Technical analysis on EU,GU and major pairs-part 2

[johny5]

Technical analysis of USD/JPY for January 09, 2015

Fundamental overview:
USD/JPY is expected to consolidate with a bullish bias after hitting a three-day high of 119.97 on Thursday as markets await 1330 GMT U.S. December non-farm payrolls (expected to have increased by 240,000) and unemployment rate (expected to have slipped to 5.7% from November's 5.8%). USD/JPY is underpinned by the yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 11.91 to 17.01; S&P 500 closed up 1.79% at 2,062.14 overnight) as expectations of continued accommodative monetary policy from major central banks stoked investor risk appetite. USD/JPY is also supported by the positive dollar sentiment (ICE spot dollar index hit nine-year high 92.528 Thursday, last at 92.31 versus 92.02 early Thursday), higher U.S. Treasury yields (10-year at 2.013% versus 1.952% late Wednesday), demand from Japan importers and the Bank of Japan's large-scale monetary easing policy. But the USD sentiment is dented by more-than-expected 294,000 U.S. jobless claims in a week ended Jan. 3 (versus forecast 290,000), less-than-expected $14.08 billion increase in U.S. November consumer credit (versus forecast +$15.0 billion). USD/JPY gains are also tempered by Japanese exports and positions adjustment ahead of the long weekend in Japan (financial markets in Japan are shut on Monday for a public holiday).
Technical comment:
The daily chart is mixed as MACD is bearish, the five-day moving average is below the 15-day moving average and declining but stochastics turned neutral.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 118.5. A break of this target will move the pair further downward to 118.05. The pivot point stands at 119.50. In case 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, a long position is recommended with the first target at 119.95 and the second target at 120.3.
Resistance levels: 119.95 120.3 120.65
Support levels: 118.50 118.05 117.75

Performed by Ahsan Aslam, Analytical expert

 

[johny5]

Technical analysis of gold for January 9, 2015

Gold price remains inside the trading range of $1,220 and $1,190 forming a sideways contracting triangle. The trend is neutral. Traders should better be patient and wait for a break out. Possible targets are $1,270 or $1,130 depending on the direction of the break.

Blue lines = contracting triangle
In the daily chart as shown above, we observe the medium-term trend being neutral as gold price is moving sideways inside a triangle. This consolidation does not help traders as there are many overlapping moves that confuse short-term traders. Best strategy is to wait for a breakout, or buy near support of $1,180, or sell near resistance of $1,235.

Performed by Alexandros Yfantis, Analytical expert

 

[johny5]

Daily analysis of silver for January 09, 2014

Overview Based on H4 chart, silver is still stabilizing between support at 16.00 and resistance level of 16.50 after its rebound from the Resistance level of 16.50 yesterday and its failure to break it. If silver continues its bearish move and manages to break the support level of 16.00 which is being tested now, it would give a strong indicator for the downward move and would open the way towards the support level of 15.50. Then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair fails to break the support level of 16.00 and reverses its downward move, it may be a good opportunity for bullish signals enabling the resistance level of 16.75 in order to test it again. The breakout of this resistance level will denote a bullish strength providing new buy signals from this level until reaching the resistance level of 17.00.
Resistance and support levels:
R3 (17.00), R2 (16.75), R1(16.50),
S1 (16.00), S2 (15.50), S3 (15.20)

Performed by Hossam Soliman Ali, Analytical expert

 

[johny5]

Intraday technical levels and trading recommendations for EUR/USD for January 12, 201

The market currently looks oversold below the price level of 1.2000 and 1.1950 (prominent psychological SUPPORT & the lower limit of the movement channel on the H4 chart).
Currently, selling the EUR/USD pair is considered a high-risk position at such historically low prices.
Bullish pullback should be anticipated looking for better prices to sell the pair off.
The price level of 1.1950 is the recently established SUPPLY level. Intraday short positions can be taken there provided that the market keeps trading below price level of 1.2000.

Performed by Michael Becker, Analytical expert

 

[johny5]

GBP/USD intraday technical levels and trading recommendations for January 12, 2015

Overview: The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.
Recently, the market failed to express a bullish breakout above the price level of 1.5760 (the upper limit of the daily bearish channel).
Instead, an extensive bearish pressure was applied against the price levels of 1.5540-1.5560 (this breakdown was successfully executed on December 23).
A daily closure below the recent bottoms established around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with "projection target" at 1.5300.
The market has already pushed further below this level reaching down to 1.5030 affected by the U.S. dollar strength these days.
The key-support zone for today's movement is located at 1.5100-1.5120. On the other hand, fixation above the price level of 1.5175 pauses the current bearish decline exposing price level of 1.5260, 1.5370 and 1.5410.
However, within such strong bearish trend, you should note that H4 fixation below 1.5100 indicates further bearish tendency on the market, probably, new lows below 1.5030 are going to be hit.

Performed by Mohamed Samy, Analytical expert

 

[johny5]

Technical analysis of USD/JPY for January 10, 2015

Fundamental overview:
USD/JPY is expected to trade in a lower range. Liquidity is thin in Asia on Monday as financial markets in Japan are shut for a public holiday. USD/JPY is undermined by the weaker dollar sentiment (ICE spot dollar index last 91.78 versus 92.31 early Friday) as weaker-than-expected 0.17% on-year rise in U.S. December average hourly earnings (versus forecast +0.2%) pushed back expectations for a Federal Reserve rate rise this year, overshadowing stronger-than-expected 252,000 increase in U.S. non-farm payrolls (versus +240,000 forecast) and lower-than-expected U.S. unemployment rate of 5.6% (versus forecast 5.7%). USD/JPY is also weighed by the selling of yen crosses amid decreased risk appetite (VIX fear gauge rose 3.17% to 17.55, S&P 500 closed 0.84% lower at 2,044.81 Friday) on the unexpectedly weak U.S. wage growth, lower U.S. Treasury yields (2-year at 0.577% versus 0.613% late Thursday), buy-yen orders from Japan's exporters. But USD sentiment is soothed by the larger-than-expected 0.8% increase in U.S. November wholesale inventories (versus forecast +0.4%). USD/JPY losses are also tempered by the sell-yen orders from Japan's importers and Bank of Japan's large-scale monetary easing policy.
Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 117.30. A break of this target will move the pair further downward to 117. The pivot point stands at 119. In case 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, a long position is recommended with the first target at 119.40 and the second target at 119.95.
Resistance levels: 119.40 119.95 120.35
Support levels: 117.30 117 116.75

Performed by Ahsan Aslam, Analytical expert

 

[johny5]

Technical analysis of USD/CHF for January 12, 2015

Fundamental overview:
USD/CHF is expected to trade in a lower range. It is undermined by the weaker dollar sentiment(ICE spot dollar index last 91.78 versus 92.31 early Friday) as weaker-than-expected 0.17% on-year rise in U.S. December average hourly earnings (versus forecast +0.2%) pushed back expectations for a Federal Reserve rate rise this year, overshadowing stronger-than-expected 252,000 increase in U.S. non-farm payrolls (versus +240,000 forecast) and lower-than-expected U.S. unemployment rate of 5.6% (versus forecast 5.7%). But CHF sentiment is dented by the softer-than-expected Switzerland December CPI of -0.3% on-year (versus forecast -0.2%). USD/CHF losses are also tempered by the franc sales on soft CHF/JPY cross and ultra-loose Swiss National Bank's monetary policy.
Technical comment:
Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics turned bearish at overbought levels.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 1.0090. A break of this target will move the pair further downward to 1.0030. The pivot point stands at 1.0175. In case 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, a long position is recommended with the first target at 1.0220 and the second target at 1.0250.
Resistance levels: 1.0220 1.0250 1.0275
Support levels: 1.0090 1.0030 0.9985

Performed by Ahsan Aslam, Analytical expert

 

[johny5]

Gold technical analysis for January 12, 2015

Gold price has started an upward breakout on Friday by breaking above $1,218 and the sideways consolidation range. Bulls are in control, but as long as price is below $1,235-40 bulls will need to be very cautious.

Gold price is forming a triangle on the daily chart, and this implies that bulls should not feel very confident unless we break out of this triangle pattern thus above $1,240. On the daily chart, prices are holding above the Ichimoku cloud but below the upper triangle boundaries. This is a good place to go short with stop reverse at $1,240. If resistance is broken, we should expect gold price to test $1,270-$1,300. A rejection at current levels could push the index towards $1,180 again.

Performed by Alexandros Yfantis, Analytical expert

 

[johny5]

Technical analysis of EUR/USD for January 13, 2015

When the European market opens, some economic news will be released such as Italian Industrial Production m/m, and German WPI m/m. Besides, the US will release the economic data too such as the IBD/TIPP Economic Optimism, JOLTS Job Openings, Federal Budget Balance, 10-y Bond Auction, JOLTS Job Openings, and NFIB Small Business Index. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.1897.
Strong Resistance:1.1890.
Original Resistance: 1.1879.
Inner Sell Area: 1.1868.
Target Inner Area: 1.1840.
Inner Buy Area: 1.1812.
Original Support: 1.1801.
Strong Support: 1.1790.
Breakout SELL Level: 1.1783.

Performed by Arief Makmur, Analytical expert

 

[johny5]

Daily analysis of GBP/USD for January 13, 2015

The GBP/USD pair was not marked by much activity during yesterday's session on the daily chart, as this pair continues to make retracements for the current bearish bias. Therefore, the GBP/USD pair could gain ground until the resistance level of 1.5266 in the coming days and this would be a good target for intraday traders. However, the bearish outlook remains alive in the long term.
Dailychart's resistance levels: 1.5266 / 1.5407
Dailychart's support levels: 1.5159 / 1.5015

Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5146, take profit is at 1.5110, and stop loss is at 1.5183.

Performed by Felipe Erazo, Analytical expert