Technical analysis of USDX for February 03, 2014 Trend News

The dollar index has been in a difficult situation recently because of the divergent trends of its key components - JPY, EUR and GBP. In the chart there is a potential triangle. We see the index might break out above the level of $81.5 because the European currencies showing strength slowly reversed the trend. We recommend buying at 80.48.

In the hourly chart's oscillators gave an overbought signal. Profit booking can take place before it breaks the level of 81.5. Friday, the US dollar tried to break 81.32 for three times, but it was unable to break that level and closed at 81.26. Today, 81.32 is acting as very strong resistance. Monday again, it tries to break the level, but in vain the price looks towards profit booking trading at 81.29. A huge jump will take place only above 81.32 towards next major trend decider level of 81.48.

Support: 81.2, 81.

Resistance: 81.32, 81.5.

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Technical analysis of Gold for February 03, 2014 Trend News

Gold does not see any buying interest due to the Lunar New year festival. The US data showed that the consumer spendings rose above expectations (+0.4%) in the month of December. Earlier hours in this week gold started its trading day with a bearish note. Last Monday, gold made a high at the level of $1,279.1, maybe gold made a short-term top. Gold is trading at the level of $1,243 as of now. The direction has been lacking and gold has remained in the range of $ 1,237-$1,255. Last two trading sessions, gold was holding its support at the level of $1,237 major bear grip on below this level. This week traders will eye nonfarm payrolls.

In the weekly chart, gold broke and opened trading this week below the trend channel. Now it is trading below the lower trend line, which provides a fresh bearish thoughts. More downward movement was expected in the weekly chart. Indicators have been giving sell signals, so if gold breaks the previous week's low at the level of $1,237, next parallel support will be at $1,231. This is the trend decider level in coming trading sessions.

Support- $1,237, $1,231.

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Technical analysis of EUR/USD for February 3, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish Manufacturing PMI,Italian Manufacturing PMI,Final Manufacturing PMI. The US will release the most important economic data such as the US-ISM Manufacturing PMI,US-Construction Spending m/m,US-ISM Manufacturing Prices,US-Total Vehicle Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3550.

Strong Resistance:1.3542.

Original Resistance: 1.3529.

Inner Sell Area: 1.3516.

Target Inner Area: 1.3484.

Inner Buy Area: 1.3452.

Original Support: 1.3439.

Strong Support: 1.3426.

Breakout SELL Level: 1.3418.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3439 and 1.3529. The rate is accompanied by strong support at 1.3426 and by 1.3542 as strong resistance.

If EUR/USD breaks out and closes below the 1.3418 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3550 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3452 and at 1.3516, a SELL position. In this case both targets should be placed at the level of 1.3484.

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 EUR/USD for February 03, 2014 Trend News

EUR/USD has broken the seven-month raising lower trend line. Oscillators gave a negative divergence indication. We recommended selling at the level of 1.3655 in our previous report dated January 29, 2014. Yesterday's low was very crucial in coming trading session. Due to oversold zones we could expect a pullback of the price, cmp 1.3484. A break below 1.3480 will show next support at the levels of 1.3460 and 1.3400. Bulls can be comfortable with recovery only if the area of 1.3479/1.3480 holds. I hope it holds for today, let us see if this can be real.

Support: 1.3480.

Resistance: 1.35, 1.3524, 1.3574.

The previous chart

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Daily analysis of USDX for February 03, 2014 Trend News

Daily chart: The USDX is near a very strong resistance at the level of 81.50. If the USDX does make a breakout at that level, the bullish trend will strengthen and eventually the USDX could rise to the level of 82.51 in the long term. However, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 81.00, where the 200-day moving average is located. The MACD indicator is moving into positive territory.

H4 chart: The USDX has consolidated above the support level of 81.19. If the USDX manages to break the resistance level of 81.29, it is expected to rise to the level of 81.39. Furthermore, if the USDX breakes through the support level of 81.29, it's expected to fall to the level of 80.99. The bullish trend is very strong, as the USDX remains above the 200 SMA. The MACD indicator is entering extremely overbought zone.

H1 chart: The USDX has remained within the range between 81.40 and 81.09, so the USDX still has high chances to continue the bullish trend this week, as this has remained above the moving average of 200. If the USDX manages to break the resistance level of 81.40, it's expected to rise to the level of 81.58. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks with a bullish candlestick; the resistance level is at 81.98, take profit is at 81.40, and stop loss is at 80.77.

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Daily analysis of GBP/USD for February 03, 2014 Trend News

Daily chart: The GBP/USD continues to fall below the level of 1.6447, and starting this week, this pair is showing bearish patterns that indicate a clear weakness in this pair. If GBP/USD manages to consolidate below this level, it is likely that it will fall to the support level of 1.6326, which would be a change in the trend in the long term. The MACD indicator is in negative territory.

H4 chart: This pair is below the 200 SMA, although the odds are high that the GBP/USD make a bullish rebound above this level and up to the level of 1.6464. However, if the pair manages to consolidate below the level of 1.6435, it's expected to fall to the level of 1.6336. The MACD indicator is still in negative territory, so we must be careful when placing buy orders.

H1 chart: The intraday decline continues in this pair, as the GBP/USD stays below the 200-day moving average and below the point of control. If the pair manages to break the support level at 1.6419, it's expected to fall to the level of 1.6375. On the other hand, if the pair manages to break the resistance level of 1.6464, it's expected to rise to the level of 1.6507, where the 200-day moving average is located. The MACD indicator is in neutral territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6419, take profit is at 1.6375, and stop loss is at 1.6463.

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Weekly technical levels of EUR/USD for February 3-7, 2014 Trend News

Weekly technical levels :

Overview :

• It should be noticed that we got a weekly pivot point of EUR/USD pair for February 3-7, 2014 at the level of 1.3560. In addition, a gap has opened below the weekly pivot point. Therefore, the market will probably indicate a bearish opportunity at the level of 1.3560 and the weekly pivot point will act as strong resistance. So, according to the previous events, the price has still been below 1.3560. Thenceforward, the area below 1.3560 (below 38.2% of Fibonacci retracement levels) looks for further downside with the first target at the 1.3476 level in order to form a double bottom and continue towards 1.3403 to test to the first weekly support. However, stop loss should be placed above 1.3583.

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Weekly technical levels of GBP/USD for February 3-7, 2014 Trend News

Weekly technical levels of GBP/USD pair :

• Description of pivot point:


• Most of the professional traders and market makers use pivot point to determine potential resistance and support levels. Simply put a pivot point and its resistance and support levels are areas at which the direction of price movement can probably change.


• To identify the pivot point and its resistance/support levels, you should use historic rates to determine future prices. It means using the previous period's high, low and closing level to determine future resistance and support. So, the pivot point is the central axis (it acts as an orbit) among three up levels that they are referred to resistances and three down levels referred to supports. The pivot point is especially useful in the short term (daily or weekly), as well as it is also used for a range or breakout. We will know more about standard pivot point, Fibonacci pivot point, Camarilla pivot point and Woodie pivot point.

Forecasts and technical levels :

• Projected high: 1.6680


• Breakout (buy stop): 1.6560


• Strong resistance (sell limit): 1.6540


• Current Pivot: 1.6500


• Strong support (buy limit): 1.6403


• Breakout (sell stop): 1.6380


• Projected low: 1.6300

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