Daily analysis of GBP/JPY for February 17, 2015

GBPJPY_17-2.png

Overview


According to today's H4 chart, yesterday's closing below the resistance level of 182.50 gave the price an opportunity to make a bearish move after it has failed to break it through. As shown here, currently, the price is trying to continue its bearish move and is approaching the support level of 182.00 after breaking the support levels of 182.50. In that case, we might get another opportunity for more sell signals, ant it will open the way towards 181.00 as the first target. Then the price should test the support level of 180.50 to continue its bearish move. But as long as the price stabilizes above the support level of 182.00, it cancels the first scenario.


Resistance and support levels: R3 (184.00), R2 (183.50), R1 (182.50), S1 (182.00), S2 (181.00), S3 (180.50).




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

Technical analysis of USD/JPY for February 17, 2015

USDJPYM30.png

Fundamental overview:
USD/JPY is expected to trade with bearish bias. It is undermined by the flows to the safe haven yen and unwinding of of the yen-funded carry trades amid increased risk aversion on news that Greece's talks with its creditors on the future of its bailout program have broken down. USD/JPY is also weighed by the Japanese exports and mounting speculation that the Bank of Japan will not ease monetary policy further. But the USD/JPY losses are tempered by demand from Japan's importers.


Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is falling from 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 118.25. A break of this target will move the pair further downward to 117.95. 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:

118.25

117.95

117.65


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

Technical analysis of USD/CHF for February 17, 2015

USDCHFM30.png

Fundamental overview:
USD/CHF is expected to trade with risks skewed higher. It is supported by the broadly stronger USD undertone (ICE spot dollar index last 94.41 versus 94.10 on early Monday), the negative Swiss interest rates and the threat of the SNB CHF-selling intervention.


Technical comment:
The daily chart is 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

Technical analysis of NZD/USD for February 17, 2015

NZDUSDM30.png

Fundamental overview:
NZD/USD is expected to consolidate after hitting a 3-week high of 0.7528 on Monday. On Tuesday at 12:00 GMT the report on NZ Global Dairy Trade is expected. NZD/USD is supported by the stronger than expected New Zealand 4Q retail sales and kiwi demand on soft AUD/NZD and EUR/NZD crosses. But NZD/USD upside is limited by the the kiwi sales on soft NZD/JPY cross amid increased investor risk aversion.


Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels. 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 0.7590 and the second target at 0.7625. 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:

0.7590

0.7625

0.7685



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 17, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade with bearish bias. It is undermined by the increased investor risk aversion, Japan's exports, and by the weak euro sentiment as the breakdown of Greece-EU talks heightened fears that the debt-laden country would be forced out of the eurozone. But the GBP/JPY losses are tempered by demand from the Japanese importers.


Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is falling from 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 183.35 and the second target at 184.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 181.25. A break of this target would push the pair further downwards, and one may expect the second target at 180.90. The pivot point is at 181.75.


Resistance levels:

183.35

184.20

184.95


Support levels:

181.25

180.90

180.15


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

Technical analysis of GBP/JPY for Feburary 17, 2015

GBPJPYM30.png

Fundamental overview:
GBP/JPY is expected to trade with bearish bias. It is undermined by the increased investor risk aversion, Japan's exports, and by the weak euro sentiment as the breakdown of Greece-EU talks heightened fears that the debt-laden country would be forced out of the eurozone. But the GBP/JPY losses are tempered by demand from the Japanese importers.


Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is falling from 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 183.35 and the second target at 184.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 181.25. A break of this target would push the pair further downwards, and one may expect the second target at 180.90. The pivot point is at 181.75.


Resistance levels:

183.35

184.20

184.95


Support levels:

181.25

180.90

180.15


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

EUR/NZD analysis for February 17, 2015

EURNZDDaily17.png

EURNZDH417.png


Overview:


In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.5072 in an average volume. Our Fibonacci expansion 61.8% at the price of 1.5090 is on the test, so be very careful when selling EUR/NZD. We have a resistance around the price of 1.5200 (swing low like resistance). If the price breaks the level of 1.5200 in a high volume, we may see a possible testing of the level of 1.5350 (major Fibonacci retracement 38.2%). My advice is to watch for potential buying opportunities on the lows (buy on the dips).


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5218


R2: 1.5253


R3: 1.5308


Support levels:


S1: 1.5108


S2: 1.5073


S3: 1.5018


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 AUD/USD for February 17, 2015


Technical outlook and chart setups:


The AUD/USD pair bounced off the levels of 0.7650 earlier, remaining just shy of the levels of 0.7625. The pair has formed a tweezer bottom on a weekly chart (not depicted here), indicating a potential reversal in trend from the current lows at 0.7625/50. Furthermore, the pair has rallied through the levels of 0.7800 now and is looking poised to push higher towards the levels of 0.8000 and 0.8300. It is recommended to initiate long positions now at 0.7820 and to add on dips. Risk remains at the levels of 0.7650. Immediate support is seen at 0.7725 followed by 0.7650, 0.7625 and lower, while resistance is seen at 0.8000 followed by 0.8300 and higher.


Trading recommendations:


Initiate long positions now. Stop is at 0.7625/50, target is 0.8000 and 0.8300.


Good luck!




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

Gold analysis for February 17, 2015

GOLDDaily17.png

GOLDM3017.png


Overview :


Since our last analysis gold has been trading downwards. The price has tested the level of 1,218.65 in an average volume. According to the H4 time frame, we can test our submajor Fibonacci retracement 61.8% at the price of 1,220.00. We are still waiting for larger activity on the market. 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. According to the 30 minutes time frame, we can observe that strong demand has entered the market in an ultra high volume (buying climax). 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: 1,235.22


R2: 1,237.08


R3: 1,240.10


Support levels :


S1: 1,229.18


S2: 1,227.32


S3: 1,224.30


Trading recommendations: 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 EUR/USD for February 17, 2015


Technical outlook and chart setups:


The EUR/USD pair looks to be setting up for resumption of rally towards the levels of 1.1800 from here on. As depicted here, the pair broke out of the resistance line earlier and dipped lower into the levels of 1.1250 in a corrective (3 waves) manner. Furthermore, the levels of 1.1250 were also the Fibonacci 0.618 support level of the rally between the levels of 1.11 and 1.1530. The pair bounced off from there and is trading at the levels of 1.1420 for now, poised to rally further. It is strongly recommended to remain long for now and also to add further on dips with risk at the levels of 1.1200. Immediate support is seen at 1.1300 (interim) followed by 1.1250, 1.1200 and lower, while resistance is seen at 1.1650 followed by 1.1850 and higher, respectively.


Trading recommendations:


Remain long for now. Stop is at 1.1200, target is 1.1800.


Good luck!




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

Technical analysis of EUR/JPY for February 17, 2015


Technical outlook and chart setup:


The EUR/JPY pair raised through the levels of 136.00 today, as expected and discussed yesterday. Note that the pair has bounced off the Fibonacci 0.618 support of the rally between the levels of 132.50 and 136.50. The pair should be poised to rally through the levels of 137.50 and 138.00, respectively, before a corrective decline occurs. It is hence recommended to remain long with risk around the levels of 133.00/50. Immediate support is seen at 133.50 followed by 132.50, 130.00 and lower, while resistance is seen at 137.50 followed by 138.00, 142.50 and higher, respectively.


Trading recommendations:


Remain long for now. Stop is at 132.50, target 137.50/138.00.


Good luck!




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

Technical analysis of GBP/CHF for February 17, 2015


Technical outlook and chart setups:


The GBP/CHF pair seems to be running out of steam at the handle of 1.4370/80 since it has backed off twice, as seen here on the hourly chart view. It is recommended to exit long positions at current market price around the levels of 1.4300 and either remain flat or initiate short positions (aggressive trade setup) with risk above the levels of 1.4415. A drop below 1.4275 levels would be the first indication of a deeper correction lower and a break below the levels of 1.4200 (trend line) support would confirm the same. Immediate support is seen at 1.4275 followed by 1.4100, 1.4000 and lower, while resistance is seen at the handle of 1.4400 and higher, respectively. Bears could be poised to regain control for the time being.


Trading recommendations:


Exit long positions. Aggressive traders could initiate 50% short positions. Stop is at 1.4420, target is open.


Good luck!


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

Technical analysis of Silver for February 17, 2015


Technical outlook and chart setups:


Silver is retesting lows created at the levels of $16.50 earlier, before resuming rally. Besides, note that the back side of the counter trend line (resistance turned support) is also passing near-by ($16.60/70). The metal is expected to bounce ahead of $16.50 and further resume its uptrend towards $19.50 and $21.00 levels at least. Immediate support is seen at $16.50 followed by $16.20, $15.50 and lower, while resistance is seen at $17.60/70 followed by $18.40/50, $18.90 and higher, respectively. Hence my recommendations are to remain long, with risk below $16.00. Bulls are expected to remain in control untill prices stay above the levels of $15.50.


Trading recommendations:


Remain long; stop is at $15.50, target is open.


Good luck!




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

Technical analysis of AUD/USD for February 17, 2015

audusdh4.png

Overview :



  • A confusing rise from the levels of 0.7714 and 0.7783 has extended further to as high as 0.7802 yesterday. Moreover, it might be noticed that the price has placed above 23.6% of Fibonacci retracement levels and created a strong support at this spot. Hence, the market will form the strong support at the price of 0.7770. Futhermore, this strong level has been still moving between 0.7750 and 0.7863 on the H4 chart. Therefore, it is likely that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity at the level of 0.7770 with the first target of 0.7832 and continues towards 0.7860. Anyway, bulls were forced to pullback below the level of 0.7860, so this level will form a strong resistance in order to indicate a bearish opportunity below it. Accordingly, it will be a good sign to sell below the level of 0.7881 (38.2% of Fibonacci retracement level at the same time frame) with a target at 0.7832 and it might resume to 0.7783 (a good place to take profit will be at 23.8% of Fibonacci).



audusdh1.png



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

Technical analysis of Gold for February 17, 2015


Technical outlook and chart setups:


Gold has retested the lows at $1,220.00 today and is setting up for a rally for now. The metal is holding the Fibonacci 0.618 support for now and bulls are poised to retain control untill prices remain above the levels of $1,215.00. 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. Remember that the metal has turned bullish on higher time frames and the trend is supposed to remain higher targeting the levels of $1,340.00 and up to $1,400.00. It is recommended to remain long for now and also to add further positions.


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

Technical analysis of NZD/USD for February 17, 2015

nzdusdh4.png

Overview :



  • The NZD/USD pair will continue straight from the level of 0.7505. On the H4 chart, the level of 0.7441 is coinciding with the 32.8% of Fibonacci retracement levels, for that this price is probably going to form a double bottom. Therefore, the NZD/USD pair is showing signs of strength following the break of the highest level of 0.7523 (50% of Fibonacci retracement levels). What is more, it should be noted that the persistence above the ratio of 50% Fibonacci is confirming a bullish market. So, it will be a good sign to buy above the level of 0.7505 with a first target of 0.7553 and further of 0.7602 (it will act as a strong resistance for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with 61.8% of Fibonacci). However, in case if a reversal takes place and the NZD/USD pair breaks through the support level of 0.7505, the market will lead to further decline towards the level of 0.7441, in order to indicate a bearish market in coming time.



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

Intraday technical levels and trading recommendations for GBP/USD for February 17, 2015

1424165705_gbpdaily.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, the ongoing bearish trend was invalidated on Thursday when bullish breakout above 1.5200 took place.


Estimated projection targets are located around 1.5600-1.5640 where the most recent consolidation zone is located.


1424165782_gbph4.png

By the end of the last week, the GBP/USD pair has consolidated above the price zone of 1.5360 (61.8% Fibonacci level) which failed to provide enough SUPPLY for the pair.


For the current bullish breakout to happen, bulls should keep defending the price zone of 1.5300-1.5330.


Estimated projection targets for the recent bullish breakout are roughly located around 1.5600-1.5640.


Conservative traders can take a low-risk BUY entry at retesting the price zone of 1.5300-1.5330 ( backside of the broken channel and 50% Fibonacci level).


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

#USDX technical analysis for February 17, 2015

The dollar index continues to trade inside the trading range that I mentioned in my last analysis. There is nothing new to add. Traders should remain neutral and wait for a signal from the market before opening a new position.


1424165572_usdx.jpg


Green line = resistance


Blue line = support


The Dollar index continues to trade within the trading range that I mentioned yesterday. The trend remains sideways and neutral for the short-term. Short-term traders should be patient and wait for a break above or below the trading range before opening a position.




usdxd.jpg




On the daily chart, as shown above, the price is forming a triangle consolidation. The price is above the kijun-sen (yellow) support and above the tenkan-sen (red line). The price is also above the Ichimoku cloud and this confirms that the longer-term trend remains bullish. A break above 95 will be a buy signal with our next target being close to 100.


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

Intraday technical levels and trading recommendations for EUR/USD for February 17, 2015

eurmonth.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 FULL bearish MONTHLY below 1.2000 (January's monthly candlestick).


eurusddaily.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 (the upper limit of a newly-established consolidation zone ).


Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1530 (the recent high).


Moreover, risky traders should note that DAILY fixation again below 1.1260 (recent DEMAND level, lower limit of the H4 consolidation zone ) indicates a bearish visit towards the WEEKLY low around 1.1110.


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

USD/CAD intraday technical levels and trading recommendations for February 17, 2015

1424163402_cadweekly.pngcaddaily.png

Overview:


The USD/CAD pair has been trending upwards within the bullish channel depicted on the WEEKLY chart.


The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels. Hence, the ongoing bearish correction that started off 1.2750 was anticipated in the previous articles.


The bulls have been defending the recent INTRADAY SUPPORT around 1.2300 (broken 79.6% Fibonacci Level). Until now, the market has not retested the newly-established DAILY SUPPORT around 1.2000.


The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level). It has been defended by bulls since a bullish breakout took place on January 21.


DAILY closure again below the price level of 1.2300 exposes the next DAILY SUPPORT around 1.2000 where the backside of the upper limit of the breached channel is located.


On the other hand, the bullish persistence above 1.2300 (79.6% Fibonacci level) enhances further bullish advancement towards 1.2760-1.2780 (low probability).


Trading recommendations:


Wait for DAILY closure below 1.2300 for SHORTING the USD/CAD pair. TP levels should be set at 1.2250 and 1.2190. Stop Loss should be set as DAILY closure again above the ENTRY levels (1.2300).


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

Technical analysis of EUR/JPY for Febuary 17, 2015

General overview for 17/02/2015 09:50 CET


The pair is still trading inside the neutral zone. It looks like the recent wave development is evolving into a complex corrective structure called triple-three. The waves W X Y XX brown has been already made, and now one more wave to the upside is needed to complete the whole correction as a big cycle (please take a look at the 4h time frame chart). On the intraday time frame charts we can see that a crucial level to the upside is the intraday resistance at the level of 134.71. Any breakout higher might be considered bullish as the intraday golden trend line will be broken together with weekly pivot at the level of 135.20. This might be a first clue that the anticipated target for wave Z brown at the level of 137.64 might be hit. On the other hand, any violation of the key level at the level of 132.52 invalidates a triple-three scenario and makes the level of 136.71 a top for wave 4 blue.


Support/Resistance:


138.19 - WR2


137.64 - Technical Resistance


136.72 - WR1


135.20 - Weekly Pivot


134.71 - Intraday Resistance


133.93 - Intraday Support


133.69 - WS1


Trading recommendations:


The TP level of the last recommended sell trade has not been hit, but the trade should be overall in profit and if daytraders has not closed the trade yet, they should move the SL just above the level of 134.75 and wait. Any breakout above this level is bullish and sell orders should be closed.


eurjpy_h1.jpgeurjpy_h4.jpgThe material has been provided by InstaForex Company - www.instaforex.com

GBP/USD intraday technical levels and trading recommendations for February 17, 2015

gbpusddaily.png1424163404_gbpusdh4.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 provided support for the pair few weeks ago.


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


Initial bullish breakout above 1.5220 took place on February 5. Shortly after, a new DAILY support was established around 1.5170-1.5200 (an 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).


Long-term projection target for the recent bullish breakout above 1.5220 is located around 1.5500-1.5550 where the previous DAILY bottoms are located (DAILY RESISTANCE).


Trading recommendations:


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


For traders who missed the initial breakout, a valid buy entry can be taken at retesting of 1.5260 with SL located below the recent bottom around 1.5200.


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

GBP/USD intraday technical levels and trading recommendations for February 17, 2015

gbpusddaily.png1424163404_gbpusdh4.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 provided support for the pair few weeks ago.


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


Initial bullish breakout above 1.5220 took place on February 5. Shortly after, a new DAILY support was established around 1.5170-1.5200 (an 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).


Long-term projection target for the recent bullish breakout above 1.5220 is located around 1.5500-1.5550 where the previous DAILY bottoms are located (DAILY RESISTANCE).


Trading recommendations:


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


For traders who missed the initial breakout, a valid buy entry can be taken at retesting of 1.5260 with SL located below the recent bottom around 1.5200.


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

Gold technical analysis for February 17, 2015

Gold price has reversed lower after a weak bounce towards $1,237. The trend remains bearish. Next target is $1,200 if the low at $1,216 is broken. Bulls need to break above the yesterday's highs in order to expect a bounce to $1,250-60.





Black line = resistance


Blue line = support


Gold price has broken the short-term support trend line and is now going to test the recent lows at $1,216. The resistance at $1,245 was not even tested yesterday despite the signs of short-term buying interest. The price remains below the medium-term Ichimoku cloud resistance. I remain bearish expecting a move towards $1,200 at least.






goldd.jpg

Black line = resistance


Gold price as shown above on the daily chart is showing signs of reversal. Although it bounced off the 61.8% retracement it has not managed to reach the tenkan-sen (red line) resistance. The price remains below the black trend line resistance. The trend remains bearish. If the support at $1,216 is broken, it will give another sell signal with $1,205 as the first target and $1,195 as the second target.


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

Technical analysis of USD/CAD for Febuary 17, 2015

General overview for 17/02/2015 09:30 CET


The pair made another lower low during the Asian session and is still slowly trading inside the neutral range zone. As the Elliott wave rules suggest, there is still one more wave to the downside missing in this wave development and if this scenario is correct, the intraday support at the level of 1.2418 and technical support at the level of 1.2348 should be tested and violated soon. The projected target is the zone between the level of 1.2251 - 1.2231. Please notice that this kind of very narrow consolidating range trading very often foreran violate market moves.


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 bias is still bearish and 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.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis and trading recommendations on GBP/USD for February 17, 2015

Today, traders are focused on UK's CPI data. The UK's inflation stood at 0.5% in December 2014 which is well below the target of 2%. The print in November was 1.2%. The main reason for this was the steepest fall in wholesale energy prices during the second half of 2014. In case, if a decline in energy prices persist, the inflation could temporarily turn negative as it is foreseen in the BoE inflation report. Falling energy prices helping the BoE to keep interest rates at the record low of 0.5%.


The prices gave an inverse head & shoulder breakout on the hourly chart. The prices are forming a higher lows and higher highs formation on the h4-chart. They formed a minor support base between 1.5210 and 1.5195. If the pair breaks and closes below 1.5195, they can extend the correction towards 1.5140, 1.5080, and 1.4990. On the monthly chart, the previous supports exist between 1.4830 and 1.4800. The intraday resistance is placed at 1.5400. Falling yesterday, the cable managed to hold at the 50Dsma and closed above it. The intraday support exists between 1.5330 and 1.5300. We recommend safe buying above 1.5400 with the targets at 1.5460, 1.55, and 1.5540. On the down side, we recommend selling below 1.5300 with the targets at 1.5270 and 1.5200.


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

Technical analysis and trading recommendations on EUR/USD for February 17, 2015

Another disappointing day at the Eurogroup meeting. Greece's bailout talks are in deadlock. The talks between the eurozone creditors and Greece came to a standoff on Monday night, concerns are mounting. In case if Greece exits from the euro bloc, the euro will be abandoned in the Balkan country and the euro will collapse. Eurogroup President Jeroen Dijsselbloem said Greece had to request an extension until Friday, otherwise the bailout would expire at the end of the month. Traders are closely monitoring the Eurogroup meeting outcome. Europe will not lose Greece from the eurozone. In case if Greece leaves the eurozone, Russia will take advantage of the situation to get closer to Greece. In 2011, Russia allocated funds to Cyprus. The fate of the euro is still threatened. The ECB has agreed to fund 60 billion Euros on February 5, this Wednesday they will reassess. The eurozone will be motivated to solve the problem as soon as they can. Today, traders are focused on German ZEW economic sentiment and ZEW economic sentiment data.


The pair closed below 2Dsma at the previous session. The pair has weekly resistance exists at 1.1535. As of now, the monthly resistance is set at 1.2000 or 50Dsma and support is at 1.0762. Support exists at 1.1320, below it 1.1270 and 1.1260 will act as trend decider levels. Today, at the Asian session the euro is looking very weak against the US dollar. The prices are closed and trading below hourly moving averages. We recommend fresh buying only above 1.1380, until then use every rise to sell with the targets at 1.1200 and 1.1160. The panic will be triggered below 1.1260. At yesterday's session, we recommend risky selling below 1.1380, safe selling is below 1.1340.


1424142805_EURUSDH4.png


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

Technical analysis and trading recommendations on Gold for February 17, 2015

The strong US dollar pushed the metal prices down. After the soft US economic data, the US dollar weakened a bit. The yellow takes advantage of the weaker dollar holding its ground. The prices are slowly drifting towards resistance levels. On the hourly chart, the prices are making higher lows and higher highs pattern. But the overall picture looks bearish. Ahead of China's new year on February 19th, good buying is foreseen in China. In the previous week, the weaker US dollar helped the precious metal to hold the crucial support level 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. February 11th, 2015 high and low levels are acting as major support and resistance levels. The nearest resistance is set at 1239.00, above this at 1245.50. The weekly resistance exists at $1,246.00 and $1,261.00. The prices are trying to close above 50Dsma for 3-days, but at the end of the day the effort was unsuccessful.


On the h4-chart, the prices are closed and trading above hourly moving averages. We recommend fresh buying above $1,240.00 with the targets at $1,245.00, and $1,251.00. On the down side, the intraday support exists at $1,229.00 and $1,224.00. The real panic situation will emerge below $1,216.00.


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


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


Selling below $1,229.00.


GOLDH1.pngThe material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for February 17, 2015

EUR/USD: It is better to stay away from this market until a strong directional movement appears. There is a support line at 1.1300 and a resistance line at 1.1450. It is either that support line is breached to the downside or the resistance line is breached to the upside. The latter scenario is more likely and as a result of this, the resistance line at 1.1500 may be reached eventually.


1.png

USD/CHF: The USD/CHF pair has been in a bullish trend for a short term. The upward movement has been slow and steady while the price remains volatile as a result of a frequent challenge from bears. The possibility of large or shallow pullbacks is now high, which may occur this week or next week.


2.png

GBP/USD: The Cable is currently strong and the best way to approach it is to buy on dips. The price is above the accumulation territory at 1.5350 and below the distribution territory at 1.5400. Since it is assumed that the Cable would keep going up according to the recent bullish outlook, the price could later trade above the distribution territory at 1.5400, going towards another distribution territory at 1.5450.


3.png

USD/JPY: From around the supply level at 120.50, this currency trading instrument dived by 200 pips, going below the supply level at 118.50. This has made long trades illogical and a touch of the demand level at 118.00 would result in Bearish Confirmation Pattern.


4.png

EUR/JPY: The recent weakness in the EUR and strength in the JPY has enabled this cross to go below the supply zone at 135.00. This is now a weak market.


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

Elliott wave analysis of EUR/NZD for February 17 - 2015

2015-02-17-EURNZD-4H.png

Technical summary:


The correction in wave (ii) has now exceeded the 70.7% corrective target and that opens the possibility of a 100% correction of wave (i). The correction in wave (ii) is a double zig-zag combination. If the second zig-zag is a fractal of the first zig-zag, then we should look for a bottom near 1.5000 as wave c of the second zig-zag will be 161.8% the length of wave a of the second zig-zag, but the risk of a 100% correction is now present. Only a break above minor resistance at 1.5200 and more importantly a break above resistance at 1.5394 will confirm that wave (ii) is over and wave (iii) is unfolding.


Trading recommendation:


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

Elliott wave analysis of EUR/JPY for February 17 - 2015

2015-02-17-EURJPY-4H.png

Technical summary:


The correction from 130.14 just became even more complex, as a triple zig-zag combination is unfolding. The upper target remains the same at 137.65. At this point, only a direct break below support at 133.64 and more importantly a break below 132.52 will tell us, that the correction in wave (iv) ended early and wave (v) lower to 125.98 is already unfolding.


Trading recommendation:


We are still looking for a EUR-selling opportunity at 137.55


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

Technical analysis of USD/JPY for February 17, 2015

!USDJPY.jpg



In Asia, Japan will not release any economic data today. However, the US will release some economic reports such as TIC Long-Term Purchases, NAHB Housing Market Index, Mortgage Delinquencies, and Empire State Manufacturing Index. 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: 119.01.

Resistance. 2: 118.78.

Resistance. 1: 118.55.

Support. 1: 118.27.

Support. 2: 118.04.

Support. 3: 117.80.





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

Daily analysis of USDX for February 17, 2015

The USDX performed a rebound from the support level of 94.18 on daily chart, because the instrument is looking to do a rally towards the resistance level of 95.45, where a breakout should happen, because the USDX is still very bullish in the medium and long term. By the way, we should remain cautious, as the USDX could retrace to the support level of 93.02.


USDXDaily.png


On the H1 chart, the USDX found strong support at the level of 94.02, which is also below the 200 SMA. Currently, this instrument is forming a higher high pattern, looking for a rally until the resistance level of 94.87. We should be cautious when placing buy orders at current levels, because, eventually, the USDX could do a pullback to the support level of 94.02 to resume the bearish bias.


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