Technical analysis of EUR/JPY for February 13, 2015


Technical outlook and chart setups:


The EUR/JPY pair has pushed higher through 136.70 levels as expected and is set to be poised to clear 137.50/138.00 in the coming sessions. Please also note that the pair has tested 135.00 handle yesterday, which is past resistance turned support now, and bounced back. It is recommended to remain long for now, with risk at 133.50 levels. Bulls are expected to remain in control untill prices remain above 135.00 and subsequently the levels of 133.50. Immediate support is seen at the levels of 134.70 (interim) followed by 133.50 and lower while resistance is seen at the levels of 137.50/138.00, followed by 142.00 and higher, respectively.


Trading recommendations:


Remain long for now; stop is below 133.50, target is 138.00.


Good luck!




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Technical analysis of USD/JPY for February 13, 2015

USDJPYM30.png

Fundamental overview:
USD/JPY is expected to trade with bearish bias. It is undermined by the weaker USD sentiment (ICE spot dollar index last 94.18 versus 94.92 early Thursday) on 0.8% drop in the U.S. January retail sales (versus forecast -0.5%), a rise in the U.S. jobless claims to 304,000 for the week ended on February 7 (versus forecast 290,000), 0.1% increase in the U.S. December business inventories (versus forecast +0.2%). USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 1.986% versus 2.021% late Wednesday), Japan's exports and the reports that Japan's central bank thinks any further stimulus measures would be counterproductive and consumer sentiment would be hurt by more yen weakness. But the USD/JPY losses are tempered by demand from the Japanese importers, reduced safe-haven appeal of theyen and yen-funded carry trades as global risk sentiment improves (VIX fear gauge eased 9.55% to 15.34, S&P 500 rose 0.96% to close at 2,088.48 overnight) on news that Germany and France brokered a cease-fire with Russia to end nearly a year of fighting in Ukraine, and by positions adjustment ahead of the U.S. long weekend (financial markets in the U.S. are shut on Monday for a public holiday).


Technical comment:
The daily chart is mixed as the MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is turned bearish at overbought levels.


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 118.30. A break of this target will move the pair further downward to 118. The pivot point stands at 119.30. 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 119.75 and the second target at 120.20.


Resistance levels:

119.75

120.20

120.70

Support levels:

118.30

118

117.65


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Technical analysis of GBP/CHF for February 13, 2015


Technical outlook and chart setups:


The GBP/CHF pair has raised through the levels of 1.4360 taking our stops out at 1.4230. The pair has been steadily making higher highs and higher lows since the drop from 1.5550 to 1.1800 on January 15, 2015. The immediate resistance is seen around the handle of 1.4600/1.4700 (Fibonacci 0.786), while the support is seen at the levels of 1.4100 for now. Only a drop below the levels of 1.4100 would build a case of selling into rallies. Until then, it is safe to buy on dips. It is recommended to buy on dips into 1.4200/50 from here on with risk at the levelsof 1.4100. Bulls shall remain in control untill prices stay above the 1.4100 handle.


Trading recommendations:


Buy on dips towards 1.4200/50; stop is at 1.4100, target is at 1.4600 and 1.4700.


Good luck!




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Technical analysis of USD/CHF for February 13, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to consolidate with risks skewed lower after hitting an eight-day high of 0.9338 on Thursday. It is undermined by the weaker dollar sentiment. But the USD/CHF losses are tempered by the negative Swiss interest rates, the threat of theSNB CHF-selling intervention, the franc sales on buoyant EUR/CHF cross, and by positions adjustment ahead of the weekend.


Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter is at overbought 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 0.9335 and the second target at 0.9365. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9205. A break of this target would push the pair further downwards, and one may expect the second target at 0.9160. The pivot point is at 0.9240.


Resistance levels:
0.9335

0.9365

0.9435


Support levels:

0.9205

0.9160

0.9075


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Technical analysis of NZD/USD for February 13, 2015

NZDUSDM30.png

Fundamental overview:
NZD/USD is expected to trade with bullish bias. It is supported by the weaker dollar sentiment, improved investor risk appetite and firmer commodity prices. The pair is also boosted by the kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But the NZD/USD gains are tempered by the positions adjustment ahead of the weekend.


Technical comment:

Th daily chart is positive-biased as bullish outside-day-range pattern was completed on Thursday. 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 0.7485 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 0.7360. A break of this target would push the pair further downwards, and one may expect the second target at 0.7310. The pivot point is at 0.74.


Resistance levels:

0.7485

0.7530

0.7585



Support levels:


0.7360

0.7310

0.7265


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Technical analysis of GBP/JPY for Feburary 13, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to consolidate with risks skewed higher after hitting a three-week high 136.70 on Thursday. It is supported by the positive investor risk sentiment and demand from Japan's importers. But the EUR/JPY gains are tempered by the Japanese exports and positions adjustment ahead of the weekend.


Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, 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 182.30. A break of this target will move the pair further downward to 181.60. The pivot point stands at 183.60. 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 182.30 and the second target at 181.60.


Resistance levels:

184.30

185.20

184.75


Support levels:

182.30

181.60

181


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Technical analysis of Silver for February 13, 2015


Technical outlook and chart setups:


Silver has retested its support at the levels $16.60/65 before bouncing back higher towards the levels of $17.06. The metal is trading at the levels of $16.90 for now and is expected to resume rally any moment. Besides, note that the trend line support is still intact and the Fibonacci 0.618 support is also passing through the same region. A bullish candlestick appearance at the current levels would confirm that the next move is higher towards $18.90, $19.50 and $21.00, respectively. Bulls shall remain under control untill prices stay above the level of $16.50 and $15.50, respectively. It is recommended to remain long, risk remains at $16.00. Immediate support is at $16.50, while resistance is seen at $17.40/50.


Trading recommendations:


Remain long; stop is at $16.00, target is at $19.50 and $20.25.


Good luck!




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Daily analysis of Silver for February 13, 2015

SILVER_13-2.png

Overview


According to the current H4 chart, silver is still stabilizing above the support level of 16.75 and could not break it. Currently, it is bouncing from it towards the resistance level of 17.00. So, we still suggest waiting for closing above the resistance level in case of bouncing from the support level to provide a new opportunity for more buy signals with the first target few pips below the resistance level of 17.50. Then, after breaking this resistance level silver would open the way towards the resistance level of 17.70, which means more bullish signals, but as long as the metal trades below the resistance level of 17.00, this cancels the bullish scenario.


Resistance and support levels: R3 (17.70), R2 (17.50), R1 (17.00), S1 (16.75), S2 (16.50), S3(16.20).



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GBP/USD intraday technical levels and trading recommendations for February 13, 2015

gbppusddi.pnggbppph44.png

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.


Recently, H4 chart showed a transition phase into a sideway movement that has been maintained within the depicted price range.


A bearish engulfing daily candlestick was expressed at retesting of the upper limit of the daily channel on Friday. Hence, the GBP/USD pair went back to retesting the newly-established DAILY SUPPORT around 1.5170-1.5200, which allowed bulls to establish a new ascending bottom (a sign of ongoing bullish momentum).


The persistence of the GBP/USD pair above the recent DAILY support (the price zone of 1.5170-1.5200) applied extensive bullish pressure over the price level of 1.5360 (61.8% Fibonacci level).


This led to an obvious daily breakout above 1.5300 that took place yesterday.


Trading recommendations:


A valid BUY entry could have been taken upon the yesterday's DAILY closure (above 1.5360). SL should be placed slightly below the recent bottom around 1.5200.


As long as bulls keep defending the recent SUPPORT around 1.5350, they should keep targeting at 1.5460 and 1.5580.


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Daily analysis of GBP/JPY for February 13, 2015

GBPJPY_13-2.png

Overview


Proceeding from the today's H4 chart, the pair is still trading between the support level of 182.50 and the resistance level of 183.50 and currently the pair fails again to break the resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the resistance level of 183.500 untill the 4H closing above the resistance level of 184.00 as a level target. Then we should wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 184.40. On the other hand, if the pair fails to break the resistance level of 183.50 and bounces from it, it might take a downward trend, which will enable the support level of 182.50 again. Therefore, we suggest waiting for the next closing before making the decision.




Resistance and support levels: R3 (184.40), R2 (184.00), R1 (183.50), S1 (182.50), S2 (182.00), S3 (181.00).





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Intraday technical levels and trading recommendations for EUR/USD for February 13, 2015

eurmon.png

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.


eurdaily.pngeurh4.png

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


As mentioned 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 1.1440-1.1470 is a recently established SUPPLY zone on the H4 chart. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1530 (the recent high).


Note the recent ascending bottom established around 1.1250 on the DAILY chart. This applies considerable bullish pressure on 1.1440-1.1470. That is why a bullish breakout above 1.1540 scenario should now be considered. If so, the next destination for the pair would be the price level of 1.1700.


Moreover, risky traders should note that 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.




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Intraday technical levels and trading recommendations for GBP/USD for February 13, 2015

1423825740_gbpusdD.png

The previous consolidation movement extended between the price levels of 1.5600 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.


Around these price levels (1.5050 and 1.4960) the market has established another consolidation zone, which extended up to the price levels of 1.5250-1.5280.


Last week, bearish scenario was threatened on Thursday when temporary bullish breakout took place. On Friday it was followed by a bearish engulfing daily candlestick that pushed the GBP/USD pair inside the channel again.


However, yesterday bullish breakout was finally executed above the price level of 1.5300. Estimated projection targets are located around 1.5600-1.5640 where the most recent consolidation zone is located.


1423825991_gbpusdh4.png

Yesterday the GBP/USD pair has spiked above the price zone of 1.5280-1.5320 (prominent SUPPLY ZONE) which failed to provide enough SUPPLY for the pair.


The price level of 1.5300 corresponded 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.


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Technical analysis of Gold for February 13, 2015


Technical outlook and chart setups:


Gold is holding its major support at Fibonacci 0.618 ($1,220.00/21.00) for now. Besides, please note that the metal is around the resistance turned support region at $1,220.00/23.00. A bullish morning star candle stick pattern remains highly probable at the moment indicating a potential uptrend/rally from current levels. Immediate support is seen at $1,205.00 followed by $1,170.00 and lower, while resistance is seen at $1,245.00 followed by $1,286.00 and higher, respectively. Furthermore, the metal has kept its rising trend line support intact, which indicates no change in the short-term trend as well. Bulls are poised to remain in control untill prices remain above $1,170.00 levels.


Trading recommendations:


Remain ling; stop is at $1,170.00, target is $1,340.00.


Good luck!




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#USDX technical analysis for February 13, 2015

The Dollar index got rejected at the resistance area yesterday and is pulling back down towards the support at 93.50. The dollar index remains inside a trading range. Therefore, the trend is neutral. However, the longer-term trend remains bullish with 100 as a possible target if we break above 96.


usdx.jpg

Green line = resistance


Blue line = support


The dollar index is trading sideways between the important support and resistance levels as shown on the 4 hour chart above. The trend is neutral as the dollar index trades around the Ichimoku cloud. Bulls need to break above 95.30 and bears need to break below 93.40. Short-term traders should better wait for a signal before trading or open positions in favor of the trading range. In other words, opening longs near support and short positions near resistance with a stop reverse strategy.


usdxd.jpg

On the daily chart the dollar index has broken below the tenkan-sen and unless we close above it today, we should expect a push lower towards the kijun-sen (yellow line). The longer-term trend remains bullish.


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Gold technical analysis for February 13, 2015

Gold price is mostly moving sideways near its trend lows after topping at $1,307. The price has reached the 61.8% retracement support and for now it trades around this level. Short-term trend is bearish. If gold price fails to hold above $1,216, we should expect a push towards $1,200.


goldh4.jpg

Black lines = resistance


Gold price is testing the first short-term resistance at $1,230. Yesterday we saw gold price got rejected at $1,230 and the same has happened earlier today. Breaking above $1,230 will push price towards the second short-term resistance at $1,240. Important trend resistance is found at the black downward sloping trend line at $1,260 where we also see the Ichimoku cloud resistance.


goldd.jpg

On the daily chart gold price remains near and above the 61.8% retracement. Bulls should expect a strong upward reversal from the current levels. Bears on the other hand want to see the support at $1,215 fail and the resistance at $1,240 to be held.


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Technical analysis and trading recommendations on USD/CAD for February 13, 2015

The US dollar fell in value at yesterday's session against most major currencies. The US retail sales fell very sharply to 0.8% in January from a 0.9% drop in December. In the week ending February 7, the preliminary figure for seasonally adjusted initial claims was 304,000, an increase of 25,000 from the previous week's revised level. The Canadian New Housing Price Index (NHPI) posted a fourth consecutive 0.1% increase in December.


The pair was rejected at the 80.0 fib level from 1.2798 high to 1.2352 low. The prices are closed and trading below hourly moving averages. The pair has intraday support at 1.2430, 1.2380, and 1.2520. At yesterday's session, we recommended selling below 1.2520 with the targets at 1.2450, 1.2430, and 1.2380. The pair made a low at 1.2438. Until the prices close above 1.2350, trades can use the dip to buy. The panic will be triggered below 1.2350. The pair gave an upside triangle breakout on the hourly chart. On the bullish front, bulls can challenge 1.2770, 1.2800, and 1.2950 levels in case if the prices close above 1.2700.


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Technical analysis and trading recommendations on Gold for February 13, 2015

The weaker US dollar helped the metal hold the crucial support levels at 1217.00. The yellow metal initially took advantage of the weaker dollar and moved to buying at $1232.60 at the end of the day. The metal spiked after Sweden announced rate cuts below zero and a bond-buying program. The Riksbank lowered its benchmark rate to minus 0.1% from zero and said it would buy government bonds worth 10 billion Swedish krona ($1.2 billion). The US economy data disappointed the economists. The US retail sales fell very sharply to 0.8% in January after a 0.9% drop in December. 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 is set at $1,216.00. Today, the metal opened on a bullish tone. We recommend fresh selling only below 1216.00. Gold has strong resistance at 1246.00.


Resistance: $1,226.00, $1,231.00, $1,245.00.


Support: $1,216.00, $1207.00, $1,199.00.


Resistance: $1.1232.00, $1239.00, $1246.00.


Selling below $1,216.00.


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Technical analysis and trading recommendations on GBP/USD for February 13, 2015

The UK's inflation stood at 0.5% in December 2014 which is well below the 2% target, down from 1.2% in the previous month. The main reason for this was the steepest fall in wholesale energy prices during the second half of 2014. If energy prices continue falling further, inflation could temporarily turn negative as it was predicted in the BoE inflation report. Declining energy prices make the BoE maintain the key interest rate at the historical low of 0.5%.


At yesterday's session, the cable gave an upside breakout from the falling bearish channel. The weak US dollar helped the pound move higher. The cable managed to closed above 50Dsma. This is the first time when the pair closed above50Dsma after it was taken off and closed below it on July 29, 2014. At yesterday's session, we recommend intraday buying above 1.5270 with the targets at 1.5300, 1.5320, 1.5350, and 1.5375. The cable made a high at 1.5415. Today, at the Asian session, the cable is unable to breach the previous day's high. We recommend fresh buying above 1.5420 with the targets at 1.5440, 1.5500, and 1.5590. The intraday support is set at 1.5360, 1.5330, and 1.5300. We recommend selling only below 1.5300.


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Technical analysis of USD/CAD for Febuary 13, 2015

General overview for 13/02/2015 07:35 CET


The recent wave development is going on as anticipated with new local lows after a golden channel's breakout. The market should now continue lower, but any price movement above the key level at the level of 1.2565 would be a game changer with a possible supply zone test. Nevertheless, the market shows sighs of weakness and new lows should be made soon. First confirmation of this scenario comes with the intraday support at the level of a 1.2436 breakout.


Support/Resistance:


11273 2- WR1


1.2653 - 1.2695 - Supply Zone


1.2565 - Intraday Resistance


1.2436 - Intraday Support


1.2543 - Weekly Pivot


Trading recommendations:


Yesterday's sell orders should be still kept open and SL should be now placed above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First TP orders should be placed at the level of 1.2349.


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Daily analysis of major pairs for February 13, 2015

EUR/USD: The EUR is trying to recover some of its losses, and this fact is made conspicuous in other EUR pairs. The bullish effort here is posing threats to the extant long-term bearish bias and a movement above the resistance line at 1.1500 would mean the end of the bearish bias and a beginning of a clean bullish bias.


1.png

USD/CHF: Although the outlook on this pair is bullish and the price is supposed to be going upwards, there is now a high probability that there could be some short-term or protracted pullbacks in the market. One thing is sure, the possible pullbacks would not be permanent and the price could continue its upward journey after that (even if it would be a consolidation to the upside).


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GBP/USD: The GBP/USD pair has moved upwards this week. From the accumulation territory at 1.5200, the price rose upwards, reaching the distribution territory at 1.5400. This is a movement of 200 pips. The distribution territory at 1.5400 has already been challenged and would soon be breached to the upside.


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USD/JPY: This currency trading instrument experienced a large pullback on Thursday, but the pullback has not succeeded rendering the bullish outlook invalid, unless the price closes below the demand level at 118.00.


4.png

EUR/JPY: This is also a bull market – irrespective of the pullback that happened on Thursday. The price is above the EMA 56 (the EMA 11 is also above the EMA 56) and the RSI period 14 is above the level 50. This shows that bulls are still in control.


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Technical analysis of EUR/JPY for Febuary 13, 2015

General overview for 13/02/2015 07:30 CET


According to this Elliott wave count, the current wave progression is a triangle wave -iv- black and only one more wave to the upside has left to complete the corrective wave Y brown. The projected target is at the level of 137.64. When it is hit, the market should reverse and start now an impulsive wave downside. On the other hand, this view is invalidated if the level of intraday support at the level of 134.71 is violated before a new high is made.


Support/Resistance:


137.64 - Technical Resistance| Wave 4 Projected Target|


137.27 - WR2


136.68 - Intraday Resistance


134.71 - Intraday Support


134.21 - Weekly Pivot


133.11 - WS1


Trading recommendations:


Here are two scenarios for daytraders:


Any breakout above the green trend line and further above the level of 136.67 is bullish and daytraders should consider buy orders only. Please set the SL rather tight (20-30 pips) and TP ant the level of 137.64.


Any breakout below the level of 134.71 is bearish and daytraders should consider opening sell orders only. Please set the SL rather tight (20-30 pips) and TP at the level of 134.21 and 133.11.


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Elliott wave analysis of EUR/NZD for February 13 - 2015

2015-02-13-EURNZD-4H.png

Technical summary:


We still think the best count is that wave (ii) ends at 1.5198. However, to put this preferable scenario into practise, we need support at 1.5212 staying untouched for a break above minor resistance at 1.5359 and more importantly a break above resistance at 1.5393 for the next rally higher towards 1.6668. Only a break below 1.5212 will delay the expected upside pressure, but the downside potential should prove to be very limited.


Trading recommendations:


We will buy EUR at 1.5290 or upon a break above 1.5393 with a stop placed at 1.5190.


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Elliott wave analysis of EUR/JPY for February 13 - 2015

2015-02-13-EURJPY-4H.png

Technical summary:


We have seen the expected consolidation and a break above 135.95. More importantly, a break above 136.35 will indicate that the final rally higher towards 137.65 is developing to end wave (iv) and set the stage for wave (v) lower to the ideal target of 125.98. At this point, only an unexpected direct break below support at 134.00 will indicate that the correction from 130.14 ended early and the decline towards 125.98 already is developing.


Trading recommendations:


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Daily analysis of USDX for February 13, 2015

The USDX had a bearish session yesterday, as the instrument performed a pullback next to the resistance level of 95.45. Now, on the daily chart, we could expect a bounce on the support level of 94.18, in the way that the USDX could go again towards the resistance level of 95.45 in the medium term. The MACD indicator is showing the negative territory.


USDXDaily.png

We could say that the USDX performed a successful breakout at the 94.87 level. There is a solid bullish structure developing currently, as this instrument could reach easily the resistance level of 95.16 from the technical outlook. If the USDX makes a breakout at that level, we could expect more rallies towards the 95.57 level.


USDXH1.png

Daily chart's resistance levels: 95.45 / 96.78


Dailychart's support levels: 94.18 / 93.02


H1 chart's resistance levels: 95.16 / 95.57


H1 chart's support levels: 94.87 / 94.38




Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.02, take profit is at 93.62, and stop loss is at 94.42.


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Daily analysis of GBP/USD for February 13, 2015

Another bullish day for the GBP/USD pair during the session on Thursday, where the pair was trying to ride on the way for reach the resistance level of 1.5491. The above-mentioned was done thanks to a completed formation of a bullish pattern above the support level of 1.5247. We could expect a more bullish rally towards the resistance level of 1.5491.


GBPUSDDaily.png

Currently, the GBP/USD pair is forming a higher high pattern above the support level of 1.5378 with a solid resistance located at the level of 1.5413. Now, we want to see more bullish momentum on this pair in an intraday outlook, but remember that the MACD indicator is showing us overbought levels. The 200 SMA is also bullish.


GBPUSDH1.png

Daily chart's resistance levels: 1.5491 / 1.5761


Dailychart's support levels: 1.5247 / 1.5025


H1 chart's resistance levels: 1.5413 / 1.5526


H1 chart's support levels: 1.5378 / 1.5348




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 1.5413, take profit is at 1.5526, and stop loss is at 1.5297.


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Technical analysis and trading recommendation on EUR/USD for February 13, 2015

The Euro gained ground at yesterday's session against the US dollar. The US retail sales fell very sharply to 0.8% in January after a 0.9% drop in December. The Euro takes this as an advantage to move higher. Greece agreed to talk with its creditors. The new round of the Greek bailout talks also helped the Euro move higher. Today, traders are keeping an eye on French and German prelim GDP q/q and French prelim Non-farm payrolls.


At yesterday's session, the prices were restricted by the descending trend line on the h4 chart. Resistance exists at 1.1430, above it at 1.1500 and 1.1535. The weekly resistance is placed between 1.1450 and 1.1546. At yesterday's session, the pair managed to close above 20Dsma after 2 months. The prices are taking multiple support between 1.1280 and 1.1260. At yesterday's session, we recommended buying above 1.1360 with the targets at 1.11390 and 1.1420. The pair made a high at 1.1423. We can expect strong momentum only above 1.1535. As of now, the monthly resistance is set at 1.2000 and 50Dsma; support exists at 1.0762. For an intraday session, we recommend buying above 1.1430 with the targets at 1.1500. Support exists at 1.1330. We recommend selling below 1.1330 with the targets at 1.1280 and 1.1260. Panic will be triggered only below 1.1260.


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Technical analysis of EUR/USD for February 13, 2015

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When the European market opens, some economic news will be released such as Trade Balance, Flash GDP q/q, Italian Prelim GDP q/q, French Prelim Non-Farm Payrolls q/q, German WPI m/m, German Prelim GDP q/q, and French Prelim GDP q/q. Besides, the US will release some economic reports too such as the Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, Import Prices m/m, so amid the reports, EUR/USD will move low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1456.

Strong Resistance:1.1449.

Original Resistance: 1.1438.

Inner Sell Area: 1.1427.

Target Inner Area: 1.1400.

Inner Buy Area: 1.1373.

Original Support: 1.1362.

Strong Support: 1.1351.

Breakout SELL Level: 1.1344.





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Technical analysis of USD/JPY for February 13, 2015

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In Asia, Japan will not release any economic data. However, the US will publish some economic reports such as Prelim UoM Inflation Expectations, Prelim UoM Consumer Sentiment, and Import Prices m/m. 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: 119.55.

Resistance. 2: 119.32.

Resistance. 1: 119.09.

Support. 1: 118.30.

Support. 2: 118.57.

Support. 3: 118.33.





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 EUR/USD for February 13, 2015

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Overview :



  • The EUR/USD pair rebounded from the level of 1.1304 (23.6% of Fibonacci retracement levels on H4 chart). Hence, the trend has been showing signs of strenght after the level of 1.1304 since yesterday. Equally important, it should be noted that the resistance has broken and it has turned into support at the same key level (1.1304). In addition, the price will set above the new support for a while because the pair has already formed a strong support at 1.1304. Furthermore, the trend is expected to move between the levels of 1.1325 and 1.1452 until the end of this week. Therefore, the EUR/USD pair will start showing signs of the bullish market from minor support around the 1.1340-1.1366 area again in order to indicate a bullish opportunity at 1.1340 or/and 1.1366 with a first target of 1.1432 (38.2% of Fibonacci retracement levels). The pair will continue towards 1.1492 to test the last double top on the 4h chart. On the contrary, if the level of 1.1304 is broken, the pair could close below it at the same time frame. It is 1.1300 which means that the market will call for a downtrend below the level of 1.3600 to start a bearish bias towards 1.1245 on Friday 13 February, 2015.


Intraday technical levels :


Date: 13/02/2015


Pair: EUR/USD



  • R3: 1.1570

  • R2: 1.1496

  • R1: 1.1450

  • PP: 1.1376

  • S1: 1.1330

  • S2: 1.1256

  • S3: 1.1210


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Technical analysis of GBP/USD for February 13, 2015

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Overview :



  • According to the previous events, the price of GBP/USD called for a strong bullish market from the price of 1.5200 yesterday (February 12, 2015). Therefore, the market will continue to move between the levels of 1.5366 and 1.5405 today. So, it would be wise to excercise caution in this range around the level of 50% Fibonacci retracement because the ratio of 50% coincides with the price of 1.5368. So, the first step is to wait for a period of tight sideway range market before breakouts. Then, the possible scenario is that the market is going to start showing signs of the bullish market again. In other words, it will be a good sign to buy above the level of 1.5360 with a first target of 1.5433 which climbs towards the first resistance around the area of 1.5467 (61.8% of Fibonacci retracement levels on H4 chart). However, if the the pair cannot break this resistance, hence the market will indicate a bearish opportunity below 1.5470. Then, the level is going to act really as strong resistance. Accordingly, it will be a good idea to sell below 1.5470 with a first target of 1.5402 and it is going to call for a downtrend in order to continue the bearish market towards 1.5332 on February 13, 2015.


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Daily analysis of GBP/JPY for February 12, 2015

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Overview


On the H4 chart the yesterday's close below the resistance level of 184.00 gave the price an opportunity for a slightly bearish move again. As it is shown here, currently the price is trying to continue its bearish move by breaking the support level of 182.50 and closing H4 below. In that case, we might get another opportunity for more sell signals; and it opens the way towards 182.00 as a first target, and then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 182.50, this cancels the first scenario.


Resistance and support levels: R3 (184.40), R2 (184.00), R1 (183.50), S1 (182.50), S2 (182.00), S3 (181.00).




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Daily analysis of Silver for February 12, 2015

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Overview


Today's H4 chart shows that the metal is still trading between the support level of 16.75 and below the resistance level of 17.00 after its failure to break the resistance level yesterday to continue the upward trend. Today, silver has bounced from the resistance level to take a slightly downward move and trade below it. Presently, we suggest waiting for closing above the resistance level in case of continuing its upward movement to give us a new opportunity for more buy signals with the first target few pips lower the resistance level of 17.50. Then after breaking this resistance level, silver would open the way towards the resistance level of 17.70, which will give us more bullish signals.


Resistance and support levels: R3 (17.70), R2 (17.50), R1 (17.00), S1 (16.75), S2 (16.50), S3(16.20).









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GBP/USD intraday technical levels and trading recommendations for February 12, 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.


Recently, H4 chart showed a transition phase into a sideway movement that has been maintained within the depicted price range.


A bearish engulfing daily candlestick was expressed at retesting of the upper limit of the daily channel on Friday. Hence, the GBP/USD pair went back to retest the newly-established DAILY SUPPORT around (1.5170-1.5200) which allowed bulls to establish a new ascending bottom (a sign of ongoing bullish momentum).


Persistence of the GBP/USD pair above the recent DAILY support (the price zone of 1.5170-1.5200) currently applies considerable bullish pressure over the price level of 1.5360 (61.8% Fibonacci level) where bearish rejection was previously applied on Friday.


Trading recommendations:


A valid BUY entry can be taken upon daily closure above 1.5360 takes place. SL should be placed slightly below the recent bottom around 1.5200.


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