USD/CAD intraday technical levels and trading recommendations for February 25, 2014 Trend News

Fresh highs (around 1.1220) have been recently touched after long-time absence.

Recently, USD failed to keep its gains against CAD, and the USD/CAD pair was pushed to the downside indicating weakness of the ongoing bullish momentum.

It's important to note that the pair has an established consolidation zone between 1.0850 and 1.0960. This renders the zone as a support area that provided considerable support at retesting on February 19.

On the other hand, the nearest resistance zone is located around 1.1230-1.1250 corresponding to the 50% Fibonacci level of the bearish swing that extended between March 2009 and July 2011.

This week, an inverted hammer daily candlestick was expressed off retesting of 1.1111 indicating a possible corrective bearish impulse probably towards 1.0960 again.

The hourly chart reveals a reversal Head and Shoulders pattern at 1.1170 - 1.1200.

This pattern becomes confirmed on bearish breakdown of 1.1100 to be targeting at 1.1020-1.1000.

Bearish breakdown of the ongoing bullish channel was witnessed yesterday as well. Initial targets are located at 1.1000.

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EUR/AUD intraday technical levels and trading recommendations for February 25, 2014 Trend News

Since January 24, the EUR/AUD pair has been moving to the downside within the depicted bearish channel.

On February 13, the bulls expressed a bullish breakout above the upper limit indicating weakness of the ongoing bearish momentum.

Simultaneously, the bulls established an inverted Head and Shoulders pattern off 1.5000. The neckline is roughly located at 1.5265.

Confirmation of bullish reversal is evident with Four-Hour fixation above the price level of 1.5265. However, the pair returned to consolidate once again below 1.5265 in a price range extending between 1.5190-1.5390 yesterday .

Projection target of this confirmed pattern is located at 1.5525 as long as neckline 1.5265-1.5200 remains defended by the bulls (our stop loss levels).

On the other hand, consolidation below 1.5200 threatens our bullish view hindering further bullish progression allowing a sideway movement to take place between 1.5265 and 1.5080.

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Intraday technical levels and trading recommendations for EUR/USD for February 25, 2014 Trend News

The bullish impulse managed to bypass the upper limit of the bearish channel.

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

This opened the way towards 1.3730 (61.8% Fibonacci Level) breakthrough above which opened the way directly towards 1.3770. However, the pair is moving sideways during these two days between two price levels of 1.3680-1.3770.

Breakout in either direction is needed to achieve its breakout projection target.

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

This chart reveals the significance of price level of 1.3730. This price level corresponds to the upper limit of the ongoing bullish channel as well as common bottom and top.

The short-term scenario remains bullish as long as 1.3730 remains defended by the bulls. Otherwise, a bearish impulse may be initiated towards 1.3685 initially.

A valid BUY entry may be taken at 1.3730 with SL as 4H closure below 1.3700.

SUPPLY levels: 1.3755, 1.3760, 1.3770, 1.3800

DEMAND levels : 1.3725, 1.3700, 1.3680, 1.3660

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Intraday technical levels and trading recommendations for GBP/USD for February 25, 2014 Trend News

The pair remains in the bearish impulse initiated off its peak price around 1.6820.

On Friday, the pair had retraced up to 1.6724 before prominent bearish rejection was expressed to achieve daily closure at 1.6615 resulting in a "Shooting-Star" daily candlestick.

The breakdown of 1.6600 is essential to confirm reversal and trigger a stronger pullback, which will pause the short-term bullish momentum and open the way towards 1.6536 (50% Fibonacci Level of the swing between 1.6250/1.6821) and psychological Demand of 1.6500 as well.

The pair hardly touched 1.6580 yesterday when bullish rejection was applied resulting in a quite bullish daily candlestick. This may threaten the ongoing bearish impulse started at 1.6820.

Stabilization of 1.6600 protected the pair from further decline, with sideway consolidative phase seen preceding a possible attempt to push higher.

Daily bulls were concentrated around 1.6600 considering it as an ideal reversal point.

The bears failed to breakdown this demand level resulting in a bullish engulfing 4H candlestick that's pushing again towards 1.6666.

Breakthrough above 1.6666 opens the way towards 1.6720/40. Breakthrough above which, is a must to bring bulls back to push towards 1.6770-1.6820 initially.

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Technical analysis of USD/SGD for February 25, 2014 Trend News

The USD/SGD pair is trading at the 1.2605 level. In the daily chart, the pair has broken the supporting trend line and now is trading below the short term moving averages. But it holds its 50.0 fib level and 200DEMA at the level 1.2555. Last week, the pair formed a nice base at the level of 1.2560. During three consecutive days, it was taking the support and finally flew back towards the descending trend line at the level 1.2670. The RSI looks positive in the daily chart.

Positional basis:

S1 1.2560 R1 1.2640

In the hourly chart, the pair made a triple top at the level 1.2610 in Asia's trading session on Tuesday. The RSI signs a positive divergence in the chart. We could expect a nice pullback from the cmp. It is likley to gain more strength if it trades above the level 1.2610.

Intraday levels:

S1 1.2575 R1 1.2610

S2 1.2560 R2 1.2630

Recommendation:

Buy with sl 1.2540 for the targets 1.2670 and 1.2685.

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Technical analysis of gold for February 25, 2014 Trend News

Chinese home prices slowed down for the first time in 14 months in January. Data released yesterday revealed that home prices in major 70 Chinese cities rose 9.6% compared to 9.9% in the previous month. The gold price came attractively after the soft data, concerns over the housing market and growth in US and global economy. Gold rose to 4-month high and successfully crossed a crucial resistance zone, but was unable to consolidate above it.

Gold upward momentum still continued in the overbought zone. In the Asia's trading session gold is trading at the level $1336.0. In the daily chart, the RSI stood at 73, which was not favourable for longs. Gold completed its pullback towards 61.8 fib level. As we recommended in our previous post, gold looks bullish only above $1338.0. In yesterday's trading session, it just touched that level and came back. It was unable to consolidate above that level. Until it trades above $1,338.0, we remain in sell side. If it trades above $1,338.0, then it may touch $1,341.0, $1,346.0 $1,350.0 and $1,360. Supply zone $1,359.0-$1,361.0

Positional basis:

S1 $1,328.0 R1 $1,339.0

S2 $1,307.0 R1 $1,343.0

S3 $1,293.0 R1 $1,360.0

Intraday:

S1 $1,333.0 R1 $1,339.0

S2 $1,329.0 R1 $1,341.0

S3 $1,326.0 R1 $1,346.0

Recommendation:

Sell for target $1,332, $1,329 and $1,326, cmp $1,336.0

Buy above $1,339.0 then it may touch $1,341.0, $1,345.0

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Technical analysis of EUR/USD for February 25, 2014 Trend News

When the European market opens, some economic news will be released such as German Final GDP q/q, Italian Retail Sales m/m, EU Economic Forecasts.The US will release the economic data too such as the US-S&P/CS Composite-20 HPI y/y, US-HPI m/m, US-CB Consumer Confidence, US-Richmond Manufacturing Index. So amid the reports, the EUR/USD is likely to move low to medium volatility during this day.

Today's technical levels:

Breakout buy level: 1.3800.

Strong resistance:1.3791.

Original resistance: 1.3778.

Inner sell area: 1.3765.

Target inner area: 1.3732.

Inner buy area: 1.3699.

Original support: 1.3686.

Strong support: 1.3673.

Breakout sell level: 1.3664.

Description:

Today the EUR/USD has support and resistance at 1.3686 and 1.3778. The rate is accompanied by strong support at 1.3673 and by 1.3791 as strong resistance.

If the EUR/USD breaks out and closes below the 1.3664 level today, it will indicate considerable bearish strength. Meanwhile, if the EUR/USD manages to break out and closes above the 1.3800 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 1.3699 and at 1.3765, a SELL position. In this case both targets should be placed at the level of 1.3732.

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 25, 2014 Trend News

In Asia, Japan will release the CSPI y/y and the US will release some economic data such as US-S&P/CS Composite-20 HPI y/y, US-HPI m/m, US-CB Consumer Confidence, US-Richmond Manufacturing Index. So there is a big probability that the USD/JPY will move with low volatility during the Asian session; however, with low to medium volatility during the US session.

Today's technical levels:

Resistance. 3: 103.03.

Resistance. 2: 102.83.

Resistance. 1: 102.63.

Support. 1: 102.38.

Support. 2: 102.18.

Support. 3: 101.98.

Description:

Please pay attention to the levels of support 3 (101.98) and resistance 3 (103.03). Normally, when the level is touched, the USD/JPY will rebound from the previous low by 10 to 20 pips. However, 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 25, 2014 Trend News

Technical outlook and chart setups:

1. EUR/JPY remains more or less unchanged within the 140.00/50 territory. Recommendations are to remain short for now, the risk remains at 143.00 levels. A push through 143.00 would indicate further strength and challenge 145.50.

2. Immediate resistance is at 142.00/50, followed by 145.50; while supports are spread through 136.50 (intermediary), 134.00, 131.00 and lower respectively.

3. The structure indicates that bears would remain in control untill prices remain under 143.00. Immediate target would be towards the rising support line near 135.00 region now. A break lower will indicate further weakness towards 131.00.

Trading recommendations:

Remain short, stop at 143.00 target open.

Good luck!

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Technical analysis of GBP/CHF for February 25, 2014 Trend News

Technical outlook and chart setups:

1. GBP/CHF remains locked between the two support lines as seen here. Immediate structure is indicating that prices still remain above the 1.4650 mark, bulls would remain in control. Recommendations are to remain flat and await further reaction.

2. Immediate resistance is at 1.5120/30, while supports are spread through 1.4550, followed by 1.44 and lower respectively.

3. The structure reveals that possibilities remain twofold at the moment. A push through the 1.4950/60 level would certainly challenge 1.5120/30; while a break of 1.4650 would indicate further losses towards 1.44 and 1.42 respectively.

Trading recommendations:

Flat for now.

Good luck!

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Technical analysis of Silver for February 25, 2014. Trend News

Technical outlook and chart setups:

1. Silver has taken out resistance at $22.06 yesterday. A meaningful pullback is awaited now. The metal remains in control of bulls but trading recommendations are to buy on dips from here on. Levels of interest are $20.00/50.

2. Immediate resistance is around $23.00. The bulls might be wanting to target it well before retracing lower. Support region is the $20.50 (past resistance), followed by $20.00 and $19.00 respectively.

3. The structure indicated that trend for long term might have changed to bullish already. Taking out $23.00 level would will ensure that bulls have firm control.

Trading recommendations:

Flat for now.

Good luck!

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Technical analysis of Gold for February 25, 2014. Trend News

Technical outlook and chart setups:

1. Gold rally stalls for now at $1,338.00/39.00 levels. A meaningful retracement lower should be due now or from $1,360.00. It is recommended to remain flat for now and wait for early signals to reverse lower.

2. Resistance is at $1,360.00 for now and a push through $1,340.00 would indicate that bulls want to target it. Support is at $1,307.00, followed by $1,270.00, $1,230.00/40.00 and lower.

3. The structure indicated that Gold might have turned the trend to bullish. A deeper correction should materialize to initiate long positions. Please note that resistance turned support line and now is passing through $1,210.00 level.

Trading recommendations:

Flat for now. Looking to buy lower

Good luck!

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Daily analysis of USDX for February 25, 2014 Trend News

Daily chart: The USDX performed bearish movements in the early half of the week, as the pair fell back to the support level of 80.11. If the USDX manages to consolidate below this level, it is expected to prolong the bearish bias for several weeks and the USDX to fall to the support level of 79.19 in the long term. On the other hand, if the USDX makes a bullish rebound above the 80.11 level, it is seen to rise to the resistance level of 80.62. The MACD indicator is in negative territory.

H4 chart: The USDX has consolidated above the 80.15 level, so the bullish bias remains stable. However, if the USDX does make a breakout at the level of 80.09, it's expected to fall to the level of 79.81. For now, the USDX has made slow movements in this chart, so it is advisable to wait for the formation of a bullish or bearish pattern. The MACD indicator is in negative territory.

H1 chart: The USDX found resistance at the 80.35 level, where the 200-day moving average is located. If the USDX manages to break the support level of 80.15, it's expected to fall to the level of 79.88, which would be a strong bearish consolidation in this chart. On the other hand, if the USDX does make a breakout at the level of 80.35, it's expected to rise to the level of 80.59. The MACD indicator remains in neutral territory, which is a warning that the USDX has no definite intraday trend.

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 25, 2014 Trend News

Daily chart: This pair has had a bullish start in the week as during Monday's session the GBP/USD made a bullish rebound above the 1.6620 level. Now it is facing resistance at the level of 1.6663. If it manages to break that level, it is expected to rise to 1.6766. However, keep in mind that the pair could be forming a bearish pattern. The MACD indicator is in the overbought zone.

H4 chart: The GBPUSD has found support on the bullish trend line near the 1.6600 level. Now, it is very likely to manage to break the resistance level of 1.6667. If successful, it is expected to rise to the level of 1.6750. Moreover, if the pair does break the support level of 1.6592, it is expected to fall to the level of 1.6516. The MACD indicator is in neutral territory.

H1 chart: The GBP/USD has made a bullish rebound above the 200 SMA and the support level of 1.6629. Now, if it manages to break the resistance level of 1.6700, it's expected to rise to the level of 1.6750. On the other hand, we note that it is forming a point of control at current levels. If the pair manages to break the support level of 1.6629, it is expected to fall to the level of 1.6578 . The MACD indicator is in positive 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 24, 2014 Trend News

Overview:

USD/JPY is expected to consolidate after hitting the three-week high of 102.83 on Friday. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 80.25 versus 80.28 early Friday) and selling of yen crosses amid the diminished investors' risk appetite (S&P fell 0.19% Friday) after larger-than-expected 5.1% on-month fall in the U.S. existing home sales to 4.62 million in January (versus 4.7 million forecast). USD/JPY is also weighed by the lower U.S. Treasury yields and Japan's export sales. But USD/JPY is limited to the downside by the demand among the Japan's importers and the expansionary monetary policy of the Bank of Japan. Little FX reaction after the Group of 20 officials ended their summit this weekend saying they would take actions to boost the world economy by more than $2 trillion.

Technical сomment:
Daily chart still is positive-biased as the MACD and stochastics are in the bullish mode.

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 103.05 and the second target at 103.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102. A breach of this target will push the pair further downwards and one may expect the second target at 101.65. The pivot point is at 102.7.

Resistance levels:

103.05

103.40

103.85

Support levels:

102

101.65

101.35

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Technical analysis of GBP/JPY for Feburary 24, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate. It is undermined by waning investor risk tolerance and Japan's export sales. But EUR/JPY losses are tempered by the demand from the Japanese importers and loose BOJ monetary policy. Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated 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 171.2 and the second target at 171.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 169.5. A breach of this target will push the pair further downwards and one may expect the second target at 169. The pivot point is at 170.

Resistance levels:

171.2

171.90

172.55

Support levels:

169.5

169

168.25

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

Overview:

USD/CHF is expected to trade with risks skewed lower. It is undermined by the weaker U.S. dollar sentiment and franc demand on soft EUR/CHF cross. But USD/CHF downside is limited by the franc sales on retreating CHF/JPY cross. Daily chart is negative-biased as MACD is bearish, stochastics is reverting to the bearish mode at oversold 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 0.8930 and the second target at 0.895. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.883. A breach of this target will push the pair further downwards and one may expect the second target at 0.8765. The pivot point is at 0.8855.

Resistance levels:

0.8930

0.895

0.8975

Support levels:

0.883

0.8795

0.8765

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Technical analysis of NZD/USD for Feburary 24, 2014 Trend News

Overview:

NZD/USD is expected to trade with risks skewed lower. It is undermined by subdued investor risk appetite, but NZD/USD losses are tempered by the weaker U.S. dollar sentiment and hawkish Reserve Bank of New Zealand's monetary policy stance and kiwi demand on soft AUD/NZD cross. Daily chart is mixed as MACD is in bullish mode, but stochastics is falling from the 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 0.8315 and the second target at 0.8345. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8205. A breach of this target will push the pair further downwards and one may expect the second target at 0.818. The pivot point is at 0.824.

Resistance levels:

0.8315

0.8345

0.838

Support levels:

0.8205

0.818

0.816

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Daily analysis of GBP/JPY for February 24, 2014 Trend News

Overview

From the today's H4 chart and as it was expected last week, we should wait for breaking the resistance area of 171.50-172.00 before making the decision to continue the bullish move. Today and as shown from the H4 chart, the pair failed to break this resistance area and bounced from it to stabilize below the resistance level of 170.50 since yesterday and reversed its bullish move taking a slightly bearish move near to the support level of 169.75. Currently, it is testing the support level trying to break it through to continue the bearish move. If the pair manages to break this support level and closes below 4H, 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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Daily analysis of Silver for February 24, 2014 Trend News

Overview

Last week we expected that the metal takes an upward move in case of closing above the resistance level of 21.75 Today, as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance level and managed to close 4H above it. Currently, it is approaching the Resistance level of 22.00. More bullish signals are expected as long as silver is trading above this Resistance area with the first target few pips below the Resistance level of 22.20. But if silver closes 4H below 22.20 in this case we should wait for testing the Support area again before making decision and also cancels the bullish move scenario.

Resistance and support levels: R3 (22.50), R2 (22.20), R1 (22.00), S1 (21.75), S2 (21.25), S3 (21.00).

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Technical analysis of USD/CAD for Febuary 24, 2014 Trend News

General overview for 24/02/2014 14:20 CET

The upside correction for wave 2 green has been developed in a form of abc ZigZag structure and it looks like it is finished. Currently, the market has broken down below the intraday golden trend line and it looks like the impulsive decline is in progress here. The most important level for the bears is at the level of 1.1141 because any violation of this level would mean, that the supply zone between the levels of 1.1167 - 1.1192 will be tested again. Nevertheless, to keep the downside momentum going on, the market must break below the weekly pivot at the level of 1.1075 and fall farther towards the grey rectangle zone between the levels of 1.1016 - 1.1024. This is the most important level for the bulls and if this zone is violated, then lower prices will be seen down to the level of 1.0958.

Support/Resistance:

1.1192 - 1.1167 - Supply zone

1.1141 - Intraday resistance

1.1089 - Intraday support

1.1075 - Weekly pivot

1.1050 - 50%Fibo

1.1016 - 1.1024 - Supply breakthrough zone

1.0958 - WS1

Trading recommendations:

If the level of 1.1089 is broken, then sell orders should be opened as close to the level as possible, with SL above the level of 1.1141 and TP at the level of 1.1016.

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Technical analysis of EUR/JPY for Febuary 24, 2014 Trend News

General overview for 24/02/2014 13:30 CET

Starting from the weekly time frame there are two possibilities of further market movements as the main and alternative count. The main count still indicates a possible one more wave upside, with target above the level of 145.64. This scenario is valid as long as the level of 135.50 is not violated. On the other hand, alternative count indicates a possible top for wave 1 (alt: 1 labeling) at the level of 145.64. This would mean that the current wave progression is some kind of a correction in wave alt.2 of a higher degree. Another clue that supports this point of view is a bearish divergence on momentum oscillator and a possible overbalance of the price and time of the wave progression from wave B red low at the level of 93.30. Moreover, if we include 1st January to the chart data, there is a clear trend line on daily time frame chart that is acting now as dynamic resistance for the price. We can see on daily time frame the tight price range between 55MA, red resistance line at the level of 141.20 and the golden trend line resistance. It means the market is at the critical level on larger time frames and the next market move will be very important to the overall technical picture.

On lower time frames (H1 and H4) we can see that the price is moving within a rather tight golden channel and currently is oscillating around the weekly pivot at the level of 140.54. The hourly intraday time frame indicates a possible final push to the downside, which is possible completion of the abc purple correctiove structure in wave (ii) blue. Any breakout below the key intraday area at the level of 140.06 would expose the lower levels to be tested next: 139.83 and 139.33. Nevertheless the bullish count invalidation line lies a little bit lower at the level of 139.17 and only violation of this level would invalidate the impulsive count.

Support/Resistance:

138.40 - WS2

138.73 - 50%Fibo

139.17 - Blue impulsive count invalidation line

139.83 - WS1

140.06 - Key intraday level

140.30 - Intraday support

140.54 - Weekly pivot

141.02 - Intraday resistance

141.10 - 141.25 - Supply Zone

141.91 - WR1

Trading recommendations:

For daytraders: as long as the golden trend line provides dynamic support, the buy orders should be opened at the level of 140.06 with SL below the level of 139.83 and TP at the level of 141.25 with a possible further upside extension.

For swing traders: bullish biased traders please keep an eye on the level of 135.50 as a key level for the upside momentum to continue.

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EUR/AUD intraday technical levels and trading recommendations for February 24, 2014 Trend News

Since January 24, the EUR/AUD pair has been moving to the downside within the depicted bearish channel.

On February 13, the bulls expressed a bullish breakout above the upper limit indicating weakness of the ongoing bearish momentum.

Simultaneously, the bulls established an inverted Head and Shoulders pattern off 1.5000. The neckline is roughly located at 1.5265.

Confirmation of bullish reversal is evident with Four-Hour fixation above price level of 1.5265.

Projection target of this confirmed pattern is located at 1.5525 as long as neckline remains defended by the bulls (our stop loss level).

On the other hand, consolidation below 1.5265 threatens our bullish view hindering further bullish progression allowing a sideway movement to take place between 1.5265 and 1.5080.

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GBP/USD intraday technical levels and trading recommendations for February 24, 2014 Trend News

A considerable support was provided around 1.6250. This price level corresponds to the previous multiple tops as well as recent bottom.

A breakthrough above the price zone of 1.6590-1.6660 opened the way directly towards the upper limit of the depicted channel around 1.6820 where the bulls established a recent top around.

As expected, a bearish impulse towards 1.6590-1.6660 took place. Around this price level, there are two previous tops established at January 2 and 29 respectively.

This renders 1.6590 a considerable support for the pair. Temporary bullish rejection was recently expressed leading towards 1.6666 where the pair topped at January 24.

The pair is roughly trapped between 1.6666 and 1.6590. Breakout in either direction will allow enough momentum to be gathered in the same direction of breakout.

Breakdown of 1.6590 clears the way towards a more prominent support around 1.6530 ( Fibonacci 50% of the swing 1.6250-1.6820) and probably 1.6470 (Fibonacci 61.8% of the same swing).

Price action should be watched at retesting of price zone of 1.6590-1.6470. A valid BUY entry may be offered with SL as 4H closure below 1.6540.

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USD/CAD intraday technical levels and trading recommendations for February 24, 2014 Trend News

Fresh highs (around 1.1220) have been recently visited after long-time absence.

Recently, USD failed to keep its gains against CAD, and the USD/CAD pair was pushed to the downside indicating weakness of the ongoing bullish momentum.

It's important to note that the pair has an established consolidation zone between 1.0850 and 1.0960. This renders the zone as a support area that provided considerable support at retesting on February 19.

On the other hand, the nearest resistance zone is located around 1.1230-1.1250 corresponding to the 50% Fibonacci level of the bearish swing that extended between March 2009 and July 2011.

The hourly chart reveals a reversal Head and Shoulders pattern at 1.1170 - 1.1200.

This pattern becomes confirmed on bearish breakdown of 1.1100 to be targeting at 1.1020-1.1000.

This requires bearish breakdown of the ongoing bullish channel as well.

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GOLD analysis for February 24, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,334.16 on volume above the average. The Gold is on critical resistance area and the levels of 1,335.00 (FE 100%) and 1,337.00 (FR 61.8%) are very important. We can observe decreasing volume on upper leg, which is potential sign for the bearish reaction. Be careful with buying at this stage, since we may see further bearish reaction. Anyway, to confirm further downward movement, we need to see stronger supply on the market on high volume. Otherwise, if the price breaks the level of 1,337.00 on high volume, we may see more upward movement. My advice is to watch for potential bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,325.45

R2: 1,326.05

R3: 1327.00

Support levels:

S1: 1,323.55

S2: 1,322.95

S3: 1,322.00

Trading recommendation:Trading the metal, be careful with buying since Gold is on critical area and we are also near the high new ground.

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Intraday technical levels and trading recommendations for EUR/USD for February 24, 2014 Trend News

The bullish impulse managed to bypass the upper limit of the bearish channel.

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

This opened the way towards 1.3730 (61.8% Fibonacci Level). Breakthrough above which opened the way directly towards 1.3770.

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

This chart reveals the significance of price level of 1.3730. This price level corresponds to the upper limit of the ongoing bullish channel as well as common bottom and top.

The short-term scenario remains bullish as long as 1.3730 remains defended by the bulls. Otherwise, a bearish impulse may be initiated towards 1.3685 initially.

A valid BUY entry may be taken at 1.3730 with SL as 4H closure below 1.3700.

SUPPLY Levels : 1.3755, 1.3760, 1.3770, 1.3800

DEMAND Levels : 1.3725, 1.3700, 1.3680, 1.3660

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Intraday technical levels and trading recommendations for GBP/USD for February 24, 2014 Trend News

The pair remains in the bearish impulse initiated off its peak around 1.6820.

On Friday, the pair had reached 1.6724 before prominent bearish rejection was expressed to achieve daily closure at 1.6615 resulting in a "Shooting-Star" daily candlestick.

Breakdown of 1.6600 handle is essential to confirm reversal and trigger a stronger pullback, which will pause the short-term bullish momentum and open the way towards 1.6536 (50% Fibonacci Level of the swing between 1.6250/1.6821) and psychological Demand of 1.6500 as well.

Stabilization of 1.6600 protects the pair from further decline, with sideway consolidative phase seen preceding a possible attempt to push higher.

Daily bulls were concentrated around 1.6600 considered as an ideal reversal point.

The bears failed to breakdown this demand level resulting in a bullish engulfing 4H candlestick that's pushing again towards 1.6666.

Breakthrough above 1.6666 opens the way towards 1.6720/40. Breakdown of which, is a must to bring bulls back to push towards 1.6770-1.6820 initially.

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EUR/NZD analysis for February 24, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards like we expected, the price tested the level of 1.6620. Our previous analysis is still active. We saw selling climax at the price of 1.6517, so selling looks risky. Our upper station is still valid, so major upper station is a level around the price of 1.6790 (FE 100%). Our Fibonacci retracement 38.2% at the price of 1.6508 held successfully and we may expect further bullish continuation. 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: 1.6616

R2: 1.6645

R3: 1.6692

Support levels:

S1: 1.6523

S2 : 1.6494

S3: 1.6448

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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#USDX Technical analysis for February 24, 2014 Trend News

The Dollar index has reached our upward target of 80.40 and reversed. Resistance at 80.40 proved strong for bulls and prices got rejected and the trend reversed downwards once again. Short-term support is found at 80 where the previous bounce started. Short-term resistance is found at 80.35-40.

The current upward bounce could have completed the any upside potential. Bulls should be very cautious at 80 and 79.90 support. If these levels are broken, things are going to get worse for bulls. We may find another opportunity to enter long at these levels.

The daily chart shows us why prices got rejected at 80.40. The upward sloping trend line that was once support and got broken is now resistance. Prices back tested the broken support and got rejected. This is bearish and we should expect the horizontal support trend lines to be tested.

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Gold technical analysis for February 24, 2014 Trend News

Gold price has broken the short-term downward sloping red trend line resistance as we noted in our last analysis. This helped Gold price form a short-term bottom and reversal pattern that suggested the price would reach previous highs. We mentioned in our last post that Gold price was supported by the Ichimoku cloud indicator and we should expect bulls to push higher specially if the short-term resistance of $1,325 was broken.

Short-term resistance is the previous high. We expect this high to be broken. If broken, next target will be $1,345-50 and after that $1,370-90. Short-term support is found at $1,320. The entire $1,320-$1,290 area is support for the Gold price.

Gold price on the daily chart has also broken the longer-term downward sloping red trend line resistance that confirms our view that we are heading towards $1,400. We remain bullish with stops raised to $1,320.

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Elliott wave analysis of EUR/NZD for February 24, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6725

R2: 1.6673

R1: 1.6624

Current spot: 1.6588

S1: 1.6558

S2: 1.6496

S2: 1.6445

Technical summary:

The wave 2 correction we are looking for is still unfolding. In the short term we expect minor resistance at 1.6624 to protect the upside for one more impulsive decline in wave c lower towards the ideal target at 1.6445. Once this wave 2 correction is over, we expect a new powerful wave 3 higher towards at least 1.7141 and possibly even higher towards 1.7561.

Trading recommendation:

We are neutral, but we will buy EUR at 1.6455 with a stop at 1.6250.

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Elliott wave analysis of EUR/JPY for February 24, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.87

R2: 141.29

R1: 141.04

Current spot: 140.69

S1: 140.30

S2: 139.99

S3: 139.59

Technical summary:

We are still looking for the ongoing correction to hit resistance at 142.26 to end the X wave that began at 136.23. Once this X wave is finished, we should see renewed downside pressure towards 136.23 on the way lower towards the ideal corrective target, for the entire rally from 94.10 to 145.69, at 126.00.

Short-term support at 140.30 will ideally protect the downside for a break above minor resistance at 141.04 to confirm the next minor rally closer to the 142.26 target.

Trading recommendation:

We are neutral for now, but we will sell EUR at 142.00.

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