NZD/USD intraday technical levels and trading recommendations for March 15, 2016

analytics56e81e016f668.png

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.

Otherwise, a bearish breakdown below 0.6550 (low probability) will allow a quick bearish decline towards 0.6430 (depicted support level).

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

USD/CAD intraday technical levels and trading recommendations for March 15, 2016

analytics56e81bfce9230.pnganalytics56e81c0d651df.png

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established from 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit to the resistance level of 1.4120 (Fibonacci Expansion 100%) was executed.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where an evident bearish rejection was expected (bearish engulfing weekly candlestick).

The 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 1.3180-1.3250 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, the current signs of bullish rejection around this price zone should be considered a valid buy signal.

Trading Recommendation:

Conservative traders were advised to look for a valid bullish entry around the current price zone of 1.3200-1.3250. It is currently running in profits.

S/L should be located below 1.3150. Initial T/P levels should be located at 1.3400, 1.3500, and 1.3640.

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

Intraday technical levels and trading recommendations for GBP/USD for March 15, 2016

analytics56e814e406307.png

On January 21, after the GBP/USD pair moved below 1.4220, evident signs of 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 1.4235-1.4375 constitutes a significant supply zone to be watched for evident bearish rejection.

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

analytics56e815757b17b.png

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 was expressed towards 1.4375.

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

Lack of bearish rejection around 1.4235 allowed more bullish advancement towards the level of 1.4375.

Early signs of bearish rejection were expressed around 1.4375 (61.8% Fibonacci level depicted on the daily chart).

Trading Recommendations:

The depicted bearish rejection signs indicated a valid sell entry around the level of 1.4375.

S/L should be placed above 1.4400. Initial T/P levels should be located at 1.4150, 1.4100, and 1.4050.

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

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

Intraday technical levels and trading recommendations for EUR/USD for March 15, 2016

analytics56e814296b6be.png

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

December's candlestick came as a 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.

analytics56e81432ba63a.png

In October 2015, the daily supply zone of 1.1360-1.1400 produced significant bearish pressure shortly after the EUR/USD pair spiked above the level of 1.1500 (daily supply level).

A bearish breakout of the depicted uptrend was performed later on October 23. This enhanced a long-term bearish scenario with targets at 1.0800 and 1.0600.

In November 2015, daily persistence below the level of 1.0800 (prominent key level) ensured enough bearish momentum towards 1.0550 (monthly demand level) where the most recent bullish swing was initiated.

During the last few weeks, a consolidation range 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.

A 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 1.1350-1.1400 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 around the upper limit of the depicted 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.

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

EUR/NZD analysis for March 15, 2016

EURNZDDaily.png15.png

EURNZDH4.png15.png

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6746. In the daily time frame, we can observe a demand bar in an average volume. In the H4 time frame, I found a broken downward channel (high volume breakout )in the background, which is a strong sign for a potential upward movement. I have placed Fibonacci expansion to find potential upward targets and resistance levels. I got Fibonacci expansion 61.8% at the level of 1.6940, FIbonacci expansion 100% at the level of 1.7200 and Fibonacci expansion 161.8% at the level of 1.7670. Watch for potential buying opportunities on dips.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6705

R2: 1.6695

R3: 1.6770

Support levels:

S1: 1.6545

S2: 1.6510

S3: 1.6450

Trading recommendation for today: watch for potential buying opportunities on dips.

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

Global macro overview for 15/03/2016

Global macro overview for 15/03/2016:

The minutes from the RBA's policy meeting published yesterday showed that central bank retained easing bias in March, but it sees no immediate need for further reductions in the key interest rate. The RBA was contented with the progress the Australian economy is making in rebalancing towards non-mining sectors of the economy, helped by low interest rates and the depreciation of the exchange rate over the past couple of years. Nevertheless, the RBA has become increasingly worried about the global financial conditions since the beginning of the year, mainly with fears over China's economic condition and unstable outlook for monetary policy in the other major economies. In conclusion, low inflation provides room for further interest rate cuts, but the central bank remains cautious amid signs that global uncertainty was impacting domestic economy so far.

Let us now take a look at the AUD/USD technical picture on the daily chart. The market has been capped at the technical resistance of 0.7598 and currently it retreats from that level towards the next support at the level of 0.7411. Any breakout below this support would suggest that bears are in full control of this market and the sell-off might accelerate further.

analytics56e8001522f43.jpg

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

Global macro overview for 15/03/2016

Global macro overview for 15/03/2016:

The Bank of Japan has left the current interest rate negative at -0.10% as anticipated and hasn't increased the annual monetary base above 80T. Nevertheless, in the official statement at the press conference BoJ sounded pessimistic about the economy and warned that weak inflation would continue. BoJ Governor Haruhiko Kuroda noted that exports and output was down due to slowing growth in emerging economies. In conclusion, further easing steps will likely be applied in April, with many experts expecting the BoJ to expand monetary stimulus next month.

Now let's take a look at the USD/JPY technical picture on the daily chart. The clear triangle structure has been building up since February 11, and the price is still trading in this congestion range. Only a clear break-out below the 110.94 level will indicate the bears are back in control and they might try to test the important daily support at 110.06.

analytics56e7fa13383d1.jpg

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

Analysis of gold for March 15, 2016

GOLDDaily.png15.png

GOLDH4.png15.png

View :

Since our last analysis was published, gold has been trading downwards. The price tested the $1,225.58 level in an average volume. It can be seen in the daily time-frame chart that the price broke the upward trendline (support) and confirmed potential continuation of a downward trend. In the 4H time-frame chart, I found broken trendline and we may expect potential testing of $1,240.00. Take profit level is set at $1,192.50. Watch for potential selling opportunities on the rallies.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,252.10

R2: 1,257.60

R3: 1,266.65

Support levels:

S1: 1,234.15

S2: 1,228.60

S3: 1,219.65

Trading recommendations for today: Be careful when buying gold, watch for selling opportunities on the rallies.

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

Technical analysis of EUR/JPY for March 15, 2016

General overview for 15/03/2016:

The five wave impulsive pattern has been completed, and now the market is in the corrective cycle. The correction might be complex and time consuming, but it can't violate the 123.07 level. If it does, the alternative count will be in play which suggests more downward wave progression towards the 122.06 level.

Support/Resistance:

127.26 - Intraday Resistance

126.05 - Weekly Pivot

125.58 - Intraday Resistance

124.90 - Intraday Support

124.82 - WS1

123.07 - Green Impulsive Cycle Invalidation Level

121.83 - WS2

Trading recommendations:

Day traders should buy on the dips with SL below 123.07 and TP open for now.

analytics56e7f7f7db3ee.jpg

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

Technical analysis of USD/CAD for March 15, 2016

General overview for 15/03/2016:

The projected target for the wave B at the 1.3383 level has been hit as expected. When the corrective cycle in the blue wave B is completed, a trend should continue lower towards the 1.3106 level. The first sign of a down trend continuation comes with an intraday channel break-out and another test of the weekly pivot at 1.3275.

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 blue wave B with SL above 1.3446 and TP at 1.3106.

analytics56e7f6386913e.jpg

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

Technical analysis of NZD/USD for March 15, 2016

NZDUSDH1.png

Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.6726. Yesterday, the pair dropped from the level of 0.6726 to the bottom around 0.6636, which coincides with weekly support 1. But the pair has rebounded from the bottom of 0.6636 to close at 0.6664. Today, the first support level is seen at 0.6636, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.6693, which coincides with the 38.2% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.6636, the market will decline further to 0.6529 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be profitable to sell below the level of 0.6636 with the first target at 0.6570 and further to 0.6529. However, stop loss is to be placed above the level of 0.6730 (the weekly pivot point is seen at 0.6726).

Daily key levels:

  • Major resistance:0.6923
  • Minor resistance:0.6833
  • Intraday pivot point:0.6726
  • Minor support:0.6636
  • Major support:0.6529
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for March 15, 2016

USDCHFH1.png

Overview:

  • The USD/CHF pair fell from the level of 1.0092 to the bottom at 0.9802 last week. The USD/CHF pair has faced strong support at the level of 0.9802, for that the pair rebounded from the bottom of 0.9802 towards the first resistance at the level of 0.9906. Today, the USD/CHF pair has faced resistance at the level of 0.9802, while major resistance is seen at 1.0011. Support is found at the levels of 0.9802 and 0.9721. The target level is seen at 0.9958. In the H1 time frame, if the pair fails to pass through the level of 0.9906, the market will indicate the bearish opportunity below the level of 0.9906 in order to reach the first target at 0.9802 in order to re-test the double bottom again. From this point, we expect the USD/CHF pair to continue moving in the bearish trend from the bottom level of 0.9802 towards the next target at 0.971, which represents the weekly support 1. However, a breakout of the level at 0.9906 will move the pair further upwards to 1.0090 today.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for March 15, 2016

The EUR/USD pair is sliding sideways and lower after the last volatile week that saw the price testing the level of 1.08 and reverse higher towards 1.12. As long as the price is above 1.08, we could see even a bigger bounce towards 1.14-1.15 over the coming weeks. But if we break below 1.08, we should expect strong downside move towards 1.05 and lower.

analytics56e7c998797dd.jpg

Red rectangle area - resistance

Green rectangle area - support

EUR/USD is sliding lower after a big upward spike taken place last week. Short-term support is found at 1.1080, while short-term resistance is seen at 1.1150. The most important levels however traders should focus on are last week's low, the reversal point at 1.0820, and last week's high. A breakout of either of those two levels will strengthen the direction of the breakout.

analytics56e7cce449a64.jpg

Black line - resistance trend line

Blue lines - bullish channel

In the daily chart, the price remains above the Kumo (cloud) after back-testing it last week after the ECB announcement. The bullish scenario implies that the price will push even higher towards the upper blue channel boundary near 1.14-1.15. The bearish scenario will be triggered if we break below 1.0820. This will open the way to more aggressive selling towards 1.05 and most probably even lower.

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

Technical analysis of USDCAD for March 15, 2016

The USD/CAD has broken above the short-term bearish channel and has given initial reversal signals for a trend. This reversal can be of a large-degree reversal that could push the price back towards 1.40.

analytics56e7c809d8516.jpg

Blue lines - bearish channel

The USD/CAD pair has broken above the bearish channel and is now testing the Kumo (cloud) resistance at 1.34. A breakout above the cloud will confirm the short-term trend reversal and can push the price towards 1.40. Short-term support is found at 1.3279, while short-term resistance is seen at 1.3360.

analytics56e7c86ceeedb.jpg

Black line- long-term support trend line

Looking at the weekly USD/CAD chart, we can observe how the price has reached the important long-term support trend line. At the same time, the stochastic oscillator has reached the oversold levels. At 1.3165, we could see an important multi-week low as the price has reversed. Important weekly resistance is seen in the area of 1.37-1.40. Breaking above this area will open the way towards new highs.

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

Elliott wave analysis of EUR/NZD for March 15 - 2016

analytics56e7bc16ee76f.png

Wave summary:

The support area between 1.6445 - 1.6521 held perfect for a new rally. In the short term, I will be looking for a break above 1.6703 as the first good indication that the next impulsive rally is building for a rally towards 1.7220 and above. To confirm the rally towards 1.7220 a break above 1.6845 will be needed, but we do not think it will take a lot of effort to break this resistance.

Trading recommendation:

We are long EUR from 1.6595 and will move stop higher to 1.6460. If you are not long EUR yet buy a break above 1.6845 and use the same stop, but expect to raise it quickly.

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

USDX technical analysis for March 15, 2016

The Dollar index remains trapped inside the medium-term trend trading range of 98.50 and 95. As long as price is inside this trading range it is best advised to be neutral. Any breakout above or below this range will signal the start of an important new trend.

analytics56e7b9c1413ec.jpg

Red rectangle area - resistance

Green rectangle area - support

The Dollar index had a very volatile week and has started this one on a calmer note. Short-term support is at 96 while short-term resistance is at 97.40. Trend is bearish for the short-term after the rejection at 98.50 and the bearish reversal. Price is making lower lows and lower highs since last week.

analytics56e7bb36d3d02.jpg

Black lines - triangle pattern

Red rectangle area- resistance

Green rectangle area - support

The weekly chart remains neutral as price continues to trade sideways, but still above the Ichimoku cloud. The triangle pattern that has been formed will soon provide a breakout or breakdown so traders should wait for that signal to trade. Until then traders should be very cautious as we have very important news from the Fed this week.

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

Elliott wave analysis of EUR/JPY for March 15 - 2016

analytics56e7ba723fdfb.png

Wave summary:

The break below minor support at 126.03 is the first strong indication that the corrective wave b terminated at 127.27 and wave c now is developing for a decline to 119.90 and maybe even lower to 117.35.

In the short term, the former support at 126.03 now acts as resistance for a continuation lower to 123.01 and below here confirms the decline to 119.90 and maybe lower.

Trading recommendation:

We are short EUR from 126.79 and will move our stop lower to 126.75. If you are not short EUR yet, then sell near 126.03 and use the same stop.

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

Gold technical analysis for March 15, 2016

Gold price reversed strongly last week and yesterday broke below important support levels and below the recent low at $1,237. This implies that it is very likely the entire upward move that started at $1.045 has ended.

analytics56e7b6da09d77.jpg

Blue lines - sideways channel

Price has broken below the 4 hour Ichimoku cloud support and below the latest low. This is a bearish reversal signal for Gold. We could see a bounce towards the Kumo (Cloud) at $1,245 but overall I believe we have entered the phase where a pullback towards $1,190-$1,150 will see prices bottom before the next big upward move.

analytics56e7b843a968f.jpg

On the weekly chart, we have indications that Gold has topped as well. Oscillators are in overbought levels, candle price action shows signals of reversal and the wave structure of the rise seems complete. At least a back test of the broken wedge and the upper boundary of the Kumo (cloud) is to be expected. So a pullback to $1,200 is very possible. So any upside bounce should now be seen as an opportunity to sell for the short-term pullback.

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

Technical analysis of USD/JPY for March 15, 2016

USDJPYM30.png

USD/JPY is turning down. Overnight U.S. stocks closed broadly flat as investors await the Federal Reserve's interest rate decision this Wednesday. The Dow Jones Industrial Average edged up 0.1% to 17229, the S&P 500 edged down 0.1% to 2019, and the Nasdaq Composite was up less than 0.1% to 4750. Stock-trading volume of 6.3B shares hit the lowest level of the year.

Nymex crude oil reversed course to drop 3.4% to $37.18 a barrel, gold lost another 1.1% to $1235 an ounce, while the benchmark 10-year Treasury yield eased to 1.963% from 1.977% in the previous session.

On the forex front, the U.S. dollar strengthened against most other major currencies, with EUR/USD falling 0.4% to 1.1104, GBP/USD losing 0.6% to 1.4300, and NZD/USD plunging 1.2% to 0.6670. Meanwhile, the Canadian dollar softened on weaker oil prices, with USD/CAD rebounding 0.4% to 1.3258. The pair retraced back yesterday, and also broke below its 50-period moving average support, which should confirm an intraday bearish reversal. The 20-period moving average also turned down, and crossed below the 50-period one. Furthermore, the relative strength index is badly directed, calling for a new pullback. To sum up, as long as 114.15 is not surpassed, the pair is likely to decline to 113.10 and 112.70 in extension.

Trading Recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 113.10. A break of this target will move the pair further downwards to 112.70. The pivot point stands at 114.15. 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 114.55 and the second target at 115.

Resistance levels: 114.55, 114, 115.

Support levels: 113.10, 112.70, 112.20

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

Technical analysis of USD/CHF for March 15, 2016

USDCHFM30.png

USD/CHF is expected to trade in a higher range as a technical rebound is expected. The pair is slightly turning up, and is likely to challenge the resistance at 0.9895 in the coming trading hours. A strong support base around 0.9800 has formed, and should limit downside room. Furthermore, the rising 50-period moving average now acts as a support role. In this prospect, above 0.9800, expect a new technical rebound to 0.9940 and 0.9995 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 0.9940 and the second one at 0.9995. In the alternative scenario, short position is 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 0.980.

Resistance levels: 0.9940, 0.9995, 1.0030

Support levels: 0.9795, 0.9725, 0.9675

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

Technical analysis of NZD/USD for March 15, 2016

NZDUSDM30.png

NZD/USD is under pressure. The pair clearly reversed down, and is now expected to challenge its support at 0.6615 in sight. The falling 20-period and 50-period moving averages play resistance roles, and should continue to push the prices lower. Last but not least, the relative strength index is still below its neutrality area at 50. In which case, as long as 0.6730 is not surpassed, look for a new drop to 0.6615 and 0.6590 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 0.6615. A break of this target will move the pair further downwards to 0.6590. The pivot point stands at 0.6730. 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 0.6770 and the second target at 0.6815.

Resistance levels: 0.6770, 0.6815, 0.6860

Support levels: 0.6615, 0.6590, 0.6550

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

Technical analysis of GBP/JPY for March 15, 2016

GBPJPYM30.png

GBP/JPY is expected to trade in a lower range as key resistance is set at 162.80. The pair remains under pressure below its nearest resistance at 1.3315, and is likely to post a new decline. The process of lower highs and lows remains intact, which should also confirm a negative outlook. Besides, the relative strength index lacks upward momentum. Hence, as long as 162.80 is not surpassed, the risk of the break below 161.35 remains high.

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 161.35. A break of this target will move the pair further downwards to 160.70. The pivot point stands at 162.80. 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 163.40 and the second target at 164.15.

Resistance levels: 163.40, 164.15, 164.60

Support levels: 161.35, 160.70, 160

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

Technical analysis of EUR/JPY for March 15, 2016

After forming a double bottom near 122.50, EUR/JPY started to move higher towards higher highs and higher lows. While growing, the price broke above the strong technical and psychological resistance at 125.00. Also, the pair broke above 1.618 and then 2.618 of the Fibonacci channel, which could mean that the further growth potential is still very likely. The Fibonacci applied to the first corrective wave down after the breakout of the resistance at 125.00 that represented a potential upside target, being at 361.8% retracement level. It also coincides with the 361.8% Fibonacci channel retracement.

Consider buying EUR/JPY, while the price is near S1 (126.00) targeting R2 (128.60). The stop loss should be placed just below the major support of 125.00.

Support: 125.00, 126.00

Resistance: 126.80, 128.60

EURJPY_INSTA.png

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

Technical analysis of EUR/GBP for March 15, 2016

On March 10, after the news release, EUR/GBP sharply surged, breaking above the descending channel. The rise stopped, once the price tested the strong support level of 0.7835 (R2), which is 23.6% Fibonacci applied to the channel breakout point.

At the same time, the price bounced off the 1.618% of the Fibonacci channel, thus confirming the resistance one again. After resistance had been rejected, the price corrected down and found the support at S2 (61.8% Fibs). It is clear that the price has stuck between support S2 and resistance R2.

After such actions, the trading range is expected where the current wave up is likely to continue to test either R1 (.7800) or R2 (0.7835) once again.

Consider looking for buying opportunities on pullbacks between S1 and S2, targeting either R1 or R2. The stop loss should be placed just below the most recent low (0.7735)

Support: 0.7740, 0.7770

Resistance: 0.7800, 0.7835

EURGBP_INSTA.png

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

Technical analysis of Silver for March 15, 2016

Technical outlook and chart setups:

Silver re-tested resistance at $15.80 yesterday before pulling back in a sharp manner. The metal is seen to be trading lower at $15.30, looking for an opportunity to push further towards the levels of $14.50 before turning bullish. The metal might be unfolding into a flat corrective structure at the moment and could terminate the level of $14.50 to complete the same. Bears are expected to remain in control until prices stay below $15.80/90. It is hence recommended to hold short positions, with risk at $15.90. Immediate resistance is seen at $15.80, while support is found at $15.10/15.

Trading recommendations:

Remain short with stop at $15.90, a target is open.

Good luck!

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

Technical analysis of Gold for March 15, 2016

Technical outlook and chart setups:

Gold dropped lower to the level of $1,229.00, as discussed and expected earlier. The yellow metal has also broken below the triangle support trend line as well, and should be poised to drop lower to $1,190.00 at least. Also please note that the rally from $1,046.00 through $1,283.00 can be retraced towards a major Fibonacci support of $1,140.00 (not depicted here). But that drop could occur in 3 waves, the first of which is under way and poised to hit $1,190.00 soon. It is hence recommended to remain short with risk at $1,086.00. Immediate resistance is now seen at $1,261.00, while support is found at $1,224.00.

Trading recommendations:

Remain short for now, stop is at $1,086.00, a target at least $1,190.00.

Good luck!

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

Technical analysis of EUR/USD for March 15, 2016

1_EURUSD.jpg

When the European market opens, some economic news on the Employment Change q/q and French Final CPI m/m is due to be released. The US will deliver the economic data on the TIC Long-Term Purchases, NAHB Housing Market Index, Business Inventories m/m, Empire State Manufacturing Index, Core PPI m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales 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: 1.1154.

Strong Resistance:1.1148.

Original Resistance: 1.1137.

Inner Sell Area: 1.1126.

Target Inner Area: 1.1100.

Inner Buy Area: 1.1074.

Original Support: 1.1063.

Strong Support: 1.1052.

Breakout SELL Level: 1.1046.

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 15, 2016

2_USDJPY.jpg

In Asia, Japan will release data on the BOJ Press Conference, Tertiary Industry Activity m/m, Revised Industrial Production m/m, and Monetary Policy Statement. The US will publish some economic data on the TIC Long-Term Purchases, NAHB Housing Market Index, Business Inventories m/m, Empire State Manufacturing Index, Core PPI m/m, Retail Sales m/m, PPI m/m, and Core Retail Sales 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: 114.38.

Resistance. 2: 114.15.

Resistance. 1: 113.93.

Support. 1: 113.66.

Support. 2: 113.44.

Support. 3: 113.22.

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 EUR/JPY for March 15, 2016

Technical outlook and chart setups:

The EUR/JPY pair has reversed lower from 127.00 yesterday. The pair is trading at the level of 126.30 for now after hitting a low of 126.00 yesterday. It looks like a meaningful top is in place around 127.00, and the pair should be looking for an opportunity to hit lower lows, going forward. Please also note that the pair has met with resistance round the Fibonacci 50% levels. It is hence recommended to remain short with risk at 128.50. Immediate resistance is seen at the levels of 128.0/20, while support is seen at 126.00. Bears are expected to remain in control until prices stay below the level of 128.25 at least.

Trading recommendations:

Remain short for now, stop is at 128.50, a target is open.

Good luck!

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

Technical analysis of GBP/CHF for March 15, 2016

Technical outlook and chart setups:

The GBP/CHF pair continues to consolidate ahead of 1.4200. The pair is trading at 1.4085 looking for an opportunity to rally yet again until prices stay broadly above 1.4000. The structure still remains constructive enabling bulls to perform a rally above 1.4300 before topping out and producing a meaningful correction lower. It is hence recommended to remain long with risk at 1.4000. Immediate support is seen at 1.4025, while resistance is seen at 1.4300. Bulls are expected to remain in control poised to take out 1.4300.

Trading recommendations:

Remain long for now, stop is at 1.4000, a target is open.

Good luck!

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

Daily analysis of major pairs for March 15, 2016

EUR/USD: The EUR/USD pair has been coming down gradually since last Friday, having done so by 120 pips. Unless the price comes down by another 150 pips, the current price action would be taken as a mere pullback in the context of an uptrend, for the EMA 11 is above the EMA 56 as the Williams' % Range period 20 is not far from the overbought region. Today or tomorrow would determine the further direction in the market.

1.png

USD/CHF: On Monday (March 14, 2016), this pair moved by 70 pips upwards. This upwards movement pales into insignificance when compared to the bearish movement that happened last Friday. There should be a directional movement this week, either to the upside or to the downside. Otherwise the market could enter a neutral phase again.

2.png

GBP/USD: The GBP/USD pair traded lower on Monday in the context of an uptrend. Unless the accumulation territory at 1.4200 is breached to the downside, the bullish bias cannot be in jeopardy on the market. We expect the price to rise from here, attaining the distribution territories of 1.4400 and 1.4450 this week.

3.png

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

4.png

EUR/JPY: There is still 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. In spite of the present bearish correction, the price is supposed to continue moving upwards this week, reaching the supply zones of 127.50 and 130.00.

5.png

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

Daily analysis of USDX for March 15, 2016

The USDX is still facing strong resistance around the level of 96.61, where a pullback can happen towards the support zone of 96.03. That level has been tested for several times and that's why we would call it a strong demand territory. However, if a breakout happens there to the downside, then we can expect a decline towards the level of 95.44.

1457995406_USDXH1.png

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 15, 2016

GBP/USD seems to be trading inside a corrective move towards the support level of 1.4267, where a rebound should happen to resume the bullish bias. The H1 chart is still pointing to the upside and the pair can perform a breakout above the level of 1.4396, in order to reach new highs. The MACD indicator is entering oversold territories, so it is highly possible to see further rebounds.

1457995372_GBPUSDH1.png

H1 chart's resistance levels: 1.4333 / 1.4396

H1 chart's support levels: 1.4267 / 1.4190

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.

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

Daily analysis of GOLD for March 14, 2016

GOLDH4.png

Overview

The gold price shows some positive attempts now approaching from the 1,263.23 level as the price gains positive momentum in the four-hour time frame. So the price is likely to rally towards our next target located at 1,300.00. Thus, we will keep our bullish overview for the upcoming sessions as long as the price is above the 1,238.00 level. A break of this level followed by 1,212.34 will stop the positive overview and put the price under negative pressure on the short-term basis.

The expected trading range for today is between 1,238.00 support and 1,280.00 resistance.

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

Daily analysis of Silver for March 14, 2016

SILVERH4.png

Overview

The silver price is testing the key resistance at 15.70 now, and, as we mentioned this morning, the price needs to breach this level to ease the mission of heading towards the current bullish wave target at 16.35. Therefore, we will keep our bullish trend expectations for today unless breaking the 15.15 level and holding below it, which will stop the suggested rise temporarily to push the price to the 14.67 level before any new attempt to rise. The expected trading range for today is between 15.30 support and 16.00 resistance.

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