NZD/USD intraday technical levels and trading recommendations for March 4, 2016

analytics56d984b95f650.pnganalytics56d984c6e0bdf.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 at 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). Hence, the recent bullish swing towards 0.6700 was initiated.

As expected, the price zone of 0.6700-0.6750 constitutes a significant resistance zone where a valid sell entry can be offered. S/L should be placed above 0.6800 to limit our risk.

The NZD/USD pair will remain trapped within the depicted consolidation range extending between 0.6550 and 0.6750 until breakout occurs in either direction.

The NZD/USD bears should keep trading below 0.6775 as the previous bearish scenario may remain valid. Otherwise, a quick bullish movement towards 0.6870 should be expected.

On the other hand, persistence below 0.6570 will be essential to allow further bearish decline towards 0.6420 where price reaction should be watched for a valid buy entry.

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

USD/CAD intraday technical levels and trading recommendations for March 4, 2016

analytics56d98156bb88b.pnganalytics56d981612f3dd.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 seen around the level of 1.3750. That is why, the recent bullish pullback took place towards 1.4000 two weeks ago.

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 current price zone of 1.3370-1.3400 stands as a significant support zone to be watched for a valid buy entry.

Trading recommendations:

Conservative traders should look for a bullish entry around the current price zone of 1.3370-1.3400.

S/L should be located below 1.3320. Initial T/P levels should be located at 1.3630 and 1.3750.

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

Intraday technical levels and trading recommendations for GBP/USD for March 4, 2016

analytics56d97a12d9ec4.png

analytics56d97c793349d.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 to 1.4220.

Hence, an extensive bearish breakout below 1.4220 was expressed on the daily chart (GBP/USD looked oversold this week).

That is why, signs of bullish recovery and a possible long entry were expected around 1.3850. A recent bullish swing is currently being expressed towards 1.4150 and 1.4220.

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.

Note that the price level of 1.4030 is now standing as a prominent key level to offer bullish support if any bearish pullback occurs soon.

Trading Recommendation:

Conservative traders could take a valid entry around the price zone of 1.3850. It is already running in profits. T/P levels should be located at 1.4150 and 1.4230.

On the other hand, price action should be watched around the price zone of 1.4222-1.4360 for a valid SELL entry. S/L should be placed above 1.4370.

Moreover, risky traders can wait for signs of bullish recovery around 1.4030 if any bearish pullback occurs soon.

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

Intraday technical levels and trading recommendations for EUR/USD for March 4, 2016

analytics56d97a06bd99e.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 had previously been 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.

analytics56d97a30ed731.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) was manifested on the daily chart. A quick bearish decline was expected towards 1.0820 where the current bullish recovery was initiated.

Currently, daily fixation above 1.1000 is mandatory to allow further bullish movement towards the price level of 1.1130 initially.

Trading Recommendation:

For conservative traders, a valid buy entry was offered around the lower limit of the broken consolidation range around 1.0800-1.0820. S/L should be located below below 1.0820 to offset the associated risk. Initial T/P levels are located at 1.1000 and 1.1130.

Once daily fixation above 1.1000 is achieved, more bullish targets around 1.1130 and 1.1250 should be expected. Otherwise, sideways consolidation will continue between 1.1000 - 1.0820.

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

EUR/NZD analysis for March 04, 2016

EURNZDDaily.png04.png

EURNZDH4.png04.png

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6250. In the daily time frame, we can observe a supply bar in an average volume, which is a sign of weakness. In the daily time frame, I placed Fibonacci expansion levels to find a potential downward station. I got Fibonacci expansion 161.8% at the price of 1.5990 (downward target). There are a few technical reasons for this strong downward pressure: 1. Massive up thrust in an ultra-high volume bar in the background (supply overcame demand); 2. Another up thrust bar from the same zone; 3. Confirmed double-top formation. Watch for potential selling opportunities on rallies. I found a solid selling zone around the price of 1.6270.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6320

R2: 1.6350

R3: 1.6395

Support levels:

S1: 1.6225

S2: 1.6195

S3: 1.6150

Trading recommendation for today: Watch for potential selling opportunities on rallies.

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

Gold analysis for March 04, 2016

GOLDDaily.png04.png

GOLDDaily.png04large.png

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,274.57. In the daily time frame, I found a strong demand bar in a high volume. Intraday selling looks risky because the price broke our key resistance level at $1,262.00. I found a symmetrical triangle and a continuation pattern. Watch for potential buying opportunities on dips. Try to build buying positions near the level of $1,250-$1,245.00. Targets are set at the prices of $1,304.00 and $1,338.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,267.00

R2: 1,274.00

R3: 1,285.00

Support levels:

S1: 1,244.20

S2: 1,237.10

S3: 1,225.50

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 NZD/USD for March 04, 2016

NZDUSDH1.png

Overview:

  • The NZD/USD pair faced resistance at the level of 0.6774, while minor resistance is seen at 0.6750. Support is found at the levels of 0.6729 and 0.6693. Pivot point has already been set at the level of 0.6750. Equally important, the NZD/USD pair is still moving around the key level at 0.6750, which represents a daily pivot in the H1 time frame at the moment. Yesterday, the NZD/USD pair continued moving upwards from the level of 0.6695. The pair rose to the top around 0.6766 from the level of 0.6695 (coincides with the ratio of 61.8% Fibonacci retracement). In consequence, the NZD/USD pair broke resistance, which turned into strong support at the level of 0.6695. The level of 0.6695 is expected to act as the major support today. We expect the NZD/USD pair to continue moving in the bullish trend towards the target level of 0.6766.
  • On the downtrend:
  • If the pair fails to pass through the level of 0.6766, the market will indicate a bearish opportunity below the level of 0.6766. So, the market will decline further to 0.6729 and 0.6695 to return to the daily support. Moreover, a breakout of that target will move the pair further downwards to 0.6670. On the other hand, if a breakout happens at the support level of 0.6766, then this scenario may be invalidated.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for March 04, 2016

USDCHFH1.png

Overview:

  • The USD/CHF pair was trading around the area of 0.9887 a week ago. Today, the level of 0.9887 represents a daily support in the H1 time frame. The pair has already formed the minor resistance at 0.9957 and the strong resistance is seen at the level of 1.0022 as it represents the weekly resistance 1. So, the major resistance is seen at 1.0022, while immediate support is found at 0.9887. If the pair closes below the weekly pivot point of 0.9887, the USD/CHF pair may resume its movement to 0.9799 to test the weekly support 1. From this point, we expect the USD/CHF pair to move between the levels of 0.9887 and 0.9799. Equally important, the RSI is still calling for a strong bearish market and the current price is below the moving average 100. As a result, sell below the level of 0.9920 with targets at 0.9880 and 0.9799 in order to form a double bottom. However, stop loss should always be taken into account; accordingly, it will be beneficial to set the stop loss above the last bullish wave at the level of 0.9960.

Intraday technical levels:

  • R3: 1.0086
  • R2: 1.0022
  • R1: 0.9958
  • PP: 0.9887
  • S1: 0.9799
  • S2: 0.9730
  • S3: 0.9653
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 04/03/2016

Global macro overview for 04/03/2016:

The PMI Services data from the UK was released yesterday and disappointed investors by printing a lower-than-expected number (52.7 vs. 55.1, 56.2 prior). Alongside the construction PMI released a couple of days ago (54.2 vs. 55.5, 55.0 prior), the business activity data for this sectors cooled sharply in February. Growth in both total business activity and new business was the weakest since March 2013, forcing firms to increase employment at the slowest pace in more than two years. In conclusion, we can easily observe concerns about the global economic slowdown, market turbulence, and the possibility of Brexit, which is the main theme in the UK now. This means a rate hike by the BoE is getting less and less possible with the data like this.

Let us now take a look at the GBP/USD pair after the news release. The pair managed to bounce back into the golden channel, but it was capped at 61% Fibo at the level of 1.4188. The weekend gap between the levels of 1.4304 - 14341 still has not been filled yet, but in case of any bullish rally continuation, this level will be the first target for bulls. On the other hand, a violation of the level of 1.4043 will put the bears back in control and the downtrend will accelerate towards the level of 1.3836.

analytics56d94633ea5bd.jpg

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

Global macro overview for 04/03/2016

Global macro overview for 04/03/2016:

The main event of the week, Non-Farm Employment Change, is scheduled for release today at 01:30 GMT. Two of the previous US jobs market reports were released earlier this week: ADP and Unemployment claims. Both of them has beaten the expectations, delivering better than expected figures. Today, the NFP figures are expected to break 195,000, 45, 000 more than last month NFP number. Moreover, the unemployment rate should stay at the same level of 4.9%. In conclusion, we might notice that overall expectations as high as the employment is the strongest pillar of the U.S. economic recovery since the credit crisis and the influence on the FED's interest rate decision is significant.

Let's now take a look at the EUR/USD pair ahead of the NFP figures release. The market had broken above the golden trend line yesterday, but the recovery rally did not last long as it was capped at 23%Fibo at the level of 1.0960. It looks like bulls are trying to re-gain the control over the market, but so far there is no avail. Any breakout below the 1.0825 low will only accelerate the sell-off.

analytics56d942c0358ef.jpg

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

USDX technical analysis for March 4, 2016

The Dollar index has reversed as expected and that is why I was warning bulls yesterday. Price has broken out of the short-term bullish channel and has started a new downward move.

analytics56d93f0f5e788.jpg

Blue lines - bullish channel

The Dollar index has reversed from the 98.50 level and has broken the upward sloping blue channel. Price is now testing the Ichimoku cloud support but I believe eventually it will push lower. Short-term support is at 97.40. Resistance is at 98.50. We could see a bounce after the Non-Farm Payrolls today but I do not expect price to make a new higher high.

analytics56d93f76e16e4.jpg

No matter what the short-term move will be, I expect the Dollar index to move as part of wave E of a triangle lower towards 96-95 in order to complete a bigger sideways formation. Important resistance is at 98.80-99. Support is at 95.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for March 04, 2016

Technical outlook and chart setups:

Gold has managed to hit highs at $1,268.38 levels for now but it is just a test of previous highs at $1,263.00/64.00 levels as of now. The metal has produced a pin bar candlestick pattern on the 4H chart view, indicating a potential drop, going forward. The metal still remains in a corrective wave 4 which has exceeded previous highs as a test. Bears are expected to take back control from here and drop prices to at least $1,190.00 levels before giving in to bulls. It is hence recommended to remain short (small positions), with risk above $1,268.00 levels. Immediate resistance is seen at $1,268.00 levels, while support is at $1,237.00 levels respectively.

Trading recommendations:

Remain short now, stop above $1,268.00, a target is $1,190.00.

Good luck!

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

Technical analysis of EUR/JPY for March 4, 2016

General overview for 04/03/2016:

The golden trend line had been successfully tested from the upside and the market bounced higher towards the intraday resistance at the level of 125.00. 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. 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

123.09 - 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.

analytics56d93f231d4cb.jpg

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

Technical analysis of USD/CAD for March 4, 2016

General overview for 04/03/2016:

The high for the wave b purple had been made around the intraday resistance at the level of 1.3498. Currently, the price is trying to break out below the intraday support at the level of 1.3380 in order to develop wave c of wave (c) blue. The projected target for wave c of the wave (c) blue is at the level of 1.3350. Please notice however, that wave b might still evolve into a more complex pattern like a triangle as long as the support at the level of 1.3380 is not violated.

Support/Resistance:

1.3957 - WR2

1.3706 - WR1

1.3605 - Weekly Pivot

1.3498 - Intraday Resistance

1.3371 - 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.

analytics56d93d6edfaa2.jpg

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

Gold technical analysis for March 4, 2016

Gold price has broken out of the triangle as we expected and is in its final upward move. The reversal will be confirmed on a break below $1,224 and with targets around $1,150-$1,100. The upside target remains around $1,300.

analytics56d93c84b6417.jpg

Green lines - triangle pattern

Blue line - support trend line

Gold price has broken above the triangle pattern yesterday and is heading towards new highs. The triangle pattern target is at $1,300-$1,320 but bulls should be very cautious as this is expected to be the last leg up. Supportis at $1,250 and trend changes at $1,224 if broken downwards.

analytics56d93ce659447.jpg

Gold weekly candle is making new highs as expected. Price was supported around $1,200 and as I have been saying the last few weeks, as long as we are above it trend remains bullish. Gold has broken above the weekly cloud resistance and above the downward sloping wedge. There are increased chances we have seen a long-term low in Gold around $1,050.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Silver for March 04, 2016

Technical outlook and chart setups:

Silver has inched higher to $15.36 levels after having bounced off $14.60 levels earlier. The metal has remained shy, just a few cents, to hit fibonacci 0.618 support at $14.50/56, as seen here. Also the metal has remained in the buy zone of its trend line support. Bulls might be attempting to take out resistance at $15.60 levels, if they manage to get past the resistance trend line, which is being tested for now. A failure here, would bring back bears into control and prices should drop lower below $14.60 levels, going forward. It is hence recommended to watch out for a bearish reaction here, to go short, with risk above $15.60 levels. Immediate resistance is at $15.60 levels and support is seen at $14.80 levels respectively.

Trading recommendations:

Initiate short positions on a bearish bounce now, stop at $15.75, a target is below $14.60.

Good luck!

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

Technical analysis of USD/JPY for March 04, 2016

USDJPYM30.png

USD/JPY is expected to trade in a higher range. US indices pushed higher for the third day in a row on Thursday, lifted by shares in the Automobiles & Components (+2.34%), Media (+1.54%) and Energy (+1.28%) sectors. The Dow Jones Industrial Average added 0.27% to 16944, the S&P 500 rose 0.35% to 1993.4 and the Nasdaq Composite gained 0.09% to 4707.4.

On the economic data front, initial jobless claims climbed by 6,000 to 278,000 in the week ended Feb. 27 (estimated 270,000) from 272,000 a year ago. Continuing jobless claims rose by 3,000 to 2.26 million in the week ended Feb. 20 (forecasted 2.25M) compared to 2.25 million. In other news, the U.S. services PMI declined in February, reaching 49.7 (estimated 50) from 53.2 in January. The U.S. composite PMI fell in February to 50 (forecasted 50.1), the lowest reading since October 2013, from 53.2 in January.

Nymex crude oil fell 0.3% to $34.57 a barrel, while Gold gained 1.7% to $1,264.1 an ounce. The yield on the 10-year Treasury note dropped to 1.830% from 1.848% yesterday. U.S. dollar went down against major currencies. The pair stays above its key support at 113.20 and remains on the upside. Meanwhile, the relative strength index is mixed to bullish. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further upside is therefore expected with the next horizontal resistance and overlap set at 114.20 at first. A break above this level would call for further advance toward 114.55 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 114.20 and the second one at 114.50. In the alternative scenario, short positions are recommended with the first target at 112.85 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 112.50. The pivot point is at 113.20.

Resistance levels: 114.20, 114.50, 114.85

Support levels: 112.85, 112.50, 112.15

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

Technical analysis of USD/CHF for March 04, 2016

USDCHFM30.png

USD/CHF is expected to trade in a lower range as Key resistance is at 0.9955. Following the recent downside penetration of 0.9955, the pair remains under pressure below this key level. Even though a technical rebound cannot be ruled out, its extent should be very limited, as the 20-period and 50-period simple moving averages are turning down, and act as strong resistance roles. In that case, as long as 0.9955 holds on the upside, expect a new pullback to 0.9870 & 0.9850 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 0.9870. A break of this target will move the pair further downwards to 0.9850. The pivot point stands at 0.9955. 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 0.9980 and the second target at 1.0010.

Resistance levels: 0.9980, 1.0010, 1.0030

Support levels: 0.9870, 0.9850, 0.9815

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

Technical analysis of NZD/USD for March 04, 2016

NZDUSDM30.png

NZD/USD is expected to prevail its upside movement. The pair is positively oriented, backed by its ascending 50-period moving average. The process of higher highs and lows remains intact, which indicates that the prices are still in a healthy uptrend. The relative-strength index has just landed on its neutrality area at 50, which should provide a strong support. Hence, as long as 0.6685 is not broken, a continuation of the rebound is expected to 0.68 and 0.6835 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 0.68 and the second one at 0.6835. In the alternative scenario, short positions are recommended with the first target at 0.6640 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 0.6590. The pivot point is at 0.6685.

Resistance levels: 0.68, 0.6835, 0.6860

Support levels: 0.6640, 0.6590, 0.6560

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

Technical analysis of GBP/JPY for March 04, 2016

GBPJPYM30.png

GBP/JPY is expected to prevail its upside movement. The pair is heading upward, backed by its rising 20-period and 50-period moving averages. The next upward targets are set at 162.35 and 163.20, calculated by Fibonacci projection. Besides, the relative strength index is still positive above its neutrality area at 50. In these perspectives, above 159.35, look for further advance to 162.35 and 163.20 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 162.35 and the second one at 163.20. In the alternative scenario, short positions are recommended with the first target at 158.60 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 157.50. The pivot point is at 159.35.

Resistance levels: 162.35, 163.20, 164

Support levels: 158.60, 157.50, 156.30

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

Elliott wave analysis of EUR/NZD for March 4, 2016

analytics56d91113a8351.png

Wave summary:

We have almost reached the expected target of 1.6110. Short term, we expect minor resistance at 1.6305 will be able to protect the upside for a final decline closer to the 1.6110 target, from where the next impulsive rally is likely to take off and break above resistance at 1.6305. More importantly, resistance at 1.6475 is to confirm that a low is in place for a new impulsive rally higher.

Trading recommendation:

We will buy EUR at 1.6125 or upon a a break above 1.6305 with stop placed at 1.5794

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

Daily analysis of USDX for March 04, 2016

The index declined from the resistance zone of 98.39, and the 200 SMA is currently acting as a dynamic resistance on H1 chart. Currently, it's forming a lower low pattern below that moving average and the nearest support is located at the 97.48 level. However, our outlook is still pointing to the upside. MACD indicator is on the positive territory.

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 04, 2016

The pair is facing strong resistance around the 1.4183 level, where sellers are considering a good scenario to push the Cable lower. However, as we should note on the H1 chart, GBP/USD can make a break higher above the 1.4183 level in order to do a rally towards the 1.4267 level, which is the most recent inflection area.

1457065858_GBPUSDH1.png

H1 chart's resistance levels: 1.4183 / 1.4267

H1 chart's support levels: 1.4069 / 1.3963

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 1.4069, take profit is at 1.3963, and stop loss is at 1.4177.

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

Elliott wave analysis of EUR/JPY for March 4, 2016

analytics56d90ee88626b.png

Wave summary:

We still opt for the running triangle coount rather than the alternative counts. Short term, we would like to see a break below minor support at 123.91 and more importantly below 123.66, which would call for the termination of red wave c and indicate that red wave d towards 122.68 is developing.

It will take a break above important resistance at 125.01 to invalidate the running triangle count and shift to the expanded flat for a rally slightly higher to 125.56.

Trading recommendation:

Sell EUR here at 124.30 with stop above 125.05 and take profit at 120.10

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

Technical analysis of USD/JPY for March 04, 2016

2_USDJPY.jpg

In Asia, Japan will release the Average Cash Earnings y/y. As for the US, economic reports will be also released such as Unemployment Rate, Trade Balance, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.07.

Resistance. 2: 113.85.

Resistance. 1: 113.63.

Support. 1: 113.35.

Support. 2: 113.13.

Support. 3: 112.91.

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 4, 2016

EUR/USD: After facing serious struggles at the support line of 1.0850, bulls have been able to push this pair upwards, which is now threatening the recent bearish bias in the market. The Williams' % Range period 20 is already in the overbought region and as soon as the EMA 11 crosses the EMA 56 to the upside, there would be a "buy" signal in the market.

1457045887_1.png

USD/CHF: This currency trading instrument has traded largely sideways so far this week, not going above the resistance level at 1.0050 and below the support level at 0.9900. The pair is bound to make a breakout today or next week, which would take the price below the aforementioned support level or above the resistance level. Before the expected breakout occurs, swing traders are advised to avoid this market, which is, however, attractive to intraday traders and scalpers.

1457045909_2.png

GBP/USD: There is a clean bullish signal on the GBP/USD pair, having moved upwards by 330 pips this week. The distribution territory at 1.4200 is the next target, which would be overcome today or next week. After this, the price might target another distribution territory at 1.4250.

1457045923_3.png

USD/JPY: There is a precarious "buy" signal on the USD/JPY pair, which would make sense only as long as the price does not go below the demand level at 112.00. Since the outlook on the pair is bright, the price is likely to trade further upwards this week or next week.

1457045977_4.png

EUR/JPY: After moving briefly below the demand zone at 122.50, this cross has traded upwards by 250 pips. Short trades do not currently look logical in the market, especially when the price moves upwards by another 100 pips, which is more likely. When this happens, there would have been a clean Bullish Confirmation Pattern on the chart.

1457045996_5.png

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

Daily analysis of GOLD for March 03, 2016

GOLDH4.png

Overview

The gold price shows slight bearish bias moving near the symmetrical triangle resistance located at 1,246.55. Breaching this level will reinforce expectations for the bullish trend continuation in the upcoming period and open the way towards targets at 1,263.23 and then 1,300.00 levels. Therefore, we will keep our bullish trend expectations on the intraday and short-term bases unless breaking 1,212.34 and then 1,180.86 levels and holding below them.

The expected trading range for today is between 1220.00 support and 1263.23 resistance.

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

Daily analysis of Silver for March 03, 2016

SILVERH4.png

Overview

The silver price trades steadily below 15.00 levels keeping the bearish trend expectations valid for the rest of the day. It is supported by stochastic negativity that appears on the chart. Therefore, we wait for breaking the 14.67 level to reinforce expectations for heading to 14.27 then 13.63 as next main targets for the current bearish wave. Remember that holding below 15.00 levels is important to achieve the suggested targets.

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