NZD/USD intraday technical levels and trading recommendations for March 7, 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).

As anticipated, bearish persistence below 0.7100 (Key-Level) allows further bearish movement toward 0.6960 where bullish rejection should be watched for a possible BUY entry.

On the other hand, any bullish pullback towards 0.7100 should be watched for a valid SELL entry if enough bearish rejection is expressed.

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USD/CAD intraday technical levels and trading recommendations for March 7, 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, the current bullish breakout above 1.3300 (50% Fibonacci Level) enhances further 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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EUR/JPY dropping nicely, remain bearish below major resistance

Price has dropped nicely from our selling area yesterday. We remain bearish below the 121.23 resistance (Fibonacci retracement, major horizontal overlap resistance) for a push down to the 119.44 support (Fibonacci retracement, horizontal pullback support).

Stochastic (21,5,3) has reacted nicely off major resistance below the 95% level.

Sell below 121.23. Stop loss at 121.83. Take profit at 119.44.

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AUD/USD remain bearish looking to sell on strength

We remain bearish for a further drop, looking to sell on strength below 0.7605 resistance (Fibonacci retracement, horizontal pullback resistance). The pair is expected to drop deeper to the 0.7517 support (Fibonacci retracement, horizontal overlap support).RSI (34) sees multiple descending resistance lines holding price down.

Sell below 0.7605. Stop loss at 0.7650. Take profit at 0.7517.

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Elliott wave analysis of EUR/NZD for March 7, 2017

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Wave summary:

We continue to look for wave [iii] to extend closer to the 200% extension target of wave [i]. This target is seen at 1.5286. Once this target is reached, then expect a shallow sideways correction in wave [iv] before higher in wave [v] to above 1.5286. Support is seen near 1.5029 and again at 1.4996 which is expected to protect the downside for the rally higher to 1.5286 and above.

R3: 1.5286

R2: 1.5197

R1: 1.5176

Pivot: 151.30

S1: 1.5029

S2: 1.4996

S3: 1.4945

Trading recommendation:

We are long EUR from 1.4840 with stop placed at break-even. If you are not long EUR yet, then buy near 1.5029 and use the same stop at 1.4840.

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Elliott wave analysis of EUR/JPY for March 7, 2017

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Wave summary:

We are still looking for a minor corrective decline closer to 119.97 before the next rally above resistance at 121.23 that will confirm more upside towards 124.09 and 125.53 to complete wave 3. Even if support at 119.97 is broken, back-up support is seen at 119.50, which should be able to protect the downside for the break above 121.23.

R3: 122.52

R2: 121.76

R1: 121.28

Pivot point: 120.60

S1: 120.25

S2: 119.97

S3: 119.50

Trading recommendation:

We are long EUR from 119.86 with stop placed at 118.60. If you are not long EUR yet, then buy near 119.97 or upon a break above 120.86 and use the same stop at 118.60.

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Daily analysis of GBP/JPY for March 07, 2017

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Overview

The GBP/JPY price crawls to the downside showing the affection of the bearish bias domination, notice reaching of the level of 139.25. Therefore, we will keep waiting for providing negative pressure on the support at 138.80. We remind you that breaking this level will open the way towards recording of the negative targets and 137.60 level represents the bearish bias. The stability of the moving average 55 near the main resistance confirms the price confinement within the negative range, accompanied with stochastic attempt to provide negative momentum. It eases the attempt to record the suggested targets. The expected trading range for today is between 139.80 and 138.80.

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Daily analysis of Gold for March 07, 2017

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Overview

Gold price shows slight bearish bias now as a signal to resume the expected bearish bias for today. Here the price moves within the bearish bias that carries the price since the last top that was recorded at 1,263.17. Wait for visiting 38.2% Fibonacci correction level at 1,211.30. Therefore, the bearish trend will remain active for today, unless breaching 1,240.00 level. We remind you that breaking the targeted level will push the price towards more of the bearish correction that its next target located at 1,195.28. The expected trading range for today is between 1,211.30 support and 1,237.00 resistance.

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Daily analysis of Silver for March 07, 2017

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Overview

Silver price trades with calm negativity in its way to head towards our waited target at 17.43. We remind you that we are waiting for a bullish rebound after testing the mentioned level. Here stochastic reaches the thresholds of the oversold levels to support the expected rebound. Therefore, the bearish bias will remain preferred for today, unless breaching 18.30 level and holding above it. There this breach will push the price to regain the bullish track with its next main target located at 19.38. The expected trading range for today is between 17.43 support and 18.00 resistance.

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Trading plan for EUR/USD and USD/JPY for March 07, 2017

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Technical outlook:

A short-term update has been presented here on the hourly chart setup for EUR/USD. The pair had unfolded into 5 waves from 1.0493 through 1.0640 level as depicted and labeled here as wave 1. Furthermore, the drop since then has been corrective in nature, labeled as a-b-c on the above chart (wave 2). The most probable wave count from here should unfold on the north side and push the prices towards 1.0650 and 1.0700 levels respectively. According to the larger wave picture, which is not shown here, 1.0700 level is also the Fibonacci 0.618 resistance of the entire drop from 1.0830 through 1.0492 level earlier. Please note that the larger trend is definitely down but an intermediary uptrend is a strong possibility from 1.0540/50 levels as depicted above. Immediate resistance is seen at 1.0640 level, while support is at 1.0493 level respectively.

Trading plan:

Aggressive traders might want to go long from 1.0540/50 levels, stop at 1.0490 and targets are 1.0650 and 1.0700. Conservative traders please remain flat for now and look to sell rallies through 1.0700 level.

USD/JPY chart setups:

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Technical outlook:

The USD/JPY pair might be preparing for a short-term setback towards lower levels, according to hourly chart presented here. The pair has reversed sharply from 114.75 level after hitting resistance consolidation trend line not shown here. The wave count suggests that USD/JPY should drop quickly towards 111.50/60 levels from here and complete the corrective drop which began from 118.50 level earlier. According to the short term/intraday chart setup here, the pair should attempt to hit 114.20/30 levels today during NY session and then reverse lower. Immediate resistance is seen at 114.75 level, while support is at 112.80 level respectively. Selling the pair during intraday rallies today is still a favored trading strategy. The pair could extend its drop to 112.00 and 111.60 levels at least, if not further.

Trading plan:

Please look to sell intraday rally towards 114.30 level, stop at 115.00 and target 112.00 plus.

Fundamental outlook:

With no heavy fundamental news today, please watch out for USD Trade Balance expected at -$48.0 billion to be out at 08:30 AM today. It should have medium to no major impact on the direction suggested above.

Good luck!

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GBP/USD analysis for March 07, 2017

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2183. According to the 4H time frame, I found that sellers are in control. My advice is to watch for potential selling opportunities. Targets are set at the price of 1.2124 and at the price of 1.2000. The short-term trend is downward.

Fibonacci pivot points >

Resistance levels:

R1: 1.2283

R2: 1.2300

R3: 1.2330

Support levels:

S1: 1.2225

S2: 1.2205

S3: 1.2175

Trading recommendations for today: watch for potential selling opportunities.

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USD/JPY analysis for March 07, 2017

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Recently, the USD/JPY pair has been trading sideways at the price of 113.95. According to the 1H time frame, I found Fibonacci confluence at the price of 113.60-113.50. The price rejected from the confluence area which is a good sign for potential bullish movement. My advice is to watch for potential buying opportunities. The targets are set at the price of 114.70 (swing high) and the price of 115.45 (Fibonacci expansion 61.8%).

Resistance levels:

R1: 114.17

R2: 114.45

R3: 114.80

Support levels:

S1: 113.55

S2: 113.25

S3: 112.95

Trading recommendations for today: watch for potential buying opportunities.

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Daily analysis of major pairs for March 7, 2017

EUR/USD: This pair moved slightly downwards on Monday. Further downwards movement is expected today and tomorrow, which would make the price reaching the support lines at 1.0550, 1.0500, and 1.0450. The bearish expectation is in conjunction with the current bias in the market, which is bearish for this week and this month.

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USD/CHF: The USD/CHF has tested the resistance level at 1.0150, and it is bound to test it once again. The bulls are willing to push the price beyond that resistance level, targeting the other resistance levels at 1.0200 and 1.0250. There are support levels at 1.0100 and 1.0050, which would act as impediments to bearish attempts.

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GBP/USD: This week, the Cable has gone south by almost 100 pips. The price has gone down 280 pips since February 27, 2017. The Bearish Confirmation Pattern in the chart is very strong, and the price can test the accumulation territories at 1.2150, 1.2100, and 1.2050 this week.

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USD/JPY: This currency trading instrument did nothing significant on Monday. However, there is a clear bullish signal in the market, which has come as a result of a bullish expectation on this instrument (as well as on other JPY pairs). The supply levels at 115.00 and 115.50 could be tested this week, and those are the initial targets for this week.

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EUR/JPY: This cross merely consolidated yesterday. There is a strong Bullish Confirmation Pattern in the 4-hour chart, and further upwards movement is expected this month, which would take the price towards the supply zones at 121.50, 122.00, and 122.50. On the other hand, a serious weakness in EUR may cause further pullback in the market.

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Technical analysis of NZD/USD for March 07, 2017

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Overview:

  • Today, the first resistance level is seen at 0.7000 (the daily pivot point) followed by 0.7072, while daily support 1 is found at 0.6942. The NZD/USD pair continues to move downwards from the level of 0.6942. Yesterday, the pair dropped from the level of 0.7072 to the bottom around 0.6970. Besides, the level of 0.7072 represents a weekly pivot point for that it is acting as major resistance this week. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7072 towards the first support level at 0.7000 in order to test it again. If the pair succeeds to pass through the level of 0.7000, the market will indicate a bearish opportunity below the level of 0.7000. Additionally, if the NZD/USD pair is able to break out the bottom at 0.7000, the market will decline further to 0.6942 and 0.6884 in order to test the daily support 2. However, it would also be sage to consider where to place a stop loss; this should be set above the second resistance of 0.7072.
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Technical analysis of USD/CHF for March 07, 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 break out 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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Daily analysis of USDX for March 07, 2017

The index is still in a battle to consolidate above the 200 SMA at H1 chart and such a move could deliver more bulls' force towards 102.39, where a breakout above that area should produce a rally to test the 103.40 level. Furthermore, if USDX manages to stay above the 103.00 level during the rest of the week, then we can target the psychological zone of 105.00. USDXH1.png

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 07, 2017

The pair is still bearish in the short term. At the moment it is challenging a key area around 1.22, where sellers are waiting for another decline towards 1.2123. If GBP/USD manages to rebound at the current stage, we can expect further rebounds to reach the 1.2400 handle which is above the 200 SMA. However, such a scenario is not strong enough, as the price action continues to be in favor of the bears. 1488875401_GBPUSDH1.png

H1 chart's resistance levels: 1.2300 / 1.2400 H1 chart's support levels: 1.2218 / 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 1.2218, take profit is at 1.2123, and stop loss is at 1.2317.

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Technical analysis of USDX for March 7, 2017

The bearish scenario of the Head and Shoulders pattern is still valid, as long as the price is trading below 102.30. The Dollar index is mostly trading sideways between 102 and 100.50.

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In the 4-hour chart the Dollar index is trading above the Ichimoku cloud and has already bounced off the 61.8% Fibonacci retracement of the latest upward move. These signs are bullish. Support is at 101.20 and as long as the price is above that level, the bulls will make another try to break above 102. If support fails we should expect 100.50 to be tested.

analytics58be6cb648e26.pngBlack line - neckline support

Green line - long-term support

Blue area - Head and Shoulder pattern

The Dollar index weekly chart remains indecisive. The price is trading at the same levels as the left hand shoulder just below 102. 100.70 level is crucial support on a weekly basis. If it is broken we should expect the neckline to be tested. A break above 102.30 will increase the chances of making new highs towards 105.

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Technical analysis of gold for March 7, 2017

Gold remains weak but above $1,220 support. Short-term trend remains bearish. Gold is in danger of making a bigger than expected pullback towards $1,180 before resuming the uptrend towards $1,300.

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Blue lines - bearish channel

Gold is trading below the Ichimoku cloud and inside the blue bearish channel shown above in the 4-hour chart. As long as the price is below $1,250, the trend is bearish. Short-term resistance is at $1,228 and the next is at $1,237. Support is at $1,216 and the next one is at $1,180.

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Black line - long-term resistance

Gold weekly chart is testing the weekly tenkan-sen (red line indicator) support. The price is inside the cloud. There is no weekly bearish divergence. Gold is most probably making a deeper correction that could even push towards $1,180 but is still expected to make a move towards $1,300.

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Technical analysis of EUR/USD for Mar 07, 2017

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When the European market opens, some Economic Data will be released, such as Revised GDP q/q, French Gov Budget Balance and German Factory Orders m/m. The US will release the economic data, too, such as Consumer Credit m/m, IBD/TIPP Economic Optimism and Trade Balance, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0626.

Strong Resistance:1.0619.

Original Resistance: 1.0609.

Inner Sell Area: 1.0599.

Target Inner Area: 1.0574.

Inner Buy Area: 1.0549.

Original Support: 1.0539.

Strong Support: 1.0529.

Breakout SELL Level: 1.0522.

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 07, 2017

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In Asia, Japan will release the BOJ Core CPI y/y and 30-y Bond Auction, and the US will release some Economic Data, such as Consumer Credit m/m, IBD/TIPP Economic Optimism and Trade Balance. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 114.62.

Resistance. 2: 114.60.

Resistance. 1: 114.17.

Support. 1: 113.90.

Support. 2: 113.68.

Support. 3: 113.45.

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 Video Analysis on EUR/JPY - 6th 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 EUR/JPY 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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EUR/JPY remains bearish below major resistance

We turn bearish below 121.23 resistance (Fibonacci retracement, major horizontal overlap resistance) for a push down to 119.44 support (Fibonacci retracement, horizontal pullback support).

Stochastic (21,5,3) is seeing major resistance below the 95% level.

Sell below 121.23. Stop loss is at 121.83. Take profit is at 119.44.

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AUD/JPY remains bullish above strong support

We remain bullish above 86.17 support (Fibonacci retracement, horizontal swing low support) where we expect a bounce from to at least 87.17 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (55,5,3) is seeing strong support above the 10% level where we hope to see a further bounce from.

Buy above 86.17. Stop loss is at 85.80. Take profit is at 87.17.

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AUD/USD remains bearish; look to sell on strength

We remain bearish for a further drop, looking to sell on strength below 0.7605 resistance (Fibonacci retracement, horizontal pullback resistance) for a further drop to 0.7517 support (Fibonacci retracement, horizontal overlap support).

RSI (34) sees multiple descending resistance lines holding price down.

Sell below 0.7605. Stop loss is at 0.7650. Take profit is at 0.7517.

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