Technical analysis of GBP/CHF for February 10, 2015


Technical outlook and chart setups:


The GBP/CHF pair is stalling around the handle of 1.4100/4200, as seen here. This region is also marked by the Fibonacci 0.618 resistance of the drop from 1.5500 to 1.1800. Bears could possibly regain control from here if the handle of 1.4200 remains intact. An aggressive trade setup could be to initiate 50% short positions now (1.4090/4100) with risk above 1.4200. The resistance is seen at 1.4190 (interim) followed by 1.4300, 1.4700 and higher, while the support is seen at 1.4000 followed by 1.3850 and lower, respectively. A drop below 1.4000 from the current levels would accelerate further downside.


Trading recommendations:


Initiate 50% short positions now; stop is above 1.4200, target is open.


Good luck!




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EUR/NZD analysis for February 10, 2015

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EURNZDH410.png


Overview:


In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5194 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1.5180 almost got testes; so my advice is to be careful when selling EUR/NZD at this stage. Anyway, if the price breaks the level of 1.5180, we may see a possible testing of the level of 1.5060. According to the 4H time frame, we can observe lack of supply around the price of 1.5225, which is a sign that selling looks risky.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5375


R2: 1.5424


R3: 1.5504


Support levels:


S1: 1.5215


S2: 1.5166


S3: 1.5086


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




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Gold analysis for February 10, 2015

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GOLDH410.png


Overview :


Since our last analysis gold has been trading sideways around the price of 1,238.00. According to the H4 time frame, we can observe rejection from our Fibonacci retracement 61.8% at the price of 1,234.00. According to the daily time frame, we have demand in a volume below the average. Major resistance level is around the price of 1,307.00 (swing high like resistance) and intraday resistance is around the price of 1,252.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips). Anyway, if the price breaks the level of 1,228.00, we may see possible testing of the level of 1,220.00 before any larger bullish reaction.


Daily Fibonacci pivot points :


Resistance levels :


R1: 1,245.26


R2: 1,249.03


R3: 1,254.46


Support levels :


S1: 1,236.06


S2: 1,230.63


S3: 1,226.86


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


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Technical analysis of Silver for February 10, 2015


Technical outlook and chart setups:


Silver has bounced off the Fibonacci 0.618 support levels at the levels of $16.50/60 earlier (last Friday). The metal is preparing to resume its rally and extend higher towards $18.90 and higher in the coming sessions. It is recommended to remain long and also to add further positions at the current levels. The metal has bounced off its trend line support (not depicted today) as well, which is quite encouraging for bulls. Immediate support is seen at the levels of $16.50 (interim) followed by $16.20, $15.50 and lower, while resistance is seen at $17.40/50 (interim) followed by $18.40/50, $18.90 and higher, respectively. Bulls are setting up to gain control again for now.


Trading recommendations:


Remain long; stop is at $16.00, target is open.


Good luck!




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Technical analysis of Gold for February 10, 2015


Technical outlook and chart setups:


Gold is seen to be retracing lower towards the levels of $1,235.00 for now. The metal may be supported at the current levels and then continue higher above $1,245.00 again. On the flip side, a drop below $1,228.00 could find support at $1,221.00, which is also 60% of the rally between $1,170.00 to $1,307.00. It is recommended to remain long for now and also look to add further on dips with risk below the levels of $1,170.00. Immediate support is seen at $1,220.00 (interim) followed by $1,205, $1,170.00 and lower, while resistance is seen at $1,285.00 (interim) followed by $1,307.00, $1,340.00 levels and higher, respectively. Bulls would remain in control untill the prices stay above $1,170.00.


Trading recommendations:


Remain long, stop at $1,170, target is open.


Good luck!




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Technical analysis of AUD/USD for February 10, 2015

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Overview :



  • According to the previous events, the price of the AUD/USD pair has moved between the levels of 0.7828 and 0.7724. For that it should be noted that the minor support and resistance are going to set at the levels of 0.7724 and 0.7828 respectively today. So, the range of this pair today is likely to be about 104 pips. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.7830 with the first target at 0.7744, and the price will climb towards 0.7724 in order to test this strong support (it should be noted that at the level of 0.7724 will be formed double bottom). However, if the pair fails to break 0.7830, the market will indicate a bullish opportunity above 0.7833 because this price will really act as strong resistance. Consequently, it will be a good sign to buy above 0.7733 with the first target at 0.7851 and it will call for an uptrend in order to continue bullish movement towards 0.7875.



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Intraday technical levels and trading recommendations for GBP/USD for February 10, 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 1.5280-1.5320 for a low-risk SELL entry.


This SUPPLY zone also corresponds to the upper limit of the depicted daily channel where bearish pressure was anticipated last week on Thursday at retesting.


However, this bearish scenario was threatened on Thursday after the daily closure above the upper limit of the consolidation zone as well as the depicted channel around 1.5250.


Moreover, a bearish engulfing daily candlestick was expressed on Friday. This has pushed the GBP/USD pair again inside the channel.


1423565692_gbph4.png


On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. Since then, the pair was trapped within a consolidation zone ranging between 1.4960 and 1.5230 until Thursday when the pair achieved daily closure above them.


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.


As suggested, the price zone of 1.5280-1.5320 offered a low-risk SELL entry by the end of the last week with Stop loss located above 1.5360 (61.8% Fibonacci level). SL can now be lowered to 1.5280 to offside some of the risk.


On the other hand, DAILY closure above 1.5340 invalidates the short-term bearish scenario exposing the price level of 1.5480 for retesting.


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Technical analysis of NZD/USD for February 10, 2015

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Overview :



  • In the short term, the last double top of the NZD/USD pair has already been set at the price of 0.7493 on the H4 chart. Moreover, it should be noted that the level of 0.8856 is representing the highest price. So, the market will turn to the bearish sentiment from the level of 0.7493/0.7450. Additionally, the support has reached 0.7345 and the resistance is going to set at the spot of 0.7450/0.7493. Thus, we expect a new range of 253 pips this week. Therefore, it will be a good sign to sell at the price of 0.7450 with the first target of 0.7345. Furthermore, it will continue in the downtrend in order to keep its bearish movement towards 0.7310 (it should be also noticed that the level of 0.7310 is going to form a strong support). Nevertheless, the stop loss should never exceed your maximum exposure amounts. Accordingly, the stop loss should be placed above the double top (0.7483) at the level of 0.7505.



Intraday technical levels :



  • R3: 0.7550

  • R2: 0.7495

  • R1: 0.7452

  • PP: 0.7397

  • S1: 0.7354

  • S2: 0.7299

  • S3: 0.7256



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Intraday technical levels and trading recommendations for EUR/USD for February 10, 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 of January took place 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 and the beginning of February.


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On the daily chart the market looked oversold below the price levels 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, the daily fixation again below 1.1260, which is a recent DEMAND level depicted on the H4 chart, activates a DOUBLE-TOP reversal pattern exposing the recent lows around 1.1110 for retesting especially after the breakout took place below the depicted bullish channel on the H4 chart.


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Technical analysis of EUR/JPY for Febuary 10, 2015

General overview for 10/02/2015 11:35 CET


The momentum in this market is almost gone as it is shown by the RSI indicator that is currently forming a triangle. The pair is still trading inside the daily range, between the levels of 133.63 - 135.36. Only a breakout higher above the level of 135.36 would invalidate the alternative scenario and put the level of 137.64 in view for test. Otherwise, the bias looks bearish and one more wave to the downside is needed to complete the impulsive cycle.


Support/Resistance:


136.74 - Key Resistance


137.27 - WR2


136.15 - WR1


135.36 - Intraday Resistance


134.22 - Weekly Pivot


133.63 - Intrday Support


133.11 - WS1


132.32 - Key Level To The Downside


Trading recommendations:


Sell orders advised yesterday should be still kept open. SL should be placed above the level of 135.36 and open TP level for now.


eurjpy_h1.jpg




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Technical analysis of USD/CAD for Febuary 10, 2015

General overview for 10/02/2015 11:25 CET


As it was anticipated yesterday, the market is still trying to complete the corrective cycle in the shape of abcde green triangle. So far it has been following the scenario very well and now it looks like there is only one more wave tot he upside to complete the wave X brown (wave e green). When this sub-cycle is finished, the market should continue lower and violate the intraday support at the level of 1.2350. The projected target for the wave Y brown is at the level of 1.2122 (weekly pivot support level).


Support/Resistance:


1.2797 - Swing High


1.2732 - WR1


1.2593 - Intraday Resistance|Key Level|


1.2543 - Weekly Pivot


1.2350 - Intraday Support|Key Level|


1.2314 - WS1


1.2122 - WS2


Trading recommendations:


Sell orders advised yesterday should be kept open for now. SL is above the level of 1.2593, and TP is open for now.


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GBP/USD intraday technical levels and trading recommendations for February 10, 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 the 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 price range until evident bullish pressure was applied at retesting of 1.5000 last week.


Temporary bullish breakout above the upper limit of the short-term channel pattern (the price level of 1.5170) took place last week.


Persistence above the key-support (the price zone of 1.5170-1.5200) has applied bullish pressure over the price zone of 1.5290-1.5360 (prominent Fibonacci levels and the upper limit of the depicted movement channel) where bearish rejection was applied, as anticipated.


A bearish engulfing daily candlestick was expressed at retesting of the upper limit of the daily channel on Friday. Hence, the GBP/USD pair gets back to apply bearish pressure over the previously broken key-zone (1.5170-1.5200). There is a high probability of bearish breakdown.


Trading recommendations:


SELL entries were suggested around the price zone of 1.5290-1.5360. It's running in profits now. Hence, SL should be lowered to be slightly above 1.5270.


Look for the early signs of bullish reversal around the current prices (1.5200 - 1.5170). Bullish rejection signs would indicate an upcoming bullish swing with targets further above 1.5350.


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#USDX technical analysis for February 10, 2015

The Dollar index is consolidating near its short-term highs. There is a bullish flag being formed that will give us the short-term target of 95.90 if we make a breakout above the resistance. The trend remains bullish in the longer-term targeting 100.


usdx.jpg

Black line = broken resistance


Red lines = bullish flag pattern and target


The Dollar index has broken the short-term trend line resistance and has also moved above the Ichimoku cloud resistance. The short-term chart shows a bullish flag that is being formed and a breakout above 94.90 will imply that we are breaking out with 95.90 as a target.


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The weekly chart remains fully bullish with long tailed bullish candles supporting the current trend. In Ichimoku terms support is found at 91.60 and as long as we are above that level, we should expect 100 to be achieved in the coming months.




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Gold technical analysis for February 10, 2015

Gold price remains in a short-term downtrend. The price is making a short-term bounce and I expect selling pressures to come back and push price towards a new short-term low towards $1,220 or even $1,200.


goldh4.jpg

Black lines = triangle pattern


Red line = bearish flag


The 4-hour chart above shows the bearish flag that gold price is currently forming. Support is found at $1,235 and resistance at $1,245. The price is below the Ichimoku cloud and the trend is bearish. I remain bearish expecting the price to continue lower after the triangle breakout to the downside.


goldd.jpg

Gold price is expected to reach the green area as shown on the chart above and most probably to reach the 61.8% retracement. I also believe that if we break below the 61.8% retracement we should expect gold price to test the Ichimoku cloud support at $1,200-$1,190.




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Technical analysis of USD/JPY for February 10, 2015

USDJPYM30.png

Fundamental overview:
USD/JPY is expected to trade in a lower range. It is undermined by the flows to haven yen amid increasing risk aversion (VIX fear gauge rose 7.29% to 18.55, S&P 500 closed 0.42% lower at 2,046.74 overnight) as deepening standoff between Greece and its creditors enhanced fears of a forced exit by the indebted nation from Europe's single currency union. Besides, a decline in China's January exports and imports raised concerns about slowing global economy. USD/JPY is also affected by the broadly weaker dollar undertone (ICE spot dollar index last 94.51 versus 94.70 early Monday) on profit-taking of long USD positions and Japan's export sales. But USD/JPY losses are tempered by the higher U.S. Treasury yields (10-year at 1.977% versus 1.938% late Friday), demand from Japan's importers, and ultra-loose Bank of Japan's monetary policy.


Technical comment:
The daily chart is still positive-biased as MACD and stochastics are in a bullish mode. Five-day moving average is rising above 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 118. A break of this target will move the pair further downward to 117.65. The pivot point stands at 119. 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 119.30 and the second target at 119.75.


Resistance levels:

119.30

119.75

120.25

Support levels:

118

117.65

117.25


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Technical analysis of USD/CHF for February 10, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to trade in a range. It is supported by the negative Swiss interest rates and threat of SNB CHF selling intervention. But USD/CHF upside move is limited by the broadly weaker dollar undertone (ICE spot dollar index last 94.51 versus 94.70 early Monday) on profit-taking of long USD positions.


Technical comment:
The daily chart is still positive-biased as MACD and stochastics are in a bullish mode.


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 NZD/USD for February 10, 2015

NZDUSDM30.png

Fundamental overview:
NZD/USD is expected to trade in a higher range. It is supported by the broadly weaker dollar undertone (ICE spot dollar index last 94.51 versus 94.70 early Monday) on profit-taking with long USD positions, firmer commodity prices, and Kiwi demand on soft AUD/NZD cross. But NZD/USD gains are tempered by the increased investor risk aversion.


Technical comment:

The daily chart is tilting positive as stochastics is rising from oversold levels, MACD staging bullish crossover against its exponential 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 0.7455 and the second target at 0.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7325. A break of this target would push the pair further downwards, and one may expect the second target at 0.7280. The pivot point is at 0.7365.


Resistance levels:

0.7455

0.75

0.7530



Support levels:


0.7325

0.7280

0.7220


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Technical analysis of GBP/JPY for Feburary 10, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade with risks skewed lower. It is undermined by the worries over Greece, increased investor risk aversion, and Japan's export sales. But GBP/JPY losses are tempered by the demand from Japan's importers. The daily chart is still positive-biased as MACD and stochastics are in a bullish mode.


Technical comment:
The daily chart is still positive-biased as MACD and stochastics are in a bullish mode.


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 179.20. A break of this target will move the pair further downward to 178.50. The pivot point stands at 181.10. 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 181.80 and the second target at 182.65.


Resistance levels:

181.80

182.65

183.35


Support levels:

179.20

178.50

177.70


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Technical analysis and trading recommendations on Gold for February 10, 2015

The weak US dollar supported the yellow metal to hold the support levels. In the recent days, the yellow metal lost its momentum affected by the strong US economic data and weaker Chinese data. At yesterday's session, the metal marginally gained ground amid concerns over Greece. The stronger US data raises hopes that the Federal reserve will raise the interest rates earlier than later. At yesterday's session, we recommend buying above $1,240.00 with the targets at $1,246.00 and $1,250.00, but the metal made a high at $1,243.30. Today, at the Asian session, the metal is unable to breach the previous day's high. We recommend fresh selling below $1,235.00 with the targets at $1,231.00, $1,228.00, $1,217.00 and 100Dsma. If a daily close is below $1,217.00, bears can challenge $1,207.00, $1,204.00, and $1,199.00. The weekly key support level exists at $1,216.00. Until the metal prices close and the metal trades below $1,266.00, use every rise to sell. Risky traders can buy above $1,244.00 with the targets at $1,246.50, $1,250.00, and $1,255.00.


Resistance: $1,239.00 $1,246.00, $1,250.00.


Support: $1,235.00, $1,228.00, $1,217.00.


Selling below $1,235.00; panic is expected below $1,228.00.


Buying above $1,244.00; strong momentum will appear above $1,265.00.


GOLDH4.png


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Technical analysis and trading recommendations on GBP/JPY for February 10, 2015

The 50.0 fib level acts as strong resistance. The pair was twice rejected from the fib level. At yesterday's session, the cross managed to close above 100Dsma. In the previous week, we recommended buying at 177.70 with the targets at 178.20 and 179.40. The cross made a high at 181.79 and managed to close above 20Wsma. After the weekend, concerns in Greece have been developed, which made the yen stronger. As of now, the cross is unable to breach the previous week's high at 181.79. The strong momentum will emerge above 181.80 and bulls can challenge 182.50 and 184.00 in the near term. Whenever the pair touched the 50Wsma, it bounced from there and made a new high. The weekly resistance exists at 181.80 and 182.45 and support exists at 178.50 and 177.60. In case if the prices close above 182.45, the short-term trend turns to positive. The intraweek favors buying on dips with sl 179.00. We can expect intraday strong momentum above 181.00.


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Forecast and trading recommendations on EUR/JPY for February 10, 2015

EUR/JPY. The cross has a parallel resistance at 135.35. The pair is facing strong resistance at 20Dsma for 3 days in a row. On the h4 chart, the prices have been making higher lows and higher highs formation. The prices formed base support between 132.38 and 132.28. The prices are closed and trading below hourly moving averages. The strong selling will emerge in case if the prices close below 132.28 with the downside targets at 131.20, 130.00, and 129.25. Selling on an upmove continues, until the prices close above 135.35 20Dsma on a daily basis. The monthly resistance exists at 138.20 and weekly resistance is set at 135.35. We recommend fresh buying above 135.35 only. We recommend selling below 133.90 with the targets at 133.67, 133.40, 132.75, 132.50, and 132.00. The panic will be triggered below 132.28 on a daily closing basis.


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Elliott wave analysis of EUR/NZD for February 10 - 2015

2015-02-10-EURNZD-4H.png

Technical summary;


We have now reached strong support in the 1.5161 - 1.5244 area, which marks the 61.8% corrective target at 1.5244 and the magical 70.7% corrective target at 1.5161. We expect this area to protect the downside for a break above minor resistance at 1.5409 being the first indication, that a bottom for wave (ii) is in place. To invalidate the bullish count, a break below important support at 1.4888 is needed, but this is not our preferred count.


Trading recommendation:


We are long EUR from 1.5255 with stop placed at 1.5155.


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Elliott wave analysis of EUR/JPY for February 10 - 2015

2015-02-10-EURJPY-4H.png

Technical summary:


This cross is trading in a more and more narrow range, which opens the possibility/risk of this consolidation as being both a compressed wave ii or an x-wave. If it's a wave ii, then we soon should see a break below 133.64 and more importantly below 132.54 for a continuation lower towards 125.98. If however, it proves to be an x-wave, then we should see a break above resistance at 135.16 for a continuation of the correction from 130.14 towards 137.64.


Trading recommendation:


We sold EUR at 133.98 and has placed our stop at 135.40.


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Technical analysis of EUR/USD for February 10, 2015

!EURUSD.jpg

When the European market opens, some economic news will be released such as Italian Industrial Production m/m and French Industrial Production m/m. Besides, the US will release some economic reports such as the Wholesale Inventories m/m, IBD/TIPP Economic Optimism, Mortgage Delinquencies, JOLTS Job Openings, NFIB Small Business Index, and FOMC Member Lacker Speech. So, amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1390.

Strong Resistance:1.1383.

Original Resistance: 1.1372.

Inner Sell Area: 1.1361.

Target Inner Area: 1.1334.

Inner Buy Area: 1.1307.

Original Support: 1.1296.

Strong Support: 1.1285.

Breakout SELL Level: 1.1278.





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Technical analysis of USD/JPY for February 10, 2015

!USDJPY.jpg



In Asia, Japan will release the M2 Money Stock y/y and Tertiary Industry Activity m/m. The US will also release some economic reports such as Wholesale Inventories m/m, IBD/TIPP Economic Optimism, Mortgage Delinquencies, JOLTS Job Openings, NFIB Small Business Index, and FOMC Member Lacker Speech. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.


TODAY TECHNICAL LEVELS:

Resistance. 3: 119.09.

Resistance. 2: 118.86.

Resistance. 1: 118.63.

Support. 1: 118.34.

Support. 2: 118.11.

Support. 3: 117.89.





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

Daily analysis of major pairs for February 10, 2015

EUR/USD: The little gains that were realized last week have been forfeited as a result of the ongoing weakness in this market. The price has tested a strong support line at 1.1300 – it would require a very strong selling pressure for that support line to be breached to the downside while the price stays below it.


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USD/CHF: The EUR/USD pair is weak. Therefore, it is expected that the USD/CHF pair would be strong. The outlook for the latter is bullish and the outlook for the former is bearish. As said in earlier forecasts, this market would continue its slow and gradual upward movement this week, though this may not be without occasional, but short-term bearish corrections.


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GBP/USD: In spite of the current bears’ mutiny, the Bullish Confirmation Pattern in the market is valid and the price is supposed to go upwards any moment. This expectation can only be rendered invalid when the price closes below the accumulation territory at 1.5100.


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USD/JPY: The USD/JPY pair went above the supply level at 119.00, but it could not stay above it. The price could still go upwards after the current bearish retracement has panned out. The outlook for this market is currently bullish. Thus, the price may breach the supply level at 119.00 upwards again when it performs rally.


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EUR/JPY: The situation on this cross is now uncertain. This is a market in which bulls and bears have not effected any strong directional move this week. One would need to stay away from this market until there is a predictable directional movement. It is either the price closes above the supply zone at 136.00 or closes below the demand zone at 133.00. Anyway, a close above the supply zone at 136.00 is more probable because the outlook for most JPY pairs is bullish.


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Daily analysis of USDX for February 10, 2015

On the daily chart, the price action at the USDX is still winning favor with bulls, as this instrument is looking to perform a medium term consolidation above the support level of 94.18. The next target could be the resistance level of 95.45, which is the last significant high that the USDX reached last weeks. The MACD indicator is still on the negative territory.


USDXDaily.png

During the last session, the USDX found strong resistance at the level of 94.87, where this instrument performed a pullback until the support level of 94.38. It should be noted that the USDX is looking to build a solid bullish road in the near term, fact that is favored by the bullish 200 SMA and the higher high pattern that is currently forming this instrument.


USDXH1.png

Daily chart's resistance levels: 95.45 / 96.78


Dailychart's support levels: 94.18 / 93.02


H1 chart's resistance levels: 94.87 / 95.16


H1 chart's support levels: 94.38 / 93.94




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 94.87, take profit is at 95.16, and stop loss is at 94.58.


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Daily analysis of GBP/USD for February 10, 2015

During the last session, the GBP/USD pair did a pullback below the resistance level of 1.5247. Now, the nearest target on the downside road is placed at the level of 1.5025. Currently, the pair could start forming a bullish pattern in order to rise until the resistance level of 1.5497, but at this point, our outlook for the GBP/USD pair is still bearish.


GBPUSDDaily.png

Our intraday outlook remains unchanged, as the pair has still high chances to perform a breakout at the resistance level of 1.5249, with a target placed at the 1.5302 level. Anyway, we should be cautious, because the GBP/USD pair is looking towards the bullish road. At the moment, the 200 SMA on the H1 chart is bullish and the MACD indicator is entering the neutral territory.


GBPUSDH1.png

Daily chart's resistance levels: 1.5247 / 1.5491


Dailychart's support levels: 1.5025 / 1.4841


H1 chart's resistance levels: 1.5249 / 1.5302


H1 chart's support levels: 1.5210 / 1.5166




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 1.5249, take profit is at 1.5302, and stop loss is at 1.5196.


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Technical analysis of USD/CHF for February 09, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to trade in a lower range. It is supported by the positive dollar sentiment (ICE spot dollar index last 94.70 versus 93.59 early Friday) after 257,000 increase in the US January non-farm payrolls (versus forecast +237,000) and 0.5% on-month increase in average hourly wages (versus forecast +0.3%), the negative Swiss interest rates as the SNB President Jordan said on Saturday the limit of the penalty rate that the CB is charging commercial banks to deposit funds "hasn't yet been reached". It is also boosted by the threat of the SNB CHF-selling intervention.


Technical comment:
The daily chart is positive-biased as the MACD and stochastics are in bullish mode.


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 09, 2015

USDJPYM30.png

Fundamental overview:
USD/JPY is expected to trade in a higher range. It is supported by the positive dollar sentiment (ICE spot dollar index last 94.70 versus 93.59 early Friday) after larger than expected 257,000 increase in the US January non-farm payrolls (versus forecast +237,000) and 0.5% on-month increase in average hourly wage (versus forecast +0.3%). USD/JPY is also boosted by the higher US Treasury yields (10-year at 1.938% versus 1.815% late Thursday) as strong payrolls data heightened odds that the Fed will raise interest rates at its June meeting. The demand from Japan's importers and the ultra-loose Bank of Japan's monetary policy also favors the currency pair. But the USD/JPY gains are tempered by the Japanese exports, diminished investor risk appetite (VIX fear gauge rose 2.61% to 17.29; S&P 500 closed down 0.34% at 2,055.47 Friday) on prospect of tighter US monetary policy, lingering concerns about Greece and surprise 3.3% on-year drop in China's January exports (versus forecast for 4.0% increase) and larger than expected 19.9% on-year drop in China's January imports (versus forecast -3.3%).


Technical comment:
The daily chart is tilting positive as the MACD and stochastics are turning bullish.


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 119.25 and the second target at 119.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118. A break of this target would push the pair further downwards, and one may expect the second target at 117.65. The pivot point is at 118.45.


Resistance levels:

119.25

119.75

120.25

Support levels:

118

117.65

117.25


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Technical analysis of NZD/USD for February 09, 2015

NZDUSDM30.png

Fundamental overview:
The NZD/USD pair is to trade in a lower range. It is undermined by the positive dollar sentiment (ICE spot dollar index last 94.70 versus 93.59 early Friday) after 257,000 increase in the US January non-farm payrolls (versus forecast +237,000) and 0.5% on-month increase in average hourly wages (versus forecast +0.3%), and also by diminished investor risk appetite. But the NZD/USD losses are tempered by the firmer commodity prices.


Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is rising from oversold levels; intraday-range pattern was completed on Thursday.


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 0.7500 and the second target at 0.7530. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7325. A break of this target would push the pair further downwards, and one may expect the second target at 0.7280. The pivot point is at 0.7365.


Resistance levels:

0.75

0.7530

0.7550



Support levels:


0.7325

0.7280

0.7220


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Technical analysis of GBP/JPY for Feburary 09, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade with risks skewed lower. It is uUndermined by lingering worries over Greece, diminished investor risk appetite and Japan's exports. But the GBP/JPY losses are tempered by the demand from the Japanese importers. It is also undermined by the negative GBP sentiment, diminished investor risk appetite and wider than expected U.K. December global goods trade deficit of GBP10.2 billion (versus forecast GBP9.2 billion).


Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are in bullish mode; 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 181.80 and the second target at 182.65. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 179.20. A break of this target would push the pair further downwards, and one may expect the second target at 178.50. The pivot point is at 179.95.


Resistance levels:

181.80

182.65

183.35


Support levels:

179.20

178.50

177.70


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