USD/CHF: prepare to buy above major support

We prepare to turn bullish above major support at 0.9959 (Fibonacci retracement, horizontal overlap support) for a push up to 1.0030 resistance (Fibonacci retracement, horizontal pullback resistance).

RSI (34) is seeing strong support above the 23% level.

Buy above 0.9959. Stop loss is at 0.9898. Take profit is at 1.0030.

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EUR/USD: prepare to sell below major resistance

We prepare to sell below major resistance at 1.0711 (Fibonacci retracement, horizontal overlap resistance) for a push down to 1.0525 support (Fibonacci retracement, recent swing low support).

RSI (34) is approaching strong resistance at 60% where we expect to see a corresponding drop in the price too.

Sell below 1.0711. Stop loss is at 1.0762. Take profit is at 1.0525.

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Technical analysis of USD/JPY for February 17, 2017

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USD/JPY is under pressure. The pair is holding on the downside and is capped by a bearish trendline (since Feb. 15), which confirms a negative outlook. The downward momentum is further reinforced by its declining 50-period moving average. The relative strength index is below its neutrality level at 50. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.

US economic releases were broadly better than expected. The Philadelphia Federal Reserve Bank posted its business outlook index at 43.3 for February (vs. 18.0 expected, 23.6 in January), the highest reading since January 1984. The Labor Department reported that initial jobless claims amounted to 239,000 for the week ended February 11 (vs. 245,000 expected). In other reports, the Commerce Department said housing starts fell 2.6% on month in January (vs. +0.0% expected) and building permits rose 4.6% on month in January (vs. +0.2% expected) to an annual rate of 1.29 million units, the highest level since November 2015.

As long as 113.50 holds on the upside, look for a further drop to 112.15 and even 111.60 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 112.15. A break below this target will move the pair further downwards to 111.60. The pivot point stands at 113.50. 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 113.80 and the second one at 114.30.

Resistance levels: 113.80, 114.30, and 114.75

Support levels: 112.15, 111.60, and 111.25

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Technical analysis of USD/CHF for February 17, 2017

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USD/CHF is expected to stick to its downside movement. The pair recorded a succession of lower tops and lower bottoms since Feb. 15, which confirms a negative view. The downward momentum is further reinforced by its declining 20-period and 50 period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is capped by a bearish trendline (since Feb. 15) and is below its neutrality level at 50. Additionally, the upward potential should be limited by the key resistance level at 1.0015 (Feb. 13 bottom).

As long as this key level is not surpassed, expect a further drop to 0.9955 and 0.9930 in extension.

Resistance levels: 1.0050, 1.0075, and 1.0095

Support levels: 0.9955, 0.9930, and 0.9900

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Technical analysis of NZD/USD for February 17, 2017

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NZD/USD is under pressure. The pair broke below a bullish trendline and accelerated on the downside, which confirmed a negative outlook. The rising 20-period and 50-period moving averages play resistance roles and maintain the downside bias. The relative strength index is bearish below its neutrality level at 50 and lacks upward momentum. As long as 0.7240 holds on the upside, look for a further downside to 0.7170 and even 0.7150 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 0.7170. A break below this target will move the pair further downwards to 0.7150. The pivot point stands at 0.7240. 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 0.7260 and the second one at 0.7280.

Resistance levels: 0.7260, 0.7280, and 0.7310

Support levels: 0.7170, 0.7150, and 0.7105

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Technical analysis of GBP/JPY for February 17, 2017

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GBP/JPY is expected to trade in bearish bias. The pair has broken below 140.90 level and expected to continue the downward movement, which should limit the upside potential and it is holding on the downside. In addition, the 20-period moving average is turning down and is likely to cross below the 50-period one in sight. The relative strength index stands firmly below its neutrality level at 50 and calls for a further downside. As long as the key level at 140.90 is not broken, a further upside to 139.20 and 138.50 is likely to occur.

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 139.20. A break below this target will move the pair further downwards to 138.50. The pivot point stands at 140.90. 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 141.25 and the second one at 141.95.

Resistance levels: 1421.25, 141.95, and 142.50

Support levels: 139.20,138.50, and 138.00

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EUR/AUD fundamental analysis for February 17, 2017

EUR/AUD has been downward sloping since last week after the break of support 1.4130 and currently found support at 1.3280 yesterday. Recently AUD employment change was positive at 13.5K which was expected 9.7K as well as Unemployment Rate was also decreased to 5.7% which was expected to be 5.8. With all the fundamental advantages AUD failed to put pressure on EUR because of ECB Monetary meeting minutes discussing the further progress in EUR as well as a positive discussion on Interest rate. Today EUR Current Account report was also positive with 31B which was expected to be 28.7B. Currently it is the time for EUR to dominate AUD in fundamental perspective.

Now let us look at the technical view, the price has bounced off from the support at 1.3280 and with a bullish engulfing price action, bulls have already shown their presence from the level. Currently the price is expected to rise toward 20 EMA resistance 1.40 and later at horizontal resistance 1.41. Currently the bias is bullish and no bearish price action is expected to occur until 20 EMA touched.

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USD/CAD intraday technical levels and trading recommendations for February 17, 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 17, 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, the current bullish pullback toward 0.7250 should be considered for SELLING the NZD/USD pair.

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Intraday technical levels and trading recommendations for GBP/USD for February 17, 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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Intraday technical levels and trading recommendations for EUR/USD for February 17, 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, the 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 a valid bullish entry (note the bullish Head & Shoulders Pattern with Initial target at 1.0800).

Otherwise, further bearish decline can be executed towards 1.0400 if bearish breakdown below 1.0570 is achieved.

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USD/JPY analysis for February 17, 2017

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Recently, the USD/JPY pair has been trading downwards. The price tested the level 112.70. According to the 4H time frame, I found broken bearish flag in the background and expanded diagonal. There is also a hidden bearish divergence, which is another sign of weakness. My advice is to watch for selling opportunities on the pullbacks. The first downward target is set at the price of 111.60 (swing low).

Resistance levels:

R1: 113.30

R2: 113.48

R3: 113.75

Support levels:

S1: 112.80

S2: 112.65

S3: 112.40

Trading recommendations for today: watch for potential selling opportunities.

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Trading plan for 17/02/2017

Trading plan for 17/02/2017:

On Friday 17th of February there will not be many economic releases during the European and American trading sessions, so let's take a look at the overall market conditions to see whether there is a good trading setup among the major pairs that traders can use to make money.

GBP/USD analysis for 17/02/2017:

The Retail Sales data released this morning were way worse than expected. The market participants expected an increase in sales at the level of 1.0%, but the number released was at the level of -0.3%. This means the sales are not rising fast enough and this is not good for the British Pound.

At the hourly time frame chart, we can see an immediate sell-off after the news towards the level of 1.2381, but this intraday support has not been violated yet. Because the market conditions are starting to look oversold, the next intraday move should be the test of the recent resistance at the level of 1.2458 and then sell-off continuation. Violation of the level of 1.2381 will open the road towards the next support at the level of 1.2347.

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USD/JPY analysis for 17/02/2017:

At the hourly time frame chart, the bears have managed to push the prices lower towards the 61%Fibo at the level of 112.87. The hammer candle indicates the fall might be terminated and oversold market conditions and growing bullish divergence supports this view. In a case of a rally, the next target for the bulls is at the level of 113.08 and 113.49.

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USD/CHF analysis for 17/02/2017:

The most important candle at the daily time frame chart is a Doji candle with a top at the level of 1.0120. Since reaching this level, the market had been declining towards the 61% Fibo at the level of 0.9959 and missed this level by 10 pips so far. Nevertheless, the market conditions are oversold and now the price should correct higher towards the intraday resistance at the level of 1.0000. Any break out higher above this level might lead to the test of the next resistance at the level of 1.0118.

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USD/CAD analysis for 17/02/2017:

The golden trendline at the intraday chart is currently the most important dynamic resistance level. The bull camp is currently testing it from the downside and any sustained violation of this resistance will lead to the further gains. The next target for the bulls will be at the level of 1.3120, but in a case of a failure here, the price will fall back towards the next intraday support at the level of 1.3023.

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GBP/USD analysis for February 17, 2017

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Recently, the GBP/USD pair has been trading downwards. The price tested the level 1.2388 after the negative number in retails sales. According to the 1H time frame, I found potential parabolic bottoming (my own pattern), which is a sign that selling looks risky. There is also an unconfirmed hidden bullish divergence, which is another sign of potential strength. My advice is to watch for potential buying opportunities. The first target is set at the price of 1.2500.

Resistance levels:

R1: 1.2415

R2: 1.2425

R3: 1.2450

Support levels:

S1: 1.2390

S2: 1.2385

S3: 1.2375

Trading recommendations for today: watch for potential buying opportunities.

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Global macro overview for 17/02/2017

Global macro overview for 17/02/2017:

The US house market data beat the expectations yesterday as the figure reached the highest level since November 2015. According to the Commerce Department, the building permits increased by 4.6% to a seasonally adjusted annual pace of 1,285k in January, following the previous month's upwardly revised 1,230k units and surpassing analysts' expectations for a 1,225k unit rate. The housing starts declined to 1,246k units, which was worse than a number of 1,276k from a month ago, but still better than expected number of 1,227k units. In conclusion, this overall stable data imply a steady level of investment and business optimism among the US house market investors.

Let's now take a look at the EUR/USD technical picture at the H1 time frame. The bulls tried three times to break out above the intraday resistance at the level of 1.0679, but finally gave up and the price returned to the trading range. Currently, the market is trying to test the next intraday support at the level of 1.0632 and any successful attempt might lead to another sell-off towards the level of 1.0600.

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Global macro overview for 17/02/2017

Global macro overview for 17/02/2017:

The Retail Sales for the fourth quarter from New Zealand had been released overnight and they surprised market participants. Headline New Zealand retail sales volumes increased by 0.8% for the fourth quarter of 2016 following a revised 0.8% increase for the third quarter which was originally reported as 0.9%. The increase was below consensus expectations of a 1.0% increase, while the year-on-year increase slowed to 4.2% from 5.1% previously. The most active retail sector that advanced 1.9% in the fourth quarter was motor-vehicle and parts. The sharpest decline was seen in non-store and commission-based retailing which declined 5.6% following a 5.2% decline the previous quarter. There also was a significant decline in clothing and footwear sales for the quarter. In conclusion, there was no real change of trend estimates and the retail sales are likely to remain stable in the near term. Moreover, the data were not significant enough for Reserve bank of New Zealand to change the near-term policy implications.

Let's now take a look at the NZD/USD technical picture at the H1 time frame. The intraday support at the level of 0.7197 was broken and now the price is testing this level from the downside. Before the market will become more oversold, there is a chance for another leg down towards the next technical support at the level of 0.7147.

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GBP/USD fundamental analysis for February 17, 2017

GBP had a great fall after Retail Sales report today which was expected to be 1.0% and which came out to be 0.3%. A deficit of -0.7% pup pressure on GBP to have a great fall from 1.2520 to 1.2410 and continuing to go downwards. Yesterday USD Building permits had a positive result of 1.29M which was expected to be 1.23M; Philly FED Manufacturing Index was 43.3 which was expected to be 18.5; and Unemployment Claims was 239K which was expected to be 243K. With USD and GBP Fundamental news context, GBP fall was quite predictive after Retail Sales report. The price is expected to fall much lower as USD is stronger today.

Now let us look at the technical view, currently the price is heading lower towards 1.2120 after breaking below 1.2400-20 area. If the market presents a daily close today below 1.24, it is expected that the price will move much lower towards the next support at 1.2120. On the other hand, if the price rejects from 1.2400-20 with a bearish rejection we will be looking forward to buy with a target towards 1.2520 on the next week.

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Technical analysis of USD/CHF for February 17, 2017

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Overview:

  • The USD/CHF pair has faced strong support at the level of 0.9974 because resistance has become support. So, the strong support is already seen at the level of 0.9974 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9974, the market will indicate a bullish opportunity above the new support level of 0.9974 (the level of 0.9974 coincides with a ratio of 23.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100). Since the trend is above the 23.6% Fibonacci level, the market is still in an uptrend. From this point, the market is indicating a bullish opportunity above 0.9974 so it will be good to buy at 0.9974 with the first target of 1.0045. It will also call for an uptrend in order to continue towards 1.0101. The daily strong support is seen at 0.9974. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9917.
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Technical analysis of NZD/USD for February 17, 2017

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Overview:

  • Amid the previous events, the price is still trading between the levels of 0.7162 and 0.7226. The NZD/USD pair movement was controversial as it took place in a narrow sideways channel for a while. The market showed signs of instability. On the H1 chart, the daily resistance and support are seen at the levels of 0.7226 and 0.7162 respectively. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel is completed. The price spot of 0.7226 remains a significant resistance zone. Thereafter, there is a chance that the NZD/USD pair will move to the downside. The fall structure does not look corrective. Resistance is seen at the level of 0.7226 today. So, sell below 0.7226 with the first target at 0.7190 to test yesterday's bottom. In overall, we still prefer the bearish scenario as long as the price is below the level of 0.7190. Furthermore, if the NZD/USD pair is able to break out the bottom at 0.7190; the market will decline further to 0.7162. Also, it should be noted that the double bottom is seen at 0.7134. On the other hand, stop loss should always be taken into account accordingly. It will be beneficial to set the stop loss above the last bullish wave at the level of 0.7226.
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Technical analysis of USDX for February 17, 2017

The Dollar index has reached important short-term support. Is the entire pullback over or is it just the first part? As long as the price is trading above 99.20 we remain bullish for the Dollar, as the low could very well be the end of wave 4, while the current bounce could be the start of the new leg up to new highs.

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The Dollar index has reached the Ichimoku cloud support and the 50% retracement of the recent rise. This could be the entire pullback and we could see the start of a new uptrend from the current levels. Important short-term support is at the 100.20 level and the 61.8% Fibo.

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The Dollar index could also be forming a head and shoulders pattern. The neckline support is at 99-99.20 and if we break below that level we should expect the Dollar index to fall towards 95. Daily resistance is at 101.70. A break above that level will confirm the initial bullish scenario that wave 4 was complete at the recent low at 99.20.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for February 17, 2017

The price of gold is in a bullish short-term trend. The price has reversed from $1,216 and is trying to break highs recorded this year of $1,244.50. We might see a pullback but overall technical picture is bullish and our target of $1,280-$1,320 remains valid.

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Red line - resistance (broken)

Black line - support

Gold is trading above the 4-hour cloud support. Trend is bullish. Short-term support is at $1,237 and the next is at $1,232 where the upper cloud boundary is found. I do not expect the price to break this week's low. On the other hand, I expect Gold to continue higher towards $1,280 at least.

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Black line - long-term resistance

The weekly kijun-sen (yellow line indicator) is at $1,237.50 and as long as we trade above it and close the week above it, my target of $1,280 could be achieved until the end of the month. I expect Gold price to move towards the upper cloud boundary and test the long-term resistance trend line.

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Technical analysis of EUR/USD for Feb 17, 2017

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When the European market opens, there's no Economic Data will be released, but the US will release the economic data, such as CB Leading Index m/m and Current Account, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0720.

Strong Resistance:1.0713.

Original Resistance: 1.0703.

Inner Sell Area: 1.0693.

Target Inner Area: 1.0668.

Inner Buy Area: 1.0643.

Original Support: 1.0633.

Strong Support: 1.0623.

Breakout SELL Level: 1.0616.

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.

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Technical analysis of USD/JPY for Feb 17, 2017

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In Asia, today Japan will not release any Economic Data, but the US will release some Economic Data, such as CB Leading Index m/m and Current Account. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.02.

Resistance. 2: 113.80.

Resistance. 1: 113.57.

Support. 1: 113.30.

Support. 2: 113.08.

Support. 3: 112.85.

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 17, 2017

USDX resumed the downside bias with a consolidation in the short term below the 200 SMA at H1 chart. Next target is located around 100.00, where a breakout should deliver more bearish pressure to test the 99.00 psychological level. However, if the resistance area of 101.43 gives up, then we can expect further gains toward the 102.39 level.

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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 17, 2017

GBP/USD is hovering around the 200 SMA at H1 chart, looking for fresh momentum to visit the 1.2561 zone across the board, but the bulls are struggling at this stage. That's why we cannot discard at all the idea of a possible bearish bias to develop below that moving average in order to test the support level of 1.2414. MACD indicator is entering the negative territory.

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H1 chart's resistance levels: 1.2480 / 1.2561

H1 chart's support levels: 1.2414 / 1.2360

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 1.2480, take profit is at 1.2561 and stop loss is at 1.2398.

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Daily Video Analysis on USD/JPY - 16th February 2017

We take an in-depth look on USD/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 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!

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

EUR/JPY remains bearish at major resistance

We remain bearish below 121.09 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 119.65 support (Fibonacci extension, horizontal support, and recent swing low support).

Stochastic (34,5,3) has reacted off our 92% resistance level perfectly and continues to see resistance there.

Sell below 121.09. Stop loss is at 121.86. Take profit is at 119.65.

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AUD/USD above major support, remain bullish

The price has bounced up really nicely above our support from yesterday. We now remain bullish above support at 0.7696 (Fibonacci retracement, horizontal pullback support, and breakout level) where we expect a further push up to 0.7780 resistance (swing high resistance, Fibonacci projection). We also tighten our stop loss to 0.7643 to protect our profits.

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

Buy above 0.7696. Stop loss is at 0.7643. Take profit is at 0.7780.

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