Technical analysis of EUR/JPY for February 02, 2015


Technical outlook and chart setups:


The EUR/JPY is trading between the levels of 132.00 and 134.00 for now. A break below 131.00 from here would be extremely bearish for the pair and it could test 130.00 again. On the flip side, a break above the line of resistance (134.00) could push the prices towards 137.50/138.00, respectively. It is recommended to remain long for now with risk at 130.00. Immediate support is seen at the levels of 131.50 followed by 130.00 while resistance is seen at 137.50/138.00 followed by 142.30 and higher, respectively. Probabilities remain higher for a rally towards the levels of 138.00 for now.


Trading recommendations:


Remain long for now; stop is at 130.00, target is 137.50.


Good luck!




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EUR/NZD : analysis for February 02, 2014

EURNZDMonthly02.png

EURNZDDaily02.png


Overview:


In our last analysis EUR/NZD was trading sideways around the price of 1.5575. We are facing low volatilty today on the market. Our Fibonacci retracement 38.2% at the price of 1.5415 got broken so we may expect testing of the level of 1.5800 (Fibonacci retracement 61.8%). According to the monthly time frame, we can observe successful rejection from our support level at the price of 1.5000. Selling EUR/NZD at this stage looks risky so my advice is to watch for potential buying opportunities after retracement (buy on the dips). According to the previous price action, I have found support level at the price of 1.5440 (swing high like support). According to the daily time frame, we can observe indecision bar in a volume below the average.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5643


R2: 1.5684


R3: 1.5750


Support levels:


S1: 1.5511


S2: 1.5470


S3: 1.5404


Trading recommendations: Be careful when selling since we have successful rejection from monthly support level in the background.


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Technical analysis of GBP/CHF for February 02, 2015


Technical outlook and chart setups:


The GBP/CHF pair hit 1.4072 today before pulling back sharply towards 1.3950. The pair is seen to be trading at 1.3980/90 for now and it is still expected to hit the levels of 1.4100 soon. One can remain long with risk below the levels of 1.3800 for now. The pair has been steadily making higher highs and higher lows since it broke above 1.3350/1.3400 resistance earlier. Please also note that 1.4100 is Fibonacci 0.618 resistance and the pair could start drifting lower from there, towards the larger downtrend. Immediate support is seen at the levels of 1.3800 followed by 1.3640, 1.3470, 1.3400 and lower while resistance is seen at 1.4100 and higher, respectively.


Trading recommendations:


Remain long; stop is below 1.3800, target is at 1.4100.


Good luck!


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Gold analysis for February 02, 2014

GOLDDaily02.png

GOLDH402.png


Overview :


Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,284.87 in a volume above the average. According to the H4 time frame, we got selling climax in the background, what caused the price to start with upward movement. Our submajor Fibonacci retracement 38.2% at the price of 1,254.00 has been held successfully which is a sign that selling gold at this stage looks risky. Anyway, if the price breaks the level of 1,254.00 in a strong volume, we may see a possible testing of the level of 1,240.00 (Fibonacci expansion 161.8%). Resistance level is around the price of 1,307.00 (swing high like resistance).


Daily Fibonacci pivot points :


Resistance levels :


R1: 1,282.78


R2: 1,283.52


R3: 1,284.70


Support levels :


S1: 1,280.42


S2: 1,279.68


S3: 1,278.50


Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).


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Weekly technical levels for GBP/USD for February 2-6, 2015

The weekly technical levels for GBP/USD pair:


gbpusd-pp.png


Trading recommendations :



  • According to the previous events, the price of GBP/USD is going to move between the levels of 1.4960 and 1.5130. Buy above the level of 1.4960 which represents the weekly support 1 on the H1 chart with the first target at 1.5091 in order to test the double top near the weekly pivot. Then, the trend will be able to continue toward the level of 1.5130. Also, it should be noted that the weekly resistance 1 coincides with the price of 1.5196.



Observations :



  • A major support will be set at the level of 1.5132; and support has been already placed at 1.4961 on February 2, 2015.

  • The double bottom is set at the point 1.4987.

  • We expect a new range about 248 pips.

  • If the trend is upward, the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.



gbpusdh1.png



Notes about the Fibonacci indicator :



  • Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.

  • Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy in the long-term in this period, you will surely lose your profit.



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Weekly technical levels for EUR/USD for February 2-6, 2015

The weekly technical levels for EUR/USD pair


eurusd_pp.png


eurusdh1.png



Overview :



  • The major level of the EUR/USD pair has been set at the level of 1.1270. This level is acting as strong support today and it coincides with the ratio of 50% of Fibonacci retracement levels on the H1 chart. Therefore, the first key level will be set at the level of 1.1268 (the weekly pivot point). Furthermore, the trend was very clear and was indicating an uptrend in the short term. Thus, we expect that the trend is going to call for a bullish market at the level of 1.1270 because buyers are bidding for a lower price. As a result, buy at the price of 1.1270 with the target of 1.1422 in order to test the double bottom. Moreover, the price is going to continue toward the level of 1.1439. Also, it should be noted that the level of 1.1439 represents the weekly resistance 1.



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#USDX technical analysis for February 2, 2015

The Dollar index continues to slide sideways but still above the Ichimoku cloud support and above the 38% retracement at 94. The longer-term trend remains bullish with 100 as a possible target. Breaking above 95 will increase the chances of such a bullish move. Holding above 92 is critical for the bullish trend.


usdx.jpg

As shown on the chart above, the Dollar index bounced last week off the 38% retracement; however, buying remains moderate as the price has not managed to break above short-term resistance at 95. On the other hand, the fact that the index remains above the cloud and above previous lows at 93.70 is a positive sign for bulls.


usdxd.jpg

The daily chart continues to be bullish. At 93.70 we have important daily support. If it is broken, it will push the index towards 92.50 where the kijun-sen support (yellow line) is found. Bulls need to be very cautious as a bearish reversal here could push the index even towards 90 so bulls better raise their stops to protect their positions.


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Technical analysis of USD/JPY for February 02, 2015

USDJPYM30.png

Fundamental overview:
USD/JPY is expected to trade with bearish bias after hitting two-week low of 116.64 this morning. It is undermined by the flows to safe haven JPY amid increased risk aversion (VIX fear gauge rose 11.78% to 20.97, S&P 500 closed 1.3% lower at 1,994.99 Friday) as heightened worries about global growth spread to the US after the US 4Q flash GDP growth of 2.6% (versus forecast +3.2%). Risk sentiment is further dented by the Sunday's data showing China's official PMI unexpectedly fell to 49.8 in January from 50.1 in December (versus forecast 50.3) for its first dip below 50 since September 2012. USD/JPY is also weighed by the weaker USD sentiment after the disappointing US GDP data, lower US Treasury yields (10-year at 1.680% versus 1.753% late Thursday) and Japan's exports. But the USD sentiment is soothed by the stronger than expected US January ISM-Chicago PMI of 59.4 (versus forecast 57.5). USD/JPY losses also tempered by the demand from the Japanese importers and by the ultra-loose Bank of Japan's monetary policy.


Technical comment:
The daily chart is mixed as the MACD s bearish, but stochastics is neutral; five and 15-day moving averages are meandering sideways.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 117.20. A break of this target will move the pair further downward to 117. The pivot point stands at 118.20. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 118.45 and the second target at 118.75.


Resistance levels:

118.45

118.75

119

Support levels:

117.20

117.

116.80


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Technical analysis of USD/CHF for February 02, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is supported by the franc sales on cross trades versus major currencies, the negative Swiss interest rates and the threat of the SNB CHF-selling intervention. But the CHF sentiment is boosted by stronger than expected Switzerland January KOF economic barometer of 97.0 (versus forecast 93.6). The USD/CHF gains are also tempered by the weaker USD sentiment.


Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, five-day moving average is rising above 15-day moving average.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9365 and the second target at 0.9435. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9075. A break of this target would push the pair further downwards, and one may expect the second target at 0.8985. The pivot point is at 0.9150.


Resistance levels:

0.9365

0.9435

0.9465


Support levels:

0.9075

0.8985

0.8935


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Technical analysis of USD/CAD for Febuary 2, 2015

General overview for 02/02/2015 10:05 CET


The orange rectangle projected target area for wave v black from last Friday has been hit and the market did make some sort of the correction to the downside. However, so far the corrective cycle has been really small, and there is still a chance that the extension upward will continue if the level of 1.2800 is broken. Please notice the bearish divergence between the price and the momentum oscillator is getting bigger and meaningful reversal/correction might happen any time now.


Support/Resistance:


1.2897 - WR1


1.2799 - Swing High|Intraday Resistance|


1.2636 - Weekly Pivot


1.2602 - Intraday Support


Trading recommendations:


Daytraders should consider opening a buy stop orders from the level of 1.2800 with SL below the level of 1.2668 and TP at the level of 1.2897. It is not a good level to open a long-term swing buy positions.


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Gold technical analysis for February 2, 2015

Gold price bounced strongly on Friday only to reach the first important short-term resistance of the 61.8% retracement of the decline from recent highs. The price is pulling back down and it is important for bulls to hold above $1,252 in order to resume the uptrend towards $1,330.


gold.jpg

As shown on the chart above, gold price reached the 61.8% retracement of the decline and got rejected. Short-term support is at $1,270 and next at $1,263. Resistance is at $1,285. A break above $1,285 will be a bullish signal that will put the previous highs at $1,307 to the test.


goldd.jpg

Red lines = horizontal support levels


Gold price has made a considerable bounce last week after reaching the 38% retracement of the rise from $1,160 to $1,307. Holding above it will be a bullish sign. Breaking below the 38% retracement will be a sell signal with target $1,220. Making a higher low around $1,270 and then breaking above $1,285 will be a buy signal with $1,330 target.




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Technical analysis of EUR/JPY for Febuary 2, 2015

General overview for 02/02/2015 09:55 CET


The market still traders inside the range between the levels of 132.27 - 134.33, but it is quite possible that the corrective cycle wave (b) blue has been completed. To confirm this point of view, the price must break out higher above the level of 134.55 in impulsive fashion and head higher towards the golden trend line resistance and later towards the level of 137.64. On the other hand, a lack of such progression might lead to another corrective sub-wave inside the wave (b) blue, that might turn out to be a triangle pattern or any other, more complex corrective structure.


Support/Resistance:


137.64 - Technical Resistance


136.58 - WR2


134.59 - WR1


134.33 - Intraday Resistance


132.37 - Intraday Support


130.39 - WS1


Trading recommendations:


Daytraders should consider opening a buy stop orders from the level of 134.35 with SL below the level of 134.31 and TP at the level of 136.05 with a possible extension to the level of 137.64 later on.


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Technical analysis of NZD/USD for February 02, 2015

NZDUSDM30.png

Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting near a four-year low of 0.7213 on Friday. It is undermined by shift in the Reserve Bank of New Zealand's monetary stance from tightening bias to neutral and by the kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion. But NZD/USD losses are tempered by the weaker USD sentiment and the kiwi demand on the soft AUD/NZD cross and the NZD-USD interest differential.


Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, five- and 15-day moving averages are declining.


Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.7160. A break of this target will move the pair further downward to 0.71. The pivot point stands at 0.7315. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7360 and the second target at 0.7440.


Resistance levels:

0.7360

0.7440

0.7465



Support levels:


0.7160

0.71

0.7040


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Technical analysis of GBP/JPY for Feburary 02, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade in a lower range. It is undermined by the increased investor risk aversion and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers. The GBP sentiment is supported by better than expected improvement in the UK GfK consumer confidence index to +1 in January from -4 in December (versus forecast for -2).


Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is rising from oversold levels; five-day moving average is meandering sideways below falling 15-day moving average.


Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 176.45. A break of this target will move the pair further downward to 175.71. The pivot point stands at 178.00. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 179.45 and the second target at 180.20.


Resistance levels:

179.45

180.20

180.90


Support levels:

176.45

175.70

175


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Technical analysis of Silver for February 02, 2015


Technical outlook and chart setups:


Silver has bounced off $16.60/70 fibonacci support and pushed higher through $17.30 levels as seen here. The metal has produced a bullish morning star candlestick pattern indicating a resumption of the uptrend. Also please note that the bounce has been from the past resistance turned support region as depicted around $17.00 levels and a trend line support is also passing from the same region. The metal could dip lower and test the trend line support again before rallying further but trading recommendations are to remain long for now and also add further on intraday dips. Immediate support is the $16.60 (interim), followed by $16.20, $15.50 and lower while resistance is seen at $18.20/40 (interim), followed by $18.90 and higher respectively.


Trading recommendations:


Remain long for now, stop at $15.50, the target is open.


Good luck!




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Elliott wave analysis of EUR/NZD for February 2 - 2015

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Technical summary:


We knew that we were getting close to a long-term low and expected to see one final low just below 1.4787, but this new low was never seen, as wave (v) of [C] ended as a fifth wave failed at 1.4888. We are now looking for a new impulsive rally towards 1.6446 as the first major upside target. In the short-term, a minor correction to 1.5410 is expected before the next rally higher and a break above minor resistance at 1.5600 will be the first good indication that the correction is over, while a break above resistance at 1.5686 confirms the rally higher towards 1.6446. Only a break below 1.5133 will force us to review our bullish count.


Trading recommendation:


We will buy EUR at 1.5425 with stop placed at 1.5325 or we will buy EUR upon a break above 1.5686 with stop placed at 1.5490 (one order done cancels the other).


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Technical analysis of Gold for February 02, 2015


Technical outlook and chart setups:


Gold has rallied through $1,285.00 levels after bouncing off from $1,250.00 support as seen here. Please note that the metal has bounced off the fibonacci 0.382 support and minimum upside extensions remain at $1,340.00/50 levels from here on. A break above $1,295.00 interim resistance would confirm that bulls are back in control. It is recommended to remain long for now, risk is around $1,245.00 levels for now. Immediate support is seen at $1,220.00/25.00, followed by $1,205.00 and lower while resistance is seen at $1,295.00 (interim), followed by $1,307.00 and higher respectively. Please note that a break below $1,250.00 would find support around the $1,220.00 region.


Trading recommendations:


Remain long for now, stop at $1,245.00, the target is at $1,340.00/50.00.


Good luck!




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Elliott wave analysis of EUR/JPY for February 2 - 2015

2015-02-02-EURJPY-4H.png

Technical summary:


Did wave (iv) end at 134.36 or was it was just wave a of (iv) and wave b of (iv) which ended at 132.04? As long as support at 132.04 protects the downside, we will let the benefit of the doubt go to bulls, but a break below 132.04 will shift the focus towards the finished wave (iv) count at 134.36 and indicate wave (v) lower to 125.98 is developing. If resistance at 134.18 is broken, that would call for wave c of (iv) higher to 136.33 to end wave (iv) and set the stage for wave (v) lower to 125.98.


Trading recommendation:


We will buy EUR at 132.60 with stop+reverse at 132.00 and take profit at 136.20.


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Technical analysis and trading recommendation on USD/CAD for February 02, 2015

The pair moved to 1.2798 which has been the highest ever level since 2009. The CAD lost 46% in the previous month. Last week, the pair gained 2.5% and closed at the highest level. The Canadian GDP dropped 0.2% in November, largely due to declines in manufacturing, mining, and oil & gas production. The fall in crude oil prices weighted with the pair. On the other hand, the US GDP increased at an annual rate of 2.6 percent in the fourth quarter of 2014, according to the "advance" estimate released by the Bureau of Economic Analysis, but missed the forecast at 3.0 percent. Today, the focus has shifted to the US ISM manufacturing PMI. We expect the US dollar to continue is domination against most major pairs.


Today, at the early Asian session, the pair again opened on a bullish note. But the pair is unable to breach the previous day high. Last week, we recommended fresh buying above 1.2540. The pair made a high at 1.2798. The pair has the nearest monthly multiple resistance at 1.3000. So, please keep an eye near that level. We recommended caution close to 1.3000 for the fresh buying. On the h4-cart, the pair made a double top at 1.2798. We advised another strong upmove above 1.2800 for another 100 and 150 pips. Risky traders can buy above 1.2750; safe buying will be triggered above 1.2800. The support level exists at 1.2660, 1.2600, and 1.2525. We recommend selling only below 1.2525 this week.


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Technical analysis and trading recommendation on Gold for February 02, 2015

The yellow metal gained $27 after the US GDP in the fourth quarter came far below expectations. So, the actual GDP increased 2.6 percent annually in the fourth quarter of 2014 according to the "advance" estimate released by the Bureau of Economic Analysis, but the forecast stays at 3.0 percent. The gold regained its shine with the expectations of the delay in the US interest rate hike. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers to acquire gold. Today, the focus has shifted to ISM manufacturing data due in the US. At Friday's session, we recommended risky buying above $1,263.00. The metal hit a high at $1,284.30. As we gave an alert, bulls can challenge strong upward momentum, only above $1,285.50. But bulls gave up below that level. Today, at the Asian session the metal was unable to breach the previous day's high. The metal has weekly resistance at $1,303.75, above this level $1,309.00 will act as another resistance. The monthly support exists at $1,270.00 levels and 20Msma. On the hourly chart, the metal prices are trading and closing above moving averages. The metal has strong support at $1,273.00 and $1,270.00. We recommend intraday fresh buying above 1286.00 with the targets at $1,290.00, $1,292.50, and $1,297.00.


Resistance: $1,286.00 $1,297.50, $1,303.00


Support: $1,276.00, $1,270.00, $1,266.00


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Forecast and trading recommendations on GBP/JPY for February 02, 2015

The yen rose more than 32.00% in the previous month and the cross fell 6% last month. In January, the first week of negative closing took place after 40-months of winning streak. The pair has been consolidating for 3-consecutive weeks between 180.55 and 175.83. Early this week, the pair is trading on a bullish note at the Asian session. The pair has strong support at 175.30 and 50Wsma levels. On the weekly chart, the pair closed below the 20Wsma and made a minor double top at 180.53. The pair has been rejected at 20Dsma 4 days in a row. The prices are making lower lows and lower top formation on the h4- chart. The prices are closed and trading below the hourly moving averages. In case if the prices close below the lower end of the descending of the triangle, bears can pose challenge towards 173.50. In the previous week, we recommended selling below 177.60 with the targets at 177.20, 177.00, and 176.50. The cross made a low at 176.12. This week, we recommend selling below 175.30; safe selling will be triggered only below 175.00. The intraday resistance exists between 174.50 and 178.10. Today, the focus has shifted to UK's manufacturing PMI data. As of now, the cross favours a pullback towards 177.20 and 177.50. We recommend fresh buying only above 177.70 with the targets at 178.20 and 179.40.


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Forecast and trading recommendations on EUR/USD for February 02, 2015

The Euro lost more than 950 pips in the previous month against the US dollar. After the ECB disclosed a 1.2 trillion euro's quantitative easing program, the euro lost 6.5% against US dollar last month. During the previous week, the pair gained more than 100 pips. It was the first week the pair closed with gains after a decline for 6-week. Today, the focus has shifted to Spanish unemployment, manufacturing PMI, and Italian manufacturing PMI. The pair still favors selling on every rise. The weekly resistance exists at 1.1560. Until the price closes above it, the weekly trading pattern is framed between 1.1098 and 1.1560. As of now, the monthly resistance exists at 1.2000 and 50Dsma levels. The short-term trend will chance only if the price closes above this.


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Technical analysis of USD/JPY for February 02, 2015

!USDJPY.jpg

In Asia, Japan will release the Final Manufacturing PMI. The US will release some economic reports such as ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.


Resistance. 3: 118.00.


Resistance. 2: 117.78.


Resistance. 1: 117.55.


Support. 1: 117.26.


Support. 2: 117.03.


Support. 3: 116.80.


Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.




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Technical analysis of EUR/USD for February 02, 2015

1422842983_!EURUSD.jpg

When the European market opens, some economic news will be released such as Final Manufacturing PMI, Italian Manufacturing PMI, Spanish Manufacturing PMI, and Spanish Unemployment Change. The US will release some economic reports too such as the ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, in the context of the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.1364.


Strong Resistance:1.1357.


Original Resistance: 1.1346.


Inner Sell Area: 1.1335.


Target Inner Area: 1.1308.


Inner Buy Area: 1.1281.


Original Support: 1.1270.


Strong Support: 1.1259.


Breakout SELL Level: 1.1252.


Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.




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Daily analysis of major pairs for February 2, 2015

EUR/USD: This pair moved upwards last week and later consolidated till the end of the week. However, the overall bias is bearish. On Friday, January 29, 2015, the price closed at 1.1285, in the context of the downtrend. Only a movement above the resistance line at 1.1450 could render the bearish outlook invalid. The EUR/USD pair has remained consistently bearish for a long period of time.


1.png

USD/CHF: As forecasted, the USD/CHF pair has moved upwards in a slow and steady manner and this upwards movement is supposed to continue this week, allowing further upwards movement in the market.


2.png

GBP/USD: Last week was characterized by a serious contest between bulls and bears, with each side winning temporarily. Towards the end of the week, bears flexed their muscles strongly and ended up pushing the price lower. There is a now a ‘sell’ signal in this market.


3.png

USD/JPY: There was no much activity in this market last week, save occasional short-term upswings and downswings in the market. This week, it is either the supply level at 119.00 is breached to the upside or the demand level at 117.00 is breached to the downside.


4.png

EUR/JPY: The EUR/JPY pair made a noteworthy effort to rally in the context of a downtrend, but the overall bias remains bearish. Only a movement above the supply zone at 135.00 can render this bias invalid. Otherwise, further southerly journey is expected this week.


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Daily analysis of USDX for February 02, 2015

On the daily chart, the USDX is still bulish above the support level of 94.18 where this instrument made a rebound last weekand. Probably during this week, the USDX could rise again to the resistance level of 95.45. As you can see in this time frame, the bullish trend line is still respected and the 200 SMA remains in favor of the bullish bias.


USDXDaily.png

The USDX made a consolidation above the support level of 94.78 last Friday, with a near-term target to the resistance level of 95.05. If the instrument makes a breakout in that zone, it would be expected to rise to the level of 95.35, that is next to the high of the January 26's session. Also, the 200 SMA is bullish, alongisde with the MACD indicator.


USDXH1.png

Daily chart's resistance levels: 95.45 / 97.52


Dailychart's support levels: 94.18 / 93.02


H1 chart's resistance levels: 95.05 / 95.35


H1 chart's support levels: 94.78 / 94.38




Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.05, take profit is at 95.35, and stop loss is at 94.73.


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Daily analysis of GBP/USD for February 02, 2015

The GBP/USD pair continues to get more bearish pressure every day. Currently, it's trying to perform a breakout at the support level of 1.5025. This zone has been tested several times, but the pair is still very bearish. However, this outlook could change in the near future, if the GBP/USD pair makes a breakout above the resistance level of 1.5247, where this pair could rise until the resistance level of 1.5491.


GBPUSDDaily.png

The H1 chart is showing us a more bearish strength on the GBP/USD pair, because the pair tried a breakout at the support level of 1.5039, but it was unsuccessful. Anyway, the 200 SMA is still bearish and the GBP/USD pair remains below the resistance level of 1.5084. As long as it remains below that zone, the GBP/USD pair could find a way to fall until the support level of 1.4994.


GBPUSDH1.png

Daily chart's resistance levels: 1.5247 / 1.5491


Dailychart's support levels: 1.5025 / 1.4853


H1 chart's resistance levels: 1.5084 / 1.5142


H1 chart's support levels: 1.5039/ 1.4994




Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5039, take profit is at 1.4994, and stop loss is at 1.5084.


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