NZD/USD intraday technical levels and trading recommendations for March 16, 2016

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On January 28th, 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 9th, 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 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).

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USD/CAD intraday technical levels and trading recommendations for March 16, 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 1.3180-1.3250 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.

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Intraday technical levels and trading recommendations for GBP/USD for March 16, 2016

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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 were 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 offer evident bearish rejection. This is already being manifested on the chart.

Otherwise, bullish persistence above the zone of 1.4235-1.4375 allows further bullish advancement towards 1.4620 to take place (low probability).

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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 (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) stood as a significant supply zone to offer bearish rejection in the short term.

A lack of bearish rejection around 1.4235 allowed further bullish advancement towards the level of 1.4375.

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

That is why, a recent bearish swing is currently being executed towards 1.4030.

Trading Recommendations:

The depicted bearish rejection signs around 1.4375 (61.8% Fibonacci level) indicated a valid sell entry around the level of 1.4375. S/L should be placed above 1.4400. 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.

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Intraday technical levels and trading recommendations for EUR/USD for March 16, 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 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 (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.

A temporary bearish breakdown below 1.1000 (upper limit of the broken range) was seen 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.

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Technical analysis of USD/CHF for March 16, 2016

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USD/JPY is expected to trade with bullish bias. Overnight, US stock indices closed mixed on low trading volumes. The Dow Jones Industrial Average edged up 0.1% to 17,251, while the S&P 500 declined 0.2% to 2015 - dragged by healthcare and materials shares, and the Nasdaq Composite was down 0.5% to 4,728.

Nymex crude oil dropped another 2.3% to $36.34 a barrel, gold was down 0.2% to $1,232 an ounce, while the benchmark 10-year Treasury yield edged down to 1.961% from 1.963% in the previous session.

On the economic data front, retail sales decreased 0.1% month-on-month in February (vs -0.2% expected, -0.4% in January), and the producer price index was down 0.2% (as expected).

Meanwhile, the US dollar maintained its strength against most other major currencies, particularly those commodities-linked ones. EUR/USD was broadly flat at 1.1108, GBP/USD dropped 1.0% to 1.4151, AUD/USD fell 0.8% to 0.7456, and NZD/USD was down 1.1% to 0.6599. And USD/CAD gained 0.7% to 1.3353, closing back above the 200-day moving average. At the same time, USD/JPY lost 0.6% to 113.17.

The pair jumped this morning above both the 20-period (30-minute chart) and 50-period moving averages after Bank of Japan Governor Haruhiko Kuroda said that cutting a short-term interest rate to around minus 0.5% is theoretically possible. The intraday relative strength index is now well directed in the buying area between 50 and 70, suggesting further upside. As long as the bullish bias is maintained, the pair is expected to rise towards the first upside target at 114.15.

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 114.15 and the second one at 114.55. In the alternative scenario, short position is recommended with the first target at 112.60 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 112.15. The pivot point is at 112.95.

Resistance levels: 114.15, 114.55, 115

Support levels: 112.60, 112.15, 111.75

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EUR/NZD analysis for March 16, 2016

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Overview:

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6869. 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. The price respected the previous swing high (resistance) at the level of 1.6840. Watch for a potential breakout of 1.6840 to confirm further 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: 1.6860

R2: 1.6920

R3: 1.7020

Support levels:

S1: 1.6665

S2: 1.6603

S3: 1.6510

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

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Technical analysis of USD/CHF for March 16, 2016

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USD/CHF is expected to trade with bullish bias above 0.9845. The pair remains in consolidation in the range 0.9845 to 0.9940. A support base at 0.9845 has formed and has allowed for a temporary stabilization. Besides, the relative strength index is mixed, and calls for caution. Therefore, as long as 0.9845 is not broken, look for a choppy price action with the bullish bias. A break above 0.9940 would open the path to 0.9990.

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 0.98 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 0.9750. The pivot point is at 0.9845.

Resistance levels: 0.9940, 0.9995, 1.0030

Support levels: 0.98, 0.9750, 0.9675

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Gold analysis for March 16 , 2016

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View :

Since our last analysis, gold has been trading sideways at the price of $1,232.00. It can be seen on the daily time frame chart that the price broke the upward trend line (support) and confirmed potential continuation of a downward trend. According to the 30M time frame, I found a potential intraday bearish flag formation. Watch for a valid breakout of a bearrish flag to confirm a further downward price.Take profit is set at $1,192.50. Watch for potential selling opportunities on the rallies.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,235.40

R2: 1,237.60

R3: 1,240.50

Support levels:

S1: 1,229.40

S2: 1,227.50

S3: 1,224.50

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

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Technical analysis of NZD/USD for March 16, 2016

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NZD/USD is under pressure. The pair is heading downward, capped by its negative 20-period and 50-period moving averages. The relative strength index is bearish below its neutrality area at 50, and also lacks upward momentum. The process of lower highs and lows remains intact, which should confirm a bearish outlook. As long as the resistance at 0.6660 is not surpassed, the risk of the break below 0.6570 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 0.6570. A break of this target will move the pair further downwards to 0.6540. The pivot point stands at 0.6660. 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 0.6705 and the second target at 0.6730.

Resistance levels: 0.6705, 0.6730, 0.6770

Support levels: 0.6570, 0.6540, 0.65

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Technical analysis of NZD/USD for March 16, 2016

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Overview:

  • The NZD/USD pair dropped from the level of 0.6726 to the bottom around 0.6581. But the pair has rebounded from the bottom of 0.6581 to close at 0.6617. Today, the first support level is seen at 0.6581, and the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.6636, which coincides with the 61.8% Fibonacci retracement level. This resistance has been rejected several times confirming the 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 0.6581, the market will decline further to 0.6529 in order to test the weekly support 2. In the H4 time frame, the pair will probably go down because the downtrend is still strong. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.6636 with the first target at 0.6581 and further to 0.6529. At the same time, the breakdown of 0.6640 will allow the pair to go further up to the levels of 0.6726 in order to retest the weekly pivot point again.
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Technical analysis of GBP/JPY for March 16, 2016

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GBP/JPY is expected to trade in a lower ground as the key resistance is at 161.05. The pair remains under pressure after the downside breakout of its key horizontal level at 161.05. The previous support now acts as a resistance, which should limit any upside room. Besides, the 20-period and 50-period moving averages are turning down, calling for a new decline. Hence, look for further downsides to 159.40 and 158.70 in extension below 161.05.

Trading Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 159.40. A break of this target will move the pair further downwards to 158.70. The pivot point stands at 161.60. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 161.85 and the second target at 162.85.

Resistance levels: 161.85, 162.85, 163.40

Support levels: 159.40, 158.70, 158

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Technical analysis of USD/CHF for March 16, 2016

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Overview:

  • The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bearish in the nearest term testing 0.9802 or lower. Immediate support is seen around 0.9870. A clear break below that area could lead price to the neutral zone in the nearest term. Price will test 0.9802, because in general, we remain bearish on March 16th, 2016.
  • Yesterday, the market moved from its bottom at 0.9830 and continued to rise towards the top of 0.9890. Today, on the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 0.9910 (major resistance), the market will indicate a bearish opportunity below the strong resistance level of 0.9910 (the level of 0.9910 coincides with tha ratio of 38.2% Fibonacci retracement). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 0.9910 with the first target at 0.9802 so as to test the double bottom. If the trend breaks the double bottom level of 0.9802, the pair is likely to move downwards continuing the development of a bearish trend to the level of 0.9721 in order to test the weekly support 1.
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Daily analysis of major pairs for March 16, 2016

EUR/USD: This pair has been only moving sideways so far this week – in the context of a downtrend. The EMA 11 remains above the EMA 56, but the Williams' % Range period 20 is now sloping down, showing some intent from the bears. It is better to stay away from the market, until there is a directional movement, which should start today or tomorrow.

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USD/CHF: On Monday (March 14, 2016), this pair moved upwards by 70 pips, and then, moved sideways on Tuesday. This upwards movement pales into insignificance in comparison 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 go into a neutral phase again.

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GBP/USD: The GBP/USD had dropped by 230 pips this week, thus threatening the recent bullish bias in the market. Unless the bulls come in to push the price higher and higher, there is a great probability that further southward movement would render the recent bullish bias invalid, especially when the price goes further south by additional 200 pips.

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USD/JPY: The wild volatility experience is still ongoing on this currency trading instrument. There are sharp upswings alternated by sharp downswings in the chart, with no clear victory between the bull and the bear. However, there should be a directional movement this week, which would most probably favor the bulls.

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EUR/JPY: The EUR/JPY cross has been moving down since Monday, which would lead to a Bullish Confirmation Pattern, once the price goes below the supply zone at 124.00. However, the indicators in the 4-hour chart give mixed signals. The EMA 11 is above the EMA 56, while the RSI period 14 is below the level 50. Today would reveal what shall happen in the market.

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Global macro overview for 16/03/2016

Global macro overview for 16/03/2016:

The American Petroleum Institute report regarding its inventory levels of US crude oil, gasoline and distillates stocks revealed lower than expected build in inventories. The market participants expected the gain of 3 400K barrels this week, down from 4.400K barrels last week, but the number revealed was 1 500K barrels only. Oil prices are also being carefully monitored by the Federal Reserve and other central banks, as developed economies continue to grapple with ultra-low inflation levels, fueled by the collapse in oil prices. In conclusion, this is somehow encouraging sign of increased short-term demand for oil, but it is still not enough to tame the oversupplied global oil market

Let's now take a look at the technical picture of the crude oil on the daily chart. The market was rejected at the 39.50 resistance level and then, broke out below the golden trend line signaling a possible short- term bull trend exhaustion. Nevertheless, it is still trading above the 21,50 and 100 daily moving average, so the bulls might take the control again any time soon. Only a sustained and clear break out below the support at the level of 36.08 would change the situation as more favorable for bears.

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Global macro overview for 16/03/2016

Global macro overview for 16/03/2016:

The FED will announce its further monetary policy today at 07:00pm GMT, together with interest rate decision, economic projection ad press conference. The U.S. central bank is expected to keep the Federal funds rate unchanged at 0.50% as economic fundamentals are weaker than those in December that prompted the first rate hike after starting an easing monetary policy 7 years ago. In that case, the market participants will focus on the economic projections and the language of the rate statement. In conclusion, no hike is expected, but Chair Jannet Yellen's press conference will give more insight to investors regarding the confidence of the Central Bank on the state of the U.S. economy.

Let's now take a look at the US Dollar index technical picture at the daily time frame. After hitting the 61%Fibo at the level of 98.50? the bears took control over the market and push it below 21,50 and the 100 daily moving average. Currently, the market is trading just inside the range, awaiting the outcome of the FED interest rate decision and press conference.

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USDX technical analysis for March 16, 2016

The Dollar index is trading inside a triangle pattern. Since the FOMC meeting will take place today, we should expect some volatility in the forex market, and the dollar could get a clear direction today for its next move.

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Red lines - triangle pattern

Support at 95.80 was held. Price however remains below the 4-hour Kumo (cloud). Important resistance is at 98.50. Stochastic is oversold. We can see whether a breakout or breakdown today. Watch 95.20 and 98.50 closely today.

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Blue lines - sideways channel

On the weekly chart, we continue to see price trapped inside the trading range, but it is still above the Kumo (cloud). Tenkan- and kijun-sen remain neutral moving sideways with no clear slope. There are more chances that the Dollar index will break to the upside as support from below is very strong.

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Technical analysis of USD/CAD for March 16, 2016

General overview for 16/03/2016:

The projected target for the wave B at the 1.3383 level has been hit as expected. Nevertheless, the market might extend the corrective cycle even higher towards the level of 1.3446. When the corrective cycle in the blue wave B is completed, the trend should continue lower towards the 1.3106 level. The first sign of the downtrend continuation comes with an intraday channel break-out and another test of the weekly pivot at 1.3275. Please notice, that the most important thing we are now keeping an eye on is the character of any rally: impulsive or corrective. This will help to determine whether the low for the wave alt:Z brown is the termination of the whole corrective cycle or not.

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.

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Technical analysis of EUR/JPY for March 16, 2016

General overview for 16/03/2016:

The corrective cycle might have been completed now at the level of 125.00 and it was labeled as wave (ii). 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.

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Gold technical analysis for March 16, 2016

Gold is in a downtrend and has most probably made a short-term top at $1,283. Even if price makes a new higher high, Gold is expected eventually to come down towards $1,200-$1,150 for a corrective pullback. If not yet complete, we are at the final stages of the rise from $1,045.

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Price has broken below the Kumo (cloud) on the 4 hour chart. Price is forming a bearish flag. As I mentioned yesterday, we could see a back test of the Kumo at $1,245-50. The trend is bearish.

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The weekly chart has given a reversal signal. Combined with an overbought stochastic, we should expect a downward move at least towards $1,200. I cannot rule out one more new high towards $1,300, but bulls should be very cautious and wait to re-enter for long positions, once price moves below $1,200-$1,190.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/NZD for March 16, 2016

GBP/NZD keeps moving down producing lower lows and lower highs. The price remains under the 200 Moving average that confirms the bearish trend.

The Fibonacci channel shows that currently, the price is stuck between support S1 (2.0960) and resistance R1 (2.1440). During the past several days, the price was rejecting the 200 Moving Average several times and currently, it could be ready to start moving lower once again.

Consider selling GBP/NZD when the price is near R1, targeting the S1 support level with potential of moving much lower. The stop loss should be slightly above the most recent high of 2.1500.

Support: 2.0960

Resistance: 2.1440

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Technical analysis of NZD/USD for March 16, 2016

After an extended range trading between 0.6600 and 0.6570, on the 4th of March, the price broke above the descending channel, suggesting potential for further growth.

Although the channel was broken, the price corrected down sharply to re-test major support at around 0.6600. At the same time, the 200 Moving Average acted as a strong support at the same price area. The Fibonacci applied to the channel breakout point is pointing out to the 38.2% Fibs (R3) as a potential target for an upside movement as it was not tested after the breakout.

Consider buying NZD/USD when the price is near S1 (0.6600) targeting one of the resistance levels, R1, R2, or R3, as a final target. Stop loss should be just below S2 (0.6535)

Support: 0.6600, 0.6535

Resistance: 0.6650, 0.6750, 0.6840

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Technical analysis of EUR/USD for March 16, 2016

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When the European market opens, some economic news will be released such as the German 10-y Bond Auction.The US will release economic data too such as the Federal Funds Rate, FOMC Statement, FOMC Economic Projections, Crude Oil Inventories, Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Core CPI m/m, CPI m/m, and Building Permits. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1161.

Strong Resistance: 1.1155.

Original Resistance: 1.1144.

Inner Sell Area: 1.1133.

Target Inner Area: 1.1107.

Inner Buy Area: 1.1081.

Original Support: 1.1070.

Strong Support: 1.1059.

Breakout SELL Level: 1.1053.

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 16, 2016

2_USDJPY.jpg

In Asia, Japan will not release any economic data but the US will release some economic data such as the Federal Funds Rate, FOMC Statement, FOMC Economic Projections, Crude Oil Inventories, Industrial Production m/m, Capacity Utilization Rate, Housing Starts, Core CPI m/m, CPI m/m, Building Permits.So there is a probability the USD/JPY pair will move with medium to high volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 114.00.

Resistance. 2: 113.78.

Resistance. 1: 113.55.

Support. 1: 113.28.

Support. 2: 113.05.

Support. 3: 112.83.

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 16, 2016

Technical outlook and chart setups:

Silver is trading lower at $15.24 levels as expected, looking to drop further towards $14.80 and $14.50 levels respectively. The structure remains unchanged for now with the metal unfolding as a flat correction, which could terminate below $14.60 levels. Please note that the metal can also drift sideways for now before dropping lower. Also note that a push below $15.00/10 levels is required to accelerate lower. It is recommended to remain short for now, with risk at $15.90 levels. Immediate resistance is seen at $15.80 levels, while support is at $15.00 levels respectively. Bears are expected to remain in control until prices stay below $15.80/90 levels going forward.

Trading recommendations:

Remain short for now, stop at $15.90, target is $14.50.

Good luck!

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

Technical analysis of Gold for March 16, 2015

Technical outlook and chart setups:

Gold is trading at $1,231.00/32.00 levels at this moment, preparing to drop lower towards $1,190.00 levels. Please note that intraday pullback rallies are possible but they should remain capped below $1,250.00/60.00 levels. Please note that pullbacks are shallow since downside pressure remains. If the metal slips below $1,220.00 levels from here, it could move directly towards $1,190.00 levels. Also note that the support trend line has been broken already and the same would provide strong resistance at $1,245.00/50.00 levels. It is recommended to remain short for now, with risk at $1,285.00/86.00 levels. Immediate resistance is seen at $1,260.00 levels, while support is seen $1,224.00 levels respectively.

Trading recommendations:

Remain short for now, stop at $1,285.00/86.00, target $1,190.00.

Good luck!

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

Technical analysis of EUR/JPY for March 16, 2016

Technical outlook and chart setups:

The EUR/JPY has dropped lower towards 125.00 levels as expected and discussed earlier, before pulling back. The pair is seen to be trading at 125.90 levels but intraday rallies should remain well capped below 127.00 levels going forward. Please note that the earlier rally between 122.00 and 127.20 levels was corrective (3 waves) in nature. Hence the pair is expected to drop lower below 122.00 levels in the sessions to come, provided prices remain below 127.20 levels. It is recommended to remain short, with risk above 127.00 levels for now. Immediate resistance is at 127.20 levels, while support is seen at 125.00 levels respectively.

Trading recommendations:

Remain short for now, stop at 127.50, target below 122.00

Good luck!

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

Technical analysis of GBP/CHF for March 16, 2016

Technical outlook and chart setups:

The GBP/CHF pair has dropped below 1.4000 levels beyond what was expected and discussed earlier, but the pair is still above 1.3900 levels and that makes a valid case for a Wave 4 correction. Please note that the pair could stage a rally through 1.4300/20 levels till prices stay above 1.3900/20 levels. Also note that the pair is testing Fibonacci 0.618 support of the rally between 1.3750 and 1.4280 levels respectively. It is still recommended to remain long with risk at 1.3900 levels. Immediate support is seen at 1.3920 levels, while resistance is at 1.4300/20 levels respectively. Only a drop below 1.3900 levels would discard the bullish count.

Trading recommendations:

Remain long for now, stop at 1.3900, target 1.4300.

Good luck!

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

Daily analysis of USDX for March 16, 2016

USDX is extending the corrective bullish move towards the 200 SMA zone at the H1 chart, which is very close to the resistance level of 96.98. A pullback can happen to reach new lows, but before that, we need to see first a breakout of the support level of 96.03. Currently, the bias is showing a slow tone on the Index.

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 USD Index breaks with a bearish candlestick; the support level is 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 16, 2016

The H1 chart is still showing a strong support around the 1.4141 level, where a rebound can happen towards the resistance zone of 1.4190, in order to attempt a breakout higher to resume the overall bullish bias. However, if GBP/USD continues to remain stronger in the decline, then we can expect a fall to the 1.4053 level. The MACD indicator is at oversold conditions.

GBPUSDH1.png

H1 chart's resistance levels: 1.4190 / 1.4267

H1 chart's support levels: 1.4141 / 1.4053

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 1.4190, take profit is at 1.4267 and stop loss is at 1.4111.

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