Forecast and trading recommendations on EUR/USD and GBP/USD for February 18, 2015 Market Analysis Review

EUR/USD

In five days, the talks between Greece and the Eurogroup failed twice. The ECB has agreed to fund 60 billion euros on February 5. Today, they will reassess. Eurogroup President Dijsselbloem said that until Friday Greece had to request an extension, otherwise the bailout would expire at the end of the month. If Greece exits from the eurozone, the single European currency will be dismantled.

The US dollar fell against the euro after the weak manufacturing data. The headline general business conditions index edged down two points to 7.8. The new orders index fell five points to 1.2.

Technical view. The pair has weekly resistance at 1.1535. The trading pattern is framed between 1.1535 and 1.11. At yesterday's session, the pair breached the previous swing high, but was unable to close above it. On the h4 chart, we can observe a minor inverse pattern. The prices are facing strong resistance near the neckline. The overall trend favors bears. The recent development in Greece supported the euro and the weak US dollar supported the pair. We recommend fresh buying above 1.1460 with the targets at 1.1500 and 1.1530. We can expect strong momentum only above 1.1535. Today, we expect high volatility.

Resistance: 1.1460, 1.1500, 1.1535.

Support: 1.1390, 1.1365, 1.1320.

We recommend selling with sl at 1.1455.

Buying above 1.1460.

GBP/USD

The pound sterling. The Consumer Prices Index fell to 0.3% in January 2015, down from 0.5% in December 2014. Falling prices for motor fuels and food were the main contributors to the slowdown in the inflation rate. The oil prices sank to a 6-year low.

Today, traders are keeping an eye on BoE monetary policy. From the US side, US PPI report and building permits are due.

Technical view. The pound edged lower against the US dollar. In intraday, the cable broke below 50Dsma, but at the end of the day it managed to close above it. The cable managed twice to hold the 50Dsma. On the hourly chart, the prices were trading and closed below hourly moving averages. We recommend selling only below 1.5300. The prices made a minor support base between 1.5210 and 1.5195. If the price breaks out and closes below 1.5195, the pair can extend correction towards 1.5140, 1.5080, and 1.4990. As of now, we are bullish in the near term. This view is invalid, in case if the prices close below 1.5190.

Resistance: 1.5369, 1.5402, 1.5440.

Support: 1.5340, 1.5300, 1.5210.

We recommend selling below 1.5300 with the targets at 1.5250 and 1.5210.

Buying above 1.5400 with the targets at 1.5440, 1.5470, 1.5540, and 1.5600.

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Daily analysis of USDX for February 18, 2015 Market Analysis Review

The USDX is still finding support at the level of 94.18 and the bullish momentum in a general term is still alive on this instrument on the daily chart. Indeed, as we noted in past articles, the 200 SMA is still bullish and the USDX is currently inside a bullish pattern formation. From the technical view, we're still looking for upside targets at the 95.45 and 96.78 levels.

During the session om Tuesday, the USDX traded sideways between the range of the 94.38 and 94.02 levels. Currently, we recommend following the bearish bias, because the instrument is below the 200 SMA, which is also bearish. The support level of 94.02 needs to be broken in order that the USDX could reach 93.62 in a very short term.

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 sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.02, take profit is at 93.62, and stop loss is at 94.42.

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Daily analysis of GBP/USD for February 18, 2015 Market Analysis Review

It seems that the GBP/USD pair is having lack of bullish momentum on the daily chart, because during yesterday's session, the pair traded in favor of the bearish bias and still has not reached the resistance level of 1.5491, which is the closest upside target. Besides, the GBP/USD pair formed a fractal next to that resistance zone and we should be cautious with more falls on this pair.

As we can see it on the H1 chart, the support level of 1.5348 remains very solid. Eventually, the GBP/USD pair could find strong support and try to rise to the resistance level of 1.5378. On the other side, we have a 200 SMA that is very close to the current price of the GBP/USD pair. This zone could offer strong dynamic support in the coming hours or days.

Daily chart's resistance levels: 1.5491 / 1.5761

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5378 / 1.5413

H1 chart's support levels: 1.5348 / 1.5301

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 1.5378, take profit is at 1.5413, and stop loss is at 1.5297.

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Technical analysis of EUR/USD for February 18, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as German 10-y Bond Auction. The US will release a number of economic reports such as the Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Core PPI m/m, PPI m/m, and Building Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1459.

Strong Resistance:1.1462.

Original Resistance: 1.1441.

Inner Sell Area: 1.1430.

Target Inner Area: 1.1403.

Inner Buy Area: 1.1376.

Original Support: 1.1365.

Strong Support: 1.1354.

Breakout SELL Level: 1.1347.





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Technical analysis of USD/JPY for February 18, 2015 Market Analysis Review

In Asia, Japan will release the BOJ Press Conference and Monetary Policy Statement. The US will also release some economic reports such as Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Core PPI m/m, PPI m/m, and Building Permits. 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: 119.90.

Resistance. 2: 119.67.

Resistance. 1: 119.44.

Support. 1: 119.15.

Support. 2: 118.92.

Support. 3: 118.68.





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Technical analysis and trading recommendations on Gold for February 18, 2015 Market Analysis Review

The yellow metal extended its losses at yesterday's session. The metal broke below $1,216.00, which triggered panic selling from the technical view. China is heading into a holiday period ahead of the Lunar New year. Before this holiday period, physical buying is also moderate. We recommended selling at $1,229.00 with the targets at $1,207.00, $1,204.00, and $1,199.00. The metal made a low at $1,203.40. If the prices break below $1,200.00, gold can extend its fall to $1,195.00 and even $1,185.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00. We recommend fresh selling below $1,199.00 with the rest of targets. The weekly 61.8 fib level is set at $1,198.75 and the 80.0 fib level is placed at $1,1667.00.

On the h4-chart, the prices are closed and trading above hourly moving averages. The prices are expanding lower swings on the hourly chart. Intraweek resistance exists at $1,227.00. Intraday resistance exists at $1,222.00.

Resistance: $1,212.00, $1,217.00, $1,227.00.

Support: $1,199.00, $1190.00, $1,185.00.

Selling below $1,198.00.

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USDCAD Daily Analysis - February 18, 2015 Forex Analysis

USDCAD is facing 1.2352 support, a breakdown below this level will indicate that the downtrend from 1.2797 has resumed, then deeper decline to 1.2200 area could be seen. On the other side, as long as 1.2352 support holds, another rise to test 1.2797 resistance is possible.

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USDJPY Daily Analysis - February 18, 2015 Forex Analysis

USDJPY remains in downtrend from 120.47, the rise from 118.23 is likely consolidation of the downtrend. Further decline would likely be seen after consolidation, and the target would be at 116.50 area. Key resistance is at 120.47, only break above this level will indicate that the long term uptrend from 101.06 (Jul 10, 2014 low) has resumed, then the following upward movement could bring price to 125.00 area.

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AUDUSD Daily Analysis - February 18, 2015 Forex Analysis

AUDUSD is facing 0.7875 resistance, a break of this level will indicate that lengthier consolidation of the downtrend from 0.8294 (Jan 15 high) is underway, then further rise to 0.8000 area could be seen. However, as long as 0.7875 resistance holds, another fall to test 0.7625 support could be expected.

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GBPUSD Daily Analysis - February 18, 2015 Forex Analysis

GBPUSD remains in uptrend from 1.4950, the fall from 1.5439 is likely 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. Key support is at 1.5195, only break below this level could bring price back to 1.5000 zone.

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EURUSD Daily Analysis - February 18, 2015 Forex Analysis

EURUSD stayed in a narrow range between 1.1261 and 1.1534. Support is at 1.1261, a breakdown below this level will signal resumption of the downtrend from 1.2569 (Dec 16, 2014 high), then the following downward movement could bring price to 1.0500 area. Resistance is at 1.1534, a break of this level will indicate that lengthier consolidation for the downtrend from 1.2569 is needed, then further rise to 1.1650 - 1.1700 area could be seen.

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Daily analysis of Silver for February 17, 2015 Market Analysis Review

Overview

According to our yesterday's expectations, the price's close below the support level of 17.00 would give new opportunities for sell signals. Currently, the metal has already managed to close below the support level to trade below and open the way towards 16.50 as the first target. Then, the metal must test the support level of 16.30, firstly, to get more bearish move untill reaching 16.00 as the second target. On the other hand, the metal's rebound from the support level of 16.30 cancels bearish scenario.

Resistance and support levels: R3 (17.00), R2 (16.75), R1 (16.50), S1 (16.30), S2 (16.00), S3(15.70).

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Daily analysis of GBP/JPY for February 17, 2015 Market Analysis Review

Overview

According to today's H4 chart, yesterday's closing below the resistance level of 182.50 gave the price an opportunity to make a bearish move after it has failed to break it through. As shown here, currently, the price is trying to continue its bearish move and is approaching the support level of 182.00 after breaking the support levels of 182.50. In that case, we might get another opportunity for more sell signals, ant it will open the way towards 181.00 as the first target. Then the price should test the support level of 180.50 to continue its bearish move. But as long as the price stabilizes above the support level of 182.00, it cancels the first scenario.

Resistance and support levels: R3 (184.00), R2 (183.50), R1 (182.50), S1 (182.00), S2 (181.00), S3 (180.50).

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Technical analysis of USD/JPY for February 17, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade with bearish bias. It is undermined by the flows to the safe haven yen and unwinding of of the yen-funded carry trades amid increased risk aversion on news that Greece's talks with its creditors on the future of its bailout program have broken down. USD/JPY is also weighed by the Japanese exports and mounting speculation that the Bank of Japan will not ease monetary policy further. But the USD/JPY losses are tempered by demand from Japan's importers.

Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is falling from overbought levels.

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 118.25. A break of this target will move the pair further downward to 117.95. The pivot point stands at 119.20. 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 119.75 and the second target at 120.20.

Resistance levels:

119.75

120.20

120.70

Support levels:

118.25

117.95

117.65

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Technical analysis of USD/CHF for February 17, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with risks skewed higher. It is supported by the broadly stronger USD undertone (ICE spot dollar index last 94.41 versus 94.10 on early Monday), the negative Swiss interest rates and the threat of the SNB CHF-selling intervention.

Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter is at overbought 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 0.9335 and the second target at 0.9365. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9240. A break of this target would push the pair further downwards, and one may expect the second target at 0.9205. The pivot point is at 0.9265.

Resistance levels:
0.9335

0.9365

0.9435

Support levels:

0.9240

0.9205

0.9160

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Technical analysis of NZD/USD for February 17, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate after hitting a 3-week high of 0.7528 on Monday. On Tuesday at 12:00 GMT the report on NZ Global Dairy Trade is expected. NZD/USD is supported by the stronger than expected New Zealand 4Q retail sales and kiwi demand on soft AUD/NZD and EUR/NZD crosses. But NZD/USD upside is limited by the the kiwi sales on soft NZD/JPY cross amid increased investor risk aversion.

Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels. Five-day moving average is above 15-day moving average and is advancing.

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 0.7590 and the second target at 0.7625. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7440. A break of this target would push the pair further downwards, and one may expect the second target at 0.74. The pivot point is at 0.7470.

Resistance levels:

0.7590

0.7625

0.7685



Support levels:

0.7440

0.74

0.7345

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Technical analysis of GBP/JPY for Feburary 17, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade with bearish bias. It is undermined by the increased investor risk aversion, Japan's exports, and by the weak euro sentiment as the breakdown of Greece-EU talks heightened fears that the debt-laden country would be forced out of the eurozone. But the GBP/JPY losses are tempered by demand from the Japanese importers.

Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is falling from overbought 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 183.35 and the second target at 184.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 181.25. A break of this target would push the pair further downwards, and one may expect the second target at 180.90. The pivot point is at 181.75.

Resistance levels:

183.35

184.20

184.95

Support levels:

181.25

180.90

180.15

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EUR/NZD analysis for February 17, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.5072 in an average volume. Our Fibonacci expansion 61.8% at the price of 1.5090 is on the test, so be very careful when selling EUR/NZD. We have a resistance around the price of 1.5200 (swing low like resistance). If the price breaks the level of 1.5200 in a high volume, we may see a possible testing of the level of 1.5350 (major Fibonacci retracement 38.2%). My advice is to watch for potential buying opportunities on the lows (buy on the dips).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5218

R2: 1.5253

R3: 1.5308

Support levels:

S1: 1.5108

S2: 1.5073

S3: 1.5018

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 AUD/USD for February 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The AUD/USD pair bounced off the levels of 0.7650 earlier, remaining just shy of the levels of 0.7625. The pair has formed a tweezer bottom on a weekly chart (not depicted here), indicating a potential reversal in trend from the current lows at 0.7625/50. Furthermore, the pair has rallied through the levels of 0.7800 now and is looking poised to push higher towards the levels of 0.8000 and 0.8300. It is recommended to initiate long positions now at 0.7820 and to add on dips. Risk remains at the levels of 0.7650. Immediate support is seen at 0.7725 followed by 0.7650, 0.7625 and lower, while resistance is seen at 0.8000 followed by 0.8300 and higher.

Trading recommendations:

Initiate long positions now. Stop is at 0.7625/50, target is 0.8000 and 0.8300.

Good luck!

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Gold analysis for February 17, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price has tested the level of 1,218.65 in an average volume. According to the H4 time frame, we can test our submajor Fibonacci retracement 61.8% at the price of 1,220.00. We are still waiting for larger activity on the market. Major resistance level is still around the price of 1,307.00 (swing high like resistance). I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1,251.00 and Fibonacci retracement 61.8% at the price of 1,272.00. According to the 30 minutes time frame, we can observe that strong demand has entered the market in an ultra high volume (buying climax). My advice is to watch for potential buying opportunities on the lows (buy on the dips). Anyway, if the price breaks the level of 1,220.00, we may see a possible testing of the level of 1,200.00 before any larger bullish reaction.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,235.22

R2: 1,237.08

R3: 1,240.10

Support levels :

S1: 1,229.18

S2: 1,227.32

S3: 1,224.30

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

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Technical analysis of EUR/USD for February 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD pair looks to be setting up for resumption of rally towards the levels of 1.1800 from here on. As depicted here, the pair broke out of the resistance line earlier and dipped lower into the levels of 1.1250 in a corrective (3 waves) manner. Furthermore, the levels of 1.1250 were also the Fibonacci 0.618 support level of the rally between the levels of 1.11 and 1.1530. The pair bounced off from there and is trading at the levels of 1.1420 for now, poised to rally further. It is strongly recommended to remain long for now and also to add further on dips with risk at the levels of 1.1200. Immediate support is seen at 1.1300 (interim) followed by 1.1250, 1.1200 and lower, while resistance is seen at 1.1650 followed by 1.1850 and higher, respectively.

Trading recommendations:

Remain long for now. Stop is at 1.1200, target is 1.1800.

Good luck!

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Technical analysis of EUR/JPY for February 17, 2015 Market Analysis Review

Technical outlook and chart setup:

The EUR/JPY pair raised through the levels of 136.00 today, as expected and discussed yesterday. Note that the pair has bounced off the Fibonacci 0.618 support of the rally between the levels of 132.50 and 136.50. The pair should be poised to rally through the levels of 137.50 and 138.00, respectively, before a corrective decline occurs. It is hence recommended to remain long with risk around the levels of 133.00/50. Immediate support is seen at 133.50 followed by 132.50, 130.00 and lower, while resistance is seen at 137.50 followed by 138.00, 142.50 and higher, respectively.

Trading recommendations:

Remain long for now. Stop is at 132.50, target 137.50/138.00.

Good luck!

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Technical analysis of GBP/CHF for February 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair seems to be running out of steam at the handle of 1.4370/80 since it has backed off twice, as seen here on the hourly chart view. It is recommended to exit long positions at current market price around the levels of 1.4300 and either remain flat or initiate short positions (aggressive trade setup) with risk above the levels of 1.4415. A drop below 1.4275 levels would be the first indication of a deeper correction lower and a break below the levels of 1.4200 (trend line) support would confirm the same. Immediate support is seen at 1.4275 followed by 1.4100, 1.4000 and lower, while resistance is seen at the handle of 1.4400 and higher, respectively. Bears could be poised to regain control for the time being.

Trading recommendations:

Exit long positions. Aggressive traders could initiate 50% short positions. Stop is at 1.4420, target is open.

Good luck!

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Technical analysis of Silver for February 17, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is retesting lows created at the levels of $16.50 earlier, before resuming rally. Besides, note that the back side of the counter trend line (resistance turned support) is also passing near-by ($16.60/70). The metal is expected to bounce ahead of $16.50 and further resume its uptrend towards $19.50 and $21.00 levels at least. Immediate support is seen at $16.50 followed by $16.20, $15.50 and lower, while resistance is seen at $17.60/70 followed by $18.40/50, $18.90 and higher, respectively. Hence my recommendations are to remain long, with risk below $16.00. Bulls are expected to remain in control untill prices stay above the levels of $15.50.

Trading recommendations:

Remain long; stop is at $15.50, target is open.

Good luck!

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Technical analysis of AUD/USD for February 17, 2015 Market Analysis Review

Overview :

• A confusing rise from the levels of 0.7714 and 0.7783 has extended further to as high as 0.7802 yesterday. Moreover, it might be noticed that the price has placed above 23.6% of Fibonacci retracement levels and created a strong support at this spot. Hence, the market will form the strong support at the price of 0.7770. Futhermore, this strong level has been still moving between 0.7750 and 0.7863 on the H4 chart. Therefore, it is likely that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity at the level of 0.7770 with the first target of 0.7832 and continues towards 0.7860. Anyway, bulls were forced to pullback below the level of 0.7860, so this level will form a strong resistance in order to indicate a bearish opportunity below it. Accordingly, it will be a good sign to sell below the level of 0.7881 (38.2% of Fibonacci retracement level at the same time frame) with a target at 0.7832 and it might resume to 0.7783 (a good place to take profit will be at 23.8% of Fibonacci).

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Technical analysis of Gold for February 17, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has retested the lows at $1,220.00 today and is setting up for a rally for now. The metal is holding the Fibonacci 0.618 support for now and bulls are poised to retain control untill prices remain above the levels of $1,215.00. Immediate support is seen at $1,205.00 followed by $1,170.00 and lower while resistance is seen at $1,245.00 followed by $1,285.00, $1,307.00, $1,340.00 and higher, respectively. Remember that the metal has turned bullish on higher time frames and the trend is supposed to remain higher targeting the levels of $1,340.00 and up to $1,400.00. It is recommended to remain long for now and also to add further positions.

Trading recommendations:

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

Good luck!

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Technical analysis of NZD/USD for February 17, 2015 Market Analysis Review

Overview :

• The NZD/USD pair will continue straight from the level of 0.7505. On the H4 chart, the level of 0.7441 is coinciding with the 32.8% of Fibonacci retracement levels, for that this price is probably going to form a double bottom. Therefore, the NZD/USD pair is showing signs of strength following the break of the highest level of 0.7523 (50% of Fibonacci retracement levels). What is more, it should be noted that the persistence above the ratio of 50% Fibonacci is confirming a bullish market. So, it will be a good sign to buy above the level of 0.7505 with a first target of 0.7553 and further of 0.7602 (it will act as a strong resistance for that it is going to be a good place to take profit, it also should be noted that this level of taking profit will coincide with 61.8% of Fibonacci). However, in case if a reversal takes place and the NZD/USD pair breaks through the support level of 0.7505, the market will lead to further decline towards the level of 0.7441, in order to indicate a bearish market in coming time.

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Intraday technical levels and trading recommendations for GBP/USD for February 17, 2015 Market Analysis Review

The previous consolidation movement extended between the price levels of 1.5600 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.

Around these price levels (1.5050 and 1.4960) the market has established another consolidation zone, which extended up to the price levels of 1.5250-1.5280.

Last week, the ongoing bearish trend was invalidated on Thursday when bullish breakout above 1.5200 took place.

Estimated projection targets are located around 1.5600-1.5640 where the most recent consolidation zone is located.

By the end of the last week, the GBP/USD pair has consolidated above the price zone of 1.5360 (61.8% Fibonacci level) which failed to provide enough SUPPLY for the pair.

For the current bullish breakout to happen, bulls should keep defending the price zone of 1.5300-1.5330.

Estimated projection targets for the recent bullish breakout are roughly located around 1.5600-1.5640.

Conservative traders can take a low-risk BUY entry at retesting the price zone of 1.5300-1.5330 ( backside of the broken channel and 50% Fibonacci level).

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#USDX technical analysis for February 17, 2015 Market Analysis Review

The dollar index continues to trade inside the trading range that I mentioned in my last analysis. There is nothing new to add. Traders should remain neutral and wait for a signal from the market before opening a new position.

Green line = resistance

Blue line = support

The Dollar index continues to trade within the trading range that I mentioned yesterday. The trend remains sideways and neutral for the short-term. Short-term traders should be patient and wait for a break above or below the trading range before opening a position.

On the daily chart, as shown above, the price is forming a triangle consolidation. The price is above the kijun-sen (yellow) support and above the tenkan-sen (red line). The price is also above the Ichimoku cloud and this confirms that the longer-term trend remains bullish. A break above 95 will be a buy signal with our next target being close to 100.

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Intraday technical levels and trading recommendations for EUR/USD for February 17, 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 FULL bearish MONTHLY below 1.2000 (January's monthly candlestick).

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

As mentioned 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 1.1440-1.1470 is a recently established SUPPLY zone on the H4 chart (the upper limit of a newly-established consolidation zone ).

Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1530 (the recent high).

Moreover, risky traders should note that DAILY fixation again below 1.1260 (recent DEMAND level, lower limit of the H4 consolidation zone ) indicates a bearish visit towards the WEEKLY low around 1.1110.

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USD/CAD intraday technical levels and trading recommendations for February 17, 2015 Market Analysis Review

Overview:

The USD/CAD pair has been trending upwards within the bullish channel depicted on the WEEKLY chart.

The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels. Hence, the ongoing bearish correction that started off 1.2750 was anticipated in the previous articles.

The bulls have been defending the recent INTRADAY SUPPORT around 1.2300 (broken 79.6% Fibonacci Level). Until now, the market has not retested the newly-established DAILY SUPPORT around 1.2000.

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

DAILY closure again 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, the bullish persistence above 1.2300 (79.6% Fibonacci level) enhances further bullish advancement towards 1.2760-1.2780 (low probability).

Trading recommendations:

Wait for DAILY closure below 1.2300 for SHORTING the USD/CAD pair. TP levels should be set at 1.2250 and 1.2190. Stop Loss should be set as DAILY closure again above the ENTRY levels (1.2300).

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Technical analysis of EUR/JPY for Febuary 17, 2015 Market Analysis Review

General overview for 17/02/2015 09:50 CET

The pair is still trading inside the neutral zone. It looks like the recent wave development is evolving into a complex corrective structure called triple-three. The waves W X Y XX brown has been already made, and now one more wave to the upside is needed to complete the whole correction as a big cycle (please take a look at the 4h time frame chart). On the intraday time frame charts we can see that a crucial level to the upside is the intraday resistance at the level of 134.71. Any breakout higher might be considered bullish as the intraday golden trend line will be broken together with weekly pivot at the level of 135.20. This might be a first clue that the anticipated target for wave Z brown at the level of 137.64 might be hit. On the other hand, any violation of the key level at the level of 132.52 invalidates a triple-three scenario and makes the level of 136.71 a top for wave 4 blue.

Support/Resistance:

138.19 - WR2

137.64 - Technical Resistance

136.72 - WR1

135.20 - Weekly Pivot

134.71 - Intraday Resistance

133.93 - Intraday Support

133.69 - WS1

Trading recommendations:

The TP level of the last recommended sell trade has not been hit, but the trade should be overall in profit and if daytraders has not closed the trade yet, they should move the SL just above the level of 134.75 and wait. Any breakout above this level is bullish and sell orders should be closed.

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GBP/USD intraday technical levels and trading recommendations for February 17, 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 provided support for the pair few weeks ago.

Recently, H4 chart showed a transition phase into a sideway movement that has been maintained within the depicted price range.

Initial bullish breakout above 1.5220 took place on February 5. Shortly after, a new DAILY support was established around 1.5170-1.5200 (an ascending bottom, a sign of ongoing bullish momentum).

The persistence of the GBP/USD pair above the recent DAILY support (the price zone of 1.5170-1.5200) applied extensive bullish pressure over the price level of 1.5360 (61.8% Fibonacci level).

Long-term projection target for the recent bullish breakout above 1.5220 is located around 1.5500-1.5550 where the previous DAILY bottoms are located (DAILY RESISTANCE).

Trading recommendations:

As long as bulls keep defending the recent SUPPORT around 1.5350, they should keep targeting at 1.5460 and 1.5580.

For traders who missed the initial breakout, a valid buy entry can be taken at retesting of 1.5260 with SL located below the recent bottom around 1.5200.

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Gold technical analysis for February 17, 2015 Market Analysis Review

Gold price has reversed lower after a weak bounce towards $1,237. The trend remains bearish. Next target is $1,200 if the low at $1,216 is broken. Bulls need to break above the yesterday's highs in order to expect a bounce to $1,250-60.

Black line = resistance

Blue line = support

Gold price has broken the short-term support trend line and is now going to test the recent lows at $1,216. The resistance at $1,245 was not even tested yesterday despite the signs of short-term buying interest. The price remains below the medium-term Ichimoku cloud resistance. I remain bearish expecting a move towards $1,200 at least.

Black line = resistance

Gold price as shown above on the daily chart is showing signs of reversal. Although it bounced off the 61.8% retracement it has not managed to reach the tenkan-sen (red line) resistance. The price remains below the black trend line resistance. The trend remains bearish. If the support at $1,216 is broken, it will give another sell signal with $1,205 as the first target and $1,195 as the second target.

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Technical analysis of USD/CAD for Febuary 17, 2015 Market Analysis Review

General overview for 17/02/2015 09:30 CET

The pair made another lower low during the Asian session and is still slowly trading inside the neutral range zone. As the Elliott wave rules suggest, there is still one more wave to the downside missing in this wave development and if this scenario is correct, the intraday support at the level of 1.2418 and technical support at the level of 1.2348 should be tested and violated soon. The projected target is the zone between the level of 1.2251 - 1.2231. Please notice that this kind of very narrow consolidating range trading very often foreran violate market moves.

Support/Resistance:

1.2783 - WR2

1.2590 - WR1

1.2536 - Intraday Resistance

1.2506 - Weekly Pivot

1.2418 - Intrday Support

1.2348 - Technical Support

1.2250 - 1.2231 - Projected Target Zone

Trading recommendations:

The bias is still bearish and the sell orders from the last week should be still kept open and SL should be kept above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First level to add to the existing sell orders should be at the level of 1.2415. First TP orders should be placed at the level of 1.2349.

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Technical analysis and trading recommendations on GBP/USD for February 17, 2015 Market Analysis Review

Today, traders are focused on UK's CPI data. The UK's inflation stood at 0.5% in December 2014 which is well below the target of 2%. The print in November was 1.2%. The main reason for this was the steepest fall in wholesale energy prices during the second half of 2014. In case, if a decline in energy prices persist, the inflation could temporarily turn negative as it is foreseen in the BoE inflation report. Falling energy prices helping the BoE to keep interest rates at the record low of 0.5%.

The prices gave an inverse head & shoulder breakout on the hourly chart. The prices are forming a higher lows and higher highs formation on the h4-chart. They formed a minor support base between 1.5210 and 1.5195. If the pair breaks and closes below 1.5195, they can extend the correction towards 1.5140, 1.5080, and 1.4990. On the monthly chart, the previous supports exist between 1.4830 and 1.4800. The intraday resistance is placed at 1.5400. Falling yesterday, the cable managed to hold at the 50Dsma and closed above it. The intraday support exists between 1.5330 and 1.5300. We recommend safe buying above 1.5400 with the targets at 1.5460, 1.55, and 1.5540. On the down side, we recommend selling below 1.5300 with the targets at 1.5270 and 1.5200.

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