EUR failed several times to progress above 1.3775 and yesterday finally dropped below 1.3720 support which was so important for the bulls. Then the pair bottomed at 1.3661 and this morning returned some of the yesterday's losses, currently trading near 1.3690. The downside move wasn't big enough to destroy the Weekly bullish outlook, and 100 pips daily volatility is something quite normal. So i look at this like a correction move, and the upside may be fully restored above 1.3730, setting the target to 1.3830. Plenty of economic data will be released today and it is again in favor of the EUR, so we have another chance to return and progress well above 1.3700. To confirm the downside direction we need to break the strong support zone 1.3670-80. Then next target will be at 1.3620 and 1.3590.

GOLD faced some profit taking on better than expected US data and my SHORT positin hit all targets reaching 1322. The metal has found support there as expected and this morning is trying to progress above 1328 again (this was our previous resistance) for now still unsuccessful. GOLD is bullish at the moment however some better US data will encourage more profit taking here and the price may drop below 1322. Situation here is quite difficult at the moment and i prefer to stay away for now.

NZD downside was stopped by the 0.8280 intermediate support and the price eved did not reach 0.8260 main support level. We are now at the 0.8320  resistance and breaking above should restore the upside move. But i think the upside will be limited by the next resistance at 0.8360, where anotehr donside move will start as the pair is in a continuous consolidation and moving inside a huge downside channel which can be clearly seen on Weekly frame.

AUD has almost reached the 0.8900-10 main support and Daily Seknou Span A price. I expect here the price to continue to move along the Span A price and this may continue to 0.8870. I would try enter long above 0.8870 with a tight SL. Of course the price can bounce from the main support level at 0.8910 too. We have to watch the process here, for now the pair is bearsih.

JPY doesn't change at all, a terrible consolidation here has made all my indicators flat - i'm out here, waiting for the pair to choose a direction. 

GBP has dropped to 1.6621 but the downside was quite slow and because of this the price returned back to 1.6680 this morning where all has started yesterday. Seems that the pair is facing strong resistance here at 1.6680 and all upside attempts end somewhere ahead of 1.6720, then we return back to the safety of 1.6680. Breaking below 1.6645 will make another 100 pips downside to 1.6545, but we have a strong support around 1.6500 too. So it is better to take profit from SHORT around there. To make a fresh top we need at least a Daily close above 1.6725 and i don't see this to happen for now.

For today: 

LONG EUR above 1.3670 SL 1.3660 TP 1.3715-1.3730-1.3750-1.3785-1.3805-1.3825

SHORT EUR below 1.3720 SL 1.3730 TP 1.3670-1.3620-1.3600-1.3590-1.3540

SHORT GOLD below 1320 SL 1324 TP 1312-1308-1303

LONG GOLD above 1322 SL 1318 TP 1328-1336-1342-1348

Good luck!

Views: 732

Tags: AUD, EUR, GBP, GOLD, JPY, NZD, USD

Comment by Johnny on February 27, 2014 at 6:16am
Early morning readings. Thank you V. Great job.
Comment by Daologic on February 27, 2014 at 6:32am

Yes, good analysis!

Comment by Turjo on February 27, 2014 at 6:36am

Thanks a Lot

Comment by mohamed on February 27, 2014 at 6:59am

waiting  for this analysis everyday

thank you .

Comment by momochi on February 27, 2014 at 11:50am

AU- watching the acitivity after the bad news yesterday suggests the bull is still there

Comment by Samuel R on February 27, 2014 at 4:59pm

Good EU analysis Sir M:-)

Went long at 1.3677, TP 1.3713

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