Technical analysis of NZD/USD for January 25, 2018

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Our upside targets which we predicted in yesterday's analysis have been hit. NZD/USD is turning down now. The pair collapsed last night, and broke below its 50-period moving average support. The 20-period moving average is also turning down, calling for a new pullback. Besides, the relative strength index is mixed to bearish.

In which case, as long as 0.7400 is not surpassed, likely decline to 0.7320 and 0.7300 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: 0.7435, 0.7460, and 0.7485.

Support levels: 0.7320, 0.7300, and 0.7265.

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Daily analysis of USD/JPY for January 25, 2018

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Overview

The USD/JPY pair carried on with its decline to succeed touching our yesterday's projected target at 109.05. Please note that the price continues the negative pressure and attempts to break the mentioned level which supports the chances of a further bearish trend on the longer term basis. In case the break is confirmed, this will extend the pair's losses to reach the previously recorded low at 107.28 as a next main station. Therefore, the bearish trend remains valid for today. Please be aware that breaching 109.45 might push the price to test 110.15 areas before any new attempt to decline. The expected trading range for today is between 108.00 support and 110.00 resistance.

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Daily analysis of GBP/JPY for January 25, 2018

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Overview

The GBP/JPY pair managed to resume the bullish attack to record 155.90 level as it is displayed on the chart. Please note that it is important to monitor the price behavior now as it is forming 50% Fibonacci correction level. Breaching this barrier will confirm a further upward bias for the short term that might target 157.45 level followed by the bullish channel's resistance at 159.80. On the other hand, the stability of the current barrier might force the price to form some sideways trading with chances of declining towards 153.50 level, despite the bullish momentum provided by the major indicators. The expected trading range for today is between 154.80 and 157.45

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Daily analysis of Gold for January 25, 2018

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Overview

Gold price is testing the support base formed at 1,357.50 after breaching it previously. The price needs to hold above this level to ensure the continuation of the expected positive scenario in the short term.

The EMA50 still supports the price and protects it inside the bullish channel that appears on the chart. So we still foresee the bullish trend for today provided that the price is holding above 1,357.50. Let me remind you that our next targets reach 1,375.00, followed by 1,404.00. The expected trading range for today is between 1,350.00 support and 1,375.00 resistance.

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Daily analysis of Silver for January 25, 2018

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Overview

Silver price is fluctuating at 17.43 now. As long as the price is above this level, the bullish trend will remain dominant in the upcoming sessions. Breaking it will put the price under the negative pressure again. The price may visit areas that start at 16.75 before any new attempt to rise. The EMA50 and stochastic continue to provide the positive support to the price with the next target located at 18.30. The expected trading range for today is between 17.50 support and 17.80 resistance.

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Global macro overview for 25/01/2018:

Good data from Germany hit the newswires.

The Ifo Business Climate index in Germany was better than expected as it was released at 117.6 points, which means that In January Ifo index increased from 117.2 points to 117.6 points The assessment of the current situation improved as well (127.7 points), but prospects for the future deteriorated a little(from 109.4 to 108.4 points).

The market participants await the event of the day which is the ECB interest rate decision and Mario Draghi's press conference. It can be understood that the markets will once again play the subject of the QE program ending in September, and possible interest rate hikes in 2019, but it is hard to imagine that the appreciation of the euro could take place at such a sudden pace as before. Today's "dovish" signals from the ECB, which for some will not be a surprise, may become a reason for correction of the euro rate. It is rather unlikely that the Bank has already decided to change its "language" in communication with the markets. Moreover, it looks like Mario Draghi will want to limit market speculation related to the possibility of interest rate hikes in the first quarter of 2019 and further euro appreciation. The ECB press conference after the rate decision will be the key event and should be in the center of attention for global investors today.

Let's now take a look at the EUR/JPY technical picture in the H4 timeframe. The market trades just above the technical support at the level of 134.97 and this long horizontal move might cause a breakout in either direction. Due to the weak momentum on somehow oversold market conditions, this consolidation might last for a while as there is no sign of hurry from the bull or bear camp so far. The congestion area is being maintained and the global investors should wait patiently for a decisive breakout.

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Global macro overview for 25/01/2018

US Treasury secretary Steven Mnuchin commented about the US Dollar price yesterday. He said that "naturally, a weak Dollar is good for us because it creates trade and opportunities." Thus, Mnuchin was signed up on the pages of history as the first secretary of the treasury from the early 90s who does not agitate for a strong currency. For some time, the market has been revolving around the issue of increased protectionism by the administration of President Trump and the revival of trade wars, and yesterday he received the proof that he would give up the dollar without hesitation. And Mnuchin himself is wrong. A weak Dollar can and will help domestic exporters to compete on foreign markets, but the US imports more than they export, so the Dollar's depreciation will blow up their trade deficit. The government's betting on the weakness of the currency undermines confidence in the Dollar as a reserve currency and scares off foreign capital willing to invest in the US. Of course, President Trump may think that the US economy itself is creating everything and does not need "bad" imports, which takes away the work of honest Americans. Whether the strategy will lead to the anticipated results, we will see in the near future.

Let's now take a look at the US Dollar index technical picture at the H4 time frame. The index has made another leg down to the level of 88.81 in deeply oversold market conditions. The key technical resistance is now at the level of 89.62 and only a sustained breakout above this level can be the first clue of incoming pull-back.

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BITCOIN Analysis for January 25, 2018

Bitcoin found a new resistance at $11,700 price area after taking out the recent resistance level of $11,500 with stable bullish gains. The recent price action with the bullish gains has been quite stable and expected to sustain but a breakout and retest off the trend line support has already lead the bears to pressurize bulls in the process. Recent bullish gains are quite remarkable as of the recent South Korean regulatory issues still persisting in the market. The price is still inside the range of $8000 to $12,000 price area where no definite trend move is expected until the price remains inside the range. As of the current scenario, the price is expected to proceed lower towards $10,000 price area with some correction and volatility along the way. As the price remains below $12,000 price area the bearish bias is expected to continue further.

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Fundamental Analysis of EUR/GBP for January 25, 2018

EUR/GBP is currently holding at the support area from 0.8690 to 0.8760 where GBP is now the dominant currency in the pair. Recently. in light of positive economic reports, GBP gained good momentum to push harder against EUR to break out of the range it has been stuck for a few months now. Recently, UK Average Earning Index report was published unchanged as expected at 2.5% and Unemployment Rate was also unchanged as expected at 4.3%. Moreover, UK Claimant Count Change decreased to 8.6k from the previous figure of 12.2k, though the result beats expectations of 2.3k, but a decrease of Unemployment Claims in Great Britain is indeed a positive sign after the recent hard political issues. On the other hand, EUR is struggling with mixed economic reports which are due today. Minimum Bid Rate report is going to be published which is expected to inject good amount of volatility in the market. Today, EUR Minimum Bid Rate report is expected to be unchanged at 0.0% and ECB Press Conference will follow after that which is also expected to be quite neutral. As for the current scenario, GBP is expected to gain momentum despite eurozone's high impact economic report and events this month. Some speculators expect the ECB to have no plans to change its interest rate this month as the economy has coped well and does not seem to be of great concern for GBP gains in the process.

Now let us look at the technical view. The price is currently residing at the edge of 0.8690 support area where a daily close below the level will open the doorway to 0.8400 support area for the price in the coming days. We might see some corrections along the way before the price breaks below 0.8690 and certain spikes would be no surprise. As the price remains below 0.88 price area, the bearish bias is expected to continue further.

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Intraday technical levels and trading recommendations for EUR/USD for January 25, 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 the 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 1.2200 where recent evidence of bearish rejection was expressed (Note the Monthly candlestick of last 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 expressed.

Bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, the market failed to apply significant bearish pressure against the mentioned zone (1.1415-1.1520).

Instead, In November, evident bullish recovery was manifested around the price zone of 1.1520-1.1415.

This hindered further bearish decline which allowed the current bullish pullback to occur towards the price level of 1.2100 which failed to pause the ongoing bullish momentum as well.

Daily persistence above 1.2150-1.2200 confirms a bullish flag continuation pattern with projected targets towards 1.2500.

Otherwise, bearish pullback may occur towards 1.2070 if a bearish breakout below 1.2160 is achieved on a daily basis (low probability).

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NZD/USD Intraday technical levels and trading recommendations for January 25, 2018

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Daily Outlook

In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated upcoming bearish reversal.

As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why, 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). An inverted Head and Shoulders pattern was expressed around these price levels.

The price zone of 0.7140-0.7250 (prominent Supply-Zone) failed to pause the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11.

That's why, the current bullish movement extended towards the price levels of 0.7320 and probably 0.7390.

A quick bullish movement was expected towards the depicted supply zone (0.7320-0.7390) where evident bearish rejection and a valid SELL entry is still expected.

Trade Recommendations:

Conservative traders should be looking for a valid SELL entry anywhere around the depicted supply zone (0.7320-0.7390).

S/L should be located above 0.7450. T/P levels should be located around 0.7230, 0.7150 and 0.7090.

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Fundamental Analysis of AUD/USD for January 25, 2018

AUD/USD is still trading in non-volatile bullish trend without any major retracement even towards the dynamic level of 20 EMA along the way. The weakness of USD lead to further impulsive gains of AUD whereas upbear economic reports from Australia helped its currency to sustain gains. Recently, Australia's MI Leading Index report was published with an increase to 0.3% from the previous value of 0.1% and CB Leading Index was unchanged at 0.3%. Without negative results in the recently published economic reports, AUD sustained the momentum ahead of the US preliminary GDP report which is due on Friday. Today, US Unemployment Claims report is going to be published which is expected to increase to 239k from the previous figure of 220k, Goods Trade Balance report is expected to show less deficit at –68.6B from the previous figure of -70.0B, New Home Sales is expected to decrease to 679k from the previous figure of 733k, but CB Leading Index is expected to have a slight increase to 0.5% from the previous value of 0.4%. Most of the forecasted results of US economic reports to be published today are quite negative that is expected to lead to further gains of AUD in the coming days. As for the current scenario, any positive figure in the US reports today and in the flash GDP report is expected to lead to some bearish pressure in the pair i.e. recovery of USD against AUD. However, AUD is expected to dominate further in the long term.

Now let us look at the technical view. The price is still in the area of Bearish Divergence where 0.81 resistance area is expected to hold the price and push lower towards the dynamic level of 20 EMA in the coming days. The volumes are not quite increasing with the gains of AUD in the current scenario, which is more probable to push the price lower. As the price remains below 0.81, the bearish bias is expected to continue to push the price lower with target towards 0.80 and dynamic level.

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USD/JPY analysis for January 25, 2018

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Recently, the USD/JPY pair has been trading downwards. The price tested the level of 108.73. Anyway, according to the 30M time – frame, I found a fake breakout of yesterday's low at the price of 108.96, which is a sign that selling looks risky. I also found a bullish engulfing candle pattern, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 109.50 and at the price of 110.03.

Resistance levels:

R1: 110.04

R2: 110.87

R3: 111.40

Support levels:

S1: 108.68

S2: 108.14

S3: 107.30

Trading recommendations for today: watch for potential buying opportunities.

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Bitcoin analysis for January 25, 2018

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The Bitcoin (BTC) has been trading sideways at the price of $11.270. Despite the warnings of the Israeli regulator that it won't tolerate bitcoin to get somehow backdoor listed on the Tel Aviv Stock Exchange, public companies keep pivoting into the field. The latest example is a firm that focused on oil refineries until now. All of a sudden it announced plans to sell bitcoin ATMs to casinos in Turkish occupied Northern Cyprus, and possibly Nigeria. Technical picture looks neutral to bearish.

Trading recommendations:

According to the 30M time - frame, I found broken bearish pennant pattern, which is a sign that buying looks risky. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The projected downward target is set at the price of $9.856.

Support/Resistance

$11.672 – Intraday resistance

$10.822– Intraday support

$9.856 – Objective target

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GBP/USD analysis for January 25, 2018

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.4328. According to the 30M time – frame, I found successful rejection of the upward trendline, which is a sign that buyers are in control. I also found an oversold stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4334 and at the price of 1.4430.

Resistance levels:

R1: 1.4335

R2: 1.4430

R3: 1.4600

Support levels:

S1: 1.4065

S2: 1.3895

S3: 1.3800

Trading recommendations for today: watch for potential buying opportunities.

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Bitcoin analysis for 25/01/2018

The ongoing World Economic Forum (WEF) 2018 has so far produced negative opinions about Bitcoin because economists, including Joseph Stiglitz, are preparing to proclaim the superiority of fiat money. "We have a good exchange medium called Dollar. Why do people want Bitcoin?"- asked Joseph Stiglitz, who was joined by the President of the National Bank of Switzerland, Thomas Jordan, who in his speech also supported the difficult limitations in the use of Bitcoin. Thomas Jordan adds: "There is an important rule: similar activities should be regulated in a similar way, and Bitcoin and other cryptocurrencies have certain features of other investment instruments. On the one hand, you can not restrict your use of cash too much, and on the other hand, allow completely anonymous instruments that can be used to a large extent for all kinds of transactions."

WEF traditionally gathered supporters, opponents and guardians of Blockchain and Bitcoin technologies. While cryptocurrency markets continue to fall this month, Bitcoin's price forecasts have become much more mundane. The economist awarded by the Nobel Prize, Robert Shiller, who in September 2017 described Bitcoin as "the best example of a bubble", said last week that he did not know what to do with Bitcoin.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market keeps consolidating in the zone between the levels of $9,813 - $11,143, but the possibility of a test of the recent low at the level of $9,200 is still high. On the other hand, the important levels to the upside are the weekly pivot at the level of $11,440 and local resistance at the level of $12,024.

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Trading plan for 25/01/2018

Asia joined to the US Dollar sell-off, although the first bars of trade in Europe bring some sort of a rebound. Inflation from New Zealand clearly disappointed by hitting NZD. EUR has a big day ahead with the ECB meeting. Nikkei 225 lost 1.1% and Hang Seng fell 0.4%.

On Thursday 25th of January, the main event of the day is the ECB Interest Rate Decision and Press Conference, but there are other important data scheduled for release, like German Ifo Business Climate data, Canadian Retail Sales data and Goods Trade Balance and Unemployment Claims data from the US.

EUR/USD analysis for 25/01/2018:

Usually, on the day of the ECB's decision, the market calmly expects afternoon events, but today it is different. The US Dollar sell-off has been sustained during the Asian session and it is only in the morning when the start of trade in Europe shows the first signs of calmness.

The European Central Bank will publish its decision and statement on today at 12:45 pm GMT. The global investors do not expect any changes in the parameters of monetary policy (the reference rate: 0.0%, deposit rate: -0.40%, asset purchase amount: EUR 30 billion / month). At 13:30 pm GMT a press conference of the President of the ECB, M. Draghi, is scheduled.

Let's now take a look at the EUR/USD technical picture at the H4 timeframe. The price has broken above the 127% Fibo Extension at the level of 1.2399, made a new high at the level of 1.2457 and currently tests the level of 1.2400 again. There is a clear bearish divergence between the price and the momentum oscillator present and the market conditions are overbought, so the lower levels are expected when the corrective cycle start.

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Market Snapshot: NZD/USD drops hard

The price of NZD/USD has made a new high at the level of 0.7437 and drop towards the level of 0.7332 after the worse than expected inflation data were released. If the level of 0.7332 is violated, then the chances of falling out of the channel are high. The clear bearish divergence between the price and the momentum indicator support the bearish view.

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Market Snapshot: DAX opened with a gap down

The price of German DAX index has opened with a gap down, just above the level of 13,336. Yesterday's daily candle close was close to the lows, so there is a high chance of a continuation of a drop towards the level of 13, 254. The clear bearish divergence supports the view.

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Before the ECB is a difficult choice

Yesterday, the US dollar collapsed to a three-year low after US Treasury Secretary Mnuchin expressed his approval for a decline in the interest rates. Mnuchin said that a weak dollar is good for trade and opportunities, confirming the fears of the market as the US government proceeds to implement measures of strict protectionism.

To correct the trade balance of the Trump administration, one must get rid of the image of a strong dollar. This is beyond doubt, a dangerous path, since a weak dollar will help to squeeze its sphere of application. However, the administration is confident that there'll be another exit, which may not be the case.

Eurozone

According to ZEW, the German business confidence index is one step from the update of the 30-month high. The January value reached the level of 20.4p while the forecast remains confidently optimistic. For the next 6 months, this criterion will supposedly gain 95.2p out of 100p. This is the strongest forecast from December 1991.

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The sentiment regarding the outlook for the eurozone also increased by 2.8p to 31.8p, which indicates optimistic expectations.

According to the European Commission, the level of consumer confidence in January has updated to the historic record and reached 1.3p. According to IHS Markit, the consolidated PMI of eurozone countries reached 58.6p, which is the highest since June 2006.

In general, the situation before the ECB meeting looks confidently positive. It is assumed that the ECB will leave the current policy unchanged, since it is still too early to cancel incentive measures because of weak inflation. At the same time, a sharp increase in the euro could force Draghi to change rhetoric at a press conference to bring down the bullish sentiment, as the eurozone is not fully ready to strengthen the currency. If Germany's safety margin is high, then for the countries of Eastern and Southern Europe, the profitability threshold is already close, if not overcome, and the rapid strengthening of the euro can negate all the achievements of the last two years.

No serious factor is yet to be seen in favor of the dollar and it will not be easy to bring down the bullish mood. The euro could make another spurt higher than 1.25 following the meeting which could lead to too high volatility. The chances of a corrective decline remain weak.

United Kingdom

Given the slowdown in inflation and weak data on retail sales in December, there were serious concerns that the report on the labor market will show a slowdown in real incomes. However, the report was better than expected. Unemployment remained at the same level of 4.3%, while the average wage without premiums increased by 2.5% in the last 3 months including November. This led to the formation of one more factor for strengthening the pound. This increased the chances of a rate hike by the Bank of Englan

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The pound reacted with rapid growth which, combined with the apparent weakness of the dollar, led to a cumulative effect. The pound came close to the level of 1.43, having played a full fall after Brexit. A few people expected such a scenario a month ago but now, only the technical overbought is on the side of the bears. Too many factors remain in favor of the pound's growth.

Strong resistance is seen at 1.4405 which is possibly near consolidation. There is no reason for a full-fledged turnaround. Correction requires positive news from the US, which looks unlikely at the moment.

Oil

Oil continues to be in the rising channel. The market does not see any reasons for the reversal of quotes. The IMF raised the forecast for world oil prices for 2018 by 9.7 dollars against the forecast in October 2017 to 59.9 dollars per barrel. The largest banks also adhered to confident bullish forecasts. Barclays raised the forecast for WTI from $ 55 to $ 60 / bbl, BNP Paribas sees the same level for WTI and $ 65 / bbl for Brent.

The growth of quotations is promoted by verbal interventions. In particular, it is the comments of the delegations of Russia and Saudi Arabia in Davos about the probability of prolongation of the OPEC + agreement for another half a year before the end of 2018.

OPEC + seems to have reached full internal agreement, since the restriction of production has led to an increase in real incomes without the intention to abandon its policy.

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Technical analysis of NZD/USD for January 25, 2018

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Overview:

  • The weekly pivot point is seen at the point of 0.7391. On the daily chart, the NZD/USD pair continued moving upwards from the level of 0.7260. Yesterday, the pair rose from the level of 0.7260 (weekly support) to the top around 0.7400. Today, the first support level is seen at 0.7260 followed by 0.7168, while daily resistance is seen at 0.7465. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7391 and 0.7465; for that we expect a range of 74 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 0.7465, we should see the pair climbing towards the double top (0.7557) to test it. On the contrary, if a breakout takes place at the support level of 0.7260, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7168 (50% Fibonacci retracement level).
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Technical analysis of USD/CHF for January 25, 2018

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Overview:

  • The USD/CHF pair has dropped sharply from the level of 0.9507 towards 0.9400. Now, the price is set at 0.9420 to act as a daily pivot point. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9507 and 0.9334 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9507 and 0.9593. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9507. Thereupon, the price spot of 0.9507/0.9593 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9507, sell below 0.9507 or 0.9450 with the first targets at 0.9334 and 0.9247. However, the stop loss should be located above the level of 0.9593.
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Ichimoku cloud indicator analysis of USDX for January 24, 2018

The Dollar index has reached our lower targets. Price remains in a bearish trend. The strength of the decline in the Dollar index has broken the bullish divergence signals. The Dollar index is approaching important Fibonacci support levels.

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Red lines - bearish channel

The Dollar index is trading below both the tenkan- and kijun-sen indicators. Resistance is at 89.45-89.77. Support is at 88.80 and next and most important at 88.50.

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Black line -long-term support

On a weekly basis the Dollar index is in a bearish trend. I believe we are close to the end of the downward move from 103. Important support level is at the 61.8% Fibonacci retracement at 88.50 and at the black trend line support at 87. I expect price to bounce strongly towards 92-94 area once this decline is over around 87-88.

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Ichimoku cloud indicator analysis of gold for January 24, 2018

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Red line -short-term resistance

Gold price is making new highs. Price is above both the tenkan- and the kijun-sen indicators. Support is at $1,342-$1,350. A pull back towards support can be seen today or even tomorrow. As long as price is above $1,320, the trend is bullish in the short term.

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Magenta line - resistance

Blue line - support

On a weekly basis trend remains bullish. Price is breaking above the long-term trend line resistance. Breaking above the $1,375 high would add strength to the bullish scenario. So far, all pull backs are being bought. Bulls are under the total control. This is not the time to be bearish.

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BITCOIN Analysis for January 24, 2018

Bitcoin has been quite impulsive with bullish gains recently which lead the price towards $11,500 price area before showing some bullish rejection off it. The expected range of $8,000 to $12,000 seems to be quite legitimate as the price has found the resistance boundary to consolidate inside the area quite well. The Bitcoin market seems to be stabilizing itself having pressures from the South Korean regulators. Moreover, the Bitcoin market seems to be quite low in liquidity due to diversified investment in ALT Coins, whereas the diversification impact is not quite as expected. As of the current scenario, after an impulsive bearish pressure off the $11,400 - $11,500 price area, the price is expected to proceed lower towards $10,000 again in the coming days. There is currently no definite trend whereas hedge traders are enjoying it by trading Bitcoin Futures. As the price remains inside the range of $8000 - $12,000 area, the corrective phase is expected to continue.

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