DAILY STRATEGY JANUARY 6TH, 2014

EUR/USD:
Our preference: Bearish setups on a pull-back move to within 1.3600 - 1.3640 with targets @ 1.3578 & 1.3555 in extension.

Alternative scenario: Above 1.3640, watch for bullish setups with 1.3653 as target and 1.3676 in extension.

Comment: EUR/USD remains under pressure. Note that hourly stochastic and RSI are oversold. Watch the level of 1.3627 (50% Fibonacci).

GBP/USD:
Our preference: Bearish setups on a pull-back move to within 1.6395 - 1.6440 with targets @ 1.6377 & 1.6347 in extension.

Alternative scenario: Above 1.6440, watch for bullish setups with 1.6473 as target and 1.6500 in extension.

Comment: GBP/USD remains under pressure. Note that hourly stochastic and RSI are oversold. Watch the level of 1.6410 (50% Fibonacci).

GOLD:
Our preference: Bullish setups on a pull-back move to within 1225.20 - 1234.25 with targets @ 1238.33 & 1246.26 in extension.

Alternative scenario: Below 1225.20, watch for bearish setups with 1220.58 as target and 1212.65 in extension.

Comment: Gold price remains in an upward trajectory. Note that hourly stochastic has crossed down with divergence. Watch the level of 1229.45 (50% Fibonacci).