GBP/USD intraday technical levels and trading recommendations for February 4, 2015

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Overview:


The daily closure below the recent bottoms located around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with projection target at 1.5300.


The market has already pushed further below, reaching down to 1.5030-1.4980 where the lower limit of the channel has been providing support for the pair over the past few weeks.


The H4 chart shows transition into a sideway movement with mild bearish tendency which has been maintained within the depicted channel until evident bullish pressure was applied at retesting of 1.5000 last week.


Temporary bullish breakout above the upper limit of the short-term flag pattern (price level of 1.5170) is taking place today.


Persistence above the key-support for today (price level of 1.5170) applies strong bullish pressure over the price zone of 1.5290-1.5360 (prominent Fibonacci levels) where the price action should be watched.


Trading recommendations:


Look for signs of bearish reversal around the price zone of 1.5290-1.5360 to SELL the GBP/USD pair with SL located slightly above 1.5380.


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Intraday technical levels and trading recommendations for EUR/USD for February 4, 2015

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The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.


The pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially after the obvious MONTHLY closure below 1.2000.


During the past few weeks, the EUR/USD bears have been challenging historical lows that were established back in 2005 and 2003. Some bullish recovery was finally witnessed by the end of January.


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On the daily chart the market looked oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT).


As it was suggested in the previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off (R1 at 1.1550 and R2 at 1.1700).


The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.


On the other hand, daily fixation again below 1.1260, which is a recent DEMAND level, exposes the recent lows around 1.1110 for retesting.


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Intraday technical levels and trading recommendations for GBP/USD for February 4, 2015

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The previous consolidation movement extended between the price levels of 1.5550 and 1.5770, it represented a period of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.


Bearish breakout below 1.5550 directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.


As mentioned in the previous articles, conservative traders should have been waiting for the current bullish pullback towards the recent SUPPLY zone around 1.5250-1.5280 for a low-risk SELL entry.


This SUPPLY zone also corresponds to the upper limit of the depicted daily channel where bearish pressure should be anticipated today at retesting.


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On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. Since then, the pair has been trapped within a consolidation zone ranging between 1.4960 and 1.5230.


The price level of 1.5280 corresponds to the upper limit of the depicted H4 channel as well as 50% Fibonacci level of the recent bearish swing that extended between 1.5600 and 1.4976.


The short-term price action should be watched closely around 1.5280 for a low-risk SHORT entry. Stop loss should be located above 1.5360 (61.8% Fibonacci level).


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EUR/NZD analysis for February 04, 2015

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Overview:


In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5405 in an average volume. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it caused price to start with bearish movement. Be careful when buying EUR/NZD at this stage. I have placed Fibonacci retracement to find potential support levels and got Fibonacci retracement 38.2% at the price of 1.5421 (held successfully) and Fibonacci retracement 61.8% at the price of 1.5180. We also got swing high like support at the price of 1.5421. Anyway, if the price breaks the level of 1.5810 in a high volume, we may see further upward movement. My advice is to watch for potential buying opportunities after retracement. To confirm further bullish movement, price needs to break the level of 1.5810.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5761


R2: 1.5838


R3: 1.5964


Support levels:


S1: 1.5509


S2: 1.5432


S3: 1.5306


Trading recommendations: Be careful when buying at this stage, but watch for potential buying opportunities after retracement (buy on the dips)


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Gold analysis for February 04, 2015

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Overview :


Since our last analysis gold has been trading downwards. The price has tested the level of 1,255.32 in a volume below the average. According to the H4 time frame, we got very high effort from sellers with very weak result, which is a sign that selling around the price of 1,255.00 looks risky. Our submajor Fibonacci retracement 38.2% at the price of 1,254.00 has been held successfully again. 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). My advice is to watch for potential buying opportunities on the lows (buy on the dips).


Daily Fibonacci pivot points :


Resistance levels :


R1: 1,279.26


R2: 1,286.50


R3: 1,298.23


Support levels :


S1: 1,255.80


S2: 1,248.56


S3: 1,236.83


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


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Technical analysis of NZD/USD for February 4, 2015

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Overview :



  • The NZD/USD pair will continue falling straight from the level of 0.7266 on the H4 chart. It is probably going to form a double bottom at the level of 0.7172. Therefore, the NZD/USD pair is showing signs of strenght following the break of the highest level of 0.7461. So, the market is going to move between the levels of 0.7433 and 0.7270. It will be a good sign to buy in the short term above the level of 23.6% of Fibonacci retracement levels on the H4 chart (0.7350) with the first target of 0.8680 in order to retest the daily pivot point and further 0.7400 and continue towards the level of 0.7461 (the price of 0.7461 will act as strong resistance, so it is going to be a good place to take profit). Also, it should be noted that this level of taking profit will coincide at 38.2% of Fibonacci. However, in case a reversal takes place and NZD/USD breaks through the support level of 0.7350, the market will further decline to 0.7262, in order to indicate the bearish market today.



Intraday technical levels :

Date: 4/02/2015

Pair: NZD/USD



  • R3: 0.7792

  • R2: 0.7633

  • R1: 0.7495

  • PP: 0.7336

  • S1: 0.7198

  • S2: 0.7039

  • S3: 0.6901



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Technical analysis of GBP/USD for February 4, 2015

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Overview :



  • The market of the GBP/USD pair was not stabilized because the trend has been moving between 1.5053 and 1.5224 for a while. Be careful in the area of 1.5091 - 1.5246. So, the first step is waiting at this spot before investing. As a result, the GBP/USD pair might start showing signs of bullish market at the level of 1.5091 which represents the weekly pivot point. In other words, it will be a good sign to buy above the price of 1.5091 with the first target of 1.5200 in order to test the weekly resistance 1. It will call for the uptrend to continue its bullish movement towards 1.5284 to form the double top on the H1 chart. However, the pair could not break the second resistance 1.5326. Consequently, the market will indicate a bearish opportunity at the spot of 1.5326. Thus, the level of 1.5326 will act as strong resistance today. So, it is providing a clear signal for sell deals with the target seen at 1.5066. On the other hand, the stop loss should be placed above 1.5338.



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Technical analysis of USD/CAD for Febuary 4, 2015

General overview for 04/02/2015 10:49 CET


The orange rectangle zone acted very well as the reversal/target zone for bulls. After hitting this zone the pair is in corrective decline that has almost 450 pips so far. This corrective cycle has been labeled as wave W brown and as the first leg of a possible more complex corrective cycle. The key level for the scenario is the intraday resistance at the level of 1.2552 and any breakout above this level means that the bottom for the wave W brown has been established. Please notice that the market has fallen out of the golden bullish channel too, but it has not entered the bearish zone yet.


Support/Resistance:


1.2897 - WR1


1.2799 - Swing High


1.2648 - Intraday Resistance


1.2636 - Weekly Pivot


1.2552 - Intraday Resistance|Key Level|


1.2474 - WS1


1.2351 - Intraday Support


Trading recommendations:


The sell orders from yesterday hit the TP level, and currently traders should refrain from trading and wait for clearer structure to emerge.


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Technical analysis of EUR/JPY for Febuary 4, 2015

General overview for 04/02/2015 10:49 CET


The last impulsive wave up is in progress and the projected target is still at the level of 137.64. This target can be meet only if the intraday resistance at the level of 135.34 is violated in impulsive fashion. On the other hand, any downside extension below the level of 133.57 would mean that the top for the wave (c) blue is in place. Breakout below weekly pivot at the level of 132.37 supports the view.


Support/Resistance:


137.64 - Target Level


136.58 - WR2


135.34 - Intraday Resistance


134.59 - WR1


134.34 - Intraday Support


133.57 - Intraday Support


132.37 - Weekly Pivot


Trading recommendations:


The buy orders recommended yesterday were in profit for some time but the overall extension to the upside has not been as big as expected and the SL levels were hit eventually. Currently two levels are in play (135.34 to the upside and 133.57 to the downside). Traders should keep an eye on the price behavior at this levels and trade accordingly.


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#USDX technical analysis for February 4, 2015

The Dollar index gave a sell signal yesterday for the short term as the triangle pattern was broken downwards and the index fell towards 93.20. The short-term trend is bearish but the longer-term trend remains bullish. Important support level at 92. Holding above it will be a buy opportunity for next leg up towards 100.


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Green line = resistance


The Dollar index is making lower highs and lower lows in the short term and has broken below the Ichimoku cloud. As long as the index is below the green trend line, then trend will remain bearish in the short-term. Resistance is at 94.50. If it is broken, we will have increased chances of starting a new upward move.


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Blue lines = price channel


The Dollar index remains in an upward sloping price channel confirming that trend is bullish. There are signs of a short-term top at least as this pullback could push the index towards the lower channel boundaries at 92. Ichimoku cloud support is at 90 if the price breaks below the channel. The long-term trend is bullish with 100 as target.




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Gold technical analysis for February 4, 2015

Gold price got rejected by the short-term resistance at $1,285 and is testing important support level at $1,250. Breaking below this level will probably push the index towards $1,200. Bulls need to break above $1,285 to resume uptrend with $1,330 as target.


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Black line = resistance


Green line = support


Gold price is now below the Ichimoku cloud. This is a bearish sign. The price is below the black trend line but above the support at $1,250. A break below the support will be a sell signal with the first target of $1,220. A break above the resistance will be a buy signal with $1,330 as target.


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Red lines = horizontal support levels


Gold price is testing the 38% retracement once again. Initially, this support level produced a bounce towards $1,290, but the resistance was not broken. The prices are pulling back right now to retest the support at $1,250. Breaking below the support of the 38% Fibonacci retracement will push the price towards $1,220 where the 61.8% retracement is found.




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Technical analysis of USD/CHF for February 04, 2015

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Fundamental overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the weaker USD sentiment (ICE spot dollar index last 93.77 versus 94.56 early Tuesday) on a 3.4% drop in the U.S. December factory orders (versus forecast -2.5%). But the USD/CHF losses are tempered by the negative Swiss interest rates and by the threat of the Swiss National Bank's CHF-selling intervention.


Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are in bullish move; five-day moving average is above 15-day moving average and is advancing.


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 0.9160. A break of this target will move the pair further downward to 0.9075. The pivot point stands at 0.9290. 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 0.9365 and the second target at 0.9435.


Resistance levels:
0.9365

0.9435

0.9465


Support levels:

0.9160

0.9075

0.8985


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Technical analysis of USD/JPY for February 04, 2015

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Fundamental overview:


USD/JPY is expected to trade in a higher range. It is supported by the reduced safe haven appeal of the yen and the yen-funded carry trades amid positive global risk sentiment (VIX fear gauge eased 10.81% to 17.33; S&P 500 closed 1.44% higher at 2,050.03 overnight). It is caused by fall in oil prices for the 3rd straight day, by worries over Greece's future in the eurozone and by the fact that the RBA joined other central banks in providing further stimulus. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 1.796% versus 1.673% late Monday), the demand from Japan's importers and the ultra-loose Bank of Japan monetary policy. But the USD/JPY gains are tempered by the Japanese exports, the weaker dollar sentiment (ICE spot dollar index last 93.77 versus 94.56 early Tuesday) on 3.4% drop in the U.S. December factory orders (versus forecast -2.5%).


Technical comment:
The daily chart is mixed, the MACD is bearish, but stochastics is neutral; five and 15-day moving averages are meandering sideways, intraday-range pattern was completed on Tuesday.


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 118.20 and the second target at 118.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 117. A break of this target would push the pair further downwards, and one may expect the second target at 116.55. The pivot point is at 117.40.


Resistance levels:

118.20

118.45

118.75

Support levels:

117

116.55

116.80


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Technical analysis of NZD/USD for February 04, 2015

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Fundamental overview:
NZD/USD is expected to consolidate with a bullish bias after hitting a four-year low at 0.7174 on Tuesday. NZD sentiment is boosted by the 9.4% rise in Fonterra's GDT Price Index at the latest Global Dairy Trade auction. NZD/USD is also underpinned by the weaker USD sentiment, Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, and Kiwi demand on soft AUD/NZD cross.


Technical comment:

Daily chart is mixed as MACD is bearish, 5 and 15-day moving averages are falling, but bullish outside-day-range pattern was completed on Tuesday, stochastics turned bullish at the oversold levels.


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 0.75 and the second target at 0.7590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7160. A break of this target would push the pair further downwards, and one may expect the second target at 0.71. The pivot point is at 0.7280.


Resistance levels:

0.75

0.7590

0.7635



Support levels:


0.7160

0.71

0.7040


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Technical analysis of GBP/JPY for Feburary 04, 2015

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Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is supported by the improved euro sentiment as worries over Greece are waning, the positive risk sentiment, and demand from Japan's importers. But EUR/JPY gains are tempered by Japan's export sales. GBP/JPY gains are tempered by the sterling sales on buoyant EUR/GBP cross as well as caution ahead of Bank of England interest rate decision on Thursday.


Technical comment:
Daily chart is positive-biased as MACD and stochastics are in bullish mode, bullish parabolic stop-and-reverse signal hit on Tuesday.


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 0.178.95 and the second target at 179.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.20. A break of this target would push the pair further downwards, and one may expect the second target at 176.70. The pivot point is at 177.50.


Resistance levels:

178.95

179.40

1780


Support levels:

177.20

176.70

176


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Elliott wave analysis of EUR/NZD for February 4 - 2015

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Technical summary:


We have changed our count for wave (i). Instead of the peak at 1.5290 being wave (i), we think the moving wave (i) to the peak at 1.5821 as being a better fit. That means we should now be looking for wave (ii) and a move lower to the 50% corrective target at 1.5354 as the ideal target for wave (ii). That said, we have to remember, that second waves often do correct a great part of the first wave. So we will keep tight stops, if we manage to enter a long EUR position near 1.5354. To confirm that a bottom is in place, we need a break above minor resistance at 1.5539


Trading recommendation:


Our stop at 1.5490 was hit for a loss. We will buy EUR again at 1.5365 with a stop at 1.5230


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Elliott wave analysis of EUR/JPY for February 4 - 2015

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Technical summary:


With a break above important short-term resistance at 134.18, we were right letting bulls have the benefit of the doubt. We are still looking for a move closer to 136.33. However, in the short term, we should see a minor decline to 134.31 before the final rally higher to 136.33 to end wave (iv) and set the stage for wave (v) lower towards 125.98 to end the major expanded flat correction.


Trading recommendation:


We are long EUR from 132.60 and will raise our stop to 133.55 and keep our take-profit at 136.20.


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Forecast of USD/JPY for Febraury 04 , 2015

The US dollar slips against most major currencies. The Greek hopes weigh against the US dollar. The US economic data are disappointing as well. The US factory orders fell sharply. Now, the focus has shifted to today's ADP non-farm payroll. The pair has been consolidating still in the tight range as we discussed in our earlier reports. The pair has the nearest resistance at 118.00 and 118.15. The prices are trading within a triangle on the h4 chart. In case if the prices manage to give an upside breakout, the pair can face a challenge towards 120.50. The prices are closed and trading below the hourly moving averages. The prices are likely to form a triangle pattern. The support base exists at 115.50 and 115.00. The weekly support exists at 115.00 or 20Wsma. In case if the pair closes below 115.00, we can confirm the broadening top in the near and medium term. The rate hike favors the US dollar. The policy makers have repeatedly announced their plan to raise interest rates during 2015. The pair closed and is trading below 50Dsma or 118.70. In case the pair closes above 118.85, it can face a challenge at 119.90 and 120.50. In intraday, the weakness will hit the pair if the prices break below 116.90.


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Technical analysis and trading recommendations on Gold for February 04, 2015

The yellow metal made a double top and slipped to the support levels. As we recommended in yesterday's articles, the selling pressure will appear only below $1,266.00. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers will acquire gold. The focus has shifted to today's ADP non-farm employment data. The metal fell, due to fading concerns over Greece. The metal has support at $1,255.00 and $1,249.50. The panic will be triggered below $1,249.50. We recommend fresh selling only below $1,249.50. The prices have been taking support at $1,255.00, a 12-hour low.


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


Support: $1,255.00, $1,249.50, $1,239.00.


At the Asian session, the metal is trading at $1,260.00. The support exists at $1,255.00, 12-hour support. We can expect weakness below it. The next support levels are expected to be at $1,251.50.00 and $1,249.50.00. Until the metal trades and closes below $1,286.00, use every rise to sell with the targets at $1,230.00. Safe traders can sell below $1,249.50 and risky traders can sell below 1255.00.


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Technical analysis and trading recommendations on GBP/USD for February 04, 2015

The cable gave a strong close, but restricted the descending trend line. The U.S. dollar is slipping against most major currencies. Greece's hopes weigh against the U.S. dollar. The U.S. economic data are disappointing as well. The U.S. factory orders fell sharply. The U.K. released the construction data which appeared to be quite strong in January. The construction PMI index rose to 59.1 from a 17-month low at 57.6 in December. It's a good sign for bulls to make a bottom in the near and medium term. The pair made a low at 1.4950 in January. On the monthly charts, the previous supports are seen between 1.4830 and 1.4800.


After 4 days, the pair managed again to close above 20Dsma. Bulls can hold the upper hand longer in case if the prices overcome 1.5225 with the targets at 1.5265, 1.5320, and 1.5400. The strong resistance levels exist between 1.5225 and 1.5270. The pair can make a breakout with a 300-pips upswing, in case the prices close above the descending trend line on the daily chart. It is too early to foresee such a big target. but it's better to keep an eye on it. We have been recommending fresh selling only below 1.4950 and the same is advised now. The intraweek support exists at 1.5120 or 20Dsma. Today, at the Asian session the pair was unable to breach the trend line and is trading in red now. Until the prices close above 1.5060, use any dip to buy this week.


Support:1.5140,1.5095,1.5060


Resistance:1.5180,1.5225,1.5270


We recommend fresh buying above 1.5180


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Technical analysis and trading recommendations on GBP/JPY for February 04, 2015

The UK released the construction data which turned out to be quite strong in January. The construction PMI index rose to 59.1 from a 17-month low at 57.6 in December. The cross has been consolidating for 4-weeks at 50Wsma. This week, the pair touched the 50Wsma and started reinforcement. After 8-weeks, the cross looks stronger. On the weekly chart, we can observe where exactly the pair touched the 50Wsma, it bounced from there and made a new high. In Monday's articles, we recommended buying above 177.70 with the targets at 178.20 and 179.40. At the early Asian session, the pound made a high at 178.38 against the yen, but was unable to breach the previous day's high. In case if the prices breach 178.38, bulls can challenge 178.55, 178.90, and 179.40. We recommend fresh buying above 178.40. We recommend putting long positions with a sl at 50Wsma or 175.45 on a weekly closing basis. On the weekly chart, the pair closed below the 20Wsma and made a minor double top at 180.53. Until the pair trades and closes above 177.10 and 177.00, use dips to buy which will be gainful in the intraweek. Intraday support exists at 178.00, 177.60, and 176.90. The prices gave an upside breakout from the falling expanding wedge pattern on the hourly chart. Today, the focus has shifted to UK's services PMI data. We are expecting an uptick from the data. In case if the positive readings take place, we can expect 179.40 in a day or two.


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Technical analysis of EUR/USD for February 04, 2015

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When the European market opens, some economic news will be released such as Retail Sales m/m, Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will publish several economic reports too such as the Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, and ADP Non-Farm Employment Change. So, amid the reports, EUR/USD will move with medium volatility during this day.



TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1517.

Strong Resistance:1.1510.

Original Resistance: 1.1499.

Inner Sell Area: 1.1488.

Target Inner Area: 1.1460.

Inner Buy Area: 1.1432.

Original Support: 1.1421.

Strong Support: 1.1410.

Breakout SELL Level: 1.1403.



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. The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for February 04, 2015

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In Asia, Japan will release the Average Cash Earnings y/y. The US will publish several economic reports such as Crude Oil Inventories, ISM Non-Manufacturing PMI, Final Services PMI, and ADP Non-Farm Employment Change. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.32.

Resistance. 2: 118.09.

Resistance. 1: 117.86.

Support. 1: 117.58.

Support. 2: 117.35.

Support. 3: 117.12.





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. The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Silver for February 04, 2015


Technical outlook and chart setups:


Silver drops to sub $17.00/10 levels for now but still remains buy on dips. The bulls remain in control till prices remain above $16.50/60 levels and hence it is recommended to remain long and also add further positions on dips. The metal had bounced off the trend line support and just ahead of the fibonacci 0.618 levels as seen here. Immediate support is seen at $16.70 (interim), followed by $16.20, $15.50 and lower while resistance is seen at $18.20 levels (interim), followed by $18.40/50, $18.90 and higher respectively. Please note that the metal remains in the buy zone of trend line support and shall remain bullish till prices remain above $16.60 levels.


Trading recommendations:


Remain long, add further on dips, stop at $15.50, the target is seen at $18.90 and $21.00.


Good luck!




The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for February 04, 2015

On the daily chart, the USDX had a very bearish day during yesterday's session, as this instrument is performing a bearish consolidation below the level of 94.18. That opened the way for a test at the support level of 93.02. If the USDX breaks that zone, it would be expected to visit the 92.23 level in the medium term.


USDXDaily.png

The USDX is currently located below the 200 SMA on the H1 chart, with a lower low pattern formation. Now, the USDX finds support at the level of 93.49 and currently those movements could jeopardize the strong bullish intraday bias that the instrument had during last weeks. If the USDX does a bearish consolidation below the support level of 93.49, the next target would be the level of 93.05.


USDXH1.png

Daily chart's resistance levels: 94.18 / 95.45


Dailychart's support levels: 93.02 / 92.23


H1 chart's resistance levels: 93.94 / 94.38


H1 chart's support levels: 93.49 / 93.05




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 93.49, take profit is at 93.05, and stop loss is at 93.94.


The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/USD for February 04, 2015

The GBP/USD pair had a strong bullish momentum above the support level of 1.5025, where it seems to be a clear rejection of the pair from that support zone. Now, the current target is set at the resistance level of 1.5247, which could be stronger and produce a pullback on the GBP/USD pair. But as the bullish momentum remains alive, the pair could breakt that level and rise to the 1.5491 in the medium term.


GBPUSDDaily.png

As we can see on the H1 chart, the GBP/USD pair won positions above the 200 SMA, which is currently pointing upwards. Now, the pair is forming a higher high pattern that could help to perform a bullish consolidation above the resistance level of 1.5161, with a short-term target placed at the 1.5211 level. The MACD indicator stays in the positive territory.


GBPUSDH1.png

Daily chart's resistance levels: 1.5247 / 1.5491


Dailychart's support levels: 1.5025 / 1.4853


H1 chart's resistance levels: 1.5161 / 1.5211


H1 chart's support levels: 1.5110 / 1.5084




Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5161, take profit is at 1.5211, and stop loss is at 1.5111.


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for February 04, 2015


Technical outlook and chart setups:


Gold drops to test intermediary lows at $1,250.00 levels as seen here. The metal still remains in control of bulls till prices remain above $1,250.00. It is recommended to remain long and also look to add further positions at current levels. A bullish bounce is expected from current levels, which could push the yellow metal through fresh swing highs and subsequently towards $1,340.00. Please note that the yellow metal had bounced off the fibonacci 0.382 support at $1,250.00 levels earlier and the current drop is still considered as a test. Bulls are poised to rally.


Trading recommendations:


Remain long, stop at $1,245.00, the target is $1,340.00.


Good luck!




The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for February 4, 2015

EUR/USD: The EUR/USD pair has been trending upwards since yesterday, breaking through the resistance line at 1.1500. With further buying pressure, the price would close above the resistance line at 1.1500 and reach another resistance line at 1.1550. Then, a strong Bullish Confirmation Pattern would be formed on the chart.


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USD/CHF: The outlook for the USD/CHF pair remains upbeat in the context of a downtrend. The price is supposed to continue going upwards in a slow and steady manner by at least 500 pips this month. Along the way, occasional serious pullbacks are expected which would, nevertheless, be transient in nature.


1423005942_2.png

GBP/USD: In a welcome positive correlation with the EUR/USD pair, GBP/USD has also moved upwards since yesterday. The price is above the accumulation territory at 1.5150, and it may soon reach the distribution territory at 1.5200. A movement above the distribution territory at 1.5250 would result in a clear bullish outlook in the market.


1423005977_3.png

USD/JPY: The outlook for the USD/JPY pair is still the same.There was no much activity in this market last week, save occasional short-term upswings and downswings in the market. This week, either the supply level at 119.00 is to be breached to the upside or the demand level at 117.00 is to be broken to the downside. The bullish outlook is more probable.


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EUR/JPY: This market has been making an attempt to go northward – a movement of over 280 pips in two days is noteworthy. It is expected that the price would soon go above the supply zone at 136.00. By then, the EMA 11 would have crossed the EMA 56 to the upside, as the RSI period 14 has crossed the level 50 to the upside.


1423006040_5.pngThe material has been provided by InstaForex Company - www.instaforex.com