#USDX technical analysis for February 4, 2015 Market Analysis Review

The Dollar index gave a sell signal yesterday for the short term as the triangle pattern was broken downwards and the index fell towards 93.20. The short-term trend is bearish but the longer-term trend remains bullish. Important support level at 92. Holding above it will be a buy opportunity for next leg up towards 100.

Green line = resistance

The Dollar index is making lower highs and lower lows in the short term and has broken below the Ichimoku cloud. As long as the index is below the green trend line, then trend will remain bearish in the short-term. Resistance is at 94.50. If it is broken, we will have increased chances of starting a new upward move.

Blue lines = price channel

The Dollar index remains in an upward sloping price channel confirming that trend is bullish. There are signs of a short-term top at least as this pullback could push the index towards the lower channel boundaries at 92. Ichimoku cloud support is at 90 if the price breaks below the channel. The long-term trend is bullish with 100 as target.

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Gold technical analysis for February 4, 2015 Market Analysis Review

Gold price got rejected by the short-term resistance at $1,285 and is testing important support level at $1,250. Breaking below this level will probably push the index towards $1,200. Bulls need to break above $1,285 to resume uptrend with $1,330 as target.

Black line = resistance

Green line = support

Gold price is now below the Ichimoku cloud. This is a bearish sign. The price is below the black trend line but above the support at $1,250. A break below the support will be a sell signal with the first target of $1,220. A break above the resistance will be a buy signal with $1,330 as target.

Red lines = horizontal support levels

Gold price is testing the 38% retracement once again. Initially, this support level produced a bounce towards $1,290, but the resistance was not broken. The prices are pulling back right now to retest the support at $1,250. Breaking below the support of the 38% Fibonacci retracement will push the price towards $1,220 where the 61.8% retracement is found.

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Technical analysis of USD/JPY for February 04, 2015 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade in a higher range. It is supported by the reduced safe haven appeal of the yen and the yen-funded carry trades amid positive global risk sentiment (VIX fear gauge eased 10.81% to 17.33; S&P 500 closed 1.44% higher at 2,050.03 overnight). It is caused by fall in oil prices for the 3rd straight day, by worries over Greece's future in the eurozone and by the fact that the RBA joined other central banks in providing further stimulus. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 1.796% versus 1.673% late Monday), the demand from Japan's importers and the ultra-loose Bank of Japan monetary policy. But the USD/JPY gains are tempered by the Japanese exports, the weaker dollar sentiment (ICE spot dollar index last 93.77 versus 94.56 early Tuesday) on 3.4% drop in the U.S. December factory orders (versus forecast -2.5%).

Technical comment:
The daily chart is mixed, the MACD is bearish, but stochastics is neutral; five and 15-day moving averages are meandering sideways, intraday-range pattern was completed on Tuesday.

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 118.20 and the second target at 118.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 117. A break of this target would push the pair further downwards, and one may expect the second target at 116.55. The pivot point is at 117.40.

Resistance levels:

118.20

118.45

118.75

Support levels:

117

116.55

116.80

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Technical analysis of USD/CHF for February 04, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the weaker USD sentiment (ICE spot dollar index last 93.77 versus 94.56 early Tuesday) on a 3.4% drop in the U.S. December factory orders (versus forecast -2.5%). But the USD/CHF losses are tempered by the negative Swiss interest rates and by the threat of the Swiss National Bank's CHF-selling intervention.

Technical comment:
The daily chart is still positive-biased as the MACD and stochastics are in bullish move; five-day moving average is above 15-day moving average and is advancing.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.9160. A break of this target will move the pair further downward to 0.9075. The pivot point stands at 0.9290. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.9365 and the second target at 0.9435.

Resistance levels:
0.9365

0.9435

0.9465

Support levels:

0.9160

0.9075

0.8985

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Technical analysis of NZD/USD for February 04, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with a bullish bias after hitting a four-year low at 0.7174 on Tuesday. NZD sentiment is boosted by the 9.4% rise in Fonterra's GDT Price Index at the latest Global Dairy Trade auction. NZD/USD is also underpinned by the weaker USD sentiment, Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment, and Kiwi demand on soft AUD/NZD cross.

Technical comment:

Daily chart is mixed as MACD is bearish, 5 and 15-day moving averages are falling, but bullish outside-day-range pattern was completed on Tuesday, stochastics turned bullish at the oversold levels.

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 0.75 and the second target at 0.7590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7160. A break of this target would push the pair further downwards, and one may expect the second target at 0.71. The pivot point is at 0.7280.

Resistance levels:

0.75

0.7590

0.7635



Support levels:

0.7160

0.71

0.7040

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Technical analysis of GBP/JPY for Feburary 04, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is supported by the improved euro sentiment as worries over Greece are waning, the positive risk sentiment, and demand from Japan's importers. But EUR/JPY gains are tempered by Japan's export sales. GBP/JPY gains are tempered by the sterling sales on buoyant EUR/GBP cross as well as caution ahead of Bank of England interest rate decision on Thursday.

Technical comment:
Daily chart is positive-biased as MACD and stochastics are in bullish mode, bullish parabolic stop-and-reverse signal hit on Tuesday.

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 0.178.95 and the second target at 179.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.20. A break of this target would push the pair further downwards, and one may expect the second target at 176.70. The pivot point is at 177.50.

Resistance levels:

178.95

179.40

1780

Support levels:

177.20

176.70

176

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Forecast of USD/JPY for Febraury 04 , 2015 Market Analysis Review

The US dollar slips against most major currencies. The Greek hopes weigh against the US dollar. The US economic data are disappointing as well. The US factory orders fell sharply. Now, the focus has shifted to today's ADP non-farm payroll. The pair has been consolidating still in the tight range as we discussed in our earlier reports. The pair has the nearest resistance at 118.00 and 118.15. The prices are trading within a triangle on the h4 chart. In case if the prices manage to give an upside breakout, the pair can face a challenge towards 120.50. The prices are closed and trading below the hourly moving averages. The prices are likely to form a triangle pattern. The support base exists at 115.50 and 115.00. The weekly support exists at 115.00 or 20Wsma. In case if the pair closes below 115.00, we can confirm the broadening top in the near and medium term. The rate hike favors the US dollar. The policy makers have repeatedly announced their plan to raise interest rates during 2015. The pair closed and is trading below 50Dsma or 118.70. In case the pair closes above 118.85, it can face a challenge at 119.90 and 120.50. In intraday, the weakness will hit the pair if the prices break below 116.90.

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