD makes a breakout of the 1.3589 level, then it can go towards the psychological zone of 1.3700. To the downside, a critical level remains in place around 1.3451.

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H1 chart's resistance levels: 1.3589 / 1.3700

H1 chart's support levels: 1.3526 / 1.3451

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 1.3589, take profit is at 1.3700 and stop loss is at 1.3480.

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

BITCOIN Analysis for January 4, 2018

The bitcoin price is still struggling to break above the $15,500 price area and has been rejected off it several times. Though bigger corporations take interest in and invest in bitcoin, but still it is lacking the liquidity and market flow needs to push it higher impulsively. Additionally, the introduction of bitcoin futures that lets traders bet on the downside movements and regulators of various countries trying to regulate bitcoin on their way are putting a lot of pressure recently. Though this is not quite new for bitcoin to struggle with a strong pullback and correction before a long high jump, but this time the process has slowed a little bit. As of the current scenario, the price is currently being supported by the dynamic levels of 20 EMA, Tenkan, Kijun and Kumo Cloud. As the price remains above $13,500 and these dynamic levels, the bullish bias is expected to continue further with a target towards $17,2250 in the coming days.

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