Jan 31, 2012
The US Dollar declined against other majors after the Greek Prime Minister said major progress has been made in debt-swap talks. Wall Street closed negative as the S&P decreased by 0.25% and the Nasdaq by 0.16%. Crude oil rose by 0.10% and Gold (XAU) by 0.20%, finishing at $1736 an ounce.
Jan 31, 2012
The Midday Snapshot reviews and analyzes the trading activity in relation to the actual market movement.
The overview is provided for the five most popular currency pairs — EUR/USD, GBP/USD, USD/JPY, GBP/JPY and EUR/JPY for the period starting at 0:00 and ending at 12:00 GMT. The bulletin will contrast the traders sentiment with actual market movement, as well as
providing information on the volatility, given in pips, and traded volume. The Dukascopy Forex News Team completes the daily broadcast right before the start of the US trading session, giving Forex traders a useful overview of the morning trading.
Jan 31, 2012
The program reviews the most popular technical indicators and compares their performance against the background of the interbank sentiments. The report is made available every day by the Dukascopy Forex News Team after 8:00 GMT.
The methods used in the program include such indicators as MACD, RSI,
Stochastic, ADX, CCI, Aroon, SAR, and Alligator.
The Interbank sentiments are represented by Dukascopy Liquidity Provider index.
Trading signals confirmed by direction of the interbank sentiments are commonly held to have a higher probability of materializing.
Jan 31, 2012
The program reviews intraday support and resistance levels for four major currency pairs.
Broadcast is available every day starting from 6:00 GMT. The bulletin is created for currency traders who prefer to trade on the basis of technical analysis.
The levels are generated by the Dukascopy proprietary model comparing different approaches.
Support and resistance points are calculated using popular technical analysis methods such as:
Pivots, Highs and Lows, Fibonacci Retracements, Demark, Tirone, Ichimoku, Moving Averages, Price Channels and Bollinger Band indicators. Levels that can be calculated using a high number of different methods are considered strong enough to affect the forex market.
Jan 31, 2012
Watch the latest analysis of the USD/CAD, USD/JPY Forex pairs for the January 31st in this video. USD/CAD — We have significant support at the parity level of 1.0000 level. Monday session was initially bullish and later on it was a sell—off and we have a shooting star in the daily chart at the bottom of the fall. This shows continuation and would be a signal that most of us would sell. However there is a massive cluster all the way down to 0.9750 level. Because of this, this pair is difficult to sell. The Oil markets are getting tighter by the moment and the Oil will move this pair significantly. A break above the top of the shooting star would be relatively bullish sign and on that move could consider going long, which is more of a warning than a call at this point of time for this pair. USD/JPY &mdash This pair fell below the 76.50 level. The daily below this level is significant, but the reality is we did bounce a little bit and we are not too far from the Bank of Japan intervention. We are only about 70 pips or so from intervention. Because of this we can’t sell this pair. We wait for the news and some supportive candle to possibly go long for this pair.
Watch the latest analysis of the USD/CHF, AUD/USD Forex pairs for the January 31st in this video. USD/CHF — We had quite a fall recently and the 0.91 level held as support, and the candl…
EURUSD Forecast
The EURUSD attempted to push lower yesterday but found a good support around the trend line support (see my h4 chart below) and 1.3075 area and hit 1.3198 earlier today. This fact keeps the bullish intraday scenario remains strong, still testing 1.3250/75. Immediate support is seen around 1.3140/50. A clear break below that area could lead price to neutral zone in nearest term retesting 1.3075. A clear break and daily close back below 1.3075 and the trend line support will activate my wait and see mode as a short term bearish reversal scenario might be produced. On the upside, a clear break and daily close above 1.3250/75 could trigger further bullish scenario testing 1.3375 even 1.3530 region.
EURJPY Forecast
The EURJPY had a bearish momentum yesterday on broad Japanese Yen strength and now moving below 100.74. This fact postpones the bullish scenario with more bearish bias in nearest term testing 100.00. A clear break and daily close below that area could trigger further bearish pressure testing 99.00 key support area. On the upside, a clear break and daily close back above 100.74 would reactivate my bullish intraday mode still testing 102.48.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday on broad Japanese Yen strength, bottomed at 119.58 and closed at 119.93. Price is still in a bullish phase since bounced from 117.27 and the break above the trend line resistance but still unable to break above 122.62 key resistance area as you can see on my daily chart below. The bias is bearish in nearest term 119.35 but my medium term bias remains neutral with potential range between 122.62 – 119.35. Immediate resistance is seen around 120.30/50. A clear break back above that area could lead price to neutral zone in nearest term testing 121.00/50 region.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 1.0525 but closed higher at 1.0585 and hit 1.0644 earlier today. This fact keeps the bullish intraday scenario remain strong still testing 1.0751 area as a part of the bullish scenario after the breakout above the ascending triangle. Immediate support is seen around 1.0570. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 1.0500, I still prefer a bullish intraday scenario at this phase.
GBPUSD Forecast
The GBPUSD attempted to push lower yesterday, bottomed at 1.5653 but further bearish pressure was rejected, closed higher at 1.5704 and hit 1.5741 earlier today. This fact keeps the bullish intraday outlook remains strong still testing 1.5780. I remain bullish on this pair but note that we need a clear break and daily close above 1.5780 to continue the bullish scenario testing 1.6000. Immediate support is seen around 1.5670. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 1.5600, I still prefer a bullish intraday scenario at this phase.
USDJPY Forecast
The USDJPY continued its bearish intraday momentum yesterday, moved back below the minor range after the false breakout above the minor range and hit 76.16 earlier today. The bias remains bearish in nearest term testing the record low 75.56 but overall I still prefer to have a long term perspective seeing area above record low 75.56 as a buy zone expecting huge bullish reversal scenario. Although short term bias is bearish note that price is still in a long period of consolidation since six/seven months ago with low volatility.
