Intraday technical levels and trading recommendations for GBP/USD for March 23, 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.


Yesterday, significant bullish rejection was expressed around 1.4700 (WEEKLY LOW). A bullish engulfing DAILY candlestick was expressed by the end of the day.


As anticipated, the price zone of 1.4960-1.5000 was expected to provide significant SUPPLY for retesting. It corresponds to the upper limit of the long-term depicted channel as well as a broken WEEKLY DEMAND established on January 2015.


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Recently, the GBP/USD bulls failed to defend their demand zone around 1.4960-1.5000 which was breached two weeks ago.


Evident bullish recovery was manifested on the H4 chart near the price levels around 1.4700 (WEEKLY low).


Fixation above 1.4700-1.4720 enhanced the bullish side of the market allowing another bullish swing towards 1.4990 to take place.


On the other hand, conservative traders should wait for a bullish pullback towards the price zone of 1.5050-1.5100 (recent SUPPLY zone) for a low-risk sell entry. Stop loss should be located above 1.5150.


Conservative traders should note that the GBP/USD pair remains trapped between 1.4700 and 1.4970 until breakout occurs in either direction (transient consolidation range shouldn't be excluded).


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Intraday technical levels and trading recommendations for EUR/USD for March 23, 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. This week, the EUR/USD pair has been pushed further below monthly demand around 1.0550 (established on January 1997) where some bullish recovery is expected to exist.


On the other hand, theoretical long-term bearish targets would be located near 0.9450. That is why the price action should be watched around the current monthly demand level looking for monthly closure below 1.0570 (significant bottom that goes back to 1997).


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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.


As anticipated, after such a long bearish rally (which started off 1.1300), sure signs of bullish rejection was anticipated around 1.0570 (monthly demand level).


Note that daily persistence above the price zone around 1.0630-1.0660 (achieved yesterday) indicates a quick corrective movement towards 1.1100 where a long-term sell position can be offered.


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GBP/USD intraday technical levels and trading recommendations for March 23, 2015

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Overview:


On February 5, temporary bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, an ascending channel was established since price levels of 1.5170-1.5200 are indicating the bullish sentiment on the market.


A projected target for this bullish breakout has already been reached around 1.5550 where the previous daily bottoms were located (daily resistance).


Two weeks ago, the bearish breakdown of the lower limit of the depicted channel occurred enhancing the bearish side of the market and confirming the Flag pattern as bearish.


Significant bearish pressure was applied at the price level of 1.5200 (R2), then 1.4950 (R1 = broken weekly bottom).


Bearish persistence below 1.4950-1.5000 indicated a further bearish decline. Initial projection target for this bearish breakout was located at 1.4700.


Last week, GBP/USD bulls significantly managed to defend the recent bottom at 1.4700. Evident bullish rejection was expressed around 1.4630 resulting in the formation of a bullish Head and Shoulders reversal pattern.


Persistence above 1.4980-1.5000 (neck-line) is a must to confirm the pattern's projection target at 1.5200. Otherwise, the GBP/USD pair remains in a long-term downtrend as depicted on the WEEKLY chart.


Trading recommendations:


Risky traders can wait for H4 bullish breakout above 1.5000 for a short-term BUY entry with a quite good projection target.


T/P levels should be set at 1.5080, 1.5120 and finally at 1.5200. S/L should be set as DAILY closure below 1.4900.


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Technical analysis of NZD/USD for March 23, 2015

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Overview :



  • The support of the NZD/USD pair is going to set at the level of 0.7529 on March 23, 2015. Also, it should be noticed that the level of 0.7529 is representing the key level of the NZD/USD pair this week, because it acts as a psychological price. Moreover, the market is still calling in uptrend from the level of 0.7529 since last week, for the reason that the resistance became the strong support. Consequently, the ascending movement will probably be higher than the level of 0.7530 with the targets at 0.7620 and 0.7737 in the coming days. The level of 0.7737 is the highest price. Accordingly, the pair is going to form the first double top in the H4 chart. However, the resistance is likely to be formed at the level of 0.7737. Furthermore, it will be very profitable to sell below this level for retesting this level in the short period. Therefore, sell deals are recommended below the 0.7737 level with targets at 0.7650 and 0.7520.



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USD/CAD intraday technical levels and trading recommendations for March 23, 2015

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Overview:


Since bulls have pushed further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought.


However, bullish pressure is still being expressed on the market as previous weekly closure came above 1.2550 (consolidation zone mid-line).


The nearest support level to meet the USD/CAD pair is located around 1.2370 (lower limit of the confirmed wedge pattern) and 1.2300 (79.6% Fibonacci level that provided significant SUPPORT for successive weeks on the DAILY chart).


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.


Yesterday, the market failed to persist above 1.2650 - 1.2680 (previous highs) resulting in bearish engulfing daily candlestick.


On the long-term, projection target for the wedge pattern would be located near price levels of 1.3060 (the origin of the last bearish swing initiated on March 2009).


Last week, the resulting WEEKLY candle came strongly bearish as the price zone of 1.2680-1.2650 applied significant bearish pressure at retesting.


Trading recommendations:


For risky traders, a bearish pullback towards 1.2560 offers a valid buy entry for those who missed the initial breakout. SL should be placed slightly below 1.2420.


Conservative traders should wait either for a pullback towards 1.2370-1.2300 for low-risk BUY entries or at least significant signs of bullish rejection around the current price levels (1.2550).


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Technical analysis of USD/CHF for March 23, 2015

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Overview :



  • The trend of USD/CHF has been descending since yesterday; the strength of the currency will be defined as follows: USD is in uptrend and CHF is in downtrend. Additionally, according to the previous events, the price of the USD/CHF pair has still been moving between 0.9760 and 0.9671. Hence, we expect a new range about 89 pips today and 212 this week. Moreover, it should be noted that the resistance has already set at the level of 0.9822, which represents the ratio of 38.2% of Fibonacci retracement levels in the H1 chart. Therefore, it will be of the insight to sell in this area of 0.9822 with the first target at 0.9691 in order to try to break the minor support. Then, the price is likely to be able to continue in downtrend towards 0.9633 (the level of 0.9633 will be formed a double bottom at the same frame time). On the other hand, the stop losses should be placed above 0.9830 because the level of 0.9822 will confirm a bullish market on March 23, 2015.



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Daily analysis of USDX for March 23, 2015

Thanks to the pullback that the USDX did during the Friday's session, the current price is below the resistance level of 98.01. The move that could open the way to more falls to the support level of 96.60 is expected in the short term. The USDX is strong in the general bullish bias and we're not looking for the short side trades yet.


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At the H1 chart, the USDX tries to stay above the support level of 97.19, but we're still in front of a possible bearish consolidation, as the index is trading below the 200 SMA. Of course, this consolidation is mentioned in a short term bias, as the USDX still has enough bullish momentum to do rallies towards new highs.


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Daily chart's resistance levels: 98.01 / 99.19


Dailychart's support levels: 96.60 / 95.53


H1 chart's resistance levels: 99.13 / 100.01


H1 chart's support levels: 97.93 / 97.19






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 99.19, take profit is at 100.49, and stop loss is at 98.27.


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Daily analysis of GBP/USD for March 23, 2015

The rebound continues to take place on the GBP/USD pair, finding strong support at the level of 1.4820, with a resistance placed at the level of 1.4948. The pair continues to move in favor of the overall bearish bias, as we can see it at the daily chart. The bearish structure is also showing us a potential short trade, as the GBP/USD pair is forming a lower low pattern.


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During the last Friday, the pair was rejected by the resistance level of 1.4984, where the GBP/USD pair did a pullback and its trying to stay below the 200 SMA at the H1 chart now. Eventually, the pair could break the support zone around 1.4842 and fall to the level of 1.4769. That move could strength the bearish bias during this week.




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Daily chart's resistance levels: 1.4948 / 1.5087


Dailychart's support levels: 1.4820 / 1.4649


H1 chart's resistance levels: 1.4921 / 1.4984


H1 chart's support levels: 1.4842 / 1.4769






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 1.4842, take profit is at 1.4769, and stop loss is at 1.4920.


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#USDX technical analysis for March 23, 2015

The Dollar index is below short-term resistance and is testing last Wednesday's lows after the FOMC meeting. The dollar is showing signs of weakness but we have a higher low formed for now. This could turn into a nice bullish reversal if bulls step in. My longer-term view remains bullish but short-term trend is unclear.


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Red line = resistance


Green line= medium-term resistance


The Dollar index made a strong upward reversal following a low after the FOMC meeting on Wednesday but resistance at 99.10 and 99.40 were not broken. The price got rejected and pulled back below the Ichimoku cloud. Short-term trend is unclear as long as we trade above 96.60. Breaking below the last Wednesday's low is likely to turn trend to bearish.


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The weekly chart remains bullish as long as the price holds above last Wednesday's lows and the red line tenkan-sen. We got a rejection at the 61.8% retracement and we are testing support at the 50% retracement back. The next important support is at 92. Bulls need to be very cautious and I believe we could see a resumption of the uptrend after this short-term pullback.


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Gold technical analysis for March 23, 2015

On Friday, Gold price broke above the Ichimoku cloud and trend line resistance was signaling that a bigger upward bounce could be expected over the new few days. Gold price has potential to reach $1,200-$1,220 as a corrective bounce. Huge weekly support is seen at $1,130. In case it gets broken, the price is likely to be pushed towards $1,000.


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Green line = short-term support


Red lines= bullish channel


Black line = Medium-term resistance trend line


Gold price is trading inside a bullish short-term price channel shown in the 4 hour chart above by the two parallel red lines. Gold price has managed to break above the Ichimoku cloud. Do not forget that price was below this cloud since $1,265.


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Blue line = huge support at $1,130


Orange lines= downward sloping channel


Gold price in a weekly basis remains in a downward sloping trend.The price is above critical support and a bounce could be justified from current levels. The important thing traders need to watch is a possible break below $1,130. This will give me a longer-term sell signal towards $1,000 or even $900.


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Technical analysis of USD/CAD for March 23, 2015

General overview for 23/03/2015 09:20 CET


The wave (ii) green bottom might be in place now. Any impulsive wave progression to the upside might indicate the uptrend is resuming. However, the first important confirmation of this wave progression comes with a descending golden trend line and the demand breakthrough zone breakout. Otherwise, the market might still be making more complex corrective cycle as it is indicated by an alternative blue count.


Support/Resistance:


1.2833 - Swing High


1.2765 - WR1


1.2698 - 1.2720 - Demand Breakthrough Zone


1.2657 - Intraday Resistance


1.2607 - Weekly Pivot


1.2540 - Intraday Support


Trading recommendations:


Daytraders should consider opening buy positions from current market levels with SL below the level of 1.2540 and TP at the level of 1.2673 with a possible extension upward to the level of 1.2698 - 1.2720.


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Technical analysis of EUR/JPY for March 23, 2015

General overview for 23/03/2015 09:00 CET


The current wave development follows the anticipated path. The corrective cycle in wave X brown looks completed now, the next cycle is to finish the wave Y brown to the upside. The market is currently trading around the weekly pivot at the level of 129.75 and the wave b green might be completed at this level. Nevertheless, the upward wave progression might happen only if the top of the wave a green is violated in an impulsive fashion. A lack of this kind of price action will indicate even more complex and time-consuming wave X brown.


Support/Resistance:


126.89 - Swing Low


127.78 - WS1


128.26 - Intraday Support


129.51 - Intraday Support


129.75 - Weekly Pivot


130.67 - Intraday Resistance


131.59 - 50%Fibo


131.64 - Intraday Resistance


131.84 - Technical Resistance


Trading recommendations:


Daytraders should consider opening buy positions only if the top of the wave a green is violated in an impulsive fashion. Otherwise, the market might still be making wave X brown.


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Technical analysis and trading recommendations on GBP/USD for March 23, 2015

The cable stopped its 2-week losing streak and closed at the previous swing low. Last Wednesday's trading range is the current cable trading range. Today, the cable also opened on a bearish note. The parallel resistance exists at 1.5035. We recommend strong buying only above 1.5035 towards 1.5100. We advise the bearish view again. Eventually, the pound looks weak against the USD ahead of the political challenge. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. The cable gave an upside breakout from the bearish channel, but bulls hope it is short-lived. The cable settles in the same bearish channel. The cable has been closing around 1.4745 and 1.4750. A daily close is below 1.4745 and we can expect 1.4350 in the medium term. David Cameron said on Friday, EU leaders and officials will breathe "a sigh of relief" if he loses the national elections in May. Cameron said, “If you vote for anyone else, you are likely to get a prime minister who comes here and says, 'You can all relax, there will be no renegotiations, no referendum, no difficult choices, no difficult reforms – breathe a sigh of relief.' In case Cameron wins the upcoming election, he opts for the EU referendum. The pound is trading lower against the USD, euro, and yen at the Asian session today. Intraday support is found at 1.4910 and 1.4820. We recommend safe selling below 1.4820 with targets at 1.4725 and 1.4690. The panic will be triggered below 1.4690. Weekly support is set at 1.4800 and resistance seems at 1.5010 and 1.5035. Today, traders are expecting the CBI industrial order flash estimate. We recommend buying above 1.5040 with targets at 1.5100 and 1.5130.


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To contact the author of this analysis, please email joseph.wind@analytics.instaforex.com.


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Technical analysis and trading recommendations on EUR/USD for March 23, 2015

Short covering story was developed in the previous week, which helped the pair to recover 2% of its losses. The dovish Federal Reserve statement helped the euro to gain ground against the US dollar. As we expected, shocking upswing wild moves took place that informs us of short reinforcement. After the FOMC meeting, Greece's tensions again came to existence. Greece's Prime Minister Tsipras relies on EU funds. David Cameron said on Friday that EU leaders and officials will breathe "a sigh of relief" if he loses the general elections in May. Technically and fundamentally the euro looks bearish towards the 0.9000 levels.




Upcoming economic events:


Today, traders eye ECB President Draghi's speech in Brussels. Consumer confidence index is expected to give an uptick. It's been improving for the last 3 months. Besides, German Bundesbank monthly report is due. If Draghi's speech and Consumer confidence data deliver an optimistic view on the eurozone short, the single European currency will extend an upward bias to 1.1200. But the chances are remote.




Weekly technical view:


The pair has been facing strong resistance at 20Dsma. The pair has been rejected thrice from 20Dsma. At today's early Asian session, it was again rejected. The prices are closed and trading above hourly moving averages. Until the price closes above 1.0600, bulls are trying to hold their grip. This view is valid for this week. Weekly resistance seems at 1.0920, 1.1450, and 1.1635. Support is found at 1.0600 and 1.0460. In case the price closes below 1.0460, bears can challenge 1.000 and 0.9900 in the near term.




Intraday:


Support is found at 1.0700 and resistance seems at 1.0920. We recommend fresh buying only above 1.0920 with targets at 1.1000 and 1.1035. In case of the negative economic data, sell below 1.0700 with targets at 1.0620, 1.0600, 1.0580, and 1.0550. Panic will be triggered below 1.0580.




Trade: buying above 1.0920.


Selling below 1.0700.


Risky traders can sell with sl 1.0890.


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To contact the author of this analysis, please email joseph.wind@analytics.instaforex.com


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Technical analysis of EUR/USD for March 23, 2015

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When the European market opens, the major economic news to be released is the Consumer Confidence Index. The US will publish the economic data too such as the Existing Home Sales. So amid the reports, EUR/USD will move with low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0876.




Strong Resistance:1.0870.




Original Resistance: 1.0859.




Inner Sell Area: 1.0848.




Target Inner Area: 1.0823.




Inner Buy Area: 1.0798.




Original Support: 1.0787.




Strong Support: 1.0776.




Breakout SELL Level: 1.0770.








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 23, 2015

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In Asia, Japan will not release any economic data. However, the US is expected to publish data on Existing Home Sales. So, there is a strong probability that the USD/JPY pair will move with low volatility at the Asian session, but with low to medium volatility at the US session.




TODAY TECHNICAL LEVELS:




Resistance. 3: 120.70.




Resistance. 2: 120.46.




Resistance. 1: 120.23.




Support. 1: 119.94.




Support. 2: 119.71.




Support. 3: 119.47








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 23, 2015


Technical outlook and chart setups:


The EUR/JPY pair met the trend line resistance at the level of 131.70 last week before pulling back lower again. The pair is currently trading at 129.70 and is likely to be pushed higher. A push above 132.00 is going to be be encouraging for bulls as trend line resistance will be broken and the pair will target towards the level of 136.50 at least. Immediate support is seen at the level 128.00 followed by 127.00, while resistance is seen at 136.50/137.00 and higher respectively on the daily chart view here.


Trading recommendations:


Remain long, stop at 127.00, target is open for now.


Good luck!




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Technical analysis of GBP/CHF for March 23, 2015


Technical outlook and chart setups:


The GBP/CHF pair has been pulling back lower since hitting the levels of 1.540/50 earlier, as seen here. The pair seems to have stalled just ahead of the level of 1.4500 and could stage a rally from here. Minimum upside is seen at 1.5000 from the current price if not higher. It is recommended to hold long positions and add fresh to the current levels with risk below 1.4500. Immediate support is seen at 1.4400, followed by 1.4200, 1.4000, and lower while resistance is seen at 1.4900, followed by 1.5000 and 1.5140/50 respectively.


Trading recommendations:


Remain long, stop below 1.4500, target is open.


Good luck!




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Technical analysis of Silver for March 23, 2015


Technical outlook and chart setups:


Silver has pushed through initial resistance at $1,188.00/90.00 as seen here. The metal is expected to take a dip lower before continuing its uptrend towards sub $18.00 as depicted here. Bulls are poised to remain in control untill prices remain above the level of $15.30. Immediate support is seen at $16.00 now, followed by $15.80, $15.30, and lower while resistance is seen at $17.40/50, followed by $17.80/90 and higher respectively. The fibonacci 0.618 support of the recent rally from $15.30 to $16.80/90 is seen at the level of $15.80.


Trading recommendations:


Remain long, stop at $15.00, target is open.


Good luck!




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Technical analysis of Gold for March 23, 2015


Technical outlook and chart setups:


Gold had formed the bottom at the level of $1,143.00 and pushed higher through the level of $1,187.00 since then. The metal is expected to pullback lower before resuming towards $1,220.00. A push above the level of $1,190.00 could break the resistance line and open doors for higher levels as seen here. It is recommended to remain long for now and add further on dips as well. Immediate support is seen at $1,160.00, followed by $1,140.00/43.00 and lower while resistance is seen at $1,220.00, followed by $1,280.00 and higher respectively.


Trading recommendations:


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


Good luck!




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Daily analysis of major pairs for March 23, 2015

EUR/USD: All eyes are on the EUR/USD pair, which has proven that EUR is not ready to reach parity with USD soon. On Wednesday, March 18, 2015, the market skyrocketed by over 450 pips, before being corrected lower. The perpetual bullish effort has already resulted in a Bullish Confirmation Pattern in the market, and thus the resistance lines at 0.0900 and 0.1000 may be reached this week.


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USD/CHF: Recently and in the foreseeable future, everything happens to the USD/CHF pair is likely to be largely determined by the events affecting the EUR/USD pair, especially in a negatively correlated manner. The resistance levels at 0.9900 and 1.0000 are poised to frustrate the effort of bulls, as the price mulls over the attainment of the support levels at 0.9700 and 0.9600.


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GBP/USD: The prices for GBP/USD and EUR/USD are acting in a similar way, for both of them are positively correlated. The recent bearish outlook has been put in jeopardy and it is in a precarious position now. More buying pressure is expected on the cable this week, and the distribution territories around 1.5050 and 1.5150 may eventually be overcome.


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USD/JPY: This is a bearish market now, but short trades should be sought with caution. While the demand levels at 119.50 and 119.00 could be tried, there is also a possibility that the price may go upwards towards the supply levels at 121.50 and 122.00.


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EUR/JPY: A onperpetual bullish effort has posed a great threat to the extant bearish outlook. A movement above the supply zone at 140.00 would render the bearish outlook completely invalid. This trading instrument may rally this week.


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Elliott wave analysis of EUR/NZD for March 23 - 2015

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Technical summary:


The decline from 1.4631 (the top of wave iv) has already broken below a low of wave iii at 1.4289 confirming that wave v lower to 1.4079 is unfolding. In the short term, the minor resistance at 1.4340 should protect the upside for a decline towards 1.4079. A break above 1.4340 is going to confuse the picture, but only a break above resistance at 1.4425 is likely to indicate that the bottom is in place.


Trading recommendation:


We are short EUR from 1.4545 and will move our stop lower to 1.4345. We are late in the decline, but it should be possible to sell near 1.4300 with a stop place at 1.4345 for a decline to 1.4079.


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Elliott wave analysis of EUR/JPY for March 23 - 2015

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Technical summary:


The failure to break below support at 128.24 questioned whether more downside would be seen. We have labeled the rally of the 126.87 as a possible complex correction, but the size of this rally already seems to be of a larger proportion that all of the decline from 135.29, which could mean that we are looking at a new uptrend. If a new uptrend is unfolding, then we should see a firm break above 133.18 for a move above 136.69 before a larger correction can be expected. However, if this rally fails before resistance at 131.72, the rally of a low of 126.87 is likely to be a complex red wave iv correction.


Trading recommendation:


We are long EUR from 130.05 and will place stop at 129.50.


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