EUR/NZD: analysis for March 25, 2015

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Overview:


In our last analysis, EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4339 in a high volume. The short-term trend changed from bearish to neutral. I found strong reaction from buyers at the support level of 1.4260. I have placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of 1.4320 (already broken) 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 on the dips).


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4338


R2: 1.4365


R3: 1.4408


Support levels:


S1: 1.4251


S2: 1.4224


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 25, 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 $1,196.03 in an average volume. According to the 4H timeframe, the price broke the lower channel. That 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 broken. Our next resistance level is seen around the price of $1,205.00 (major Fibonacci retracement 38.2%). Watch for potential buying opportunities on the dips.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,193.94


R2: 1,196.26


R3: 1,200.17


Support levels :


S1: 1,186.46


S2: 1,184.14


S3: 1,184.40


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




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Daily analysis of USDX for March 25, 2015

The downside continues to be favored on the daily chart, as the USDX tries to break the key support zone of 96.60, with target at the level of 95.53. As we wrote in the last articles, all the moves above the 200 SMA on this timeframe are only corrective ones, because the USDX is still bullish in an overall outlook. Anyway, the MACD indicator is still at negative territory, so be cautious.


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The support level at 96.63 rejected the instrument during the Tuesday's session, and we expect the USDX to get recovered and try to make a breakout at the resistance level of 97.19. If successful, the USDX could gain positions until the resistance zone of 97.93, where is located the 200 SMA at the H1 chart.


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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 25, 2015

The range established between the levels of 1.4948 and 1.4820 is serving as a good territory for look to sell trades. The GBP/USD pair could perform a breakout at the support zone arond 1.4820 with a target at 1.4649 in the daily chart. Also, the 200 SMA on this time frame is still pointing to the downside.


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At the H1 chart, the GBP/USD pair is dealing with an important intraday zone, because it is trading in the half of the 200 SMA, which could be a dynamic resistance or support. At the moment, it seems to be resistance, as the pair is trading below that level. We could expect more falls, only if the GBP/USD pair makes a breakout at the support level of 1.4842.


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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 / 1.4771






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 1.4771, and stop loss is at 1.4915.


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Technical analysis of GBP/USD for March 25, 2015

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Overview :



  • Continuation of the previous analysis:

  • The price of GBP/USD pair is going to move between the level of 1.4850 and 1.4984. Hence, the range of the GBP/USD pair will be around 134 pips. The resistance has been set at the level of 1.4984 since last week. Equally important, the support has set at 1.4850 (23.6% Fibonacci retracement level in the H4 chart). Consequently, the market will indicate a bearish opportunity below 1.4984, because the level of 1.4984 is going to act as strong resistance today. Therefore, it will be a good sign to sell below this level with the first target of 1.4918 in order to try to break the weekly pivot point at the same chart. Nevertheless, if the trend manages to close below 1.4984, the market will be continuing in downtrend below the weekly pivot point towards the level of 1.4853. The stop loss should be placed at the level of 1.5012. If the trend fails to close below the level of 1.4984, it will be a good sign to buy at this level in the short term with target at 1.5037. Then, it is going to continue moving towards 1.5093.


Intraday technical levels :



  • R3: 1.5093

  • R2: 1.5040

  • R1: 1.4984

  • PP: 1.4913

  • S1: 1.4850

  • S2: 1.4817

  • S3: 1.4782


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Technical analysis of USD/CAD for March 25, 2015

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Overview :



  • The resistance of the USD/CAD pair has been broken and turned to support at the same key level of 1.2316. So, support levels have already been set at 1.2316 and 1.2443 for March 25-27, 2015. Equally important, the trend was calling for a bullish market and the price set above the support for ten weeks (since January 21, 2015). We expect a range of 160 pips in coming days another thought. As expected, the price is going to move between 1.2450 and 1.2610 (1.2610 - 1.2450 = 0.0160). Therefore, the USD/CAD pair started showing the signs of bullish market from the level of 1.2450. Consequently, the market indicates bullish opportunity at the level of 1.2450 (buyers are bidding at a lower price) with the first target at 1.2523, and continues towards the level of 1.2613. It should be noted that the level of 1.2613 represents strong resistance because it coincides with the ratio of 78.6 Fibonacci retracement levels. The pair is going to form strong resistance at the level of 1.2613 this week. On the other hand, the stop loss should always be taken into account. Thus, it is likely to be the foresight to set your stop loss at 1.2315.


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Technical analysis of USD/CAD for March 25, 2015

General overview for 25/03/2015 10:15 CET


The main count of the impulsive wave development to the upside was invalidated yesterday as the price violated the low of the wave (i) green and now the alternative count is in play. In this count the corrective cycle is bigger and more complex, but it looks completed as well. That means, the impulsive count of the wave 1 green is valid as long as the invalidation line at the level of 1.2387 is violated. If this happens, the market structure would suggest a complex and time-consuming corrective pattern in wave 4 green in progress. Please note that the first confirmation of possible development of a new impulsive wave to the upside comes with the golden trendline's break at the level of 1.2539 and the bullish divergence between the price and the momentum oscillator that supports the view (black arrows on chart).


Support/Resistance:


1.2381 - WS1


1.2387 - Invalidation Level


1.2426 - Intraday Support


1.2539 - Intraday Resistance


1.2607 - Weekly Pivot


Trading recommendations:


Daytraders should consider openING buy orders in the daily range zone with SL below the level of 1.2387 and TP open for now.


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Technical analysis of EUR/JPY for March 25, 2015

General overview for 25/03/2015 09:50 CET


Wave (b) blue might be now completed, but the confirmation comes with the breakout of the level of 131.39. Now the market is heading straight into key resistance zone between the levels of 131.65 - 131.85 that should be used as a target for wave Y brown and the corrective cycle as a whole. Please note that any violation of the weekly pivot at the level of 129.75 is bearish and means that corrective cycle was finished sooner than expected.


Support/Resistance:


132.45 - 61%Fibo


132.13 - WR1


131.85 - Technical Resistance


131.65 - Intraday Resistance


131.39 - 50%Fibo


130.34 - Intraday Support


129.75 - Weekly Pivot


Trading recommendations:


Buy orders advised on Monday 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. Please note the market can spike up to the TP zone very quickly and suddenly.


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Technical analysis of EUR/JPY for March 25, 2015


Technical outlook and chart setups:


The EUR/JPY pair is seen to be trading at 130.70 for now and bulls are poised to push the pair higher towards the level of 133.00 levels. The pair might produce a bearish reaction at 133.00, and I recommend to take profits on long positions there. Immediate support is seen at 129.30 followed by 128.30 and 127.00 while resistance is seen at 131.90, followed by 133.50 and higher respectively. Bulls are expected to remain in control untill prices stay above the level of 128.00.


Trading recommendations:


Remain long, stop at 128.00 target 133.00


Good luck!




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#USDX technical analysis for March 25, 2015

The Dollar index is now at important medium-term support. My last buy signal was in late February when the USDX has broken out of a consolidating triangle at 95 and we are now at the 61.8% retracement of that move.


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Although the index is found below the Ichimoku cloud, it finds support at the 61.8% retracement where the green rectangle area is shown. I believe that if the longer-term bullish trend of the Dollar index is to continue, the Dollar index should reverse upwards from current levels with targets above 101.


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On the weekly chart as shown above, the Dollar index is holding above the tenkan-sen support. This is important support and I believe that we could see an upward reversal from this area. The longer-term trend remains bullish and I believe that we can go above 100 again. If however the USDX does not reverse from current levels, we could see a deeper correction towards 92 over the coming weeks.


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Technical analysis of GBP/CHF for March 25, 2015


Technical outlook and chart setups:


The GBP/CHF pair has dropped to 1.4200 levels as seen here. Furthermore, please note that the pair has found support at fibonacci 0.382 level, of the entire rally between 1.2830 and 1.5100 levels respectively. Short-term indicators are showing divergence and indicated a bounce/pullback from the current levels. It is hence recommended to initiate 50% long positions, with risk at 1.4100 levels. Immediate support is seen at 1.4000 levels, followed by 1.3850 and lower while resistance is seen at 1.4475 levels, followed by 1.4634 and higher respectively.


Trading recommendations:


Initiate 50% long positions, stop at 1.4100, a target is open.


Good luck!




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Gold technical analysis for March 25, 2015

Gold price is trading below $1,200 and I believe we have completed a 5-wave upward sequence and we should soon see a pullback towards $1,175 at least. A short-term trend remains bullish but we should note we are in a bigger upward bounce inside the still bearish longer-term trend.


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Gold price has been trading above the Ichimoku cloud after making an upward impulsive move from $1,143. This upward impulsive move I believe is the first part of an upward correction that could eventually push Gold price towards $1.200-$1,215. But first we should see Gold price pull back towards at least the 38% retracement.


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On the weekly chart as shown above, Gold price has not even reached the 38% retracement of the decline from $1,304. Gold price is expected to reach at least the 38% retracement in order to complete the upward bounce before resuming the longer-term bearish trend to new lows.


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Technical analysis of Silver for March 25, 2015


Technical outlook and chart setups:


Silver might be preparing to drop lower towards $16.00 before resuming rally. It is recommended to remain flat for now and look for buying at lower levels again. The metal has taken out initial resistance at $16.89 earlier and is expected to drop lower before pushing towards $17.50 and $18.00 subsequently. Immediate support is seen at the level of $16.60, followed by $15.80, $15.30 and lower while resistance is seen at $17.50 and higher respectively. Buying on dips could be a safe trading strategy for now.


Trading recommendations:


Remain flat for now and look to buy lower around $16.00.


Good luck!




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Technical analysis and trading recommendations on USD against CAD/YEN for March 25, 2015

The US dollar regained momentum after the US economic reports. New home sales data jumped above a 7-year high. Sales climbed 7.8% surpassing expectations. It enhances the optimistic outlook for the US economy. The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in February on a seasonally adjusted basis, the US Bureau of Labor Statistics reported Tuesday. US manufacturers indicated a strong end to the first quarter of 2015 as an output, new businesses and employment are expanding at an accelerated pace in March. As a result, the seasonally adjusted Markit Flash US Manufacturing Purchasing Managers' Index picked up to 55.3 in March, up from 55.1 in February and well above the neutral 50.0 threshold. The latest reading signalled the strongest overall improvement in manufacturing business conditions since October 2014.


USD/CAD


The US dollar is rebounding after the stronger data. The pair fell below 50Dsma intraday, but managed to close above it at the end of the day. Today at the Asian session, the pair again took support from 50Dsma trading with the upward bias. The pair prepared a strong support base between 1.2350 and 1.2300 at 200MSMA. Until prices close above 1.2300, buying on dips still remains in play. The weekly resistance is found at 1.2625 and intraday resistance seems at 1.2515. On the h1 chart, lower lows and lower highs are developing. We expect intraday strong reversal above 1.2550 towards 1.2610 and 1.2650. The near-term picture favors bears. We expect the price to correct towards 1.2400 or 1.2370. From there, the pair changes its direction. Until the price closes below 1.2625, selling on rise will be preferable. We are bullish in a longer term, but the near-term outlook favors mild correction. Intraday support is found at 1.2480 and 1.2450. Today safe intraday trade is not available. I advise traders to wait patiently for a day.


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USD/JPY


The pair managed to hold at 50Dsma closing with marginal gains. Ahead of the US data today, the pair is trading with a negative bias. Intraday support is likely to be found at 119.18. Resistance is seen at 119.90 and 120.40. We recommend buying with SL at 118.90. This view is valid for this week. Bulls must close above 120.40 to take charge. Until then, the trading range pattern is framed between 118.90 and 120.40.


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Key level for bulls to close above to take charge:


USD/CAD at 1.2625, USD/JPY at 120.40, USD/CHF at 0.9810.


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Technical analysis and trading recommendations on Gold for March 25, 2015

The yellow metal extended its 5-day winning streak yesterday. The FOMC meeting filled the downbeat yellow metal with life. The metal is trading at a 2-week high. After China's tepid PMI data, the metal was pushed to $1,185.60. The metal took the parallel support at $1,185.00 changing its direction. The metal took support twice at $1,185.00 at yesterday's session. The trading pattern has been framed between $1,195.00 and $1,185.00. The pair made a 12hr high at $1,194.60. We recommend fresh buying ONLY above $1,195.00 and selling below $1,185,00. Nothing changed in terms of the fundamental and technical outlook for gold. Only the US dollar is losing its strength. We can expect the metal to challenge towards $1,200.00 and $1,206.00, in case the price breaches above $1,195.00. Intraday support is found at $1,185.00. We recommend selling below $1,185.00 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.


Trade: buying above $1,195.00.


Selling below $1,185.00.


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Technical analysis of Gold for March 25, 2015


Technical outlook and chart setups:


Gold is seen to be preparing to drop lower towards at least $1,175.00 if not further. The metal can bounce back from the level of $1,175.00 or $1,160.00 and resume moving towards $1,220.00/23.00. It is recommended to remain flat for now and look for an enter at lower levels on a bounce appearing on hourly charts. Immediate support is seen at $1,175.00 , followed by $1,162.00, $1,140.00/43.00, and lower while resistance is seen at $1,224.00/25.00 respectively. Bulls should push through initial resistance to install further confidence.


Trading recommendations:


Flat for now. Looking to buy lower again.


Good luck!




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Daily analysis of major pairs for March 25, 2015

EUR/USD: The outlook for this pair is still bullish and in spite of the present shallow bearish retracement, it is assumed that the price may rally anytime soon (not going below the support lines at 1.0900 and 1.0850). The resistance line at 1.1000 may be tested; it may even be breached to the upside.


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USD/CHF: Since March 12, 2015, the USD/CHF pair has dropped by over 500 pips, resulting in a clean Bearish Confirmation Pattern in the 4- hour chart. The support levels at 0.9500 and 0.9450 are the next targets for bears. Unless USD gains a measure of stamina, those support levels would be breached to the downside.


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GBP/USD: Unlike its EUR/USD counterpart, the cable is having some difficulties going upward. In fact, long trades are no longer recommended here, unless the distribution territories around 1.5000 and 1.5050 are overcome. Meanwhile, there is a great possibility that the accumulation territories at 1.4800 and 1.4750 would be tested.


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USD/JPY: This is a bear market, in spite of the probable bullish expectation on the currency trading instrument. For the bias to turn bullish, the price would need to settle above the EMA 56 and the RSI period 14 would also need to settle above the level of 50. Otherwise, buyers should stay off.


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EUR/JPY: The price on this cross did not make a significant bullish movement yesterday. The market is in a short-term equilibrium zone, but there might soon be a breakout to the upside. The supply levels at 131.50 and 132.00 are being watched now.


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Elliott wave analysis of EUR/NZD for March 25 - 2015

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Technical summary:


We have seen a small expanded flat correction as green wave ii and is looking for an extended green wave iii higher to 1.4576 soon. Ideally, we will see support at 1.4260 protecting the downside for a break above minor resistance at 1.4334 and more importantly above 1.4343 confirming the rally to 1.4576. In the longe term, we are looking for a break above resistance at 1.4631 to confirm that a firm bottom is in place at 1.4128 and a new impulsive rally is prepearing.


Trading recommendation:


Our stop+reverse at 1.4315 was hit for a nice profit and now we are going to place our stop at 1.4120 expecting to be able to raise the stop quickly.


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Elliott wave analysis of EUR/JPY for March 25 - 2015

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Technical summary:


We have five waves down from 149.55, which could indicate a bottom in place. But the rally of the 126.87 low is not impulsive, at least not yet. So, we have to use the facts we do have. They say the overall pressure remains directed to the downside for a final decline closer to 125.98 as long as resistance at 131.74 protect the upside. A break below 130.00 followed by a break below support at 129.26 is going to add more downside pressure. A break above 131.74 and more importantly a break above resistance at 133.39 (the bottom of red wave i) will confirm that a firm bottom is in place.


Trading recommendation:


Our stop at 130.35 was hit for a little, but nice profit. We will place a EUR-sell order at 129.85 and a EUR buy-order at 131.80 (one order done cancels the other)


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Technical analysis and trading recommendation of EUR/USD for March 25, 2015

FRENCH:


Flash France Manufacturing PMI rose to a 2-month high of 48.2 (47.6 in February), Flash France Services Activity Index fell to a 2-month low of 52.8 (53.4 in February), .


GERMANY:


Flash Germany Manufacturing PMI hit a 8-month high of 52.4 (51.1 in February). Flash Germany Services Activity Index clinbed to a 6-month high of 55.3 (54.7 in February).


EUROZONE:


Flash Eurozone Manufacturing PMI is at 51.9 (51.0 in February). That is a 10-month high.


Flash Eurozone Services PMI Activity Index(2) is at 54.3 (53.7 in February). That is a 46-month high.


The euro was pushed above 1.10. This may be the initial sign of the euro zone economy is achieving momentum.


Upcoming data:


Today, traders eye on thr German Ifo business climate. From November 2014 onwards, the data printed an uptick. In February, data were weaker than expected. Now, we expect an uptick again.


Technical view:


The euro extended its pullback story yesterday as well, but at the end of the US session bulls gave up. Finally, the currency erased its intraday gains and closed with losses. Now, the euro is getting stronger. The main reason behind the sharp pullback is the US dollar is weaker after the FOMC meeting. The pair managed to hold 20Dsma at the yesterday's session. Today, at the early Asian session, the euro is trading lower against the greenback. USD rebounds against the euro and pair is trading below 1.1000. The intraday trend turns to bearish, based on hourly moving averages. Intraday resistance is seen at 1.0953 and support is likely to be found at 1.0890. We recommend fresh selling below 1.0880 with targets at 1.0770, 1.0750, and 1.0690. An intraday week view remains at buy with sl 1.0770. This is based on a purely technical view. However, I think the pair is likely to close above 1.1045 and bears will try to regain the control. Hopefully, bulls' honeymoon is over. A daily close below 1.0770 shows that bulls are losing grip.


Bulls must try to close above 1.1045


Bears must try to close below 1.0768.


The above levels on closing basis, can change the current change. Until 250 pips trading range will play a role.


Weekly support is seen at 1.0768 and 1.0700. Bulls will have an upper hand until the pair closes above 1.0768, but limited upside.


Trade: Selling below 1.0880


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


EUR/USD-Weekly mode favors buying with sl 1.0768. Intraday turned favors to bears


EUR/JPY- Weekly mode favors buying with sl 129.67. Intraday turned favors to bears


EUR/CAD. Weekly mode favors buying with sl 1.3600 with a likely target at 1.3800. Double top formation at 1.3746


EUR/GBP. Weekly mode favors buying with sl 0.7250 with a likely target at 0.7430 (buying was advised on Monday above 0.7305).


EUR/AUD. Fresh selling below 1.3820.


The above analysis is based on the 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 EUR/USD for March 25, 2015

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When the European market opens, some economic data on German Ifo Business Climate are due for release. The US is expected to publish economic data about Crude Oil Inventories, Durable Goods Orders m/m, and Core Durable Goods Orders m/m/. Amid the reports, EUR/USD will move low to medium volatility during this day.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0958.




Strong Resistance:1.0952.




Original Resistance: 1.0941.




Inner Sell Area: 1.0930.




Target Inner Area: 1.0905.




Inner Buy Area: 1.0880.




Original Support: 1.0869.




Strong Support: 1.0858.




Breakout SELL Level: 1.0852.








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 25, 2015

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In Asia, Japan will release the SPPI y/y. The US is expected to publish economic data about Crude Oil Inventories, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So, there is a strong probability thay the USD/JPY pair will move with low to medium volatility during the day.




TODAY TECHNICAL LEVELS:




Resistance. 3: 120.33.




Resistance. 2: 120.10.




Resistance. 1: 119.87.




Support. 1: 119.57.




Support. 2: 119.34.




Support. 3: 119.10.








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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USD/CAD intraday technical levels and trading recommendations for March 24, 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.


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


On the long term, a projected 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, the current bearish pullback towards 1.2550-1.2500 offers a valid buy entry. SL should be set as daily closure below 1.2500.


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


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GBP/USD intraday technical levels and trading recommendations for March 24, 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 off price levels of 1.5170-1.5200. This indicates 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 (solid 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 extend the pattern's projection target to price level of 1.5200.


Otherwise, the GBP/USD pair remains in a long-term downtrend as depicted on both the daily and weekly charts.


Trading recommendations:


Risky traders can wait for H4 bullish breakout above 1.5000 for a short-term BUY entry.


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.


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

Intraday technical levels and trading recommendations for EUR/USD for March 24, 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 already pushed slightly below MONTHLY demand around 1.0550 (established on January 1997) where some bullish recovery was expected to exist.


Price action should be watched around the current monthly demand level looking for monthly closure below 1.0570 as theoretical long-term projection targets would be located near 0.9450.


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


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), bullish rejection was expected to exist around 1.0570 (monthly demand level).


DAILY persistence above the price zone 1.0850-1.0860 (recent DEMAND zone) indicates a quick corrective movement towards 1.1100 where a long-term sell position should be anticipated.


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