NZD/USD intraday technical levels and trading recommendations for March 9, 2016

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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 a few weeks ago.

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

The price zone of 0.6750-0.6840 constituted a significant resistance zone where recent signs of a bearish rejection were seen during the previous few weeks (triple-top reversal pattern).

On February 9, the NZD/USD pair failed to consolidate below the depicted support level of 0.6560.

Moreover, an obvious bullish recovery was expressed around the depicted temporary support level. Hence, the recent bullish swing towards 0.6750 was initiated.

Note that bullish persistence above 0.6750 (upper limit of the consolidation range) will allow further bullish advancement towards 0.6880.

Otherwise, the NZD/USD pair will remain trapped within the depicted consolidation range (0.6560-0.6750) until a breakout occurs in either direction.

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Technical analysis of NZD/USD for March 09, 2016

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Overview:

  • The NZD/USD pair sharply rose from the level of 0.6723 towards 0.6790. Now, the price is set at 0.6779. The resistance is seen at the level of 0.6820. Moreover, the price area of 0.6820 - 0.6815 remains a significant resistance zone. So, if the trend is able to break out through the first resistance level at 0.6790 (yesterday's top), we should see the pair climbing towards the double top (0.6820) to test it. Therefore, buy above the level of 0.6790 with the first target at 0.6820 in order to test the daily resistance 1. Also, it might be noted that the level of 0.6820 is a good place to take profit.
  • On the other hand, if the pair fails to pass through the level of 0.6820, the market will indicate a bearish opportunity below the strong resistance level of 0.6820.
  • Sell deals are recommended below the level of 0.6820 with the first target at 0.6765. If the trend breaks the support level of 0.6765, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.6723.

Comment:

  • Amid the previous events, we expect the pair to move between 0.6820 and 0.6723 (around 97 pips).
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Technical analysis of USD/CHF for March 09, 2016

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Overview:

  • The USD/CHF pair continues to move upwards from the level of 0.9887. The pair rose from the level of 0.9887 to a top around 1.0028. Today, the first resistance level is seen at 1.10075 followed by 1.0125, while daily support 1 is found at 0.9887 (38.2% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9887 and 1.0125. Therefore, there is a possibility that the USD/CHF pair will move upside and the structure of a fall does not look corrective. The trend is still above the 100 EMA for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside. Therefore, the major support can be found at 0.9887 - 0.9960 providing a clear signal to buy with a target seen at 1.0030. If the trend breaks the minor resistance at 1.0030, the pair will move upwards continuing the bullish trend development to the level of 1.0075 in order to test the daily support 1. Overall, we still prefer the bullish scenario which suggests that the pair will stay above the zone of 0.9887 - 0.9960 today. However, if a breakout happens at the support level of 0.9887, then this scenario may be invalidated.
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USD/CAD intraday technical levels and trading recommendations for March 9, 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 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 1.3350-1.3370 stands as a significant support zone to be watched for a valid buy entry.

The price zone of 1.3350-1.3370 stands as a significant support zone to be watched for a valid buy entry.

The zone of 1.3350-1.3370 corresponds to a daily uptrend line and the upper limit of the previous consolidation range (Prominent Breakout Level).

Hence, signs of a bullish rejection around it should be considered a valid buy signal.

Trading Recommendations:

Conservative traders should be looking for a valid bullish entry around the current price zone of 1.3350-1.3370.

S/L should be located below 1.3300. Initial T/P levels should be located at 1.3600 and 1.3750.

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Global macro overview for 09/03/2016

Global macro overview for 09/03/2016:

After reaching the highest level in four months to February, the Australian consumer confidence unexpectedly dropped in March. The Westpac-MI consumer sentiment index declined 99.1, posting a 2.2% drop from the last month reading of 101.3. Three of the survey's five sub-indices deteriorated during the reported month with the sharpest decline registered in perceptions towards family finances compared to the reporting period a year ago, which plunged 8.2%. In conclusion, pessimists outnumber optimists in the recent sentiment survey and this situation can become more serious when the next GDP figures comes out.

Let's now take a look at the AUD/USD technical picture in the daily time frame. The market is clearly rallying towards the 61%Fibo of the previous swing at the level of .07458. The daily candle is not closed yet in the time of writing, but any closure below the level of 0.7411 will be a strong reversal signal and bears will be happy to regain the control over this market.

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EUR/NZD analysis for March 09, 2016

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Overview:

Recently, EUR/NZD has been moving downwards. As I expected, the price tested the level of 1.6141 in a high volume. In the daily time frame, we can observe a supply bar in an average volume. 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). We can observe that 10SMA successfully held in the daily time frame. There are a few technical reasons for this strong downward pressure: 1. a massive upthrust in an ultra-high volume bar in the background (supply overcame demand); 2. another upthrust bar from the same zone; 3. confirmed double-top formation. In the H4 time frame, I found weak demand at the level of 1.6335. I am still expecting a downward price movement. Watch for potential selling opportunities on rallies. Fibonacci Pivot Points:

Resistance levels:

R1: 1.6360

R2: 1.6400

R3: 1.6475

Support levels:

S1: 1.6220

S2: 1.6175

S3: 1.6105

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

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Intraday technical levels and trading recommendations for GBP/USD for March 9, 2016

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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 most recent bearish swing was initiated.

As previous weekly candlesticks maintained their bearish persistence below the depicted demand zone (below 1.4200), the next weekly demand level was located at 1.3845 (historical bottom that goes back to March 2009).

As expected, an evident bullish recovery and a bullish engulfing weekly candlestick was expressed around 1.3850 (prominent weekly demand level). That is why, a valid buy entry was suggested near the same level.

On the other hand, the price zone of (1.4222-1.4360) now constitutes a significant supply zone to be watched for a possible short-term bearish rejection.

Otherwise, bullish persistence above the zone of (1.4222-1.4360) allows further bullish advancement towards 1.4620 to take place in the market.

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The GBP/USD pair was trapped between 1.4620 and 1.4220 until the recent lower high was reached at the level of 1.4530. This applied extensive bearish pressure to the level of 1.4220.

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

The broken demand zone (1.4222-1.4360) now constitutes a significant supply zone to offer bearish rejection in the short-term perspective.

Early signs of a bearish rejection have been already expressed around 1.4250 (50% Fibonacci level depicted on the daily chart).

However, we should mention that those bearish signs are not strong enough. Thus, more bullish advancement towards 1.4360 should not be excluded.

On the other hand, we should note that the level of 1.4030 is now standing as a prominent key level to offer bullish support if any bearish pullback occurs soon.

Trading Recommendations:

Price actions should be watched around the zone of 1.4222-1.4360 for an intraday sell entry.

S/L should be placed above 1.4370. Initial T/P levels should be located at 1.4100 and 1.4050.

On the other hand, risky traders can wait for a bearish pullback towards the key-level of 1.4030 to buy the GBP/USD pair.

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Gold analysis for March 09, 2016

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Overview :

Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,251.45 in a high volume. In the daily time frame, I found a supply bar (upthrust), which is the sign of weakness and sluggish demand. Intraday buying looks risky at this stage. According to the H4 time frame, the price has reached my second take-profit level of $1,254.00. We may see potential testing of the third intraday target at the level of $1,240.70.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,272.90

R2: 1,276.00

R3: 1,282.40

Support levels:

S1: 1,261.20

S2: 1,257.00

S3: 1,251.80

Trading recommendations for today: be careful when buying gold at this stage and watch for potential intraday selling opportunities.

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Intraday technical levels and trading recommendations for EUR/USD for March 9, 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 had been 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 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 price zone of 1.1350-1.1400 acted as a significant supply zone during the recent bullish pullback.

As we expected, an evident bearish rejection was recently manifested in February's monthly candlestick (An 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 monthly 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 1.1350-1.1400 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 executed.

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 most recent bullish recovery was initiated.

This week, a bullish fixation above 1.1000 is mandatory to allow further bullish movement to take place.

Once the daily fixation above 1.1000 is achieved, more bullish targets should be expected around 1.1130 and 1.1250. Otherwise, the EUR/USD pair will get back into the consolidation range extending between 1.1000 and 1.0820.

Trading Recommendations:

A valid buy entry was offered around the lower limit of the broken consolidation range around 1.0800-1.0820. It's already running in profits.

Initial T/P level is located at 1.1150, while S/L should be advanced to 1.0900 to secure some profits.

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Global macro overview for 09/03/2016

Global macro overview for 09/03/2016:

Bank of England governor Marc Carney enraged Brexit-ers in his testimony before the Treasury select committee on Tuesday. He called a transition out of the EU the biggest domestic risk to financial stability. He mused that the UK assets could be perceived by foreign investors as more risky. And he added that some parts of the financial services industry could relocate. Meanwhile, economists pushed back their bets on when the BoE would start to hike rates to early 2017, due to a weaker global economy and stubbornly low inflation. In conclusion, the outcome of the British national referendum in June is getting to be hotter and hotter. The outcome is unknown yet, but it will be the most important fundamental event of the year with global consequences.

Let's now take a look at the technical picture of GBP/USD pair in the H4 time frame. The market has broken above the 61%Fibo level and the technical resistance at the level of 1.4234, but it still trades below the brown trend line. The nature of the rebounded from the local low at the level of 1.3839 looks corrective and as long as the gap is hasn't been filled the bear remain in control of the market.

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Technical analysis of USD/JPY for March 09, 2016

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USD/JPY is expected to trade in a lower range.The US indices closed lower on Tuesday pressured by shares in the energy (-4.13%), banks (-2.55%) and automobiles & components (-2.49%) sectors. The Dow Jones Industrial Average dropped 0.6% to 16964.1, the S&P 500 fell 1.1% to 1979.3, and the Nasdaq Composite dropped 1.3% to 4648.8.

Nymex crude oil was down 3.7% at $36.5 a barrel, while gold fell 0.1% to $1262.9 an ounce. The yield on the 10-year Treasury note dropped to 1.832% from 1.902% previously.

The U.S. dollar was bullish against most of its counterparts on Tuesday with the exception of the JPY. On the economic data front, the NFIB small business optimism index fell in February to 92.9 (estimated 94.0) from 93.9 in the previous month.

The euro was bullish against its major counterparts on Tuesday with the exception of USD and JPY. In the eurozone, GDP was 0.3% higher in the final quarter of the past year than in the three months to September. The German industrial production climbed 3.3% from the prior month after retreating a revised 0.3% in December. That's the biggest increase since September 2009.

The Australian dollar was mixed against its major pairs on Tuesday.

The pair is reversing down and has been capped by its descending 50-period moving average. Meanwhile, the relative strength index stays below 50. The first downside target is therefore set at the horizontal support and overlap at 112.10. A breakout below this level would open the way to further weakness toward 111.85 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 112.10. A break of this target will move the pair further downwards to 111.85. The pivot point stands at 112.85. 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 113.25 and the second target at 113.55.

Resistance levels: 113.25, 113.55, 114.25

Support levels: 112.10, 111.85, 111.35

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Technical analysis of USD/CHF for March 09, 2016

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USD/CHF is expected to trade with a bullish bias. The pair bounced off its strong support at 0.9900 after having tested for at least 3 times. The relative strength index is bullish and calls for further advance. Furthermore, a bullish cross between the 20-period and 50-period moving averages has been identified (a positive signal). Hence, as long as 0.9940 is not broken, look for a further advance to 1.0010 and 1.0040 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 1.0010 and the second one at 1.0040. In the alternative scenario, short positions are recommended with the first target at 0.99 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 0.9875. The pivot point is at 0.9940.

Resistance levels: 1.0010, 1.0040, 1.0080

Support levels: 0.99, 0.9875, 0.9850

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Technical analysis of NZD/USD for March 09, 2016

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NZD/USD is turning down. The pair seems to have lost its upward momentum, and is slightly turning down. The nearest resistance at 0.6780 maintains the selling pressure, and the 20-period moving average is reversing down calling for a new drop. The relative strength index is below its neutrality area of 50 with a bearish bias. In these perspectives, as long as 0.6780 holds on the upside, look for a return to 0.6695 & 0.6670 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 0.6695. A break of this target will move the pair further downwards to 0.6640. The pivot point stands at 0.6780. 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 0.6820 and the second target at 0.6860.

Resistance levels: 0.6820, 0.6860, 0.69

Support levels: 0.6695, 0.6640, 0.6590

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Technical analysis of GBP/JPY for March 09, 2016

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GBP/JPY is expected to trade in a lower range. The pair broke below the lower boundary of an intraday triangle pattern, which should validate a bearish reversal. The 20-period and 50-period moving averages are also turning down, and should continue to push the price lower. The relative strength index remains weak below its neutrality area of 50. To conclude moving below 160.60, look for a further decline to 159.35 and 158.60.

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 159.35. A break of this target will move the pair further downwards to 158.60. The pivot point stands at 160.60. 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 161.45 and the second target at 162.45.

Resistance levels: 161.45, 162.45, 163

Support levels: 159.35, 158.60, 157.50

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Daily analysis of major pairs for March 9, 2016

EUR/USD: This pair managed to reach the resistance line of 1.1050, before performing the current shallow correction. The price is expected to rise again, going towards the resistance line of 1.1050 and breaching it to the upside, while the price travels further north. This opinion is tenable because the price action in the chart shows that bulls are still willing to push the price upwards.

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USD/CHF: This currency trading instrument has been trading largely sideways since last week, not going above the resistance level at 1.0000 and below the support level at 0.9900. There is a bound to be a breakout this week, which would take the price below the aforementioned support level or above the resistance level. Since we expect the EUR/USD pair to continue going upwards, the USD/CHF pair would most probably go downwards.

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GBP/USD: Bulls have been making commendable efforts in pushing the cable further upwards, although there was nothing spectacular on Tuesday. The price got corrected lower first, but bulls still have their chin in the air. The EMA 11 is above the EMA 56 as the RSI period 14 goes above the level of 50. The best line of action is to continue seeking long trading opportunities on the cable.

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USD/JPY: After consolidating during a few weeks, the USD/JPY pair generated a sell signal on Tuesday, forming a clear Bearish Confirmation Pattern in the chart. This means that the price could be trending further downwards, targeting the demand levels of 112.00 and 111.50. The demand level at 112.50 has already been tested and it would be breached to the downside soon.

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EUR/JPY: The present consolidation to the downside has become the threat to the current bullish outlook on the EUR/JPY pair (which is already precarious). The current bullish outlook is so vulnerable that any movement below the demand zone of 123.50 would easily render it useless. Therefore, price movements would determine the fate of this cross today or tomorrow.

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Technical analysis of EUR/JPY for March 9, 20169

General overview for 09/03/2016:

There is still a chance for a possible leading diagonal structure to develop. This scenario is valid as long as the level of 123.09 is not violated. The market should rally upward towards the level of 124.25 and break out above it in order to make another high. If the level of 123.09 is violated, a downtrend is likely to resume and a new low may be reached.

Support/Resistance:

127.99 - WR2

126.90 - WR1

125.55 - Intraday Resistance

124.48 - Weekly Pivot

124.25 - Intraday Resistance

123.41 - WS1

123.09 - Intraday Support

122.06 - Swing Low

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We will enter buy orders once the low for the B blue wave is in place.

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Technical analysis of USD/CAD for March 9, 2016

General overview for 09/03/2016:

The bullish divergence had pushed the price above the weekly pivot at 1.3395, but the market wasn't strong enough to break out above the intraday resistance at 1.3497. Currently, the bulls might still try to rally higher above this resistance as the move from 1.3261 low looks impulsive.

Support/Resistance:

1.3733 - WR3

1.3661 - WR2

1.3498 - Technical Resistance

1.3461 - WR1

1.3396 - Weekly Pivot

1.3371 - Intraday Support

1.3188 - 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 09, 2016

Technical outlook and chart setups:

The EUR/JPY pair has retraced lower from its high of 125.58, registered on March 04, 2016. The pair is trading around the level of 123.58 now, and looking for an opportunity to produce a bullish bounce soon. Please note that the pair has corrected lower in 3 waves till now and hence a 5-wave rally could unfold going forward. Also note that it is being supported by a convergence of fibonacci ratios (0.618 and 0.786) of rallies between 122.00 (through 125.85) and 123.10 (through 125.85) as depicted here. It is hence recommended to remain long from here with risk below 123.00. Immediate support is seen at the level of 123.00 levels, while resistance is seen at 124.00.

Trading recommendations:

Remain long now with stop at 123.00, a target is open.

Good luck!

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USDX technical analysis for March 9, 2016

Dollar bulls are stronger than I initially expected as the price held above the 50% retracement. The price remains under pressure for the US dollar index and trend remains bearish short-term. The bigger picture remains neutral as the price continues to move sideways.

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The price is below the Kumo (cloud) and is bouncing off the 50% retracement. Resistance is seen at 97.60. Support at 96.88. If bulls do not break above the resistance, we could see another leg down towards the 61.8% Fibonacci retracement. A breakout above the cloud will open the way towards 98.50.

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As shown in the weekly chart above, the price continues to trade inside the triangle pattern. A breakout above 98.50 will open the way towards 100 and the upper triangle boundary. Support is critical at 95.20 for the longer term although the level of 96 is also of similar importance.The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for March 9, 2016

Gold price got rejected at $1,280 yesterday as bulls were not strong enough to reach a new high. The price has pulled back towards short-term support. The bullish short-term scenario for a new higher high towards $1,300 is still viable as long as the price remains above $1,220.

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Black line- support

Gold price remains in an uptrend in the short-term. Support is found at $1,245 in the short-term. The trend changes if price breaks below the black support line. The price is above the Ichimoku cloud. I continue to believe that this upward move from $1,045 is the first sign of a longer-term reversal.

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Red lines - downward sloping wedge

Gold price has broken above the weekly Kumo (cloud) and the long-term downward sloping wedge. This is an important bullish breakout signal. This can signal a longer-term reversal. We are now at the final stages of a rise from $1,045, so bulls should be cautious and wait for a pullback to try a longer-term bullish position.

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Technical analysis of Gold for March 09, 2016

Technical outlook and chart setups:

Gold is trading lower at the levels of $1,257.00/58.00 now. It is expected to make a counter-trend rally towards the levels of $1,268.00/70.00 at least. The metal should then resume its downward journey towards $1,190.00. Please note that intraday rallies should remain well capped below $1,278.00 levels, and the metal should face stiff resistance around fibonacci 0.618 levels at $1,267.00/68.00. It is hence recommended to remain short from yesterday, with risk above $1,279.00 for now. Immediate support is seen at the levels of $1,240.00, while resistance is seen at $1,278.00. It looks like the metal has resumed its short-term downtrend towards $1,190.00 and subsequently $1,135.00.

Trading recommendations:

Remain short for now with stop at $1,282.00, a target is open.

Good luck!

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Technical analysis of Silver for March 09, 2016

Technical outlook and chart setups:

Silver has dropped lower as expected and discussed yesterday and is currently trading at the level of $15.30. The metal might produce intraday rallies through the levels of $15.50/60, but should remain well capped below $15.75 going forward. Please note that fibonacci 0.618 resistance is seen at $15.50/55, and the metal is expected to produce a bearish bounce there. It is hence recommended to remain short from earlier positions, with risk above $15.93. Immediate support is seen at the levels of $15.00, while resistance is seen at $15.70/75. Bears are expected to remain in control until prices stay broadly below the levels of $15.93.

Trading recommendations:

Remain short now and add further at $15.50 with stop at $15.99, a target is at $14.50.

Good luck!

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Daily analysis of USDX for March 09, 2016

The USDX is currently extending its correction towards the level of 97.48, where we can expect a pullback towards the support level of 97.13 again. However, a breakout above the resistance level of 97.78 will expose the index to test new highs and to ride a short-term bullish momentum. The MACD indicator is still in the positive territory.

USDXH1.png

H1 chart's resistance levels: 97.48 / 97.78

H1 chart's support levels: 97.13 / 96.61

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 97.13, take profit is at 96.61, and stop loss is at 97.65.

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Daily analysis of GBP/USD for March 09, 2016

The pair is currently supported by the level of 1.4183, where we can expect a rebound towards the resistance level of 1.4267. The short-term picture is still strong in a bullish bias and that is why we should see more upside afterwards. Also, the 200 SMA in the H1 chart is currently flat, showing some neutrality in the market.

GBPUSDH1.png

H1 chart's resistance levels: 1.4267 / 1.4333

H1 chart's support levels: 1.4183 / 1.4069

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.4267, take profit is at 1.4333, and stop loss is at 1.4202.

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Elliott wave analysis of EUR/NZD for March 9, 2016

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Wave summary:

We are finally seeing some real pressure on the resistance-line from 1.7223. A clear breakout above this resistance line is the first indication that a firm low has been seen at 1.6085 and a new impulsive rally is developing. To confirm that wave [iii] is developing, we still need a breakout above minor resistance at 1.6475 and more importantly a breakout above resistance at 1.6637. But if the latter gets broken, there will be no more doubts and wave [iii] higher to 1.8558 will develop.

Trading recommendation:

We are long EUR from 1.6125 and will move our stop higher to 1.6075. If you are not long EUR yet, then buy upon a breakout above 1.6475 and use the same stop at 1.6075.

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Elliott wave analysis of EUR/JPY for March 9, 2016

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Wave summary:

A strong decline from 125.58 could indicate that wave b is already done and wave c lower to 119.90 and possibly even lower to 117.37 is developing now. To confirm that this is indeed the case, we still need to see a breakout below important short-term support at 123.07. A failure to break below this later support opens up for a possibility of a triple combination unfolding, but for now we have to go with evidence that calls for a wave-b top in place at the level of 125.58 and wave c developing towards 119.90.

Trading recommendation:

We missed our selling entry near 126.45 and will look for a new selling opportunity at 124.10 with stop placed at 124.75.

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