Intraday technical levels and trading recommendations for EUR/USD for March 9, 2015

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The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.


The EUR/USD pair has lost almost 140 pips since the beginning of 2015. The EUR/USD pair is pushing towards a new twelve-years low under 1.0900.


Theoretical long-term bearish targets would be located near 0.9450, especially after two bearish MONTHLY closures below 1.2000 (January and February's candlesticks).


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A bearish Flag pattern was established on the daily chart. DAILY fixation below the price level of 1.1260 (minor consolidation range) confirmed that bearish pattern.


Last week, evident bearish price action was expressed at the price level of 1.1110 (WEEKLY Low).


Obvious bearish breakdown directly exposed lower targets initially around 1.0800.


In case of bearish persistence below 1.1100 (broken weekly low), projection targets for the FLAG pattern would be located around 1.0800 ( already reached ) and 1.0500 ( yet to come ).


On the other hand, conservative traders can wait for a bullish pullback towards 1.1100 (nearest SUPPLY LEVEL) for a low-risk SELL position with Stop loss to be located above 1.1130.


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Technical analysis of GBP/JPY for March 09, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias after hitting a six-week low of 130.71 on EBS this morning. GBP/JPY is undermined by the flows to the safe-haven yen amid increased investor risk aversion, the soft EUR/USD undertone and Japan's exports. The losses of GBP/JPY are tempered by demand from the Japanese importers.


Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels. Five-day moving average is below 15-day moving average and is declining.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 183.65. A break of that target will move the pair further downwards to 184.05. The pivot point stands at 183.20. 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, a long position is recommended with the first target at 182.10 and the second target at 181.45.


Resistance levels:

183.65

184.05

184.40

Support levels:
182.10

181.45

181.15


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Intraday technical levels and trading recommendations for GBP/USD for March 9, 2015

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A bearish breakout below 1.5550 (WEEKLY SUPPLY) directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960 where the market has established another consolidation zone, which extended up to the price levels of 1.5280.


Few weeks ago, the ongoing bearish trend was terminated when bullish breakout above 1.5200 took place, as depicted on the chart. The GBP/USD pair has been trending upwards within the depicted bullish channel.


Significant bearish pressure was applied around 1.5550 resulting in formation of multiple bearish engulfing daily candlesticks without further retesting of 1.5600.


DEMAND level located around 1.5200-1.5230 was breached last week indicating a strong bearish tendency of the market. It's now expected to act as a SUPPLY level at retesting.


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Bulls failed to defend their DEMAND zone of 1.5170-1.5220, especially after the obvious bearish engulfing candlestick that occurred last Monday.


As expected, bearish breakdown of 1.5170 allowed a quick bearish decline towards 1.5080 and 1.5040 to take place shortly after.


Conservative traders should wait for a bullish pullback towards the price zone of 1.5170-1.5200 for a valid SELL entry at retesting.


Stop Loss should be located above 1.5230 (previous SUPPLY level).


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EUR/NZD analysis for March 09, 2015

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Overview:


In our last analysis EUR/NZD was trading upwards. The price has tested the level of 1.4794. According to the 4H time frame, I have placed Fibonacci expansion to find potential resistance levels and have got Fibonacci expansion 61.8% at the price of 1.4760 (currently on the test), Fibonaci expansion 100% at the price of 1.4860 and Fibonacci expansion 161.8% at the price of 1.5020. Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers. My advice is to watch for potential buying opportunities after retracement.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4762


R2: 1.4809


R3: 1.4885


Support levels:


S1: 1.4610


S2: 1.4563


S3: 1.4487


Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).


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Gold analysis for March 09, 2015

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Overview :


Since our last analysis, gold has been trading downwards. The price has tested the level of $1,163.63 in an ultra high volume (selling climax), according to the daily time frame. Our major Fibonacci retracement 61.8% at the price of $1,197.00 got broken. The price rejected from the support level of $1,167.00. According to the H4 time frame, we can observe demand in a volume below the average. Be very careful when selling gold at this stage since we may see a potential absorption volume. Any larger reaction from buyers may cofnrim further bullish phase. We have the first resistance around the price of $1,190.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,175.04


R2: 1,175.97


R3: 1,177.54


Support levels :


S1: 1,172.54


S2: 1,170.90


S3: 1,170.04


Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).




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Daily analysis of USDX for March 09, 2015

The USDX is still very bullish and is trying to stay alive in this bias during considerable time. The nearest resistance is located at the level of 98.01, where we could expect more pullbacks on this instrument. We cannot forget the fact that the USDX could start to form another bullish pattern because the USDX is reaching overbought levels.


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The intraday outlook remains bullish as the USDX is forming a higher high pattern above the support level of 96.85. We can already see fractal formations near the resistance level of 97.93. If that zone is reached to the upside in the short term, the USDX could test the resistance level of 99.13. The MACD indicator is still on negative territory.


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Daily chart's resistance levels: 98.01 / 99.19


Dailychart's support levels: 96.96 / 95.45


H1 chart's resistance levels: 97.93 / 99.13


H1 chart's support levels: 96.85 / 96.08






Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 97.93, take profit is at 99.13, and stop loss is at 96.72.


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Daily analysis of GBP/USD for March 09, 2015

During the last week we saw very bearish trend of the GBP/USD pair, but now the pair has found strong support at the level of 1.5086 on the daily chart. Currrently, we could expect a retracement to the resistance level of 1.5247, but the current bias is very likely to go downside. Also, the GBP/USD pair could start to form another bearish pattern.


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On the H1 chart, the GBP/USD pair is making a bullish retracement above the support level of 1.5097. This recovery is rather usual for this pair as the bearish momentum during the last Friday was very strong. By the way, the level of 1.5097 could be tested again and the GBP/USD pair could fall more and even reach new lows during this weak.


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Daily chart's resistance levels: 1.5247 / 1.5364


Dailychart's support levels: 1.5086 / 1.4948


H1 chart's resistance levels: 1.5162 / 1.5221


H1 chart's support levels: 1.5097 / 1.5028






Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5097, take profit is at 1.5028, and stop loss is at 1.5163.


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Technical analysis of EUR/JPY for March 9, 2015

General overview for 09/03/2015 11:30 CET


There are two Elliott wave counts possible on this market, but due to the recent wave development the outlook is still not very clear:


- The alternative count I indicates that the complex corrective structure labeled as wave X brown might have bottomed at the level of 130.69 and the next leg upward might be underway. To confirm this count, the price must break out above the level of 133.50 and higher.


- The alternative count II indicates a completion of the wave 4 blue in shape of a WXYXXZ complex corrective triple-three structure at the level of 135.87 and now the market is unfolding wave 5 blue to the downside.


Please, keep an eye on the price action on this market as there are too many chart interpretations available at the moment and market can break out higher/lower at any given time. Patience is required.


Support/Resistance:


130.53 - WS3


130.69 - Intraday Support


131.81 - Intraday Resistance


131.96 - WS2


132.77 - WS1


134.32 - Weekly Pivot


Trading recommendations:


Traders should observe the market, wait for a clear price behavior and refrain from trading for now.


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Technical analysis of USD/CAD for March 9, 2015

General overview for 09/03/2015 10:00 CET


As we anticipated last week, the corrective cycle in wave 4 looks like it is completed and the market is trying to develop the first impulsive wave to the upside. According to the Elliott wave rules, there are two important levels to keep an eye on: small internal impulsive cycle invalidation line at the level of 1.2517 and larger impulsive cycle invalidation line at the level of 1.2386. Any breakout below the last line invalidates the impulsive wave progression. The target for wave v blue is the supply zone between the levels of 1.2658 - 1.2692.


Support/Resistance:


1.2658 - 1.2692 - Supply Zone


1.2626 - Intraday Resistance


1.2564 - Intraday Support


1.2517 - Invalidation Level


1.2506 - Weekly Pivot


1.2493 - WS1


Trading recommendations:


All buy orders advised last week should now be well in profit and the SL might be now placed below the level of 1.2517. TP orders should be placed at the level of 1.2658.


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#USDX technical analysis for March 9, 2015

The Dollar index made a new higher high on Friday and has approached even closer to our short-term target at 98. Our longer-term target remains at 100-101. The Dollar index is showing some signs of a possible pull back towards 97 but longer-term trend remains clearly bullish.


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Purple line= support


The Dollar index is above the Ichimoku cloud and above a short-term support of the tenkan-sen at 97.06. The kijun-sen support is at 96.45. Resistance is at recent highs of 97.85. The short-term trend remains bullish as long as the price is above the purple trend line support.


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The monthly chart of the Dollar index puts us back into perspective regarding our longer-term target of 100-101. Price has broken the 50% retracement and is heading towards the 61.8% retracement. Trend remains fully bullish.


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Gold wave analysis for March 9, 2015

It is very possible that gold price have completed 5 waves down from $1,307 and we should not be surprised to see a strong bounce towards $1,216 at least. The longer-term trend remains bearish. The short-term is showing the signs of a bullish reversal but only as a part of a corrective wave before the downtrend resumes.


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Gold price broke below the support of $1,190 last week and pushed towards $1,160. Prices are bouncing higher now and the short-term resistance is found at $1,182. Important short-term resistance is found at $1,200.


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Gold price, as shown on the weekly chart above, has most probably finished the impulsive decline from $1,307. We should now expect a three wave bounce towards at least the 38% retracement.


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Technical analysis of EUR/JPY for March 09, 2015


Technical outlook and chart setups:


The EUR/JPY pair dropped lower and re-tested its earlier lows (attempting for a higher low) at 130.85 levels as seen here. The earlier lows at 130.10/20 levels remains intact for now. It is recommended to hold long positions taken earlier, with risk at the level of 130.00. Bulls are expected to take control back till prices remain above the level of 130.10 . Immediate support is seen at the level of 130.10, while resistance is seen at 136.00, followed by 137.50/138.00, 140.26, and higher respectively. Please note that the current drop from 136.00 to 130.85 could still be treated as wave 2 within the 3 wave corrective rally.


Trading recommendations:


Remain long for now, stop at 130.00 target 140.30 and 142.30.


Good luck!




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Technical analysis of GBP/CHF for March 09, 2015


Technical outlook and chart setups:


The GBP/CHF pair dropped to 1.4760 levels and bounced off the fibonacci 0.50 support of the rally between 1.4656 and 1.4870 levels. It was recommended to initiate long positions around 1.4730 levels, however, the pair turned earlier. One could remain flat for now and look for another dip to go long. The immediate upside is seen at 1.5000 and 1.5150 respectively. Bulls are poised to remain in control until prices stay above 1.4656 levels. Immediate support is seen at 1.4656, followed by 1.4580, 1.4412, and lower while resistance is seen at 1.5000, followed by 1.5150 and higher respectively.


Trading recommendations:


Remain flat for now. Look to initiate long positions at 1.4730, stop at 1.4650


Good luck!




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Technical analysis of Silver for March 09, 2015


Technical outlook and chart setups:


Silver dropped lower into $15.75 levels last Friday, breaking interim support at $16.00. The metal has been holding major support at $15.50 levels for now, which is encouraging for bulls. It is still recommended to remain long with risk at $15.50 levels. Please note that prices are stalling within the fibonacci 0.618 support of the rally between sub $14.00 levels and $18.50 respectively. A bullish bounce here could still keep the upswing intact and look higher towards $20.00/21.00 levels at the coming sessions. Immediate support is at $15.50, followed by sub $14.00 levels while resistance is seen at $16.90, followed by $17.50, $18.50, and higher respectively.


Trading recommendations:


Remain long for now, stop at $15.50, target is open.


Good luck!




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Technical analysis of Gold for March 09, 2015


Technical outlook and chart setups:


Gold had dropped to $1,163.00 levels last week, taking our stops out at $1,170.00 levels. The metal has hit the back side of resistance trend line which should now act as support, as depicted here on the daily chart view. Longs are still preferred against $1,130.00 lows from current price at $1,173.00 levels. Please also note that the drop had stalled at fibonacci 0.786 support of the entire rally between $1,130.00 and $1,309.00 levels earlier. A bullish bounce at current levels could would keep the uptrend in place and the structure intact. Support is seen at $1,146.00 followed by $1,130.00 while resistance is seen at $1,220.00, followed by $1,280.00 and higher respectively.


Trading recommendations:


Initiate fresh long positions at $1,173.00 levels, stop at $1,130.00, a target is open.


Good luck!




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Technical analysis of Gold for March 09, 2015

Total nonfarm payroll employment increased by 295,000 in February, and the unemployment rate edged down to 5.5 percent, the U.S. Bureau of Labor Statistics reported Friday. The stronger US data punched the yellow metal prices to a 2-month low. After the QE launch by the ECB, the yellow metal fell below $1,200.00 and closed below it. Previously, we pointed the trend change. The metal fell below $1,200.00 thrice and managed to close above it. It's a good sign to recover. The metal made a high at $1,222.00 from a low at $1,190.00. Now, this view has been erased. We recommend selling below $1,195.00 with targets at $1,190.00 and $1,185.00. A daily close below $1,185.00 leads to $1,179.00, $1,170.00, $1,167.00, and $1,150.00 in the near term. The price made a low at 1163.50. Until prices close below $1,200.00, bears have the upper hand. The intraday support is found at $1,163.00 and resistance is seen at $1,204.50 and $1,209.00. The weekly resistance is set between $1,172.00.


Resistance: $1,172.00, $1,179.10, $1,187.00.


Support: $1,163.00, $1,155.00, $1,150.00.


Trade: selling below $1,163.00.


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Technical analysis of EUR/USD for March 09, 2015

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When the European market opens, economic data on the results of the Eurogroup meetings, Sentix Investor Confidence, the German trade balance will be released. The US is expected to release economic data about canges in labor market conditions m/m so EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0896.

Strong Resistance:1.0890.

Original Resistance: 1.0879.

Inner Sell Area: 1.10868.

Target Inner Area: 1.0843

Inner Buy Area: 1.0818.

Original Support: 1.0807.

Strong Support: 1.0796.

Breakout SELL Level: 1.0790.





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Technical analysis of USD/JPY for March 09, 2015

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In Asia, Japan will release data on economy watchers sentiment, the final GDP price index y/y, bank lending y/y, the final GDP q/q, and the current account. The US will release economic data about Labor Market Conditions Index m/m. So, there is a stromg probability that the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.41.

Resistance. 2: 121.17.

Resistance. 1: 120.94.

Support. 1: 120.65.

Support. 2: 120.42.

Support. 3: 120.18.





Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com

Weekly technical levels for EUR/USD for March 9-13, 2015

The weekly technical levels for EUR/USD pair:


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Overview :



  • The EUR/USD pair had a large range of 401 pips last week and that seems significant compared with worth of this pair. According to previous events, we can expect a wider range this week too. This week, the first resistance to the EUR/USD pair is likely to be set at the weekly pivot point of 1.0974; for that it will probably start from the price of 1.0974 in order to continue falling towards the strong support level. Additionally, volatility has been calculated and found at 1.0810, 1.0750, and 1.0707. Therefore, the market indicates higher volatility this week. Close relation between volatility and market movements should be noted.

  • However, the price has still trapped between 1.0970 and 1.0820. So, as the market is still indicating bearish signs, then sell below 1.0974 (the weekly pivot point) with the target at 1.0860 and 1.0710 in order to test the weekly support line. Nevertheless, the stop loss should be placed above the 1.1000 level.


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Weekly technical levels for GBP/USD for March 9-13, 2015

Weekly technical levels for GBP/USD:


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Trading recommendations :



  • Resistance 1 and support 1 of the GBP/USD pair are considered to be clear indicators of the maximum range of extreme volatility today on March 9, 2014. Though it is possible to pass them through, it should be noted that a weekly pivot point will be set at the level of 1.5172; therefore, pivot lines work well on sideways markets, as the prices are most likely to be located between resistance 1 and support 1. So, according to the previous events, the GBP/USD pair is likely to move between the levels of 1.5312 and 1.4915 this week.


Forecast :



  • Buy above the support of 1.4915 with the first target at 1.5183 (38.2% of Fibonacci retracement levels). On the other hand, look for further downward movement below the levels of 1.5312/1.5300 with targets at 1.5172 and 1.4920.


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Daily analysis of major pairs for March 9, 2015

EUR/USD: This pair has experienced one of its strongest weaknesses in several weeks. The market broke through one support line after another (the support lines became the resistance lines then). While further southward dip is expected, there is a strong support line at 1.0500, which could act as a check to the bears’ frenzy. Unless the EUR is fated to reach parity with the USD, this pair is not expected to drop below the aforementioned support line.


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USD/CHF: Yes, this market would keep going up as long as the EURUSD pair is weak. The price is currently trading above the support level at 0.9850. The next targets for this week are located at the resistance levels of 0.9900 and 0.9950.


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GBP/USD: The Cable plummeted by over 350 pips, going below the distribution territory around 1.5050. The accumulation territories at 1.5000 and 1.4950 are now vulnerable to bearish attacks. The outlook for the Cable is bearish this week.


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USD/JPY: This currency trading instrument has succeeded in going upwards. The dominance bias on the market is bullish and there is a possibility that it would continue its upward journey. Potential targets for bulls are at the supply levels of 121.50 and 122.00 now.


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EUR/JPY: The EUR/JPY pair dropped by over 350 pips last week, resulting in a strong Bearish Confirmation Pattern on the market. The reason for this is the EUR weakness. Unless the EUR gains some stamina, this cross will continue to drop further south, reaching the demand zones around 130.00 and 129.50.


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Elliott wave analysis of EUR/NZD for March 9 - 2015

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Technical summary:


Red wave ii corrected almost 100% of red wave i and we are now looking for a break above a minor resistance at 1.4768, which confirms that red wave iii is developing higher towards at least 1.4990. Short term, we expect minor support around 1.4616 - 1.4634 area to protect the downside against the expected break above 1.4768, confirming that red wave iii is developing.


Trading recommendation:


We are long EUR from 1.4725 and will keep our stop at 1.4550. If you are not long EUR yet, then buy near 1.4634 with the same stop at 1.4550.


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Elliott wave analysis of EUR/JPY for March 9 - 2015

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Technical summary:


The decline towards an ideal downside target for wave (v) of C continues to unfold as expected. In the short term, we are looking for moving lower towards 129.64 and perhaps even lower towards 128.69 in blue wave iii. As we have seen a series of waves one and two, a series of waves three and four should unfold accordingly. Ideally, a minor resistance at 131.88 is likely to protect the upside from the expected decline towards 129.64


Trading recommendation:


We are short EUR from 133.90 and will lower our stop to 132.45. If you are not short EUR yet, then sell EUR near 131.88 with the same stop at 132.45.


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