EUR continues to loose price against the Dollar. The price dropped to 1.1460 and then we had some 100 pips pullback. Currently the pair attempts to recover further using the profit taking from SHORT ahead of ECB later this week. We shall have also Germany's ZEW economic sentiment and Eurozone PMI which are expected to be better than previous so this may help the EUR to climb up to 1.1760 and even to test 1.2040 again. All indicators are bearish below 1.1570. First downside target is 1.1510 and then 1.1460 finally 1.1400. To the upside first resistance is 1.1570 then 1.1600-1.1660-1.1760

GOLD Has made a significant progress after last week's SNB decision. Maybe some market players have lost everything as the pair dropped heavily within parts of a second and the market was thrown into panic. The metal has broken 1254 resistance which is also the Daily SMA200 and is trading above it. Now we have the 1258-1268 support area which if not broken will continue to support the upside movement. Next resistance is at 1299-1303 area.

NZD is still in a period of consolidation but seems it is prepairing for and upside move soon. Weekly and Daily indicators are turning to bullish. First resistance is 0.7800, and below 0.7780 the pair may test support at 0.7750 and 0.7700 once again. If we break above 0.7810 on H4 the upside is very likely to continue to 0.7910.

AUD has already started to recover but the price still is pressed by 0.8230 resistance. Once above 0.8245 the upside will continue to 0.8275 and 0.8300. The pair is supported by 0.8180 and 0.8165. I expect the lst one to hold and if we have a drop it will be used to open some fresh LONG positions.

JPY continues to make some volatile moves between 118.0 and 116.00, as you may see the range is pretty wide. Indicators are  still mxed and do not give a clear direction for the future. I think the pair soon will continue the downside move but for this we need to break below 116.50. As long as the pair is above 117.35 upside is more likely to continue. We have a 116.50-117.35 dead zone where sideways trade will prerist.

GBP is not happy with the stronger Dollar too. The pair continues to drop and the Daily outlook is negative too. The price is bearish below 1.5150 and only above 1.5210 we have some chances of further recovery. However i expect if we have any upside it to be used for opening fresh SHORT positions. We have the BoE rate decision this week so some high volatility is expected here.  Above 1.5210 is the next resistance 1.5330 and finally 1.5410. To the downside below 1.5110 we shall target 1.5000 and even below.

RUB is in a consolidation. The pair has calmed down last week and now is above the first support at 64.70. Next support is at 62.90 followed by 60.40 and finally 55.60. It is good to know that only below 55.00 we are going to destroy the bullish outlook and to expect further RUB recovery. As long as we are above the first support the pair remains bullish, but some tests of 63.60 are still possible and they will not change bullish outlook.

For today:

SHORT EUR below 1.1560 SL 1.1570 TP 1.1520-1.1500-1.1475-1.1450

LONG EUR above 1.1610 SL 1.1600 TP 1.1640-1.1680-1.1750-1.1780

LONG GOLD above 1273 SL 1270 TP 1285-1293-1303

SHORT GOLD below 1270 SL 1273 TP 1254-1242-1231

Good luck!

Views: 490

Comment by Surjya on January 19, 2015 at 3:53pm

Thanks for your analysis. Already long in EU since Friday at 1.1553. TP 1.1700. Have moved SL from 1.1500 to 1.1570. Hope this time EU moves up. Had lost in my long EU last week before the SNB, where I was long at 1.1790 and SL was at 1.1750. Price had moved by almost 70 pips in my favour only to return and hit my SL. Presently 75+ pips profit. If it crosses 1.1665 then 1.1680 then my target at 1.1700

Comment by Abdul Rehman on January 20, 2015 at 6:31pm

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