Global macro overview for 14/03/2016

Global macro overview for 14/03/2016:

IIn the regional elections taken place last Sunday the German voters punished Chancellor Merkels conservatives, giving a thumbs-down to her open-door refugee policy and turning in droves to the anti-immigrant Alternative for Germany (AfD). The result is a big setback for Merkel, who has led eurozone's largest economy for a decade, and could narrow her room to maneuver as she tries to convince her EU partners to seal a deal with Turkey to stem the tide of migrants. The political party of Merkel, the Christian Democrats (CDU), lost ground in all important states – Baden-Wuerttemberg and Rhineland-Palatinate in the west and Saxony-Anhalt in the east – which were together widely seen as offering a verdict on Merkel's liberal migrant policy. In conclusion, this contest was the biggest of Merkel's third-term and the broadest electoral test before the next German federal ballot in 18 months. If the main ballot get even worse, that this one, the future of the EU policy towards migrants and the whole economic foundation's might be completely changed, influencing the financial markets.

Let's now take a look at the EUR/USD technical picture in the H4 time frame after the last rally on Friday. The local top was established at the level of 1.1217 and the market slowly went lower to test the support at the level of 1.1079. Currently, bulls are trying to re-gain the control in the market using the level of 1.1079 as a technical support to rally towards the level of 1.1217. Only a clear and sustained violation of the level of 1.0822 would change the current picture from bullish to bearish again.

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Global macro overview for 14/03/2016

Global macro overview for 14/03/2016:

China's industrial production growth has slowed to the weakest level since the financial crisis, sparking concerns over the global recovery. According to the National Bureau of Statistics, industrial output increased by 5.4% in January and February (5.6% expected; 5.9% prior), the worst performance since 2008. Moreover, retail sales growth slowed to 10.2% from 10.8% a month ago (and 11.1% in December 2015). Recent data also revealed that China's exports plunged 25.4% in February compared with the same month last year, biggest monthly drop since 2009. In conclusion, the recent data intensify concerns over economy's health, and the majority of investors might start to buy safer assets like gold, yen or Swiss franc.

So, how is gold, the safe heaven asset, performing from technical point of view? It looks like the bulls have gained control over this market as the impulsive rally from the double bottom at 1,046 has ended 240 dollars higher at 1,283. Currently, on a daily chart we can see a mature bearish divergence between the price and the momentum oscillator, so temporary corrective cycle might push the prices lower towards the 1,191 level.

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NZD/USD intraday technical levels and trading recommendations for March 14, 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.

Importantly, 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 14, 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 1.3200-1.3250 corresponds to the depicted weekly uptrend line and the upper limit of the previous consolidation range (prominent breakout level).

Hence, any signs of a bullish rejection around this zone should be considered a valid buy signal.

Trading Recommendation:

Conservative traders should be looking for a valid bullish entry around the current price zone of 1.3200-1.3250.

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 14, 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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A recent lower high was achieved around the level of 1.4530. This applied extensive bearish pressure against the price level of 1.4235.

Hence, an extensive bearish breakout below 1.4235 was expressed on the daily chart (the GBP/USD looked oversold few weeks ago).

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 1.4375.

The broken demand zone (1.4235-1.4375) now constitutes a significant supply zone to offer bearish rejection in the short-term perspective.

Early signs of a bearish rejection were expressed around 1.4235 (50% Fibonacci level depicted on the daily chart).

However, the recent bearish signs were not strong enough. Hence, more bullish advancement towards 1.4375 was expressed as expected.

Trading Recommendations:

Price actions should be watched around the level of 1.4375 for an intraday sell entry.

S/L should be placed above 1.4420. 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 14, 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 been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level.

April's monthly candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection in the area around 1.1400.

December's candlestick came as bullish engulfing one allowing the current bullish pullback to take place towards 1.1370.

The 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 were depicted on the daily chart.

On February 12, a strong bearish engulfing daily candlestick was expressed near the mentioned supply zone . Hence, a quick bearish decline towards 1.1000 was executed.

Temporary 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 swing was initiated.

Last week, a bullish fixation above 1.1000 was mandatory to allow further bullish movement to take place. More bullish targets should be expected around 1.1320 and 1.1400.

The supply zone of 1.1360-1.1400 remains a significant resistance zone for the EUR/USD pair to offer bearish rejection and a valid sell entry.

Trading Recommendation:

A valid buy entry can be offered near the upper limit of a broken consolidation range (1.1000) when a 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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EUR/NZD analysis for March 14, 2016

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Overview:

Recently, EUR/NZD has been moving downwards. As I expected, due to a massive buying climax in the background, the price tested the level of 1.6513. In the daily time frame, we can observe strong supply bar in a high volume, which is a sign of weakness. According to the M30 time frame, I found potential downward continuation. The level of 1.6600 looks very good for selling. I placed Fibonacci expansion to find a potential downward station. I got Fibonacci expansion 61.8% at the level of 1.6415. Watch for potential selling opportunities on rallies.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6705

R2: 1.6770

R3: 1.6875

Support levels:

S1: 1.6500

S2: 1.6435

S3: 1.6325

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

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Gold analysis for March 14, 2016

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View :

Since our last analysis was published, gold has been trading downwards. As I expected, the price tested the level of $1,247.83 in an average volume. In the daily time frame, we can observe weak supply, which is a sign of strength. In the M30 time frame, I found a strong support zone ((high volume zone) around the level of $1,249.00. I have placed Fibonacci expansion to find potential upward target and resistance level. I got Fibonacci expansion 61.8% at the level of $1,276.50. Watch for potential buying opportunities on dips.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,254.35

R2: 1,255.60

R3: 1,257.70

Support levels:

S1: 1,250.30

S2: 1,248.90

S3: 1,246.90

Trading recommendations for today: be careful when selling gold, watch for buying opportunities on dips.

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Technical analysis of GBP/USD for March 14, 2016

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Overview:

  • The GBP/USD pair faced support at the level of 1.4312, while strong support is seen at 1.4188. Resistance is found at the levels of 1.4436 and 1.4507. Also, it should be noted that a weekly pivot point has already set at the level of 1.4312. Equally important, the GBP/USD pair is still moving around the key level of 1.4312, which represents a weekly pivot in the H1 time frame. Today, the GBP/USD pair will probably continue to move upwards from the level of 1.4312. In consequence, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.4312 towards the target level of 1.4436 so as to test the double top in the same time frame. If the pair succeeds in passing through the level of 1.4436, the market will indicate the bullish opportunity above the level of 1.4436 in order to reach the second target at 1.4507. On the other hand, if a breakout happens at the support level of 1.4300, then this scenario may be invalidated.

Intraday technical levels:

  • R3: 1.4826
  • R2: 1.4631
  • R1: 1.4507
  • PP: 1.4312
  • S1: 1.4188
  • S2: 1.3993
  • S3: 1.3869
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Technical analysis of EUR/USD for March 14, 2016

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Overview:

  • The EUR/USD pair is trading around the area of 1.1110 today. In the H1 time frame, the level of 1.1062 represents a weekly pivot point. Hence, the pair has already formed minor support at 1.1062 and the strong support is seen at the level of 1.09000 because it represents the weekly support 1. From this point, major resistance is seen at 1.1302, while immediate support is found at 1.1062. If the pair closes below the weekly pivot point of 1.1062, the EUR/USD pair may resume it movement to 1.0906 to test the weekly support 1. We expect the EUR/USD pair to move between the levels of 1.1110 and 1.0906 this week. Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the double top. As a result, sell below the weekly pivot point of 1.1062 with targets at 1.0970 and 1.0906 in order to test the weekly support 1. Nevertheless, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 1.1315.

Intraday technical levels:

  • R3: 1.1698
  • R2: 1.1458
  • R1: 1.1302
  • PP: 1.1062
  • S1: 1.0906
  • S2: 1.0666
  • S3: 1.0510
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Technical analysis of USD/JPY for March 14, 2016

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USD/JPY is expected to trade with a bullish bias above 113.00. Last Friday, the US stocks rallied over 1%, lifted by financial and energy shares. The Dow Jones Industrial Average rose 1.3% to 17213, the S&P 500 gained 1.6% to 2022, and the Nasdaq Composite was up 1.9% to 4748.

Nymex crude oil increased 1.7% to $38.50 a barrel, gold lost 1.8% to $1248 an ounce, while the benchmark 10-year Treasury yield rose further to 1.977% from 1.927% Thursday.

On the forex front, the euro gave back some gains made against the US dollar in the previous session, with EUR/USD declining 0.2% to 1.1150. And USD/JPY was up 0.6% to 113.80. On the other hand, GBP/USD rose a further 0.8% to 1.4385, AUD/USD surged 1.5% to 0.7563 and NZD/USD was up 1.3% to 0.6750. Meanwhile, USD/CAD lost 1.0% to settle at 1.3208, below the 200-day moving average again.

Traders should be shifting focus to this week's Federal Reserve monetary policy meeting.The pair has found the key support at 113.00, trading around the 20-period (30-minute chart) moving average, which stands above the 50-period one. As long as the bullish bias is maintained, the pair is expected to proceed toward the first upside target at 114.25 (a key resistance tested repeatedly within the month) and in extension the second one at 114.50.

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 14, 2016

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USD/CHF is expected to trade with a bullish bias. The pair is still in an uptrend, and both rising 20-period and 50-period moving averages are acting as support. Technically, the relative strength index is above its neutrality area of 50, calling for a new rebound. Last but not least, the key horizontal support of 0.9790 maintains the strong buying pressure. To sum up, as long as 0.9790 is not broken, further advance is likely to occur to 0.9895 and 0.9940 in extension.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.9895 and the second one at 0.9940. In the alternative scenario, short positions are recommended with the first target at 0.9755 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 0.9725. The pivot point is at 0.9790.

Resistance levels: 0.9895, 0.9940, 1.0010

Support levels: 0.99, 0.9875, 0.9850

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Technical analysis of NZD/USD for March 14, 2016

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NZD/USD is expected to trade in a higher range as the bias remains bullish. The pair is turning up, supported by its rising 20-period and 50-period moving averages. The relative strength index stands firmly above its neutrality area of 50. Furthermore, the process of higher highs and lows remains intact, which should confirm a positive outlook. In these perspectives, as long as 0.6675 holds on the downside, we are looking for a new bounce to 0.6780 and 0.6815 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.6780 and the second one at 0.6815. In the alternative scenario, short positions are recommended with the first target at 0.6645 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 0.66. The pivot point is at 0.6675.

Resistance levels: 0.6780, 0.6820, 0.6860

Support levels: 0.6645, 0.66, 0.6570

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Technical analysis of GBP/JPY for March 14, 2016

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GBP/JPY is expected to prevail its upside movement. The pair remains in a bullish trend, and is expected to challenge its next resistance at 164.15 in coming trading hours. A bullish breakout of this threshold is more likely to occur as the 20-period and 50-period moving averages are heading upward, which should continue to push prices higher. Besides, the relative strength index is above its neutrality area of 50. To sum up, as long as 162.80 (a horizontal support) is not broken, the price is likely advance to 164.15 and 164.60 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 164.15 and the second one at 164.60. In the alternative scenario, short positions are recommended with the first target at 162.20 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 161.35. The pivot point is at 162.80.

Resistance levels: 164.15, 164.60, 165.35

Support levels: 162.20, 161.35, 160.50

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Technical analysis of EUR/JPY for March 14, 2016

General overview for 14/03/2016:

There is one more wave to be completed in the recent bullish impulsive rally before any meaningful correction will take place. The projected target level for wave 5 purple is at the level of 127.80, just where the golden trend-line dynamic resistance is. After making this local high for wave 5, the market should develop the sub-corrective wave and test the level of 125.88 before another impulsive leg upwards happens.

Support/Resistance:

127.26 - Intraday Resistance

126.05 - Weekly Pivot

125.58 - Intraday Support

124.82 - WS1

121.83 - WS2

Trading recommendations:

Day traders should buy the dips in this market with SL below the level of 126.05 and TP at the level of 127.80.

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Technical analysis of USD/CAD for March 14, 2016

General overview for 14/03/2016:

A building bullish divergence between the price and the momentum oscillator indicates the rebound in price action in order to complete the wave (b) blue. The projected target for wave (b) is seen at the level of 1.3383 and it must end below the level of 1.3446. When the corrective cycle in wave (b) blue is completed, a trend should continue lower towards the level of 1.3106.

Support/Resistance:

1.3106 - WS1

1.3163 - Intraday Support

1.3275 - Weekly Pivot

1.3383 - WR1

1.3446 - Intraday Resistance

1.3554 - WR2

1.3662 - WR3

Trading recommendations:

Day traders should sell into the strength of the wave (b) blue with SL above the level of 1.3446 and TP at the level of 1.3106.

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Elliott wave analysis of EUR/NZD for March 14, 2016

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Wave summary:

The correction we where looking for has become slightly deeper than expected, but that does not alter our expectation of a new impulsive rally taking off soon.

The deeper correction just tells us that the Market is still unsure about the validity of this rally, which is well understood taking into consideration of all the previous attempts to rally that failed.

Support in the area of 1.6445 - 1.6521 will ideally protect the downside for a breakout above 1.6609 confirming the next impulsive rally higher towards 1.7220.

Only an unexpected breakout below support at 1.6197 will invalidate the bullish outlook.

Trading recommendation:

We have bought EUR again at 1.6595 and will place our stop at 1.6195 expecting to move it higher soon. If you are not long already, then buy in the area of 1.6445 - 1.6521 or upon a breakout above 1.6609 and use the same stop.

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Elliott wave analysis of EUR/JPY for March 14, 2016

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Wave summary:

After testing very strong resistance near 126.90, we are look for a breakout below minor support at 126.05 to confirm that wave b is over and wave c towards 119.90, and possibly even lower to 117.35, is developing.

It should just be a matter of time before we could see the peak of this b-wave rally and a new strong decline in wave c.

Trading recommendation:

We are short EUR from 126.79 with stop placed at 128.20. If you are not short yet, then sell now and use the same stop at 128.20 or sell on a break below support at 126.05.

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Technical analysis of Silver for March 14, 2016

Technical outlook and chart setups:

Silver stalled at $15.70 yet again on Friday and reversed lower. The metal is trading at $15.50 now, looking for a way to drop lower towards $14.50 and complete its flat correction before resuming the recent rally. Please note that a corrective drop towards would complete wave 2, before resuming wave 3 rally towards $17.50. It is hence recommended to remain short with risk above $15.80/90. Immediate support is seen at $15.00, while resistance is at $15.93. Bears are expected to remain in control until prices stay below $15.93 going forward.

Trading recommendations:

Remain short for now, stop is above $15.80, a target is $14.50

Good luck!

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

Technical analysis of Gold for March 14, 2016

Technical outlook and chart setups:

Gold is trading at the levels of $1,255.00 this moment, and is likely to face resistance around $1,265.00/70.00. Please note that the yellow metal has been moving in a potential ending diagonal as depicted here. The structure indicates that a drop below $1,235.00 would confirm that the metal has formed a meaningful top and a deeper correction is underway. Please also note that the rally from $1,046.00 through $1,283.00 is also needed to correct lower, before resuming towards upside. It is hence recommended to remain short with risk seen above $1,283.00. Immediate resistance is seen at $1,283.00, while support is at $1,236.00. Bears are expected to remain in control until prices stay below $1,283.00 going forward.

Trading recommendations:

Remain short with stop above $1,283.00, a target is at $1,190.00 at least.

Good luck!

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

Technical analysis of EUR/JPY for March 14, 2016

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading at the level of 127.00 this moment, looking for an opportunity to resume its downtrend. The structure reveals that the recent rally from 122.00 through 127.00 has unfolded in 3 waves, which is corrective in nature. Furthermore, the pair is facing Fibonacci 50% resistance of a drop between 132.00 and 122.00. It is hence recommended to remain short now with risk above 128.00. Immediate resistance is seen at 128.00, while support is at 126.00. Bears are expected to take control back from here until prices stay broadly below 128.00, looking lower from here.

Trading recommendations:

Remain short for now with stop above 128.00, a target is open.

Good luck!

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

Daily analysis of USDX for March 14, 2016

On the H1 chart, the USDX has been forming a lower low pattern, which remains supported by the level of 96.03. We can see the index to be re-testing the resistance zone of 96.61. The 200 SMA is still pointing to the downside, and we should note that the decline towards 95.44 has not been discarded yet. The MACD indicator is in the positive territory.

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

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

Daily analysis of GBP/USD for March 14, 2016

The pair has been doing some rallies above the 200 SMA in the H1 chart and we should note that the lows reached on March 10 are still supporting the cable on the upside. Currently, it's facing-off the resistance level of 1.4396, where a breakout should happen in order to push the pair towards the next sellers interest zone around 1.4459.

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H1 chart's resistance levels: 1.4396 / 1.4459

H1 chart's support levels: 1.4333 / 1.4267

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 1.4396, take profit is at 1.4459 and stop loss is at 1.4333.

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Technical analysis of GBP/CHF for March 14, 2016

Technical outlook and chart setups:

The GBP/CHF pair is trading higher at the levels of 1.4140/50 this moment. The pair is looking for an opportunity to push higher as expected and discussed earlier, towards at least 1.4300. Bulls are expected to remain in control now, and prices should stay above 1.4000. Please note that the pair had bounced off Fibonacci 0.50% support at 1.4000/20 as seen here. It is recommended to remain long for now with risk at 1.3900. Immediate support is seen at 1.4000, while resistance is at 1.4320. Watch for a breakout above the level of 1.4325 going forward.

Trading recommendations:

Remain long with stop at 1.3900, a target is at 1.4300/25.

Good luck!

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

Technical analysis of EUR/USD for March 14, 2016

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When the European market opens, some economic news on the Industrial Production m/m is due to be released. Today, the US will not deliver any economic data. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1217.

Strong Resistance:1.1211.

Original Resistance: 1.1200.

Inner Sell Area: 1.1189.

Target Inner Area: 1.1163.

Inner Buy Area: 1.1137.

Original Support: 1.1126.

Strong Support: 1.1115.

Breakout sell level: 1.1109.

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 14, 2016

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In Asia, Japan will release the Core Machinery Orders m/m, and the US will not deliver any economic data today. 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: 114.52.

Resistance. 2: 114.29.

Resistance. 1: 114.07.

Support. 1: 113.79.

Support. 2: 113.57.

Support. 3: 113.35.

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

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

Daily analysis of major pairs for March 14, 2016

EUR/USD: This pair ended up being bullish last week, especially as the price skyrocketed from a low of 1.0821, which was formed on Thursday (March 10, 2016). The price skyrocketed by almost 400 pips from there, bringing an abrupt end to the recent bearish outlook on the market. There is now a "buy" signal on the EUR/USD chart, for the price could continue moving higher this week.

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USD/CHF: The USD/CHF pair ended up being bearish last week, especially as a price fell from the high of 1.0092, which was reached on Thursday (March 10, 2016). The price fell like a stone, by almost 280 pips, from that weekly high, bringing an abrupt end to the recent protracted consolidation in the market. There is now a sell signal on the USD/CHF chart, for the price could continue moving lower this week. Generally, the USD would be facing attacks at many fronts, since GBP/USD, EUR/USD and especially, the NZD/USD pair, would be seen trending upwards this week.

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GBP/USD: In spite of occasional shallow corrections on the cable, bulls managed to push up the price by roughly 250 pips last week, as the price closed at 1.4383 on Friday, March 11, 2016. The EMA 11 is now above the EMA 56 as the RSI period 14 is above the level of 50. Normally, the price should continue going upwards this week.

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USD/JPY: What this currency trading instrument experienced last week could best be called "wild volatility." There were sharp upswings alternated by sharp downswings in the chart, with no clear victory between bulls and the bears. However, there should be a directional movement this week, which would most probably favor bulls.

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EUR/JPY: The EUR/JPY pair ended up being bullish last week, having formed a Bullish Confirmation Pattern in the chart. The supply level of 127.00 has been tested and it would be tested again as bulls are determined to continue pushing the price upwards. The price is supposed to continue moving upwards this week, reaching the supply zones around 127.50 and 130.00.

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