Technical analysis of EUR/USD for February 13, 2014 Trend News

When the European market opens, some economic news will be released such as ECB Monthly Bulletin, German Final CPI m/m.The US will release the economic data too such as the US-30-y Bond Auction, US-Natural Gas Storage, US-Business Inventories m/m, US-Business Inventories m/m, US-Unemployment Claims, US-Retail Sales m/m, US-Core Retail Sales m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3662.

Strong Resistance:1.3654.

Original Resistance: 1.3641.

Inner Sell Area: 1.3628.

Target Inner Area: 1.3596.

Inner Buy Area: 1.3564.

Original Support: 1.3551.

Strong Support: 1.3538.

Breakout SELL Level: 1.3530.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3551 and 1.3641. The rate is accompanied by strong support at 1.3538 and by 1.3654 as strong resistance.

If EUR/USD breaks out and closes below the 1.3530 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3662 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 1.3564 and at 1.3628, a SELL position. In this case both targets should be placed at the level of 1.3596.

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 13, 2014 Trend News

According to the World Gold Council, Central banks added 37.3 tonnes of gold in December. Yellen's testimony made gold move higher. Gold successfully crossed resistance, at the level of 1,294.0. Gold continues its rally for the sixth day. This is the first rally in a row of six trading days in 2014. We can expect this strong run to end soon.Today traders focus on weekly unemployment data, retails sales and core retail sales. In the daily chart RSI reached overbought levels and hourly charts indicated negative divergence. But the weekly chart indicates that some more upmove is left for the coming days.

During Wednesday's trading session, after making a high at the level of $1,296.2, gold fell sharply and held its 21DEMA level in the hourly chart. Yesterday, we recommended selling with a target at $1,280, but it made a low at $1,284 and took a turn. Today again we recommend selling. In the hourly chart when the price made a high at the level of $1,287.40, RSI indicated an overbought signal at 81. Yesterday, when gold made a new high at the level of $1,296.20, RSI dropped to the 66 levels, which clearly indicated a negative divergence. We could expect the price will come down soon.

Intraday-

Support: 1,287, 1,284, 1,280.

Resistance: 1,296.

If any positive news spreads in the market, it can stretch a bit more its leg towards $1,320.0 and $1,326.0. RSI reached the 66 levels. Trading above $1,298, gold will touch $1,308 and $1,326 where $1,307 is the strong resistance level.

Intraday-

Case 1: sell with sl $1,298 for targets $1,280 and $1,270.

Case 2: Buy above $1,298 for targets at $1,306.

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Technical analysis of EUR/JPY for February 13, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY reversed from expected levels around 140.00, respecting the falling trend line resistance. The short positions initiated earlier could be held for further downside expectations. Risk remains at 142.00.

2. Immediate resistance is at 142.00, followed by 143.00 and 145.50, while supports are spread through 134.00, 131.00 and lower respectively.

3. The structure reveals that bears might want to regain control again, having formed a bearish trading signal at the resistance line and drag prices lower towards fresh lows. On the other hand, if prices reverse from around 137.50 mark, short positions should be covered.

Trading recommendations:

Remain short for now, stop is at 142.00, target is open. Cover short positions on a bullish bounce at 137.5.

Good luck!

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Technical analysis of GBP/CHF for February 13, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF rose past the trading range and broke higher yesterday. Trading at around 1.4950 levels at the moment, the setup still favors bears to take control back. As seen here, the pair has retraced up to 0.618 fibonacci resistance at 1.4950. It is expected to reverse from here towards fresh lows. It is recommended to remain short and also add fresh now.

2. Immediate resistance is fixed at 1.5120/30, while supports are spread through 1.4550, followed by 1.4350 and lower respectively.

3. The structure is still favorable to bears till prices remain capped below 1.5120/30 levels. Current price action is a clear opportunity to initiate further short positions.

Trading recommendations:

Remain short, stop is at 1.5130, target is open.

Good luck!

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Technical analysis of USD/JPY for February 13, 2014 Trend News

USDJPY

The pair went through a correction after a tremendous rally towards the 105 levels from June's lows. The price was holding the 38.2 fib level and consolidating for three consecutive days, then started moving higher again. In the daily and hourly charts RSI gave a buy signal. But the price is facing resistance near 21DEMA unable to cross it. On intraday basis, buy the pair if it comes to 102.31- 102.23 with sl 102 for the targets 102.57 and 102.70. If the pair crosses the level of 102.70, it will climb to 103.0. Until the pair holds 99.0, the bullish trend is still intact.

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Technical analysis of USD/CHF for February 13, 2014 Trend News

We are recommending a buy call in this pair from January. It made a high at the level 0.9156 and started correcting. In the daily chart, RSI favour longs. Continuously, the pair was holding the 0.89 levels. It forms a good base around that levels. In Asia's trading session the pair is trading at the level of 0.9001. The positional basis is to buy with targets 0.9157, 0.9250, and 0.9383.

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Technical analysis of Silver for February 13, 2014. Trend News

Technical outlook and chart setups:

1. Silver again fails to break through the $20.50 region as seen here. It is hence recommended to book profits on long positions now. Aggressive trade setups would be to initiate short positions with risk at $20.75.

2. Immediate intermediary resistance is at 20.50, followed by $21.00 and higher up, while supports are spread through $19.00 and $18.75 respectively.

3.The structure indicates that a failure to break $20.50 would instill further confidence on the bearish side and move prices towards $19.50/$19.00 levels at the least.

Trading recommendations:

1. Book profits on long positions taken earlier.

2.Aggressive setup is to initiate short positions, stop is at $20.75, target is open.

Good luck!

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Technical analysis of Gold for February 13, 2014. Trend News

Technical outlook and chart setups:

1.Gold took out yet another resistance at $1,293.00/94.00 yesterday. It is expected that the metal reacts here in a bearish way. Please note that the fibonacci 0.618 resistance of the entire downswing from $1,360.00 to $1,182.00 is at the current price. A bearish reaction here would result in a pullback at least. Aggressive trade setup is to initiate 50% short positions now ($1,292.00/93.00).

2. Immediate resistance is at $1,325.00, while supports are spread through $1,230.00/20.00, $1,210.00 and $1,182.00 respectively.

3. The structure indicates that atleast a pullback towards resistance turned support trendline is quite possible now. The probability of another low still remains.

Trading recommendations:

Initiate short positions. stop is at $1,300.50, target is open.

Good luck!

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Daily analysis of major pairs for February 13, 2014 Trend News

EUR/USD: The recent bullish signal on this pair has been put in serious jeopardy, but the Bullish Confirmation Pattern is not over yet. The price needs to maintain its presence below the support line at 1.3550 before it can be said that the bullish signal is over. It is very much likely for the pair to go into a positive correlation with the Cable – which has been sprinting northward significantly. This pair can thus go further upwards.

USD/CHF: The recent bearish signal on this pair has been put in serious jeopardy, but the Bearish Confirmation Pattern is not yet over. The price needs to maintain its presence above the resistance level at 0.9050 before it can be said that the bearish signal is over. It is very much likely for the pair to go into a negative correlation with the EUR/USD – which has been exuding some bullish determination. This pair can thus go further downwards.

GBP/USD: Yes, the Cable has been sprinting northward; following the ‘buy’ signal that was formed on it. The price has moved upwards by more than 210 pips this week, and the next target is in the distribution territory at 1.6650.

USD/JPY: The USD/JPY has been moving sideways so far in this week. When a breakout does occur in the market, it would probably be in favor of the bulls. The fundamental figures coming out today would have an impact on this pair and other majors.

EUR/JPY: This currency trading instrument has been bullish so far, but some occasional pullbacks can often threaten the extant bullish bias. The Bullish Confirmation Pattern in the chart is still valid and the price can go towards the supply zone at 140.00 (at least to test it).

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Daily analysis of USDX for February 13, 2014 Trend News

Daily chart: The USDX continues forming a higher low pattern below the 200 SMA. During yesterday's session, the USDX made no definitive trend movements in general, since the USDX remains above the support level of 80.62. Recall that if the USDX manages to break that level, it would be expected to drop to the level of 80.11. The MACD indicator is in negative territory.

H4 chart: The USDX found resistance at the 200-day moving average and there, the USDX formed a fractal, so it is very likely that the bearish rebound extends to the support level of 80.48. If the USDX manages to consolidate below the level of 80.44,would be expected to fall to the level of 80.15. Moreover, consolidation above the 200 SMA could lead the USDX to strengthen the bullish bias. The MACD indicator is in positive teritory.

H1 chart: The USDX remains below the point of control at the level of 80.73, after the USDX has found resistance near the level of 80.80. For now, the USDX is maintained within the range between the 80.73 and 80.59 levels. A breakout at any of these levels could define the intraday trend on the USDX. We recommend caution when placing orders within this range. The MACD indicator is in negative territory.

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 80.59, take profit is at 80.35, and stop loss is at 80.83.

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Daily analysis of GBP/USD for February 13, 2014 Trend News

Daily chart: The GBP/USD had a bullish momentum that has led it to consolidate above the support level of 1.6540. Now, it is very likely that this pair will begin to form a lower high pattern to continue rising as the bullish trend has been quite lateralized this week. For now, we recommend caution when placing buy orders as the GBP/USD is overbought. The MACD indicator is still in positive territory.

H4 chart: This pair is trying to break the resistance level of 1.6592. If successful, it is expected to rise to the level of 1.6644. For now, it is very likely that the GBP/USD will start making corrective movements in favor of the current trend. Note that this pair remains above the 200-day moving average and has not yet formed a fractal in the nearest resistance levels. The MACD indicator is in positive territory.

H1 chart: The GBP/USD has consolidated above the support level of 1.6578, which is located nearest the point of control. If the pair manages to break the resistance level of 1.6629, it's expected to rise to the level of 1.6700. Moreover, if this pair does break the support level of 1.6578, it is expected to fall to the level of 1.6544. The MACD indicator is in the overbought zone.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6629, take profit is at 1.6700, and stop loss is at 1.6559.

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Technical analysis of AUD/USD for February 13, 2014 Trend News

Daily pivot point : 0.9032

Overview :

• The AUD/USD pair closed at the price of 0.9030. Also, the price has been above the ratio of 50% Fibonacci retracement levels for two days. Equally important, the market showed imperturbability and extended further to as high as 0.9066 yesterday. Consequently, it should be noted that the price has formed a strong resistance at the level of 0.9070. As well as, this strong level has still been moving between 61.8% of Fibonacci retracement levels and 100% in H4 chart. Accordingly, the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the 0.8980 level with a target towards the strong resistance around 0.9070. It also should note that the price of 0.9085 is going to form a double top. Meanwhile, the bulls will be forced to pull back at this spot. As a result, it will a profitable sign to sell at 0.9070 (in the short term) with a target at the price of 0.9045 and it might resume to the 0.9000 price for today.

Intraday technical levels :

• R3: 0.9116


• R2: 0.9091


• R1: 0.9057


• PP: 0.9032


• S1: 0.8998


• S2: 0.8973


• S3: 0.8939

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Technical analysis of GBP/USD for February 13, 2014 Trend News

Overview :

• The GBP/USD pair movement will be continued directly from the level of 1.6483 (61.8% of Fibonacci retracement levels) in H1 chart. Moreover, this level was confirmed by the bullish market yesterday. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price which represents the weekly resistance 1. Therefore, the market will indicate the bullish opportunity at the level of 1.6483. Also, it should be noted that the weekly resistance 1 became the support on February 13, 2014. Accordingly, it will be a good sign to buy at 1.6483 (in the short term) with the first target of 1.6580 and further to 1.6624 in order to form double top in H1 chart.


• Furthermore, it also should be noted that this level of taking profit will coincide with the ratio of 100% Fibonacci retracement levels, for that it is going to be a good place to take profit. On the other hand, the stop loss should be placed below 1.6500 at the price of 1.6450.

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GBP/USD intraday technical levels and trading recommendations for February 12, 2014. Trend News

The previous multiple tops as well as a recent bottom were established around 1.6250. That's why a considerable support was provided around this price level.

The 4H chart reveals an inverted bullish Head and Shoulders pattern which was expressed around 1.6220 aiming at a 1.6470-1.6500 "previous prominent resistance zone".

Four-hour breakthrough above the price zone of 1.6470-1.6500 opened the way directly towards 1.6580 rendering price zone of 1.6600-1.6630 as a coming target zone.

Previous congestion/consolidation zone is located around 1.6550-1.6590. Selling pressure may be applied at retesting which is taking place today. However, breakthrough above this zone will allow further bullish momentum to be gathered.

On the other hand, refixation again below 1.6470 on a daily basis turns the ongoing bullish bias into a bearish one targeting at 1.6370 then at 1.6250 as well.

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Intraday technical levels and trading recommendations for EUR/USD for February 12, 2014 Trend News

The nearest SUPPLY zone is located between 1.3680 - 1.3730 which corresponds to the 50% and 61.8% Fibonacci levels.

Yesterday, the pair expressed an inverted hammer daily candlestick while retesting 1.3680 (50% Fibonacci).

Fundamentally, industrial production in the euro area witnessed an unexpected decline of 0.7% on a monthly basis in December compared to its previous reading of 1.8%.

This contributed to the ongoing bearish impulse taking place right now. Initial bearish target for this movement is located near 1.3530 (previously established bottom).

On the other hand, a more prominent DEMAND level is located around 1.3450.

As we can see in the chart, bulls pushed towards the price levels around 1.3737 where strong bearish rejection was expressed.

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

The price zone of 1.3500-1.3470 provided considerable support for the pair pushing again towards 1.3670 (50% Fibonacci) which corresponded also to the upper limit of the ongoing bearish channel.

As expected, a price near 1.3680 provided a valid SELL entry. This SELL position is already running in profits now. Initial target is located at 1.3520 then 1.3470, while SL remains as 4H closure above 1.3680.

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Technical analysis of USD/CAD for February 12, 2014 Trend News

Yellen put forward that the Fed will continue tapering its bond buying program, if the economy moves in the same phase. USD traded mixed against its major peers. The USDCAD pair slumped yesterday from the high of 1.1090 to the low of 1.1003. The pair closed below the 23.6 Fibonacci level and its upper trend line, which raises the bearish view. In the daily chart, the RSI broke down its upward trend, which has been forming from September 2013. Today, in Asia's trading session the pair opened on a bullish note as of now. In the hourly chart, the RSI indicates a buy signal, pullback is expected. The latest weekly CFTC report says the USDCAD pair 12,852 long vs 88,495 short. The ratio stood at 1/7.

Support: 1.1000, 1.0968

Resistance: 1.1029, 1.1035

Intraday recommendation: go long with sl 1.1000, target 1.1026

Sell below 1.1000 on positional basis

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Technical analysis of USD/CHF for Feburary 12, 2014 Trend News

Overview:

USD/CHF is expected to trade in higher range. It is supported by the positive dollar sentiment and franc sales on the buoyant EUR/CHF cross. But the USD/CHF gains are tempered by franc demand on the buoyant CHF/JPY cross. Daily chart is mixed as MACD is bearish, but stochastics are turning bullish.

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 0.906 and the second target at 0.908. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.894. A breach of this target will push the pair further downwards and one may expect the second target at 0.89. The pivot point is at 0.896.

Resistance levels:

0.906

0.908

0.91

Support levels:

0.894

0.89

0.8855

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Technical analysis of NZD/USD for Feburary 12, 2014 Trend News

Overview:

NZD/USD is expected to trade in higher range. It is supported by the kiwi demand on NZD/JPY cross pair amid positive investor risk appetite, the hawkish Reserve Bank of New Zealand's monetary policy stance and buoyant commodity prices. But the NZD/USD gains are tempered by the positive dollar sentiment and kiwi sales on the rising AUD/NZD cross. Daily chart is positive-biased as MACD and stochastics are bullish, a five-day moving average is above 15-day MA and moving higher.

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 0.8385 and the second target at 0.84. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.825. A breach of this target will push the pair further downwards and one may expect the second target at 0.823. The pivot point is at 0.8285.

Resistance levels:

0.8385

0.84

0.8435

Support levels:

0.825

0.823

0.821

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Intraday technical levels and trading recommendations for GBP/USD for February 12, 2014 Trend News

From fundamental standpoint, positive news came from the Bank of England monetary committee which expects the unemployment rate to reach 7% by the first quarter of 2014.

This accelerated the ongoing bullish impulse towards 1.6570, according to the fundamental data released earlier today.

Today, the GBP/USD bulls managed to bypass/breach the previously established descending bottom at 1.6470 which is considered an Intraday DEMAND for the pair now.

The nearest SUPPLY level is located at 1.6570 where a recent top was established on December 31. It's expected to apply some bearish pressure on the pair to retrace towards 1.6470 initially.

As expected, bullish pressure was applied at retesting of the backside of the broken bearish channel depicted on the chart around 1.6250.

This pushed the pair higher again towards 1.6470 which was broken through earlier today opening the way towards the next resistance around 1.6570.

Price level of 1.6470 is now considered a prominent DEMND level to offer a valid BUY entry at retesting.

Price level of 1.6570 probably offers a valid SELL entry with SL as daily closure above 1.6600.

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Daily analysis of GBP/JPY for February 12, 2014 Trend News

Overview

Based on today's H4 chart and according to our yesterday's expectations, the pair might take new bullish signals in case of closing 4H above the resistance level of 168.50 after it was tested yesterday. Today, the pair took an upward movement and managed to break the strong resistance area keeping its move above the bullish trend line. Currently, the price is approaching the resistance level of 169.75 trying to break it through to continue the bullish move. More bullish signals are still expected in case of closing above this resistance level again with first target few pips below the resistance level of 170.75. Hence, we should wait for more confirmations before making the decision.

Resistance and Support levels: R3 (170.75), R2(169.75), R1(168.50), S1 (167.00), S2 (166.00), S3(165.00).

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GOLD analysis for February 12, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, like we expected, the price tested the level of 1,293.82 on ultra high volume (buying climax). Since the price has tested the level of 1,293.82, we have got our upper station at the price of 1,292.00 (FR 61.8 %). If the price breaks the level of 1,292.00 on higher volume, we may see testing the level of 1,298.00 (FE 61.8%). Be careful with buying at this stage since we are in strong Fibonacci area. Our advice is to watch for potential bearish movement in case that we get strong supply on the market.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,292.37

R2: 1,297.09

R3: 1,304.73

Support levels:

S1: 1,277.09

S2: 1,272.37

S3: 1,264.73

Trading recommendation: Trading the metal, be careful with buying since we are in strong Fibonacci area.

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EUR/NZD analysis for February 12, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6275 on ultra high volume (selling climax). We can observe selling climax at the price of 1.6275 which is sign that selling at this stage looks risky. The area of 1.6300-1.6280 is major support since we've got major Fibonacci expansion 61.8% (1.6300) and sub major FE 61.8% at the price of 1.6285. Selling around these areas looks very risky. If the price breaks the level of 1.6280 on higher volume, we may see possible testing the level of 1.6240-1.6220 before possible bullish continuation phase. EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1:1.6479

R2: 1.6515

R3: 1.6575

Support levels:

S1: 1.6359

S2 : 1.6323

S3: 1.6263

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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Daily analysis of major pairs for February 12, 2014 Trend News

EUR/USD: This is a bull market and it is understood that it would not go in a straight line. The price is projected to go northwards. There is now a temporary pullback on the EUR/USD, but there is a target at the resistance level of 1.3700. The support level at 1.3600 is a ready hurdle to any southward attempt.

USD/CHF: This is a bear market and it is understood that such would not go in a straight line. The price is projected to go southward. There is now a temporary pullback in the market, but there remains a target at the support level of 0.8900. The resistance level at 0.9000 is a ready hurdle to any northward attempt.

GBP/USD: Here, it remains logical to project the distribution territory at 1.6500 as the target for this week. Yes, this remains the target as long as the price is above the EMA 56. However, it must be mentioned that the bullish outlook on the market could be jeopardized, should the price cross the EMA 56 (and simultaneously, the accumulation territory at 1.6400) to the downside.

USD/JPY: Should one be bullish or bearish on the USD/JPY? In spite of the perceived weakness in the pair, the sensible thing to do is to be bullish, for the bullish signal on it is yet to be violated. Only the price movement below the demand level at 102.00 would render the possibility of a northward journey invalid.

EUR/JPY: This bullish cross once challenged the supply zone at 140.00 before its current southward correction. It is assumed that the supply zone would be breached again, and the market could soon be trading above it.

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Gold technical analysis for February 12, 2014 Trend News

Gold price continued its upward trend towards our $1,300-$1,320 target. The trend remains up. Gold price makes higher highs and higher lows. Support trend line remains below Gold price confirming bullish trend. Ichimoku cloud in the 4 hour chart remains support. Gold price has reached $1,293 only $7$ away from our target. We believe that there is more upside to be expected.

Short-term resistance is found at $1,299-$1,310. Short-term support is found at $1.277-80. Breaking below support could push prices towards $1,265-60. Important intermediate-term support is $1,250. Intermediate-term resistance is $1,320-30. Breaking above the intermediate-term resistance could open the way towards $1,400.

The daily chart shows clearly how bulls have won the battle at the pivot point of $1,260-50. This is now important long-term support that if broken will open the road to a move towards $1,180. Trend remains up in the daily chart with resistance at $1,300-$1,320. The upward move from $1,180 still does not look impulsive, so this must be a larger degree upward correction. Critical resistance at $1,320-30 could be reversal point. Bulls should raise their stops. Bears shouldn't have open positions because trend is up and against them.

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Elliott wave analysis of EUR/NZD for February 12, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6476

R2: 1.6419

R1: 1.6348

Cureent spot: 1.6309

S1: 1.6287

S2: 1.6238

S3: 1.6214

Technical summary:

The break below support at 1.6344 indicates that a more complex correction is unfolding, than we expected. Wave E is allowed to decline to support at 1.6214 but it can not break below this support as that will invalidate the triangle scenario. In the short term we expect resistance at 1.6344 (former support has turned to resistance) will protect the upside for one last decline closer to 1.6238 before wave E finally is in place.

Trading recommendation:

Our stop at 1.6346 was hit for a loss. We will buy EUR again at 1.6260 and place our stop at 1.6210.

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Elliott wave analysis of EUR/JPY for February 12, 2014 Trend News

Today's Support and Resistance levels:

R3: 140.54

R2: 140.30

R1: 139.93

Current spot: 139.78

S1: 139.28

S2: 138.72

S3: 138.17

Technical summary:

Support at 139.50 did protect the downside for one last rally higher towards 140.30 (just 5 small pips above our 140.25 target). We are now looking for a break below support at 139.28 for confirmation that the top of red wave (ii) is in place for a new impulsive decline in red wave (iii) down to at least 131.61. However, the risk is that support at 139.28 protects the downside for a slightly new high, but at no point should resistance at 141.26 be broken as that will invalidate our bearish count.

Trading recommendation:

Stay short in EUR from 140.00 with your stop placed at 141.30. If you are not short in EUR already, then sell EUR upon a break below 139.28 with your stop placed at 140.35.

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Technical analysis of EUR/JPY for Febuary 12, 2014 Trend News

General overview for 12/02/2014 08:30 CET:

After hitting 78%Fibo at the level of 140.17, the price has declined fast and this leg down might be labeled as wave c of the overall corrective cycle in wave (ii). Currently the most important is the golden trend line breakout as this line has been providing good resistance so far. In this case corrective cycle would be finished and new highs are expected. If the golden trend line holds however then the intraday support at the level of 138.66 will be broken and price will fall out from the channel. Next level of support in this case would be at the level of 139.17. Please notice the bearish divergence has been made as well.

Support/Resistance:

140.29 - Intraday Resistance

139.66 -Intraday Support

139.17 - Technical Support

138.87 - Weekly Pivot

138.14 - Target level for wave (ii)

Trading recommendations:

As long as golden trend line holds short positions should be opened with SL above the level of 140.36 and TP at the level of 139.17.

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Elliott Wave Analysis of USD/CAD for for February 12, 2014 Trend News

USD/CAD Elliott Wave
The USD/CAD pair found resistance yesterday, and we see some downward movements in the b wave (coloured blue) of the bigger wave (a) (coloured red) that is currently developing. In the 1-hour chart, we can see that corrective wave b (coloured blue) has completed developing at 1.1091 and from there we are seeing a deep pullback inside the b wave that should end in the next few hours. While price stay above the previous low at 1.0965 we are going to wait for a break above 1.1020, that will trigger the fresh buying opportunity against our invalidation point. In accordance with our wave rules and taking into account that wave c should extend 100% of wave a, we can define the potential targets with measuring wave a with take profit at 1.1107 (100% of wave A).

Alternate count: Break below 1.0965 will tell us that we have just ended the (x) wave (coloured red) of the bigger wave [x] (coloured green) at the 1.1107 level, and that we have more downward movements toward 1.0830 to see before we look for another buying opportunity in this commodity pair.

Support and Resistance
(S3) 1.0889, (S2) 1.0946, (S1) 1.0976, (PP) 1.1033, (R1) 1.1063, (R2) 1.1120, (R3) 1.1150.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1020 with stop loss at 1.0965 and take profit at 1.1107 are recommended.

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Elliott Wave Analysis of AUD/USD for February 12, 2014 Trend News

AUD/USD Elliott Wave
Yesterday, the AUD/USD pair has continued trading upwards, just like we expected, impulsive wave (v)/(iii) (coloured black) of the bigger wave [i] (coloured green) has been developing. In the 1-hour chart of the AUD/USD pair, we can see that we are currently in the final wave v of (v) that is taking the leading diagonal pattern. We should see the end of the wave [i] in the early London session around at the 0.9070 level and from there we are going to see a lower price, and that is why we want to be sellers when we see the price below the 0.9030 level (confirmation that [i]) wave is over. In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.8869 (50% of wave 1). The RSI indicator is still showing divergence and while this divergence stays intact, this count is going to stay valid.

Support and Resistance
(S3) 0.8862, (S2) 0.8901, (S1) 0.8969, (PP) 0.9008, (R1) 0.9076, (R2) 0.9115, (R3) 0.9183.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 0.9030 with stop loss at 0.9100 take profit at 0.8869 are recommended.

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