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Daily Forex Analysis by Orbex

Discussion in 'Market Forecasts and Analysis' started by Orbex_Expert, Jan 6, 2016.

  1. Orbex_Expert

    Orbex_Expert

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    Daily Forex Preview – 06/01

    EURUSD Daily Pivots

    R3 1.0948
    R2 1.0893
    R1 1.0820

    Pivot 1.0765

    S1 1.0692
    S2 1.0637
    S3 1.0564

    [​IMG]

    EURUSD (1.07): The EURUSD is now into its fourth day of declines after prices fell through off 1.093 level of resistance earlier on 31st December. With the support near 1.07 now a key level, price action could be looking to post a modest pull back to 1.0837 ahead of further declines. With the neckline of the head and shoulders being breached, the pull back to 1.0815 - 1.0837 could mark a retest of the neckline which could signal a continued move lower. Support near 1.0633 - 1.06 is key to the downside. A break below this support could, however, push EURUSD steeper into losses with 1.054 being the next level of support that could be tested. To the upside, in the event prices fail to be capped near the neckline support turned resistance, a move higher could potentially invalidate the head and shoulders pattern.

    USDJPY Daily Pivots

    R3 120.480
    R2 120.084
    R1 119.573

    Pivot 119.178

    S1 118.667
    S2 118.271
    S3 117.759

    [​IMG]

    USDJPY (118.6): USDJPY posted another day of declines, marking a straight four days of a bearish momentum after prices posted a brief consolidation above 120.1. Support at 118.4 - 118.07 will be key as a break below this level on the daily chart could signal further downside. Plotting the new price channel, USDJPY has managed to post some bounces off the lower trend line of the price channel. However, a move above 119.145 is essential for any correction to be valid. The Stochastics still remains in the oversold area and the bearish divergence is starting to show up. Above 119.145 support, a move to 120.815 - 121.4 remains a key level to watch for.

    GBPUSD Daily Pivots

    R3 1.4808
    R2 1.4765
    R1 1.4720

    Pivot 1.4679

    S1 1.4632
    S2 1.4590
    S3 1.4545

    [​IMG]

    GBPUSD (1.46): GBPUSD is now trading near March 2015 lows at 1.465 in a steady decline and so far no evidence of any correction. Price action is however inside the support zone of 1.47 - 1.4635 which could offer some longer term bounce to the upside. The lows in price are not being confirmed by the Stochastics on the 4-hour chart, which could point to a move to the upside in the near term. 1.494 - 1.496 remains a key level to watch which could be tested for resistance if price manages to close above 1.47. To the downside, a break below 1.4635 could see prices test the next main round number at 1.46.
     
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  3. Orbex_Expert

    Orbex_Expert

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    Daily Forex Preview – 13/01


    EURUSD Daily Pivots

    R3 1.0978

    R2 1.0938

    R1 1.0898

    Pivot 1.0858

    S1 1.0818

    S2 1.0777

    S3 1.0736

    [​IMG]

    EURUSD (1.08): EURUSD formed a Doji pattern after previous two days of the decline off the resistance near 1.0939. A close below yesterday's low of 1.0819 is essential for EURUSD to decline further with 1.07 coming into the picture as the next main support level. Price action is currently trading at the main support of 1.0815 - 1.08 region. If the support holds and prices bounce back to the upside, the sentiment could potentially turn higher. Alternatively, a break below the support will see a dip lower with prices continuing to trade inside the falling price channel that is plotted.

    USDJPY Daily Pivots

    R3 118.899

    R2 118.486

    R1 118.056

    Pivot 117.643

    S1 117.214

    S2 116.801

    S3 116.376

    [​IMG]

    USDJPY (118.2): USDJPY is currently bullish having closed with a spinning bottom candlestick pattern yesterday. Prices are currently testing the support at 118.4 region and a daily close above this support could see further moves to the upside. On the 4-hour chart, the support at 117.752 is seen to be well established and a breakout from the falling price channel will likely see a test to 119.144 resistance. Above this resistance, the next main leg higher would be towards 120.815. To the downside, if the 119.144 resistance holds, price action could remain range bound in USDJPY between 119.144 and 117.8.

    GBPUSD Daily Pivots

    R3 1.4761

    R2 1.4661

    R1 1.4553

    Pivot 1.4453

    S1 1.4344

    S2 1.4244

    S3 1.4137
    [​IMG]


    GBPUSD (1.44): GBPUSD saw a strong decline yesterday but prices were rejected below 1.443 as a touch down to the day's lower median line. On the 4-hour chart, it resulted in a strong long legged Doji being formed with prices promptly closing above the doji's high. A continued move higher could see a potential test to 1.4653 - 1.47 level of resistance to mark a correction to the strong downtrend.
     
  4. Orbex_Expert

    Orbex_Expert

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    Daily Forex Technical Preview – 19/01


    The markets look to have taken the China GDP data in their stride despite the numbers missing expectations by a soft margin. Today's main event will be the Eurozone inflation numbers which come ahead of the ECB's monetary policy decision later this week and could pose some risk to the EUR crosses. Also, on the agenda will be the UK inflation numbers followed by the New Zealand quarterly inflation in the overnight trading session.

    EURUSD Daily Analysis
    [​IMG]

    EURUSD (1.08): EURUSD is now into its 8th day of sideways price action within 1.0939 - 1.08 levels of resistance and support. So far, the daily charts show inconclusive price action and the sideways pattern is likely to continue over the next few sessions. On the 4-hour chart time frame, we notice price action trading near the lower trend line of the minor price channel within the larger falling price channel. A break of the trend line could see a move lower to test the H4 support at 1.083 - 1.0823. Only a break below this support will confirm further moves to the downside with a test to 1.07 coming into the picture where the previous low was formed.

    USDJPY Daily Analysis

    [​IMG]
    USDJPY (117.7): USDJPY is currently bullish and a higher close today could mark a two-day session gains. However with the price still trading below 118.4 - 118 support, a close above this region is required, failing which resistance could be established at this level and cap any gains, while opening up the downside towards 116.22. Price action also firmly remains within last Friday's high and low. Therefore, a breakout above 118.4 or below 116.585 is needed for further price action to follow through. On the H4 chart time frame, USDJPY has managed to close above 117.15 support, which now opens the way for a test to the main resistance at 118.4 - 118 region.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.42): GBPUSD closed on a bearish note yesterday with the price action showing some exhaustion. We can, therefore, expect to see GBPUSD potentially make a higher close or a doji at the current lows. Price remains trading near the lower trend line of the falling price channel with the consolidation falling wedge pattern coming into play. We anticipate an upside breakout, which could see GBPUSD potentially test 1.4465 to test for resistance. A close below the previous lows could, however, see further downside in GBPUSD.

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1088): Gold prices closed with a doji pattern yesterday and a bearish close today could signal some downside moves in prices. The H4 chart shows prices being capped near 1093 but Gold has barely moved lower off this resistance. Support at 1079 - 1080 is to watch for as a potential move lower is likely to see this support being tested. A break below 1080 could signal a stronger correction down to 1062 - 1058 major support. To the upside, above 1093, a retest to the previous highs at 1110 is possible.
     
  5. Orbex_Expert

    Orbex_Expert

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    Daily Forex Technical Preview – 21/01


    The markets continued to trade in a risk-off mode with the Euro, Yen and Gold continuing to make steady gains. Yesterday, US inflation data remained weak adding to the woes while the British Pound failed to capitalize on a better than expected unemployment rate. The main events today include the ECB's monetary policy decision and press conference which is likely to see the Central bank lay out the plans for the near term. The Euro is likely to be at risk into the event.

    EURUSD Daily Analysis
    [​IMG]

    EURUSD (1.08): EURUSD saw price rejection above 1.094 resistance marking the fourth rejection near this resistance level in the past 12 daily sessions. With prices remaining range bound, a potential for a momentum led breakout is expected sooner. Support at 1.0837 - 1.08 is the key level to watch to the downside while 1.11 resistance could be tested if prices break to the upside. On the 4-hour chart, adjust the falling price channel, we notice EURUSD attempting to break out from the minor rising price channel. The current retest is likely to stall near 1.09 and if successful could see a move lower. In any case, only a break below the support at 1.083 - 1.0823 will confirm a further move lower.

    USDJPY Daily Analysis
    [​IMG]

    USDJPY (116.9): USDJPY tested the lows of 116 yesterday as expected. Price action is likely to stay range bound between 118 and 116 with a breakout of any of these levels likely to set the directional bias. On the 4-hour chart, 116.5 remains a key level to watch for. If support is established here, USDJPY could be looking at a potential break higher towards 120.20 level, while if support at 116.5 fails to hold prices, a move lower could be expected. However, with strong rejection candlesticks seen below 116.5 the bias for the moment remains flat unless we see evidence of the support at 116.5 holding for now.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.41): GBPUSD closed a modestly bullish note yesterday with prices making a lower low. A follow through today with a higher low and a bullish close could potentially signal a move to the upside in the near term while 1.40 remains the next level to watch to the downside. The 4-hour chart remains weak and biased to the downside for the moment. Minor support at 1.42425 is key for now as a close above this level could signal a move higher, while if 1.42425 acts as resistance, GBPUSD could potentially remain weak and biased to the downside.

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1102): Gold remains trading below 1093 resistance but price action on the 4-hour chart is showing an inverse head and shoulders pattern with 1093 neckline. A break above 1093 could see Gold rally to as much as 1114 in the medium term. On the daily charts, however, price action has closed two straight days with Gold closed on a bullish note yesterday after marking two days of indecision. With the 1093 resistance being broken, Gold prices could be looking to push higher towards 1110 high, tested previously on 7th January this year. However, with price rejection only a few sessions ago, resistance is likely to be established near 1110 - 1115 price zone. Failure to break higher could potentially see Gold prices reverse back to 1093 to establish support following 1080 on a break lower.
     
  6. Orbex_Expert

    Orbex_Expert

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    Daily Forex Technical Preview – 22/01


    The markets got a breather yesterday as a dovish Mario Draghi sent the Euro lower giving the US Dollar some boost. The Yen is weaker in today's trading with the equity markets trending higher as well which could see some short-term recovery in the markets. Looking ahead, the main economic events to watch for today include an early speech by Draghi followed by flash PMI numbers from the Eurozone. UK's retail sales numbers are due while in the NY session Canada's inflation and retail sales data is expected.

    EURUSD Daily Analysis
    [​IMG]

    EURUSD (1.08): EURUSD tested the main support at 1.0837 - 1.0802 yesterday but closed back higher. Yesterday's price action also marks the break of the minor trend line connecting the lows of 6th and 13th January. A follow through today with a close below 1.08 could signal a move lower to 1.0733 support which is next in line. However, with prices still trading above the support level, the bias remains flat for the moment unless we see a significant break of the support level. Below 1.0733, the next main support comes in at 1.0631 as we expect to see prices bounce off 1.0733 to rally back and potentially establish resistance at the newly broken support zone.

    USDJPY Daily Analysis
    [​IMG]

    USDJPY (118.0): USDJPY formed a minor bullish engulfing candlestick pattern yesterday but price action still remains biased to the downside as prices trade below 118 - 118.4 resistance. On the 4-hour chart, the Stochastics oscillator has moved into the overbought level currently and we expect to see a minor pullback to this short rally. If prices are supported above 116.5, USDJPY could be potentially looking to rally in the near term with 120.20 coming into the picture. To the downside, failure of 116.5 support could push USDJPY back below this region with 115 coming into the picture.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.42): GBPUSD formed a second consecutive day of a modest bullish close. A close above yesterday's high at 1.425 could signal a short-term move to the upside, which is also supported by the Stochastics oscillator which is in the oversold levels on the daily chart. On the 4-hour chart, price action has bounced off strongly from the 1.41 support and also formed a bullish engulfing pattern but prices were rejected near the 1.4245 resistance. A potential decline lowers ahead of a break of the 1.4245 resistance could signal a move higher with 1.4465 being the next main target in question.

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1099): Gold closed on a doji pattern yesterday coming off a bullish session previously, but with 1093.5 resistance being tested for support the bias remains to the upside. Current price action shows a potential for another leg in the decline down to the support level that is established. A close near this level could make for a more convincing price action for a move to the upside. 1110 remains the key level to watch for following a break above could see Gold push to 1140 - 1150 levels. To the downside, 1093 is key as a break below this support could signal a test down to 1080.
     
  7. Orbex_Expert

    Orbex_Expert

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    BoJ action sends USDJPY to a one-month high


    Daily Forex Market Preview, 29/01/2015

    The Bank of Japan surprised the markets today by introducing negative interest rates sending the Greenback to post a one-month high against the Yen. The markets were expecting to see no action from the BoJ at this meeting. However, gains in USDJPY are likely to be short-lived as global risk aversion remains the main theme and with none of the Central Banks offering anything to soothe investor sentiment, USDJPY could be potentially paring back their gains. US preliminary GDP number is due for release during the NY trading session today.

    EURUSD Daily Analysis
    [​IMG]

    EURUSD (1.09): EURUSD rallied to the neckline resistance of 1.095 - 1.0932 yesterday and now forms the inverse head and shoulder pattern. A price breakout above 1.095 is required for EURUSD to book further gains. The inverse head and shoulders pattern, if successful could see a test to as much as 1.1081. To the downside, price action could see a test of support near 1.0867 - 1.089 support. As long as this support holds, EURUSD could be biased to the upside for a break above the neckline. Alternatively, failure to support prices near 1.0867 - 1.089 could signal a move lower back to the right shoulder' lower near 1.08165 and could potentially invalidate this pattern.

    USDJPY Daily Analysis
    [​IMG]

    USDJPY (120.2): USDJPY managed to stage a strong rally on the BoJ's decision earlier today. Prices briefly tested session highs of 121.425 before easing back. The daily chart for USDJPY shows a hidden bearish divergence in play which could see the currency dip back to 118.5 support as long as prices remain below the recently tested price zone of 121.7 - 121.20. A decline down to 118.5 region would mark a test of support which if holds could see USDJPY attempt another go at the 121 price level, this time potentially with a close rather than a high. Failure to support prices near 118.5 - 118 level could see move back lower down to 116.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.43): GBPUSD was mostly range bound yesterday as the currency pair managed to trim the losses from the previous day's bearish price action. GBPUSD closed yesterday at 1.43619. Price action is likely to stay range bound within 1.4375 - 1.42 region unless we see a breakout to the upside. A retest back to the broken resistance level at 1.4375 to establish support could see GBPUSD attempt to rally higher to test 1.45 levels while to the downside a break below 1.42 support could see a move lower below the previous lows at 1.41.

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1114.2): Gold prices reversed their gains yesterday to close on a bearish note. The further downside could be expected if price follows through with 1104 coming in at the first level of support. 1117.16 is the new minor resistance that has been formed as long as Gold remains below this level, we could expect a short-term move lower within the 1110 - 1100 price band. A break above 117.16 could however open up further upside for Gold. Support at 1100 will be key as a break below 1080 could signal a bearish bias.
     
  8. Orbex_Expert

    Orbex_Expert

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    GBPUSD surges ahead while Gold test a new monthly high

    Daily Forex Market Preview, 02/02/2016

    The Pound sterling managed to make strong gains yesterday on better than expected to manufacture PMI data, but the upside is likely to be limited. Meanwhile, Gold managed to post a new one-month high, briefly trading near $1130 before easing back on weaker China PMI and a modest risk aversion.

    EURUSD Daily Analysis
    [​IMG]

    EURUSD (1.09): EURUSD remains range bound in what is now a straight two months since December of 2015. A test back to 1.093 resistance is quite likely and if EURUSD doesn't break higher, a decline back to lows of 1.08165 is evident. The inverted head and shoulders pattern is also likely to come under pressure as failure to break the neckline could see the right shoulder's low likely to be broken. The median line which is adjusted to account for the recent price action shows a very likely move to 1.0867 to test for support. As long as 1.08165 holds, EURUSD could be looking higher, while a break below 1.08165 could see a test below previous lows towards 1.07345.

    USDJPY Daily Analysis

    [​IMG]
    USDJPY (120.4): USDJPY is attempting to reverse after price action stalled near 121.5 - 120.85 resistance level. A decline below could see a test to 119.68 which marks a dynamic support of the 50 period moving average. The Stochastics on the daily chart shows a hidden bearish divergence which could see USDJPY decline to as low at 118.5 levels to establish support. On the 4-hour chart, USDJPY is falling back into the median line with the resistance at 121.2 - 121.5 being established, the support near 118.5 is very likely if prices manage to break below 119.68 dynamic support.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.43): GBPUSD posted strong gains yesterday on modestly better PMI, indicating that the bearish momentum is likely to show signs of exhaustion. Price action, however, remains range bound for nearly past 5 daily sessions. After having broken above the resistance at 1.4375, GBPUSD is posting some decline lower. A break of the trend line could, however, see GBPUSD test back to the previous lows near 1.42.

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1125.45): Gold prices were bullish yesterday but price action is retreating off the one-month highs near 1130. Support at 1104 is most likely to be tested if we see a follow through to the downside. The 4-hour chart shows price action breaking lower following an outside bar being formed. 1117 - 1116 is the immediate support level of interest which could offer some short-term bounce in prices, following at test to 1104 - 1100 level of support.
     
  9. Orbex_Expert

    Orbex_Expert

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    Risk aversion prevails on Oil plunge

    Daily Forex Market Preview, 03/02/2016

    WTI Crude Oil posted strong declines yesterday and dragging the commodity risk assets as well. The Yen strengthened on the risk aversion as investors sought the safety of the safe-haven Yen despite last week's BoJ's policy actions. The Yen kept its gains despite BoJ's Kuroda commenting that the Central Bank had lots of room to ramp up easing. Gold prices continue to remain supported to the upside.

    EURUSD Daily Analysis

    [​IMG]
    EURUSD (1.091): EURUSD continued its ascent after testing down to the previous support near 1.0816 - 1.0834 support to rally back to the neckline resistance of the inverse head and shoulders pattern formed on the 4-hour chart. Failure to clear the resistance between 1.095 - 1.093 could signal another leg lower down to 1.0867 and could potentially start to invalidate the inverse head and shoulders pattern. The move to the downside could see a decline to as low as 1.0735 lows formed around the 5th - 7th January and could potentially expose the lower support to 1.0625 that was formed in early December last year.

    USDJPY Daily Analysis
    [​IMG]

    USDJPY (119.5): USDJPY is now into the third day of declines after rallying to 121.25 resistance. Price action is likely to dip lower to 118.0 - 118.5 level of support. The bias in USDJPY remains to the upside as long as the support holds, which could see another attempt to break above the previous resistance level. Alternatively, in the event of a break below 118.0 - 118.5 support, further declines are likely. Price action is currently trading near the Median line which could offer a short-term dynamic support. A retest back to 120.52 cannot be ruled out but as long as prices remain below 120.52, a test to 118 - 118.5 is very much possible. The 4-hour Stochastics oscillator is currently in the oversold levels, indicating a short-term bounce very likely and confirming a possible rally to 120.520.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.44): Price action formed a near hammer pattern on the daily chart while the hidden bearish divergence still remains in play, indicating a move to the downside. On the 4-hour chart, GBPUSD is supported above 1.4375 - 1.436 support level, but failure to rally higher is likely to see the momentum exhausting. A dip below the support is likely for GBPUSD to retest the previous lows near 1.4183 - 1.421. The series of doji candlesticks being formed currently continue to show indecision in the market but opens the potential to a breakout in either direction

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1128): Gold prices closed in a doji candlestick pattern yesterday after briefly testing $1130. A daily close below the doji's low at $1122.41 could potentially signal a move to the downside. The Stochastics oscillator is also failing to print higher highs pointing to a potential bearish divergence which could see prices correct lower to 1080 on a break below 1100 handle. Alternatively, watch for 1117.16 support, which if holds could send Gold prices potentially back to the current levels near $1130, if not higher..
     
  10. Orbex_Expert

    Orbex_Expert

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    Gold remains bullish above 1145 - 1140


    Daily Forex Market Preview, 05/02/2016


    The markets were unrelenting yesterday as EURUSD posted new monthly highs including Gold while USDJPY continued to fall back to below the 117 handle. The January payrolls report from the US is due today which is likely to be key to either further weaken or help the US Dollar recoup its losses. Meanwhile, Gold and EURUSD remain poised for further gains while GBPUSD is likely to see some downside if prices close below yesterday’s low of 1.453

    EURUSD Daily Analysis
    [​IMG]

    EURUSD (1.11): EURUSD closed near the main resistance between 1.13 - 1.12 on the daily chart while also forming a bearish divergence to the Stochastics. A decline is likely to be limited to 1.105 - 1.095 region, which would mark a retest of the inverse head and shoulders neckline resistance. Establishing support here could signal a further move to the upside as long as the previous low near 1.0816 is not breached.

    USDJPY Daily Analysis
    [​IMG]

    USDJPY (116.74): The Dollar remains weak against the Yen as price action broke below 117.25 - 117 level of support. The next leg lower could see a test to 116 low, previously tested briefly around 20th January. The bias remains to the downside, with any pullbacks limited to 118.395 - 119 level in the near term. Only a convincing close above 119 could see the potential for a move to the upside. For the moment, there is a small dynamic support being formed at the current levels near 117, which should see USDJPY attempt to gain back to 119.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.45): After posting strong gains earlier this week, GBPUSD closed with a doji candlestick pattern on the daily chart yesterday. The doji close comes near the main resistance level of 1.474 - 1.4635 and the recent high is marked by a hidden bearish divergence to the Stochastics. A move to the downside is, therefore, likely with 1.443 - 1.437 coming in as the main support to the downside. As long as prices hold above this support, GBPUSD remains biased to the upside, but a risk of breaking this support could see price action easily decline lower to 1.42

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1145): Gold prices have stayed in the forefront posting strong gains over the past weeks. Price action is currently flat below 1160 resistance and a leg lower could see prices test back to 1145 - 1140 minor support. As long as prices remain above this support, Gold could be looking to make further gains to the upside. The bias shifts if price action closes below 1140 which could then open room for a further decline down to 1110 - 1100 region.
     
  11. Orbex_Expert

    Orbex_Expert

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    Gold test $1200, EURUSD back at pre-NFP levels

    Daily Forex Market Preview, 09/02/2016

    The markets remained a bullish mode against the US Dollar yesterday with Gold testing the highs of $1200 yesterday while the USDJPY fell to a 14-month low. EURUSD managed to rally back to 1.12 region, the same levels where the currency was trading before the NFP. However, pullbacks are expected in the near term while the bias remains bullish for most of the currencies against the Greenback.

    EURUSD Daily Analysis
    [​IMG]

    EURUSD (1.12): The Euro managed to post some gains against the US Dollar yesterday with prices closing bullish back near the main resistance level of 1.13 - 1.12 region. On the 4-hour chart, the Stochastics has failed to confirm the highs in price and instead, printed a lower high, marking a potential correction to the downside. The bearish divergence could be validated if EURUSD can close below 1.113 - 1.1105 level of minor support that has been formed. This could potentially mark a correction down to the expected support at 1.095 - 1.093.

    USDJPY Daily Analysis
    [​IMG]

    USDJPY (114.7): USDJPY closed bearish yesterday after failing to rally off the spinning bottom candlestick pattern. With prices trading below 117.05 - 116.21 support, any upside gains are likely to be capped near this potential resistance level. However, the hidden bearish divergence on the daily chart is still at play and a correction to 120.84 region is very likely provided prices manage to close above the previous high of 115.215 and possibly establish support above this level, which could see a run back up to 117.25 - 117 region where a resistance level is likely to keep prices consolidated.

    GBPUSD Daily Analysis

    [​IMG]
    GBPUSD (1.44): Following Friday's doji candlestick pattern, GBPUSD has continued to push lower with price action currently at 1.443. Support is identified near 1.43 - 1.435 region which could be tested in the near term. However, the bias in GBPUSD remains to the upside as long as this support holds, with a potential rally to 1.4635 coming in as the first level of resistance to the upside. A break below 1.43 could, however, signal a move lower down to 1.4185 and could risk price action to consolidate.

    Gold Daily Analysis

    [​IMG]
    XAUUSD (1192): Gold prices have touched a new high near $1200 yesterday but only on a high. A possible move back to close near 1200 is more likely, which could mark a strong correction. Above 1200, 1230 comes in as the next main resistance followed by 1250. To the downside, support is established near 1145 - 1130 region and Gold could potentially dip back to this level for a move higher with the possibility of a test back to 1230 - 1250. The strong momentum led gains in Gold, however, could see a decline sooner than later. Below 1130, 1098 - 1100 remains the key level of interest.
     
  12. Orbex_Expert

    Orbex_Expert

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    Gold Forms A Doji Below 1200
    The precious metal's rally over the past six weeks has seen one of the sharp gains that weren’t typical of an asset which has been repeatedly hammered by the bears. The pop in Gold prices this week saw prices testing the $1200 psychological barrier, and one which was achieved rather quickly. From our previous analysis, we set an initial target to 1154, based on the Cup and Handle pattern, but the gains made 1154 a rather conservative level in hindsight with absolutely no pullbacks either. This strong momentum led gains could, however, pose a risk of a strong reversal on the lack of any support levels being formed. It was not only Gold but Silver as well which surged strongly, testing the 15.4 resistance level in just under two weeks, after forming a base near 13.86.

    Gold - Technical Outlook
    Starting with the weekly chart for Gold, we notice a major resistance level near the 1200 - 1176 handle. Prices previously tested 1176 before falling lower to post new lows near 1040 -1050 levels. Overall, there is scope for Gold to form a potential longer term inverse head and shoulders pattern, if the resistance at 1200 holds from a weekly time frame. 1087 - 1090 levels look to be an ideal retracement if indeed Gold manages to pull back, forming a potentially bullish right shoulder. Of course, a breakout above 1176 - 1200 level would be required to follow up on such a scenario.

    [​IMG]
    Gold – Weekly Chart Potential Inverse Head and Shoulders Pattern in the making
    On the daily chart for Gold, we notice a strong hidden bearish divergence being formed with the support level of 1089 - 1078 marking a retest of this broken resistance level to establish support. If indeed prices move lower, we could expect to see this pullback coinciding with the weekly chart's potential right shoulder level. However, in order for 1089 - 1078 levels to be tested for support, Gold will need to break down the cup and handle's neckline level of 1108 - 1099. As of yesterday’s close, Gold prices closed with a doji candlestick pattern indicating indecision. The doji pattern just below the 1200 resistance after strong rally points to a potential decline or correction in the near term.

    [​IMG]
    Gold – D1 Chart, Doji below the 1200 resistance
    In conclusion, Gold’s outlook remains bullish as $1100 support is now key. Even a break lower to 1080 could still keep Gold biased to the upside on a potential inverse head and shoulders that could be formed. To the upside, a pullback in Gold prices is well overdue.

    Silver - Technical Outlook
    With prices now trading in the resistance zone of 15.40 - 15.09, there is a possibility of a decline lower back to the minor support at 14.60 - 14.40. The move lower is supported by the first and minor weekly trend line. A pop higher above 15.4 could potentially push Silver prices to October 2015 highs of 16 and above.

    [​IMG]
    Silver – Weekly Chart, Price at resistance (15.4 – 15.0)
    On the daily chart for Silver, we notice prices trading near the outer median line following a strong momentum led a breakout. Support now comes in at 15.0 round number and only a break below this support will take Silver lower to 14.40 where a pending test of support on a previously broken resistance level could strongly support prices. The bias in Silver remains to the upside as long as 14.40 support does not give way, in which case a retest back to 15.4 is likely with a potential break higher to 16.0 handles.

    [​IMG]
    Silver – Daily Chart, 15.0 initial support
    In conclusion, Silver prices remain biased to the upside, with $15.0 coming in as a strong support level. A move to $16 cannot be ruled out and only a close below 14.4 – 14.5 will see the bearish trend resume.
     
  13. Orbex_Expert

    Orbex_Expert

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    Dollar remains weak with EUR and Yen trending stronger

    Daily Forex Market Preview, 12/02/2016

    The US Dollar continued to remain weak with the Euro and the Yen benefiting from the safe-haven flows. Janet Yellen’s second day of testimony did not offer much to the markets with the Yen touching a year low below 112 while EURUSD was seen trading back above the pre-QE levels of 1.133. Gold prices also kept up the prices with $1250 handle being tested yesterday. US retail sales numbers and UoM inflation expectations are due today which could see further volatility coming into the markets.

    EURUSD Daily Analysis
    [​IMG]

    EURUSD (1.13): The Euro remains bullish against the Dollar, after breaching the 1.13 handle. The strong rally off the 1.095 - 1.10 handle has seen a quick run up and it is likely that prices could risk a move lower. On the 4-hour chart, prices are now showing consolidation after the rising wedge pattern was formed. At 1.1335, EURUSD has formed a series of spinning top/doji patterns which indicate exhaustion to the rally. Currently, following a doji candlestick pattern, prices are trading just below the 1.1335 resistance level. Failure to rally above this resistance could see a move down to 1.1130 - 1.1105 level of support. This correction should potentially see another leg higher. However, if 1.1130 - 1.1105 support fails, EURUSD could be looking to sharper decline to 1.105 - 1.093.

    USDJPY Daily Analysis

    [​IMG]
    USDJPY (111.9): Price action remains bearish but with 112.00 being reclaimed, USDJPY could be looking to a move higher in the near term. Prices briefly broke down below 112 support yesterday but failed to close. A higher close today or a close above 112 could signal a potential retracement. Besides the horizontal support, prices are also finding dynamic support off the lower median line and the steep price channel that was formed. While a pullback looks weak at this point, a break below 112 could signal further declines to as low as 110.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.44): GBPUSD remains to consolidate below the 1.4635 resistance and the 1.443 support. Prices tested the minor support and resistance level at 1.457 yesterday but failure to decline lower to 1.435 to establish support is likely to keep GBPUSD trading sideways. The bearish divergence remains in play which could see a correction to the lower support at 1.435 - 1.43 region. In the event prices break above 1.457, GBPUSD will need to break above 1.4635 in order to post new highs.

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1242): Gold prices breached a new high yesterday as prices broke above the $1250 handle. However, prices were firmly rejected at the highs. The rather steep price action points to a potential risk of a downside move in Gold with the first minor trend line acting as the first line of defense. A break of this trend line could see a dip back to 1200, followed by 1130. Establishing support at 1200 could see further upside with 1250 coming in as a the initial level of resistance.
     
  14. Orbex_Expert

    Orbex_Expert

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    GBP awaits inflation data

    Daily Forex Market Preview, 16/02/2016

    With the markets now into their second consecutive day of declining against the US Dollar, there is a broad market pattern that indicates a potential pullback in the US Dollar, giving rise to a short-term bounce/correction in the recent market declines. The British Pound, however, is the exception as the monthly inflation numbers are due for release later today.

    EURUSD Daily Analysis

    [​IMG]
    EURUSD (1.11): EURUSD continued to decline for the second consecutive day closing below the doji low from 10th February at 1.1154. A continuation of this decline is likely to see a test to 1.113 - 1.11 support. A bounce of this support in the near term could keep EURUSD range bound before the support is tested once again. In the event of a break below 1.11, 1.095 - 1.0933 will be the next level of support that could be broken. The upside gains are limited as long as EURUSD trades below 1.1335 resistance.

    USDJPY Daily Analysis
    [​IMG]

    USDJPY (114.6): USDJPY closed on a bullish note, breaking to the upside from the inside bar that was formed previously. Prices remain biased to the upside, with a test of 117.25 - 117.0 now being likely to be tested for resistance after the support gave way previously. There is scope for a pullback to this rally with support at 113 - 112.5 being tested on a pullback. Prices could remain range bound for a while, trading below 117.25 - 117.0 and 113 - 112.5 support. This is confirmed by the fact that the Stochastics oscillator has formed a hidden bearish divergence by marking a higher high against price's lower high. A test to 113 - 112.5 will signal the correction ahead of a longer term correction to 117.

    GBPUSD Daily Analysis
    [​IMG]

    GBPUSD (1.44): GBPUSD remains trading sideways but the support near 1.443 is likely to give way sooner than later. Below 1.443 a test to 1.435 - 1.43 is very likely. A decline in the lower support could mark the correction ahead of a move to the upside. The minor median line shows prices breaking out lower following a breakout at 1.45. A retest to this level could signal a short-term correction ahead of a decline down to the identified support level.

    Gold Daily Analysis
    [​IMG]

    XAUUSD (1190): Gold prices are into their third day of declines but prices have managed to reach the support at 1190. A modest bounce off this level could signal a move to the upside as the Stochastics oscillator prints a lower low against price's higher low. As long as prices remain below 1250, the bias remains to the downside for a potential test to 1130.
     
  15. Orbex_Expert

    Orbex_Expert

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    Daily Forex Market Preview, 17/02/2016

    The markets seem to be moving sideways following the previous weeks of strong price action. The FOMC meeting minutes are due for release later this evening and could potentially keep the US Dollar at risk with most of the USD Crosses looking to regain some of the declines since last Friday.

    EURUSD Daily Analysis

    [​IMG]

    EURUSD (1.11): EURUSD closed at a 5-day low yesterday but the declines are showing signs of exhaustion. Price action is currently bullish and a close above yesterday's high of 1.1193 could signal a modest correction to the upside. With prices capped below 1.13, the bias remains to the downside. A modest pullback to the declines could see prices retest 1.12275 or as far as up to 1.13 region, marking a retest of the rising wedge breakout. With support being established at 1.113, the pullback to the upside should see EURUSD prepare for a new leg of declines, following a break below 1.113 - 1.11, to test the next lower support at 1.095 - 1.093.

    USDJPY Daily Analysis

    [​IMG]

    USDJPY (113.6): After two days of bullish gains, USDJPY is retreating lower again, but prices are likely limited to the downside. Support at 113 - 112.5 is most likely to be tested to the downside, followed by a correction to 116.21. The hidden bearish divergence on the H4 chart confirms the decline to the downside to test for support, with a longer-term target of 117.25 - 117 following a break above 116.21. In the event USDJPY declines below the 112.5 support, the further downside cannot be ruled out.

    GBPUSD Daily Analysis

    [​IMG]

    GBPUSD (1.42): GBPUSD broke below the 1.443 handle yesterday and is currently trading below 1.43. Next support to the downside comes in at 1.42. With the previous support level being broken, GBPUSD could be looking to dip lower. However, in the event that price action manages to break above 1.435, GBPUSD could be resuming a new leg to the upside, with 1.45 coming into immediate focus. Above 1.45, a test to previous highs at 1.4635 is very likely.

    Gold Daily Analysis

    [​IMG]

    XAUUSD (1206): Gold prices managed to reclaim the 1200 handle yesterday after a brief test to 1190 support. However, further upside is likely to be limited unless Gold resumes a new bullish leg, in which case, a break above the previous highs is required. Support is established at the 1200 handle and an unfilled gap remains at 1238.79, which is likely to be filled if Gold manages to push to the upside. For the moment, Gold prices are likely to stay range bound but the bias to the downside is likely to follow through.
     
  16. Orbex_Expert

    Orbex_Expert

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    Daily Forex Market Preview, 18/02/2016

    The FOMC meeting minutes released yesterday was dovish but the markets did not react much. At the time of writing, the US Dollar remains muted for the most part with most of the currency pairs trading flat with little to no reaction. The bias remains mixed across the board as prices post a strong consolidation.

    EURUSD Daily Analysis

    [​IMG]

    EURUSD (1.11):The Euro remains flat with the recent declines clearly showing signs of losing momentum. Price remains trading below the 1.12 resistance level but the previous two sessions have closed in a small bodied candlestick pattern with a relatively large range in comparison. Support at 1.113 remains intact with prices continuing to trade at this level over the past few sessions on the 4-hour chart which open the risk of a break below 1.11 - 1.113 support level. To the upside, 1.12275 is the first minor resistance level of interest which could see prices pull back to while a break below 1.1105 could signal a move to the next lower support at 1.095.

    USDJPY Daily Analysis

    [​IMG]

    USDJPY (113.8):USDJPY closed in a doji candlestick pattern yesterday following a bearish close on the previous session. A move to the downside could signal further declines but needs to be confirmed only by a decline below yesterday's low of 113.377. Support at 113 comes into the picture with the hidden bearish divergence still in play. A break below 113 - 112.5 support could see USDJPY potentially test the previous lows but for the moment, it is likely that prices will stay flat above the 113 support.

    GBPUSD Daily Analysis

    [​IMG]

    GBPUSD (1.42):GBPUSD formed a doji candlestick pattern yesterday above 1.42 support. A daily close above or below the doji high or low is needed for further price action to unfold. The bias remains flat for the moment with prices trading near 1.43 support. A close below this support on the 4-hour chart could see a decline to 1.42 while to the upside price needs to trade above 1.435 to target 1.45 and eventually 1.4635.

    Gold Daily Analysis

    [​IMG]

    XAUUSD (1209):Gold prices formed an inside bar on the daily chart and could signal a potential breakout in either direction. The bias remains to the upside as prices are trading just above 1190 support. A break above the previous high of 1217 could signal a short-term correction to the upside as the 1200 support remains strong for now. On the 4-hour chart, prices are moving in a strong consolidation while there is scope for a downside breakout, any declines are likely to come only on a break below 1200 while a move to the upside could see the unfilled gap at 1238 acting as the likely level of resistance.
     
  17. Orbex_Expert

    Orbex_Expert

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    Daily Forex Market Preview, 19/02/2016

    The Dollar was mixed in yesterday's session with USDJPY turning bearish for the day while EURUSD was mostly limited in its declines. Gold prices managed to fill the gap at 1238 in yesterday's trading and formed a lower high, which could signal a correction to the rally. Watch for a test to $1200, followed by $1130 and eventually to $1110.

    EURUSD Daily Analysis

    (click to enlarge)[​IMG]

    EURUSD (1.11): The modest declines in the US Dollar did not help the Euro much which posted a fifth day of the decline off the highs above 1.13. On the daily session, the price is seeking dynamic support off the 20 EMA, and so far is trading within yesterday's range. A bullish close is needed today, failing which EURUSD could see further declines. On the 4-hour chart, the support at 1.113 - 1.11 remains in focus with prices briefly trading below this support level yesterday before pulling back into the support zone. A close above 1.113 on the 4-hour chart is essential for price action to break higher. 1.1227 and 1.13 remain in focus to the upside but if the support fails to hold prices, EURUSD could see strong declines down to 1.095 - 1.093 lower support.

    USDJPY Daily Analysis

    (click to enlarge)[​IMG]

    USDJPY (112.9): USDJPY closed bearish following the doji candlestick pattern from the day before. Prices closed below the doji's low of 113.377 at 113.241 yesterday indicating further downside. Support at 112 comes into focus to the downside. USDJPY is currently trading at the support level of 113 - 112.5, following a breakout from the falling price channel. The trend line connecting the lower highs off 1st February and 17th February shows a brief attempt to break the trend line before prices continued to decline lower. However, with support zone of 113 - 112.5, the declines could be limited giving scope to a possible move to 117.25 - 117 resistance. In the event that the support fails, USDJPY could down to 112 and potentially post a new low.

    GBPUSD Daily Analysis

    (click to enlarge)[​IMG]

    GBPUSD (1.43): After the doji candlestick pattern formed two days ago, GBPUSD closed on a somewhat bullish note yesterday above the 1.42 support. In the process, a higher low is currently being formed and confirmed by the Stochastics oscillator as well, which leads to a potential correction to 1.474. A break above this resistance level at 1.474 - 1.463 could see further upside in store to 1.48 and eventually to 1.50. To the downside, a break below 1.42 could, however, invalidate any upside bias and could send GBPUSD lower.

    Gold Daily Analysis

    (click to enlarge)[​IMG]

    XAUUSD (1226): Gold prices managed to recapture 1225 handle following a brief break below 1200. Prices closed on a bullish note yesterday at 1230 and testing the highs of 1240 to fill the gap near 1238. We now have a lower high being formed and could signal the start of a move to the downside. 1200 support is the first level of support followed by a test down to 1130. To the upside, if 1200 support holds, we could expect some consolidation above the support but as long as 1250 is not broken, Gold remains poised for a correction.
     
  18. Orbex_Expert

    Orbex_Expert

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    Daily Forex Market Preview, 22/02/2016

    The British Pound opened lower today following the developments over the weekend where British PM David Cameron managed to renegotiate Britain's EU membership. He was however met with skepticism as the Brexit campaign gets underway. The referendum is due on June 23rd, 2016. Meanwhile, despite strong inflation data on Friday, the US Dollar remains on the back foot, trading mixed across the board.

    EURUSD Daily Analysis

    (click to enlarge)[​IMG]

    EURUSD (1.11): EURUSD managed to close on a modestly bullish note on Friday, supported by the 20-day EMA. Prices continue to trade in the support zone of 1.113 - 1.1105 at the time of writing. A break below 1.1105 could trigger further declines in the near term with the next support at 1.095 - 1.093 coming into play. To the upside, the gains are likely to be limited near 1.1285 - 1.130. The minor hidden bearish divergence which shows a higher high against price's lower high is likely to gain traction if the support at 1.1105 gives way unless EURUSD managed to close strongly above 1.113 support.

    USDJPY Daily Analysis

    (click to enlarge)[​IMG]

    USDJPY (112.9): USDJPY is currently attempting to move higher following Friday's bearish close. Price is trading near the support level of 113 - 112.5 level following the decline after forming the hidden bearish divergence. If the support holds, USDJPY could be looking to move higher towards 117 - 117.25 which marks the next level of resistance, but only if price manages to rally above 114.25 - 114.65 minor resistance. To the downside, failure to find support at 112.5 could see USDJPY post new lows, testing 111.5 - 111.0 near the previous lows.

    GBPUSD Daily Analysis

    (click to enlarge)[​IMG]

    GBPUSD (1.42): GBPUSD gapped lower today and is currently looking to establish support near the dynamic median line on the daily chart. The daily time frame shows a bullish divergence building up with the higher low in the Stochastics representing lower low in prices. The correction could see a move to 1.4635 marking a test of the previous resistance. On the 4-hour chart, prices remain consolidated near the support at 1.435 - 1.43 and exposes the risk of a dip to 1.42. A convincing close above 1.435 will confirm the upside bias in GBPUSD towards 1.4635.

    Gold Daily Analysis

    (click to enlarge)[​IMG]

    XAUUSD (1216): Gold prices are bearish today gapping lower following Friday's modestly lower close. On the daily chart, there is a strong bearish divergence shaping up with the Stochastics posting a lower high against price's higher high. The correction could see a decline to as much as 1110. On the 4-hour chart, following the bounce off the 1200 support, Gold formed a lower high and confirms the bias to the downside. Price still needs to break below the 1200 handle in order for a decline to 1110.
     
  19. Orbex_Expert

    Orbex_Expert

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    Daily Forex Market Preview, 23/02/2016

    Losing over 2.0% at one point, the British Pound managed to recover some of the losses but closed on a bearish note yesterday. Prices are back to testing the 1.41 handle this morning but there is a scope for a rebound in prices in the near term. Meanwhile, the Euro also weakened against the Dollar yesterday trading just above the 1.10 handle. Further downside is likely in EURUSD which could potentially test the lows of 1.095 region. Today's main event risk from the SNB Chairman, Thomas Jordan's speech in Frankfurt.

    EURUSD Daily Analysis

    (click to enlarge)[​IMG]

    EURUSD (1.10): EURUSD turned bearish yesterday and briefly traded near a 2-week low just above 1.10 support. Having broken the support zone near 1.113 - 1.1105, EURUSD could see further declines to 1.095 - 1.093. However, in the event that prices move to the upside, the rally is likely to be met with resistance near the recently broken support zone. Only a close above 1.113 will confirm any further upside bias in EURUSD. To the downside, below 1.093, there is a scope for a decline to 1.0825. The Stochastics oscillator is showing a bullish divergence which is likely to see EURUSD attempt to retest the broken support near 1.113 - 1.1105 to establish resistance.

    USDJPY Daily Analysis

    (click to enlarge)[​IMG]

    USDJPY (112.2): USDJPY continues to decline lower following through from last week's price action. Prices are currently close to the 112 support level following a break which could see 111 coming into the picture. The daily chart shows a potential bullish divergence being formed in USDJPY which could see a move to 117 resistance, but will be confirmed only on a bullish close off the 112 mark. On the 4-hour chart, following the hidden bearish divergence, price action is forming a bullish divergence off the current lows. A close above 113 could signal a continuation to 117, which would see the previous support level being tested for resistance..

    GBPUSD Daily Analysis

    (click to enlarge)[​IMG]

    GBPUSD (1.41): GBPUSD broke down below the 1.42 handle yesterday and there could be further downside in store with a potential test to 1.40. The daily chart however shows the Stochastics not confirming the lows by printing a higher low, which points to a potential rally in the near term, towards 1.4635 resistance. On the 4-hour chart, a retest to 1.41 is likely and if the correction starts, a test to 1.43 is on the cards in the near term. Only a close above 1.435 will signal further upside to 1.4635.

    Gold Daily Analysis

    (click to enlarge)[​IMG]

    XAUUSD (1216): Gold prices are recovering after posting two days of declines. Price action remains bearish however in the longer run with the bearish divergence building up strongly as the Stochastics fails to confirm the highs in Gold. A correction to 1110 is possible provided Gold manages to break below the initial 1200 handle followed by 1150. 1225 - 1230 makes for a minor resistance level and as long as prices do not close on a daily time frame above this level, the bias remains to the downside. Above 1230, a retest to 1250 is possible.
     
  20. Orbex_Expert

    Orbex_Expert

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    Daily Forex Market Preview, 24/02/2016

    Risk aversion was back in the markets yesterday as the Yen and the Swiss Franc closed the day with gains. Crude oil prices declined strongly yesterday taking the equity markets lower as well as USDJPY is back trading at the 112 handle. Gold prices were also bullish yesterday but the upside gains look to be limited for now.

    EURUSD Daily Analysis

    (click to enlarge)[​IMG]

    EURUSD (1.10): EURUSD continued its declines with prices briefly breaking below 1.10 handle. Prices have been trading off this level for the past few sessions on the 4-hour chart. A break below 1.10 could see a slip to 1.095/1.093 support while to the upside, the break of the falling trend line will see a correction to 1.1105 - 1.113 to retest the broken support level for resistance. The upside bias continues to fade quickly as the Euro posts decline steadily. Price action on the daily chart closed with a small-bodied candle yesterday and, therefore, any signs of a pullback to the declines will be seen on a break above yesterday's highs of 1.1052

    USDJPY Daily Analysis

    (click to enlarge)[​IMG]

    USDJPY (111.8): USDJPY is back trading near the 112 handle, but the daily chart shows the Stochastics could b pointing to a bullish divergence, which could be confirmed only on a close above yesterday's high of 113.054. On the 4-hour chart, we can see that the Stochastics oscillator is currently posting a higher low against the lower low in prices. Resistance at 113 - 112.5 is key for any hints of an upside correction. A break above this region could confirm a stronger more to the upside for 117. To the downside, 111.31 marks the previous low and a break below this level could see further downside in USDJPY.

    GBPUSD Daily Analysis

    (click to enlarge)[​IMG]

    GBPUSD (1.398): GBPUSD broke the 1.40 handle yesterday with another day of declines. Price action remains bearish with no signs of any correction to the upside. Currently trading at 1.398, the next level of support comes in at 1.38, marking the support off April 2001. Any corrective moves to the upside could see GBPUSD being sold off as 1.41 will be the likely resistance if GBPUSD manages to close above 1.40 handle.

    Gold Daily Analysis

    (click to enlarge)[​IMG]

    XAUUSD (1225): Gold prices turned bullish yesterday on risk aversion and prices are back near the gap at 1227. For the moment, there is a strong bearish divergence being formed with the daily Stochastics marking a lower high. With prices back in the identified resistance level, Gold prices could be limited to the upside. A break below 1200 will confirm a stronger decline down to 1130 followed by 1110.
     
  21. Orbex_Expert

    Orbex_Expert

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    Daily Forex Market Preview, 25/02/2016

    The markets remain volatile with both the dollar stronger against the Euro and weaker against the Yen. However, USDJPY has made a doji pattern near the 112 support which will be key for further direction. Meanwhile, Eurozone inflation data is due to be released in the European session today. The British Pound has seen another sell-off yesterday and the GBP awaits the second estimate revision to the Q4 GDP numbers.

    EURUSD Daily Analysis

    (click to enlarge)[​IMG]

    EURUSD (1.10): EURUSD has closed in a doji pattern yesterday and a close to the upside above the highs of 1.1046 could signal a potential pullback to the recent declines. EURUSD will be at risk to the Eurozone CPI data due later today. However on the H1 chart, there is an inverse head and shoulders pattern which points to a minimum correction to 1.11. Following prices closing above 1.10 handle, we expect an eventual test to 1.113 - 1.1105 broken support to establish resistance for a decline back to 1.095 - 1.093. On the 4-hour chart, however, the Stochastics is posting a hidden bearish divergence and, therefore, the upside moves are likely to be limited.

    USDJPY Daily Analysis

    (click to enlarge)[​IMG]

    USDJPY (112.2): USDJPY tested the lows below 112 but managed to close in a doji candlestick pattern above 112 support. The daily Stochastics has printed a higher low indicating a possible move to the upside. Watch for a sustained move to the upside for a test of 116.21 resistance initially. From the 4-hour chart, there is scope for a dip back to 111.31 region. As long as prices remain supported above 111.31, a break above 113 could trigger a test to 117.

    GBPUSD Daily Analysis

    (click to enlarge)[​IMG]

    GBPUSD (1.392): GBPUSD continued with another day of strong declines breaking below 1.40 handle yesterday to test the lows near 1.39 before pulling back. Following the break below the lower trendline, a test to 1.40 could potentially see renewed declines start in GBPUSD. However, if prices manage to close above 1.40, there could be a possible correction. The Stochastics remain in oversold levels at the moment and a bearish signal below 20 could see further selling pressure evolve.

    Gold Daily Analysis

    (click to enlarge)[​IMG]

    XAUUSD (1236): Gold prices made an attempt to rally yesterday but prices were strongly rejected to the upside. Currently, Gold is attempting another go to test the previous highs following testing the support near 1230 - 1225. Prices are likely to remain range-bound below 1250 resistance and only a break above 1250 will shift the view for further upside in Gold.