GBP/USD intraday technical levels and trading recommendations for February 4, 2014. Trend News

The GBP/USD pair had been trapped inside a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.

Since then, the bulls have been defending 1.6250 as a prominent support. Another successful bullish retesting took place in the mid-December that pushed the pair again to the upside.

Based on this bullish breakout, the GBP/USD pair had a projection target around 1.6630 which acted as a prominent resistance for the pair.

As suggested, a bearish reversal was expressed at retesting of 1.6660 on January 24.

As depicted on the 4H chart, four-hour stabilization below the price zone of 1.6440-1.6490 was mandatory for further decline to take place. Quick decline took place towards 1.6300 shortly after.

The price zone of 1.6310-1.6330 represents a confluence of support for the GBP/USD pair. A valid buy entry can be taken here with stop loss as four-hour closure below 1.6275.

4H breakdown of 1.6300-1.6275 will probably allow another bearish impulse to take place towards 1.6220 then 1.6130 possibly.

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Intraday technical levels and trading recommendations for GBP/USD for February 4, 2014 Trend News

A bullish breakout above 1.6250 took place on November 27. The GBP/USD pair successfully achieved its projection target around 1.6600. This price level is acting as a daily resistance for the pair until now.

Last bullish movement exceeded 1.6600 rendering 1.6666 as the highest price in January. However, bearish engulfing daily candlestick was immediately expressed off these high levels (1.6666).

Some sideway consolidation (two Doji daily candlesticks) was expressed around 1.6600 until obvious bearish pressure was applied on the currency pair resulting in a bearish pattern Three Black Crows which was confirmed with Yesterday's daily closure.

The next demand level is located at 1.6250 where a recent bottom was established on December 17.

As mentioned before, the GBP/USD pair short-term direction turned to be bearish after the breakdown at 1.6450-1.6460.

Fixation below 1.6450 triggered bearish pressure towards 1.6400 then 1.6300 which was hit during late Monday's consolidations.

The 4H chart shows a demand zone located at 1.6320-1.6300 corresponding to the backside of the depicted bearish channel as well as previous congestion zone.

This price zone may initiate corrective bullish movement to the upside to collect further bearish pressure/momentum. However, early fixation below this zone will bring further bearish momentum without the retesting of 1.6450.

Selling the pair is suggested at the retesting of 1.6450 with Stop Loss as daily closure above 1.6475.

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Intraday technical levels and trading recommendations for EUR/USD for February 4, 2014 Trend News

A breakout above the previous resistance level of 1.3450 allowed the bulls to push within the bullish channel to hit higher levels around 1.3650, and then 1.3750.

Later on, obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Instead, a breakdown of the lower limit of the depicted bullish channel took place on January 2. This led to the previous bearish impulse that almost reached 1.3520.

Last week, the pair expressed another bearish breakdown of the demand zone of 1.3550-1.3500 (long-term uptrend line as well as SMA-100). This opens the way directly towards 1.3455.

Last week, the bulls pushed towards the price levels around 1.3737 where strong bearish rejection was expressed.

As expected, a corrective bearish movement towards 1.3525-1.3500 took place shortly after.

The price zone of 1.3525-1.3500 failed to provide enough support for the pair. Instead, the pair has established a supply zone around the same price levels.

Fixation below this zone will gather further bearish momentum to push towards 1.3450 then 1.3400 as initial targets.

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Technical analysis of EUR/JPY for February 04, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has been drifting lower without producing a pullback as expected. It is now recommended to await prices towards 135.00 levels before going long.

2. Immediate resistance is at 143.00, followed by 145.00/50, while supports are spread through 134.00, 131.00, and 128.00/29.00 respectively.

3. The structure reveals that prices could reach 135.00 before rallying further up. Also please note that the support trend line is passing through the same area; hence, a bullish bounce there should be bought.

Trading recommendations:

Remain flat for now. Look to enter buying around 135.00.

Good luck!

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Technical analysis of EUR/USD for February 4, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish Unemployment Change, Italian Prelim CPI m/m, PPI m/m. The US will unveil the most important economic data such as the US-Factory Orders m/m, US-IBD/TIPP Economic Optimism. So amid the reports, the EUR/USD will move low to medium volatility during this day.

Today's technical levels:

Breakout BUY Level: 1.3589.

Strong Resistance: 1.3581.

Original Resistance: 1.3568.

Inner Sell Area: 1.3555.

Target Inner Area: 1.3523.

Inner Buy Area: 1.3491.

Original Support: 1.3478.

Strong Support: 1.3465.

Breakout SELL Level: 1.3457.

DESCRIPTION:

Today the EUR/USD has support and resistance at 1.3478 and 1.3568. The rate is accompanied by strong support at 1.3465 and by 1.3581 as strong resistance.

If the EUR/USD breaks out and closes below the 1.3457 level today, it will indicate considerable bearish strength. Meanwhile, if it manages to break out and closes above the 1.3589 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 1.3491 and at 1.3555, a SELL position. In this case, both targets should be placed at the level of 1.3523.

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 Silver for February 04, 2014. Trend News

Technical outlook and chart setups:

1. Silver has produced a morning star at our expected levels of $19.00, as seen here. It is recommended to hold long positions. For now. the risk remains at $18.50.

2. Immediate support is at $18.75, followed by $18.00, while resistance is at $20.50 (intermediary), followed by sub $21.00 and $22.00 respectively.

3. The structure reveals that a higher low might be in place at $19.00 level now. Implications are that prices could rally from here towards $22.00 and higher in the coming weeks. $18.75 should hold for now.

Trading recommendations:

Remain long, stop at $18.50, target open.

Good luck!

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Technical analysis of USD/JPY for February 4, 2014 Trend News

In Asia, Japan will release the Monetary Base y/y, and the 10-y Bond Auction.

Meanwhile, the US will disclose some economic data such as US-Factory Orders m/m, US-IBD/TIPP Economic Optimism. So there is a big probability the USD/JPY will move with low volatility during this day.

Today's technical levels:

Resistance. 3: 101.81.

Resistance. 2: 101.62.

Resistance. 1: 101.41.

Support. 1: 101.17.

Support. 2: 100.97.

Support. 3: 100.77.

DESCRIPTION:

Please, pay attention to the levels of support 3 (100.77) and resistance 3 (101.81). Normally, when a level is touched, the USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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 Gold for February 04, 2014. Trend News

Technical outlook and chart setups:

1. The yellow metal has reversed from ahead of $1,229.00/30.00 support. This could still be a retracement and hence recommendations are to hold short positions. Risk remains at $1,285.00.

2. Immediate resistance remains at $1,279.00 (intermediary), followed by $1,294.00, while supports are spread through $1,238.00/37.00 (intermediary), followed by $1,230.00/20.00 and lower respectively.

3. The structure reveals that downside possibility still remains towards $1,214.00/15.00 before the metal reverses the trend. Long positions should be built on a bullish bounce lower.

Trading recommendations:

Remain short, stop at $1,285.00, target $1,215.00.

Good luck!

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Technical analysis of GBP/CHF for February 04, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF has finally reversed sharply after testing back side of the support turned resistance line as seen here. It is still recommended to remain short, with risk at 1.5120/30.

2. Immediate resistance is at 1.4930, followed by 1.5120/30, while supports are spread through 1.4550/60, 1.4370/80, 1.4200 and 1.4000 respectively.

3. The structure reveals that a lower top is in place at 1.4930 below 1.5120/30 resistance. Prices are now poised to follow through lower towards 1.4450 and 1.4000 in the weeks to come. Selling rallies should remain the general trading strategy from here on.

Trading recommendations:

Continue holding short positions, stop at 1.5130 (shall be revised soon), target 1.44 and 1.4.

Good luck!

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Technical analysis of gold for February 04, 2014 Trend News

The gold price closed positively on Monday having found support from the previous two days' low of $1,237.7 and resistance at Thursday's high of $1,267. After a closely-watched US factory barometer dipped in January posting a 7-month low. Purchasing managers index fell to a record low of 51.3, while analysts expected it to be 56.4.

Investors are focused on gold as well. Chinese traders are still on holidays. Markets will be closed until Friday. This week, traders will keep track of nonfarm payroll numbers .This morning, the metal opened at the level of 1,257, but then found resistance at yesterday's closing price. The day started with a weak opening.

In the weekly chart, gold traced its first weekly drop in 6 consecutive weeks.

In the daily chart, Stochastic and RSI are positive. The yellow metal is trading above the 21DEMA. In the daily chart, oscillators gave a downward direction.

Support: $1253, $1,250, $1,240

Resistance: $1,266, $1,270 $1,279

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Technical analysis of EM's for February 04, 2014 Trend News

DJIA

As mentioned in my previous reviews, the Dow Jones seems to be an expandable pattern. The new year started on a negative note for equities. It was its first negative start since 2008. Close below 15,500 makes more weakness in the coming trading days.

DAX

German DAX seems to be in huge sideways pattern since 2000. DAX seems to have completed its top near 9,800. Now close below 8,800 will be an indication of a next leg downward towards 5,000.

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Technical analysis of USDX for February 03, 2014 Trend News

Yesterday, the US dollar was trading in line with our expectations. It failed to break the resistance level of 81.32 in the hourly chart. After making three attempts the US dollar lost momentum. Meanwhile, oscillators were not in the bull favor as well. So securing profit is recommended.

It holds the support of 81.0. This morning it is trading at 1.07. In the hourly chart, oscillators gave a pullback signal, so we can expect 81.13 on the higher side.

In the weekly charts, the stochastics gave a sell signal. Traders' eyes are on ADP Non-Farm Employment Change which will be published on Wednesday. Non-Farm Payrolls employment data will be unveiled on Friday.

Short term-

Support: 80.8, 80.44, 80.15

Resistance: 81.32 81.48

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Daily analysis of USDX for February 04, 2014 Trend News

Daily chart: The USDX has temporarily found resistance at the level of 81.33. However, the USDX remains above the 200-day moving average. Thus, the USDX is likely to have bullish momentum and climb to the resistance level of 81.50. Furthermore, any consolidation below the 200 SMA could be a change in the trend in the medium term. The MACD indicator is still in positive territory.

H4 chart: The USDX has consolidated above the support level of 80.99. Remember that the USDX found resistance near the level of 81.29, where it formed a fractal. If the USDX manages to break the support level of 80.99, it's expected to fall to the level of 80.83. For now, our bullish outlook is still valid since the USDX remains above the 200 SMA. The MACD indicator is in negative territory.

H1 chart: The USDX is approaching the 200 day moving average and is forming a bearish pattern. However, the USDX could find dynamic support at this level, as the point of control could give it a bullish momentum. If the USDX manages to break the resistance level of 81.09, it is expected to rise to the level of 81.40. The MACD indicator is entering extreme oversold zone.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 81.09, take profit is at 81.40, and stop loss is at 80.78.

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Daily analysis of GBP/USD for February 04, 2014 Trend News

Daily chart: The GBP/USD has strongly consolidated below the level of 1.6447, and now it is trying to make a breakout in the support level of 1.6326. Near current levels, it has formed a bullish trend line, so this pair is likely to find support there. However, if it makes a breakout in the trend line, it is expected to fall to the level of 1.6235. The MACD indicator is in negative territory.

H4 chart: This pair has consolidated below the 200 SMA and now the GBP/USD is forming a bearish pattern below the level of 1.6308. If the pair manages to break the support level of 1.6292, it is expected to fall to the level of 1.6247. In this chart, you can clearly see that the GBP/USD continues its bearish bias, so it is advisable to follow the trend. The MACD indicator is still in negative territory.

H1 chart: The GBP/USD has made a breakout at the level of 1.6331, which has formed a point of control. Now the pair is forming a higher low pattern. If it manages to break the support level of 1.6291, it is expected to fall to the level of 1.6252. Moreover, if it manages to break the resistance level of 1.6331, it is seen to rise to the level of 1.6375. The MACD indicator is in extreme oversold zone.

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 1.6291, take profit is at 1.6252, and stop loss is at 1.6329.

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Technical analysis of NZD/USD for February 4, 2014 Trend News

Trading recommendations:

• The NZD/USD pair is in the short term.


• It should be noted that the market will turn to bearish sentiment from the level of 0.8140. Therefore, it will a good sign to sell below 0.8140 with the first target of 0.8061 to form double bottom. It will call for downtrend in order to continue its bearish movement towards 0.8003. Notwithstanding, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above 0.8200 at the price of 0.8225.

Intraday technical levels:

• R3: 0,8178


• R2: 0,8157


• R1: 0,8121


• PP: 0,8100


• S1: 0,8064


• S2: 0,8043


• S3: 0,8007

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Technical analysis of GBP/USD for February 4, 2014 Trend News

Overview :

• According to previous events, the resistance of the GBP/USD pair has been already set at the level of 1.6370. Furthermore, the weekly support 1 sets at the level of 1.6370). But it should be noted that support has been broken and turned to resistance. Equally important, the weekly support 3 has been set at the level of 1.6172 on February 4, 2014. Accordingly, the price of the GBP/USD pair has been trapped between 1.6370 and 1.6300; thus, it is reasonable to be careful with action around this area. Also, it should be noted that the range today will be about 80 pips. As a result, the trend in H1 chart is going to call for a bearish market at the level of 1.6370. Thereupon, it looks for further downside move below 1.6370 with targets at 1.6313 and 1.6220 today. On the other hand, buy above the price of 1.6175 with the first target at 1.6255. It might resume to 1.6300 in order to test the support.

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GBP/USD intraday technical levels and trading recommendations for February 3, 2014. Trend News

GBP/USD had been trapped inside a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.

Since then, the bulls have been defending 1.6250 as a prominent support. Another successful bullish retesting took place in the mid-December that pushed the pair again to the upside.

Based on this bullish breakout, the GBP/USD pair had a projection target around 1.6630 which acted as a prominent resistance for the pair.

As suggested, the bearish reversal was expressed at retesting of 1.6660 on January 24.

As depicted on the 4H chart, four-hour stabilization below the price zone of 1.6440-1.6490 was mandatory for further decline to take place. Quick decline took place towards 1.6310 shortly after.

The price zone of 1.6310-1.6330 represents a confluence of support for the GBP/USD pair. A valid buy entry can be taken here with stop loss as four-hour closure below 1.6275.

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Intraday technical levels and trading recommendations for EUR/USD for February 3, 2014 Trend News

A breakout above the previous resistance level of 1.3450 allowed the bulls to push within the bullish channel to hit higher levels around 1.3650, and then 1.3750.

Later on, obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Instead, a breakdown of the lower limit of the depicted bullish channel took place on January 2. This led to the previous bearish impulse that almost reached 1.3520.

Last week, the pair expressed another bearish breakdown of the demand zone of 1.3550-1.3500 (long-term uptrend line as well as SMA-100). This opens the way directly towards 1.3455.

Last week, the bulls pushed towards the price levels around 1.3737 where strong bearish rejection was expressed.

As expected, a corrective bearish movement towards 1.3525-1.3500 took place shortly after.

The price zone of 1.3525-1.3500 failed to provide enough support for the pair. Instead, the pair has established a supply zone around the same price levels.

Fixation below this zone will gather further bearish momentum to push towards 1.3450 as an initial target.

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Intraday technical levels and trading recommendations for GBP/USD for February 3, 2014 Trend News

A bullish breakout above 1.6250 took place on November 27. The GBP/USD pair successfully achieved its projection target around 1.6600. This price level is acting as a daily resistance for the pair until now.

Last bullish movement exceeded 1.6600 rendering 1.6666 as the highest price in January. However, bearish engulfing daily candlestick was immediately expressed off these high levels (1.6666).

Some sideway consolidations took place around 1.6600 untill obvious bearish pressure was applied on the currency pair resulting in a bearish pattern Three Black Crows if the current daily candlestick remains bearish until the closure.

The next demand level is located at 1.6250 where a recent bottom was established on December 17. The pair may find some Intraday Support at 1.6300-1.6320 on the shorter time frames.

As mentioned before, the GBP/USD pair short-term direction turned to be bearish after breakdown of 1.6450-1.6460.

Fixation below 1.6450 applied further bearish pressure towards 1.6400 then 1.6320 which is being approached now.

The 4H chart shows a demand zone located at 1.6320-1.6300 corresponding to the backside of the depicted bearish channel as well as previous congestion zone.

This price zone may initiate a corrective bullish movement to the upside to collect further bearish pressure/momentum.

Selling the pair is suggested at retesting of 1.6450 with Stop Loss as daily closure above 1.6475.

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Technical analysis of USD/JPY for Feburary 03, 2014 Trend News

Overview:

USD/JPY is expected to trade in a lower range. It is undermined by the flows to the safe-haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 6.48% to 18.41, S&P fell 0.65% Friday) as concerns over emerging markets still persist, exacerbated by signs of slowdown in China. CFLP final China manufacturing PMI for January came in at 50.5 versus 51 in December and the Federal Reserve continues its gradual withdrawal of monetary stimulus. USD/JPY is also weighed by the lower U.S. Treasury yields, Japan export sales and stronger-than-expected Japan's December core CPI (rose 1.3% on year for sharpest rate of annual increase in over five years) which dimmed odds of further monetary easing from the Bank of Japan in near term. But USD/JPY losses are tempered by the demand from the Japanese importers, positive dollar sentiment (ICE spot dollar index last 81.27 versus 81.07 early Friday) as University of Michigan final consumer sentiment index for January came in at 81.2, down from 82.5 in December but higher than the preliminary reading of 80.4, and, finally, stronger-than-expected 0.5% rise in U.S. 4Q employment cost index (versus forecast +0.4%).

Technical сomment:

Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone; five and 15-day moving averages are declining.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 100.9 and the second target at 100.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102.4. A breach of this target will push the pair further downwards and one may expect the second target at 102.75. The pivot point is at 102.

Resistance levels:

102.4

102.75

103.05

Support levels:

101.8

101.55

101.25

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Technical analysis of USD/CHF for Feburary 03, 2014 Trend News

Overview:

USD/CHF is expected to trade in a higher range. It is supported by the positive dollar sentiment and the franc sales on soft CHF/JPY cross. But USD/CHF gains are tempered by the flows to the safe-haven Swiss franc as concerns over emerging markets still persist and the franc demand on soft EUR/CHF cross. Daily chart is positive-biased as stochastics is rising from oversold zone and negative MACD histogram bars are contracting.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.908 and the second target at 0.91. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.898. A breach of this target will push the pair further downwards and one may expect the second target at 0.8955. The pivot point is at 0.9005.

Resistance levels:

0.908

0.91

0.912

Support levels:

0.898

0.8955

0.8925

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Technical analysis of GBP/JPY for Feburary 03, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range.It is undermined by the weak euro sentiment, increased investor risk aversion and Japan's export sales. But GBP/JPY losses are tempered by the demand from the Japanese importers. Daily chart is negative-biased as MACD is bearish; stochastics stays suppressed at oversold zone, five and 15-day moving averages are declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 165.75 in mind. A breach of this target will move the pair further downwards to 165. The pivot point stands at 168.1. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 168.25 and the second target at 169.8.

Resistance levels:

168.25

169.8

170.45

Support levels:

165.75

165

164.35

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Technical analysis of NZD/USD for Feburary 03, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting its near-five-month low of 0.8061 on Friday. Such dynamics is undermined by the contagion from turmoil in the emerging markets, the kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion, positive dollar sentiment and the kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, five-day moving average is below 15-day MA and still declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.806 in mind. A breach of this target will move the pair further downwards to 0.803. The pivot point stands at 0.8125. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 0.818 and the second target at 0.8215.

Resistance levels:

0.818

0.8215

0.8245

Support levels:

0.806

0.803

0.8

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Daily analysis of Silver for February 03, 2013 Trend News

Overview

As it was expected last week, the metal would reverse its bearish move to start its upward direction and open its way towards the level of 19.50 in case of closing 4H above the Support level of 19.00. Today and as shown in the today's H4 chart, the metal has already taken a bullish move after it managed to break the Resistance level of 19.20 yesterday and closed above it. But immediately it bounced again from the Resistance level and currently is trading below it. So waiting is prefered now till closing above the next Resistance level in case of the metal tests it again to open the way towards 19.50 as the first target.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.75), S3(18.50).

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Daily analysis of GBP/JPY for February 03, 2013 Trend News

Overview

In today's H4 chart, the pair failed to continue its bearish move and could not break the Support level of 166.00 and bounced from it to reverse its downward move taking an upward movement and managed to test the Resistance area of 167.00 then 167.75. Currently, the pair is approaching the Resistance area trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance area with the first target few pips below the Resistance level of 168.50 then 169.50 as the second target.

Resistance and support levels: R3 (168.50), R2 (167.75), R1 (167.00), S1 (166.00), S2 (165.60), S3(165.00).

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GOLD analysis for February 03, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price rejected from our corrective FE 161.8% at the price of 1,252.00 and tested the level of 1,239.18 on very high volume. If the price breaks the level of 1,238.00 on higher volume, we may see testing of the level of 1.222.00 (FE 161.8%). We can observe large selling climax at the price of 1,242.00 which is a sign that we got strong supply on the market. Buying gold looks risky since we are in short- and mid-term downtrend, and we also got finished the major ABCD bullish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,247.29

R2: 1,248.05

R3: 1,249.27

Support levels:

S1: 1,244.85

S2: 1,244.09

S3: 1,242.87

Trading recommendation: Trading the metal, be careful with buying and try to catch the bearish continuation phase.

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EUR/NZD analysis for February 03, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways around the price of 1.6660, we are still waiting potential testing of the level of 1.6800 (major FE 61%).We can observe that strong demand has entered the market at the price of 1.6613 which is good sign of bullish strength. I have placed Fibonacci levels to find next upper level and I got FE major 61.8% at the price 1.6800. There is a chance that we may see smaller bearish correction and potential testing of the level of 1.6540 (FR 38.2%) in reaction of buying climax, but general direction is bullish. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky. Watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6729

R2: 1.6772

R3: 1.6840

Support levels:

S1: 1.6593

S2 : 1.6550

S3: 1.6482

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the bullish continuation phase.

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Technical analysis of EUR/JPY for Febuary 3, 2014 Trend News

General overview for 03/02/2014 11:30 CET

There is the last wave to the downside missing before rebound should happen in this market. The target for wave (v) blue is at the level of 137.11 or a little bit lower at the level of 137.03. From that price area an intraday rebound is expected that should effectively test golden trend line or the technical resistance zone at the level of 138.25. If this level is broken, then the weekly pivot might be tested.

Support/Resistance:

137.11 - Target level for wave (v) blue

137.49 - Intraday Support

138.25 - Intraday Resistance

138.52 - Weekly Pivot

Trading recommendations:

For intraday scalpers: the level of 137.49 is the good level to open sell positions with SL above the level of 138.01 and TP at the level of 137.11.

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Technical analysis of USD/CAD for Febuary 3, 2014 Trend News

General overview for 03/02/2014 11:00 CET

The ending diagonal formation in wave (v) blue has been finished and market rejected higher prices by making sudden sell-off.

We can count five impulsive waves from the top and the support for the wave 5 red is at the level of 1.1029. This is the level of technical support as well.

Today a corrective cycle is expected that might retrace some losses on this pair but please keep an eye on the level of 1.1076 as the current resistance level. Any breakout higher means weekly pivot level will be tested.

Support/Resistance:

1.1222 - Swing High

1.1213 - WR1

1.1134 - 1.1149 - Intraday Resistance Zone

1.1121 - Weekly Pivot

1.1076 - Intraday Support

1.1029 - Technical Support

1.1020 - WS1

1.0931 - WS2

Trading recommendations:

The level of 1.1029 should provide a good support for the price, so long positions should be opened from the level with SL below the level of 1.1019 and TP at the level of 1.1076.

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#USDX Technical analysis for February 3, 2014 Trend News

The Dollar index has managed to reach the important resistance at 81.50 once again, but in the short-term we witness another rejection at this important resistance level. It is not a good sign for bulls that prices get rejected once again. However the Dollar index has visited the 81.50 resistance level twice in a short time period this means that pressures by bulls is strong, so we should be on alert if this level breaks.

Short-term support is found at 80.80-90. Short-term resistance is found at 81.40-50. We could witness a pullback towards 80.70-90 as prices got rejected and the 4 hour candles show us that short-term trend might be reversing downwards. Thereofore, bulls could see this as an opportunity to take profits near resistance and try to buy again after the expected pullback. If prices manage to break resistance then the lost ground for bulls will be small, but if prices turn aggressively downwards, then bulls would have lost much more.

Long-term support is now the 80.40 level that if broken will make us believe that the index will be heading towards 79. Important long-term resistance is 81.50 and that is why the index is taking so much time to break above it. It is very important and strong resistance that traders should not trade against it. So either go short with 81.50 stop reverse or close longs and wait if resistance breaks in order to go long again.

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Gold Elliott wave analysis for February 3, 2014 Trend News

Gold price is now near the critical support of $1,238-33. Short-term trend is down as the price pattern from recent highs at $1,279 is making lower lows and lower highs. This reversal from $1,270 area was expected since the longer-term resistance at $1,270-80 had been very strong. We expect Gold price to continue this downward trend lower and a good bearish signal that will support our view if the price moves below the $1,238-33 support.

We continue to believe that the upward move from $1,180 is corrective as we cannot find a clear impulsive wave up in order to justify more upside movement. The daily chart continues to show Gold price below the important downward sloping trend line resistance.

For bulls, it is important Gold price to trade above $1,238 and try and break above the short-term resistance at $1,255. For bears as we mentioned above it is vital for Gold price to remain below $1,270 and try to break the $1,238 support level. Our longer-term view is bearish and our short-term view is mildly bearish. We will become strongly bearish for the short-term if $1,220 support fails. Target will then be $1,140.

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Elliott Wave Analysis of EUR/NZD for February 3, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6748

R2: 1.6713

R1: 1.6670

Current spot: 1.6623

S1: 1.6560

S2: 1.6493

S3: 1.6419

Technical summary:

Black wave iii ended slightly earlier than expected 1.6792 (the high of wave iii came in at 1.6748). We are now in black wave iv, which ideally will meet support at 1.6560 for the next rally higher towards 1.6910 to end black wave v and wave i of 3, which is expected to move much higher in the longer term. The alternative count (not shown on the chart) calls for a possible triangle developing, but this count still calls for a move towards 1.6900 before a new decline sets in.

Trading recommendation:

Stay long in EUR from 1.6495. As the take profit target has not been hit, keep your stop at 1.6554 and place take profit at 1.6875. If you are not long in EUR yet, the buy EUR near 1.6560 with a very close stop at 1.6554 and with the same take profit target at 1.6875.

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Elliott Wave Analysis of EUR/JPY for February 3, 2014 Trend News

Today's Support and Resistance levels:

R3: 139.23

R2: 138.66

R1: 138.24

Current spot: 137.89

S1: 137.39

S2: 136.97

S3: 136.67

Technical summary:

We have finally seen a break below the base channel support line, which heralds acceleration lower. In the short term we will be looking for minor resistance at 138.32 to protect the upside for a continuation lower towards 136.67 as blue wave (iii) before blue wave (iv) takes over for a correction towards 137.93, and then the final blue wave (v) lower to 136.15 to end blue wave iii.

Trading recommendation:

Stay short from 141.80 and lower your stop to 138.95. If you are not short in EUR yet, then sell EUR near 137.93 with the same stop at 138.95.

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