Technical analysis of USD/CHF for February 18, 2016

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USD/CHF is expected to trade in a higher range. The pair stays above its key support at 0.9875 and remains on the upside. Both rising 20-period and 50-period moving averages maintain a bullish bias. Meanwhile, the relative strength index stands above 50. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.9990. A breakout above this level would call for further advance toward 1.0030.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.999 and the second target at 1.0030. In the alternative scenario, short positions are recommended with the first target at 0.9840 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9785. The pivot point is at 0.9875.

Resistance levels: 0.9990, 1.0030, 1.0060

Support levels: 0.9840, 0.9785, 0.9750

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Technical analysis of NZD/USD for February 18, 2016

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NZD/USD is expected to prevail its upside movement. The pair has surged above the upper boundary of a bullish channel and remains on the upside. Intraday technical indicators (20-, 50-period moving average, relative strength index) are well directed suggesting a continuation of the bullish bias, which should bring the pair to the first upside target at 0.6675 (a key resistance seen in February 15-16). Key support is set at 0.6610.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6675 and the second target at 0.67. In the alternative scenario, short positions are recommended with the first target at 0.6575 if the price moves below its pivot points. A breakout of this target is likely to push the pair further downwards, and one may expect the second target at 0.6540. The pivot point is set at 0.6610.

Resistance levels: 0.6675, 0.67, 0.6745

Support levels: 0.6575, 0.6540, 0.6505

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USD/CAD intraday technical levels and trading recommendations for February 18, 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 recent bullish pullback took place towards 1.4000 during the last week.

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 if a bullish pullback takes place above 1.3950 (low probability).

On the other hand, the 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 1.3600.

Trading recommendations:

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 18, 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.

Recent bearish pullback was initiated at 1.4615 (a broken weekly demand level). It is currently acting as a strong supply level.

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 few weeks ago.

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On February 4, the market failed to close above 1.4615. 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 swing towards 1.4360 was performed last week.

Note that the GBP/USD pair remains trapped between 1.4615 and 1.4220 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 hit at the level of 1.4530, which enhanced ongoing bearish momentum towards the zone of 1.4360-1.4220.

Although the price level of 1.4360 acted as a demand level for the GBP/USD pair, a temporary bearish breakout below 1.4360 was manifested on the daily chart.

A quick bearish decline towards 1.4220 and a valid buy entry were suggested in the area around this level.

Trading recommendation:

The territory of 1.4360-1.4220 remains a significant demand zone to be watched for a possible buy entry similar to what happened two weeks ago.

Conservative traders who missed on the initial buy entry around 1.4220 can wait for a bullish closure above 1.4360 to buy the GBP/USD pair. The initial T/P level should be located at 1.4530.

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Intraday technical levels and trading recommendations for EUR/USD for February 18, 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 in the area 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 the significant Supply Zone to be watched during the current bullish pullback. As we expected, the recent bearish rejection is currently being manifested.

Moreover, 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 engulfing daily candlestick was expressed by the end of the day.

Hence, a quick bearish decline towards 1.1100 should be expected as long as the market keeps trading below 1.1200.

Trading Recommendations:

Previously, 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 1.1205 to secure our 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 (Low Probability). 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 to below 1.1150.

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Technical analysis of GBP/JPY for February 18, 2016

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The GBP/JPY pair stays above its key support at 161.85 and remains choppy. Meanwhile the relative strength index is mixed to bullish. The first target is set at the horizontal resistance and overlap at 164.80. A breakout above this level would open the way to further upside toward 165.90.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 164.80 and the second target at 165.90. In the alternative scenario, short positions are recommended with the first target at 161 if the price moves below its pivot points. A breakout of this target is likely to push the pair further downwards, and one may expect the second target at 159.80. The pivot point is set at 161.85.

Resistance levels: 164.80, 165.90, 166.65

Support levels: 161, 159.80, 159

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Gold : analysis for February 18 , 2016

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Overview:

Since our last analysis, gold has been trading sideways at the level of $1,203.00. My yesterday's forecast is still in play. It seems like sellers had no power to break through our support level at $1,196.00. In the daily time frame, I found a weak demand bar in an average volume. The demand remained high, which is a sign that selling gold looks risky at this stage. 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 the intraday and short-term time frames. The level of $1,235.00 may provide strong resistance. The price is above all key MA`s. Our 10 SMA has been successfully held according to the daily time frame. Anyway, if the price continues to move lower, we may see potential testing of $1,181.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,211.90

R2: 1,215.80

R3: 1,222.00

Support levels:

S1: 1,199.50

S2: 1,195.50

S3: 1,189.20

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

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EUR/NZD analysis for February 18, 2016

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Overview:

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Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6700 in a high volume. In the daily time frame, I found a supply bar in a volume below the average. In the 4-hour time frame, we can observe strong rejection from our resistance cluster (1.7025). Therefore, be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Our Fibonacci expansion 61.8% at 1.6720 is on the test. If the price breaks the level of 1.6720, we may expect potential testing of Fibonacci expansion 100% at 1.6525, and Fibonacci expansion 161.8% at 1.6210. Watch for potential selling opportunities on rallies. Moving averages are headed downwards and great weakness is observed in the background. The intraday resistance cluster suggests that we may see further downward movements.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6950

R2: 1.7025

R3: 1.7135

Support levels:

S1: 1.6735

S2: 1.6670

S3: 1.6560

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

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Global macro overview for 18/02/2016

Global macro overview for 18/02/2016:

The labor data were delivered from Australia overnight and it was worse than experts had expected as the unemployment rate jumped to 6.0% (vs. 5.8% expected and 5.8% prior). The employment change came in below expectations as well, because -7.9k people has lost their jobs as full-time employment declined the most since 2013 (economists had expected job growth of around 13,000 in the reported month). Strong job growth was one of the reasons why the Reserve Bank of Australia decided to maintain interest rates unchanged. The current situation in Australia, the most China-dependent economy in the developed world, is slowly getting worse as it is struggling with fallout from plummeting prices for its key commodity exports and waning for investment. In this situation, the chances for RBA to cut the interest rate further down are increasing to more than 50% by the end of the year.

Let's not take a look at the technical picture of AUD/USD pair. The market is trading in the middle of the trading range in the H4 time frame, but it likely to get ready to test another resistance at the level of 0.7242. The brown trend line is still providing support, so bulls remain in control. A breakout above the level of 0.7242 will open the road to the next technical resistance at the level of 0.7327.

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Technical analysis of NZD/USD for February 18, 2016

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Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.6678. Yesterday, the pair dropped from the level of 0.6678 to the bottom around 0.6551. But the pair has rebounded from the bottom of 0.6551 to close at 0.6630. Today, the first support level is seen at 0.6615, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.6678, which coincides with the 61.8% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.6615, the market will decline further to 0.6551 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.6615 with the first target at 0.6551 and further to 0.6473. However, stop loss is to be placed above the level of 0.6700.

Daily key levels:

  • Major resistance:0.6768
  • Minor resistance:0.6678
  • Intraday pivot point:0.6615
  • Minor support:0.6551
  • Major support:0.6473
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Global macro overview for 18/02/2016

Global macro overview for 18/02/2016:

The minutes from the U.S. Federal Open Market Committee for the month of January showed that policy members are concerned about market events and their impact on the American economy. Some members pointed out that the Fed decision to hike rates in December 2015 had triggered a sell off in equities. Moreover, the recent disappointing US labor data (mainly NFP and API) have put even hawkish members on hold as the US economy is still struggling to regain an active pace of growth. In conclusion, the Fed Chair Janet Yellen repeated the mantra of data dependency that will guide the pace of interest rate hikes.So far she has managed to revive the central bank chances of hiking rates in 2016 after her two testimonies, but in the recent minutes there seems to be far less confidence that the data will justify interest rate hike in the next meetings.

Let's take a look at the US Dollar index technical picture after the FOMC minutes release. The index was capped just below the important technical resistance at 97.18, and only a sustained breakout above this level would put the bulls back into control. In the longer term, the trend is still upward, but there might be first indications of a stronger correction within the trend.

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Technical analysis of USD/CAD for Febuary 18, 2016

General overview for 18/02/2016:

Due to wave one and wave two overlaps, the bullish impulsive count has been invalidated and a new count is currently in play. The corrective cycle from a top of 1.4687 is still in progress, but it is evolved into a complex corrective structure. Within that structure, there is a missing wave Y brown to the downside. Nevertheless, the current intraday count looks a little bit bullish as the wave (c) blue has not been developed yet. In case of a breakout below the level of 1.3637, the alternative count will be in play.

Support/Resistance:

1.3637 - Local Low|Intraday Support|

1.3648 - WS2

1.3746 - WS1

1.3880 - Weekly Pivot

1.3911 - Intraday Resistance

1.3972 - WR1

1.4014 - Technical Resistance

1.4108 - WR2

Trading recommendations:

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

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Technical analysis of EUR/JPY for Febuary 18, 20168

General overview for 18/02/2016:

Not much change in this pair is observed as the market trades very slowly in a thigh range. The intraday support level has been tested three times already. In case of a breakout, the next intraday support is seen at the level of 125.76. The market is still treading inside 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

126.61 - Intraday Support

125.73 - Local Low

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/CHF for February 18, 2016

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Overview:

  • The USD/CHF pair broke resistance at 0.9887 which turned into strong support yesterday. This level coincides with 38.2% of Fibonacci retracement which is expected to act as major support today. Equally important, the RSI is still signaling that the trend is upward, while the moving average (100) is headed to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (0.9958) in the coming hours. The USD/CHF pair will demonstrate strength following a breakout of the high at 0.9958. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.9958 with the first target at 1.0028. Then, the pair is likely to begin an ascending movement to 1.0028 mark and further to 1.0128 levels. The level of 1.0128 will act as strong resistance, and the double top is already set at 1.0128. On the other hand, the daily strong support is seen at 0.9887. If the USD/CHF pair is able to break out the level of 0.9887, the market will decline further to 0.9800 (daily support 2).
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USDX Ichimoku indicator analysis for February 18, 2016

The US dollar index continues to trade inside an upward sloping short-term channel but still below the 38% Fibonacci retracement. If this uptrend continues, I would expect the index to stop near 98-98.50.

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Red lines -bullish channel

The US dollar index has found short-term support at 96.20, and resistance is seen at 97.05. A breakout above the resistance will open the way towards 98. A breakout below support will open the way to new lows even towards 92.

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The weekly bounce continues as expected. However, the weekly candle has still not reached the tenkan-sen indicator (red line) this is a sign of weakness. A weekly close below the kijun-sen (yellow line indicator) will be a sign of rejection. If the lows of 95.25 are broken, then we should expect heavy selling to push prices towards 93-92.The material has been provided by InstaForex Company - www.instaforex.com

Gold wave analysis for February 18, 2016

Gold price did not move higher in an impulsive mode, but it is moving sideways in what looks to be a triangle pattern. This increases the chances of a deeper correction towards $1,150. We might see $1,230-40 first but there are many chances to see $1,150 before a bullish trend resumption.

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The four-hour chart above shows the price testing the cloud support. The triangle pattern has the upper boundary at $1,210 and the lower boundary at $1,202. A breakout above it will open the way to $1,230. A breakout below it will open the way to $1,150.

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On a weekly basis, the price is still above the broken downward sloping wedge and the weekly cloud. The price is back testing the breakout area. Reaching a higher low on a weekly basis will be the first step of a longer-term reversal pattern in gold prices.

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Elliott wave analysis of EUR/NZD for February 18, 2016

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The complex correction in red wave ii continues to unfold. This correction is becoming almost impossible to read and is best left alone to resolve itself. A flat correction is likely to unfold below 1.6671 calling for a new decline closer to 1.6473 before a new impulsive rally should be expected.

Only a direct breakout above minor resistance at 1.6825 and more importantly a breakout above 1.7043 will call for a new rally to 1.7273 on the way higher to 1.8020.

Trading recommendation:

We will stay neutral awaiting a more clear signal. However, we will buy EUR upon a breakout above 1.7043

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Daily analysis of major pairs for February 18, 2016

EUR/USD: This pair moved sideways yesterday, consolidating to the downside. The price is now below the resistance line at 1.1200, threatening to go further south. There is a sell signal in the market for the price might go downward by another 150 pips today or tomorrow. Moreover, some fundamental figures are expected today and they can have a huge impact on the EUR/USD pair.

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USD/CHF: There is a bullish signal in this market, because the price has moved upwards by 150 pips this week. The EMA 11 has crossed the EMA 56 to the upside and the Williams' % Range period 20 is in an overbought region. There is a new Bullish Confirmation Pattern in the market, which would become more conspicuous as the price goes further north.

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GBP/USD: The cable has already dropped by 280 pips compared to a high reached on February 15, 2016. This market is volatile and the price has tested the accumulation territory of 1.4250, which is our initial target for the week. The target would be moved up soon as the price goes to other accumulation territories of 1.4200 and 1.4150. The outlook is bearish now.

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USD/JPY: This currency trading instrument has been moving sideways from Tuesday till now. It is better to stay out of the market until there is a clear directional signal. Right now the signals are mixed . The RSI period 14 is showing a buy signal, while the EMAs 11 and 12 increase the possibility of further bearish movement. Today or tomorrow would determine a direction the market would take.

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EUR/JPY: by all indication, the bias on the cross is still bearish. Unless the price goes 300 pips upwards, long trades would not be rational in the market. The demand zones at 126.50 and 126.00 stand to be tested; whereas the supply zones at 129.00 and 129.50 should do a good job to prevent bulls' machination.

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Elliott wave analysis of EUR/JPY for February 18, 2016

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No change seen in the chart.

We keep looking for a continuation lower to 124.00 from where. A correction is expected. This correction could be pretty violent and move all the way higher to 130 from where the next decline closer to an ideal target at 119.90 is expected.

Short-term resistance is seen at 127.41, which is expected to protect the upside for the decline to 125.77 on its way lower to 124.00.

Trading recommendation:

We are short EUR from 126.10 watching for a decline closer to 124.00.

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Technical analysis of EUR/USD for February 18, 2016

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When the European market opens, economic news on the ECB Monetary Policy Meeting Accounts, French 10-y Bond Auction, and Current Account is due to be released. The US will unveil the economic data on the Crude Oil Inventories, Natural Gas Storage, Unemployment Claims, and Philly Fed 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: 1.1187.

Strong Resistance:1.1181.

Original Resistance: 1.1170.

Inner Sell Area: 1.1159.

Target Inner Area: 1.1133.

Inner Buy Area: 1.1107.

Original Support: 1.1096.

Strong Support: 1.1085.

Breakout SELL Level: 1.1079.

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 18, 2016

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In Asia, Japan will release data on the Trade Balance, and the US will deliver some economic data on the Crude Oil Inventories, Natural Gas Storage, Unemployment Claims, and Philly Fed 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: 114.48.

Resistance. 2: 114.25.

Resistance. 1: 114.03.

Support. 1: 113.76.

Support. 2: 113.53.

Support. 3: 113.31.

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 18, 2016

The USDX is finding strong dynamic support above the 200 SMA attempting to test a high around the level of 97.36. Currently, the bias is still pointing to the downside, as the index cannot consolidate again above the level of 97.36. The bearish scenario will push the USDX lower towards the level of 96.40. The MACD indicator is favoring that outlook.

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H1 chart's resistance levels: 97.36 / 97.77

H1 chart's support levels: 96.80 / 96.40

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is seen at 96.80, take profit is at 96.40, and stop loss is at 97.20.

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

Daily analysis of GBP/USD for February 18, 2016

The pair continues to look for support above the level of 1.4282 after a strong rejection took place over there. However, we can expect a rebound towards the level of 1.4369, because it should correct the decline held on February 16. At the H1 chart, the 200 SMA is still pointing to the downside and the MACD indicator is entering the neutral territory, which means that the GBP/USD pair still trades with an uncertainty bias.

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H1 chart's resistance levels: 1.4369 / 1.4436

H1 chart's support levels: 1.4282 / 1.4206

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is seen at 1.4282, take profit is at 1.4206, and stop loss is at 1.4470.

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Daily analysis of GOLD for February 17, 2016

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Overview

It is difficult for the gold price to surpass the 1,212.34 barrier. The bullish trend scenario will remain valid and active if the price settles above 1,180.86 levels, waiting to breach 1,212.34 levels in order to confirm opening of the way towards our positive targets at 1,263.23 and then 1,300.0. In general, we still prefer the bullish trend in the upcoming period unless breaking the 1,180.86 level and holding below it. Our positive targets begin at 1,263.23 and extend to 1,300.00. The expected trading range for today is between 1,180.00 support and 1,240.00 resistance.

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

Daily analysis of SILVER for February 17, 2016

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Overview

The silver price shows bearish bias to approach from testing the critical support at 15.15, which represents one of the next trend keys besides the 15.70 resistance, where the price needs to surpass one of these levels to detect the next trend clearly. Note that breaching 15.70 levels will make the price exceed its target and reach up to 16.35; while breaking 15.15 represents the first negative key for regaining the main bearish track. Therefore, we will keep our neutral attitude until getting clearer signals for the next trend. To recognize the expected targets from the breach, please see our morning report. The expected trading range for today is between 14.67 support and 15.70 resistance.

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