Daily Strategy January 30th , 2014

EUR/USD:
Our preference: Bearish setups within 1.3690 - 1.3630 with targets @ 1.3578 & 1.3530 in extension.

Alternative scenario: Above 1.3630, watch for bearish setups with 1.3739 as target and 1.3788 in extension.

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



AUD/USD:
Our preference: Bearish setups on a pull-back move to within 0.8735 - 0.8775 with targets @ 0.8709 & 0.8682 in extension.

Alternative scenario: Above 0.8775, watch for bullish setups with 0.8797 as target and 0.8825 in extension.

Comment: AUD/USD currently is under pressure. 20 MA has crossed below 50 MA on hourly chart. However, note that hourly stochastic is rising.



GBP/USD:
Our preference: Bearish setups within 1.6550 - 1.6590 with targets @ 1.6519 & 1.6473 in extension.

Alternative scenario: Above 1.6590, watch for bullish setups with 1.6621 as target and 1.6667 in extension.

Comment: GBP/USD remains in consolidation mode. Hourly stochastic and RSI are mixed.



EUR/JPY:
Our preference: Bearish setups within 139.75 - 140.35 with targets @ 139.55 & 139.04 in extension.

Alternative scenario: Above 140.35, watch for bullish setups with 140.72 as target and 141.24 in extension.

Comment: EUR/JPY is has pulled back into the confluence zone. 20 MA has crossed below 50 MA on hourly chart.



USD/JPY:
Our preference: Bearish setups within 102.30 - 102.75 with targets @ 101.83 & 101.45 in extension.

Alternative scenario: Above 102.75, watch for bullish setups with 103.05 as target and 103.43 in extension.

Comment: USD/JPY has pulled back into the confluence zone. Note that 20 MA has crossed below 50 MA on hourly chart, while stochastic is overbought.



GOLD:Our preference: Bullish setups within 1261.30 - 1270.25 with targets @ 1278.80 & 1285.55 in extension.

Alternative scenario: Below 1261.30, watch for bearish setups with 1255.81 as target and 1248.71 in extension.

Comment: Gold price is pushing higher. 20 MA has crossed above 50 MA on hourly chart. Hourly stochastic is oversold.