Forex Analysis
Ahsan Aslam
2015-01-26 15:54:30 UTC+00 28 min. ago
USD/JPY is expected to trade in a higher range. It is undermined by flows to the haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion as exit polls showed the Greek party Syriza leading in national elections on Sunday that heightened fears that Greece will eventually exit the eurozone. The pair is also weakened by Wall Street losses Friday, drop in Chicago Fed National Activity Index to -0.05 in December, weaker than expected MoM increase in the U.S. December existing home sales, lower Markit flash U.S. January manufacturing PMI of 53.7.
Ahsan Aslam
2015-01-26 15:41:52 UTC+00 41 min. ago
USD/CHF is expected to trade in a higher range. It is underpinned by the broadly firmer USD undertone (ICE spot dollar index hit nine-year high 95.481 Friday, last at 95.35 versus 94.21 early Friday). The pair is also supported by the franc sales on soft CHF/JPY cross, and negative Swiss interest rates, and the threat of SNB CHF-selling intervention. The daily chart is mixed as the MACD is in bearish mode, but stochastics is neutral.
Ahsan Aslam
2015-01-26 15:15:42 UTC+00 1 hour, 7 min. ago
NZD/USD is expected to consolidate with bearish bias. It is undermined by the expectations that the Reserve Bank of New Zealand will keep its rates for longer. The pair is also weakened by broadly firmer USD undertone, kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and weak commodity prices. NZD/USD losses are tempered by the kiwi demand on soft AUD/NZD cross and NZD-USD interest differential.
Petar Jacimoviс
2015-01-26 15:09:46 UTC+00 1 hour, 13 min. ago
Bullish corrective phase is in progress. I have placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 61.8% at the price of 1.5225. Be careful when buying EUR/NZD at this stage since we may expect reaction from sellers.
Petar Jacimoviс
2015-01-26 15:00:56 UTC+00 1 hour, 22 min. ago
Potential end of bearish corrective phase is around the price of 1,275.00. According to the H1 time frame, I have placed Fibonacci expansion levels to find potential end of bearish corrective phase and got Fibonacci expansion 161.8% at the price of 1,275.00 (held successfully) which is a sign that selling look risky. My advice is to wtach for potential buying opportunities on the lows.
Ahsan Aslam
2015-01-26 14:59:25 UTC+00 1 hour, 23 min. ago
GBP/JPY is expected to consolidate with bearish bias. It is undermined by the negative euro sentiment due to the large-scale ECB quantitative easing measures and fears over eventual Greece exit from the eurozone. The pair is also weakened by flows to the haven yen amid increased investor risk aversion and the Japanese exports. But GBP/JPY losses are tempered by the demand from Japan's importers.
Mohamed Samy
2015-01-26 14:44:52 UTC+00 1 hour, 38 min. ago
Bullish recovery was manifested on the H4 chart off the price level of 1.5030. However, since the pair hit the recent high around 1.5260, successive bearish pressure has been applied resulting in the flag pattern on the H4 chart. As anticipated, within such a strong bearish trend, the market failed to fixate above 1.5200 (the upper limit of the flag pattern) followed by H4 breakdown below 1.5150 and 1.5100. If so, further bearish tendency on the market should be anticipated towards 1.4930-1.4900 initially. The key-support level for today's movement is located at 1.4970 (Thursday's low). Fixation above it probably enhances bullish side of the market towards 1.5150, 1.5260.
Mohamed Samy
2015-01-26 14:36:01 UTC+00 1 hour, 46 min. ago
The daily chart shows: - The recently broken SUPPORT level at 1.4230 where the previous multiple prominent bottoms were established back in November 2014. This is the nearest RESISTANCE level. - The recent RESISTANCE level around 1.4400 where a newly established congestion zone was breached last week.
Mohamed Samy
2015-01-26 14:23:33 UTC+00 1 hour, 59 min. ago
The nearest SUPPORT zone to meet the USD/CAD pair is located around 1.2015 - 1.1950 where a recent consolidation zone was established as well as the broken upper limit of the depicted channel that waits for retesting. Otherwise, if bulls keep defending the recent INTRADAY SUPPORT around 1.2110, a new bullish swing may be established without further retesting of 1.1950.
Michael Becker
2015-01-26 14:08:05 UTC+00 2 hours, 14 min. ago
The market has already pushed further below the price level of 1.5140 (projection target of the bearish breakout) reaching the lower limit of the depicted bearish channel around 1.5050. Initially, the GBP/USD pair has shown bullish recovery off the price level of 1.5050. However, a bearish engulfing daily candlestick was expressed off 1.5210 followed by bearish spike reaching the price level of 1.5000. Note that bullish persistence above the recently visited low around 1.4950 enhances the bullish side of the market at least towards 1.5100.
Michael Becker
2015-01-26 13:56:14 UTC+00 2 hours, 26 min. ago
Currently, SELLING the EUR/USD pair should be avoided as much as possible at such historically low prices. Conservative traders should wait for a bullish pullback looking for better prices to SELL the pair off. On the other hand, BUYING the pair is considered a low-risk opportunity after such a steep decline especially after a daily candlestick that represents bullish reversal. The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.
Sebastian Seliga
2015-01-26 13:01:04 UTC+00 3 hours, 21 min. ago
The market step by step makes regular higher highs to complete the impulsive wave progression and trades in a very clear bullish golden channel. Please, notice this might be still a part of more complex corrective cycle in the wave iv black as the progression does not look clearly impulsive. This is why any breakout lower from the golden channel would directly expose the intraday support test at the level of 1.2309. However, the overall bias is still bullish as the wave v black still has not been made yet.
Sebastian Seliga
2015-01-26 12:45:38 UTC+00 3 hours, 37 min. ago
As it was anticipated last Friday, the market has hit the 131.05 level and now is bouncing back to the upside. This bounce might still be a part of the corrective cycle in the wave 4 blue, possibly in a shape of a triangle pattern, but any breakout higher above the level of 138.75 would indicate that the bottom for the wave 5 blue is in place. Nevertheless, on intraday time frames the market is still trading in the bearish zone and below the weekly pivot at the level of 132.95. Only a sustained breakout above the intraday resistance at the level of 134.19 would open road to test the level of 137.63. Otherwise a choppy trading conditions are expected.
Mourad El Keddani
2015-01-26 12:18:14 UTC+00 4 hours, 4 min. ago
The GBP/USD pair called for bearish market from the price of 1.5151 towards the level of 1.4950; but the EUR/USD pair recovered again to start going upwards close to 1.5039 today. This week, the levels of 1.5151 and 1.4950 represent the resistance 1 and the double bottom respectively. It should be noted that the range of the last week was not so large. It was around 262 pips. The support will be set at the level of 1.4889, but the double bottom is going to be set at 1.4950 today.
Mourad El Keddani
2015-01-26 11:51:12 UTC+00 4 hours, 31 min. ago
The price of the EUR/USD pair is going to move between 1.1332 and 1.1110. It should be noted that the market was very stable and trend was also very clear (downward) last week. We expect bearish market today from the area of 1.1332. Moreover, the weekly pivot point has been set at the 1.1332 level for that it will act as strong resistance. So, sell below the level of 1.1332 (this level represents the weekly pivot) with the first target of 1.1114, it might resume to 1.0988 tomorrow in order to test the weekly resistance one. However, the stop loss should be always taken into account, therefore, it will be very beneficial to set your stop loss at the price of 1.1363.
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