EUR/NZD analysis for February 23, 2015

EURNZDDaily23.png

EURNZDH123.png


Overview:


In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.5148 in a high volume. I have placed Fibonacci retracement to find potential support levels and have got Fibonacci retracement 61.8% at the price of 1.5020 (currently on the test). The resistance level at the price of 1.5150 has been held successfully, thus causing the price to start with downward movement. Anyway, if the price breaks the level of 1.4945, we may see more downward movement. My advice is to watch for potential buying opportunities.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5150


R2: 1.5199


R3: 1.5278


Support levels:


S1: 1.4992


S2: 1.4943


S3: 1.4864


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

Gold analysis for February 23, 2015

GOLDMonthly23.png

GOLDM3023.png


Overview :


Since our last analysis gold has been trading downwards. The price has tested the level of 1,190.63 in an ultra high volume (selling climax). According to the 30M 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. According to the monthly time frame, we have critical support at the price of 1,130.00 (Fibonacci expansion 161.8%). My advice is to watch for potential buying opportunities on the lows (buy on the dips). Any larger demand in an ultra high volume may confirm further bullish movemement.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,203.13


R2: 1,203.77


R3: 1,204.80


Support levels :


S1: 1,201.07


S2: 1,200.43


S3: 1,199.40


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


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

Weekly technical levels for EUR/USD for February 23-27, 2015

The weekly technical levels for EUR/USD pair:


eurusd_pp.png


Overview :



  • According to the previous events, the price of the EUR/USD pair is going to move between the levels of 1.1220 and 1.1370. The levels of 1.1220 and 1.1370 are representing the weekly support 2 and the weekly pivot point, respectively. Therefore, it will be very profitable to sell below the level of 1.1369, which represents the weekly pivot point on the H1 chart, with the first target at 1.1278 in order to test the double top (also, you have to note that the weekly 1 is set at the price of 1.1288). Then, the trend will be able to continue toward the levels of 1.1235 and 1.1200. Also, it should be noted that the weekly resistance 2 coincides with the price of 1.1198. Nevertheless, the stop loss should be set at 1.1412.



Notes :



  • We expect a range about 270 pips this week.

  • The risk of 180 pips must make a profit of 270 pips.

  • The value of 61.8% Fibonacci retracement levels is 1.1383.

  • The weekly pivot point will be set at the price of 1.1363.

  • The level of 1.1383 will confirm the bullish market.

  • Volatility was 194.32; as a rule, the market is highly volatile if the last day had a huge volatility.



eurusdh1.png



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

Weekly technical levels for GBP/USD for February 23-27, 2015

The weekly technical levels for GBP/USD pair:


GBpUSd_pp.png


Overview :



  • According to the previous events, the price of the GBP/USD pair is still below the weekly pivot point (1.5397). Posteriorly, the descending movement will perhaps be lower than the level of 1.5395. As it is familiar, history will probably repeat itself at this level again. Consequently, it will be a good sign to sell below the weekly pivot point (1.5397) with the first target of 1.5315 in order to test the double bottom. Moreover, it should be noted that the double bottom is coinciding with the weekly support 1 on February 23, 2015. Then, it will call for a downtrend to continue its bearish movement towards the price of 1.5233, which represents the weekly support 2 forthcoming. Also, it should be noticed that stop loss should always be taken into account. Hence, it will be very beneficial to set your stop loss and it should never exceed your maximum exposure amounts. Therefore, stop loss should be placed above the resistance level at the price of 1.5423.



gbpusdh1.png



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

Technical analysis of USD/CAD for Febuary 23, 2015

General overview for 23/02/2015 10:55 CET


There are two equally possible scenarios on this pair right now and the key level at 1.2545 will play a crucial role in determining further wave development. First scenario (main) suggests a complex corrective structure in progress, labeled as WXYXX brown so far, the second labeling is tracing the alternative scenario of a possible (a)(b)(c)(d)(e) blue triangle pattern in wave 4. In the present moment, it is rather hard to say which one of the scenarios has a bigger probability, but due to the larger time frame trend, the bias is still bullish until proven otherwise.


Support/Resistance:


1.2699 - WR2


1.2658 - 1.2694 - Supply Zone


1.2631 - WR1


1.2548 - Dynamic Golden Trend Line Resistance


1.2545 - Intraday Support


1.2496 - Weekly Pivot


Trading recommendations:


As long as the level of 1.2545 is not violated, daytraders should consider opening buy orders only with SL below the level of 1.2545 and TP at the level of 1.2631 - 1.2658.


usdcad_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for Febuary 23, 2015

General overview for 23/02/2015 10:35 CET


The projected target level market as an orange rectangle on the Friday's chart has been hit, but there is no downward continuation afterwards. This kind of market behavior may lead to a conclusion that the complex corrective cycle in shape of triple three pattern has not been completed yet, and I'm still waiting for the last wave to the upside to unfold. This last wave will be labeled as wave Y brown. The projected target level for this wave is the zone between the levels of 137.25 - 137.64. A reversal is expected after the target area is hit as the overall corrective cycle in wave 4 black should now be completed.


Support/Resistance:


137.25 - 137.64 - Projected Target Zone


136.90 - WR1


135.88 - Intraday Resistance


135.21 - Weekly Pivot


134.21 - WS1


133.55 - Intraday Support


Trading recommendations:


Daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 - 137.64.


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

Elliott wave analysis of EUR/NZD for February 23 - 2015

2015-02-23-EURNZD-4H.png

Technical summary:


Support at 1.5000 was pierced shortly on Friday, but the quick return higher and the bullish engulfing candle does indicate that wave (ii) ended at 1.4945 and wave (iii) higher towards at least 1.6455 should now be expected. We will of certainly like to see a break above resistance at 1.5209 too, as confirmation that a bottom indeed is in place for a rally towards 1.5480 as the next resistance on the way higher. Only a break below 1.4945 will invalidate the bullish count and call for a decline towards 1.4700 before moving higher.


Trading recommendation:


We bought EUR at 1.5025 and have placed our stop at 1.4940.


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

Elliott wave analysis of EUR/JPY for February 23 - 2015

2015-02-23-EURJPY-4H.png

Technical summary:


On Friday prices broke below 133.92 shortly, but failed to make a follow through. On the other side, prices have not been able to break above resistance at 135.94. So the big question is of course, whether the correction from 130.14 is still unfolding or wave (iv) terminated at 136.69 and wave (v) lower to 125.98 is unfolding. The best interpretation is to consider the correction in wave (iv) as still unfolding towards 137.65 before wave (v) will be ready to take over. Only a direct break below support at 133.51 tells us that wave (iv) has terminated and wave (v) lower towards 125.98 is unfolding.


Trading recommendation:


We sold EUR at 133.90 with stop placed at 136.00


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

Technical analysis of EUR/USD for February 23, 2015

!EURUSD.jpg



When the European market opens, some economic news will be released such as German Ifo Business Climate. The US will also publish the economic data such as the Existing Home Sales. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:


Breakout BUY Level: 1.1432.

Strong Resistance:1.1425.

Original Resistance: 1.1414.

Inner Sell Area: 1.1403.

Target Inner Area: 1.1376.

Inner Buy Area: 1.1349.

Original Support: 1.1338.

Strong Support: 1.1327.

Breakout SELL Level: 1.1320.





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

Technical analysis of USD/JPY for February 23, 2015

!USDJPY.jpg

In Asia, Japan will release the Monetary Policy Meeting Minutes. The US will also release some economic data such as Existing Home Sales. So there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.69.

Resistance. 2: 119.46.

Resistance. 1: 119.22.

Support. 1: 118.94.

Support. 2: 118.71.

Support. 3: 118.47.





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

Technical analysis and trading recommendations on Gold for February 23, 2015

The yellow metal prices again pushed back to lower levels, but managed to hold a six-week low of $1197.30. After Greece got a four-month bailout extension, the metal dipped to a six-week low. Today, Greece has to provide a list of reform measures to the eurozone. Gold is likely to remain under pressure. On Tuesday and Wednesday, the Federal Reserve chair Yellen's speech is due. Investors are focused on the Fed stance of the interest rate hike. Everyone is waiting for a hint, when the benchmark interest rates will be raised. Last week, in India RBI lifted ban on gold imports. Nominated banks get permission to import gold on consignment basis. We expect the imports for February are likely to increase by 40 odd tonnes. The nearest resistance is found at $1,217.00. On a weekly closing basis, bulls must close above $1,217.00. The intraday support exists at $1,197.00 levels. In the h4 chart, the prices are closed and trading above hourly moving averages. The prices are expanding lower swings on the hourly chart. The weekly resistance is set between $1,217.00 and $1,223.00. Intraday resistance is at $1,208.00. We recommend fresh selling below $1,197.00 with the targets at $1,175.00, $1,170.00, and $1,167.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.


Resistance: $1,203.50.00, $1207.00, $1,215.00.


Support: $1,197.00 $1190.00, $1,185.00.


Selling below $1,197.00.


Buying above $1,217.00.


GOLDH4.png

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

Daily analysis of USDX for February 23, 2015

We can see sideways on the USDX on the daily chart, as this instrument still finds support at the level of 94.18. During this week, we could see more consolidation moves on the USDX, but there are still high chances that the instrument has a bullish momentum, at least until the resistance level of 95.45 in the medium and short term. The MACD indicator remains in the negative territory.


USDXDaily.png

During the session on Friday, the USDX couldn't get consolidated above the resistance level of 94.87 and now is trading below the 200 SMA on the H1 chart. We could expect a more downside move until the support level of 94.02. If it is successful and breaks that level, the index would be expected to fall until the support level of 93.78 in the very 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 94.02, take profit is at 93.78, and stop loss is at 94.25.


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

Daily analysis of GBP/USD for February 23, 2015

The GBP/USD pair continues to trade lower, but still on the bullish trend on the daily chart, as the pair tries to reach the 200 SMA on this timeframe. It should be noted that the near resistance zone is located at the level of 1.5491. A breakout on that zone will unleash bulls on the GBP/USD pair, at least in the medium-term outlook.


GBPUSDDaily.png

During the last session, the GBP/USD pair fell until the 200 SMA on the H1 chart, where this pair found dynamic support. This could be a good buying opportunity for the Cable, because the near term resistance is located at the zone of 1.5413. In case that the GBP/USD pair breaks that resistance, it would be expected to rise to the level of 1.5455.


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 1.5413, take profit is at 1.5455, and stop loss is at 1.5370.


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

Daily analysis of major pairs for February 23, 2015

EUR/USD: This currency trading instrument moved largely sideways last week as bulls and bears struggled in vain for significant supremacy, being swayed by transitory buying and selling pressure. There is a support line at 1.1300 and a resistance line at 1.1450; and the price would break either to the downside or the upside. Nevertheless, a break above the resistance line at 1.1450 is more likely this week.


1.png

USD/CHF: The USD/CHF pair moved upwards by 200 pips last week, topping at the resistance level of 0.9500. That resistance level was slashed upwards, but the price could not stay above it as the price dived by 130 pips, closing below the resistance level at 0.9400. Another close below the support level at 0.9300 is possible this week.


2.png


GBP/USD: The Cable has been able to go high so far, forming higher highs and lower highs in the market. The distribution territory at 1.5450 has already been challenged and it could be challenged again. While the price may go as far as another distribution territory at 1.5500, the GBP is more likely to show limited bullish movement this week. In other words, the probability of a southward plunge is high. 3.png

USD/JPY: The USD/JPY pair did not move significantly upwards or downwards last week. The price has thus consolidated as a rise in momentum is awaited. A break to the upside is more likely this week or next week.


4.png

EUR/JPY: This market is currently in an equilibrium phase and it would be OK to wait until there is a break below the demand zone at 134.00 or a break above the supply zone at 136.50. The latter scenario is more likely.


1424647495_5.pngThe material has been provided by InstaForex Company - www.instaforex.com

#USDX technical analysis for February 23, 2015

Nothing has changed relative to the trend in the Dollar index. The consolidation near the highs continues and the triangle is still unbroken. The most probable outcome for me is to see an upward break out of the triangle, but even if we see the triangle break lower, I believe the longer-term bullish trend is intact and bulls could still expect one more leg upwards to 100.


usdx.jpg

Red lines = triangle pattern


Short-term support is at 93.90-93.70, while short-term resistance is found at 95. Whichever level breaks, we should expect at least a new short-term trend start with possible targets of 91.50 or 97-98. This consolidation near the highs looks more like a bullish flag to me. From the viewpoint of a trader, I believe traders should remain neutral and act only when a break out occurs.


usdxd.jpg

Green lines = price channel


The Dollar index remains inside a strong bullish move. The channel and tenkan-sen (red line) support levels are at 92.50. So a pullback even towards that area would be something natural. The trend remains strongly bullish and I continue to expect we could see 100 over the coming months.


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

Gold technical analysis for February 23, 2015

Gold price remains in a bearish trend from $1,250 and is also giving longer-term bearish signals and that more weakness should be expected. The weekly chart according to the Ichimoku cloud indicators has given a second sign of weakness with price closing below the kijun-sen.


goldh4.jpg


Red line = resistance


Blue line = support


Green lines = downward sloping channel


Gold price is below the Ichimoku cloud and inside the downward sloping channel in the short-term as shown by the 4-hour chart above. The trend is clearly bearish even after the bounce towards $1,222 which was short-lived. Support is at $1,197 and if broken I would expect $1,190-85 to be tested. A bigger bounce will find resistance at $1,222 and next at $1,230.


goldd.jpg

Four weeks ago, the weekly chart gave us the first warning signal of weakness in the Gold price. The Ichimoku cloud resistance was too strong and price got rejected at $1,300. Now, Gold price has broken below the kijun-sen (yellow line) and this is a 2nd sign of weakness which means that there are increasing chances that we see a test of 2014 lows. Only a break above $1,300 will change the medium to long-term trend.


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