USD/CAD intraday technical levels and trading recommendations for March 17, 2016

analytics56eabe52e19f4.pnganalytics56eabe5e60115.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%) stood as a significant key level to be watched for further price reactions.

Although the price zone of 1.3170-1.3250 was expected to offer bullish support for the USD/CAD pair, temporary bearish breakdown of the same price zone is currently being manifested on the daily chart.

This price zone corresponds to the depicted weekly uptrend line and the upper limit of the previous consolidation range (prominent breakout level).

On the other hand, the price level of 1.2975 (61.8% Fibonacci level) stands as a prominent support level to be watched for significant bullish rejection.

Otherwise, bearish breakdown below 1.2975 (61.8% Fibonacci level) allows a quick bearish decline to occur towards the price levels of 1.2770 and 1.2550.

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

Intraday technical levels and trading recommendations for GBP/USD for March 17, 2016

analytics56eab070beeb7.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 were expressed around 1.3850 (prominent weekly demand level). That is why, a valid buy entry was suggested near the same level.

The price zone of 1.4235-1.4375 constitutes a significant supply zone to offer evident bearish rejection.

This bearish rejection was manifested on the weekly chart until the price level of 1.4050 managed to push the pair again to the upside.

On the other hand, bullish persistence above the zone of 1.4235-1.4375 allows further bullish advancement towards 1.4620 to take place.

analytics56eab09282e54.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 (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.

On March 13, 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.

On March 14, evident signs of bearish rejection were expressed around 1.4375 (61.8% Fibonacci level).

That is why, a recent bearish movement was executed towards 1.4050 where the current bullish swing was initiated.

Today, the price level of 1.4375 (61.8% Fibonacci level) is being challenged again. Temporary bullish breakout is being manifested on the daily chart.

If bullish persistence above 1.4375 is maintained, a quick bullish movement towards 1.4530 and 1.4600 should be expected.

Otherwise, the GBP/USD pair will remain trapped between price levels of 1.4375 and 1.4150.

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

Intraday technical levels and trading recommendations for EUR/USD for March 17, 2016

analytics56eaacaa5e198.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.

Previously, the price zone of 1.1350-1.1400 acted as a significant supply zone during the previous bullish pullback. Hence, another bearish rejection should be expected around the current price zone during the current bullish swing.

On the other hand, 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.

analytics56eaacb6f36fe.png

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 were expected around 1.1320 and 1.1400 (currently being visited).

Similar to what happened on February 12, 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 SELL entry can be offered around the current supply zone of 1.1350-1.1400. S/L should be placed above 1.1460.

T/P levels should be placed at 1.1200 and 1.1070.

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

EUR/NZD : analysis for March 17th, 2016

EURNZDH4.png17.png

EURNZDDaily.png17.png

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6493. In the daily time frame, we can observe a supply bar in an average volume. In the H4 time frame, I found support level at the price of 1.6500, which held successfully. I have placed the Fibonacci expansion to find potential upward targets and resistance levels. I got the Fibonacci expansion 61.8% at the level of 1.6955, Fibonacci expansion 100% at the level of 1.7240, and the Fibonacci expansion 161.8% at the level of 1.7670. Watch for potential buying opportunities on dips. Anyway, I would like to see a successful breakout in a high volume of the 1.6870 to confirm further upward movement. Otherwise, if the price breaks the level of 1.6500 in a high volume, we may see potential testing of 1.6240.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6820

R2: 1.6875

R3: 1.6960

Support levels:

S1: 1.6650

S2: 1.6595

S3: 1.6510

Trading recommendation for today: Watch for successful breakout of resistance or support to confirm further direction.

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

Gold analysis for March 17th, 2016

GOLDDaily.png17.png

GOLDM30.png17.png

View :

Since our last analysis, gold has been trading upwards. The price tested the level of $1,270.71 in an ultra high volume. I found re-validation of our upward channel. Strong resistance level is set at the price of $1,282.80. Watch for a potential breakout of resistance to confirm further upward continuation. If the price breaks the level of $1,282.80 in a high volume, we may see potential testing of $1,308.00. According to the 30M time frame, I found solid intraday buying point around the price of $1,262.00 (previous swing high became support). The intraday take profit level is set at the price of $1,278.00-$1,282.80.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,264.95

R2: 1,273.75

R3: 1,288.00

Support levels:

S1: 1,236.35

S2: 1,227.50

S3: 1,213.25

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

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

Technical analysis of NZD/USD for March 17, 2016

NZDUSDH4.png

Overview:

  • The NZD/USD pair continues to move upwards from the level of 0.6726. Today, the first support level is currently seen at 0.6726, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.6726, which coincides with the 78.6% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the NZD/USD pair to trade between 0.6726 and 0.6830. So, the support stands at 0.6726, while daily resistance is found at 0.6830. Therefore, the market is likely to show signs of a bullish trend around the spot of 0.6830. In other words, buy orders are recommended above the spot of 0.6830 with the first target at the level of 0.6880. Moreover, if the pair succeeds in passing through the level of 0.6880, the market will indicate a bullish opportunity above the level of 0.6880. A breakout of that target will move the pair further upwards to 0.6923 so as to form a new double top in the H4 time frame. However, if the NZD/USD pair fails to break out through the resistance level of 0.6726; the market will decline further to the level of 0.6595.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for March 17, 2016

USDCHFH4.png

Overview:

  • The USD/CHF pair continues to move downwards from the level of 0.9802, which represents the double top in the H4 time frame. Yesterday, the pair dropped from the level of 0.9802 to the bottom around 0.9721. Today, the first resistance level is seen at 0.9750 followed by 0.9800, while daily support is seen at the levels of 0.9665 and 0.9619. According to the previous events, the USD/CHF pair is still trapping between the levels of 0.6790 and 0.6693. Hence, we expect a range of 95 pips in coming hours. The first resistance stands at 0.9750, for that if the USD/CHF pair fails to break through the resistance level of 0.9750, the market will decline further to 0.9665. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9619 in order to test the second support. On the contrary, if a breakout takes place at the resistance level of 0.9802 (the double top), then this scenario may become invalidated.
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 17/03/2016

Global macro overview for 17.03.2016:

The New Zealand GDP data , together with the current account to GDP, were released overnight. The data turned out to be better than expected. In the final quarter of 2015, the GDP had increased from the level of 0.9% q/q; 2.3% y/y ( 0.7% q/q; 2.1% y/y expected) and account deficit to GDP was released at the level of 0.9% q/q; 2.3% y/y (0.7% q/q; 2.1% y/y expected). Business services were the main catalyst of the robust rise in production last quarter, edging 1.5%, while construction surged 2.5%. Retail trade and accommodation also increased last quarter, up 1.7% amid record number of tourists coming to New Zealand. The worst performer was agriculture sector with production falling 1.7% due to lower beef and sheep output. In conclusion, the overall GDP for 2015 was at the level of 2.3%, lower than 2014 GDP from the level of 4.1%. For this year RBNZ projects the GDP at the level of 2.6% and further accelerations to 3% by March 2017.

Let's now take a look at the technical picture of the NZD/USD pair at the daily time. We can see that the pair got stuck between two important levels: technical support at the level of 0.6565 and technical resistance at the level of 0.6819. The pair is trading in the range zone,and until there is a clear and sustained break out in either directions, it is hard to say whether bulls or bears will take the complete control over the market.

analytics56ea7a3c1ea02.jpg

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

Global macro overview for 17/03/2016

Global macro overview for 17.03.2016:

The US Federal Reserve has kept the short - term interest rate unchanged at the level of 0.50%, but during the press conference the Fed Chair Jannet Yellen eased the monetary policy through words. The Fed noted that moderate growth of the US economy and robust job gains would allow it to tighten the policy this year, but instead of previously anticipated four-rate hikes, new fresh economic projections might allow only two more hikes by the end of the year. The US economy is still facing headwinds mainly from the global economy and the Fed officials has lowered the long term target projections for the interest rates to 3.30% from 3.50% prior. The Inflation projections were lowered as well, down from the Fed's official 2% to 1.2% this year. This decrease comes together with the lower GDP projection to the level of 2.2% for this year, down from 2.4% in December, due to weaker global growth. In conclusion, the Fed presented a cautious approach to rate outlook compared to its policy meeting in January in light of a sell-off on financial markets, lower oil prices and sliding inflation expectations.

Let's now take a look at the EUR/USD pair after the Fed meeting at the H4 time frame. We can see that the bulls are clearly in control overt this market, and currently, the price is heading higher to test the recent local high at the level of 1.1376.

analytics56ea76e315e08.jpg

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

Technical analysis of EUR/JPY for March 17, 2016

General overview for 17/03/2016:

After a false breakout above the golden trend line, the price fell back into the neutral zone and currently it is trading around the weekly pivot at the level of 126.05. The ongoing correction might be complex and time-consuming, but it cannot 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 dips with SL below 123.07 and TP open for now.

analytics56ea72679db99.jpg

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

Technical analysis of USD/CAD for March 17, 2016

General overview for 17/03/2016:

The wave (c) blue is still developing as anticipated at the beginning of the week; and the wave structure is clearly impulsive. There is at least one more wave down missing the first projected target at the level of 1.2925 minimum. Please notice that the big wave B low will be established once the current corrective cycle is completed.

Support/Resistance:

1.2925 - Intraday Support

1.3106 - WS1

1.3166 - Intraday Resistance

1.3275 - Weekly Pivot

1.3383 - WR1

1.3554 - WR2

1.3662 - WR3

Trading recommendations:

Take profit orders at the level of 1.3106 were hit and all trades were closed with profit. Currently, traders should remain sideways.

analytics56ea70ccb8625.jpg

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

Dollar index technical analysis for March 17, 2016

The Dollar index made a new low yesterday breaking the triangle pattern downwards after the FOMC meeting. Trend remains bearish as we approach the important support area of 95. Price remains inside a longer-term sideways trading range with no clear direction for the longer-term.

analytics56ea6a851d3dc.jpg

Red lines forms a triangle pattern. The Dollar index has broken the triangle pattern downwards and is now going to test next support area of 95. If price breaks this level, we are going to test 94 and even lower. Trend remains bearish as price remains below the Kumo (cloud) and is making lower lows and lower highs.

analytics56ea6a00a6816.jpg

Blue lines from a sideways channel.

Oscillators in both charts are oversold. In both charts we have bullish divergence signals. This is just a warning for bears. Price could move very well towards the lower blue channel boundary and the lower boundary of the weekly Kumo near the 93 level before reversing. With the triangle broken and the bearish momentum, it is very probable that this downward trend moves towards our target area of 93. Confirmed bullish reversal and a new upward trend will be confirmed only if we break above 98.50.

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

Gold technical analysis for March 17, 2016

Gold price bounced strongly upwards to our target of $1,245-50 and then, broke even higher after the FOMC meeting last night. Price has reached the 61.8% Fibonacci retracement of a decline from the recent high at $1,283. Bulls need to be very cautious as a bearish reversal is likely to happen.

analytics56ea63e0851c4.jpg

Gold price bounced strongly towards the Ichimoku cloud resistance and broken above it in the 4 hour chart. This is an important resistance area. This price level is also the 61.8% Fibonacci retracement. This is an important level to watch out for.

analytics56ea642d22730.jpg

Oscillators in short- and medium-term charts are overbought signaling divergence. Bulls need to be very cautious. A reversal towards $1,200-$1,150 is still expected, if price breaks below $1,225, we will have confirmation of the reversal.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for March 17, 2016

analytics56ea52dcc6f7f.png

Wave summary:

We have moved closer to important support at 1.6470 which should protect the downside for a new rally above 1.6715 and, more importantly, above resistance at 1.6874 confirming a rally towards 1.7220 and higher.

A break below 1.6470 will not invalidate the bullish bias, but merely delay the expected upside rally. Only a break below important support at 1.6197 will invalidate the bullish outlook.

Trading recommendation:

We are long in EUR from 1.6595 with a stop placed at 1.6460. If you are not long in EUR yet, then buy near 1.6470 and use the same stop at 1.6460 or buy a break above minor resistance at 1.6874.

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

Technical analysis of USD/JPY for March 17, 2016

USDJPYM30.png

USD/JPY is expected to trade in a lower range as the key resistance is at 113.05.Overnight U.S. stocks settled higher, cheered by the Federal Reserve's dovish rate outlook. Commodities and energy shares were also boosted by a surge in oil prices. The Dow Jones Industrial Average rose 0.4% to 17325, the S&P 500 increased 0.6% to 2027, and the Nasdaq Composite was up 0.8% to 4763.

Nymex crude oil surged 5.8% to $38.46 a barrel, gold gained 2.5% to $1262 an ounce, while the benchmark 10-year Treasury yield declined to 1.940% from 1.961% in the previous session.

The Federal Reserve, as expected, kept interest rates unchanged while projecting two more quarter-point interest rate increases by the end of 2016, down from four as projected in December.

As a result, the U.S. dollar fell broadly against most other major currencies, with the WSJ Dollar Index losing 0.8% to 87.76, the lowest level since October. EUR/USD gained 1.0% to 1.1222, GBP/USD rose 0.8% to 1.4257, USD/JPY declined 0.5% to 112.57, while AUD/USD was up 1.2% to 0.7548. With an additional boost from rising oil prices, the Canadian dollar surged against the greenback, with USD/CAD plunging 1.9% to 1.3095 and closing below the 200-day moving average again. The pair plunged to 112.29 overnight before posting a rebound. Currently it remains capped by the key resistance at 113.05. And the bearish bias is also maintained by the descending 20-period (30-minute chart), which has crossed below the 50-period one. Meanwhile the intraday relative strength index remains below the neutrality level at 50. As long as 113.05 is not surpassed, the pair should return to the first downside target at 111.85 and decline further toward 111.60.

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 111.85. A break of this target will move the pair further downwards to 111.60. The pivot point stands at 113.05. 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 113.45 and the second target at 113.80.

Resistance levels: 113.45, 113.80, 114.15

Support levels: 111.85, 111.60, 111.05

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

Elliott wave analysis of EUR/JPY for March 17, 2016

analytics56ea51aba16a8.png

Wave summary:

The important short term resistance at 126.70 has protected the upside nicely and we will now be looking for renewed weakness to below support at 125.05 confirming more downside pressure towards 123.01 and below to 122.06 and 119.90.

Only an unexpected break above 126.70 will delay the expected downside pressure for a move closer to 127.45 before heading down again.

Trading recommendation:

We are short in EUR from 126.79 with a stop placed at 126.75. If you are not short yet, then sell upon a break below 125.57 and use the same stop at 126.75.

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

Technical analysis of USD/CHF for March 17, 2016

USDCHFM30.png

USD/CHF is expected to extend its downside movement. After yesterday's sharp decline, the pair is now in a downtrend, capped by its falling 20-period and 50-period moving averages. The relative strength index is negative, but is close to its support at 30. Even though a technical rebound cannot be ruled out at the current stage, its extent should be very limited by 0.9845. To conclude, as long as 0.9845 is not surpassed, a break below 0.9745 would trigger a drop towards 0.9715.

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 0.9745. A break of this target will move the pair further downwards to 0.9715. The pivot point stands at 0.9845. 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 0.9915 and the second target at 0.9940.

Resistance levels: 0.9915, 0.9940, 0.9995

Support levels: 0.9745, 0.9715, 0.9675

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

Technical analysis of NZD/USD for March 17, 2016

NZDUSDM30.png

NZD/USD is expected to trade in a higher range. The pair jumped above its previous resistance at 0.6705, which now acts as support. The upside potential has been opened towards 0.6805. In addition, the immediate trend is up, and the momentum is strong, as the relative strength index broke above its neutrality area at 50, and is well directed now. Hence, as long as 0.6705 is not broken, the pair is likely to advance to 0.6805 and 0.6850 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 0.6805 and the second one at 0.6850. In the alternative scenario, a short position is recommended with the first target at 0.6660 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 0.6620. The pivot point is at 0.6705.

Resistance levels: 0.6805, 0.6850, 0.69

Support levels: 0.666, 0.6620, 0.6570

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

Technical analysis of GBP/JPY for March 17, 2016

GBPJPYM30.png

USD/CAD is expected to trade with a bearish bias. After yesterday's sharp decline, the pair has clearly reversed down, and is likely to post a new drop towards 158.70. The relative strength index is badly directed. Even though it is now within its "oversold" area below 30, it hasn't yet showed any reversal signals. The 20-period and 50-period turned down as well, which should confirm a negative outlook. To sum up, as long as 161.05 is not surpassed, look for further downsides to 158.70 and 157.50 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 158.70. A break of this target will move the pair further downwards to 157.50. The pivot point stands at 161.05. 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: 158.70, 157.50, 156.90

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

Technical analysis of CHF/JPY for March 17, 2016

CHF/JPY seems to establish a bearish trend after breaking below the ascending Fibonacci channel and then breaking below the 161.8% retracement line.

The first corrective wave after the 161.8% trendline breakout shows a few potential downside targets, one being S2 (114.10) - 261.8% and another S3 (113.60) - 361.8% retracement which also corresponds with the 361.8% retracement of the Fib channel.

Consider selling CHF/JPY on any pullbacks towards R1 (115.40) or on a breakout of S1 (114.90). The stop loss should be above R1, with the final target at the S3 (113.60) area.

Support: 114.90, 114.10, 113.60

Resistance: 115.40

CHFJPY_INSTA.png

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

Technical analysis of USD/JPY for March 17, 2016

USD/JPY has been range trading for an extended period of time if we look at the 1H timeframe. The price has been crossing a 200 Moving Average a number of times showing no signs of a trend.

But the recent price action shows that the pair started to produce lower lows and lower highs suggesting that bears could be starting to take over. In addition, the ascending Fibonacci channel breakout confirms the bearish scenario, where, after the breakout, the price found resistance and the lower trendline of the channel. The Fibonacci retracement applied to the first corrective wave after the channel breakout is pointing to a few potential downside targets, one being 261.8% and another 361.8% accordingly.

Consider selling USD/JPY on any pullbacks towards R1 (11.75) resistance or on the S1 (112.45) breakout. The stop loss should be just above the high produced near R1. The final target is the S3 (111.50) area.

Support: 112.45, 112.00, 111.50

Resistance: 112.75

USDJPY_INSTA.png

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

Technical analysis of EUR/USD for March 17, 2016

1_EURUSD.jpg

When the European market opens, some economic news will be released such as the Spanish 10-y Bond Auction, Trade Balance, Final Core CPI y/y, Final CPI y/y, Italian Trade Balance. The US will release economic data too such as Natural Gas Storage, the CB Leading Index m/m, JOLTS Job Openings, JOLTS Job Openings, Unemployment Claims, the Philly Fed Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1268.

Strong Resistance: 1.1262.

Original Resistance: 1.1251.

Inner Sell Area: 1.1240.

Target Inner Area: 1.1214.

Inner Buy Area: 1.1188.

Original Support: 1.1177.

Strong Support: 1.1166.

Breakout SELL Level: 1.1160.

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 17, 2016

2_USDJPY.jpg

In Asia, Japan will release the Trade Balance, and the US will release some economic data such as Natural Gas Storage, the CB Leading Index m/m, JOLTS Job Openings, JOLTS Job Openings, Unemployment Claims, the Philly Fed Manufacturing Index. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 113.33.

Resistance. 2: 113.11.

Resistance. 1: 112.89.

Support. 1: 112.61.

Support. 2: 112.39.

Support. 3: 112.17.

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 17, 2016

Technical outlook and chart setups:

Silver pulled back towards $15.60/65 levels yesterday before reversing lower. The metal has held resistance at $15.80/90 levels as expected and should be looking to drop lower into $14.50 levels at least, before resuming the rally. There is a slight correction in the wave structure here. The metal might be unfolding as a double zigzag correction, instead of a flat. In any case, the direction from here should be lower towards $14.50 levels at least. It is hence recommended to again remain short, with risk above $15.80 levels. Immediate support is seen at $15.00 levels, while resistance is at $15.80/90 levels respectively.

Trading recommendations:

Remain short, 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 17, 2016

Technical outlook and chart setups:

Gold is proving to be a classic text book example of the wave theory here. The metal completed its counter trend rally at $1,262.00/63.00 levels and is now looking to continue dropping lower towards $1,190.00 levels at least. Please also note that the metal has reversed from Fibonacci 0.618 resistance of the drop between $1,283.00 through $1,225.00 levels earlier. A pin bar candlestick formed on the 4H chart here also indicated a potential turn around. It is hence recommended to remain short for now, with risk above $1,283.00 levels. Immediate resistance is seen at $1,283.00 levels, while support is at $1,225.00 levels respectively.

Trading recommendations:

Remain short, stop at $1,286.00, target $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 17, 2016

Technical outlook and chart setups:

The EUR/JPY pair has pulled back towards 126.50 levels for now, after printing interim lows ahead of 125.00 levels earlier. The pair is looking to continue its drop lower from here, with immediate resistance seen at 127.30 levels. Bears are expected to remain in control till prices stay below 127.30/50 levels, going forward. The structure also indicates that the corrective rally from 122.00 levels unfolded into 3 waves and terminated at 127.30 levels earlier. A 5-wave decline is just underway from 127.30 levels, it seems. It is hence recommended to remain short for now, with risk at 127.50 levels. Immediate support is seen at 125.00 levels (interim), while resistance is seen at 127.30 levels respectively.

Trading recommendations:

Remain short, stop at 127.50, target is open.

Good luck!

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

Technical analysis of GBP/CHF for March 17, 2016

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading higher at 1.3950/60 levels at this moment. The pair has formed a base around 1.3880 levels, it seems, and it is looking to continue rallying above 1.4300 levels from here. Please note that the pair has bounced off the Fibonacci 0.681 support for the rally between 1.3725 through 1.4280 levels respectively. A tweezer bottom candlestick pattern has also been formed, indicating a potential reversal ahead. It is still recommended to remain long, with risk just below 1.3880 levels for now. Immediate support is seen at 1.3883 levels (interim), while resistance is seen through 1.4300 levels respectively.

Trading recommendations:

Remain long, stop below 1.3880, target above 1.4300.

Good luck!

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

Daily analysis of major pairs for March 17, 2016

EUR/USD: The EUR/USD pair broke upwards on Wednesday, ending the short-term consolidation phase in the market. The price is now above the support line at 1.1200, going towards other resistance lines at 1.1250 and 1.1300. Some fundamental figures are expected today and they could have an impact on the market.

1.png

USD/CHF: The USD/CHF pair broke downwards yesterday, ending the gradual bullish effort we saw at the beginning of this week. There was a warning that the bullish effort could end up being just a rally in the context of a downtrend, and that is exactly what happened. The price broke down by 150 pips yesterday, now targeting the support level at 0.9700.

2.png

GBP/USD: What happened on the GBP/USD chart on Wednesday has become a threat to the bearish effort we saw at the beginning of the week. The price moved upwards by 200 pips on Wednesday, almost going above the accumulation territory at 1.4250. A movement above the distribution territory at 1.4300 could result in a clean Bullish Confirmation Pattern onthe chart.

3.png

USD/JPY: This pair broke south on March 16, 2016: The EMA 11 is slightly below the EMA 56 while the RSI period 14 is slightly below the level 50. This should be a "sell" signal, but the wild choppy condition of the market is not over yet. So what could be a "sell" signal is better avoided until a directional bias is perceived.

4.png

EUR/JPY: This cross pair moved upwards on Wednesday, now above the demand zone at 126.00. There is a clear bullish signal here because the EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The price might now target the supply zones at 127.00 and 127.50. After all, the outlook on JPY pairs is bright.

5.png

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

Daily analysis of USDX for March 17, 2016

On the H1 chart, USDX is forming a lower low pattern below the resistance level of 96.03, in an effort to do a bearish continuation towards new lows. The current structure is still calling for more declines, because the Index reacted to the FOMC minutes released during yesterday's session. The 200 SMA is pointing to the bearish side and the MACD indicator remains negative.

USDXH1.png

H1 chart's resistance levels: 96.03 / 96.61

H1 chart's support levels: 95.44 / 94.69

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 95.44, take profit is at 94.69, and stop loss is at 96.19.

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

Daily analysis of GBP/USD for March 17, 2016

GBP/USD had a bullish momentum above the 1.4000 psychological zone and a consolidation above the 200 SMA at the H1 chart is ongoing. That happened after the Fed minutes release in the United States, as the pair is trying to break above the resistance zone of 1.4267 in order to reach the 1.4310 level. The MACD indicator is still supporting the bullish idea at positive territory.

GBPUSDH1.png

H1 chart's resistance levels: 1.4267 / 1.4310

H1 chart's support levels: 1.4190 / 1.4141

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4267, take profit is at 1.4310 and stop loss is at 1.4233.

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

Elliott wave analysis of EUR/NZD for March 16, 2016

analytics56e9a07f3a2da.png

Wave summary:

We have seen a minor break above the resistance at 1.6845, but it is not enough to confirm that the next impulsive rally towards 1.7220 is developing. However, we expect the minor support at 1.6616 will be able to protect the downside for a new rally above 1.6845 for the expected rally to 1.7220 and above.

A break below 1.6616 will delay the expected rally but it won't alter the bullish count.

Trading recommendation:

We are long EUR from 1.6595 with stop placed at 1.6460. If you are not long EUR yet, then buy near 1.6616 and use the same stop at 1.6460.

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

Elliott wave analysis of EUR/JPY for March 16, 2016

analytics56e99f7e97a0e.png

Wave summary:

Nothing new to add here. We still expect that the former support at 126.03 will act as resistance and protect the upside for renewed weakness towards 122.06 on the way lower to 119.90.

Only an unexpected break above resistance at 126.70 will invalidate the bearish outlook for a move slightly above 127.27 before sliding lower again.

Trading recommendation:

We are short EUR from 126.79 with stop placed at 126.75. Sell EUR near 126.03 and use the same stop at 126.75.

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