Technical analysis of EUR/USD for February 23, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as German Ifo Business Climate. The US will also publish the economic data such as the Existing Home Sales. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1432.

Strong Resistance:1.1425.

Original Resistance: 1.1414.

Inner Sell Area: 1.1403.

Target Inner Area: 1.1376.

Inner Buy Area: 1.1349.

Original Support: 1.1338.

Strong Support: 1.1327.

Breakout SELL Level: 1.1320.





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Technical analysis of USD/JPY for February 23, 2015 Market Analysis Review

In Asia, Japan will release the Monetary Policy Meeting Minutes. The US will also release some economic data such as Existing Home Sales. So there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.69.

Resistance. 2: 119.46.

Resistance. 1: 119.22.

Support. 1: 118.94.

Support. 2: 118.71.

Support. 3: 118.47.





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Technical analysis and trading recommendations on Gold for February 23, 2015 Market Analysis Review

The yellow metal prices again pushed back to lower levels, but managed to hold a six-week low of $1197.30. After Greece got a four-month bailout extension, the metal dipped to a six-week low. Today, Greece has to provide a list of reform measures to the eurozone. Gold is likely to remain under pressure. On Tuesday and Wednesday, the Federal Reserve chair Yellen's speech is due. Investors are focused on the Fed stance of the interest rate hike. Everyone is waiting for a hint, when the benchmark interest rates will be raised. Last week, in India RBI lifted ban on gold imports. Nominated banks get permission to import gold on consignment basis. We expect the imports for February are likely to increase by 40 odd tonnes. The nearest resistance is found at $1,217.00. On a weekly closing basis, bulls must close above $1,217.00. The intraday support exists at $1,197.00 levels. In the h4 chart, the prices are closed and trading above hourly moving averages. The prices are expanding lower swings on the hourly chart. The weekly resistance is set between $1,217.00 and $1,223.00. Intraday resistance is at $1,208.00. We recommend fresh selling below $1,197.00 with the targets at $1,175.00, $1,170.00, and $1,167.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.

Resistance: $1,203.50.00, $1207.00, $1,215.00.

Support: $1,197.00 $1190.00, $1,185.00.

Selling below $1,197.00.

Buying above $1,217.00.

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Daily analysis of USDX for February 23, 2015 Market Analysis Review

We can see sideways on the USDX on the daily chart, as this instrument still finds support at the level of 94.18. During this week, we could see more consolidation moves on the USDX, but there are still high chances that the instrument has a bullish momentum, at least until the resistance level of 95.45 in the medium and short term. The MACD indicator remains in the negative territory.

During the session on Friday, the USDX couldn't get consolidated above the resistance level of 94.87 and now is trading below the 200 SMA on the H1 chart. We could expect a more downside move until the support level of 94.02. If it is successful and breaks that level, the index would be expected to fall until the support level of 93.78 in the very short term.

Daily chart's resistance levels: 95.45 / 96.96

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.87 / 95.10

H1 chart's support levels: 94.38 / 94.02

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 93.78, and stop loss is at 94.25.

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Daily analysis of GBP/USD for February 23, 2015 Market Analysis Review

The GBP/USD pair continues to trade lower, but still on the bullish trend on the daily chart, as the pair tries to reach the 200 SMA on this timeframe. It should be noted that the near resistance zone is located at the level of 1.5491. A breakout on that zone will unleash bulls on the GBP/USD pair, at least in the medium-term outlook.

During the last session, the GBP/USD pair fell until the 200 SMA on the H1 chart, where this pair found dynamic support. This could be a good buying opportunity for the Cable, because the near term resistance is located at the zone of 1.5413. In case that the GBP/USD pair breaks that resistance, it would be expected to rise to the level of 1.5455.

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 1.5413, take profit is at 1.5455, and stop loss is at 1.5370.

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Daily analysis of major pairs for February 23, 2015 Market Analysis Review

EUR/USD: This currency trading instrument moved largely sideways last week as bulls and bears struggled in vain for significant supremacy, being swayed by transitory buying and selling pressure. There is a support line at 1.1300 and a resistance line at 1.1450; and the price would break either to the downside or the upside. Nevertheless, a break above the resistance line at 1.1450 is more likely this week.

USD/CHF: The USD/CHF pair moved upwards by 200 pips last week, topping at the resistance level of 0.9500. That resistance level was slashed upwards, but the price could not stay above it as the price dived by 130 pips, closing below the resistance level at 0.9400. Another close below the support level at 0.9300 is possible this week.

GBP/USD: The Cable has been able to go high so far, forming higher highs and lower highs in the market. The distribution territory at 1.5450 has already been challenged and it could be challenged again. While the price may go as far as another distribution territory at 1.5500, the GBP is more likely to show limited bullish movement this week. In other words, the probability of a southward plunge is high.

USD/JPY: The USD/JPY pair did not move significantly upwards or downwards last week. The price has thus consolidated as a rise in momentum is awaited. A break to the upside is more likely this week or next week.

EUR/JPY: This market is currently in an equilibrium phase and it would be OK to wait until there is a break below the demand zone at 134.00 or a break above the supply zone at 136.50. The latter scenario is more likely.

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#USDX technical analysis for February 23, 2015 Market Analysis Review

Nothing has changed relative to the trend in the Dollar index. The consolidation near the highs continues and the triangle is still unbroken. The most probable outcome for me is to see an upward break out of the triangle, but even if we see the triangle break lower, I believe the longer-term bullish trend is intact and bulls could still expect one more leg upwards to 100.

Red lines = triangle pattern

Short-term support is at 93.90-93.70, while short-term resistance is found at 95. Whichever level breaks, we should expect at least a new short-term trend start with possible targets of 91.50 or 97-98. This consolidation near the highs looks more like a bullish flag to me. From the viewpoint of a trader, I believe traders should remain neutral and act only when a break out occurs.

Green lines = price channel

The Dollar index remains inside a strong bullish move. The channel and tenkan-sen (red line) support levels are at 92.50. So a pullback even towards that area would be something natural. The trend remains strongly bullish and I continue to expect we could see 100 over the coming months.

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Gold technical analysis for February 23, 2015 Market Analysis Review

Gold price remains in a bearish trend from $1,250 and is also giving longer-term bearish signals and that more weakness should be expected. The weekly chart according to the Ichimoku cloud indicators has given a second sign of weakness with price closing below the kijun-sen.

Red line = resistance

Blue line = support

Green lines = downward sloping channel

Gold price is below the Ichimoku cloud and inside the downward sloping channel in the short-term as shown by the 4-hour chart above. The trend is clearly bearish even after the bounce towards $1,222 which was short-lived. Support is at $1,197 and if broken I would expect $1,190-85 to be tested. A bigger bounce will find resistance at $1,222 and next at $1,230.

Four weeks ago, the weekly chart gave us the first warning signal of weakness in the Gold price. The Ichimoku cloud resistance was too strong and price got rejected at $1,300. Now, Gold price has broken below the kijun-sen (yellow line) and this is a 2nd sign of weakness which means that there are increasing chances that we see a test of 2014 lows. Only a break above $1,300 will change the medium to long-term trend.

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USDCAD Daily Analysis - February 23, 2015 Forex Analysis

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

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USDJPY Daily Analysis - February 23, 2015 Forex Analysis

USDJPY remains in downtrend from 120.47, the bounce from 118.23 could be treated as consolidation of the downtrend. Another fall to test 118.23 support could be expected, a breakdown below this level could signal resumption of the downtrend, then next target would be at 116.50 area.

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AUDUSD Daily Analysis - February 23, 2015 Forex Analysis

AUDUSD is facing 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 is still possible 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 23, 2015 Forex Analysis

GBPUSD moved sideways in a trading range between 1.5315 and 1.5479. As long as 1.5315 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.4950, and further rise to 1.5500 area is still possible. On the downside, a breakdown below 1.5315 support will indicate that the uptrend had completed at 1.5479 already, then deeper decline to 1.5000 area could be seen.

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EURUSD Daily Analysis - February 23, 2015 Forex Analysis

EURUSD failed to break below 1.1261 support, and stayed in the trading range between 1.1261 and 1.1534. Another fall to test 1.1261 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.2569 (Dec 16, 2014 high), then deeper decline to 1.0500 area could be seen. Resistance is at 1.1534, only break above 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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