Technical analysis of EUR/USD for February 19, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Consumer Confidence, Spanish 10-y Bond Auction, Current Account, ECB Monetary Policy Meeting Accounts, and French CPI m/m. The US will release a number of economic reports such as the Crude Oil Inventories, Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1458.

Strong Resistance:1.1451.

Original Resistance: 1.1440.

Inner Sell Area: 1.1429.

Target Inner Area: 1.1402.

Inner Buy Area: 1.1375.

Original Support: 1.1364.

Strong Support: 1.1353.

Breakout SELL Level: 1.1346.

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.

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Technical analysis of USD/JPY for February 19, 2015 Market Analysis Review

In Asia, Japan will release the BOJ Monthly Report, All Industries Activity m/m, and Trade Balance. The US will also publish a number of economic reports such as Crude Oil Inventories, Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, and Unemployment Claims. 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: 119.16.

Resistance. 2: 118.93.

Resistance. 1: 118.70.

Support. 1: 118.41.

Support. 2: 118.18.

Support. 3: 117.94.

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.

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Daily analysis of USDX for February 19, 2015 Market Analysis Review

This session is bearish for the US dollar, as the FOMC had some dovish words regarding the economy in the United States. On the daily chart, we're currently watching a breakout at the support level of 93.02, which can push the USDX to reach the 93.02 level in the medium term. Don't forget that we're still bullish on this instrument.

At the session on Wednesday, the USDX failed to get consolidated above the 200 SMA on the H1 chart. Currently, this instrument is trying to fall to the support level of 93.62, but it will happen only when the USDX does a bearish consolidation below the 94.02 level in the coming hours. The MACD indicator is still on the negative territory.

Daily chart's resistance levels: 94.18 / 95.45

Dailychart's support levels: 93.02 / 92.40

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 19, 2015 Market Analysis Review

On the daily chart, the GBP/USD pair had a strong bullish momentum that allowed this pair to touch the resistance level of 1.5491. This is the closest hurdle for the bullish bias of the GBP/USD pair, because in this time frame the pair is still below the 200 SMA which is also bearish. So, for now, we recommend waiting for a bullish pattern formation.

From the intraday outlook, we can see a higher high pattern developing above the support level of 1.5413, and the GBP/USD pair could perform a breakout at the resistance level of 1.5457, with a bullish target placed at the 1.5508 level. On the other side, there are still chances that the pair does a pullback to the support level of 1.5413.

Daily chart's resistance levels: 1.5491 / 1.5761

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5457 / 1.5508

H1 chart's support levels: 1.5413 / 1.5378

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 1.5457, take profit is at 1.5508, and stop loss is at 1.5405.

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Daily analysis of major pairs for February 19, 2015 Market Analysis Review

EUR/USD: Unlike some popular majors, this pair has not been going in a determined manner, and it would be wise to stay away from the market until a good momentum returns to it. The price could either break the resistance line at 1.1450 to the upside or break the support line at 1.1300 to the downside.

USD/CHF: On the USD/CHF pair, a lower time frame like the hourly chart has been switched to. This is because recent price movements can be seen more clearly on the hourly chart than when looking at the 4-hour chart. The trend for this week has been upwards so far. The price is currently going above the support level at 0.9400. The next target is at the resistance level of 0.9500. By all means, this is not a market which the speculator should sell.

GBP/USD: The northward journey on the Cable has continued in a simple manner – lower highs and higher highs. The desired approach has been to buy on dips. The distribution territory at 1.5450 has been challenged and would be challenged again, for it could be breached to the upside. In addition, some fundamental figures are expected today and they would have impact on the market.

USD/JPY: The perpetual machinations from bears have been a great impediment to the bullish bias on the USD/JPY pair. A break below the demand level at 118.00 would make the recent bullish bias to be completely invalid.

EUR/JPY: The conditions surrounding this market have made it a difficult instrument to trade. The price topped at the supply zone of 136.00, after which there was a slight bearish retracement. There is a possibility that the price may go upward from here.

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USDCAD Daily Analysis - February 19, 2015 Forex Analysis

USDCAD is testing 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 19, 2015 Forex Analysis

USDJPY remains in downtrend from 120.47. Further decline could be expected after a minor 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 19, 2015 Forex Analysis

AUDUSD is testing 0.7875 resistance. As long as this level holds, the price action in the trading range between 0.7625 and 0.7875 could be treated as consolidation of the downtrend from 0.8294 (Jan 15 high), another fall towards 0.7000 could be expected after consolidation. However, a break of 0.7875 resistance will indicate that lengthier consolidation for the downtrend is underway, then further rise to 0.8000 area could be seen.

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GBPUSD Daily Analysis - February 19, 2015 Forex Analysis

GBPUSD's upward movement from 1.4950 extended to as high as 1.5479. Support is at 1.5315, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.5500 area. On the downside, a breakdown below 1.5315 support will indicate that the uptrend is complete, then deeper decline to 1.5000 area could be seen.

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EURUSD Daily Analysis - February 19, 2015 Forex Analysis

EURUSD continued its sideways movement in a 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 underway, then further rise to 1.1650 - 1.1700 area could be seen.

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

Overview

On today's H4 chart, the metal is still trading between the support level of 16.30 and the resistance level of 16.50 after it has failed to break the resistance level yesterday and bounced from it to take a slightly downward move. Currently, it is approaching the resistance level of 16.50 again. Presently, we suggest waiting for closing above this resistance level in case of bouncing from the support level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.75, then after breaking this resistance level silver would open the way towards the resistance level of 17.00, which means more bullish signals.

Resistance and support levels: R3 (17.00), R2 (16.75), R1 (16.50), S1 (16.30), S2 (16.00), S3 (15.75).

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EUR/AUD intraday technical levels and trading recommendations for February 18, 2015 Market Analysis Review

By the end of 2014 the EUR/AUD pair declined rapidly off 1.5330 reaching down to 1.3970 where bullish recovery was manifested.

Recently the EUR/AUD pair has been trending upwards within the depicted bullish channel until the price level of 1.4800 was reached few weeks ago.

The price level of 1.4800 corresponds to the 61.8% Fibonacci level of the recent bearish swing. Around it a DOUBLE-TOP bearish reversal pattern is being expressed.

Confirmation of the reversal pattern requires DAILY fixation below the price level of 1.4500, which corresponds to the lower limit of the daily channel as well.

If confirmed, initial projection target would be located around 1.4300 and then 1.4270.

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

Technical outlook and chart setups:

The EUR/JPY pair has retraced lower after rallying through the levels of 136.00 yesterday, and is seen trading around the levels of 135.50 for now. It is recommended to remain long and to look to add further positions at the current levels with risk at 134.00. Immediate support is seen at the levels of 134.00 followed by 133.50/60, 132.50 and lower, while resistance is seen at 137.50/138.50 followed by 142.30 levels and higher, respectively. Bulls are poised to take back control and continue rallying towards the levels of 137.50 and 138.00, subsequently.

Trading recommendations:

Remain long for now. Stop is at 133.50, target is 137.50 and 138.00

Good luck!

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GBP/USD intraday technical levels and trading recommendations for February 18, 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.

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

Since then, the GBP/USD pair has been trending upwards within the depicted H4 channel. Persistence of the 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 on the H4 chart) which didn't provide enough RESISTANCE.

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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Technical analysis of GBP/CHF for February 18, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has again pushed higher into the levels of 1.4530/40 taking stops out at the levels of 1.4420 for short positions taken yesterday. It is clear that the pair is headed towards the levels of 1.4650/1.4750 at least from here. Immediate support is seen at 1.4260/70 followed by 1.4000, 1.3850 and lower, while resistance is seen at 1.4650 followed by 1.4750 and higher, respectively. It is recommended to remain flat for now and look to enter buying around the levels of 1.4380 levels with risk around the levels of 1.4250. Bulls are forming higher highs and higher lows for now and sequence could continue until 1.4250 remains intact.

Trading recommendations:

Remain flat for now and look to buy lower around the levels of 1.4380.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for February 18, 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 as well as the 79.6%Fibonacci level. That is why bearish correction that started off 1.2750 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).

Note that the USD/CAD bulls have been defending the recent INTRADAY SUPPORT around 1.2300 (broken 79.6% Fibonacci Level).

The market has not retested the newly-established DAILY SUPPORT around 1.2000.

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, the bullish persistence above 1.2300 (79.6% Fibonacci level) enhances further bullish advancement towards 1.2760-1.2780 without further retesting of 1.2000.

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 Silver for February 18, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has dropped to the levels of $16.30 as seen here, and is expected to be supported ahead of levels of $16.00. The metal still remains in an uptrend until prices stay above the levels of $16.00 and subsequently above $15.50. It is recommended to remain long for now and also look to add further at the current levels, risk remains below $16.00. Immediate support is seen at $16.20 followed by $15.50 and lower, while resistance is seen at $17.80/90 followed by $18.40 and higher. Bulls are expected to remain in control until prices stay above the levels of $15.50. Please note that the metal has dropped below the 0.618 Fibonacci support and hence it could test $16.20 before resuming rally.

Trading recommendations:

Remain long. Stop is at $15.50, target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for February 18 - 2015 Market Analysis Review

Technical summary:

We are still looking for one last decline closer to 1.5000 to end the correction from 1.5821, but we are also aware that all we are looking for is a correction before renewed upside pressure is expected. Only an unexpected break below support at 1.4888 will invalidate our bullish scenario. In the short term we are looking for a minor correction to 1.5210 before the final decline towards 1.5000 to end wave (ii).

Trading recommendation:

We are looking for a euro-buying opportunity near 1.5000.

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Intraday technical levels and trading recommendations for NZD/USD for February 18, 2015 Market Analysis Review

Few months ago, the NZD/USD pair established a consolidation zone that extended between the price levels of 1.7620 and 1.7870.

On January 20 bears managed to execute a successful breakout below the major DEMAND level at 1.7620.

Shortly after, a bearish decline took place towards the price level of 0.7200 where bullish pressure has been applied during the past few weeks.

The H4 chart shows an inverted Head and Shoulders pattern that originated off the price level of 0.7200. Estimated bullish projection target is located near the price level of 0.7676.

The price level of 0.7630 corresponds to 61.8% Fibonacci Level as well as the lower limit of the broken consolidation zone depicted on the chart.

That is why the price zone of 0.7630-0.7670 is a significant SUPPLY ZONE to be watched for low-risk SELL entries. Stop Loss should be placed above 0.7700.

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Elliott wave analysis of EUR/JPY for February 18 - 2015 Market Analysis Review

Technical summary:

The picture is pretty much the same. We continue to look for the final zig-zag correction from 130.14, which ideally should continue higher towards 137.65 before wave (iv) is over, and a wave (v) lower towards 125.98 is expected. In the short term only a direct break below support at 133.92 will indicate that wave (iv) already is over and wave (v) lower to end wave C of the expanded flat correction is developing.

Trading recommendation:

We will sell the euro at 137.55 or upon a break below 133.92.

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Technical analysis of Gold for February 18, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has dropped lower towards the levels of $1,205.00, slightly more than it was expected. The metal still remains structurally in an uptrend until prices remain above the levels of $1,170.00. It is still recommended to remain long and look to add further at the current levels with risk at $1,170.00 for now. The metal is expected to turn bullish from the current levels or $1,197.00, which is the Fibonacci 0.786 support of the rally between the levels of $1,170.00 and $1,307.00 earlier. Immediate support is seen at $1,197.00 followed by $1,170.00 and lower, while resistance is seen at $1,235.00/45, followed by $1,285.00 and higher.

Trading recommendations:

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

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for February 18, 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 EUR/USD 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).

Breakout below 1.2000 and 1.1900 (prominent psychological SUPPORT) allowed quick bearish decline towards 1.1100 to take place few days later.

Conservative traders were suggested to wait for a bullish pullback looking for better prices to SELL the pair off (R1 at 1.1550 and R2 at 1.1700).

A bearish Flag pattern is being established on the daily chart. A low-risk SELL entry can be taken around 1.1570-1.1590 where a prominent DAILY SUPPLY is roughly located.

The price zone of 1.1470-1.1490 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 can wait for DAILY closure below 1.1260 (recent DEMAND level, lower limit of the H4 consolidation zone). This probably indicates a bearish visit towards the WEEKLY low around 1.1110.

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Intraday technical levels and trading recommendations for GBP/USD for February 18, 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 1.5280.

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 previous consolidation zone was 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.

On the other hand, conservative traders can wait for 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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EUR/NZD analysis for February 18, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading sideways around the price of 1.5140. We may see bullish reaction from our Fibonacci expansion 61.8% at the price of 1.5060, which is a good sign for potential euro recovery. 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: 1.5174

R2: 1.5201

R3: 1.5244

Support levels:

S1: 1.5088

S2: 1.5061

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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Gold analysis for February 18, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price has tested the level of 1,202.32 in a volume below the average. According to the H4 time frame, we can test our Fibonacci retracement 61.8% at the price of 1,198.00 got almost tested. 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). Intraday resistance is at the price of 1,216.00 (swing low like resistance). According to the 30 minutes time frame, we can observe supply in an ultra high volume (selling climax), which is a sign that selling looks risky. My advice is to watch for potential buying opportunities on the lows (buy on the dips).

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,228.96

R2: 1,236.84

R3: 1,249.60

Support levels :

S1: 1,203.44

S2: 1,195.96

S3: 1,182.80

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

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

Overview :

• Due to the previous events, the price of the GBP/USD pair is still going to trade between the levels of 1.5337 (the weekly pivot point) and 1.5469. So it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait until the sideways channel is passed through. Thus, the range of the GBP/USD pair will be around 132 pips in coming hours (1.5469 - 1.5337 = 0.0132). Also, it should be noticed that the weekly pivot point is going to act as a strong support on February 18, 2015. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above the level of 1.5337 with their first target at the level of 1.5449. From this point, the pair is likely to begin an ascending movement to the point of 1.5467 and further to the level of 1.5476 (the weekly resistance 1 has been set at the price of 1.5479). However, if the pair fails to pass through the level of 1.5480, the market will indicate a bearish opportunity below the strong resistance level of 1.5480. In this regard, sell deals are recommended lower than the 1.5480 level with the first target at 1.5428. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level of 1.5368 then to 1.5337.

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

Overview :

• On the H1 chart, the double top of the EUR/USD pair will be set at the level of 1.1448 and the double bottom is going to be set at 1.1269. Also, it should be noted that the price hit the weekly pivot point, the support 1, the support 2 and returned to the support 1 this week. Moreover, the major supports are going to be set at the levels of 1.1292 and 1.1269. So, according to the previous events, the price of the EUR/USD pair is going to move between 1.1292 and 1.1385. Hence, we expect a range of 275 pips this week. Furthermore, the level of 1.1367 is representing the weekly pivot point. Therefore, it will be very useful to sell below the prices of 1.1385 and 1.1367 in the long term with the first target at 1.1292 and it is continuing toward the the double bottom at 1.1269 again. However, the stop loss should be placed at 1.1470.

Intraday technical levels :

• R2: 1.1465


• R1: 1.1412


• PP: 1.1370


• S1: 1.1311


• S2: 1.1269

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Technical analysis of USD/CAD for Febuary 18, 2015 Market Analysis Review

General overview for 18/02/2015 11:00 CET

The downward wave development still does not looks completed in this market. However, the momentum now is diminishing and some sort of the upside rally might happen before another lower low is made. Please notice that the intraday support at the level of 1.2359 and technical support at the level of 1.2349 established a rather strong support zone for the market and any breakout lower will be definitely bearish.

Support/Resistance:

1.2783 - WR2

1.2590 - WR1

1.2506 - Weekly Pivot

1.2445 - Intraday Resistance

1.2359 - Intraday Support

1.2348 - Technical Support

1.2250 - 1.2231 - Projected Target Zone

Trading recommendations:

The bias is still bearish and the first TP level for the trades recommended this and last week has been missed by 10 pips so far. Nevertheless, the original TP at the level of 1.2349 is still in view.

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Technical analysis of EUR/JPY for Febuary 18, 2015 Market Analysis Review

General overview for 18/02/2015 10:20 CET

The wave (a) blue developed exactly as anticipated, and now intraday corrective cycle in wave (b) blue is in progress. This cycle might develop in different pattern, but when it is completed, another high should be made in this market. Notice that the projected target is at the level of 137.64 and a reversal is expected from this zone.

Support/Resistance:

137.74 - Technical Resistance

136.71 - WR1

136.35 - Intraday Resistance

135.46 - Intraday Support

135.20 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders from the current price levels with SL below the level of 135.45 and TP at the level of 136.71 with possible extension upward to the level of 137.64.

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#USDX technical analysis for February 18, 2015 Market Analysis Review

The dollar index remains inside the triangle pattern consolidation; and traders should be very patient before deciding what to do. The best strategy is to wait for a break of the triangle boundaries before opening a position.

Green line = resistance

Blue line = support

The Dollar index continues to trade within the trading range of 95.25 and 93.40. The trend is neutral. There is no clear direction for the trend. I prefer to stay neutral and wait for a break out above or below the boundaries of the trading range before opening a position.

Black lines = triangle pattern

The dollar index, as shown on the daily chart above, remains inside the triangle pattern. The price is above the kijun-sen but below the tenkan-sen. The triangle pattern is important and traders should follow the market once a breakout is made. Until then I prefer to stay neutral.

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Gold technical analysis for February 18, 2015 Market Analysis Review

Gold price made a strong downward reversal yesterday and broke our short-term support at $1,216. We expected gold price to move towards $1,200 once this support was broken and this is exactly what happened. Gold price stopped the decline just above $1,200. Now prices bounce, but this bounce is weak and I cannot rule out a new downward move to $1,190.

Blue trend lines = bearish flag

Gold price is moving sideways with a slight positive slope. The price is most probably consolidating before the next move down. This could be a bearish flag pattern formation. This is a bearish sign. As long as gold price is below $1,225, the trend is bearish for the short term.

On the weekly chart above I show how the price got rejected at the weekly cloud resistance; and now it has broken below both the tenkan-sen and the kijun-sen indicators. If this week closes below the kijun-sen (yellow line), it will be a very bearish sign with high probability of this downward move for gold accelerating to new lows.

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Gold technical analysis for February 18, 2015 Market Analysis Review

Gold price made a strong downward reversal yesterday and broke our short-term support at $1,216. We expected gold price to move towards $1,200 once this support was broken and this is exactly what happened. Gold price stopped the decline just above $1,200. Now prices bounce, but this bounce is weak and I cannot rule out a new downward move to $1,190.

Blue trend lines = bearish flag

Gold price is moving sideways with a slight positive slope. The price is most probably consolidating before the next move down. This could be a bearish flag pattern formation. This is a bearish sign. As long as gold price is below $1,225, the trend is bearish for the short term.

On the weekly chart above I show how the price got rejected at the weekly cloud resistance; and now it has broken below both the tenkan-sen and the kijun-sen indicators. If this week closes below the kijun-sen (yellow line), it will be a very bearish sign with high probability of this downward move for gold accelerating to new lows.

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Daily analysis of major pairs for February 18, 2015 Market Analysis Review

EUR/USD: This pair has kept on making its bullish attempt (an event that is marred with determined machination from bears). In any case, the possibility of the price going further upwards is higher than the possibility of the price going downwards.

USD/CHF: The USD/CHF pair has been in a bullish trend for the near term. The upward movement has been slow and steady while the price remains volatile as a result of frequent challenges from bears. The possibility of large or shallow pullbacks is now high, which may occur this week or next week.

GBP/USD: The fact that this market has gone down so far this week does not make the recent bullish outlook on it an invalid thing. The EMA 11 is above the EMA 12 and the RSI period 14 is almost above the level 50. Unless the price breaches the accumulation territory at 1.5250 to the downside, it is rational to expect that the market may go up.

USD/JPY: Like most other JPY pairs, this currency trading instrument has also broken upwards, resulting in a Bullish Confirmation Pattern on the chart. This has led to a renewal of the recent bullish bias and the supply levels at 119.50 and 120.00 could be attained again.

EUR/JPY: The EUR/JPY pair has assumed another lease of a bullish bias as expected. The price rose from the demand zone at 134.00, closing above the demand zone at 136.00. This is an upward movement of 200 pips and the price could reach a supply zone at 137.00. It is now illogical to seek short trades here.

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