GBP/USD intraday technical levels and trading recommendations for February 17, 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.

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

The persistence of the GBP/USD 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).

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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Gold technical analysis for February 17, 2015 Market Analysis Review

Gold price has reversed lower after a weak bounce towards $1,237. The trend remains bearish. Next target is $1,200 if the low at $1,216 is broken. Bulls need to break above the yesterday's highs in order to expect a bounce to $1,250-60.

Black line = resistance

Blue line = support

Gold price has broken the short-term support trend line and is now going to test the recent lows at $1,216. The resistance at $1,245 was not even tested yesterday despite the signs of short-term buying interest. The price remains below the medium-term Ichimoku cloud resistance. I remain bearish expecting a move towards $1,200 at least.

Black line = resistance

Gold price as shown above on the daily chart is showing signs of reversal. Although it bounced off the 61.8% retracement it has not managed to reach the tenkan-sen (red line) resistance. The price remains below the black trend line resistance. The trend remains bearish. If the support at $1,216 is broken, it will give another sell signal with $1,205 as the first target and $1,195 as the second target.

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Technical analysis of USD/CAD for Febuary 17, 2015 Market Analysis Review

General overview for 17/02/2015 09:30 CET

The pair made another lower low during the Asian session and is still slowly trading inside the neutral range zone. As the Elliott wave rules suggest, there is still one more wave to the downside missing in this wave development and if this scenario is correct, the intraday support at the level of 1.2418 and technical support at the level of 1.2348 should be tested and violated soon. The projected target is the zone between the level of 1.2251 - 1.2231. Please notice that this kind of very narrow consolidating range trading very often foreran violate market moves.

Support/Resistance:

1.2783 - WR2

1.2590 - WR1

1.2536 - Intraday Resistance

1.2506 - Weekly Pivot

1.2418 - Intrday Support

1.2348 - Technical Support

1.2250 - 1.2231 - Projected Target Zone

Trading recommendations:

The bias is still bearish and the sell orders from the last week should be still kept open and SL should be kept above the level of 1.2565 (entry was 1.2543, so it is only 22 pips). First level to add to the existing sell orders should be at the level of 1.2415. First TP orders should be placed at the level of 1.2349.

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Technical analysis and trading recommendations on GBP/USD for February 17, 2015 Market Analysis Review

Today, traders are focused on UK's CPI data. The UK's inflation stood at 0.5% in December 2014 which is well below the target of 2%. The print in November was 1.2%. The main reason for this was the steepest fall in wholesale energy prices during the second half of 2014. In case, if a decline in energy prices persist, the inflation could temporarily turn negative as it is foreseen in the BoE inflation report. Falling energy prices helping the BoE to keep interest rates at the record low of 0.5%.

The prices gave an inverse head & shoulder breakout on the hourly chart. The prices are forming a higher lows and higher highs formation on the h4-chart. They formed a minor support base between 1.5210 and 1.5195. If the pair breaks and closes below 1.5195, they can extend the correction towards 1.5140, 1.5080, and 1.4990. On the monthly chart, the previous supports exist between 1.4830 and 1.4800. The intraday resistance is placed at 1.5400. Falling yesterday, the cable managed to hold at the 50Dsma and closed above it. The intraday support exists between 1.5330 and 1.5300. We recommend safe buying above 1.5400 with the targets at 1.5460, 1.55, and 1.5540. On the down side, we recommend selling below 1.5300 with the targets at 1.5270 and 1.5200.

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Technical analysis and trading recommendations on EUR/USD for February 17, 2015 Market Analysis Review

Another disappointing day at the Eurogroup meeting. Greece's bailout talks are in deadlock. The talks between the eurozone creditors and Greece came to a standoff on Monday night, concerns are mounting. In case if Greece exits from the euro bloc, the euro will be abandoned in the Balkan country and the euro will collapse. Eurogroup President Jeroen Dijsselbloem said Greece had to request an extension until Friday, otherwise the bailout would expire at the end of the month. Traders are closely monitoring the Eurogroup meeting outcome. Europe will not lose Greece from the eurozone. In case if Greece leaves the eurozone, Russia will take advantage of the situation to get closer to Greece. In 2011, Russia allocated funds to Cyprus. The fate of the euro is still threatened. The ECB has agreed to fund 60 billion Euros on February 5, this Wednesday they will reassess. The eurozone will be motivated to solve the problem as soon as they can. Today, traders are focused on German ZEW economic sentiment and ZEW economic sentiment data.

The pair closed below 2Dsma at the previous session. The pair has weekly resistance exists at 1.1535. As of now, the monthly resistance is set at 1.2000 or 50Dsma and support is at 1.0762. Support exists at 1.1320, below it 1.1270 and 1.1260 will act as trend decider levels. Today, at the Asian session the euro is looking very weak against the US dollar. The prices are closed and trading below hourly moving averages. We recommend fresh buying only above 1.1380, until then use every rise to sell with the targets at 1.1200 and 1.1160. The panic will be triggered below 1.1260. At yesterday's session, we recommend risky selling below 1.1380, safe selling is below 1.1340.

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Technical analysis and trading recommendations on Gold for February 17, 2015 Market Analysis Review

The strong US dollar pushed the metal prices down. After the soft US economic data, the US dollar weakened a bit. The yellow takes advantage of the weaker dollar holding its ground. The prices are slowly drifting towards resistance levels. On the hourly chart, the prices are making higher lows and higher highs pattern. But the overall picture looks bearish. Ahead of China's new year on February 19th, good buying is foreseen in China. In the previous week, the weaker US dollar helped the precious metal to hold the crucial support level at $1,217.00. If a daily close is below $1,217.00, bears can challenge $1,207.00, $1,204.00, and $1,199.00. The weekly key support level exists at $1,216.00. We recommend fresh selling only below $1,216.00. February 11th, 2015 high and low levels are acting as major support and resistance levels. The nearest resistance is set at 1239.00, above this at 1245.50. The weekly resistance exists at $1,246.00 and $1,261.00. The prices are trying to close above 50Dsma for 3-days, but at the end of the day the effort was unsuccessful.

On the h4-chart, the prices are closed and trading above hourly moving averages. We recommend fresh buying above $1,240.00 with the targets at $1,245.00, and $1,251.00. On the down side, the intraday support exists at $1,229.00 and $1,224.00. The real panic situation will emerge below $1,216.00.

Resistance: $1,235.00 $1,240.00, $1,246.00.

Support: $1,226.00 $1222.00, $1,217.00.

Selling below $1,229.00.

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Daily analysis of major pairs for February 17, 2015 Market Analysis Review

EUR/USD: It is better to stay away from this market until a strong directional movement appears. There is a support line at 1.1300 and a resistance line at 1.1450. It is either that support line is breached to the downside or the resistance line is breached to the upside. The latter scenario is more likely and as a result of this, the resistance line at 1.1500 may be reached eventually.

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

GBP/USD: The Cable is currently strong and the best way to approach it is to buy on dips. The price is above the accumulation territory at 1.5350 and below the distribution territory at 1.5400. Since it is assumed that the Cable would keep going up according to the recent bullish outlook, the price could later trade above the distribution territory at 1.5400, going towards another distribution territory at 1.5450.

USD/JPY: From around the supply level at 120.50, this currency trading instrument dived by 200 pips, going below the supply level at 118.50. This has made long trades illogical and a touch of the demand level at 118.00 would result in Bearish Confirmation Pattern.

EUR/JPY: The recent weakness in the EUR and strength in the JPY has enabled this cross to go below the supply zone at 135.00. This is now a weak market.

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