Technical analysis of NZD/USD for March 01, 2016

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Overview:

  • The NZD/USD pair opened below the weekly pivot point (0.6632). It continued to move downwards from the level of 0.6632 to the bottom around 0.9598. Today, the first resistance level is seen at 0.6632 followed by 0.6659, while daily support 1 is seen at 0.6571. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.6632. So it will be good to sell at 0.6632 with the first target of 0.6571. It will also call for a downtrend in order to continue towards 0.6544. The strong daily support is seen at the 0.6544 level, which represents the double bottom on the H1 chart. According to the previous events, we expect the NZD/USD pair to trade between 0.6632 and 0.6545 in coming hours. The price area of 0.6632 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.6632 is not broken. On the contrary, in case a reversal takes place and the NZD/USD pair breaks through the resistance level of 0.6632, then a stop loss should be placed at 0.6650
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Technical analysis of USD/CHF for March 01, 2016

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Overview:

  • The USD/CHF pair broke the resistance that turned into strong support at the level of 0.9966 yesterday. The level of 0.9966 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as a major support on the H1 chart today. Consequently, the first support is set at the level of 0.9966. Moreover, the RSI starts signaling an upward trend, and the trend is still showing strength above the moving average (100). Hence, the market is indicating a bullish opportunity above the area of 0.9966. So, the market is likely to show signs of a bullish trend around 0.9966 - 0.9970. In other words, buy orders are recommended above the ratio of 61.8% Fibonacci (0.9966) with the first target at the level of 1.0037 in order to test a double top in the same time frame. If the pair succeeds to pass through the level of 1.0037, the market will probably continue towards the next objective at 1.0080. The daily strong support is seen at 0.9960 - 0.9966. Thus, if a breakout happens at the support level of 0.9960/0.9966, then this scenario may be invalidated.
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USD/CAD intraday technical levels and trading recommendations for March 1, 2016

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A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established from 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit to the resistance level of 1.4120 (Fibonacci Expansion 100%) was executed.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where an evident bearish rejection was expected (bearish engulfing weekly candlestick).

The recent bullish recovery was manifested around the level of 1.3750. That is why the recent bullish pullback took place towards 1.4000 during the last week.

The level of 1.4120 (Fibonacci Expansion 100%) remains a significant key level to be watched for further price reactions.

It may offer a valid sell entry if a bullish pullback takes place above 1.3950, which is a low possibility after the depicted lower high was expressed at 1.3970.

On the other hand, the zone of 1.3370-1.3400 remains a significant support zone to be watched for a valid buy entry when the current bearish momentum extends below the prominent weekly support level of 1.3600.

Trading recommendations:

Conservative traders should wait for the current bearish pullback towards the zone of 1.3370-1.3400 for a valid buy entry. S/L should be located below 1.3320.

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Intraday technical levels and trading recommendations for GBP/USD for March 1, 2016

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In November 2015, a bearish engulfing weekly candlestick closed below the level of 1.5200 (neckline of the Head and Shoulders pattern). This enhanced the bearish side of the market in the long term.

Extensive bearish pressure has been applied against the demand levels of 1.4620 and 1.4360. Both of them were broken to the downside.

On January 21, after the GBP/USD pair moved below 1.4220, evident signs of a bullish recovery were expressed around 1.4075. Hence, previous weekly candlesticks closed above 1.4220 and 1.4360 again.

Bullish persistence above 1.4360 was mandatory to maintain enough bullish strength in the market. The first bullish target was seen at 1.4615 where the current strong bearish momentum was initiated.

As the previous weekly candlestick maintained its bearish persistence below the depicted demand zone (below 1.4200), the next weekly demand level is located at 1.3850 (historical bottom that goes back to March 2009).

As expected, evident bullish recovery is being offered around 1.3850 (prominent weekly demand level). Hence, a valid buy entry can be taken near the same price level.

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On February 4, the market failed to close above 1.4615. An inverted hammer daily candlestick was expressed. Hence, a bearish pullback took place towards 1.4360.

Note that the GBP/USD pair was trapped between 1.4615 and 1.4220 until a recent lower high was established at the level of 1.4530. This applied extensive bearish pressure against 1.4220.

Hence, an extensive bearish breakout below 1.4220 is being manifested on the daily chart (the GBP/USD pair currently looks oversold).

That is why, signs of bullish recovery and a possible long entry should be expected around anywhere around 1.3850.

On the other hand, the broken demand zone (1.4360-1.4222) now constitutes a significant supply zone to offer a bearish rejection when any upcoming bullish pullback occurs.

Trading Recommendation:

Conservative traders could take a valid entry around the price zone of 1.3850. It is already running in profits. Initial T/P levels should be located at 1.3980 and 1.4050.

On the other hand, price action should be watched around the price zone of 1.4360-1.4222 for a possible SELL entry.

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Intraday technical levels and trading recommendations for EUR/USD for March 1, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 and 1.2000 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level of 1.0570, which was previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level.

April's monthly candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October, and November) reflected strong bearish rejection in the area around 1.1400.

December's candlestick came as bullish engulfing one allowing the current bullish pullback to take place towards 1.1370.

The zone of 1.1350-1.1400 stood as a significant supply zone to be watched during the recent bullish pullback. As we expected, evident bearish rejection was recently manifested in February's monthly candlestick (inverted hammer candlestick).

The level of 0.9450 will remain a long-term bearish target in case the current monthly candlestick closes below the depicted demand level of 1.0570.

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In October 2015, the Daily Supply Zone of 1.1360-1.1400 produced significant bearish pressure shortly after the EUR/USD pair spiked above the level of 1.1500 (daily supply level).

A bearish breakout of the depicted uptrend was performed later on October 23. This enhanced a long-term bearish scenario with targets at 1.0800 and 1.0600.

In November 2015, daily persistence below the level of 1.0800 (prominent key level) ensured enough bearish momentum towards 1.0550 (monthly demand level) where the most recent bullish swing was initiated.

During the last few weeks, a consolidation range extending between 1.1000 and 1.0800 was established on the daily chart. On February 3, a bullish breakout was executed above this consolidation range.

That is why, a quick bullish movement took place towards the zone of 1.1350-1.1450 where previous daily bottoms and the backside of the broken uptrend are depicted on the daily chart.

On February 12, a strong bearish engulfing daily candlestick was expressed near the mentioned supply level. Hence, a quick bearish decline towards 1.1000 was expected.

A bearish breakdown below 1.1000 (upper limit of the broken range) is currently manifested on the daily chart. A quick bearish decline towards 1.0820 should be expected.

Trading Recommendation:

The levels of 1.1000 and 1.0820 will remain important demand levels to be watched for significant bullish rejection. Otherwise, a quick bearish decline towards 1.0550 will be imminent.

For conservative traders, a valid buy entry can be offered around the lower limit of the broken consolidation range around 1.0800-1.0820.

S/L should be set as a daily candlestick closure below 1.0775. Initial T/P levels are located at 1.1000 and 1.1130.

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Global macro overview for 01/03/2016

Global macro overview for 01/03/2016:

The PMI Manufacturing data from China were released overnight and it looks like the activity in China's manufacturing sector weakened in February to the level of 49.0 points ( 49.4 expected), its lowest level in over four years. The PMI has remained below 50 points level for seven consecutive months. The weak PMI data was partly due to seasonal effects, with a week-long Lunar New Year holidays keeping much of the country closed. Analysts claim that markets should wait until March to get a more precise picture of China's production. In conclusion, this another set of weak data is reinforcing the view for more monetary stimulus as the world's second biggest economy continues to struggle.

Weak data from China are making investors nervous and more eager to invest in safe heaven assets like gold. This might be the reason why gold prices are still raising steadily. From the technical picture on H4 time frame, we might conclude that gold bulls might want to push the price event higher above the 1263 level. Bulls are still in full control of this market and as long as the level of 1191 is violated the uptrend will continue.

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Global macro overview for 01/03/2016

Global macro overview for 01/03/2016:

The Reserve Bank of Australia left the official cash rate unchanged at the level of 2% earlier this morning, as expected by market participants. From the statement released after the decision, we know that RBA Governor Glenn Stevens decided that strong employment and prospects for growth has prevented the RBA to cut the rates for now. Nevertheless, RBA reiterated its worried outlook for China's economic growth and decreasing commodity prices. In conclusion, the RBA has left the door open if case economic conditions worsen substantially.

Let's now take a look at the technical picture of the AUD/USD pair. The price had bounced from the brown trend line support on H4 time frame chart and currently is heading higher towards the resistance at the level of 0.7242. It looks like bulls are starting to re-gain control over this market.

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USDX technical analysis for March 1, 2016

The Dollar index continues to trade inside the bullish channel and has passed above the 61.8% Fibonacci retracement. The trend remains bullish. Overbought conditions in the oscillators provide a warning for bulls to be cautious.

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Blue lines - bullish channel

With price making higher highs and higher lows inside the bullish channel, trend remains bullish. Price remains above the Ichimoku cloud. Price has broken above the 61.8% Fibonacci retracement. But bulls need to be extra cautious as a pullback is imminent. Important short-term support is at 97.75. Next support are is at 97.25-96.70.

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The weekly chart shows how price bounced off the weekly Kumo (cloud) and has also broken above the two Ichimoku indicators (kijun- and tenkan-sen). However if a reversal occurs now, a lower high will not be a bullish sign. Bulls need to hold above the tenkan- and kijun-sen (red and yellow indicator lines) in order for this up trend to continue.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for March 1, 2016

Gold price remains inside a bigger triangle pattern and bulls are still in control of the trend as long as price is above $1,200-$1,210. If price breaks this level, then we should expect price to move towards $1,150-$1,100.

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Green lines - triangle pattern

Gold price is above the Ichimoku cloud and inside the triangle pattern. Resistance is at $1,250. Support is at $1,210. This pattern is usually found before the last part of the dominant trend. The trend so far has been bullish. This triangle is the last consolidation before the last leg up towards $1,300 in my opinion.

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Nothing new for the weekly chart. Price should move to new highs towards $1,300 and provide some bearish divergence before we turn downwards below $1,200. For now price confirms the bullish breakout above the long-term resistance levels.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for March 1, 2016

General overview for 01/03/2016:

The projected target levels for wave (b) blue has not been hit so far and the market is starting to reverse lower sooner than expected. Any clear breakout below the intraday support at the level of 1.3480 will confirm this scenario. In a longer time frame, a corrective cycle from a top of 1.4687 is still in progress, but it has evolved into a complex corrective structure. Within that structure, there is a missing Y brown wave pointing to the downside.

Support/Resistance:

1.3957 - WR2

1.3706 - WR1

1.3605 - Weekly Pivot

1.3587 - Intraday Resistance

1.3480 - Intraday Support

1.3350 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders again when the corrective structure is completed.

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Technical analysis of EUR/JPY for March 1, 2016

General overview for 01/03/2016:

Let's take a look at the higher time frame technical picture and Elliott wave count for this pair. In a daily time frame, we can see a complex corrective structure labeled as ABC-X-ABC pattern. The sub-wave B blue of this structure might be in place and the reason for this is a growing bullish divergence between the price and momentum oscillator and RSI. In the result of this divergence, the sharp bullish reversal in form of wave C blue should occur any time soon according to the main count. On the other hand, the alternative count indicates the top for the wave B blue has been made already and the current downside drop is the wave C blue of the wave 2 corrective cycle. In that case, the current big corrective cycle in a weekly time frame might be soon completed and this pair might start to develop wave 3 blue to the upside.

Support/Resistance:

119.43 - WS3

120.96 - WS2

122.45 - Intraday Support

122.56 - WS1

124.05 - Weekly Pivot

125.01 - Intraday Resistance

125.68 - WR1

127.18 - WR2

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will open buy orders when the bottom of the wave B blue is in place, so buy stop orders should be placed at the level of 125.03.

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Technical analysis of Gold for March 01, 2016

Technical outlook and chart setups:

Gold is consolidating in a cone formation, hitting resistance at $1,243.50 levels at the moment. The metal is expected to drop lower from here and break below $1,210.00 levels at least. Please note that a push below $1,210.00 levels would trigger further down side towards $1,190.00 and $1,170.00 levels respectively. Also note that strong support is seen at $1,167.00/68.00 levels, which is fibonacci 0.50% of its rally from $1,070.00 through $1,263.00 levels respectively. Hence it is recommended to remain short again now, with risk above $1,255.00 levels. Immediate support is seen at $1,210.00 levels while resistance is at $1,253.00 levels respectively.

Trading recommendations:

Remain short again, stop at $1,255.00, a target is $1,210.00 and lower.

Good luck!

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Technical analysis of Silver for March 01, 2016

Technical outlook and chart setups:

Silver is seen to be trading higher at $14.93 levels after hitting intraday highs at $15.00 levels. The metal is expected to drop lower one last time and form bottom around $14.50/55 levels, before turning bullish again. Please note that $14.50/55 levels is also convergence of fibonacci 0.618, trend line and past resistance turned support level, as depicted here. Hence it is recommended to remain flat for now and look to initiate long positions around $14.50/55 levels. Immediate support is seen at $14.50 levels while resistance is at $15.20/30 levels respectively. Bulls are expected to regain control at lower levels from here.

Trading recommendations:

Remain flat for now, watch out for a bullish turn around at $14.50 levels.

Good luck!

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Technical analysis of USD/JPY for March 01, 2016

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USD/JPY is trading with a bearish bias. The pair has reversed downward following a bearish head & shoulders pattern and remains on the downside. The 20-period moving average stays below its 50-period one, while the relative strength index has broken down its 30 level. The first target to the downside is therefore set at the horizontal support and overlap at 111.95. A break below this level would open the way to further weakness toward 111.30 in extension.

Trading Recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 111.95. A break of this target will move the pair further downwards to 111.30. The pivot point stands at 113.20. 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, long positions are recommended with the first target at 114 and the second target at 114.50.

Resistance levels: 114, 114.50, 115

Support levels: 111.95, 111.30, 111.00

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Technical analysis of USD/CHF for March 01, 2016

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USD/CHF is expected to trade with a bullish bias above 0.9945. The pair managed to hold above its nearest key support at 0.9940, and is likely to post a new rebound on this threshold. The relative strength index lacks downward momentum. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited. As long as 0.9940 is not broken, further upsides are expected to 1.0030 and 1.0070 in extension.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 1.0030 and the second one at 1.0070. In the alternative scenario, short positions are recommended with the first target at 0.9895 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9870. The pivot point is at 0.9940.

Resistance levels: 1.0030, 1.0070, 1.0110

Support levels: 0.9895, 0.9870, 0.9820

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Technical analysis of NZD/USD for March 01, 2016

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NZD/USD is expected to trade in lower range. Technically, the pair is still consolidating below its key resistance at 0.6640, and is likely to challenge it in sight, as the relative strength index is turning up, calling for a technical rebound. Nevertheless, the upside room is expected to be limited by 0.6640, as the 50-period moving average is still negative, which indicates that the prices may still have the downside potential to go. To sum up, below 0.6640 look for a new drop to 0.6540 and 0.6500 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6540. A break of this target will move the pair further downwards to 0.65. The pivot point stands at 0.6640. 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, long positions are recommended with the first target at 0.6680 and the second target at 0.6725.

Resistance levels: 0.6680, 0.6725, 0.6765

Support levels: 0.6540,0.65, 0.6465

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Technical analysis of GBP/JPY for March 01, 2016

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GBP/JPY is expected to trade in a lower range as a downside move prevails. The pair remains capped by its declining 20-period simple moving average, and is likely to reveal new weaknesses in the coming trading hours. The relative strength index is bearish below its neutrality area at 50. Furthermore, the process of lower highs and lows remains intact on an intraday basis. Hence, below 157.50, look for further downsides to 155.70 and 154.70 in extension.

Trading Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 155.70. A break of this target will move the pair further downwards to 154.70. The pivot point stands at 157.50. 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, long positions are recommended with the first target at 158.50 and the second target at 159.05.

Resistance levels: 158.50, 159.05, 160.35

Support levels: 155.70, 154.70, 153.15

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Elliott wave analysis of EUR/NZD for March 1 - 2016

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Wave summary:

We are still looking for confirmation that wave [ii] is completed at 1.6236. A break above resistance at 1.6688 will confirm that this is the case and that a new impulsive rally in wave [iii] should be expected.

As long as resistance at 1.6688 is able to protect the upside, we must allow for more closer to 1.6105 before the final low is in place for wave [ii]. At no point can a break below 1.5858 be allowed.

Trading recommendation:

We will wait for a break above 1.6688 before buying EUR.

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Elliott wave analysis of EUR/JPY for March 1 - 2016

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Wave summary:

The break below the low of wave a at 122.42 has confirmed our suspicion that an expanded flat correction is unfolding. The normal relationship between wave a and b is that wave b becomes 138.2% longer than wave a, which calls for a decline in wave b to 121.43 before wave c higher takes over.

The normal wave relationship between wave a and c is that c become 161.8% the length of wave a, which indicates a rally in wave c to 125.63.

Trading recommendation:

We will buy EUR at 121.55 with stop placed at 121.00 or upon a break above 122.80 with a stop just below the most recent low.

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Technical analysis of EUR/USD for March 01, 2016

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When the European market opens, some economic news will be released such as Unemployment Rate, Italian Monthly Unemployment Rate, Final Manufacturing PMI, German Final Manufacturing PMI, German Unemployment Change, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI. The US will publish a series of economic data too such as Total Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0930.

Strong Resistance:1.0924.

Original Resistance: 1.0913.

Inner Sell Area: 1.0902.

Target Inner Area: 1.0877.

Inner Buy Area: 1.0852.

Original Support: 1.0841.

Strong Support: 1.0830.

Breakout SELL Level: 1.0824.

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 01, 2016

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In Asia, Japan will release the 10-y Bond Auction, Final Manufacturing PMI, Capital Spending q/y, Unemployment Rate, and Household Spending y/y. The US will release some economic data as well such as Total Vehicle Sales, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 112.87.

Resistance. 2: 112.65.

Resistance. 1: 112.43.

Support. 1: 112.16.

Support. 2: 111.94.

Support. 3: 111.72.

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 USDX for March 01, 2016

The short-term picture is very clear about a possible correction move below the resistance level of 98.21. In that zone we're expecting some bearish moves, as sellers are highly active there. If the USDX does a breakout below the 98.08 level, then the Index can fall until the 97.77 level.

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H1 chart's resistance levels: 97.77 / 98.08

H1 chart's support levels: 97.20 / 96.80

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 98.21, take profit is at 98.59, and stop loss is at 97.84.

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

Daily analysis of GBP/USD for March 01, 2016

GBP/USD has had no major changes since yesterday's session, as it is still trading above the support level of 1.3878. When a breakout happens below there, then we can expect another decline towards the low around the 1.3740 level. However, the Cable seems to extend the correction until the 200 SMA on H1 chart. MACD indicator is showing overbought conditions.

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H1 chart's resistance levels: 1.3963 / 1.4069

H1 chart's support levels: 1.3878 / 1.3740

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.3878, take profit is at 1.3740, and stop loss is at 1.4014.

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Daily analysis of major pairs for March 1, 2016

EUR/USD: The EUR/USD pair traded further south on Monday, making more conspicuous the bearish movement that started a few weeks ago. It is possible that bulls could succeed in pushing the price upwards this week or next; but right now, the bearishness in the market suggests that short trades are logical.

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USD/CHF: This pair tried to move upward on Monday, but there was nothing significant in this. However, the EMA 11 is above the EMA 56, while the Williams' % Range period 20 is around the overbought region. There is a probability that the price would continue moving upwards, reaching the resistance levels at 1.0050 and 1.0100, for the resistance level at 1.0000 is now vulnerable.

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GBP/USD: The GBP/USD pair was volatile yesterday, with no clear movement. There is a Bearish Confirmation Pattern in the market and it is much more likely that the price would continue going down lower and lower. Generally, GBP pairs are bearish (as forecasted earlier) and they would remain under selling pressure until the end of March 2016.

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USD/JPY: This currency trading instrument did not make any significant movement on Monday (February 29, 2016). The market is not yet OK for swing trading until the price either goes above the supply level at 114.50 or below the demand level at 112.00. A movement to the upside is more likely.

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EUR/JPY: The EUR/JPY pair traded lower on Monday, reinforcing the existing bearish bias. The demand zone at 122.50 has been tested and while it might be retested (and even breached to the downside), we would see sincere efforts from bulls, trying to push up the price. The bulls' effort might pay off before the end of the week.

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Daily analysis of USD/CAD for February 29, 2016

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Overview

The attached H4 chart demonstrates that the USD/CAD pair continues fluctuating near 61.8% Fibonacci correction level that represents an important support at 1.3536, underpinning chances for resuming the bearish bias in the upcoming period within the bearish channel that appears on the attached chart. Therefore, we still prefer the bearish trend on the intraday and short-term bases. Our next target is at 1.3264, given that the continuation of the expected bearish trend depends on the stability below 1.3976.

The expected trading range for today is between 1.3400 support and 1.3600 resistance.

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

Daily analysis of USD/JPY for February 29, 2016

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Overview

According to the attached daily chart, the USD/JPY pair retested the 113.97 level successfully and traded steadily below this level to bounce bearishly in attempt to resume the main bearish track. Therefore, these factors make us keep our overall bearish trend expectations. Expected moves are affected by the completion of the previously completed double top pattern, waiting for heading towards 110.00 then 106.63 levels as the next main station. The continuation of the expected bearish trend is conditioned by holding below 113.97 and, most important, below 116.14.

The expected trading range for today is between 112.00 support and 113.97 resistance.

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

Daily analysis of GOLD for February 29, 2016

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Overview

The gold price retested the 1,212.34 level and traded steadily above it. This keeps our bullish overview valid and active, waiting to resume the bearish wave that targets 1,263.23 followed by 1,300.00 mainly. We remind you that holding above 1,212.34 represents the first protecting factor in the continuation of the suggested positive scenario as breaking this level followed by 1180.86 will stop the expectations for a rise and put the price under negative pressure, which targets begin at 1,130.00 and extend to 1,098.50.

The expected trading range for today is between 1210.00 support and 1250.00 resistance.

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

Daily analysis of Silver for February 29, 2016

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Overview

On the last Friday, the silver price traded with strong negativity trying to break the key support at 15.00 and exit the sideways range that dominated the recent trading. The price headed towards the 14.67 level in order to test it. This activates the negative scenario on the intraday and short-term basis, opening the way to extend the bearish wave to test 14.27 followed by 13.63 levels. In general, we still suggest the bearish trend as long as the price is below the mentioned level. Breaking the 14.67 level will lead the price to 14.27 followed by 13.63 as next main stations of the current bearish wave.

The expected trading range for today is between 14.00 support and 15.30 resistance.

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