Technical analysis of GBP/JPY for Feburary 06, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate in a higher range as markets await the U.S. nonfarm payrolls report. GBP/JPY is underpinned by the improved EUR sentiment amid diminished concerns over Greece, positive risk tolerance and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales and position adjustment ahead of the weekend.

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

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 180.55 and the second target at 180.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 178.50. A break of this target would push the pair further downwards, and one may expect the second target at 177.70. The pivot point is at 179.20.

Resistance levels:

180.55

180.90

181.45

Support levels:

178.50

177.70

177

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Elliott wave analysis of EUR/NZD for February 6 - 2015 Market Analysis Review

Technical summary:

Our call for a correction in wave (ii) towards 1.5354 has been right in the "bulls eye". With a low at 1.5341 it doesn't get much better than that. We are now looking for a break above minor resistance at 1.5538 as the first indication that wave (ii) is over and wave (iii) is developing. To confirm that wave (iii) indeed is in motion, a break above resistance at 1.5712 is needed and would call for an acceleration towards at least 1.6853. In the short term, we will be looking for minor support at 1.5407 to protect the downside for the break above 1.5538. Only a break below the 1.5354 low, would delay the expected rally higher towards 1.6853.

Trading recommendations:

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Elliott wave analysis of EUR/JPY for February 6 - 2015 Market Analysis Review

Technical summary:

Did wave (iv) end at 135.36 and is a new impulsive decline towards 125.98 developing? As long as 135.36 protects the upside, we will give the benefit of the doubt to bears, but a break above 135.36 with just one pip indicates that a more complex correction is unfolding. In the short term, we would like to see a break below minor support at 133.87 as the first good indication that the bearish case is correct, while a break below support at 132.52 is needed to confirm and support our bearish count.

Trading recommendations:

Our stop at 133.55 was hit for a nice little profit. We will sell EUR again at 137.70 with a stop at 135.40

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Daily analysis of USDX for February 06, 2015 Market Analysis Review

On the daily chart, we can see a retracement from the USDX in favor of the bearish bias, as this instrument probably will touch the support level of 93.02 in the short term. Anyway, our bullish outlook in the general bias is still valid, as the 200 SMA is bullish and the USDX is performing a corrective cycle on this chart.

Again, the USDX fell below the 200 SMA on the H1 chart. Now, the USDX finds strong support at the 93.46 level. But we are still interested to see a rebound on that level to the resistance level of 93.94, that could be the last chance in the short term for this instrument to get on the bullish ride again. Anyway, if the USDX makes a breakout at the 93.46 level, the next target could be the support level of 93.10.

Daily chart's resistance levels: 94.18 / 95.45

Dailychart's support levels: 93.02 / 92.42

H1 chart's resistance levels: 93.94 / 94.38

H1 chart's support levels: 93.46 / 93.10

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 95.45, take profit is at 96.87, and stop loss is at 93.50.

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Daily analysis of GBP/USD for February 06, 2015 Market Analysis Review

Bulls are taking control of the GBP/USD pair, as this pair had a strong bullish momentum above the support level of 1.5247, with near-term target at the level of 1.5491. Probably, the GBP/USD pair will start to form a bullish pattern in order to reach that resistance zone. By the way, we recommend to be cautious when you trade against the trend, because the main bias is still bearish.

The GBP/USD pair worked well on the bullish side above the 200 SMA, that is also pointing upwards. At the moment, the GBP/USD pair is forming a higher high pattern above the support level of 1.5302, with a strong resistance zone on the way to 1.5349. If a breakout happens there, the pair is expected to reach the resistance level at 1.5415.

Daily chart's resistance levels: 1.5491 / 1.5637

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5340 / 1.5415

H1 chart's support levels: 1.5302 / 1.5249

Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5340, take profit is at 1.5415, and stop loss is at 1.5262.

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Technical analysis of EUR/USD for February 06, 2015 Market Analysis Review

When the European market opens, a batch of economic reports will be released such as French Trade Balance, French Gov Budget Balance, and German Industrial Production m/m. The US will release the economic data too such as the Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Change. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1526.

Strong Resistance:1.1519.

Original Resistance: 1.1508.

Inner Sell Area: 1.1497.

Target Inner Area: 1.1470.

Inner Buy Area: 1.1443.

Original Support: 1.1432.

Strong Support: 1.1421.

Breakout SELL Level: 1.1414.





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 06, 2015 Market Analysis Review

In Asia, Japan will release the Leading Indicators. Besides, the US will release some economic data such as Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Change. 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: 117.94.

Resistance. 2: 117.71.

Resistance. 1: 117.48.

Support. 1: 117.19.

Support. 2: 116.96.

Support. 3: 116.73.





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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Daily analysis of major pairs for February 6, 2015 Market Analysis Review

EUR/USD: This week, the support line at 1.1300 has been important for this pair. From that line, the price has gone upwards by more than 200 pips. It is expected that the price could reach the resistance line at 1.1600 next week.

USD/CHF: The movement on this currency trading instrument looks like that of an equilibrium market; whereas a closer look reveals that the movement is a slow and steady one in favor of bulls. As it is said earlier, occasional pullbacks in the market would be transitory and the price can move upwards by over 500 this month.

GBP/USD: Since the GBP/USD pair tested the accumulation territory at 1.5000, the price has gone upwards by over 340 pips. The upward movement has been significant enough to result in a clean Bullish Confirmation Pattern on the chart. The EMA 11 is above the EMA 56 (while the price is far above them), and the RSI period 14 is above the level 50. The distribution territory at 1.5350 is almost breached to the upside and the price would test another distribution territory at 1.5400.

USD/JPY: This is not a favorable market to swing and position traders – at least for the time being. This market is currently favorable to scalpers and intraday traders, just because of short-term southward and northward swings in the market. Both bullish and bearish runs are short-lived and occur alternatively.

EUR/JPY: The near-term strength in the euro is one of the reasons why this cross is going upwards. A movement above the supply zone at 135.50 would result in a fine bullish bias in the market.

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Gold Technical analysis for February 6, 2015 Market Analysis Review

Gold price continues to trade inside a triangle pattern above the important support at $1,250 and below the short-term resistance at $1,275. The trend is neutral and traders had better wait.

Black lines = triangle pattern

Gold is trading inside the range. Gold bulls need to hold above $1,250 and break $1,280. Bears are looking for the exact opposite. Price is below the ichimoku cloud and this is another bearish sign but unless support fails, bulls feel comfortable.

Gold price continues to test the 38% retracement. This support level if broken will push price towards the green area where the Ichimoku cloud is and the 50 or 60% retracements. A break below the 38% retracement will be a big sell signal with the first target at $1,220.

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#USDX Technical analysis for February 6, 2015 Market Analysis Review

The Dollar index confirms the fact that the Dollar is currently weak and more weakness is around the corner. The Dollar index has managed to move lower after being rejected by the short-term resistance.

The black line is the resistance trend line and price has gotten rejected every time. Price is below the Ichimoku cloud. Therefore, we should expect more downside pressures to arise and push the index lower for a bigger than normal correction.

After a long time, the weekly chart is showing signs of reversal and some increased bearishness. The Dollar index has weekly support at 91.65 by the tenkan-sen (red) trend line. The longer-term trend remains bullish and a pullback towards 92-91.50 could be a great buying opportunity.

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EUR/NZD analysis for February 05, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5376 in a high volume. Our Fibonacci retracement 61.8% around the price of 1.5800 was held successfully, and it made price start with bearish movement. Be careful when buying EUR/NZD at this stage since we may see more bearish movement before any larger bullish reaction. Our Fibonacci retracement 38.2% at the price of 1.5421 is on the test. Anyway, if the price breaks the level of 1.5420 in a high volume, we may see a possible testing of the level of 1.5180 (Fibonacci retracement 61.8%).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5623

R2: 1.5702

R3: 1.5829

Support levels:

S1: 1.5368

S2: 1.5289

S3: 1.5161

Trading recommendations: Be careful when buying at this stage, but watch for potential buying opportunities after retracement (buy on the dips)

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Technical analysis of USD/CHF for February 05, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with risks skewed higher. It is supported by the improved dollar sentiment (ICE spot dollar index last 94.57 versus 93.77 early Wednesday) on stronger than expected U.S. January ISM non-manufacturing PMI of 56.7 (versus forecast 56.1). At the same time, investors remained upbeat on the U.S. labour market conditions ahead of the Friday's non-farm payrolls report despite a fewer than expected 213,000 increase in ADP U.S. private sector jobs in January (versus forecast +240,000). The pair is also boosted by the negative Swiss interest rates and the threat of the SNB CHF-selling intervention. But the USD/CHF gains are tempered by the franc demand on the soft EUR/CHF and CAD/CHF crosses.

Technical comment:
The daily chart is positive-biased as the MACD and stochastics is in bullish mode; five-day moving average above 15-day moving average and is advancing, although instraday-range pattern was completed on Wednesday.

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 0.9160. A break of this target will move the pair further downward to 0.9075. The pivot point stands at 0.9290. 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 0.9365 and the second target at 0.9435.

Resistance levels:
0.9365

0.9435

0.9465

Support levels:

0.9160

0.9075

0.8985

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Technical analysis of NZD/USD for February 05, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is to trade with risks skewed lower. It is undermined by the improved dollar sentiment (ICE spot dollar index last 94.57 versus 93.77 early Wednesday) on stronger than expected U.S. January ISM non-manufacturing PMI of 56.7 (versus forecast 56.1). At the same time, investors remained upbeat on the U.S. labour market conditions ahead of the Friday's non-farm payrolls report despite a fewer than expected 213,000 increase in the ADP U.S. private sector jobs in January (versus forecast +240,000). The pair is also weakened by the kiwi sales on soft NZD/JPY cross amid subdued investor risk appetite. But the NZD/USD losses are tempered by the NZD-USD interest differential and the kiwi demand on soft AUD/NZD cross.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is bullish at oversold levels.

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 0.7450 and the second target at 0.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7280. A break of this target would push the pair further downwards, and one may expect the second target at 0.7220. The pivot point is at 0.7325.

Resistance levels:

0.7450

0.75

0.7550



Support levels:

0.7280

0.7220

0.7175

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Technical analysis of GBP/JPY for Feburary 05, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a lower range. It is undermined by the weaker euro sentiment after the European Central Bank said it would no longer accept Greek public securities as collateral for central bank loans. GBP/JPY is also weighed by the flows to the safe have yen amid negative risk sentiment and Japan's exports. But the GBP/JPY losses are tempered by the demand from the Japanese importers.

Technical comment:
The daily chart is mixed as the MACD and stochastics are in bullish mode, but five-day moving average is meandering sideways below falling 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 0.178.95 and the second target at 179.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.20. A break of this target would push the pair further downwards, and one may expect the second target at 176.70. The pivot point is at 177.50.

Resistance levels:

178.95

179.40

1780

Support levels:

177.20

176.70

176

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Technical analysis of GBP/USD for February 5, 2015 Market Analysis Review

Overview :

• Due to the previous events, the price of GBP/USD has been still trading between the levels of 1.5201 and 1.5268. The psychological level is at 1.5157 which represents the weekly pivot point today. It should be also noted that the market showed the signs of instability because the trend movement was controversial as it took place in the narrow sideways channel. From this point, the pair is likely to begin an ascending movement to the point of 1.5157 and further to the level of 1.5282 (it will act as a strong resistance for this week). However, if the pair fails to pass through the level of 1.5282, the market will indicate a bearish opportunity below the strong resistance level of 1.5282. In this regard, sell deals are recommended lower than the 1.5280 level with the first target at 1.5230. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level of 1.5200, then to 1.5160 (the weekly pivot point). It should be noted that the weekly resistance 2 is at the level of 1.5280 . If you have sold below 1.5280, you have to place a stop loss at 1.5320.

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Technical analysis of EUR/USD for February 5, 2015 Market Analysis Review

Overview :

• The price of the EUR/USD pair has been still moving between 1.1482 and 1.1314. The level of 1.1482 will indicate strong resistance. Moreover, the price will form a double top above this level around the point of 1.1533. Therefore, it will be quite profitable to sell at 1.1533/1.1482 again in the long term with the first target at 1.1435, then it will continue towards 1.1320. Also, it should be noted that a strong support has been placed at 1.1314 on the H1 chart.


• On the other hand, if the price closes above the resistance (1.1533), the best location for placing a stop loss should be above 1.1560. In addition, please be aware that the trend has broken the weekly support 1 and resistance 1 this week, for that it calls for a bearish market. It is equally important that the RSI and the Moving Average (50) are still calling for a downtrend.

Intraday technical levels :

Date: 5/02/2015

Pair: EUR/USD

• R3: 1.1628


• R2: 1.1556


• R1: 1.1447


• PP: 1.1375


• S1: 1.1266


• S2: 1.1194


• S3: 1.1085

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#USDX technical analysis for February 5, 2015 Market Analysis Review

The Dollar index has made an upward bounce after making a new lower low, but the bounce has stopped at sthe hort-term important resistance trend line at 94.50. There are increased chances that the dollar weakness will continue and we will probably see a new lower low now that the resistance is confirmed and price was rejected.

Green line = resistance

The Dollar index, as shown on the 4 hour chart above, is making lower lows and lower highs. Price is below the trend line resistance and inside the Ichimoku cloud. None of these two characteristics is bullish. One is bearish and one is neutral. So bulls should be very cautious as this implies that we could be heading for another new low if support at 93.50 fails.

Blue lines = upward sloping channel

The Dollar index remains in a strong uptrend channel. The price is also above the Ichimoku cloud and below the tenkan-sen. This is a bearish signal that implies we could be heading towards the yellow kijun-sen at 92.60. The short-term trend is bearish and we could be heading towards the lower channel boundary to complete the downward correction.

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Gold technical analysis for February 5, 2015 Market Analysis Review

Gold price continues to move sideways above the important short-term support of $1,250 and below the resistance at $1,280. Trend is neutral and traders should be patient in order to wait for a clear signal before they trade.

Black line = resistance

Green line = resistance

Gold price is below the Ichimoku cloud. This is a bearish sign. However, it is also held above the short-term support at $1,250. If this support is broken, expect gold price to fall towards $1,220 at least. Resistance is at $1,280 right now by the Ichimoku cloud and the black trend line, if it is broken, that will imply that we are starting a new upward move with $1,330 as target.

On the daily chart gold price is trading below the tenkan-sen and above the 38% retracement. Breaking below the 38% retracement will confirm we are heading towards at least the kijun-sen (yellow line) at $1,235 where the 50% retracement is found. The most probable target, if the 38% support fails, is the 61.8% retracement.

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