Technical analysis of EUR/USD for February 12, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as EU Economic Summit minutes, Industrial Production m/m, and German Final CPI m/m. The US will release a batch of economic reports such as the 30-y Bond Auction, Natural Gas Storage, Business Inventories m/m, Unemployment Claims, Retail Sales m/m, and Core Retail Sales m/m. So, amid the reports, EUR/USD will move with low to meidum volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1367.

Strong Resistance:1.1360.

Original Resistance: 1.1349.

Inner Sell Area: 1.1338.

Target Inner Area: 1.1311.

Inner Buy Area: 1.1284.

Original Support: 1.1273.

Strong Support: 1.1262.

Breakout SELL Level: 1.1255.





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Technical analysis of USD/JPY for February 12, 2015 Market Analysis Review

In Asia, Japan will release the Prelim Machine Tool Orders y/y, PPI y/y, and Core Machinery Orders m/m. The US will release a batch of economic reports such as 30-y Bond Auction, Natural Gas Storage, Business Inventories m/m, Unemployment Claims, Retail Sales m/m, and Core Retail Sales 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: 120.10.

Resistance. 2: 120.47.

Resistance. 1: 120.23.

Support. 1: 119.95.

Support. 2: 119.71.

Support. 3: 119.48.





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Daily analysis of USDX for February 12, 2015 Market Analysis Review

The bullish road continues to be the main scene on the daily chart, as the USDX is trying to reach the resistance level of 95.45 in the near term. We could expect more high levels to be reached in the coming days, but in a very conservative way, as the USDX could start to perform little corrective moves in order to get into the ride at the 95.45 level.

We could say that the USDX performed a breakout at the 94.87 level successfully. There is a solid bullish structure developing currently, as this instrument could reach very easily the resistance level of 95.16 from the technical viewpoint. If the USDX does a breakout at that level, we could expect more rallies towards the 95.57 level.

Daily chart's resistance levels: 95.45 / 96.78

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 95.16 / 95.57

H1 chart's support levels: 94.87 / 94.38

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 95.16, take profit is at 95.57, and stop loss is at 94.76.

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Daily analysis of GBP/USD for February 12, 2015 Market Analysis Review

On the daily chart, we are still watching a bullish pattern formation, as the GBP/USD pair is trying to make a breakout at the resistance level of 1.5247, but it appears that level seems to be much stronger and no easy to break it. Anyway, in the very near term, we could expect more bullish moves at least until the resistance zone of 1.5491, but on the whole, the GBP/USD pair is bearish.

The 200 SMA on the H1 chart is still acting as dynamic support on the GBP/USD pair. In the first hours of Thursday's session, the pair is forming some kind of bullish pattern in order to do a breakout at the resistance level of 1.5249. If successful, it's expected to rise until the upside target at the level of 1.5302, where a 1:1 trade could take place.

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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Technical analysis of Silver for February 12, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has remained unchanged while Gold hit lows yesterday, as seen here. The metal is holding fibonacci 0.618 support level very well at $16.50. It is expected to resume rally any time now, towards $18.90 and $21.00 at the sessions to come. It is recommended to remain long for now and consider adding further positions at the current levels. Bulls are very much poised to extend rally through higher levels till $16.50 and $15.50 remains intact. Immediate support is seen at $16.50 levels (interim), followed by $16.20, $15.50 and lower while resistance is seen at $17.40/50 (interim), followed by $18.40.50, $18.90 and higher respectively.

Trading recommendations:

Remain long, stop at $16.00, the target is open.

Good luck!

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Technical analysis of Gold for February 12, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has dropped down to $1,220.00/21.00 levels as it was expected yesterday. The metal is bouncing off higher, forming a morning star candlestick pattern on the 4H chart as seen here, indicating a potential reversal. Also please note that Gold has held fibonacci 0.618 support at $1,220.00 levels as expected. It is recommended to remain long and add fresh long positions now, with risk at $1,170.00 levels. Immediate support is seen at $1,120.00 (interim), followed by $1,205.00, $1,170.00 and lower while resistance is seen at $1,245.00 (interim), followed by $1,285.00, $1,307.00 and higher respectively.

Trading recommendations:

Remain long, stop at $1,170.00, the target is open.

Good luck!

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Daily analysis of major pairs for February 12, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has continued to move in a sideways manner, with neither significant upward or downward movement. However, the sideways movement is currently happening in the context of a downtrend, and it is assumed that the price can touch the support line at 1.1250.

USD/CHF: The outlook for the USD/CHF pair is bullish, but this is currently a choppy market. The currency trading instrument would go up when the EUR/USD goes down (or the other way round, when the EUR/USD goes up). As it is said, counter-trend pullbacks in the market would simple offer opportunities to buy at better prices.

GBP/USD: This is a bull market – albeit it should be approached with caution. Bulls have made their effort noticeable so far but the upward movement is a kind of precarious. The accumulation territories at 1.5200 and 1.5150 should defend the existing outlook as a break below them could mean the end of the bullish signal in the market.

USD/JPY: Since the bullish breakout that occurred on February 6, 2015, the USD/JPY pair has moved upward by about 300 pips. The supply level at 120.50 is now under siege and should be breached to the upside very soon. In addition, some fundamental figures are expected today and they should have impact on the markets.

EUR/JPY: Owing to the general weakness in the Yen, this currency trading instrument has been able to go upwards, resulting in a Bullish Confirmation Pattern on the chart. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. Indeed, this instrument should continue its upwards journey.

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USDCAD Daily Analysis - February 12, 2015 Forex Analysis

USDCAD continued its sideways movement in a range between 1.2352 and 1.2797. As long as 1.2352 support holds, the sideways movement could be treated as consolidation of the uptrend from 1.1191 (Nov 21, 2014 low), another rise towards 1.3000 is still possible after consolidation.

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USDJPY Daily Analysis - February 12, 2015 Forex Analysis

USDJPY is facing 120.82 resistance, a break of this level will indicate that the uptrend from 101.06 (Jul 10, 2014 low) has resumed, then next target would be at 125.00 area. Support is at 118.20, only break below this level could bring price back to test 115.85 support.

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AUDUSD Daily Analysis - February 12, 2015 Forex Analysis

AUDUSD is facing 0.7625 support, a breakdown below this level will signal resumption of the downtrend from 0.8294, then next target would be at 0.7500 area. Resistance is at 0.7875, only break above this level could signal completion of the downtrend.

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GBPUSD Daily Analysis - February 12, 2015 Forex Analysis

GBPUSD remains in uptrend from 1.4950, the fall from 1.5351 could be treated as consolidation of the uptrend. Support is at the bottom of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.5500 area. Only a clear break below the channel support could signal completion of the uptrend.

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EURUSD Daily Analysis - February 12, 2015 Forex Analysis

EURUSD is in short term downtrend from 1.1534. Deeper decline to test 1.1097 support would likely be seen, a breakdown below this level will signal resumption of the longer term downtrend from 1.2569 (Dec 16, 2014 high), then the following downward movement could bring price to 1.0500 area. On the other side, as long as 1.1097 support holds, sideways movement in the range between 1.1097 and 1.1650 could be expected to continue.

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Daily analysis of Silver for February 11, 2015 Market Analysis Review

Overview

From the today's H4 chart we see that the metal is still trading between the support level of 16.75 and below the resistance level of 17.00. Silver has failed to break the resistance level yesterday and bounced from it. It took a slightly downward move and currently it is retesting the support level of 16.75 again. Presently, we suggest waiting for closing above the resistance level of 17.00 in case it bounces from the support level to give us a new opportunity for more buy signals with the first target of few pips below the resistance level of 17.50. After breaking this resistance level, silver would open the way towards the resistance level of 17.70, which means more bullish signals.

Resistance and support levels: R3 (17.70), R2 (17.50), R1 (17.00), S1 (16.75), S2 (16.50), S3(16.20).

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EUR/NZD analysis for February 11, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.5250. Our Fibonacci retracement 61.8% at the price of 1.5180 almost got tested. So my advice is to be careful when selling EUR/NZD at this stage. Anyway, if the price breaks the level of 1.5180, we may see a possible testing of the level of 1.5060. Our Fibonacci expansion 61.8% at the price of 1.5235 is held successfully. According to the 4H time frame, we can observe lack of supply around the price of 1.5225, which is a sign that selling looks risky. We got resistance level at the price of 1.5340.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5314

R2: 1.5337

R3: 1.5373

Support levels:

S1: 1.5242

S2: 1.5219

S3: 1.5183

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/USD for February 11, 2015 Market Analysis Review

Overview :

• Yesterday, the GBP/USD pair has an upside movement from the level of 1.5192 to 1.5269, and today the market has opened at 1.5270. Putting it simply, the uptrend represents the double bottom of the channel emerging at the level of 1.5250. It is equally important that the RSI is still positive on the daily frame, so it calls for a new uptrend. Additionally, a strong support is set at the level of 1.5250 on the H4 chart. Therefore, the price movement will be between 1.5250 and 1.5368 (50% of Fibonacci retracement levels at the same time frame). Moreover, the pair has already formed the major support at the level of 1.5553. Consequently, the market will indicate a bullish opportunity at level of 1.5553 with a first target at 1.5313. Then, if it breaks the level of 1.5313,a breakout above this level with a second target at 1.5368 will be seen (note that the weekly resistance 1 will be set at the level of 1.5402). However, the best location for placing a stop loss should be below 1.5205.

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Gold analysis for February 11, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading sideways around the price of 1,235.00. We are facing low volatility on the market. According to the H4 time frame, we can observe weak supply around the price of 1,232.00. According to the daily time frame, we have supply in a volume below 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). Anyway, if the price breaks the level of 1,228.00, we may see a possible testing of the level of 1,220.00 before any larger bullish reaction.

Daily Fibonacci pivot points :

Resistance levels :

R1: 1,241.86

R2: 1,251.53

R3: 1,257.16

Support levels :

S1: 1,226.56

S2: 1,220.93

S3: 1,211.26

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

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Technical analysis of EUR/USD for February 11, 2015 Market Analysis Review

Overview :

• The market of the EUR/USD pair was not stable; and the trend was not also so clear. According to the previous events, the price has been still moving between the levels of 1.1379 and 1.1226. Thus, it is wise to be neutral at the level of weekly pivot point around the spot of 1.1379. Therefore, the first step is to wait for a period of tight sideway range market before breakouts. Then, it is likely that the market is going to start showing the signs of bullish market. In other words, it will be a good sign to buy above 1.1230 (weekly support 1) with a first target of 1.1325 and if the price breaks out this level, it will climb towards the price of 1.1366 (61.8% of Fibonacci retracement levels on the H1 chart). However, if the pair breaks 1.1264 and closure below it, the market will indicate a bearish opportunity below 1.1264. Then the support will be become a resistance, and it will be a good sign to sell below 1.1264 with a first target of 1.1226. It will also call for a downtrend in order to continue bearish movement towards 1.1200 (23.6% of Fibonacci retracement levels on the H1 chart) in order to create a new double bottom at this level.

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GBP/USD intraday technical levels and trading recommendations for February 11, 2015 Market Analysis Review

Overview:

The daily closure below the recent bottoms located around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with the projection target at 1.5300.

The market has already pushed further below reaching down to 1.5030-1.4980 where the lower limit of the channel has been providing support for the pair over the past few weeks.

The H4 chart shows transition into a sideway movement with mild bearish tendency which has been maintained within the depicted price range.

Temporary bullish breakout took place last week above the upper limit of the short-term channel pattern (the price level of 1.5170).

Persistence above the key-support (the price zone of 1.5170-1.5200) is currently applying bullish pressure over the price zone of 1.5290-1.5360 (prominent Fibonacci levels and the upper limit of the depicted movement channel) where bearish rejection was applied on Friday.

A bearish engulfing daily candlestick was expressed at retesting of the upper limit of the daily channel on Friday. Hence, the GBP/USD pair went back to apply bearish pressure over the previously broken key-zone (1.5170-1.5200) where bullish SUPPORT has been offered since Yesterday.

The GBP/USD is now trapped between 1.5300 ( 50% Fibonacci) and 1.5200 (recent SUPPORT). A breakout in either direction is needed to decide the next destination of the pair.

Trading recommendations:

SELL entries can be taken around the price zone of 1.5300-1.5360 with SL located slightly above 1.5390.

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USD/CAD intraday technical levels and trading recommendations for February 11, 2015 Market Analysis Review

Overview:

The USD/CAD pair established the previous consolidation zone between the price levels of 1.1560 and 1.1670. This price zone roughly corresponds to 61.8% prominent WEEKLY Fibonacci level. Bullish breakout above it allowed bulls to reach new highs around 1.2770.

The USD/CAD bulls has been defending the recent INTRADAY SUPPORT around 1.2300 (broken 79.6% Fibonacci Level). Hence, a new bullish swing was established without further retesting of the DAILY SUPPORT zone depicted on the daily chart around 1.1950.

The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels. Hence, the current bearish correction was anticipated in the previous articles.

The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level). It has been defended by the bulls since a bullish breakout took place on January 21.

DAILY closure below the price level of 1.2300 exposes the next DAILY SUPPORT around 1.2000 where the backside of the upper limit of the breached channel is located.

On the other hand, bullish persistence above 1.2300 (79.6% Fibonacci level) enhances further bullish advancement towards 1.2760-1.2780.

Trading recommendations:

Wait for DAILY closure below 1.2300 for SHORTING the USD/CAD pair. TP levels should be set at 1.2250 and 1.2170.

Stop Loss should be set as DAILY closure again above the ENTRY levels (1.2300).

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Intraday technical levels and trading recommendations for GBP/USD for February 11, 2015 Market Analysis Review

The previous consolidation movement extended between the price levels of 1.5550 and 1.5770. It represented a period of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

Bearish breakout below 1.5550 directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.

As mentioned in the previous articles, conservative traders should have been waiting for the current bullish pullback towards the recent SUPPLY zone around 1.5280-1.5320 for a low-risk SELL entry.

This SUPPLY zone also corresponds to the upper limit of the depicted daily channel where bearish pressure was anticipated on the last retesting that took place last week.

This bearish scenario was threatened on Thursday after the daily closure above the upper limit of the consolidation zone as well as the depicted channel around 1.5250.

Moreover, a bearish engulfing daily candlestick was expressed on Friday. This has pushed the GBP/USD pair again inside the channel.

On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. Since then, the pair was trapped within the consolidation zone ranging between 1.4960 and 1.5230 until Thursday when the pair achieved daily closure above them.

The price level of 1.5280 corresponds to the upper limit of the depicted H4 channel as well as 50% Fibonacci level of the recent bearish swing that extended between 1.5600 and 1.4976.

The price zone of 1.5280-1.5320 will probably offer a low-risk SELL entry with Stop loss located above 1.5360 (61.8% Fibonacci level).

On the other hand, DAILY closure above 1.5340 invalidates the short-term bearish scenario exposing the price level of 1.5480 for retesting.

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Intraday technical levels and trading recommendations for EUR/USD for February 11, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially after the obvious MONTHLY closure of January took place below 1.2000.

During the past few weeks, the EUR/USD bears have been challenging historical lows that were established back in 2005 and 2003.

Some bullish recovery was finally witnessed by the end of January and the beginning of February.

On the daily chart the market looked oversold below the price levels of 1.2000 and 1.1900 (prominent psychological SUPPORT).

As it was suggested in the previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off (R1 at 1.1550 and R2 at 1.1700).

The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.

On the other hand, another daily fixation below 1.1260, which is a recent DEMAND level depicted on the H4 chart, activates a DOUBLE-TOP reversal pattern exposing the recent lows around 1.1110 for retesting especially after the breakout took place below the depicted bullish channel on the H4 chart.

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Technical analysis of GBP/CHF for February 11, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has hit the levels of 1.4199 today before pulling back sharply lower towards the levels of 1.4150 as seen here. A break below 1.4000 is required to confirm and to accelerate further downside. Aggressive trade setup would be to remain short for now with risk at 1.4230, while a conservative trade setup would be to enter short after prices break 1.4000. Immediate resistance is seen at the levels of 1.4200 (interim) followed by 1.4300 and higher, while support is seen at 1.4000 followed by 1.3850 and lower, respectively.

Trading recommendations:

Remain short for now; stop is at 1.4230, target is open.

Good luck!

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Technical analysis of EUR/JPY for February 11, 2015. Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has finally broken above the levels of 135.00 clearly, as seen here. The pair has resumed rally towards the levels of 137.50/138.00 at least. Please note that Fibonacci 0.382 resistance is also seen at the levels of 137.92. It is recommended to remain long for now, risk remains around the levels of 132.50. Immediate support is seen around 135.00 (interim) followed by 132.50, 130.00 and lower, while resistance is seen at the levels of 137.50/138.00 followed by 142.00 and higher, respectively. The pair is in the first wave of a potential 3 waves rally.

Trading recommendations:

Remain long for now; stop is at 132.50, target is 138.00.

Good luck!

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Technical analysis of Silver for February 11, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver remains unchanged from yesterday and is seen to be trading around the levels of $17.05/10 for now. The metal is poised to resume its uptrend after having bounced off $16.50 earlier. Therefore, it is recommended to remain long and also look to add further at the current levels. A push through the levels of $17.20 would also break the counter trend (resistance) line and confirm resumption of the uptrend. Immediate support is seen at $16.50 followed by $16.20, $15.50 and lower, while resistance is seen at $17.40/50 followed by $18.40, $18.90 and higher, respectively. Bulls would remain in control untill prices are above $16.50 for now.

Trading recommendations:

Remain long; stop is at $16.00, target is open.

Good luck!

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Technical analysis of Gold for February 11, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold looks to resume rally after bouncing off from the levels of $1,230.00 yesterday. The metal could still drop towards the levels of $1,221.00 before rallying again. Please note that the Fibonacci 0.618 support is also falling at $1,221.00 and it remains a good buy if prices manage to reach there. Therefore, it is recommended to remain long for now and also to look to add lower for an extended rally towards the levels of $1,340.00. Immediate support is seen at $1,221.00 levels followed by $1,205.00 and lower, while resistance is seen at $1,285.00 followed by $1,307.00 and higher, respectively. Bulls should be poised to resume rally from here.

Trading recommendations:

Remain long; stop is at $1,170.00; target is open.

Good luck!

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#USDX technical analysis for February 11, 2015 Market Analysis Review

The dollar index continues its sideways movement. The index is preparing for its next upward move that, I expect, will reach 95.90 at least in the short term. My longer-term target remains at 100.

Green line = resistance broken

Black lines = trading range

The Dollar index is above the Ichimoku cloud on our 4-hour chart as shown above. This is a bullish signal. The price has broken above the green trend line resistance and is now consolidating inside a tight short-term trading range between 94.90 and 94.30.

The longer-term trend remains bullish. The price is supported and the dollar remains very strong. The corrections we observe are mostly sideways and there is no strong pullbacks. This confirms the strength of the trend. At 96 we have a strong resistance that, if broken, will give me a buy signal with target of 100. At 96 we find the 50% retracement of the decline from the 2002 highs at 120 to the lows at 70.50 from 2007.

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Gold technical analysis for February 11, 2015 Market Analysis Review

Gold price continues to move sideways below the resistance at $1,245 and above the support at $1,228. I believe that soon this sideways move will end and prices will fall further towards the 61.8% retracement at $1,220 or even towards $1,200.

Green lines = bearish flag

Black line = resistance

Gold is moving sideways between the two green lines that form the flag in this bearish flag pattern. Its bearish flag pattern is slightly different form the one I posted in previous analysis. The price is below the black trend line resistance and below the Ichimoku cloud. As long as we are below the cloud, I remain bearish.

Nothing new on the daily chart as well. The price is below the tenkan-sen and the kijun-sen, which are now very close to giving a bearish cross sell signal with minimum target of the cloud at $1,200. I believe that the downward move is not over and we will at least see a push towards $1,220.

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Technical analysis of USD/CAD for Febuary 11, 2015 Market Analysis Review

General overview for 11/02/2014 09:30 CET

The triangle pattern has been invalidated as the market violated the upper triangle line and went straight up to hit 61% Fibonacci of the last swing retrenchment. Currently this supply zone between the levels of 1.2626 - 1.2642 is the key area for bears, as any breakout higher is very bullish. On the other hand, please notice that the overall corrective cycle is getting rather complex now and choppy trading conditions should be expected.

Support/Resistance:

1.2797 - Swing High

1.2732 - WR1

1.2642 - Intraday Resistance

1.2626 - 1.2642 - Supply Zone

1.2567 - Intraday Support

1.2543 - Weekly Pivot

1.2350 - Technical 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 1.2642. Any breakout above this level is bullish and the nearest target would be at the level of 1.2732.

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Technical analysis of EUR/JPY for Febuary 11, 2015 Market Analysis Review

General overview for 11/02/2014 08:30 CET

The important resistance level has been violated yesterday and the alternate impulsive scenario has been invalidated. The market is consolidating just under the intraday resistance at the level of 135.46 and it looks like this level will be broken sooner or later to test the weekly pivot levels. Moreover, the projected resistance is at the level of 137.63 and it corresponds to the upper boundary of the golden channel. This level might be a very likely zone for a potential reversal and downtrend continuation.

Support/Resistance:

137.63 - Technical Resistance

137.27 - WR2

136.15 - WR1

135.46 - Intraday Resistance

134.21 - Weekly Pivot

Trading recommendations:

Sell order from yesterday hit the SL, so currently only buy orders should be opened if the level of 135.46 is violated. TP ais t the level of 137.63, SL is below the level of 134.55.

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Daily analysis of major pairs for February 11, 2015 Market Analysis Review

EUR/USD: This pair has consolidated this week so far. There has not been any sustained directional movement, but it is more probable that when momentum returns to the market and it makes a breakout, the support lines at 1.1250 and 1.1200 would be tested. The price should be close below those support lines, in solidarity with the existing bearish bias. Otherwise, there could be a rally in the market.

USD/CHF: The outlook on the USD/CHF pair is bullish, but this is currently a choppy market. The currency trading instrument would go up when the EUR/USD pair goes down (or the other way round, when the EUR/USD pair goes up). As it is said, counter-trend pullbacks in the market would simple offer opportunities to buy at better prices.

GBP/USD: The ‘buy’ signal on the Cable is still a valid thing. There is a Bullish Confirmation Pattern in the market and the price may test the distribution territories at 1.5300 and 1.5350 again. These are the territories that were challenged last week.

USD/JPY: This market went up yesterday, closing above the demand level at 119.00 and challenging the supply level at 119.50. With more buying pressure in the market, the price would close above the supply level at 119.50, while targeting another supply level at 120.00.

EUR/JPY: Like most other JPY pairs, this cross is also trying to go upwards. The EMA 11 is above the EMA 56 (and the price is above them). The RSI period 14 is slightly above the level of 50. The market may journey further upwards from here, reaching the supply zone at 136.00.

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Elliott wave analysis of EUR/NZD for February 11 - 2015 Market Analysis Review

Technical summary:

We are still looking for wave (ii) to bottom in the 1.5166 - 1.5244 area, so wave (iii) higher can take over. Once wave (iii) higher is confirmed, we should be looking for a rally towards at least 1.6668, where wave (iii) will be 161.8% the length of wave (i). In the short term, we need a break above minor resistance at 1.5321 and more importantly a break above resistance at 1.5409 to confirm that wave (iii) higher is developing.

Trading recommendations:

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

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