USD/CAD intraday technical levels and trading recommendations for February 24, 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 (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 further price reactions.

It may offer a valid sell entry if a bullish pullback takes place above 1.3950, which is a low possibility after the depicted lower high was expressed at 1.3970.

On the other hand, the zone of 1.3370-1.3400 remains a significant support zone to be watched for a valid buy entry when the current bearish momentum extends 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 24, 2016

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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.

On January 21, after the GBP/USD pair moved below 1.4220, evident signs of bullish recovery were expressed around 1.4075. Hence, previous weekly candlesticks closed above 1.4220 and 1.4360 again.

Bullish persistence above 1.4360 was mandatory to maintain enough bullish strength in the market. The first bullish target was seen at 1.4615 where the current strong bearish momentum was initiated.

As the current weekly candlestick maintained its bearish persistence below the depicted demand zone (below 1.4200), the next weekly demand level is located at 1.3850 (a historical bottom that goes back to March 2009).

Strong bullish recovery and a possible long entry should be expected around 1.3850.

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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.

Note that the GBP/USD pair was trapped between 1.4615 and 1.4220 until a recent lower high was established at the level of 1.4530. This applied extensive bearish pressure against 1.4220.

Hence, an extensive bearish breakout below 1.4220 is being manifested on the daily chart (The GBP/USD pair currently looks oversold).

That's why, signs of bullish recovery and a possible long entry should be expected around the current price levels down to 1.3850.

On the other hand, the broken demand zone (1.4360-1.4222) now constitutes a significant supply zone to offer bearish rejection when bullish pullback occurs.

Trading Recommendations:

Conservative traders should wait for a valid entry around the price zone of 1.3850-1.3900.

Initial T/P levels should be located at 1.3980 and 1.4050.

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Intraday technical levels and trading recommendations for EUR/USD for February 24, 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 set 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 previously reached in August 1997.

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

April's monthly candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October, and November) reflected strong bearish rejection in the area around 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. As we expected, recent bearish rejection is currently being manifested.

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 most recent bullish swing was initiated.

During the last few weeks, 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.

That is why, 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 February 12, a strong bearish engulfing daily candlestick was expressed around the mentioned supply level. Hence, a quick bearish decline towards 1.1000 was expected. This bearish decline is being manifested on the daily chart.

Trading Recommendation:

The price levels of 1.1000 and 1.0800 will remain important demand levels to be watched for significant bullish rejection. Otherwise, a quick bearish decline towards 1.0550 will be imminent.

A valid buy entry can be offered near the current levels (the upper limit of the broken consolidation range) around 1.1000. S/L should be set as a daily candlestick closure below 1.0950. Initial T/P level is located at 1.1130 and 1.1250.

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EUR/NZD analysis for February 24, 2015

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Overview :

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6682 in a high volume. In the daily time frame, we can observe a bullish correction. Anyway, the level of 1.6640 may be a good level for selling since we got there corrective Fibonacci expansion 161.8% and support cluster, which became solid resistance. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Next downward target is seen at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%) and at the level of 1.5990 (major Fibonacci expansion 161.8%).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6600

R2: 1.6645

R3: 1.6720

Support levels:

S1: 1.6445

S2: 1.6395

S3: 1.6320

Trading recommendation: watch for potential selling opportunities on rallies.

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Gold analysis for February 24, 2016

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Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,239.06. Our support at $1,196.00 successfully held again. In the daily time frame, I found a demand bar in an average volume. At this stage selling looks risky. According to the H4 time frame, I found a failed attempt from sellers to absorb buying climax in the background. Our key MA`s are heading upwards (upward trend). The key resistance level is seen at $1,262.70. If the price breaks the level of $1,262.70 in a high volume, we may see potential testing of $1,307.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,233.80

R2: 1,240.00

R3: 1,249.00

Support levels:

S1: 1,214.00

S2: 1,208.00

S3: 1,198.50

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

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Technical analysis of NZD/USD for February 24, 2016

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Overview:

  • A trend in the NZD/USD pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability. .
  • Amid the previous events, the price is still moving between the levels of 0.6534 and 0.6737.
  • Resistance and support are seen at the levels of 0.6737 (also, the double top is already set at the point of 0.6737) and 0.6534 respectively.
  • Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed.
  • The current price is seen at 0.6600 which represents a key level today.
  • The level of 0.6633 will act as the first resistance today.
  • Hence, if the pair fails to pass through the level of 0.6633, the market will indicate a bearish opportunity below the strong resistance level of 0.6633.
  • Sell deals are recommended below the level of 0.6633 with the first target at 0.6600. If the trend breaks the support level of 0.6600, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6543.
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Technical analysis of GBP/JPY for February 24, 2016

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GBP/JPY is under pressure now. The pair has been capped by its descending 50-period moving average and remains under pressure. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 155.10. A breakout below this level would open the way to further weakness toward 154.

Trading Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 157.20. A break of this target will move the pair further downwards to 156.50. The pivot point stands at 159. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 160.50 and the second target at 162.20.

Resistance levels: 159.05, 160.35, 161.20

Support levels: 155.10, 154, 153.10

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Technical analysis of USD/CHF for February 24, 2016

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Overview:

  • The USD/CHF pair will continue to rise from the level of 0.9887. The support is found at the level of 0.9887, which represents the 61.8% Fibonacci retracement level in the H4 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.9887, while immediate resistance is seen at 0.9990. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9887. So, buy above the level of 0.9887 with the first target at 0.9990 in order to test the daily resistance 1 and move further to 1.0027. Also, the level of 1.0027 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climbe from 0.9887 to 1.0027 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9887, a further decline to 0.9800 can occur, which would indicate a bearish market.
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Global macro overview for 24/02/2016

Global macro overview for 24/02/2016:

BoE Governor Mark Carney said in Britain's Parliament yesterday that the UK central bank made no judgment on potential outcome of UK's referendum on its EU membership, but it is closely watching the financial markets reactions. Moreover, he insisted that the BoE is not interested in introducing negative interest rates unlike other central banks ( ie: BoJ, ECB). After such remarks, we might conclude that further changes to the BoE interest rate were postponed for event later as a high possibility of Brexit is raising uncertainty in the financial markets. The national referendum in the UK is scheduled for June 23, 2016.

Let's now take a closer look at the GBP/USD technical picture in the monthly chart as there are only three days left for the monthly candle close. The market is clearly in a downtrend and this downward move has been accelerating since the Brexit date was announced. The next monthly support is seen at a low of 1.3506, previously reached in 2008. Currently, the market has only about 400 pips to test this level before the month ends.

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Global macro overview for 24/02/2016

Global macro overview for 24/02/2016:

The world's top oil executives met in Houston this week to talk about future and current situation in the oil market. The crude oil retreated lower after remarks from Saudi Arabia oil minister Ali Ibrahim Naimi that the current agreement between Organization of the Petroleum Exporting Countries (OPEC) and Russia does not include reducing production. The OPEC Secretary General had earlier blamed non-OPEC producers, in particular U.S. shale companies. Moreover, the release of U.S. oil inventories tomorrow will add more downward pressure to oil prices if the expected rise of 3.2 million barrels materializes. In conclusion, the crude oil supply glut still exists, and neither OPEC nor any other country wants to reduce the production to tame the oversupplied oil market.

Now let's take a look at the crude oil technical picture. The market has made the double bottom at 26.06 and now it is struggling to break out above the 2009 lows at 33.26. Currently, the price is down back to the range, and it looks like the bears are still in full control of the market. The next support is seen at 28.66.

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Technical analysis of EUR/JPY for Febuary 24, 2016

General overview for 24/02/2016:

The bottom for the B blue wave might be in place, but, as in the previous attempts, this one is still not confirmed. The market is still trading in bearish zone and the whole structure evolves into more complex and time consuming correction even on longer time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.

Support/Resistance:

122.70 - WS2

123.03 - Intraday Support

123.59 - WS1

125.02 - Intraday Resistance

125.90 - Weekly Pivot

126.75 - WR1

128.27 - Technical Resistance

Trading recommendations:

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

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Technical analysis of USD/CAD for Febuary 24, 2016

General overview for 24/02/2016:

The ะก purple wave is still in progress and it looks like it needs one more push to the level of intraday resistance. A breakout above the intraday resistance at 1.3846 is needed to confirm this scenario. In case of a breakout below the level of 1.3637 occurs, the alternative count will be in play. Moreover, it is worth to mention, that the X brown wave may be still in development as well, and the pattern that it forms may evolve to (a)(b)(c)(d)(e) triangle. In a longer time frame, the corrective cycle from a top of 1.4687 is still in progress but it has evolved into a complex corrective structure. Within that structure, there is a missing Y brown wave pointing to the downside.

Support/Resistance:

1.3637 - Intraday Support

1.3656 - WS1

1.3784 - Weekly Pivot

1.3911 - Intraday Resistance

1.3916 - WR1

1.4041 - WR2

Trading recommendations:

It is recommended to buy on dips as an uptrend is still in play. The corrective cycle is violating the support levels, but the most important support at 1.3637 has not been broken yet. Bulls are still in control of the market, but a bullish reversal hasn't been confirmed yet.

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Ichimoku indicator analysis of USDX for February 24, 2016

The Dollar index remains inside the bullish channel and has reached the 50% retracement thus far. Next important resistance is the 61.8% Fibonacci retracement. There are increasing chances of a bearish reversal but if we close this week above 98, then bulls will be back in control of the trend with stronger chances of making new highs towards 102-103.

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Blue lines - bullish channel

Price is in a short-term bullish trend as long as we are above 97.10. Price has broken above the Ichimoku cloud and is testing the 50% retracement. Next resistance at 98. Bulls should be very cautious as this up trend can terminate any time now. On the other hand, bears should not try to front run the market as the weekly chart below suggests that there are equal chances of a new up trend starting.

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The weekly chart shows us several bullish signs for a long-term up trend that could be at the early stages now. Price bounces off the weekly Kumo (cloud). Price is still below the tenkan-sen resistance (red line indicator) but with stochastic oscillator turning upwards from the oversold area, there are a lot of chances we are at the start of a new up trend.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for February 24, 2016

Gold price broke out and above the triangle pattern I mentioned yesterday and today we see a back test of this breakout. Important support for the medium-term trend is $1,200. So, as long as we are above it, bulls will have the upper hand. A target for the continuation of this uptrend is $1,300, but a breakout below $1,200 will open the way to $1,150-$1,100.

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Blue lines - triangle pattern

Gold price is back testing the broken triangle upper boundary. The price is also above the Ichimoku cloud and the tenkan- and kijun-sen indicators. Resistance is at $1,233-39. A breakout above this area will open the way to $1,300. Support is critical at $1,205-$1,200, so as long as we are above it, bulls are in control.

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In the weekly chart above, two long-tailed candles imply support at $1,200 is important one as buyers continue to step in and support the price. This increases the chances of the bullish scenario mentioned in my last analysis of a short-term consolidation and a new upward breakout towards $1,300 to take place.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for February 24, 2016

EUR/USD: The EUR/USD pair has come down by 100 pips this week, reinforcing an existing bearish outlook on it. Bears have met a strong opposition at the support line of 1.1000. Bulls should try to push the price below that support line: otherwise a rally may occur from here.

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USD/CHF: A little bullish gain which this pair managed to make this week has been lost as the price went down on Tuesday. The EMA 11 is still above the EMA 56, meaning a bullish indication. The Williams' % Range period 20 has now gone to the oversold region, meaning a bearish indication. Generally, there are mixed signals in the market, and it is sensible to wait for a directional movement.

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GBP/USD: The GBP/USD pair has dropped by at least 270 pips this week, resulting in a stronger Bearish Confirmation Pattern in the market. GBP pairs are now bearish in most cases, and it is possible that the accumulation territories at 1.4000 and 1.3950 would be slashed this week (by the GBP/USD), as the bearish pressure in the market persists.

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USD/JPY: In spite of the fact that this market has consolidated so far this week, there is still a bearish indication on the USD/JPY. The EMA 11 is below the EMA 56 in the 4-hour chart, while the RSI period 14 is below the level of 50. This means that the price could go further downwards. The demand levels at 112.50 and 112.00 are likely to be potential targets this week.

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EUR/JPY: The EUR/JPY pair has gone down by over 200 pips this week, and it is now hovering almost below the supply zone around 123.50. There is a clear Bearish Confirmation Pattern in the chart, and it is more likely that the price would continue going further south, possibly reaching the demand zones of 123.00 and 122.50.

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Elliott wave analysis of EUR/NZD for February 24 - 2016

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Wave summary:

After an attempt to retest the low at 1.6338 a failure was seen and a quick rally higher to test resistance at 1.6653. We do think that a firm bottom has been seen at 1.6338 and a new impulsive rally in wave 3 now is developing for a rally towards 1.8731.

However, to confirm the bottom a clear break above resistance at 1.6653 is still needed and more importantly a break above 1.6893 will confirm that wave 2 is over and wave 3 higher towards 1.8731 is unfolding.

Trading recommendation:

Unfortunately our stop at 1.6375 was hit and we are looking for a new EUR buying opportunity. We will buy EUR at 1.6550 or upon a break above 1.6680.

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

Elliott wave analysis of EUR/JPY for February 24 - 2016

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Wave summary:

The decline has been stronger than expected and took out the ideal target at 124.00 with force indicating underlying strength. That said, the final part of this decline has shown some real weakness and we still feel that a bottom could be seen anytime now.

To indicate that a bottom could be in place a break above minor resistance at 123.78 will be needed, but if this minor resistance breaks, we should see a correction back to at least 127.41.

Trading recommendation:

Our stop at 123.65 was hit for a small loss. We are looking for a new buying opportunity upon a break above 123.78.

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Technical analysis of EUR/USD for February 24, 2016

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When the European market opens, some economic news will be released such as German 30-y Bond Auction. The US will release a series of economic reports such as Crude Oil Inventories, New Home Sales, and Flash Services PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1068.

Strong Resistance:1.1062.

Original Resistance: 1.1051.

Inner Sell Area: 1.1040.

Target Inner Area: 1.1014.

Inner Buy Area: 1.0988.

Original Support: 1.0977.

Strong Support: 1.0966.

Breakout SELL Level: 1.0960.

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 24, 2016

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In Asia, Japan will release the SPPI y/y. The US will also release a series of economic reports such as Crude Oil Inventories, New Home Sales, and Flash Services PMI. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 112.52.

Resistance. 2: 112.30.

Resistance. 1: 112.08.

Support. 1: 111.82.

Support. 2: 111.60.

Support. 3: 111.37.

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 24, 2016

USDX is still keeping some bullish momentum above the 200 SMA on H1 chart, trying to break the resistance level of 97.77 in an effort to reach the high around the 98.08 level, where a key sellers zone is located on a short-term basis. According to the other scenario, if the Index makes a successful pullback at the current levels, then we can expect a decline to test that moving average mentioned above.

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H1 chart's resistance levels: 97.77 / 98.08

H1 chart's support levels: 97.36 / 96.80

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.77, take profit is at 98.08, and stop loss is at 97.47.

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

Daily analysis of GBP/USD for February 24, 2016

On H1 chart, GBP/USD has been moving with a bearish bias below the resistance zone of 1.4069, which is also below the 200 SMA. The current structure is still calling for more downside, but be aware of possible rebounds at the current stage, possibly to perform a rally towards the resistance zone of 1.4206. MACD indicator is showing neutral conditions in the market.

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H1 chart's resistance levels: 1.4069/ 1.4206

H1 chart's support levels: 1.3963 / 1.3782

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 at 1.3963, take profit is at 1.3782, and stop loss is at 1.4142.

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

Daily analysis of GOLD for February 23, 2016

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Overview

The gold price still trades steadily above 1,212.34 levels, keeping the chances available for continuing the upside track on the intraday and short-term bases, waiting for breaching the 1,227.50 level to reinforce the expectations for heading towards the bullish wave targets that begin at 1,263.23 and extend to 1,300.00. Therefore, our bullish trend expectations will remain valid and active conditioned by holding above 1,180.00 levels.

The expected trading range for today is between 1,200.00 support and 1,250.00 resistance.

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

Daily analysis of Silver for 23 February, 2016

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Overview

The silver price found a strong support at 15.00 levels; the strong decline that began yesterday has stopped. The price is about to trade again above 15.15 levels, which stop the negative effect of the head and shoulders pattern that appears in the image and makes us return to neutrality until confirming the next trend clearly. The price needs to breach one of critical levels represented by 15.00 support and 15.70 resistance to detect the next targets clearly. Breaching this resistance represents the extension key for silver gains towards 16.35 as the first main station; while breaking 15.00 support will put the price under the negative pressure on the short-term basis, and negative targets begin at 14.67 and then 14.27.

The expected trading range for today is between 14.70 support and 15.70 resistance.

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