NZD/USD intraday technical levels and trading recommendations for March 23, 2016

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On January 28, the depicted support at 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 was executed a few weeks ago.

Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets.

The price zone of 0.6750-0.6840 constituted a significant resistance zone where 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 on 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 the price levels of 0.6760 and 0.6860.

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USD/CAD intraday technical levels and trading recommendations for March 23, 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 being manifested on the daily chart.

This price zone corresponded 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.

The price level of 1.3300 (50% Fibonacci level) constitutes a significant resistance level to be watched if bullish persistence above 1.2975 is maintained.

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 23, 2016

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On January 21, after the GBP/USD pair moved below 1.4340, evident signs of bullish recovery were expressed around 1.4075. Hence, previous weekly candlesticks closed above 1.4340 again.

Bullish persistence above 1.4488 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 1.4340), the next 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.

Recently, the price zone of 1.4340-1.4488 constituted a significant supply zone to offer evident bearish rejection.

Temporary bearish rejection was 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 previous weekly candlestick).

Note that bullish persistence above the price level of 1.4488 is needed to allow further bullish advancement towards 1.4620 to take place. Otherwise, a quick bearish movement towards 1.4050 should be expected.

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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 1.4340.

Hence, an extensive bearish breakout below 1.4340 was expressed on the daily chart (the GBP/USD pair 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 being challenged. It corresponded to 79.6% Fibonacci level and the backside of the depicted uptrend line.

If bullish persistence above 1.4488 was maintained, a quick bullish movement towards 1.4650 should have been expected (low probability).

On the other hand, traders were advised to wait for a daily closure below 1.4350 (61.8% Fibonacci level) to SELL the GBP/USD pair. T/P levels should be located at 1.4150 and 1.4060. It is currently running in profits.

Conservative traders should look for bullish price action around the demand level of 1.4050 to BUY the pair. S/L should be located below 1.3950.

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Intraday technical levels and trading recommendations for EUR/USD for March 23, 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.

In February, 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.

Recently, Bullish fixation above 1.1000 was mandatory to allow further bullish movement to take place. Bullish targets were expected around 1.1320 and 1.1400 (recently visited).

Similar to what happened on February 12, the supply zone of 1.1350-1.1400 stood as a significant resistance zone for the EUR/USD pair to offer bearish rejection and a valid sell entry.

Trading Recommendation:

A valid SELL entry could 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.

Conservative traders can wait for a pullback towards 1.1000 to BUY the EUR/USD pair. S/L should be placed below 1.0940.

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Technical analysis of NZD/USD for March 23, 2016

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Overview:

  • As expected, the NZD/USD pair continues to move downwards from the areas of 0.6808 and 0.6759. Yesterday, the pair dropped from the level of 0.6808 to 0.6759, which coincides with a ratio of 78.6% Fibonacci on the H4 chart. Today, resistance is seen at the levels of 0.6808 and 0.6871. So, we expect the price to set below the strong resistance at the levels of 0.6808 and 0.6771; because the price is in a bearish channel now. Amid the previous events, the price is still moving between the levels of 0.7650 and 0.6671. In overall, we still prefer the bearish scenario as long as the price is below the level of 0.6808. Additionally, the RSI starts signaling a downward trend. Furthermore, if the NZD/USD pair is able to break out the bottom at 0.6700, the market will decline further to 0.6671 and 0.6609. Thus, the price will fall into a bearish trend in order to go further towards the strong support at 0.6609 to test it again. The level of 0.6609 will form a double bottom. On the other hand, if the price closes above the strong resistance of 0.6871, the best location for the stop loss order is seen above 0.6910.
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Global macro overview for 23/03/2016

Global macro overview for 23/03/2016:

A huge build up in the API Crude Oil Inventories data surprised market participants. It was expected that crude oil stockpiles would hit the level of 2700k barrels, up from 1500k barrels a week ago. Nevertheless, it turned out that the inventories were at the level of 8800k barrels, exceeding the market expectations. In conclusions, producers from the Organization of the Petroleum Exporting Countries and non-members are due to meet on April 17th in Qatar to discuss the output freeze and extreme stockpiles levels. The OPEC's secretary general Abdullah al-Badri said on Monday that there is one more country (Iran) that wants to join the other group of producers later in order to freeze production and support prices. Soon we will fond out whether such actions will help to resolve the current supply glut.

Let's take a look at the technical picture of crude oil on the daily chart. After the recent futures contracts rollover last Friday, the oil has made a small gap up to the level of 41.89. Since then, the market trades slowly inside the golden channel and the gap yet needs to be closed. The bulls are in control over this market, but the important resistance at the level of 43.45 hasn't been tested yet.

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Technical analysis of USD/CHF for March 23, 2016

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Overview:

  • The USD/CHF pair has faced strong support at the level of 0.9649 because resistance turned into support. So, the strong resistance has been already faced at the level of 0.9750, and the pair is likely to try to approach it in order to test it again. The level of 0.9750 represents a pivot point, for that it is acting as resistance today. Furthermore, the USD/CHF pair is continuing to trade in a bullish trend from the last support level of 0.9649. Currently, the price is in a bullish channel. According to the previous events, we expect the USD/CHF pair to move between 0.9649 and 0.9750. Also, it should be noticed that the double top is set at 0.9760. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 0.9649 with the first target at the level of 0.9760. If the trend is able to break the double top at the level of 0.9760, the market will continue rising towards the weekly resistance 1 at 0.9852.

Intraday key levels:

  • R3: 1.0114
  • R2: 1.0013
  • R1: 0.9852
  • PP: 0.9751
  • S1: 0.9590
  • S2: 0.9489
  • S3: 0.9328
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EUR/NZD analysis for March 23, 2016

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Overview:

Recently, EUR/NZD has been moving upwards.The price tested the level of 1.6704. At the H4 time frame, the price is still trading in a defined trading range between the price of 1.6475 (support) and the price of 1.6865 (resistance). Since the current strength on the market, I expect testing of resistance level at the price of 1.6865. Anyway, wait for a successful breakout of the trading range to confirm further direction. According to the daily time frame, we can observe sideways market.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6660

R2: 1.6690

R3: 1.6725

Support levels:

S1: 1.6585

S2: 1.6560

S3: 1.6525

Trading recommendation for today: There is bullish pressure according to intraday time frames. But still the market is sideways in the short-term prospective. Watch for a breakout of trading range to confirm further direction.

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Global macro overview for 23/03/2016

Global macro overview for 23/03/2016:

The concerns regarding the U.S. manufacturing sector, hit by a stronger dollar and signs of global slowdown, has weakened amid the recent economic data. The Markit's flash manufacturing PMI increased to 51.4 points, up from the final February print of 51.3, but still the reading came lower than expected number of 51.9. It looks like the U.S. domestic producers has been hurt by the Fed's recent rate hike decision, and they are struggling with weakening global demand. The new business volumes are slightly better than expected, but the relatively stronger US dollar makes these volumes still weaker than the post-crisis trend. In conclusion, the first rate hike hasn't not really helped the domestic producers so far and two more rate hikes are anticipated later this year.

Let's now take a look at the technical picture of the US Dollar index on 4H chart. The price is trading now at a very interesting point, which consists of various resistance levels: 61% retracement of the last swing, 38% of the overall retracement, the supply zone, technical resistance and market geometry 1-to-1 resistance of previous corrective cycle. This might be a good place for the bears to took control over the market in the coming days, so please keep an eye on it.

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Gold analysis for March 23 , 2016

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View :

Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,231.08. Our head and shoulders formation is still active and so far it is progressing. According to the 4H time frame, we can observe strong selling pressure in a high volume. Supply entered the market after strong rejection from the neckline and after we saw a strong sign of weakness on the 4H time frame bar. The intraday take profit level is set at the price of $1,225.60 (swing low) and the short term take profit level is set at the price of $1,214.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,251.50

R2: 1,253.60

R3: 1,256.95

Support levels:

S1: 1,245.00

S2: 1,243.40

S3: 1,239.70

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

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Technical analysis of AUD/CAD for March 23, 2016

AUD/CAD has been ranging for the past few weeks between 0.9900 and 1.0020. But on the 18th of March, price managed to produce new low breaking the support area and at the same time the 161.8% retracement level of the Fibonacci channel.

It seems that price is producing lower lows and lower highs which could be a sign of a potential correction down. The Fibonacci retracement applied to the first corrective wave after the support breakout shows potential downside targets, S2 (0.9800) or S3 (0.9700). Both of these targets correspond with the Fib channel trend lines.

Consider selling AUD/CAD while the price is near R1 (0.9980), targeting one of the support levels, either S2 or S3. The stop loss should be just above the 1.0000 psychological resistance level.

Support: 0.9865, 0.9800, 0.9700

Resistance: 0.9980, 1.0000

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USDX technical analysis for March 23, 2016

The Dollar index showed renewed strength yesterday and broke out of the short-term bearish channel. Is it a trend reversal? The decline has an overlapping structure which implies we are in a corrective phase. The long-term bullish trend could re-start any day.

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Red lines - bearish channel

The Dollar index has started the day in an overbought area so traders should better be patient and look for long positions only after a pull back to 94.55 that is a stop for any long position. Bears should look for short positions at current levels with stops placed at 96.50 level. In the 4 hour chart, price is still below the Kumo and that is why we have no confirmation of a short-term trend reversal.

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Blue lines - trading range

In the weekly chart, price continues to trade inside the trading range and it is now testing the upper Kumo (cloud) boundary resistance at 96. A daily close above this level could push price over the coming sessions towards the kijun- and tenkan-sen indicators at 97.20. Weekly stochastic is oversold and diverging. I believe the bullish trend that dominated the Dollar index during 2014 will once again resume in order to push the index to new highs.

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Gold technical analysis for March 23, 2016

Despite an early breakout above the short-term resistance in Gold price, sellers pushed prices below support canceling the bullish scenario for a new high towards $1,300. As we said in our previous analysis, a rise from $1,045 can be completed. So we must focus on the bigger picture.

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Blue lines - sideways channel

Gold has made a new lower low after a lower high yesterday. It has also broken below the Kumo (cloud) on the 4 hour chart. Price is now testing the lower channel boundary. The entire rise from $1,045 is most probably over, so we should expect to see a pull back towards $1,150-$1,190.

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On a weekly basis, price shows signs of a bearish reversal. The first target is the 38% Fibonacci retracement and the upper Kumo (cloud) boundary. The pull back in Gold price could even reach $1,100-$1,150. So this will be an important buy area for our longer-term bullish reversal scenario.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Silver for March 23, 2016

Technical outlook and chart setups:

Silver hit $15.95/16.00 levels yesterday and reversed lower as expected. The metal is trading at $15.75 levels at the moment, looking to drop lower towards $15.40 and further as depicted here. The metal seems to have carved out an intermediary top at $16.13 levels and should remain in control of bears at least in the short term. Please also note that the metal could drop towards $14.50 levels before turning bullish again. It is hence recommended to remain short for now, with risk at $16.13 levels. Immediate support is seen at $15.00 levels, while resistance is seen at $16.00/13 levels respectively. Only a break above $16.00 levels would change the bearish outlook from here on.

Trading recommendations:

Remain short for now, stop at $16.13, target is open.

Good luck!

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Technical analysis of Gold for March 23, 2016

Technical outlook and chart setups:

Gold has dropped lower after hitting resistance at $1,260.00 levels yesterday, a tad bit higher than expected but the direction has been lower since then. The metal is seen to be trading at $1,235.00/36.00 levels for now, looking to drop below $1,220.00 levels going forward. Please note that the metal is on track towards $1,190.00 levels at least before producing a meaningful retracement. Furthermore, potential still remains towards $1,140.00 levels (which is the fibonacci 0.618 support of the entire rally from $1,056.00 through $1,283.00 levels) as well. It is recommended to remain short for now, with risk at $1,265.00 levels. Immediate resistance is at $1,260.00 levels, while support is at $1,220.00 levels.

Trading recommendations:

Remain short for now, stop at $1,265.00, target $1,190.00.

Good luck!

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Technical analysis of EUR/JPY for March 23, 2016

Technical outlook and chart setups:

The EUR/JPY pair dropped lower towards 124.60 levels before pulling back sharply yesterday. The pair is trading at 125.90 levels and should be looking to form lower lows till prices remain below 127.00 levels. Please note that the interim support trend line has provided a bullish bounce at 124.60 levels, but bears are expected to regain control soon. Also note that the pair has unfolded into 3 waves from 122.00 levels, which is corrective. Hence the probability for a drop lower remains high until prices hold 127.00 levels. It is recommended to remain short against 127.00 levels for now. The immediate interim resistance is seen at 127.00 levels, while support is at 124.60 levels respectively.

Trading recommendations:

Remain short for now, stop at 127.50, target is open.

Good luck!

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Technical analysis of GBP/CHF for March 23, 2016

Technical outlook and chart setups:

The GBP/CHF pair dropped lower below 1.3880 levels yesterday, taking stops out on long positions. The pair is still holding above the 1.3700/25 interim support, but we will need more evidence here to confirm that the bullish setup remains intact and trades can be committed on the long side again. The drop from 1.4250/75 levels still looks to be corrective in nature and the pair might be producing an up gartley here. The gartley normally terminates at the fibonacci 0.786 support and then resumes the rally sharply. It is recommended to stay flat for now but an aggressive trade setup would still warrant long positions against 1.3700 levels. Immediate support is seen at 1.3725 levels, while resistance is seen at 1.3950 levels respectively.

Trading recommendations:

Aggressive traders might want to remain long with stop at 1.3700 levels. A conservative setup would be to wait for further confirmation.

Good luck!

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Technical analysis of EUR/JPY for March 23, 2016

General overview for 23/03/2016:

The abc green corrective cycle in wave (ii) had been completed at the level of 124.67. Moreover, the immediate upward reaction looks impulsive in nature and might be the beginning of a new upward impulsive wave progression. Nevertheless, the alternative count suggests that the 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

124.67 - Intraday Support

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 23, 2016

General overview for 23/03/2016:

The market is still trading inside of a very tight range, just below the weekly pivot and 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 place, the market should break above the intraday resistance at the level of 1.3166 and enter the neutral zone in an impulsive fashion.

Support/Resistance:

1.3020 - 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 placing 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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Technical analysis of EUR/USD for March 23, 2016

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When the European market opens, some economic news will be released such as the German 30-y Bond Auction. The US will release economic data too such as Crude Oil Inventories and New Home Sales. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1273.

Strong Resistance: 1.1267.

Original Resistance: 1.1256.

Inner Sell Area: 1.1245.

Target Inner Area: 1.1219.

Inner Buy Area: 1.1193.

Original Support: 1.1182.

Strong Support: 1.1171.

Breakout SELL Level: 1.1165.

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.

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Technical analysis of USD/JPY for March 23, 2016

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In Asia, today Japan will not release any economic data but the US will release some economic data such as Crude Oil Inventories and New Home Sales. 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: 112.83.

Resistance. 2: 112.61.

Resistance. 1: 112.39.

Support. 1: 112.12.

Support. 2: 111.90.

Support. 3: 111.68.

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.

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Daily analysis of major pairs for March 23, 2016

EUR/USD: The bullish outlook on this pair is now in a precarious situation. The market could continue going downwards and there is a possibility that the bears might come in and push the price further 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 chart. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is in the oversold region. This week would see the next direction in the market, which would most probably favor the bulls, for the EUR/USD pair (which is negatively correlated to USD/CHF) might drop this week.

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GBP/USD: This currency trading instrument traded lower on Monday and Tuesday, thereby rendering the recent bearish bias invalid. Since the beginning of this week, the price has come down by 250 pips (the bearish trend is visible on most GBP pairs), testing the accumulation territory at 1.4200. This is the territory at which long trades would no longer be rational in the market. Further bearish movement is anticipated.

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USD/JPY: The USD/JPY continued to move in a bullish mode on Tuesday – something that started on Monday. It is expected that the price would move upward by at least 100 pips today and tomorrow, which would render the extant bullish bias invalid. By then, there would be a new Bullish Confirmation Pattern in the chart.

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EUR/JPY: Although things are currently volatile here, the EUR/JPY pair 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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Daily analysis of USDX for March 23, 2016

The Index is currently doing a consolidation move above the 95.44 level, which is very close to the 200 SMA price zone on the H1 chart. In the short-term, USDX is expected to make another pullback in order to resume the overall bearish bias, as the structure is still showing price action that favors the downside. The MACD indicator is in neutral territory.

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H1 chart's resistance levels: 96.03 / 96.70

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 96.18.

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Daily analysis of GBP/USD for March 23, 2016

The pair is trading with a very strong intraday bearish bias, as the Cable is consolidating below the 200 SMA on the H1 chart and currently we can expect a little rebound above the support zone of 1.4200. However, we should note that a lower low pattern is currently in formation, so the GBP/USD pair may see new short-term lows.

GBPUSDH1.png

H1 chart's resistance levels: 1.4272 / 1.4354

H1 chart's support levels: 1.4200 / 1.4151

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 1.4272, take profit is at 1.4354 and stop loss is at 1.4191.

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Daily analysis of EUR/JPY for March 22, 2016

EURJPYH4.png

Overview

The EUR/JPY pair showed a fresh positive signal by forming bullish wave and moving away from the 125.35 key support. Thus, we expect the bullish bias for the upcoming period. If the initial resistance extends towards 126.90, monitor the price behavior. In case the positive pressure continues and the price rallies to breach the 126.90 level, the chances of forming new inverted head and shoulders pattern will increase; therefore, expect more positive attempts by targeting the 128.50 level as the second station for the bullish bias.

The expected trading range for today is between 125.60 and 126.90.

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Daily analysis of GOLD for March 22, 2016

GOLDDaily.png

Overview

According to the shown H4 chart, the gold price is likely to visit the 1,300.00 barrier as the next main station. A break of the 1,227.40 level will put the price under bearish correctional pressure again and make it head towards 1,193.00, which represents 38.2% Fibonacci for the upside track measured from 1,047.60 to 1,282.90. The expected trading range for today is between 1,230.00 support and 1,270.00 resistance.

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Daily analysis of Silver for March 22, 2016

SILVERH4.png

Overview

The 15.70 level continues forming a good support base for the silver price, keeping the positive scenario valid and active on the intraday and short-term basis. The price is likely to resume the bullish wave that targets 16.35 then 16.65 levels mainly. Further positive expectations depend on steady trading above 15.70 and, most important, above 15.10 levels. A break of these levels represents the first key for the price's return to its main bearish track. Its next target is represented by testing the previously recorded bottom at 13.63.

The expected trading range for today is between 15.60 support and 16.35 resistance.

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