Elliott wave analysis of EUR/NZD for February 24 - 2015 Market Analysis Review

Technical summary:

With the break above the resistance line from 1.5821, now we have two strong signals that the correction in wave (ii) is over and wave (iii) higher towards 1.6456 is unfolding. All we need now is a break above minor resistance at 1.5209 to confirm it. We saw a firm bottom at 1.4945 and a new impulsive rally higher to 1.5821 on the way higher towards 1.6456 is developing. In the short term, only a break below 1.5023 will be a cause for concern.

Trading recommendations:

We are long EUR from 1.5025 and will raise our stop to 1.5020. If you are long long EUR yet, the buy a break above 1.5209 with the same stop at 1.5020.

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Elliott wave analysis of EUR/JPY for February 24 - 2015 Market Analysis Review

Technical summary:

As long as support at 133.51 protects the downside, the upward correction from 130.14 could still move higher towards 137.65, but a break below 133.51 will indicate, that wave (iv) ended already at 136.69 and wave (v) lower towards 125.98 is developing. Short-term resistance is found at 1355.35 and again at 135.94 which needs to be broken to confirm one last rally higher towards 137.65.

Trading recommendations:

We are short EUR at 133.90 with stop placed at 136.00. If you are not short EUR yet, you should only sell upon a break below 133.51

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Technical analysis of EUR/USD for February 24, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Belgian NBB Business Climate, Final Core CPI y/y, Final CPI y/y, and German Final GDP q/q. The US will release a number of economic reports too such as the Richmond Manufacturing Index, Mortgage Delinquencies, CB Consumer Confidence, Flash Services PMI, and S&P/CS Composite-20 HPI y/y. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1393.

Strong Resistance:1.1386.

Original Resistance: 1.1375.

Inner Sell Area: 1.1364.

Target Inner Area: 1.1337.

Inner Buy Area: 1.1310.

Original Support: 1.1299.

Strong Support: 1.1288.

Breakout SELL Level: 1.1281.





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Technical analysis of USD/JPY for February 24, 2015 Market Analysis Review

In Asia, Japan will release the SPPI y/y. The US will release a number of economic reports such as Richmond Manufacturing Index, Mortgage Delinquencies, CB Consumer Confidence, Flash Services PMI, and S&P/CS Composite-20 HPI y/y. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.65.

Resistance. 2: 119.42.

Resistance. 1: 119.18.

Support. 1: 118.90.

Support. 2: 118.67.

Support. 3: 118.43.





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Daily analysis of USDX for February 24, 2015 Market Analysis Review

The range moves continues to dominate the daily chart in the USDX, as this instrument continues to stay above the key support level of 94.18. We could expect more rallies, but we should remain cautious, as the USDX is trying to reach the resistance level of 95.45 in the medium term. The 200 SMA is also bullish, but be aware of the current negative position of the MACD indicator.

The bullish consolidation in the USDX on the H1 chart is now verified thanks to the strong rebound at the 200 SMA which the instrument did during Monday's session. Besides, the USDX performed a pullback at the resistance level of 94.87, but it still remains alive with the bullish bias, as the instrument could rise again to that zone in order to reach the next resistance level of 95.07.

Daily chart's resistance levels: 95.45 / 96.96

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.87 / 95.07

H1 chart's support levels: 94.38 / 94.02

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.87, take profit is at 95.07, and stop loss is at 94.65.

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Daily analysis of GBP/USD for February 24, 2015 Market Analysis Review

On the daily chart, we can see a bullish GBP/USD that is trying to break the resistance level of 1.5491, where it formed a fractal last week. For now, we're waiting for a solid bullish pattern formation in order to continue trading in the current bullish bias, which could get strength when it makes a breakout on the zone mentioned above.

As we expected, the GBP/USD pair did a successful rebound at the 200 SMA on H1 chart. Now, the pair is forming a higher high pattern below the resistance zone of 1.5455, which is also a key level, because the GBP/USD pair already found strong sellers pressure on this territory last week. A breakout on that level will lead the GBP/USD pair to visit the 1.5516 level.

Daily chart's resistance levels: 1.5491 / 1.5761

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5455 / 1.5516

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 1.5455, take profit is at 1.5516, and stop loss is at 1.5394.

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Daily analysis of major pairs for February 24, 2015 Market Analysis Review

EUR/USD: The outlook on this remains unchanged as there is not yet a clean directional movement. There is a support line at 1.1300 and a resistance line at 1.1450. It is either the price breaks the resistance line at 1.1450 to the upside or it breaks the support line at 1.1300 to the downside.

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: In this market, the distribution territory at 1.5450 has already been challenged again and again. While the price may go as far as another distribution territory at 1.5500, it is more likely that the GBP may see limited bullish movement this week. A pullback is possible anytime this week.

USD/JPY: The equilibrium phase of the USD/JPY pair has not ended, for 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 action is more likely, because bulls are ready to fight against any southward plunge in the near-term.

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USDCAD Daily Analysis - February 24, 2015 Forex Analysis

USDCAD is forming a sideways consolidation 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 24, 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 116.50 area could be expected after consolidation, and a breakdown below 118.23 support could signal resumption of the downtrend.

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AUDUSD Daily Analysis - February 24, 2015 Forex Analysis

AUDUSD failed to break above 0.7875 resistance, and stayed in the trading range between 0.7625 and 0.7875. Another fall to test 0.7625 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 0.8294 (Jan 15 high), then the following downward movement could bring price to 0.7000 area. Resistance is at 0.7875 only break above this level 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 24, 2015 Forex Analysis

GBPUSD is facing 1.5479 resistance, a break of this level will signal resumption of the uptrend from 1.4950, then next target would be at 1.5500 area. Support is at 1.5315, only break below this level 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 24, 2015 Forex Analysis

EURUSD stayed in the trading range between 1.1261 and 1.1534. Another fall to test 1.1261 support is possible, a breakdown below this level will signal resumption of the downtrend from 1.2569 (Dec 16, 2014 high), then next target would be at 1.0500 area. 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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USD/CAD intraday technical levels and trading recommendations for February 23, 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 a 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 yet.

Note that successive lower highs are being established on the DAILY chart. Moreover, 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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GBP/USD intraday technical levels and trading recommendations for February 23, 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.

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).

On the other hand, note that a Head and Shoulders reversal pattern is being expressed on the H4 chart. Any fixation below 1.5330-1.5300 (neckline) invalidates the previously mentioned bullish scenario exposing lower targets around 1.5180 for retesting.

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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Intraday technical levels and trading recommendations for NZD/USD for February 23, 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 for the NZD/USD pair 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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EUR/NZD analysis for February 23, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.5148 in a high volume. I have placed Fibonacci retracement to find potential support levels and have got Fibonacci retracement 61.8% at the price of 1.5020 (currently on the test). The resistance level at the price of 1.5150 has been held successfully, thus causing the price to start with downward movement. Anyway, if the price breaks the level of 1.4945, we may see more downward movement. My advice is to watch for potential buying opportunities.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5150

R2: 1.5199

R3: 1.5278

Support levels:

S1: 1.4992

S2: 1.4943

S3: 1.4864

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 23, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price has tested the level of 1,190.63 in an ultra high volume (selling climax). According to the 30M 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. According to the monthly time frame, we have critical support at the price of 1,130.00 (Fibonacci expansion 161.8%). My advice is to watch for potential buying opportunities on the lows (buy on the dips). Any larger demand in an ultra high volume may confirm further bullish movemement.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,203.13

R2: 1,203.77

R3: 1,204.80

Support levels :

S1: 1,201.07

S2: 1,200.43

S3: 1,199.40

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

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Weekly technical levels for EUR/USD for February 23-27, 2015 Market Analysis Review

The weekly technical levels for EUR/USD pair:

Overview :

• According to the previous events, the price of the EUR/USD pair is going to move between the levels of 1.1220 and 1.1370. The levels of 1.1220 and 1.1370 are representing the weekly support 2 and the weekly pivot point, respectively. Therefore, it will be very profitable to sell below the level of 1.1369, which represents the weekly pivot point on the H1 chart, with the first target at 1.1278 in order to test the double top (also, you have to note that the weekly 1 is set at the price of 1.1288). Then, the trend will be able to continue toward the levels of 1.1235 and 1.1200. Also, it should be noted that the weekly resistance 2 coincides with the price of 1.1198. Nevertheless, the stop loss should be set at 1.1412.

Notes :

• We expect a range about 270 pips this week.


• The risk of 180 pips must make a profit of 270 pips.


• The value of 61.8% Fibonacci retracement levels is 1.1383.


• The weekly pivot point will be set at the price of 1.1363.


• The level of 1.1383 will confirm the bullish market.


• Volatility was 194.32; as a rule, the market is highly volatile if the last day had a huge volatility.

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Weekly technical levels for GBP/USD for February 23-27, 2015 Market Analysis Review

The weekly technical levels for GBP/USD pair:

Overview :

• According to the previous events, the price of the GBP/USD pair is still below the weekly pivot point (1.5397). Posteriorly, the descending movement will perhaps be lower than the level of 1.5395. As it is familiar, history will probably repeat itself at this level again. Consequently, it will be a good sign to sell below the weekly pivot point (1.5397) with the first target of 1.5315 in order to test the double bottom. Moreover, it should be noted that the double bottom is coinciding with the weekly support 1 on February 23, 2015. Then, it will call for a downtrend to continue its bearish movement towards the price of 1.5233, which represents the weekly support 2 forthcoming. Also, it should be noticed that stop loss should always be taken into account. Hence, it will be very beneficial to set your stop loss and it should never exceed your maximum exposure amounts. Therefore, stop loss should be placed above the resistance level at the price of 1.5423.

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Technical analysis of USD/CAD for Febuary 23, 2015 Market Analysis Review

General overview for 23/02/2015 10:55 CET

There are two equally possible scenarios on this pair right now and the key level at 1.2545 will play a crucial role in determining further wave development. First scenario (main) suggests a complex corrective structure in progress, labeled as WXYXX brown so far, the second labeling is tracing the alternative scenario of a possible (a)(b)(c)(d)(e) blue triangle pattern in wave 4. In the present moment, it is rather hard to say which one of the scenarios has a bigger probability, but due to the larger time frame trend, the bias is still bullish until proven otherwise.

Support/Resistance:

1.2699 - WR2

1.2658 - 1.2694 - Supply Zone

1.2631 - WR1

1.2548 - Dynamic Golden Trend Line Resistance

1.2545 - Intraday Support

1.2496 - Weekly Pivot

Trading recommendations:

As long as the level of 1.2545 is not violated, daytraders should consider opening buy orders only with SL below the level of 1.2545 and TP at the level of 1.2631 - 1.2658.

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Technical analysis of EUR/JPY for Febuary 23, 2015 Market Analysis Review

General overview for 23/02/2015 10:35 CET

The projected target level market as an orange rectangle on the Friday's chart has been hit, but there is no downward continuation afterwards. This kind of market behavior may lead to a conclusion that the complex corrective cycle in shape of triple three pattern has not been completed yet, and I'm still waiting for the last wave to the upside to unfold. This last wave will be labeled as wave Y brown. The projected target level for this wave is the zone between the levels of 137.25 - 137.64. A reversal is expected after the target area is hit as the overall corrective cycle in wave 4 black should now be completed.

Support/Resistance:

137.25 - 137.64 - Projected Target Zone

136.90 - WR1

135.88 - Intraday Resistance

135.21 - Weekly Pivot

134.21 - WS1

133.55 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 - 137.64.

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Elliott wave analysis of EUR/NZD for February 23 - 2015 Market Analysis Review

Technical summary:

Support at 1.5000 was pierced shortly on Friday, but the quick return higher and the bullish engulfing candle does indicate that wave (ii) ended at 1.4945 and wave (iii) higher towards at least 1.6455 should now be expected. We will of certainly like to see a break above resistance at 1.5209 too, as confirmation that a bottom indeed is in place for a rally towards 1.5480 as the next resistance on the way higher. Only a break below 1.4945 will invalidate the bullish count and call for a decline towards 1.4700 before moving higher.

Trading recommendation:

We bought EUR at 1.5025 and have placed our stop at 1.4940.

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Elliott wave analysis of EUR/JPY for February 23 - 2015 Market Analysis Review

Technical summary:

On Friday prices broke below 133.92 shortly, but failed to make a follow through. On the other side, prices have not been able to break above resistance at 135.94. So the big question is of course, whether the correction from 130.14 is still unfolding or wave (iv) terminated at 136.69 and wave (v) lower to 125.98 is unfolding. The best interpretation is to consider the correction in wave (iv) as still unfolding towards 137.65 before wave (v) will be ready to take over. Only a direct break below support at 133.51 tells us that wave (iv) has terminated and wave (v) lower towards 125.98 is unfolding.

Trading recommendation:

We sold EUR at 133.90 with stop placed at 136.00

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