Technical Analysis from www.Instaforex.com

[BudakFx]

GBP/USD:





The bullish effort on the cable has really paid off. The price is above the EMA 11, which is, in its turn, above the EMA 56. The RSI period 14 is above the level of 50 meaning that the price is expected to go further northwards. The price has already moved upwards by 500 pips (since the low of Friday, January 29, 2016). There could be some pullbacks along the way, but the bullish journey is expected to continue

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[BudakFx]

USD/JPY:





This currency trading instrument has plunged by 420 pips this week ending the bullish signal we witnessed last Friday. In fact, the price is now below the EMA 56, as the RSI period 14 is below the level of 50. Since the price has gone below the supply levels of 119.50, 119.00, and 118.50, it is rational to assume that the demand levels of 117.00 and 116.50 would be tested soon.

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[BudakFx]

EUR/JPY:





In spite of the fact that JPY is currently flexing some muscles, this cross has not fallen sharply. One reason behind this is the strength in the euro itself, which might force the cross to go up in case the bullishness holds out. That is one thing that could act as a catalyst for this cross to become bullish, for the uptrend is not completely over in spite of the ongoing threat against it.

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[BudakFx]

EUR/USD:





Owing to the surprising and unexpected stamina in the USD, this pair rose upward by over 400 pips last week. In the 4-hour chart, the EMA 11 is above the EMA 56, while the Williams' % Range period 20 is not far from the overbought region. Even the bearish correction witnessed last Friday was merely a sale in the context of a downtrend, for the price might turn further upwards targeting the resistance lines at 1.1250 and 1.1300

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[BudakFx]

USD/CHF:









From a high attained on January 29, 2016, the USD/CHF pair dropped by 500 pips, testing the support level of 0.9900 last week. This price action has resulted in a Bearish Confirmation Pattern in the chart, which might enable the price to reach the support levels of 0.9850 and 0.9800 this week.

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[BudakFx]

GBP/USD:






From a low reached on Friday, January 29, 2016, this currency trading instrument moved upwards by 500 pips, testing the distribution territory of 1.4650. However, the price came down by 200 pips on February 5, 2016, underlining the precarious nature of the GBP. While the GBP is strong against the USD, it is weak against other currencies (GBP/CHF, GBPCAD, etc.), since the outlook on GBP pairs remains bearish for the month of February. A further southward movement of 200 pips could put an end to the extant bullish bias.

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[BudakFx]

USD/JPY:






The USD/JPY pair dropped by roughly 500 pips last week testing the demand level of 116.50. A massive drop was partly due to the perceived weakness in USD, and bearish movement might continue this week targeting the demand levels of 116.00 and 115.50. Amid this, long trades are not recommended until bulls regains control in the market.

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[BudakFx]

EUR/JPY:





Unlike most other JPY pairs, the EUR/JPY pair has not moved significantly down. In fact, the bias is bullish in the cross as long as the EUR is strong. The outlook for JPY pairs is bullish for this month, and therefore weak JPY pairs such as GBP/JPY, AUD/JPY and NZD/JPY might also end their southward journeys and move upwards (this week or next week). EUR/JPY might go further upwards and pare its last week's the losses.

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[BudakFx]

Technical analysis of USD/JPY for February 08, 2016 2016-02-08 5/5




USD/JPY is expected to trade with a bearish bias as the key resistance is seen at 117.55. Last Friday, the US stock indices slid as the January jobs report came in weaker than the forecast (+151K vs +185K expected, jobless rate down to an 8-year low of 4.9%, December number revised downward to +262K from +292K). Technology shares experienced a sell-off. The Dow Jones Industrial Average dropped 1.3% to 16204, the S&P 500 fell 1.9% to 1880, while the Nasdaq Composite slumped 3.3% to 4363. Nymex crude oil declined further by 2.6% to $30.89 a barrel, while gold gained another 1.6% to $1173 an ounce. Amid strong demand for haven assets the benchmark 10-year Treasury yield fell to a 10-month low of 1.846% from 1.864% on Thursday. Meanwhile, the US dollar rebounded against other most major currencies. EUR/USD dropped 0.5% to 1.1156 and GBP/USD declined 0.6% to 1.4500. At the same time, commodity-linked currencies gave back most of their gains made at the previous two sessions, with USD/CAD rising 1.2% to 1.3913, AUD/USD plunging 1.9% to 0.7062 and NZD/USD being down 1.4% to 0.6627.The pair has maintained a bearish bias after failing to advance further above the level of 117.55. Currently, it is capped by the key resistance at 117.55. The 20-period moving average has crossed below the 50-period one and the relative strength index is below the neutrality level of 50, signaling the persistence of the bearish bias. If the key resistance at 117.50 is not surpassed, the pair should fall toward the first downside target at 116.30. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 116.30. A break of that target will move the pair further downwards to 116. The pivot point stands at 117.55. 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, long positions are recommended with the first target at 117.80 and the second target at 118.25. Resistance levels: 117.80, 118.25, 118.60 Support levels: 116.30, 116, 115.75 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2016

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[BudakFx]

Technical analysis of NZD/USD for February 08, 2016 2016-02-08 0/5




NZD/USD is under pressure now and is expected to trade with a bearish bias. The pair keeps testing the first downside target at 0.6600 after its plunge seen on Friday's night. Currently, the bearish bias is maintained by the descending 20- and 50-period moving averages. The relative strength index, while pointing up, still stays below the neutrality level of 50. A breakout below the level of 0.6600 would trigger a further decline toward the next support level of 0.6570. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6600. A break of that target will move the pair further downwards to 0.6570. The pivot point stands at 0.6680. 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, long positions are recommended with the first target at 0.6720 and the second target at 0.6750. Resistance levels: 0.6720, 0.6750, 0.6775 Support levels: 0.6600, 0.6570, 0.6555 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2016

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