Technical analysis of GBP/JPY for March 26, 2015

GBPJPYM30.png


Fundamental overview:
GBP/JPY is expected to range-trade. It is undermined by the increased investor risk aversion and Japan's exports. The GBP/JPY downside is limited by the demand from the Japanese importers and improved euro sentiment after the upbeat data on Germany's Ifo business confidence.


Technical comment:

The daily chart is still 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 176. A break of that target will move the pair further downwards to 175.45. The pivot point stands at 177.55. 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 178.30 and the second target at 179.30.


Resistance levels:

178.30

179.30

178.65

Support levels:
176

175.45

175


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

GBP/USD intraday technical levels and trading recommendations for March 26, 2015

1427374752_gbpdaily.png1427374764_gbph44.png


Overview:


On February 5, temporary bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, an ascending channel was established at the price level of 1.5170-1.5200. This indicates 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 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 likely to extend the pattern's projection target at 1.5200.


Otherwise, the GBP/USD pair remains in the 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 buyentry.


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


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

USD/CAD intraday technical levels and trading recommendations for March 26, 2015

cadweekly.pngcadddaiilllyy.png


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 expressed as the 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. However, the market expressed a bullish breakout above 1.2550-1.2600 shortly after.


Earlier this week, the market failed to persist above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that waits for confirmation (Daily closure below 1.2350).


On the long term, a projected target for the wedge pattern would be located near the price level of 1.3050 (the origin of the last bearish swing initiated on March 2009).


Last week, the resulting weekly candlestick came strongly negative as the price zone of 1.2680-1.2650 applied significant bearish pressure to retesting.


This indicates the bearish tendency of the market for the medium-term perspective. The nearest bearish targets would be located at 1.2150 and 1.2100.


Trading recommendations:


For risky traders, the current bearish pullback towards 1.2350 should be considered for a valid buy entry with Stop/Loss located slightly below 1.2300.


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

Intraday technical levels and trading recommendations for GBP/USD for March 26, 2015

1427372137_gbpdaily.png


The market has previously established a consolidation zone around 1.5000, 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 (weekly supply level) resulting in the formation of multiple bearish engulfing daily candlesticks followed by a steep bearish decline towards 1.4700.


Moreover, demand levels located around 1.5200 and 1.5000 failed to provide enough 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 arond 1.4960-1.5000 was expected to provide significant supply for retesting. It corresponds to the upper limit of the long-term depicted channel, 38.2% Fibonacci level and a broken weekly demand established on January 2015.


Note that daily persistence above the price level of 1.5090 (50% Fibo level) indicates a quick bullish spike towards price level of 1.5380 (projection target).


gbph44.png


Recently, 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 a bullish side of the market allowing another bullish swing towards 1.4990 to take place.


Recently, the market failed to trade above the price level of 1.4970 so far (multiple tops are being expressed around 1.4970-1.5000).


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


However, a bullish pullback towards the price zone of 1.5080-1.5100 (recent supply zone) may be watched for a quick intraday sell entry. Stop loss should be located above 1.5150.


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

Intraday technical levels and trading recommendations for EUR/USD for March 26, 2015

eurmonth.png


The market has been pushed 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.


The price action should is likely to be observed around the current monthly demand level looking for monthly closure below 1.0570 and theoretical long-term projection targets are seen near 0.9450.


1427371942_eurdaily.png


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 existed around 1.0570 (MONTHLY DEMAND level). Since then, the EUR/USD pair has been moving towards 1.1140.


Daily persistence above the price zone of 1.0850-1.0860 (recent DEMAND zone) enhances the probability of a quick corrective movement towards 1.1100 where a long-term sell position can be offered.


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

Technical analysis of EUR/USD for March 26, 2015

eurusdh4.png

Overview :



  • Resistance of the EUR/USD pair was broken and it turned to support at the level of 1.0880 this week. The pair has already formed new strong support at the level of 1.0880. Moreover, after the pair has closed above this level today, it is signing the bullish market from 1.0880. Additionaly, the RSI has still called for uptrend at the level mentioned before. Consequently, the price of the EUR/USD pair indicates a bullish opportunity at the level of 1.0880 with the first target at 1.1041 in order to form a double top, and continues towards 1.1080 to test weekly resistance 1..

  • However, in case a reversal takes place and the EUR/USD pair breaks through the new support level of 1.0880, the market will move to further decline to 1.0783 in coming two days.


Intraday technical levels :


Date and Time:26/03/2015 13:10


Pair:EUR/USD



  • R3: 1.1136

  • R2: 1.1074

  • R1: 1.1023

  • PP: 1.0961

  • S1: 1.0910

  • S2: 1.0848

  • S3: 1.0797


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

Technical analysis of AUD/USD for March 26, 2015

audusdh4.png

Overview :



  • The AUD/USD pair had a breakdown and extended further to as low as 0.7721 last week. But it closed at 0.7817 yesterday and the price has been placed above the 38.2% of Fibonacci retracement levels today. Additionally, it should be noted that the price had formed a strong support at the level of 0.7817. Furthermore, this strong level has still been moved between 38.2% of Fibonacci retracement levels and 61.8% in the H4 chart. Accordingly, the market is likely to start showing the signs of bullish market again in order to indicate a bullish opportunity in the short term from the level of 0.7817 with a target towards strong resistance around 0.7976, which coincides with the ratio of 61.8% Fibonacci. Meanwhile, bulls are going to be forced to pull back below this area. Thus, this level will act as a spot to sell in the long term. Hence, it will be a good sign to sell below strong resistance at 0.7976 with a target at 0.7890. It might resume to the 0.7807 in order to form a double bottom.



audusdh1.png


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

Daily analysis of USDX for March 26, 2015

Our bearish outlook is now getting stronger on the daily chart as corrective moves continue to take in place on this time frame. The nearest support level is located at the zone of 95.53. That territory could offer some kind of buying zone in order to ride the overall bullish trend in the medium and long term. Currently, the MACD indicator is at negative territory.


USDXDaily.png




On the H1 chart the bearish bias is very clear and now the USDX is trying to break the support level of 96.24. It seems that the instrument is very strong in the current trend and, probably, it doesn't form a solid lower low pattern. For now, while the USDX stays below the 200 SMA, we could look only for intraday short trades.


USDXH1.png




Daily chart's resistance levels: 96.60 / 98.01


Dailychart's support levels: 95.53 / 93.89


H1 chart's resistance levels: 96.63 / 97.19


H1 chart's support levels: 96.24 / 95.87






Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 96.24, take profit is at 95.87, and stop loss is at 96.62.


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

Daily analysis of GBP/USD for March 26, 2015

There is the bullish momentum in the current bias on the daily chart because the GBP/USD pair is trying to perform a breakout at the resistance level of 1.4948 in order to reach the zone of 1.5087. Currently, our odds are in favor of the overall bearish trend because the current structure is showing us that the 200 SMA is bearish.


GBPUSDDaily.png




Now, on the H1 chart, GBP/USD is finding resistance at the level of 1.4984 after being trapped in a low-range zone in the half of the 200 SMA. Anyway, the pair is currently unable to trade in an intraday basis because GBP/USD could perform deeper pull backs to the support level of 1.4842 and later perform some kind of rebound.


1427364485_GBPUSDH1.png




Daily chart's resistance levels: 1.4948 / 1.5087


Dailychart's support levels: 1.4820 / 1.4649


H1 chart's resistance levels: 1.4984 / 1.5022


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 1.5001.


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

#USDX technical analysis for March 26, 2015

The US dollar index remains in a short-term down trend and is now in danger of reversing of the longer-term bullish trend. The extended dollar weakness continues and this week will be critical. If this week ends with the index below 97, we should expect a move lower towards 93.


usdx.jpg


The USD index is now trading below the 61.8% retracement which is important support. The trend is bearish in the short term. The trend changes if we break above 97 which is the first short-term resistance. The cloud resistance at 98.60 is the important resistance level that if broken, will be an important medium-term buy signal.


usdxd.jpg


The weekly chart is getting weaker. The price is testing the tenkan-sen support. If this week closes below 97 we should expect the US dollar index to move towards the kijun-sen over the next weeks towards 93. At the level of 93 we also find the 38% retracement of the entire upward move from 75. So we should not be surprised to see a sharp move lower over the next weeks.


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

Gold technical analysis for March 26, 2015

Gold price continues its upward move above $1,200 towards the weekly resistance of $1,215 by the kijun-sen. Gold price has given us a buy signal and a trend-changing signal since it broke above the Ichimoku cloud at $1,180 and the bounce target was the area of $1,200-$1,220. My longer-term view remains bearish and, I believe, soon we will see a downward reversal.


gold.jpg


Red line = support


Gold price is in a short-term bullish trend. The price is above the Ichimoku cloud. Support is at $1,193 and I will get a sell signal if that level is broken. I did not expect Gold price to move this high on the fisrt try. I expected a pullback to $1,175 and then a push above $1,200 but it seems that the market wants the price to go towards $1,220 straight away.


goldd.jpg


As the weekly chart shows, gold price is now testing the kijun-sen and tenkan-sen indicators at $1,215-20. The next level that gold price is going to reach is the 61.8% retracement at $1,240. The longer-term trend remains bearish as the price is still below the Ichimoku cloud.


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

Technical analysis of EUR/JPY for March 26, 2015

General overview for 26/03/2015 10:10 CET


The wave (b) blue turned out to be a little more complex than anticipated. The golden channel line bounced the wave progression back on track, suggesting more gains in this pair to come. The first resistance is the 50% Fibo at the level of 131.39 and then intraday resistance at the level of 131.65. Please notice, the impulsive wave progression in wave (c) blue might even get extended up to the level of 132.44 before any meaningful profit taking would take place.


Support/Resistance:


132.45 - 61%Fibo


132.13 - WR1


131.85 - Technical Resistance


131.65 - Intraday Resistance


131.39 - 50%Fibo


130.16 - Intraday Support


129.75 - Weekly Pivot


Trading recommendations:


Daytraders should consider opening buy orders from the current price levels with SL below the level of 130.15 and TP at the level of 131.39, with a possible extension up to the level of 132.44 later in the week.


eurjpy_h1.jpg


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

Technical analysis of USD/CAD for March 26, 2015

General overview for 26/03/2015 10:00 CET


The Elliott wave count on the H4 time frame works quite well now as the market is about to test the a zone between the levels of 1.2352 - 1.2379. Please notice that any violation of the level of 1.2388 will invalidate an impulsive alternative green count. This will mean that more complex and time consuming corrective cycle in wave 4 green is in progress. The next demand zone is the area between the levels of 1.1933 - 1.1803 and it will act as a mid-term support for the price.


Support/Resistance:


1.1933 - 1.1803 - Demand Zone


1.2352 - 1.2379 - Key Zone


1.2388 - Invalidation Level


Trading recommendations:


If the level of 1.2388 is violated to the downside, daytraders and swingtraders should consider opening sell orders on any rally up with SL above the level of 1.2555.


usdcad_h4.jpg


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

Technical analysis of EUR/JPY for March 26, 2015


Technical outlook and chart setups:


The EUR/JPY pair has dropped to the level of 130.50 for now after facing resistance at 131.50 yesterday. The pair could be supported around the 130.00 and still look to push towards the level of 133.00 in the sessions to come. It is recommended to remain long for now with risk at 128.00. Bulls are poised to remain in control untill prices stay above the level of 128.00. Immediate support is seen at 129.30 followed by 128.00 and lower, while resistance is seen at 132.00 followed by 133.00/75 and higher respectively. The pair needs to clear 136.50 to confirm a trend reversal scenario.


Trading recommendations:


Remain long, stop at 128.00 target is 133.00.


Good luck!




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

Technical analysis of GBP/CHF for March 26, 2015


Technical outlook and chart setups:


The GBP/CHF pair is holding initial fibonacci support at the level of 1.4200 as seen here. The pair could produce a bullish bounce from here but a drop below would expose 1.4000. It is recommended to remain long with risk at the level of 1.4100 for now. A more conservative trading approach would be to remain flat for now and wait for further confirmation. Immediate support is seen at 1.4200 (interim) followed by 1.4000, 1.3850, and lower, while resistance is seen at 1.4475 followed by 1.4650 and higher respectively.


Trading recommendations:


Remain flat for now or hold on to earlier long position with stop at 1.4100 (aggressive).


Good luck!




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

Technical analysis of Silver for March 26, 2015


Technical outlook and chart setups:


Silver was pushed through $17.12/17 yesterday before pulling back. The metal has produced a doji candlestick pattern, indicating a potential change in the direction. Prices are expected to retrace lower into the area around $16.00 before resuming the rally. It is recommended to remain flat for now and look for that dip to enter long positions again. Immediate support is seen at $16.60 followed by $15.80, $15.30, and lower, while resistance is seen at $17.50 followed by $18.50 and higher respectively. The pair needs to correct lower before resuming further rally.


Trading recommendations:


Remain flat for now.


Good luck!




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

Technical analysis of Gol6 for March 23, 2015


Technical outlook and chart setups:


Gold has been pushed through the level of $1,200.00 for now. The metal could face interim resistance at current levels since it was in the past support turned resistance zone. It is recommended to remain aside for now and wait for a dip to re-enter. A push through the $1,220.00 would prove the extremely bullish uotlook for the metal. Immediate resistance is seen at the levels of $1,220.00/25.00 followed by $1,280.00/85.00 and higher, while support is seen at $1,180.00 followed by $1,160.00, $1,140.00, and lower respectively.


Trading recommendations:


Remain flat for now. Look to enter on a dip again.


Good luck!




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

Elliott wave analysis of EUR/NZD for March 26 - 2015

2015-03-26-EURNZD-4H.png


Technical summary:


The expected rally has worked just the way we anticipated. As red wave ii was flat, we are looking for extension in red wave iii and that calls for minimum 1.4583 and possibly even more upside towards 1.4649 before a correction in red wave iv. After a minor correction in red wave iv, a final rally higher to 1.4798 is expected to end the first impulsive rally from the bottom at 1.4128. The fact that we have already broken above the channel resistance-line is also encouraging.


Trading recommendation:


We are long EUR from 143.15 and we will move our stop higher to 1.4375. We will place take profit at 1.4775. If you are not long EUR yet, then buy near 1.4440 with the same stop at 1.4375


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

Elliott wave analysis of EUR/JPY for March 26 - 2015

2015-03-26-EURJPY-4H.png


Technical summary:


As long as resistance at 131.74 protects the upside, our preferred count shows that a final decline closer to 125.98 is still expected. However, if resistance at 131.74 is cleared, we will shift our count to the bullish count that indicates that a firm bottom is already in place at 126.87. Resistance at 131.74 has protected the upside for now and we will be looking for a break below minor support at 130.31 and more importantly a break below 129.26 adding confidence to the call for a final decline closer to 125.98.


Trading recommendation:


We are neutral, with a EUR sell-order placed at 129.85 and a EUR buy-order placed at 131.80 (one order done cancels the other).


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

Technical analysis and trading recommendation of Gold for March 26, 2015

The yellow metal extended its 6-day winning streak, making higher lows and higher highs. The FOMC meeting filled the downbeat yellow metal with life. The metal is trading at a 2-week high. The metal took parallel support at $1,185.00 twice and changeв its direction. The metal took support twice at $1,185.00 at the yesterday's session. At the yesterday's article 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. Today, the metal is trading on a positive bias ahead of US unemployment claims. Parallel resistance is seen at 1200.50 and 1208.00 100Dsma. Intraday support is found at $1,193.00. We recommend selling below $1,193.00 with targets at $1,185.00, $1,179.00, $1,177.50, $1,173.00, and $1,167.00 with sl $1,188.00. Weekly support is seen at $1,182.00.


Trade: buying above $1,201.00.


Selling below $1,193.00.


GOLDH4.png


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

Technical analysis and trading recommendation for EUR/USD for March 26, 2015

The Ifo Business Climate Index for German trade and industry rose to 107.9 points in March from 106.8 points last month. The index reached its highest level since July 2014. Companies expressed far greater optimism about future business development. The German economy continues to expand.


Today's event: GfK German consumer climate.


Technical view:


The pair made a higher low on a daily basis for 8days now. But it faced strong parallel resistance at 1.1042. The pair managed to close above 20Dsma at the yesterday's session. Today, at the early Asian session, the euro was trading lower against the greenback. USD rebounded against the euro and the pair is trading below 1.1000. The intraday trend is turning to bearish based on hourly moving averages. Intraday resistance is seen at 1.0980 and support is likely to be found at 1.0945. We recommend fresh selling below 1.0940 with targets at 1.0900, 1.0880, 1.0770, 1.0750, and 1.0690. An intraday view still recommends buying with sl 1.0830. This is based on a purely technical view. However, I think the pair is unlikely to close above 1.1045 and bears will try to regain 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. In case the price closes above 1.1045, bulls can challenge 1.1170 and 1.1500. We are bullish for EUR against GBP for now, but not against with USD. The above levels on a closing basis can change the current picture. Until then, 250 pips trading range will play a role. Weekly support is seen at 1.0768 and 1.0700. Bulls will have the upper hand until the pair closes above 1.0830.


Trade: selling below 1.0940, strong selling will emerge below 1.0880


Buying above 1.1050


EURUSDH4.png


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


EUR/USD-Weekly mode favors buying with sl 1.0830. Intraday view favors bears.


EUR/JPY- Weekly mode favors buying with sl 130.00. Intraday view favors bears.


EUR/CAD. Weekly mode favors buying with sl 1.3630 with a likely target at 1.3800


EUR/GBP. Weekly mode favors buying with sl 0.7290 with a likely target at 0.7430 (buying above 0.7305 was advised on Monday)


EUR/AUD. buying with sl 1.3820 target 1.4150


We will re-analyze if the weekly trend changes. The euro has been trading like a mirror image against USD & JPY.


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

Technical analysis of EUR/USD for March 26, 2015

!EURUSD.jpg






When the European market opens, economic data on Private Loans y/y, M3 Money Supply y/y, and GfK German Consumer Climate are expected to be released.The US will publish economic data about Natural Gas Storage, the flash services PMI, and the number of unemployment claims. So, EUR/USD will move low to medium volatility during this day amid the reports.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.1016.




Strong Resistance:1.1010.




Original Resistance: 1.0999.




Inner Sell Area: 1.0988.




Target Inner Area: 1.0963.




Inner Buy Area: 1.0938.




Original Support: 1.0927.




Strong Support: 1.0916.




Breakout SELL Level: 1.0910.








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 26, 2015

!USDJPY.jpg






In Asia, Japan is not going to release any economic data. However, the US is expected to publish data on Natural Gas Storage, the flash services PMI, and the number of unemployment claims. 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: 119.96.




Resistance. 2: 119.73.




Resistance. 1: 119.49.




Support. 1: 119.20.




Support. 2: 118.97.




Support. 3: 118.73.








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 26, 2015

EUR/USD: This market is consolidating in the context of an uptrend, though it is assumed that it would resume its northward journey when the consolidation pans out. The resistance line at 1.1050 is the next target for bulls.


1427326099_1.png


USD/CHF: This pair is consolidating in the context of a downtrend, though it is assumed that it would resume its southward journey when the consolidation pans out. The support level at 0.9500 is the next target for bears. Moreover, some fundamental figures are coming out today and they may have impact on the market.


1427326144_2.png


GBP/USD: The сable is currently in an equilibrium phase, especially since the beginning of this week. The market has not moved significantly in a directional manner: as it oscillates between the distribution territory at 1.5000 and accumulation territory at 1.4800. There ought to be a break above the aforementioned accumulation territory or below the distribution territory, so that a vivid direction can be observed.


1427326180_3.png


USD/JPY: Owing to the weakness in USD, this currency trading instrument has a bearish bias towards it. The market may journey further southwards, as bulls remain helpless in halting the situation. The only thing that can change the outlook is the event that causes the trading instrument to close above the supply level at 121.00.


1427326213_4.png


EUR/JPY: Although this market is now moving sideways in an uptrend, it would soon break out further to the upside, continuing its bullish journey. Why? The EMA 11 above the EMA 12 and the RSI period 14 is above the level of 50. So, coupled with the price action, the bullish expectation is rational.


1427326249_5.png


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

Technical analysis of USD/JPY for March 25, 2015

USDJPYM30.png


Fundamental Outlook:
USD/JPY is expected to consolidate after hitting almost a one-month low of 119.22 on Tuesday. It is underpinned by the improved dollar sentiment (ICE spot dollar index last 97.23 versus 96.93 early Tuesday) after higher-than-expected US February core CPI of +0.2% on-month and +1.7% on-year (versus forecast +0.1% on-month, +1.6% on-year), a surprise increase of 7.8% in US new home sales to 539,000 in February (versus forecast for a drop of 4.2% to 461,000), and stronger-than-expected US March flash manufacturing PMI of 55.3 (versus forecast 54.0). USD/JPY is also supported by the demand from Japan's importers, and the ultra-loose Bank of Japan's monetary policy. The USD/JPY upside is limited by the lower US Treasury yields (10-year at 1.873% versus 1.915% late Monday), the Japanese exports, flows to the safe-haven yen amid decreased risk tolerance (VIX fear gauge rose 1.57% to 13.62, S&P 500 closed 0.61% lower at 2,091.5 overnight) on fresh signs of a slowdown in China. HSBC China March flash manufacturing PMI came at 49.2 that turned out to be weaker than expected (versus forecast 50.6).


Technical comment:
The daily chart is still 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 120.30 and the second target at 120.65.


Resistance levels:

120.30

120.65

120.85


Support levels:

119.25

119

118.75


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

Technical analysis of USD/CHF for March 25, 2015

USDCHFM30.png


Fundamental overview:
USD/CHF is expected to consolidate with bearish bias after hitting a three-week low of 0.9530 on Tuesday. It is undermined by Swissie demand on the soft EUR/CHF cross. The USD/CHF losses are tempered by the stronger USD sentiment, the negative Swiss interest rates and the threat of the Swiss National Bank to carry out CHF-selling intervention.


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 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


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

Intraday technical levels and trading recommendations for GBP/USD for March 25, 2015

gbpDAILYY.png


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 the 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.


gbpH44.png


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 fix abovethe 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 a breakout occurs in either direction (transient consolidation range should not 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.


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

Technical analysis of NZD/USD for March 25, 2015

NZDUSDM30.png


Fundamental overview:
NZD/USD is expected to consolidate in a higher range after hitting a two-month high of 0.7695 on Tuesday. It is undermined by the stronger USD sentiment and subdued investor risk appetite. The NZD/USD losses are tempered by the NZD-USD yield differential.


Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are bullish, although the latter at overbought levels. Five-day moving average is above 15-day moving average and is advancing.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.77 and the second target at 0.7775. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7530. A break of this target would push the pair further downwards, and one may expect the second target at 0.7455. The pivot point is at 0.7590.


Resistance levels:

0.77

0.7775

0.78

Support levels:


0.7530

0.7455

0.7405


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

Intraday technical levels and trading recommendations for EUR/USD for March 25, 2015

eurmonth.png


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.


The 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.


1427293742_eurdaily.png


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 existed around 1.0570 (MONTHLY DEMAND level).


DAILY persistence above the price zone of 1.0850-1.0860 (recent DEMAND zone) indicates a quick corrective movement towards 1.1100 where a long-term SELL position will probably be offered.


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

Technical analysis of GBP/JPY for March 25, 2015

GBPJPYM30.png


Fundamental overview:
GBP/JPY is expected to consolidate with risks skewed lower. It is undermined by the decreased investor risk appetite and Japan's exports. The GBP/JPY losses are tempered by the demand from the Japanese importers.


Technical comment:

The daily chart is still 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 177.50. A break of that target will move the pair further downwards to 176.50. 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:
177.50

176.70

176.15


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

GBP/USD intraday technical levels and trading recommendations for March 25, 2015

1427293109_gbpdaily.pnggbph4.png


Overview:


On February 5, temporary bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, an ascending channel was established at the 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, the 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 the price level of 1.5200.


Otherwise, the GBP/USD pair remains in the 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

USD/CAD intraday technical levels and trading recommendations for March 25, 2015

cadweek.pngcaddaily.png


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 the 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. However, the market expressed a bullish breakout above 1.2550-1.2600 shortly after.


Earlier this week, the market failed to persist above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that waits for confirmation.


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


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


Trading recommendations:


For risky traders the current bearish pullback towards 1.2550-1.2500 offers a high-risk BUY entry. SL should be placed below 1.2430.


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).


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