Daily analysis of GBP/JPY for February 20, 2014 Trend News

Overview

As it was expected, we should wait for breaking the Resistance area of 172.00-171.50 before making a decision to continue the bullish move. Yesterday, as it is shown in the H4 chart, the pair failed to break this Resistance level to trade below this area and above the Support level of 169.75. Currently, it is testing the Support level of 169.75 trying to break it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell-signals till reaching the Support level of 168.50 as the first target.

Resistance and Support levels: R3 (172.00), R2(171.50), R1(170.50), S1 (169.75), S2 (168.50), S3(167.00).

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Analysis of gold for February 20, 2014 Trend News

In yesterday's trades gold dropped on profit booking. Regarding the FOMC minutes, we could expect an interest rate hike sooner than expected if the unemployment rate falls below 6.5. With the jobless rate falling faster than expected, even as other labor market indicators show weakness, policy makers agreed it would change rate guidance. The Indian government is likely to cut its import duty on gold by 2-3% expecting in this month due to the election period. Now the import duty stood at 10% Gold slowing going down trying to make some base near support levels.

In the hourly chart RSI favours bulls, a pullback is expected. Gold is creating some base around the levels of $1,308.0. Yesterday's low was $1,308.6. Today in Asia's trading session from last two hours, gold forming a base around the level of $1,308. If one more hour gold holds the recent low of $1,308.0, we can expect a slight pull back towards $1,313.0 and $1,315.50; RSI is supporting this view. Yesterday, gold broke the rising trend line. It is trading below this line and it is unable to cross it. Support becomes resistance here.

Intraday support-

S1 $1,308.0 R1 $1,316

S2 $1,300.0 R2 $1,318

In the daily chart gold breaks its eight days winning bids, this is the third trading day in a row coloured in red. RSI still favours bears at 67.

Positional-

S1 $1,300.0 R1 $1,322.5

S2 $1,282.0 R2 $1,332.0

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Daily analysis of Silver for February 20, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal has failed more than once to break the Resistance level of 21.75 and is still trading above the Support level of 21.25. Currently, silver is bouncing from the Support level and starting the bullish move. So we still suggest waiting for re-testing the Resistance level of 21.75 again in case of bouncing from the Support level of 21.25 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 22.00, then after breaking this Resistance level, silver would open the way towards the Resistance level of 22.20, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.75, this cancels the bullish scenario.

Resistance and support levels: R3 (22.20), R2 (22.00), R1 (21.75), S1 (21.25), S2 (20.90), S3(20.50).

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Technical analysis of USDX for February 20, 2014 Trend News

The Fed released the minutes from its January meeting. They like to further reduce its monthly bond purchases. Now the outcome was clear, which makes the US dollar stronger. As a result, gold dropped and stocks were lower at Wednesday's trading session. In the last couple of reports, we recommended that USD would move up. The 79.7-79.95 area looks very strong. During this week, the US dollar is making some strong base around the level of 79.95. During yesterday's trading session, the price turned back from the lower level, RSI also supported the price. In the hourly chart, RSI looks overbought, we expect the price to step back a bit towards the 80.06 and 80.0 levels.

Intraday support-

S1 80.7 R1 80.24

S2 79.93 R2 80.60

Positional-

S1 79.93 R1 80.60

S2 79.70 R2 81.10

Trades above the level of 80.23 gains more strength towards higher targets.

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Technical analysis of crude for February 20, 2014 Trend News

Crude has remained in a trading range of 77-110 for 3 years. Now it is trading at the level of 103.70, near the 61.8 fib level. In the charts, daily and hourly, the RSI stood at overbought levels, and the price is trading at the level of crucial resistance at 103-105. It is not a safe bet to add longs in this phase. Until the price moves above the level of 105.0, we are in bearish mode. Oscillators are not supporting the up move from here. July 2013, RSI stood in the overbought zone of 75.0, after that again today RSI came back to the 74.3 levels. I expect some major trend changing will take place.

Intraday support-

S1 102.8 R1 104.0

S2 102.35 R2 105.2

Positional-

S1 101.5 R1 104.0

S2 99.0 R2 105.2

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Technical analysis of EUR/USD for February 20, 2014 Trend News

When the European market opens, some economic news will be released such as German PPI m/m, French CPI m/m, French Flash Manufacturing PMI, French Flash Services PMI, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI, Spanish 10-y Bond Auction, Consumer Confidence.The US will release the economic data too such as the US-Core CPI m/m, US-Unemployment Claims, US-CPI m/m, US-Flash Manufacturing PMI, US-Philly Fed Manufacturing Index, US-Mortgage Delinquencies, US-CB Leading Index m/m, US-Natural Gas Storage, US-Crude Oil Inventories, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3803.

Strong Resistance:1.3794.

Original Resistance: 1.3781.

Inner Sell Area: 1.3768.

Target Inner Area: 1.3735.

Inner Buy Area: 1.3702.

Original Support: 1.3689.

Strong Support: 1.3676.

Breakout SELL Level: 1.3667.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3689 and 1.3781. The rate is accompanied by strong support at 1.3676 and by 1.3794 as strong resistance.

If EUR/USD breaks out and closes below the 1.3667 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3803 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 1.3702 and at 1.3768, a SELL position. In this case both targets should be placed at the level of 1.3735.

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 USD/JPY for February 20, 2014 Trend News

In Asia, Japan will release the Trade Balance, and the US will release some economic data such as US-Core CPI m/m, US-Unemployment Claims, US-CPI m/m, US-Flash Manufacturing PMI, US-Philly Fed Manufacturing Index, US-Mortgage Delinquencies, US-CB Leading Index m/m, US-Natural Gas Storage, US-Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Resistance. 3: 102.48.

Resistance. 2: 102.28.

Resistance. 1: 102.08.

Support. 1: 101.83.

Support. 2: 101.64.

Support. 3: 101.43.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.43) and resistance 3 (102.48). Normally, when a level is touched, 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 EUR/JPY for February 20, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY remains structurally unchanged for now. It is recommended to remain short for now, risk remains at 143.00/50. Trend line support is at 135.00 for now.

2. Immediate resistance is at 143.50, followed by 145.50, while supports are spread through 136.00 (intermediary), followed by 134.00/135.00 and 131.00 respectively.

3. The structure indicated that till the time prices are below 145.50, bears should remain in control and a push towards 134.00 or even lower levels remain possible.

Trading recommendations:

Remain short for now, stop is at 143.50, target is open.

Good luck!

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Technical analysis of Silver for February 20, 2014. Trend News

Technical outlook and chart setups:

1. Silver is showing quite resilience in holding the $21.40/50 levels as seen here. None the less, prices should come under pressure and move towards $20.50 soon. It is recommended to buy on dips from here on.

2. Immediate resistance is $22.00, while supports are spread through $20.50 (past resistance turned support), followed by $19.00 and lower respectively.

3. The structure clearly indicated that Silver has turned bullish and any correction should be bought. $20.50 is level of interest, which is also the past resistance turned support.

Trading recommendations:

Remain flat for now. Look to buy lower.

Good luck!

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Technical analysis of Gold for February 20, 2014. Trend News

Technical outlook and chart setups:

1. Gold has moved further low, towards $1,310.00 levels. It is possible that the corrective phase has resumed in the metal and it should reach at least the $1,270.00 region soon. Please note that $1,270.00 region is the convergence point of trendline, fibonacci and past resistance turned support as well. Recommendations are to remain short for now, risk remains at $1,335.00.

2. Immediate resistance is at $1,332.00/33.00, while supports are spread through $1,270.00 (fibonacci and past resistance turned support), followed by $1,230/20 and lower respectively.

3. The structure indicates that a final rally towards $1229.00/30.00 is possible before the metal gives in to bears. Fresh short positions can be initiated during the final test and reversal.

Trading recommendations:

Remain short, stop is at $1,335.00, target is at a low of $1,270.00 minimum.

Good luck!

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Technical analysis of GBP/CHF for February 20, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair is stalling ahead of 1.4700 levels as seen here. Considering the fact that the pair is still in buy zone, the probability of a rally still remains from current levels, to challenge 1.5120/30. It is recommended to exit short positions taken at 1.4950/60 for now.

2. Immediate resistance remains at 1.5120/30, while supports are at 1.4550 (intermediary), followed by 1.4350 and lower respectively.

3. The structure indicates that a move higher could be possible since the pair remains in the buy zone of the medium term support line. Levels to watch ate 1.5120/30 and 1.4950/60.

Trading recommendations:

Exit short positions, flat for now.

Good luck!

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Daily analysis of USDX for February 20, 2014 Trend News

Daily chart: The USDX has made a strong bullish rebound on the support level of 80.11. However, these movements could be the formation of a higher low pattern. Furthermore, the USDX could change its current trend, so we must be pending before any formation of a fractal. If the bullish rebound gets prolonged, one would expect that the USDX rises to the level of 80.62. The MACD indicator is still in negative territory.

H4 chart: The USDX formed a fractal near the 79.95 level and is now consolidating above the support level of 80.15. If the USDX does make a bullish breakout in the trend line near the 80.25 level, it is expected to rise to the resistance level of 80.44. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the level of 80.09. The MACD indicator is in positive territory.

H1 chart: The USDX made a bullish rebound above the 79.95 level and now the USDX is consolidating above the 80.15 level. It is very likely that the USDX try to climb up to the resistance level of 80.35, where the 200-day moving average is located. Furthermore, if the USDX gets consolidated below the 80.15 level, it's expected to fall to the level of 79.88. The MACD indicator is in the overbought zone.

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 80.42.

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Daily analysis of GBP/USD for February 20, 2014 Trend News

Daily chart: The GBP/USD has failed to make a breakout in the support level of 1.6663. This support level is shown quite strong, and that on two occasions, this pair has tried to make a breakout there without success. If this pair takes a bullish rebound at current levels, it is expected to rise to the resistance level of 1.6766. On the other hand, a breakout at that support level could lead the GBP/USD to fall to the level of 1.6540. The MACD indicator is in the overbought zone.

H4 chart: The GBP/USD has found support on the bullish trend line near the 1.6695 level. If this pair takes a bullish rebound at the current levels, it is expected to rise to the level of 1.6820. This pair has been very solid in the bullish bias, so it is very likely that these corrective movements are present. The MACD indicator is still in negative territory.

H1 chart: This pair found resistance near the 1.6730 level and now, the GBP/USD is trying to consolidate below the resistance level of 1.6700. However, if this pair makes a breakout at that level would be expected to rise to the level of 1.6750. On the other hand, it is very likely that this pair will fall to the support level of 1.6629, as this pair has failed to consolidate above the 1.6700 level. The MACD indicator is entering negative territory.

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 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.

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Technical analysis of USD/JPY for Feburary 19, 2014 Trend News

Overview:

USD/JPY is expected to range-trade as markets await 19:00 GMT Federal Open Market Committee meeting minutes. USD/JPY is undermined by the weaker dollar sentiment (ICE spot dollar index last 80.00 versus 80.13 early Tuesday) on surprise plunge in the U.S. NAHB housing market index to 46 in February from 56 in January (versus forecast for no change at 56) and worse-than-expected drop in Empire State's business-conditions index to 4.48 in February from 12.51 in January (versus 8.0 forecast). USD/JPY is also weighed by the lower U.S. Treasury yields and Japan's export sales. But USD/JPY losses are tempered by the demand from Japan importers and Bank of Japan's announcement of extension by one year and doubling of the size of two programs offering cheap loans to commercial banks which raised expectations for more easing action by the BOJ later this year. Risk appetite is subdued as the U.S. stock indexes closed mixed overnight (S&P up 0.12%, DJIA off 0.15%), while VIX fear gauge rose 2.21% to 13.87.

Technical сomment:
Daily chart is positive-biased as MACD and stochastics are turning bullish.

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 101.75 in mind. A breach of this target will move the pair further downwards to 101.5. The pivot point stands at 102.45. In case the price moves in the opposite direction, bounces back from support level, and then 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 102.75 and the second target at 103.05.

Resistance levels:

102.75

103.05

103.45

Support levels:

101.75

101.5

101.2

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Technical analysis of GBP/JPY for Feburary 19, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is supported by the buoyant EUR/USD undertone, demand from the Japanese importers and Bank of Japan's extension and expansion of two bank-lending programs. But the GBP/JPY gains are tempered by Japan's exports sales. Daily chart is positive-biased as the MACD and stochastics are bullish.

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 169. A breach of this target will move the pair further downwards to 168.25. The pivot point stands at 170.10. 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 171.30 and the second target at 172.15.

Resistance levels:

171.30

172.15

173

Support levels:

169

168.25

167.1

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Technical analysis of NZD/USD for Feburary 19, 2014 Trend News

Overview:

NZD/USD is expected to trade in a higher range. It is undermined by the kiwi sales on rising AUD/NZD cross and diminished investor risk appetite. But NZD/USD losses are tempered by the weaker dollar sentiment abd buoyant commodity prices, and hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is mixed as MACD is bullish, but stochastics is turned to bearish at overbought zone.

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 0.8355 and the second target at 0.839. 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 0.828.

Resistance levels:

0.8355

0.839

0.8435 Support levels:

0.825

0.823

0.82

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Technical analysis of USD/CHF for Feburary 19, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias after hitting its seven-week low at 0.8868 on Tuesday. It is undermined by the weaker dollar sentiment and franc demand on buoyant CHF/JPY cross. Daily chart is negative-biased as MACD and stochastics are bearish, although latter oe is at oversold zone, 5 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. Short position is recommended with the first target at 0.8855. A breach of this target will move the pair further downwards to 0.883. The pivot point stands at 0.89. 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:

0.8955

0.8995

0.902



Support levels:

0.8855

0.883

0.88

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GOLD analysis for February 19, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,325.06 on high churn volume (weak demand). Gold is still in major bullish corrective phase, but we may see possible end of that bullish corrective phase. We can observe decreasing volume on upper leg,which is a sign that we may see possible bearish movement. The price rejected from our FR 61.8% (1,324.00) Be careful with buying at this stage since we have got decreasing volume on upper leg and Gold is near high new ground. I placed Fibonacci retracement levels to find possible down stations and i got FR 38.2% at the price of 1,297.00 and FR61.8% at the price of 1,274.00. I also placed Fibonacci expansion levels to find the very first down stations and i got FE 61.8% at the price of 1,313.00 and FE 100% at the price of 1,306.00. Our advice is to watch for potential bearish movement.

Daily pivot Fibonacci points :

Resistance levels:

R1: 1,327.20

R2: 1,331.10

R3: 1,337.40

Support levels:

S1: 1,314.60

S2: 1,310.70

S3: 1,304.40

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

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EUR/NZD analysis for February 19, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6617 on average volume. We can observe strong demand on the market on the very high volume in the background so selling looks risky . The EUR/NZD tested our first major upper station FE 61.8 % at the price of 1.6600 and after that we saw smaller rejection. Our first major target has been reached and now we must wait and see for the potential break the level of 1.6600 which may confirm futher upwards. Next major upper station is a level around the price of 1.6790 (FE 100%). Since EUR/NZD is now is smaller bearish correction phase i placed Fibonacci retracement to find potential end of bearish corrective phase. I got FR 38.2% at the price of 1.6476 (currently on the test) and FR 61.8% at the price of 1.6390. 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: 1.6582

R2: 1.6637

R3: 1.6725

Support levels:

S1: 1.6406

S2 : 1.6351

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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Technical analysis of AUD/USD for February 19, 2014 Trend News

Trading recommendations :

• According to the previous events, the AUD/USD pair has still been moving between 0.9061 and 0.8990. As it is known, history will probably repeat itself at this level again. Equally important, the resistance has set at the price of 0.9113 and the support at the 0.8990 price. Accordingly, if the trend fails to close below the level of 0.8990, then it will be a good opportunity to buy above 0.8990 with the first target at 0.9066, then it will be continued straight towards 0.9113. Notwithstanding, the stop loss should always in account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed below the level of 0.8953.

Intraday technical levels :

• R3: 0.9146


• R2: 0.9113


• R1: 0.9068


• PP: 0.9035


• S1: 0.8990


• S2: 0.8957


• S3: 0.8912

Notes :

• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.


• Key level is at 0.8990.

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Technical analysis of GBP/USD for February 19, 2014 Trend News

Overview :

• It should be noted that the resistance (1.6773) and the support (1.6510) are considered to be clear indicators of the maximum range of extreme volatility on February 19, 2014, though it is possible to pass them through. Therefore, according to the previous events, the GBP/USD pair has still been trapped between 1.6750 and the weekly pivot point at the level of 1.6628. Also, it should note that the 1.6626 price will act as a minor support. Thence, probably the market is going to start showing the signs of bearish market below the price of 1.6773, because it represent a major resistance. In other words, it will be a good sign to sell below the resistance (1.6773) with the first target of 1.6628 in order to try break the weekly pivot point, then it will call for downtrend to continue its bearish movement towards 1.6501(the level of 1.6501 is represented a strong support for today).

Notes :

• Resistance: 1.6773


• Support: 1.6510


• Range: 120 pips.

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#USDX Technical analysis for February 19, 2014 Trend News

The Dollar index was rejected at the short-term resistance level of 80.20 and is now back testing the recent lows. Is a double bottom forming? The index was rejected at the upward sloping black trend line resistance. This made the index pull back towards its recent low and short-term support at 79.95-90.

The Dollar index remains inside the downward sloping channel. The index has been rejected at 80.20-30 resistance. We expect the index to make another try higher towards 80.40.

The daily chart shows that the index is above the horizontal support at 79.90. We believe that this support is very important as well as the support at 79.75. This area is very important for the longer-term trend, and we expect a good upward bounce from these levels as long as support holds.

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Gold technical analysis for February 19, 2014 Trend News

Gold price has fallen towards its first short-term support at $1,312 and has reached our target of reaching the lower channel boundaries. Gold price remains in intermediate-term uptrend and above the 4-hour Ichimoku cloud support.

The double bottom in the 4-hour chart as shown above could prove bullish if Gold price makes a new higher high above $1,326. Breaking above these price levels will push the precious metal towards $1,340-50. Short-term resistance is found at $1,325 and then at $1,332. Short-term support is found in the $1,310-15 price range.

If Gold price breaks below $1,310, then we will increase probability of seeing a larger degree downward correction that will show up in the daily chart. If $1,300 is broken, then there is increased chance of pulling back towards $1,270-60. Currently, Gold price is trading at its important downward sloping red trendn line resistance as shown in the daily chart above. Gold price could give a final break out but bulls should be very cautious and raise their stops.

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Elliott wave analysis of EUR/NZD for February 19, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6663

R2: 1.6620

R1: 1.6567

Current spot: 1.6539

S1: 1.6514

S2: 1.6484

S3: 1.6454

Technical summary:

Wave iii did end just 10 small pips before the ideal extension target at 1.6630. We are now looking for a small wave iv correction towards the 1.6485 - 1.6514 area before the next impulsive rally higher towards the target for wave 1 at 1.6745. Our larger picture shows that we ended a major X-wave triangle at 1.6253 and a new impulsive rally higher to above 1.6996 and more importantly above 1.7274 is developing.

Trading recommendation:

Stay long in EUR from 1.6260 and raise your stop to 1.6425. If you are not long in EUR yet, then buy EUR close to 1.6514 with the same stop at 1.6425.

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Elliott wave analysis of EUR/JPY for February 19, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.41

R2: 141.87

R1: 141.26

Current spot: 140.57

S1: 140.26

S2: 139.95

S3: 139.49

Technical summary:

After a small correction towards 140.26, we should see more upside action towards the ideal target at 142.41 to finish the x-wave and setting the stage for the next decline lower towards 126.03 as the ideal corrective target for the impulsive rally from 94.10 to 145.69.

Trading recommendation:

Stay long in EUR from 140.10 and raise your stop to 139.95 and take profit at 142.25. If you are not long in EUR yet, then buy EUR close to 140.26 with the same stop at 139.95.

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Technical analysis of USD/CAD for Febuary 19, 2014 Trend News

General overview for 19/02/2014 08:30 CET

The count has been slightly changed as the momentum is slowing and the market might be in final stages of the ending diagonal wave (v) pattern. Any breakout above the level of 1.0938 is bullish, and the bottom for the whole blue impulsive cycle might be in place. On the other hand, in case of downside breakout below the level of 1.0923, the next support is at the level of 1.0900. Please notice the bullish divergence has formed on momentum .

Support/Resistance:

1.0994 - Weekly Pivot

1.0987 - Technical Resistance

1.0938 - Technical Resistance

1.0923 - Intraday Support

1.0900 - WS1

Trading recommendations:

The buy orders should be opened from the level of 1.0941 with SL below the level of 1.0923 and TP at the level of 1.0987.

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