Analysis of gold for February 24, 2014 Trend News

The US existing home sales declined 5.1%. It declined sharply in January from December, to 4.62 million units. The sales were down to the lowest level in 18 months. Starting this year, the US economic data were printed below expectations such as jobs data, building permits and other economic indicators. On the other hand, the Fed starts tapering its bond purchasing program. Gold is an investment tool used for hedging purpose. The weak dollar and low interest rates made investors to look at gold, which was hardly beaten in last 2 years.

From August 2013 high's, gold went back again to June's lows and made a higher low. From the low of the 2013 end, gold started picking up and slowly shifted it gear towards higher levels. In the daily chart gold is trading between 61.8-50.0 fib levels from last 5 trading days and it is restricted at the 200 DEMA level. Either side breaks make clear picture. RSI is indicating over bought signals. The higher level is restricted at the level of $1,337.0 from the cmp as per fib. Last week's low was very crucial. Breaking below, the price will fall back to $1,300.0, $1,290.0, $1,284.0, and $1,274.0. If trades are above $1,325, next targets will be at $1,336.0. Until gold crosses and trades above $1,338.0, we remain in sell side. If it trades above $1,338.0, then it may touch $1,360-$1,370.

Positional basis:

S1 $1,307.0 R1 $1,328.0

S2 $1,300.0 R1 $1,332.0

S3 $1,295.0 R1 $1,338.0

In the hourly chart gold has broken down and trading below its rising trend line from the last week's low at the level of $1307.0. Now the support became resistance. In the Asian trading session gold is trading at the level of $1,323.80. RSI still favours selling.

Intraday:

S1 $1,319.0 R1 $1,325.5

S2 $1,315.0 R1 $1,328.0

S3 $1,307.0 R1 $1,332.0

Recommendation-

Sell on rise and add more if it trades below $1,322.0 with targets $1,319.0, $1,316.0, and $1,312.0, sl is at $1,326.0.

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Technical analysis of EUR/USD for February 24, 2014 Trend News

When the European market opens, some economic news will be released such as the German Ifo Business Climate, CPI y/y, Core CPI y/y, Belgian NBB Business Climate.The US will release the US-Flash Services PMI, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3807.

Strong Resistance:1.3798.

Original Resistance: 1.3785.

Inner Sell Area: 1.3772.

Target Inner Area: 1.3739.

Inner Buy Area: 1.3706.

Original Support: 1.3693.

Strong Support: 1.3680.

Breakout SELL Level: 1.3671.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3693 and 1.3785. The rate is accompanied by strong support at 1.3680 and by 1.3798 as strong resistance.

If EUR/USD breaks out and closes below the 1.3671 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3807 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 1.3706 and at 1.3772, a SELL position. In this case both targets should be placed at the level of 1.3739.

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 24, 2014 Trend News

The pair is trading at the level of $102.66 in Asia's trading session. In the hourly chart, the pair is trading above 21 and 40DEMA levels. Yesterday's high at the level of 102.83 is the crucial resistance. The area of 101.67-101.39 is the support zone. In the daily chart, the pair is trading in a ascending triangle in a buy mode. RSI favours buying mode on positional basis.

Intraday

S1 102.40 R1 102.83

Positional

S1 101.67 R1 102.68

S2 100.0 R2 102.74

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Technical analysis of USD/CHF for February 24, 2014 Trend News

USD/CHF is trading at the level of 0.8873. The pair has been trying hard to break the 38.2% retracement level for the last couple of years. Its breakout from a wedge sign a good upmove coming in the future. We recommend buying USD/CHF in three parts. Cmp at 0.8860-0.8830 with sl at 0.8800. RSI stood below the 40.0 levels in the weekly, daily and hourly charts. It indicates limited downfall. In the Asian trading session, the pair is trading at the level of 0.8871.

S1 0.8860 R1 0.8883

S2 0.8800 R2 0.8887

The pair is consolidating near the 0.8860 levels in the hourly and daily charts.

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Daily analysis of major pairs for February 24, 2014 Trend News

EUR/USD: This pair is expected to go further upwards this week reaching the target at the resistance line of 1.3800. The support line at 1.3700 should be a good barrier for the bears. With an increase in the buying pressure in this market, the price should be propelled towards the aforementioned target.

USD/CHF: One thing is noticed on the USDCHF: the market is bearish but the price has not been able to go downwards determinedly. The price fell only by 50 pips last week, and therefore the target for last week would be repeated this week (which is the support level at 0.8850).

GBP/USD: The pair is still consolidating to the downside – in a context of a bull market. A weekly pullback of around 180 pips is enough to threaten the extant bias and this is the reality in the chart. While it is possible that the price may go upwards any time, a move below the accumulation territory at 1.6550 would render the bullish outlook completely invalid.

USD/JPY: The USD/JPY has been making some bullish effort but there is a need for a break above the supply level at 103.00 before there is a strong Bullish Confirmation Pattern in the chart. Should this happen, the target for the week is situated at the supply level of 104.00.

EUR/JPY: In spite for the adamancy of the bears, this cross has been able to maintain its bullish outlook, with strong determination to go further northward. There is a possibility that the price could reach the supply zone at 142.00, but there are possibilities of consolidation and bearish retracements along the way.

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Weekly technical levels of EUR/USD for February 24-28, 2014 Trend News

Weekly technical levels the EUR/USD pair.

Pivot point among resistances and supports.

• If the price is at pivot point (1.3732), watch for a move back to resistance 1 (1,3778) or support 1 (1.3691).


• If the price is at resistance 1 (1.3778), expect a move to resistance 2 (1.3819) or back towards the pivot point (1.3732).


• If the price is at support 1 (1.3691), expect a move to support 2 (1.3645) or back towards resistance 1 (1.3778).


• If the price is at support 2 (1.3645), expect a move to support 3 (1.3604) or back towards support 1 (1.3691).


• If the price is at resistance 2 (1.3819), expect a move to resistance 3 (1.3865) or back towards resistance 1 (1.3778).

Notes :

• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.


• We expect a new range about 145 pips this week.


• The key level will set at the level of 1.3860.

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Intraday technical levels and trading recommendations for GBP/USD for February 21, 2014 Trend News

The GBP/USD pair established a recent demand level around the price level of 1.6250 where a prominent bottom was established on February 5.

A strong bullish impulse was expressed shortly after opening the way towards 1.6575 then 1.6666. Both resistance levels have been broken through.

Recently, the bulls failed to fix above 1.6800 which is manifested in the previous daily candlestick.

As long as the bulls are defending price level of 1.6666, the pair remains bullish in the long-term. However, it's expected to have some bearish momentum to push towards 1.6575.

Yesterday, the bears pushed below 1.6666. However, early bullish reaction took place before reaching 1.6570. A bullish bounce above 1.6666 indicates its significance.

The price level of 1.6720 corresponds to 50% Fibonacci of the most recent bearish impulse. Bearish rejection is expected to be found there.

On the other hand, Four hour fixation above 1.6750 invalidates the bearish swing opening the way towards 1.6780.

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Intraday technical levels and trading recommendations for EUR/USD for February 21, 2014 Trend News

On the daily chart we can see that the bulls found enough demand around 1.3570 to push again towards 1.3680-1.3700 for another retesting.

A prominent top was established around the same price zone on January 24. However, this time the bulls managed to breakthrough above 1.3700 and a bottom is probably being established around this price level.

An inverted Head and Shoulders is being established if the bulls manage to keep fixating above 1.3700 (neckline) aiming at 1.3900 corresponding to 100% Fibonacci expansion of the previous bullish swing.

On the other hand, daily fixation below 1.3700 again may open the way towards 1.3630 and 1.3600 initially.

The bullish impulse managed to bypass the upper limit of the bearish channel. Thus, the bulls established a bullish channel as depicted on the chart.

The upper limit of the bearish channel also corresponded to 50% Fibonacci level that got broken too.

This opened the way towards 61.8% Fibonacci targeting at the upper limit of the ongoing channel which comes to meet the pair around 1.3830.

Continuous consolidation above 1.3730 is a must to maintain enough momentum for higher targets.

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