Elliott Wave analysis of USD/CAD for January 06, 2014

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USD/CAD Elliott Wave
Since our last forecast the USD/CAD pair has been trading slightly lower, corrective wave (e) (coloured red) of the bigger wave [x] (coloured green) has finished developing. On the 1-hour chart you can see that USD/JPY has completed the Triangle wave [x] at 1.0580 and from there we can see upward movements above 1.0600 that is an active new buying opportunity in the final [y] wave against Friday's low at the 1.0580 level. In accordance with our wave rules and taking into account that wave Y should retrace 123.6% of wave W, we can define the potential targets with measuring wave W with take profit at 1.0711 (123.6% of wave W).

Support and Resistance
(S3) 1.0531 (S2) 1.0566 (S1) 1.0600 (PP) 1.0635 (R1) 1.0669 (R2) 1.0704 (R3) 1.0738

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0630 with stop loss at 1.0580 and take profit at 1.0710 are recommended.

Performed by
Analytical expert: Nicola Delic Posted on: 2014-01-06 07:20 UTC+00 4 hours 59 minutes 36 seconds ago

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Elliott Wave analysis of EUR/NZD for January 6, 2014

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Today's Support and Resistance Levels:

R3: 1.6548

R2: 1.6508

R1: 1.6461

Current Spot: 1.6447

S1: 1.6411

S2: 1.6366

S3: 1.6285

Technical Summary:

With the break below important support at 1.6443 we knew that the expanding leading diagonal could not be the correct count. Therefore, we were forced to adopt a much more negative count. This count had wave C of an expanded flat correction ending at 1.6996 and wave C lower is now developing. The target for this C wave is at 1.5794, where wave C will equal wave A in length.

Short-term we will be looking for minor resistance at 1.6461 protecting the upside for a decline towards 1.6285 and likely even closer to 1.6230 before a correction towards 1.6461.

Trading Recommendation:

Our stop + revers at 1.6440 was taken out and we are now short EUR at 1.6440 and will place our stop at 1.6470 and take profit at 1.6240. If you are not short already, then sell EUR upon a break below 1.6411 with the same stop at 1.6470.

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Analytical expert: Torben Melsted Posted on: 2014-01-06 08:06 UTC+00 4 hours 13 minutes 51 seconds ago

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Elliott Wave analysis of AUD/USD for January 06, 2014

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AUD/USD Elliott Wave
We have seen bearish AUD/USD pair since last week, from last Friday prices have still been favoring for more downward movements when development of the corrective wave (iv) (coloured red) complete. In the hourly chart you can see that we are tracking strong ascending movements from 0.8842 as the final leading diagonal .c of y wave. We are going to look for break below 0.8820 as initial confirmation that (v) wave is developing and that it will give us a fresh sell signal. In accordance with our wave rules and taking into account that wave 5 should retrace 161.8% of wave 4, we can define the potential targets with measuring wave 4 with take profit at 0.8735 (161.8% of wave 4).

Support and Resistance
(S3) 0.8765 (S2) 0.8825 (S1) 0.8885 (PP) 0.8945 (R1) 0.9005 (R2) 0.9065 (R3) 0.9125

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short position at 0.8820 with stop loss at 0.8900 and take profit at 0.8735 are recommended.

Performed by
Analytical expert: Nicola Delic Posted on: 2014-01-06 07:24 UTC+00 4 hours 56 minutes 4 seconds ago

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Daily analysis of major pairs for January 6, 2014

EUR/USD: The EUR/USD was able to reach the forecasted target at 1.3600 on Friday. The outlook for this week is bearish. The price is now trading below the resistance line at 1.3600, going towards the support line at 1.3550. It should be noted that the aforementioned resistance line would act as a near-term barrier for any bullish threats.

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USD/CHF:  The USD/CHF was able to reach the forecasted target at 0.9000 on Friday. The outlook for this week is bullish. The price is now trading above the support level at 0.9000 going towards the resistance level at 0.9100. It should be noted that the aforementioned support level would act as a near-term barrier for any bearish threats.

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GBP/USD:  It should not be forgotten that it was advised that one should wait for the EMAs to support the new bearish stance on this market. The RSI period 14 has crossed the level 50 to the downside, but it is much safer for the price to go below the accumulation territory of 1.6400 before switching to a southward position, otherwise this may be a bogus signal.

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USD/JPY: What is happening on this currency trading instrument is a little bit surprising. The reality is that both the market and the indicators have gone bullish. Eventually, the price would close above the EMA 56, as the price heads towards the supply level at 105.00, breaks it to the upside and goes towards another supply level at 105.50.

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EUR/JPY:  The cross has gone bearish (the EMA 11 has crossed the EMA 56 to the downside, and the RSI period 14 has crossed the level 50 to the downside). The price has tested the demand zone at 142.00 a few times and would soon cross it to the downside.

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Analytical expert: Azeez Mustapha Posted on: 2014-01-06 07:28 UTC+00 4 hours 51 minutes 20 seconds ago

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Elliott Wave analysis of EUR/JPY for January 6, 2014

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Today's Support and Resistance Levels:

R3: 142.36

R2: 142.03

R1: 141.83

Current Spot: 141.65

S1: 141.24

S2: 140.80

S3: 140.36

Technical Summary:

We now have a clear five wave decline from the high 145.69. Short-term we need a little more downside to end the five wave decline and we will be looking for a continuation lower towards 141.24 and likely closer to 140.80 before this first five wave decline come to an end. Once a low is in place we should be looking for a correction towards 142.67 and may be even to 143.82 before the next powerful decline.

Short-term look for minor resistance at 141.83 protecting the upside for the final decline towards 141.24 and may be even lower towards 140.80.

Trading Recommendation:

There was no room for a correction towards 143.15. We will buy EUR at 140.95 with a stop at 140.25.

Performed by
Analytical expert: Torben Melsted Posted on: 2014-01-06 07:30 UTC+00 4 hours 49 minutes 42 seconds ago

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Intraday technical levels and trading recommendations for GBP/USD for January 6, 2014

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The daily chart shows the GBP/USD pair has been moving within an expanding wedge pattern since September 10.

Daily breakthrough above 1.6240-1.6300 took place in December where another consolidation range was established between 1.6240-1.6450 untill the last bullish impulse was initiated towards 1.6570-1.6600 in an attempt of bulls to record new highs in 2013.

The last bearish rejection took place on Thursday when bearish pressure was applied off the level of 1.6600 (the upper limit of the expanding wedge) resulting in a bearish engulfing daily candlestick.

The nearest dependable DAILY demand (support) level is located at 1.6250.

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4H chart shows the same view with more details. On December 24, the bears failed to maintain sufficient bearish pressure to remain moving within the descending 4H channel which allowed the bulls to gather bullish momentum to push towards 1.6600.

The 4H view remains bullish as long as the bulls are defending their DEMAND zone between 1.6300-1.6250

As expected on Friday, the bears are applying further bearish momentum to push towards 1.6300 where another bullish swing may be initiated depending on the fundamental data releases later on the day.

Fundamentally, the market is waiting for significant data from the U.S. such as Factory Orders and ISM non-manufacturing data. Moreover, PMI services results will be released from the UK. Positive results above expected values will have bullish effect on the pair to revisit 1.6450 initially.

Tech. recommendations: the market may offer a valid opportunity to BUY the GBP/USD pair at retesting of 1.6250-1.6300 with SL as daily closure below 1.6220.

Performed by
Analytical expert: Michael Becker Posted on: 2014-01-06 10:30 UTC+00 1 hour 48 minutes 50 seconds ago

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Technical analysis of USD/CAD for January 6, 2014

General overview for 06/01/2014 09:40 CET

The corrective cycle in wave (ii) black has not been finished yet and it looks like more complex and time consuming cycle is ahead.

The most important level now is labeled as the Key Level and this is where I expect the correction to be finished. Any breakout above this level is bullish and test of the recent high would be in view.

On the other hand, price might get rejected at the Weekly Pivot level at 1.0644 and head lower, breaking the golden trend line and aiming at the level of 1.0570 where DEMAND ZONE is. Another breakout below this zone is bearish and it would be considered as the first confirmation that the top is in place.

Support/Resistance:

1.0783 - WR2

1.0735 - Swing High

1.0701 - WR1

1.0675 - Key Level

1.0644 - Weekly Pivot

1.06400 - Intraday Resistance

1.0600 - Intraday Support

1.0570 - 1.0576 - DEMAND ZONE

1.0562 - WS1

1.0506 - WS2

Trading recommendations:

The Key Zone level is the most important for now and a short positions should be in play from this level. SL should be above the level of 1.0702 and TP should be below the level of 1.0600.

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Analytical expert: Sebastian Seliga Posted on: 2014-01-06 10:36 UTC+00 1 hour 42 minutes 49 seconds ago

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Technical analysis of USD/JPY for January 06, 2014

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The USD/JPY today will move in low volatility during the Asian session but will move low to medium volatility during the European and the US market session, because there is no data release from Japan expected during the Asian session but during the US market session some data like US Final Services PMI, US ISM Non-Manufacturing PMI, US Factory Orders m/m will be released.

TODAY's TECHNICAL LEVEL:

Resistance. 3 : 104.83.

Resistance. 2 : 104.63.

Resistance. 1 : 104.42.

Support. 1    : 104.17.

Support. 2    : 103.96.

Support. 3    : 103.75.

DESCRIPTION  :

Please, pay attention to the levels of support 3 (103.75) and resistance 3 (104.83). Normally, when a level is touched, USD/JPY rebounds from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it is a sign that these currencies have found trends today.

Best regards,

Arief Makmur

Official Analyst of InstaForex Companies Group

InstaForex Companies Group

http://instaforex.com

blog.mt5.com/arief

http://www.mt5.com/forex_analysis_award/profile/index/arief

Disclaimer :

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Posted on: 2014-01-06 05:50 UTC+00 6 hours 30 minutes 17 seconds ago

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