GBP/USD intraday technical levels and trading recommendations for March 30, 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 at the 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 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 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.


Recently, 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.


Fixation above 1.4980-1.5000 (neck-line) is likely to extend the pattern's projection target towards 1.5200.


Otherwise, the GBP/USD pair remains in the long-term downtrend as depicted on both the daily and weekly charts. If so, bearish breakdown of 1.4700 is needed to resume this bearish scenario.


Trading recommendations:


Conservative traders can wait for the H4 closure above 1.5000 for a short-term buy entry.


TP levels should be set at 1.5080, 1.5120, and finally at 1.5200.


SL should be set as daily closure below 1.4900.


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EUR/NZD : analysis for March 30, 2015

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Overview:


In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4382 in a high volume. The price found resistance around the level of 1.4440 (our Fibonacci retracement 61.8%). The short-term trend is neutral. So, be careful when trading EUR/NZD. First major support is seen around the level of 1.4320 (Fibonacci expansion 61.8%) and if the price breaks the level of 1.4440, we may see a potential test of the levels of 1.4490-1.4560.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.4431


R2: 1.4472


R3: 1.4538


Support levels:


S1: 1.4300


S2: 1.4260


S3: 1.4192


Trading recommendations: We are in neutral trend. So we need to see a clear direction in the next period to search for better opportunities.




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USD/CAD intraday technical levels and trading recommendations for March 30, 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 expressed as the previous weekly closure came above 1.2550 (consolidation zone mid-line).


Successive lower highs were established within the wedge pattern. However, the market expressed a bullish breakout above 1.2550-1.2600 shortly after.


The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that calls for confirmation (daily closure below 1.2350).


On the other hand, the support level around 1.2350 (lower limit of the wedge pattern) and 1.2300 (79.6% Fibonacci level) have been providing support for successive weeks on the daily chart.


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


Last week, the resulting weekly candlestick came strongly positive (bullish hammer) closing above the price level of 1.2550 (mid-zone of the consolidation range) which failed to provide enough resistance for the pair.


This enhances the bullish side of the market. The next resistance level, hence the next target to meet the USD/CAD pair is located at 1.2790.


Trading recommendations:


As anticipated for risky traders, bearish pullback towards 1.2350 was considered for buy entry, which is running in profits now. S/L is likely to be located slightly below 1.2300.


T/P levels to be located at 1.2550, 1.2700 and finally 1.3050.


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Gold: analysis for March 30, 2015

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price has tested the level of $1,182.19 in a high volume. Accoridng to the daily time frame we can observe supply in an volume below the average.The price rejected from our major Fibonacci retracement 38.2% ($1,205.00). According to the 4H time frame, we can observe supply in an average volume. I have placed Fiobonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of $1,190.00 (already broken) and Fibonacci retracement 61.8% at the price of $1,172.00. Anyway, if the price breaks the level of 1,220.00, we may see potential testing of the level of $1,244.00.


Daily Fibonacci pivot points:


Resistance levels :


R1: 1,199.04


R2: 1,200.77


R3: 1,202.04


Support levels :


S1: 1,196.04


S2: 1,194.77


S3: 1,193.05


Trading recommendations: Be careful when buying gold at this stage since the price rejected from our Fibonacci retracement 38.2%




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Intraday technical levels and trading recommendations for EUR/USD for March 30, 2015

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The market was aggressively pushed lower 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. Moreover, the EUR/USD pair has been already pushed slightly below the monthly demand level around 1.0550 (established on January 1997) where some bullish recovery was applied as anticipated.


The price action should be observed around the current monthly demand level looking for monthly closure below 1.0570 as theoretical long-term targets are projected around 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 existed around 1.0570 (monthly demand level).


Since then, the EUR/USD pair has been moving towards 1.1150.


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.


On the other hand, daily closure below 1.0850 (this week's key-level) invalidates the bullish correction, bringing the EUR/USD pair back towards 1.0650-1.0600 (weekly low).


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Intraday technical levels and trading recommendations for GBP/USD for March 30, 2015

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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 resulting in the formation of multiple bearish engulfing daily candlesticks followed by a steep bearish decline towards 1.4700.


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 around 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 which goes back to January 2015.


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


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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 as a flag pattern is being expressed since price levels of 1.4970-1.5000 were visited.


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 be expected).


However, a quick bearish pullback towards the price level of 1.4720 (daily demand level) may be watched for a quick counter-trend buy entry. Stop loss should be located below 1.4625.




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Technical analysis of GBP/CHF for March 30, 2015


Technical outlook and chart setups:


The GBP/CHF pair is seen to be stalling around the levels of 1.4300/4400 for now. It needs to be pushed through the level of 1.4400 to instil further confidence in the bullish setups: Immediate support is seen at 1.4000 followed by 1.3850 and lower while resistance is seen at 1.4630 followed by 1.4800, 1.5150, and higher respectively. It is recommended to remain long with risk below 1.4200 for now. Bulls are expected to remain in control untill prices stay above 1.4200 from here on. A drop lower would expose 1.4000 at least.


Trading recommendations:


Remain long stop below 1.4200, target is open.


Good luck!




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Technical analysis of EUR/JPY for March 27, 2015


Technical outlook and chart setups:


The EUR/JPY pair is seen to be trading at the level 129.80 for now and is expected to be pushed higher through 133.00 untill prices remain above 128.00. It is recommended to remain long with risk at 128.00 for now. Immediate support is seen at 128.00, followed by 127.00 and lower while resistance is seen at 133.50 followed by 136.50 and higher respectively. The pair has broken the trend line resistance. It is seen in the buy zone for now. Also, the pair has back tested resistance turned support at 129.00.


Trading recommendations:


Remain long for now, stop at 128.00, target is open.


Good luck!




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Technical analysis of Silver for March 30, 2015


Technical outlook and chart setups:


Silver continues to drop lower for now and should be supported around $16.00 levels which is fibonacci 0.618 of the entire rally from $15.30 to $17.40 levels respectively. Immediate support is seen at $16.68 levels followed by $15.80, $15.30, and lower while resistance is seen at $17.50/60 followed by $18.50/60 and higher respectively. The metal can push higher through the levels of $17.40/50 from here on before producing a meaningful retracement. Look for lower levels to initiate long positions again.


Trading recommendations:


Remain flat for now and look to buy lower again.


Good luck!




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Technical analysis of Gold for March 30, 2015


Technical outlook and chart setups:


Gold is expected to retrace lower untill $1,170.00/72.00 from here. Please note that Fibonacci 0.618 is also passing through the same levels and a bullish bounce could be expected from there. It is recommended to remain flat for now and look to buy lower. Immediate support is seen at $1,172.00 followed by $1,160.00, $1,140.00, and lower while resistance is seen at $1,223.00 followed by $1,240.00/50.00, $1,285.00, and higher respectively. Bulls are poised to resume rally from the level of $1,170.00.


Trading recommendations:


Remain flat for now, looking to buy lower.


Good luck!




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Daily analysis of USDX for March 30, 2015

The USDX remains bullish at the daily chart and we can see a rebound in progress on the support level of 96.60. In the upside, the next target is the resistance zone of 98.01. If the instrument breaks that zone, it would be expected to rise until the level of 99.12, as the overall bullish trend stays alive. Be cautious with the MACD indicator, that is currently at negative territory.


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The USDX is likely to be forming a double top pattern on the H1 chart, above the 200 SMA, because it's dealing with the dynamic resistance offered by that moving average. On the other hand, the USDX could fall until the support level of 97.19, in order to resume the bearish bias towards the support level of 96.63 in the short term.


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Daily chart's resistance levels: 98.01 / 99.12


Dailychart's support levels: 96.60 / 95.53


H1 chart's resistance levels: 97.90 / 98.36


H1 chart's support levels: 97.19 / 96.63






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 97.19, take profit is at 96.63, and stop loss is at 97.72.


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Daily analysis of GBP/USD for March 30, 2015

In the daily chart, the support zone around the level of 1.4820 continues to reject the current price action of the GBP/USD pair, because bears are trying to gain territory. However, the pair is still trapped in that range. During this week, we expect more downside moves, as the 200 SMA is still bearish and the GBP/USD pair continues to form a lower low pattern.


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The intraday structure shows sideways movements in the GBP/USD pair, but it's still below the 200 SMA at the H1 chart. So, we're looking for more downside movement in the pair. Anyway, GBP/USD is dealing with the support level of 1.4842, that is very strong. The 200 SMA continues to offer dynamic resistance in this consolidation phase.


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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 / 1.4774






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 1.4774, and stop loss is at 1.4909.


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Weekly technical levels for EUR/USD for March 30, 2015

The weekly technical levels for EUR/USD pair:


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Overview :



  • The market of the EUR/USD pair was moving in uptrend last week. Moreover, the trend was clear because the price moved lower to 1.0765; but the price of EUR/USD pair has been rebounding higher towards the level of 1.0876. According to the previous events, the price of the EUR/USD pair is going to move between the levels of 1.0803 and 1.0943. Therefore, we expect a range of 141 pips in coming days. Also, it should be noted that the price of 1.3584 is the key level to confirm the bullish market. The level of 1.0752 represents the weekly support one. So, buy above the level of 1.0767 (the double bottom in the H1 chart), with the first target at 1.0902 in order to test the weekly pivot point at the same time frame. It might resume to the 1.0943 price. The price may close below 1.0830 (23.6% of Fibonacci retracement levels). Consequently, the price will call for a bearish market to go further towards the level of 1.0770 to test it. However, it should be noted that the stop loss should never exceed your maximum exposure amounts.



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Weekly technical levels for GBP/USD for March 30, 2015

The weekly technical levels for GBP/USD pair:


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Pivot point formula:



  • Pivot point = (high (previous) + low (previous) + close (previous)) / 3


Intraday technical levels :



  • Projected high:1.5277

  • Breakout (buy stop):1.5222

  • Strong resistance (sell limit):1.5192

  • Current pivot:1.4895

  • Strong support (buy limit):1.4598

  • Breakout (sell stop):1.4573

  • Projected low:1.4523


General idea about the pivot point.



  • Resistance 3 and support 3 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 in the sideways markets, as prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. The break trough resistance or support is likely to result in a significant price movement.

  • It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.



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Observations :



  • According to the previous events, the GBP/USD pair is going to move between the levels of 1.4803 and 1.4952.

  • Resistance is likely to be set at the level of 1.4981 and support is already placed at 1.4783.

  • We expect a new range more than 169 pips this week.

  • The key level will be set at the level of 1.4888. The weekly pivot point is set at the same price.

  • The level of 1.4994 is going to represent the double top.


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#USDX technical analysis for March 30, 2015

he Dollar index made an upward reversal from the 61.8% retracement. This area of support was the last chance for Dollar bulls to reverse the market to the up side. Strong resistance at 98.20 must be broken in order to confirm trend reversal. Rejection here could imply another test of the lows at 96.


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Purple area= support


The Dollar index has reversed from the purple support area and the 61.8% retracement as expected. I'm bullish as long as the price is above this support area. Resistance is found at 98.20 by the Ichimoku cloud. We need to break above that level in order to confirm a medium-term bullish reversal.


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The weekly chart closed above the tenkan-sen. This is a sign of bulls holding support and that there is enough strength to reverse the rend and resume the uptrend. The pullback from 100 to 96 was a nice short-term pullback. So, bulls can re-energize and resume the up trend as they continue to be under control of the trend. As long as the weekly close is above the tenkan-sen at 96.80, I remain bullish.


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Gold technical analysis for March 30, 2015

Gold price remains in a short-term bearish trend after the bearish reversal from $1,220. Gold price has broken short-term support and is heading towards $1,180-75, which might be the last chance for a bounce towards $1,250. If important weekly support at $1,130 gets broken, we should expect the price to move towards $1,000 or even $900.


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Red line = support


Gold price is above the Ichimoku cloud but has broken below the upward sloping red trend line support. The price is heading towards the Ichimoku cloud support at $1,180-75. If Gold price breaks below the Ichimoku cloud, we should expect $1,130 to be tested.


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Blue line = support


Gold price remains in a bearish long-term trend in the weekly chart as shown above. The price was rejected by kijun-sen resistance and we also have a bearish sell signal be the cross of the kijun-sen and then tenkan-sen. The price is below the cloud and I believe we should expect a move towards the support line at $1,130 as long as we trade below $1,215. New lows over the coming weeks towards $1,000 will be expected once $1,130 is broken.


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Technical analysis of USD/CAD for March 30, 2015

General overview for 30/03/2015 08:55 CET


The current wave progression is developing as we anticipated last week. The first possible impulsive wave upwards is almost done. The key level for the market to continue with this progression is weekly pivot at the level of 1.2561. The demand breakthrough zone unfolded between the levels of 1.2700 - 1.2721. Please note that the alternate count still indicates a possibility of more complex wave X brown in progression that might even target the recent swing high at the level of 1.2833.


Support/Resistance:


1.2503 - WS1


1.2561 - Weekly Pivot


1.2614 - Intraday Support


1.2657 - Intraday Resistance


1.2700 - 1.2721 - Demand Breakthrough Zone


Trading recommendations:


Daytraders should consider opening buy orders from the current price levels (or wait for the retrenchments and then buy) with SL below the weekly pivot at the level of 1.2561 and TP at the level of 1.2700 with a possible extension later in the week up to the level of 1.2721.


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Technical analysis of EUR/JPY for March 30, 2015

General overview for 30/03/2015 08:30 CET


The bottom for wave (b) blue seems to be in place now. Further confirmation of the bullish trend resumption is needed to confirm the impulsive wave progression. So, intraday support at the level of 129.01 can not be violated as well. However, in case of a new local low in this pair, the alternate count would be even more reliable than ever, showing the possibility of a completed WXY corrective cycle in wave 2 black and further sell off in this market targeting the technical support at the level of 126.89.


Support/Resistance:


126.89 - Technical Support


127.59 - WS2


128.48 - WS1


129.01 - Intraday Support


130.02 - Weekly Pivot


130.37 - Intraday Resistance


130.98 - WR1


Trading recommendations:


Daytraders should consider opening buy orders from the current price levels with SL below the intraday support at the level of 129.01 and TP at the level of 130.37 with a possible extension later in the week up to the level of 131.65.


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Technical analysis of EUR/USD for March 30, 2015

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When the European market opens, some economic news on Italian 10-y Bond Auction, Spanish Flash CPI y/y, and German Prelim CPI m/m will be released.The US will release the economic data about Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, EUR/USD will move low to medium volatility during this day amid the reports.




TODAY TECHNICAL LEVELS:




Breakout BUY Level: 1.0934.




Strong Resistance:1.0928.




Original Resistance: 1.0917.




Inner Sell Area: 1.0906.




Target Inner Area: 1.0881.




Inner Buy Area: 1.0856.




Original Support: 1.0845.




Strong Support: 1.0834.




Breakout SELL Level: 1.0828.








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 30, 2015

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In Asia, Japan is expected to release the Prelim Industrial Production m/m. The US will release economic data on Pending Home Sales m/m, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index 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: 119.80.




Resistance. 2: 119.57.




Resistance. 1: 119.34.




Support. 1: 119.04.




Support. 2: 118.81.




Support. 3: 118.57.








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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Daily analysis of major pairs for March 30, 2015

EUR/USD: On Friday, March 27, 2015, this pair closed at 1.0887 on a slight bullish note. The bias is still bullish while there are support lines at 1.0750 and 1.0700. Moreover, there are resistance lines at 1.1000 and 1.1050. There must be a break above the resistance lines or below the support lines for the trend to continue in favor or against bulls.


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USD/CHF: In spite of some visible effort of bulls to push the price upwards, the market is still bearish. The only thing that can render bearish outlook useless is an event that causes the price to go above the resistance level at 0.9800 first, and then 0.9850 later. If the current weakness in USD continue, the price could retest the support line at 0.9500, which was tried last week.


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GBP/USD: The cable moved only sideways throughout last week, with neither bulls nor bears gaining the upper hand. As long as bulls and bears have equal stamina, the sideways movement can continue until a rise in momentum, which could cause an imbalance on the market. The imbalance is likely to favor bulls.


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USD/JPY: This is a weak currency trading instrument. There is a clean Bearish Confirmation Pattern on the market and the demand level at 118.50 could be tested. On the other hand, some weakness in the yen is expected this week or next week, which may cause this instrument to rally eventually.


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EUR/JPY: The situation on this cross is dicey and one needs to wait to know the next price action before taking a position. The bullish gain that was realized last week has nearly been forfeited, but a possible rally might cause the recent bullish outlook to become more significant.


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Elliott wave analysis of EUR/NZD for March 30 - 2015

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Technical summary


We are still looking for a close above the resistance line on the 4-hourly chart to confirm that a series of wave three is developing for a rally towards at least 1.4595. In the short term, a break above minor resistance at 1.4397 is going to be the first indication that resistance at 1.4495 is likely to be challenged again and a break above here should bring an acceleration higher than we are looking for. Only an unexpected break below support at 1.4287 will confuse the overall bullish picture.


Trading recommendation:


We are long EUR from 1.4335 and will place our stop at 1.4275


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Elliott wave analysis of EUR/JPY for March 30 - 2015

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Technical summary:


We are still looking for a break below support at 128.33 to confirm that a final decline closer to our long-term target at 125.98 is likely to be seen. At this point, only a break above 131.74 indicates that a bottom has already been found and a new impulsive rally is developing.


In the short term, a break below minor support at 129.30 is going to call for a test of the important short-term support at 128.33 and confirms a new decline towards our long-standing target at 125.98 before the bottom gets in place.

Trading recommendation:


We are short EUR from 129.85 and will keep our stop at 130.40. If you are not short already, then sell a break below support at 129.30 with the same stop at 130.40.


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