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


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 1.5280.

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 previous consolidation zone was located.


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.

On the other hand, conservative traders can wait for a low-risk BUY entry at retesting the price zone of 1.5300-1.5330 (backside of the broken channel and 50% Fibonacci level).

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Intraday technical levels and trading recommendations for NZD/USD for February 20, 2015


Few months ago, the NZD/USD pair established a consolidation zone that extended between the price levels of 1.7620 and 1.7870.

On January 20, bears managed to execute a successful breakout below the major DEMAND level at 1.7620.

Shortly after, a bearish decline took place towards the price level of 0.7200 where bullish pressure has been applied during the past few weeks.


The H4 chart shows an inverted Head and Shoulders pattern that originated off the price level of 0.7200. Estimated bullish projection target is located near the price level of 0.7676.

The price level of 0.7630 corresponds to the 61.8% Fibonacci Level as well as the lower limit of the broken consolidation zone depicted on the chart.

That is why the price zone of 0.7630-0.7670 is a significant SUPPLY ZONE to be watched for low-risk SELL entries. Stop Loss should be placed above 0.7700.

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Intraday technical levels and trading recommendations for EUR/USD for February 20, 2015


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 EUR/USD 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).


The breakout below 1.2000 and 1.1900 (prominent psychological SUPPORT) allowed a quick bearish decline towards 1.1100 to take place few days later.

Conservative traders were suggested to wait for a bullish pullback looking for better prices to SELL the EUR/USD pair off (R1 at 1.1550 and R2 at 1.1700).

However, note that a bearish Flag pattern is being established on the daily chart. A low-risk SELL entry can be taken around 1.1570-1.1590 where a prominent DAILY SUPPLY is roughly located.


The price zone of 1.1470-1.1490 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 can wait for DAILY closure below 1.1260 (recent DEMAND level, lower limit of the H4 consolidation zone). This probably indicates a bearish visit towards the WEEKLY low around 1.1110.

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