Weekly technical levels of NZD/USD for February 11-14, 2014 Trend News

Weekly technical levels of the NZD/USD pair:

The movement of pivot point among resistances and supports.

• If the price is at pivot point, watch for a move back to resistance 1 or support 1.


• If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.


• If the price is at support 1, expect a move to support 2 or back towards resistance 1.


• If the price is at support 2, expect a move to support 3 or back towards support 1.


• If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.

• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

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GBP/USD intraday technical levels and trading recommendations for February 10, 2014. Trend News

The GBP/USD pair failed to fixate above 1.6600 on January 24. Instead, a strong bearish impulse was initiated quickly pushing the pair towards 1.6250.

Around 1.6250, previous multiple tops as well as a recent bottom were established. That's why a considerable support was provided there.

On the 4H chart, a price zone of 1.6250 - 1.6200 corresponds to the backside of the upper limit of a broken bearish channel. Bullish pressure was expressed on retesting during last week.

An inverted bullish Head and Shoulders pattern was expressed around 1.6220 probably aiming towards 1.6450-1.6500 "prominent resistance zone".

This bullish view remains valid as long as 1.6220-1.6200 remains defended by the bulls.

On the other hand, breakdown of 1.6200-1.6250 on a daily basis turns the ongoing bullish bias into a bearish one targeting at 1.6140 initially rendering the current bullish formation an "expanding wedge" reversal pattern.

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USD/CAD intraday technical levels and trading recommendations for February 10, 2014 Trend News

The bulls managed to hit fresh highs (around 1.1220) that haven't been visited since 2009.

Recently, the USD is failing to keep its gains against CAD, and the USD/CAD pair was pushed to the downside, thus indicating weakness of the ongoing bullish momentum.

This is manifested in the recent weekly candlestick that came as bearish engulfing one.

The prominent resistance zone is located around 1.1230-1.1250 corresponding to 50% Fibonacci level of the bearish swing that extended in between March 2009 and July 2011.

The daily chart reveals an atypical "head and shoulders" reversal pattern. If this pattern is confirmed, the USD/CAD pair will have a projection target located at 1.0880.

The pair has a significant support zone between 1.0700 and 1.0730 representing the upper limit of a previous consolidation range that got broken last month.

Minor support zone is located between 1.0950-1.0860 corresponding to previous congestion zone established in mid-January. Intraday bullish rejection may be expressed there as manifested on Friday's daily candlestick.

The next destination for the USD/CAD pair will probably be the price zone of 1.0700-1.0730.

Retesting of this zone would probably provide a valid BUY entry for the mid-term.

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Intraday technical levels and trading recommendations for GBP/USD for February 10, 2014 Trend News

The GBP/USD pair successfully achieved its projected target around 1.6600 after the bullish breakout above 1.6250 was initiated.

Price level of 1.6600 is acting as a daily resistance for the pair until now.

Last bullish movement exceeded 1.6600 rendering 1.6666 as the highest price in January. However, bearish engulfing daily candlestick was immediately expressed from these high levels (1.6666).

The nearest demand level is located at 1.6250 where a recent bottom was established on December 17 as well as previous multiple tops.

Last week's DAILY candlesticks failed to reach 1.6250 and the resulting candlesticks were Hammer candlesticks indicating bullish presence around 1.6250 to push towards 1.6470 which is the nearest SUPPLY level to meet the pair.

The daily view remains bullish towards 1.6470 as long as 1.6250-1.6300 remains defended by the bulls.

Following 1.6470, the next SUPPLY level to meet the pair is located at 1.6600.

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Intraday technical levels and trading recommendations for EUR/USD for February 10, 2014 Trend News

Obvious bearish rejection was expressed at 1.3850 thus the pair failed to reach 100% Fibonacci Expansion at 1.3904. Instead, a strong bearish impulse was expressed to reach 1.3520 then 1.3475.

Recently, the pair expressed a false breakdown of the demand zone of 1.3550-1.3500 (long-term uptrend line). This opened the way directly towards 1.3475 which pushed the pair above 1.3550-1.3600 to consolidate again above the uptrend line depicted on the chart.

The nearest SUPPLY level is located at 1.3735 which corresponds to a previous top. On the other hand, the nearest DEMAND level is located around 1.3450.

It is noted that the weak pace of growth and increasing inflation can push the ECB to conduct monetary facilities. However, there is a desire to apply initial support which may be enough to start selling on the EUR/USD amid continuous recovery in the euro area.

As we can see in the chart, bulls pushed towards the price levels around 1.3737 where strong bearish rejection was expressed.

As expected, a corrective bearish movement towards 1.3500 took place shortly after.

The price zone of 1.3525-1.3500 failed to provide enough support for the pair opening the way towards 1.3475 where a considerable support was provided.

Re-fixation above 1.3525-1.3500 gathered bullish momentum to push the pair towards 1.3600 (50% Fibonacci) again, then 1.3635 (61.8% Fibonacci) which corresponds to the upper limit of the ongoing bearish channel.

Price zone 1.3600-1.3630 will probably provide a valid SELL entry with SL as 4H closure above 1.3680.

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Technical analysis of USD/JPY for Feburary 10, 2014 Trend News

Overview:

USD/JPY is expected to trade in higher range. It is underpinned by yen-funded carry trades amid positive investor risk sentiment (VIX fear gauge eased 11.26% to 15.29; S&P gained 1.33% Friday) as lower-than-expected 113,000 increase in U.S. January non-farm payrolls (versus +189,000) raised hopes the Federal Reserve would slow its tapering of its stimulus efforts, although the unemployment rate improved in line with expectations to 6.6% in January from 6.7% in December. USD/JPY is also supported by demand from Japan importers. But USD/JPY gains are tempered by the Japan exporter sales, lower U.S. Treasury yields, weaker dollar sentiment (ICE spot dollar index last 80.74 versus 80.89 early Friday) as the disappointing payrolls number heightened concerns about the U.S. economic recovery, while Janet Yellen is expected to sound dovish during her first congressional testimony on Tuesday.

Technical сomment:

Daily chart is mixed as MACD is in bearish mode, but stochastics is rising from oversold zone.

Trading recommendation:

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 far as the price is above its pivot point, a long position is recommended with the first target at 102.65 and the second target at 102.9. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.55. A breach of this target will push the pair further downwards and one may expect the second target at 101.2. The pivot point is at 102.05.

Resistance levels:

102.65

102.9

103.25

Support levels:

101.55

101.2

100.75

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Technical analysis of USD/CHF for Feburary 10, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias after hitting six-day low 0.8956 Friday. It is undermined by franc demand on buoyant CHF/JPY cross and weaker dollar sentiment. But USD/CHF downside is limited by the reduced safe-haven appeal of CHF amid improved investor risk appetite and franc sales on buoyant EUR/CHF cross. Daily chart is negative-biased as MACD and stochastics are bearish.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8955 in mind. A breach of this target will move the pair further downwards to 0.8935. The pivot point stands at 0.9025. In case the price moves in the opposite direction, bounces back from support, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 0.906 and the second target at 0.908.

Resistance levels:

0.906

0.908

0.91

Support levels:

0.8955

0.8935

0.89

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