Analysis of gold for March 10, 2016

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Overview :

Since our last analysis was published, gold has been trading downwards. As I expected, the price tested the $1,236.95 level in a high volume. In the daily time frame, I found a neutral bar, which is a sign of strenght, and an upward trendline, which was held successfully. Intraday selling looks risky at this stage. On the H4 time frame chart, I found bullish engulfing pattern.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,258.85

R2: 1,262.40

R3: 1,268.25

Support levels:

S1: 1,247.25

S2: 1,243.65

S3: 1,237.85

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

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EUR/NZD analysis for March 10, 2016

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6583 in a ultra-high volume (buying climax). In the daily time frame, we can observe demand with a very wide bar spread (professional selling). In the daily time frame, I placed Fibonacci expansion levels to find a potential downward station. I got Fibonacci expansion 161.8% at the level of 1.5990 (downward target). We can observe that 21SMA successfully held in the daily time frame. There are a few technical reasons behind this great downward pressure: 1. a massive upthrust in a 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 a massive volume spike (buying climax) in a ultra-high volume ( a strong sign of weakness). Watch for potential selling opportunities on rallies.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6575

R2: 1.6675

R3: 1.6835

Support levels:

S1: 1.6250

S2: 1.6150

S3: 1.5990

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

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NZD/USD intraday technical levels and trading recommendations for March 10, 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 0.6550.

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) was mandatory to allow further bullish advancement towards 0.6880.

However, obvious bearish rejection was expressed around 0.6750 resulting in the yesterday shooting-star daily candlestick depicted on the chart.

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

Hence, a quick bearish decline should be expected towards the depicted temporary support level 0.6550 where price action should be watched carefully.

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USD/CAD intraday technical levels and trading recommendations for March 10, 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 1.3250-1.3180 stands as a significant support zone to be watched for a valid buy entry.

The price zone of 1.3250-1.3180 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 1.3250-1.3180.

S/L should be located below 1.3100. Initial T/P levels should be located at 1.3400, 1.3500, and 1.3640.

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Intraday technical levels and trading recommendations for GBP/USD for March 10, 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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Intraday technical levels and trading recommendations for EUR/USD for March 10, 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. Hence, an evident bearish rejection was 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 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 10/03/2016

Global macro overview for 10/03/2016:

The Reserve Bank of New Zealand unexpectedly cut the interest rate from the level of 2.5% to 2.25% during last night meeting. It is worth to mention, that the surprised decision came just five weeks after Governor Graeme Wheeler's speech in which he announced no rush to ease further in response to the weak inflation. Moreover, in the official statement made by RBNZ we can read that further easing may be required to help offset a recent decline in inflation expectations and help faltering dairy sector amid weak global economic background. The outlook for the world's economy had deteriorated since December, due to slower growth in China and Europe. In conclusion, this unexpected move from RBNZ might be just the first one and the most economists now expect a second reduction in the OCR in June.

Let's now take a look at the technical picture of NZD/USD after the rate cut. The market broke below the golden trend-line support. Currently, bulls might test the golden trend line from below and if they fail, bears will push the price even lower, targeting the strong support zone between the levels of 0.6565 - 0.6543.

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Technical analysis of NZD/USD for March 10, 2016

Overview:

  • As we expected, the NZD/USD pair dropped sharply from the level of 0.6808 towards 0.6625. Now, the price is set at 0.6677.
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  • On the H4 chart, the resistance is seen at the level of 0.6690 and 0.6625. It should be noted that volatility is very high for that the NZD/USD pair is expected to move between 0.6690 and 0.6625 or lower in coming hours.
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  • Today, the price spot of 0.9690 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.9690, sell below 0.9690 with the first target at 0.6625 in order to test yesterday's bottom. Additionally, if the NZD/USD pair is able to break out the bottom at 0.6625, the market will decline further to 0.6594.
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Global macro overview for 10/03/2016

Global macro overview for 10/03/2016

The ECB will publish a very important news release at 01:30pm GMT today, and the most important question that the market participants are asking themselves is: what will ECB do? The ECB has a quite good spectrum of possible choices. They can cut the deposit facility rate further, extend the QE program, increase the QE amount, introduce new LTRO, cut the marginal lending facility, or introduce deeper negative interest rates. In conclusion, all eyes will be on the ECB today as President Mario Draghi attempts to avoid the mistakes of the past and deliver a monetary easing package that is worthy of driving inflation back towards its target of below but close to 2%. This is not an easy task, as central banks all over the world would agree, it is clear that more needs to be done an the core inflation in the euro area is currently at 0.7%, well below its target level. So, there are my scenarios for today's meeting:

1. The most aggressive scenario (ECB Bazooka Unleashed) - Mario Draghi will cut the interest rate, increase the amount of QE and introduce negative interest rate.

2. The mild scenario (that will satisfy investors) - interest rate cut, extension of the QE program without increasing the amount, but with no bottom limit.

3. The failure scenario (investors disappointment scenario) - interest rate cut and extension of the QE program.

Let's now take a look at the technical picture of the EUR/USD pair before today's event. The market can follow three scenarios presented above:

- scenario 1 - most favorite - EUR/USD down to the level of 1.0709.

- scenario 2 - EUR/USD stays in the congestion zone between the levels of 1.1067 and 1.050.

- scenario 3 - disappointment scenario - EUR/USD is rallying towards the local swing at the level of 1.1376.

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Technical analysis of USD/CAD for March 10, 2016

General overview for 1003/2016:

The current count is evolving towards the complex WXYXXZ correction. The downside risk is greater than the upside one as there is uncompleted sub-waves in the last stage of the correction. As this kind of corrective cycle can consume more time than a simple corrective cycle, be prepared for more fake breakouts, choppy trading conditions and low volatility in this market.

Support/Resistance:

1.3733 - WR3

1.3661 - WR2

1.3498 - Technical Resistance

1.3461 - WR1

1.3396 - Weekly Pivot

1.3372 - Intraday Resistance

1.3228 - 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 recommend to place buy orders again when the corrective structure is completed.

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Technical analysis of USD/CHF for March 10, 2016

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Overview:

  • The USD/CHF pair showed signs of instability as it took place in a narrow sideways channel for a while. Amid the previous events, the price is still moving between the levels of 0.9887 and 1.0028. The daily resistance and support are seen at the levels of 1.0028 and 0.9887 respectively. In consequence, it is recommended to be wary while placing orders in this area. Thus, we should wait until the sideways channel has completed.
  • First outlook: if the pair succeeds in passing through the level of 1.0028, the market will indicate a bullish opportunity above the level of 1.0028. A breakout of that target will move the pair further upwards to 1.1078. So, buy orders are recommended above the area of 1.0028 with the first target at the level of 1.1078; and continue towards 1.0125.
  • Second outlook: if the USD/CHF pair fails to break out through the resistance level of 1.0028; the market will decline further to the level of 0.9887 (daily support 1). Moreover, the price will fall into a bearish trend in order to go further towards the strong support at 0.9800 to test it again. The level of 0.9800 will form a double bottom in the H1 time frame.
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Technical analysis of EUR/JPY for March 10, 2016

General overview for 10/03/2016:

The leading diagonal triangle in the black wave 1 had been completed sooner than expected, so the downward wave progression from 125.56 high was labeled as the wave 2. Currently, the market is still trading inside the neutral zone, but the first attempts of the impulsive bullish wave development are visible. The bulls need the break out above the intraday resistance at 125.56 to continue the rally towards the 126.90 level. Only a sustained violation of the 123.08 level will invalidate the bullish impulsive scenario.

Support/Resistance:

127.99 - WR2

126.90 - WR1

125.55 - Intraday Resistance

124.48 - Weekly Pivot

124.25 - Intraday Support

123.41 - WS1

123.09 - Intraday Support

122.06 - Swing Low

Trading recommendations:

Day traders should open buy orders from the current price levels with SL below 123.08 and TP at 126.09 min.

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USDX technical analysis for March 10, 2016

The US dollar index has reversed off the 50% retracement, but the price is still below important trend-change resistance. The level of 98.50 presents a critical resistance, and if bulls manage to break above it, then the bullish trend will strengthen and the index will move towards 100.

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With EUR/USD as the major component of the US dollar index, the price is expected to trade with high volatility today, as the ECB announces the strategy regarding the QE program. If EUR/USD gets pressured below 1.08, then we could be fairly certain that a new uptrend in the US dollar index has started with targets above 100-101. Short-term resistance is seen at 98.50. Support is at 96.60.

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Blue line - trading range

Red line -trend line support

In the weekly chart above, we can see how the index has been trading sideways for several months now. The red line is important support. The sideways consolidation is likely to break to the upside, but bulls should use the trend-line support as stop.

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Gold technical analysis for March 10, 2016

Gold price moved lower yesterday but remains above the critical and trend support. The levels of $1,225 and $1,240 act as support, especially the first one. So, as long as we are above that level, the price could push towards new highs.

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Blue lines - bearish channel

Gold price is inside of a short-term bearish channel. The price is now testing the Kumo (cloud) in the 4-hour chart. This is a short-term support area. If the price breaks below $1,240, then the next support at $1,225 will be tested. And this is the most important support level. Resistance is seen at $1,252. Breaking above it will open the way for a push towards recent highs.

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Nothing new is seen in the weekly chart. The price is above Kumo (cloud). Oscillators are overbought, but there is still no divergence. Important weekly support is found at $1,220-$1,200. As I have been saying for the last few days, bulls need to be very cautious as the entire rise from $1,045 could be over.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for March 10, 2016

EUR/USD: There is still a shallow correction in this market. The price is expected to rise again, going towards the resistance line at 1.1050 and breaching it to the upside, while the price travels further north. A movement below the support line of 1.0900 would render this expectation invalid.

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USD/CHF: The USD/CHF pair continues to consolidate between the support level of 0.9900 and the resistance level of 1.0000, which is an important level. This consolidation has been going on for a few weeks, but a strong breakout is imminent, and that may happen today or tomorrow. Right now, the USD and the CHF have the same stamina.

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GBP/USD: This currency trading instrument has consolidated so far this week. However, the bias remains bullish: the EMA 11 is above the EMA 56 and the RSI period 14 is not below the level of 50. The price is likely to go upwards when a breakout does occur. Some fundamental figures are expected today and they could have a significant impact on the market.

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USD/JPY: After consolidating for a few weeks, the USD/JPY pair generated a sell signal on Tuesday, forming a clean Bearish Confirmation Pattern in the chart. Nevertheless, the sell signal is in jeopardy owing to the upwards bounce that happened yesterday, which pushed the price up by 150 pips. In case the price goes above the supply level of 114.50, the recent sell signal would be invalid. If the price trends lower and lower, the recent sell signal would be reinforced.

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EUR/JPY: The present consolidation posed a threat to the current bullish outlook on the EUR/JPY pair, for the outlook on the market could turn neutral in case it moves sideways for a few more trading days. The current bullish outlook is so vulnerable that any movement below the demand zone at 123.50 would easily render it useless. Therefore, price movements, which we see today or tomorrow, would determine the fate of this cross.

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Technical analysis of USD/JPY for March 10, 2016

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USD/JPY is expected to continue its bullish bias. US indices closed higher on Wednesday led by shares in the Energy (+1.54%), Software & Services (+1.32%) and Food, Beverage & Tobacco (+0.93%) sectors. The Dow Jones Industrial Average rose 0.2% to 17000.4, the S&P 500 gained 0.5% to 1989.3, and the Nasdaq Composite advanced 0.6% to 4674.4.

Nymex crude oil was up 4.9% to $38.3 a barrel, while gold fell 0.4% to $1257.4 an ounce. The yield on the 10-year Treasury note rose to 1.892% from 1.832% previously.

The US dollar was bearish against most of its counterparts on Wednesday with the exception of the JPY. On the economic data front, MBA mortgage applications index rose 0.2% in week ended March 4th after falling 4.8% in prior week. In other news, Jan. wholesale inventories increased by 0.3% to $584.2B (estimated fall of 0.2%) vs. $582.6B in prior month revised to 0.0% from -0.1%.

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 114.25 and the second one at 114.50. In the alternative scenario, short positions are recommended with the first target at 112.70 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 112.20. The pivot point is at 113.

Resistance levels: 114.25, 114.50, 114.85

Support levels: 112.70, 112.20, 111.85

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Technical analysis of USD/CHF for March 10, 2016

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USD/CHF is expected to trade in a bullish bias above 0.9940. The pair stands firmly above its nearest support at 0.9940, and is likely to post a new rebound in the coming trading hours. The relative strength index is mixed to bullish. Besides, the prices are now above its intraday key moving averages. Hence, even though a continuation of the consolidation cannot be ruled out, its extent should be limited before a new bounce 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 10, 2016

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NZD/USD is expected to trade in a lower range. The pair yesterday broke below its intraday trading range pattern, which should confirm a bearish outlook. The 20-period simple moving average is also turning down, and crossed below the 50-period one. Besides, the relative strength index is badly directed, and is calling for a new drop. From this viewpoint, as long as 0.6720 is not surpassed, the pair is likely advance to 0.6600 and 0.6570 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 0.6600. A break of this target will move the pair further downwards to 0.6570. The pivot point stands at 0.6720. 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 0.6780 and the second target at 0.6820.

Resistance levels: 0.6780, 0.6820, 0.6860

Support levels: 0.66, 0.6570, 0.65

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Technical analysis of GBP/JPY for March 10, 2016

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GBP/JPY is set to a further advance. The pair validated an intraday "V"-bottom pattern, and is now heading upward. The 20-period moving average turned up, and also crossed above the 50-period one, which should be a strong positive signal. Moreover, the relative strength index is bullish above its neutrality area at 50. Looking ahead, as long as 160.30 remains support, look for a new rise to 162.45 and 163.25 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 162.45 and the second one at 163.25. In the alternative scenario, short positions are recommended with the first target at 159.80 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 159.35. The pivot point is at 160.30.

Resistance levels: 162.45, 163.25, 164

Support levels: 159.80, 159.35, 158.60

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Technical analysis of Silver for March 10, 2016

Technical outlook and chart setups:

Silver has dropped lower as expected, and is trading at $15.30 levels at the moment. But please note that the metal might still be poised to rally through $16.35 levels to complete its rally from $13.70 levels earlier. An alternate count could be a drop from here back into $14.50 levels, before resuming its uptrend (it is still a correction on long term structure). Please note that fibonacci 0.618 support for entire rally between $13.70 and $15.93 levels is also at $15.50 levels respectively. It is recommended to remain cautious on short side and take profits for now. We would initiate short positions again on a failure at $15.80/90 levels. Immediate resistance is seen at $15.80/90 levels while support is at $14.60 levels respectively.

Trading recommendations:

Please take profits on short positions taken earlier and remain flat.

Good luck!

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Technical analysis of Gold for March 10, 2016

Technical outlook and chart setups:

Gold is trading lower at $1,251.00 levels for now, looking to pullback towards $1,265.00 levels at least, before resuming its drop. Please note that the yellow metal should retrace at least towards $1,190.00 levels before deciding its next big move. The larger structure indicates that Gold might have completed a 5 wave rally from $1,046.00 through $1,279.00 levels respectively. The metal is now expected to produce a corrective (3 wave) drop lower towards $1,190.00 and subsequently $1,135.00 levels as well. Another probability is that the metal drops into $1,190.00 levels and then rallies through $1,300.00 levels to complete the rally. In any case, a drop towards $1,190.00 levels appears to be most prominent at the moment. It is recommended to continue holding short positions with risk above $1,279.00 levels for now. Immediate support is seen at $1,230.00 levels, while resistance is at $1,279.00 levels respectively.

Trading recommendations:

Remain short for now, stop at $1,282.00, a target is $1,190.00.

Good luck!

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Technical analysis of EUR/JPY for March 10, 2016

Technical outlook and chart setups:

The EUR/JPY pair is trading higher at 128.80/90 levels for now, looking to extend rally towards 128.00 levels at least. The structure indicates that the pair might have completed 5 waves drop from 141.00 through 122.00 levels. Furthermore, please note that a corrective rally (3 waves) might have already begun from sub 122.00 levels earlier. The corresponding correction may unfold as a zigzag or a flat, which would be clear soon. It is recommended to remain long now, with risk below 122.00 levels for now. Please also note that upside potential remains up to 133.00 levels, which is fibonacci 0.618 resistance of the entire drop between 141.00 and 122.00 levels respectively. Immediate support is seen at 123.00 levels while interim resistance is at 128.00 levels respectively.

Trading recommendations:

Remain long now, stop at 122.00, a target is 128.00.

Good luck!

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Technical analysis of GBP/CHF for March 10, 2016

Technical outlook and chart setups:

The GBP/CHF pair is pushing higher towards 1.4300 levels it seems. The pair is out of the ending diagonal as depicted here and could be setting up for a deeper corrective rally towards 1.4850/1.4900 levels, going ahead. The pair seems to be preparing to immediately take out 1.4300 resistance (marked as D), before pulling back lower. It is recommended to remain flat for now and wait for a corrective pullback lower, before getting long again. Immediate resistance is seen at 1.4300 levels while support is at 1.4058 levels respectively. Bulls should remain poised to remain in control till prices stay above 1.3700 levels broadly.

Trading recommendations:

Remain flat for now, and wait for a corrective drop to go long.

Good luck!

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

Elliott wave analysis of EUR/NZD for March 10, 2016

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Wave summary:

An unexpected rate cut from RBNZ acted as a catalyst for the expected acceleration through the resistance line near 1.6341. It indicates that wave [ii] ended at 1.6085 and wave [iii] towards 1.8551 now is developing.

The confirmation that wave [ii] is indeed over will be seen upon a break above resistance at 1.6637 that will call for 1.7220 and above.

Trading recommendation:

We are long EUR from 1.6125 and will move our stop higher to 1.6250. If you are not long EUR yet, then buy near 1.6463 and use the same stop at 1.6250.

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

Elliott wave analysis of EUR/JPY for March 10, 2016

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Wave summary:

Resistance at 125.23 needs to protect the upside for a break below 124.22 and more importantly below support at 123.01 to confirm the expected decline to 119.90 and possibly even lower to 117.35.

If, however resistance at 125.23 is broken, it would call for a more complex correction than already seen and a continuation higher to 126.53 before renewed downside pressure can be expected.

Trading recommendation:

Sell here at 124.83 with stop placed at 125.35.

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

Daily analysis of GBP/USD for March 10, 2016

On H1 chart, GBP/USD is currently being supported by the 1.4183 zone, as the bullish bias stays intact. The 200 SMA in this time frame is slightly neutral, as we're still considering the resistance level of 1.4267 as a possible level to be broken. If the Cable copes with it, then we can expect a rally until the 1.4333 level.

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 at 1.4267, take profit is at 1.4333, and stop loss is at 1.4202.

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

Technical analysis of EUR/USD for March 10, 2016

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When the European market opens, some economic news will be released such as Minimum Bid Rate, Italian Quarterly Unemployment Rate, French Industrial Production m/m, German Trade Balance, and French Final Non-Farm Payrolls q/q. The US will post several economic reports too such as Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1034.

Strong Resistance:1.1028.

Original Resistance: 1.1017.

Inner Sell Area: 1.1006.

Target Inner Area: 1.0981.

Inner Buy Area: 1.0956.

Original Support: 1.0945.

Strong Support: 1.0934.

Breakout SELL Level: 1.0928.

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 10, 2016

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In Asia, Japan will release the PPI y/y. The US will release a series of economic data such as Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. 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: 113.81.

Resistance. 2: 113.59.

Resistance. 1: 113.37.

Support. 1: 113.09.

Support. 2: 112.86.

Support. 3: 112.64.

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