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

Overview :

• According to the previous events, the price of the AUD/USD pair has moved between the levels of 0.7828 and 0.7724. For that it should be noted that the minor support and resistance are going to set at the levels of 0.7724 and 0.7828 respectively today. So, the range of this pair today is likely to be about 104 pips. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.7830 with the first target at 0.7744, and the price will climb towards 0.7724 in order to test this strong support (it should be noted that at the level of 0.7724 will be formed double bottom). However, if the pair fails to break 0.7830, the market will indicate a bullish opportunity above 0.7833 because this price will really act as strong resistance. Consequently, it will be a good sign to buy above 0.7733 with the first target at 0.7851 and it will call for an uptrend in order to continue bullish movement towards 0.7875.

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Intraday technical levels and trading recommendations for GBP/USD for February 10, 2015 Market Analysis Review

The previous consolidation movement extended between the price levels of 1.5550 and 1.5770. It represented a period of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

Bearish breakout below 1.5550 directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960 which have not been visited since July 2013.

As mentioned in the previous articles, conservative traders should have been waiting for the current bullish pullback towards the recent SUPPLY zone around 1.5280-1.5320 for a low-risk SELL entry.

This SUPPLY zone also corresponds to the upper limit of the depicted daily channel where bearish pressure was anticipated last week on Thursday at retesting.

However, this bearish scenario was threatened on Thursday after the daily closure above the upper limit of the consolidation zone as well as the depicted channel around 1.5250.

Moreover, a bearish engulfing daily candlestick was expressed on Friday. This has pushed the GBP/USD pair again inside the channel.

On January 8, the GBP/USD pair has shown initial bullish recovery off the price level of 1.5050. Since then, the pair was trapped within a consolidation zone ranging between 1.4960 and 1.5230 until Thursday when the pair achieved daily closure above them.

The price level of 1.5280 corresponds to the upper limit of the depicted H4 channel as well as 50% Fibonacci level of the recent bearish swing that extended between 1.5600 and 1.4976.

As suggested, the price zone of 1.5280-1.5320 offered a low-risk SELL entry by the end of the last week with Stop loss located above 1.5360 (61.8% Fibonacci level). SL can now be lowered to 1.5280 to offside some of the risk.

On the other hand, DAILY closure above 1.5340 invalidates the short-term bearish scenario exposing the price level of 1.5480 for retesting.

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

Overview :

• In the short term, the last double top of the NZD/USD pair has already been set at the price of 0.7493 on the H4 chart. Moreover, it should be noted that the level of 0.8856 is representing the highest price. So, the market will turn to the bearish sentiment from the level of 0.7493/0.7450. Additionally, the support has reached 0.7345 and the resistance is going to set at the spot of 0.7450/0.7493. Thus, we expect a new range of 253 pips this week. Therefore, it will be a good sign to sell at the price of 0.7450 with the first target of 0.7345. Furthermore, it will continue in the downtrend in order to keep its bearish movement towards 0.7310 (it should be also noticed that the level of 0.7310 is going to form a strong support). Nevertheless, the stop loss should never exceed your maximum exposure amounts. Accordingly, the stop loss should be placed above the double top (0.7483) at the level of 0.7505.

Intraday technical levels :

• R3: 0.7550


• R2: 0.7495


• R1: 0.7452


• PP: 0.7397


• S1: 0.7354


• S2: 0.7299


• S3: 0.7256

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Intraday technical levels and trading recommendations for EUR/USD for February 10, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially after the obvious MONTHLY closure of January took place below 1.2000.

During the past few weeks, the EUR/USD bears have been challenging historical lows that were established back in 2005 and 2003.

Some bullish recovery was finally witnessed by the end of January and the beginning of February.

On the daily chart the market looked oversold below the price levels of 1.2000 and 1.1900 (prominent psychological SUPPORT).

As it was suggested in the previous articles, conservative traders should be waiting for a bullish pullback looking for better prices to SELL the pair off (R1 at 1.1550 and R2 at 1.1700).

The price zone of 1.1540-1.1600 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1680.

On the other hand, the daily fixation again below 1.1260, which is a recent DEMAND level depicted on the H4 chart, activates a DOUBLE-TOP reversal pattern exposing the recent lows around 1.1110 for retesting especially after the breakout took place below the depicted bullish channel on the H4 chart.

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Technical analysis of EUR/JPY for Febuary 10, 2015 Market Analysis Review

General overview for 10/02/2015 11:35 CET

The momentum in this market is almost gone as it is shown by the RSI indicator that is currently forming a triangle. The pair is still trading inside the daily range, between the levels of 133.63 - 135.36. Only a breakout higher above the level of 135.36 would invalidate the alternative scenario and put the level of 137.64 in view for test. Otherwise, the bias looks bearish and one more wave to the downside is needed to complete the impulsive cycle.

Support/Resistance:

136.74 - Key Resistance

137.27 - WR2

136.15 - WR1

135.36 - Intraday Resistance

134.22 - Weekly Pivot

133.63 - Intrday Support

133.11 - WS1

132.32 - Key Level To The Downside

Trading recommendations:

Sell orders advised yesterday should be still kept open. SL should be placed above the level of 135.36 and open TP level for now.

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Technical analysis of USD/CAD for Febuary 10, 2015 Market Analysis Review

General overview for 10/02/2015 11:25 CET

As it was anticipated yesterday, the market is still trying to complete the corrective cycle in the shape of abcde green triangle. So far it has been following the scenario very well and now it looks like there is only one more wave tot he upside to complete the wave X brown (wave e green). When this sub-cycle is finished, the market should continue lower and violate the intraday support at the level of 1.2350. The projected target for the wave Y brown is at the level of 1.2122 (weekly pivot support level).

Support/Resistance:

1.2797 - Swing High

1.2732 - WR1

1.2593 - Intraday Resistance|Key Level|

1.2543 - Weekly Pivot

1.2350 - Intraday Support|Key Level|

1.2314 - WS1

1.2122 - WS2

Trading recommendations:

Sell orders advised yesterday should be kept open for now. SL is above the level of 1.2593, and TP is open for now.

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GBP/USD intraday technical levels and trading recommendations for February 10, 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 been providing support for the pair over the past few weeks.

The H4 chart shows transition into a sideway movement with mild bearish tendency which has been maintained within the depicted price range until evident bullish pressure was applied at retesting of 1.5000 last week.

Temporary bullish breakout above the upper limit of the short-term channel pattern (the price level of 1.5170) took place last week.

Persistence above the key-support (the price zone of 1.5170-1.5200) has applied bullish pressure over the price zone of 1.5290-1.5360 (prominent Fibonacci levels and the upper limit of the depicted movement channel) where bearish rejection was applied, as anticipated.

A bearish engulfing daily candlestick was expressed at retesting of the upper limit of the daily channel on Friday. Hence, the GBP/USD pair gets back to apply bearish pressure over the previously broken key-zone (1.5170-1.5200). There is a high probability of bearish breakdown.

Trading recommendations:

SELL entries were suggested around the price zone of 1.5290-1.5360. It's running in profits now. Hence, SL should be lowered to be slightly above 1.5270.

Look for the early signs of bullish reversal around the current prices (1.5200 - 1.5170). Bullish rejection signs would indicate an upcoming bullish swing with targets further above 1.5350.

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