USD/CAD intraday technical levels and trading recommendations for March 16, 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. However, bullish pressure is still being expressed in the market.


The nearest support level 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 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 a 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).


This week, we should monitor the current weekly candle closure, as price zone around 1.2680-1.2650 is our key-zone. Weekly closure above it enhances the bullish side of the market on the long-term and vice versa.


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 1.2600-1.2630 will probably offer a valid buy entry for those who missed the initial breakout.


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Intraday technical levels and trading recommendations for EUR/USD for March 16, 2015

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The market has been pushing lower aggressively after breaking below 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 1600 pips since the beginning of 2015. Now, the EUR/USD pair is pushing further below monthly demand around 1.0550 (Established on January 1998) where some bullish recovery is expected to exist around.


On the other hand, theoretical long-term bearish targets should be located near 0.9450. That's why price action should be watched around the current monthly demand level.


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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.


Obvious bearish breakdown of the weekly demand level at 1.1100 enhanced the bearish side of the market exposing lower targets initially around 1.0800.


Full Projection targets for the Flag pattern were successfully reached around 1.0800 and 1.0500.


After such bearish rally off 1.1300, conservative traders should be looking for low-risk buy opportunities at such low prices.


Price action should be watched around 1.0550 on the H4 and daily charts to confirm our suggested buy position.


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Intraday technical levels and trading recommendations for GBP/USD for March 16, 2015

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The market has previously established a consolidation zone around 1.4960 which extended up to 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 and weekly candlesticks.


Significant Demand levels located around 1.5200 and 1.5000 were recently breached indicating a strong bearish tendency on the market.


Price zone of 1.4960-1.5000 is expected to provide significant supply at retesting. It comes to meet the upper limit of the long-term depicted channel (which was temporarily breached).


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Recently, GBP/USD bulls failed to defend their demand zone around 1.4960-1.5000 significant bearish pressure was being applied in the market.


As anticipated, H4 persistence below the recent bottom at 1.4900 enhanced further bearish decline towards 1.4800 and 1.4700.


Finally, some bullish recovery is being manifested on the H4 chart after reaching price levels around 1.4700.


Conservative traders should wait for a bullish pullback towards the price zone of 1.5970-1.5030 (recently established supply zone) for a low-risk sell entry. Stop loss should be located above 1.5130.


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Technical analysis of USD/JPY for March 16, 2015

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Fundamental Outlook:
USD/JP is expected to trade in a range. It is underpinned by bullish dollar sentiment (the ICE spot dollar index hit a 12-year high of 100.42 this morning, last 100.25 versus 99.27 early Friday) as expectations prevailed that the Federal Reserve could raise interest rates the middle of the year. USD/JPY is also supported by higher longer-dated US Treasury yields (10-year at 2.110% versus 2.096% late Thursday), demand from Japan importers and ultra-loose monetary policy of the Bank of Japan. But USD/JPY gains are tempered by the Japanese exports and selling of yen crosses amid increased aversion to risks (VIX fear gauge rose 3.76% to 16.00, S&P 500 closed 0.61% lower at 2,053.4 on Friday), weaker-than-expected preliminary consumer sentiment index of 91.2 for March from the US University of Michigan (versus forecast 95.3), a drop 0.5% in the US February PPI (versus forecast +0.3%), and fears that strong USD would crimp the US corporate earnings.


Technical comment:
The daily chart is still positive-biased as the MACD is bullish, stochastic stays above overbought levels, and 5 and 15-day moving averages are advancing. Although, an inside-day-range pattern was completed on Friday.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 120.90. A break of that target will move the pair further downwards to 120.20. The pivot point stands at 121.65. 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 upside. According to that scenario, a long position is recommended with the first target at 122 and the second target at 122.50.


Resistance levels:

122

122.50

122.75


Support levels:

120.90

120.60

120.20


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Technical analysis of USD/CHF for March 16, 2015

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Fundamental overview:
USD/CHF is to consolidate with bullish bias. The pair is underpinned by the negative Swiss interest rates, the threat of the Swiss National Bank to carry out CHF-selling intervention, and positive dollar sentiment (ICE spot dollar index hit 12-year high 100.42 this morning, last 100.25 versus 99.27 early Friday) as expectations prevailed that the Federal Reserve could raise the interest rates midyear.


Technical comment:
The daily chart is positive-biased as the MACD is bullish, stochastics stays elevated 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 1.0120 and the second target at 1.0160. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9950. A break of this target would push the pair further downwards, and one may expect the second target at 0.9875. The pivot point is at 0.9990.


Resistance levels:

1.0120

1.0160

1.02


Support levels:

0.9950

0.9875

0.9820


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Technical analysis of NZD/USD for March 16, 2015

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Fundamental overview:
NZD/USD is expected to trade with risks skewed lower. It is undermined by bullish dollar sentiment, and kiwi sales on the soft NZD/JPY cross amid subdued investor risk appetite and weak commodity prices. The NZD/USD losses are tempered by kiwi demand on the soft AUD/NZD and EUR/NZD crosses and the NZD-USD yield differential.


Technical comment:

The daily chart is mixed as the MACD is bearish, five-day moving average is below 15-day moving average and is declining, but stochastics is rising from oversold levels. Inside-day-range pattern was completed on Friday.


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 0.74 and the second target at 0.7445. 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 0.7215. The pivot point is at 0.7310.


Resistance levels:

0.74

0.7445

0.75

Support levels:


0.7255

0.7215

0.7180


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Technical analysis of GBP/JPY for March 16, 2015

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Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias after hitting a 20-month low of 126.91 on Friday. GBP/JPY is undermined by negative investor risk sentiment, the weak EUR/USD undertone and Japan's exports. The GBP/JPY losses are tempered by demand from the Japanese importers.


Technical comment:

The daily chart is negative-biased, stochastics stays suppressed at oversold levels as the MACD is bearish. 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 178. A break of that target will move the pair further downwards to 177.25. The pivot point stands at 180.15. 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 180.80 and the second target at 181.75.


Resistance levels:

180.80

181.75

182.35

Support levels:
178

177.25

176.75


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Technical analysis of USD/CHF for March 13, 2015

USDCHFM30.png


Fundamental overview:
USD/CHF is expected to consolidate in a lower range after hitting almost a two-month high of 1.0128 on Thursday. USD/CHF is undermined by weaker dollar sentiment and franc demand on the buoyant CHF/JPY cross. The USD/CHF losses are tempered by the negative Swiss interest rates, the threat of the Swiss National Bank to carry out CHF-selling intervention, and positions adjustment ahead of the weekend.


Technical comment:
The daily is chart mixed as the MACD is bullish, 5- and 15-day moving averages are advancing, but stochastics has turned bearish at overbought levels.


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 1.0120 and the second target at 1.0160. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9950. A break of this target would push the pair further downwards, and one may expect the second target at 0.9875. The pivot point is at 0.9990.


Resistance levels:

1.0120

1.0160

1.02


Support levels:

0.9950

0.9875

0.9820


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Daily analysis of GBP/USD for March 16, 2015

There is still no bottom found for the GBP/USD pair. It continues falling and getting strength in the bearish bias. It should be noted on the daily chart that the pair did not formed fractals over the last weeks. That is important as the GBP/USD pair still has enough room for more bearish movements in the medium and long terms and the MACD indicator is a proof of that.


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During the friday session, the pair did a rebound at the support level of 1.4697 and now it's forming a lower low pattern. Now, the resistance level of 1.4844 could be reached in the coming hours, as the GBP/USD pair is trying to recover from recent falls, but the bearish side continues to be very strong in the near term.


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Daily chart's resistance levels: 1.4820 / 1.4948


Dailychart's support levels: 1.4649 / 1.4520


H1 chart's resistance levels: 1.4844 / 14893


H1 chart's support levels: 1.4746 / 1.4697






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 1.4746, take profit is at 1.4697, and stop loss is at 1.4796.


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Daily analysis of USDX for March 16, 2015

The USDX does not give bears any chances to take the control of the current trend, as it remains very solid at a bullish momentum in the medium and long terms. The daily chart shows that the USDX has been doing very little corrective moves and the upside road is still on place. The 200 SMA on the daily chart is still very bullish.


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The intraday outlook shows us a bullish structure that is trying to get consolidated, as the USDX is forming a bullish pattern below the resistance level of 100.01. The next upside target remains located at the 100.88 level. Retracements may go up to the support level of 99.13, where the instrument could find good opportunities to rebound.


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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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Weekly technical levels for EUR/USD for March 16-20, 2015

The weekly technical levels for EUR/USD pair:


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Overview :



  • Due to the previous events, the price of the EUR/USD pair is still between the levels of 1.0620 and 1.0336. So, it is recommended to be accurate while making deals in this area. Also, It should be noted that the market showed the signs of instability and shakiness. The trend movement was controversial as it took place in the narrow sideways channel. So, the market was in an downtrend for a short term. Moreover, it might be noticed that the price of the EUR/USD pair has been rebounding lower towards the level of 1.0620. Note that we expect a range of 81 pips today. The 1.0620 level is going to act as a key level to confirm the bearish market because the price of 1.0620 is representing a strong sport. Therefore, sell below the level of 1.0632 (1.0632: 38.2% of Fibonacci retracement levels), with the first target at 1.0462. It might resume to the 1.0340 price in order to form a new double top in the H1 chart. On the contrary, if the price may close above 1.0650, it will call for a bullish market to go further towards the level of 1.0780. However, it should be always noted that the stop loss should never exceed your maximum exposure amounts.


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#USDX technical analysis for March 16, 2015

The Dollar index has finally reached our the target area around 100-101.50 and I believe the upside potential of this index is still alive. We might see another dollar pull back this week but the longer-term trend remains fully bullish. An important monthly resistance is at 101.50.


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Green line= trend line support


The Dollar index remains in a bullish trend in all time frames. A short-term support is found at 99,75 while resistance is at 101.50. The next support is at 98.70. Bulls need to be very cautious at current levels and raise their stops to protect long positions because we have approached a very strong monthly resistance level. If the dollar is going to make a trend reversal and correction to the downside, this is the level where it is likely to happen. It does not mean that we should start opening short positions. On the contrary, this up trend is so strong that traders going short were wiped all way up here. This is likely to continue. However, traders should raise their stops for protection as a rise from the 80 level has been quite parabolic.


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The monthly chart shows how price has almost reached the 61.8% retracement of the decline from 2000. The rise from 80 level is parabolic and the reversal will be steep. Bhat is why bulls need to be protected.


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Weekly technical levels for GBP/USD for March 16-20, 2015

The weekly technical levels for EUR/USD pair.


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Overview :



  • The price of the GBP/USD pair has been still trapped between the levels of 1.4860 and 1.4583. The level of 1.4860 is representing the weekly pivot point. It should be noted that the weekly pivot point is coinciding with the ratio of 38.2% Fibonacci retracement levels on the H1 chart. Moreover, the pair will probably go down because the downward trend is still strong since the last week. So, sell below the level of 1.4860 in the long term with the first target at 1.4699 in order to test the double bottom. If the trend can break the double bottom at 1.4699, it might resume to 1.4583 (the support 1). On the other hand, the stop loss should never exceed your maximum exposure amounts. Thus, it is going to be too profitable to set your stop loss at the level of 1.4885.


Observations :



  • Major support has been set at the level of 1.4583.

  • Major resistance has been already placed at 1.4866.

  • We expect a new range about 325 pips this week.

  • If a trend is upward, the strength of the currency will be defined as follows: GBP 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.


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Gold technical analysis for March 16, 2015

Gold price is trying hard to bounce, but buyers are not strong enough to push the price above $1,166 yet. However, as long as the price is above the support of $1,140-$1,130, bulls will still have good chances of another bounce towards $1,180-$1,200. My longer-term view remains bearish with a target between $1,000 and $900 as long as we break below $1,130.


goldh4.jpg




Black line = upward sloping channel


Gold price remains below the Ichimoku cloud on the 4-hour chart as shown above. The price is sliding higher in the short-term upward sloping channel. Resistance is at $1,166-75. Support is at $1,147-30. The short-term trend is neutral and, I believe, this upward bounce is a part of a counter-trend correction. The longer-term trend remains bearish.


goldd.jpg




Orange lines = weekly bearish channel


Blue line = support


The blue line support at the 2014 lows of $1,130 is a very important support. A weekly close below that level will be a very bearish signal that will give me $1,000 or even $900 as target. The weekly trend remains bearish as the price remains below $1,220-30.


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Technical analysis of Gold for March 16, 2015

Yellow metal is consolidating at lower levels. Short-lived bulls rally did not live up to expectations. 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 have been consolidating for 3 consecutive days. The Federal stands on a hawkish tone. We expect the Federal Reserve to hike interest rates by 0.25% in June or September. Prices are trading at a 52-week low of 1147.00. The stronger US dollar affects the metal price. The US dollar is likely to remain strong. 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 1150.00 for risky traders, $1,147.00 for safe traders with targets at $1,140.00, $1,137.00, $1,124.00, $1,120.00, $1,115.00, and $1,100.00. The intraday support is found at $1150.00 and $1,147.00. Resistance is seen at $1,161.50 and $1,167.00. Weekly resistance is set around $1,168.00. Prices are trading in 30$ range.


Trade: Buying above $1,162.00 with targets at $1,166.00, $1,168.00 and $1,170.00.


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Technical analysis of USD/CAD for March 16, 2015

General overview for 16/03/2015 08:40 CET


According to Elliott wave theory, it is still possible for this market to make a bounce from two support levels indicated on the hourly chart. If the bounce/reversal occurs above intraday support at the level of 1.2704, the correction will be an (a)(b)(c) running flat. If the bounce/reversal occurs above the level of 1.2595, the correction will be an (a)(b)(c) irregular flat. Please notice that this count is valid only in case the wave progression is a part of an impulsive wave (5) to the upside and lack of impulsive market behavior might be the first clue that wave 4 green of a higher degree is in progress. Nevertheless, any breakout above the level of 1.2821 is bullish.


Support/Resistance:


1.2917 - WR1


1.2821 - Intraday Resistance


1.2746 - Weekly Pivot


1.2704 - Intraday Support


1.2668 - WS1


1.2596 - Technical Support


Trading recommendations:


Daytraders should consider opening buy orders if:


- the level of 1.2821 is clearly violated with a minimum H1 close above this level. SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.


- the level of 1.2704 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.


- the level of 1.2596 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.


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Technical analysis of USD/JPY for March 16, 2015

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In Asia, Japan will not release any economic reports, but the US will unveil some economic data on TIC Long-Term Purchases, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and Empire State Manufacturing Index. So, there is a big probability the USD/JPY pair will move with low volatility during the day.




TODAY TECHNICAL LEVELS:




Resistance. 3: 121.94.




Resistance. 2: 121.70.




Resistance. 1: 121.47.




Support. 1: 121.17.




Support. 2: 120.93.




Support. 3: 120.69.








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 and trading recommendation of USD against CAD,YEN for March 16, 2015

Analysis of USD against CAD & JPY


The FOMC meeting is the highlighted event in this week. Financial world Forex, Gold and equity markets are preparing for Wednesday. I would request traders to close their pairs related to USD before the FOMC meet. Wild moves are expected. The USDX is moving in line with the expectation of a rate hike. If we dodn't hear about the rate hike, it means correction for the USDX and USD related pairs. Everyone eyes on the patience word. Some economists expect that the Federal Reserve can pause in being patient. A rise in USD had negative impact on the US economy. We think the the Federal Reserve is likely to hike interest rates by 0.25% in June or September. Today, traders eye industrial production and NAHB housing market index. We expect an uptick from industrial production with maximisation of capacity utilisation.


USD/CAD


The pair breached the previous high of 1.2798 but was unable to close above that level. Today, early at the Asian session, the pair has been unable to breach 1.2824.This is not a good sign. Bulls are on a safe side in case the price will close above 1.2800 on a daily basis.Bulls and bears are waiting for Wednesday. Intraday support is likly to be found at 1.2760 and 1.2730. Weekly support is seen at 1.2680 and 1.2620. Intraday resistance is seen at 1.2800 and weekly is likely to be found at the level of 1.3000. 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 level, as it's a multi-month resistance.


USDCADH4.png


USD/JPY


The BoJ monetary policy is due for release on Tuesday. Oil prices continue to stay under pressure. At the Asian session, the yen is trading higher against the US dollar ahead of the data release. The price is consolidating at a 8-year high. 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 for upswing. If the price closes above 121.85 on a weekly basis, we can see 128.00 as well. It's an one-side move all the way to new highs. Another upswing looms above 122.0 with targets at 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.


Key levels to watch- Must close above 121.85


Trade: we remain buyers.


USDJPYDaily.png


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Technical analysis of EUR/JPY for March 16, 2015

General overview for 16/03/2015 08:10 CET


The five wave impulsive development to the downside was completed, and the market is trying to make a corrective cycle to the upside. The first resistance comes at the level of 129.03 and a breakout above this level will be very important for further market moves, but the price will still stay inside the yellow range zone. Only a sustained breakout above the level of 131.87 would change the technical picture. On the other hand, any failure at the level of 129.03 might result in another test of the lows.


Support/Resistance:


126.89 - Intraday Support


128.41 - Weekly Pivot


129.03 - Intraday Resistance


129.90 - WR1


130.69 - Intraday Resistance


131.59 - 50%Fibo


131.87 - Intraday Resistance


132.45 - 61%Fibo


Trading recommendations:


Daytraders should consider opening buy orders only if the level of 129.03 is clearly violated with a minimum H1 closure above this level. SL should be placed below the level of 126.89 and TP should be placed at the level of 130.69 with a possible extension upward to the level of 131.87.


eurjpy_h1.jpg


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Technical analysis of EUR/USD for March 16, 2015

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When the European market opens, no economic news will be released from the eurozone, but the US will disclose the economic data on TIC Long-Term Purchases, NAHB Housing Market Index, Industrial Production m/m, Capacity Utilization Rate, and Empire State Manufacturing Index. So, amid the reports, EUR/USD will move with low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0536.




Strong Resistance:1.0529.




Original Resistance: 1.0519.




Inner Sell Area: 1.0509.




Target Inner Area: 1.0484.




Inner Buy Area: 1.0459.




Original Support: 1.0449.




Strong Support: 1.0439.




Breakout SELL Level: 1.0432.








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 Gold for March 16, 2015


Technical outlook and chart setups:


An hourly chart setup has been depicted here for a short time analysis. Gold is seen to be trading in a sideways cone consolidation since forming lows at the level of $1,147.00 last week. The metal needs to break out of a cone structure, to confirm and indicate the direction of next leg. It is recommended to hold long positions for now, with risk at $1,130.00 level. Immediate support is seen at the level of $1,145.00 followed by $1,130.00, while resistance is seen at $1,175.00 followed by $1,207.00 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 recommendation of GBP against USD,YEN for March 16, 2015

GBP/USD


Monday is scheduled to be a quite important day for the UK.The pound fell against USD after BOE Governor Carney's speech. Last week, the cable fell 4 consecutive days with 2 steep fall days. The cable grounded towards the lowest level since mid-2013. The cable made a low at 1.47000. We advised, in case the price close below the level of 1.4810, it can extend its fall another 500 pips. The cross EUR/GBP is also weighing on the pound. The eurozone is the UK's major trading partner. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. Today, the cable opened on a bullish note. We recommend fresh selling below 1.4738 for risky traders and safe traders can start selling below 1.4700 with target at 1.4580 in the near term and at 1.4350 in the medium term. We expect the pair to hit 1.4350 or 1.4200 before May/June. After the UK's election we expect the bottom will be formed. We recommended selling below 1.4800 at the session on Friday. The cable made a low at 1.4700. Intraday resistance is seen at 1.4765 and 1.4850. Weekly resistance is seen at 1.4980 and 1.5030. Until price closes below 1.5030, bearish view remain in play. The pound is likely to start moving towards new lows in case data printed above the expectations.


Trade:


Buying sl 1.4738 - risky traders only


Selling below 1.4700


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GBP/JPY


Monday is scheduled to be a quite important day for the pound and yen. This week is packed with central banks decisions. The BoJ monetary policy is due for release on Tuesday. Oil prices continue to be ander pressure. The pound sterling extending its 1-month low against the yen post Carney's speech and disappointing data from the UK. Today, the yen is trading lower against the pound at the Asian session. The cross closes below 50Dsma, represents near and short-term outlook remains bearish. On a weekly basis, the cross closes below 20Wsma and is trading below it. Until the price closes below 181.65, the bearish view remains in play. For the last 2 sessions, we advised traders to remain calm until we get a clear picture. We expected the pair is likely to choose on downside support 180.00, but it breaks and closes below that. The cross is trading in the support zone around 177.95 and 177.80, 200Dema and 200Dsma respectively. We forecasted a bearish head and shoulder pattern in the h4 chart, but we did not advise shorting aggressively. We advised minimum 178 and 176.50 on the down side in case the price closes below 180.00. The pair made a low at 178.23. Monthly support is found at 176.70 50Wsma. Intraday resistance is seen at 180.00 and 180.20. Weekly resistance is seen at 181.50 and 181.65. Intraday support is found at 178.85 and 178.60. The panic will be triggered in case price closes below 177.80.


Trade: selling below 178.60 with targets at 178.00 and 177.80. Panic below 177.80


Levels to watch- 177.95 177.80 last hope at 177.60. These are valid for this week.


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Technical analysis of Silver for March 16, 2015


Technical outlook and chart setups:


The hourly chart view has been depicted here for short-term analysis. As seen here, Silver formed bottom at the level of $15.30 last week and rallied through the level of $15.70. Since then it has been drifting sideways between $15.45 and $15.65 levels. In this process the metal has also broken the resistance line and entered into the buying zone for now. A push through the $15.90 level from here on could indicate and confirm that a meaningful bottom is in place and bulls are back in control. It is recommended to remain long for now with risk at the level $14.25. Immediate support is seen at the level $15.30, followed by $14.50 while resistance is seen at the level of $15.90 respectively.


Trading recommendations:


Remain long for now, stop at $14.25, target is open.


Good luck!




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

Daily analysis of major pairs for March 16, 2015

EUR/USD: This pair has been so weak that long trades do not make any sense at the moment. A possibility of EUR reaching parity with USD is very strong now. If the CAD, the CHF, and the AUD could reach parity with USD, why can't EUR reach parity with it? Bulls and bears are fighting a serious battle around the great support line at 1.0500, and we may see the price testing another support lines at 1.0400 and 1.0300. The outlook for the EUR/USD pair is bearish indeed.


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USD/CHF: The USD/CHF pair would continue its upward journey for as long as the EUR/USD pair is weak. The price is between the support level at 1.0000 and the resistance level at 1.0100 now. A breach above the resistance level at 1.0100 is very likely.


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GBP/USD: The Cable is a weak market right now. The market moved downwards by more than 300 pips last week, closing below the distribution territory around 1.4750. Accumulation territories around 1.4700 and 1.4650 are potential targets for bears now. While those accumulation territories may be tested, it is unlikely that the price would breach them to the downside this week.


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USD/JPY: This currency trading instrument is bullish in outlook, though there was no significant northward movement last week. On Friday, March 13, 2015, the price closed at 121.39; on a bullish note. There is a strong probability that the instrument may rally this or the next week.


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EUR/JPY: This is a bear market and it would continue to be weak as long as EUR does not have any strength. Only an exponential stamina of EUR could reverse the trend; or a significant weakness in JPY itself.


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Technical analysis and trading recommendation of EUR against USD,YEN for March 16, 2015

The euro is trading below 12-year lows against USD. The euro fate will be decided on Wednesday. We expect the Federal Reserve to hike interest rates by 0.25% in June or September. The euro is the most effecting currency due to the divergence policy of the Central Bank. The ECB is dovish and interest rates are likely to be low for year to come. The Federal stands on a hawkish tone. This divergence proves more downside room to this pair. Today, traders eye ECB Governor Draghi's speech. It's busy data packed with major economic data on the euro and USD.


Technical view-


We have been recommending to trade with a target at 0.9000 for the last three weeks. Last week, Goldman Sachs forecasted the same targets for 2015 and 2016. Parallel support is seen at 1.0335. The euro is trading lower against the US dollar ahead of today's series of data. Intraday supports is seen at 1.0480 and 1.0460. In case the price closes below 1.0495, bears can challenge 1.0335 and 1.0310 levels in a near term. Weekly resistance is seen at 1.0700. We recommend intraday selling below 1.0460 with targets at 1.0425, 1.0380, 1.0350, and 1.0335. Intraday resistance is likely to be set at 1.0505 and 1.0580.


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EUR/JPY


This week is packed with central banks' decisions. The BoJ's monetary policy is due for release on Tuesday. Oil prices continue to be under pressure. This pair is expected to be influenced bu decisions of the ECB and BoJ in the comming days. Ahead of Draghi's speech, the euro is trading lower against the yen at the Asian session. The cross broke 200Wema, 200Msma and 200Mema as well. These factors represent more bearish views. In the previous week, the pair fell and closed below 200Wema. Parallel support was found at 125.00 and 122.20. In the h4 chart, we can observe distribution around the level of 129.00. We forecasted bears would be able to challenge 128.00 and 125.00 in near and short terms in case the price closed below 129.00. The cross made below at 126.90. The lowest lows and lower highs have been developing on the h4 chart, suggesting more room for a downside is yet to come. Initially, we advised selling at 132.35 with target at 129.00 and recommended lower targets at 128.00, 125.00, and even 122.50. Intraday resistance is seen at 128.30 and weekly resistance is seen at 129.65 and 130.15. Until the price closes below 129.65, use every rise to sell. Intraday support is likely to be found at 126.80.


For intraday, we recommend selling below 126.80 with targets at 126.60, 126.00, 125.60, and 125.20. Until the price closes below 130.15, a monthly bearish view remains in play.


Trade: Selling below 126.80


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Elliott wave analysis of EUR/NZD for March 16 - 2015

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Technical summary:


Wave iv moved slightly above the ideal corrective target at 1.4445 (a high came in at 1.4468) before turning lower to a new low. We are looking for wave v lower to 1.3885 before a bottom should be expected. In the short term, we must allow for a correction towards 1.4407 before the next strong decline is expected. That said we are very likely in the final part of the long-term decline, so this is not the time to be overly aggressive.


Trading recommendation:


We will stay neutral for now.


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Elliott wave analysis of EUR/JPY for March 16 - 2015

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Technical summary:


The expected decline towards the ideal target at 125.98 continues to unfold. Short-term support is found at 126.51 in a minor reaction to 128.32 before going lower to 125.98. As we approach the ideal downside target 125.98, we should begin to look for signs of a bottom.


Trading recommendation:


We are short EUR from 133.90 and have lower our stop to 129.10 with take profit at 126.25.


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