Gold analysis for February 22, 2017

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Recently, the Goldpair has been trading sideways at the price of $1,237.00. According to the 15M time frame, I found broken bullish flag and hidden bullish divergence in the background, which is sign that selling looks risky. My advice is to watch for potential buying opportunties. Upward targets are set at the price of $1,241.30 and $1,246.00 (Fibonacci expansio 100%).

Resistance levels:

R1: $1,237.80

R2: $1,240.00

R3: $1,243.50

Support levels:

S1: $1,230.80

S2: $1,228.60

S3: $1,225.00

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of USD/CHF for February 22, 2017

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Overview:

  • The USD/CHF pair has faced strong support at the level of 1.0045 because resistance has become support. Hence, the strong support is already seen at the level of 1.0045 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 1.0045, the market will indicate a bullish opportunity above the new support level of 1.0045 (the level of 1.0045 coincides with a ratio of 38.2% 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 38.2% Fibonacci level, the market is still in an uptrend. From this point, the market is indicating a bullish opportunity above 1.0045. So, it will also call for an uptrend in order to continue toward 1.0101 and 1.0158. The daily strong support is seen at 1.0045. However, the stop loss should always be taken into account, thus, it will be reasonable to set your stop loss at the level of 0.9917. Briefly, the support levels are seen at 1.0045 and 1.0101. Then, it will be useful to buy above the spot of 1.0045 and 1.0101 with the targets of 1.0158. On the other hand, the stop loss should be placed below the price 1.0045.
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Technical analysis of USD/JPY for February 22, 2017

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USD/JPY is expected to trade with bearish bias as the pair is under pressure. The pair remains well supported by its ascending 50-period moving average, and has crossed above the 20-period moving average, which is a bullish technical signal. Meanwhile, the relative strength index is turning up from its neutrality area at 50, calling for further upside as well. The overall technical configuration is positive and the intraday bias remains bullish.

As long as 113.75 is not broken down, further rise is preferred with 112.70 and 112.15 as targets.

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 112.70. A break below this target will move the pair further downwards to 112.15. The pivot point stands at 113.75. 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 114.00 and the second one at 114.30.

Resistance levels: 114.00, 114.30, and 114.55

Support levels: 112.70, 112.15, and 111.60

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Technical analysis of NZD/USD for February 22, 2017

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Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.7179. Yesterday, the pair dropped from the level of 0.7235 to the bottom around 0.7130. Now the price is seen at 0.7161. Today, the first resistance level is seen at 0.7179 followed by 0.7265 (major resistance), while daily support 1 is found at 0.7118. Also, the level of 0.7118 represents a daily pivot point for that it is acting as major resistance/support today. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7179 towards the first support level at 0.7118 in order to test it. If the pair succeeds to pass through the level of 0.7118, the market will indicate a bearish opportunity below the level of 0.7118 with the second target of 0.7057. However, if a breakout happens at the resistance level of 0.7265, then this scenario may be invalidated.
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Technical analysis of USD/CHF for February 22, 2017

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USD/CHF is expected to trade with bullish bias and prevail its upside movement. The pair is trading above its rising 50-period moving average, which plays support role and maintains the upside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum.

The U.S. dollar was boosted by hawkish comments from two Federal Reserve officials, Cleveland Fed President Loretta Mester and Philadelphia Fed President Patrick Harker, which pointed to a possible interest rate increase in March.

As long as 1.0070 is support, look for a further upside toward 1.0175 and even 1.0195 in extension.

Resistance levels: 1.0075, 1.0100, and 1.0135

Support levels: 1.0045, 1.0015, and 0.9975

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Technical analysis of NZD/USD for February 22, 2017

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NZD/USD is expected to trade in higher range as the bias remains bullish. The pair is consolidating around its 20-period and 50-period moving averages. Nevertheless, 0.7145 is playing a key support role, which should limit the downside potential. The relative strength index is above its neutrality level at 50 and lacks downward momentum. As long as 0.7145 is support, look for a further upside toward 0.7190 and even 0.7205 in extension.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.7190 and the second one at 0.7205. In the alternative scenario, short positions are recommended with the first target at 0.7125, if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.7110. The pivot point is at 0.7145.

Resistance levels: 0.7235, 0.7260, and 0.7260

Support levels: 0.7130, 0.7110, and 0.7070

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USD/JPY analysis for February 22, 2017

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Recently, the USD/JPY pair has been trading downwards. The price tested the level 112.97. According to the 4H time frame, I found broken bearish flag in the background and expanded diagonal. There is also a hidden bearish divergence in the background, which is another sign of weakness. My advice is to watch for selling opportunities on the pullbacks. I have placed Fibonacci expansion to find potential downward targets. The first target is set at the price of 112.60 and second target is set at the price of 111.50 (Fibonacci expansion 100%).

Resistance levels:

R1: 113.75

R2: 113.95

R3: 114.20

Support levels:

S1: 113.25

S2: 113.05

S3: 112.80

Trading recommendations for today: watch for potential selling opportunities.

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Technical analysis of GBP/JPY for February 22, 2017

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GBP/JPY is under pressure. The pair stays below its horizontal resistance at 141.40, and remains on the downside. The 20-period moving average stays below the descending 50-period moving average, which also maintains a bearish bias. Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

As long as 141.40 holds as the key resistance, expect a return to the nearest support at 140.00 at first.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 140.00. A break below this target will move the pair further downwards to 139.60. The pivot point stands at 141.40. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 142.05 and the second one at 142.40.

Resistance levels: 142.05, 142.40, and 143.00

Support levels: 140.00,139.60, and 139.00

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Trading plan for 22/02/2017

Trading plan for 22/02/2017:

On Wednesday 22nd of February, there will be many economic releases during the European and American trading sessions and the main focus will be on German Ifo data, second estimate GDP from the UK. CPI data from the Eurozone and finally FOMC Meeting Minutes release during the US trading session.

EUR/USD analysis for 22/02/2017:

All three Ifo sentiment data releases will be important for this pair today. However, the market participants do not expect any upbeat data from Germany this month, so any numbers better than the highlight will cause an increased volatility on the EUR/USD exchange. Please remember that later on (07:00 pm GMT) there is FOMC Meeting Minutes release that will affect this pair as well, so any price fluctuations during the earlier hours might be just a market positioning itself ahead of the more important data.

The technical picture for EUR/USD looks bearish and this pair has just violated the support at the level of 1.0519 and it is currently trading in oversold market conditions. This is why any better than expected data from Germany and the Eurozone might cause a relief rally towards the next resistance at the level of 1.0555. Nevertheless, any hawkish comments or remarks from FOMC meeting will likely cause a further sell of continuation towards the levels of 1.0452 and 1.0339.

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GBP/USD analysis for 22/02/2017:

The second estimate GDP from the United Kingdom for the 4 quarter is expected to be in line with the previous month numbers. The 0.6% GDP increase for the fourth quarter and 2.2% increase on a year-to-year basis still looks better than most of the Brexit supporters anticipated.

At the GBP/USD H4 time frame chart the price just got back to the trading range after a false break out towards the level of 1.2523. This means the triangle pattern will get even more complex as the market participants are waiting for the news to spark the rally or a sell-off. Any violation of the level of 1.2347 opens the road towards the next technical support at the level of 1.2251 and any violation of the level of 1.2523 opens the road towards the next technical resistance at the level of 1.2581.

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Market snapshot - SP500 closed on another all-time high

The SP500 EFT called SPY has closed its daily candle at the level of 236.42 yesterday, which is another all-time high. The index is currently trading in the oversold market conditions, but there is still no indication of a trend change. All of the moving averages are below the current price, no market-reversal candlestick pattern has occurred. This is a textbook example of a bull trend and there is no reason to short this market yet.

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Global macro overview for 22/02/2017

Global macro overview for 22/02/2017:

The Flash Manufacturing PMI index data had surprised the market participants by printing worse than expected numbers. The market participants expected the PMI to decrease slightly from 55.0 points to 54.7 points, but the slide was down to the level of 54.3 points. Even worse data were released for Flash Services PMI. After 55.6 points a month ago the market participants expected another increase to 55.8 points, but the number released was at the level of 53.9. This is why the Flash PMI Composite in the US declined to a two-month low at 54.3 from 55.8 in January. Although there was still a notably firm tone, growth in manufacturing orders slowed during February with strength in domestic orders offset by weakness in exports. In conclusion, data overall still suggested firm growth in the economy as all of the figures are above 50 level, but the significant slowdown from January will create some concern.

Let's now take a look at the EUR/JPY technical picture at the H1 time frame. After breaking out below the golden trendline and then below the technical support at the level of 119.32, the market might be heading to the next important technical support at the level of 118.62. Nevertheless, the oversold market conditions indicate a possible bounce towards the level of 119.32 before sell-off will continue.

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Global macro overview for 22/02/2017

Global macro overview for 22/02/2017:

Interesting comments regarding the crude oil has hit the newswires overnight. The OPEC Secretary-general Mohammad Barkindo said that compliance rate among cartel members who agreed to participate in the production cutback deal is expected to increase above the current 90%. Just after this comments the oil prices rose 1% and stayed around a 19-month high. It is worth to mention, that last year OPEC and non-OPEC countries agreed to cut combined production by 1.8 million barrels. It looks like it is still not enough to fight the oversupplied market, so the oil producers are trying to find new ways to deal with the problem.

Let's now take a look at Crude Oil technical picture at the H4 time frame chart. The golden trendline was tested from above and now the bulls are trying again to break out above the technical resistance at the level of 54.66. Any violation of this level will open the road towards the important technical resistance at the level of 55.23.

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Technical analysis of USDX for February 22, 2017

The Dollar index continues to move higher as the price is making higher highs and higher lows. The price has reached important short-term resistance and previous highs. A pullback towards the 101-100.50 level is expected before the resumption of the uptrend towards 103.

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The Dollar index is trading above the Ichimoku cloud. Short-term important resistance is very close to 101.80. Short-term support is at 101. Trend is bullish in all time frames. Important support that would change short-term trend is at the recent low at 100.40.

analytics58ad47e537a3e.pngBlack line - neckline resistance

Green line - long-term trendline support

Blue line - resistance

The Dollar index is testing resistance at 101.80-102. Breaking above it will open the way for a push towards 103 at least before a bigger pullback. Long-term critical support now remains at 99.25 where the neckline of the potential Head and Shoulder pattern is found. So, the bulls remain in control.

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Technical analysis of gold for February 22, 2017

Gold price made a pullback towards $1,226 yesterday where short-term support is found and bounced strongly. Trend remains bullish and we continue to expect $1,280-$1,320 area to be reached over the next few weeks.

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Black line - resistance

Blue line - support

Gold tested the Ichimoku cloud in the 4-hour chart above and the blue upward sloping trendline support. The price retraced 61.8% of the recent rise and bounced strongly back above $1,230. Resistance is at $1,240-45. Breaking it will open the way for $1,280-$1,320.

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In the daily chart Gold remains above the Ichimoku cloud. Our target of an equal legup from its recent up move sees $1,280. An extension of 161.8% sees $1,320. Gold remains in a bullish trend. $1,200-$1,220 area is an important support.

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Elliott wave analysis of EUR/NZD for February 22, 2017

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Wave summary:

We still need a firm break above important resistance seen at 1.4866 to confirm that a long-term low is in place with the test of 1.4495 and a new long-term impulsive rally has begun. Short term, we need to accept a more complex wave [ii] correction unfolding to just below 1.4618 as long as important resistance at 1.4866 holds firm. Under no circumstances can a break below 1.4495 be allowed under this count.

R3: 1.4955

R2: 1.4866

R1: 1.4803

Pivot: 1.4718

S1: 1.4661

S2: 1.4610

S3: 1.4571

Trading recommendation:

We are long EUR from 1.4840 with stop placed at 1.4490. If you are not long EUR yet, then buy a break above 1.4866 and use the same stop at 1.4490.

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Elliott wave analysis of EUR/JPY for February 22, 2017

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Wave summary:

We continue to expect that support seen at 119,30 will be able to protect the downside for a break above minor resistance seen at 119.88 and more importantly above resistance at 120.32 that will indicate the next impulsive rally higher towards 126.54 is developing. An unexpected break below 119.30 will extend the corrective decline from 124.09 lower to 118.70 before renewed upside pressure should be expected.

R3: 120.63

R2: 120.32

R1: 119.88

Pivot: 119.60

S1: 119.50

S2: 119.30

S3: 119.05

Trading recommendation:

We are long EUR from 120.00 with stop placed at 119.25. If you are not long EUR yet, then buy a break above 119.88 or more importantly above resistance at 120.33 and use the same stop at 119.25.

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Technical analysis of EUR/USD for Feb 22, 2017

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When the European market opens, some Economic Data will be released, such as Belgian NBB Business Climate, German 30-y Bond Auction, Long Term Refinancing Operation, Final Core CPI y/y, Final CPI y/y, German Ifo Business Climate and Final CPI y/y. The US will release the economic data, too, such as FOMC Meeting Minutes, Existing Home Sales, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0594.

Strong Resistance:1.0587.

Original Resistance: 1.0577.

Inner Sell Area: 1.0567.

Target Inner Area: 1.0542.

Inner Buy Area: 1.0517.

Original Support: 1.0507.

Strong Support: 1.0497.

Breakout SELL Level: 1.0490.

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 22, 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 FOMC Meeting Minutes and Existing Home Sales. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.16.

Resistance. 2: 113.94.

Resistance. 1: 113.72.

Support. 1: 113.44.

Support. 2: 113.22.

Support. 3: 113.00.

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 major pairs for February 22, 2017

EUR/USD: The EUR/USD has gone further south this week, to continue the southward journey that was started last week. Price is now below the resistance line at 1.0550, going toward the support lines at 1.0500 and 1.0450. These are the next targets for this week.

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USD/CHF: The USD/CHF has continued its upward journey, albeit gradually. Price has tested the resistance level at 1.0100, which could be breached to the upside any day. The next targets for bulls are located at the resistance levels of 1.0150 and 1.0200 for this week.

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GBP/USD: The Cable has not gone upward significantly this week. The outlook on the market is neutral and the more price moves sideways, the more protracted the current base in the market. A serious breakout is imminent, and it would most probably be in favor of bears, for the outlook on some GBP pairs remains bearish for this month.

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USD/JPY: There is an interesting occurrence in this market. In the 4-hour chart, price has gone upwards enough to show bulls' willingness to push price further upwards. The EMA 11 has crossed the EMA 56 to the upside and the RSI period 14 is above the level 50. As soon as price moves above the supply level at 114.50, there would be a Bullish Confirmation Pattern in the market. After all, the outlook on JPY pairs is bullish for the week.

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EUR/JPY: Price action in EUR/JPY market has shown some weakness in it. The outlook on the market is bearish, and the demand zones at 119.50 and 119.50 could be tested. They could even be breached to the downside. On the other hand, any expected weakness in the Yen could cause the market to rally.

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USD/CAD intraday technical levels and trading recommendations for February 22, 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 22, 2017

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

Bearish persistence below 0.7250 was needed to allow further bearish decline toward 0.7100 (note the previous bearish DAILY candlesticks within the SELL-Zone).

The current bearish pullback toward 0.7100 should be watched for possible bullish price action.

Otherwise, bearish persistence below 0.7100 will probably allow further bearish fall toward 0.6960.

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Intraday technical levels and trading recommendations for GBP/USD for February 22, 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 22, 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 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 will remain trapped within the depicted consolidation range (1.0570-1.1400).

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The longer 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 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 1.0570-1.0500 stands as a prominent demand zone to be watched for a valid bullish entry (note the bullish Head & Shoulders Pattern with the initial target at 1.0800).

Otherwise, further decline can be executed toward 1.0400 if the current break below 1.0570 is maintained.

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Daily analysis of USDX for February 22, 2017

The index is struggling to break the resistance zone of 101.43, despite it had a very bullish session during Tuesday. If USDX manages to consolidate above that barrier, it's highly expected to see a rally toward 102.39. However, if the index does a pullback at the current stage, then we can expect further declines to strengthen the bearish trend.

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H1 chart's resistance levels: 101.43 / 102.38

H1 chart's support levels: 100.44 / 99.84

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 100.44, take profit is at 99.84 and stop loss is at 101.06.

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Daily analysis of GBP/USD for February 22, 2017

The pair had a very volatile day during Tuesday, as it's looking to consolidate above the 200 SMA zone at H1 chart. However, it can face soon the resistance level of 1.2480, where a breakout should open the doors to test the 1.2561 area. Overall structure remains bearish and eventually, GBP/USD could resume such trend to test the 1.2414 level.

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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 GBP/USD - 21st February 2017

We take an in-depth look on GBP/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!

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EUR/JPY bounced perfectly above support, remain bullish

The price has bounced perfectly above our support and is reaching our profit target. We remain bullish above 119.64 support (Fibonacci retracement, Fibonacci extension, and horizontal support). Target would be 120.66 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (21,5,3) is seeing strong support above the 6.4% level.

Buy above 119.64. Stop loss is at 119.16. Take profit is at 120.66.

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

AUD/JPY bounced perfectly off support, remain bullish

The price bounced perfectly off our support level yesterday. Now we remain bullish above 86.72 support (Fibonacci retracement, horizontal overlap support) for a further push up to 87.48. We adjust our stop loss to 86.25 which is breakeven to protect our position.

Stochastic (55,5,3) is seeing strong support above the 6% level which it is bouncing above.

Buy above 86.72. Stop loss is at 86.25. Take profit is at 87.48.

analytics58ac60627dae9.pngThe material has been provided by InstaForex Company - www.instaforex.com