Daily Strategy January 28th , 2014

EUR/USD:
Our preference: Bullish setups within 1.3690 - 1.3630 with targets @ 1.3739 & 1.3788 in extension.

Alternative scenario: Below 1.3690, watch for bearish setups with 1.3578 as target and 1.3530 in extension.

Comment: EUR/USD currently is in consolidation mode. Hourly stochastic and RSI are mixed. Note that 20 MA and 50 MA are flat on hourly chart.



AUD/USD:
Our preference: Bullish setups on a pull-back move to within 0.8700 - 0.8750 with targets @ 0.8777 & 0.8805 in extension.

Alternative scenario: Below 0.8700, watch for bearish setups with 0.8659 as target and 0.8625 in extension.

Comment: AUD/USD is pushing higher. 20 MA has crossed above 50 MA on hourly chart. Note that hourly stochastic and RSI are overbought.



GBP/USD:
Our preference: Bearish setups within 1.6565 - 1.6620 with targets @ 1.6547 & 1.6519 in extension.

Alternative scenario: Above 1.6620, watch for bullish setups with 1.6667 as target and 1.6710 in extension.

Comment: GBP/USD is pushing higher. Note that 20 MA has crossed above 50 MA on hourly chart. However, hourly stochastic and RSI are overbought.



EUR/JPY:
Our preference: Bearish setups within 140.15 - 141.00 with targets @ 139.77 & 139.16 in extension.

Alternative scenario: Above 141.00, watch for bullish setups with 141.76 as target and 142.40 in extension.

Comment: EUR/JPY remains moving within the confluence zone. Note that hourly stochastic and RSI are overbought.



GOLD:
Our preference: Bearish setups on a pull-back move to within 1258.65 - 1265.45 with targets @ 1251.91 & 1245/56 in extension.

Alternative scenario: Above 1265.45, watch for bullish setups with 1272.46 as target and 1278.80 in extension.

Comment: Gold price currently is under pressure. Note that 20 MA has crossed below 50 MA on hourly chart. Hourly stochastic is overbought.