Technical analysis and trading recommendations on GBP/USD for February 05, 2015 Market Analysis Review

The cable closed with marginal gains at yesterday's session. The UK services PMI surged in January. The UK service sector started 2015 with a strong note. The index rose to 57.2 in January from a 17-month low in December which stands at 55.8. But on the other hand, the US dollar gained ground affected by the strong US economic data. Private sector employment increased by 213,000 jobs from December to January. The cable managed to breach above the descending trend line on the daily chart on an intraday basis, but was unable to close above it. Today, again the pair is facing resistance on the same descending trend line. The cable has a parallel resistance at 1.5270. Bulls can challenge, if the prices break above the trend line and close above it. We recommend fresh buying above 1.5270 with the targets at 1.5320 and 1.5400. On the down side, the pair has support at 1.5125, 20Dsma. The hourly support levels are set at 1.5165, 1.5150, and 1.5100. Risky trades can sell below 1.5165 with the targets at 1.5140, 1.5125, and 1.5100. The panic will be triggered below 1.5100. Today, the focus has shifted to the Bank of England monetary policy statement. We expect the BoE to hold its benchmark interest rate at 0.50%. On the US front, the unemployment data is the key driving factor of this pair. Ahead of BOE monetary policy statement, the cable is trading in a negative bias.

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Forecast of EUR/USD for February 05, 2015 Market Analysis Review

The ECB added pressure on the Greek government at yesterday's meeting. The ECB decided to lift the waiver affecting marketable debt instruments issued or fully guaranteed by the Hellenic Republic. It is withdrawing a key borrowing option for the countries' banks. At yesterday's session, the pair lost approx 140 pips. On the other hand, the US dollar gained ground by the strong US economic data. Private sector employment increased by 213,000 jobs from December to January. Today, the pair opened on a bearish note, but is trading above 1.1300. The prices are closed and trading below the hourly moving averages. On the h4-chart, the pair is trading next to the trend line. The pair has resistance at 1.1355, 1.1372, and 1.1400. We recommend fresh selling below 1.1280 with the targets at 1.1260, 1.1225, 1.1200, and 1.1185. We recommend fresh buying only above 1.1400. Today, the focus has shifted to the unemployment data in the US. The pair still favours every rise to sell. The weekly resistance exists at 1.1560. Until the price closes above it, the weekly trading pattern is framed between 1.1098 and 1.1560 levels. As of now, the monthly resistance exists at 1.2000 or 50Dsma. The short-term trend will chance only if the price closes above it, until then use every rise to sell.

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Technical Analysis of Gold for February 05, 2015 Market Analysis Review

The metal took support from $1,255.00 and managed to close above 20Dsma. Today, at the early Asian session, the metal is trading in an upwards bias. The prices have been making lower highs formation. It has been moving in a symmetric triangle. The height of the triangle is $55.00. The 61.8 fib level $1,286 is acting as a key level to watch. Bulls can challenge $1,297.00, $1,303.00, and $1,307.00 if the prices close above 1286. On the down side, $1,249.50 is acting as a strong support level. We recommend strong selling only below it with the targets at $1,239.00 and $1,220.00. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers will acquire gold. The focus has shifted to today's US unemployment data. After the US non-farm payroll had turned out to be below expectations, the metal climbed from lower levels.

Resistance: $1,286.00, $1,297.50, $1,303.00.

Support: $1,255.00, $1,249.50, $1,239.00.

Buying above $1286.00.

Selling below $1,266.00.

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Technical analysis of EUR/USD for February 05, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as French 10-y Bond Auction, Retail PMI, German Factory Orders m/m. Besides, the US will release several economic reports such as the Natural Gas Storage, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, Trade Balance, and Challenger Job Cuts y/y. So, amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1382.

Strong Resistance:1.1375.

Original Resistance: 1.1364.

Inner Sell Area: 1.1353.

Target Inner Area: 1.1326.

Inner Buy Area: 1.1299.

Original Support: 1.1288.

Strong Support: 1.1277.

Breakout SELL Level: 1.1270.





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Technical analysis of USD/JPY for February 05, 2015 Market Analysis Review

In Asia, Japan will release the 30-y Bond Auction. Besides, the US will release several economic reports such as Natural Gas Storage, Prelim Unit Labor Costs q/q, Prelim Nonfarm Productivity q/q, Unemployment Claims, Trade Balance, and Challenger Job Cuts y/y. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.


TODAY TECHNICAL LEVELS:

Resistance. 3: 117.96.

Resistance. 2: 117.73.

Resistance. 1: 117.50.

Support. 1: 117.22.

Support. 2: 116.99.

Support. 3: 116.76.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Daily analysis of USDX for February 05, 2015 Market Analysis Review

The USDX performed a false breakout at the support level of 94.18. Currently, the instrument is trying to reach the resistance level of 95.45. That target is quite reachable, as the USDX formed a bearish divergence on oscillators like the RSI on the daily chart, the price action also proves it. Currently, the 200 SMA is still bullish.

On the H1 chart, we can see that the USDX recovered from low levels next to the 93.00 psycological zone. Now, the instrument is making a strong bullish momentum above the 200 SMA and the support level of 94.38. Two pivot points on the dowside were formed in order to favor the bullish price action of the USDX from an intraday outlook.

Daily chart's resistance levels: 95.45 / 96.87

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.69 / 94.90

H1 chart's support levels: 94.38 / 93.94

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.69, take profit is at 94.90, and stop loss is at 94.48.

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Daily analysis of GBP/USD for February 05, 2015 Market Analysis Review

Bulls continue pushing the GBP/USD pair up on the daily chart, because the pair reached the resistance level of 1.5247. The odds are very high in the way that the GBP/USD pair could perform a breakout at that level with a target placed on the upside road at 1.5491. Besides, the support zone of 1.5025 has concentrated strong bullish force last weeks.

On the H1 chart, the GBP/USD pair got in touch with the resistance level of 1.5249, which is a new monthly high level. Now, the pair retraced below the level of 1.5211 to continue forming a bullish pattern. If the GBP/USD pair makes a breakout in that zone, it would be expected to reach the resistance level of 1.5249. At the moment, bulls are getting stronger, because the 200 SMA is pointing upwards.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5211 / 1.5249

H1 chart's support levels: 1.5161 / 1.5110

Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5211, take profit is at 1.5249, and stop loss is at 1.5172.

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