Daily analysis of GBP/USD for February 03, 2014 Trend News

Daily chart: The GBP/USD continues to fall below the level of 1.6447, and starting this week, this pair is showing bearish patterns that indicate a clear weakness in this pair. If GBP/USD manages to consolidate below this level, it is likely that it will fall to the support level of 1.6326, which would be a change in the trend in the long term. The MACD indicator is in negative territory.

H4 chart: This pair is below the 200 SMA, although the odds are high that the GBP/USD make a bullish rebound above this level and up to the level of 1.6464. However, if the pair manages to consolidate below the level of 1.6435, it's expected to fall to the level of 1.6336. The MACD indicator is still in negative territory, so we must be careful when placing buy orders.

H1 chart: The intraday decline continues in this pair, as the GBP/USD stays below the 200-day moving average and below the point of control. If the pair manages to break the support level at 1.6419, it's expected to fall to the level of 1.6375. On the other hand, if the pair manages to break the resistance level of 1.6464, it's expected to rise to the level of 1.6507, where the 200-day moving average is located. The MACD indicator is in neutral territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6419, take profit is at 1.6375, and stop loss is at 1.6463.

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Weekly technical levels of EUR/USD for February 3-7, 2014 Trend News

Weekly technical levels :

Overview :

• It should be noticed that we got a weekly pivot point of EUR/USD pair for February 3-7, 2014 at the level of 1.3560. In addition, a gap has opened below the weekly pivot point. Therefore, the market will probably indicate a bearish opportunity at the level of 1.3560 and the weekly pivot point will act as strong resistance. So, according to the previous events, the price has still been below 1.3560. Thenceforward, the area below 1.3560 (below 38.2% of Fibonacci retracement levels) looks for further downside with the first target at the 1.3476 level in order to form a double bottom and continue towards 1.3403 to test to the first weekly support. However, stop loss should be placed above 1.3583.

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Weekly technical levels of GBP/USD for February 3-7, 2014 Trend News

Weekly technical levels of GBP/USD pair :

• Description of pivot point:


• Most of the professional traders and market makers use pivot point to determine potential resistance and support levels. Simply put a pivot point and its resistance and support levels are areas at which the direction of price movement can probably change.


• To identify the pivot point and its resistance/support levels, you should use historic rates to determine future prices. It means using the previous period's high, low and closing level to determine future resistance and support. So, the pivot point is the central axis (it acts as an orbit) among three up levels that they are referred to resistances and three down levels referred to supports. The pivot point is especially useful in the short term (daily or weekly), as well as it is also used for a range or breakout. We will know more about standard pivot point, Fibonacci pivot point, Camarilla pivot point and Woodie pivot point.

Forecasts and technical levels :

• Projected high: 1.6680


• Breakout (buy stop): 1.6560


• Strong resistance (sell limit): 1.6540


• Current Pivot: 1.6500


• Strong support (buy limit): 1.6403


• Breakout (sell stop): 1.6380


• Projected low: 1.6300

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Daily analysis of USDX for January 31, 2014 Trend News

Daily chart: Again, the USDX has consolidated above the support level of 80.62 and now above the 200 SMA. This bullish momentum indicates much indecision in the market, because the USDX has not got out of the range between the levels of 81.50 and 80.11. However, it is very likely that the USDX will try to climb to the resistance level of 81.50. The MACD indicator is in neutral territory.

H4 chart: The USDX is forming a bullish pattern above the support level of 80.99 and above the 200 SMA. If the USDX manages to break the resistance level of 81.19, it is expected to rise to the level of 81.29. Furthermore, if the USDX achieves in break the support level of 80.99, it is expected to fall to the level of 80.83. The MACD indicator is still in positive territory.

H1 chart: The USDX formed two fractals near the resistance level of 81.09. This level is quite important since the point of control is located there. However, if the USDX manages to break that resistance level, it's expected to rise to the level of 81.40. Furthermore, if the USDX achieves in break the support level of 80.93, it's expected to fall to the level of 80.73. The MACD indicator is in extreme overbought zone and entering negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX Index breaks with a bullish candlestick; the resistance level is at 81.98, take profit is at 81.40, and stop loss is at 80.77.

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Daily analysis of GBP/USD for January 31, 2014 Trend News

Daily chart: The GBP/USD had a drop below the level of 1.6540 and reached to touch the support level of 1.6447. Now this pair is forming a bearish pattern above that level, but we should remember that at this level the pair usually finds strong support and makes a bullish rebound again to try to consolidate above the level of 1.6540. However, if the pair manages to break the support level at 1.6447, it's expected to fall to the level of 1.6326. The MACD indicator is entering negative territory.

H4 chart: The GBPUSD managed to fall to the level of 1.6441, where the 200 day moving average is located. There, the pair made a bullish rebound and formed a fractal. If it manages to break the resistance level of 1.6516, it's expected to rise to the level of 1.6592. Moreover, if this pair does break the support at the level of 1.6464, it is expected to fall to the level of 1.6441. The MACD indicator is still in negative territory.

H1 chart: This pair is forming a higher low pattern below the 200 SMA and the point of control. If the pair manages to break the support level at 1.6464, it's expected to fall to the level of 1.6419. Moreover, if this pair manages to break the resistance level of 1.6507, it is expected to rise to the level of 1.6544. The MACD indicator is moving into positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6464, take profit is at 1.6419, and stop loss is at 1.6509.

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Elliott Wave analysis of AUD/USD for January 31, 2014 Trend News

AUD/USD Elliott Wave
The AUD/USD pair continued moving downwards yesterday, so our primary count is still valid and we are still going with an idea that wave .c (coloured black) of the bigger wave iii (coloured blue) is developing at the moment. In the 1-hour chart, we can see that the AUD/USD pair has missed our invalidation point by few pips, and now the descending move from the 0.8826 level looks like FLAT pattern. Traders who are already short should remain short against the 0.8826 level and swing traders should wait next week to get a clear signal that the wave iii is over before opening long positions at the 0.8595 level. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets by measuring wave A with take profit at 0.8595 (100% of wave A).

Alternate count: While price holds above the 0.8657 level, our alternate count is still valid, and we are looking at the wave i (couloured blue) as completed at 0.8658, pullback that started from 0.8709 as the part of the ii wave. 0.9090 area.

Support and Resistance
(S3) 0.8645, (S2) 0.8677, (S1) 0.8735, (PP) 0.8767, (R1) 0.8825, (R2) 0.8857, (R3) 0.8915.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short position at level of 0.8700 with stop loss at 0.8750 take profit at 0.8595 are recommended.

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Elliott Wave Analysis of USD/CAD for January 31, 2014 Trend News

USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading upwards, corrective wave .c (coloured black) of the wave [y] (coloured green) has been developing. According to our last forecast, we expected this commodity currency to break below the lower trend line before opening the short position, but if the price breaks the last high at the 1.1198 level, we should go with an idea that wave [y] (coloured green) still has room to go higher and this can provide a short-term buying opportunity against the low at the 1.1478 level. In accordance with our wave rules and taking into account that wave [y] should retrace 123.6% of wave [w], we can define the potential targets by measuring wave [w] with take profit at 1.1289 (123.6% of wave Y).

Support and Resistance
(S3) 1.1092, (S2) 1.1121, (S1) 1.1140, (PP) 1.1169, (R1) 1.1188, (R2) 1.1217, (R3) 1.1236.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1200 with stop loss at 1.147 and take profit at 1.1289 are recommended.

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