Technical analysis of AUD/USD for March 10, 2015

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Overview :



  • According to the previous information, the price of AUD/USD pair has still trapped between the levels of 0.7603 and 0.7685. So, in the daily trading the range of this pair today is likely to be about 82 pips. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.7690 with the first target at 0.7600, and the price will drop towards 0.7550 in order to form a new double bottom on the H4 chart. However, if the pair fails to break 0.7600, the market will indicate a bullish opportunity above 0.76010 because this price will really act as a strong support. Hence, it will be a good sign to buy above 0.7610 with the first target at 0.7660 and it will call for an uptrend in order to continue bullish movement towards 0.7682 on March 10, 2015.


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Technical analysis of USD/CAD for March 10, 2015

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Overview :



  • The USD/CAD pair has already formed a strong resistance at the level of 1.2779. Furthermore, the double top has been set at the price of 1.1297 and the same level coincides with the ratio of 100% Fibonacci retracement levels on the H4 chart. It isqually important that a major support will be set at the level of 1.2326 at the ratio of 61.8% Fibonacci retracement levels, but the minor support has been just set at the level of 1.2533 at the same time frame. As it is shown, the price of the USD/CAD pair has been moving between 1.2533 and 1.2720. Also, it should be mentioned that the price moved higher to 1.2651 and turned lower. So, in the long term the range will be about 210 pips (1.2560 - 1.2770). Additionally, the RSI and the moving average (50) are still calling for an uptrend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.2533/1.2560 with the first target of 1.2666 and continuing towards 1.2780 in order to test the resistance at the price of 1.2779. On the other hand, if the price closes below 1.2533, it will call for a bearish market to go further towards the major support at 1.2326 to test it again.


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Intraday technical levels and trading recommendations for GBP/USD for March 10, 2015

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A bearish breakout below 1.5550 (WEEKLY SUPPLY) 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 the 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 in the market. It's expected to act as a SUPPLY level for retesting.


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GBP/USD 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, a quick bearish decline towards 1.5080 and 1.5040 took place shortly after a bearish breakdown of 1.5170.


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).


On the other hand, H4 closure below recent low at 1.5030 directly exposes price levels of 1.4980 and 1.4950.


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Intraday technical levels and trading recommendations for EUR/USD for March 10, 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-year low around 1.0900.


Theoretical long-term bearish targets are likely to 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. The 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 WEEKLY SUPPORT level of 1.1110 (WEEKLY Low).


The obvious bearish breakdown deliberately exposed lower targets 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 yesterday) 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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USD/CAD intraday technical levels and trading recommendations for March 10, 2015

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Overview:


The USD/CAD pair has been trending upwards within the bullish channel depicted on the WEEKLY chart.


The market looks overbought since bulls have pushed further above the upper limit of both depicted bullish channels as well as the 79.6% Fibonacci level. That is why the ongoing sideways movement was anticipated.


The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level) that should be defended by bulls in order to maintain enough bullish momentum.


Note that successive lower highs were established within the wedge-pattern depicted on the DAILY chart. It could be a reversal or continuation pattern as further price action indicates.


Bullish persistence above 1.2650 - 1.2680 (recent highs) enhances further bullish advancement towards 1.2780-1.2800 initially.


On the other hand, another closure below the price level of 1.2580 (recent SUPPORT) exposes the next DAILY SUPPORT around 1.2350 and 1.2300 where 79.6% Fibonacci level is located.


Trading recommendations:


Risky traders can benefit from the short-term bullish breakout above the wedge-pattern. BUY trigger is the DAILY closure above 1.2650. T/P levels should be set at 1.2800 and 1.2880.


However, given such high prices, conservative traders should be waiting for signs of bearish reversal to SELL the pair around the upper limit of the wedge-pattern.


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Daily analysis of USDX for March 10, 2015

The general bias on the USDX remains very bullish, as there is not any big obstacle to block a bullish trend. This instrument has already hit new multi-year highs and the closest resistance level is seen at 99.19. If the USDX does a breakout on that level, it is likely to reach the next target at 100.49.


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In the H1 chart, the USDX has already broken the level of 97.93 and is forming a bullish pattern in order to reach the resistance level of 99.13 in a short term. We can see its upward movement for now, as the USDX still has enough bullish momentum on the lower time frame H1 chart. The MACD indicator does not show overbought levels.


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Daily chart's resistance levels: 99.19 / 100.49


Daily chart's support levels: 98.01 / 96.96


H1 chart's resistance levels: 99.13 / 100.00


H1 chart's support levels: 97.96 / 96.85


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 99.13, take profit is at 100.00, and stop loss is at 98.30.


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Daily analysis of GBP/USD for March 10, 2015

In the daily chart, the GBP/USD pair is forming a lower low pattern below the resistance level of 1.5086, where we could expect a fall to the support level of 1.4948. The zone mentioned above is important, as the GBP/USD pair could strengthen a bearish bias in the medium and long terms and the price is currently on the bearish side.


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The pair is still below the resistance level of 1.5162 and that zone has already produced some pullbacks in GBP/USD during the last hours. Currently, the GBP/USD pair is trying to break the support level of 1.5028 again. If it is successful, the next target is seen at the level of 1.4948 in a very short term. The MACD indicator is still in negative territory.


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Daily chart's resistance levels: 1.5086 / 1.5247


Daily chart's support levels: 1.4948 / 1.4820


H1 chart's resistance levels: 1.5097 / 1.5162


H1 chart's support levels: 1.5028 / 1.4948


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 1.5028, take profit is at 1.4948, and stop loss is at 1.5108.


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#USDX technical analysis for March 10, 2015

The US Dollar index continues its strong uptrend making another new high. The trend remains bullish. The price is making higher highs and higher lows. 100-101 is the next target that I have given some time ago.


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Orange lines = upward sloping channel


The US Dollar index is inside the orange upward sloping channel. The price is above the tenkan-sen and the kijun-sen. The ichimoku cloud is below the price and the Chikou span is pointing higher too. The chart is fully bullish for the short- to medium-term. Next target is 99 while our longer-term target for some time now is at 100-101.


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The monthly chart is fully bullish moving towards the 61.8% retracement after breaking above the 50% retracement. 100-101 is our next target for some time now as I remain long. Daily support is found at 97 and daily resistance at 100-101.


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Gold technical analysis for March 10, 2015

Gold price made a new lower low and is trending lower. This bearish trend is strong as bulls are very weak to push the price back above $1,200. Bulls only managed to push the price towards $1,175, but bears took over once again.


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Orange lines = bearish channel


Gold price is inside a downward sloping channel and below the Ichimoku cloud resistance. The trend is bearish. Gold price is making lower lows and lower highs with possible bottom for today at $1,150. The short-term resistance is found at $1,166 and at $1,175. Support is found at $1,150 and at $1,130. If resistance at $1,175 is broken, we should expect the price to bounce towards the Ichimoku cloud near $1,200 at least.


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Gold price is in a bearish long-term trend as it can be verified by the weekly chart. The price has not managed to close above the kijun-sen (yellow line) and this bearish sign points to new lows ahead.


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Technical analysis of USD/CAD for March 10, 2015

General overview for 10/03/2015 09:15 CET


As we expected yesterday the corrective sub wave iv blue had been completed and market made another higher high. The wave progression to the upside looks almost completed and another marginal high is likely to be made right in the grey supply zone. A bigger corrective cycle should start.


Support/Resistance:


1.2658 - 1.2692 - Supply Zone


1.2647 - 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 had almost hit the TP level (10 pips miss so far), but traders should still wait for the TP at the level of 1.2658 to be finally hit. Please use trailing stop loss orders to lock the gains.


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Technical analysis of EUR/JPY for March 10, 2015

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


The current price action is not very violate and the intraday resistance at the level of 131.84 is the key level to more gains. The market trades inside the bearish zone and only a breakout higher would allow wave c purple to unfold. On the other hand, any breakout below the intraday support at the level of 130.69 will be considered as very bearish and next immediate support is at the level of 130.53.


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:


Not much of any impulsive progression to the upside unfolded, but still daytraders should observe the market and wait for a clear price behavior.


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Technical analysis of USD/JPY for March 10, 2015

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In Asia, Japan is expacted to release the prelim machine tool orders y/y and M2 money stock y/y. The US will publish economic data about the wholesale inventories m/m, the JOLTS job openings, and the NFIB small business index. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 122.19.

Resistance. 2: 121.95.

Resistance. 1: 121.72.

Support. 1: 121.42.

Support. 2: 121.19.

Support. 3: 120.95.





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Elliott wave analysis of EUR/NZD for March 10 - 2015

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The rally to the level 1.4554 looks impulsive, but we still need a break above the resistance line at 1.4919 to confirm that a firm bottom is in place and a new impulsive rally in wave C is developing. Short term, we expect minor support at 1.4758 will protect the downside for the rally above the important resistance at 1.4919 confirming the bottom. A break below 1.4758 is going to change the situation, but only a break below 1.4710 is of concern as is likely to delay the expected rally.


Trading recommendation:


We are long EUR from 147.25 and will move our stop higher to 1.4560. If you are not long EUR yet, then buy near 1.4758 with the same stop at 1.4560.


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Elliott wave analysis of EUR/JPY for March 10 - 2015

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Technical summary:


The decline towards the ideal downside target at 125.98 is unfolding nicely. Short term, we expect minor resistance at 131.88 to protect the upside for a break below minor support at 131.18. That is likely to confirm decline to 130.06 before the next minor consolidation takes place. This decline should continue to move lower in baby steps. At this point only a break above 133.59 is likely to invalidate the bearish count.


Trading recommendation:


We are short EUR from 133.90 and will move our stop lower to 132.15. If you are not short EUR yet, sell around 131.88 with the same stop at 132.15


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Technical analysis of EUR/USD for March 10, 2015

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When the European market opens, economic data on the ECOFIN meetings, the Italian Industrial Production m/m, and the French Industrial Production m/m will be released.The US is expected to publish data about the Wholesale Inventories m/m, JOLTS job openings, and the NFIB Small Business Index. So, EUR/USD will move low to medium volatility during this day.



TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0892.

Strong Resistance:1.0885.

Original Resistance: 1.0874.

Inner Sell Area: 1.10863.

Target Inner Area: 1.0837

Inner Buy Area: 1.0810.

Original Support: 1.0799.

Strong Support: 1.0788.

Breakout SELL Level: 1.0781.





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Technical analysis of Gold for March 10, 2015

Nothing has changed on gold technicals. The stronger US data pushed the yellow metal's prices down to a 2-month low. After Friday's US jobs data, the yellow metal fell 2.5%. After the QE launch by the ECB, the yellow metal fell below $1,200.00 and closed below it. The metal inched up ahead of the Eurogroup meeting but gains were erased. The physical demand is weak as well. China's physical buying is drying up and signalling more room for the downside. A stronger USD capped the precious metal. The US Federal Reserve is leaning in favor of the sooner interest rates hike. 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 $1,170.00 and $1,175.00. The weekly resistance is set between $1,193.00. We recommend intraday buying above $1,170.00, safe buying above $1,175.00 with targets at $1,179.00,$1,183.00, and $1,190.00.


Resistance: $1,175.00, $1,179.10, $1,187.00.


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


Trade: selling below $1,163.00.


Buying above $1,170.00.


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Technical analysis of Gold for March 10, 2015


Technical outlook and chart setups:


Gold is dropping below the level of $1,160.00 for now and could possibly test the $1,145.00 level before turning bullish again. The metal is trading lower than expected and is penetrating below the resistance turned support trend line. A quick bullish turn around would be required to ensure that the structure remains intact. Immediate support is seen at $1,145.00 followed by $1,130.00 while resistance is seen at $1,220.00, followed by $1,285.00 and higher respectively. A break below $1,130.00 could be extremely bearish and the yellow metal could drop towards the level of $1,030.00 before reversing.


Trading recommendations:


Remain long with stop at $1,130.00 OR Remain flat.


Good luck!




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Daily analysis of major pairs for March 10, 2015

EUR/USD: This is a bearish market. As further southward dip is expected, there is a strong support line at 1.0500, which could act as a n indicator wor 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: This market consolidated on Monday, without a clear movement to the upside or the downside. The price is currently above the support level of 0.9850, and it may reach the resistance levels of 0.9900 and 0.9950, especially in the face of continued strengthening of the USD and continual weakness of the CHF.


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GBP/USD: In the context of downtrend, the Cable moved upwards by 100 pips on Monday. Unless the distribution territories around 1.5250 and 1.5300 are breached to the upside, the current rally in the context of the downtrend would be interpreted as a good opportunity to sell short at a better price.


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USD/JPY: As expected, this pair was able to move higher upward yesterday. The price action and the candlesticks formations on the 4-hour chart show a great probability of a continuation of the extant bullish bias. This is our outlook this week: movement.


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EUR/JPY: This currency trading instrument also made some faint bullish effort while the major trend remains bearish. The faint bullish effort is seen as another opportunity to sell short; unless the price goes above the supply zones at 133.00 and 134.00.


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Daily analysis of GBP/JPY for March 09, 2015

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Overview


The H4 chart shows that the pair has failed to break the support level of 181.50 to reverse its yesterday's downward trend and to start an upward move. Considering the today's H4 chart, the pair bounced from the support level and started to take an upward movement approaching the resistance level of 183.50 after breaking the resistance level of 182.50, then 183.00. Currently, it is preferable to wait until the closure above this resistance level before making a decision. In this case, we will get more bullish signals with the first target few pips below the next resistance level of 184.00, then 184.60 as the second target. But closing below the resistance level of 183.50 today cancels the bullish move scenario.


Resistance and support levels: R3 (184.60), R2 (184.00), R1 (183.50), S1 (182.50), S2 (182.00), S3 (181.50).







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Daily analysis of Silver for March 09, 2015

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Overview


According to the today's H4 chart, the metal has failed to break the support level of 15.70 to bounce again from it and trades between this support level and below the resistance level of 16.00. Currently, the metal is most likely retesting the resistance level of 16.00 again; therefore, we should wait for closing above to continue its upward trend move. Given that the metal has managed to close H4 above today, it gives us a good opportunity for more bullish signals above it with the first target few pips below the resistance level of 16.30, then the second target at 16.75 after breaking this support level. But as long as silver is trading below 16.00, it cancels the bullish move scenario and so, waiting would be preferred.


Resistance and support levels: R3 (16.50), R2 (16.30), R1 (16.00), S1 (15.70), S2 (15.50), S3(15.20)




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Technical analysis of USD/JPY for March 09, 2015

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Fundamental Outlook:
USD/JPY is expected to consolidate with bullish bias after hitting a three-month high of 121.29 om Friday. USD/JPY is underpinned by the bullish dollar sentiment (ICE spot dollar index hit 11.5-year high 97.828 this morning, last 97.69 versus 96.33 early Friday) after the increase of 295,000 in the US February non-farm payrolls (versus forecast +240,000) and the US February unemployment rate of 5.5% (versus forecast 5.6%), while average hourly earnings rose only by 0.1% (versus forecast +0.2%). USD/JPY is also supported by the higher US Treasury yields (10-year at 2.24% versus 2.11% late Thursday), demand from Japan's importers and the ultra-loose Bank of Japan's monetary policy. The USD/JPY gains are tempered by the Japanese exports, flows to the safe-haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 8.26% to 15.2, S&P 500 closed 1.42% lower at 2,071.26 Friday) as the robust non-farm payrolls report heightened expectations that the Fed could tighten monetary policy as soon as June. But risk sentiment is soothed by the data released on Sunday showing China's exports posting a strong 48.3% rebound in the USD terms in February (versus forecast +13.3%).


Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels. Five and 15-day moving averages are advancing.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 121.30 and the second target at 121.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 120.20. A break of this target would push the pair further downwards, and one may expect the second target at 119.85. The pivot point is at 120.50.


Resistance levels:

121.30

121.60

122


Support levels:

120.20

119.85

119.45


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Technical analysis of USD/CHF for March 09, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with bullish bias after hitting almost a two-month high of 0.9874 on EBS this morning. USD/CHF is underpinned by the bullish dollar sentiment (ICE spot dollar index hit 11.5-year high 97.828 this morning, last 97.69 versus 96.33 early Friday) after the increase of 295,000 in the US February non-farm payrolls (versus forecast +240,000) and the US February unemployment rate of 5.5% (versus forecast 5.6%), while average hourly earnings rose only by 0.1% (versus forecast +0.2%). The pair is also supported by the negative Swiss interest rates, the threat of the Swiss National Bank to carry out CHF-selling intervention and franc sales on the soft CHF/JPY cross.


Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels. Five and 15-day moving averages are advancing.


Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.99 and the second target at 0.9955. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9720. A break of this target would push the pair further downwards, and one may expect the second target at 0.9680. The pivot point is at 0.9780.


Resistance levels:

0.99

0.9955

1.0


Support levels:

0.9720

0.9680

0.9640


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Technical analysis of NZD/USD for March 09, 2015

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Fundamental overview:
NZD/USD is expected to consolidate with bearish bias after hitting almost a one-month low of 0.7340 this morning. NZD/USD is undermined by the bullish dollar sentiment and kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion, weak commodity prices, kiwi sales on the buoyant AUD/NZD and GBP/NZD crosses and on the soft NZD/CAD cross. The kiwi sentiment is soothed by the rise of 0.9% in New Zealand 4Q manufacturing sales volumes.


Technical comment:

The daily chart is negative-biased as the MACD and stochastics are bearish. 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 0.7320. A break of that target will move the pair further downwards to 0.7240. The pivot point stands at 0.7410. 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 0.7450 and the second target at 0.7410.


Resistance levels:

0.7450

0.75

0.7550



Support levels:


0.7320

0.7240

0.72


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