EUR/NZD analysis for March 18th, 2016

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Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6590. In the H4 time frame, I found support level at the price of 1.6500, which is successfully held . According to the 30M time frame, I found that the head and shoulders formation is confirmed. Besides, I noticed a successful breakout of the neckline in a high volume. Watch for buying opportunities on the dips. The key take resistance level (take profit level) is set at the price of 1.6850.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6640

R2: 1.6690

R3: 1.6765

Support levels:

S1: 1.6840

S2: 1.6435

S3: 1.6355

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

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Gold analysis for March 18, 2016

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View :

Since our last analysis, gold has been trading downwards. The price tested the level of $1,253.45. Strong resistance level is set at the price of $1,282.80. According to the M15 time frame, I found a confirmed head and shoulders formation (bearish formation). We got a successful breakout of the neckline in a high volume. Besides, the volume on the right shoulder decreased, which is a good sign for further downward movements. I placed Fibonacci expansion to find a potential downward target. The first take profit level is set at the price of $1,242.40 and the second take profit level is set at the price of $1,235.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,267.35

R2: 1,270.70

R3: 1,276.00

Support levels:

S1: 1,256.50

S2: 1,253.00

S3: 1,247.70

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

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USD/CAD intraday technical levels and trading recommendations for March 18, 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%) 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) will allow a quick bearish decline to occur towards the price levels of 1.2770 and 1.2550.

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Intraday technical levels and trading recommendations for GBP/USD for March 18, 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.

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.

Note that bullish persistence above the price level of 1.4375 allows further bullish advancement towards 1.4620 to take place.

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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 profitable 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.

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Intraday technical levels and trading recommendations for EUR/USD for March 18, 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.

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.

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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.

T/P levels should be placed at 1.1200 and 1.1070. S/L should be placed above 1.1460.

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Technical analysis of NZD/USD for March 18th, 2016

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Overview:

  • The NZD/USD pair will continue rising from the level of 0.6759 today. So, support is found at the level of 0.6759, which represents the 78.6% Fibonacci retracement level in the H1 time frame. Therefore, the NZD/USD pair is continuing with a bullish trend from the new support of 0.6759. The current price is set at the level of 0.6800 that acts as a daily pivot point seen at 0.6800. Equally important is that the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.6759 and 0.6871. Thus, strong support will be formed at the level of 0.6759 providing a clear signal to buy with the targets seen at 0.6871. If the trend breaks the support at 0.6871(first resistance), the pair will move upwards continuing the development of the bullish trend to the level 0.6900 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 0.6900 and 0.6950. However, in case you bought at the level of 0.6759, then the stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 0.6670 (below the support 2).
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Technical analysis of USD/CHF for March 18th, 2016

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Overview:

  • The USD/CHF pair dropped sharply from the level of 0.9721 towards 0.9662. Now, the price is set at 0.9700. In the H1 chart, the resistance of the USD/CHF pair is seen at the levels of 0.9730 and 0.9802. It should be noted that volatility is very high for that the USD/CHF pair will be still moving between 0.9660 and 0.9802 in coming hours. Moreover, the price spot of 0.9660 remains a significant support zone.Therefore, there is a possibility that the USD/CHF pair will move upwards, and the structure does not look corrective. In order to indicate the bullish opportunity above 0.9660, buy above 0.9660 with the first target at 0.9721 in order to test top's bottom. Additionally, if the USD/CHF pair is able to break out the bottom at 0.9721, the market will rise further to 0.9802 in order to test the resistance. Also, it should be noticed that the major resistance is seen at the level of 0.9910 which coincides with the weekly pivot point.

Intraday technical levels:

  • Major resistance:0.9802
  • Minor resistance:0.9721
  • Intraday pivot point:0.9683 (weekly pivot is seen at 0.9910)
  • Minor support:0.9665
  • Major support:0.9619
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Global macro overview for 18/03/2016

Global macro overview for 18/03/2016:

Despite the expanded stimulus program from the European Central Bank, the Swiss National Bank kept the interest rates on hold at the level of -0.75%, together with 3-Month Libor lower and upper target ranges at the levels of -1,25% and -0,25%, respectively. This decision might have very negative consequences because the ECB "bazooka program" launched this Wednesday may eventually put the Swiss currency under upward pressure versus the euro. In conclusion, the extended period of negative interest rates might weaken the demand for the franc by making it less attractive for investors from overseas. Even if negative rates are also intended to support economic growth by encouraging banks to lend more to consumers and businesses, the recent extension of QE program from the ECB might be more damaging than helping the Swiss economy in the longer run.

Let us now take a look at the EUR/CHF daily time frame. We can see a steady rise of the market after the peg removal event over a year ago. Currently, it looks like the market will be continuing its slow uptrend towards the 1.2000 level as long as the golden trend line is not violated. The next resistance for bulls is seen at the level of 1.1048 and the next support is seen at the level of 1.0808.

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Global macro overview for 18/03/2016

Global macro overview for 18/03/2016:

Yesterday, the Bank of England left the interest rate on hold at the level of 0.50%, together with unchanged asset purchase facility at the level of 375B pounds. The BoE members voted unanimously 9 to 0 in favor of unchanged interest rates. It was the second month in a row when policy makers were unequivocal on the decision, after Ian McCafferty abandoned his rate hike vote in February referring to a weaker outlook for wages. Moreover, according to the Monetary Policy Committee meeting minutes, despite the global headwinds, policy members are still convinced that in the near future interest rates should be increased, not decreased, so negative interest rates are not taken into account currently. There is one more thing worth of noting here: uncertainty over the outcome may result in slowing the economy during months ahead of the vote, the BoE policy members said. In conclusion, The BoE meeting minutes mark the first time when officials have explicitly expressed their concerns over looming referendum risks acting as a further drag on growth amid already challenging global environment.

Let us now take a look at the daily time frame of the GBP/USD pair. The market has clearly broken out above the golden trend line and now is trying to extend the bullish momentum even further by testing the recent swing high at the level of 1.4668. The next resistance is seen at the level of 1.4578 and the next support is seen at the level of 1.4438.

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Technical analysis of EUR/JPY for March 18th, 2016

General overview for 18/03/2016:

The market is still trading inside the neutral zone after yesterday's false breakout above the golden trend line. The price fell back into the neutral zone and it is currently 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.

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Technical analysis of USD/CAD for March 18th, 2016

General overview for 18/03/2016:

The blue wave (c) might have been completed at the level of 1.2945. If the level of 1.3166 is not clearly violated, there will be 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:

1.2945 - Intraday Support

1.3106 - WS1

1.3166 - Intraday Resistance

1.3275 - Weekly Pivot

1.3383 - WR1

1.3554 - WR2

1.3662 - WR3

Trading recommendations:

Day traders should refrain from trading and wait for a better trading setup to occur in the near term. We recommend to place buy orders again when the corrective structure is completed.

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Technical analysis of NZD/CHF for March 18, 2016

After finding the bottom near the 0.6500 psychological level and forming a bullish divergence on the RSI oscillator, NZD/CHF moved higher and broke the descending channel. At the same time, the pair broke above the very strong resistance (0.6600) that has been previously tested many times. At the moment, the price corrected down and is once again near the broken resistance (currently S1 support).

The Fibonacci applied to the first corrective wave after the resistance breakout shows potential upside targets. The 261.8% retracement level (R3) corresponds to the Fibonacci channel 261.8% retracement which could be an ideal upside target.

Consider buying NZD/CHF while the price is near S1 (0.6600), targeting either R2 (0.6690) or R3 (0.6750) being the final target for a potential upcoming wave up. A stop loss should be well below the S1 support.

Support: 0.6600

Resistance: 0.6655, 0.6690, 0.6750

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Technical analysis of CHF/JPY for March 18, 2016

Based on the previous analysis, the CHF/JPY pair is expected to move lower after testing the 115.40 resistance (R1) once again.

Consider holding short positions with a stop loss just above R1, targeting either S1 (114.10) or S2 (113.60) as the final target for a potential upcoming wave down.

Support: 114.10, 113.60

Resistance: 114.90, 115.40

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Dollar index technical analysis for March 18th, 2016

The Dollar index has broken important support levels and remained in a bearish trend as we have been saying for the last weeks despite a bounce towards 98.50. The longer-term picture remains neutral as price remains trapped inside a big trading range.

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Red line - horizontal support

The Dollar index has broken the 95.20 low and remained in the bearish trend. In a previous analysis, I mentioned that the rejection at the 98.50 level and the lower high displayed a bad sign and a confirmation of the bearish trend. Only a move above 98.50 would bring bulls back in control of the trend. The index is now heading towards the horizontal support near 93.

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Blue lines - trading range

In the weekly chart, we can observe that the Dollar index remains inside the trading range where it has been for the past year. Price has broken the upper boundary of the weekly Kumo and it has entered the neutral zone. With the weekly kijun- and tenkan-sen above price, bears are in control of the trend now. Most probable outcome will be a move towards the lower boundary of the Kumo (cloud). This coincides with the lower trading range boundary around 93-92.50.

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Gold technical analysis for March 18, 2016

Gold price is consolidating near its highs but below a short-term resistance. One more new high is possible towards $1,300, but I expect the next big move to be a decline towards $1,200-$1,150.

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Gold price is between the 61.8% and 78.6% Fibonacci retracement levels. Price is above the Kumo (cloud). The short-term support is at $1,255 and the resistance at $1,273. If price breaks below $1,225, we should see a push towards $1,150. Gold has probably made a long-term low and reversal at $1,045, but now the first leg up has most probably finished.

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Gold price has broken above the weekly Kumo (cloud), and this confirms my bullish view for a long-term reversal. I expect Gold price to make a deep retracement even towards $1,100 before the next bullish move starts. Most probable target for the big pull back is the 61.8% retracement near $1,140.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for March 18, 2016

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USD/JPY is expected to trade in a lower range. It is more likely to continue its downward movement and is trading around the lower Bollinger band while those bands are widening and calling for further decline. Overnight U.S. stocks climbed further as the Federal Reverse's reduced rate-rise projection continued to boost investors' confidence. The commodity and industrial sectors gained the most. The Dow Jones Industrial Average rose 0.9% to 17481, achieving five days of gains in a row and turning positive for the year. The S&P 500 increased 0.7% to 2040, and the Nasdaq Composite was up 0.2% at 4774.

Nymex crude oil surged another 4.5% to $40.20 a barrel, the highest closing level since December 3. Gold was down 0.4% at $1257 an ounce, while the benchmark 10-year Treasury yield fell to 1.901% from 1.940% in the previous session.

Meanwhile, the U.S. dollar extended its weakness against most other major currencies, with the WSJ Dollar Index dropping another 1.1% to 86.63, the lowest level since June. EUR/USD rose 0.9% to 1.1317, USD/JPY plunged 1.1% to 111.37, USD/CHF dropped 1.0% to 0.9671, USD/CAD lost 0.9% to 1.2971, and NZD/USD surged 1.8% to 0.6845. At the same time, GBP/USD surged 1.6% to 1.4478, as the Bank of England kept interest rates unchanged and reiterated that rates should be likely to rise in the following three years. Also the intraday relative strength index is badly directed below the neutrality level at 50. The intraday outlook remains very bearish and the first downside target at 110.60 (around yesterday's low) is in sight. Support below that mark would be the psychological level of 110.00. Key resistance is located at 112.30.

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 110.60. A break of this target will move the pair further downwards to 110.30. The pivot point stands at 112.30. 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 113.05 and the second target at 113.45.

Resistance levels: 113.05, 113.45, 113.80

Support levels: 110.60, 110 , 109.45

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Technical analysis of USD/CHF for March 18, 2016

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USD/CHF is expected to trade in a lower range and continue its downside movement. The pair is heading downward, capped by its falling 50-period moving average. Currently trading at 0.9671, the pair seems likely to be forming a "bearish flag" pattern, and may continue to decline towards 0.9610 after a limited consolidation. Furthermore, the relative strength index lacks upward momentum. In conclusion, below 0.9745, look for further decline to 0.9610 and 0.9525 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 0.9610. A break of this target will move the pair further downwards to 0.9202. The pivot point stands at 0.9745. 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 0.9790 and the second target at 0.9845.

Resistance levels: 0.9790, 0.9845, 0.9925

Support levels: 0.9610, 0.9525, 0.6475

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Technical analysis of NZD/USD for March 18, 2016

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NZD/USD is expected to continue its upside movement. The pair is in a solid uptrend, supported by its ascending 50-period moving average. The momentum indicator such as the relative strength index is still bullish, which should confirm a positive outlook. Furthermore, a strong support base around 0.6760 has formed, which is most likely to limit any downward attempts. Therefore, as long as 0.6760 is not broken, an advance to 0.6880 and 0.6925 in extension is likely.

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 0.6880 and the second one at 0.6925. In the alternative scenario, a short position is recommended with the first target at 0.6705 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 0.6660. The pivot point is at 0.6760.

Resistance levels: 0.6880, 0.6925, 0.6975

Support levels: 0.6705, 0.666, 0.6620

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Technical analysis of GBP/JPY for March 18, 2016

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GBP/JPY is expected to trade with a bullish bias. The pair, which is trading around the 20-period (30-minute chart) moving average, is retesting the first upside target at 161.85. The relative strength index remains above the neutrality level of 50 lacking downward momentum. As long as the bullish bias persists, the pair is expected to cross above 161.85 before proceeding toward the next resistance at 162.85.

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 161.85 and the second one at 162.85. In the alternative scenario, a short position is recommended with the first target at 159 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 157.75. The pivot point is at 159.95.

Resistance levels: 161.85, 162.85, 163.40

Support levels: 159.00, 157.75, 156.90

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Elliott wave analysis of EUR/NZD for March 18, 2016

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Wave summary:

Overnight a spike to a low of 1.6435 has been seen. This likely marks the end of a small wave two correction and a minor wave three higher is about to take off. The first indication that a rally higher is about to develop is a break above 1.6635 and this new rally will be confirmed upon a break above 1.6874 for a continuation to 1.7220 and above.

Trading recommendation:

Our stop at 1.6460 was hit. We will re-buy EUR upon a break above 1.6635 with stop placed at 1.6430.

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Elliott wave analysis of EUR/JPY for March 18, 2016

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Wave summary:

There is a rally; nothing new to add here. We continue to expect minor resistance at 126.70 will protect the upside for a break below minor support at 125.05 calling for renewed downside pressure towards 122.06 and lower to 119.90.

A break above 126.70 will delay the expected downside pressure for a move higher to slightly above 127.27.

Trading recommendation:

We are short in EUR from 126.79 with stop placed at 126.75. If you are not short in EUR yet, then sell a break below 125.05 and use the same stop at 126.75.

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Technical analysis of EUR/USD for March 18, 2016

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When the European market opens, some economic news will be released such as the German PPI m/m. The US will release economic data too such as Prelim UoM Inflation Expectations and Prelim UoM Consumer Sentiment. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1369.

Strong Resistance: 1.1362.

Original Resistance: 1.1351.

Inner Sell Area: 1.1340.

Target Inner Area: 1.1313.

Inner Buy Area: 1.1286.

Original Support: 1.1275.

Strong Support: 1.1264.

Breakout SELL Level: 1.1257.

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 18, 2016

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In Asia, Japan will release the Monetary Policy Meeting Minutes and the US will release some economic data such as Prelim UoM Inflation Expectations and Prelim UoM Consumer Sentiment. 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: 111.62.

Resistance. 2: 111.41.

Resistance. 1: 111.19.

Support. 1: 110.92.

Support. 2: 110.70.

Support. 3: 110.48.

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

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

Daily analysis of major pairs for March 18, 2016

EUR/USD: The EUR/USD pair broke upwards on Wednesday, ending the short-term consolidation phase in the market. The price moved further upwards on Thursday – making it a movement of at least 260 pips within two days. There is now a clean Bullish Confirmation Pattern on the chart, and the price is supposed to continue moving upwards.

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USD/CHF: The USD/CHF pair broke further downwards yesterday: plus the price has moved below our target for this week. There is now a bearish bias in the market. The EMA 11 is below the EMA 56 while the Williams' % Range period 20 is in the oversold region. Long trades are not logical on the USD/CHF. Go short.

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GBP/USD: Since almost testing the accumulation territory at 1.4050, the Cable has gone up by 430 pips. This massive northward movement has brought back the bullish outlook that was seen in the market last week. It is highly probable that the price would continue moving upwards, reaching the distribution territories at 1.4550 and 1.4600 (though there would be possibilities of pullbacks along the way).

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USD/JPY: This pair broke south on March 16, 2016. On Thursday, the price moved further southward; seriously this time around. Altogether, there has been a drop of about 300 pips this week, and irrespective of any upwards bounces we may see, further bearish movement is expected.

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EUR/JPY: This cross pair simply consolidated on Thursday (unlike its USD/JPY counterpart), 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.

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Daily analysis of USDX for March 18, 2016

The Index is currently working on performing a breakout below the support zone of 94.69, in order to extend the decline towards the 93.89 level, after a strong bearish move was seen during yesterday's session. However, if the USDX makes a rebound at current levels, then we can expect another rally towards the 95.44 level.

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H1 chart's resistance levels: 95.44 / 96.03

H1 chart's support levels: 94.69 / 93.89

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 94.69, take profit is at 93.89, and stop loss is at 96.19.

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Daily analysis of GBP/USD for March 18, 2016

On the H1 chart, GBP/USD has been forming a higher high pattern after a bullish momentum gained above the 200 SMA. Currently, it's facing off the strong resistance around the 1.4490 level, where a breakout should happen for another upside advance towards the 1.4555 level, which would be our next bullish target in a short-term basis.

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H1 chart's resistance levels: 1.4490 / 1.4555

H1 chart's support levels: 1.4423 / 1.4354

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 1.4490, take profit is at 1.4555 and stop loss is at 1.4423.

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Daily analysis of GOLD for March 17, 2016

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Overview

The gold price shows a stronger rise approaching from the recently recorded top at 1,282.90. The price is likely to breach this level to extend the bullish wave to reach 1,300.00 as the next main station. Therefore, we believe that the bullish trend could continue on the short term-basis and that targets begin with breaching the mentioned top to open the way to 1,300.00 levels as the next main station. Breaking 1,246.00 followed by 1,227.40 levels will stop the positive overview and put the price under correctional bearish pressure again.

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Daily analysis of Silver for March 17, 2016

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Overview

The silver price is testing the key resistance level of 15.70 and continuing trading inside the bullish channel that appears on chart. The price needs to breach this level to reinforce expectations for a rise on the short-term basis. In general, we still expect the bullish trend as long as the price is above 15.00 and 14.67 levels. Remember that our extended target reaches to 16.35 after a successful breach of the 15.70 level. The expected trading range for today is between 15.30 support and 16.00 resistance.

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