Daily analysis of gold for February 08, 2017

GOLDH4.png

Overview

Gold resumes its positive trading after the temporary slight decline that appeared yesterday. The level of $1,235.00 is to be tested. We expect continuation of the upside movement in the upcoming sessions with the next target located at $1,249.94. In general, gold is trading within the bullish channel, which keeps our positive expectations valid on the intraday and short-term basis. Besides, our outlook is supported by the EMA50. Breaking the $1,222.00 level will push the price to test $1,211.31 levels. On the other hand, the price may extend to $1,199.00 before attempting to rise. The expected trading range for today is between $1,222.00 support and $1,250.00 resistance.

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

Daily analysis of silver for February 08, 2017

SILVERH4.png

Overview

Silver price shows calm bullish bias in attempt to resume the short-term bullish trend. The price is supported by the EMA50, waiting for a rally towards 18.30 as the first target. Stochastic's negativity explains the reasons for the recent sideways fluctuation. Silver needs to gain enough positive momentum to continue the main bullish trend. In general, we will stick to the bullish scenario in the upcoming period unless the price breaks the level of 17.43 and holds below it. The expected trading range for today is between 17.50 support and 18.00 resistance.

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

GBP/USD reaches profit target and turns bearish

The price has bounced and reached our yesterday's profit target. We turn bearish below 1.2546 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support).

RSI (34) is seeing strong descending resistance holding the price on the downside.

Sell below 1.2546. Set stop loss at 1.2632 and take profit at 1.2356.

analytics589b346cb8c84.png

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

EUR/USD turns bearish, breaking our long-term support

With the break of our long-term ascending support-turned-resistance line, we change out outlook to bearish below the resistance at 1.0711 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a drop to at least 1.0623 (Fibonacci retracement, recent swing low support).

Stochastic (55,5,3) has made a bearish exit signalling that a further drop should be expected.

Sell below 1.0711. Set stop loss at 1.0758 and take profit at 1.0623.

analytics589b3414f17d2.png

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

USD/CHF Fundamental Analysis February 8, 2017

USD/CHF has been through a volatile down trend with good amount of bearish pressure pushing the price downwards since the bounce off from 1.0350 area. Yesterday with 1B deficit of Foreign Currency Reserve of CHF market which was previously 645B and the currently outcome was 644B. This figure did affect the CHF growth yesterday and USD had a good bullish momentum proceeding toward 1.00 area. Today CHF has regained their momentum after forming an intraday corrective structure and as of the spike of Foreign Currency Reserve CHF is seen to regain its strength and expected to take the pair to a much lower support soon.

Now let us look at the technical view, after massive buy momentum yesterday market has been corrective throughout the day today and currently market is showing some bearish momentum to signal the spike to be a false break. If the market closes below 0.9950 with a daily close the spike above 0.9950 will be considered as a false break and we will be looking forward for the price to move down toward 0.9850 as the first support and 0.9785 as the second support.

analytics589b210e2b076.jpg

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

AUD/USD Fundamental analysis February 8, 2017

AUD/USD is currently in a non-volatile bullish trend as AUD is quite stronger than USD in both fundamental and technical perspective. Yesterday AUD cash rate was unchanged at 1.50% and Inflation expectation has increased from 1.7% to 1.9%. Until Friday AUD is expected to be bullish until the RBA Monetary Policy Statement which might increase the volatility in this pair. Currently in Fundamental and Technical perspective AUD is expected to dominate USD in the recent market scenario.

Now let us look at the technical point of view, the price is currently above 0.76 level which signifies the presence of the bulls in the market. After the initial break above 0.76 the price has retraced this week towards 0.76 level and currently is testing it as support. If the daily candle today closes with a bullish body it is expected that the price will climb towards 0.7730-50 soon. On the other hand, if the daily candle closes below 0.76 level a downfall towards next support 0.7510 is expected.

analytics589b18fe075ec.jpg

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

Gold analysis for February 08, 2017

analytics589b15205bb0e.png

analytics589b152cda62e.png

Recently, gold has been trading upwards. The price tested the level of $1,239.78. According to the 4H time frame, I found successful rejection from lower diagonal of upward channel. The trend is bullish. Based on 1H time frame, I have found broken horizontal base, which is a sign that an upward trend may continue. I projected Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 161.8% at the price of $1,252.00.

Fibonacci pivot points :

Resistance levels :

R1: 1,235.90

R2: 1,237.75

R3: 1,240.65

Support levels:

S1: 1,230.00

S2: 1,228.20

S3: 1,225.30

Trading recommendations for today: watch for potential buying opportunities.

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

EUR/NZD analysis for February 08, 2017

analytics589b12580d06a.png

analytics589b126ac1b2b.png

Recently, the EUR/NZD pair has been trading sideways at the price of 1.4580. According to the 4H time frame, I found rejection from supply trendline and rejection from resistance cluster (support became resistance). Based on 1H time frame, I have found broken flat base, which is a sign that downawrd trend may continue. My advice is to watch for potential selling opportunities. There is bearish divergence according to 1H time frame on the moving average oscillator. Targets are set at the price of 1.4535 and 1.4455.

Fibonacci pivot points:

Resistance levels:

R1: 1.4675

R2: 1.4715

R3: 1.4775

Support levels:

S1: 1.4555

S2: 1.4520

S3: 1.4460

Trading recommendations for today: watch for potential selling opportunities.

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

Trading plan for EUR/USD for February 08, 2017

Technical outlook:

A 4-Hour chart view has been presented with the most probable wave counts. The drop from 1.1300 levels on December 08, 2016 through 1.0350 can still be considered as wave 1, within 5 waves drop lower. Since then, a complex corrective wave structure has unfolded which is simplified here as an expanded flat A-B-C until 1.0829 level highs formed last week, This can be safely labeled as wave 2 as shown here. The drop from 1.0829 is currently unfolding into a potential impulse (5 waves), which would confirm that the next big move is indeed lower towards parity levels.

Please note that the pair has broken below the trendline support since Jan 2017 lows. This is indeed the first step of the bears regaining control. The next step that would instill further confidence lower will be a break of 1.0625 support. A meaningful resistance is now at 1.0829 level and the pair is expected to continue drifting lower till it stays below that. For the first time in a month the prices are trading clearly into the sell zone and any intraday rally should be considered as opportunity to go short.

Trading plan:

Selling on rallies should be considered as favored strategy for now. If you are already short, please consider booking some profits at 1.0625 level. If you are looking for trading fresh, look for intraday rallies after a break of 1.0635 level to enter fresh positions. Risk is at 1.0829 level, while potential targets are 1.0500, 1.0300 and lower.

Sell on rallies through 1.0700 to 1.0760 levels, stop above 1.0830 and target 1.0500, 1.0300 and lower.

Fundamental outlook:

The US Dollar is expected to remain strong and is possibly into its final leg rally. Today's fundamental data will be released during the New York Session:

1. US Crude Oil Inventories. (Expected impact is minor).

2. Reserve Bank of New Zealand Rate Decision (No change, 1.75%).

Good luck!

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

USD/CAD intraday technical levels and trading recommendations for February 8, 2017

analytics589b0a665fca1.pnganalytics589b0a721be01.png

The USD/CAD 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 1.2970 (61.8% Fibonacci level) offered a valid BUY entry as expected in previous articles.

This week, a bullish breakout above 1.3300 (50% Fibonacci Level) is needed to enhance bullish advance toward 1.3440 and 1.3550. Otherwise, the USD/CAD pair remains trapped within the current consolidation range (1.2970-1.3300).

On the other hand, DAILY closure below 1.2970 (61.8% Fibonacci level) will confirm a double top pattern with projected bearish targets at 1.2860, 1.2730, and 1.2600.

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

NZD/USD Intraday technical levels and trading recommendations for February 8, 2017

analytics589b07a238c5f.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 of that, 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 price action should be watched.

Bearish closure below 0.7250 is needed to allow further bearish decline toward 0.7100 (Note the recent bearish DAILY candlesticks within the SELL zone).

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

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

Intraday technical levels and trading recommendations for GBP/USD for February 8, 2017

analytics589b068363a49.pnganalytics589b0716173a4.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

Trading plan for 08/02/2017

Trading plan for 08/02/2017:

Wednesday's a slow day for economic releases, but there still are two important news releases that will catch the attention of the global investors: the Crude Oil Inventories data and The Reserve Bank of New Zealand interest rate decision.

03:30 pm GMT - Crude Oil Inventories

The actual inventories of crude oil, gasoline, and distillate, such as jet fuel, as reported on a weekly basis will be watched closely by energy and commodity traders. The market participants expect a decrease from 6,466k barrels from last week to 2,700k barrels for this week. In January 2017, the OPEC and non-OPEC countries have agreed to cut the oil supply, so the stockpiles might be increasing slowly. The good example is the latest weekly American Petroleum Institute (API) inventory report for the week ending February 3rd. The API reported 142,300k barrel build in inventories and the second largest build on record. This followed a build 5,800k barrels last week and was substantially higher than consensus forecasts of a build near 2,500k barrels for the week.

Let's take a look at the Crude Oil technical picture at H1 time frame to plan how to trade this news event. The market is clearly oversold as the stochastic oscillator is just bouncing from the 20-30 area. If the inventories data will be lower than expected 2,700k barrels, then bulls might take control of this market and push the price higher toward the next intraday resistance at the level of 52.29 and 52.90 (green arrows scenario). However, if the inventory data will be bigger than expected 2,700k barrels, then the price might fall again toward the technical support at the level of 50.99 (red arrows scenario)

analytics589b064328e41.jpg

analytics589b067bc8dba.jpg

08:00 pm GMT - New Zealand Official Cash Rate, and Press Conference

09:00 pm GMT - The Reserve Bank of New Zealand (RBNZ) Statement

10:00 pm GMT - The Reserve Bank of New Zealand (RBNZ) Press Conference

An important event to keep an eye on from New Zealand as the Reserve Bank of New Zealand is releasing his decision regarding the interest rate. The market participants expect the interest rate to be left unchanged at the level of 1.75%, but the next very important thing is the RBNZ statement and press conference. The global investors will be looking for a hints regarding a possible further interest rate hike/cut and inflation expectations. The robust New Zealand economy could trigger a rate hike in the future, but on the other hand, they do not want a stronger exchange rate to dampen the economy too quickly. Any hint about future moves this year will heavily impact the NZD.

There are two scenarios that we could take into consideration to plan the trade ahead of the news event. In a case of leaving the interest rate unchanged, the market will react with a sell-off from the current levels around the weekly pivot. The intraday support at the level of 0.7239 might be immediately tested and will likely be violated (red arrows scenario). This scenario is being supported by the overbought conditions in this market indicated by a slow stochastic oscillator and multiple bearish divergences indicated by the diminishing RSI momentum. The second scenario includes a possibility of a rate hike or cut, but the reaction here is more difficult to anticipate. Generally, if the interest rate is cut, the market should decrease, just as in the previous scenario. So, the only risk to the upside is when the RBNZ will hike the interest rate (which will be a huge surprise for the market) and then the price should spike higher toward the next resistance at the level of 0.7401 and even 0.7477 (green arrows scenario).

analytics589b072b7bb05.jpg

analytics589b0734b0eff.jpg

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

Intraday technical levels and trading recommendations for EUR/USD for February 8, 2017

analytics589b067d45c8d.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).

analytics589b068b26827.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 were anticipated.

On the other hand, the current bullish breakout above 1.0570-1.0600 was executed on January 12.

That is why, the price level of 1.0570 at the moment 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

Global macro overview for 08/02/2017

Global macro overview for 08/02/2017:

The first time since the Brexit, the home prices in the UK has declined more than expected. According to Halifax House Price Index, the longest running monthly house price measure in the UK, the house prices declined 0.9% in January, following the preceding month's downwardly revised increase of 1.6%, while market analysts expected house prices to grow at a 0.2% pace in the reported month. On an annual basis, prices climbed 5.7% last month, down from December's 6.5% and below economists' forecasts. The main reason for this plunge was attributed to subdued economic growth and rising pressure on consumer spending. Nevertheless, the lack of properties for sale and slow building activity would push the prices yet up again in the coming months.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The bulls have managed to push the price higher towards the weekly pivot at the level of 1.2522, but the price was capped there. After the impressive gains from last week, the market is trying to re-gain the upward momentum and continue the rally. The slow stochastic oscillator is bouncing from the oversold levels, so there is still a good chance the price will break out higher soon. The next resistance is seen at the level of 1.2545 and 1.2729.

analytics589af2b54b121.jpg

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

Global macro overview for 08/02/2017

Global macro overview for 08/02/2017:

Interesting comments from Bundesbank President Jens Weidmann regarding further ECB interest rate policy (he is also European Central Bank Governing Council member) had hit the newswires yesterday. Weidmann said that ECB is currently not at a point where it can end an expansionary policy, so the quantitative easing will last as long as it has to. Moreover, he said, when the euro economy grows, interest rates will rise again, but for now, the Eurozone needs more economic and fiscal policies to help growth. In conclusion, quite dovish comments from BUBA President regarding the possible rate hike in the Eurozone.

Let's take a look at the EUR/USD technical picture at the 4H time frame. The bears have clearly broken out below the golden trend line and now the price is heading towards the next technical support at the level of 1.0619. If this support is violated, then we have a full reversal in progress.

analytics589aec6e23d5e.jpg

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

Technical analysis of USD/CHF for February 08, 2017

USDCHFH1.png

Overview:

  • The price of USD/CHF pair is moving between the levels of 0.9960- 0.9990 and 0.9860. The USD/CHF pair continued to move downwards from the level of 0.9960- 0.9990. The pair has fallen from the level of 0.9960- 0.9990 to the bottom around the spot of 0.9890. In consequence, the USD/CHF pair broke support at the level 0.9960- 0.9990, which turned into strong resistance at the level of 0.9960- 0.9990. In the H1 time frame, the level of 0.9960- 0.9990 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- 0.9990 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. Briefly, the price spot of 0.9990-0.9960 remains a significant resistance zone. So, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9990-0.9960. Sell below 0.9990-0.9960 with the first targets of 0.9890, 0.9860 and 0.9800. However, the stop loss should be located above the level of 1.0021.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for February 08, 2017

NZDUSDH1.png

Overview:

  • The NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7276. On the H1 chart the level of 0.7276 coincides with 50% of Fibonacci, which is expected to act as a minor support today. Since the trend is above the 50% Fibonacci level, the market is still in an uptrend. So, major support is seen at the level of 0.7276. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the mentioned support levels for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, strong support will be found at the level of 0.7276 providing a clear signal to buy with a target seen at 0.7276. If the trend will be not able to break the support at 0.7276, the pair will move upwards continuing the bullish trend development to the level 0.7332 in order to test the daily resistance 1. In other words, buy orders are recommended above the spot of 0.7276 with the first target at the level of 0.7332; and continue towards 0.7352. However, if the NZD/USD pair fails to break through the resistance level of 0.7375 in coming days, the market will decline further to 0.7332 in order to retest it again.
The material has been provided by InstaForex Company - www.instaforex.com

Wave analysis of USDX for February 8, 2017

The Dollar index is testing channel and cloud resistance. Trend remains bearish for the Dollar index but we are close to getting a confirmed reversal. This week will be crucial to the short-term trend, especially today.

analytics589ad511ba598.png

Black lines - bearish channel

Blue line - resistance

The price is trying to break out and above the Ichimoku cloud while still trading inside the bearish channel. The Dollar index will either get rejected today and reverse or it will make an explosive breakout above channel resistance. Key level is at 100.80. Short-term support is at 100.15.

analytics589ad5812e7ae.png

I am still not sure if wave 4 has been completed. There is a chance that we might see one more new low below 99 before resuming the uptrend. However, a break above last week's high will be an important sign that the wave 4 low is in. Wave 5 target is at 105. An overlap of wave 1 high will cancel my wave count.

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

Technical analysis of gold for February 8, 2017

The price is moving sideways in the short term. The price is making shallow pullbacks, another sign of strength. The trend remains bullish. Oscillators provide divergence signals but there is no reversal sign yet.

analytics589ad3c8a3fa2.jpg

Blue line - trendline support

Black lines - sideways channel

Green lines - expected path

Gold continues to make higher highs and higher lows while it is trading above the Ichimoku cloud and the black trendline support. Short-term support is at $1,226 and resistance is at $1,237. The next pause in the trend is expected around $1,250.

analytics589ad41986976.png

Gold is trading inside the weekly Ichimoku cloud. The kijun-sen resistance (yellow line indicator) is at $1,240. A weekly close above it will be a bullish sign impling a move towards the upper cloud boundary is coming. Oscillators are far from overbought on a weekly basis and that is why I believe the uptrend is far from being completed and the bulls should buy the pullbacks.

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

Daily analysis of major pairs for February 8, 2017

EUR/USD: The EUR/USD has gone down in the short-term, generating a short-term bearish signal. Price has gone down by more than 100 pips this week, now below the resistance line at 1.0700. The next target for bears is support line at 1.0650, which might even be breached to the downside.

1.png

USD/CHF: This pair has rallied in the context of a downtrend. Price has been corrected to the upside, but that would not be a jeopardy to the extant bearish outlook, unless the resistance level at 1.0000 is breached to the upside. Price has tested the resistance line at 1.0000 but it was unable to breach it to the upside. Further decline is possible from here.

2.png

GBP/USD: The Cable has become volatile, and it has not gone in a directional mode this week. However, a directional movement is expected soon, which would most probably favor bears (and this would happen on most other GBP pairs). There could be transitory rallies, but bears would end up winning the battle.

3.png

USD/JPY: This is a bear market, which has been unfolding within the last several weeks. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further decline is possible, but it is expected that JPY pairs would rally soon: the USD/JPY also included.

4.png

EUR/JPY: The EUR/JPY went further downwards this week, resulting in a Bearish Confirmation Pattern in the 4-hour chart, as price continued the bearish movement it started last week. Price is already under the supply zone at 120.00. While further decline is possible, the market could also rally.

5.png

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

Technical analysis of EUR/USD for Feb 08, 2017

EURUSD.jpg

When the European market opens, some Economic Data will be released, such as German 10-y Bond Auction, and EU Economic Forecasts. The US will release the economic data, too, such as 10-y Bond Auction, and Crude Oil Inventories, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0728.

Strong Resistance:1.0721.

Original Resistance: 1.0711.

Inner Sell Area: 1.0701.

Target Inner Area: 1.0676.

Inner Buy Area: 1.0651.

Original Support: 1.0641.

Strong Support: 1.0631.

Breakout SELL Level: 1.0624.

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 08, 2017

USDJPY.jpg

In Asia, Japan will release the Economy Watchers Sentiment, Current Account, Bank Lending y/y, and BOJ Summary of Opinions data, and the US will release some Economic Data, such as 10-y Bond Auction, and Crude Oil Inventories. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 112.67.

Resistance. 2: 112.45.

Resistance. 1: 111.23.

Support. 1: 111.97.

Support. 2: 111.75.

Support. 3: 111.53.

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 08, 2017

The index is still moving inside a bullish tone across the board, as it remains supported by the 200 SMA at H1 chart. However, a breakout below 100.01 cannot be discarded at all, as the greenback could extend its bearish bias to test levels below the 100.00 handle. If USDX rallies toward 101.43, we can spot a hurdle around 102.00. MACD indicator is supporting the bearish scenario.

USDXH1.png

H1 chart's resistance levels: 101.43 / 102.38

H1 chart's support levels: 100.01 / 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 100.01, take profit is at 98.98 and stop loss is at 101.03.

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

Daily analysis of GBP/USD for February 08, 2017

The pair had a strong rally during Tuesday's session after comments from BoE's Kristin Forbes about a possible move in the interest rates. Currently, GBP/USD is consolidating above the 200 SMA at H1 chart and it's now heading toward 1.2561. If we see a breakout above that area, then we can expect another bulls' attempt to test the 1.2645 zone.

1486506387_GBPUSDH1.png

H1 chart's resistance levels: 1.2561 / 1.2645

H1 chart's support levels: 1.2475 / 1.2414

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 1.2561, take profit is at 1.2645 and stop loss is at 1.2480.

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

Daily Video Analysis on AUD/JPY - 7th 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

Daily Video Analysis on EUR/USD - 7th February 2017

We take an in-depth look on EUR/USD 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

Daily analysis of Gold for February 07, 2017

GOLDH4.png

Overview

The price shows more slight negative attempts to settle near 1,230.00 now, while the overall positive scenario remains active until now. It is organized within the bullish channels that appear in the above chart and supported by the EMA50. The price is waiting for heading towards 1,249.94 as the next main station. We remind you that the price might witness some temporary decline to 1,222.00 before it returns to the upside again, taking into consideration that holding above 1,211.31 represents the most important condition for the suggested positive expectations continuation. The expected trading range for today is between 1,222.00 support and 1,245.00 resistance.

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

Daily analysis of Silver for February 07, 2017

SILVERH4.png

Overview

The price provides slight negative trading approaching from the critical support base at 17.43, where the price is affected by stochastic negativity. At the same time the EMA50 continues to provide support for the price from below, which keeps the main bullish trend scenario active until now, targeting 18.30 level mainly. We remind you that breaking the 17.30 level will stop the expected rise and pushes the price to head towards 16.56 before any new attempt to rise. The expected trading range for today is between 17.43 support and 18.00 resistance.

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

AUDJPY profit target reached, time to go bullish

The price reached our profit target for the 4th time in a row. We turn bullish above 85.34 support (Fibonacci projection, horizontal support) for a push up to at least 86.08 (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) is approaching strong support at 5.5%.

Buy above 85.34. Stop loss is at 84.97. Take profit is at 86.08.

analytics5899ea514a98d.png

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

EURJPY buy above support one last time

We look to buy one more time above 119.65 support (major horizontal support, Fibonacci retracement, and EUR/USD positive correlation) for a push up to 121.08 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) sees strong support above the 6% level.

Buy above 119.62. Stop loss is at 118.63. Take profit is at 121.08.

analytics5899ea38bf591.png

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