NZD/USD Fundamental Analysis February 23, 2017

NZD is said to gain strength again after the price bounced off from 0.7240. After the FOMC Meeting Minutes, NZD has picked up steam and continued its advance even today without any intervention of the bears in the market. USD seemed to be weaker against NZD, though NZD has no high impact economic event to boost its power. Today, the economic calendar contains the US unemployment claims report. The number of initial jobless claims is projected to rise 242k in February from a 239k gain in January. The government data on US crude inventories is expected to show a fall to 3.4M barrels last week from 9.5M earlier. Analysts assume USD could strengthen in case the reports confirm the consensus. Otherwise, USD could weaken if the reports are worse than the forecast.

Now let us consider the technical view. The price is currently heading towards the resistance at 0.7240 after rejecting from it earlier. The bulls in this pair are moving in an impulsive manner which does indicate a pre-breakout structure in place. The price is likely to break the resistance. After breaking the resistance it is expected to go up towards 0.7380.

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USD/CAD intraday technical levels and trading recommendations for February 23, 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 23, 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).

Any 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 23, 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 23, 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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AUD/USD Fundamental Analysis February 23, 2017

AUD/USD is still trading with high volatility and somehow progressing upwards in a corrective manner. After the FOMC meeting minutes, AUD was quite powerful and picked up steam. Today, AU Private Capital Expenditure report was published. It revealed a private capex contraction at -2.1% in Q4, which was expected to be -0.4%. Following the report, AUD had a drastic fall from the 0.7710 area to below the support of 0.7688. Currently AUD is gaining some strength over USD but the unemployment claims report is to be published in a few hours. The number of initial jobless claims is expected to increase by 242k in February, up from a 239k rise in January. If the report on the US labor market reveals negative figures, AUD is expected to advance further towards the resistance area between 0.7730-50.

Now let us look at the market from the technical viewpoint. Currently price is just above the support level 0.7688. In case price remains above this level, a good amount of bullish pressure will continue, so the price is set to rise towards the next resistance area of 0.7730-50. Market is volatile and corrective as well but lower highs does signal an upcoming bullish move towards the resistance, though USD is influenced by first-tier economic data today.

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Trading Plan for EUR/USD and USD/JPY for February 23, 2017

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Technical Outlook:

As seen on the hourly chart displayed here, the EUR/USD pair is firm on its way towards parity levels as discussed and expected last week. Looking into the wave structure, it is more than clear that the pair has produced waves (1) and (2) within the wave (3), which should unfold into 5 wave towards 1.0300 and 1.0000 at least. The rally from yesterday's lows at 1.0492 is expected to unfold into 3 waves, towards 1.0600/10 levels as depicted here as wave 2?. Please also note that the resistance trend line from 1.0830 is also converging. Besides, fibonacci 0.618 ratio is also seen at 1.0608 respectively. Resistance is lined up at 1.0680 and the pair is expected to push lower till the resistance holds. Intermediary support is seen at 1.0492 levels.Selling on rallies through 1.0600/10 levels remains a safe trading strategy for today's New York Session.

Trading Plan:

The pair is expected to first produce a rally towards 1.0600/10 levels and then reverse lower, towards its larger trend. The trade setups are explained below:

Aggressive traders might want to go long with stop at 1.0490, targeting 1.0600/10 today.

Conservative traders might want to remain flat initially and look to sell around 1.0600/10 levels and also towards 1.0700 levels with stop at 1.0850 levels, targeting 1.0000 levels going forward. Please note that the target should unfold in coming weeks.

USDJPY Chart Setups:

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Technical outlook:

The hourly chart setup depicted above indicates a potential rally of USD/JPY in the short and medium terms. As for the wave structure, please note that the pair has unfolded into 5 waves (impulse) between 111.60 and 114.95 levels, labelled as wave (1). Also note that the drop towards 112.30 last Friday was corrective in nature, labelled as waves a, b, and c respectively. The pair is now expected to produce another 5-wave rally towards 117.00 and higher respectively. In the last 3 trading days, USD/JPY has produced waves i and ii which terminated at 112.90 yesterday. If the above wave scenario comes true, the next leg should be higher towards at least 114.00 (wave iii). Ideally, prices should remain above 112.30 from here. Today, during New York session, I expect a flash low potentially towards 112.87 levels before the pair begins to rally. Buying on dips is a safe strategy going forward.

Trading plan:

One should be looking to buy towards 112.90/113.00 levels today, with stop ideally below 111.60 and target 117.00 and 120.00 in the weeks to come.

Fundamental Outlook:

With number of low impact data lined up at 08:30 AM EST, please do not expect huge volatility. Initial Jobless Claims (240K, forecast) and Housing price purchase index (0.5%, forecast) are the ones to watch out for.

Good luck!

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Gold analysis for February 23, 2017

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Recently, the Gold has been trading upwards. The price tested the level $1,239.00. According to the 15-minute time frame, I found a small upward channel and a strong resistance cluster around the $1,239.00 level. My advice is to watch for a potential breakout of the upward channel to confirm the downward direction. The first target is set at the price of $1,235.80.

Resistance levels:

R1: $1,236.70

R2: $1,238.30

R3: $1,240.90

Support levels:

S1: $1,231.50

S2: $1,229.90

S3: $1,227.30

Trading recommendations for today: Wait for potential breakout of upward channel for potential selling positions.

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GBP/USD analysis for February 23, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level 1.2482. According to the 5M time frame, I found bearish divergence and a broken neckline, which is a sign that buying looks risky. My advice is to watch for selling opportunities. Targets are set at the price of 1.2430 and 1.2400.

Resistance levels:

R1: 1.2480

R2: 1.2485

R3: 1.2495

Support levels:

S1: 1.2460

S2: 1.2457

S3: 1.2450

Trading recommendations for today: watch for potential selling opportunities.

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Global macro overview for 23/02/2017

Global macro overview for 23/02/2017:

The Canadian December Retail Sales data surprised market participants after the data published were way worse than expected. Market participants expected a slight decrease in retail sales of 0.1% after the revised 0.3% gain, but the number release was at the level of -0.5%. Sales increased for the previous four months and the annual increase was still 4.3%. In volume terms, sales fell 1.0% on the month with a 3.0% annual gain.The biggest decline in sales was reported in motor vehicle dealers (declined 0.9%), health and personal care stores (declined 4.1%), clothing and accessory (declined 3.7%) and in food and beverage stores (0.4%). In conclusion, the most important feature of this data is a drop in sales of products traditionally related to the seasonal holiday spending, especially clothing. It might be only temporary or it might be a symptom of underlying weakness in consumer spending and change in consumer sentiment.

Let's now take a look at the USD/CAD technical picture in the H4 time frame chart. Immediately after the data release, the price tried to break out above the technical resistance at the level of 1.3211, but is was rejected. The price is still trading inside of the golden channel, just around the 200 periods moving average. The next support is seen at the level of 1.3108 and the next resistance is seen at the level of 1.3165.

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Global macro overview for 23/02/2017

Global macro overview for 23/02/2017:

The upbeat minutes from the Federal Reserve Open Market Committee (FOMC) meeting did not lift the U.S. Dollar much, despite the fact that many officials considered a rate increase might be "appropriate fairly soon". The main reason for this unexpected U.S. Dollar behavior was the situation inside of the FOMC committee: there is a clear divergence in views with split opinions and a high degree of uncertainty. Some policymakers see only a modest inflationary pressures and claim, that there will be ample of time to respond anyway. On the other hand, there are policymakers who think the increasing employment and undershooting of unemployment in the longer term might cause an upside risk to inflation (the committee's objective target is 2%, current PCE inflation is 1.6%). The majority of policymakers agreed that current near-term risks to the economy appeared roughly balanced. In conclusion, the main message here is a high degree of uncertainty, especially over fiscal policy and inflation and no clear clues regarding a possibility of the interest rate hike in March 2017 were given. However, the CME Group FedWatch tool is currently showing 82% probability of a 0.25% hike at the FED next meeting.

Let's now take a look at the U.S. Dollar index technical picture in the H4 time frame. The most important technical resistance at the level of 101.77 was challenged after the FOMC Minutes had been released, but the price was capped and reversed. Currently, the 21-period moving average around the level of 101.30 is providing the dynamic support for the price, but the market is trading in overbought conditions anyway. The technical support must hold at the level of 100.99, otherwise, the sequence of higher highs and higher lows will get invalidated.

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Trading plan for 23/02/2017

Trading plan for 23/02/2017:

On Thursday 23rd of February, there will not be many economic releases during the European and American trading sessions and the main focus will be on Unemployment Claims data from the U.S. at 01:30 pm GMT and Crude Oil Inventories data at 04:00 pm GMT.

EUR/USD analysis for 23/02/2017:

The U.S. jobs market remains strong (unemployment rate below 5.0%, NFP figure above 200k, increase in wages etc.) and today's data have a chance to deliver another evidence of this fact. Market participants expect a slight increase in claims to the level of 242k from 239k a week ago, however, any number lower than 242k will be better for the U.S. Dollar all in all.

Let's take a look at the EUR/USD technical picture in the H4 time frame. The golden trend line has been tested from the above, but there is no indication of any rally continuation yet. Nevertheless, the market is trading in oversold conditions and the bullish divergence still indicates a possible move towards the next technical resistance at the level of 1.0600. Moreover, any U.S. jobs data lower than 242k will spark the even move higher.

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Crude Oil analysis for 23/02/2017:

The Crude Oil inventories data are expected to be lower than the last week's gain of 9,527k barrels as market participants expect a rise of 3,400k barrels. As we remember, yesterday 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%. However, in the short term, the global crude oil supplies might still be increasing contrary to market participants' expectations.

If the stockpiles again surpass market expectations of a 3,400k rise (1-2 standard deviations higher), then oil price might start to decline. The H4 time frame chart is still range bounded as the price is bouncing from the technical support at the level of 53.37 and reversing at the technical resistance of 54.61. Only a sustained breakout of this zone might be a real game changer here, otherwise, the price will keep trading sideways.

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Market snapshot - On Thursday 23rd of February: Gold still trading in overbought area

The narrow zone between the technical support at $1,220 and the technical resistance at $1,241 is currently the most important area on the daily chart. The market conditions are still overbought and only a slight correction was made a week ago to test the level of $1,220. Moreover, the bearish divergence is still clearly visible in this time frame, so the bias is to the downside as long as no new daily candle close is made above $1,241.

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Technical analysis of USD/CHF for February 23, 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.
  • 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.
  • 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.
  • 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 NZD/USD for February 23, 2017

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Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.7220. Now the price is seen at 0.7215.
  • Today, the first resistance level is seen at 0.7220 followed by 0.7265 (major resistance), while daily support 1 is found at 0.7118.
  • Besides, the level of 0.7118 represents a daily pivot point for that it is acting as a key level 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 0.7265 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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Daily analysis of major pairs for February 23, 2017

EUR/USD: The EUR/USD pair, which is in a short-term downtrend, bounced upwards yesterday. The upward bounce could end up being a good opportunity to sell short at a better price. The market could still reach the support lines at 1.0500 and 1.0450 this week.

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USD/CHF: The USD/CHF pair, which is in a short-term uptrend, pulled back yesterday. The pullback could end up being a good opportunity to buy long at a better price. The market could still reach the support levels at 1.0150 and 1.0200 this week. Some fundamental figures are expected today, and they may have impact on the market.

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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: This currency trading instrument is not currently attractive, for price has generally consolidated this week. In fact, it may be prudent to stay away from the market until there is a directional movement, which would most probably be in favor of bulls. A breakout can happen any day from today.

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EUR/JPY: This market is in a clear downtrend (unlike its USD/JPY counterpart). There is a Bearish Confirmation Pattern in the market, as the EMA 11 is below the EMA 56. The RSI period 14 is below the level 50, suggesting that further downward movement is a possibility. Only an upward movement of at least, 300 pips, would render the bearish bias invalid.

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Technical analysis of USDX for February 23, 2017

The Dollar index reached important resistance yesterday at 101.70 but got rejected and pulled back towards 101.40 short-term support. The bearish scenario of the Head-and-Shoulders pattern is still applicable but only a break below 99.25 will confirm it.

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Trend is bullish. The Dollar index continues to trade above the Ichimoku cloud on the 4-hour chart. Short-term resistance is at 101.70 and support at 101.30-101.40. Next support is at 100.80. There is a danger of a double top rejection and reversal and that is why the risk reward for short positions is good at current levels, especially if we take under consideration the Head-and-Shoulders pattern that is being formed.

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Black line - neckline

Green line - long-term trend line support

The Dollar index is trading between the kijun- and tenkan-sen indicators (yellow and red line indicators). On a weekly basis, trend remains bullish but a possible double top at 101.80 and rejection by the tenkan-sen will be bad news for bulls. Don't forget that we could be forming the right hand shoulder in the bearish Head-and-Shoulders pattern.

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Technical analysis of gold for February 23, 2017

Gold price remains supported. Despite the push lower yesterday towards $1,230, Gold buyers stepped in and pushed price back above $1,237. Trend remains bullish. Soon we should see a break out above $1,245 and a move towards $1,280-$1,320.

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Blue line - support

Black line - resistance

Gold price continues to trade above the Ichimoku cloud. Price also reamains above important support trend line. Every time price made a dip towards $1,220 or below $1,230, buyers stepped in and pushed Gold higher above $1,235 each time. However, the confirmation of the bullish trend will come with the break above $1,245. Breaking it will be a good bullish signal.

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Blue line -long-term support trend line

Why is Gold price stuck here at $1,240-45? Because here we find the weekly kijun-sen (yellow line indicator) resistance. It is not easy to break it. But if and when it breaks upwards, we will be heading towards the upper cloud boundary around $1,280-$1,300.

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Daily Video Analysis on NZD/USD, 22nd February 2017

Ask me questions here : http://forum.mt5.com/showthread.php?129814-Analytical-reviews-by-Dean-Leo-discussions-and-questions-to-the-author

We take an in-depth look on NZD/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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Daily analysis of GBP/JPY for February 22, 2017

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Overview

The GBP/JPY price stopped trading in negative territory by recording the awaited target at 140.30 beginning positive trading with its rally to 142.10 confirming its affection by the domination of the main bullish bias. Surpassing the barrier at 142.50 is important for opening the way towards more of the targets that begin at 144.80 and 145.45. The stability of the moving average 55 above the critical support increases the positive pressure on the price, to agree with stochastic rally above 50 level, to provide the required positive momentum, to resume the expected bullish rally. The expected trading range for today is between 141.20 and 144.80.

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Daily analysis of USD/JPY for February 22, 2017

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Overview

The USD/JPY pair shows a bearish rebound after approaching 113.97 levels yesterday. Stochastic shows negative signals now, which supports the continuation of the bearish bias in the upcoming sessions, and the target is testing the critical support at 112.10. In general, we are still waiting for a breach of one of these levels to detect the next trend clearly, so we remain neutral until now. To recognize the details of the expected targets from the breach, please review our previous report. The expected trading range for today is between the 112.10 support and the 114.70 resistance.

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Daily analysis of Gold for February 22, 2017

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Overview

The gold price shows positive attempts now approaching 1,239.00 levels. The price needs to breach this level to confirm the continuation of the bullish trend in the upcoming period, leaning on the EMA50, and its next target located at 1,249.94. Therefore, our bullish trend expectations will remain valid for the rest of the day conditioned by holding above 1,232.00 and the most important above 1,221.00, reminding you that a breach of the 1,249.94 level will extend gold gains to 1,270.00 as the next main station. The expected trading range for today is between the 1,221.00 support and the 1,250.00 resistance.

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AUD/USD remain bullish above major support

We remain bullish above the long-term support as 0.7655 (Fibonacci retracement, long term ascending support) for a push up to the 0.7780 resistance (long-term resistance). We watch the RSI closely to ensure we are not faked out by a bearish exit.

The RSI (34) is seeing support above the 45% level. Only a break of this support level would be the precursor to a bearish move seen.

Buy above 0.7655. Stop loss at 0.7603. Take profit at 0.7780.

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GBP/USD below major resistance, remain bearish

We remain bearish below the 1.2481 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) for a push down to the 1.2390 support (Fibonacci extension, horizontal support).

The RSI (34) remains below the long-term descending resistance.

Sell below 1.2481. Stop loss at 1.2527. Take profit at 1.2390.

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Daily analysis of Silver for February 22, 2017

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Overview

The silver price keeps holding above the short-term bullish channel support and gets continuous positive support from the EMA50, which keeps the bullish trend scenario active in the upcoming period. The price is likely to test 18.30 initially, reminding you that a breach of this level will extend the bullish wave to 19.38. Note that a break of 17.90 levels will make the price decline temporarily to 17.43 levels before any new attempt to rise. The expected trading range for today is between the 17.80 support and the 18.30 resistance.

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EUR/AUD Fundamental Analysis February 22, 2017

EUR/AUD had 500 pips of non-volatile selling pressure for more than 2 weeks and reached the support area of 1.3680-1.3730. Today AU Construction Work Done Report showed negative figure of -0.2% which was expected to be 0.5%, this negative figure did made AUD show some weakness against the EUR after a long bearish move. The wage rate index was increased 0.1% at 0.5% which was equal to the expectation. On the other hand, EUR had German Business Info Climate report was positive at 111.0 which was expected to be 109.6. After the positive report on EUR side today, EUR was observed to have a good amount of bullish pressure against the AUD and now it is expected that if the EUR keeps the bullish pressure stable by the end of this week, we can expect much bullish move on the pair in the recent future.

Now let us look at the technical view, EUR/AUD has been strongly bearish since the break of 1.4130. price is currently residing between the support area and if the price breaks above the 1.3730 level with a daily close, further bullish move is expected to hit the resistance towards 1.4130. On the other hand, if the price breaks below the support 1.3680 it is expected that the price will be more down towards the support at 1.32. Either way, this pair is going to signal a good amount of move in the coming days.

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

USD/CAD Fundamental Analysis February 22, 2017

USD/CAD is going through non-volatile bullish trend this week without any interference of bears in the market. Being inside a corrective range between 1.30-1.32, USD is the stronger currency in the market this week, CAD has been facing some serious pressure to keep up against USD. Today CAD had Core Retail Sales report was published at -0.3% which was expected to be 0.8%. Though the report was negative but in recent hour CAD managed to gain some strength against USD. Today USD will be having Home Sales Report to be published, it is expected to be 5.55M which was previously 5.49M. If the Home Sales report comes positive, USD is expected to gain more strength against the CAD in the long run.

Now let us look at the technical view, the price has recently bounced off from the resistance 1.3210 after the CAD Core Retail sales news was published. Currently price is stalling below the resistance 1.3210 and it is expected that after the US Home Sales report gets published the price is going to break over the resistance 1.3210. If the price breaks above 1.3210 with a daily close, we will expect further bullish move towards the Trendline resistance at 1.33. If the price breaks the Trendline resistance as well as the January high 1.34, we will expect further bullish move towards the key level 1.36 and so on.

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