Daily analysis of Gold for March 02, 2017

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Overview

Gold found solid resistance at 1,249.94 that forced it to decline and move below the minor bullish channel's support, while the price still inside the main bullish channel that its support line located at 1,232.25. As long as the price is above the mentioned support, the bullish trend scenario will remain valid for today, waiting to surpass 1,249.94 level to confirm opening the way to head towards 1,285.00, as a next main target. Notice that breaking 1,232.25 will push the price to start correctional bearish wave that its main targets begin at 1,209.75. The expected trading range for today is between 1,232.25 support and 1,250.00 resistance.

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Daily analysis of Silver for March 02, 2017

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Overview

The sideways range continues to dominate the price trading around 18.30 level. Thus, there is no change on the bullish trend scenario that depends on holding above 18.15, which gets continuous support by the EMA50, waiting to head towards 18.85 followed by 19.38 mainly. We remind you that breaking 18.15 will force the price to turn its intraday track to the downside to visit 17.43 level before any new positive attempt. The expected trading range for today is between 18.20 support and 18.70 resistance.

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USD/JPY analysis for March 02, 2017

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Recently, the USD/JPY pair has been trading downwards. As I expected, the price tested the level 114.44. According to the daily time frame, there is still space for higher price. My advice is to watch for potential buying opportunities on retracements. Upward targets are set at the price of 114.90 (evening start like resistance) and 115.35 (swing high from the background).

Resistance levels:

R1: 114.30

R2: 114.85

R3: 115.65

Support levels:

S1: 112.95

S2: 112.15

S3: 111.60

Trading recommendations for today: watch for potential buying opportunities.

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EUR/GBP fundamental analysis for March 2, 2017

After four days of impulsive bullish price action in EUR/GBP, currently the bears are said to show some of their strength. Today EUR had some important economic news, like Spanish Unemployment Change with positive outcome at -9.4K which was expected to be 5.2K, CPI Flash Estimate which was also positive at 2.0% which was expected to be 1.8% and Core CPI Flash Estimate was unchanged at 0.9%. On the other hand, GBP Construction PMI report was published at 52.5 which was expected to be 52.2. There was not much difference in the outcome. Despite the positive outcomes of EUR today, GBP is said to gain some strength against EUR. Currently the market is in mid-range of 0.8420 to 0.8640 and any break above or below the levels will provide directional bias in this pair.

Now let us look at the technical view, currently the market is ranging between the support and resistance of 0.8420 and 0.8640. After massive bullish pressure for last four days, currently the bears are observed to be attacking the bulls. The directional bias is currently neutral and the market is said to be in total bullish bias if the price breaks above the 0.8640 resistance level with a daily close which will open the target towards next resistance at 0.8850.

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Silver analysis for March 02, 2017

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Recently, Silver has been trading sideways at the price of 18.31. According to the 1H time frame, I found symmetrical triangle in creation. Since Silver is in upward trend, according to the daily time frame, my advice is to watch for potential buying opportunities and upward breakout of symmetrical triangle to confirm bullish continuation. Symmetrical triangles are usually continuous patterns. If the price breaks upward, target will be set at the price of 18.60.

Resistance levels:

R1: 18.45

R2: 18.50

R3: 18.60

Support levels:

S1: 18.30

S2: 18.25

S3: 18.17

Trading recommendations for today: watch for potential upward breakout of symmetrical triangle to confirm bullish continuation.

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AUD/JPY fundamental analysis for March 2, 2017

AUD/JPY has fallen back to 86.85 today after it was broken above it yesterday. After the break above, AUD Trade balance negative report, 1.30B which was expected to be 3.82B, affected AUD against JPY today. Though AUD Building permits was positive at 1.8%, which was expected to be -0.1%, it did not support AUD to gain much strength against JPY. Today JPY did not have any high-impact events to hit the market rather than the Bond Auction which was published at 0.08/3.7. Overall, JPY has gain strength against AUD but negative economic outcome of JPY may lead to another bullish pressure in this pair for AUD.

Now let us look at the technical view, AUD has broken above the resistance area of 0.8670-85 and currently retesting the resistance as support. If the market closes above the resistance area with a daily close it is expected that the price will move towards the next resistance at 0.8750. The bullish bias in this pair will only be changed if the price breaks below 0.8620 with a daily close below it. Until then the market is totally bullish at the moment and it is highly expected that the price will surge higher soon.

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USD/CAD intraday technical levels and trading recommendations for March 2, 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).

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NZD/USD intraday technical levels and trading recommendations for March 2, 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 the 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).

Bearish persistence below 0.7100 (Key-Level) will allow further bearish movement toward 0.6960.

That is why daily candlestick closure below 0.7100 is needed to support this bearish scenario.

Otherwise, the NZD/USD pair will remain trapped within the depicted consolidation range (0.7100-0.7250).

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EUR/JPY profit target was reached perfectly, time to sell

The price shot up and reached our profit target perfectly from yesterday. We prepare to sell below major resistance at 120.23 (Fibonacci retracement, Fibonacci extension, and horizontal overlap resistance) for a drop to at least 119.44 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance below the 95% level where we expect a reaction from.

Sell below 120.23. Stop loss is at 120.70. Take profit is at 119.44.

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AUD/USD is dropping nicely, remain bearish

We remain bearish with the price having broken our long-term ascending support-turned-resistance line triggering a bearish exit to push the price down. The goal is to sell below 0.7668 resistance (Fibonacci retracement, bearish pullback resistance, and horizontal pullback resistance) for a drop towards 0.7603 (Fibonacci retracement, horizontal overlap support).

RSI (21) is seeing major resistance below the 64% level.

Sell below 0.7668. Stop loss is at 0.7695. Take profit is at 0.7603.

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Daily analysis of major pairs for March 2, 2017

EUR/USD: There is a weak "sell" signal on this pair, which would become particularly strong once the price breaches the support lines at 1.0500 and 1.0450 to the downside. Since the EMA 11 is below the EMA 56, it is expected that the Williams' % Range period 20 would soon go into the oversold region. That is as the price heads further south.

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USD/CHF: The USD/CHF pair is currently trading above the support level at 1.0050, now closes to the resistance level at 1.0100. The outlook on the market is bullish and the 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: The Cable has gone seriously southward this week – a movement of at least 170 pips to the downside. There is a strong bearish Confirmation Pattern in the chart and the price could easily test the accumulation territories at 1.2200, 1.2100, and 1.2000. It should be reminded that the outlook on the GBP pairs is somewhat bearish for this month.

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USD/JPY: There is now a bullish signal on the USD/JPY pair, as the price crosses the demand level at 113.50 to the upside. The next targets are located at the supply levels of 114.00, 114.50, and 115.00, which would be attained later today or tomorrow.

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EUR/JPY: The EUR/JPY pair has been making bullish effort since the beginning of this week. The price has now moved above the demand zone at 119.50, now testing the supply zone at 120.00. As soon as the price crosses the supply zone at 120.50 to the upside, the EMA 11 would have gone above the EMA 56 (the RSI period 14 is already above the level 50). A bullish signal is now forming.

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Technical analysis of NZD/USD for March 02, 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.
  • Because 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.
  • On the other hand, stop loss is to be placed above the level of 0.7265.
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Global macro overview for 02/03/2017

Global macro overview for 02/03/2017:

The President Trump's first address before the joint session of Congress yesterday had been largely positive amongst the market participants, however, his speech again failed to provide solid direction for investors. Trump mainly reiterated his campaign promises when he had called for over $1Trillion investment in infrastructure, intentions to replace Obamacare and again pledged massive tax relief for the middle class. In the result, the stock made new all-time highs as global investors still believe the promises made by Trump despite any specific actions towards promises fulfillment. The global equity rally goes on and it reminds me one of the oldest investment saying: buy the rumor, sell the news. Anyway, time will tell.

Let's now take a look at SP500 ETF (called SPY) technical picture at the H4 time frame. The bulls have managed to make another all-time high at the level of 240.22, but there is still an unfilled gap at the level of 237.29. This level will now act as a technical support for the price and another higher low might be made around this level. Only a sustained break out below the level of 235.17 would indicate a larger corrective cycle coming on, otherwise the outlook remains bullish.

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Technical analysis of USD/CHF for March 02, 2017

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Overview:

  • The USD/CHF pair is calling for a bullish market from the support levels of 1.0041 and 1.0097. Currently, the price is in a bullish channel on the 4H chart,. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.0041 which coincides with a ratio of 38.2% Fibonacci. Consequently, the first support is set at the level of 1.0041. So, the market is likely to show signs of a bullish trend around the spot of 1.0041. In other words, buy orders are recommended above the golden ratio (1.0041) with the first target at the level of 1.0153. Furthermore, if the trend is able to breakout through the first resistance level of 1.0153. We should see the pair climbing towards the double top (1.0233) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.9972.
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Global macro overview for 02/03/2017

Global macro overview for 02/03/2017:

In his recent statement, Reserve Bank of New Zealand (RBNZ) Governor Wheeler stated that the risks around future Official Cash Rate (OCR) movements are equally weighted reflecting balanced risks around inflation. This means, that the possibility of RBNZ hiking the interest rate or cutting the interest rate is equal and depend mainly on the RBNZ economic projection targets. Moreover, the RBNZ is currently biased towards the negative sentiment, mostly due to several major sources of uncertainty surrounding Europe, the US, and China. In Wheeler opinion, the biggest risk is President Trump's "America First" policy which could lead to protectionism and might highly influence the global economy in a negative way. In conclusion, RBZA is keeping an eye on the US political and economic development and might cut or hike the interest rate depending on the future projections.

Let's now take a look at the NZD/USD technical picture at the daily time frame. The price is trading just below the 50%Fibo at the level of 0.7118, but those are not the oversold market conditions yet. The next support is seen at the level of 0.7041 and if the technical support at the level of 0.7098 is clearly violated, then this would be the next target for the bears.

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Technical analysis of USDX for March 2, 2017

The Dollar index is testing important resistance levels at 101.80-102. Short-term indicators are overbought and diverging. I expect the Dollar index to reverse from current levels. Key medium-term support is at 100.65, this week's low.

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Blue lines - bullish channel

The Dollar index is trading above the Ichimoku cloud inside a bullish channel in the short term. Oscillators are diverging in the 4-hour chart from overbought levels. This implies at least a pullback. Support and target for such a pullback is at 101.60-101.30 area. If, however, the price breaks below 100.70 then we could expect more selling pressures.

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Blue line - neckline support

Black lines - Head and Shoulder (possible) pattern

The Dollar index is trading right at the same level with the highs of the left hand shoulder. As mentioned before, the uptrend stopping below 102 implies that we could be forming a Head and shoulders pattern and we are currently at the top of the right hand shoulder. For this to be a right hand shoulder, the price will need to turn down towards 100 and test the neckline support. As long as the price is above 99.25, the bulls are in control. Below 100.70 the bears will strengthen. Above 102 the bulls dominate.

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Technical analysis of gold for March 2, 2017

Gold made a low around $1,236 and bounced off critical short-term support. If recent low is broken we should expect the price to move towards $1,200. A break above $1,257 will open the way for $1,280-$1,300. I prefer the bullish scenario as the most probable one.

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Blue line tested the daily tenkan-sen (red line indicator) yesterday and despite moving below it during the day, it closed above it and also gave us a bullish hammer pattern candle formation. Short-term support is at $1,236. Resistance is at $1,252 and then at $1,257. The bulls need to break above $1,257 to resume an uptrend.

analytics58b7d337cad8d.jpgBlue line - support trend line

Black line - resistance trend line

The weekly chart remains bullish. The price remains above both the blue trend line and the weekly kijun-sen (yellow line indicator). Our target remains at $1,280-$1,320 area. There is no weekly divergence to warn us of a change in the medium-term trend.

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Trading plan for 02/03/2017

Trading plan for 02/03/2017:

On Thursday 2nd of March 2017, there is plenty of news released during the European and American trading sessions and the global investors will pay attention to Construction PMI data from the United Kingdom, Unemployment Rate and Consumer Price Index from Eurozone, Gross Domestic Product from Canada, and Unemployment Claims from the United States.

GBP/USD analysis for 02/03/2017:

The Construction PMI data are scheduled for release at 09:30 am GMT today and the market participants are expecting no change from the last month level of 52.2 points. Please notice, that yesterday's manufacturing PMI disappointed the markets, so today's data might not be as good as anticipated. The highest level of manufacturing was established last month at the level of 54.5, so it might be the time for some deterioration.

Let's take a look at the GBP/USD technical picture at the H4 time frame. The market had broken below the intraday support at the level of 1.2345 and now is heading towards the support at the level of 1.2251 to test it again. The market conditions are oversold and the price might start to consolidate around the support ahead of the data. If data will beat the expectation then the corrective bounce is expected up to the level of 1.2345. On the other hand, the sell-off might continue lower towards the level of 1.1985.

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EUR/USD analysis for 02/03/2017:

The Unemployment Rate and Consumer Price Index data will be released at 10:00 am GMT and the market participants are expecting no change from the last month levels. The unemployment rate should stay unchanged at the level of 9.6% in the Eurozone and the CPI should stay unchanged as well at the level of 1.8% on a year-to-year basis. The jobless rate has come down modestly in recent months, but still not enough to convince the European Central Bank to reset the monetary policy. However, it might start to change if today's inflation reading will beat the forecast as the ECB inflation projection for 2017 are at the level of 2.0%.

Let's now take a look at the EUR/USD technical picture at the H1 time frame. The price is trading in slightly overbought conditions, so if the CPI will be better than expected, then the price will rally higher towards the next intraday resistance at the level of 1.0571. Otherwise, the market will slowly move to the next important support at the level of 1.0493.

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USD/CAD analysis for 02/03/2017:

The GDP data from Canada are scheduled for release at 01:30 pm GMT. Since 2010 the Canadian GDP is oscillating around the +0.6% and -0.5%, depending on the quarter. That is why the expected numbers are not very impressive as the Canadian economy is regaining the momentum rather slowly.

Let's take a look at the USD/CAD technical picture at the H4 time frame. The market is trading just below the important technical resistance at the level of 1.3388 and in a case of better than expected data this level might not be violated as the price will deteriorate further in a corrective fashion. On the other hand, if the data will be worse than expected, then this resistance will be broken and the price will rally towards the next resistance at the level of 1.3595.

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USD/JPY analysis for 02/03/2017:

The most influence on this pair will have Initial Jobless Claims data release from the U.S. today at 01:30 pm GMT. The market participants expect virtually no change in the number of unemployed people (244k versus 245k expected) as the continuing strength of the US job market is fueling the economic optimism. Moreover, the initial jobless claims are leading indicator for non-farm payrolls, so as long as claims remain in the mid-200k range, the prospects look encouraging for a healthy rise in the pace of jobs creation.

Let's now take a look at the USD/JPY technical picture at the H1 time frame. The bulls have managed to push the price higher towards the 78%Fibo at the level of 114.24, but growing bearish divergence and oversold market conditions are suggesting a corrective movement ahead. The odds for this correction will rise if the data will be worse than expected. Then, the technical support at the level of 113.78 might be tested or in a case of a larger miss, the next support at the level of 113.46 might be tested as well.

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Technical analysis of EUR/USD for Mar 02, 2017

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When the European market opens, some Economic Data will be released, such as Spanish 10-y Bond Auction, French 10-y Bond Auction, Unemployment Rate, French 10-y Bond Auction, PPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, Spanish Unemployment Change and German Import Prices m/m. The US will release the economic data, too, such as Natural Gas Storage, Unemployment Claims, Challenger Job Cuts y/y, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0586.

Strong Resistance:1.0579.

Original Resistance: 1.0569.

Inner Sell Area: 1.0559.

Target Inner Area: 1.0534.

Inner Buy Area: 1.0509.

Original Support: 1.0499.

Strong Support: 1.0489.

Breakout SELL Level: 1.0482.

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 02, 2017

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In Asia, Japan will release the 10-y Bond Auction and Monetary Base y/y data, and the US will release some Economic Data, such as Natural Gas Storage, Unemployment Claims and Challenger Job Cuts y/y. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.53.

Resistance. 2: 114.30.

Resistance. 1: 114.08.

Support. 1: 113.80.

Support. 2: 113.58.

Support. 3: 113.36.

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

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Daily analysis of USDX for March 02, 2017

The index is already consolidating the price action well above the 200 SMA at H1 chart, targeting the resistance zone of 102.39. A breakout over there should expose the next key area of 103.40 to the upside, while a pullback should lead the index to establish another sideways range for the short term. MACD indicator is supporting the negative territory.

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H1 chart's resistance levels: 102.39 / 103.40

H1 chart's support levels: 101.39 / 100.44

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 102.39, take profit is at 103.40 and stop loss is at 101.35.

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Daily analysis of GBP/USD for March 02, 2017

The pair is currently testing the support zone of 1.2280, where a breakout is likely to happen in order to reach the 1.2100 handle across the board. So far, the Cable has consolidated it's structure in the near-term below the 200 SMA at H1 chart and such move should deliver more weakness. In the case of a corrective move, GBP/USD can test the 1.2400 psychological level.

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H1 chart's resistance levels: 1.2391 / 1.2546

H1 chart's support levels: 1.2280 / 1.2123

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2280, take profit is at 1.2123 and stop loss is at 1.2434.

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Daily Video Analysis on AUD/USD - 1st March 2017

Ask me questions here : http://forum.mt5.com/showthread.php?129814-Analytical-reviews-by-Dean-Leo-discussions-and-questions-to-the-author

We take an in-depth look on AUD/USD to see if there are any trading opportunities available for us to trade off and generate potential profits from. We explain clearly how we use a range of analytical approaches from Fibonacci retracements to Fibonacci extensions, price action and oscillators to determine such trading opportunities. Join us and learn how to find good trading opportunities through technical analysis!

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USDCAD Fundamental Analysis March 1, 2017

USD/CAD has finally broken above the resistance of 1.3210 and the market had good bullish pressure to surge higher. Currently, USD is dominating CAD rather than any other major currency. Today the current account report was published in Canada (deficit -10.7B vs. -9.6B forecast); Canada's personal spending decreased by 0.2% (-0.5% previously); and the overnight rate was left unchanged at 0.50%. On the other hand, the US ISM Manufacturing PMI stood at 57.7 (56.2 forecast), which did affect the currency and USD/CAD has surged much higher. Currently, USD is strongly dominating CAD and it is expected that USD will continue to gain until any high-impact report from Canada shows some positive results.

Now let us look at the technical view. The price has surged higher after breaking the resistance at 1.3210 and market has not retraced much today. Currently, the price has again come inside the rising channel of April 2016 and upward momentum is said to continue further. If the price closes above 1.34 with a daily close, it is expected that the price will surge much higher towards 1.3550. On the other hand, if the price rejects from 1.34, we might see some bearish price action continuing to push the price down towards 1.3210 again.

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EURJPY bouncing nicely, remain bullish

We remain bullish with the price making a bullish pullback to its descending resistance-turned-support line. The goal is to buy above the 119.05 support (Fibonacci retracement, pullback support) for a further push up to the 120.23 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) has made a bullish pullback signalling there is further upside potential.

Buy above 119.05. Stop loss at 118.19. Take profit at 120.23.

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AUD/USD bearish exit, time to start selling

The price has broke our long-term ascending support-turned-resistance line triggering a bearish exit to push the price down. The goal is to sell below the 0.7668 resistance (Fibonacci retracement, bearish pullback resistance, horizontal pullback resistance) for a drop towards 0.7603 (Fibonacci retracement, horizontal overlap support).

The RSI (34) has broken the key 45% level signalling a further drop is expected.

Sell below 0.7668. Stop loss at 0.7695. Take profit at 0.7603.

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Elliott wave analysis of EUR/NZD for March 1 - 2017

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Wave summary:

The important resistance seen at 1.4866 is again under fire. This resistance needs to be broken to confirm that a long-term corrective low was seen with the test of 1.4495 and a new long-term impulsive rally is developing. Upon a break above resistance at 1.4866 the first target will be seen at 1.5282 and then at 1.5834.

Support is now seen at 1.4736 and again at 1.4629.

R3: 1.5193

R2: 1.4964

R1: 1.4866

Pivot: 1.4810

S1: 1.4738

S2: 1.4629

S3: 1.4572

Trading recommendation:

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

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

Elliott wave analysis of EUR/JPY for March 1 - 2017

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Wave summary:

We have now seen the expected break above minor resistance seen at 119.86 indicating that the corrective decline in wave (iv) completed with the test of 118.19 and the final impulsive rally in wave (v) of 3 now is unfolding. This wave (v) should ideally make above 124.09 to complete wave 3. The short-term support is now seen at 119.55, which is expected to protect the downside for a continuation higher to and above 121.28.

R3: 121.28

R2: 120.66

R1: 120.35

Pivot: 120.15

S1: 119.71

S2: 119.55

S3: 119.04

Trading recommendation:

We bought EUR upon the break above 119.86 with stop placed at 118.60.

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

AUDUSD Fundamental Analysis March 1, 2017

AUD/USD entered the corrective structure of 0.7600-90 again after a false break upwards. There is too much volatility going on in this pair without any clear bias. Today the AIG Manufacturing Index data showed the figure of 59.3, up from 51.2; and commodity prices decreased to 56.0 from 57.1. Today the ISM Manufacturing PMI reports revealed the mark of 57.7 (56.2 forecast) and the Crude Oil Inventories report met the forecast of 1.5M. After the USD events the volatility increased in this pair, and currently the price is between the corrective structure.

Now let us look at the technical view. The market is currently very volatile and the price is residing inside the corrective structure of the 0.7600-90 area. Currently there is no clear bias in the market and bias will only take over if the market breaks over the resistance 0.7690, and we will be bullish; and if the market breaks below 0.7600, we will be bearish. A daily close above or below the resistance and support will be much preferable in this case.

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