Intraday technical levels and trading recommendations for GBP/USD for February 20, 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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Intraday technical levels and trading recommendations for NZD/USD for February 20, 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 the 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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Intraday technical levels and trading recommendations for EUR/USD for February 20, 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).

The breakout below 1.2000 and 1.1900 (prominent psychological SUPPORT) allowed a 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 EUR/USD pair off (R1 at 1.1550 and R2 at 1.1700).

However, note that 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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Technical analysis of Silver for February 20, 2015. Market Analysis Review

Technical outlook and chart setups:

Silver has made a higher low yesterday at the levels of $16.25, as seen here. Furthermore, the metal has retraced lower to $16.30 and bounced back higher again and is seen trading at $16.50 for now. Also note that the metal bounced back yesterday to the trend line and the Fibonacci support levels around the levels of $16.30/50. Therefore. it is highly recommended to remain long and also to look to add further positions at thecurrent levels, risk remains at the levels of $15.50. Immediate support is seen at the levels of $16.00 followed by $15.50 and lower, while resistance is seen at $17.40/50 followed by $18.40/50 and higher.

Trading recommendations:

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

Good luck!

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Technical analysis of Gold for February 20, 2015. Market Analysis Review

Technical outlook and chart setups:

Gold is testing the trend line support at the sublevels of $1,200.00 and is expected to bounce back higher. The metal has made a higher low at the levels of $1,197.00/98.00 yesterday indicating that the uptrend is set to resume. As discussed earlier, please note that the metal is bouncing back from the trend line, and the Fibonacci support levels around $1,200.00, which could be the next major support for rallying higher. It is highly recommended to remain long for now and also to add further positions, risk remains at $1,170.00. Immediate support is seen at the levels of $1,170.00 followed by $1,030.00 and lower, while resistance is seen at the levels of $1,245.00 (interim) followed by $1,307.00 and higher.

Trading recommendations:

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

Good luck!

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Technical analysis of GBP/CHF for February 20, 2015. Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has hit resistance ahead of the levels of 1.4700, as seen here, and is pulling back. An aggressive trade setup would be to initiate 50% short positions with risk at 1.4730 for now. Immediate support is seen at the levels of 1.4500 followed by 1.4300 and lower, while resistance is seen at 1.4700/50 and higher. A break below 1.4500 would signal the break of an uptrend which began from the levels of 1.1800 levels last month and also indicate that a deeper correction is due at lower levels. Only a push again above the levels of 1.4700 levels would delay matters for a correction.

Trading recommendations:

Aggressive trade setup is to initiate short positions. Stop is at 1.4730, target is open.

Good luck!

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EUR/NZD analysis for February 20, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4965 in a high volume. According to the M30, we can observe a high-effort bar with very low results. The resistance level at the price of 1.5200 has been held successfully, thus causing price to start with downward movement. I have placed Fibonacci retracement to find resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5160. Anyway, if the price breaks the level of 1.4965 in a high volume, we may see a possible testing of the level of 1.4865 (Fibonacci expansion 100%). My advice is to watch for potential buying opportunities on the lows.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5185

R2: 1.5215

R3: 1.5265

Support levels:

S1: 1.5085

S2: 1.5055

S3: 1.5005

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 EUR/JPY for February 20, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has dropped more than what was expected and is retesting the levels of 134.00 at the moment. The pair is expected to produce a bullish bounce here and push higher towards 137.50 and 138.50, respectively. Therefore, it is recommended to remain long for now, risk remains below 133.00. Immediate support is at 134.00 (interim) followed by 133.50, 132.50, 130.00 and lower, while resistance is seen at 137.50 followed by 138.50, 142.30 and higher, respectively. Bulls are expected to remain in control until 137.50 and 138.50.

Trading recommendations:

Remain long, stop at 132.50, target is open.

Good luck!

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GBP/USD intraday technical levels and trading recommendations for February 20, 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 provided support for the pair few weeks ago.

Recently, the 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 did not provide enough RESISTANCE.

The 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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EUR/AUD intraday technical levels and trading recommendations for February 20, 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.

Yesterday daily candlestick came as a shooting star indicating an upcoming bearish momentum.

If daily closure persisted below 1.4500, initial projection target would be located around 1.4300 and then 1.4270.

Trade Recommendation :

DAILY closure below 1.4500 indicates a low-risk SELL entry can be taken. TP levels would be located around 1.4300 and 1.4270.

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Gold analysis for February 20, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price has tested the level of 1,201.42 in an ultra high volume (selling climax). According to the H4 time frame, we can observe supply in an ultra high volume (selling climax) in the background, which is a sign that selling gold at this stage looks risky. We are still waiting for larger activity on the market. I have placed Fibonacci retracement according to the low point at the price of 1,197.43 and got Fibonacci retracement 38.2% at the price of 1,240.00 and Fibonacci retracement 61.8% at the price of 1,265.00. My advice is to watch for potential buying opportunities on the lows (buy on the dips). Major support is still around the price of 1,200.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,218.66

R2: 1,222.84

R3: 1,229.60

Support levels :

S1: 1,205.14

S2: 1,200.96

S3: 1,194.20

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

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Technical analysis of USD/CAD for Febuary 20, 2015 Market Analysis Review

General overview for 20/02/2015 10:30 CET

The current wave progression starts to looks like a triangle formation with a very strong support based between the levels of 1.2349 - 1.2359. The price action is very choppy and overlapping, just as it should be in a triangle pattern. This might lead to a conclusion that as long as the level of 1.2349 is not violated, the recent swing high at the level of 1.2797 might be the top for a larger wave 3 instead of wave 5. Nevertheless, the market is still consolidating in a rather thight range, and traders might wait for more clear pattern to emerge.

Support/Resistance:

1.2349 - Technical Support|Key Level|

1.2465 - Intrday Support

1.2553 - Intraday Resistance

1.2420 - Golden trend Line Dynamic Support

Trading recommendations:

Daytraders should refrain from trading as long as one of the important levels is violated: either 1.2349 or 1.2696.

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Technical analysis of EUR/JPY for Febuary 20, 2015 Market Analysis Review

General overview for 20/02/2015 09:30 CET

The market is approaching the key level zone and any breakout below the level of 133.91 would invalidate the triple three scenario in the present form. That would mean the corrective structure might still be in progress. However, the shape of this structure might differ from the anticipated one and the level of 137.64 will not be hit.

Support/Resistance:

132.19 - WS2

133.73 - WS1

133.91 - Intraday Support|Key Level|

134.78 - Intraday Resistance

Trading recommendations:

Daytraders should open only a sell orders from the current price levels with SL above the level of 134.78 and TP at the level of 133.91.

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#USDX technical analysis for February 20, 2015 Market Analysis Review

The Dollar index continues to trade sideways inside the triangle pattern. There is no clear trend in the Dollar index. So traders prefer to stay neutral and trade once we see a breakout from this triangle pattern.

Red lines = triangle pattern

The Dollar index has short-term support at 93.80 and short-term resistance at 95. If support fails to hold at 93.80, we will most probably see a push lower towards 92.80 or even 91.50. If resistance is broken, I would expect a push higher towards 97 with the ultimate target of 100.

The weekly chart above shows how price remains inside the upward sloping channel and the longer-term trend remains strongly bullish. All ichimoku cloud indicators point higher and my longer-term target of 100-101 is very feasible once we break above 95-95.50. A pullback towards the tenkan-sen (red line) at 92.50 would be a buy opportunity for the longer-term trend.

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Gold technical analysis for February 20, 2015 Market Analysis Review

Gold price was rejected by the Ichimoku cloud resistance in the short-term and remains inside the downward sloping channel confirming the bearish medium-term trend. A bigger bounce will come only if price manages to break above $1,225.

Blue line = support

Red line = resistance

Green lines = downward sloping channel

Gold price is below the cloud resistance and therefore the trend remains bearish. Only a break above the resistance at $1,222-25 could signal a bigger bounce towards $1,250. Failure to hold above support at $1,197 will be another sell signal with the target at $1,180.

The weekly chart remains bearish. With price below the kijun-sen (yellow line) and the red cloud, this means that bears are still in control despite the bounce towards $1,300. The rejection on a weekly basis was a bearish sign that could imply more downside towards even new lows below $1,080.

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Elliott wave analysis of EUR/NZD for February 20 - 2015 Market Analysis Review

Technical summary:

No change is seen here. We are still looking for the final decline to 1.5000 as long as resistance at 1.5209 protects the upside. However, once the 1.5000 target has been tested or upon an early break above resistance at 1.5209 a new impulsive rally should be expected for a rally higher towards 1.5821 and above. Our bullish count will only be invalidate, if a break below support at 1.4888 is seen.

Trading recommendation:

We will buy EUR at 1.5025 or upon a break above 1.5210.

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Technical analysis and trading recommendations on Gold for February 20, 2015 Market Analysis Review

The yellow metal prices bounced from a 6-week low and gave up all its gains after the US dollar reinforcement. The Philly manufacturing index fell slightly from a reading of 6.3 in January to 5.2 this month. The current new orders index fell 3 points. The other data such as weekly unemployment insurance weekly claims data gave good thumbs up to the US dollar. In the week ending February 14, the flash figure for seasonally adjusted initial claims was 283,000, a decrease of 21,000 from the previous week's unrevised level of 304,000. China is heading into a holiday period ahead of the Lunar New year. Before this holiday period, physical buying also moderate. In India, RBI lifted a ban on gold imports. Nominated banks get permission to import gold on a consignment basis. The metal managed to hold a 4-month support raising the trend line. At yesterday's session, the metal rejected was from $1,222.50 and 34hrsma after Germany disagreed with Greece's proposal. On a weekly closing basis, bulls must close above $1,217.00. The intraday support is set at $1,205.00, $1,200.00, and $1,195.00. On the h4-chart, the prices are closed and trading below the hourly moving averages. The prices are expanding lower swings on the hourly charts. Intraday resistance is set at $1,222.50.

Resistance: $1,217.00, $1,222.50, $1,227.00.

Support: $1,205.00 $1,195.00, $1,185.00.

Selling below $1,205.00 with the targets at $1,200.00, $1,195.00, and $1,191.00.

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