EUR/USD Down On Weak French And German GDP ,Feb 15 2013

Daily Forex Technicals | Written by ZIFX.com | Feb 15 13 05:43 GMT

EUR/USD Down On Weak French And German GDP

EUR/USD Open 1.3349 High 1.3456 Low 1.3314 Close 1.3358

On Thursday Euro/Dollar decreased with 140 pips. The European currency depreciated from 1.3456 to 1.3314 yesterday, matching the negative money flow sentiment at almost -17%, closing the day at 1.3358. This morning the Euro is trading quietly, with movements at the lower end of yesterday's range for now.

On the 1 hour chart the upward channel has turned into range trading, while on the 3 hour chart the upward channel is on hold. Break above the nearest resistance and yesterday's top at 1.3456 may trigger further strengthening of the Euro. Going bellow yesterday's bottom and first support at 1.3314, however, would confirm continuation of the bearish trend, towards next objective downwards 1.3200.

Today's focus is on EU Trade balance, US NY Fed Empire State manufacturing index, TICS net flows, Industrial production, Capacity utilization, and Michigan sentiment index, at 6:30, 7, 9, 10, and 13:30 GMT respectively.

Quotes are moving bellow the 20 and 50 EMA on the 1 hour chart, indicating bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and quiet too, while CCI has crossed down the 100 line on the 1 hour chart, giving over all light short signals.

Technical resistance levels: 1.3456 1.3572 1.3700
Technical support levels: 1.3314 1.3200 1.3078

The Daily Wave Analysis Feb 15 2013

Daily Forex Technicals | Written by Admiral Markets | Feb 15 13 02:46 GMT

The Daily Wave Analysis

Currency pair USD/CHF

Presumably, the Impulse (v) of [a] is forming . If this assumption is correct, in the course of the formation development we can expect further upward price movement.

Currency pair EUR/USD

Presumably, the Impulse [v] of A is forming . If this assumption is correct, in the course of the formation development we can expect further downward price movement.

Currency pair GBP/USD

Presumably, the Impulse [5] of c of (x) is forming . If this assumption is correct, in the course of the formation development we can expect futher downward price movement.

Currency pair USD/JPY

Presumably, the correctional wave [4] of v is close to completion . If this assumption is correct, after its completion we can expect an upward price movement in line with wave formation [5] of v.

EUR/USD Forecast February 15, 2013, Technical Analysis

The EUR/USD pair fell during the session on Thursday, triggering the sell signal from the shooting star on Wednesday. However, by the end of the day we did see a little bit of a bounce to confirm that there was definitely noise right around the 1.33 area. We still believe that this market will continue to go higher over the longer term, but a pullback seems to be in the works, and this of course makes sense as the G20 meetings loom and traders worry about any type of statement.

The 1.35 level will continue to be resistant, but we think that the market looks like it wants to go down rather than up for the short term. However, we see so much noise below that it’s just simply a much easier trade to buy vanities to sell on signs of support. With this being the case, we begin the look at various levels for support in order to go along of this market. We feel the 1.33 is a likely candidate, just as the 1.32 level is. Also, if we managed to fall significantly, 1.30 would make an excellent place to start going long in this market.

Going forward, this pair will be a dogfight between two central banks are trying to devalue the currency. In one corner, you will have the challenger, the European Central Bank and in the other you will have the champion of currency devaluation the Federal Reserve. While the Europeans will certainly do things to scare the buyers of the Euro from time to time, the ECB is way out of its league when it comes to fighting the Federal Reserve.

Ultimately, the Euro should continue much higher, but we are looking for some type of supportive candle in which start buying at this point. We think that the market will eventually reach the 1.50 level based upon the inverted head and shoulders the got broken recently, but we may have been of messiness to contend with in the short term. As far as selling is concerned, we simply won’t do it just because there is so much between here and 1.30 that could cause problems.

Credit : FX Empire Analyst - Christopher Lewis

Forex Market Commentary: EURUSD Approaching Key Support, XAUUSD Update, 14th February 2013

Daily Forex Trading Commentary by Nial Fuller 

Trading Setups / Chart in Focus:

EURUSD – Euro/dollar approaching key support area

The EURUSD moved lower today from a pin bar that formed yesterday. However, the underlying trend is still up in this market, and as it approaches the key support area around 1.3300 – 1.3270 we can keep our eyes peeled for a price action buy signal. Note how many times this support near 1.3270 has been hit and that’s it held strong recently; this means the level is clearly strong and significant. Thus, if we see price move into this support and form a 4 hour long-tailed pin bar or a daily chart pin bar reversal, we would then consider a long entry that could potentially lead to a nice 200 pip move to the upside. Alternatively, if no rejection of support or buy signal forms near 1.3300 – 1.3270, and the market closes decisively below 1.3270, we have to consider that the dynamics in this market might be changing.

XAUUSD – Spot Gold continues lower from fakey, sell-side still in play

The spot Gold Market continued moving lower today and we can see it’s fallen significantly lower now from the fakey strategy that we first discussed in our February 5th commentary. At this point, we are mainly interested in the sell-side as we can see this market has been very weak recently. Keep an eye out for price action sell signals at the near-term resistance around the 21 day EMA and $1650.00 – $1660.00 area if price rotates higher in the near-term.