NZD/USD intraday technical levels and trading recommendations for March 29, 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 during today's consolidations.

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 29, 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 in 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 the 50% Fibonacci level and the backside of the broken weekly uptrend.

Hence, a valid sell entry can be taken if the current bearish rejection is maintained.

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 29, 2016

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On January 21, after the GBP/USD pair moved below 1.4340, evident signs of a 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 located at 1.3845 (historical bottom that goes back to March 2009) provided significant bullish rejection on February 26.

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 the price levels of 1.4060 and 1.3960 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. 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.

Last 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.

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 were already reached at 1.4150 and 1.4060.

On the other hand, conservative traders were advised to look for bullish price action around the demand level of 1.4050 to BUY the pair. S/L should be located below 1.3950. Initial T/P levels should be located at 1.4250 and 1.4350.

Please note that the price zone of 1.4350-1.4490 is still a significant supply zone to be watched for evident bearish rejection and a valid SELL entry.

On the other hand, if bullish persistence above 1.4488 is achieved, a quick bullish movement towards 1.4650 should be expected.

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Intraday technical levels and trading recommendations for EUR/USD for March 29, 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 in 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 in 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 can be offered around the 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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EUR/NZD analysis for March 29, 2016

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Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6559 in a high volume. My first take profit level at the price of 1.6630 has been reached. On the daily chart, the price is still trading in the defined trading range between the 1.6475 level (support) and the 1.6865 level (resistance). According to the 30M time frame, I found the successful rejection of resistance level (1.6630) and the potential end of the bullish corrective phase (abcd). Watch for intraday selling opportunities on rallies. The intraday take profit level is set at the price of 1.6475. Anyway, according to the short-term prospective, wait for a successful breakout of the trading range to confirm further direction.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6700

R2: 1.6735

R3: 1.6780

Support levels:

S1: 1.6615

S2: 1.6585

S3: 1.6540

Trading recommendation for today: There is downward pressure according to intraday time frames. However, if you are a short-term trader watch for a breakout of a trading range to confirm further direction.

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Gold analysis for March 29 , 2016

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Since our last analysis, gold has been trading sideways around the price of $1,218.00. Price is trading in defined trading range between the price of $1,223.50 (resistance) and the price of $1,208.00 (support). If the price breaks the support level of $1,208.00 we may see potential testing of $1,193.00 (major Fibonacci retracement 38.2%). From the other side, if price breaks the level of $1,223.00 (resistance), we may see potential testing of $1,240.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,225.40

R2: 1,228.90

R3: 1,234.50

Support levels:

S1: 1,214.00

S2: 1,210.60

S3: 1,205.00

Trading recommendations for today:The market is moving sideways around the price of $1,220.00. Watch for successful breakout in a high volume to confirm further direction.

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Technical analysis of NZD/USD for March 29, 2016

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Overview:

  • The NZD/USD pair rebounded from the major support level of 0.6717 and it is approaching its support now in order to test it. Moreover, it should be noted that the level of 0.6717 represents a weekly pivot point this week. So, it will probably start moving upside in this area and recover again.
  • Amid the previous events, the pair is still in an uptrend, because the NZD/USD pair is trading in a bullish trend from the new support line of 0.6717 towards the first resistance level at 0.6770 in order to test it.
  • Therefore, buy at this spot with the first target at 0.6770 to form the double top (it should be noted that the level of 0.6765 represents the weekly resistance 1). If the pair succeeds to pass through the level of 0.6770, the market will indicate a bullish opportunity above the level of 0.6770.
  • However, if the NZD/USD pair fails to break through the resistance level of 0.6770 today, the market will decline further to 0.6667 (double bottom).
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Daily analysis of major pairs for March 29, 2016

EUR/USD: This pair moved sideways on Monday, just like its USD/CHF rival. A movement below the support line at 1.1050 would easily render the recent bullish outlook invalid. It is expected that the EUR/USD pair would trend further south this week, so as most other EUR pairs.

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USD/CHF: This pair moved sideways yesterday, and it has not assumed any directional movement this week. When a breakout occurs, it will take the price either above the resistance level of 0.9800 or below the supply level of 0.9700. A breakout above the resistance level of 0.9800 is most likely.

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GBP/USD: The Cable moved upwards by over 150 pips on Monday – only to get corrected lower. Right now, there is a serious threat of invalidation to the current bearish outlook on the market. A further northward movement of 200 pips would result in a clean Bullish Confirmation Pattern in the chart; whereas a movement below the accumulation territory at 1.4150 would reinforce the recent bearish indication on the market.

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USD/JPY: The perpetual bullish effort on the USD/JPY pair has already resulted in a "buy" signal, which remains valid. The EMA 11 is above the EMA 56; and the RSI period 14 is above the 50 level . Based on an upbeat outlook on the JPY pairs, the USD/JPY should be seen trading further upwards today and tomorrow.

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EUR/JPY: As it was expected, the EUR/JPY pair trended upwards on Monday (March 28, 2016). The price moved upwards by 80 pips, now above the demand zone at 127.00. The next target for the bulls are located at the supply zones at 127.50 and 128.00. However, this does not rule out any possibilities of pullbacks along the way.

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Technical analysis of USD/CHF for March 29, 2016

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Overview:

  • The support level for the USD/CHF pair is seen at 0.9702. The pair has formed a double bottom at 0.9650. According to previous events, the double bottom is also coinciding with the major support this week. Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the support of 0.9702. It will be advantageous to buy above the support area of 0.9702 with the first target at 0.9787 so as to test the double top in the H1 chart. Additionally, if the pair breaks the price of 0.9787, then it will continue towards 0.9815 with a view to test the weekly resistance. However, the stop loss has always been taken into account. Thus, it will be useful to set it below the support at the level of 0.9702. Also, it should be noticed that the stop loss should never exceed your maximum exposure amounts.

Intraday key levels:

  • Resistance 3:0.9928
  • Resistance 2:0.9858
  • Resistance 1:0.9815
  • Pivot Point:0.9745
  • Support 1:0.9702
  • Support 2:0.9632
  • Support 3:0.9589
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Technical analysis of AUD/USD for March 29, 2016

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AUD/USD is expected to hit the target at 0.7570. The pair continues trading on the upside and is currently around the 20-period moving average. The bullish bias is maintained by the ascending 50-period moving average, while the relatively strong index is still above the neutrality level at 50 calling for further advance. The immediate resistance is located at 0.7570 and the next one, at 0.7610.

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 0.7570 and the second one, at 0.7610. In the alternative scenario, a short position is recommended with the first target at 0.7475 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 0.7450. The pivot point is at 0.75.

Resistance levels: 0.7570, 0.7610, 0.7660

Support levels: 0.7475, 0.7450, 0.75

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Technical analysis of EUR/USD for March 29, 2016

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EUR/USD is expected to trade in higher range as bias remains bullish. The pair is off yesterday's high at 1.1219 but remains on the upside and above the key support at 1.1125. Currently, it is trading around the 20-period moving average, which stands above the 50-period one, showing no downward momentum. And the relatively strong index stays above the neutrality level at 50. Therefore the pair should return to the first upside target at 1.1220 before rising further to 1.1250.

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 1.1220 and the second one, at 114.50. In the alternative scenario, a short position is recommended with the first target at 112.85 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 112.35. The pivot point is at 113.15.

Resistance levels: 1.1220, 1.1250, 1.1290

Support levels: 1.1100, 1.1065, 1.1015

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Global macro overview for 29/03/2016

Global overview for 29/03/2016:

Another set of important fundamental data was released overnight in Japan. According to the Ministry of Economy, Trade and Industry, Japan's retail sales increased slightly for the first time in four months in February. The indicator climbed 0.5% last month, but still is lagging on a monthly basis. In February, retail sales slumped 2.3%. Moreover, the household spending increased to 1.2% on year-to-year basis, the biggest rise in nine months. In conclusion, cautious consumer spending has increased in the recent months. However, the last quarter consumer spending wasn't enough to fuel up the economy after it shrank 0.3% over the quarter. Weaker wages and recent appreciation of the yen doesn't help either as workers have less disposable income to spend. The BoJ efforts, in the form of the negative interest rates, to reach the 2% inflation target didn't really make the situation better so far as well.

Let's now take a look at the USD/JPY pair technical picture at the daily time frame. We can see that bulls are struggling to reach the golden trend line around the level of 114.00. This line will act as a resistance and as long as it is not violated, the bears are still in control over this market.

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Technical analysis of USD/JPY for March 29, 2016

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USD/JPY is expected to trade with bullish bias above 113.15. US stocks ended broadly flat overnight. Investors were waiting for releases of major economic data scheduled later this week, including Friday's March jobs report. The Dow Jones Industrial Average gained 0.1% to 17,735, the S&P 500 added less than 0.1% to 2,037, and the Nasdaq Composite was down 0.1% to 4,766.

Nymex crude oil declined 0.2% to $39.39 a barrel, gold gained 0.4% to $1,221 an ounce, while the benchmark 10-year Treasury yield eased to 1.870% from 1.902% in the previous session.

Meanwhile the U.S. government reported that personal income rose 0.2% on month in February (vs +0.1% expected, +0.5% in January), and personal spending growth remained unchanged at +0.1% on a monthly basis in February (as expected).

The US dollar weakened against most major currencies. EUR/USD gained 0.3% to 1.1197, GBP/USD rose 0.8% to 1.4252, USD/CAD dropped 0.7% to 1.3182, and AUD/USD was up 0.5% to 0.7543. At the same time, USD/JPY rose 0.4% to 113.43.

Investors should pay close attention to a speech delivered by US Federal Reserve Chairwoman Janet Yellen in New York tonight. The USD/JPY pair started a consolidation after running up to 113.68 yesterday. While intraday (30-minute chart) technical indicators (20-, 50-period moving averages, relative strength index) are mixed, calling for an extension of the consolidation, the pair remains above the key support at 113.15. As long as 113.15 holds as the key support, the intraday outlook remains bullish and the pair is expected to re-test the first upside target at 114.10.

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 114.10 and the second one at 114.50. In case of the alternative scenario, a short position is recommended with the first target at 112.85 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 112.35. The pivot point is at 113.15.

Resistance levels: 114.10, 114.50, 114.75

Support levels: 112.95, 112.35, 112

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Technical analysis of USD/CHF for March 29, 2016

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USD/CHF is under pressure. The pair broke below its rising trend line, which should confirm a bearish reversal. The nearest resistance at 0.9785 maintains the strong selling pressure on the prices. Furthermore, a bearish cross has been identified between the 20-period and 50-period moving averages. To conclude, as long as 0.9785 is not surpassed, the risk of the break below 0.9685 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 0.9685. A break of this target will move the pair further downwards to 0.9650. The pivot point stands at 0.9785. 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 0.9845 and the second target at 0.9880.

Resistance levels: 0.9845, 0.9880, 0.9925

Support levels: 0.9685, 0.9650, 0.9610

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USDX technical analysis for March 29, 2016

As expected, the Dollar index has started a pullback. Traders should be neutral for a short period of time as we should wait for the Fed Chairman Janet Yellen's speech that will certainly provide some volatility for the forex markets.

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Red line - short-term resistance

Blue line - medium-term resistance

The Dollar index is in a bearish short-term trend. Price is making lower lows and lower highs. It is now testing the Kumo (cloud) resistance and the trend line resistance. Short-term support is at 95.80-95.60. If it is broken, we should expect price to move towards 95.30 which is an important short-term support. At that area I would look for initiating long positions with stops at 94.60. More conservative traders should wait for a breakout above the resistance trend line to initiate long positions.

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In the daily chart we still can see price below the Kumo (cloud) resistance and between the kijun- and tenkan-sen indicators. Resistance is at 96.60 and support at 95.80. A medium-term reversal will occur if price breaks above 97.50. Overall, I prefer to be neutral at current levels.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 29/03/2016

Global overview for 29/03/2016:

Fed Chairperson Janet Yellen is due to speak today on the Economic Outlook and Monetary Policy at the Economic Club of New York luncheon and her comments are likely to be followed very closely by investors. Currently, the markets are not very convinced that the Fed will hike interest rates again as it did in December 2015. The Fed Funds futures market sees only a 12% probability of an April meeting hike, but it might change after today's remarks. In conclusion, if we take into the account the hawkish tone from a number of other policy makers over the last week, any change in tone in Yellen's speech from dovish to more hawkish might change the current expectations dramatically. That is the main event of the day, worth to keep an eye on.

Let's now take a look at the EUR/USD technical picture on the 4h time frame. After touching the 38% Fibo at the level of 1.1144, the market bounced, but it wasn't strong enough to break above the 1.1218 resistance level. Currently, the market is in the range zone and we should wait for one of the mentioned levels to be violated in order to determine further price movement with greater probability.

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Technical analysis of NZD/USD for March 29, 2016

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NZD/USD is expected to continue its further upside movement. The pair has reversed up, and is now heading upward, backed by its rising 20-period and 50-period moving averages. A strong support base around 0.6710 has formed, allowing for a temporary stabilization. In addition, the relative strength index is bouncing off its neutrality area at 50, calling for a new rebound. Hence, as long as 0.6710 is not broken, look for further advance to 0.6790 and 0.6830 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 0.6790 and the second one at 0.6830. In the alternative scenario, short positions are recommended with the first target at 0.6665 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 0.6625. The pivot point is at 0.6710.

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 29, 2016

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GBP/JPY is expected to trade in a higher range. The pair has been well supported by its rising 20-period and 50-period moving averages, and is looking for a higher top. Meanwhile, the relative strength index stays above its 50% neutrality area. Further upside is therefore expected with the next horizontal resistance and overlap set at 160.70 at first. A break above this level would call for further advance toward 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 162.85 and the second one at 163.40. In the alternative scenario, short positions are recommended with the first target at 160 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 159.40. The pivot point is at 160.70.

Resistance levels: 162.85, 163.40, 164

Support levels: 160, 159.40, 158.40

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Gold technical analysis for March 29, 2016

Gold is trading inside a downward sloping channel. However, there are increased chances of a bigger bounce this week towards $1,240. Downside is limited to $1,200-$1,190 if we break below $1,208.

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Blue lines - a downward sloping channel

Gold is trending lower but as it has reached the lower channel boundary I believe it is time for a relief bounce towards at least the $1,234-40 area. The price is below the Kumo (cloud) and as long as we are below it we should expect the larger pullback to end around $1,150-$1,100.

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On the weekly chart, the price continues to trade above the weekly Kumo (cloud) and above the 38% Fibonacci retracement. The entire upward move from $1,045 is most probably over and we are now in a corrective phase that will bring the price towards $1,150-$1,100 before resuming the upward march towards $1,500.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for March 29, 2016

General overview for 29/03/2016:

The market is currently trading just below the blue trend line, shy to hit the weekly pivot at the level of 1.3217. The wave progression looks impulsive and it looks like there is one more wave to the upside to be made before any meaningful corrective cycle would develop. On the other hand, the alternative cycle shows the possibility of a truncated wave v at the level of 1.3283 and the beginning of a bigger corrective cycle after that event. The invalidation level for both of these counts is the top of wave iii at the level of 1.3295, but if bears manage to break out below the level of 1.3165 first, then the alternative labeling is fully in play in this market.

Support/Resistance:

13495 - WR2

1.3416 - WR1

1.3337 - Intraday Resistance

1.3295 - Intraday Resistance

1.3217 - Weekly Pivot

1.3165 - Intraday Support

1.3140 - WS1

1.2944 - WS2

Trading recommendations:

Day traders and swing traders should move the SL order for all open buy positions just below the level of 1.3165 and wait for the market reaction. TP is currently still open, but partial take profit might take place at the level of 1.3337.

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Technical analysis of EUR/JPY for March 29, 2016

General overview for 29/03/2016:

The market has hit the supply zone between the levels of 127.09 - 127.26. However, the wave progression inside of this upward structure does not looks too impulsive so far, more like a zig-zag structure. If the market breaks below the intraday support at the level of 126.45, the bears will be in control over this market. 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:

126.42 - WR1

126.09 - 126.26 - Supply Zone

126.45 - Intraday Support

126.04 - Weekly Pivot

125.54 - WS1

124.67 - Local Low

124.18 - WS2

123.69 - WS3

123.07 - Green Impulsive Cycle Invalidation Level

Trading recommendations:

Day traders should put trailing stop loss orders on the long positions from the 123.00 area that are still in play and wait for the market's reaction at the supply zone. Any breakout higher might be another impulsive wave development towards the level of 128.18.

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Technical analysis of Silver for March 29, 2016

Technical outlook and chart setups:

Silver is drifting sideways for now, trading at $15.18 levels. The metal rallied through $15.30/35 levels yesterday before pulling back lower again. A minimum criteria seems to be complete for a wave 4 correction at $15.30/35 levels, and the pair might be looking to hit fresh lows going forward. On the flip side, a rally through $15.40/45 levels is also possible before reversing lower. In either case, sell on rallies till prices reach $14.50 levels at least. It is recommended to book profits on short positions taken earlier and wait for a countertrend rally to go short again. Immediate support is seen at $15.00 levels, while resistance is at $15.45 levels respectively.

Trading recommendations:

Please book profits on short positions taken earlier and remain flat for now.

Good luck!

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Technical analysis of Gold for March 29, 2016

Technical outlook and chart setups:

Gold is seen to be trading at $1,218.00 levels for now, looking to continue dropping lower towards $1,190.00 levels at least. It is still possible that the metal hits $1,227.00/28.00 levels before resuming its downtrend. Please note that $1,227.00 levels is also the fibonacci 0.382 resistance of the drop between $1,260.00 and $1,207.00 levels respectively. Prices have stalled just ahead of the resistance as depicted here. It is recommended to go short at 50% capacity at the current price and at the remaining 50% at $1,227.00 levels, if prices manage to reach there. Immediate resistance is seen at $1,227.00 levels while support is at $1,190.00 levels respectively.

Trading recommendations:

Remain short 50% at the current levels, and the remaining at $1,227.00, stop at $1,245.00, target at $1,190.00.

Good luck!

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

Technical analysis of EUR/JPY for March 29, 2016

Technical outlook and chart setups:

The EUR/JPY pair rallied through 127.20 levels today, just a while ago. The pair is trading at 127.10 levels for now, looking to resume its downtrend. On the flip side though, a break above 127.30 levels would target 128.00 levels at least. Please note that bears are expected to remain in control till prices stay below 127.30 levels going forward. It is hence recommended to hold short positions for now, with risk at 127.30 levels respectively. Immediate resistance is seen at 127.30 levels, while support is seen at 126.80 levels respectively. A drop below 126.80 and subsequently 126.50 levels would accelerate the downside.

Trading recommendations:

Remain short for now, stop at 127.40, target is open.

Good luck!

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

Technical analysis of GBP/CHF for March 29, 2016

Technical outlook and chart setups:

The GBP/CHF pair inched higher, printing highs at 1.3900/10 levels yesterday. The pair has dropped since then and is trading at 1.3860 levels for now, drifting sideways. Please note that the pair is seen to be stalling at i) the past support turned resistance zone and ii) the fibonacci 50% resistance of the drop between 1.4050 through 1.3720 levels respectively. It is recommended to remain flat for now and wait for further confirmation before taking short positions. Immediate support is seen at 1.3830 levels, while resistance is at 1.4050 levels respectively. Only a push above 1.4050 levels would change the scenario and turn into a bullish outlook.

Trading recommendations:

Remain flat for now. Looking to go short at higher levels.

Good luck!

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

Elliott wave analysis of EUR/NZD for March 29 - 2016

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Wave summary:

We are getting nowhere. It looks like more sideways trading in the 1.6346 - 1.6730 range is needed before renewed upside pressure can be expected for a break above minor resistance at 1.6730 and, more importantly, a break above resistance at 1.6833 for a rally towards 1.8551.

It will take an unexpected break below 1.6086 to invalidate the bullish outlook.

Trading recommendation:

Stay sidelined for now and only buy EUR upon a break above 1.6730.

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

Elliott wave analysis of EUR/JPY for March 29 - 2016

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Wave summary:

Resistance at 127.27 must protect the upside, otherwise more upside pressure towards 128.90 will be expected in a more complex double zig-zag correction from the 122.06 low.

If resistance at 127.27 is able to protect the upside for a break below support at 126.59, the above count still stands and calls for renewed downside pressure towards 124.64 and below for downside acceleration towards 122.06 and lower to 117.37.

Trading recommendation:

Sell EUR here at 127.09 with stop+reverse at 127.35.

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Technical analysis of EUR/USD for March 29, 2016

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When the European market opens, some economic news will be released such as Private Loans y/y and M3 Money Supply y/y. The US will release economic data too such as CB Consumer Confidence and the S&P/CS Composite-20 HPI y/y. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1253.

Strong Resistance: 1.1247.

Original Resistance: 1.1236.

Inner Sell Area: 1.1225.

Target Inner Area: 1.1199.

Inner Buy Area: 1.1173.

Original Support: 1.1162.

Strong Support: 1.1151.

Breakout SELL Level: 1.1145.

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 29, 2016

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In Asia, Japan will release Retail Sales y/y, the Unemployment Rate, Household Spending y/y and the US will release some economic data such as CB Consumer Confidence and the S&P/CS Composite-20 HPI y/y. 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: 114.08.

Resistance. 2: 113.85.

Resistance. 1: 113.63.

Support. 1: 113.36.

Support. 2: 113.13.

Support. 3: 112.91.

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 29, 2016

USDX is currently doing a pullback from yesterday's highs, as the Index is still doing some corrective moves in favor of the overall bearish bias. The next target is located around the 95.44 level, where the Index can test that zone in order to strengthen the downside. However, a rebound at the current stage cannot be discarded yet.

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H1 chart's resistance levels: 96.70 / 97.04

H1 chart's support levels: 96.03 / 95.44

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 96.03, take profit is at 95.44, and stop loss is at 96.60.

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

Daily analysis of GBP/USD for March 29, 2016

The pair is forming a higher high pattern below the resistance level of 1.4267 after the Cable had a strong bullish momentum during yesterday's session and was also one of the best performers during the holiday. Currently, we can expect a rally towards the resistance level of 1.4317. The MACD indicator is showing some uncertainty in GBP/USD, as it stays in neutral territory.

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H1 chart's resistance levels: 1.4267 / 1.4317

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 1.4267, take profit is at 1.4317 and stop loss is at 1.4217.

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

Daily analysis of EUR/JPY for March 28, 2016

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Overview

According to the shown H4 chart, the EUR/JPY price touched the awaited target at 126.90 breaking through the initial resistance and providing a new positive signal to support the bullish bias in the upcoming period. The pair is likely to target the 127.30 level in the near period, which represents the neckline of the double-bottom pattern. The pair would renew its attempts to achieve the main target at 128.50, which provides the required momentum for the price's rally to the expected targets.

The expected trading range for today is between 126.50 and 128.50.

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Daily analysis of USD/CAD for March 28, 2016

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Overview

The USD/CAD pair trades steadily below the key resistance of 1.3264 as shown in the image. Thus, we believe that the chances are valid to rebound bearishly after the return of the markets to trade and resume the bearish trend on the short-term basis, waiting to hit the 1.2825 level as a next main station. It is important to note that breaching 1.3264 followed by 1.3345 levels will stop the suggested negative scenario and lead the price to attempt to regain the main bullish trend.

The expected trading range for today is between 1.3150 support and 1.3300 resistance.

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

Daily analysis of GOLD for March 28, 2016

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Overview

The gold price traded steady below the 23.6% Fibonacci level that was broken previously and turned into key resistance at 1,227.40. This makes the correctional bearish scenario valid and active, supported by stochastic negativity. Therefore, the price is likely to test the 1,193.00 level initially. A break of this level represents the key to extend the bearish wave to 1,165.27 as the next main station. Meanwhile, a breach of 1,227.40 followed by 1,240.00 levels will stop the suggested bearish correction and lead the price to regain its main bullish track.

The expected trading range for today is between 1,193.00 support and 1,230.00 resistance.

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Daily analysis of Silver for March 28, 2016

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Overview

Silver price continues to fluctuate around the bullish channel support that appears on image and keeps its stablility above it. This keeps the bullish trend scenario valid until now, waiting to breach the 15.30 level to open the way to the target of 15.70 followed by the 16.35 levels mainly. We have to note that breaking the 15.15 level and holding below it will stop the suggested rise and put the price under the negative pressure on the short-term and medium-term basis.

The expected trading range for today is between 15.00 support and 15.50 resistance.

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