Technical analysis of USD/JPY for February 16, 2015

USDJPYM30.png

Fundamental overview:
USD/JPY is expected to consolidate with bearish bias after hitting a six-day low 118.11 this morning. Liquidity is thin later in global day as financial markets in the U.S. are shut for a public holiday. USD/JPY is undermined by the negative USD sentiment (ICE spot dollar index last 94.12 versus 94.18 early Friday) on a surprise drop in preliminary University of Michigan U.S. consumer sentiment index to 93.6 in February from 98.1 in January (versus forecast for rise to 98.3) and selling of yen crosses as caution prevails ahead of the outcome of the meeting between the new Greek government and eurozone finance ministers in Brussels on Monday over Greece's bailout program. USD/JPY is also weighed by the mounting speculation that the Bank of Japan will not ease monetary policy further and by Japan's exports. But the USD/JPY losses are tempered by the demand from the Japanese importers and higher U.S. Treasury yields (10-year at 2.021% versus 1.986% late Thursday).


Technical comment:
The daily chart mixed as the MACD is bullish, but stochastics is 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. A break of this target will move the pair further downward to 117.65. The pivot point stands at 119.20. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 119.75 and the second target at 120.20.


Resistance levels:

119.75

120.20

120.70

Support levels:

118

117.65

117.30


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

Technical analysis of USD/CHF for February 16, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to range-trade before the outcome of the meeting between Greece and the EU. USD/CHF is undermined by the negative dollar sentiment (ICE spot dollar index last 94.12 versus 94.18 early Friday) on a surprise drop in preliminary University of Michigan U.S. consumer sentiment index to 93.6 in February from 98.1 in January (versus forecast for rise to 98.3). But the USD/CHF losses are tempered by the negative Swiss interest rates, the threat of SNB CHF-selling intervention and the franc sales on cross trades versus major currencies.


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 0.9240. A break of this target would push the pair further downwards, and one may expect the second target at 0.9205. The pivot point is at 0.9265.


Resistance levels:
0.9335

0.9365

0.9435


Support levels:

0.9240

0.9205

0.9160


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

EUR/NZD analysis for February 16, 2015

EURNZDDaily16.png

EURNZDH416.png


Overview:


In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.5147 in a volume below the average. Our Fibonacci retracement 61.8% at the price of 1.5180 is on the test so be very careful when selling EUR/NZD. Anyway, if the price breaks the level of 1.5445, we may see a possible testing of the level of 1.5590. We have the resistance level at the price of 1.5340. According to the 4H time frame, we can observe weak supply around the price of 1.5180.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5358


R2: 1.5389


R3: 1.5441


Support levels:


S1: 1.5255


S2: 1.5224


S3: 1.5173


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


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

Technical analysis of NZD/USD for February 16, 2015

NZDUSDM30.png

Fundamental overview:
NZD/USD is expected to consolidate in a higher range. The NZD sentiment is boosted by a rise in the New Zealand 4Q adjusted retail sales of +1.6% on-quarter (versus forecast +1.0%). The NZD/USD is also supported by the negative dollar sentiment, firmer commodity prices, the kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD upside is limited by the Kiwi sales on soft NZD/JPY cross.


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 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 0.7530 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 0.7440. A break of this target would push the pair further downwards, and one may expect the second target at 0.74. The pivot point is at 0.7470.


Resistance levels:

0.7530

0.7590

0.7645



Support levels:


0.7440

0.74

0.7345


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

Technical analysis of GBP/JPY for Feburary 16, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade with bearish bias. It is undermined by the diminished risk appetite as caution prevails ahead of the outcome of the meeting between the new Greek government and the eurozone finance ministers in Brussels on Monday. GBP/JPY is also weighed by the soft USD/JPY undertone and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers.


Technical comment:
The daily chart is mixed as the MACD is bullish, five-day moving average is above 15-day moving average and is advancing but stochastics is turning 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 181.60. A break of this target will move the pair further downward to 180.90. The pivot point stands at 183.35. 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:

181.60

180.90

180.45


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

Gold analysis for February 16, 2015

GOLDDaily16.png

GOLDH416.png


Overview :


Since our last analysis gold has been trading upwards. As we expected, the price tested the level of 1,236.51 in a volume below the average. According to the H4 time frame, we can see reaction from buyers and test the resistance level at the price of 1,216.00-1,218.00. We are facing very low volatility on the market due to a bank holiday. Major resistance level is still around the price of 1,307.00 (swing high like resistance). I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1,251.00 and Fibonacci retracement 61.8% at the price of 1,272.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips). Anyway, if the price breaks the level of 1,220.00, we may see a possible testing of the level of 1,200.00 before any larger bullish reaction.


Daily Fibonacci pivot points :


Resistance levels :


R1: 1,229.20


R2: 1,229.56


R3: 1,230.13


Support levels :


S1: 1,228.06


S2: 1,227.70


S3: 1,227.13


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




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

Elliott wave analysis of EUR/NZD for February 16 - 2015

2015-02-16-EURNZD-4H.png

Technical summary:


With the break below support at 1.5198 wave (ii) has extended to the 70.7% corrective target, which, we expect, will protect the downside for a break above the minor resistance at 1.5234 and, more importantly, above the resistance at 1.5300 that confirms a new rally higher in wave (iii). We anticipate that the short-term support at 1.5165 will be able to protect the downside for the rally above the minor resistance at 1.5234. Only an unexpected break below 1.5165 (close below on an 4 hourly basis) does open up the downside for a move closer to 1.4889.


Trading recommendation:


Our stop at 1.5190 was hit. We will buy EUR again here at 1.5190 with stop place at 1.5090.


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

Elliott wave analysis of EUR/JPY for February 16 - 2015

1424096218_2015-02-16-EURJPY-4H.png

Technical summary:


Nothing changed since last week. We are still looking for a final rally to 137.65 in wave (iv) to end the correction from 130.14 and set the stage for the final decline in wave (v) to the ideal target at 125.98 to end the expanded flat correction. The short-term support at 134.68 will protect the downside for the rally towards 137.65 to end wave (iv).


Trading recommendation:


We are still looking for a EUR-selling opportunity at 137.55 with stop placed at 138.85


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

Technical analysis of EUR/JPY for February 16, 2015


Technical outlook and chart setups:


The EUR/JPY pair remains unchanged for now with upside potential intact towards the levels of 137.50/138.00 at least. Please look at the larger picture again: "The pair has dropped in 5 waves from 149.80 to 130.00. The rally from the levels of 130.00 is wave 1 within the expected 3 wave correction towards the levels of 142.30 at least." It is hence recommended to remain long for now, with risk at 133.50. Bulls are expected to remain in control untill at least the levels of 138.00 from here. Immediate support is seen at 134.70 (interim) followed by 133.50, 132.30 and lower, while resistance is seen at 137.50/138.00 followed by 142.30 and higher, respectively.


Trading recommendations:


Remain long; stop is at 133.50, target is 137.50/138.00


Good luck!




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

Technical analysis of GBP/CHF for February 16, 2015


Technical outlook and chart setups:


The GBP/CHF pair has been inching higher since it has broken out of consolidation above the levels of 1.3350/1.3400 earlier. The pair has upside potential untill at least 1.4650/1.4730 provided the levels of 1.4100 remain intact. It is recommended to remain long for now, risk remains at the levels of 1.4100. Please note that the sequence of higher highs and higher lows is intact since the pair broke above the marks of 1.3400 earlier. The bulls are poised to remain in control untill prices stay above the levels of 1.4100 for now. Immediate support is seen at 1.4100 followed by 1.4000, 1.3850 and lower, while resistance is seen at 1.4650 followed by 1.4730 levels and higher, respectively.


Trading recommendations:


Remain long; stop is at 1.4100, target is at least 1.4650/1.4730.


Good luck!




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

Technical analysis of USD/CAD for Febuary 16, 2015

General overview for 16/02/2015 12:55 CET


The market has broken out of the golden corrective channel and tested it in form of the wave b green. Currently, the price should continue lower, but please notice, that the wave b green might not have been finished yet and market might try to test the weekly pivot at the level of 1.2506, before reversing to the downside. Nevertheless, the most important level for bulls is the intraday support at the level of 1.2418 because any breakout lower opens the road to the technical support at the level of 1.2348. The projected target for wave Y brown is the orange rectangle area between the levels of 1.2252 - 1.2231.


Support/Resistance:


1.2783 - WR2


1.2590 - WR1


1.2536 - Intraday Resistance


1.2506 - Weekly Pivot


1.2418 - Intrday Support


1.2348 - Technical Support


1.2250 - 1.2231 - Projected Target Zone


Trading recommendations:


The sell orders from the last week should be still kept open and SL should be kept above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First level to add to the existing sell orders should be at the level of 1.2415. First TP orders should be placed at the level of 1.2349.


usdcad_h1.jpg




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

Technical analysis of Silver for February 16, 2015


Technical outlook and chart setups:


Silver bounced off from the Fibonacci 0.618 levels at $16.50/55 last week. The metal has since then raised through the levels of $17.40. It looks like the metal has resumed its uptrend and is poised to rally towards the levels of $18.90, $19.50 and $21.00, respectively. It is highly recommended to remain long for now, with risk below the levels of $16.00. Immediate support is seen at the levels of $16.50 followed by $16.20, $15.50 and lower, while resistance is seen at $17.70/80 followed by $18.40, $18.90 and higher, respectively. Bulls remain in control for now. The levels of $16.50 should remain intact.


Trading recommendations:


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


Good luck!




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

Technical analysis of EUR/JPY for Febuary 16, 2015

General overview for 16/02/2015 12:30 CET


The market is still trading inside the range zone between the levels of 134.71 - 135.67. The wave development looks uncompleted and there is still a room for one more wave to the upside. This scenario is possible only if the level of 136.67 is violated and the projected target is at the level of 137.64. On the other hand, any breakout below the level of 134.71 is bearish and the level of 133.69 might be tested next.


Support/Resistance:


138.19 - WR2


137.64 - Technical Resistance


136.72 - WR1


136.64 - Intraday Resistance


135.20 - Weekly Pivot


134.71 - Intraday Support


133.69 - WS1


Trading recommendations:


Because the market is moving sideways, the recommendations has not changed; and there are still the same two scenarios to trade:


Any breakout above the green trend line and further above the level of 136.67 is bullish and daytraders should consider placing 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.


eurjpy_h1.jpg




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

Technical analysis of Gold for February 16, 2015


Technical outlook and chart setups:


Gold seems to have finally bottomed out at the levels of $1,215.00/16.00 on the previous Thursday. The metal has bounced off the Fibonacci 0.618 support of the rally between the levels of $1,170.00 and $1,307.00 and could have started off it uptrend towards the levels $1,340.00 at least. It is hence recommended to remain long for now, risk remains below $1,200.00. 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 $1,285.00, $1,307.00, $1,340.00 and higher, respectively. Bulls are expected to remain in control untill prices remain above $1,215.00 and subsequently above $1,170.00.


Trading recommendations:


Remain long for now; stop is at $1,170.00, target is open.


Good luck!




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

Weekly technical levels for GBP/USD for February 16-20, 2015

Overview :



  • The market of the GBP/USD pair was not stable and the trend was not clear. Consequently, the market will probably start showing the signs of tight sideway range for that we expect a range of 82 pips today. Thus, the GBP/USD pair will be bounded by the levels of 1.5440 and 1.5337. So, it would be wise to pay attention to this area. Moreover, it should be noted that the double bottom is going to set at the price of 1.5337. Additionally, a strong support level will be formed at the same level which represents the weekly pivot point. On the other hand, a resistance stood at the level of 1.5440 (today's peak). Thus, we suppose the decline at the point of 1.5439. Therefore, try to sell at a higher price around the minor resistance at the price of 1.5440 with the first target of 1.5335, then it will continue towards the level of 1.5337 (the price of 1.5337 is representing the weekly pivot point and it is coinciding with the ratio of 61.8% Fibonacci retracement levels). Also, it should note that the value of 50% Fibonacci retracement levels has set at the 1.5309 level. Moreover, it is the key level to confirm the bearish market.



The weekly technical levels for GBP/USD pair:


1424083348_gbpusd_pp.png


gbpusdh1.png



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

#USDX technical analysis for February 16, 2015

The dollar index continues to trade sideways within the trading range of 95.25 and 93.40. There is no clear medium-term trend. I prefer to take positions in favor of the price levels. Buy near support or sell near resistance. Breaking above or below these price levels will give a clear signal.


1424077531_usdx.jpg

Blue line = support


Green line = resistance


The Dollar index is trading around the Ichimoku cloud and between the trading range as I show on the 4 hour chart above. The short-term trend is neutral and unclear. I prefer to stay neutral and open a position once a level is broken. The most probable outcome will be to see a break out to the upside.


usdxd.jpg

Black lines = triangle pattern


The Dollar index is forming a triangle pattern. In cases like this it is preferred to take a position once the price breaks above or below the triangle. Support is at 93.70 and resistance is at 95. I prefer to stay neutral and wait for a breakout. The longer-term trend remains fully bullish targeting 100.


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

Gold technical analysis for February 16, 2015

Gold price has held the support levels of $1,216 and 61.8% retracement and is bouncing higher. The short-term trend remains bearish as long as the price is below $1,250. This means that a push below $1,200 is still not out of the question.


1424077184_goldh4.jpg


Black trend line = resistance


The downward sloping trend line is resistance and it coincides with the red Ichimoku cloud that confirms that the short-term trend is bearish. Gold price has broken the short-term resistance at $1,230 and is now testing the $1,240 resistance. Important resistance level for this downtrend is at $1,245-50.


goldd.jpg


Black line = resistance


The daily chart shows how the price is bouncing off the 61.8% retracement. Resistance is found by the tenkan-sen at $1,247 and next at $1,263 by the kijun-sen. The trend is bearish as long as the price is below the black trend line. The price is above the Ichimoku cloud and this is a bullish signal combined with the bounce off the 61.8% retracement. Support at $1,216 is critical. If it is broken, we will test $1,190.




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

Technical analysis and trading recommendations on GBP/USD for February 16, 2015

Last week, the cable managed to close above 50Dsma. On the daily chart, the cable gave an upside breakout from the falling bearish channel. The weekly resistance exists at 1.5570. The UK's inflation stood at 0.5% in December 2014. The main reason for this was the steepest fall in wholesale energy prices during the second half of the last year. The decline in the energy prices helps the BoE keep interest rates at the record low of 0.5%. Traders are keeping an eye on tomorrow's CPI data. The British Pound looks weak against the stronger US dollar. The pair has weekly support at 1.5340 and 1.5180. The panic selling will be triggered below 1.5190 towards 1.5140 , 1.5100, and 1.5000. In case if the pair corrects towards 1.5350 and 1.5290, use this opportunity to buy with sl at 1.5190. On the monthly chart, the previous supports are between 1.4830 and 1.4800. We recommend selling below 1.5180, sell with the targets at 1.5140, 1.5100, and 1.4990.


GBPUSDH4.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis and trading recommendations on EUR/USD for February 16, 2015

Last week, the weaker US dollar helped the Euro gain 0.70%. This week, traders are keeping an eye on the situation in Greece. The outcome is a crucial factor for the Euro. In case if Greece is pushed away from the eurpzone, the Euro will dismantle. However, the parties have reached no accord so far. A lot of pessimism arouses around the Greek deal. It is not a good sign for the Euro.


During the previous week, the pair managed to close above 20Dsma. The pair has weekly resistance at 1.1535, above it we can expect a strong upswing in the near term. As of now, the monthly resistance is set at 1.2000 or 50Dsma and support exists at 1.0762. Support is placed at 1.1360 20Dsma, below it 1.1270 and 1.1260 will act as trend decider levels. For an intraday session, we recommend buying above 1.1450 with the targets at 1.1495 and 1.1530. In case if Greece comes to an agreement with the Eurogroup, then we can expect a strong reversal in the near future. Ahead of the Eurogroup meeting, the Euro is trading in green against the US dollar. The prices are taking multiple support levels between 1.1280 and 1.1260. The panic will be triggered below 1.1280 for another low. We recommend selling below 1.1340, risky traders can start selling below 1.1380 with the targets at 1.1300, 1.1280, and 1.1260. The intraday resistance exists at 1.1430 and 1.1450.


Risky selling below 1.1380, safe selling below 1.1340.


Buying above 1.1450.


EURUSDH4.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis and trading recommendation of Gold for February 16, 2015

The metal lost 0.70% in the previous week. Ahead of China's new year on February 19th, good buying is seen in China. During the previous week, the weaker US dollar helped the metal to hold the crucial support levels at $1,217.00. 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. We recommend fresh selling only below $1,216.00. The weekly resistance is set at $1,246.00 and $1,261.00. Today, US markets will be shut down. At the Asian session, the metal is trading on a bullish note. On the h4 chart, the prices are facing strong resistance at 34hrsma and a 2-week descending trend line. We recommend fresh buying above $1,235.00 with the targets at $1,240.00 and $1,245.00. On the down side, the intraday support is set at $1,226.00 and $1,222.00. Risky traders can start selling below $1,226.00 and safe traders sell below $1,222.00 with small targets at $1,219.00 and $1,217.00. The real panic situation will trigger below $1,216.00. Ahead of the Eurogroup meeting and due to the holiday in the US, the metal is muted and looking in the southward direction. On the h1 chart, the prices are making higher lows and higher highs.


Resistance: $1,235.00 $1,240.00, $1,246.00.


Support: $1,226.00 $1222.00, $1,217.00.


Risky selling is below $1,226.00, safe selling is below $1,222.00.


GOLDH4.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for February 16, 2015

!USDJPY.jpg

In Asia, Japan will release the Revised Industrial Production m/m, Prelim GDP Price Index y/y, and Prelim GDP q/q. However, the US will not release any economic data today. So there is a big probability the USD/JPY pair will move with low volatility during the day.


TODAY TECHNICAL LEVELS:

Resistance. 3: 119.18.

Resistance. 2: 118.95.

Resistance. 1: 118.72.

Support. 1: 118.43.

Support. 2: 118.20.

Support. 3: 117.96.





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 16, 2015

!EURUSD.jpg

When the European market opens, some economic news will be released such as Trade Balance. The US will not release any economic data today. So amid the reports, EUR/USD will move with low volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1463.

Strong Resistance:1.1456.

Original Resistance: 1.1445.

Inner Sell Area: 1.1434.

Target Inner Area: 1.1407.

Inner Buy Area: 1.1380.

Original Support: 1.1369.

Strong Support: 1.1358.

Breakout SELL Level: 1.1351.





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 USDX for February 16, 2015

On the daily chart, the USDX traded sideways during last session, but we're still expecting a bounce at the current levels with a rally towards the resistance level of 95.45. Next time, we recommend caution, at least during the session on Tuesday, because today is a bank holiday in the United States, thus the USDX will move in a low range.


USDXDaily.png

The USDX filled the bearish gap next to the level of 94.10, as this instrument is trying to form a bearish pattern to perform a breakout at the support level of 94.02. If successful, bears could take over the USDX to reach the next support zone at the 93.62 level on the H1 chart. The MACD indicator is still on the positive territory.


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.


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

Daily analysis of GBP/USD for February 16, 2015

Last Friday was a bit slow for the GBP/USD pair, as the pair continues trading in favor of the bullish bias. The next target is located at the resistance level of 1.5491. But at the moment, we're still waiting for a higher high pattern formation, because the bullish momentum that the pair had last week was big and pushed it to reach overbought levels in lower time frames.


GBPUSDDaily.png

On the H1 chart, we're still watching consolidation moves of the GBP/USD pair below the resistance level of 1.5413. Currently, the pair is forming a bullish pattern that could be done when a breakout happens at the 1.5413 level, with a target located on the upside at the 1.5526 level. Still, the 200 SMA on H1 chart is 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.


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

Daily analysis of major pairs for February 16, 2015

EUR/USD: The EUR/USD pair has been making commendable effort to go upward in the context of a downward bias. This effort has enabled the price to close above the support line at 1.1350 and a movement above the resistance line at 1.1500 would result in a clean Bullish Confirmation Pattern in the market. The outlook for the EUR/USD pair this week is bullish.


1.png

USD/CHF: Although the outlook for 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).


2.png

GBP/USD: This currency trading instrument trended upwards last week, testing the distribution territory at 1.5400. That distribution territory is currently being battered and it would be breached to the upside as the price continues its northward journey.


3.png

USD/JPY: This pair rose by 200 pips last week and later fell by another 200 pips. From the demand level at 118.50, the price almost reached the supply level at 120.50, after which the gains made by bulls were forfeited. The bullish bias on the pair, however, still remains logical.


4.png

EUR/JPY: This cross closed at 135.34 on Friday, February 13, 2015. The cross is trying to go further upwards and a movement above the supply zone at 136.50 would result in the invalidation of the recent bearish outlook plus a new ‘buy’s signal.


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