Gold analysis for March 12, 2015

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Overview :


Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,166.41 in a high volume. I have placed Fibonacci retracement to find potential resistance and have got Fibonacci retracemen 61.8% at the price of $1,164.00 (successfully rejected). My advice is to watch for potential selling opportunities after a retracement. If the price breaks the level of $1,150.00 (the long-term support), we may see even $1,047.00 (the long-term support).


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,160.60


R2: 1,164.80


R3: 1,171.60


Support levels :


S1: 1,147.13


S2: 1,142.41


S3: 1,136.37


Trading recommendations: Watch for potential selling opportunities after a retracement.




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EUR/NZD analysis for March 12, 2015

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Overview:


In our last analysis EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4286 in a high volume. We can observe a successful rejection from our resistance level around the price of 1.4800. The short- and mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. I found a range zone according to 30-minute time frame around the price of 1.4390-1.4300. According to the long-term time frames, we may see a possible testing of Fibonacci expansion 161.8% at the price of 1.3550.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4673


R2: 1.4749


R3: 1.4870


Support levels:


S1: 1.4431


S2: 1.4355


S3: 1.4234


Trading recommendations: Be careful when buying at this stage and watch for potential selling opportunities after a retracement (after bullish correction).




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Daily analysis of USDX for March 12, 2015

The USDX had completed its pullback on the daily chart and still did not reach the bullish consolidation above psychological level of 100.00. The main target is seen at at the resistance level of 100.49 in this time frame. We expect that it will find support at the level of 99.19 for now. If the USDX breaks that zone, the next downside target is seen at the level of 98.01.


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Our intraday trade idea worked well at the yesterday's session, as the USDX reached the resistance level of 100.01. Currently, the USDX is looking for support at the level of 99.13 after the pullback at the 100.01 level. There is a strong possibility of another fall to the support level of 97.93 because of corrective moves.


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Daily chart's resistance levels: 99.19 / 100.49


Dailychart'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 12, 2015

GBP/USD is looking for a strong support at the level of 1.4948 and we can see a strong bearish momentum on the daily chart. That support zone is very important, as the GBP/USD pair has not broken it yet. In case the pair breaks that level, the next important lower low is seen the level of 1.4820.


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During the wednesday session, the GBP/USD pair did a false breakout at the support level of 1.4948. It remains alive in the lower low pattern formation on the H1 chart now. That retracement was expected, as the pair was very bearish and it could lower into the oversold levels in minor timeframes. The next resistance is seem at the level of 1.5028.


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Daily chart's resistance levels: 1.5086 / 1.5247


Dailychart's support levels: 1.4948 / 1.4820


H1 chart's resistance levels: 1.5028 / 1.5097


H1 chart's support levels: 1.4948 / 1.4891






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 1.4948, take profit is at 1.4891, and stop loss is at 1.5010.


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Technical analysis of NZD/USD for March 12, 2015

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Overview :



  • The market of the NZD/USD pair is continuing to show signs of strength following the break at the prices of 0.7260 and 0.7345. Therefore, the resistances of the NZD/USD pair have broken and were turned into supports since yesterday. Moreover, the pair has already formed strong support at the level of 0.7260. So, the market indicates a bullish opportunity at the levels of 0.7260 and 0.7345 with the first target of 0.7391 and continues towards 0.7449 which represents the ratio of 38.2% Fibonacci retracement levels. On the other hand, if the trend can break this level and close below 0.7345, it will be a rather convincing downside momentum. The structure of the fall does not look corrective, for that the market will indicate the bearish opportunity at the price of 0.7345. As a result, it will be a good sign to sell at this level with a range of 0.7345 - 0.7257, but it should be kept in mind that stop loss should never exceed your maximum exposure amounts.


Today:



  • Major support will be set at the level of 0.7260

  • Major resistance will be set at the level of 0.7450.

  • We expect a new range about 73 pips.


Notes :



  • If the trend is upward, the strength of the currency will be defined as follows: NZD is in an uptrend and USD is in a downtrend.

  • Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.

  • Fibonacci is in a range trade; it looks like the trend is trapped moving up or down. If you sell or buy in the long term, you will surely lose your profit.

  • Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 53 pips for each position.


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#USDX technical analysis for March 12, 2015

The US Dollar index has reached our target of 100 and has made a sharp reversal towards 99. This sharp reversal is most probably a short-term correction and the trend will resume higher towards the 61.8% retracement at 101.50.


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The US Dollar index has pulled back towards the tenkan-sen (purple line). Next support is at 98.15 at the kijun-sen (yellow line). The short-term trend remains bullish, although we are close to reversing the short-term trend to bearish if we break below 98.95.


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The longer-term trend remains fully bullish. I still expect the US Dollar index to reach at least the 61.8% retracement at 101.50. Important monthly support is at 95. As long as the price is above that level, the long-term trend will remain bullish. Strong resistance is at 101.50. Bulls need to be extra careful as the rise from low 80's is very steep.


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Gold technical analysis for March 12, 2015

Gold price tried to make an early bounce towards $1,165, but was rejected. The price remains inside the downward sloping channel. The short-term trend remains bearish. The longer-term trend also remains bearish as an important weekly top was formed at $1,303. We are probably inside a new downward move that will bring gold price to new lows near $1,000.


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Orange lines = downward sloping channel


Gold price remains below the Ichimoku cloud, but early today we see the signs that some bulls are trying to push the price out of the bearish channel. Short-term resistance by the bearish channel is at $1,165; and by the kijun-sen (yellow line), at $1,175. The short-term trend remains bearish. Gold price has short-term support at $1,147. If it is broken, we could see a test of the lows of 2014 at $1,130.


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The weekly chart remains bearish. There is no sign of an upward reversal. The first important weekly resistance is at $1,215. Support is at $1,130. Gold price has broken all short-term support levels and is making lower lows and lower highs. The trend is clearly bearish and we should expect a move towards the lows of 2014 to be tested. Most probably, gold price will make new lows in the longer-term towards $1,000.


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Technical analysis of EUR/USD for March 12, 2015

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Overview :



  • Today, the EUR/USD pair has rebounded from the level of 1.0494 towards the high price at 1.0642. So, the pair has moved up to 148 pips today and set a strong support at the price of 1.05000. On the other hand, the resistance has been already placed at the level of 1.0666 on March 12, 2014. Additionally, the double top is also coinciding with the same price at the level of 1.0666. Moreover, the EUR/USD pair broke the daily pivot point, but the price is still around it. Also, it should be noted that the market is calling for bearish market for weeks; even the market was rebounded today. Hence, the trend moved sideways and the range seemed extensive up to the levels of 1.0642 and 1.0666. According to the previous events, the price of the EUR/USD pair has been still trapped between the levels of 1.0666 and 1.0500. Therefore, it will be advantageous to sell at the price of 1.0666 with the first target at 1.0543 (the level of 1.0540 is going to represent the daily pivot point). If the price can break 1.0540, it may resume to 1.0500. Nevertheless, stop loss should be always taken into account. So it will be profitable to set the stop loss above the double top at the price of 1.0739.


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Technical analysis of USD/CAD for March 12, 2015

General overview for 12/03/2015 09:10 CET


Instead of making a corrective cycle to the downside yesterday, the market made another high in somehow extended wave (v) green to the upside and reversed right back into the old supply zone that should now provide some resistance. Nevertheless, the corrective cycle is currently being expected as we can see a double top formation on larger time frames (H4 time frame). The first intraday support for the corrective cycle is at the level of 1.2662 In case of a breakout lower, the next support is seen at the level of 1.2597. The bias is still bullish as long the low at the level of 1.2386 is not violated.


Support/Resistance:


1.2934 - WR3


1.2797 - Intraday High


1.2778 - WR2


1.2727 - WR1


1.2662 - Intraday Support


1.2597 - Intraday Support


Trading recommendations:


Daytraders should consider opening buy orders only if the level of 1.2797 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 126.62 and TP orders should be placed at the level of 1.2934.


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Technical analysis of EUR/JPY for March 12, 2015

General overview for 12/03/2015 08:55 CET


The impulsive wave progression to the downside in the last wave 5 red looks like overextended. It means a sharp corrective counter-trend movement might happen soon. Any breakout above the intraday resistance at the level of 129.24 is the first clue that supports this view.


Support/Resistance:


127.63 - Intraday Support


128.12 - WS2


129.10 - WS1


129.24 - Intraday Resistance


130.72 - Intraday Resistance


Trading recommendations:


Daytraders should consider opening buy orders only if the level of 129.24 is clearly violated with H1 candle close above this level. SL orders should be placed below the level of 127.63 and TP orders should be placed at the level of 130.72.


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Elliott wave analysis of EUR/JPY for March 12 - 2015

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Technical summary:


The decline in wave iii has been stronger than we first anticipated. We have adjusted our count slightly to the more bearish count, but our ideal downside target remains at 125.98. In the short term, we could see a correction towards 129.09 and maybe even slightly closer to 129.96 before the next downside pressure is seen in a series of waves three, four, and five.


Trading recommendation:


We are short EUR from 133.90 and will lower our stop to 131.00 and place our take profit at 126.25. If you are not short EUR yet, then sell near 129.96 with the same stop and take profit.


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Technical analysis and trading recommendations on GBP/USD for March 12, 2015

GBP/USD


The pound sterling fell against USD & JPY after the weak manufacturing data. Total production output decreased by 0.1% in January 2015 compared with December 2014. There were increases in two of the main sectors with mining & quarrying output being the largest contributor increasing by 2.0%. The manufacturing output contracted by 0.5% in January 2015 compared with December 2014. The cable fell below the previous swing at 1.4950, made a low at 1.4894. Today, traders eye BoE Governor Carney's speech. Ahead of a batch of the key economic data, the cable is trading higher against USD & JPY. The UK is slowly approaching its general election scheduled in May. Market participants expect the pound to get under downward pressure. The monthly support is seen at 1.4810. In case, the price closes below 1.4950, we can expect 1.4800 in the medium term and 1.4350 in the longer term. The cross EUR/GBP is also weighing on the pound. The eurozone is the major trading partner of the UK. At yesterday's session, we recommend fresh intraday selling below 1.5020 with targets at 1.4990 and 1.4960. The cable made a low at 1.4894. Until the prices close below 1.4950, the bearish view remains in play for 1.4720 and 1.4560 initially. Until the prices close below 1.5130, the intra-month bearish view remains on play.


Resistance: 1.4950, 1.4990, 1.5030.


Support: 1.4894, 1.4850, 1.4800.


Trade: we recommend waiting for a rise to sell with sl 1.5030.


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Technical analysis of EUR/USD for March 12, 2015

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When the European market opens, some economic news will be released such as Spanish 10-y Bond Auction, Industrial Production m/m, French CPI m/m, and German Final CPI m/m. The US will release the economic data too such as the 30-y Bond Auction, Natural Gas Storage, Business Inventories m/m, Import Prices m/m, Unemployment Claims, Retail Sales m/m, and Core Retail Sales m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0599.




Strong Resistance:1.0593.




Original Resistance: 1.0583.




Inner Sell Area: 1.10573.




Target Inner Area: 1.0549.




Inner Buy Area: 1.0525.




Original Support: 1.0515.




Strong Support: 1.0505.




Breakout SELL Level: 1.0499.








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.




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Elliott wave analysis of EUR/NZD for March 12 - 2015

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Technical summary:


We have seen an unexpected break below support at 1.4554, which has changed the wave configuration to a much more bearish structure. This more bearish count calls for a continuation lower to 1.4236 as the next downside target to end just wave iii. If support at 1.4236 is broken, wave iii will extend even further down to 1.3851, but we will be looking for support near 1.4236 for now. Short-term resistance is found at 1.4473.


Trading recommendation:


Our stop at 1.4560 has been hit. We will sell the EUR at 1.4450 with stop at 1.4500.


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Technical analysis and trading recommendations on GBP/JPY for March 12, 2015

The pound sterling fell to a 1-month low against the yen after yesterday's UK's disappointing data. Beside BOJ Shirai said, "In my view, given that QQE was already expanded in October 2014, a temporary reduction in the core CPI inflation is acceptable as long as the underlying price developments and recovery process in domestic demand continue. Nevertheless, the timing of an inflation rate approaching 2 percent now entails greater uncertainty, including the possible delay from the Bank's latest forecast."


In addition, even though the BoJ economic growth outlook for 2014 has been revised sharply downward, it is clear that Japan's economy is currently in a far better shape than it was before the QQE introduction.


At yesterday's session, the cross fell below 100Dsma and 50Dsma, but eventually managed to close above 50Dsma. The near- and short-term outlook remains bearish. On a weekly basis, the cross closes below 20Wsma and is trading below it. The parallel support is set at 180.10. A descending trend line helped the pair to push above 50Dsma at yesterday's session. Until the price closes below 181.65, the bearish view remains in play. Weekly resistance seems at 182.60. At yesterday's session, we recommended buying with sl 182.10 with targets at 182.80 and 182.90. The pair made a high at 183.10 and was sold-off. In case the price closes below 181.00, a steep fall will ignite. The pair made an intraday high below 181.00, but managed to close above it. We advise traders to remain calm, until we get a clear picture. Hope today we can get the clear picture towards 180.00, 176.50 or 182.60 on the higher side.


Trade: buying above 181.65.


Selling below 181.00.


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Technical analysis of USD/JPY for March 12, 2015

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In Asia, Japan is expected to release data on the consumer confidence, tertiary industry activity m/m, and the BSI manufacturing index. The US will publish economic data about results of a 30-year bond auction, natural gas storage, business inventories m/m, import prices m/m, unemployment claims, retail sales m/m, and core retail sales m/m. 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: 121.96.




Resistance. 1: 121.27.




Support. 1: 121.42.




Support. 2: 121.19.




Support. 3: 120.95.








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

Technical analysis of Silver for March 12, 2015


Technical outlook and chart setups:


Silver has dropped lower into the $15.25 area, taking our stops out at $15.50 yesterday before puling back. Please note that the metal is still supported by fibonacci 0.786 around $15.46 as depicted here. It is still recommended to initiate fresh long positions with risk at $14.40. A bullish reversal here is likely to keep the overall structure intact and push prices higher towards $19.00 and $21.00 levels respectively. Immediate support is seen at $14.60/70 while resistance is seen at $17.00 levels followed by $17.40/50, $18.40/50 and higher respectively.


Trading recommendations:


Initiate fresh long positions, stop at $14.40, target is open.


Good luck!




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Technical analysis of Gold for March 12, 2015


Technical outlook and chart setups:


Gold had tested previous lows at $1,146.00/47.00 levels yesterday before pulling back as seen here. The yellow metal is trading at $1,153.00 at the moment, just below the fibonacci 0.786 support at the level of $1,168.00. The metal is still testing a back side of the resistance trend line, which should act as support now. Only a drop below $1,130.00 should be a reason to worry. For now, it is recommended to remain long with risk at $1.130.00. Immediate support is seen at $1,145.00/46.00 levels followed by $1,130.00 and lower, while resistance is seen at the level of $1,220.00 followed by $1,285.00, $1,307.00, and higher respectively.


Trading recommendations:


Remain long, stop at $1,130.00, target is open.


Good luck!




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Technical analysis and trading recommendations on EUR against USD, YEN for March 12, 2015

EUR/USD


The euro plummeted to a new low against the USD at 1.0511. It's a fresh 12-year low. After Draghi's speech during yesterday's session, the pair started a downward journey again. According to Draghi, in January the ECB decided to expand its asset purchase programme to include government bonds after it became clear that there was a need for more monetary stimulus. The EUR/USD pair has lost 30% from the recent peak. Draghi said, inflation is expected to remain very low or negative in the months ahead mainly due to the sharp drop in oil prices. However, despite this fact an inflation rate is likely to move closer the ECB's inflation target over the coming years and reach 1.8 per cent in 2017. The euro fall is accelerated against the US dollar day by day. The pair has broken all major supports.


Upcoming events.


Today, traders eye German Bundesbank President Weidman speech. French and German CPIs are also due. Besides, US core retails, retail sales, and unemployment claims will be published today. We are expecting an uptick on Core retail sales and retails sales from the negative zone.


Technical view.


Ahead of the big data, the euro is trading lower against USD, GBP & AUD. At yesterday's session, we recommended 1.0560 and 1.0530 in the near term. The EUR/USD pair made a low at 1.0511. Eventually, it can go below 1.0000. The prices are closed and trading far below hourly moving averages. Until prices close below 1.0.860, use every rise to sell this week. The weekly resistance is found at 1.0780. Forget buying, until the price closes below 1.0860 on a positional basis. The longer-term target seems at 0.9000 in case prices close below 1.0760 on a monthly basis. The downtrend remains strong. We are recommending lower targets initially at sub 1.1000 and later 0.9000. At yesterday's session, we recommended fresh intraday selling below 1.0680 with targets at 1.0600 and 1.0575. The pair made a low at 1.0511.


Resistance: 1.0740, 1.0780, 1.0825.


Support: 1.0680, 1.0600, 1.0560.


Trade: use a rise to sell. Intraday, selling below 1.0680.


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EUR & JPY


The cross broke the previous swing low. At yesterday's session, the cross fell below 200WEma, 200Msma, and 200Mema. These factors represent more noise than voice. The nearest support seems at 126.60, 125.60, and 125.00. At yesterday's session we advised in case, the price closes below 129.00, bears can challenge 128.00 and 125.00 in the near and short term. The cross fell below 127.60. The lowest lows and lower highs have been developing on the h4 chart, suggesting more room for a downside is yet to come. We initially advised selling at 132.35 with a target at 129.00 and again recommended yesterday below 129.00 with targets at 128.00, 125.00, and even 122.50. Besides at yesterday's Asian session, we recommended risky buying with sl 129.00 which was taken off. Intraday resistance seems at 129.00 and 130.15. Support is found at 127.80 and 127.60. The pair held at 138.00% the fib level at yesterday's session on the h4chart. We recommend fresh selling only below 127.60 with targets at 126.10 and 125. Until the price closes below 130.15, the bearish view remains in play.


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Daily analysis of major pairs for March 12, 2015

EUR/USD:


It is noteworthy that the EUR/USD pair has been able to breach the resistance line at 1.0600 to the downside, where one of the strongest bearish movements could be triggered this month. The great support line at 1.0500 seems to be the next target for bears. Should bears hold out long enough, the support line could be breached to the downside.


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USD/CHF: This currency trading instrument has continued its slow and steady journey to the upside. The great psychological level at 1.0000 has already been breached to the upside as the price is currently battering the resistance level at 1.0100. Should bulls hold out long enough, the next target would be another resistance level at 1.0150.


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GBP/USD: All attempts made by bulls to effect a bullish reversal in this market have been rendered useless. Yesterday, the price closed below the distribution territory at 1.4950, after testing the accumulation territory at 1.4900. With further selling pressure in the market, the accumulation territory would be breached to the downside.


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USD/JPY: Although the outlook on this pair is bullish, there has not been a significant movement to the upside since yesterday. However, this tardy movement may change as some fundamental figures are expected today and they will have impact on the markets.


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EUR/JPY: This currency trading instrument has plummeted by over 300 pips this week and it would continue doing so as long as the euro is weak. The price is below the EMA 11, which itself is below the EMA 56; and the RSI period 14 is below the level 50. This shows a Bearish Confirmation Pattern: the downtrend may continue.


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Intraday technical levels and trading recommendations for GBP/USD for March 11, 2015

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A bearish breakout below 1.5550 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.


This was followed by a transient uptrend maintained within the depicted channel. The bulls managed to push towards higher levels including 1.5550 (just below the weekly supply level).


Significant bearish pressure was applied around 1.5550 resulting in formation of multiple bearish engulfing daily candlesticks reflecting the strong bearish tendency of the market.


Demand level located around 1.5200-1.5230 was breached last week indicating a strong bearish tendency on the market. It is 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.


Quick bearish decline towards 1.5080 and 1.5000 took place shortly after bearish breakdown of 1.5170 took place.


Conservative traders should wait for a bullish pullback towards the price zone of 1.5170-1.5200 for a low-risk sell entry. Stop loss should be located above 1.5230 (previous supply level).


On the other hand, H4 closure below the prominent DEMAND level at 1.4950 (prominent weekly low) directly exposes the price levels of 1.4850 and 1.4800 (historical low).


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Intraday technical levels and trading recommendations for EUR/USD for March 11, 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 1300 pips since the beginning of 2015. The EUR/USD pair is pushing further below a significant twelve-year low of 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.


The obvious bearish breakdown of the WEEKLY DEMAND level at 1.1100 directly exposed lower targets around 1.0800.


Bearish persistence below 1.1100 (broken weekly low) enhanced the bearish momentum of the market.


Projection targets for the Flag pattern would be located around 1.0800 (already breached) 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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EUR/NZD analysis for March 11, 2015

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Overview:


In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.4590 in an ultra high volume (selling climax). We can observe successful rejection from our resistance level around the price of 1.4800. The short- and mid-term trends are bearish and my advice is to watch for potential selling opportunities after corrections. I found solid resistance area around the price of 1.4670-1.4700 and if we see weak demand around that area, selling will be possible. We have supports around the price of 1.4590 – 1.4520.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4825


R2: 1.4866


R3: 1.4934


Support levels:


S1: 1.4689


S2: 1.4648


S3: 1.4580


Trading recommendations: Be careful when buying at this stage and watch for potential selling opportunities after a retracement (after bullish correction).




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USD/CAD intraday technical levels and trading recommendations for March 11, 2015

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Overview:


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 sideways movement was anticipated.


The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level) that provided significant bullish SUPPORT for few successive weeks.


Successive lower highs were established within the wedge-pattern depicted on the DAILY chart. However, the current market price action indicates an ongoing bullish breakout above 1.2600-1.2660.


Bullish persistence above 1.2650 - 1.2680 (recent highs) enhances further bullish advancement towards 1.2900 and 1.2960, as it confirms the continuation pattern.


Projection target for the wedge pattern would roughly be located around 1.3060 (last visited on March 2009).


Consider the other scenario if WEEKLY closure comes below the price zone of 1.2680-1.2650 (key-zone). If so, this would expose 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 1.2880 and 1.2960.


The material has been provided by InstaForex Company - www.instaforex.com

Gold analysis for March 11, 2015

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Overview :


Since our last analysis, gold has been trading downwards. The price has tested the level of $1,149.76 in a high volume. I have placed Fibonacci expansion to find potential support levels and have got Fibonacci expansion 100% at the price of $1,150.22 and Fibonacci expansion 161.8% at $1,137.80. My advice is to watch for potential selling opportunities after a retracement. We have resistance around the price of $1,155.00 according to current price action. If the price breaks the level of $1,150.00 (the long-term support), we may see even $1,047.00 (the long-term support).


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,167.21


R2: 1,170.93


R3: 1,176.97


Support levels :


S1: 1,155.13


S2: 1,151.41


S3: 1,145.37


Trading recommendations: Watch for potential selling opportunities after retracement.




The material has been provided by InstaForex Company - www.instaforex.com