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Daily Forex Technicals | Written by FXtechtrade
Forex and Dow Jones Recommended Levels
EUR/USD
Today's support: - 1.3584 and 1.3553(main), where correction is possible. Break would give 1.3539, where correction also may be. Then follows 1.3512. Break of the latter would result in 1.3490. If a strong impulse, we would see 1.3466. Continuation will give 1.3429 and 1.3411.Today's resistance: - 1.3668 and 1.3694(main). Break would give 1.3719, where a correction is possible. Then goes 1.3748. Break of the latter would result in 1.3774. If a strong impulse, we'd see 1.3793. Continuation will give 1.3821.
USD/JPY
Today's support: - 89.52, 89.31, 89.10 and 88.54(main). Break would bring 88.22, where correction is possible. Then 87.94, where a correction may also happen. Break of the latter will give 87.60. If a strong impulse, we would see 87.36. Continuation would give 87.18.
Today's resistance: - 90.45(main), where a correction may happen. Break would bring 90.68, where also a correction may be. Then 90.83. If a strong impulse, we would see 91.18. Continuation will give 91.34.
DOW JONES INDEX
Today's support: - 10074.32, 10025.73, 9972.42 and 9940.36(main), where a delay and correction may happen. Break of the latter will give 9900.00, where correction also can be. Then follows 9871.82. Be there a strong impulse, we would see 9854.30. Continuation will bring 9821.41.Today's resistance: - 10174.44(main), where a delay and correction may happen. Break would bring 10198.13, where a correction may happen. Then follows 10221.20, where a delay and correction could also be. Be there a strong impulse, we'd see 10248.70. Continuation would bring 10261.03

Gordon Sees Dow Jones Average Falling to 1,000 on Debt: Video
(Bloomberg) -- Ian Gordon, president of Longwave Group's Longwave Analytics, talks with Bloomberg's Mark Crumpton and Lori Rothman about the outlook for U.S. stocks.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajrkodn4OkVA

SocGen’s Edwards Sees Euro Breakup as Feldstein Predicts Change
(Bloomberg) -- The Greek budget crisis is a symptom of imbalances that will lead to the breakup of the euro region, according to Societe Generale SA strategist Albert Edwards, and Harvard University Professor Martin Feldstein said monetary union “isn’t working” in its current form.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTuIlRl2MtUo

Emerging-Market Stock Funds Post Outflows on Greece
(Bloomberg) -- Investors pulled the most money from emerging-market equity funds in 19 months as Greece’s debt crisis escalated and the Federal Reserve laid the groundwork for exiting its record credit expansion. Outflows from emerging-market equity funds reached $2.9 billion in the week to Feb. 10, the highest since the period ended July 9, 2008, according to Cambridge, Massachusetts-based research firm EPFR Global in an e-mailed release.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abqKFblks5MU

Won, Taiwan Dollar ‘Resilient’ to Outflows, Morgan Stanley Says
(Bloomberg) -- South Korea’s won, Taiwan’s dollar and the Chinese yuan are likely to be the “most resilient” to risk aversion among Asian currencies excluding Japan, according to Morgan Stanley. Investors pulled the most money from emerging-market equity funds in 19 months in the week to Feb. 10 as Greece’s debt crisis escalated and due to concern that China’s monetary tightening will slow a global economic recovery. The outflows reached $2.9 billion, the highest amount since the period ended July 9, 2008, according to data from Cambridge, Massachusetts- based research firm EPFR Global.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adWMBqG9b.Us

Pound May Drop to 10-Month Low Against Yen: Technical Analysis
(Bloomberg) -- The British currency may fall versus the yen, extending its drop toward the lowest level in more than 10 months, Ueda Harlow Ltd. said. The pound failed to approach resistance near the conversion line of an ichimoku chart against the yen, signaling the British currency will resume a downward trend, Toshiya Yamauchi, manager of foreign-exchange margin trading at Ueda Harlow in Tokyo, said in an interview with Bloomberg News. Resistance is a level where sell orders may be clustered.

Dow Should Bottom at 9800: Market Pro
By: JeeYeon Park CNBC News Associate
Stocks fell sharply on Friday as world markets were shaken over China's recent decision to tighten capital requirements for banks. Where are markets headed from this point? Bill Spiropoulos, chief executive of CoreStates Capital Advisors, shared his insights.

http://www.cnbc.com/id/35366827

Week Ahead: Stocks 'Edgy' Over Greek Debt, Stimulus
By: Patti Domm CNBC Executive Editor
Stocks are likely to stay on edge in the coming week, with investors focused on Europe's sovereign credit woes in the short term, and a world with less government-induced stimulus in the long term. U.S. markets reopen Tuesday, after Monday's President's Day holiday. That is also the second day of meetings of Europe's finance ministers on the Greek fiscal crisis.

http://www.cnbc.com/id/35374249

How China Is Moving Dollar, Oil & Gold: Experts
By: JeeYeon Park CNBC News Associate
Markets fell sharply on Friday as world markets were rattled over China's decision to tighten capital requirements for banks. How is China’s move affecting the U.S. dollar, gold and commodities? Boris Schlossberg, director of currency research at GFT Forex, Jim Steel, chief commodities analyst at HSBC and Peter Beutel, president of Cameron Hanover shared their expertise.

http://www.cnbc.com/id/35366013

Crude Oil Weekly Technical Outlook
ONG Focus - Technical Written by Oil N' Gold
Nymex Crude Oil (CL)
Crude oil's rebound from 69.50 extended further to as high as 75.69 last week but last momentum since then. With 4 hours MACD crossed below signal line, intraday bias is turned neutral. Break of 72.60 minor support will indicate that such recovery has completed and will flip intraday bias back to the downside for 69.50 support first. Break will confirm resumption of the whole fall from 83.95 towards next key support at 68.59. On the upside, above 75.69 will turn focus to 78.04 minor resistance. Break there will argue that whole fall from 83.95 has finished and will bring stronger rebound instead.In the bigger picture, prior break of medium term trend line support added much credence to the case of reversal. Medium term rise from 33.2, which is treated as a correction to fall from 147.27, should have completed at 83.95 already, on bearish divergence condition in daily MACD. Current fall from 83.95 should extend through 68.59 support towards next key cluster level at 58.32 (50% retracement of 33.2 to 83.95 at 58.58). Decisive break there will strongly suggest that whole decline from 147.27 is resuming for a new low below 33.2. On the upside, break of 78.04 resistance is needed to confirm that fall from 83.95 has completed. Otherwise, outlook will remain bearish.In the long term picture, there is no change in the view that fall from 147.27 is part of the correction to the five wave sequence from 98 low of 10.65. While the rebound from 33.2 is strong and might continue, there is no solid evidence that suggest fall 147.27 is completed and we're still preferring the case that rebound from 33.2 is merely a corrective rise only. Having said that, strong resistance should be seen between 76.77/90.24 fibo resistance zone and bring reversal for another low below 33.2 before completing the whole correction from 147.27.

Oil Next Week
http://www.cnbc.com/id/15840232?video=1411916608&play=1

Gold Weekly Technical Outlook
ONG Focus - Technical Written by Oil N' Gold
Comex Gold (GC)
Gold's choppy recovery from 1044.5 extend further to as high as 1098.4 last week, just shy of 1100 level. Further rise cannot be ruled out, but after all, we's still expect upside to be limited below 1126.4 resistance and bring another fall to continue the whole correction from 1227.5. Below 1063.3 will flip intraday bias back to the downside first. Further break of 1044.5 will target 1000 psychological support next. In the bigger picture, gold has made a medium term top at 1227.5 and correction from there is likely still in progress to 100% projection of 1227.2 to 1075.2 from 1163 at 1010.7, which is close to 1000 psychological level. However, we'd expect such correction to be contained there at around 1000 psychological level and bring resumption of the whole up trend from 2008 low of 681. A break above 1126.4 resistance will indicate that such correction has completed and will turn outlook bullish for another high above 1227.5. However, note that sustained trading below 1000 will dampen our view and put 931.3 key structural support into focus. In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1460 level. We'll hold on to the bullish view as long as 931.3 structural support holds.

Japan’s Economy Grows Faster-Than-Anticipated 4.6%
(Bloomberg) -- Japan’s economy grew faster than economists anticipated last quarter, reducing the risk of falling back into a recession even as deflation intensifies. Gross domestic product rose at an annual 4.6 percent pace in the three months ended Dec. 31, the Cabinet Office said in Tokyo today, more than the 3.5 percent median estimate of economists surveyed. The GDP deflator, the broadest measure of prices in the economy, fell a record 3 percent.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aiX5q9LX0WVQ

China Copper Import Drop Won’t Erase Deficit, Macquarie Says
(Bloomberg) -- Declining copper imports by China, the world’s largest consumer, will be outweighed this year by purchases from other buyers as the global market moves into deficit, according to Macquarie Group Ltd. “The decline in Chinese imports of 546,000 tons we forecast this year will be more than offset by rising demand elsewhere,” Macquarie analysts including Colin Hamilton wrote in a report dated today. “The 2010 market balance is a deficit of 300,000 to 400,000 tons following last year’s surplus.”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5Xsu46xvJeU