NZD/USD intraday technical levels and trading recommendations for March 24, 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 March 18.

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

For those who missed the initial trade, another sell entry can be offered around 0.6760 if a bullish pullback is expressed. Initial T/P levels should be located at 0.6600 and 0.6540.

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USD/CAD intraday technical levels and trading recommendations for March 24, 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).

The price level of 1.2975 (61.8% Fibonacci level) stands as a prominent support level to be watched for significant bullish rejection and a valid buy entry. It is already running in profits.

The price level of 1.3300 constitutes a significant resistance level to be watched for bearish price action. It corresponds to 50% Fibonacci level and the backside of the broken weekly uptrend.

Hence, a valid sell entry can be taken if enough bearish rejection is expressed.

Conservative traders should wait for a bearish breakdown below 1.2975 (61.8% Fibonacci level) to SELL the USD/CAD pair. Initial T/P levels should be located at 1.2770 and 1.2550.

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Intraday technical levels and trading recommendations for GBP/USD for March 24, 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 March 16 when 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 1.4060 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 to be located at 1.4150 and 1.4060.

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 24, 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.

Consequently, a quick bullish movement started 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 bullish movement to continue. Bullish targets were expected around 1.1320 and 1.1400 (recently visited).

Similar to what happened on February 12, the supply zone of 1.1320-1.1400 stands 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 1.1320 - 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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Global macro overview for 24/03/2016

Global macro overview for 24/03/2016:

The Federal Reserve policymakers have surprised the markets with hawkish statements concerning another rate hike. Last week the Fed left rates unchanged and its dovish statement has left the market participants wondering whether the Fed will be able to hike again at least twice this year. John Williams, president of the San Francisco Fed, said on Monday, that the Fed had not changed its path of rate and could raise rates in April and June if economic conditions improve. Dennis Lockhart, another Fed policymaker from Atlanta, was also hawkish in his remarks about April rate hike possibility. He noted that the US economy was holding up well despite weak global conditions, close to full employment and the Fed's target of 2 percent inflation was clearly possible. In conclusion we should say, that despite the public remarks, the recent dot plot was lowered at the March meeting with more members being dovish on rate hikes.

Now let's take a look at the technical picture of the EUR/USD chart in the H4 time frame. After establishing the local high at 1.1343, the market reversed as the bears took control over it. The price managed to break out below the support at 1.1218 (now resistance) and currently it is trading at the 35% Fibo retracement at 1.1150. The bulls may regain control only by pushing the market above the resistance at 1.1218, otherwise the bears will push the market lower toward the next support at 1.1066.

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Global macro overview for 24/03/2016

Global macro overview for 24/03/2016:

New Zealand's trade surplus expanded more than expected in February as the export of a large drilling platform boosted overall exports. According to Statistics New Zealand, the trade surplus rose from a revised NZ$13 million in January to NZ$339 million last month hitting the highest level in nine months. Exports jumped 9.3% to NZ$4.25 billion in February, led by the shipment of a large drilling platform. At the same time, imports rose 2.8% to $3.9 billion. In conclusion, despite the overall good economic data, the broader picture shows that New Zealand's trade remains weak amid low global dairy prices that had slowed the New Zealand economic growth from 3.5% in 2014 to 2.5% in 2015.

Let's now take a look at the technical picture of the NZD/USD pair at daily time frame. The market is still trading inside the golden channel after it failed to break out higher above the important resistance at the level of 0.6896. Nevertheless, as long as the level of 0.6565 provided the support, bulls seem to be in control over this market.

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Gold analysis for March 24 , 2016

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View : Since our last analysis, gold has been trading downwards. As I expected, the price tested the level of $1,212.40. Our head and shoulders formation is still active and so far it is progressing. Our first take profit level at the price of $1,225.00 has been reached.According to the 4H time frame, we can observe strong selling pressure in a high volume. Next, downward take profit level is set at the price of $1,193.00 (major Fibonacci retracement 38.2%). The intraday resistance level is set at the price of $1,225.00. Price is testing the Fibonacci expansion 100% at $1,212.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,240.60

R2: 1,247.50

R3: 1,258.60

Support levels:

S1: 1,218.40

S2: 1,211.50

S3: 1,200.45

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

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Technical analysis of NZD/USD for March 24, 2016

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Overview:

  • The NZD/USD pair opened below the daily support of 0.6724. It continued to move downwards from the level of 0.6724 to the bottom around 0.6670. Today, the first resistance level is seen at 0.6724 followed by 0.6758, while daily support 1 is seen at 0.6645. Equally important, the RSI starts signaling a downward trend, and the trend is still showing weakness below the moving average (100). Therefore, the market is indicating a bearish opportunity below 0.6724. Consequently, it will be good to sell at 0.6724 with the first target of 0.6645. It will also call for a downtrend in order to continue towards 0.6609.
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  • On the other hand, if the market is able to break the second resistance at 0.6759. From this point, we expect the NZD/USD pair to continue moving in the bullish trend from the resistance level of 0.6759 towards the target level of 0.6809. If the pair succeeds in passing through the level of 0.6809, the market will indicate the bullish opportunity above the level of 0.6809 in order to reach the second target at 0.6873 (double top).
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EUR/NZD analysis for March 24, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6700. 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 the 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 the sideways market and low volatility.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6710

R2: 1.6745

R3: 1.6800

Support levels:

S1: 1.6590

S2: 1.6555

S3: 1.6500

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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Technical analysis of USD/CHF for March 24, 2016

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Overview:

  • The USD/CHF pair was argumentative as it was trading in a narrow sideways channel, the market showed signs of instability. According to the previous events, the price is still moving between the levels of 0.9704 and 0.9821.
  • Resistance and support are seen at the levels of 0.9821 (also, the double top is already set at the point of 0.9819) and 0.9704 respectively.
  • Therefore, it is recommended to be careful while setting orders in this area. In consequence, we need to wait until the sideways channel has completed.
  • The current price is seen at 0.9750 which represents a key level today.
  • The level of 0.9821 will act as the first resistance today. Hence, if the pair fails to pass through the level of 0.9821, the market will indicate a bearish opportunity below the strong resistance level of 0.9821.
  • Sell deals are recommended below the level of 0.9821 with the first target at 0.9704. If the trend breaks the support level of 0.9704, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9650 so as to test the double bottom at the H1 time frame.
  • At the same time, in case you sold below the level of 0.9621, then a stop loss should be placed at 0.9660.
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Daily analysis of major pairs for March 24, 2016

EUR/USD: The EUR/USD pair has come down by 100 pips this week – a slow and gradual process. Further downward movement is expected and this might render the recent bullish outlook illogical. The bears would target the support lines at 1.1150 and 1.1100 this week or next week.

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USD/CHF: What is happening on this currency trading instrument is best called a rally in the context of an uptrend. The EMA 11 remains above the EMA 56, while the Williams' % Range period 20 is in the oversold region. This could mean that the price would continue moving up and up until the bearish bias is overturned.

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GBP/USD: The Cable has been engaged in a clean bearish run, having moved downwards by at least 350 pips this week. The price is now under the distribution territory at 1.4150, poised to reach the accumulation territories at 1.4050 and 1.4000. Some fundamental figures are expected today and they would have impact on the Cable.

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USD/JPY: The perpetual bullish movement that is seen on this pair has nearly jeopardized the recent bearish outlook on the market. If not for the slight bearish correction that was seen on Wednesday, there would have been a Bullish Confirmation Pattern in the chart. Nonetheless, the outlook on the USD/JPY pair is bright and further northward journey is possible.

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EUR/JPY: Although things are currently flat 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 below the 50 level . It is better to stay away from this flat market until the price is ready to go in a directional mode.

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Technical analysis of EUR/JPY for March 24, 2016

After finding the bottom near 123.00, EUR/JPY started moving higher. The price broke above 161.8% and then 261.8% retracement levels of the descending Fibonacci channel. In the same time frame, the price managed to break above the massive resistance at 125.00.

Currently, the price returned back to retest the 125.00 level, that now acts as support S1 (125.10). EUR/JPY failed to break on few occasions and now is trading just above the 200 Moving Average suggesting that uptrend is still valid.

Fibonacci applied to the first corrective wave after the 125.00 level breakout suggest potential target. Consider buying EUR/JPY at the current price 125.90, targeting the nearest resistance - 161.8% retracement level R2 (128.65). The stop loss should be just below 125.00 psychological support.

Support: 125.00

Resistance: 127.30, 128.65

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Technical analysis of NZD/CAD for March 24, 2016

NZD/CAD has been moving steadily downwards since the beginning of the year without showing signs of a reversal yet. The tendency is likely to continue, at least in the short term as the price clearly remains below the 200 Moving Average producing new lower lows and lower highs.

Applying the Fibonacci retracement to the first corrective wave after the 0.9040 support area breakout, it shows that the price broke below the 161.8% (S1), although tested neither 261.8% (S2) nor 361.8% (S3).

Consider selling NZD/CAD while the price is near R1 (0.8880), targeting either S2 (0.8740) or S3 (0.8650) as the final target. The stop loss should be just above 0.8900.

Support 0.8830, 0.8740, 0.8650

Resistance: 0.8880, 0.8980

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USDX technical analysis for March 24, 2016

The Dollar index continued its upward movement towards 96.30 yesterday. The upside target is now at 96.50 where I expect price to make a downward reversal for a pull back at least towards 95.50.

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Red lines - upward sloping channel

Price is trending higher inside the bullish red channel and above the Ichimoku cloud. I expect one more final push higher towards 96.50 before reversing lower. Support is at 96.10. If price broke the support level, the pull back will have started.

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Blue lines - trading range

In the daily chart above, we see that price is still inside the trading range it has been in for at least a year now. In the shorter-term prospective price remains below the Kumo (cloud) while it is making lower lows and lower highs since the past November. Stochastic is turning upwards from oversold levels so we could see some more upside over the coming days.

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Gold technical analysis for March 24, 2016

Gold price broke down yesterday below the sideways channel and confirmed my view that the entire rise from $1,045 is completed. I believe that over the next couple of weeks, Gold price will fluctuate between $1,270 and $1,100. My strategy is to wait and open long positions when price falls below $1,180.

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Blue lines - sideways channel (broken)

Price has broken the support channel and it remains below the Kumo (cloud). The short-term trend is bearish. Important high resistance is at the $1,265 level and the $1,260 level. A bounce towards this area of resistance should be a nice shorting opportunity as the entire downward move is expected towards $1,100-$1,150.

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On a weekly basis, price has made a bearish reversal and is heading towards our first target of $1,190 where the 38% Fibonacci retracement and the upper boundary of the cloud are found. A pause in the decline should be expected around those levels. My longer-term view remains bullish as I believe Gold has made an important low at $1,045.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Silver for March 24, 2016

Technical outlook and chart setups:

Silver has dropped and almost hit the first estimated target at $15.00 levels as discussed yesterday. The metal is trading at $15.27 levels for now, looking to form intermediary lows at $14.90/15.00 levels before pulling back. According to the wave structure, it was well anticipated that a meaningful top was in place at $16.13 levels earlier. The metal has responded well and bears remain in control now with short term profit booking seen at $15.00 levels. Also note that a continued drop towards $14.50 levels remains quite possible before the metal turns bullish again. It is hence recommended to remain short for now, with risk lowered to $15.75 levels. Immediate resistance is seen at $15.50 levels, while support is seen through $15.00 levels respectively.

Trading recommendations:

Remain short for now, stop at $15.75, target $15.00.

Good luck!

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Technical analysis of Gold for March 24, 2016

Technical outlook and chart setups:

Gold has dropped lower as discussed and expected, and is trading at $1,218.00 levels at the moment. The yellow metal may produce intraday rallies but those should remain well capped below $1,230.00/35.00 levels. Please note that $1,230.00/35.00 is also the past support turned resistance now, as shown here. Also note that the yellow metal is now well positioned to drop lower towards $1,190.00 levels at least as shown as red lines on the chart view here. It is hence recommended to remain short for now, and bring down risk to $1,245.00 levels. Immediate resistance is now around $1,235.00 levels, while support is at $1,190.00 levels respectively.

Trading recommendations:

Remain short for now, stop at $1,245.00, target $1,190.00.

Good luck!

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Technical analysis of EUR/JPY for March 24, 2016

General overview for 24/03/2016:

After completing the corrective structure in wave (ii), the market stalled just below the intraday resistance at the level of 126.25. The immediate upward reaction from the wave (ii) bottom 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 - Technical Resistance

126.76 - WR1

126.35 - Intraday Resistance

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 24, 2016

General overview for 24/03/2016:

The market has broken above the intraday resistance at the level of 1.3167 in an impulsive fashion and is currently trading inside of the neutral zone. So far three waves have been made, so if the bulls want to take the control over this market again, they need to make at least one more wave to the upside with the projected target at the level of 1.3336.

Support/Resistance:

1.3026 - Technical Support

1.3098 - Weekly Pivot

1.3166 - Intraday Support

1.3270 - WR1

1.3336 - Intraday Resistance

Trading recommendations:

Day traders and swing traders should consider opening buy orders from the current price levels with SL below the level of 1.3000 and TP open for now.

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Technical analysis of EUR/JPY for March 24, 2016

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading at 126.00 levels at the moment, looking to rally through the consolidation that has been in place for several days. It seems the pair has formed meaningful lows just below 125.00 levels for now, and looking to push towards fibonacci 0.618 resistance at 128.50 levels as depicted here. Note that the trend line resistance would also pass around the same region, so a bearish reaction could be expected there. It is hence recommended to exit/book profits on short positions taken earlier and turn long from here, against 124.50 levels. Immediate resistance is seen at 127.00/30 levels, while support is at 124.50 levels respectively.

Trading recommendations:

Take profits on short positions and turn long against 124.50 levels.

Good luck!

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Technical analysis of USD/JPY for March 24, 2016

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USD/JPY is expected to re-test the 112.90 level. Overnight, US stocks ended lower, dragged by declining energy shares amid a sharp drop in oil prices. The Dow Jones Industrial Average dropped 0.5% to 17502, the S&P 500 fell 0.6% to 2036, and the Nasdaq Composite was down 1.1% at 4768. Nymex crude oil plunged 4.0% to $39.79 a barrel.

Gold lost 2.3% to $1220 an ounce, while the benchmark 10-year Treasury yield dropped to 1.873% from 1.935% in the previous session.

Meanwhile, the US dollar continued to strengthen against most major currencies as US Federal Reserve officials kept giving upbeat comments pointing to an interest rate increase in April. EUR/USD declined 0.3% to 1.1183 and GBP/USD lost another 0.6% to 1.4115. Commodities-linked currencies were also hit hard by oil prices' sharp fall. USD/CAD surged 1.2% to 1.3203, AUD/USD plunged 1.2% to 0.7528 and NZD/USD was down 0.8% to 0.6700.The pair ran up to 112.90 overnight before entering a consolidation, which extended to levels around 112.10. Currently, the pair has staged a rebound and broken above both the 20-period (30-minute chart) and 50-period moving averages. The intraday relative strength index is well directed above the neutrality level at 50 calling for a new upleg. If the pair succeeds in taking the immediate resistance at 112.90 (around yesterday's high), it should rise further toward 113.30 (a key support seen on March 16).

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 112.95 and the second one at 113.30. In the alternative scenario, a short position is recommended with the first target at 111.75 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 110.35. The pivot point is at 112.10.

Resistance levels: 112.90, 113.30, 113.75

Support levels: 111.75, 111.35, 111

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Technical analysis of USD/CHF for March 24, 2016

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The upside movement in USD/CHF is expected to prevail. Currently trading at 0.9758, the pair stands firmly above its nearest support at 0.9720, and is likely to challenge its next resistance at 0.9790. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited. Moreover, the relative strength index lacks downward momentum. To sum up, above 0.9720, look for 0.9790 and 0.9845 in extension.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.9790 and the second one at 0.9845. In the alternative scenario, a short position is recommended with the first target at 0.9685 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 0.9650. The pivot point is at 0.9720.

Resistance levels: 0.9790, 0.9845, 0.9925

Support levels: 0.9685, 0.9650, 0.9610

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Technical analysis of GBP/CHF for March 24, 2016

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading at 1.3750/55 levels for now, after having tested previous lows at 1.3725 levels. The pair needs to break above 1.3850 levels at least to confirm that a meaningful low is in place. On the flip side, a break below 1.3725 and subsequently below 1.3700 levels would bring bears back in control and push the pair lower towards 1.3500 at least. At the moment, the probability of a push higher seems more likely, till 1.3725 levels hold. It is recommended to remain flat for further clarification of the direction but aggressive traders would want to go long against 1.3700 levels. Immediate support is seen at 1.3725 levels, while resistance is at 1.3850 levels respectively.

Trading recommendations:

Remain flat for now OR an aggressive setup would be to remain long with stop at 1.3700 levels.

Good luck!

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Technical analysis of NZD/USD for March 24, 2016

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NZD/USD is expected to trade in a lower range as the key resistance is at 0.6745. Technically, the pair remains under pressure below its resistance at 0.6745. The falling 50-period moving average is also heading downward, which should continue to push the prices lower. In addition, the sequence of lower highs and lows remains intact, and the relative strength index favors a new decline. Hence, as long as the 0.6745 resistance holds, look for choppy price action with a bearish bias. Our next down targets are set at 0.6660 and 0.6625.

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 0.666. A break of this target will move the pair further downwards to 0.6625. The pivot point stands at 0.6745. 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 0.6790 and the second target at 0.6830.

Resistance levels: 0.6790, 0.6835, 0.6870

Support levels: 0.666, 0.6625, 0.66

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Technical analysis of GBP/JPY for March 24, 2016

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GBP/JPY Intraday: Bullish bias above 125.20. The pair is still below its key resistance at 158.40, and is likely to challenge its nearest support at 158.40 in the coming trading hours. The relative strength index is still positive, calling for a new rebound. In this case, as long as 160 (a horizontal technical level) is not broken, look for a further decline to 158.40 and 157.50 in extension.

Trading Recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 158.40. A break of this target will move the pair further downwards to 157.50. The pivot point stands at 160. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 161.30 and the second target at 161.85.

Resistance levels: 161.30, 161.85, 162.85

Support levels: 158.40, 157.50, 156.75

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

Technical analysis of EUR/USD for March 24, 2016

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When the European market opens, some economic news will be released such as the Targeted LTRO, Italian 10-y Bond Auction, Italian Retail Sales m/m, ECB Economic Bulletin, GfK German Consumer Climate, and German Import Prices m/m. The US will release economic data too such as Natural Gas Storage, the Flash Services PMI, Durable Goods Orders m/m, Unemployment Claims, and Core Durable Goods Orders 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: 1.1230.

Strong Resistance: 1.1224.

Original Resistance: 1.1213.

Inner Sell Area: 1.1202.

Target Inner Area: 1.1176.

Inner Buy Area: 1.1150.

Original Support: 1.1139.

Strong Support: 1.1128.

Breakout SELL Level: 1.1122.

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 24, 2016

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In Asia, Japan will release the BOJ Summary of Opinions and the US will release some economic data such as Natural Gas Storage, the Flash Services PMI, Durable Goods Orders m/m, Unemployment Claims, and Core Durable Goods Orders 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: 113.24.

Resistance. 2: 113.01.

Resistance. 1: 112.80.

Support. 1: 112.52.

Support. 2: 112.30.

Support. 3: 112.08.

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 24, 2016

USDX is facing strong resistance around the 96.03 level, where a 200 SMA is placed on the H1 chart, acting as dynamic resistance. If that happens, then we can expect another decline until the 95.44 level, where the Index can resume the overall bearish bias. The MACD indicator is supporting a possible bearish scenario.

USDXH1.png

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.

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

Daily analysis of GBP/USD for March 24, 2016

GBP/USD had another bearish session below the resistance level of 1.4151 and we can now expect a rebound above the 1.4093 level, at least on a short-term basis. Bear in mind that we cannot talk about a strong bottom at the current zone, because we should expect another decline towards 1.4056 in order to confirm that scenario.

GBPUSDH1.png

H1 chart's resistance levels: 1.4151 / 1.4200

H1 chart's support levels: 1.4093 / 1.4056

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 1.4151, take profit is at 1.4200 and stop loss is at 1.4100.

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

Daily analysis of GOLD for March 23, 2016

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Overview

The gold price has opened the today trading with clear negativity, testing the intraday bullish trend line that appears in the image and approaching from the critical support at 1,227.40. The support represents 23.6% Fibonacci correction level for the upside track measured from 1,047.60 to 1,282.90. As we mentioned in our previous reports, holding above the mentioned support is the key condition for the continuation of the positive scenario in the upcoming period. A break of the support will put the price under bearish correctional pressure, which main targets begin at 1,193.00. Therefore, we still expect the bullish trend in the upcoming sessions conditioned by holding above 1,227.40 and supported by stochastic approach from the oversold levels. The price is likely to breach the 1,282.90 level to ease movements towards our next awaited main target at 1,300.00.

We expect that the trading range for today is between 1,220.00 support and 1,260.00 resistance.

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

Daily analysis of Silver for March 23, 2016

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Overview

The silver price broke the 15.70 level and closed the last four-hour candlestick below it. It had a negative impact on the double-top pattern that appears in the image and opened the way to further decline on the intraday basis. Therefore, we expect the bearish bias temporarily for the rest of the day. The target is testing the 15.30 level before it rebounces higher and resumes the main bullish trend. A breach of the15.70 level will stop the current negative possibility and lead the price to regain its bullish track.

The expected trading range for today is between 15.30 support and 16.00 resistance.

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