Intraday technical levels and trading recommendations for GBP/USD for February 26, 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 (Prominent Weekly Demand Level).

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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 anywhere around 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 any upcoming bullish pullback occurs.

Trading Recommendation:

Conservative traders should wait for a valid entry around the 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 26, 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.analytics56d0606e78cfe.png

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 near the mentioned supply level. Hence, a quick bearish decline towards 1.1000 was expected. This bearish decline is currently manifested on the daily chart.

Recently, early signs of bullish recovery have been manifested around 1.1000 since Monday. However, Today's candlestick is temporarily pushing further below, so the price reaction should be watched by the end of the day.

Trading Recommendation:

The 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 levels are located at 1.1130 and 1.1250.

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NZD/USD intraday technical levels and trading recommendations for February 26, 2016

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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 the 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 was 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 near the same zone during the previous few weeks.

On February 9, the NZD/USD pair failed to consolidate below the depicted support level of 0.6570.

Moreover, obvious bullish recovery was expressed at 0.6570 (temporary support level) on February 19. Hence, the recent bullish swing towards 0.6700 was initiated.

Note that persistence below 0.6570 will be essential to allow further bearish decline towards the zone around 0.6500 where price reaction—č should be watched for a possible buy entry.

As the market failed to move below 0.6570, the current consolidation range (0.6550 - 0.6750 ) will continue for a longer time.

The zone of 0.6700-0.6750 remains a significant resistance to offer a valid sell entry. S/L should be located above 0.6800.

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USD/CAD intraday technical levels and trading recommendations for February 26, 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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Daily analysis of GBP/JPY for February 26, 2016

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Overview

GBP/JPY formed a clear positive rebound from the support level at 154.60 and achieved 158.05 level to confirm the attempt of gathering the negative momentum in the coming period. Note that there is a possibility of forming a new correctional wave to test 160.00 level and renew the negative attack on the mentioned support. Besides, a fluctuating bias is likely to be formed. Therefore, we recommend traders to keep neutral in the near trading and wait for surpassing the key levels of support at 154.60 and resistance at 160.00.

The expected trading range for today is between 160.00 and 154.60.

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Daily analysis of GOLD for February 26, 2016

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Overview

In the H4 chart, gold prices continue to trade sideways holding at the level of 1235.00; therefore, there is no change in the suggested bullish trend for today, which depends on the stability above 1212.34 and the most important above 1180.86. Therefore, we believe that there are chances for providing positive trading in the upcoming period, reminding you that the anticipating targets are seen at 1263.23, extending to 1300.00.

We expect today's trading range to set between support of 1215.00 and resistance of 1260.00.

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Daily analysis of Silver for February 26, 2016

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Overview

Silver prices keep moving between 50% and 76.4% Fibonacci levels, which keeps the sideways range dominant in intraday trading that hints sideways trading will remain dominant in the sessions to come. We are waiting for an opportunity to breach one of the key levels represented by 15.00 support and 15.70 resistance to detect the next targets clearly, reminding you that breaking this level will push the price into the main bearish trend. The next main target is located at 13.63, while breaching 15.70 represents the key to rally towards the a target at the level of 16.35.

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

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EUR/NZD analysis for February 26, 2015

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Overview :

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6277 in a high volume. In the daily time frame, we can observe a bearish bar in an average volume, which is a sign of weakness. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. The price is heading slowly to our first take profit level and support at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%). If the price breaks the level of 1.6180 in a high volume, we may see potential testing of 1.5990 (major Fibonacci expansion 161.8%).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6540

R2: 1.6590

R3: 1.6675

Support levels:

S1: 1.6370

S2: 1.6320

S3: 1.6235

Trading recommendation: trading recommendation: watch for potential selling opportunities on rallies.

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Gold analysis for February 26, 2016

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Overview:

Since our last analysis, gold has been trading sideways at the price of $1,234.00. In the daily time frame, I found a demand bar with a weak close, but in a high volume, which means that demand is still observed. At this stage, selling looks risky. 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. In the M30 time frame, I found a fake breakout of an upward trend line, which is a sign of strength.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,239.65

R2: 1,241.80

R3: 1,245.00

Support levels:

S1: 1,232.50

S2: 1,230.00

S3: 1,126.80

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

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Technical analysis of USD/CHF for February 26, 2016

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Overview:

  • The USD/CHF pair faced resistance at the level of 0.9960, while minor resistance is seen at 0.9929. Support is found at the levels of 0.9878 and 0.9831. Yesterday, the USD/CHF pair continued to move upwards from the level of 0.9878. The pair rose from the level of 0.9878 to the top around 0.9920. In consequence, the USD/CHF pair broke resistance, which turned strong support at the level of 0.9878. Today, the level of 0.9878 is expected to act as major support. Hence, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9878 towards the target level of 0.9958. If the pair succeeds in passing through the level of 0.9962, the market will indicate the bullish opportunity above the level of 0.9962 in order to reach the second target at 1.0002 to test the double top in the H1 time frame. However, the price spot of 1.0002 remains a significant resistance zone. Thus, the trend will probably be rebounded again from the double top as long as the level of 1.0002 is not breached.

Daily key levels:

  • Major resistance:1.0002
  • Minor resistance:0.9960
  • Intraday pivot point:0.9919
  • Minor support:0.9878
  • Major support:0.9831
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Technical analysis of NZD/USD for February 26, 2016

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Overview:

  • The NZD/USD pair continues to move upwards from the level of 0.6678. Today, the first support level is currently seen at 0.6678, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.6678, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected several times confirming the veracity of an uptrend this week. According to the previous events, we expect the NZD/USD pair to trade between 0.6678 and 0.6882. So, the support stands at 0.6678, while daily resistance is found at 0.6882. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6680. In other words, buy orders are recommended above the spot of 0.6680/0.6700 with the first target at the level of 0.6819; and continue towards 0.6882. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.6783 today, the market will decline further to 0.6650.

Intraday technical levels:

  • R3: 0.6882
  • R2: 0.6819
  • R1: 0.6749
  • PP: 0.6702
  • S1: 0.6678
  • S2: 0.6628
  • S3: 0.6601
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Global macro overview for 26/02/2016

Global macro overview for 26/02/2016:

The second estimate of the UK GDP had been released yesterday and the numbers were in line with market expectations. The Office for National Statistics reported that Britain's gross domestic product rose 2.2% last year, compared with the 2.9% growth in 2014. Moreover, the UK was the second fastest growing major economy in 2015, just behind the USA economy with the 2.4% growth. The IMF said that the economic performance of the UK was "strong", but warned that the referendum on the EU membership was a "risk and uncertainty". In conclusion, we can observe that the UK economy slowed sharply last year, but managed to recover modestly in the final quarter of 2015. Any further uncertainty regards more about a possible Brexit ( national referendum will be held at 23 June 2016) than the UK economy performance.

Let's take a look at the GBP/USD technical picture in the H4 time frame. After falling out of the brown channel, the market made a new local low at the level of 1.3879, but now is trying to reverse higher. The first resistance is seen at the level of 1.4058 and only a sustained breakout above this level would put bulls back in control.

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Global macro overview for 26/02/2016

Global macro overview for 26/02/2016:

Oil prices appreciate on the back of Venezuela and Russian oil ministers statements about a possible mid-March meeting where they will continue to discuss output freezing. The other OPEC countries and even non-OPEC countries including Saudi Arabia, Qatar will be in attendance. The Russian Oil Minister supported those comments and shared some details on the proposed oil freeze. Venezuela and Russia are confident that the freeze will stabilize oil prices, but questions remains about non-participants like Iran. The crude oil supply glut still exists, and neither OPEC nor any other supplier wants to reduce the production to tame the oversupplied oil market.

The market has formed the double bottom at 26.06 and now it is struggling to break out above the lows of 33.26 previously reached in 2009. Currently, the sequence of lower lows and higher highs is visible on the H4 time frame chart, which indicates a possible bullish recovery. Nevertheless, as long as the price stays below the level of 34.82, bears are still in control of this market.

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Technical analysis of EUR/JPY for Febuary 26, 2016

General overview for 26/02/2016:

After the double bottom had been reached at the level of 122.44, the marked rallied to the upside just to be capped under the intraday resistance level. To confirm that the bottom for wave B blue is in place, the price must break out above the level of 125.01 in an impulsive fashion. Nevertheless, the market is still trading in a bearish zone and the whole structure evolves more complex and time-consuming correction even in the longer time frames. The current ABC blue labeling may not be the last one as further corrective sub-waves are still expected.

Support/Resistance:

122.48 - Intraday Support

122.70 - WS2

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. We will open the buy orders when the bottom of the wave B blue is in place.

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Technical analysis of USD/CAD for Febuary 25, 2016

General overview for 26/02/2016:

A top for the wave X brown had been established and the market moved to the downside as anticipated. The triangle idea had been invalidated as a new low has been reached below the wave W brown bottom at the level of 1.3637. In a longer time frame, a corrective cycle from a top of 1.4687 is still in progress, but it has evolved a complex corrective structure. Within that structure, there is a missing Y brown wave pointing to the downside.

Support/Resistance:

1.3516 - Intraday Support

1.3527 - WS2

1.3637 - Intraday Resistance

1.3656 - WS1

1.3784 - Weekly Pivot

1.3916 - WR1

1.4041 - WR2

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders again when the corrective structure is completed.

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Daily analysis of major pairs for February 26, 2016

EUR/USD: This pair is still in a bearish mode though things are going into an equilibrium territory. Should the price start moving sideways, it would be in the context of a downtrend. Long trades on this pair are not recommended yet unless the price moves above the resistance line at 1.1150.

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USD/CHF: There is no bullish or bearish confirmation pattern in the USD/CHF 4-hour chart, as the price has been moving essentially sideways this week, and unless one is a scalper, one needs to wait until there is a directional movement which is likely to start today or next week.

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GBP/USD: The GBP/USD has declined by almost 400 pips this week, moving briefly below the accumulation territory at 1.3900, before the shallow correction occured. The accumulation territory at 1.3900 is now important because the price needs to go below it so that the southward movement can continue. The price has entered a consolidation phase as it has not moved significantly above or below the accumulation territory at 1.3900.

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USD/JPY: This week, the USD/JPY has merely consolidated with no directional movement being expressed. This has resulted in mixed signals. The EMA 11 is below the EMA 56 in the 4-hour chart, whereas the RSI with the 14 period is above the 50 level. It is better to stay away from the market until the two indicators agree on a direction – whether long or short.

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EUR/JPY: After testing the demand zone at 122.50, the price bounced upwards significantly. It was a movement of over 200 pips, but it was not enough to invalidate the recent bearish bias. Only a movement above the supply zone at 126.50 can reverse the bearish trend and unless that happens, the rally in the context of a downtrend may offer another opportunity to go short.

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Technical analysis of USD/JPY for February 26, 2016

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USD/JPY is expected to continue its advance. Overnight, the US stocks posted broad gains led by shares in financial, automobiles, consumer, and real estate sectors. The Dow Jones Industrial Average rose 1.3% to 16697, the S&P 500 added 1.1% to 1951, and the Nasdaq Composite was up 0.9% to 4582.

Nymex crude oil rose another 2.9% to $33.07 a barrel, gold edged up 0.4% to $1234 an ounce, while the benchmark 10-year Treasury yield fell to 1.699% from 1.748%.

On the forex front, the US dollar turned soft against most other major currencies. EUR/USD edged up 0.1% to 1.1021, GBP/USD rebounded 0.3% to 1.3962, AUD/USD gained 0.5% to 0.7231, and NZD/USD surged 1.0% to 0.6718. Boosted by rallying oil prices, the Canadian dollar kept strengthening against the greenback with USD/CAD plunging 1.3% to 1.3529. On the other hand, USD/JPY increased 0.7% to 112.98. The pair continues on its rebound being supported by the ascending 20-period (30-minute chart) moving average, which stands well above the 50-period one. Currently, the pair is trading around the upper Bollinger band as those bands are widening. Also, the intraday relative strength index is well placed within the buying area between 50 and 70 lacking downward momentum. The pair is therefore expected to advance further with 113.20 as the first upside target and 113.60 as the second one.

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. Therefore, long positions are recommended with the first target at 113.20 and the second one at 113.60. In the alternative scenario, short positions are recommended with the first target at 111.95 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 111.30. The pivot point is at 112.40.

Resistance levels: 113.20, 113.60, 114

Support levels: 111.95, 111.30, 111.00

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USDX technical analysis for February 26, 2016

The US dollar index has reversed as we expected at 50% retracement braking below the bullish channel. I warned bulls yesterday that they should be very cautious as there were signs of an approaching bearish reversal.

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Blue lines - bullish channel

The price got rejected at the 50% retracement and is pulling back towards the Kumo (cloud) support at 96.80. Next support is seen at 96.20. Resistance is seen at 97.70-97.90. If is gets broken, we will go to 98.10-98.80. If support fails, we are going to test 95.80. At this point, I believe it is very difficult to break below 96.80.

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The weekly candle got rejected at the tenkan-sen (red line indicator) and is now testing the kijun-sen (yellow line indicator). A weekly close below 96.80 will be a very bearish candlestick pattern that would imply more selling pressures. It should be expected to head towards 96 at least.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for February 26, 2016

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USD/CAD is expected to trade in a lower range. The pair is capped by its 20-period moving average, which stays below the 50-period one. Meanwhile, the relative strength index is badly directed. The first target to the downside is therefore set at 0.9850. A breakout below this level would open the way to further weakness around 0.9820.

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 0.9850. A break of this target will move the pair further downwards to 0.9820. The pivot point stands at 0.9910. 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 0.9945 and the second target at 0.9970.

Resistance levels: 0.9945, 0.9970, 1.00

Support levels: 0.9850, 0.9820, 0.9775

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Technical analysis of NZD/USD for February 26, 2016

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NZD/USD is expected to prevail its upside movement. Technically, the pair is turning up, and is well supported by its rising 20-period and 50-period moving average. The immediate trend is upward, and momentum is strong as the relative strength index is bullish. It is backed by a rising trend line. In these perspectives, as long as 0.670 is not broken, advance to 0.6820 and 0.6820 is expected.

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. Therefore, long positions are recommended with the first target at 0.6820 and the second one at 0.6860. In the alternative scenario, short positions are recommended with the first target at 0.6670 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 0.6635. The pivot point is at 0.67.

Resistance levels: 0.6820, 0.6860, 0.69

Support levels: 0.6670, 0.6635, 0.66

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Gold technical analysis for February 26, 2016

Gold price continues to move sideways in a more complex structure but also holds above the important support of $1,200-$1,210 keeping bulls' hopes alive .

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Green line - short-term support

Yellow line - medium-term support

Gold price remains above the Kumo (cloud) and above both two support trend lines. Support is found at $1,230 in the short-term and at $1,210 in the medium-term. Resistance is seen at $1,254. As long as gold price is above $1,200, bulls will stay in the game for a move towards $1,300.

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Nothing new is seen in the weekly chart. The price is above the critical support of $1,200. Stochastic is overbought. RSI is trying to enter overbought levels. The price is above the downward sloping wedge and above the weekly Kumo (cloud). Weekly support is at $1,200-$1,210. As long as we are above this level, we can see $1,300.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for February 26, 2016

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GBP/JPY is expected to trade in a higher range. The pair is turning up and stands above its key support at 156.75. Both rising 20-period and 50-period moving averages maintain a positive bias. Meanwhile, the relative strength index is well directed. Further upside is therefore expected with the next horizontal resistance and overlap set at 159.05. A breakout above this level would call for further advance toward 160.35 in extension.

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. Therefore, long positions are recommended with the first target at 159.05 and the second one at 160.35. In the alternative scenario, short positions are recommended with the first target at 155.70 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 154.70. The pivot point is at 156.75.

Resistance levels: 159.05, 160.35, 161.20

Support levels: 155.70, 154.70, 153.15

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Elliott wave analysis of EUR/NZD for February 26, 2016

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Wave summary:

It is very disappointing to see this cross making a new corrective low. The breakout below the former low of 1.6338 has just made this correction even more complex and calls for a move closer to 1.6108 before the next possible bottom.

Short-term minor resistance is seen at 1.6454, which is likely to protect the upside for a move closer to 1.6108. Only a breakout above important short-term resistance at 1.6688 will confirm that a low is in place and a new impulsive rally is developing.

Trading recommendation:

This correction keeps throwing the worst curve balls at us and we will stand aside for a while.

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Elliott wave analysis of EUR/JPY for February 26, 2016

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Wave summary:

A sharp rally from a low of 122.42 clearly confirms that wave a is over and wave b is unfolding now. The first wave b targets the level of 127.41, but we could move even closer to 130.00 before wave b is complete.

In the short term, we expect minor support to be found in the area of 124.14 - 124.35, which will ideally protect the downside for a continuation higher to 125.91 and 127.41.

Trading recommendation:

We are long EUR from 123.80. We will move our stop higher to 123.35. If you are not long EUR yet, then buy near the area of 124.14 - 124.35 and use the same stop at 123.35.

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

Daily analysis of USDX for February 26, 2016

The USDX is finding dynamic support above the 200 SMA and trying to extend the rebound until the resistance level of 97.77. When the index achieves in breaking the support level of 97.20, then we can expect a decline towards the level of 96.80, which would be the start of a bearish trend on a short-term basis. The MACD indicator is still trading in the negative territory.

USDXH1.png

H1 chart's resistance levels: 97.77 / 98.08

H1 chart's support levels: 97.20 / 96.80

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen 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 26, 2016

The GBP/USD pair is trying to break the support level of 1.3963, but we have witnessed rejection from that level, and now the pair is doing a corrective move towards the level of 1.4069. On the H1 chart, we should note that a 200 SMA is pointing to the downside and favoring the bearish scenario. The MACD indicator is still in the positive territory and this could be supporting the bullish bias.

GBPUSDH1.png

H1 chart's resistance levels: 1.4069 / 1.4165

H1 chart's support levels: 1.3963 / 1.3878

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 found at 1.3963, take profit is at 1.3878, and stop loss is at 1.3976.

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

Technical analysis of EUR/USD for February 26, 2016

1_EURUSD.jpg

When the European market opens, economic news on the Italian 10-y Bond Auction, Spanish Flash CPI y/y, French Consumer Spending m/m, and German Prelim CPI m/m is due to be released. The US will publish the economic data on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Prelim GDP Price Index q/q, Personal Income m/m, Personal Spending m/m, Goods Trade Balance, Core PCE Price Index m/m, and Prelim GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1097.

Strong Resistance:1.1091.

Original Resistance: 1.1080.

Inner Sell Area: 1.1069.

Target Inner Area: 1.1043.

Inner Buy Area: 1.1017.

Original Support: 1.1006.

Strong Support: 1.0995.

Breakout SELL Level: 1.0989.

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 26, 2016

2_USDJPY.jpg

In Asia, Japan will release data on the BOJ Core CPI y/y, National Core CPI y/y, and Tokyo Core CPI y/y. The US will deliver some economic news on the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Prelim GDP Price Index q/q, Personal Income m/m, Personal Spending m/m, Goods Trade Balance, Core PCE Price Index m/m, and Prelim GDP q/q. So, there is a probability that the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.37.

Resistance. 2: 113.15.

Resistance. 1: 112.93.

Support. 1: 112.66.

Support. 2: 112.44.

Support. 3: 112.22.

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 GOLD for February 25, 2016

GOLDDaily.png

Overview

The chart above demonstrates that trading above 1,219.00 levels may help bulls resume their northern trip towards 1,260.00, which represents Fibonacci of 61.8%. Therefore, it encourages us to keep our bullish overview on the intraday and short-term bases. Remember that breaching the 1,263.23 level will push the price towards 1,300.00 directly; while the positive scenario will remain valid unless breaking the 1,180.86 level and holding below it.

The expected trading range for today is between 1,210.00 support and 1,260.00 resistance.

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

Daily analysis of Silver for 25 February, 2016

SILVERH4.png

Overview

The silver price has not shown any strong moves since morning; therefore, our neutral attitude remains valid until surpassing one of the next trend keys represented by 15.00 support and 15.70 resistance. Breaching 15.70 levels will push the price to the recently recorded top at 16.35 as the first main target; while breaking 15.00 levels will make the price attempt to return to the main bearish trend, which main targets reach to 13.63 on the short-term basis.

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