Technical analysis of gold for February 17, 2014 Trend News

Gold gains amid weak US economic data. New Federal Reserve chairperson Yellen stated that the Fed would maintain an accommodative stance on monetary policy. The statement caused weakness of USD. Gold sits at a 3-month high. Gold made the largest weekly increase since August and it jumped 9.7% this year so far. Even in overbought territory, gold is ralling today at Asia's trading session. In the Asia's trading session gold is moving towards the resistance zone at the level of $1,335. It made a high at $1,329.65. Until gold crosses the level of $1,335, we do not expect further upmove.

In the hourly and daily charts, RSI stays in the overbought area. We remain bearish on the yellow metal. India reaches ahead if the wedding period starts from March and the central government eases its ban on gold import in this month due to the election period. The Indian government increased customs duty on the yellow metal three times in 2013. India is likely to see less than 500 tonnes of gold import in FY4 if the government does not loose the import restrictions.

Gold entered near crucial resistance levels at $1,338. If it trades above $1,338.0, then it may touch $1,360-$1,370.

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Technical analysis of USD/SGD for February 17, 2014 Trend News

After a tremendous move from the October 2013 lows, the pair USD/SGD is experiencing a healthy correction. Now the pair is near its 50.0 fib level. We expect it may hold and pull back soon towards 1.2650. In the daily and hourly charts RSI supports this view.

Support- 1.2555, 1.2536.

Resistance- 1.2624, 1.2652.

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Technical analysis of USDX for February 17, 2014 Trend News

New Federal Reserve chairperson Yellen stated that the Fed would maintain an accommodative stance on monetary policy. This caused weakness in USD. Recently released US data was also not supporting USD. As a result, the USD moved lower during the previous week. The USD is trading at the level of 80.10, near the crucial support zone, in the Asian trading session. In the daily chart RSI is still in the downward zone, but it is reaching close to its buying level. In the previous week, the USD pairs were close to the crucial support levels. We don't expect a breakdown in the USD considering the taper of QE. The USD pairs have attractive trading setups near crucial support zones.

Support- 79.7

Resistance- 80.15, 80.33, 80.70.

Below 79.7, we are about to head towards 79.0.

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Technical analysis of EUR/USD for February 17, 2014 Trend News

There is no economic news to be released from the Eurozone. And the US will not release any economic data because of Bank Holiday, so EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3775.

Strong Resistance:1.3766.

Original Resistance: 1.3753.

Inner Sell Area: 1.3740.

Target Inner Area: 1.3707.

Inner Buy Area: 1.3674.

Original Support: 1.3661.

Strong Support: 1.3648.

Breakout SELL Level: 1.3639.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3648 and 1.3753. The rate is accompanied by strong support at 1.3648 and by 1.3766 as strong resistance.

If EUR/USD breaks out and closes below the 1.3639 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3775 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 1.3674 and at 1.3740, a SELL position. In this case both targets should be placed at the level of 1.3707.

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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Daily analysis of USDX for February 17, 2014 Trend News

Daily chart: The USDX fell to a critical level, as the support level of 80.11 was quite strong and served as strong support for the USDX for several weeks. However, if the USDX does make a breakout at that level, it would be expected to fall to the level of 79.19. On the other hand, if the USDX does make a bullish rebound at current levels, it is expected to rise to the resistance level of 80.62. The MACD indicator is in negative territory.

H4 chart: The USDX continues to fall below the 200-day moving average as the USDX is trying to consolidate below the bullish trend line near the 80.20 level. If the USDX manages to break the support level of 80.09, it's expected to fall to the level of 79.81. On the other hand, it is very likely that the USDX will start making movements against the current trend. The MACD indicator is in negative territory.

H1 chart: The USDX opened this week with a little bearish gap below the resistance level of 80.15. It is very likely that the USDX extended its fall to the support level of 79.88. However, current levels could serve as strong support in the USDX, so we must be careful when placing sell orders for now. The MACD indicator is entering neutral 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 80.15, take profit is at 79.88, and stop loss is at 80.43.

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Daily analysis of GBP/USD for February 17, 2014 Trend News

Daily chart: GBP/USD consolidated above the support level of 1.6663, after a fairly positive week, within which the bullish bias strengthened sharply. The next target for this pair is the resistance level of 1.6851, but it is very likely that the GBP/USD will start forming a bullish pattern to continue rising. However, we must be vigilant against a bearish rebound, which would make this pair fall to the support level of 1.6663. The MACD indicator is in positive territory.

H4 chart: This pair has a clear path to climb up to the resistance level of 1.7000 in the long term, so the bullish bias in this chart remains strong thanks to the bullish rebound that GBP/USD made a few days ago at the 200-day moving average. However, if the pair manages to break the support level of 1.6667, it's expected to fall to the level of 1.6644. The MACD indicator is in overbought zone.

H1 chart: The GBP/USD opened this week with a bullish gap above the resistance level of 1.6750. Now, it is very likely that this pair will perform corrective movements to continue the bullish bias. If the pair manages to consolidate above this resistance level, it's expected to rise to the level of 1.6800. On the other hand, if the pair manages to consolidate below that level, it would be expected to fall to the level of 1.6700.

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 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.

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