Daily analysis of USDX for March 13, 2015

The instrument is still inside the valid bullish pattern formation on the daily chart because the USDX is above the support level of 99.19 and it is trying to reach the next resistance at the level of 100.49. A breakout of that zone will unleash the bullish momentum and the USDX will reach the resistance level of 101.60 in the near term.


USDXDaily.png




On the H1 chart the USDX is making a rebound at the support level of 99.13 and probably the instrument will test the resistance level of 100.01 again. As we expected, that zone will produce some pullbacks in the USDX because the bullish trend is currently reaching extreme zones and the instrument will start making more deep corrective moves eventually.


USDXH1.png




Daily chart's resistance levels: 100.49 / 101.60


Dailychart's support levels: 99.19 / 98.01


H1 chart's resistance levels: 100.01 / 100.88


H1 chart's support levels: 99.13 / 97.93






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 100.01, take profit is at 100.88, and stop loss is at 99.13.


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Daily analysis of GBP/USD for March 13, 2015

On the daily chart the pair is still showing a solid bearish structure and it is getting ready for breaking the support level of 1.4820. Remember that low is very important as that level is a fresh multi-year low. For now, we could expect a bearish pattern formation and, more probably, some retracements because the GBP/USD pair will reach oversold levels in lower time frames soon.


GBPUSDDaily.png




The GBP/USD pair will finish developing a lower low pattern formation on the H1 chart because the pair is doing a breakout at the support level of 1.4844. To the downside, the pair will find a support at the zone of 1.4746. Also, GBP/USD will get more bearish momentum in the near term because the MACD indicator is still in a solid negative territory.


GBPUSDH1.png




Daily chart's resistance levels: 1.4948 / 1.5086


Dailychart's support levels: 1.4820 / 1.4649


H1 chart's resistance levels: 1.4891 / 1.4948


H1 chart's support levels: 1.4844 / 1.4746






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 1.4844, take profit is at 1.4746, and stop loss is at 1.4940.


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#USDX technical analysis for March 13, 2015

The Dollar index bounced higher yesterday but I believe the downward correction might not be over yet. The longer-term trend remains fully bullish and we should soon see the index reach 101.50. But bulls need to be cautious as we could first visit 98-97.80 before we resume higher.


usdx.jpg


Red line = support


If support at 99 is broken, we should expect the price to move towards 98 and near the 38% retracement. I believe the downward correction might not be complete and bulls should be cautious as we could see another sharp decline similar to the first one from 100.


usdxd.jpg


The monthly chart remains fully bullish. Despite the short-term pull back, I expect the target at 101.50 and the 61.8% retracement to be be achieved shortly. Important monthly support is at 94.50-95. As long as we trade above that level, bulls are in control.


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Intraday technical levels and trading recommendations for GBP/USD for March 13, 2015

1426240405_gbpdailyy.png


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 level of 1.5280.


This was followed by a transient uptrend maintained within the depicted channel. 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.


Demand level located around 1.5200-1.5230 was breached last week indicating a strong bearish tendency on the market. It is expected to provide significant supply at retesting.


gbph44.png


GBP/USD bulls failed to defend their demand zone of 1.5170-1.5220, especially after the obvious bearish pressure that originated last week.


A quick bearish decline towards 1.5080 and 1.5000 took place shortly after the bearish breakdown of 1.5170.


Conservative traders should wait for a bullish pullback towards the price zone of 1.5000-1.5030 (recently established supply zone) for a low-risk sell entry. Stop loss should be located above 1.5130.


On the other hand, H4 persistence below the recent bottom at 1.4900-1.4890 enhances a further bearish decline. An initial bearish target would be located at 1.4800 (historical low).


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Technical analysis of Gold for March 13, 2015

Yellow metal is testing lower levels. Short lived bulls rally did not live up to expcectations. The metal price is under pressure amid mounting concerns of the Federal rate hike. Parallel support is seen at 1145.00 and 1140.00. Prices are falling for 9 consecutive days. Prices are trading at a 52-week low of 1147.00. The US dollar affects the metal price. The US dollar is likely to remain strong. The index shying at 100.00. Daily close above 100.00 leads to 101 and 101.30. SPDR GOLD TRUST positions are likely to reduce by 2.09 tons to 7501 tonnes compared to the previous day . At the today's Asian session, the metal is trading higher. We recommend selling below $1,147.00 with targets at $1,140.00, $1,137.00, $1,124.00, $1,120.00, $1,115.00, and $1,100.00. The physical demand is weak as well. China's physical buying is drying up and signalling more room for the downside. The intraday support is found at $1150.00 and $1,147.00. Resistance is seen at $1,161.50 and $1,167.00. The weekly resistance is set around $1,168.00. We recommend intraday buying above $1,168.00.


Trade: selling below $1,150.00


Buying above $1,168.00.


GOLDH4.png


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Gold technical analysis for March 13, 2015

Gold price has held support at $1,147 and is trying to make a breakout above the downward sloping channel. The price has moved above the channel but got rejected at the first short-term resistance at $1,165. Now, the price is testing the break out. Only a break above $1,165 could signal a move higher towards $1,200. The longer-term trend remains bearish.


goldh4.jpg


Orange lines= downward sloping channel


Gold price continues to trade below the Ichimoku cloud. The trend remains bearish. Thre price got rejected at the kijun-sen indicator (yellow line) and did not manage to break above a yesterday's high at $1,165. A break above $1,165 will push Gold price towards $1,180 at least and most probably towards $1,200. If support at $1,147gets broken, it is likely to push price towards $1,130.


goldd.jpg


The weekly chart remains fully bearish with price approaching the 2014 lows at $1,130 with strong probabilities of breaking below them and pushing towards $1,000. The longer-term trend remains bearish as long as price is below $1,303.


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Intraday technical levels and trading recommendations for EUR/USD for March 13, 201

1426239518_eurrrmooonth.png


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 1400 pips since the beginning of 2015. The EUR/USD pair is pushing further below a significant twelve-year low around 1.0900 ( September 2003 low ).


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).


1426239729_eurdaily.png


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 exposed lower targets around 1.0800.


Bearish persistence below 1.1100 (broken weekly low) enhanced the bearish side 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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Technical analysis and trading recommendation of USD against CAD,YEN for March 13, 2015

IMPACT OF USD– The US Census Bureau announced data on retail and food services sales for February that is down 0.6 percent compared to the previous month. Unemployment benefits dropped more than estimated. It shows the labor market is in development mode. In the week ending March 7, the advance figure for seasonally adjusted initial claims was 289,000, 36,000 below the previous week's revised level.


IMPACT OF CAD– The New Housing Price Index (NHPI) fell 0.1% in January as a result of lower negotiated selling prices. That was the first decrease in the national level since July 2010.


USD/CAD


Today, traders eye on the US PPI, consumer data, unemployment rate in Canada (mainly), and employment change.


The pair made a double top at 1.2798. Ahead of series of significant data, CAD is trading lower against USD. The USDX shied to the level of 100.00. A daily close above the 100.00 level leads to 101 and 101.30. Bulls must close above 1.2800 as soon as possible. Bulls can challenge 1.3000 and 1.3250 in case prices close above 1.2800. We advised caution near 1.3000 odd levels, it's a multi-month resistance. The intraday support is seen at 1.2680. Overall, the picture favours buying on dips. We have been recommending buying with sl 1.2350 with targets at 1.2695, 1.2800, 1.2965, and 1.3070 in the near and short term. The level of 1.2798 is done. Fresh buying above 1.2800 with targets at 1.2830, 1.2900, and 1.2965.


USDCADH4.png


USD/JPY


Japan industrial production data yet to release today. Ahead of the data release, the yen is trading lower against the euro at the Asian session. The price is consolidating at a 8-year high. Today, the pair has opened on a bullish note. Intraday support was found at 121.20 and 121.00. We still opt to recommend buying on every dip. Now, we are revising the targets at 124, 125.00, and 125.75. The prices are making higher lows and higher highs on the h4 chart. Support has climbed from 119.80 to 121.00. It's a good sign for further room on the upswing. If the price closes above 121.85 on a weekly basis, we can see 128.00 as well. It's a one side move all the way to new highs. Another upswing looms above 122.0 with targets 123.00 and 123.20 in a day or two. Later, 124.00 and 125.00 are expected. Until a h4 candle closes above 120.80, a long trade remains in play. The overall picture favours buying on dips.


Trade: we remain buyers.


USDJPYH4.png






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GBP/USD intraday technical levels and trading recommendations for March 13, 2015

1426237304_gbpdaily.png


Overview:


On February 5, initial bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, an ascending bottom was established around 1.5170-1.5200 indicating bullish sentiment of the market.


Projection target for this bullish breakout was already reached around 1.5550 where the previous DAILY bottoms were located (DAILY RESISTANCE).


Last week on Monday, an obvious breakdown of the lower limit of the depicted channel occurred, enhancing the bearish side of the market.


Significant bearish pressure was applied over the price levels of 1.5200 (R2) and 1.4950 (R1 = Broken Weekly Support).


Bearish persistence below 1.4950-1.5000 indicates a further bearish decline. Projection target for the recent bearish breakout would be located at 1.4700.


Trading recommendations:


Wait for a bullish pullback towards 1.4950-1.5000 for a low-risk SELL entry. SL to be set as daily closure above 1.5000. TP levels should be set at 1.4900, 1.4840 and finally at 1.4700.


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Elliott wave analysis of EUR/NZD for March 13 - 2015

2015-03-13-EURNZD-4H.png


Technical summary:


The correction in wave iv will likely be complex and take up more time. We are looking for a move closer to 1.4445 and maybe even slightly higher towards 1.4560 before the next downside pressure towards 1.4135 that is expected. In the short term, only a break below minor support at 1.4337 indicates more downside pressure.


Trading recommendation:


As we expect a more complex correction to unfold, it is better to stay neutral for now.


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Elliott wave analysis of EUR/JPY for March 13 - 2015

2015-03-13-EURJPY-4H.png


Technical summary:


We have seen the expected minor correction to 129.09. Now, we should see the next decline to 126.51 in blue wave v and red wave iii. This is the last part of the decline towards the ideal target at 125.98. It is likely to be choppy, as a series of wave three, four, and five is developing. In the short term, a break below minor support at 128.17 confirms the decline towards 126.51, which again should be followed by a minor correction that should stay below 129.00.


Trading recommendation:


It is time to protect your profit by closeing in your stop as much as possible. We will move our stop lower to 129.55 and when support at 128.17 breaks, we will move stop lower to 129.10. Take profit will stay at 126.25


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Daily analysis of major pairs for March 13, 2015

EUR/USD: Indeed, this pair touched the support line at 1.0500, but a further downward slide was rejected as the price moved higher from there, going upwards by 180 pips. There is an ongoing battle between bulls and bears now. An important support line at 1.0500 should act as a deterrent to bears, and further rally is possible later this week or next week.


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USD/CHF: The USD/CHF pair tested the resistance level at 1.0100, but it was not able to close above it. The price dived by 100 pips, testing the great psychological level at 1.0000. Again, the price could not close below that psychological level/ So, bulls have come in and are making attempts to push the price higher now.


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GBP/USD: This currency trading instrument has continued to drop further and further. In fact, buying in this market is not a rational thing to do at the present. One should see any rally as short-selling opportunities. An accumulation territory at 1.4850 could end up being breached to the downside.


1426228357_3.png


USD/JPY: Recently, we do not expect this market to move activly. However, the outlook remains bullish. The price is above the EMA 56 and the RSI period 14 is above the level of 50. The supply level at 122.00 is being watched, for the price may reach that place latter.


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EUR/JPY: Like EUR/USD, the EUR/JPY cross has also made some weak attempt to rally – all in the context of a downtrend. This rally may be seen as another opportunity to sell short, for the market may come down lower from there. Unless the supply zone at 130.00 is challenged, present rallies are likely to be insignificant.


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USD/CAD intraday technical levels and trading recommendations for March 13, 2015

1426236632_cadweekly.pngcaddaily.png


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 levels to meet the USD/CAD pair is located around 1.2620-1.2650 (upper limit of the confirmed wedge pattern), then 1.2300 (79.6% Fibonacci level) that already provided significant SUPPORT for successive weeks.


Successive lower highs were established within the wedge-pattern depicted on the DAILY chart. However, the market price action indicated 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 be roughly 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 the 79.6% Fibonacci level is located.


Trading recommendations:


Risky traders can benefit from the short-term bullish breakout above the wedge-pattern. T/P levels should be set at 1.2880 and 1.2960.


A bearish pullback towards 1.2600 will probably offer a valid BUY entry for those who missed the initial breakout.


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Technical analysis of USD/CAD for March 13, 2015

General overview for 13/03/2015 09:20 CET


General overview for 12/03/2015 09:25 CET


A sudden and sharp corrective wave to the downside hit the lower levels of the price range, as anticipated, yesterday. Currently, this corrective cycle might be considered completed, but to confirm this assumption, the price must make another high above the level of 1.2797. Otherwise, this upward price progression might be only wave (b) green from the overall (a)(b)(c) corrective structure, and a lower level should be expected then. The bias is still bullish as long as the low at the level of 1.2386 is not violated.


Support/Resistance:


1.2934 - WR3


1.2797 - Intraday High


1.2778 - WR2


1.2728 - Intraday Resistance


1.2717 - WR1


1.2662 - Intraday Support


1.2597 - Intraday Support


Trading recommendations:


Daytraders should still 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.


usdca_h1.jpg


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Technical analysis of EUR/JPY for March 13, 2015

General overview for 13/03/2015 09:20 CET


The corrective cycle to the upside started yesterday as anticipated. To continue with the upside wave progression, the price must break out above the intraday resistance at the level of 129.24 and head to the next resistance level of 130.72. In case of any failure here, the market will develop a more complex and time-consuming wave b green before bouncing to the upside.


Support/Resistance:


127.63 - Intraday Support


128.12 - WS2


129.10 - WS1


129.24 - Intraday Resistance


130.72 - Intraday Resistance


Trading recommendations:


Because the market is in the corrective cycle that takes some time to fully develop, daytraders should still 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.


eurjoy_h1.jpg


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Technical analysis and trading recommendation of GBP against USD,YEN for March 13, 2015

The pound fell against USD following the BOE governor Carney speech. The core inflation in the UK, currently around 1.4%, is likely to decline further in the coming months, reflecting the sterling's past strength and muted domestic cost growth. Core inflation rates in the euro area, US, and UK have declined by between three quartes and 1 percentage points since 2012. The cable grounded towards the lowest level since mid-2013. The cable made a low at 1.4851. The parallel support is seen at 1.4831 (March 2013 low) and 1.4810 (July 2013 low). In case the price close below these levels, it can extend its fall another 500 pips. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under downward pressure. We recommended selling with sl 1.5030 at the yesterday's session. The cable made a high at 1.5026 and fell to 1.4851. Today, we recommend fresh intraday selling only below 1.4800. Intraday resistance is seen at 1.4930. We recommend buying above 1.4930 with small targets at 1.5000 and 1.5020. Until the price close above 1.5030, use rise to sell remains in play.


The trading pattern is framed between 1.5030 and 1.4810 rounded to 1.4800.


Safe trade:


Buying above 1.4930


Selling below 1.4800


GBPUSDH4.png


GBP/JPY


The pound sterling extending its 1-month low against the yen post Carney speech and disappointing data from the UK. Japan is expected to publish data about its industrial production today. The yen is trading lower against the pound ahead of this. 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. Parallel support is set at 180.10 rounded to 180.00. A descending trend line helped the pair to push above 50Dsma at the yesterday's session. Until the price closes below 181.65, the bearish view remains in play. We advised traders to remain calm in yesterday's session, until we get a clear picture. Hopefully, today we can get a clear picture of 180.00, 176.50 or 182.60 on the higher side. The pair is likely to choose on downside support 180.00. We forecasted a bearish head and shoulder pattern in the h4 chart, but we did not advise shorting aggressively. We concern about the pound against USD, not over the yen. In case the price closes below 180.00, the problem of the pound against yen is likely to arise. In this situation we can expect minimum 178 and 176.50.


Safe trade: Selling below 180.00


For risky traders- buying with sl 180.00


GBPJPYDaily.png


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Technical analysis of EUR/USD for March 13, 2015

!EURUSD.jpg




When the European market opens, economic data on the German WPI m/m are going to be published.The US will release economic data about prelim UoM inflation expectations, prelim UoM consumer sentiment, the core PPI m/m, the PPI m/m. So, EUR/USD is likely to move low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0677.




Strong Resistance:1.0670.




Original Resistance: 1.0660.




Inner Sell Area: 1.10650.




Target Inner Area: 1.0625.




Inner Buy Area: 1.0600.




Original Support: 1.0590.




Strong Support: 1.0580.




Breakout SELL Level: 1.0573.








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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Technical analysis of USD/JPY for March 13, 2015

!USDJPY.jpg




In Asia, Japan is going to release data on the revised industrial production m/m. The US is expected to release economic data about prelim UoM inflation expectations, prelim UoM consumer centiment, the core PPI m/m, and the PPI m/m. So, there is a big probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.




TODAY TECHNICAL LEVELS:




Resistance. 3: 122.03.




Resistance. 2: 121.79.




Resistance. 1: 121.56.




Support. 1: 121.27.




Support. 2: 121.03.




Support. 3: 120.79.








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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Technical analysis of EUR/JPY for March 13, 2015


Technical outlook and chart setups:


The EUR/JPY pair has taken out another stop at the 128.00 level, made low at the 127.63 level and pulled back sharply through the 129.00 level. The 4H chart is indicating a potential reversal from current levels, that could possibly extend through 137.50 level at least. It is still recommended to initiate 50% long positions at the current price (128.80/90) with risk at the level of 127.25. Immediate support is seen at 127.60 (interim) followed by 125.00 while resistance is seen through 130.00, followed by 132.00, 133.50/134, 137.50, and higher respectively.


Trading recommendations:


Initiate 50% long positions, stop at 127.25, target is 137.50.


Good luck!




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Technical analysis of GBP/CHF for March 13, 2015


Technical outlook and chart setups:


The GBP/CHF pair has hit fresh high at the level of 1.5200 yesterday before pulling back sharply. As seen here on the the 4H chart, the pair is bouncing off intermediary support trend line passing through the 1.4900/25 level at the moment. A bullish bounce here could attempt to push prices beyond the 1.5200 level and hence it is recommended to initiate 50% long positions with risk around 1.4750. Immediate support is seen at 1.4760 followed by 1.4650, 1.4600, and lower, while resistance is seen at 1.5200 (interim) followed by 1.5500 respectively.


Trading recommendations:


Initiate 50% long positions here, stop at 1.4750, target above 1.5200.


Good luck!




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Technical analysis of Silver for March 13, 2015


Technical outlook and chart setups:


Silver is seen to be trading above the $15.50 level for now and holding the fibonacci 0.786 support. Bulls are expected to regain control soon, untill prices stay above the $14.60/70 levels lows as seen here. It is recommended to remain long from fresh positions taken yesterday with risk at the lenel of $14.25. Immediate support is seen at the $14.50 level while resistance is seen at the $17.00 level, followed by $17.40/50, $18.40.50, and higher respectively. A push through the $17.00 level is still required to confirm that a higher low is in place for the metal.


Trading recommendations:


Remain long, stop at $14.25/30, target is open.


Good luck!




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Technical analysis of Gold for March 13, 2015


Technical outlook and chart setups:


Gold is still seen to be testing the back side of the resistance trend line, which should provide enough support around the level of $1,147.00. Yesterday, an indecision candlestick pattern (doji)was formed, indicating that a reversal could be on the cards. A bullish morning star pattern is seen to be quite encouraging today and fresh long positions can be initiated as well. We recommend to hold long positions with risk below the $1,130.00 level for now. Immediate support is seen at $1,130.00 while resistance is seen at the level of $1,220.00. A push through the $1,220.00/25.00 levels would confirm that a low is in place, however a drop lower below $1,130.00 should be extremely bearish for the yellow metal.


Trading recommendations:


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


Good luck!




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Technical analysis of GBP/USD for March 13, 2015

gbpusdh1.png

Trading recommendations :



  • The market is likely to turn to bearish sentiment from the level of 1.4934 again. Moreover, the daily resistance to the GBP/USD pair is set at the level of 1.4940 in a short term. Therefore, it will be a good sign to sell below 0.14940 with the first target at 1.4850. It will call for downtrend in order to continue its bearish movement towards 1.4790 to form a new double bottom in the H1 chart. Nevertheless, the stop loss should never exceed your maximum exposure amounts; accordingly, the stop loss should be placed above the last bullish wave at the level of 1.5015.


Observations :



  • According to the previous events, the GBP/USD pair is going to move between 1.4851 and 1.4934 today.

  • It should be noted that the level of 1.4850 represents the double bottom.

  • The resistance will be set at the level of 1.5015 this week.

  • The support has already been placed at the price of 1.4847.

  • We expect a new range about 95 pips today.

  • The key level will be set at the level of 1.4900.


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Technical analysis of NZD/USD for March 13, 2015

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Overview :



  • · The psychological price of the NZD/USD pair is seen at the level of 0.7400 today, and it is going to act as a daily pivot point. Moreover, the NZD/USD pair has formed a support at the level of 0.7343 and the area of 0.7305 is probably going to compose a double bottom. Hence the price of 0.7310 will form the last bearish wave and will act as a strong support for that. It should be noted that the market was so stable and the trend was also so clear since yesterday (uptrend), so it will be a good sign to buy above the level of 0.7310 with the first target at 0.7449 and further at 0.7533, which coincides with the ratio of 50% of Fibonacci retracement levels. The level of 0.7533 will act as a strong resistance today. It is likely to be a good place to take profit below the 0.7533 level. Therefore, the strong resistance will set at 0.7533 and minor support has already placed at the price of 0.7343. On the other hand, if reversal takes place and the NZD/USD pair breaks through the support at the level of 0.7308, then the market will lead to further decline towards the 0.7263 level. Also, it should be noted that we expect a range of 99 pips as uptrend from the level of 0.7350 towards the 0.7449.


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Technical analysis of USD/JPY for March 12, 2015

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Fundamental Outlook:
USD/JPY is expected to trade in a lower range. USD/JPY is underpinned by the bullish dollar sentiment (ICE spot dollar index hit near-12-year high 99.985 Wednesday, last 99.67 versus 98.55 early Wednesday) amid expectations that the Federal Reserve will abandon the term "patient" from its interest-rate statement next week and could raise interest rates from near zero as soon as June. Fed's James Bullard, in an interview with the Financial Times published Wednesday, warned that the end of the Fed's near-zero interest-rate policy is overdue given the rapid pace of improvement in the jobs market. USD/JPY is also supported by demand from the Japanese importers, and the ultra-loose Bank of Japan's monetary policy. The USD/JPY gains are tempered by the Japanese exports, lower longer-dated US Treasury yields (10-year at 2.108% versus 2.121% late Tuesday), selling of the yen crosses amid diminished investor risk appetite (VIX fear gauge rose 1.08% to 16.87, S&P 500 closed 0.19% lower at 2,040.24 overnight).


Technical comment:
The daily chart is positive-biased as the MACD is bullish, stochastics stays elevated at overbought levels, 5 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 122 and the second target at 122.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 120.60. A break of this target would push the pair further downwards, and one may expect the second target at 120.20. The pivot point is at 120.90.


Resistance levels:

122

122.50

122.75


Support levels:

120.60

120.20

120


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Technical analysis of USD/CHF for March 12, 2015

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Fundamental overview:
USD/CHF is expected to consolidate with bearish bias after hitting almost a two-month high of 1.0107 Wednesday. USD/CHF is underpinned by the bullish dollar sentiment, 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 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 0.9950. A break of that target will move the pair further downwards to 0.9875. The pivot point stands at 1.0065. 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 1.0120 and the second target at 1.0160.


Resistance levels:

1.0120

1.0160

1.02


Support levels:

0.9950

0.9875

0.9820


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

Technical analysis of NZD/USD for March 12, 2015

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Fundamental overview:
NZD/USD is expected to trade in a higher range after hitting a five-week low of 0.7182 Wednesday. NZD/USD is supported by the fact that the Reserve Bank of New Zealand kept its policy rate at 3.5% as widely anticipated and said "future interest rate adjustments, either up or down, will depend on the emerging flow of economic data." NZD/USD is also boosted by the NZD-USD yield differential, and kiwi demand on cross trades versus major currencies. The NZD/USD gains are tempered by the bullish dollar sentiment, subdued investor risk appetite and soft commodity prices.


Technical comment:

The daily chart is mixed as the MACD bearish, 5- and 15-day moving averages are falling, but stochastics is turned bullish at oversold levels. Bullish hammer candlestick pattern was completed on Wednesday.


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 0.7450 and the second target at 0.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7255. A break of this target would push the pair further downwards, and one may expect the second target at 0.72. The pivot point is at 0.7315.


Resistance levels:

0.7450

0.75

0.7550



Support levels:


0.7255

0.72

0.7150


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

Technical analysis of GBP/JPY for March 12, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias after hitting a 20-month low of 127.64 on EBS Wednesday. GBP/JPY is undermined by he soft EUR/USD undertone, diminished investor risk appetite and Japan's exports. The EUR/JPY losses 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- and 15-day moving averages are 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 180.15. A break of that target will move the pair further downwards to 179.50. The pivot point stands at 181.75. 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 180.15 and the second target at 179.50.


Resistance levels:

182.25

183.20

183.75

Support levels:
180.15

179.50

179


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