NZD/USD intraday technical levels and trading recommendations for February 16, 2016

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A daily closure below 0.6750 allowed a quick bearish decline to occur towards the level of 0.6500 that was broken to the downside as well.

However, the levels of 0.6400-0.6350 constituted a significant support zone. Hence, a strong bullish rejection was expressed on January 20 (inverted head and shoulders pattern).

Since January 26, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets.

However, a temporary bearish rejection has been expressed around 0.6550 for almost two weeks resulting in a depicted consolidation range.

On January 28, the depicted support level of 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 has been executed earlier last week.

Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets.

The area of 0.6700-0.6750 constituted a significant resistance zone. Recent signs of a bearish rejection were seen during last week's consolidations near the same zone.

On February 9, the NZD/USD pair failed to consolidate below 0.6570 (depicted support level). That is why, another bullish pullback took place towards 0.6700 where the current bearish movement was initiated.

Today, an obvious bearish movement is being expressed below 0.6570 (temporary support level).

Bearish persistence below 0.6570 is mandatory to allow further bearish decline towards the price zone of 0.6550 - 0.6500 where price reaction should be watched for a possible buy entry.

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USD/CAD intraday technical levels and trading recommendations for February 16, 2016

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A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established from 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit to the resistance level of 1.4120 (Fibonacci Expansion 100%) was executed.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where an evident bearish rejection was expected (a bearish engulfing weekly candlestick).

The recent bullish recovery was manifested around the level of 1.3750. That is why the current bullish pullback is taking place towards 1.4000 again.

The level of 1.4120 (Fibonacci Expansion 100%) remains a significant key level to be watched for price reactions. It may offer a valid sell entry on the current bullish pullback, which is taking place this week.

On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for a valid buy entry if enough bearish momentum is maintained below the prominent weekly support level of 1.4000.

Trading recommendations:

A valid sell entry can be offered in the area around 1.4120 (Fibonacci Expansion 100%) if the current bullish pullback continues above 1.4000. S/L should be set as a daily closure above 1.4150.

On the other hand, conservative traders should wait for a bearish pullback towards the zone of 1.3370-1.3400 for a valid buy entry. S/L should be located below 1.3320.

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Intraday technical levels and trading recommendations for GBP/USD for February 16, 2016

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In June 2015, the pair pushed above the depicted level of 1.5550 trying to reach the zone of 1.5900 where the depicted Head and Shoulders pattern was formed.

In November 2015, a bearish engulfing weekly candlestick closed below the level of 1.5200 (the neckline of the Head and Shoulders pattern). This enhanced the bearish side of the market in the long term.

Extensive bearish pressure has been applied against the demand levels of 1.4620 and 1.4360. Both of them were broken to the downside.

Shortly after the GBP/USD pair moved below 1.4220, evident signs of bullish recovery were expressed around 1.4075. Hence, the previous few weekly candlesticks closed above 1.4220 and 1.4360 again, indicating strong bullish demand.

Bullish persistence above 1.4360 was mandatory to maintain enough bullish strength in the market. The first bullish target was seen at 1.4615.

Signs of bearish rejection were manifested around 1.4615 as it corresponded to a broken weekly demand level, which is acting as a strong supply level now.

On the other hand, the price zone of 1.4360-1.4220 remains a significant demand zone to be watched for a possible BUY entry similar to what happened last week.

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On February 4, the market failed to close above 1.4615. Instead, an inverted hammer daily candlestick was expressed. Hence, a bearish pullback took place towards 1.4360.

Later on February 8, the market expressed significant bullish rejection around 1.4360.

This led to a quick bullish swing towards 1.4570 where recent bearish pressure was applied. Hence, another bearish pullback towards 1.4360 was performed last week.

Note that the GBP/USD pair remains trapped between 1.4615 and 1.4360 (the recent daily uptrend) until a breakout occurs in either direction. These levels are important key levels that determine the next destination for the pair.

Note that a recent lower high was established around 1.4530 levels, which led to the ongoing bearish movement towards 1.4360.

Although the price level of 1.4360 stands as a prominent demand level for the GBP/USD pair, the depicted lower high creates extensive bearish pressure against it this time.

If a bearish breakdown of 1.4360 occurs today, a quick bearish decline towards 1.4220 will be imminent.

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Daily analysis of GOLD for February 16, 2016

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Overview

The gold price breached the $1,212.34 level and settled below it. The price is under negative correctional pressure targeting a test of 1,180.86 levels, which represents 38.2% Fibonacci for the rise that is from 1,047.61 to 1,263.23. Therefore, these factors encourage us to prefer the overall bullish trend in the upcoming period, and its continuation is conditioned by holding above the mark of 1,180.86. Breaking this level represents a negative factor that will push the price further downwards in the longest term. Note that breaching the 1,212.34 level will provide a good positive motive that will support the attempts to head towards the current bullish wave targets, which begin at 1,263.23 and extend to 1,300.00.

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Daily analysis of Silver for February 16, 2016

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Overview

The silver price continued its negative trading in order to break 15.30 levels and settle below it. Thus it will open the way for the continuation of the bearish bias in the upcoming period and target retesting of the 14.67 level that turned into a major resistance after a breach. Therefore, the bearish trend will be expected on the intraday basis unless breaching 15.30 and then 15.70 levels and holding above them. It is important to monitor price behavior when reaching the 14.67 level as it has the keys for detecting the next trend on the short-term basis. The expected trading range for today is between 14.67 support and 15.50 resistance.

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Intraday technical levels and trading recommendations for EUR/USD for February 16, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level of 1.0570, which was hit in August 1997.

Later in April 2015, strong bullish recovery was observed around the mentioned demand level.

The April candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October, and November) reflected strong bearish rejection around the level of 1.1400.

December's candlestick came as bullish engulfing one allowing the current bullish pullback to take place towards 1.1370.

The zone of 1.1350-1.1400 remains a significant Supply Zone to be watched during the current bullish pullback. Bearish rejection should be anticipated.

On the other hand, the level of 0.9450 will remain a long-term bearish target in case the current monthly candlestick closes below the depicted demand level of 1.0570.

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In October 2015, the Daily Supply Zone of 1.1360-1.1400 produced significant bearish pressure shortly after the EUR/USD pair spiked above the level of 1.1500 (daily supply level).

A bearish breakout of the depicted uptrend was performed later on October 23. This enhanced a long-term bearish scenario with targets at 1.0800 and 1.0600.

In November 2015, daily persistence below the level of 1.0800 (prominent key level) ensured enough bearish momentum towards 1.0550 (monthly demand level) where the current bullish swing was initiated.

During the last few weeks, the level of 1.1000 was providing significant bearish rejection. Hence, a consolidation range extending between 1.1000 and 1.0800 was established on the daily chart. On February 3, a bullish breakout was executed above this consolidation range.

Hence, a quick bullish movement took place towards the zone of 1.1350-1.1450 where previous daily bottoms and the backside of the broken uptrend are depicted on the daily chart.

On Friday, a strong bearish daily candlestick was expressed by the end of the day.

Hence, a quick bearish decline should be expected towards 1.1160 and 1.1100 as long as the market keeps trading below 1.1250.

Trading Recommendations:

Traders were advised to sell the EUR/USD pair anywhere around the levels of 1.1350-1.1400. This position is already running in profits. S/L should be lowered to 1.1270 to secure some profits.

For those who missed the initial trade, another sell entry can be offered at the level of 1.1215 if a bullish pullback persists above 1.1170. S/L should be located above 1.1250.

On the other hand, a low-risky buy entry can be offered around the recently-broken consolidation range near 1.1000 if the current bearish pullback continues below 1.1150.

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Daily analysis of major pairs for February 16, 2016

EUR/USD: Last week, this pair went upwards by 220 pips to the resistance line at 1.1350, before the ongoing shallow retracement, which might offer new opportunities. The price is almost going below the EMAs 11 and 56. Should the Williams' % range period 20 saunter into the oversold territory, another buy signal might be triggered.

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USD/CHF: There is a strong Bearish Confirmation Pattern in the USD/CHF 4-hour chart. The rice dropped by more than 250 pips last week, going briefly below the support level of 0.9700 before coming a bit upwards Since the USD is weak against the EUR and the CHF, it is logical to conclude that the USD/CHF pair would come further south this week, testing the support levels of 0.9700 and 0.9600. An ongoing bullish effort might end up becoming another short-selling opportunity.

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GBP/USD: The cable traded simply sideways last week, though in the context of an uptrend. The price has consolidated so far this week. A breakout is expected this week that would either take the price above the distribution territory of 1.4600, supporting the recent bullish outlook; or the price would go below the accumulation territory of 1.4350, generating a bearish signal.

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USD/JPY: The USD/JPY pair dropped sharply last week in a continuation of a strong bearish bias started on January 29, 2016. Last week, the price dropped by 600 pips (from the weekly high on February 8, 2016) before the current upward bounce. In spite of the current near-term rally in the context of a downtrend, there is still a possibility of further movement south. The bearish bias remains valid.

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EUR/JPY: The EUR/JPY pair dropped by 450 pips last week, owing to the strengthening yen. Even the bullish effort on the EUR was unable to prevent the smooth southward movement. The price reached the demand zone at 126.00 and could go below it, despite the current upwards bounce taking place in the market. The upward bounce could end up being another opportunity to go short.

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EUR/NZD : analysis for February 16, 2016

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6975 in a high volume. In the daily time frame, I found weakness and supply overcoming demand in the background. In the 1-hour time frame, I found the strong intraday resistance at 1.6960. Therefore, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. I placed Fibonacci expansion to find potential support level (take profit levels). I got Fibonacci expansion 61.8% at 1.6750 (successfully held), Fibonacci expansion 100% at 1.6460, and Fibonacci expansion 161.8% at 1.5985. Watch for potential selling opportunities on rallies. The position of moving average is flat but high weakness is oberved in background and intraday resistance cluster suggests that we may see further downward movement.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6935

R2: 1.7000

R3: 1.7110

Support levels:

S1: 1.6715

S2: 1.6650

S3: 1.6540

Trading recommendation: A spike in an ultra-high volume (potential buying climax) is seen in the market. Be careful when buying EUR/NZD and watch for potential selling opportunities.

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Daily Technical Reviews on Gold and Silver (February 16, 2016)

Gold: Gold, which was bearish throughout last year (bearish for the past 3 years), has already started a long-term bullish journey. The price has been going upwards since early January 2016, moving northwards as experiencing consolidation and transient pullbacks along the way. In this kind of a strong uptrend, supply levels are porous, for they would be broken one after another to the upside as the bullish journey continues. As long as the EMA 11 is above the EMA 56 in the 4-hour chart and the daily chart, it would be logical to assume a bullish stance on gold. Bullish targets are located at 1280.00, 1290.00, and 1300.00.

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Silver: Since silver is often correlated with gold in a positive manner, it is no surprise that it has also gone significantly upwards, just as gold has done. Gold started its upwards journey before silver, for silver was still in an equilibrium phase in the middle of January 2016. Thus, it would be sensible to assume that gold is the catalyst that kick-started a smooth bullish run on silver. In this kind of market, supply zones would be easily breached as bulls continue pushing the price further upwards. The supply zones at 16.500, 18.500, and 20.000 might be attained this year. There is a Bullish Confirmation Pattern in the chart now.

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Analysis of gold for February 16, 2016

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Overview:

Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,190.73. The metal reached and rejected our strong support level at $1,196.00. A strong upward bar in an ultra-high volume (buying climax) is seen in the daily time frame in the background. Professional sellers used this massive buying climax to sell gold near the level of $1,263.00. Anyway, the price respected our support level, and I found that demand remained high, which is a sign that selling gold at this stage looks risky. I found Fibonacci retracement 38.2% at the level of $1,181.00 and Fibonacci retracement 61.8% at the level of $1,131.00. The trend is upward according to intraday and short-term time frames. The level of $1,235.00 may provide a good resistance. Price is above all key MA`s. Our 10 SMA has been held successfully according to the daily time frame.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,227.60

R2: 1,235.30

R3: 1,247.65

Support levels:

S1: 1,203.00

S2: 1,195.45

S3: 1,183.00

Trading recommendations: be careful when selling gold and watch for potential buying opportunities on the dips.

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Global macro overview for 16/02/2016

Global macro overview for 16/02/2016:

The ZEW sentiment index economic data from Germany was published just a couple of hours ago and the readings slightly beat the market consensus. The index was released at the level of 13.6 and the market expectations were 10.3 points. Nevertheless, it is still 9.2 points lower than the previous one and it deteriorated for the second consecutive time in February 2016. The main reason for discouraging report was a looming slowdown in the global economy and the uncertain consequences of falling oil prices. To conclude, we might say, that the best of the EU economy seems to be passed and another strong headwinds are here to be faced.

The technical picture of EUR/USD in the H4 time frame does not look positive at all. The pair is trading just above the golden trend line support and any breakout to below it would result in a test at the level of 1.1058. Any failure of a bullish reversal at the level of 1.1058 would mean that the local top at the level of 1.1376 is in place and the downtrend has resumed.

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Global macro overview for 16/02/2016

Global macro overview for 16/02/2016:

The inflation report delivered from the UK was a mixed bag of data. The PPI came in better than expected ( -0.7m/m, -7.6% y/y vs. -1.2% m/m; -8.6% y/y expected), but the retail price index sank again (-0.7% m/m; 1.3% y/y vs. -0.6% m/m; 1.4% y/y expected). The overall CPI was slightly worse than analysts had expected (-0.8% m/m; 0.3% y/y vs. -0.7% m/m; 0.3% y/y expected), which means the inflation is not picking up as the BoE had forecasted. In conclusion, the data-depended BoE still does not have any fundamental reason to raise the interest rates yet. The March 2016 inflation projections does not seems to be met either.

Let's take a look at the technical picture of GBP/USD after the inflation readings. The market still trades inside the daily trading range and any breakout below the technical support at the level of 1.4350 will help bears regain control. The bigger-time-frame trend is also downward, so the market might accelerate on its way down to the level of 1.4150 where the next support is seen.

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Technical analysis of NZD/USD for February 16, 2016

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Overview:

  • As expected the NZD/USD pair continues to move downwards from the areas of 0.6747 and 0.7650. Yesterday, the pair dropped from the level of 0.6747 to 0.6613, which coincides with a ratio of 50% Fibonacci on the H4 chart. Today, resistance is seen at the levels of 0.6747 and 0.7650. So, we expect the price to set below the strong resistance at the levels of 0.6747 and 0.7650; because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 0.7650 and 0.6564. In overall, we still prefer the bearish scenario as long as the price is below the level of 0.6676. Furthermore, if the NZD/USD pair is able to break out the bottom at 0.6464, the market will decline further to 0.6473 (daily support 2). On the other hand, if the price closes above the strong resistance of 0.6747, the best location for the a loss order is seen above 0.6747; hence, the price will fall into a bullish trend in order to go further towards the strong resistance at 0.6817 to test it again. The level of 0.6880 will form a double bottom.

Intraday technical levels:

  • R3: 0.6817
  • R2: 0.6747
  • R1: 0.6676
  • PP: 0.6620
  • S1: 0.6564
  • S2: 0.6473
  • S3: 0.6410
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Technical analysis of USD/CHF for February 16, 2016

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Overview:

  • The USD/CHF pair faced resistance at the level of 1.0028, while minor resistance is seen at 0.9958. Support is found at the levels of 0.9800 and 0.9660. Also, it should be noted that a daily pivot point has already set at the level of 0.9887. Equally important, the USD/CHF pair is still moving around the key level at 0.9887, which represents a daily pivot in the H4 time frame at the moment.
  • Yesterday, the USD/CHF pair continued to move upwards from the level of 0.9800. The pair rose from the level of 0.9800 (this level of 0.9800 coincides with the double bottom) to the top around 0.9887. In consequence, the USD/CHF pair broke resistance, which turned strong support at the level of 0.9800. The level of 0.9800 is expected to act as major support today. From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9800 towards the target level of 0.9958. If the pair succeeds in passing through the level of 0.9958, the market will indicate the bullish opportunity above the level of 0.9960 in order to reach the second target at 1.0028. Notwithstanding, if a breakout happens at the support level of 0.9800, then this scenario may be invalidated.
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USDX technical analysis for February 16, 2016

The US dollar index continued its upward move after breaking out of the downward sloping channel. However, rising momentum makes me question if the US dollar is ready for a big bounce now or we should see new short-term lows first.

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Blue lines - bearish channel

The US dollar index has reached the Ichimoku cloud resistance in the 4-hour chart as we can see above hindering the rise. The price is still above the tenkan- and kijun-sen indicators, so this will be an important factor to watch for if the uptrend continues. Support at 96.40 and at 96 should hold if we want to hit higher levels. If this support is broken, we should expect prices to fall to new short-term lows at 95-94.

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As expected, the weekly chart is bouncing towards the previously broken support levels of the kijun-sen and the upper cloud boundary. A rejection here will open the way to a deeper correction towards 92. US dollar bulls must be very cautious.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for February 16, 2016

Gold price has made a pullback towards the 38% Fibonacci retracement, which was the minimum pullback target we recently gave, and successfully back tested the broken resistance levels of $1,190-$1,200. We may see another new upward move towards $1,300.

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Gold price remains above the Ichimoku cloud. This pullback could be a part of a larger uptrend. Gold bounced off the 38% retracement and this could be the first sign of a bullish reversal. The level of $1,210 is short-term resistance and next one is seen at $1,220.

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Gold price has back tested the weekly cloud and broken the upper wedge boundary resistance.This confirmation is very common with breakouts. So, now bulls want to see the uptrend resuming and breaking above short-term resistance of $1,210. a target is at $1,300. If however prices move below $1,190, we should expect $1,160-50 to be reached with a small stop at $1,180. I'm looking for a way to re-establish long positions if we see some signs of strength.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for Febuary 16, 2016

General overview for 16/02/2016:

The intraday resistance at the level of 128.28 has not been broken yet, and the market is testing the golden trend-line support now. In case of a breakout, the next intraday support is seen at the level of 128.28. The market is still treading inside of the bearish zone, but the current count in the bigger time frames still indicates a possible upward wave progression as a low for the wave B cycle seems to be in place. This would mean the market still needs to make one more wave to the upside, big-cycle wave C blue, to complete the bigger-time-frame corrective cycle.

Support/Resistance:

125.02 - WS1

125.73 - Intraday Support

127.98 - Weekly Pivot

128.26 - Intraday Resistance

130.13 - WR1

133.09 - WR2

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the nearest term.

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Technical analysis of USD/CAD for Febuary 16, 2016

General overview for 16/02/2016:

The level of 1.3782 has been marginally broken, but there is no extension to the downside so far. There is still a possibility however that a breakout below this level might extend the C purple wave down to the next support at 1.3637. Nevertheless, the abc purple corrections looks completed and the market might reverse any time now. To confirm this bullish progression to the upside, the price should break out above the golden trend line at least.

Support/Resistance:

1.3637 - Local Low

1.3648 - WS2

1.3746 - WS1

1.3782 - Intraday Resistance

1.3873 - Intraday Resistance

1.3880 - Weekly Pivot

1.3972 - WR1

1.4014 - Technical Resistance

1.4108 - WR2

Trading recommendations:

Buying on dips in this market is a proper way to trade as the uptrend is still in play. The corrective cycle is violating the support levels, but the most important support at the level of 1.3637 hasn't been broken yet. Bulls are still in control in this market, but no confirmation of a bullish reversal has been recieved yet.

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Technical analysis of Silver for February 16, 2016

Technical outlook and chart setups:

Silver dropped lower to $15.12 during today's early trading hours before pulling back. Please also note that metal is bouncing off Fibonacci 0.382 support of a rally between $14.00 and $15.90. The metal dropped in 5 waves from $15.90 through $15.12, as seen here. A corrective rally is expected to unfold in 3 waves towards $15.60/70 at least. It is hence recommended to go long now with risk just below $15.10 targeting at $15.60. Immediate interim support is seen at $15.12, while resistance is found at $15.90. Please note that an up gartley is expected to unfold now.

Trading recommendations:

Remain long now with stop below $15.10, a target is at $15.60. Look for an opportunity to reverse.

Good luck!

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Technical analysis of Gold for February 16, 2016.

Technical outlook and chart setups:

Gold prices lost almost $70.00 compared to its February 11 high of $1,263.00. The metal is trading at the level of $1,196.00 now after hitting interim lows at $1,190.00 during today's early trading hours. Please note that the yellow metal has turned from Fibonacci 38% support of the rally between $1,070.00 and $1,263.00 as well. It is hence recommended to turn bullish now with risk just below $1,190.00. The metal is expected to rally through at least $1,235.00/40.00 before turning lower again. Immediate interim support is seen at $1,190.00, while resistance is seen at $1,263.00. A corrective rally might be materializing now.

Trading recommendations:

Remain long now with stop below $1,190.00, a target is at $1,235.00. Then look for an opportunity to turn lower again.

Good luck!

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Technical analysis of EUR/JPY for February 16, 2016

Technical outlook and chart setups:

The EUR/JPY pair is reversing sharply lower after hitting intraday highs of 128.16. The pair is producing an engulfing bearish candlestick pattern in the H4 chart as seen here. Also, please note that the pair has hit resistance at a 38% Fibonacci ratio as well. Structurally, the pair is now expected to drop lower below the level of 125.75. It is hence recommended to remain short now with risk at 129.00. Immediate interim resistance is seen at 128.20, while support is at 126.35. Bears are expected to remain in control until prices stay broadly below the level of 128.20.

Trading recommendations:

Remain short now with stop at 129.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for February 16, 2016

Technical outlook and chart setups:

The GBP/CHF pair has retraced from 1.4760 through 1.3925 to Fibonacci 0.382 levels as depicted here. The pair has reversed from the level 1.4300 as seen here and expected to continue lower. A high probability still remains that a lower low towards the level of 1.3800 can be reached, since the rally from 1.3925 looks corrective. It is hence recommended to remain short from here on with risk above the levels of 1.4300 . Immediate resistance is seen at 1.4450, while support is seen at 1.4100. Only a rally and a breakout above 1.4700 would change the trend. Also please watch for a bullish reaction around 1.4050/60 to review your trading positions.

Trading recommendations:

Stay short now, stop is at 1.44, a target is at 1.4050 and lower.

Good luck!

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Technical analysis of EUR/USD for February 16, 2016

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When the European market opens, economic news on the ZEW Economic Sentiment, German ZEW Economic Sentiment, German Constitutional Court Ruling, and Italian Trade Balance is due to be released. The US will release economic data on the TIC Long-Term Purchases, NAHB Housing Market Index, Mortgage Delinquencies, and Empire State Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1226.

Strong Resistance:1.1220.

Original Resistance: 1.1209.

Inner Sell Area: 1.1198.

Target Inner Area: 1.1172.

Inner Buy Area: 1.1147.

Original Support: 1.1136.

Strong Support: 1.1125.

Breakout SELL Level: 1.1119.

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

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

Technical analysis of USD/JPY for February 16, 2016

!!_USDJPY.jpg

In Asia, Japan will not release any economic data, but the US will publish some economic data on the TIC Long-Term Purchases, NAHB Housing Market Index, Mortgage Delinquencies, and Empire State Manufacturing Index. So, there is a probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 115.17.

Resistance. 2: 114.94.

Resistance. 1: 114.72.

Support. 1: 114.45.

Support. 2: 114.22.

Support. 3: 114.00.

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

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

Daily analysis of USDX for February 16, 2016

The USDX had a volatile session, especially during the afternoon, where we could see the strong resistance found around the level of 96.80. Currently, if the index achieves in breaking the support level of 96.40, then we can expect a decline towards the level 95.81. In another scenario, the USDX can continue higher in case it breaks yesterday's highs.

USDXH1.png

H1 chart's resistance levels: 96.80 / 97.36

H1 chart's support levels: 96.40 / 95.81

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is found at 96.40, take profit is at 95.81, and stop loss is at 97.01.

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

Daily analysis of GBP/USD for February 16, 2016

The pair has made a strong decline from the resistance zone of 1.4535 and now it is doing a kind of bearish consolidation below the 200 SMA. However, the cable is still trading above the support level of 1.4436 and a rebound there will push the GBP/USD pair higher to test the resistance mentioned above, which is the latest key inflection zone.

GBPUSDH1.png

H1 chart's resistance levels: 1.4535 / 1.4602

H1 chart's support levels: 1.4436 / 1.4369

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.4535, take profit is at 1.4602, and stop loss is at 1.4470.

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

Elliott wave analysis of EUR/NZD for February 16, 2016

2016-02-15-EURNZD-8H1.png

Wave summary:

EUR/NZD keeps disappointing as it can't accelerate higher. The expected acceleration is likely to be seen when we lose our patience.

In a short term, the pair can find a support near 1.6671 for a break above 1.6906 and, more importantly, a break above 1.7050 which will confirm the rally to 1.7273. If this level is broken above, the trend can continue towards 1.8020.

Our stop at 1.6695 has been hit. We will look for a new buying opportunity upon a break above 1.7050.

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

Elliott wave analysis of EUR/JPY for February 16, 2016

2016-02-15-EURJPY-8H1.png

Wave summary:

The break below 126.14 has changed the medium-term outlook towards the downside for a test of 119.90 before a bottom should be expected. We look for a move lower towards support near 124.00 in a short term, which is likely to be followed by a corrective rally higher to 130.00.

That said, we are in a very complex corrective decline from 141.04 so it's quite difficult to predict the path of the furture price action.

Trading recommendation:

Long positions are recommended from 126.10 looking for a decline to at least 124.00.

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