Technical analysis of USD/CHF for Feburary 14, 2014 Trend News

Overview:

USD/CHF is expected to trade in lower range. It is undermined by the negative dollar sentiment and franc demand on the buoyant CHF/JPY cross and on the soft EUR/CHF cross. But the USD/CHF losses are tempered by the positions adjustment before weekend. Daily chart is negative-biased as the MACD is in bearish mode, stochastics are turning bearish.

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. Short position is recommended with the first target at 0.8995. A breach of this target will move the pair further downwards to 0.902. The pivot point stands at 0.8955. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8995 and the second target at 0.902.

Resistance levels:

0.8995

0.902

0.904

Support levels:

0.89

0.888

0.8855

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Technical analysis of NZD/USD for Feburary 14, 2014 Trend News

Overview:

NZD/USD is expected to trade in higher range. It is supported by the negative dollar sentiment, positive investor risk appetite, buoyant commodity prices, hawkish Reserve Bank of New Zealand's monetary policy stance and kiwi demand on the soft AUD/NZD cross. But the NZD/USD gains are tempered by the positions adjustment before weekend. Daily chart is positive-biased as the MACD and stochastics are bullish, although latter is at overbought zone; five-day moving average is above 15-day MA and is advancing.

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 0.84 and the second target at 0.843. 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:

0.84

0.843

0.846

Support levels:

0.825

0.823

0.821

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GOLD analysis for February 14, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,319.29 on average volume. Gold is sill in major bullish corrective phase. We can observe decreasing volume on upper leg, which is a sign that we may see possible bearish movement. Anyway there is a space for more upward movement before any downward reaction. I placed Fibonacci expansion and retracement levels to find possible end of bullish corrective phase and i got major FE 100% at the price of 1,335.00 and FR 61.8% at the price of 1,336.00. We also got one sub major FE 61.8% at the price of 1,324.00. Be careful with buying at this stage since we have got decreasing volume on upper leg and Gold is in high new ground. Our advice is to watch for potential bearish movement in case that we see strong supply on higher volume around our Fibonacci levels.

Daily pivot Fibonacci points :

Resistance levels:

R1: 1,302.98

R2: 1,306.92

R3: 1,313.30

Support levels:

S1: 1,290.22

S2: 1,286.28

S3: 1,279.90

Trading recommendation: Trading the metal, be careful with buying since we got decreasing volume on upper leg and we are in high new ground.

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EUR/NZD analysis for February 14, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6324 on average volume. Our previous analysis is still valid. We can observe weak supply on the market and testing of our Fibonacci retracement sub major 61.8% around the price of 1.6320. 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 of1.6285. Selling around these areas looks very risky. I placed Fibonacci retracement to find potential upper stations and i got FE 38.2% at the price of 1.6435 1.6450 and FR 61.8% at the price of 1.6575. 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: 1.6425

R2: 1.6455

R3: 1.6502

Support levels:

S1: 1.6330

S2 : 1.6300

S3: 1.6252

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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Elliott wave analysis of EUR/JPY for February 14, 2014 Trend News

Today's Support and Resistance levels:



R3: 140.30

R2: 140.07

R1: 139.99

Current spot: 139.45

S1: 139.21

S2: 138.88

S3: 138.17

Technical summary:

We are still not impressed with the wave behavior, but we are getting close to an important decision point, which will determine whether we are looking at red wave (iii) lower towards 132.13. If this is the case we should see a break below support at 139.21 or whether we are looking at an x-wave in case of a break above resistance at 140.07 for a rally higher towards 142.92 and possibly even higher towards the top at 145.69 in a flat correction.

Stay short in EUR from 140.00 and move your stop lower to 140.10. If you are not short in EUR yet, then sell EUR upon a break below 138.98 with the same stop at 140.10.

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Elliott wave analysis of EUR/NZD for February 14, 2014 Trend News

Today's Support and Resistance levels:



R3: 1.6525

R2: 1.6477

R1: 1.6430

Current spot: 1.6370

S1: 1.6350

S2: 1.6305

S3: 1.6253

Technical summary:

I'm still looking for support at 1.6350 to protect the downside for a break above resistance at 1.6430 confirming a move higher towards 1.6525 and a break here will confirm that wave E of the X-wave triangle did finish at 1.6253 and confirms a continuation higher towards 1.6787 and beyond.

In the short term a break below support at 1.6350 will delay the potential upside pressure for a move closer to 1.6305, but we should not see a move below here as a break below 1.6305 will indicate that wave E is not in place yet.

Stay long in EUR from 1.6260 with the stop placed at 1.6210. If you are not long in EUR yet, then buy EUR upon a break above 1.6430 with the same stop at 1.6210.

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#USDX Technical analysis for February 14, 2014 Trend News

The Dollar index has broken its important short-term support at 80.40 that we mentioned and moved towards our target of 80.10-20. Now it stands right on top of a major trend line support that if broken could push the index towards 79.

The rejection at 80.80 was important as it signalled more weakness and confirmed that trend is down. If the dollar index breaks above 80.40, we should expect a bounce towards the upped channel boundaries at 80.60. Important resistance for the intermediate-term is 80.80.

The daily chart doesn't look good. Today's candlestick has broken the upward sloping trend line but finds support at the previous lows made early December. Breaking those lows could push the index twards 79.50. Important resistance on a daily basis is the 80.80 price level. If the index makes a daily close above that level, then we could say that trend has reversed up. Until then, we remain bearish.

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Gold technical analysis for February 14, 2014 Trend News

Gold price has continued higher towards our $1,300 target and has even reached $1,310 getting closer to our second target of $1,320. Gold is now getting some overbought signals and has reached intermediate-term resistance. Chances have increased now for a potential pullback. The trend remains up and we still have no sell signal in any time frame.

As shown in the chart above, Gold price continues to make higher highs and higher lows. Gold price continues to trade above the Ichimoku cloud support. Important short-term support is now found at $1,285 and short-term resistance is at $1,320. Breaking below $1,295 will be a first weakness sign. Important long- and intermediate-term support is at $1,250.

The daily chart shows clearly how close Gold price has reached our target and is getting closer to the long-term downward sloping trend line. After the battle around the $1,250-60 price level, we mentioned that bulls were winning and we should expect to see Gold price above $1,300. Now we should be very cautious and raise stops and take some profits to reduce exposure in Gold as a pullback is very possible.

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Technical analysis of USD/CHF for February 14, 2014 Trend News

Trading recommendations :

• According to previous events, the price of the USD/CHF pair has still been moving between the price of 0.8970 and the 0.8880 price.


• Psychological level has set at the 0.9025 price.


• Therefore, sell deals are recommended below the 0.9025 level with targets at the level of 0.8903 in order to form a double bottom at this level in H1 chart. Moreover, the price of the USD/CHF pair is going to try break the weekly pivot point at 0.9006 to call for the bearish market below 0.9006 on February 14, 2014. Hence, the price will be continued towards the level of 0.8840.


• The stop loss should always be in account, so it will of the wisdom to set your stop loss at the 0.9025 price.

Intraday technical levels :

Date and Time: 14/02/2014 09:46

Pair: USD/CHF

• R3: 0.9081


• R2: 0.9045


• R1: 0.8990


• PP: 0.8954


• S1: 0.8899


• S2: 0.8863


• S3: 0.8808

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Technical analysis of USD/CAD for Febuary 14, 2014 Trend News

General overview for 14/02/2014 08:35 CET

Five impulsive waves to the downside has been finished and now the market is in corrective cycle wave (iv) blue. The most important intraday level for bears is the area between the levels of 1.1026 - 1.1042. It will act as a strong resistance together with golden trend line. Pleas notice that the intraday resistance at the level of 1.0980 must be broken before any upside correction would take place. Downside momentum is diminishing and bullish divergence has been made on momentum oscillator.

Support/Resistance:

1.0946 - Intraday Support

1.0955 - WS1

1.0980 - Intraday Resistance

1.1026 - 1.1042 - Key Level For Bears

1.1042 - Weekly Pivot

Trading recommendations:

For intraday scalpers: if the level of 1.0980 is broken then buy orders for intraday scalp should be opened with SL below the level of 1.0946 and TP at the level of 1.0126.

For swing traders: keep the sell orders running as the downside wave progression has not been finished yet.

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Daily analysis of major pairs for February 14, 2014 Trend News

EUR/USD: The loss in the price has been recovered and the price is now going further northwards. This pair is nosing towards the resistance line at 1.3700 – an easy target in the chart. The new target for the bulls would be the resistance line at 1.3750, after the 1.3700 line is broken to the upside.

USD/CHF: The gain in the price has been forfeited and the price is now going further southward. This pair is trudging towards the support level at 0.8900 – our constant target for the week. When the support level is reached, there would be a brand-new target for the bears, plus there would be transient rallies along the way.

GBP/USD: The Cable has been able to go beyond the target, based on the prognosis earlier this week. The price could still go further upwards, but there are possibilities of temporary pullbacks along the way. The price territory at 1.6650 is currently under siege, and it would soon be breached to the upside.

USD/JPY: It is no surprise that there has been a bearish signal in this market. The reason is that the USD is weak and the JPY is proving to be strong at the moment, hence the bearish outlook in the market. Nevertheless, short trades should be treated with caution, for it is unlikely that the price would go beyond the support level at 101.00.

EUR/JPY: Here, the Bullish Confirmation Pattern is still in place, although it is precarious. There has been a tug of war between the bull and the bear in this market, and the current stamina in the euro is helping it to reject significant bearish pulls. The price needs to go above the supply zone at 140.00 before the bull’s victory is possible.

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Technical analysis of EUR/JPY for Febuary 14, 2014 Trend News

General overview for 14/02/2014 08:15 CET

The corrective cycle is getting more complex and each wave inside the price range between the levels of 138.66 - 140.05 is starting to look like a triangle formation. Because there is one more wave to the downside needed in order to complete the corrective cycle, lower prices are expected. The key to the downside is weekly pivot level breakout and then intraday support level breakout as well. Without that kind of a price action, more range play is expected in wave b green with a possible downside breakout. The target for this scenario would be at the level of 137.98.

Support/Resistance:

140.28 - Swing High

140.05 - Intraday Resistance

138.87 - Weekly Pivot

138.66 - Intraday Support

137.98 - WS1

Trading recommendations:

As long as the level of 140.05 provides the resistance, short positions should be opened with SL above the level of 140.29 and TP at the level of 138.87 and 138.66. Possible downside extension.

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Elliott Wave Analysis of USD/CAD for February 14, 2014 Trend News

USD/CAD Elliott Wave
For the last few days, the USD/CAD pair has been trading downwards, since our invalidation is reached we have moved our wave count to alternate scenario. In the 1-hour chart of the USD/CAD pair, we can see that we are tracking descending movement from the 1.1222 level as the double three correction inside the (X) wave (coloured red). In the short term, we have one more push lower and that's why we are going to look for a selling opportunity against the 1.1025 level. In accordance with our wave rules and taking into account that wave Y should extend 100% of wave W, we can define the potential targets with measuring wave W with take profit at 1.0831 (100% of wave A). Swing traders should wait for the (X) wave to complete, and from there we can look for a long opportunity in the last (Z) wave that can move us above the 1.1300 level.

Support and Resistance
(S3) 1.0873, (S2) 1.0913, (S1) 1.0945, (PP) 1.0985, (R1) 1.1017, (R2) 1.1057, (R3) 1.1089.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why short positions at the level of 1.0975 with stop loss at 1.1025 and take profit at 1.0831 are recommended.

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