USD/JPY analysis for March 01, 2017

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Recently, the USD/JPY pair has been trading downwards. The price tested the level 113.88. According to the daily time frame, I found pinbar and rejection from support at the price of 111.75. My adice is to watch for potential buying opportunities on the dips. Upward target is set at the price of 114.94.

Resistance levels:

R1: 112.90

R2: 113.20

R3: 113.65

Support levels:

S1: 112.00

S2: 111.70

S3: 111.25

Trading recommendations for today: watch for potential buying opportunities.

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Trading plan for EUR/USD and USD/JPY for March 01, 2017

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Technical outlook:

A 4H chart view has been presented here with an alternate wave count probability. The larger trend still remains down but an alternate scenario suggests that EUR/USD may produce a rally for short term towards 1.0700 level before conceding lower levels again. According to the previous recommended trading plans, the pair has acted well and short-term profits can be booked at these levels. The alternate wave count suggests that the entire drop from 1.0829 through 1.0492 level can be considered as wave (1), sub divided into 5 waves. Furthermore, the pair might have completed waves A and B within the A-B-C corrective waves. If the above wave count holds true, a rally could unfold towards 1.0680-1.0700 levels and terminate wave C, before reversing lower. Immediate resistance is seen at 1.0680 level, while support is at 1.0492 level respectively.

Trading plan:

Please take short-term profits on short taken earlier and remain flat. Aggressive traders may want to go long with a stop at 1.0490 and target 10680/1.0700 levels. Conservative traders please remain flat and look to sell on rallies.

USD/JPY chart setup:

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Technical outlook:

The USD/JPY pair has produced an impressive bullish recovery since last session and the 4H chart has been presented here for further wave count probabilities. It is more or less clear and confirmed now that the pair is into its wave (3) rally that could possibly extend towards 117.00 level. The A-B-C zigzag terminated its last leg yesterday at 111.70 level absolutely close to our stops but bounced back sharply since then. According to the wave counts, the pair has completed waves (1) and (2) since February 02, 2017 and wave (3) is underway now. Please note that the pair has taken out the first major resistance at 113.70/80 levels as seen here. A drop lower is expected for current levels before the rally could resume further. Strong support is seen around the 112.50/60 levels going forward.

Trading plan:

Please book short-term profits on the long positions taken earlier and remain flat for now. Please look to buy again on dips towards 112.60 level.

Fundamental outlook:

The USD was expected to gain momentum fundamentally as well as we have been discussing here and the host of past events has also been assertive of the same. Watch out for German Consumer price index scheduled at 08:00 AM EST and Bank of Canada Rate Decision (Unchanged at 0.5%) and USD ISM Manufacturing (FEB), slightly higher at 56.2 around 10:00 AM EST.

Good luck!

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EUR/USD analysis for March 01, 2017

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Recently, the EUR/USD pair has been trading downwards. The price tested the level 1.0526. According to the 30M time frame, I found hidden bullish divergence and bullish engulfing candlestick pattern. My advice is to watch for potential buying opportunities. I placed Fibonacci retracement to find potential upward targets. Targets are set at the price of 1.0565 (FR 38.2%), 1.0577 (FR 50%), and 1.0587 (FR 61.8%).

Resistance levels:

R1: 1.0615

R2: 1.0655

R3: 1.0680

Support levels:

S1: 1.0550

S2: 1.0530

S3: 1.0485

Trading recommendations for today: watch for potential buying opportunities.

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NZD/USD intraday technical levels and trading recommendations for March 1, 2017

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On December 16, the price level of 0.6960 failed to apply enough bullish pressure. Instead, bearish movement continued toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.

A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (Key level) which failed to provide sufficient bearish pressure on the pair.

Bullish persistence above 0.7100 allowed further bullish advance toward 0.7250-0.7350 (Sell-Zone) where bearish price action should be expected.

Bearish persistence below 0.7250 is needed to allow further bearish decline toward 0.7100 (note the previous bearish DAILY candlesticks expressed within the SELL-Zone).

On the other hand, any bearish pullback toward 0.7100 should be watched for possible bullish price action.

Otherwise, bearish persistence below 0.7100 will probably allow further bearish fall toward 0.6960.

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USD/CAD intraday technical levels and trading recommendations for March 1, 2017

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The USD/CAD pair challenged the upper limit of the depicted channel around 1.3360-1.3400 which succeeded to apply enough bearish pressure on the pair.

Shortly after, a bearish engulfing weekly candlestick was expressed by the end of the week indicating strong resistance around 1.3550.

Bearish persistence below the price level of 1.3300 (50% Fibonacci Level) was achieved.

This allowed a further decline toward 1.3200 and 1.3080 (the lower limit of the depicted channel) where bullish rejection was expressed as anticipated.

A bullish breakout above 1.3360 (50% Fibonacci level) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel). However, significant bearish rejection was expressed around 1.3580 (recent established top).

The price level of 1.3300 (50% Fibonacci Level) failed to provide enough support for the recent bearish pullback.

That is why the recent bearish pullback toward 1.2970 (61.8% Fibonacci level) offered a valid BUY entry as expected in the previous articles.

This week, a bullish breakout above 1.3300 (50% Fibonacci Level) is needed to enhance bullish advance towards 1.3440 and 1.3550. Otherwise, the USD/CAD pair remains trapped within the current consolidation range (1.2970-1.3300).

On the other hand, DAILY closure below 1.2970 (61.8% Fibonacci level) will confirm a double-top pattern with projected bearish targets at 1.2860, 1.2730, and 1.2600.

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Global macro overview for 01/03/2017

Global macro overview for 01/03/2017:

The Swiss KOF Economic Barometer is a leading indicator which measures overall economic activity and is an excellent indicator of the direction of the Swiss economy. The recent KOF data released on Tuesday morning revealed that the Swiss KOF leading indicator increased significantly over the month of February, pointing to better-than-expected growth in the country's economy. The market participants expected a steady reading of 102.2 points after 102.0 points a month ago, but the number issued was at the level of 107.2.The up move was mainly driven by the positive sentiment established in the manufacturing and hospitality sectors, together with favorable signals from the financial, exporting and construction industries.

Let's now take a look at the USD/CHF technical picture at the H4 time frame. The bulls have managed to break out above the golden trend line resistance and now their next target is the technical resistance at the level of 1.0141. Please notice, that if this level is violated, then the next important technical resistance is at the level of 1.0247.

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Global macro overview for 01/03/2017

Global macro overview for 01/03/2017:

Interesting remarks from two FED policymakers were released yesterday. The remarks from William Dudley from New York and John Williams from San Francisco FED were very hawkish. Dudley – a permanent voter on the FOMC – claimed the case for tightening is now a lot more compelling, while Williams –who does not vote until next year – claimed a rate increase is up for "serious consideration" at the meeting this month. In conclusion, after these remarks, the implied rate hike odds from Reuters is at 66% this month and the US Dollar is being bought all over the board.

Let's now take a look at the US Dollar technical picture at the H4 time frame. The price is trading just below the important technical resistance at the level of 101.77 and the break out higher seems to be imminent. Please notice that if this level is violated, then the next important technical resistance is at the level of 102.97. On the other hand, only a sustained violation of the level of 100.66 would invalidate this bullish view.

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Trading plan for 01/03/2017

Trading plan for 01/03/2017:

On Wednesday 1st of March 2017, there is plenty of news released during the European and American trading session and the global investors will pay attention to PMI Manufacturing data from the Eurozone, the Unemployment Rate data from Germany, PMI Manufacturing from the U.K., ISM Manufacturing PMI from the U.S. and the Overnight Rate decision from the Bank of Canada.

EUR/USD analysis for 01/03/2017:

This pair will be under the influence of the various data release all day, so it might get complicated to prepare the accurate analysis due to the increased volatility. Nevertheless, the PMI Manufacturing data from Eurozone that are scheduled for release at 09:00 am GMT and the Unemployment Rate from Germany, that is scheduled for release at 08:55 am GMT will influence the EUR/USD price the most during the European session. Generally speaking, the market participants are expecting another set of a solid data from the Eurozone. The PMI Manufacturing is expected at the level of 55.50, just as a month ago, and the Unemployment Rate is expected at the level of 5.9%, just as a month ago. Any data that will be better than this numbers will be in favor of the Euro, so the EUR/USD pair should bounce higher.

Let's take a look at the EUR/USD technical picture at the H1 time frame. After the drop from the level of 1.0630, the market is trading in the oversold conditions and the long wick at the last hourly candle might suggest more upside pressure rising. The most important intraday resistance at the level of 1.0550 must be violated if bulls want the price to rally higher towards the level of 1.0589. In a case of a failure at the level, the market will likely continue the drop towards the next intraday support at the level of 1.0519 and 1.493.

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GBP/USD analysis for 01/03/2017:

Another PMI Manufacturing data will be released at 09:30 am GMT from the U.K. and the market is not expecting any downside surprises as the median of market analysts expects a 0.2 point deterioration from the last months 55.9 points. This sentiment benchmark is on track to hold near a three-year high if today's results will deliver. The economic growth continues to defy previous forecasts of a post-Brexit slowdown.

Let's take a look at the GBP/USD technical picture at the H4 time frame. The recent triangle pattern break out to the downside has stopped at the technical support at the level of 1.2347 and now the market is testing the level of 1.2381. Any better than expected data might extend the corrective rally, so the price might break out above the 1.2381 resistance and head towards the level of 1.2478. On the other hand, if the PMI data will disappoint, then the break out below the 1.2347 support is almost certain and the price will target the level of 1.2251 next.

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USD/CAD analysis for 01/03/2017:

The Overnight Rate decision is scheduled for release at 03:00 pm GMT and the market participants do not expect any surprises from Bank of Canada this month: the interest rate should stay unchanged at the level of 0.50%. Much more interesting might be the lecture of the BoC rate statement. The overall tone of the statement should remain dovish to neutral, so any mentions of a steady pace rate hikes ( to catch up with FED) will be considered very hawkish. In that case, the Canadian Dollar should appreciate as the market will digest the news.

Let's take a look at the USD/CAD technical picture at the H4 time frame. After the impressive rally yesterday the market is now trading just at the level of technical resistance at the level of 1.3336, but the most important resistance is still at the level of 1.3388. In a case of a dovish or neutral statement, the price should continue to rally higher towards the 1.3388 level. But in a case of unexpected hawkish tone, the price might aggressively reverse towards the level of 1.3282 or even lower towards the level of 1.3210.

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GOLD analysis for 01/03/2017:

The ISM Manufacturing data from the U.S. are scheduled for release at 03:00 pm GMT and are expected to stay unchanged at the level of 56.1. The main reason behind this are the recent data found in Dallas Fed index. It clearly shows that Texas factory output increased for the eighth consecutive month in January as the recession in energy-related companies faded. This trend is expected to continue on the national scale as well.

The yellow metal will be greatly influenced by the ISM data, especially is the data beat the expectations and print a higher number than anticipated. In that case, the Gold corrective move might extend lower towards the level of 1225. Currently, the price is trading at the technical support at the level of 1.244, just around the golden trend line dynamic support as well. If it breaks lower, then the level of 1225 might be reached easily.

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Technical analysis of USD/CHF for March 01, 2017

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 1.0095.
  • The pair has dropped from the level of 1.0095 to the bottom around 1.0040 since last week.
  • Today, the first resistance level is seen at 1.0095 followed by 1.0115, while daily support 1 is seen at 1.0034.
  • According to the previous events, the USD/CHF pair is still moving between the levels of 1.0095 and 1.0010; for that we expect a range of 90 pips at least.
  • If the USD/CHF pair fails to break through the resistance level of 1.0095, the market will decline further to 1.0034.
  • This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs.
  • The pair is expected to drop lower towards at least 1.0034 with a view to test the daily pivot point and continues towards the next objective of 1.0010.
  • On the other hand, if a breakout takes place at the resistance level of 1.0095 (major resistance), then this scenario may become invalidated.
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Technical analysis of NZD/USD for March 01, 2017

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Overview:

  • The NZD/USD pair broke support which turned to strong resistance at the level of 0.7179. The level of 0.7179 coincides with 61.8% of Fibonacci, which is expected to act as the major resistance today. Since the trend is below the 61.8% Fibonacci level, the market is still in a downtrend. From this point, the NZD/USD pair is continuing in a bullish trend from the new support of 0.7118. Currently, the price is in a bearish channel. According to the previous events, we expect the NZD/USD pair to move between 0.7057 and 0.7179. On the H4 chart, resistance is seen at the levels of 0.7179 and 0.7265. Besides, it should be noticed that, the level of 0.7118 represents the daily pivot point. Therefore, strong resistance will be formed at the level of 0.7179 providing a clear signal to sell below the spot of 0.7179 and 0.7118 with the targets seen at 0.7057. If the trend breaks the support at 0.7057 (first support) the pair will move downwards continuing the development of the bearish trend to the level 0.6982 in order to test the daily support 2. What is more, it should be noted that major support is seen at the price of 0.6982. However, stop loss is to be placed above the level of 0.7265.
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Technical analysis of USD/JPY for March 01, 2017

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USD/JPY is expected to trade with bullish bias. The pair posted a strong rebound last night and broke above its 20-period and 50-period moving averages. In addition, the 20-period moving average is turning up and is about to break above the 50-period one. The relative strength index is heading upward without showing any reversal signal.

Hence, as long as 112.70 is support, a further rise to 113.75 and even to 114.05 is likely to occur.

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 113.75 and the second one at 114.05. In the alternative scenario, short positions are recommended with the first target at 112.40, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 111.90. The pivot point is at 112.70.

Resistance levels: 113.75, 114.05, and 114.65

Support levels: 112.40, 111.90, and 111.60

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Technical analysis of USD/CHF for March 01, 2017

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USD/CHF is expected to trade with bullish bias. The pair recovered from yesterday's losses and posted a strong technical rebound. The upside momentum is strong, as the relative strength index is turning up now and calls for a new bounce. Besides, a strong support base around 1.0000 has been formed and it should limit any downward attempts.

On the economic data front, GDP annualized remained unchanged QoQ in 4Q at +1.9% (estimated +2.1%). Separately, personal consumption advanced 3% in 4Q (forecasted +2.6%) from an increase of 2.5% in the previous quarter. In other news, wholesale inventories decreased 0.1% MoM in January in a preliminary estimate (estimated +0.4%) from an improvement of 0.9% in December. Furthermore, Chicago PMI grew to 57.4 in February (forecasted 53.5) compared with 50.3 in the previous month. Finally, Conference Board Consumer Confidence increased in February to 114.8 (estimated 111.0) well above 111.8 in the previous month.

In these perspectives, as long as 1.0050 holds on the downside, look for a new rise to 1.0115 and even to 1.0135 in extension.

Resistance levels: 1.0115, 1.0135, and 1.0180

Support levels: 1.0035, 1.0020, and 1.000

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Technical analysis of NZD/USD for March 01, 2017

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NZD/USD is under pressure. The pair retreated from the key resistance at 0.7175 and broke below its 20-period and 50-period moving averages. Additionally, the 20-period moving average is turning down. The relative strength index is bearish, calling for a further decline.

Therefore, below 0.7175 expect a new drop to 0.7100 and even to 0.7075 in extension.

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 0.7100. A break below this target will move the pair further downwards to 0.7075. The pivot point stands at 0.7175. If 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 0.7205 and the second one at 0.7235.

Resistance levels: 0.7205, 0.7230, and 0.7280

Support levels: 0.7100, 0.7075, and 0.7030

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Technical analysis of GBP/JPY for March 01, 2017

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GBP/JPY is expected to trade with bullish above 139.50. The pair managed to break above its 20-period and 50-period moving averages, and is likely to challenge its horizontal resistance at 119.50 in sight. The relative strength index is turning up now, and also broke above its neutrality level at 50.

In that case, as long as 139.50 holds on the downside, advance to 140.80 and 141.20 in extension is possible.

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 140.80 and the second one at 141.20. In the alternative scenario, short positions are recommended with the first target at 138.90, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 138.50. The pivot point is at 139.50.

Resistance levels: 140.80, 141.20, and 142.00

Support levels: 138.90,138.50, and 138.00

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Technical analysis of USDX for March 1, 2017

The Dollar index strengthened last night after the speech by US President Donald Trump at the Congress. However the price has only managed so far to reach important resistance area of 101.80. There is no break out yet. Traders should be very cautious in case we see another rejection.

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Red line - support

Blue line - resistance

The Dollar index is above the Ichimoku cloud and is testing important short-term resistance at 101.80. I believe we are going to see another rejection at current levels and another pullback towards 100.40 support. The sideways action continues and I prefer to be neutral in the short term or slightly bearish as long as the price is below 102.

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Black line - neckline support

Green line - long-term support trend line

The Dollar index is trying to break out above the weekly tenkan-sen that gave two weekly rejections during the last couple of weeks. Will there be a third time? It is still too early to be sure, though medium-term trend continues to favor bulls as long as price is above the neckline support at 99.25. This week's low is very important so a break below 100.70 will be a bearish sign.

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Technical analysis of gold for March 1, 2017

Gold pulled back yesterday, as we explained in our last post, towards the breakout area of $1,245 for a back test. This is a justified move and does not change our medium-term bullish plans. Our targets remain $1,280-$1,320. For the bullish scenario to play out, Gold needs to reverse from current levels.

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Black line - resistance (broken)

Blue line - support

The price is trading above the Ichimoku cloud and above the blue trend line support. The price has reached the break out area of $1,245 and I expect to see an upward reversal from the current levels. Support below $1,245 is found at $1,231. Resistance is at $1,250 and the next is at $1,257.

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Blue line - long-term support trend line

Black line - long-term resistance trend line

Despite the negative start in the week for Gold, I expect the week to end higher as I believe we may already have seen the weekly lows. I continue to expect Gold to reach $1,280-$1,320. I remain bullish.

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Technical analysis of EUR/USD for Mar 01, 2017

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When the European market opens, some Economic Data will be released, such as German 10-y Bond Auction, Final Manufacturing PMI, German Final Manufacturing PMI, German Unemployment Change, French Final Manufacturing PMI, Italian Manufacturing PMI, Spanish Manufacturing PMI and German Prelim CPI m/m. The US will release the economic data, too, such as Beige Book, Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Personal Income m/m, Personal Spending m/m and Core PCE Price Index m/m, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0619.

Strong Resistance:1.0612.

Original Resistance: 1.0602.

Inner Sell Area: 1.0592.

Target Inner Area: 1.0567.

Inner Buy Area: 1.0542.

Original Support: 1.0532.

Strong Support: 1.0522.

Breakout SELL Level: 1.0515.

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 Mar 01, 2017

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In Asia, Japan will release the Final Manufacturing PMI and Capital Spending q/y data, and the US will release some Economic Data, such as Beige Book, Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Personal Income m/m, Personal Spending m/m and Core PCE Price Index m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 113.55.

Resistance. 2: 113.33.

Resistance. 1: 113.11.

Support. 1: 112.83.

Support. 2: 112.61.

Support. 3: 112.39.

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

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

Daily analysis of major pairs for March 1, 2017

EUR/USD: The EUR/USD is now consolidating as price oscillates between the support line at 1.0500 and the resistance line at 1.0650. While the consolidation phase may continue for a few days, a breakout is imminent, which may take price below the aforementioned support line or above the resistance line.

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USD/CHF: The USD/CHF is currently trading above the support level at 1.0050, now close to the resistance level at 1.0100. The outlook on the market is bullish and price could test additional resistance levels at 1.0150 and 1.0200 this week (that is, when there is a rise in the momentum).

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GBP/USD: There is now a short-term bearish signal on this pair, as price went south yesterday, going below the distribution territory at 1.2400. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This new bearish signal may eventually turn into a protracted bearish movement (based on the bearish outlook on this pair, as well as other JPY pairs).

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USD/JPY: There was a rally on this currency trading instrument on Tuesday – which happened in the context of a downtrend. A movement below the demand level at 112.00 would reinforce the existing bearish bias. A movement above the supply level at 114.00 would render the bearish bias invalid.

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EUR/JPY: This is a bear market – with a clear Bearish Confirmation Pattern in the 4-hour chart. Some transitory rallies are expected in the market, but they would eventually turn out to be short-selling opportunities, at better prices. This means that price could continue going downwards for some time, until there is a weakness in the Yen, which may force a bullish reversal that would eventually cause a change in the market.

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Daily analysis of USDX for March 01, 2017

USDX is looking to consolidate below the 200 SMA at H1 chart, with a very limited weakness around 101. However, the index is struggling to consolidate its structure in the path towards 100.44. If it manages to break below that area, we can expect further declines to take place toward 99.84 in a first degree. MACD indicator is entering the positive territory, supporting a corrective idea in favor of the bulls.

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H1 chart's resistance levels: 101.43 / 102.38

H1 chart's support levels: 100.44 / 99.84

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 100.44, take profit is at 99.84 and stop loss is at 101.06.

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Daily analysis of GBP/USD for March 01, 2017

GBP/USD had another negative session with the help of a strong dynamic resistance offered by the 200 SMA at H1 chart. Currently, the pair is attempting a breakout below 1.2414 in order to reach the 1.2360 level as the first target to the downside. If such scenario happens, then we can expect further declines to test the 1.2300 psychological level. MACD indicator is favoring the bears, as it remains in the negative territory.

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H1 chart's resistance levels: 1.2546 / 1.2633

H1 chart's support levels: 1.2414 / 1.2360

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2546, take profit is at 1.2633 and stop loss is at 1.2462.

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NZD/USD approaching support, prepare to buy

We prepare to turn bullish above the 0.7176 support (Fibonacci retracement, horizontal overlap support) for a push up to the 0.7240 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is seeing strong support at the 10% level where we expect a bounce in the price from.

Buy above 0.7176. Stop loss at 0.7137. Take profit at 0.7240.

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AUD/USD remain bullish above support

We remain bullish above the 0.7668 support (long-term ascending support, horizontal support, Fibonacci extension) for a further push up to the0.7733 resistance (Fibonacci extension, horizontal resistance).

The RSI (34) is seeing strong support above the 41% level where we expect the price to continue to rise from.

Buy above 0.7668. Stop loss at 0.7646. Take profit at 0.7733.

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

Elliott wave analysis of EUR/NZD for February 28, 2017

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Wave summary:

For the time being the dynamics of EUR/NZD is sluggish. We still think a long-term low was seen at 1.4495, and a new impulsive rally is on. However, we need a break above the resistance at 1.4866 to confirm that the low is in place and a new impulsive rally higher to 1.5282 and 1.5836 is unfolding.

This bullish count excludes the possibility of a break below 1.4495.

R3: 1.4866

R2: 1.4804

R1: 1.4751

Pivot: 1.4675

S1: 1.4615

S2: 1.4554

S3: 1.4495

Trading recommendation:

We are long EUR from 1.4840 with stop placed at 1.4490. If you are not long EUR yet, buy upon a break above 1.4866 and use the same stop at 1.4490.

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

Elliott wave analysis of EUR/JPY for February 28, 2017

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Wave summary:

Preferably wave (iv) completed with the test of 118.19 and wave (v) to above 124.09 should now be seen, but we need a break above resistance seen at 119.86 to confirm that wave (iv) has completed and wave (v) higher is unfolding. Short-term support is seen at 118.55 and then at 118.19. The later cannot be broken under this bullish count.

R3: 120.32

R2: 119.86

R1: 119.47

Pivot: 118.75

S1: 118.55

S2: 118.19

S3: 118.00

Trading recommendation:

Buy a break above 119.86 and place your stop at 118.10.

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