All Markets Daily analysis and Forecast, February 17th 2014

Hello Traders,

Tonight’s video features all the 11 markets I follow for which you can review my last Newsletter (if you are not a subscriber you can receive my last 6 issues simply by subscribing; it is free, see below).

The market featured in the below video and commentary are EUR/USD, S&P500, Dollar Index, Gold, USD/JPY, EUR/JPY, GBP/JPY, GBP/USD, AUD/USD, USD/CAD & NZD/USD.

Hereunder is the commentary for the markets I follow:

EUR/USD
The Euro is enjoying a push higher on top of that areas of support starting at 1.3580 with a target 1.3730. After we get there, we will need to study the Euro price to know whether it will stop there and retrace or continue higher into teh 1.3809 second target. I do not assume that the Euro is going higher.

S&P500 emini
Nothing has changed for the S&P500 emini, on the 240min chart this market is trading well above the 1st targeta t 1,832 and into the previous highs at 1,846. If and after that we should see some profit taking and a trade back into 1,834 with the 1,831 level being an important level of failure to watch.

Dollar Index futures
This market traded lower into the second target at lows and it is now ready to trade the next sequence short at around 80.25. Notice that price is at those lows that saw participation on the upside in recent months and weeks, so additional caution is needed here. Above 80.32 the Dollar Index has the potential to move higher into the 80.70 area of resistance.

Gold emini
This market respected the next entry long identified in the sequence by the area of support starting at 1,244, never moving be 1,263 level (stoploss). Price was propelled higher into the first target (1,291) and well above the second target (1,315) into an area of daily shorts starting at 1,307. I am now anticipating a retracement into the next level in the sequence at 1,303 before a continuation higher is possible. Below 1,295 a correction all the way into 1,255 cannot be excluded.

USD/JPY

The 101.50 area of support we have been following for the last month or so,saw confirmed participation again today. Current participation is asserting higher prices at 107.30 and then eventually 108.30, first target of the weekly long at 94, identified back in June last year. Confirmation to come with price above 103.63.

EUR/JPY

This market has been reacting, in the last few days, to the support area at 136.65 which is an extension higher for a continuation into first target at 149.94. Price is approaching 140.94 area of resistance on the daily chart. Above 142.07 the new target will be confirmed.

GBP/JPY
This market confirmed on Monday, February 17th the targets above at 179 (1st target) which corresponds to the area of support at 165.78 which was identified with a few weeks in advance. Congratulations to those who took the long trade.

GBP/USD
This market reached the second target at 1.6780 of that daily extension long with support around 1.5840 that traded at the beginning of November 2013. For this reason  we will hardly witness higher prices from here. Price is ready for a retracement due to Program Trading taking profits here to push price into the next level of long support (and entry) at 1.6540, with a stop below 1.6473.

AUD/USD
This market is still in a continuation higher and the current support area, starting at 0.8946 (with a stop below 0.8916) has first target at 0.9140. The move short, potentially into the 0.8869 (at least) would resume below 0.8916 failure level.

USD/CAD
We recently witnessed price retrace to the all the way half way short twice. The last retracement higher was at that 1.1090 area with 1st targets below at that 1.0910 area of support, visible on the daily chart.

NDZ/USD
This market failed failed the sequence of extensions higher when price pierced the 0.8298 level on the downside. In fact, price went just higher into the 0.8390 area of first target and then saw profit taking from Program Trading. The two areas to watch are the 0.8320 support and, below 0.8306 (high probability) the next area of support is 0.8260 and then 0.8221. Where the sequence of measured moves lower in the 240min stops, there will be the support for a continuation higher. On the daily chart target is at0.8740 area.

Notice that price projections in my method are not from/to random levels and do not follow Elliot Wave, DiNapoli levels or other methods, but rather a proprietary method based on modeling effects of Program and Algorithmic Trading on price.

My method helps “level plain” the trading game showing what banks, institutions and big hedge funds are actually doing (and not what they are saying they are doing). Follow me to learn how to spot the Algorithmic Trading footprints.

I send a free Newsletter in the weekend and provide updates throughout the week. The newsletter typically includes 3 video reviews for (1) EUR/USD, Dollar Index, S&P500 emini and Gold emini; (2) the Japanese Yen majors, i.e. USD/JPY, EUR/JPY and GBP/JPY; (3) the other majors: GBP/USD, AUD/USD, USD/CAD. Please, register here to receive the free weekly newsletter.

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Have a great evening.

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Filed under Dollar Index, English language, Euro FX analysis and trade setups videos, Forex, Futures, S&P mini futures setups and trades, Trading Plan

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