USD/CAD intraday technical levels and trading recommendations for January 14, 2014 2014-01-14 cadddoo.png The USD/CAD bulls are pushing towards higher price levels (1.0900) that havent been reached since September 2009. The USD/CAD pair has been strongly bullish since September 16. The current Bullish momentum was initiated at retesting of 1.0250 (shown on the depicted chart). Daily fixation above 1.0570 enabled the pair to establish a consolidation range between 1.0575-1.0700 (the upper limit of which applied successive bearish rejections). Price Zone 1.0900-1.0950 corresponds to confluence of resistance (the upper limit of both depicted bullish channels). The current bullish stabilization above 1.0900 is mainly caused/maintained by the positive fundamental data releases in the United States. Technically, zone of 1.0900-1.0950 being tested today will probably provide a valid SELL entry for a corrective movement towards 1.0700 initially. DAILY closure above 1.0950 invalidates this bearish scenario for the short-term. Technical analysis of AUD/USD for January 15, 2014 2014-01-14 audusdh1.png Overview: The AUD/USD pair had risen from the strong level of 0.8866 and it had extended further to as high as 0.9070 yesterday but it closed at the 0.8962 level to day. It should be noted that the support will form at 0.8866 because this level has also formed double bottom on January 15, 2014. Furthermore, the price has set above 00% of Fibonacci retracement levels a week ago at the same level which set above for that we expect a saturation around the level of 0.8866. Hence, it is probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 0.8866 (61.8% of Fibonacci retracement levels ib H1 chart). Accordingly, buy above 0.8866 with the first target at 0.8975 besides it will call for downtrend in order to continue bearish towards 0.9035. On the other hand, if the bulls will have forced to pullback below the level of 0.8866 and sellers can break this level therefore the best solution to set a stop loss at the price of 0.8823. Technical analysis of GBP/USD for January 15, 2014 2014-01-14 The daily pivot point of the GBP/USD pair is 1.6405. 1389740822_gbpusdh1.png Overview: The GBP/USD pair will probably be trapped between 1.6373 and 1.6516 consequently; it is of the wisdom to be careful at this range area of 143 pips. In particular, it will be too meaningful to wait for a period of tight sideway range market before investing. Equally important, the level of 1.6373 formed a strong support, as well as this price is very conformity with 23.6% of the Fibonacci retracement levels. Thereupon, it is likely that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above the 0.6373 level with the first target of 1.6445 in order to retest the weekly pivot point and it will climb towards the price of 1.6516 for forming double top. Additionally, it should also be noted that the weekly resistance 1 for January 15-17, 2013 is set at 1.6553. However, If the the pair does not break this resistance, the market will indicate a bearish opportunity below 1.5660, then the level will act really as strong resistance, for that it will a good sign to sell below 1.6553 with the first target of 1.5503 and it will call for downtrend in order to continue bearish towards 1.6466 tomorrow. Technical analysis of USD/JPY for January 15, 2014 2014-01-14 !UJ15012014.jpg In Asia, Japan will release the M2 Money Stock y/y, 30-y Bond Auction, and Prelim Machine Tool Orders y/y, and the US will release some economic data such as US-PPI m/m, US-Empire State Manufacturing Index, and Crude Oil Inventories. So there is a big probability the USD/JPY will move with low to medium volatility during this day. TODAYs TECHNICAL LEVELS: Resistance. 3 : 104.91. Resistance. 2 : 104.71. Resistance. 1 : 104.50. Support. 1 : 104.25. Support. 2 : 104.05. Support. 3 : 103.84. DESCRIPTION: Please, pay attention to the levels of support 3 (103.84) and resistance 3 (104.91). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
Posted on: Wed, 15 Jan 2014 08:34:26 +0000
Trending Topics
Recently Viewed Topics
© 2015