Daily analysis of major pairs for February 3, 2015 Market Analysis Review

EUR/USD: At the end of the last week, this pair was consolidating. The consolidation has continued this week so far. However, the bias is bearish and this could mean that the price would go southward when there is a breakout in the market. Thus, the price can reach the support line at 1.1250 today.

USD/CHF: The outlook for the USD/CHF pair remains upbeat in the context of a downtrend. The price is supposed to continue going upwards in a slow and steady manner by at least 500 pips this month. Along the way, there would be occasionally serious pullbacks which would, nevertheless, be transient in nature.

GBP/USD: The signal on the Cable is currently a “sell.” The price can test the accumulation territory at 1.5000 again; even breaking it to the downside. The Bearish Confirmation Pattern on the chart could also be a supporter of this outlook.

USD/JPY: The outlook for the USD/JPY pair is still the same.There was no much activity in this market last week, save occasional short-term upswings and downswings in the market. This week, either the supply level at 119.00 is expected to be breached to the upside or the demand level at 117.00 is expected to be breached to the downside.

EUR/JPY: The EUR/JPY pair made a noteworthy effort to rally in the context of a downtrend, but the overall bias remains bearish. The outlook for this cross this week is bullish, and this can happen any day this week. The only factor that can render this expectation useless is a situation in which the Yen gains significant stamina.

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Forecast and trading recommendations on Gold for February 03, 2015 Market Analysis Review

The yellow metal fell $17 at the previous session. As we recommended in yesterday's articles, the selling pressure will appear only below $1,266.00. Tthe metal made a low at $1,266.00 and bounced from there. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers will acquire gold. The focus has shifted to tomorrow's ADP Non-farm employment data. The metal has weekly resistance at $1,303.75, above it $1,309.00 will act as another resistance level. The monthly support exists at $1,270.00 levels or 20Msma. The prices are making lower tops for 9 days in a row. Currently, the trading pattern is framed between $1,286.00 and $1,266.00. Either side breakout will provide more room to trade. The panic will be triggered below $1,249.50.

Resistance: $1,286.00; $1,297.50; $1,303.00.

Support: $1,272.90; $1,270.00; $1,266.00.

At the Asian session, the metal is trading at $1,273.00. The support exists at $1,272.90 which is the 4-hour support. We can expect weakness below that level. The next support exists at $1,270.00 and $1,266.00. Risky traders can buy above $1,276.00 with the targets at $1,280.00, $1,282.00, and $1,284.00.

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Technical analysis and trading recommendation on GBP/USD for February 03, 2015 Market Analysis Review

The pound lost 90 odd pips at yesterday's session against the US dollar. The UK's manufacturing PMI grew slightly faster in January. The domestic market remained the prime driver of improved new order inflows. PMI rose to 53.0 in January, a shade higher than December’s revised reading of 52.7. On the other hand, the US PMI registered 53.5 percent, a decrease of 1.6 percentage points from December’s seasonally adjusted reading of 55.1 percent. At yesterday's session, the cable managed to hold at 1.5000. Today, the focus has shifted to the UK construction PMI data. In December, the reading came below expectations. We are expecting the same downtick again at this time as well with an estimate of 56.9 points.

The prices are closed and trading below the hourly moving averages. The intraday resistance exists at 1.5055, 1.5080, and 1.5100. Currently, the pair is trading in a range between 1.5100 and 1.4990. We recommend fresh long above 1.5050 with the targets at 1.5080,1.5100, 1.5160, and 1.5200. On the bearish front, if the prices break below 1.4990, we recommend selling with the targets at 1.4950, 1.4900, and 1.4860.

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Technical analysis of EUR/USD for February 03, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as PPI m/m and Italian Prelim CPI m/m. The US will release a number of economic reports too such as the Total Vehicle Sales, IBD/TIPP Economic Optimism, and Factory Orders m/m. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1403.

Strong Resistance:1.1396.

Original Resistance: 1.1385.

Inner Sell Area: 1.1374.

Target Inner Area: 1.1347.

Inner Buy Area: 1.1320.

Original Support: 1.1309.

Strong Support: 1.1298.

Breakout SELL Level: 1.1291.





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. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of USD/JPY for February 03, 2015 Market Analysis Review

In Asia, Japan will release the 10-y Bond Auction and Monetary Base y/y. The US will release a number of economic reports such as Total Vehicle Sales, IBD/TIPP Economic Optimism, and Factory Orders m/m. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.


TODAY TECHNICAL LEVELS:

Resistance. 3: 117.82.

Resistance. 2: 117.59.

Resistance. 1: 117.36.

Support. 1: 117.08.

Support. 2: 116.85.

Support. 3: 116.62.



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Daily analysis of USDX for February 03, 2015 Market Analysis Review

The USDX is performing retracements as we can see it on the daily chart, finding support at the level of 94.18, with high odds of a bullish recovery to the next target at the resistance level of 95.45. Remember that a fractal is already formed in that zone and that could produce some pullbacks on the USDX, but we still believe there is enough bullish momentum to reach new highs.

On the H1 chart, the USDX found strong supply force at the resistance level of 94.78, and it could avoid the bullish progression of the USDX on a near term basis, but the support level of 94.38 is still stronger, because the 200 SMA is nearby, that is also pointing to the upwards. Anyway, be cautious, because the MACD indicator is in the negative territory.

Daily chart's resistance levels: 95.45 / 97.52

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.78 / 95.05

H1 chart's support levels: 94.38 / 94.14

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.78, take profit is at 95.05, and stop loss is at 94.51.

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Daily analysis of GBP/USD for February 03, 2015 Market Analysis Review

On the daily chart, we can see the domination of the bearish bias on the GBP/USD pair. The pressure remains, as the pair is trying to consolidate below the support level of 1.5025. That breakout could take place during this week, when GBP/USD price action shows us that a lower low pattern is fully finished. The MACD indicator remains in the positive territory.

During the last session, the GBP/USD pair made a breakout in the 1.5039 zone, where the pair could start to form a solid bearish pattern to continue looking for more lows in the short-term bias. Anyway, our targets on the downside remains placed at the support level of 1.4994 and 1.4957, and this could be possible because the 200 SMA is bearish.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5039 / 1.5084

H1 chart's support levels: 1.4994 / 1.4957

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4994, take profit is at 1.4957, and stop loss is at 1.532.

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USDCAD Daily Analysis - February 3, 2015 Forex Analysis

USDCAD remains in uptrend from 1.1803, the fall from 1.2797 is likely consolidation o f the uptrend. Range trading between 1.2380 and 1.2797 could be seen in a couple of days. Support is at 1.2380, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.3000 is still possible.

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USDJPY Daily Analysis - February 3, 2015 Forex Analysis

No changed in our view, USDJPY remains in uptrend from 115.85, the fall from 118.86 would possibly be consolidation of the uptrend. Further rise to test 120.82 resistance could be expected after consolidation, and a clear break above the channel resistance could signal resumption of the uptrend.

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AUDUSD Daily Analysis - February 3, 2015 Forex Analysis

AUDUSD remains in downtrend from 0.8294, the rise from 0.7719 is likely consolidation of the downtrend. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.7500 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - February 3, 2015 Forex Analysis

GBPUSD continued its sideways movement in a range between 1.4950 and 1.5268. As long as 1.5268 resistance holds, the price action from 1.5034 could be treated as consolidation of the downtrend from 1.5785 (Dec 16, 2014 high), and another fall towards 1.4500 is still possible after consolidation.

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EURUSD Daily Analysis - February 3, 2015 Forex Analysis

EURUSD is facing the resistance of the downward trend line on 4-hour chart. A clear break above the trend line resistance will indicate that the downtrend from 1.2569 (Dec 16, 2014 high) had completed at 1.1097 already, then the following upward movement could bring price to 1.1600 zone. However, as long as the trend line resistance holds, the rise from 1.1097 would possibly be consolidation of the downtrend, another fall towards 1.0500 is still possible after consolidation.

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Technical analysis of EUR/JPY for February 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY is trading between the levels of 132.00 and 134.00 for now. A break below 131.00 from here would be extremely bearish for the pair and it could test 130.00 again. On the flip side, a break above the line of resistance (134.00) could push the prices towards 137.50/138.00, respectively. It is recommended to remain long for now with risk at 130.00. Immediate support is seen at the levels of 131.50 followed by 130.00 while resistance is seen at 137.50/138.00 followed by 142.30 and higher, respectively. Probabilities remain higher for a rally towards the levels of 138.00 for now.

Trading recommendations:

Remain long for now; stop is at 130.00, target is 137.50.

Good luck!

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EUR/NZD : analysis for February 02, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.5575. We are facing low volatilty today on the market. Our Fibonacci retracement 38.2% at the price of 1.5415 got broken so we may expect testing of the level of 1.5800 (Fibonacci retracement 61.8%). According to the monthly time frame, we can observe successful rejection from our support level at the price of 1.5000. Selling EUR/NZD at this stage looks risky so my advice is to watch for potential buying opportunities after retracement (buy on the dips). According to the previous price action, I have found support level at the price of 1.5440 (swing high like support). According to the daily time frame, we can observe indecision bar in a volume below the average.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5643

R2: 1.5684

R3: 1.5750

Support levels:

S1: 1.5511

S2: 1.5470

S3: 1.5404

Trading recommendations: Be careful when selling since we have successful rejection from monthly support level in the background.

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Technical analysis of GBP/CHF for February 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair hit 1.4072 today before pulling back sharply towards 1.3950. The pair is seen to be trading at 1.3980/90 for now and it is still expected to hit the levels of 1.4100 soon. One can remain long with risk below the levels of 1.3800 for now. The pair has been steadily making higher highs and higher lows since it broke above 1.3350/1.3400 resistance earlier. Please also note that 1.4100 is Fibonacci 0.618 resistance and the pair could start drifting lower from there, towards the larger downtrend. Immediate support is seen at the levels of 1.3800 followed by 1.3640, 1.3470, 1.3400 and lower while resistance is seen at 1.4100 and higher, respectively.

Trading recommendations:

Remain long; stop is below 1.3800, target is at 1.4100.

Good luck!

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Gold analysis for February 02, 2014 Market Analysis Review

Overview :

Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,284.87 in a volume above the average. According to the H4 time frame, we got selling climax in the background, what caused the price to start with upward movement. Our submajor Fibonacci retracement 38.2% at the price of 1,254.00 has been held successfully which is a sign that selling gold at this stage looks risky. Anyway, if the price breaks the level of 1,254.00 in a strong volume, we may see a possible testing of the level of 1,240.00 (Fibonacci expansion 161.8%). Resistance level is around the price of 1,307.00 (swing high like resistance).

Daily Fibonacci pivot points :

Resistance levels :

R1: 1,282.78

R2: 1,283.52

R3: 1,284.70

Support levels :

S1: 1,280.42

S2: 1,279.68

S3: 1,278.50

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).

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Weekly technical levels for GBP/USD for February 2-6, 2015 Market Analysis Review

The weekly technical levels for GBP/USD pair:

Trading recommendations :

• According to the previous events, the price of GBP/USD is going to move between the levels of 1.4960 and 1.5130. Buy above the level of 1.4960 which represents the weekly support 1 on the H1 chart with the first target at 1.5091 in order to test the double top near the weekly pivot. Then, the trend will be able to continue toward the level of 1.5130. Also, it should be noted that the weekly resistance 1 coincides with the price of 1.5196.

Observations :

• A major support will be set at the level of 1.5132; and support has been already placed at 1.4961 on February 2, 2015.


• The double bottom is set at the point 1.4987.


• We expect a new range about 248 pips.


• If the trend is upward, the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.

Notes about the Fibonacci indicator :

• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.


• Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy in the long-term in this period, you will surely lose your profit.

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Weekly technical levels for EUR/USD for February 2-6, 2015 Market Analysis Review

The weekly technical levels for EUR/USD pair

Overview :

• The major level of the EUR/USD pair has been set at the level of 1.1270. This level is acting as strong support today and it coincides with the ratio of 50% of Fibonacci retracement levels on the H1 chart. Therefore, the first key level will be set at the level of 1.1268 (the weekly pivot point). Furthermore, the trend was very clear and was indicating an uptrend in the short term. Thus, we expect that the trend is going to call for a bullish market at the level of 1.1270 because buyers are bidding for a lower price. As a result, buy at the price of 1.1270 with the target of 1.1422 in order to test the double bottom. Moreover, the price is going to continue toward the level of 1.1439. Also, it should be noted that the level of 1.1439 represents the weekly resistance 1.

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#USDX technical analysis for February 2, 2015 Market Analysis Review

The Dollar index continues to slide sideways but still above the Ichimoku cloud support and above the 38% retracement at 94. The longer-term trend remains bullish with 100 as a possible target. Breaking above 95 will increase the chances of such a bullish move. Holding above 92 is critical for the bullish trend.

As shown on the chart above, the Dollar index bounced last week off the 38% retracement; however, buying remains moderate as the price has not managed to break above short-term resistance at 95. On the other hand, the fact that the index remains above the cloud and above previous lows at 93.70 is a positive sign for bulls.

The daily chart continues to be bullish. At 93.70 we have important daily support. If it is broken, it will push the index towards 92.50 where the kijun-sen support (yellow line) is found. Bulls need to be very cautious as a bearish reversal here could push the index even towards 90 so bulls better raise their stops to protect their positions.

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Technical analysis of USD/JPY for February 02, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade with bearish bias after hitting two-week low of 116.64 this morning. It is undermined by the flows to safe haven JPY amid increased risk aversion (VIX fear gauge rose 11.78% to 20.97, S&P 500 closed 1.3% lower at 1,994.99 Friday) as heightened worries about global growth spread to the US after the US 4Q flash GDP growth of 2.6% (versus forecast +3.2%). Risk sentiment is further dented by the Sunday's data showing China's official PMI unexpectedly fell to 49.8 in January from 50.1 in December (versus forecast 50.3) for its first dip below 50 since September 2012. USD/JPY is also weighed by the weaker USD sentiment after the disappointing US GDP data, lower US Treasury yields (10-year at 1.680% versus 1.753% late Thursday) and Japan's exports. But the USD sentiment is soothed by the stronger than expected US January ISM-Chicago PMI of 59.4 (versus forecast 57.5). USD/JPY losses also tempered by the demand from the Japanese importers and by the ultra-loose Bank of Japan's monetary policy.

Technical comment:
The daily chart is mixed as the MACD s bearish, but stochastics is neutral; five and 15-day moving averages are meandering sideways.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 117.20. A break of this target will move the pair further downward to 117. The pivot point stands at 118.20. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 118.45 and the second target at 118.75.

Resistance levels:

118.45

118.75

119

Support levels:

117.20

117.

116.80

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Technical analysis of USD/CHF for February 02, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is supported by the franc sales on cross trades versus major currencies, the negative Swiss interest rates and the threat of the SNB CHF-selling intervention. But the CHF sentiment is boosted by stronger than expected Switzerland January KOF economic barometer of 97.0 (versus forecast 93.6). The USD/CHF gains are also tempered by the weaker USD sentiment.

Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, five-day moving average is rising above 15-day moving average.

Trading recommendations:

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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9365 and the second target at 0.9435. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9075. A break of this target would push the pair further downwards, and one may expect the second target at 0.8985. The pivot point is at 0.9150.

Resistance levels:

0.9365

0.9435

0.9465

Support levels:

0.9075

0.8985

0.8935

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Technical analysis of USD/CAD for Febuary 2, 2015 Market Analysis Review

General overview for 02/02/2015 10:05 CET

The orange rectangle projected target area for wave v black from last Friday has been hit and the market did make some sort of the correction to the downside. However, so far the corrective cycle has been really small, and there is still a chance that the extension upward will continue if the level of 1.2800 is broken. Please notice the bearish divergence between the price and the momentum oscillator is getting bigger and meaningful reversal/correction might happen any time now.

Support/Resistance:

1.2897 - WR1

1.2799 - Swing High|Intraday Resistance|

1.2636 - Weekly Pivot

1.2602 - Intraday Support

Trading recommendations:

Daytraders should consider opening a buy stop orders from the level of 1.2800 with SL below the level of 1.2668 and TP at the level of 1.2897. It is not a good level to open a long-term swing buy positions.

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Gold technical analysis for February 2, 2015 Market Analysis Review

Gold price bounced strongly on Friday only to reach the first important short-term resistance of the 61.8% retracement of the decline from recent highs. The price is pulling back down and it is important for bulls to hold above $1,252 in order to resume the uptrend towards $1,330.

As shown on the chart above, gold price reached the 61.8% retracement of the decline and got rejected. Short-term support is at $1,270 and next at $1,263. Resistance is at $1,285. A break above $1,285 will be a bullish signal that will put the previous highs at $1,307 to the test.

Red lines = horizontal support levels

Gold price has made a considerable bounce last week after reaching the 38% retracement of the rise from $1,160 to $1,307. Holding above it will be a bullish sign. Breaking below the 38% retracement will be a sell signal with target $1,220. Making a higher low around $1,270 and then breaking above $1,285 will be a buy signal with $1,330 target.

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Technical analysis of EUR/JPY for Febuary 2, 2015 Market Analysis Review

General overview for 02/02/2015 09:55 CET

The market still traders inside the range between the levels of 132.27 - 134.33, but it is quite possible that the corrective cycle wave (b) blue has been completed. To confirm this point of view, the price must break out higher above the level of 134.55 in impulsive fashion and head higher towards the golden trend line resistance and later towards the level of 137.64. On the other hand, a lack of such progression might lead to another corrective sub-wave inside the wave (b) blue, that might turn out to be a triangle pattern or any other, more complex corrective structure.

Support/Resistance:

137.64 - Technical Resistance

136.58 - WR2

134.59 - WR1

134.33 - Intraday Resistance

132.37 - Intraday Support

130.39 - WS1

Trading recommendations:

Daytraders should consider opening a buy stop orders from the level of 134.35 with SL below the level of 134.31 and TP at the level of 136.05 with a possible extension to the level of 137.64 later on.

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Technical analysis of NZD/USD for February 02, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting near a four-year low of 0.7213 on Friday. It is undermined by shift in the Reserve Bank of New Zealand's monetary stance from tightening bias to neutral and by the kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion. But NZD/USD losses are tempered by the weaker USD sentiment and the kiwi demand on the soft AUD/NZD cross and the NZD-USD interest differential.

Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, five- and 15-day moving averages are declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.7160. A break of this target will move the pair further downward to 0.71. The pivot point stands at 0.7315. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7360 and the second target at 0.7440.

Resistance levels:

0.7360

0.7440

0.7465



Support levels:

0.7160

0.71

0.7040

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Technical analysis of GBP/JPY for Feburary 02, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a lower range. It is undermined by the increased investor risk aversion and Japan's exports. But GBP/JPY losses are tempered by the demand from the Japanese importers. The GBP sentiment is supported by better than expected improvement in the UK GfK consumer confidence index to +1 in January from -4 in December (versus forecast for -2).

Technical comment:
The daily chart is mixed as the MACD is bearish, but stochastics is rising from oversold levels; five-day moving average is meandering sideways below falling 15-day moving average.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 176.45. A break of this target will move the pair further downward to 175.71. The pivot point stands at 178.00. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 179.45 and the second target at 180.20.

Resistance levels:

179.45

180.20

180.90

Support levels:

176.45

175.70

175

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Technical analysis of Silver for February 02, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has bounced off $16.60/70 fibonacci support and pushed higher through $17.30 levels as seen here. The metal has produced a bullish morning star candlestick pattern indicating a resumption of the uptrend. Also please note that the bounce has been from the past resistance turned support region as depicted around $17.00 levels and a trend line support is also passing from the same region. The metal could dip lower and test the trend line support again before rallying further but trading recommendations are to remain long for now and also add further on intraday dips. Immediate support is the $16.60 (interim), followed by $16.20, $15.50 and lower while resistance is seen at $18.20/40 (interim), followed by $18.90 and higher respectively.

Trading recommendations:

Remain long for now, stop at $15.50, the target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for February 2 - 2015 Market Analysis Review

Technical summary:

We knew that we were getting close to a long-term low and expected to see one final low just below 1.4787, but this new low was never seen, as wave (v) of [C] ended as a fifth wave failed at 1.4888. We are now looking for a new impulsive rally towards 1.6446 as the first major upside target. In the short-term, a minor correction to 1.5410 is expected before the next rally higher and a break above minor resistance at 1.5600 will be the first good indication that the correction is over, while a break above resistance at 1.5686 confirms the rally higher towards 1.6446. Only a break below 1.5133 will force us to review our bullish count.

Trading recommendation:

We will buy EUR at 1.5425 with stop placed at 1.5325 or we will buy EUR upon a break above 1.5686 with stop placed at 1.5490 (one order done cancels the other).

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Technical analysis of Gold for February 02, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has rallied through $1,285.00 levels after bouncing off from $1,250.00 support as seen here. Please note that the metal has bounced off the fibonacci 0.382 support and minimum upside extensions remain at $1,340.00/50 levels from here on. A break above $1,295.00 interim resistance would confirm that bulls are back in control. It is recommended to remain long for now, risk is around $1,245.00 levels for now. Immediate support is seen at $1,220.00/25.00, followed by $1,205.00 and lower while resistance is seen at $1,295.00 (interim), followed by $1,307.00 and higher respectively. Please note that a break below $1,250.00 would find support around the $1,220.00 region.

Trading recommendations:

Remain long for now, stop at $1,245.00, the target is at $1,340.00/50.00.

Good luck!

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Elliott wave analysis of EUR/JPY for February 2 - 2015 Market Analysis Review

Technical summary:

Did wave (iv) end at 134.36 or was it was just wave a of (iv) and wave b of (iv) which ended at 132.04? As long as support at 132.04 protects the downside, we will let the benefit of the doubt go to bulls, but a break below 132.04 will shift the focus towards the finished wave (iv) count at 134.36 and indicate wave (v) lower to 125.98 is developing. If resistance at 134.18 is broken, that would call for wave c of (iv) higher to 136.33 to end wave (iv) and set the stage for wave (v) lower to 125.98.

Trading recommendation:

We will buy EUR at 132.60 with stop+reverse at 132.00 and take profit at 136.20.

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Technical analysis and trading recommendation on USD/CAD for February 02, 2015 Market Analysis Review

The pair moved to 1.2798 which has been the highest ever level since 2009. The CAD lost 46% in the previous month. Last week, the pair gained 2.5% and closed at the highest level. The Canadian GDP dropped 0.2% in November, largely due to declines in manufacturing, mining, and oil & gas production. The fall in crude oil prices weighted with the pair. On the other hand, the US GDP increased at an annual rate of 2.6 percent in the fourth quarter of 2014, according to the "advance" estimate released by the Bureau of Economic Analysis, but missed the forecast at 3.0 percent. Today, the focus has shifted to the US ISM manufacturing PMI. We expect the US dollar to continue is domination against most major pairs.

Today, at the early Asian session, the pair again opened on a bullish note. But the pair is unable to breach the previous day high. Last week, we recommended fresh buying above 1.2540. The pair made a high at 1.2798. The pair has the nearest monthly multiple resistance at 1.3000. So, please keep an eye near that level. We recommended caution close to 1.3000 for the fresh buying. On the h4-cart, the pair made a double top at 1.2798. We advised another strong upmove above 1.2800 for another 100 and 150 pips. Risky traders can buy above 1.2750; safe buying will be triggered above 1.2800. The support level exists at 1.2660, 1.2600, and 1.2525. We recommend selling only below 1.2525 this week.

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Technical analysis and trading recommendation on Gold for February 02, 2015 Market Analysis Review

The yellow metal gained $27 after the US GDP in the fourth quarter came far below expectations. So, the actual GDP increased 2.6 percent annually in the fourth quarter of 2014 according to the "advance" estimate released by the Bureau of Economic Analysis, but the forecast stays at 3.0 percent. The gold regained its shine with the expectations of the delay in the US interest rate hike. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers to acquire gold. Today, the focus has shifted to ISM manufacturing data due in the US. At Friday's session, we recommended risky buying above $1,263.00. The metal hit a high at $1,284.30. As we gave an alert, bulls can challenge strong upward momentum, only above $1,285.50. But bulls gave up below that level. Today, at the Asian session the metal was unable to breach the previous day's high. The metal has weekly resistance at $1,303.75, above this level $1,309.00 will act as another resistance. The monthly support exists at $1,270.00 levels and 20Msma. On the hourly chart, the metal prices are trading and closing above moving averages. The metal has strong support at $1,273.00 and $1,270.00. We recommend intraday fresh buying above 1286.00 with the targets at $1,290.00, $1,292.50, and $1,297.00.

Resistance: $1,286.00 $1,297.50, $1,303.00

Support: $1,276.00, $1,270.00, $1,266.00

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Forecast and trading recommendations on GBP/JPY for February 02, 2015 Market Analysis Review

The yen rose more than 32.00% in the previous month and the cross fell 6% last month. In January, the first week of negative closing took place after 40-months of winning streak. The pair has been consolidating for 3-consecutive weeks between 180.55 and 175.83. Early this week, the pair is trading on a bullish note at the Asian session. The pair has strong support at 175.30 and 50Wsma levels. On the weekly chart, the pair closed below the 20Wsma and made a minor double top at 180.53. The pair has been rejected at 20Dsma 4 days in a row. The prices are making lower lows and lower top formation on the h4- chart. The prices are closed and trading below the hourly moving averages. In case if the prices close below the lower end of the descending of the triangle, bears can pose challenge towards 173.50. In the previous week, we recommended selling below 177.60 with the targets at 177.20, 177.00, and 176.50. The cross made a low at 176.12. This week, we recommend selling below 175.30; safe selling will be triggered only below 175.00. The intraday resistance exists between 174.50 and 178.10. Today, the focus has shifted to UK's manufacturing PMI data. As of now, the cross favours a pullback towards 177.20 and 177.50. We recommend fresh buying only above 177.70 with the targets at 178.20 and 179.40.

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