NZD/USD intraday technical levels and trading recommendations for March 2, 2016

analytics56d6f87c5f385.png

analytics56d6f887890b9.png

Since January 26, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets.

However, a temporary bearish rejection has been expressed around 0.6550 for almost two weeks resulting in the depicted consolidation range.

On January 28, the depicted support level of 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 was executed earlier last week.

Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets.

The area of 0.6700-0.6750 constituted a significant resistance zone. Recent signs of a bearish rejection were seen near the same zone during the previous few weeks.

On February 9, the NZD/USD pair failed to consolidate below the depicted support level of 0.6570.

Moreover, obvious bullish recovery was expressed at 0.6570 (temporary support level) on February 19. Hence, the recent bullish swing towards 0.6700 was initiated.

As expected, the zone of 0.6700-0.6750 provided significant resistance and a valid sell entry on February 26. S/L should be lowered to 0.6680 to secure some profits.

As the market fails to move below 0.6570, the current consolidation range extending between 0.6550 and 0.6750 will continue for a longer time.

Note that persistence below 0.6570 will be essential to allow further bearish decline towards the price level of 0.6420 where price reaction should be watched for a possible buy entry.

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

USD/CAD intraday technical levels and trading recommendations for March 2, 2016

analytics56d6f47770094.pnganalytics56d6f4acb186e.png

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.

On the other hand, the zone of 1.3370-1.3400 remains a significant support zone to be watched for a valid buy entry.

Trading recommendations:

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

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

Intraday technical levels and trading recommendations for GBP/USD for March 2, 2016

analytics56d6f119e66b4.png

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 to 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.

analytics56d6f10d4a532.png

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 was expected around 1.3850. A recent bullish swing is currently being expressed towards 1.4000 and 1.4075.

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 1.4000 and 1.4075.

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

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

Intraday technical levels and trading recommendations for EUR/USD for March 2, 2016

analytics56d6f0311c3eb.png

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 and 1.2000 where historical bottoms had previously been 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 a 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, an 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.

analytics56d6f03aba1c9.png

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 a 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.

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

EUR/NZD analysis for March 02, 2016

EURNZDDaily.png02.png

EURNZDH4.png02.png

Overview :

Recently, EUR/NZD has been moving sideways around the price of 1.6450. In the daily time frame, we can observe a supply bar in an average volume, which is a sign of potential strength. Be careful when selling EUR/NZD today since we may see an upward movement. According to the H4 time, I found the strong downward channel. The price found support at the level of 1.6350 (support cluster). If the price breaks our channel to the upside, it may confirm a further upward move. I placed Fibonacci expansion to find potential upward targets. Fibonacci expansion level 61.8% is set at the price of 1.6550, Fibonacci expansion 100% is set at the price of 1.6690 and Fibonacci expansion 161.8% is set at the price of 1.6920. Major support from the other side is set at the price of 1.6265.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6475

R2: 1.6510

R3: 1.6565

Support levels:

S1: 1.6365

S2: 1.6335

S3: 1.6275

Trading recommendation for today: Watch for potential buying opportunities on dips.

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

Gold analysis for March 02, 2016

GOLDM15.png02.pngGOLDDaily.png02.png

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,224.56. In the daily time frame, I found a supply bar in an average volume. Intraday selling looks risky because I found selling climax and a successful test. Anyway, according to the daily time frame, we still have active buying climax that stopped gold from going further upwards, which is a sign that buying gold at this stage on short-term perspective looks risky. Our key MA`s are heading upwards (uptrend). The key resistance level is seen at $1,262.70. If the price breaks the level of $1,262.70 in a high volume, it will confirm potential testing of $1,307.00. Intraday resistance level is set at the price of $1,236.00. My advice is to watch for potential buying opportunities on an intraday basis, but it is very risky to buy gold on short-term prospective at this stage due to buying climax in the background.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,244.00

R2: 1,248.70

R3: 1,256.00

Support levels:

S1: 1,229.30

S2: 1,224.70

S3: 1,217.30

Trading recommendations for today: Be careful when selling gold and watch for potential buying opportunities on dips.

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

Technical analysis of EUR/JPY for March 02, 2016.

Technical outlook and chart setups:

The EUR/JPY pair rallied over 200 pips after hitting lows at 122.00 levels yesterday. The pair is seen to be trading above 124.00 levels for now, breaking above the resistance trend line as seen here. Bulls could be poised to rally through 125.00 levels as well, before producing a meaningful retracement. Immediate resistance is at 125.00 levels while support is seen at 123.60 levels, followed by 122.75. It is recommended to remain flat for now and look to go long on a dip towards 122.75 levels from here. Please also note that 122.85 levels are Fibonacci 0.618 support of the rally between 122.00 and 124.25 levels. Bulls are now expected to remain in control till prices stay above 122.00 levels broadly.

Trading recommendations:

Remain flat for now, look to buy lower.

Good luck!

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

Technical analysis of GBP/CHF for March 02, 2016

Technical outlook and chart setups:

The GBP/CHF pair is seen to be testing a convergence of Fibonacci 0.50% and trend-line resistance at 1.3965/1.4020 levels as depicted here. Furthermore, the pair is producing an engulfing bearish candlestick pattern right at the trend-line resistance, looking to drop lower. The pair is trading at 1.3923 levels for now, and bears are expected to regain control till prices remain below 1.4310/20 levels broadly. Hence it is recommended to remain short for now with risk above 1.4020 levels. Immediate resistance is seen at 1.4020 levels, while support is at 1.3755 levels (interim). Only a push above the trend-line resistance and a subsequent break of 1.4320 levels would turn the pair into bullish territory.

Trading recommendations:

Remain short for now, stop is at 1.4050, target is below 1.3700 levels.

Good luck!

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

Global macro overview for 02/03/2016

Global macro overview for 02/03/2016:

The API crude oil inventories data was released yesterday and the numbers beat market expectations significantly. The expected number of oil barrels was at the level of 2,500K, down from 7,100K a week ago. Nevertheless, the amount of stockpiles in the US was at the level of 9,900K, much more than anticipated. In conclusion, we might still observe a never-ending story of oil oversupply in the commodity market that still increases. The figures do not allow us to suppose that the oil crisis might be ending as OPEC member and non-member countries still did not achieve any agreement on production cuts.

From the technical point of view, the oil price might get a temporary relief rally. In the H4 time frame, we might observe a bullish break-out attempt at the level of 34.32 that has failed so far. Nevertheless, the market still trades above the 21, 50, and 100 moving averages and as long as the level of 33.36 is not violated, bulls might still try again to break out above the resistance. In case of a successful breakout, the next target will be at the level of 38.13.

analytics56d6bf1b86a5d.jpg

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

Technical analysis of NZD/USD for March 02, 2016

Overview:

  • The NZD/USD pair was trading in a narrow sideways channel, and the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.6646 and 0.6567. In the H1 time frame, resistance and support are seen at the levels of 0.6646 and 0.6567, respectively. Besides, the double top is already set at the point of 0.6661. Therefore, it is recommended to be careful while placing orders in this zone. Consequently, we need to wait until the sideways channel becomes completed.
  • The current price is seen at 0.6616, which represents a key level, because the level of 0.6616 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.6616, the market will indicate a bearish opportunity below the resistance level of 0.6616. As a result, sell deals are recommended below the level of 0.6616 with the first target at 0.6567. If the trend breaks the support level of 0.6567, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6544 in order to form a new double bottom in the same time frame.
NZDUSDH1.png
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 02/03/2016

Global macro overview for 02/03/2016:

The PMI Manufacturing data from the UK was released yesterday and it was at a three-year low (50.8 vs. 52.3 expected and 52.9 prior). However, the PMI reading is still above the 50 mark that separates the economic contraction from expansion, but the overall trend for this index does not seems to be upward anymore. In conclusion, the UK manufacturing sector has been under pressure for months already as it was hit hardly by a slowdown in demand from major overseas economies like China (mainly due to a drop in new orders). Job cuts and a trim in goods prices did not make the situation any better as the manufacturing sector is slowly sliding towards recession.

Let us now take a look at the technical picture of the GBP/USD pair in the H4 time frame. After falling out of the brown channel, the market still trades below the important technical resistance at the level of 1.4058. Bears still have control over this market as the price approaches the important support at the level of 1.3836.

analytics56d6bbf560aa7.jpg

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

Technical analysis of USD/CHF for March 02, 2016

USDCHFH4.png

Overview:

  • The USD/CHF pair continued to move upwards from the level of 0.9887. Since yesterday, the pair has risen from the level of 0.9887 (the level of 0.9887 coincides with the ratio of 38.2% Fibonacci Expansion) to the top around 1.0028. In consequence, the USD/CHF pair broke resistance at 0.9887, which turned into strong support at the level of 0.9887. In the H4 time frame, the level of 0.9887 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100) and (50). From this point, we expect the USD/CHF pair to continue moving in the bullish trend from the support level of 0.9887 towards the target level of 1.0028. If the pair succeeds in passing through the level of 1.0028, the market will indicate the bullish opportunity above the level of 1.0028 so as to reach the second target at 1.0078. At the same time, if the USD/CHF pair is able to break out the level of 0.9887, the market will decline further to 0.9800 (daily support 2).
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for March 2, 2016

General overview for 02/03/2016:

The bottom for the wave B blue might be in place and the confirmation of this scenario comes with the level of 125.00 violation. Currently, the market is trading inside the neutral zone, where the current structure might evolve into a more complex and time consuming pattern. Nevertheless, any violation of the level of 122.06 will invalidate the current labeling and extend the drop downward in wave B blue.

Support/Resistance:

119.43 - WS3

120.96 - WS2

122.56 - WS1

123.59 - Intraday Support

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.

analytics56d6b6f6841ba.jpg

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

Technical analysis of Silver for March 02, 2016

Technical outlook and chart setups:

Silver has dropped lower from $15.00/10 levels yesterday as expected and it is trading at $14.80 levels for now. Please note that the metal is trading pretty close to its fibonacci 0.618 support at $14.56 levels. The metal is expected to drop lower and bounce off $14.56 levels, to resume its uptrend. Please also note that past resistance turned support and trend line support, fall around $14.50/56 levels. Hence it is still recommended to remain flat, and watch out for a bullish reversal at $14.50/56 levels to go long again. Immediate support is seen at $14.50/56 levels while resistance is at $15.08 levels respectively. A drop below $14.56 levels would then find support at $14.20 levels, going forward.

Trading recommendations:

Remain flat for now. Take long positions at $14.50/56 levels.

Good luck!

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

Technical analysis of USD/CAD for March 2, 2016

General overview for 02/03/2016:

The wave a of the overall corrective structure in wave (c) blue had been made and now the market is in a corrective cycle in wave b purple. The projected target for wave be is at the level of 1.3480. When reached, the market should reverse and make a new low. The projected target for wave c of the wave (c) blue is at the level of 1.3350.

Support/Resistance:

1.3957 - WR2

1.3706 - WR1

1.3605 - Weekly Pivot

1.3480 - Intraday Resistance

1.3386 - 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.

analytics56d6b2fd18424.jpg

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

Technical analysis of Gold for March 02, 2016

Technical outlook and chart setups:

Gold has dropped lower as expected and discussed yesterday and is trading at $1,228.00 levels at the moment. The yellow metal still remains into cone consolidation, and remains vulnerable for a drop lower towards $1,190.00 levels at least. Please note that intraday pullback rallies are still possible, but prices should remain below $1,250.00 levels in near term. Hence it is recommended to take profits on short positions and look to sell again on rallies, with risk above $1,250.00 levels. Immediate support is seen at $1,215.00 levels, while resistance is at $1,248.00 levels respectively. Intraday rallies should face stiff resistance around $1,235.00/40.0 levels.

Trading recommendations:

Please take profits on short positions taken yesterday. Sell again on rallies through $1,235.00/40.00.

Good luck!

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

Technical analysis of USD/JPY for March 02, 2016

USDJPYM30.png

Upside movements are expected to prevail in USD/JPY. US indices went higher on Tuesday led by shares in the banks (+4.74%), automobiles and components (+3.28%) as well as technology hardware and equipment (+3.26%) sectors. The Dow Jones Industrial Average added 2.1% to 16,865.1, the S&P 500 rose 2.4% to 1,978.3, and the Nasdaq Composite gained 2.9% to 4,689.6.

Nymex crude oil rose 1.9% to $34.40 a barrel, while gold dropped 0.3% to $1,230.80 an ounce. The yield on the 10-year Treasury note rose to nearly 1-month high at 1.835%.

On the economic data front, the US Markit manufacturing PMI slightly increased in February to 51.3 (estimated 51.2) from 52.4 in January. Manufacturing PMI in the eurozone was 51.2 in the final estimate for February vs 51 in the prior one. It was 52.3 in January. The UK manufacturing PMI declined to 50.8 in February from 52.9 in January. Economists anticipated 52.3. The dollar was up 1.1% at 113.98 yen. The euro was unchanged at $1.087. The pair is reversing up and is well supported by its rising 20-period moving average. The relative strength index still stands above 50. Further upside is therefore expected with the next horizontal resistance and overlap set at 114.50 at first. A break above this level would call for further advance towards 114.85 in extension.

Trading Recommendation:

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 114.50 and the second one at 114.85. In the alternative scenario, short positions are recommended with the first target at 112.50 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 112.15. The pivot point is at 113.20.

Resistance levels: 114.50, 114.85, 115.25

Support levels: 112.50, 112.15, 111.65

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

Technical analysis of USD/CHF for March 02, 2016

USDCHFM30.png

USD/CHF is expected to trade in a higher range as bias remains positive. The pair still holds above its nearest support at 0.9945, which has been tested two times. The relative strength index is mixed, but lacks downward momentum. Nevertheless, as long as 0.9945 is not broken, any consolidations should be limited before a new bounce to 1.0030 (Feb. 29 top).

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 0.9945.

Resistance levels: 1.0030, 1.0070, 1.0110

Support levels: 0.9895, 0.9870, 0.9820

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

Technical analysis of NZD/USD for March 02, 2016

NZDUSDM30.png

NZD/USD is expected to rebound. The pair seems likely to be forming a strong support base around 0.6560, which is expected to limit any downward attempts. A technical rebound may take place in the coming trading hours as both the 20-period and 50-period moving averages are turning up, and the relative strength index is bullish above its 50 area. Hence, as long as 0.6560 holds on the downside, look for a new bounce to 0.6680 and 0.6725 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 0.6680 and the second one at 0.6725. In the alternative scenario, short positions are recommended with the first target at 0.65 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 0.6450. The pivot point is at 0.6450.

Resistance levels: 0.6680, 0.6725, 0.6765

Support levels: 0.65, 0.6450, 0.6410

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

Technical analysis of GBP/JPY for March 02, 2016

GBPJPYM30.png

GBP/JPY is expected to trade in a higher range. The pair is heading upwards after the validation of an intraday "V" bottom pattern. The upside potential has been opened to at least 161. Besides, the relative strength index is still positive, without showing any reversal signals. In these perspectives, as long as 157.50 is not broken, look for further advance to 160.35 and 161 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 160.35 and the second one at 161. In the alternative scenario, short positions are recommended with the first target at 156.30 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 155.70. The pivot point is at 157.50.

Resistance levels: 160.35, 161, 161.70

Support levels: 156.30, 155.70, 154.70

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

USDX technical analysis for March 2, 2016

The Dollar index continues to trade inside the bullish channel providing some short-term bearish divergence signals by the oscillators and is trying to test the 78.6% Fibonacci retracement after breaking above the 61.8% level.

analytics56d6987146231.jpg

Blue lines - bullish channel

Support is at 98.10 and next at 97.80. Bulls should use these levels as stops. I expect a bearish reversal in the dollar index soon. The reversal could even push below 95, but this for now is an alternative scenario. The primary scenario expects the pullback to move towards 97-96.50.

analytics56d698f9e4510.jpg

On the weekly chart things remain bullish with more upside potential shown by the Oscillators. However we did not see any bullish divergence in the oscillators so we could see a new low below 95 and bullish divergence before resuming the up trend. The critical point for this scenario will be if bulls manage to break above 99.80. Bulls for now are in control as they have broken above the tenkan- and kijun-sen levels. A break below 97 will be a bearish sign.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for March 2, 2016

Gold price remains inside the triangle pattern and is now testing the lower boundary of the triangle. This is the time for short-term traders to go long with stops at $1,210. A target is the upper triangle boundary at least, if not $1,300 after a breakout.

analytics56d6975e15080.jpg

Green lines - triangle pattern

Gold price is testing the lower triangle boundary and the Kumo (cloud) support. This triangle pattern is expected to break to the upside and give a final upward move towards $1,300-$1,350. If this triangle breaks downwards we should look to see how price reacts at $1,210-$1,200 support area. If this area is broken, we should expect price to move towards $1,150 at least.

analytics56d697b2541bd.jpg

The weekly chart shows nothing different. Support is critical for the up trend at $1,200-$1,210. Losing it will most probably push price inside the Kumo towards the tenkan- and kijun-sen at $1,160.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for March 3 - 2016

analytics56d67290cd8a5.png

Wave summary:

We continue to look for a confirmation that wave [ii] is over and wave [iii] higher towards 1.8629 is unfolding. Ideally we will see the low at 1.6236 protect the downside for a break above minor resistance at 1.6513 and more importantly a break above resistance at 1.6637 that would confirm wave [iii] higher is developing.

If minor resistance at 1.6513 is able to protect the upside for a break below 1.6236 a move slightly lower to 1.6111 would be expected, but at no point can a break below 1.5794 be accepted.

Trading recommendation:

We will buy EUR upon a break above 1.6513 with stop placed at 1.6230.

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

Elliott wave analysis of EUR/JPY for March 3 - 2016

analytics56d67079c09c8.png

Wave summary:

The break above the minor resistance-line from 131.66 is yet another good indication that wave c of the expanded flat correction now is unfolding. The ideal target for wave c is seen at 125.63, from where the risk again will turn towards the downside. That does not mean a turn will be seen, but at that point all requirements to the expanded flat will have been fulfilled.

Trading recommendation:

We are long EUR from 122.80 and will move our stop higher to 123.18 and place take profit at 125.50.

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

Daily analysis of USDX for March 02, 2016

On the H1 chart, USDX made a consolidation move above the support level of 98.21 and the resistance zone of 98.59 remains very strong in the short-term picture. The 200 SMA is pointing to the upside and supporting the bullish bias. However, if the Index makes a breakout below the 98.08 level, then the USDX might fall until the 200 SMA price zone.

USDXH1.png

H1 chart's resistance levels: 98.59 / 99.08

H1 chart's support levels: 98.21 / 98.08

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 98.59, take profit is at 99.08, and stop loss is at 98.10.

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

Daily analysis of GBP/USD for March 02, 2016

GBP/USD has been trading sideways below the resistance level of 1.3963 and the 200 SMA on H1 chart. When the pair does a breakout below the 1.3878 price zone, then bears will be stronger and the Cable may look to reach new lows on a short-term basis. Price action isn't very clear yet. MACD indicator is on the negative territory.

GBPUSDH1.png

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.

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

Technical analysis of EUR/USD for March 02, 2016

1_EURUSD.jpg

When the European market opens, some economic news will be released such as PPI m/m and Spanish Unemployment Change. The US will release economic statistics too such as Beige Book, Crude Oil Inventories, and ADP Non-Farm Employment Change. So amid the reports, EUR/USD will move with medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0928.

Strong Resistance:1.0922.

Original Resistance: 1.0911.

Inner Sell Area: 1.0900.

Target Inner Area: 1.0875.

Inner Buy Area: 1.0850.

Original Support: 1.0839.

Strong Support: 1.0828.

Breakout SELL Level: 1.0822.

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 02, 2016

2_USDJPY.jpg

In Asia, Japan will release the Monetary Base y/y. The US will release a series of economic data such as Beige Book, Crude Oil Inventories, and ADP Non-Farm Employment Change. 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: 114.62.

Resistance. 2: 114.40.

Resistance. 1: 114.17.

Support. 1: 113.89.

Support. 2: 113.67.

Support. 3: 113.45.

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 2, 2016

EUR/USD: This currency trading instrument has come down a bit since the beginning of this week, but there is a great opposition to the downward trend (around the support line at 1.0850). In the face of the existing Bearish Confirmation Pattern in the market, there is a need for the price to breach that support line to the downside; otherwise a rally might begin from here.

1.png

USD/CHF: This pair tried to move upward on Tuesday, 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.

2.png

GBP/USD: After testing the accumulation territory at 1.3850, the GBP/USD pair bounced upwards. Since the EMA 11 is below the EMA 56 and the RSI period 14 remains below the level 50, it is rational to assume that the bearish bias is still in place. The GBP/USD pair needs to go north by at least, 300 pips, for the bearish bias to get invalidated.

3.png

USD/JPY: On Tuesday, the USD/JPY pair moved upward by 200 pips, testing the supply level at 114.00. Other JPY pairs also traded upwards on Tuesday, probably starting the bullish movements anticipated for this week and next. It is expected that USD/JPY itself would move further upwards by 200 pips before the end of this week.

4.png

EUR/JPY: This cross made a valid bullish attempt on Tuesday (March 1, 2016), but in the context of a downtrend. Only a movement above the supply zone at 125.50 could render the downtrend useless and this is something possible this week or next, for the outlook on JPY pairs is bright.

5.png

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

Daily analysis of GOLD for March 01, 2016

GOLDH4.png

Overview

The attached H4 chart demonstrates that the gold price continues the upside track approaching gradually from our first main target at 1,263.23, reinforcing the expectations for more upside movements in the upcoming period. We are waiting for breaching the targeted level to open the way towards testing the 1,300.00 barrier on the near-term basis. In general, we will keep our bullish trend expectations on the intraday and short-term bases if the price settles above 1,212.34 and, most important, above 1,180.86 levels, reminding you that our extended targets reach 1,300.00 after surpassing the 1,263.23 level.

The expected trading range for today is between 1,225.00 support and 1,265.00 resistance.

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

Daily analysis of Silver for March 01, 2016

SILVERH4.png

Overview

The silver price has been bouncing bullishly after testing 15.00 levels this morning to keep our bearish trend expectations valid and active for the rest of the day. We are waiting for surpassing the 14.67 level to ease targeting 14.27 then 13.63 levels on the near-term basis. Holding below 15.00 levels represents an important condition for the expected decline continuation for today. Breaching these levels will push the price to 15.30 and even to 15.70 levels before any new attempt to decline. 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

EUR/NZD : analysis for March 01, 2016

EURNZDDaily.png01.png

EURNZDH4.png01.png

Overview :

Recently, EUR/NZD has been moving sideways around the price of 1.6470. In the daily time frame, we can observe a supply bar in an average volume, which is a sign of potential strength. Be careful when selling EUR/NZD today since we may see an upward movement. According to the 4H time, i found the strong downward channel. If the price breaks upward our channel, it may confirm a further upward move. I found successful rejection from Fibonacci retracement 61.8% (support) at the price of 1.6400. I placed Fibonacci expansion to find potential upward targets. Fibonacci expansion level 61.8% is set at the price of 1.6605, Fibonacci expansion 100% is set at the price of 1.6750 and Fibonacci expansion 161.8% is set at the price of 1.6980.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6600

R2: 1.6650

R3: 1.6720

Support levels:

S1: 1.6450

S2: 1.6410

S3: 1.6335

Trading recommendation for today: Watch for potential buying opportunities on dips.

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

Gold : analysis for March 01 , 2016

GOLDDaily.png03.png

GOLDH4.png01.png

GOLDH1.png01.png

Overview:

Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,248.35. In the daily time frame, I found a demand bar in an average volume. At this stage, selling looks risky. Our key MA`s are heading upwards (upward trend). The key resistance level is seen at $1,262.70. If the price breaks the level of $1,262.70 in a high volume, we may see potential testing of $1,307.00. According to 4H time frame, I found successful rejection from upward trendline at the price of $1,210.00. Demand overcame supply near upward trendline, which is a sign of strength. According to 1H time frame, we can observe selling climax in the background, which bring professional buyers on the market.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,243.20

R2: 1,248.00

R3: 1,256.00

Support levels:

S1: 1,226.40

S2: 1,221.00

S3: 1,113.00

Trading recommendations: Be careful when selling gold and watch for potential buying opportunities on dips.

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

NZD/USD intraday technical levels and trading recommendations for March 1, 2016

analytics56d589c728766.pnganalytics56d589d33c8b0.png

Since January 26, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets.

However, a temporary bearish rejection has been expressed around 0.6550 for almost two weeks resulting in the depicted consolidation range.

On January 28, the depicted support level of 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 was executed earlier last week.

Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets.

The area of 0.6700-0.6750 constituted a significant resistance zone. Recent signs of a bearish rejection were seen near the same zone during the previous few weeks.

On February 9, the NZD/USD pair failed to consolidate below the depicted support level of 0.6570.

Moreover, obvious bullish recovery was expressed at 0.6570 (temporary support level) on February 19. Hence, the recent bullish swing towards 0.6700 was initiated.

As expected, the zone of 0.6700-0.6750 provided significant resistance and a valid sell entry on February 26. S/L should be lowered to 0.6680 to secure some profits.

As the market fails to move below 0.6570, the current consolidation range extending between 0.6550 and 0.6750 will continue for a longer time.

Note that persistence below 0.6570 will be essential to allow further bearish decline towards the price level of 0.6420 where price reaction should be watched for a possible buy entry.

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