NZD/USD intraday technical levels and trading recommendations for March 22, 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 signs of a bearish rejection were seen during the previous few weeks (triple-top reversal pattern).

On February 9, the NZD/USD pair failed to consolidate below the depicted support level of 0.6550.

Moreover, an obvious bullish recovery was expressed around the depicted temporary support level. Hence, the recent bullish swing towards 0.6750 was initiated.

Bullish persistence above 0.6760 (upper limit of the previous consolidation range) was mandatory to allow further bullish advancement towards 0.6860, where a bearish engulfing daily candlestick was expressed Friday.

Note that a daily closure below 0.6760 is needed to allow a quick bearish decline towards 0.6550 (the depicted support level).

Otherwise, the NZD/USD pair will remain trapped between 0.6760 and 0.6860.

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USD/CAD intraday technical levels and trading recommendations for March 22, 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 22, 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 1.4340-1.4488 constitutes a significant supply zone to offer evident bearish rejection.

Temporary bearish rejection was being manifested via the previous weekly candlestick until the price level of 1.4050 managed to push the pair again to the upside (note the lower tail of the weekly candlestick).

Note that bullish persistence above the price level of 1.4488 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 the price levels around 1.4400.

On March 14, a recent bearish movement was initiated around 1.4350 (61.8% Fibonacci level). The nearest bearish target was located around 1.4050 where the current bullish swing was initiated.

This week, the price level of 1.4488 was challenged. It corresponds to 79.6% Fibonacci level and the backside of the depicted uptrend line.

If bullish persistence above 1.4488 is maintained, a quick bullish movement towards 1.4650 should be expected (low probability).

On the other hand, conservative traders should wait for a daily closure below 1.4350 (61.8% Fibonacci level) to SELL the GBP/USD pair. Initial T/P levels should be located at 1.4150 and 1.4060.

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Intraday technical levels and trading recommendations for EUR/USD for March 22, 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.

Previously, 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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EUR/NZD analysis for March 22, 2016

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6600. At the H4 time frame, I found a defined trading range between the price of 1.6475 (support) and the price of 1.6865 (resistance). Support level at the price of 1.6475 is successfully held. According to the daily time frame, I found weak demand, which is a sign of a potential downward movement. Anyway, wait for a successful breakout of trading range to confirm further direction.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6680

R2: 1.6715

R3: 1.6765

Support levels:

S1: 1.6575

S2: 1.6545

S3: 1.6495

Trading recommendation for today: Sideways market, watch for a potential breakout of trading to confirm further direction.

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Global macro overview for 22/03/2016

Global macro overview for 22/03/2016:

The UK inflation rate was unexpectedly unchanged in February, remaining far below the Bank of England's 2 percent goal.The Office for National Statistics revealed this morning that the consumer price index was at the level of 0.3% (vs. 0.4% expected and 0.3% prior). Core inflation, which excludes volatile food and energy prices, remained at the level of 1.2 percent. In conclusion, the inflation level has been stubbornly low for the last two years, largely due to lower oil prices. The BoE Governor Mark Carney reiterated last week that there are low chances that the interest rate will be cut or that it will enter the negative territory. Thus,the next move should result in a long-time rate increase.

Let's now take a look at the technical picture of the GBP/USD pair at 4h time frame. After making a new local high at the level of 1.4515 the market has fallen toward the 50%Fibo at the level of 1.4290, breaking the support at the level of 1.4427 with ease. Currently, it looks like bears want to push the prices even further down, towards the 61%Fibo at the level of 1.4229. Any breakout below this level will result in an immediate test of the golden trend line.

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Technical analysis of NZD/USD for March 22, 2016

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Overview:

  • The NZD/USD pair broke resistance at 0.6645, which turned into strong support last week. This level coincides with the 23.6% of Fibonacci retracement, which is expected to act as major support this week too. It is also important that the RSI is still signaling that the trend is upward, while the moving average (100) is heading to the upside. Accordingly, the bullish outlook remains the same as long as the EMA 100 is pointing to the uptrend. This suggests that the pair will probably go above the daily pivot point (0.6749) in the coming hours. The NZD/USD pair will demonstrate strength following a breakout of the high at 0.6749. Consequently, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.6749 with the first target at 0.6809. Then, the pair is likely to begin an ascending movement to 0.6873 and further to the 0.6923 levels. The level of 0.6923 will act as strong resistance, and the double top is already set at 1.0128. On the other hand, the daily strong support is seen at 0.6645. If the NZD/USD pair is able to break out the level of 0.6645, the market will decline further to 0.6575.

Weekly technical levels:

  • R3: 0.7221
  • R2: 0.7047
  • R1: 0.6923
  • PP: 0.6749
  • S1: 0.6625
  • S2: 0.6451
  • S3: 0.6327
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Global macro overview for 22/03/2016

Global macro overview for 22/03/2016:

The German Ifo Business Climate data was released this morning. A slight improvement can be noticed as the indicator was at the level of 106.7 points, beating expectations of 106.1 and prior reading of 105.7. Nevertheless, the next sentiment data in the form of ZEW Survey was worse than expected. The ZEW Current Situation indicator decreased to the level of 50.7 from 52.3 in the last month and was below the forecast of 53.0. The ZEW Economic Sentiment indicator declined to the level of 4.3 (5.9 expected), but was better than the last month's figures of 1.0. In conclusion, the overall business and economic sentiment did not improve significantly despite the recent ECB actions, including expansion of the QE program. This is not a good sign and it should put more pressure on the euro.

Let's now take a look at the EUR/USD technical picture at the 4h time frame. A bull run towards the recent swing high at the level of 1.1376 did not result in another higher high in this pair. Bears took control over the market as they had pushed the price below the important support at the level of 1.1218. The next support is seen at the level of 1.1066.

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Gold analysis for March 22 , 2016

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View :

Since our last analysis, gold has been trading upwards. The price tested the level of $1,259.94 . Our head and shoulders formation is still active. I found successful rejection from the neckline, which is a good sign for further downward movement. According to the 4H time frame, I found that weakness appeared. According to the 5M time frame, I found a volume spike (buying climax) and a strong sign of weakness. Later on, we saw up-thrust bars and no demand bars, which confirmed professional selling. First, take profit level is set at the price of $1,240.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,252.70

R2: 1,255.80

R3: 1,260.95

Support levels:

S1: 1,242.55

S2: 1,239.40

S3: 1,234.40

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

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Technical analysis of USD/CHF for March 22, 2016

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Overview:

  • The USD/CHF pair movement was controversial as it took place in a narrow sideways channel for a while. The market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9751 and 0.9650. The daily resistance and support are seen at the levels of 0.9751 and 0.9650, respectively. In consequence, it is recommended to be cautious while placing orders in this area. Thus, we should wait until the sideways channel completes. On the H4 chart, the price spot of 0.9751 remains a significant resistance zone. Therefore, there is a possibility that the USD/CHF pair will move to the downside from the 0.9751 level, which represents the pivot point today.
  • Resistance is seen at the level of 0.9751 today. So, sell below 0.9751 with the first target at 0.9650 to test last week's bottom. In overall, we still prefer the bearish scenario as long as the price is below the level of 0.9751. Furthermore, if the USD/CHF pair is able to break out the bottom at 0.9650, the market will decline further to 0.9590.
  • However, a stop loss should be set above the second resistance of 0.9552.
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Technical analysis of GBP/JPY for March 22, 2016

After testing the 164.00 resistance area, GBP/JPY dropped heavily breaking previously established the support level of 161. The Fibonacci applied to the first corrective wave after the breakout shows that the price has not tested the 161.8% retracement, which eventually should be tested.

The Fibonacci channel clearly shows that the price is not able to pass over the 161.8% retracement trendline and today, after the second bounce, the price started to fall sharply.

Consider selling GBP/JPY on small pullbacks towards R1 (161.40) targeting S3 (159.00) support area. The stop loss should be slightly above R1.

Support:160.45, 159.35, 159.00

Resistance: 161.40

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Technical analysis of EUR/JPY for March 22, 2016

EUR/JPY seems to be stuck between the 126.40 and 125.40 areas, while ranging within a 100 pip wide channel. At the same time, the price found the resistance at the 261.8% Fibonacci retracement trendline of the descending channel.

The price rejected a downward trendline quite precisely today, and it should be a starting point where bears will be taking over. The Fibonacci applied to the first corrective wave after the support breakout suggests that the nearest target is the 161.8% retracement level - S2 (124.25).

Consider selling EUR/JPY while the price is near 126.00, targeting S2 (124.25). The stop loss should be just above R1 (126.45)

Support: 125.10, 124.25

Resistance: 126.45

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USDX technical analysis for March 22, 2016

The Dollar index remains in a bearish trend since early Decemeber of 2015. Price is making lower lows and lower highs. The short-term trend remains bearish while the longer-term trend is still neutral as price is trapped inside a trading range.

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Red lines - bearish channel

Blue line - resistance trend line

The short-term resistance is at 95.60-95.80. Support is at 94.50. The most probable outcome for the bearish trend is to continue lower as short-term stochastic oscillator is overbought. So at least another move lower towards 94 is to be expected. Rallies are selling opportunities.

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Blue lines - sideways channel

On a weekly basis, the trend remains neutral with a slight bearish indication, as price has broken inside the weekly Kumo (cloud). Price is trapped inside the sideways channel as shown on the weekly chart above. There is still no divergence in the oscillators. More dollar weakness should be expected.

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Gold technical analysis for March 22, 2016

Gold price has broken above the short-term bearish channel. Price remains in a sideways channel and could now be starting the final move higher towards $1,300.

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Blue lines - bullish channel

Red lines - bearish short-term channel

Stochastic oscillator is oversold and it is turning higher at the 4 hour chart. Price is reversing above the bearish channel. This is a bullish reversal signal for the short-term. Support at $1,240 is critical now. As long as we are above it, there are chances of making a final new higher high towards $1,300.

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The weekly chart shows us that oscillators are overbought and that we are either at the final stages of the rise from $1,045 or we have already completed the 1st move up and we should expect a pull back towards at least the 38% retracement. The short-term trend has turned bullish again but overall we should expect a larger pull back towards $1,170-$1,100.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for March 22, 2016

General overview for 22/03/2016:

The price has managed to break out of the triangle and currently it is testing the higher triangle line from above. 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:

127.98 - WR2

127.26 - Intraday Resistance

126.76 - WR1

125.39 - Weekly Pivot

125.58 - Intraday Resistance

124.90 - Intraday Support

124.82 - WS1

123.07 - Green Impulsive Cycle Invalidation Level

121.87 - 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 22, 2016

General overview for 22/03/2016:

The market had tested the weekly pivot at the level of 1.3098, but the price is still trading inside the bearish zone. The last leg of the corrective cycle in wave Z brown might have been completed at the level of 1.2924, but without confirmation. To confirm the bottom is in the place, the market should break out above the intraday resistance at the level of 1.3166 and enter the neutral zone in impulsive fashion.

Support/Resistance:

1.2924 - Intraday Support

1.3026 - Technical Support

1.3098 - Weekly Pivot

1.3166 - Intraday Resistance

1.3270 - WR1

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. In this particular case it would mean a clear break out above the level of 1.3166, ideally with a daily candle close above it.

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Daily analysis of major pairs for March 22, 2016

EUR/USD: The bullish outlook on this pair is still valid. The market could continue going upwards but there is a possibility that the bears might come in and push the price downwards. The EUR could be seen weakening versus some majors this week.

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USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is in the oversold region. This week would see next direction in the market, which would most probably favor the bulls, for the EUR/USD (which is negatively correlated to the USD/CHF). The pair might drop this week.

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GBP/USD: This currency instrument traded lower on Monday – in the context of an uptrend. The uptrend would not be rendered illogical as long as the price does not go below the accumulation territory at 1.4200. The price might rally from here, attaining the distribution territory at 1.4500, therefore we can see strengthening of the existing Bullish Confirmation Pattern on the chart.

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USD/JPY: The USD/JPY pair moved slightly upwards on Monday, reaching the supply level of 112.00. That movement was in the context of a downtrend; but the downtrend would be invalidated as soon as the price goes above the supply level of 113.50. A significant bullish journey required for this condition will be fulfilled. That is a forecast for the week.

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EUR/JPY: Here, the market seems to be ready to go further upwards. The EMA 11 is above the EMA 56 whereas the RSI period 14 is above the level 50. It is likely that the market would go above the supply zone at 126.00, starting a clear directional movement, which would happen this week. The movement would most probably favor the bulls, for the outlook on JPY pairs is bullish this week.

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Technical analysis of USD/JPY for March 22, 2016

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USD/JPY is expected to trade with a bullish bias. Overnight US stocks continued to edge higher after trading in a narrow range with a light volume. The Dow Jones Industrial Average edged up 0.1% to 17623, the S&P 500 added 0.1% to 2051, and the Nasdaq Composite was up 0.3% at 4808.

Nymex crude oil rose 1.2% to $39.91 a barrel, gold fell 0.9% to $1243 an ounce, while the benchmark 10-year Treasury yield rebounded to 1.921% from 1.871% last Friday.

Meanwhile, closings on existing homes in the US dropped 7.1% MoM to a 3-month low of the 5.08M annual rate (vs 5.31M expected) in February.

On the forex front, the US dollar was boosted by hawkish comments by a number of Federal Reserve presidents, who pointed to another interest increase in April at the soonest. EUR/USD declined 0.3% to 1.1239, USD/JPY gained 0.3% to 111.93, USD/CAD rose 0.8% to 1.3100, and AUD/USD was down 0.3% to 0.7576.

At the same time, GBP/USD lost 0.8% to 1.4366 after Iain Duncan Smith, who supports "Brexit", resigned as the British Work and Pensions Secretary on Friday.

The pair has just broken above the key resistance at 111.25 as the ascending 20-period (30-minute chart) moving average is supporting a bullish bias. Meanwhile, the intraday relative strength index also remains above the neutrality level of 50. The intraday outlook has therefore turned bullish and the pair is expected to exceed the first upside target at 112.40 and rise toward the next one at 112.90.

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 112.40 and the second one at 112.90. In the alternative scenario, a short position is recommended with the first target at 111 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 110.60. The pivot point is at 111.25.

Resistance levels: 112.40, 112.90, 113.25

Support levels: 111, 110.60, 110

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Technical analysis of USD/CHF for March 22, 2016

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USD/CHF is expected to trade with a bearish bias as the key resistance is at 0.9745. The pair remains weak below its horizontal resistance at 0.9745, and is likely to post a new decline after a limited consolidation. The technical indicators such as the relative strength index are mixed to bearish. Hence, as long as the resistance at 0.9745 is not surpassed, the risk of a break below 0.9650 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 0.9650. A break of this target will move the pair further downwards to 0.9610. 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: 0.9650, 0.9610, 0.9525

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Technical analysis of NZD/USD for March 22, 2016

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NZD/USD is expected to trade with a bearish bias. The pair remains under pressure below its nearest resistance at 0.6815, which is expected to limit any upward attempts. A continuation of the consolidation seems more likely to occur, as the relative strength index lacks upward momentum, and the key moving averages are mixed with a bearish bias. To conclude, as long as 0.6815 is not clearly surpassed, look for further downsides to 0.6705 and 0.6660 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 0.6705. A break of this target will move the pair further downwards to 0.6660. The pivot point stands at 0.6815. 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 0.6870 and the second target at 0.6925.

Resistance levels: 0.6870, 0.6925, 0.6975

Support levels: 0.6705, 0.666, 0.6620

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Technical analysis of GBP/JPY for March 22, 2016

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GBP/JPY is expected to trade in a higher range. After the recent upside breakout of an ST declining trend line, the pair validated an intraday bullish reversal, and is turning up now. The nearest support at 160.10 should maintain strong buying pressure. A bullish cross between the 20-period and 50-period moving averages has been identified as well. In these perspectives, as long as 160.10 holds on the downside, look for further advance to 161.85 and 162.85 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 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 160.10.

Resistance levels: 161.85, 162.85, 163.40

Support levels: 159.00, 157.75, 156.90

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Technical analysis of Silver for March 22, 2016

Technical outlook and chart setups:

Silver is seen to be trading around the same range since yesterday, $15.70/80 levels for now. The metal might have formed an interim high at $16.13 levels it seems and should be looking to push lower from here. Please note that fibonacci 0.618 resistance, of the drop between $16.13 through $15.70 levels, is seen around $15.95 levels. It is hence recommended to initiate short positions at $15.95 levels, with risk above $16.13 levels for now. Immediate resistance is seen at $16.13 levels, while support is at $15.70 levels respectively. Please note that the drop could extend towards $15.40 and $15.00 levels subsequently.

Trading recommendations:

Initiate shorts at $15.95, stop $16.25, target is $15.40 and $15.00.

Good luck!

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Technical analysis of Gold for March 22, 2016

Technical outlook and chart setups:

Gold remains steady since yesterday, trading in a very tight range between $1,242.00 and $1,247.00 levels as depicted on the hourly chart. It is probably looking to unfold a flat (wave 4), before dropping lower towards $1,220.00/25.00 levels. The metal may rally towards $1,250.00 levels from here, and then reverse sharply lower. It is recommended to go short around $1,250.00 levels, or even higher, with risk above $1,273.00 levels. Immediate resistance is below $1,260.00 levels, while support is seen at $1,240.00 levels respectively. The metal should be targeting $1,190.00 levels at least till prices remain below $1,270.00 levels respectively.

Trading recommendations:

Looking to short around $1,250.00 levels, stop at $1,273.00, target is $1,190.00.

Good luck!

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Technical analysis of EUR/JPY for March 22, 2016

Technical outlook and chart setups:

The EUR/JPY pair remains unchanged for now with respect to structure and price action. The pair continues to consolidate between 125.20 and 126.50 levels as discussed yesterday. It is required to break below 125.00 or above 126.50 to confirm the next major direction. Since the rally from 122.00 levels has unfolded into 3 waves, it is still corrective in nature and hence a high probability of a drop lower still exists. It is hence recommended to remain short, with risk above 127.50 levels. Immediate support is at 125.00/20 levels while resistance is seen at 127.20/30 levels respectively. Also note that prices remain in the sell zone of its resistance trend line for now, supporting a bearish view.

Trading recommendations:

Remain short for now, 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 22, 2016

Technical outlook and chart setups:

The GBP/CHF pair is finally looking to form a higher low at 1.3930 levels as depicted on the hourly chart here. The pair is bouncing off the fibonacci 0.786 support of the rally between 1.3880 and 1.4050 levels. Furthermore, the pair is forming an engulfing bullish candlestick pattern as well indicating a potential turn from here. Bulls should remain in control till prices stay broadly above 1.3880 levels going forward. It is hence recommended to remain long for now, with risk below 1.3880 levels. Immediate interim support is seen at 1.3880 levels, while resistance is at 1.4300 levels. A bullish turn from here could push prices higher towards 1.4300 levels at least.

Trading recommendations:

Remain long for now, stop at 1.3880, target is 1.4300.

Good luck!

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

Technical analysis of EUR/USD for March 22, 2016

1_EURUSD.jpg

When the European market opens, some economic news will be released such as Belgian NBB Business Climate, ZEW Economic Sentiment, German ZEW Economic Sentiment, the Flash Services PMI, the Flash Manufacturing PMI, German Ifo Business Climate, the German Flash Services PMI, the German Flash Manufacturing PMI, the French Flash Services PMI, the French Flash Manufacturing PMI. The US will release economic data too such as the Richmond Manufacturing Index, Flash Manufacturing PMI, HPI m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1287.

Strong Resistance: 1.1281.

Original Resistance: 1.1270.

Inner Sell Area: 1.1259.

Target Inner Area: 1.1233.

Inner Buy Area: 1.1207.

Original Support: 1.1196.

Strong Support: 1.1185.

Breakout SELL Level: 1.1179.

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 22, 2016

2_USDJPY.jpg

In Asia, Japan will release the All Industries Activity m/m, Flash Manufacturing PMI and the US will release some economic data such as the Richmond Manufacturing Index, Flash Manufacturing PMI, HPI m/m. 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: 112.55.

Resistance. 2: 112.33.

Resistance. 1: 112.11.

Support. 1: 111.84.

Support. 2: 111.62.

Support. 3: 111.40.

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 USDX for March 22, 2016

The H1 chart structure remains bearish and the Index is currently dealing with the resistance zone of 95.44, where we can expect a pullback to resume the bearish bias on a short-term basis. If that scenario happens, then a breakout lower below the 94.69 level will make it possible for the pair to test new lows in the coming days. The 200 SMA is slightly bearish.

USDXH1.png

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.

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

Daily analysis of GBP/USD for March 22, 2016

GBP/USD is performing a decline and during yesterday's session we saw a strong domination by the bears in the overall bias of the Cable. Currently, we can expect a rebound above the support level of 2.4354 to resume the upside trend, but we cannot discard a breakout lower to test the 200 SMA on the H1 chart. The MACD indicator is still showing uncertainty in the pair.

1458593817_GBPUSDH1.png

H1 chart's resistance levels: 1.4423 / 1.4490

H1 chart's support levels: 1.4354 / 1.4272

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 1.4423, take profit is at 1.4490 and stop loss is at 1.4354.

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