EUR/JPY profit target reached, prepare to turn bullish

The price has dropped perfectly as expected and reached our profit target. We prepare to turn bullish above 121.11 support (Fibonacci projection, horizontal support, and Fibonacci retracement) for a bounce up to at least 122.00 resistance (Fibonacci retracement, swing high resistance).

Stochastic (21,5,3) is approaching strong support at 4.9% where we expect a bounce from.

Buy above 121.11. Stop loss is at 120.48. Take profit is at 122.00.

analytics589491aa1e0a1.png

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

AUD/JPY testing resistance, remain bearish

We remain bearish below 86.52 resistance (Fibonacci projection, Fibonacci retracement) for a drop to 85.63 first (Fibonacci retracement, horizontal overlap support).

Stochastic (21,5,3) is seeing a nice reaction off our 94% resistance level.

Sell below 86.52. Stop loss is at 86.75. Take profit is at 85.63.

analytics5894917a94b09.png

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

Daily analysis of GBP/JPY for February 03, 2017

GBPJPYH4.png

Overview

The GBP/JPY pair was affected by more negative pressures yesterday due to its stability around the moving average 55, to expand the trading range and reach 140.75. While the bullish overview will remain valid depending on the stability of the major support at 140.00 that forms the extension of the previously breached resistance line of the bearish channel. Therefore, we will keep waiting for reaching the first target at 142.50 followed by extending trading for more gains that started at 144.80. Stochastic is forming for bullish rally, reinforcing our expectations of forming new positive attack and reach our positive targets. The expected trading range for today is between 140.00 and 142.50.

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

Daily analysis of Gold for February 03, 2017

GOLDH4.png

Overview

Gold price keeps its stability above the support base formed above the previously breached resistance line that appears on the chart. Meamwhile, stochastic begins to provide positive overlapping signal on the four-hour time frame, which supports the continuation of our bullish overview for the rest of the day. Wait for head towards 1,249.94 that represents our next main target. Let me remind you that holding above 1,206.00 represents the first protecting factor to the continuation of our positive overview. Today the expected trading range is between 1,200.00 support and 1,230.00 resistance.

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

Daily analysis of Silver for February 03, 2017

SILVERH4.png

Overview

Silver price settles within tight range keeping its stability above the intraday bullish channel's support. Thus, there will be no change on the expected bullish trend scenario for today. It gets positive support by the EMA50 and stochastic, waiting for target 18.30 level as the next main station. Take into consideration that holding above 17.20 represents key condition to continue the bullish trend expected for today. Therefore, we are waiting for positive trading in the upcoming sessions. Note that our next target is located at 18.30. Take into consideration that breaking 17.20 level will push the price to suffer more losses. It will target testing 16.56 areas before any new attempts to rise. The expected trading range for today is between 17.00 support and 17.80 resistance.

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

Gold analysis for February 03, 2017

analytics589469829ac82.png

Recently, gold has been trading downwards. The price tested the level of $1,210.94. According to the 15M time frame, I found a hidden unconfirmed bullish divergence in the background. My advice is to watch for potential buying opportunities. Anyway, to confirm bullish divergence the price needs to go above $1,218.00. The price traded above top of bolinger band, which is good sign for potential upward movement. Major intraday upward target is set at the price of $1,224.00.

R1: 1,222.40

R2: 1,226.60

R3: 1,231.90

Support levels:

S1: 1,210.75

S2: 1,207.15

S3: 1,201.30

Trading recommendations for today: watch for potential buying opportunities.

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

Technical analysis of USD/JPY for Feburary 03, 2017

USDJPYM30.png

USD/JPY is expected to trade with bullish bias above 112.50. The pair is posting a strong rebound and stays above its 50-period moving average. The technical configuration is still positive as the 20-period moving average remains above the 50-period one, and the relative strength index is above its neutrality area at 50 and lacks downward momentum.

As long as 112.50 holds as the key support, look for a new upleg to 113.60 and 113.95.

Recommendation:

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 113.60 and the second one at 113.95. In the alternative scenario, short positions are recommended with the first target at 112.15 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 111.80. The pivot point is at 112.50.

Resistance levels: 113.60, 113.95, 114.20 Support levels: 112.15, 111.80, 111.30

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

Technical analysis of USD/CHF for Feburary 03, 2017

USDCHFM30.png

USD/CHF is expected to prevail its Upside movement. The pair is posting a rebound, and is expected to continue its bounce. The 20-period moving average has just crossed above the 50-period moving average, which is a bullish technical signal. And the relative strength index is above its neutrality area at 50 and is positively oriented. The U.S. dollar managed to recuperate losses seen earlier in the session thanks to dip-buying on the currency.

As long as 0.9905 is not broken below, further bounce is expected with 0.9990 as the next target.

As expected, the U.S. Federal Reserve kept interest rates unchanged. The Institute for Supply Management (ISM) reported that its national factory activity index increased to 56.0 in January, the highest level since November 2014, from 54.5 in December. Automatic Data Processing (ADP) data showed that employers added 246,000 private jobs in January (vs. +168,000 expected, +151,000 in December). The U.S. dollar surrendered gains made earlier in the session after the Federal Reserve shed little light on its plans to raise interest rates this year.

As long as this key level holds on the upside, look for a further drop to 0.9860 and even 0.9830 in extension.

Resistance levels: 0.9970, 0.9990, and 1.0010

Support levels: 0.9885, 0.9860, 0.9830

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

Technical analysis of NZD/USD for Feburary 03, 2017

NZDUSDM30.png

NZD/USD is Under pressure. The pair broke below its 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias, while the 20-period moving average crossed below the 50-period one (negative signal). The relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 0.7300 is resistance, look for a further downside to 0.7250 and even 0.7230 in extension.

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 0.7250. A break below this target will move the pair further downwards to 0.7230. The pivot point stands at 0.7300. If 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 0.7320 and the second one at 0.7345.

Resistance levels: 0.7320, 0.7345, 0.7375

Support levels: 0.7250, 0.7230, 0.7200

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

Technical analysis of GBP/JPY for Feburary 03, 2017

GBPJPYM30.png

GBP/JPY is expected tp trade with bearish bias. The pair shows further downside potential after its downward breakout of its 20-period and 50-period moving averages, which are playing resistance roles now. The relative strength index is bearish below its neutrality level at 50 and lacks upward momentum. As long as 142.15 holds as resistance, look for a further drop to 140.80 and even 140.40 in extension.

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 140.80. A break below this target will move the pair further downwards to 140.40. The pivot point stands at 142.15. If 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 142.55 and the second one at 143.15.

Resistance levels: 143.50, 144.15, 144.80

Support levels: 140.80,140.40, 139.75

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

EUR/NZD analysis for February 03, 2017

analytics58946185e2c6e.png

Recently, EUR/NZD has been trading sideways at the price of 1.4780. According to the 15M time frame, I found hidden bearish divergence on moving average oscilator and breakout of upward trendline, which is sign that buying looks risky. There is intraday resistance cluster at the price of 1.4800 (good place for short position). The trend is still downward. My advice is to watch for selling opportunities. First downward target is set at the price of 1.4750.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4830

R2: 1.4860

R3: 1.4910

Support levels:

S1: 1.4745

S2: 1.4715

S3: 1.4670

Trading recommendations for today: watch for potential selling opportunities.

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

Technical analysis of USD/CHF for February 03, 2017

USDCHFH1.png

Overview:

  • The USD/CHF pair has not made any significant movements this week. There are no changes in our technical outlook, because the price is moving between the levels of 0.9960 and 0.9860. The USD/CHF pair continued to move downwards from the level of 0.9960. Since yesterday, the pair has dropped from the level of 0.9960 to the bottom around the spot of 0.9890. In consequence, the USD/CHF pair broke support at the level 0.9960, which turned into strong resistance at the level of 0.9960. In the H1 time frame, the level of 0.9960 is expected to act as the major resistance today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still below the moving average (100). From this point, we expect the USD/CHF pair to continue moving in the bearish trend from the resistance levels of 0.9960 and 0.9922 towards the target level of 0.9860. If the pair succeeds in passing through the level of 0.9860, the market will indicate the bearish opportunity below the level of 0.9860 so as to reach the second target at 0.9830. Moreover, if the USD/CHF pair is able to break out the level of 0.9830, the market will decline further to 0.9800.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for February 03, 2017

1486111432_NZDUSDH1.png

Overview:

  • The NZD/USD pair broke resistance that has turned into strong support at the level of 0.7238 this week. Today the level of 0.7238 is expected to act as major support. From this point, we expect the NZD/USD pair to continue moving in a bullish trend from the support levels of 0.7265 and 0.7238. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Consequently, the first support is set at the level of 0.7265. So, the market is likely to show signs of a bullish trend around the spot of 0.7265 - 0.7265. In other words, buy orders are recommended above the spot of 0.7265 - 0.7265 with the first target at the level of 0.7302; and continue towards 0.7349 (the double top). This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment. On the other hand, if the NZD/USD pair fails to break through the resistance level of 0.7349, the market will decline further to 0.7300. The pair is expected to drop lower towards at least 0.7265 with a view to test the weekly pivot point. Also, it should be noted that the weekly pivot point will act as key level today. According to the previous events, we expect the NZD/USD pair to trade between 0.7238 and 0.7349.
The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD intraday technical levels and trading recommendations for February 3, 2017

analytics5894425dd8eb1.pnganalytics5894426a2e04c.png

The USD/CAD pair was trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until a bullish breakout took place one month ago.

The pair challenged the upper limit of the depicted channel around 1.3360-1.3400 which succeeded to apply enough bearish pressure on the pair.

Shortly after, a bearish engulfing weekly candlestick was expressed by the end of the week indicating strong resistance around 1.3550.

Bearish persistence below the price level of 1.3300 (50% Fibonacci Level) was achieved.

This allowed a further decline toward 1.3200 and 1.3080 (the lower limit of the depicted channel) where bullish rejection was expressed as anticipated.

A bullish breakout above 1.3360 (50% Fibonacci level) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel). However, significant bearish rejection was expressed around 1.3580 (recent established top).

The price level of 1.3300 (50% Fibonacci Level) failed to provide enough support for the recent bearish pullback.

That is why the recent bearish pullback toward 1.3000 (61.8% Fibonacci level) offered a valid BUY entry as expected in previous articles.

A bullish breakout above 1.3300 (50% Fibonacci Level) is needed to enhance a bullish advance toward 1.3440 and 1.3550. Otherwise, the USD/CAD pair remains trapped within the current consolidation range (1.3000-1.3300).

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

NZD/USD Intraday technical levels and trading recommendations for February 3, 2017

analytics5894416509039.png

On November 8, significant signs of a bearish reversal were expressed around the upper limit of the depicted consolidation range (0.7350).

Bearish persistence below 0.7100 allowed a quick decline toward 0.6960 (BUY zone) where bullish rejection and a valid BUY entry were expected. All T/P levels were successfully achieved.

Once again, bearish persistence below the price level of 0.7100 enabled the NZD/USD pair to pursue toward lower target levels around 0.6990 (the upper limit of the depicted BUY zone).

The price level of 0.6990 failed to apply enough bullish pressure. Instead bearish movement continued toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.

A bullish breakout above 0.7000 allowed the pair to head toward the price level of 0.7100 (Key-Level) which failed to provide sufficient bearish pressure on the pair.

Bullish persistence above 0.7100 allowed further bullish advance toward 0.7250-0.7350 (Sell-Zone) where a valid SELL entry can be offered if enough bearish pressure is maintained (note the bearish daily candlesticks within the SELL-zone).

On the other hand, bullish closure above 0.7350 will probably liberate a quick bullish movement towards 0.7450.

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

Intraday technical levels and trading recommendations for GBP/USD for February 3, 2017

analytics58943ff9975f8.pnganalytics58944002b58f8.png

By the end of June a significant bearish break below 1.3550 was expressed as seen on the depicted charts (Fundamental Reasons).

Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario toward the price levels around 1.2700 (Bearish projection target).

The GBP/USD pair has been trapped inside the depicted consolidation range (above 1.2700) until a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirmed the bearish Flag pattern. That is why a bearish projection target was expected near 1.2020.

On October 25, Bullish recovery was initiated around the price level of 1.2080. That is why a bullish pullback was executed toward 1.2700-1.2750.

Risky traders considered this bullish pullback toward the price zone of 1.2700-1.2750 to be a valid SELL entry. All T/P levels were successfully reached.

On January 16, a bullish engulfing candlestick was expressed around the demand level of 1.2000. That is why another bullish breakout above 1.2430 was initiated.

The next bullish target is located around 1.2750 where bearish rejection should be expected.

On the other hand, the next bearish destination would be located around 1.1200 when bearish momentum is resumed.

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

Intraday technical levels and trading recommendations for EUR/USD for February 3, 2017

analytics58943f33c4e08.png

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010.

Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0570, which had been previously reached in August 1997.

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

However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

In the longer term, the level of 0.9450 remains a projected target if the current monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0570.

Otherwise, the EUR/USD pair remains trapped within the depicted consolidation range (1.0570-1.1400).

analytics58943f3d34d67.png

The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0575 is needed to pursue this bearish scenario.

On November 14, bearish persistence below 1.0825 (Key-Level 2) allowed further decline toward 1.0570 (demand level) where evident bullish rejection was expressed on November 24.

Shortly after, the Fibonacci Level 50% (1.0825) constituted a recent supply level which offered a valid SELL entry on December 8.

Bearish persistence below the depicted demand level (1.0570) was expected to allow further decline toward 1.0220. However, significant bullish recovery was expressed around the price level of 1.0340 on January 3.

Bullish persistence above 1.0600 allowed further bullish advance toward 1.0825-1.0850 (Fibonacci Level 50%) where bearish rejection and a valid SELL entry can be anticipated.

Bullish breakout above 1.0570-1.0600 was executed on January 12.

That is why the price level of 1.0570 now constitutes a recent demand level to be watched for the bullish rejection if any bearish pullback occurs.

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

Technical analysis of USDX for February 3, 2017

The Dollar index is bouncing off the lower wedge boundary. The price is still inside the downward sloping wedge and below trend resistance. The Dollar index is expected to make volatile moves today as we wait for the announcement of the Non-Farm Payrolls in the USA.

analytics58943adc808bd.png

Red lines - downward sloping wedge

Blue lines - possible path ahead

The Dollar index is falling inside the wedge pattern. The trading range is getting narrower. I expect new lows towards 99 but I prefer to be neutral and wait for the breakout above the wedge to enter long positions. The RSI is diverging. This is another warning that the trend might soon reverse to the upside.

analytics58943b3742471.png

Green line - long-term support trendline

In the weekly chart of the Dollar index I believe the upside has still unfinished business. We could see new highs towards 105 if the Dollar index reverses soon. It is important for the bulls to hold the weekly kijun-sen (yellow line indicator) which was our initial target.

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

Technical analysis of gold for February 3, 2017

Gold price made new highs yesterday and confirmed that the shallow pullback towards $1,180 ended the entire correction of the move from $1,122 to $1,220. Gold trend is bullish and is expected to reach $1,280-60 soon. Bulls do not want to see Gold below $1,1197 and specially below $1,180.

analytics5894382880822.jpg

Blue line - resistance

Red line - support

Gold is trading above the Ichimoku cloud. The price is making higher highs and higher lows. Support is at $1,197 and the next one is at $1,180. Resistance is at $1,226 and the next one is at $1,250. Gold did not make a deep pullback towards $1,160 as I initially expected. The shallow retracement is another indicator of the strong bullish trend in Gold.

analytics589438c67a833.png

The weekly candle has re-entered the Ichimoku cloud. If the week closes with price inside the cloud, I will expect the upper cloud boundary to be reached soon. Gold has made an important long-term low at $1,122 and which is of similar importance to the $1,045 low of 2015. I expect a big upward move for Gold this year above $1,400.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for February 3, 2017

EUR/USD: The EUR/USD went upwards this week, going briefly above the resistance line at 1.0800 and then getting corrected lower. The bearish correction is shallow and should be fleeting, for the bullish movement would resume again, and price would move above the resistance line at 1.0800.

1.png

USD/CHF: This is a bear market and price has been trudging downwards in the last several trading days. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This points to a real Bearish Confirmation Pattern in the chart, and the market is expected to go further and further downwards from here.

2.png

GBP/USD: The Cable underwent some pullback yesterday, and that was vivid enough to pose a threat to the already precarious bullish bias. A movement below the accumulation territory at 1.2300 would render the bullish bias completely invalid; while a northward movement from here would reinforce the bullish bias.

3.png

USD/JPY: The USD/JPY has already generated a bearish signal. There is a Bearish Confirmation Pattern in the chart, and price has gone below the supply level at 113.00, going toward the demand levels at 112.50. 112.00, and 111.50. These are the targets for the next several trading days.

4.png

EUR/JPY: The EUR/JPY has already generated a bearish signal. There is a Bearish Confirmation Pattern in the chart, and price has gone below the supply zone at 121.50, going toward the demand zones at 121.00. 120.00, and 119.50. These are the targets for the next several trading days.

5.png

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

Technical analysis of EUR/USD for Feb 03, 2017

EURUSD.jpg

When the European market opens, some Economic Data will be released, such as Retail Sales m/m, Italian Prelim CPI m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US will release the economic data, too, such as Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0813.

Strong Resistance:1.0806.

Original Resistance: 1.0796.

Inner Sell Area: 1.0786.

Target Inner Area: 1.0761.

Inner Buy Area: 1.0736.

Original Support: 1.0726.

Strong Support: 1.0716.

Breakout SELL Level: 1.0709.

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 Feb 03, 2017

USDJPY.jpg

In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So, there is a probability the USD/JPY will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.41.

Resistance. 2: 113.19.

Resistance. 1: 112.97.

Support. 1: 112.71.

Support. 2: 112.48.

Support. 3: 112.26.

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

EUR/JPY contained between 122.70 and 120.90

The correction phase on the EUR/JPY started from December 2016 which is still in progress. This market has presented itself with good number of corrective moves along the way making the market very volatile to trend without any specific trend indication. There had been not much high impact economic event about EURO this week in comparison to JPY's monetary policy statements and policy rates which remained unchanged. Today the market has EURO retail sales report which is expected to have 0.03% as of previous -0.04% and Italian Prelim CPI which is expected to have 0.02% which was previously 0.04%. Currently JPY meeting minutes is taking place which is said to favor JPY to gain against the EURO in the coming days.

Now moving toward the technical point of view, the pair has shown a good amount of volatility between 122.70 and 120.90 area and with prior fake breakouts it is quite confirmed that the market is quite indecisive. Currently the market is technically not in a state of taking on decision on either side of the market but as the recent false break was against the bulls and bears have taken out the bulls with a quite impulsive manner it is expected that if the market breaks below 120.90 area with a daily close we can look for downward target towards 118.50 area which is the next best support the price can have after 120.90 is taken out.

analytics5893dc8e854c9.jpg

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

Daily analysis of USDX for February 03, 2017

The index extended its recovery during Thursday's American session, as the resistance level of 99.80 is now being challenged. However, the overall stance of the US Dollar remains bearish and one could expect further declines to reach lower levels below 99.00. However, if bulls continue to dominate the scenario after the NFP release in the United States, then we could see rallies above the 200 SMA.

USDXH1.png

H1 chart's resistance levels: 99.80 / 100.36

H1 chart's support levels: 99.46 / 98.98

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 99.46, take profit is at 98.98 and stop loss is at 99.95.

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

Daily analysis of GBP/USD for February 03, 2017

The pair plummeted after BoE's interest rate decision, despite the neutral stance seen and now it's testing the support zone of 1.2427, where also lies the 200 SMA at H1 chart. If GBP/USD manages to rebound above that moving average, then we can expect a re-testing of the 1.2718 level across the board, while another lower extension should take the Sterling to test the 1.2420 zone.

GBPUSDH1.png

H1 chart's resistance levels: 1.2718 / 1.2840

H1 chart's support levels: 1.2527 / 1.2420

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2718, take profit is at 1.2840 and stop loss is at 1.2601.

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

Daily Video Analysis on AUD/JPY - 2nd February 2017

We take an in-depth look on AUD/JPY to see if there are any trading opportunities available for us to trade off and generate potential profits from. We explain clearly how we utilize a range of analytical approaches from Fibonacci retracements to Fibonacci extensions, price action and oscillators to determine such trading opportunities.

Join us and learn how to find good trading opportunities through technical analysis!

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

EUR/JPY testing resistance, remain bearish

The price bounced perfectly above our buying level and reached our profit target. We now turn bearish below strong resistance at 122.21 (Fibonacci retracement, horizontal overlap resistance) for a drop to at least 121.11 support (Fibonacci retracement, Fibonacci projection, and horizontal support).

Stochastic (21,5,3) has reacted off our 92% resistance nicely and has good downside potential.

Sell below 122.21. Stop loss is at 122.68. Take profit is at 121.11.

analytics58935016499fb.png

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

AUD/JPY profit target reached, prepare to turn bearish

The price bounced up perfectly as expected and reached our profit target. Now we prepare to turn bearish below 86.31 resistance (Fibonacci projection, Fibonacci retracement, and horizontal pullback resistance) for a drop to 85.32 (Fibonacci projection, horizontal support).

Stochastic (21,5,3) is seeing a nice reaction off our 94% resistance level.

Sell below 86.31. Stop loss is at 86.75. Take profit is at 85.32.

analytics58934ff59dd4a.png

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