Daily analysis of Gold for February 15, 2017

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Overview

The price did not show any strong move since morning. It is fluctuating within tight range settling above the level of 1,221.50. Thus, there is no change on our bullish trend scenario that depends on holding above the mentioned level and above 1,211.31. Thus, supported by stochastic it is heading towards the oversold areas, reminding you that our main waited target is located at 1,249.94. The expected trading range for today is between 1,217.00 support and 1,240.00 resistance.

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Daily analysis of Silver for February 15, 2017

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Overview

Silver shows some slight bearish bias approaching from the intraday bullish channel's support. As long as the price is above 17.43 level, the bullish trend scenario will remain active for the upcoming period, supported by the EMA50, which protects trading inside the mentioned channel. Wait for targetting 18.30 level initially. When it is breached, it represents the key to head towards 19.38 as the next main station. The expected trading range for today is between 17.70 support and 18.30 resistance.

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AUD/USD fundamental analysis for February 15, 2017

The AUD/USD pair has been stuck between 0.7605 and 0.7687 area since last two weeks. After a massive bullish pressure from December, AUD has progressed well against USD. Today data on Westpac Consumer Sentiment were released with a positive figure of 2.3% which was previously 0.1% and New motor vehicle sales also increased by 0.6% which was previously 0.1%. This week there was no remarkable news, which might have impact on AUD, to push AUD higher to break the 0.7687 resistance. On the other hand, CPI report was published with 0.6% which was expected 0.3% and Core CPI was 0.3% which was forecasted 0.2%. Retail sales also had a significant increase of 0.4% which was expected 0.1%. Overall, USD is fundamentally quite strong due to high impact reports with positive results of the economy. So, there are some positive chances for USD to gain strength against AUD.

Now let us look at the technical view, the price is ranging between 0.7605 and 0.7687. Today market retested the 0.7687 resistance and the price bounced back inside the range without showing any sign of breaking above it. With economic events for the whole week and positive reports, there are higher chances that the price will break the support 0.7605-00 and proceed lower to 0.7500-50 area. On the other hand, if the price breaks above the resistance with a daily close we will be looking forward to buy with a target towards 0.80.

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USD/CAD intraday technical levels and trading recommendations for February 15, 2017

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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.

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NZD/USD intraday technical levels and trading recommendations for February 15, 2017

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On December 16, 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 bearish price action was expressed as anticipated.

Bearish persistence 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, any bullish pullback toward 0.7250 should be considered for SELLING the NZD/USD pair.

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Trading plan for EUR/USD for February 15, 2017

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Technical outlook:

The 4H chart view indicates that EUR/USD has confirmed its first leg towards larger down trend and that it is moving towards parity levels moving forward. As seen here, the drop from 1.0829 level has unfolded into an impulse and looks to be complete. Furthermore, the support at 1.0580 level has also been taken out by the bears, registering themselves to push further lower. Structurally, the pair should produce a countertrend rally towards 1.0650 and subsequently 1.0700/20 levels which is also Fibonacci 0.618 resistance as shown here. The pair should produce a short-term rally through the levels above and then reverse lower towards the larger trend moving towards 1.0000 level in the next few weeks. A short-term wave count has also been shown here on an hourly chart for better wave clarity.

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Trading plan:

An aggressive trade setup may initiate longs with a tight stop below today's lows, targeting higher levels as depicted above. On the other hand a more conservative trade strategy may remain flat for now, waiting to sell higher.

Aggressive:

Long now, stop at 1.0490, and target 1.0650 and 1.0720.

Conservative:

Flat now. Sell higher at 1.0720/30, stop at 1.0850, and target 1.0000.

Fundamental outlook:

USD Consumer Price Index is expected at 2.4% versus 2.1% year-to-year. It is scheduled at 08:30 AM EST today. It should have medium to heavy impact on the pair.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for February 15, 2017

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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.

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Gold analysis for February 15, 2017

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Recently, gold has been trading sideways at the price of $1,225.50. According to the 30M time frame, I found hidden bullish divergence in creation on the moving average oscillator, which is a sign that sellers lost power. I found potential parabolic bottom formation, which is a very strong type of bottoming. My advice is to watch for potential buying opportunities. Targets are set at the price of $1,234.50 and $1,244.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,230.85

R2: 1,233.50

R3: 1,237.90

Support levels:

S1: 1,222.10

S2: 1,219.45

S3: 1,215.75

Trading recommendations for today: watch for potential buying opportunities.

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Intraday technical levels and trading recommendations for EUR/USD for February 15, 2017

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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 long 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).

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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.

At the moment, the price level of 1.0570 stands as a prominent demand level to be watched for corrective bullish rejection. Otherwise, further bearish decline can be executed towards 1.0400.

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EUR/NZD analysis for February 15, 2017

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Recently, the EUR/NZD pair has been trading downwards. As I expected, the price tested the level of 1.4677. According to the 1H time frame, I found strong support at the price of 1.4675 (previous demand level). There is also successful test of lower diagonal of downward channel. My advice is to watch for potential buying opportunities. Targets are set at the price of 1.4765 and 1.4805. Anyway, if the price breaks the level of 1.4675, EUR/NZD may test the level of 1.4615.

Resistance levels:

R1: 1.4790

R2: 1.4805

R3: 1.4830

Support levels:

S1: 1.4750

S2: 1.4730

S3: 1.4710

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of NZD/USD for February 15, 2017

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Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.7314. The pair fell from the level of 0.7314 to the bottom around 0.7190.
  • The first resistance level is seen at 0.7265 followed by 0.7314, while daily support 1 is seen at 0.7179.
  • According to the previous events, the NZD/USD pair is still moving between the levels of 0.7265 and 0.7118.
  • If the NZD/USD pair fails to break through the resistance level of 0.7265, the market will decline further to 0.6546.
  • This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.
  • The pair is expected to drop lower towards at least 0.7179 so as to test the first support.
  • It will also call for a downtrend in order to continue towards 0.7118.
  • The daily strong support is seen at 0.7118. On the other hand, if a breakout takes place at the resistance level of 0.7375 (the double top), then this scenario may become invalidated.
  • Overall, we still prefer the bearish scenario.
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Technical analysis of USD/CHF for February 15, 2017

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Overview:

  • The USD/CHF pair is trading in an uptrend channel, the market showed signs of instability. According the previous events, the trend is still trading between the levels of 0.9974 and 1.0101. Besides, the daily resistance and support are seen at the levels of 1.0101 and 0.9974 respectively. Yesterday, the market moved from its bottom at 0.9974 and continued to rise towards the top of 1.0045. The current rise will remain within a framework of correction. However, the resistance will be set at the point of 1.0158. If the pair fails to pass through the level of 1.0158, the market will indicate a bearish opportunity below the strong resistance level of 1.0158 (the level of 1.0158 coincides with the ratio of 61.8% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0158 with the first target at 1.0050. If the trend breaks the support level of 1.0050, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9974 in order to test the daily support 1. Generally, we expect a large range between the levels of 0.9974 and 1.0158.

Daily key levels:

  • Major resistance: 1.0158
  • Minor resistance: 1.0101
  • Intraday pivot point: 1.0045
  • Minor support: 0.9974
  • Major support: 0.9917
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Trading plan for 15/02/2017

Trading plan for 15/02/2017:

There will be a few economic releases during the European and American trading session, so let's take a look at the major fundamental events today: Claimant Count Change from the UK, Retail Sales and Consumer Price Index from the US and speech of the Federal Reserve Chairperson Janet Yellen.

09:30 am GMT - Claimant Count Change from the UK

The details of the labour market report look as follows: the unemployment rate is expected unchanged at the level of 4.8%, together with the average earning index. The number of individuals who are out of work and who are claiming some sort of unemployment benefit should increase from -10k last month to 1.1k. With the jobless rate so low, today's claimant data outlook probably won't weigh on the market.

Let's take a look at the GBP/USD technical picture at the H4 time frame. Any number of unemployed people lower than 4.8% will be good for Pound and the market might react with a rally toward the level of 1.2581 again. However, if the data will not surprise the markets, then the price will get back to the trading range between the levels of 1.2411 - 1.2581.

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01:30 pm GMT - Consumer Price Index and Retails Sales data from the US

Yesterday's Producer Price Index posted its largest gain in four years in January, which might indicate that inflationary pressures continue to strengthen, albeit from a low base. From the consumer point of view, the public's outlook for stronger pricing pressure rose for a second month in January, reaching the highest level since mid-2015. If today's CPI expectations of 2.4% increase on annual basis turn out to be accurate, inflation will run at a five-year high.

Let's take a look at the EUR/USD technical picture at H1 time frame. The market is currently oversold, so any data that will be better than expected might spark a rally toward the next intraday resistance at the level of 1.0590 and 1.0632. The golden trend line is the most important dynamic resistance now and deeper recovery is not possible without a clear break out above the level of 1.0632.

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03:00 pm GMT - Federal Reserve Chairperson Janet Yellen Speaks

Any reiterations from the last FED meeting minutes regarding a possible (and planned) interests rate hike or any hawkish tone of the speech regarding the US economy (employment, wages, inflation, etc.) will be positive for the US Dollar.

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Global macro overview for 15/02/2017

Global macro overview for 15/02/2017:

Interesting remarks from Bank of Japan Governor Haruhiko Kuroda has hit the newswires during his speech at Japanese Parliment today. He stated, that BoJ policy is still aimed at 2% target and is not aiming at Forex exchange levels of Japanese Yen as exchange levels are affected by various factors, not only interest rate difference. BoJ still has a long way to hit price target, but BoJ is ready to continue powerful easing. BoJ policymakers are not thinking about raising target rates at the moment. In conclusion, it is a clear reiteration of his previous remarks regarding the inflation target and a possible intervention from BoJ.

Let's now take a look at the USD/JPY technical picture at the H4 time frame. The bulls have managed to break out above the level of 114.16 and now it will act as an intraday support. The next target for bulls is the technical resistance at the level of 115.60, but first to 50%Fibo at the level of 115.06 must be violated. Please notice that the market conditions starting to look overbought at this time frame, so the corrective cycle is due soon.

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Global macro overview for 15/02/2017

Global macro overview for 15/02/2017:

In her yesterday testimony, the Federal Reserve head Janet Yellen had made some interesting remarks regarding the future rate hikes. She said the further tightening ahead is possible and the risks of waiting too long might be a mistake. However, there is no specific data of the rate hike yet (market participants assume it might be March 2017) and Yellen also emphasized that hikes will be "gradual". Moreover, she said that the FED is not basing rate decisions on fiscal policy speculation as the FED's expectation of rate increases in 2017 appropriate. She expects housing and employment will continue to recover, but 1.9% GDP growth is a disappointing performance so far. In conclusion, rather hawkish remarks from the FED Chairperson and so fat after the speech the odds for a next rate hike according to the FED WatchTool for next FED meeting in March are at 83%.

Let's now take a look at the US Dollar Index technical picture after the hawkish Yellen testimony. The bulls have managed to break out above the technical resistance at the level of 101.03 and not the price is heading towards the next resistance at the level of 101.73. Only a sustained break out below the level of 100.06 might invalidate this scenario.

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Technical analysis of USD/CHF for Feburary 15, 2017

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USD/CHF is expected to trade with bullish bias as it is supported by a rising trend line. The technical picture of the pair is positive above a rising trend line, which emerged on Feb 9. The rising 50-period moving average is playing a support role. The relative strength index is above its neutrality level at 50 and lacks downward momentum.

In a testimony to the Senate Banking Committee, Yellen said, "Waiting too long to remove accommodation would be unwise, (...) At our upcoming meetings, the committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate."

As long as 1.0050 is support, a rebound to it next resistance at 1.0095 seems more likely to occur. A break above this level would call for a further rise to 1.0110.

Resistance levels: 1.0095, 1.0110, and 1.0145

Support levels: 1.0030, 1.0015, and 0.9985

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Technical analysis of USDX for February 15, 2017

The Dollar index has broken out of the bearish channel. Short-term trend remains bullish as price is making higher highs and higher lows. The Dollar index could also be forming a head and shoulders pattern and that is why it is very important to keep a close eye on any possible pull back.

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Red line - support

Blue line - bullish scenario

Green lines - bearish channel

Black line - bearish scenario

The Dollar index is trading above the red trend line support and above the 4 hour Ichimoku cloud. Trend is bullish. The Dollar index could very well have completed an important low at 99.20 and may have started its next leg up toward 105-110. A pull back toward 100 is justified. Traders need to pay close attention to the coming short-term pull back as we have a Head and Shoulders bearish pattern being formed, with a neckline at 99-99.20. The right shoulder is still not fully formed but we have to be cautious in case this pattern plays out.

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Green line - long-term support

Black line - neckline

Blue triangles - head and shoulder pattern

The Dollar index is testing the tenkan-sen (red line indicator) in the weekly chart. A rejection here will push the index back toward the kijun-sen (yellow line indicator) or at least toward the 61.8% Fibonacci retracement of the recent rise from 99.20. Holding above 99 will be decisive for the longer-term bullish trend and our bullish scenario.

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Technical analysis of NZD/USD for Feburary 15, 2017

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NZD/USD is expected to trade with bearish bias as Key resistance at 0.7195. Despite of a recent rebound, the pair is still trading below the descending 50-period moving average, which plays a resistance role. In addition, 0.7195 (the previous top) represents a significant key resistance level, which should limit the upside potential. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited. As long as 0.7195 is not surpassed, the pair is likely to return to its previous low at 0.7140. A break below this level would call for a further drop toward 0.7120.

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 0.7140. A break below this target will move the pair further downwards to 0.7120. The pivot point stands at 0.7195. 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 0.7220 and the second one at 0.7240.

Resistance levels: 0.7220, 0.7240 and 0.7280

Support levels: 0.7140, 0.7120, and 0.7085

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Technical analysis of gold for February 15, 2017

Despite Dollar strength yesterday, Gold remained resilient and above $1,218-20 short-term support. As long as Gold remains above that level I expect a swift upward move towards $1,250 and eventually towards $1,280-$1,300. Gold remains in a bullish trend.

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Blue line - support

Red line - resistance

Gold is inside the 4-hour cloud. Short-term trend is neutral. A break above the red downward sloping trendline will put short-term bulls back in control and will most probably push the precious metal towards $1,250. If support is broken at $1,218 the upside is postponed as the price will have to test $1,210-$1,200 support first.

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Black line - long-term resistance

Weekly trend remains bullish. The price has stopped at the kijun-sen (yellow line indicator) but eventually I expect it to be broken. It is possible even this week for this to happen.Gold should move towards the black long-term downward sloping trendline resistance near $1,280-$1,300. I remain bullish for Gold.

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Technical analysis of GBP/JPY for Feburary 15, 2017

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GBP/JPY is expected to trade with bullish bias above 142.10. The pair has broken above a negative trendline, and has been supported by the rising 20-period moving average, which has just crossed above the 50-period one. Meanwhile, the relative strength index is above its neutrality area at 50 and lacks downward momentum. As long as 142.10 is not broken below, further bounce is expected with yesterday's high at 143.10 as the next target.

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 143.10 and the second one at 143.55. In the alternative scenario, short positions are recommended with the first target at 141.70, 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 141.25. The pivot point is at 142.10.

Resistance levels: 143.10, 143.55, and 144.75

Support levels: 141.70,141.35, and 140.90

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Elliott wave analysis of EUR/NZD for February 15, 2017

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Wave summary:

We continue to look for a break above minor resistance seen at 1.4828 and more importantly a break above resistance at 1.4862 that will call for a rally higher toward at least 1.4953, but could easily extend the rally higher to the 1.5276 target. Longer term, we are looking for much higher levels here, but we need the break above 1.5276 to confirm that a firm low was seen with the test of 1.4495 and a new long-term impulsive rally is starting.

R3: 1.4953

R2: 1.4862

R1: 1.4808

Pivot: 1.4750

S1: 1.4695

S2: 1.4637

S3: 1.4591

Trading recommendation:

We are long EUR from 1.4940 with stop placed at 1.4490. If you are not long EUR yet, the buy a break above 1.4862 and start by using the same stop at 1.4490 expecting to move it higher soon.

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Daily analysis of major pairs for February 15, 2017

EUR/USD: The EUR/USD went downwards on Tuesday, continuing the bearish movement that was started last week. There is a Bearish Confirmation Pattern in the market, and further bearish movement is envisaged, for price would go toward the support lines at 1.0550, 1.0500 and 1.0450 within the next few trading days.

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USD/CHF: The USD/CHF is still above the great support level at 1.0000. Price is now above the support level at 1.0050, going toward the resistance level at 1.0100, which is the next target for bulls. As long as price is above the great support level at 1.0000, long trades would be logical in the market.

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GBP/USD: The bias on the Cable remains neutral. But a rise in a bearish movement is very likely and it may happen any day. There would also be bearish movements on some other GBP pairs as well. Long trades should not be held for a long time in this market.

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USD/JPY: The USD/JPY trended upwards yesterday. This happened while a bullish signal was in place, and in line with a bullish expectation on the market. There is now a Bullish Confirmation Pattern in the 4-hour chart, and further bullish movement is possible as price goes toward the supply levels at 114.50, 115.00 and 115.50.

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EUR/JPY: The bias on the EUR/JPY is bearish. Bulls attempted to push price upwards yesterday, but their effort has not yielded anything significant. The EMA 11 remains below the EMA 56, though the RSI period 14 is above the level 50. Price needs to go upwards by another 200 pips before a bullish outlook can be fully established here.

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Daily analysis of USDX for February 15, 2017

USDX got a bullish momentum during Tuesday's session after Yellen's speech at a Senate committee. It's now testing the resistance zone of 101.40, where a breakout should deliver more bullish bias toward 102.39, in an effort to strengthen the bullish scenario for the short-term. If the index does a pullback at the current stage, then we can expect a decline to test the 100.00 handle.

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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.

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Daily analysis of GBP/USD for February 15, 2017

GBP/USD plummeted to consolidate once again below the 1.2500 zone and now, we're seeing some choppy price action around the 1.2450 level. If the pair manages to break above 1.2500, then we can expect further rallies to test the resistance zone of 1.2561. However, that move should be taken as bears' giving up in a temporal way.

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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.

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Daily Video Analysis on AUD/USD - 14th February 2017

We take an in-depth look on AUD/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 use 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!

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EURJPY dropping perfectly as expected, remain bearish

The price has reacted perfectly from our selling area. We remain bearish below the 121.09 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to the 119.65 support (Fibonacci extension, horizontal support, recent swing low support).

Stochastic (34,5,3) has reacted off our 92% resistance level perfectly.

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AUDUSD above major support, remain bullish

The price is testing the major support at 0.7659 (Fibonacci retracement, horizontal overlap support, pullback support, ascending support) where we expect a further push up to the 0.7780 resistance (swing high resistance, Fibonacci projection).

The RSI (34) is seeing ascending support that is holding the price up really nicely.

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Daily analysis of EUR/JPY for February 14, 2017

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Overview

The EUR/JPY pair returned to provide new bearish trading below 120.60 level, to confirm its affection by the bearish bias domination in the upcoming trading, and the moving average 55 decline to 121.20 level. It forms new resistance which increases the negative pressure on the upcoming trading, to wait for recording the targets at 120.00 reaching to 118.60 level. Stochastic's sharp decline to the oversold level supports the negative suggestion for the upcoming trading, providing extra negative momentum that allows the price to record the targets in the near and medium trading. The expected trading range for today is between 120.80 and 118.60.

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Daily analysis of USD/JPY for February 14, 2017

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Overview

The tight range controlled the USDJPY pair's trading yesterday, it remains stable below 113.97 level. Stochastic begins to decline on the 4-hour time frame to support the chances for resuming the bearish trend on the intraday and short-term basis, where the bearish trend scenario remains active if the price settles below the mentioned level. Therefore, we wait for negative trading in the upcoming sessions. The expected targets begin at 111.60 and extend to 110.00, reminding you that breaching the level of 113.97 will push the price to test 118.00 level initially. The expected trading range for today is between 112.60 support and 114.30 resistance.

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Daily analysis of Gold for February 14, 2017

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Overview

Gold showed initial breach to the falling wedge's resistance that appears on the chart and closed the last 4-hours' candlesticks above it, which supports the continuation of our bullish overview efficiently in the upcoming period, paving the way to head towards our next main target at 1,249.94. Therefore, we are waiting for more rise today conditioned by the price stability above 1,221.50. Breaking it, it represents the negative factor that will push the price to visit 1,207.75 before any new positive attempt. The expected trading range for today is between 1,217.00 support and 1,249.94 resistance.

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Daily analysis of Silver for February 14, 2017

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Overview

Silver traded slightly negatively yesterday. Notice that stochastic managed to get rid of its negativity and gaining the positive momentum on the 4-hour time frame, forming positive motive that we wait to push the price to resume its bullish track in the upcoming sessions. Its targets begin at 18.30 and extend to 19.38 after breaching the previous level. In general, the bullish trend will remain active unless breaking 17.43 level and holding below it. While, breaking of this level will push the price to test 16.56 level before any new positive attempt. The expected trading range for today is between 17.60 support and 18.30 resistance.

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