DAILY STRATEGY JANUARY 15th, 2014

EUR/USD:
Our preference: Bearish setups within 1.3635 - 1.3675 with targets @ 1.3614 & 1.3596 in extension.

Alternative scenario: Above 1.3675, watch for bullish setups with 1.3686 as target and 1.3714 in extension.

Comment: EUR/USD remains in consolidation mode. Note that the price currently is moving below 20 MA and 50 MA on hourly chart. Hourly stochastic and RSI are oversold.


AUD/USD:
Our preference: Bearish setups on a pull-back move to within 0.8970 - 0.9020 with targets @ 0.8919 & 0.8880 in extension.

Alternative scenario: Above 0.9020, watch for bullish setups with 0.9046 as target and 0.9085 in extension.

Comment: AUD/USD currently is under pressure. 20 MA has crossed below 50 MA on hourly chart. Note that hourly stochastic and RSI are oversold. Watch the level of 0.9002 (50% Fibonacci).


GBP/USD:
Our preference: Bearish setups within 1.6415 - 1.6465 with targets @ 1.6384 & 1.6346 in extension.

Alternative scenario: Above 1.6465, watch for bullish setups with 1.6507 as target and 1.6550 in extension.

Comment: GBP/USD has pulled back into the confluence zone. Note that hourly stochastic is oversold and about to cross up.


EUR/JPY:
Our preference: Bullish setups on a pull-back move to within 141.55 - 142.10 with targets @ 142.62 & 143.12 in extension.

Alternative scenario: Below 141.55, watch for bearish setups with 140.99 as target and 140.49 in extension.

Comment: EUR/JPY is pushing higher. 20 MA has crossed above 50 MA on hourly chart. Note that hourly stochastic is oversold, but RSI remains overbought.


USD/JPY:
Our preference: Bearish setups within 103.85 - 104.40 with targets @ 103.44 & 102.85 in extension.

Alternative scenario: Above 104.40, watch for bullish setups with 104.75 as target and 105.34 in extension.

Comment: USD/JPY has pulled back into the confluence zone. 20 MA has crossed above 50 MA on hourly chart. However, note that hourly stochastic and RSI are overbought.


GOLD:
Our preference: Bearish setups within 1241.70 - 1248.60 with targets @ 1236.77 & 1232.43 in extension.

Alternative scenario: Above 1248.60, watch for bullish setups with 1255.13 as target and 1263.79 in extension.

Comment: Correction occurs on gold price. Note that 20 MA has crossed below 50 MA on hourly chart.However, hourly stochastic and RSI are oversold.