Technical analysis and trading recommendations on GBP/JPY for February 10, 2015 Market Analysis Review

The 50.0 fib level acts as strong resistance. The pair was twice rejected from the fib level. At yesterday's session, the cross managed to close above 100Dsma. In the previous week, we recommended buying at 177.70 with the targets at 178.20 and 179.40. The cross made a high at 181.79 and managed to close above 20Wsma. After the weekend, concerns in Greece have been developed, which made the yen stronger. As of now, the cross is unable to breach the previous week's high at 181.79. The strong momentum will emerge above 181.80 and bulls can challenge 182.50 and 184.00 in the near term. Whenever the pair touched the 50Wsma, it bounced from there and made a new high. The weekly resistance exists at 181.80 and 182.45 and support exists at 178.50 and 177.60. In case if the prices close above 182.45, the short-term trend turns to positive. The intraweek favors buying on dips with sl 179.00. We can expect intraday strong momentum above 181.00.

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Forecast and trading recommendations on EUR/JPY for February 10, 2015 Market Analysis Review

EUR/JPY. The cross has a parallel resistance at 135.35. The pair is facing strong resistance at 20Dsma for 3 days in a row. On the h4 chart, the prices have been making higher lows and higher highs formation. The prices formed base support between 132.38 and 132.28. The prices are closed and trading below hourly moving averages. The strong selling will emerge in case if the prices close below 132.28 with the downside targets at 131.20, 130.00, and 129.25. Selling on an upmove continues, until the prices close above 135.35 20Dsma on a daily basis. The monthly resistance exists at 138.20 and weekly resistance is set at 135.35. We recommend fresh buying above 135.35 only. We recommend selling below 133.90 with the targets at 133.67, 133.40, 132.75, 132.50, and 132.00. The panic will be triggered below 132.28 on a daily closing basis.

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Elliott wave analysis of EUR/NZD for February 10 - 2015 Market Analysis Review

Technical summary;

We have now reached strong support in the 1.5161 - 1.5244 area, which marks the 61.8% corrective target at 1.5244 and the magical 70.7% corrective target at 1.5161. We expect this area to protect the downside for a break above minor resistance at 1.5409 being the first indication, that a bottom for wave (ii) is in place. To invalidate the bullish count, a break below important support at 1.4888 is needed, but this is not our preferred count.

Trading recommendation:

We are long EUR from 1.5255 with stop placed at 1.5155.

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Elliott wave analysis of EUR/JPY for February 10 - 2015 Market Analysis Review

Technical summary:

This cross is trading in a more and more narrow range, which opens the possibility/risk of this consolidation as being both a compressed wave ii or an x-wave. If it's a wave ii, then we soon should see a break below 133.64 and more importantly below 132.54 for a continuation lower towards 125.98. If however, it proves to be an x-wave, then we should see a break above resistance at 135.16 for a continuation of the correction from 130.14 towards 137.64.

Trading recommendation:

We sold EUR at 133.98 and has placed our stop at 135.40.

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Technical analysis of EUR/USD for February 10, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Italian Industrial Production m/m and French Industrial Production m/m. Besides, the US will release some economic reports such as the Wholesale Inventories m/m, IBD/TIPP Economic Optimism, Mortgage Delinquencies, JOLTS Job Openings, NFIB Small Business Index, and FOMC Member Lacker Speech. So, amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1390.

Strong Resistance:1.1383.

Original Resistance: 1.1372.

Inner Sell Area: 1.1361.

Target Inner Area: 1.1334.

Inner Buy Area: 1.1307.

Original Support: 1.1296.

Strong Support: 1.1285.

Breakout SELL Level: 1.1278.





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Technical analysis of USD/JPY for February 10, 2015 Market Analysis Review

In Asia, Japan will release the M2 Money Stock y/y and Tertiary Industry Activity m/m. The US will also release some economic reports such as Wholesale Inventories m/m, IBD/TIPP Economic Optimism, Mortgage Delinquencies, JOLTS Job Openings, NFIB Small Business Index, and FOMC Member Lacker Speech. 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: 119.09.

Resistance. 2: 118.86.

Resistance. 1: 118.63.

Support. 1: 118.34.

Support. 2: 118.11.

Support. 3: 117.89.





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 10, 2015 Market Analysis Review

EUR/USD: The little gains that were realized last week have been forfeited as a result of the ongoing weakness in this market. The price has tested a strong support line at 1.1300 – it would require a very strong selling pressure for that support line to be breached to the downside while the price stays below it.

USD/CHF: The EUR/USD pair is weak. Therefore, it is expected that the USD/CHF pair would be strong. The outlook for the latter is bullish and the outlook for the former is bearish. As said in earlier forecasts, this market would continue its slow and gradual upward movement this week, though this may not be without occasional, but short-term bearish corrections.

GBP/USD: In spite of the current bears’ mutiny, the Bullish Confirmation Pattern in the market is valid and the price is supposed to go upwards any moment. This expectation can only be rendered invalid when the price closes below the accumulation territory at 1.5100.

USD/JPY: The USD/JPY pair went above the supply level at 119.00, but it could not stay above it. The price could still go upwards after the current bearish retracement has panned out. The outlook for this market is currently bullish. Thus, the price may breach the supply level at 119.00 upwards again when it performs rally.

EUR/JPY: The situation on this cross is now uncertain. This is a market in which bulls and bears have not effected any strong directional move this week. One would need to stay away from this market until there is a predictable directional movement. It is either the price closes above the supply zone at 136.00 or closes below the demand zone at 133.00. Anyway, a close above the supply zone at 136.00 is more probable because the outlook for most JPY pairs is bullish.

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Daily analysis of USDX for February 10, 2015 Market Analysis Review

On the daily chart, the price action at the USDX is still winning favor with bulls, as this instrument is looking to perform a medium term consolidation above the support level of 94.18. The next target could be the resistance level of 95.45, which is the last significant high that the USDX reached last weeks. The MACD indicator is still on the negative territory.

During the last session, the USDX found strong resistance at the level of 94.87, where this instrument performed a pullback until the support level of 94.38. It should be noted that the USDX is looking to build a solid bullish road in the near term, fact that is favored by the bullish 200 SMA and the higher high pattern that is currently forming this instrument.

Daily chart's resistance levels: 95.45 / 96.78

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.87 / 95.16

H1 chart's support levels: 94.38 / 93.94

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 94.87, take profit is at 95.16, and stop loss is at 94.58.

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Daily analysis of GBP/USD for February 10, 2015 Market Analysis Review

During the last session, the GBP/USD pair did a pullback below the resistance level of 1.5247. Now, the nearest target on the downside road is placed at the level of 1.5025. Currently, the pair could start forming a bullish pattern in order to rise until the resistance level of 1.5497, but at this point, our outlook for the GBP/USD pair is still bearish.

Our intraday outlook remains unchanged, as the pair has still high chances to perform a breakout at the resistance level of 1.5249, with a target placed at the 1.5302 level. Anyway, we should be cautious, because the GBP/USD pair is looking towards the bullish road. At the moment, the 200 SMA on the H1 chart is bullish and the MACD indicator is entering the neutral territory.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4841

H1 chart's resistance levels: 1.5249 / 1.5302

H1 chart's support levels: 1.5210 / 1.5166

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 1.5249, take profit is at 1.5302, and stop loss is at 1.5196.

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USDCAD Daily Analysis - February 10, 2015 Forex Analysis

USDCAD is now in downtrend from 1.2797, the rise from 1.2352 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.2100 area. Resistance is at 1.2600, only break above this level could trigger another rise towards 1.3000.

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USDJPY Daily Analysis - February 10, 2015 Forex Analysis

USDJPY broke above 118.86 resistance, indicating that the uptrend from 115.85 has resumed. Further rise to test 120.82 resistance could be expected, a break of this level will target 125.00 area. Support is at 117.60, only break below this level could bring price back to test 115.85 support.

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AUDUSD Daily Analysis - February 10, 2015 Forex Analysis

No changed in our view, AUDUSD remains in downtrend from 0.8294, the rise from 0.7625 could be treated as consolidation of the downtrend. Range trading between 0.7625 and 0.7950 would likely be seen over the next several days. Resistance is at 0.7950, as long as this level holds, the downtrend could be expected to resume, and next target would be at 0.7500 area.

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GBPUSD Daily Analysis - February 10, 2015 Forex Analysis

GBPUSD broke above 1.5268 resistance, indicating that the downtrend from 1.5785 (Dec 16, 2014 high) had completed at 1.4950 already. Further rise is still possible, and next target would be at 1.5500 area. Support levels are at 1.5100 and 1.4950, only break below these levels could trigger another fall towards 1.4500.

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EURUSD Daily Analysis - February 10, 2015 Forex Analysis

EURUSD remains in downtrend from 1.2569 (Dec 16, 2014 high), the rise from 1.1097 would possibly be consolidation of the downtrend. Range trading between 1.1097 and 1.1650 would likely be seen over the next several days. Key resistance is at 1.1650, as long as this level holds, the downtrend could be expected to resume, and another fall towards 1.0500 is possible after consolidation.

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Technical analysis of USD/CHF for February 09, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a lower range. It is supported by the positive dollar sentiment (ICE spot dollar index last 94.70 versus 93.59 early Friday) after 257,000 increase in the US January non-farm payrolls (versus forecast +237,000) and 0.5% on-month increase in average hourly wages (versus forecast +0.3%), the negative Swiss interest rates as the SNB President Jordan said on Saturday the limit of the penalty rate that the CB is charging commercial banks to deposit funds "hasn't yet been reached". It is also boosted by the threat of the SNB CHF-selling intervention.

Technical comment:
The daily chart is positive-biased as the MACD and stochastics are in bullish mode.

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 USD/JPY for February 09, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade in a higher range. It is supported by the positive dollar sentiment (ICE spot dollar index last 94.70 versus 93.59 early Friday) after larger than expected 257,000 increase in the US January non-farm payrolls (versus forecast +237,000) and 0.5% on-month increase in average hourly wage (versus forecast +0.3%). USD/JPY is also boosted by the higher US Treasury yields (10-year at 1.938% versus 1.815% late Thursday) as strong payrolls data heightened odds that the Fed will raise interest rates at its June meeting. The demand from Japan's importers and the ultra-loose Bank of Japan's monetary policy also favors the currency pair. But the USD/JPY gains are tempered by the Japanese exports, diminished investor risk appetite (VIX fear gauge rose 2.61% to 17.29; S&P 500 closed down 0.34% at 2,055.47 Friday) on prospect of tighter US monetary policy, lingering concerns about Greece and surprise 3.3% on-year drop in China's January exports (versus forecast for 4.0% increase) and larger than expected 19.9% on-year drop in China's January imports (versus forecast -3.3%).

Technical comment:
The daily chart is tilting positive as the MACD and stochastics are turning 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 119.25 and the second target at 119.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118. A break of this target would push the pair further downwards, and one may expect the second target at 117.65. The pivot point is at 118.45.

Resistance levels:

119.25

119.75

120.25

Support levels:

118

117.65

117.25

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Technical analysis of NZD/USD for February 09, 2015 Market Analysis Review

Fundamental overview:
The NZD/USD pair is to trade in a lower range. It is undermined by the positive dollar sentiment (ICE spot dollar index last 94.70 versus 93.59 early Friday) after 257,000 increase in the US January non-farm payrolls (versus forecast +237,000) and 0.5% on-month increase in average hourly wages (versus forecast +0.3%), and also by diminished investor risk appetite. But the NZD/USD losses are tempered by the firmer commodity prices.

Technical comment:

The daily chart is mixed as the MACD is bearish, but stochastics is rising from oversold levels; intraday-range pattern was completed on Thursday.

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 0.7500 and the second target at 0.7530. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7325. A break of this target would push the pair further downwards, and one may expect the second target at 0.7280. The pivot point is at 0.7365.

Resistance levels:

0.75

0.7530

0.7550



Support levels:

0.7325

0.7280

0.7220

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Technical analysis of GBP/JPY for Feburary 09, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade with risks skewed lower. It is uUndermined by lingering worries over Greece, diminished investor risk appetite and Japan's exports. But the GBP/JPY losses are tempered by the demand from the Japanese importers. It is also undermined by the negative GBP sentiment, diminished investor risk appetite and wider than expected U.K. December global goods trade deficit of GBP10.2 billion (versus forecast GBP9.2 billion).

Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are in bullish mode; 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 181.80 and the second target at 182.65. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 179.20. A break of this target would push the pair further downwards, and one may expect the second target at 178.50. The pivot point is at 179.95.

Resistance levels:

181.80

182.65

183.35

Support levels:

179.20

178.50

177.70

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Gold analysis for February 09, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price has tested the level of 1,228.10 in a volume abvove the average. According to the H1 time frame, we can observe selling climax in the background and weak supply around the price of 1,228.00, which is a sign that selling gold at this stage looks risky. According to the daily time frame, we got supply in a volume above the average. Major resistance level is around the price of 1,307.00 (swing high like resistance) and intraday resistance is around the price of 1,252.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips).

Daily Fibonacci pivot points :

Resistance levels :

R1: 1,238.92

R2: 1,239.98

R3: 1,241.70

Support levels :

S1: 1,235.48

S2: 1,234.42

S3: 1,232.70

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

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EUR/NZD analysis for February 09, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.5213 in a volume below the average. Since our Fibnocci retracement 38.2% at the price of 1.5420 is broken, we may expext testing of the level of 1.5180. Be careful when selling EUR/NZD at this stage since we may expect reaction from buyers. Anyway, if the price breaks the level of 1.5180, we may see a possible testing of the level of 1.5060. According to the 4H time frame, we can observe lack of demand around the price of 1.5524, which is a sign that buying look risky.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5480

R2: 1.5522

R3: 1.5590

Support levels:

S1: 1.5344

S2: 1.5302

S3: 1.5234

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

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Technical analysis of GBP/CHF for February 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has finally hit its expected extension at the levels of 1.4100 and pushed even higher through 1.4184 before pulling back. It is recommended to fix full profits on long positions taken earlier. Also note that the pair has hit Fibonacci 0.618 resistance level at 1.4184 and high probability remains for a potential reversal from here. Immediate resistance is seen at the levels of 1.4180 (interim) followed by 1.4800 and higher while support is seen at 1.4000 followed by 1.4850, 1.3600 and lower, respectively. Bears are expected to remain in control from here on (untill the prices remain below 1.4200).

Trading recommendations:

Fix full profits on all long positions and remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for February 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair broke above its trading range towards the levels of 135.00 before pulling back into the 134.00 handle again. It is recommended to remain long for now with risk at 132.50. Please also note that the pair has broken higher into the buy zone of immediate trend line resistance and probability for a push above 135.00 could see the levels of 137.60/138.00 soon. Immediate support is seen at 132.50/60 followed by 132.20 and lower while resistance is seen at 135.00 (interim) followed by 137.60/138.00 and higher, respectively. Bulls are expected to remain in control untill prices stay above 132.50 from here on.

Trading recommendations:

Remain long. Stop is at 132.50; target, at 138.00.

Good luck!

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Technical analysis of EUR/JPY for Febuary 9, 2015 Market Analysis Review

General overview for 09/02/2015 10:50 CET

The corrective cycle in the wave 4 looks more complex than a simple corrective cycle but the overall bias still remains bearish. To continue to the downside, the price must break out of the golden corrective trend channel and violate the level of 132.32 in impulsive way. Otherwise, the corrective cycle might still continue to extend higher towards the level of 137.64. However, this move is possible only if the intraday resistance at the level of 135.36 is broken.

Support/Resistance:

136.74 - Key Resistance

137.27 - WR2

136.15 - WR1

135.36 - Intraday Resistance

134.22 - Weekly Pivot

134.03 - Intrday Support

133.11 - WS1

132.32 - Key Level To The Downside

Trading recommendations:

Daytraders should consider opening sell orders from the current price levels with SL above the level of 135.36 and open TP level for now.

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Technical analysis of USD/CAD for Febuary 9, 2015 Market Analysis Review

General overview for 09/02/2015 10:20 CET

The corrective cycle in the wave X brown might continue here as the shape of this cycle starts to look like a triangle pattern. To complete this pattern, the market must make two more sub-waves and then the downside breakout is expected. On the other hand, the key level to the upside is the intraday resistance at the level of 1.2593 that has been tested twice already. Any breakout higher above this level might mean the corrective cycle will be more complex and time consuming.

Support/Resistance:

1.2797 - Swing High

1.2732 - WR1

1.2593 - Intraday Resistance|Key Level|

1.2543 - Weekly Pivot

1.2350 - Intraday Support|Key Level|

1.2314 - WS1

1.2122 - WS2

Trading recommendations:

Daytraders should consider opening sell orders from the current price levels with SL above the level of 1.2593 and open TP level for now.

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#USDX technical analysis for February 9, 2015 Market Analysis Review

The Dollar index made an impressive upward reversal on Friday; and now it is back testing this breakout. The price has broken the short-term resistance area and has given a buy signal that could target 100 over the coming weeks as long as we hold above the last weeks lows.

Green line = resistance

The Dollar index, as shown on the 4-hour chart, has given a buy signal on Friday by breaking above the Ichimoku cloud and above the green trend line resistance. The downward move from 95.50 is overlapping and thus corrective. The reversal that stopped the sequence of lower lows and lower highs implies that trend is changing to neutral and if we see higher highs and higher lows we will confirm bullish trend change.

The weekly chart remains fully bullish as the price continues to trade above the important support by the tenkan-sen (purple line) at 91.55 and the long-tailed weekly candle suggest increased buying interest. I expect the Dollar index to continue higher towards 100 over the coming weeks. Important support is the last weeks lows. Breaking below will increase selling pressures towards 91.50.

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Gold technical analysis for February 9, 2015 Market Analysis Review

Gold price made a break down on Friday by breaking below important short-term support and pushed below $1,230. Today we observe a bounce around the $1,240 area, but there is a bearish flag pattern being formed. Gold price could still fall lower towards $1,220 where the 61.8% retracement is found.

Green lines = bearish flag pattern

Gold price is forming a bearish flag in the short term. Confirmation of this pattern will come with a break below $1,233 and with $1,200 as a possible target. Breaking above $1,245-46 will cancel this bearish formation but not the overall bearish picture.

Gold price has broken through the 38% retracement last week and the bearish reversal is pushing prices lower towards the 61.8% retracement. Important daily support below $1,220 is the level of $1,190 where the Ichimoku cloud is found. Trend is bearish for short term as long as the price is below $1,265-70.

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Technical analysis of Silver for February 09, 2015. Market Analysis Review

Technical outlook and chart setups:

Silver has finally dropped to $16.50/60 levels on Friday, and is seen bouncing off higher now. Please note that the metal remains supported by the rising trend line for now around $16.75/80 levels. Furthermore, the fibonacci 0.618 support is also passing through the same region, as depicted here. A bullish bounce here, would be extremely encouraging to initiate fresh long positions. It is therefore recommended to remain long from earlier positions and also look to initiate further positions now. Immediate support is seen at $16.50/60 levels (interim), followed by $16.20, $15.50 while resistance is seen at $17.50/60, followed by $18.40 and higher respectively.

Trading recommendations:

Remain long and also add further long positions here, stop at $16.00, the target is $18.90 and $21.00.

Good luck!

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Technical analysis of Gold for February 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold had broken below $1,250.00 levels on Friday taking immediate stops out at $1,245.00. As seen here, the metal remains very well supported around the $1,220.00/30.00 levels. Also note that the metal is stalling at past resistance turned support region and a fibonacci confluence as depicted here. It is recommended to still initiate long positions here, with risk below $1,200.00 mark. Looking into the larger picture, Gold should be heading towards $1,400.00/10.00 levels in the coming sessions, provided prices remain above $1,170.00 levels. Immediate support is seen at $1,220.00 levels while resistance is seen at $1,307.00 (interim).

Trading recommendations:

Initiate long positions now ($1,238.00/39.00), stop at $1,190.00, the target is $1,400.00.

Good luck!

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Elliott wave analysis of EUR/NZD for February 9 - 2015 Market Analysis Review

Technical summary:

The break below 1.5343 calls for an extension of wave (iv) lower towards 1.5244 before the correction is over. Wave (iii) higher towards 1.6918 can be expected. Short minor resistance at 1.5415 ideally will protect the upside for a break below 1.5309 confirming the test of the 61.8% corrective target at 1.5244. Only a direct break above resistance at 1.5490 will indicate that wave (iv) already is over and wave (iii) higher is developing.

Trading recommendation:

We will buy EUR at 1.5255 with a stop at 1.5155 or upon a break above resistance at 1.5390.

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Elliott wave analysis of EUR/JPY for February 9 - 2015 Market Analysis Review

Technical summary:

The big question is, whether wave (iv) ended at 135.36 or a more complex correction is unfolding? As long as the high at 135.36 protects the upside, we will give bears the benefit of the doubt and look for a break below support at 134.00 and more importantly a break below support at 132.52 confirming the impulsive decline towards 125.98 to end wave C of the expanded flat correction. That said, the risk of course is a break above 135.36, that will call for a more complex correction in wave (iv) towards 137.64 before wave (iv) finally is over and wave (v) lower will be seen.

Trading recommendation:

We will sell EUR upon a break below 134.00, with stop placed at 135.40.

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Technical analysis and trading recommendations on Gold for February 09, 2015 Market Analysis Review

The stronger US data pushed the yellow to a 2-week low. As per the BLS, total nonfarm payroll employment rose by 257,000 in January, and the unemployment rate was little changed to 5.7%. The improving growth prospects have lifted the US economy expectations. The Fed can raise the interest-rates from the zero levels. In the previous week, we recommended selling below $1,266.00, finally below $1,249.50 with the targets at $1,239.00 and $1,220.00. At Friday's session, the metal took support from 50Dsma and managed to closed above it. Today, the metal opened on a bullish note which is the open low strategy. We recommend fresh buying above $1,240.00 with the targets at $1,246.00 and $1,250.00. The metal favours selling on a rise, until the prices close below $1,266.00. We recommend fresh selling below $1,228.00 with the targets at $1,225.00, $1,220.00, and $1,217.00 or 100Dsma. When a daily close is below $1,217.00, bears can challenge $1,207.00, $1,204.00, and 1199.00. The weekly key support level exists at $1,216.00.

Resistance: $1,239.00, $1,246.00, $1,250.00.

Support: $1,228.00, $1,216.50, $1,199.00.

Selling below: $1,228.00, panic will be below $1,216.00.

Buying above $1,240.00, strong momentum will be above $1,265.00.

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Forecast and trading recommendations on GBP/USD for February 09, 2015 Market Analysis Review

The stronger US dollar once again pushed the cable 100 pips backward in the previous day. This week, the UK's major economic data is due on Thursday. The inflation data and BOE Governor's speech will be released. On the same day, the US economic data core retail sales, retail sales, and unemployment claims are due. From the lows, the pair managed to gain 400 pips. In the previous week, the cable gained 150 pips on a weekly closing basis. The weekly resistance exists at 1.5375 levels or 50Dsma. In case, if the pair closes above 50sma, the short-term trend turns to positive. Then, bulls can challenge 1.5480, 1.5585, 20Wsma, and 1.5620. On the daily chart, the prices gave an upside breakout, considering the descending trend line and prices close above 20Dsma. The UK PMI data made the Pound bullish. During the previous week, we recommended buying above 1.5225 with the targets at 1.5265, 1.5320, and 1.5400. The cable made a high at 1.5352.

The cable has support at 1.5180 and 1.5140. Until the prices close above 1.5139 on a daily closing basis, the trading pattern is framed between 1.5380 and 1.5139. In case if the pair closes below 1.5139, bears can challenge 1.4990. The intraday support levels exists at 1.5160. On the h1 chart, the prices are closed and trading below the hourly moving averages. Bulls can regain strength above 1.5300. We recommend fresh selling below 1.5160 with the targets at 1.5140, 1.5125, and 1.5100. The panic will be triggered below 1.5100. On the monthly chart, the previous supports exist between 1.4830 and 1.4800.

Selling below 1.5160.

Buying above 1.5260.

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