Intraday technical levels and trading recommendations for GBP/USD for March 24, 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 failed to provide any SUPPORT for the GBP/USD pair.


Last week, strong bullish rejection was expressed around 1.4700 (WEEKLY LOW). A significant bullish WEEKLY candlestick was expressed by the end of the week.


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.


The market has been failing to fixate above price level of 1.4970 so far (multiple tops are being expressed around 1.4970).


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).


However, a bullish pullback towards the price zone of 1.5050-1.5100 (recent SUPPLY zone) may be watched for a quick Intraday SELL entry. Stop loss should be located above 1.5150.


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Technical analysis of USD/JPY for March 24, 2015

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Fundamental Outlook:
USD/JPY is expected to trade in a lower range. USD/JPY is undermined by the broadly softer USD undertone (ICE spot dollar index last 96.93 versus 97.83 early Monday) as investors continue to unwind long USD positions after the Federal Reserve downgraded its forecasts for growth and inflation, and lowered its projected path for the rate rises last week. Fed Vice-Chairman Fischer said Monday the US central bank remains on track to raise the short-term rates this year, but warned future rate increases are unlikely to move steadily upwards as they did in past cycles. USD/JPY is also weighed by a less-than-expected on-month increase of 1.2% in US existing home sales to 4.88 million in February (versus forecast +1.7% to 4.9 million), lower US Treasury yields (10-year at 1.909% versus 1.930% late Friday), Japan's exports and flows to the safe-haven yen amid decreased risk tolerance (VIX fear gauge rose 3.0% to 1.341, S&P 500 closed 0.17% lower at 2,104.42 overnight) as uncertainty over Greece lingers. The USD/JPY losses are tempered by demand from the Japanese importers and the ultra-loose Bank of Japan's monetary policy.


Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish, 5-day moving average is below 15-day moving average and is declining.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 119.25. A break of that target will move the pair further downwards to 119. The pivot point stands at 119.95. 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 121.30 and the second target at 121.65.


Resistance levels:

121.30

121.65

121.85


Support levels:

119.25

119

118.75



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Technical analysis of USD/CHF for March 26, 2015

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Fundamental overview:
USD/CHF is expected to trade in a lower range. It is undermined by weaker dollar sentiment (ICE spot dollar index last 96.93 versus 97.83 aearly Monday) as investors continue to unwind long-USD positions after the Federal Reserve last week downgraded its forecasts for growth and inflation and lowered its projected path for rate rises. On Manday, Fed Vice-Chairman Fischer said the US central bank remains on track to raise short-term rates this year. But warned future rate increases are unlikely to move steadily upwards as they did in past cycles. But USD/CHF losses are tempered by the negative Swiss interest rates, threat of Swiss National Bank CHF-selling intervention.


Technical comment:
The daily chart is negative-biased as the MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.9495. A break of that target will move the pair further downwards to 0.9435. The pivot point stands at 0.9650. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.9720 and the second target at 0.9820.


Resistance levels:

0.9720

0.9820

0.9875


Support levels:

0.9495

0.9435

0.94


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Technical analysis of NZD/USD for March 24, 2015

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Fundamental overview:
NZD/USD is expected to trade in a higher range. It is supported by the weaker dollar sentiment and the NZD-USD yield differential. The NZD/USD gains are tempered by the subdued investor risk appetite and kiwi sales on the rebounding AUD/NZD cross. Kiwi is vulnerable to the report on China's HSBC flash manufacturing PMI for March that is due at 01:45 GMT.


Technical comment:

The daily chart is positive-biased as the MACD and stochastics are bullish, 5-day moving average is above 15-day moving average and is 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 0.7765. The break of that target will move the pair further downwards to 0.7730. The pivot point stands at 0.7835. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7870 and the second target at 0.7905.


Resistance levels:

0.7870

0.7905

0.7950

Support levels:


0.7765

0.7730

0.7685


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Technical analysis of GBP/JPY for March 24, 2015

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Fundamental overview:


GBP/JPY is expected to trade in a lower range. It is supported by the buoyant EUR/USD undertone and demand from Japan's importers. The GBP/JPY gains are tempered by the decreased investor risk appetite and the Japanese exports. The sterling sentiment is dented by a worse-than-expected drop in UK March CBI industrial order book balance to zero in March from +10 in February (versus forecast of +9). The GBP/USD gains are also tempered by the waning investor risk appetite and sterling sales on the buoyant EUR/GBP cross.


Technical comment:

The daily chart is positive-biased as the MACD and stochastics are bullish, 5-day moving average is rising above 15-day moving average.


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 177.70. A break of that target will move the pair further downwards to 177.10. The pivot point stands at 179.30. 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 180.10 and the second target at 180.80.


Resistance levels:

180.10

180.80

181.80

Support levels:
177.70

177.10

176.15


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Weekly technical levels for EUR/USD for March 24-27, 2015

The wekly technical levels for EUR/USD pair:


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Overview :

As it is known, we use historic prices to determine future prices. Thereupon, according to the previous events and news, the price of the EUR/USD pair has been still moving between the ratio of 61.8% Fibonacci retracement levels (at the level of 1.0826) and 100% Fibonacci retracement (at the level of 1.1041). In particular, the EUR/USD pair will be able to form a double top at the level of 1.1041. Consequently, it will be good to sell below the price of 1.1041 with the first target of 1.0900 to test a minor support on March 24, 2015. Additionally, if the trend can break the minor support at the price of 1.0900, it might resume to 1.0780 in order to test the weekly pivot point. On the other hand, the stop loss should be set above the price of 1.1083. Nevertheless, check out the market volatility before investing because the sight price may have already been reached and scenarios become invalid.



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Weekly technical levels for GBP/USD for March 24-27, 2015

The weekly technical levels for GBP/USD pair:


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Forecast :



  • According to the previous events, the price of the GBP/USD pair has been still trading between the levels of 1.6768 and 1.6697.

  • The level of 1.4670 is representing the double top and the weekly support one has set at the same price.

  • Therefore, buy above 1.4670 in the long term with the first target of 1.4963.

  • Moreover, if the trend can break the resistance at 1.4963, the pair might resume towards the level of 1.5051.


Notes :


It should always be noted that:



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

  • The stop loss should never exceed your maximum exposure amounts.

  • The market is highly volatile if the last day had huge volatility.


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General overview about the pivot points :



  • R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.

  • Pivot lines work well on sideways markets as the prices are most likely to be located between the R1 and S1 lines.

  • Within a strong trend the price is expected to be lower than the pivot point line and continue the movement.

  • If news released affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.


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Technical analysis of USD/CAD for March 24, 2015

General overview for 24/03/2015 10:55 CET


The current Elliott wave labeling might get invalidated if the price violates the level of 1.2448. This will mean the impulsive wave development to the upside is invalidated and the market is likely to create a more complex and time-consuming corrective structure in wave 4 green. Please notice that the outlook remains bearish as long as the golden trendline is not violated.


Support/Resistance:


1.2833 - Swing High


1.2765 - WR1


1.2698 - 1.2720 - Demand Breakthrough Zone


1.2607 - Weekly Pivot


1.2540 - Intraday Resistance


1.2448 - Intraday Support|Invalidation Level|


Trading recommendations:


Yesterday's buy orders did not made any profit, so it would be wise to refrain from trading and wait for more interesting wave developments.


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Daily analysis of USDX for March 24, 2015

The bearish path continues to take the control at the current trend of the USDX and we can see it is testing the support level of 96.60. This could be a good opportunity to enter the market with buy trades, but the USDX could extend the falls to the support zone of 95.53 in the near term. Anyway, the 200 SMA on the daily chart is still bullish.


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On the H1 chart, the USDX is still doing bearish moves below the 200 SMA and also, there are already bearish patterns in place. If the USDX successfully breaks the support level of 96.63, the instrument could reach the downside at the level of 96.24. However, short trades in an intraday view should be placed with cautioun, as the overall trend is still bullish.


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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: 97.19 / 97.93


H1 chart's support levels: 96.63 / 96.24






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 97.19, take profit is at 97.93, and stop loss is at 96.46.


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Daily analysis of GBP/USD for March 24, 2015

The GBP/USD pair is currently dealing with the resistance level of 1.4948 as the pair is looking to reach the zone of 1.5087 in the near term. Currently, there is still high chances that GBP/USD could extend the corrective move to that level, but the lower low pattern on the daily chart is still alive, so the bearish outlook is there too.


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The intraday view is showing us a bullish consolidation above the 200 SMA. The pair continues to find support at the level of 1.4921 and on the H1 chart, the GBP/USD pair could reach the resistance zone of 1.4984. If GBP/USD gains bullish momentum above that zone, it would be expected to rise to the next upside target at the level of 1.5041.


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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: 1.4984 / 1.5041


H1 chart's support levels: 1.4921 / 1.4842






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 1.4921, take profit is at 1.4842, and stop loss is at 1.4998.


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Technical analysis of EUR/JPY for March 24, 2015

General overview for 24/03/2015 10:35 CET


The corrective cycle to the upside has bounced off the wave b green support zone and now the market is heading straight into key resistance zone between the levels of 131.65 - 131.85. In the meantime the 50% Fibo at the level of 131.39 is providing the resistance as well. This is why an additional alternative count has been added to the overall development. Please notice there is a possibility of a rather sooncompletion of wave Y brown at the level of 131.39 and a possible market reversal. Nevertheless, this kind of wave progression is valid only if the weekly pivot at the level of 129.75 is violated.


Support/Resistance:


132.45 - 61%Fibo


132.13 - WR1


131.85 - Technical Resistance


131.65 - Intraday Resistance


131.39 - 50%Fibo


130.49 - Intraday Support


129.75 - Weekly Pivot


Trading recommendations:


Now, buy orders advised yesterday should be in profit and the TP orders should be set at the level of 131.65 with a possible extension upward to the level of 131.85.


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#USDX technical analysis for March 24, 2015

The US dollar index remains weak and is now testing last Wednesday's lows after the FOMC meeting. The greenback has broken all short-term support levels after the bounce and has reached once again the important support area of the 61.8% retracement.


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Red line = resistance


Purple area = support


The USD index is testing the previous low and the support area at 96.50-96.40. The trend remains bearish for the short term. If the USDX is going to reverse back upwards, it will do it from this area, the 61.8% retracement. We will have confirmed reversal only if the price breaks above the Ichimoku cloud.


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The weekly chart as shown above reflects how this weekly candle is testing the tenkan-sen indicator. However, the week has just started and we should be very patient. Next support is at 92.50. This week is going to be very important regarding the medium- to longer-term trend in the USDX.


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Gold technical analysis for March 24, 2015

Gold price remains inside the upward sloping channel and is making higher highs and higher lows in the short term. The short-term trend is bullish as the price has broken both the trendline resistance from $1,260 and the Ichimoku cloud. We could see a bounce in Gold price towards $1,210-20 before the next downward move.


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Red lines = upward sloping channel


Green line = support


Black line = trend line resistance (broken)


Gold price has short-term support at $1,184 and at $1,179. If it is broken, we could see a pullback towards $1,160. Resistance is found at $1,200-$1,210. Backtesting towards the Ichimoku cloud is very possible if we break below $1,179. The short-term trend is bullish.


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Blue line = critical long-term support at $1,130


Gold price on the weekly chart, as shown above, is trying to reach the kijun-sen and tenkan-sen indicators that are close to another bearish crossing. The longer-term trend remains bearish. Gold price has bounced and possible target of this bounce remains at the kijun-sen at $1,215. I believe Gold price will probably move towards that area before the next downward move.


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Elliott wave analysis of EUR/NZD for March 24 - 2015

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Technical summary


We did see a decline towards 1.4079, but it fell short and stopped already at 1.4128 for a quick reversal, which has all the earmarks of being impulsive and if this is the case, we should turn our focus towards the upside for a break above 1.4631 soon. Until now we have seen a rally to 1.4343, and perfect support in the area of 1.4180 - 1.4210 will protect the downside for the next rally higher towards at least 1.4597 and possibly even higher to 1.4677. At this point only a break below 1.4128 will invalidate the bullish outlook and call for a move closer to 1.4079.


Trading recommendation:


We are short EUR from 1.4545 and will move stop + reverse lower to 1.4315 and place take profit + reverse at 1.4225.


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EUR/NZD: analysis for March 24, 2015

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Overview:


In our last analysis, EUR/NZD was trading downwards. As we expected, the price has tested the level of 1.4125 in a high volume. The short-term trend changed from bearish to neutral. I found strong reaction from buyers at the support (1.4260). I have placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of 1.4320 (current on the test) and Fibonacci retracement 61.8% at the price of 1.4440. According to the 4H timeframe, we got an absorption volume in the background. My advice is to watch for potential buying opportunities above the level of 1.4320 (buy the dips).


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4338


R2: 1.4389


R3: 1.4471


Support levels:


S1: 1.4175


S2: 1.4125


S3: 1.4043


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


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Gold: analysis for March 24, 2015

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Overview :


Since our last analysis, gold has been trading upwards. As we expected, the price has tested the level of $1,191.54 in an average volume. According to the 4H timeframe, we can observe that the price broke the lower channel which is a sign of bullish strength. Gold changed its trend's dynamic from bearish to bullish, so be careful when selling. Our submajor Fibonacci retracement 61.% at the price of $1,191.00 is on the test. If the price breaks the level of $1,191.00, we may see potential testing the level of $1,205.00 (major Fibonacci retracement 38.2%). Above $1,191.00, watch for potential buying opportunities on the dips.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,190.51


R2: 1,193.43


R3: 1,198.17


Support levels :


S1: 1,181.03


S2: 1,178.11


S3: 1,173.837


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




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Elliott wave analysis of EUR/JPY for March 24 - 2015

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Technical summary:


Has a bottomed been seen or will we see one final decline closer to 125.98? Well, that's the question. As long as resistance at 131.74 protects the upside, one more decline closer to 125.98 cannot be ruled out. However, that possibility seems weak above 131.74. If a bottom has been seen, we should start to consider what the coming impulsive rally will look like. First clue is the expanded flat wave 2. The rally following an expanded flat should always be expected to be an extended wave. The minimum expectation to an extended wave is 161.8% of the previous impulsive wave. That would leave us with an upside target at 209.66. But we don't have the GO! yet to look for the next impulsive rally higher.


Trading recommendation:


We are long EUR from 130.05 and will move our stop higher to 130.35.


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Technical analysis of EUR/JPY for March 24, 2015


Technical outlook and chart setups:


The EUR/JPY pair might be setting up to pullback lower towards the level of 130.00 at least, before resuming rally. It is recommended to remain long and look to add more after the pullback is done. Bulls could be targeting to push through the level of 132.00, which is fibonacci 0.618 resistance of the entire drop from 136.50 to 128.00 as depicted here. Immediate support is seen at 129.28 followed by 128.00/36 and lower while resistance is seen at 132.00, followed by 133.50 and higher respectively.


Trading recommendations:


Remain long for now, stop at 128.00, target at least 132.00.


Good luck!




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Technical analysis and trading recommendations on Gold for March 24, 2015

The FOMC meeting filled the downbeat yellow metal with life. The metal is trading at a 2-week high. At yesterday's session, the metal managed to close above 2Dsma. Nothing changed in terms of fundamental and technical outlook for gold. Only the US dollar is losing its strength. Vice Chairman Stanley Fischer at the Economic Club of New York said, "Although the recovery has been slow, there has been significant cumulative progress. Liftoff should occur when the expected return from raising the interest rate outweighs the expected costs of doing so. In deciding when that time has come, we will continue to monitor a wide range of information regarding labor market conditions, inflation, and financial and international developments. We anticipate that it will be appropriate to raise the target range when there has been further improvement in the labor market. We are reasonably confident that inflation will move back to our 2 percent objective over the medium term." The current rally is a relief to bulls who were wounded heavily. They enjoyed a first strong weekly close in 2015. The precious metal is facing strong resistance between $1,192.00 and $1,195.00. Above these levels, we can expect $1,200.00 and $1,206.00. Intraday support is found at $1,184.00. We recommend selling below $1,184.00 with targets at $1,179.00, $1,177.50, $1,173.00, and $1,167.00 with sl $1,188.00. Weekly support is seen at $1,1770.00 and $1,167.00. Ahead of US series of data, gold is trading on a lower bias. In case the data turns out above expectations, we can expect a USD rally and gold prices under pressure. In case the data shows negative prints, especially CPI, we recommend buying above $1,192.00 with targets $1,199.00 and $1,206.00.


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Technical analysis and trading recommendations on GBP/USD for March 24, 2015

The UK industrial order estimate unexpectedly idled in March and hit a 5-month low. The data produced a pessimistic view on UK's economy before the elections in May. The UK is slowly approaching its general election scheduled for May. Market participants expect the pound to get under a downward pressure. At yesterday's session, the cable managed to offset most of its losses, but closed marginally red. Today, again the cable opened on a bearish note. The price has been making distribution at 1.5010. A lower high is being formed on the daily chart. Parallel resistance is found 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. Intraweek support is seen at 1.4830. The safe selling game will start below 1.4830 towards 1.4720 and 1.4690 initially. The panic will be triggered below 1.4635. We can conclude the near term was capped at 1.4990 in case the pair closes below 1.4830. Today, traders eye UK CPI year-on-year, PPI input, and core CPI. The UK macroeconomic calendar offeres a day full of heavy-duty data along with US. We expect the CPI data will again turn out below expectations. For an intraday view, we recommend speculative selling below 1.4920 with targets at 1.4890 and 1.4830. If holding below 1.4830, panic will be triggered towards 1.4730.


Trade:


Buying above 1.5035.


Selling below 1.4920.


GBPUSDH4.png


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Technical analysis of GBP/CHF for March 24, 2015


Technical outlook and chart setups:


The GBP/CHF pair has continued to drift lower and has made another low at the level of 1.4409 for now. Furthermore, it has tested the past support at the level of 1.4412, which calls for a pullback from the current levels at least. It is recommended to remain flat for now or hold long positions with a risk at the level of 1.4390. A rally from the current levels might bring bulls back in control and push through fresh highs as well. Immediate support is seen at 1.4250, followed by 1.4000 and lower while resistance is seen at 1.4630, followed by 1.4800, 1.4960, and higher respectively.


Trading recommendations:


Remain flat for now.


Good luck!




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Technical analysis and trading recommendations on EUR/USD for March 24, 2015

ECB president Draghi delivered speech in Brussels yesterday. This is his first regular hearing at the European Parliament in the year 2015. According to Mario Draghi, the most recent data and survey evidence show that growth is gaining momentum. The basis for the economic recovery in the euro area has clearly strengthened. This is mainly due to the fall in oil prices, the gradual firming of external demand, easy financing conditions driven by our accommodative monetary policy, and the depreciation of the euro. Compared with the projections from December, the outlook for 2015 and 2016 has been visibly revised upwards by 0.5 and 0.4% respectively.


Regarding inflation, the latest ECB assessment foresees average inflation at 0.0% in 2015, rising to 1.5% in 2016 and 1.8% in 2017.


As for the QE, overall the asset purchases will amount to €60 billion per month. The pace of purchases so far puts the overall program on track to reach a total of €60 billion in March. At this point in time, the ECB sees no signs that there will not be enough bonds for them to purchase.


The flash consumer confidence index again surpassed expectations at -4 from -7. The data is still showing the negative territory. Overall, the preliminary figure is good.


Upcoming data


French and German flash manufacturing and services PMI as well as flash manufacturing and flash services PMI reports are due. The eurozone's macroecnoomic calendar offeres a day full of heavy-duty data. Besides, the US CPI, core CPI, flash manufacturing PMI, and new home sales reports are due. We can expect German flash manufacturing and services PMI can come in line with expectations or even higher. The US CPI data has been disappointing for 3 months in a row.


Technical view


The euro extended its pullback story yesterday. US existing home sales data disappointed markets. The euro pullback story is being in process because the euro is getting stronger. The main reason behind the sharp pullback is the US dollar weaknessafter after the FOMC meeting. The pair finally managed to close above 20Dsma at yesterday's session. Today, at the early Asian session the pair is unable to breach yesterday's high, so the euro is trading lower against the greenback. Weekly support is seen at 1.0768 and 1.0700. Bulls will have an upper hand until the pair closes above 1.0700, but limited upside. Intraday support is found at 1.0860. We recommend selling 1.0860 with targets 1.0768, 1.0710, 1.0660, and 1.0615. If the euro data turns out above expectation, we recommend buying above 1.0980 with targets at 1.1040 and 1.1090.


Trade:


Buying above 1.0980.


Selling below 1.0860.


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NUTSHELL. Key technical levels of the euro against USD/JPY/CAD/GBP, and AUD


EUR/USD. Weekly mode favors buying with sl 1.0700. Intrday double top is at 1.0971.


EUR/JPY. Weekly mode favors buying with sl 129.20.


EUR/CAD. Weekly mode favors buying with sl 1.3568 with a likely target at 1.3800.


EUR/GBP. Weekly mode favors buying with sl 0.7150 with a likely target at 0.7430 (buying was advised yesterday above 0.7305). Intrday double top is at 0.7330.


EUR/AUD. Fresh selling below 1.3820.


The above analysis taken on the basis of h4 chart. We will re-analyze if the weekly trend changes. The euro has been trading like a mirror image against USD & JPY.


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Technical analysis of Silver for March 24, 2015


Technical outlook and chart setups:


Silver has been already pushed higher than the initial resistance and made another spike at the level of $17.10 before pulling back. A pullback could be due towards $16.00 at least before the rally could resume. It is recommended to take profits from long positions taken earlier and remain flat before initiating long positions again. Immediate support is seen at $16.60 , followed by $15.80 and $15.25 while resistance is seen at $17.45, followed by $17.75 and higher respectively. Bears might want to take control for a while now and produce a meaningful retracement before giving it up.


Trading recommendations:


Take profits from earlier long positions and remain flat for now.


Good luck!




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

Technical analysis of Gold for March 24, 2015


Technical outlook and chart setups:


Gold is trading at the level of $1,187.00 for now, right at the trendline resistance. Furthermore, a bearish evening star candlestick pattern has appeared as well. A bearish reaction could drag the metal lower. It is recommended to take profits on long positions taken earlier and remain flat for now. Immediate support is seen at $1,180.00, followed by $1,160.00 and $1,140.00 while resistance is seen at $1,210.00, followed by $1,225.00 respectively. Bulls need to push through the level of $1,225.00 to remain in control from here on.


Trading recommendations:


Take profits from earlier long positions and remain flat.


Good luck!




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

Technical analysis of EUR/USD for March 24, 2015

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When the European market opens, economic data on the Belgian NBB Business Climate, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI is due for release. The US is expected to release data about Crude Oil Inventories, New Home Sales, Flash Manufacturing PMI, HPI m/m, Core CPI m/m, and CPI m/m. Amid the reports, the EUR/USD pair is likely to move low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0997.




Strong Resistance:1.0991.




Original Resistance: 1.0980.




Inner Sell Area: 1.0969.




Target Inner Area: 1.0944.




Inner Buy Area: 1.0919.




Original Support: 1.0908.




Strong Support: 1.0897.




Breakout SELL Level: 1.0891.








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 USD/JPY for March 24, 2015

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In Asia, Japan is going to release data on the Flash Manufacturing PMI. The US is expected to publish economic data about Crude Oil Inventories, New Home Sales, Flash Manufacturing PMI, HPI m/m, Core CPI m/m, and CPI m/m. So, there is a strong 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: 120.37.




Resistance. 2: 120.14.




Resistance. 1: 119.91.




Support. 1: 119.62.




Support. 2: 119.39.




Support. 3: 119.15.








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

Daily analysis of major pairs for March 24, 2015

EUR/USD: This pair moved upwards by 150 pips on Monday, hitting the resistance line at 1.0950 before a shallow pullback. The resistance line would be overcome soon as the market targets another resistance line at 1.1000, which may also be breached easily as the market continues to be strong.


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USD/CHF: As it was expected, the USD/CHF pair continues to go further downwards, as opposed to the bullish movement in the EUR/USD pair. Now, we are watching the support levels at 0.9600 and 0.9550, which may be attained this week as long as this pair is weak.


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GBP/USD: The bullish movement on the cable is shallow compared with the EUR/USD pair. Although, there is a great threat to the recent Bearish Confirmation Pattern in the market. It is not going to be invalidated until the price crosses the distribution territories at 1.5000 and 1.5050 to the upside.


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USD/JPY: This market has continued to show more and more weakness; slowly and gradually. The demand levels at 119.50 and 119.00 may be tested soon but they may do a good job in halting further bearish development. The outlook for this pair is bullish for this week. The price could rally anytime, provided that it is still above the aforementioned demand levels. Should they breach the demand levels to the downside, the bullish expectation could be rendered illogical.


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EUR/JPY: This currency trading instrument has been able to hold onto its bullishness, owing to the recent strength in the euro. This perpetual bullishness, which has been taking place since last week, has succeeded in affecting a clean bullish outlook on the market. This may just be the beginning of a serious bullish journey.


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