GBP/USD Still at Bottom

The Cable is having a hard time getting out of its lowest price zone and is trading in the range of 1.4200 and 1.4390. Currently, the price of 1.4250 is close to the lowest for the day as this is a signal that bears are not yet finished and want to keep the pair trading at the bottom.

First level of support is 1.4230 - the lowest for the past two days. First level of resistance is 1.4400. In this situation it is best to wait for price to break out of this range trading zone and then enter into a position.

Chart: GBP/USD D1

EUR/USD Still in Downtrend

The EUR/USD is still not showing signs of improvement as the pair keeps trading in the descending downtrend channel. On the daily chart it could be seen that EUR/USD is slowly approaching the resistance upper line around 1.0990-1.0950. Currently, price is around 1.09 and a move to the upside is more probable as price has not surprised traders and investors and kept in the same direction for the past few days.

First level of support is 1.0770 as above that, EUR/USD is still trading in the range it's been stuck in for the last few days. Below that, an attempt to break last low of 1.07 can be expected. And if this level is broken, then price would most likely continue falling visiting lower levels as low as 1.03.

Chart: EUR/USD D1

Silver at Resistance

Today's trading session is slightly negative for Silver. It's currently trading 0.80% lower than yesterday's close. However, Silver is steadily on its way up and a breach of current level would indicate that bulls are ready to take it to the next level, pushing the price to the next target of 15.18.

This level has not yet been taken out and technically the advantage is on the bear camp as they might attempt to drive Silver back into the descending channel with high of 14.55 thus making a possible market turn at this point.

Chart: XAG/USD H4

Gold Uplifted

Gold is trading higher in today's session due to Techicals and Fundamentals combined, especially weak Asian markets. $1,118 is today's high made in the early hours, while current market price is $1,112.

Gold is slightly above the consolidation from the previous days, but it is still in the ascending channel seen best on the H1 chart. A Double Top can be spotted with highs at $1,113. If this level is breached, next target for bulls is the resistance line at $1,125. On the other hand, failure to reach that target could stimulate bearish selling pushing prices to first support zone at $1,097.

Chart: XAU/USD H1

EUR/USD Slowly Descending

The pair is trading lower in today's session due to Technical bears who push the price down. Currently, the EUR/USD is trading at 1.0833 while making a low of 1.0780. The pair is in the resistance zone of 1.0830.1-0845. If this level is broken then we might witness a bullish attempt to go to 1.09 again.

On the other hand, a successful resistance would drive the price further south and try to reach 1.0780. Below this, next target for Bears will be 1.0720. As market sentiment still remains bearish, a move down might be expected this week.

Chart: EUR/USD H1

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EUR/USD Stable

The main currency pair, EUR/USD has seen a lot more volatility and excitement than what we witness these last few trading sessions. Since 8 Jan the pair has not done anything interesting or even exciting other than stay in between 1.0950 and 1.0850.

In light of this, traders and investors might start to lose patience and become risk takers. Currently, the price of EUR/USD is 1.0900 and without any major news to stir the market until the end of the week the pair might continue trading in the same range.

Major levels of support and resistance: 1.0800, 1.0100

Chart: EUR/USD D1

USD/JPY Broke Support

The pair is having a free roam tour below the long-term uptrend channel. Prices are currently gravitating around 116.60-116.70. However, almost a perfect double bottom could be seen on the daily chart at 115.95.

With the long-term trend broken, the only hope for the bulls now is for that double bottom to hold and push prices up again.

Should we see a break and a close below 115.90 this would indicate that bears are taking the driver's seat and USD/JPY will continue dropping in price.

Uptrend resistance: 117.80

Chart: USD/JPY D1

Gold Range Bound

Gold is trading relatively unchanged for a few trading sessions now. Price is gravitating around $1,090 level with slight movement to both sides reaching $1,085 and $1,095. Currently the main trend is on hold as price has entered this range and market participants are waiting for the precious metal to pick a direction. 

It would be best to stay away from the Gold market until one of those $1,085 and $1,095 is broken and price closes outside this frame. 

Longer-term trend suggests that Gold will try to breach $1,120 to the upside or $1,075 to the downside. With market sentiment currently neutral, staying out is the best strategy at this time of uncertainty. 

Chart: XAU/USD H1

Oil At $28

Removal of sanctions on Iran has hit oil markets today. This means increased supply amid a global glut. Oil is trading around 12-year low for a few days now and the price of 28.34 is the lowest. Some brokers offered a price below $28 a few hours ago.

Analysts are already targeting $20 and even $10 as the next key levels. Oil corporations are losing $1.8-2B for every $10 drop in prices. This, of course, leads them to cut jobs. Low oil prices come with benefits, too. India, Egypt and Indonesia have been able to slash subsidies worth almost $500B in 2014. Airlines and car makers are getting a boost. And this is also positive for consumers, unless of course, falling prices lead to deflationary cycles.

As to us, traders and investors, we should be very cautious when trading Oil as times such as these are difficult and markets can be unpredictable.

Chart: USOil H1

Silver Volatile

Silver has been changing its opinion since the beginning of December. As you can observe on the daily chart, one day it has gone up only to fall down even lower the next day. This effect is due to price going into the last third of a move where it is decided whether price would turn the trend.

Currently we are still in this last one third of the downtrend and we have been range bounded for almost two months. What we can be sure of, there are a lot of market participants trying to put pressure on both sides of the trade and it would be best to wait until we have a determined and clear trend. Until then, preserve your capital and do not trade in the unknown.

Chart: XAG/USD D1

GBP/JPY Hit Support

The pair is trading at support at the moment gravitating around 169.20-169.60. Main trend continues to be bearish but the Sterling bulls are anticipating these levels and are willing to put some strong effort into pushing prices higher.

According to daily chart, prices should find strong support at current levels and bounce off. Have in mind, that the possibility of breaching this support remains.

Best decision would be to wait for today's candle to close and see where price goes tomorrow as we are in a consolidation state since Jan 11.

Chart: GBP/JPY D1

USD/CAD Time To Sell?

USD/CAD has been rising in price since August 2011 and has formed a stable uptrend channel since September 2013. However, the pair might be in for a correction to the downside as it reached a peak level at 1.4268 and is currently trading around 1.4200-20.

First level of support is 1.4180, second level 1.4150 and third level 1.40.
First and strongest level of resistance is 1.4300.

If the pair continues to the downside, it could be expected that it will attempt to reach 1.37 as a target.

Chart: USD/CAD D1

GBP/USD How Low Is Low Enough?

The pair has been witnessing some devastating developments for the Cable Bulls. This session only GBP/USD went from 1.4560 to 1.4417 and we are not half way through the trading day.

This is the lowest since mid-May 2010. Currently, GBP/USD is trading around it's lowest level around 1.4420-25.

The sharp downtrend has been lowering prices since mid-June last year. All market experts and analysts who forecasted a price above 1.55 for the new year are caught by surprise with this unusual development.

Chart: GBP/USD D1

Oil Below $31

Oil is trading below the $33 mark for a third day today and below the $31 for the first time in 12 years.. Market sentiment remains bearish as the support level around $33 was breached for a second time since Friday. In light of this, many analysts and market experts envision that Oil would most likely make a move to $25. 

This is the first time Oil has dropped so low in 12 years as the persistent global glut of crude continues to weigh on the market. 

Oil prices are down more than 10% this year only. 

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GBP/USD Hit Support

The pair is trading significantly lower in today's trading session, going below 1.46 and reaching as low as 1.4532. Currently GBP/USD is trading at 1.4620, a sharp climb just after the rapid decline.

Main trend is still bearish and remains bearish until we get a break above 1.47 thus returning back to the upward channel.

First level of support is 1.4570, second level is 1.4530, third level is 1.4500.
First level of resistance is 1.4640, second level is 1.4686 and third level is 1.4700.

Chart: GBP/USD H4

Silver Up 3%

Silver is trading close to 3% up in today's trading session. It went from 13.92 to 14.37, 2.53% upward movement. Along with Gold, Silver is the biggest winner in today's session.

It's too early to say whether uptrend is officially the new thing, but according to the daily chart, Silver will see further gains if it manages to pull through the resistance it currently is in.

Second resistance remains 14.60, third resistance remains 14.90.

Chart: XAG/USD D1

EUR/USD Lower

The EUR/USD is trading at its lowest since the beginning of December. In today's trading session the pair reached 1.0764 and is currently trading at around 1.0770.

We did not see much of an impact by the rate hike, but the after effect turned out to be quite positive for the U.S. Dollar. 

First level of support for the pair is 1.0760, S2 1.0734. 

First resistance for the pair: 1.0800, R2 1.0850

Chart: EUR/USD D1

EUR/PLN High Volatility

The pair has been highly volatile for the past year with sharp and rapid turns, losses and gains. EUR/PLN's trend is still unclear as we witness sudden changes of the trend. One thing is clear - for the last few months it is going heavily to the upside, but not without the constant pressure of the bears who are trying to push prices down.

This pair's behavior is hard to predict so you might want to stay away from trading it until it manages to form a clear and consistent pattern.

Chart: EUR/PLN D1