Elliott wave analysis of EUR/NZD for February 27 - 2015 Market Analysis Review

Technical summary:

We are back at the low from mid-January. Looking at the monthly chart, we can see that strong support is found near 1.4700. We also have a big doji candle in January indicating a possible bottom being in place or at least nearby. However, to confirm a bottoming being in place, we need a five wave rally and even better a break above 1.5231. As long as minor resistance at 1.5026 protects the upside, the trend remains lower towards 1.4700.

Trading recommendation:

We are neutral, but will buy EUR at 1.4725 with a stop at 1.4675.

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Technical analysis and trading recommendations on EUR/USD for February 27, 2014 Market Analysis Review

Strong US data dented the euro at yesterday's session. The euro lost 1.5% at yesterday's session and closed below 1.1200. The US durable goods orders rose in January for the first time in three months. According to the Commerce Department report, the durable goods orders rose to 2.8%. The euro remained under pressure at the early Asian session today. We recommended in Wednesday's article selling below 1.1330 with targets at 1.1330, 1.1290, and 1.1270. The panic will be triggered below 1.1260 with targets at 1.1220 and 1.1190. The pair made a low at 1.1184. At the early Asian session, the prices are consolidating in a very narrow range between 1.1205 and 1.1192. The broken support base turned to a resistance zone between 1.1260 and 1.1280. Ahead of US prelim GDP, the US dollar is trading lower against the GBP, EUR, and JPY. We expect the US GDP to rise between 2.0% and 2.1%. Today, the German parliament is expected to agree the Greek's bailout extension. Besides, German, Italian, and Spanish Prelim CPI data is due. Again, we recommend using every rise to sell with targets at 1.11, 1.0970, and 1.0930. The panic will be triggered below 1.1150. In case, a h4 candle closes below 1.1150, bears can challenge mentioned lower targets.

Selling below 1.1150.

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Technical analysis and trading recommendations on Gold for February 27, 2014 Market Analysis Review

The metal gained momentum after the dovish testimony by Yellen. The metal hit one-week high at yesterday's intraday session. The metal managed well to hold $1,190.00 twice, but was rejected at $1,222.60, the parallel resistance. The metal fell below $1,200.00 thrice and managed to close above it. It's a good sign to recover. Yellen suggests the first rate hike may not happen before the second half of the year. The US durable goods orders rose in January for the first time in three months. According to the Commerce Department report, the durable goods orders rose to 2.8%. The greenback hits a 1-month high. In India, RBI lifted a ban on gold imports. Nominated banks get permission to import gold on a consignment basis. We expect the imports for February to increase by 40 odd tonnes. On a weekly closing basis, bulls must close above $1,217.00. The intraday support is found at $1,204.00. The weekly and daily resistance is set at $1,223.00. We recommend fresh selling below $1,203.00 with targets at $1,200.00, $1,195.00, and $1,190.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00. Ahead of US prelim GDP, the metal is trading marginally green. In case the US GDP print falls short of expectations, there is a chance of an upside price momentum towards $1,217.00 and $1,222.00. From this view, we recommend buying above $1,212.00 with targets at $1,215.00, $1,217.00, and $1,222.00.

Selling below $1,203.00.

Buying above $1,212.00.

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Elliott wave analysis of EUR/JPY for February 27 - 2015 Market Analysis Review

Technical summary:

The break below the support-line from 130.14 has forced us to consider wave (iv) as shown. The latter part of this count is very messy and we are still cautious as this mess quickly could turn into something entirely different. To make this count valid, we should stay below resistance at 135.37 for a clear break below support at 133.51, which would call for wave (v) lower towards the ideal target at 125.98. Only a break above 135.37 will keep the correction from 130.14 alive and call for a rally to 137.65 to end wave (iv) and set the stage for wave (v) lower.

Trading recommendations:

We are short EUR from 133.90 and will lower our stop to 135.45. EUR should only be sold near 134.65 or upon a break below 133.51 with the same stop at 135.45.

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Technical analysis of EUR/USD for February 27, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Italian Prelim CPI m/m, Spanish Flash CPI y/y, French Consumer Spending m/m, German Prelim CPI m/m, and German Import Prices m/m. Besides, the US will release a batch of economic data such as the Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Pending Home Sales m/m, Chicago PMI, Prelim GDP Price Index q/q, and Prelim GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1264.

Strong Resistance:1.1258.

Original Resistance: 1.1247.

Inner Sell Area: 1.1236.

Target Inner Area: 1.1210.

Inner Buy Area: 1.1184.

Original Support: 1.1173.

Strong Support: 1.1162.

Breakout SELL Level: 1.1156.





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Technical analysis of USD/JPY for February 27, 2015 Market Analysis Review

In Asia, Japan will release the Housing Starts y/y, Retail Sales y/y, Prelim Industrial Production m/m, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US will release a batch of economic reports such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Pending Home Sales m/m, Chicago PMI, Prelim GDP Price Index q/q, and Prelim GDP q/q. 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: 119.83.

Resistance. 2: 119.60.

Resistance. 1: 119.37.

Support. 1: 119.08.

Support. 2: 118.85.

Support. 3: 118.61.





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Daily analysis of major pairs for February 27, 2015 Market Analysis Review

EUR/USD: Yesterday, the EUR/USD pair regained momentum as the price broke downwards through the resistance lines at 1.1300 and 1.1200, resulting in a strong Bearish Confirmation Pattern. While it is possible that the price could touch the support lines at 1.1150 and 1.1100, there is a scenario of a significant rally along the way.

USD/CHF: In contrast to what the EUR/USD pair was doing, this pair moved downwards. (Although its movement was not as significant as the movement on the EUR/USD pair). The USD/CHF pair rose upwards from the support level at 0.9450, almost reaching the resistance level at 0.9550. While the resistance level may be breached to the upside, the possibility of a bearish correction cannot also be overlooked.

GBP/USD: The Cable has been weak in the short-term, but the weakness was not significant enough to override existing bullish outlook. Only a movement below the accumulation territory at 1.5300 could render the bullish outlook invalid.

USD/JPY: Owing to the perceived strength in the USD, this currency trading instrument made a weak effort to go upwards yesterday. Unless the price crosses the supply level at 120.00 to the upside, it would be assumed that this market is still consolidating. One would need to keep one’s fingers crossed.

EUR/JPY: This cross plunged on Thursday because of the great weakness in the EUR. The price dropped by over 150 pips, testing the demand zone at 133.50. The EMA 11 is now below the EMA 56 and the RSI period 14 is below the level 50. This is currently a bear market.

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Technical analysis of GBP/USD for February 27, 2015 Market Analysis Review

Overview :

• The GBP/USD pair broke the supports of 1.5511 and 1.5478. Besides, the supports turned back to resistance on February 27, 2015. Therefore, the pair has already formed a strong support at the level of 1.5475 on H1 chart. In addition, after breaking 78.6%, the trend started signing for the bearish market at this level. It should be also noted that the price has been set below 78.6% of Fibonacci retracement levels, and the price couldn't close above the resistance this morning. The downward trend is still strong. Consequently, the pair is likely to go down because the downward trend is still strong from the levels of 1.5511 and 1.5478. Equally important, the RSI is still positive at the same time frame of H1, so it calls for a new downtrend today from the above-mentioned prices. According to the previous developments, the pair is still going to move between 1.5470 and 1.5339. Thus, it is a good sign to sell below 0.5480 with a first target of 1.5420, and continue towards 1.5380 and 1.5340 (1.5339: 38.2% of Fibonacci retracement levels). At the same time, the stop loss should be placed above the last top at the price of 1.5530, because in any case the stop loss should never exceed your maximum exposure amounts.

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Technical analysis of USD/CAD for February 27, 2015 Market Analysis Review

Overview :

• The market of the USD/CAD pair is continuing to show signs of strength following the break level of 1.2402. Besides, resistance of the USD/CAD pair broke and turned to support a month ago (26th of January 2015). It should be noted that the pair has already formed strong support at the level of 1.2402. Hence, the market indicates a bullish opportunity at the level of 1.2400/1.2390 with a first target at 1.2533 and continues towards 1.2594 which represents strong resistance on February 27, 2015. However, according to previous events, the price has still traded between 1.2402 and 1.2594. Thereupon, if the trend can break this level and close below the price of 1.2390, then we expect the market to gain a convincing downside momentum and the structure of the fall does not look corrective. For that reason, the market will indicate a bearish opportunity at the spot of 1.2594. As the price is below 1.2594, look for further downside with a target of 1.2420.

Intraday technical levels :

Date : 27/02/2015

Pair : USD/CAD

• R3: 1.2627


• R2: 1.2571


• R1: 1.2536


• PP: 1.2480


• S1: 1.2424


• S2: 1.2389


• S3: 1.2333

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USDCAD Daily Analysis - February 27, 2015 Forex Analysis

USDCAD failed to break below 1.2352 support, indicating that the pair remains in uptrend from 1.1191 (Nov 21, 2014 low), and the price action from 1.2797 could be treated as consolidation of the uptrend. Sideways movement in a range between 1.2352 and 1.2797 could be expected to continue in a couple of days.

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USDJPY Daily Analysis - February 27, 2015 Forex Analysis

No changed in our view, USDJPY is in downtrend from 120.47, the bounce from 118.23 is likely consolidation of the downtrend. Further decline could be expected after consolidation, and the target would be at 116.50 area. Support is at 118.23, a breakdown below this level could signal resumption of the downtrend.

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AUDUSD Daily Analysis - February 27, 2015 Forex Analysis

AUDUSD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will signal resumption of the downtrend from 0.8294 (Jan 15 high), then the following downward movement could bring price to 0.7000 area. However, as long as the trend line support holds, one more rise to 0.8000 area is still possible.

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GBPUSD Daily Analysis - February 27, 2015 Forex Analysis

GBPUSD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will indicate that the uptrend from 1.4950 had completed at 1.5551 already, then deeper decline to 1.5000 area could be seen. However, as long as the trend line support holds, the fall from 1.5551 would possibly be consolidation of the uptrend, one more rise to 1.5650 area is still possible.

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EURUSD Daily Analysis - February 27, 2015 Forex Analysis

EURUSD broke below 1.1261 support, further decline to test 1.1097 support could be seen, a breakdown below this level will confirm that the downtrend from 1.2569 (Dec 16, 2014 high) has resumed, then the following downward movement could bring price to 1.0500 area.

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Technical analysis of USD/JPY for February 26, 2015 Market Analysis Review

Fundamental Outlook:

USD/JPY is expected to range-trade. It is undermined by the soft dollar sentiment (ICE spot dollar index last 94.19 versus 94.47 early Wednesday) as Federal Reserve Chairwoman Janet Yellen reiterated a cautious stance on interest rates on the second day of her semiannual testimony to lawmakers. USD/JPY is also weighed by the Japanese exports. But the USD/JPY downside is limited by demand from Japan's importers, the ultra-loose Bank of Japan's monetary policy, yen-funded carry trades amid diminished investor risk aversion after releses on HSBC China February flash manufacturing PMI of 50.1 (versus forecast 49.5) and 0.2% on-month drop in U.S. January new home sales to 481,000 (versus forecast 1.7% drop to 473,000).

Technical comment:
The daily chart is mixed as stochastics is turning bearish, but five-day moving average is meandering sideways.

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 119.35 and the second target at 119.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.50. A break of this target would push the pair further downwards, and one may expect the second target at 118.25. The pivot point is at 118.80.

Resistance levels:

119.35

119.75

120

Support levels:

118.50

118.25

117.95

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Technical analysis of USD/CHF for February 26, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the soft dollar sentiment. But the USD/CHF losses are tempered by the franc sales on buoyant AUD/CHF, NZD/CHF, CAD/CHF crosses, the negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels, five- and 15-day moving averages are 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 0.9580 and the second target at 0.958605. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9405. A break of this target would push the pair further downwards, and one may expect the second target at 0.9365. The pivot point is at 0.9445.

Resistance levels:

0.9580

0.9605

0.9625

Support levels:

0.9405

0.9365

0.9325

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Technical analysis of NZD/USD for February 26, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a higher range. It is supported by the soft dollar sentiment, stronger-than-expected HSBC China February flash manufacturing PMI, kiwi demand on buoyant NZD/JPY cross amid waning investor risk aversion and the New Zealand trade deficit of NZ$1.41 billion for the year ended Jan. 31 (versus forecast NZ$1.64 billion) and kiwi demand on retreating AUD/NZD cross and NZD-USD interest differential.

Technical comment:

The daily is chart positive-biased as the MACD is bullish, stochastics is reverting to bullish mode at overbought levels, five- and 15-day moving averages are 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 0.7615 and the second target at 0.7655. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7495. A break of this target would push the pair further downwards, and one may expect the second target at 0.7470. The pivot point is at 0.7530.

Resistance levels:

0.7615

0.7655

0.7690



Support levels:

0.7495

0.7470

0.7435

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Technical analysis of GBP/JPY for Feburary 26, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is supported by the diminished investor risk aversion and demand from the Japanese importers. But the GBP/JPY gains are tempered by Japan's exports.

Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is in bearish mode, inside-day-range pattern was completed on Wednesday.

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 185.05 and the second target at 185.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 182.90. A break of this target would push the pair further downwards, and one may expect the second target at 182.50. The pivot point is at 183.50.

Resistance levels:

185.05

185.70

186.15

Support levels:

182.90

182.50

182

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EUR/NZD analysis for February 26, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.4923. The resistance level at the price of 1.5200 was held successfully and it caused price to start with downward movement. Our Fibonacci retracement 61.8% at the price of 1.5050 is broken, so we may expect a lower price. I have placed Fibonacci expansion to find potential support levels and have got Fibonacci expansion 100% at the price of 1.4865. Anyway, the mid-term selling EUR/NZD at this stage looks risky since we have the major long-term support around the price of 1.4785. My advice is to watch for potential bullish opportunities with better conditions. Any larger reaction from our support levels may confirm further phase.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5132

R2: 1.5169

R3: 1.5229

Support levels:

S1: 1.5013

S2: 1.4976

S3: 1.4917

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 26, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading upwards. As we expected, the price has tested the level of 1,219.18 in a volume above the average. We can observe successful rejection from our Fibonacci retracement 61.8% at the price of 1,200.00 and it caused price to start with upward movement. My advice is to watch for potential buying opportunities.We have resistance level around the price of 1,235.00 (Fibonacci retracement 38.2%). According to the 4H time frame, we can observe demand in a volume above the average and successful rejection form intraday Fibonacci retracement 38.2% at the price of 1,203.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,208.83

R2: 1,211.43

R3: 1,215.63

Support levels :

S1: 1,200.73

S2: 1,197.33

S3: 1,193.63

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

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GBP/USD intraday technical levels and trading recommendations for February 26, 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 sideways 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:

A valid SELL entry can be taken at retesting of the price level of 1.5550. SL should be located above 1.5600. TP levels to be placed at 1.5480, 1.5360 and finally at 1.5280.

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Technical analysis of AUD/USD for February 26, 2015 Market Analysis Review

Technical outlook and chart setups:

The AUD/USD pair has resumed its rally towards the levels of 0.8030 and 0.8300, subsequently, as depicted here. Bulls seem to have regained control for now and immediate support is seen at the levels of 0.7740 and 0.7650-60, while resistance is seen at the levels of 0.8020 and 0.8300, respectively. A push above the 0.7900 handle would bring the pair in the buy zone of the resistance line and rally is expected to accelerate. It is hence recommended to remain long and also to look to add further positions with risk below the levels of 0.7700. A push through the the level of 0.8300 would confirm that the AUD/USD pair has reversed its trend for times to come.

Trading recommendation:

Remain long. Stop is at 0.7600, target is 0.8300.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for February 26, 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.

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 a 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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EUR/AUD intraday technical levels and trading recommendations for February 26, 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 was expressed.

Confirmation of the reversal pattern required DAILY fixation below the price level of 1.4500, which corresponds to the most recent bottom. This has already occurred yesterday.

If the current daily closure persists below 1.4500, initial projection target would be located around 1.4300 and then 1.4270 where the lower limit of the newly-established H4 channel is located.

Note the bullish spike of today's daily candlestick. It represents the failure of bulls to gather enough momentum to push above 1.4500 enhancing the bearish side of the market.

Trade Recommendations:

DAILY closure below 1.4500 indicates a low-risk SELL entry. TP levels would be located around 1.4300 and 1.4270. SL should be set as daily closure again above 1.4500.

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#USDX technical analysis for February 26, 2015 Market Analysis Review

The US Dollar index continues to trade inside the trading range. There is nothing new to add to our analysis. Traders should better wait and be neutral. I prefer opening a position only after a breakout has occurred. I prefer to open a long position if the price's breakouts as the longer-term trend remains bullish.

Green line = resistance

Blue line = support

The US Dollar index continues to trade around the Ichimoku cloud and inside the trading range of 95 and 93.40. The trend is neutral. There is no clear direction in the market right now and that is why I prefer to be neutral and wait.

Black lines = triangle pattern

The Dollar index continues to trade between the tenkan-sen and the kijun-sen and inside the triangle pattern. The trend is neutral. The price is approaching the edge of the triangle and the distance between the boundaries is closing. This means that soon we shall see a breakout above or below it. If we break below the triangle we should expect a push towards 93. If we break above it, we should expect to see new highs.

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Gold technical analysis for February 26, 2015 Market Analysis Review

Gold price is bouncing towards $1,220. The medium-term trend remains bearish as the price is below $1,233 and below the Ichimoku cloud resistance. I believe it is more probable to see a push towards $1,220 and a downward reversal from that level. Critical support is at $1,200.

Black line = resistance

Red line = support

Gold price is making higher highs and higher lows in the short term. The price is moving higher towards the Ichimoku cloud and the trend line resistance. I expect to see a rejection at that level and a downward reversal. If, however, the resistance at $1,220-$1,230 is broken, I could not rule out a stronger upward move towards $1,300.

Red line = support

Gold price is below the tenkan-sen and the kijun-sen. As I mentioned yesterday, we could see a bounce towards the kijun-sen at $1,220 as a test of this bearish trend. As long as the price is below the red line tenkan-sen I remain bearish.

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Intraday technical levels and trading recommendations for NZD/USD for February 26, 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.

Recently, the NZD/USD pair managed to break above 0.7430. This price level is expected to provide significant SUPPORT for the pair at retesting.

The H4 chart showed an inverted Head and Shoulders pattern that originated off the price level of 0.7200 (the most recent low). Bullish fixation above the neck-line confirmed the reversal pattern earlier this week.

Estimated bullish projection target for the reversal pattern is located around the price level of 0.7676.

On the other hand, 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.

Hence, the price zone of 0.7630-0.7670 should be watched for price action as low-risk SELL entries can be taken at retesting. Stop Loss should be placed above 0.7700.

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Technical analysis of GBP/USD for February 26, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/USD pair has been rallying steadily since the levels of 1.5000 as seen here on the H4 chart. The upside potential still remains at the levels of 1.5650 as depicted. It is recommended to initiate long positions on the pair around the levels of 1.5450 with an upside target of the levels of 1.5650. Immediate support is seen at 1.5325 followed by 1.5200, 1.5025 and lower, while resistance is seen at the levels of 1.5620 followed by 1.5800 and higher, respectively. Bulls are poised to remain in control util prices stay above the levels of 1.5320 and, subsequently, 1.5200. A meaningful correction can be expected at 1,5650 and higher.

Trading recommendations:

Remain flat for now. Look to buy around 1.5450.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for February 26, 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).

Bearish 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, the EUR/USD bulls are not showing enough bullish momentum.

Instead, a bearish Flag pattern is being established on the daily chart. DAILY fixation below the price level of 1.1260 (recent bottom) confirms this bearish pattern.

Conservative traders can wait for a low-risk SELL entry at retesting of the price zone of 1.1570-1.1590.

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 (recent high).

On the other hand, risky traders can wait for DAILY closure below 1.1260 (recent DEMAND level). This will probably indicate a bearish visit towards the WEEKLY low around 1.1110.

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Technical analysis of USD/CHF for February 26, 2015 Market Analysis Review

Technical outlook and chart setups:

The USD/CHF pair has been rallying steadily since the pair dropped to the levels of 0.7200 levels January 15, 2015. The pair has almost reached the resistance at Fibonacci 78.6 at the levels of 0.9580 remaining shy by just 50 pips. It is recommended to initiate short positions around the levels of 0.9580-0.960, if prices reach there. Immediate temporary support is seen at the levels of 0.9369 followed by 0.9290, 0.91775 and lower, while resistance is seen at 0.9600 and higher, respectively. Bears are expected to regain control around 0.9600.

Trading recommendations:

Initiate short positions at the levels of 0.9580-0.9600.

Good luck!

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Technical analysis of USD/JPY for February 26, 2015 Market Analysis Review

Technical outlook and chart setups:

The USD/JPY pair is trading sideways (cone formation) in a 400-pip range for recent several months. The pair is seen to be trading at 119.00 for now facing resistance at the upper boundary of trading range. It is recommended to trade according to a range breakout, buy on a break above resistance line. Sell would be failure. Immediate resistance is seen at 120.50 levels, followed by 121.50 while support is seen at 117.00 levels, followed by 115.50 and lower respectively. Please note that a break below 116.50 levels from here would see a deeper correction towards 113.00 and 111.50 levels respectively.

Trading recommendations:

Remain flat for now, trade a break out.

Good luck!

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Technical analysis of USD/CAD for Febuary 26, 2015 Market Analysis Review

General overview for 26/02/2015 07:55 CET

For the whole week so far, this pair had stayed inside the neutral/range zone and it is still about to complete the corrective pattern. Currently, the intraday moves inside the range are limited and the market is close to important support at the level of 1.2349. The triangle structure can be completed at this level, but please notice, that the alternative count suggests even deeper correction is possible. Nevertheless, there are no evident market reversal clues so far as the golden trend line is not violated and pair is trading below the weekly pivot.

Support/Resistance:

1.2349 - Technical Support

1.2400 - Intraday Support

1.2435 - WS1

1.2443 - Intraday Resistance

1.2496 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders from current market levels with SL below the level of 1.2348 and TP at the level of 1.2496 with a possible upward extension.

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Technical analysis of EUR/JPY for Febuary 26, 2015 Market Analysis Review

General overview for 26/02/2015 07:45 CET

As anticipated yesterday, the wave b purple is getting more complex and time-consuming as it is evolving into some kind of a triangle pattern. It looks like the wave -e- black is missing in this structure and upward breakout is still expected when the correction in wave b purple is completed. Please keep an eye on the intraday support at the level of 134.43 as any breakout lower would be intraday bearish. The next level of support at 133.55 might get tested before the overall corrective structure is completed. On the other hand, the upside targets are still the same.

Support/Resistance:

137.25 - 137.64 - Projected Target Zone

136.90 - WR1

135.58 - Intraday Resistance

135.21 - Weekly Pivot

134.43 - Intraday Support

134.21 - WS1

133.55 - Intraday Support

Trading recommendations:

The market is still trading inside the range zone, but 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. Patience please, as the wave b purple is about to be completed.

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