Technical analysis of Silver for February 20, 2015.


Technical outlook and chart setups:


Silver has made a higher low yesterday at the levels of $16.25, as seen here. Furthermore, the metal has retraced lower to $16.30 and bounced back higher again and is seen trading at $16.50 for now. Also note that the metal bounced back yesterday to the trend line and the Fibonacci support levels around the levels of $16.30/50. Therefore. it is highly recommended to remain long and also to look to add further positions at thecurrent levels, risk remains at the levels of $15.50. Immediate support is seen at the levels of $16.00 followed by $15.50 and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher.


Trading recommendations:


Remain long. Stop is at $15.50, target is open.


Good luck!




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Technical analysis of Gold for February 20, 2015.


Technical outlook and chart setups:


Gold is testing the trend line support at the sublevels of $1,200.00 and is expected to bounce back higher. The metal has made a higher low at the levels of $1,197.00/98.00 yesterday indicating that the uptrend is set to resume. As discussed earlier, please note that the metal is bouncing back from the trend line, and the Fibonacci support levels around $1,200.00, which could be the next major support for rallying higher. It is highly recommended to remain long for now and also to add further positions, risk remains at $1,170.00. Immediate support is seen at the levels of $1,170.00 followed by $1,030.00 and lower, while resistance is seen at the levels of $1,245.00 (interim) followed by $1,307.00 and higher.


Trading recommendations:


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


Good luck!




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Technical analysis of GBP/CHF for February 20, 2015.


Technical outlook and chart setups:


The GBP/CHF pair has hit resistance ahead of the levels of 1.4700, as seen here, and is pulling back. An aggressive trade setup would be to initiate 50% short positions with risk at 1.4730 for now. Immediate support is seen at the levels of 1.4500 followed by 1.4300 and lower, while resistance is seen at 1.4700/50 and higher. A break below 1.4500 would signal the break of an uptrend which began from the levels of 1.1800 levels last month and also indicate that a deeper correction is due at lower levels. Only a push again above the levels of 1.4700 levels would delay matters for a correction.


Trading recommendations:


Aggressive trade setup is to initiate short positions. Stop is at 1.4730, target is open.


Good luck!




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EUR/NZD analysis for February 20, 2015

EURNZDDaily20.png

EURNZDM3020.png


Overview:


In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4965 in a high volume. According to the M30, we can observe a high-effort bar with very low results. The resistance level at the price of 1.5200 has been held successfully, thus causing price to start with downward movement. I have placed Fibonacci retracement to find resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5160. Anyway, if the price breaks the level of 1.4965 in a high volume, we may see a possible testing of the level of 1.4865 (Fibonacci expansion 100%). My advice is to watch for potential buying opportunities on the lows.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5185


R2: 1.5215


R3: 1.5265


Support levels:


S1: 1.5085


S2: 1.5055


S3: 1.5005


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


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Technical analysis of EUR/JPY for February 20, 2015


Technical outlook and chart setups:


The EUR/JPY pair has dropped more than what was expected and is retesting the levels of 134.00 at the moment. The pair is expected to produce a bullish bounce here and push higher towards 137.50 and 138.50, respectively. Therefore, it is recommended to remain long for now, risk remains below 133.00. Immediate support is at 134.00 (interim) followed by 133.50, 132.50, 130.00 and lower, while resistance is seen at 137.50 followed by 138.50, 142.30 and higher, respectively. Bulls are expected to remain in control until 137.50 and 138.50.




Trading recommendations:


Remain long, stop at 132.50, target is open.


Good luck!




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GBP/USD intraday technical levels and trading recommendations for February 20, 2015

gbpusddail.pnggbph4.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 provided support for the pair few weeks ago.


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


On February 5, initial bullish breakout above 1.5220 took place. Shortly after, a new DAILY support was established around 1.5170-1.5200 (an ascending bottom, a sign of ongoing bullish momentum).


Since then, the GBP/USD pair has been trending upwards within the depicted H4 channel. Persistence of the 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 on the H4 chart) which did not provide enough RESISTANCE.


The 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.


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EUR/AUD intraday technical levels and trading recommendations for February 20, 2015

eurauddaily.png

By the end of 2014 the EUR/AUD pair declined rapidly off 1.5330 reaching down to 1.3970 where bullish recovery was manifested.


Recently the EUR/AUD pair has been trending upwards within the depicted bullish channel until the price level of 1.4800 was reached few weeks ago.


The price level of 1.4800 corresponds to the 61.8% Fibonacci level of the recent bearish swing. Around it a DOUBLE-TOP bearish reversal pattern is being expressed.


Confirmation of the reversal pattern requires DAILY fixation below the price level of 1.4500, which corresponds to the lower limit of the daily channel as well.


Yesterday daily candlestick came as a shooting star indicating an upcoming bearish momentum.


If daily closure persisted below 1.4500, initial projection target would be located around 1.4300 and then 1.4270.


Trade Recommendation :


DAILY closure below 1.4500 indicates a low-risk SELL entry can be taken. TP levels would be located around 1.4300 and 1.4270.


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Gold analysis for February 20, 2015

GOLDDaily20.png

GOLDM3020.png


Overview :


Since our last analysis gold has been trading downwards. The price has tested the level of 1,201.42 in an ultra high volume (selling climax). According to the H4 time frame, we can observe supply in an ultra high volume (selling climax) in the background, which is a sign that selling gold at this stage looks risky. We are still waiting for larger activity on the market. I have placed Fibonacci retracement according to the low point at the price of 1,197.43 and got Fibonacci retracement 38.2% at the price of 1,240.00 and Fibonacci retracement 61.8% at the price of 1,265.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips). Major support is still around the price of 1,200.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,218.66


R2: 1,222.84


R3: 1,229.60


Support levels :


S1: 1,205.14


S2: 1,200.96


S3: 1,194.20


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




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Technical analysis of USD/CAD for Febuary 20, 2015

General overview for 20/02/2015 10:30 CET


The current wave progression starts to looks like a triangle formation with a very strong support based between the levels of 1.2349 - 1.2359. The price action is very choppy and overlapping, just as it should be in a triangle pattern. This might lead to a conclusion that as long as the level of 1.2349 is not violated, the recent swing high at the level of 1.2797 might be the top for a larger wave 3 instead of wave 5. Nevertheless, the market is still consolidating in a rather thight range, and traders might wait for more clear pattern to emerge.


Support/Resistance:


1.2349 - Technical Support|Key Level|


1.2465 - Intrday Support


1.2553 - Intraday Resistance


1.2420 - Golden trend Line Dynamic Support


Trading recommendations:


Daytraders should refrain from trading as long as one of the important levels is violated: either 1.2349 or 1.2696.


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Technical analysis of EUR/JPY for Febuary 20, 2015

General overview for 20/02/2015 09:30 CET


The market is approaching the key level zone and any breakout below the level of 133.91 would invalidate the triple three scenario in the present form. That would mean the corrective structure might still be in progress. However, the shape of this structure might differ from the anticipated one and the level of 137.64 will not be hit.


Support/Resistance:


132.19 - WS2


133.73 - WS1


133.91 - Intraday Support|Key Level|


134.78 - Intraday Resistance


Trading recommendations:


Daytraders should open only a sell orders from the current price levels with SL above the level of 134.78 and TP at the level of 133.91.


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#USDX technical analysis for February 20, 2015

The Dollar index continues to trade sideways inside the triangle pattern. There is no clear trend in the Dollar index. So traders prefer to stay neutral and trade once we see a breakout from this triangle pattern.


usdx.jpg

Red lines = triangle pattern


The Dollar index has short-term support at 93.80 and short-term resistance at 95. If support fails to hold at 93.80, we will most probably see a push lower towards 92.80 or even 91.50. If resistance is broken, I would expect a push higher towards 97 with the ultimate target of 100.


usdxd.jpg

The weekly chart above shows how price remains inside the upward sloping channel and the longer-term trend remains strongly bullish. All ichimoku cloud indicators point higher and my longer-term target of 100-101 is very feasible once we break above 95-95.50. A pullback towards the tenkan-sen (red line) at 92.50 would be a buy opportunity for the longer-term trend.


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Gold technical analysis for February 20, 2015

Gold price was rejected by the Ichimoku cloud resistance in the short-term and remains inside the downward sloping channel confirming the bearish medium-term trend. A bigger bounce will come only if price manages to break above $1,225.


goldh4.jpg

Blue line = support


Red line = resistance


Green lines = downward sloping channel


Gold price is below the cloud resistance and therefore the trend remains bearish. Only a break above the resistance at $1,222-25 could signal a bigger bounce towards $1,250. Failure to hold above support at $1,197 will be another sell signal with the target at $1,180.


goldd.jpg


The weekly chart remains bearish. With price below the kijun-sen (yellow line) and the red cloud, this means that bears are still in control despite the bounce towards $1,300. The rejection on a weekly basis was a bearish sign that could imply more downside towards even new lows below $1,080.


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Elliott wave analysis of EUR/NZD for February 20 - 2015

2015-02-20-EURNZD-4H.png

Technical summary:


No change is seen here. We are still looking for the final decline to 1.5000 as long as resistance at 1.5209 protects the upside. However, once the 1.5000 target has been tested or upon an early break above resistance at 1.5209 a new impulsive rally should be expected for a rally higher towards 1.5821 and above. Our bullish count will only be invalidate, if a break below support at 1.4888 is seen.


Trading recommendation:


We will buy EUR at 1.5025 or upon a break above 1.5210.


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Technical analysis and trading recommendations on Gold for February 20, 2015

The yellow metal prices bounced from a 6-week low and gave up all its gains after the US dollar reinforcement. The Philly manufacturing index fell slightly from a reading of 6.3 in January to 5.2 this month. The current new orders index fell 3 points. The other data such as weekly unemployment insurance weekly claims data gave good thumbs up to the US dollar. In the week ending February 14, the flash figure for seasonally adjusted initial claims was 283,000, a decrease of 21,000 from the previous week's unrevised level of 304,000. China is heading into a holiday period ahead of the Lunar New year. Before this holiday period, physical buying also moderate. In India, RBI lifted a ban on gold imports. Nominated banks get permission to import gold on a consignment basis. The metal managed to hold a 4-month support raising the trend line. At yesterday's session, the metal rejected was from $1,222.50 and 34hrsma after Germany disagreed with Greece's proposal. On a weekly closing basis, bulls must close above $1,217.00. The intraday support is set at $1,205.00, $1,200.00, and $1,195.00. On the h4-chart, the prices are closed and trading below the hourly moving averages. The prices are expanding lower swings on the hourly charts. Intraday resistance is set at $1,222.50.


Resistance: $1,217.00, $1,222.50, $1,227.00.


Support: $1,205.00 $1,195.00, $1,185.00.


Selling below $1,205.00 with the targets at $1,200.00, $1,195.00, and $1,191.00.


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Technical analysis and trading recommendations on USD/JPY for February 20, 2015

The greenback gained ground against the yen after the mixed US macroeconomic data. The Philly manufacturing index fell slightly from a reading of 6.3 in January to 5.2 this month. The current new orders index fell 3 points. The other data such as weekly unemployment insurance weekly claims gave good thumbs up to the US dollar. In the week ending February 14, the flash figure for seasonally adjusted initial claims was 283,000, a decrease of 21,000 from the previous week's unrevised level of 304,000. Today at the Asian session, traders are keeping an eye on Japan Flash manufacturing data. The index increased to 52.20 in January, according to the flash estimate the index could be 52.6 this month.


At yesterday's session, the pair again took support at 50Dsma and managed to close above it. Today, at the early Asian session the pair opened on a bullish note. The pair made a double top at 120.50. We can observe some distribution at 119.45. The prices are closed and trading above hourly moving averages. We recommend buying above 119.50 towards 120.00 and 120.50. Another upswing looms above 120.50. The pair has intraday support between 118.80 and 118.50. Until the pair holds and closes above 118.20, we recommend bullish views. We recommend selling only below 118.20 with the targets at 118.00 and 117.60.


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Technical analysis and trading recommendations on GBP/USD for February 20, 2015

The UK factory orders report showed a six-month high in February. British factory orders number grew at the fastest pace in February for the recent six months, according to an industry survey on Thursday. The data indicates a brighter outlook for the coming months. The outlook for the UK economy is changing for the better. The index grew by 6.0 points to 10.0 from 4.0. The drop in oil prices is a driving force of the manufacturing sector in the UK. The Pound fell 0.12% against the USD in the context of the strong US jobs data. The concerns about Greece's bailout also supported the US dollar on Thursday. The greenback enjoyed its winning steak on Thursday against most global currencies. The pair has the nearest support at 1.5400 or 12hr low. If the prices fall below 1.5400, the weakness will act in foreground. We recommend selling below 1.5395 with the targets at 1.5345 and 1.5315. On the upper side, we can expect strong momentum only above 1.5440. So we recommend buying above 1.5440 with the targets at 1.5465, 1.5480, and 1.5540.


Buying is above 1.5440.


Selling is below 1.5395.


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Technical analysis and trading recommendations on EUR/USD for February 20, 2015

EUR/USD


Finally, Greece has requested a six-month extension to its bailout agreement with the European Commission. But Germany rejected Greece's effort. If Greece exits from the eurozone, the single European currency will fall in value. The ECB is going to start the QE, so 60 billion euro asset purchases will be launched next month. Ahead of the Eurogroup meeting today in Brussels, we expect high volatility of the pair. Germany's tough stance on Greece pushed the euro lower against the USD. The pair went down 0.3% at the previous session. Today, it's a big day for Europe and the forex community. The pair is under pressure ahead of the Eurogroup meeting and major economic data. The pair managed to close above 20Dsma at the previous session. The pair has strong resistance between 1.1450 and 1.1535. We recommend selling below 1.1350 with the targets at 1.1320, 1.1280, and 1.1260. The panic will be triggered below 1.1260 for new lows. If the agreement is postponed again, the pair will try to breach 1.1450 initially and 1.1535 later.


Key economic events:


Euro group meeting, French & German flash manufacturing & services PMI, and flash services & manufacturing PMI data are due.


Risky traders can sell below 1.1350.


Safe selling is below 1.1320.


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Technical analysis of EUR/USD for February 20, 2015



!EURUSD.jpg

When the European market opens, some economic reports will be released such as Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, French Flash Manufacturing PMI, and German PPI m/m. The US will release the economic data too such as the Flash Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.1420.

Strong Resistance:1.1413.

Original Resistance: 1.1402.

Inner Sell Area: 1.1391.

Target Inner Area: 1.1364.

Inner Buy Area: 1.1337.

Original Support: 1.1326.

Strong Support: 1.1315.

Breakout SELL Level: 1.1308.



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.Technical analysis of EUR/USD for February 20, 2015




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Technical analysis of USD/JPY for February 20, 2015

!USDJPY.jpg



In Asia, Japan will release the Flash Manufacturing PMI. The US will release the economic report such as Flash Manufacturing PMI. So there is a big probability the USD/JPY pair will move with low volatility during this trading day.

TODAY TECHNICAL LEVELS:


Resistance. 3: 119.53.

Resistance. 2: 119.30.

Resistance. 1: 119.06.

Support. 1: 118.78.

Support. 2: 118.55.

Support. 3: 118.31.





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 20, 2015

On the daily chart, the support level of 94.18 continues to be very solid trying to reject the sellers action on the USDX. Currently, we expect another bullish move to the resistance level of 95.45, because as we said in past articles, there is still enough bullish momentum on this instrument. The MACD indicator is still on the negative territory.


USDXDaily.png

We're still watching sideways movements on the intraday charts, as the USDX is trying to break the resistance level of 94.38, but during the last days, the instrument failed to break out the support level of 94.02. It is not advisable to place orders inside this zone, because the USDX aims to build a more solid structure to follow, bullish or bearish, in the short term.


USDXH1.png

Daily chart's resistance levels: 95.45 / 96.96


Dailychart's support levels: 94.18 / 93.02


H1 chart's resistance levels: 94.87 / 95.10


H1 chart's support levels: 94.38 / 94.02




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 94.38, take profit is at 94.02, and stop loss is at 94.75.


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Daily analysis of GBP/USD for February 20, 2015

The bullish bias is still alive on the GBP/USD, as the pair is trying to make a breakout at the resistance level of 1.5491, looking for a rally to the level of 1.5761, an area where sellers could enter the market, because the 200 SMA on the daily chart is trying to reach that level. Anyway, we recommend you to follow the bullish trend on this daily chart if the GBP/USD pair makes a breakout on that zone.


GBPUSDDaily.png

The resistance level of 1.5457 was so strong during yesterday's session, as the pair traded below that level. Now, the pair finds support at the level of 1.5413. We could expect another rally to the resistance level of 1.5457. Also, the 200 SMA is bullish, but the MACD indicator is still on the negative territory. So, we should be cautious when placing buy orders in the support zone of 1.5413.


GBPUSDH1.png

Daily chart's resistance levels: 1.5491 / 1.5761


Dailychart's support levels: 1.5247 / 1.5025


H1 chart's resistance levels: 1.5457 / 1.5508


H1 chart's support levels: 1.5413 / 1.5378




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 1.5457, take profit is at 1.5508, and stop loss is at 1.5405.


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Daily analysis of major pairs for February 20, 2015

EUR/USD: This pair has not been going in a determined manner, and it would be judicious to stay away from the market until a good momentum returns to it. The price could either break the resistance line at 1.1450 to the upside or break the support line at 1.1300 to the downside.


1.png

USD/CHF: On the USD/CHF pair, a lower time frame like the hourly chart has been switched to. This is because recent price movements can be seen more clearly on the hourly chart than when looking at the 4-hour chart. The trend for this week has been upwards so far and the price is currently going above the support level at 0.9400. The next target is at the resistance level of 0.9500. By all means, this is not a market which the speculator should sell.


2.png

GBP/USD: The GBP/USD pair has managed to climb higher, supporting the recommended trading approach of buying in dips. Witty speculators could look forward to buying in the accumulation territories at 1.5400 or 1.5350, because the price could eventually stay above the distribution territory at 1.5450. It would even reach another distribution territory at 1.5500.


3.png

USD/JPY: This could be seen as a weak bull market (although further bullish movement would be needed before the bullish bias is conspicuous). The price is slightly above the EMA 56 and the RSI period 14 is also slightly above the level 50. The market may go slightly upwards.


4.png

EUR/JPY: The situation on this cross has remained unchanged. The conditions surrounding this market have made it a difficult instrument to trade. The price topped at the supply zone of 136.00, after which there was a slight bearish retracement. There is a possibility that the price may go upward from here.


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Technical analysis of NZD/USD for February 20, 2015

nzdusdh1.png


Overview :



  • The NZD/USD pair will probably continue straight from the level of 0.7478 (at 61.8% of Fibonacci retracement levels on H1 chart). Besides, it should be noted that the double bottom will be formed at the same level of 0.7478. Therefore, the NZD/USD pair is showing signs of strenght following the break of the first resistance level of 0.7500. So it will be a good idea to buy above the level of 0.7470 or/and 0.7500 with the first target of 0.7548 and further towards the last peak point 0.7577 (it will act as a strong resistance, so that it is going to be a good place to take profit, it should be also noted that this level of taking profit will coincide with 100% of Fibonacci). However, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.7478, the market will lead to further decline to 0.7443 and then 0.7414 in order to indicate for the bearish market on February 20, 2015.


Trading recommendations :



  • According to previous events, the price will move between 0.7577 and 0.7415.

  • Buy above 0.7480 with the first target of 0.7546, it might resume to 0.7570.

  • Below the level of 0.7463 look for further downside with the 0.7443 and 0.7414 targets.


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Technical analysis of GBP/USD for February 20, 2015

1424382341_gbpusdh4.png

Overview :



  • The GBP/USD pair broke resistances at 1.5363. 1.5284 has turned back to supports this week. Therefore, the pair has already formed strong supports at 1.5280 and 1.5360 on H4 chart, Moreover, after breaking the ratio of 50% Fibonacci retracement levels. So, it starts signalling the bullish market at this level. It should be noted that the price has set above 50% of Fibonacci retracement levels and the price couldn't close below the supports since the 16th of February 2015. Furthermore, the RSI is still positive at the same time frame. Thus, according to previous events, the price has already moved between 1.5305 and 1.5460. It would be wise to exercise caution in this range area of 53-75 pips. In consequence, the first step is to wait for a period of tight sideway range market before breakouts. Then, the market is likely to start showing the signs of the bullish market. In other words, it will be a good idea to buy above the supports of 1.5363 and 1.5284 prices with the first target at 1.5403.The trend will climb towards the first resistance around the spot of 1.5476 which coincides with the 61.8% of Fibonacci.


Observations :



  • Range : A long-term mean reversion strategy that looks to go against strong divergence from the pair’s average value. It will typically hold trades for an extended period of time and is one of the slower moving trading strategies.

  • Warning : Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.


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