EUR/NZD analysis for March 11, 2016

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6840in 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). There are a few technical reasons behind this great 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 M30 time frame, we can observe changes in a trend behavior that shifted from bullish to bearish. Watch for potential selling opportunities on rallies.

Fibonacci Pivot Points:

Resistance levels: R1: 1.6845 R2: 1.6990 R3: 1.7225

Support levels: S1: 1.6380 S2: 1.6235 S3: 1.6000

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

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Gold analysis for March 11, 2016

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Overview :

Since our last analysis was published, gold has been trading upwards. As I expected, the price tested the level of $1,283.33 in an ultra-high volume. In the daily time frame, I found a supply bar, which is a sign of strength. According to the 30M time frame, I found buying climax on a new high and strong reaction from sellers later on, which is a sign of weakness. Intraday buying looks very risky at this stage. Watch for potential selling opportunities on rallies. first significant support is set at the level of $1,237.25.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,274.70

R2: 1,282.80

R3: 1,296.35

Support levels:

S1: 1,247.30

S2: 1,238.65

S3: 1,255.35

Trading recommendations for today: be careful when buying gold and watch for selling opportunities on rallies.

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NZD/USD intraday technical levels and trading recommendations for March 11, 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, an obvious bearish rejection was expressed around 0.6750 resulting in Wednesday's 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 of 0.6550 where the price action should be watched for a possible buy entry.

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USD/CAD intraday technical levels and trading recommendations for March 11, 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, any signs of a bullish rejection around this price zone 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 11, 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 were expressed around 1.4250 (50% Fibonacci level depicted on the daily chart).

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

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 price level of 1.4360 for an Intraday sell entry.

S/L should be placed above 1.4400. Initial T/P levels should be located at 1.4220, 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 11, 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 was 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 1.1150 and 1.1320.

The supply zone of 1.1360-1.1400 remains a significant supply zone to offer bearish rejection and a valid SELL entry.

Trading Recommendations:

A valid buy entry can be offered near the upper limit of the broken consolidation range (1.1000) when bearish pullback occurs. S/L should be placed below 1.0900.

T/P levels should be placed at 1.1090 and 1.1200.

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Technical analysis of NZD/USD for March 11, 2016

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Overview:

  • The NZD/USD pair dropped strongly from the level of 0.9908 towards 0.6720. On the H4 chart, the resistance is seen at the levels of 0.6720 and 0.6818. So, the price spot of 0.6720 - 0.6818 remains a significant resistance zone today. 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 0.6720 - 0.6818, sell below 0.6630 with the first target at 0.9694 in order to test yesterday's bottom. Additionally, if the NZD/USD pair is able to break out the bottom at 0.6630, the market will decline further to 0.6585 in order to test the daily support 1. Also, it should be noticed that support 2 is seen at the level of 0.6528 which coincides the ratio of 38.2% Fibonacci retracement. At the same time, if a breakout happens at the resistance levels of 0.6720 and 0.6818, then this scenario may be invalidated. But in overall, we still prefer the bearish scenario.

Daily key levels:

  • Major resistance:0.6818
  • Minor resistance:0.6720
  • Intraday pivot point:0.6652
  • Minor support:0.6585
  • Major support:0.6525
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Technical analysis of USD/CHF for March 11, 2016

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 1.000. Yesterday, the pair dropped from the level of 1.0000 to the bottom around 0.9825. But the pair has rebounded from the bottom of 0.9825 to close at 0.9877. Today, the first support level is seen at 0.9762, the price is moving in a bearish channel now. Additionally, it should be noted that volatility is very high, for that the USD/CHF pair is still moving between 0.9875 and 0.9762 in coming hours. Furthermore, the price has been set below the level of 0.9876, which coincides with the 50% Fibonacci retracement level. This resistance has been rejected several times confirming the bearish momentum. On the H4 chart, the RSI starts signaling a downward trend. As a result, if the USD/CHF pair is able to break out the first support at 0.9825, the market will decline further to 0.9762 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9876 with the first target at 0.9825 and further to 0.9762. However, stop loss is to be placed above the level of 1.0000 (yesterday's top).
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Daily analysis of major pairs for March 11, 2016

EUR/USD: The EUR/USD pair spiked downward and then broke upwards. The price is now above the support line of 1.1150, poised to trend further upwards. There is a Bullish Confirmation Pattern in the chart, and there is a possibility that the resistance levels of 1.1250 and 1.1300 might be tested today or next week.

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USD/CHF: The USD/CHF pair spiked upwards and broke downwards later. The price is now below the resistance level of 0.9900, poised to trend further downwards. There is now a Bearish Confirmation Pattern in the chart, and there is a possibility that the support levels of 0.9800 and 0.9750 might be tested today or next week.

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GBP/USD: This pair is still in an equilibrium phase, but a closer look at the chart reveals that bulls are still determined to push the price further upwards. Therefore, the price is expected to move above the distribution territory of 1.4300 soon. There is a Bullish Confirmation Pattern in the market and it is logical to conclude that further upwards movement is possible.

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USD/JPY: This is a volatile market, with no particular direction, save upswings, and downswings, which are short-term in nature. For a directional movement to occur in the market, the price would need to go above the supply level of 114.50 or below the demand level of 112.50. Without this condition being fulfilled, it is better to stay away from the market.

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EUR/JPY: Bulls have won on the EUR/JPY cross this week. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The price is now above the demand zone of 126.50: it could reach the supply zones at 127.00 and 127.50 within the next few trading days. After all, the outlook on some JPY pairs is bright for this month.

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Technical analysis of USDX for March 11, 2016

The Dollar index rejected our important resistance at 98.50 and reversed lower. There is still a risk for more dollar weakness, but bulls will get in control of the trend only if the index breaks above yesterday's highs.

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A s we expected, the Dollar index had a quite volatile session yesterday due to the strategy announcement regarding asset purchases and the rates made by the ECB. EUR/USD is a major component of the index and that is why it made such big swings. Initially, the Dollar index looked strong but bulls could not break above the 98.50 resistance and the Kumo cloud in the 4-hour chart. Prices got rejected and a huge bearish reversal followed, trapping Dollar bulls.

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Blue lines depict trading range.

Red line depicts trend line support.

Support is at 96. This is where the weekly Kumo cloud is found. The Dollar index made a lower high at 98.50 and reversed strongly. This implies that more downside and most probably a new lower low should follow soon. On a longer-term basis, the picture remains neutral as price is still trading sideways inside the blue trading range. Support is at 95.20 on a weekly basis. A break below it will open the way for a push towards 93. Bullish reversal and buy signal will come if the price breaks above 98.50.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of gold for March 11, 2016

Gold price fell to new lows at $1,237 yesterday but reversed strongly upwards breaking above the bearish channel and at the same time holding above the Kumo. As we expected, a new high was made but the bullish momentum declined shortly after it.

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Blue lines depict bearish channel.

Gold price is now testing the 38% Fibonacci retracement of the rise from $1,237 to $1,285. Price remains above the Kumo cloud in the 4-hour chart and the Tenkan-Sen (red indicator) is about to cross the Kijun-Sen (yellow indicator). This is a bullish sign.

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On a weekly basis, price remains in an up trend after breaking above the weekly Kumo resistance. Support is at $1,237 now and a break below will be bearish for gold. Price will move lower towards $1,150 if that happens. If the up trend continues, my target is at $1,300-$1,320 as I have been saying during the last few weeks.

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Global macro overview for 11/03/2016

Global macro overview for 11/03/2016:

The crude oil inventories has again crushed the market expectations by delivering better-than-anticipating data again. Market participants had expected an increase of 3500 K barrels after the massive upbeat seen last week (10374k barrels), but the released number was at the level of 3880 K barrels. Nevertheless, investors seem to be more interested in the news that the OPEC and other oil producers were planning to meet in Moscow on March 20 to discuss prospects for production capping. We will see if this meeting turns out to be a game-changer for oversupplied oil market. In conclusion, oil prices have slightly risen by 25% since mid-February, but with a huge oversupply in the commodity market and no signs of demand increasing, prices could reverse and head towards the symbolic level of $30 again.

Let's now take a look at the technical picture of the crude oil in the H4 time frame. Crude trades above the golden trend line and every touch with 21 EMA results in another spike up. Currently, bulls have broken above the important resistance at the level of 38.39 and they are in full control over the market. Only a sustained break out below the technical support at the level of 36.13 would change the current bullish picture.

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Global macro overview for 11/03/2016

Global macro overview for 11/03/2016:

The ECB cut the interest rate to the level of 0.0% from 0.05% yesterday as Mario Draghi unleashed the bazooka on its yesterday's meeting. As well as cutting all its main rates, the bank lifted its asset buying program by 20 billion euro a month and, in a bombshell, expanded the assets to include non-bank corporate debt. In conclusion, yesterday's scenario one described by me before the ECB meeting has been completely fulfilled. Moreover, it is worth to mention, that ECB's head Mario Draghi stated clearly that the regulator do not anticipate that it will be necessary to reduce rates further. This means the negative interest rates in the EU are off the table for now.

Let us now take a look at the EUR/USD pair after the data release. The market rally had been capped at the level of 1.1218. Bulls seem to have the control over the market for now as the next support is seen at the level of 1.1066 and the next resistance is an old swing high at the level of 1.1376.

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Technical analysis of USD/CAD for March 11, 2016

General overview for 11/03/2016:

The weekly pivot point at the level of 1.3396 was tested after the data release and it capped the price. The result was the price reversal as the downside risk is greater than the upside one due to 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|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 EUR/JPY for March 11, 2016

General overview for 11/03/2016:

As anticipated yesterday, the wave 3 purple to the upside had been made in an impulsive fashion. Currently, the market is in sub-corrective cycle and when it is completed, another rally upwards is anticipated. The targets for wave 5 are around the level of 128.00. Only a sustained breakout below the level of 124.91 would invalidate the bullish scenario.

Support/Resistance:

127.99 - WR2

126.90 - WR1

125.56 - Intraday Support

124.48 - Weekly Pivot

123.41 - WS1

122.06 - Swing Low

Trading recommendations:

Yesterday's buy orders has been closed with massive profits. For those of traders who decided to keep buy orders open, the next TP is seen at the level of 128.00.

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Elliott wave analysis of EUR/NZD for March 11, 2016

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Wave summary:

A price swing were quite volatile yesterday, but nothing has changed in the general picture. Wave [ii] terminated at 1.6086 and wave [iii] higher towards 1.8551 is now developing.

Short-term support is found near 1.6589, which will ideally protect the downside for a breakout above minor resistance at 1.6768 and more importantly above the resistance line of 1.6845 confirming the next rally higher to 1.7220 on its way higher to 1.8551.

Trading recommendation:

The wild swings hit our stop at 1.6250 for a nice profit yesterday. We are looking for an opportunity to re-buy EUR at 1.6595 or upon a breakout above 1.6768 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for March 11, 2016

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Wave summary:

EUR/JPY has moved higher than expected and is likely to test the strong resistance near 126.90. As long as this resistance protects the upside, the long-term correction lower will be intact for a decline closer to 119.90 and even lower to 117.37.

If, however, this resistance gets broken, it will be the first good indication that the long-term correction is over and a new impulsive rally is approaching.

We still prefer one more decline to end this larger correction, but we will stay flexible if the price-action tell us that a bottom is already in place.

Trading recommendation:

We will sell EUR here at 126.79 with stop+revers placed at 128.20

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Daily analysis of USDX for March 11, 2016

The USDX is forming a lower low pattern in the H1 chart and the 200 SMA is pointing to the downside. Currently, it's being supported by the level of 96.03 and we can see a rebound towards the level of 96.61 where a pullback should happen to resume the bearish bias. An overall structure is calling for the downside.

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H1 chart's resistance levels: 96.61 / 96.98

H1 chart's support levels: 96.03 / 95.44

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 96.03, take profit is at 95.44, and stop loss is at 96.61.

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Daily analysis of GBP/USD for March 11, 2016

The cable gained bullish momentum above the 200 SMA and now we can see a higher high pattern formation above the support level of 1.4267. The current structure is calling for further upside above the resistance zone of 1.4333, with targets around the level of 1.4396. The 200 SMA in this time frame is slightly bullish.

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H1 chart's resistance levels: 1.4333 / 1.4396

H1 chart's support levels: 1.4267 / 1.4183

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 1.4333, take profit is at 1.4396, and stop loss is at 1.4271.

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Technical analysis of EUR/USD for March 11, 2016

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When the European market opens, some economic news on the Italian Industrial Production m/m and German Final CPI m/m is due to be released. The US will deliver the economic data on the Import Prices m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1239.

Strong Resistance:1.1233.

Original Resistance: 1.1222.

Inner Sell Area: 1.1211.

Target Inner Area: 1.1185.

Inner Buy Area: 1.1159.

Original Support: 1.1148.

Strong Support: 1.1137.

Breakout SELL Level: 1.1131.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for March 11, 2016

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In Asia, Japan will release the BSI Manufacturing Index. The US will publish some economic data on the Import Prices m/m.So, there is a probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.78.

Resistance. 2: 113.56.

Resistance. 1: 113.34.

Support. 1: 113.06.

Support. 2: 112.83.

Support. 3: 112.61.

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 Silver for March 11, 2016

Technical outlook and chart setups:

Silver is looking unchanged now trading at the levels of $15.50/60 looking for an opportunity to push lower as expected earlier. The metal is expected to push lower towards at least $14.60 until prices remain below $15.80/90. It is hence recommended to remain short for now with risk at $15.93. Immediate resistance is seen at $15.80, while support is seen at $15.10/15. Bears are expected to push prices lower towards fibonacci 0.618 support at $14.50/60 as depicted here, holding at $15.93.

Trading recommendations:

Remain short with stop at $15.93, a target is open.

Good luck!

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Technical analysis of Gold for March 11, 2016

Technical outlook and chart setups:

Gold has managed to push higher and test recent highs of $1,279.00 before pulling lower again. The metal had push through the levels of $1,283.50 earlier, but dropped lower towards $1,277.00/78.00. As depicted here, the structure reveals that the yellow metal might have completed a diagonal into wave 5, and should be topping out soon. If this scenario holds true, prices should not exceed $1,283.00 instead of a continuing drop lower from here. As an alternative, the yellow metal still could push higher one more time towards $1,310.00 before reversing lower. For now, it is recommended to remain flat and wait for further confirmation before committing a short position. Immediate resistance is seen at $1,307.00, while support is at $1,236.50.

Trading recommendations:

Remain flat now. An aggressive setup would be to remain short with risk above $1,284.00.

Good luck!

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Technical analysis of EUR/JPY for March 11, 2016

Technical outlook and chart setups:

The EUR/JPY pair rallied through the levels of 126.80 yesterday. The pair is trading at 126.50 now, looking for an opportunity to reverse lower below 122.00. Please note that the rally from 122.00 is likely to be corrective until now, and a bearish reversal here would bring bears back into control. The wave structure also reveals that the pair might just have completed wave 4 corrective rally that begun from 122.00 earlier. It is hence recommended to take profits on long positions taken earlier and turn bearish now with risk at 128.50. Immediate resistance is seen at the level of 128.20, while support is found at 123.50. Watch out for a bearish reversal at the current levels.

Trading recommendations:

Please take profits on long positions taken earlier and turn bearish with stop at 128.50, a target is open.

Good luck!

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Technical analysis of GBP/CHF for March 11, 2016

Technical outlook and chart setups:

The GBP/CHF pair has dropped lower and is currently trading at 1.4040. The pair might have completed its correction and should be preparing to resume its rally towards the level of 1.4300. Please note that the recent drop looks to be corrective and a push towards 1.4300 would then complete the rally that had begun from the level of 1.3700 earlier. On the flip side, a drop lower towards 1.3900 would indicate that a meaningful top is in place at 1.4200. It is now recommended to remain long with risk at 1.3900. Immediate support is seen at 1.3960, while resistance is seen at 1.4300.

Trading recommendations:

Remain long now, stop is at 1.3900, a target is at 1.4300.

Good luck!

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

Daily analysis of Gold for March 10, 2016

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Overview

The gold price is trading steadily above 1,241.80 levels, thus keeping the bullish trend scenario valid and active for today. A breach of the critical resistance at 1,262.23 represents the key extension of the bullish wave towards 1,300.00. In general, we still expect the bullish trend on the intraday and short-term bases conditioned by holding above 1,241.80 and, most important, above 1,212.34 levels.The expected trading range for today is between 1,235.00 support and 1,280.00 resistance.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for March 10, 2016

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Overview

The silver price closed yesterday's trading at the previously breached resistance level of the bearish channel. Now silver is trading above it, forming a major support base at 15.20. As long as the price is above this level, we believe that chances for resuming the bullish bias in the upcoming period are high. It is likely to test the 15.70 level initially. Breaching the mentioned level will extend silver gains to 16.35 as the next main station. Remember that the continuation of the expected bullish trend depends on steady trading above 15.20 and, most important, above 14.67 levels.The expected trading range for today is between 14.80 support and 15.70 resistance.The material has been provided by InstaForex Company - www.instaforex.com