#USDX technical analysis for February 10, 2015 Market Analysis Review

The Dollar index is consolidating near its short-term highs. There is a bullish flag being formed that will give us the short-term target of 95.90 if we make a breakout above the resistance. The trend remains bullish in the longer-term targeting 100.

Black line = broken resistance

Red lines = bullish flag pattern and target

The Dollar index has broken the short-term trend line resistance and has also moved above the Ichimoku cloud resistance. The short-term chart shows a bullish flag that is being formed and a breakout above 94.90 will imply that we are breaking out with 95.90 as a target.

The weekly chart remains fully bullish with long tailed bullish candles supporting the current trend. In Ichimoku terms support is found at 91.60 and as long as we are above that level, we should expect 100 to be achieved in the coming months.

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Gold technical analysis for February 10, 2015 Market Analysis Review

Gold price remains in a short-term downtrend. The price is making a short-term bounce and I expect selling pressures to come back and push price towards a new short-term low towards $1,220 or even $1,200.

Black lines = triangle pattern

Red line = bearish flag

The 4-hour chart above shows the bearish flag that gold price is currently forming. Support is found at $1,235 and resistance at $1,245. The price is below the Ichimoku cloud and the trend is bearish. I remain bearish expecting the price to continue lower after the triangle breakout to the downside.

Gold price is expected to reach the green area as shown on the chart above and most probably to reach the 61.8% retracement. I also believe that if we break below the 61.8% retracement we should expect gold price to test the Ichimoku cloud support at $1,200-$1,190.

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Technical analysis of USD/JPY for February 10, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade in a lower range. It is undermined by the flows to haven yen amid increasing risk aversion (VIX fear gauge rose 7.29% to 18.55, S&P 500 closed 0.42% lower at 2,046.74 overnight) as deepening standoff between Greece and its creditors enhanced fears of a forced exit by the indebted nation from Europe's single currency union. Besides, a decline in China's January exports and imports raised concerns about slowing global economy. USD/JPY is also affected by the broadly weaker dollar undertone (ICE spot dollar index last 94.51 versus 94.70 early Monday) on profit-taking of long USD positions and Japan's export sales. But USD/JPY losses are tempered by the higher U.S. Treasury yields (10-year at 1.977% versus 1.938% late Friday), demand from Japan's importers, and ultra-loose Bank of Japan's monetary policy.

Technical comment:
The daily chart is still positive-biased as MACD and stochastics are in a bullish mode. Five-day moving average is rising above 15-day moving average.

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 118. A break of this target will move the pair further downward to 117.65. The pivot point stands at 119. 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 119.30 and the second target at 119.75.

Resistance levels:

119.30

119.75

120.25

Support levels:

118

117.65

117.25

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Technical analysis of USD/CHF for February 10, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a range. It is supported by the negative Swiss interest rates and threat of SNB CHF selling intervention. But USD/CHF upside move is limited by the broadly weaker dollar undertone (ICE spot dollar index last 94.51 versus 94.70 early Monday) on profit-taking of long USD positions.

Technical comment:
The daily chart is still positive-biased as MACD and stochastics are in a bullish mode.

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 10, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade in a higher range. It is supported by the broadly weaker dollar undertone (ICE spot dollar index last 94.51 versus 94.70 early Monday) on profit-taking with long USD positions, firmer commodity prices, and Kiwi demand on soft AUD/NZD cross. But NZD/USD gains are tempered by the increased investor risk aversion.

Technical comment:

The daily chart is tilting positive as stochastics is rising from oversold levels, MACD staging bullish crossover against its exponential moving average.

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 0.7455 and the second target at 0.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7325. A break of this target would push the pair further downwards, and one may expect the second target at 0.7280. The pivot point is at 0.7365.

Resistance levels:

0.7455

0.75

0.7530



Support levels:

0.7325

0.7280

0.7220

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Technical analysis of GBP/JPY for Feburary 10, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade with risks skewed lower. It is undermined by the worries over Greece, increased investor risk aversion, and Japan's export sales. But GBP/JPY losses are tempered by the demand from Japan's importers. The daily chart is still positive-biased as MACD and stochastics are in a bullish mode.

Technical comment:
The daily chart is still positive-biased as MACD and stochastics are in a bullish mode.

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 179.20. A break of this target will move the pair further downward to 178.50. The pivot point stands at 181.10. 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 181.80 and the second target at 182.65.

Resistance levels:

181.80

182.65

183.35

Support levels:

179.20

178.50

177.70

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Technical analysis and trading recommendations on Gold for February 10, 2015 Market Analysis Review

The weak US dollar supported the yellow metal to hold the support levels. In the recent days, the yellow metal lost its momentum affected by the strong US economic data and weaker Chinese data. At yesterday's session, the metal marginally gained ground amid concerns over Greece. The stronger US data raises hopes that the Federal reserve will raise the interest rates earlier than later. At yesterday's session, we recommend buying above $1,240.00 with the targets at $1,246.00 and $1,250.00, but the metal made a high at $1,243.30. Today, at the Asian session, the metal is unable to breach the previous day's high. We recommend fresh selling below $1,235.00 with the targets at $1,231.00, $1,228.00, $1,217.00 and 100Dsma. 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. Until the metal prices close and the metal trades below $1,266.00, use every rise to sell. Risky traders can buy above $1,244.00 with the targets at $1,246.50, $1,250.00, and $1,255.00.

Resistance: $1,239.00 $1,246.00, $1,250.00.

Support: $1,235.00, $1,228.00, $1,217.00.

Selling below $1,235.00; panic is expected below $1,228.00.

Buying above $1,244.00; strong momentum will appear above $1,265.00.

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