Daily analysis of Gold for March 30, 2018

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Overview

Gold price resumes its downward trading now on its way to test 1,316.48 that represents our main anticipated target. Please note that it is important to monitor the price behavior until the mentioned level is reached as breaking it will extend the correctional bearish wave to reach 1,301.20 as a next station. In general, we still suggest the bearish trend unless the price managed to breach 1,335.40 and hold above it. The expected trading range for today is between 1,316.00 support and 1,335.00 resistance.

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Daily analysis of Silver for March 30, 2018

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Overview

Silver price showed a clear break to 16.45 level and settled below it and continues trading sideways as appears on the above chart. This makes us suggest that we see more sideways trading until the price manages to surpass one of this range's lines represented by 16.15 support and 16.80 resistance. Note that breaking the mentioned support will push the price to visit 15.49 level mainly. On the other hand, breaching the resistance will allow the price to regain the main bullish track with the next target located at 17.43. The expected trading range for today is between 16.20 support and 16.60 resistance.

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Technical analysis of USD/JPY for March 30, 2018

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USD/JPY is expected to trade with the pair keeps charging higher while intraday bullishness is maintained by well-directed 20-period and 50-period moving averages. The relative strength index has climbed into the 60s without showing signs of a bearish reversal. Meanwhile, the level of 106.00 is holding as the key support. On the upside the pair should target 106.70 and in extension, 107.00.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, stop loss at 106.00, take profit at 106.70

Resistance levels: 106.70, 107.00, and 107.30

Support levels: 105.70, 105.30, and 105.00.

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Technical analysis of USD/CHF for March 30, 2018

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USD/CHF is expected to trade with a bearish outlook. The pair remains under pressure below the nearest resistance at 0.9465, which is expected to limit any upside room. The relative strength index is mixed to bearish, and also lacks upward momentum. To sum up, as long as 0.9590 is not surpassed, likely decline to 0.9505 and 0.9475 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, stop loss at 0.9590, take profit at 0.9505.

Resistance levels: 0.9610, 0.9635, and 0.9665

Support levels: 0.9505, 0.9475, and 0.9420.

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NZD/USD Intraday technical levels and trading recommendations for for March 30, 2018

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In November 2017, evident signs of bullish recovery was expressed around the depicted low (0.6780). An inverted Head and Shoulders pattern was expressed around these price levels.

The price zone of 0.7140-0.7250 (prominent Supply-Zone) failed to pause the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11.

That's why, a quick bullish movement was expected towards the depicted supply zone (0.7320-0.7390) where evident bearish rejection and a valid SELL entry were expected.

On February 2, a bearish engulfing daily candlestick was expressed off the price level of 0.7390.

Moreover, a double-top reversal pattern followed by another lower High were expressed around the price zone (0.7320-0.7390) where a valid SELL entry was offered as expected.

Bearish breakdown of 0.7300 (neckline) is needed to confirm the depicted reversal pattern. Bearish projection target would be located around 0.7050 and 0.7000.

Otherwise, the NZD/USD pair remains trapped between the price levels of 0.7200 and 0.7350.

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Intraday technical levels and trading recommendations for EUR/USD for March 30, 2018

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100-1.2200 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450 and recently above 1.2075.

Another bullish breakout above 1.2075 was expressed on the chart. This hinders the bearish momentum allowing bullish advancement to occur towards 1.2750 provided that the bullish breakout above the price level of 1.2075 remains defended by the bulls.

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Daily Outlook

The EUR/USD pair remains trapped between the price levels of 1.2500 and 1.2200 until breakout occurs in either directions.

Daily persistence above 1.2470-1.2500 was needed to confirm a recent bullish flag continuation pattern with projected targets around the price level of 1.2750.

However, significant signs of bearish reversal were manifested around the price levels of 1.2400 (backside of the depicted broken uptrend). This was manifested in the bearish engulfing daily candlestick of March 8.

Hence, the EUR/USD pair remains bearish below the price levels of 1.2400 unless obvious daily bullish support is offered around the price level of 1.2300.

On the other hand, the depicted double-top reversal pattern needs bearish breakdown of the level of 1.2200 to be achieved on a daily basis. Projection target would be located around 1.2070-1.1990.

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Daily analysis of EUR/JPY for March 30, 2018

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The situation on this cross pair remains unchanged. It can be rightly said that the price is now ranging, which would eventually bring about a neutral bias in the market. The sideways movement is expected to continue for some time, but it would eventually end as volatility arises in the market.

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The formation of the EMAs 11 and 56, and the RSI period 14 indicates some neutrality in the market. A rise from here would make the EMA 11 to stay above the EMA 56, and a fall from here may force the EMA 11 to go below the EMA 56.

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Daily analysis of USD/JPY for March 30, 2018

USD/JPY

There has been a shallow pullback in the market, following the recent bullish effort on the USD/JPY. However, the bullish journey will soon resume. Which means the supply levels at 106.50 and 107.00 would be reached again, when volatility arises in the market, which would most likely favor bulls.

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The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50, but that formation is being threatened by the current bearish correction in the market. There remains. A Bullish Confirmation Pattern in the 4-hour chart.

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Daily analysis of USD/CHF for March 30, 2018

USD/CHF

There is a shallow pullback in the context of a short-term uptrend. The price went briefly above the resistance level at 0.9550 and then fell below it. Much movement is not anticipated today, but price would eventually go upwards again, to stay above the resistance level at 0.9550. This is what is anticipated for the next few trading days.

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There is a Bullish Confirmation Pattern in the 4-hour chart, but the Williams' % Range period 20 is sloping downwards, depicting the ongoing shallow correction in the market. The EMA 11 will cross the EMA 56 to the downside only if the current bearish correction holds out.

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Global macro overview for 30/03/2018

An afternoon pack of Thursday's US data did not bring many surprises, but the weekly unemployment fell to 215,000 applications, which is close to the new record low. Data on income and expenses in February were in line with estimates (0.4% m / m and 0.2% m / m), PCE Core increased 0.2% m / m and 1.8%y / y as expected, but the Chicago PMI activity index disappointed, dropping to 57.4 points. (the lowest level since the year), and data on the consumer mood of the University of Michigan fell slightly below the 102 points indicated by analysts. (in March the result indicated 101.4 points).

In the Eurozone, estimated data on CPI inflation in Germany for March were slightly below the anticipated level of 0.5% m/m and 1.7 percent y/y. The actual reading was 0.4% m/m and 1.6 % y/y. In turn, today's estimates from France for March fell slightly above forecasts (CPI reading amounted to 1.5% y/y and HICP 1.7% y/y).

However, the last trading day in March is marked by a slight weakening of the US Dollar - the slowdown observed from Tuesday was visible yesterday afternoon. The cause for this drop was slightly weaker macro readings from the USA. Today the calendar is empty, the nearest important publication from the US is Monday's ISM estimates for the industry. In turn, in the global calendar tomorrow, the market participants will know the estimates of the Chinese PMI indexes for March.

Let's now take a look at the US Dollar Index technical picture at the H4 time frame. The bulls failed to break out above the key technical resistance at the level of 90.59 and after making a lower low at the level of 90.18 the price is not dropping slowly towards the nearest technical support at the level of 89.63. The overbought market conditions support the short-term negative bias for this market.

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Technical analysis of NZD/USD for March 30, 2018

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Overview:

The NZD/USD pair continued moving upwards from the level of 0.7209. The pair rose from the level of 0.7209 to the top around 0.7245. Today, the first support level is seen at 0.7209 followed by 0.7187, while daily resistance is seen at 0.7270. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7227 and 0.7302; for that we expect a range of 75 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 0.7270, we should see the pair climbing towards the double top (0.7302) to test it. On the contrary, if a breakout takes place at the support level of 0.7209, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7180.

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Technical analysis of USD/CHF for March 30, 2018

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Overview:

Pivot: 0.9559.

The USD/CHF pair will continue to rise from the level of 0.9525. The support is found at the level of 0.9525, which represents the 61.8% Fibonacci retracement level.

The price is likely to form a double bottom. Today, the major support is seen at 0.9525, while the immediate resistance is found at 0.9583. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9583.

So, buy above the level of 0.9583 with the first target at 0.9605 in order to test the daily resistance 1 and move further to 0.9625. Also, the level of 0.9625 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9525 to 0.9625 today.

On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9525, a further decline to 0.9450 can occur, which would indicate a bearish market.

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Global macro overview for 30/03/2018

In a wider term, at the end of the quarter, market sentiments remain very volatile and changeable. Strong growth in the stock market was sufficient without the lack of negative information regarding the escalation of restrictions in global trade. However, it is difficult to consider it in the category of reason sufficient for a more lasting rebound and hence the next sharp turns of sentiment. The analysts expect that nervousness will continue to generate volatility, strongly undermine particularly extremely speculative positions. This will largely affect the world of emerging markets, which after a mild overtone of the Fed's March meeting caught its breath, but should not permanently attract capital in the current market environment. In this context, the market participants should expect a resumption of depreciation pressure on the emerging markets currencies (PLN, CZK, HUF), but above all a deep depreciation of the overvalued South African Rand (ZAR).

Let's now take a look at the USD/ZAR technical picture at the daily time frame. Recently this market felt out of the descending channel and now is trading in a horizontal zone between the levels of 11.50 - 12.20. The momentum is hovering around its fifty level as the bulls are trying to test the nearest technical resistance at the level of 12.0000. Only a clear and sustained breakout above the level of 12.20 would change the curent bias from bearish to bullish with a projected target at the level of 13.15.

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Analysis of GBP/USD for March 30, 2018

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Recently, gold has been trading downwards. As I expected, the price tested the level of $1,321.26. I found strong rejection of the upper diagonal of the channel in the background, which caused the price to go lower. I still don't see any signs of strength and my advice is to watch for selling opportunities. The downward target is set at the price of $1,307.80.

Resistance levels:

R1: $1,340.06

R2: $1,355.35

R3: $1,383.61

Support levels:

S1: $1,316.48

S2: $1,308.20

S3: $1,292.90

Trading recommendations for today: watch for potential selling opportunities.

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USD/JPY analysis for March 30, 2018

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Recently, the USD/JPY has been trading downwards. As I expected, the price rejected from the 2.1 standarad deviations and upper band, which is a sign that buying got exhausted. I also found a hidden bearish divergence on the %b oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 105.90 and at the price of 104.60.

Resistance levels:

R1: 106.80

R2: 107.20

R3: 107.48

Support levels:

S1: 106.15

S2: 105.87

S3: 105.48

Trading recommendations for today: watch for potential selling opportunities.

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Bitcoin analysis for March 30, 2018

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Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.387 and reached my yesterday's target. On March 28, the popular online electronics merchant Newegg announced it's now allowing residents from Canada to pay for goods using cryptocurrencies. Through its partnership with the payment processing firm Bitpay, the company feels its the right time to offer Canadian customers the ability to pay for items with the digital currencies BCH and BTC. The technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, I found that price broke the Fibonacci expansion 161.8% at the level of $7.454, which is a sign that sellers are still in control. I also found that there is a strong support near the $7.246 and my advice is to watch for selling opportunities with the downward target at $7.246.

Support/Resistance

$7.593 – Intraday resistance

$7.387– Intraday support

$7.246 – Objective target

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Bitcoin analysis for 30/03/2018

The German National Tourism Council (GNTB) now accepts Bitcoin and other cryptocurrencies as a form of payment for its services. "As part of our strategy for digitization, we constantly look at the latest technologies and trends and check whether they can be implemented in our company."- said Petra Hedorfer, general director of GNTB. The marketing organization stated that it is interested in testing basic Blockchain cryptographic technology for its financial operations and can use it for international payments. As a global company, GNTB wants to set an example as a leader in the tourism industry, said Hedorfer.

The National Tourism Council, GNTB with its headquarters in Frankfurt, is subject to the Federal Ministry of Economy and Energy, from which it also receives funding. GNTB aims to develop strategies and products that positively represent Germany as an attractive destination. To this end, the organization serves 32 agencies abroad.

At the end of February 2018, the Federal Ministry of Finance recognized the virtual currency as an acceptable payment offer in accordance with the precedent set by the European Court of Justice in 2015. Germany intends to cooperate with the EU and other countries in the regulation of trading platforms and initial coin offers (ICO ). The first detailed regulations for ICO operators in Germany were passed at the end of February by the Federal Financial Supervisory Authority (BaFin), which has power over the cryptographic space due to the current lack of specific provisions.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The impulsive upward scenario has been invalidated due to wave (2) entering the territory of the wave (1). Now the overall count has been updated as well, but the main upwards scenario has not been changed yet, it is still valid unless the level of $5,829 will be broken.

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Trading plan for 30/03/2018

On the occasion of Good Friday, most of the world's major stock exchanges are closed today. The trade will run out in Australia, Germany, France, Poland, Hungary, the United Kingdom, the USA and Hong Kong. This means that most likely a very calm day awaits us and we should not expect large movements.

On Friday 30th of March, the event calendar is very light in important data releases, but late at night, there are some data from China that might grab the attention of global investors - Manufacturing PMI and Non-Manufacturing PMI.

EUR/USD analysis for 30/03/2018:

In the new quarter, EUR/USD will come in the middle of the dominant fluctuation zone of 1.2160-1.2560. Before this happens, however, the market will focus its attention on preliminary inflation readings from the German economy for March. A significant rebound in consumer inflation is expected, but if it does not materialize, it should generate a stronger move than a potential positive surprise. Taking into account the successive expulsion of the EUR/USD increases before 1.2550, the lower limit of the wide range of fluctuations seems to be more probable.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market movements are limited today, but due to the oversold conditions, the market participants are trying to break out above the golden trend line around the level of 1.2334. Due to the limited volatility, this move up might fail and the market will return to the price range between the levels of 1.2334 - 1.2289. The next important technical support is seen at the level of 1.2257.

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Global macro overview for 29/03/2018

Wall Street had all day long to decide whether the market situation was well on the upside Monday or strong Tuesday's down as there were no new factors that could push the stock market in some direction. Global investors learned on Wednesday that annualized GDP in the fourth quarter in the US increased by 2.9% (versus 2.7% expected). It was the final read, so there was practically no impact on market behavior. Published by the NAR (Association of Intermediaries) index of signed contracts for the purchase of houses on the secondary market in February increased by 3.1% (versus 2.1% expected).

The most important thing today is that tomorrow, on Good Friday, there are no sessions both in Europe and in many other countries (including the US). It must be remembered, however, that there is no session on Easter Monday in Europe, and Wall Street is working as the usual. It can already significantly reduce the activity of investors, so the end of the session may be accidental.

Let's now take a look at the SP500 technical picture at the H4 time frame. The market was too weak to even cover the gap down between the levels of 268.89 - 270.30, so now the bears might want to test the recent lows at the level of 257.87.The momentum is still below its fifty level, which is another clue supporting the bearish outlook. If the level of 257.87 is broken, then the next technical support is seen at the level of 252.93.

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Global macro overview for 29/03/2018

The Chinese Ministry of Trade called on the US to withdraw tariffs and investment restrictions on the PRC on Thursday. "They can trigger a chain reaction threatening the global economy, and China will fight until the end" - said Ministry spokesman Gao Feng.At a press conference in Beijing, Gao did not provide details on a possible response from the PRC to the Donald Trump-approved criminal tariffs on Chinese products whose import to the US is worth the US $ 60 billion a year. Gao repeated that Beijing is open to negotiating a settlement, but did not confirm the news of the American press that such talks are already underway. The US media reported earlier that US officials had given the Chinese a list of demands on the opening of the automotive, financial and semiconductor market. In response to the already applicable tariffs on steel and aluminum imported to the US from which China was not excluded, Beijing announced a list of US products that China imports for $ 3 billion a year, and which may be charged with 15 or 25 percent tariffs. They include pork, fruit, wine, steel pipes and recycled aluminum.

The tariffs and investment restrictions on which Trump has already signed the memorandum are to be a punishment for Beijing for forcing American companies operating in China to create joint-ventures with local partners and transfer their technology to them.

Let's now take a look at the Gold technical picture at the H4 time frame. In a case of an escalation in the Trade Wars between China and the US, this commodity might be again treated as a safe haven asset. Nevertheless, so fat the Gold market is locked in a horizontal zone between the levels of $1,300 - $1,365 since the beginning of the year. Only a clear, sustained breakout in either direction might give more clues for further market behaviour.

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Technical analysis of USD/CHF for March 29, 2018

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Overview:

The USD/CHF pair will continue to rise from the level of 0.9559. The support is found at the level of 0.9525, which represents the 61.8% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 0.9525, while immediate resistance is seen at 0.9583. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9583. So, buy above the level of 0.9583 with the first target at 0.9605 in order to test the daily resistance 1 and move further to 0.9625. Also, the level of 0.9625 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9559 to 0.9625 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9525, a further decline to 0.9450 can occur, which would indicate a bearish market.

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Technical analysis of USD/JPY for March 29, 2018

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All our targets which we predicted in previous analysis have been hit. USD/JPY is still expected to trade in higher range. The pair keeps trading on the upside following a surge of over 1.4% yesterday (March 28). Extra support is provided by the ascending 20-period moving average, which stands far above the 50-period one. The relative strength index has climbed into the overbought region of the 70s without showing signs of a bearish divergence. Therefore, intraday bullishness persists, and the pair should proceed toward the key overhead resistance at 107.00 before targeting 107.30.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, stop loss at 106.35, take profit at 107.00

Resistance levels: 107.00, 107.30, and 107.60

Support levels: 106.05, 105.70, and 105.15.

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Technical analysis of NZD/USD for March 29, 2018

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Overview:

The NZD/USD pair dropped sharply from the level of 0.7245 towards 0.7187. Now, the price is set at 0.7200. On the H1 chart, the resistance is seen at the levels of 0.7227 and 0.7245. Volatility is very high for that the NZD/USD pair is still expected to be moving between 0.7245 and 0.7170 in coming hours. In the short term, we expect the NZD/USD pair to continue to trade in a bearish trend from the new resistance level of 0.7227 to form a bearish channel. Also, it should be noted that major resistance is seen at 0.7245, while immediate resistance is found at 0.7227. According to the previous events, the pair is likely to move from 0.7245 towards 0.7170 and 0.71 52 as targets. However, if the pair fails to pass through the level of 0.7245, the market will indicate a bullish opportunity above the level of 0.7245. Moreover, a breakout of that target will move the pair further upwards to 0.7302. So, the market will rise further to 0.7302 in order to test the double top at the same time frame.

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Technical analysis of USD/CHF for March 29, 2018

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USD/CHF is expected to trade in a higher range. The pair remains on the upside, backed by its rising 20-period moving average. The process of higher highs and lows remains intact, which should confirm a positive outlook. Besides, the relative strength index is bullish above its neutrality area at 50. In these perspectives, as long as 0.9530 holds on the downside, look for a new rise to 0.9635 and 0.9665 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, stop loss at 0.9530, take profit at 0.9635.

Resistance levels: 0.9635, 0.9665, and 0.9710 Support levels: 0.9505, 0.9475, and 0.9420.

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Technical analysis of GBP/JPY for March 29, 2018

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GBP/JPY is expected to trade with a bullish outlook. Despite the recent consolidation, the pair is still bullish above its horizontal support at 149.30, and is likely to challenge the next resistance at 150.65. A bullish cross has been identified between the 20-period and 50-period moving averages. In addition, the relative strength index is supported by its rising trend line. In which case, as long as 149.30 is not broken, likely advance to 150.65 and 151.40 in extension.

Chart Explanation:

The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 150.65, 151.40, and 152.10.

Support levels: 148.90, 148.40, and 148.

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Technical analysis of NZD/USD for March 29, 2018

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All our downside targets which we predicted in our previous analysis have been hit. NZD/USD is still under pressure and expected to trade in a lower range. The pair is heading downward now, capped by its falling 20-period and 50-period moving averages. The relative strength index is showing bearish momentum, and also remains below its descending trend line. In which case, the pair is likely to challenge its nearest key support at 0.7170. A break below 0.7170 would trigger a drop towards 0.7145.

Chart Explanation:

The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7260, 0.7275, and 0.7310.

Support levels: 0.7170, 0.7145, and 0.7105.

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Bitcoin analysis for March 29, 2018

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Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.387 and reached my yesterday's target. An Indian chamber of commerce is launching a bitcoin mining training program in 30 cities across India. The goal is to teach young people about bitcoin, cryptocurrencies, blockchain technology, crypto mining, and entrepreneurship to empower the rural population for self-employment. The technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, I found that price did a fake breakout of downward channel in the background, which is a sign that buyers are weak and that sellers are in control. I also found a bearish cross on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $7.246 and at the price of $6.522.

Support/Resistance

$7.926 – Intraday resistance

$7.387– Intraday support

$7.246 – Objective target 1

$6.522 – Objective target 2

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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USD/JPY analysis for March 29, 2018

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Recently, the USD/JPY pair has been trading upwards. The price tested the level of 107.00. According to the 4H time frame, I found that price rejected from the upper band of the Bolinger band, which is a sign that market is "too long". I also found a rejection of the supply trendline and overbought conditions on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 105.90.

Resistance levels:

R1: 107.46

R2: 108.08

R3: 109.15

Support levels:

S1: 105.78

S2: 104.70

S3: 104.10

Trading recommendations for today: watch for potential selling opportunities.

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Analysis of Gold for March 29, 2018

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Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,322.49. According to the 4H time frame, I found that price rejected strongly from the important supply trendline, which is a sign that sellers are in control. Recently, I found a breakout of a bearish pennant pattern, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,307.30 and at the price of $1,302.70.

Resistance levels:

R1: $1,340.05

R2: $1,355.33

R3: $1,363.60

Support levels:

S1: $1.316.47

S2: $1,308.20

S3: $1,292.90

Trading recommendations for today: watch for potential selling opportunities.

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Daily analysis of EUR/JPY for March 29, 2018

EUR/JPY

There is a bullish bias on this cross. Price rallied massively yesterday, rising from the demand zone at 129.50, and ramming into the supply zone at 131.50. However, a correction was experienced at that level, which has translated into a short-term sideways movement. The sideways movement is expected to end soon

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A Bullish Confirmation Pattern has been generated in the market, and that would become more and more significant as price ends the ongoing ranging movement. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50.

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Daily analysis of USD/JPY for March 29, 2018

USD/JPY

There is a rally on the USD/JPY pair, and that has resulted in a bullish signal (for price has gained 230 pips this week, testing the supply level at 107.00). There has been a shallow pullback in the market, following that. However, the bullish journey will soon resume.

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The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50, signifying further bullish movement in the market, owing to a Bullish Confirmation Pattern in the 4-hour chart. Some fundamental figures are expected today and they will have certain impact on the markets.

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Daily analysis of USD/CHF for March 29, 2018

USD/CHF

There is a strong bullish signal on USD/CHF, which follows the recent consolidation in the market. Price has gained about 120 pips, since testing the support level at 0.9450. Now above the support level at 0.9550, price can go towards the resistance level at 0.9600, breach it to the upside, as another resistance level at 0.9650 is aimed at.

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The EMA 11 has crossed the EMA 56 to the upside and the Williams' % Range period 20 is in the overbought region. There is a Bullish Confirmation Pattern in the 4-hour chart and it would likely become clearer and clearer as price journeys upwards.

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Elliott wave analysis of EUR/NZD for March 29, 2018

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We continue to look for a strong break above resistance at 1.7100 to confirm the next part of the rally higher to 1.7536 and 1.7744 on the way towards the next major target at 1.8437.

We have already seen some minor breaks above resistance at 1.7100, but they have not been sustained and therefore can not be viewed as valid breaks. Short-term minor support at 1.7047 ideally will be able to protect the downside for a sustained break above 1.7100, but should this support be broken that will extend wave ii/ and likely call for a dip to 1.6942 before tuning higher again.

R3: 1.7479

R2: 1.7249

R1: 1.7100

Pivot: 1.7047

S1: 1.7025

S2: 1.6986

S3: 1.6942

Trading recommendation:

We have bought EUR at 1.7030 and have placed our stop at 1.7000. I our stop is hit a new EUR buy-order will be placed at 1.6955.

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Elliott wave analysis of EUR/JPY for March 29 - 2018

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We continue to look for a final spike closer to resistance at 132.85 to complete wave B and set the stage for the final decline in wave C closer to our long-term target at 123.43.

The minute count shows, that we currently are in a sideways wave iv correction, which should produce a final minor decline closer to 130.55 before turning higher to in wave v to the 132.85 target to complete wave B and surrender to wave C for the expected decline towards 123.43.

R3: 132.43

R2: 131.86

R1: 131.30

Pivot: 130.76

S1: 130.55

S2: 130.25

S3: 129.97

Trading recommendation:

We will buy half the normal position at 130.70 and place stop at 129.90. Take profit + revers to a full sold EUR position will be set at 132.65 if done.

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Bitcoin analysis for 29/03/2018

The American car manufacturer Ford has filed a patent for a device for communication between vehicles, which includes exchanging cryptogram tokens to liquefy traffic, informs U.S. Patent and Trademark Office (USPTO). Ford claims that traffic congestion arises "because of the psychology of human drivers who focus on their individual travel time preferences." The patent suggests a way to circumvent these individual preferences with the "shared managed commute to pass and fail" (CMMP) system. The application discusses the possibility of communication of cars equipped with CACC (communication models and common adaptive cruise control) with other cars through the exchange of CMMP tokens, changing their priority from individual to group traffic flow. Cars with this communication system will exchange CMMP tokens in individual transactions, which, as a way to manage traffic, can, for example, cause a car to take slower lanes or allow another car to enter the lane and if necessary overtake. Cars that devoted their individual time preferences for the sake of smooth traffic would receive tokens from other participating vehicles. Another example is the situation in which the driver is late for a meeting. He has the ability to send a request to overtake any vehicle for the next 10 minutes in exchange for a certain number of chips.

German automaker and parent company Mercedes-Benz, Daimler AG, introduced its own digital currency based on Blockchain earlier this month, which rewards environmentally responsible drivers with coins that can be exchanged for VIP events.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is very close to the level of $7,253 which is an invalidation level for the main impulsive scenario. The current local low is seen at the level of $7,500 and this low might be the end of the five wave decline in the wave (c) of the wave 2 overall correction. To confirm the low is in place the price must break out above the dashed violet trend line and head towards the level of $8,151.

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Trading plan for 29/03/2018

Over the night the EUR/USD recaptured from 1.23 and USD/JPY failed to push through 107.00. This is definitely the strongest movement in the major's basket. In addition, the mood on the stock markets has stabilized and the WTI crude oil price has risen - the evening descent at USD 64 has been negated and the rate is almost a dollar above yesterday's minimum.

On Thursday 29th of March, the event calendar is quite busy with important news releases, including KOF Economic Barometer data from Switzerland, German Unemployment Change data, Current Account and Final GDP data from the UK, Canadain GDP data and Unemployment Claims, Personal Spending, Chicago PMI and Revised UoM Consumer Sentiment data from the US.

DAX analysis for 29/03/2018:

The overall carnage on the world stock indices continues, but there are some clues of a possible bounce. The NASDAQ technological index declined on Wall Street yesterday as it fell by more than 1.0%. Dow Jones, however, only made a minimum discount. The futures contract for the SP500 is currently at a ceiling of 2605 points. The main Asian indices: Hang Seng and Nikkei 225 record modest increases or minimum drops and revolve around the line. In turn, Shanghai Composite grows 0.6%. There are not much data releases that could influence the global sentiment, so there is still a possibility of a continuing decline with a local, short-term bounce towards the nearest resistance levels.

Let's now take a look at the DAX technical picture at the H4 time frame. The market has made a new local low at the level of 11,720 and currently, the bulls are trying to break through the technical resistance at the level of 12,020. The bullish divergence between the price and the momentum indicator is supporting the bounce so far. In a case of a more stronger rebound, the next technical resistance is seen at the level of 12,202. The key zone to the bulls is still seen at the level of 12,605.

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BITCOIN Analysis for March 29, 2018

Bitcoin is currently residing at the important price area of $7,500. If the price breaks below with a daily close, further impulsive bearish momentum is expected. Currently, there has been some news about crypto mining in some cities like New York and Plattsburgh. Besides, Twitter announced a ban on the advertisement of cryptocurrencies in any forms. No wonder this changed the market sentiment about bitcoin to bearish. Another bad news is that bitcoin mining is also getting more expensive than before that led to closing certain portions of bitcoin mining as well as the profit ratio has been affected. As for the current scenario, the price is making impulsive moves inside the bearish trend. A daily close below $7,500 will expose the risk of further impulsive bearish pressure in the coming days. As the price remains below $8,500 with a daily close, the bearish bias is expected to continue.

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Ichimoku cloud indicator analysis of USDX for March 29, 2018

The Dollar index is challenging very important short-term resistance. The spike up in the Dollar index from Monday was continued yesterday with more Dollar strength. Price is breaking above the Ichimoku cloud in the short term, but more strength is needed for a full scale reversal.

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Red line - resistance trend line

The Dollar index is trading above the 4hour Kumo (cloud). Support is at 89.90 and next at 89.60. Resistance is at 90.20. Price is making higher highs and higher lows. The slope of the rise implies strength but we will need to see more higher highs and higher lows for this trend to be sustained.

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On a weekly basis the Dollar index is trading above the tankan-sen. Today is the last trading day of the week and so far the weekly candle could be seen as a weekly reversal signal. Next important weekly target is at the kijun-sen at 91.70. The Dollar index remains in a long-term bearish trend but there are signs of a reversal. I'm bullish as long as we hold above this week's lows.

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Ichimoku cloud indicator analysis of Gold for March 29, 2018

Gold price has continued lower towards $1,320 inside our target area of $1,330-20 for the pull back we were expecting. Gold price has reached important short-term support. Gold should bounce from current levels, but if we see choppy sideways action, we should then expect another leg lower.

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Gold price has broken below the tankan- and kijun-sen indicators as expected. Price is now testing the 4-hour Kumo (cloud) support at $1,323. Next support is at $1,310-06. Resistance is at $1,334 and next at $1,339.

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On a daily basis, Gold price has entered the Daily Kumo (cloud) and has turned trend to neutral from bullish. Price broke below both the tankan- and kijun-sen yesterday. This is a bearish sign. Price could move lower towards the lower boundary of the cloud at $1,300. Bulls were warned a couple days ago for a rejection at $1,350-60 area. Risk for bulls is now at $1,300. A break below it will open up much lower target prices.

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Fundamental Analysis of USDCAD for March 29, 2018

USD/CAD is currently residing at the edge of the 1.29 price area with extreme volatility in place after the impulsive non-volatile bullish trend. Ahead of the CAD high impact economic reports today, certain volatility is taken as quite normal. Today, USD Core PCE Price Index report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%, Personal Spending is expected to be unchanged at 0.2%, Unemployment Claims is expected to increase to 230k from the previous figure of 229k, and Personal Income is also expected to be unchanged at 0.4%. Moreover, Chicago PMI report is expected to have a slight increase to 62.1 from the previous figure of 61.9, Revised UoM Consumer Sentiment is expected to have a slight decrease to 101.9 from the previous figure of 102.0, and Revised UoM Inflation is expected to be neutral which previously was at 2.9%. On the other hand, today, CAD GDP report is going to be published which is expected to be unchanged at 0.1%, RMPI report is expected to decrease to 2.8% from the previous value of 3.3%, and PPI report is expected to increase to 0.4% from the previous value of 0.3%. As of the current scenario, CAD economic reports are forecasted quite indecisive as providing no such evidence of further gains whereas USD positive GDP report which recently published already had an impact on the market. To sum up, USD is expected to gain more momentum in the coming days over CAD.

Now let us look at the technical view. The price is currently residing above the 1.29 price area with a daily close with the confluence of dynamic level of 20 EMA holding as a support as well. As of the recent bullish strong trend in the market, the price is expected to push higher towards 1.30 in the coming days. As the price remains above 1.29 with a daily close, further bullish pressure is expected.

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Fundamental Analysis of USD/CHF for March 29, 2018

USD/CHF has been quite impulsive with the bullish gains recently which lead the price to jump straight towards 0.9450 to 0.9575 price area. Recent positive USD Final GDP increase to 2.9% from the previous value of 2.5% which was expected to be at 2.7%, had a good impact on the USD gains which lead the impulsive bullish pressure recently. Though the market is still inside a right resistance area of 0.9575 area whereas certain consolidation is expected. Today USD Core PCE Price Index report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%, Personal Spending is expected to be unchanged at 0.2%, Unemployment Claims is expected to increase to 230k from the previous figure of 229k and Personal Income is also expected to be unchanged at 0.4%. Moreover, Chicago PMI report is expected to have a slight increase to 62.1 from the previous figure of 61.9, Revised UoM Consumer Sentiment is expected to have slight decrease to 101.9 from the previous figure of 102.0 and Revised UoM Inflation is expectation is expected to be neutral which previously was at 2.9%. On the other hand, ahead of the Good Friday holiday to be observed in Switzerland tomorrow, today KOF Economic Barometer report is going to be published which is expected to decrease to 107.3 from the previous figure of 108.0. As of the current scenario, the pair is expected to consolidate as the USD and CHF economic reports are forecasted to be quite dovish in nature which may lead to further consolidation in the coming days. To sum up, USD is expected to have an upper hand over CHF which is expected to result in further bullish pressure on the pair in the future.

Now let us look at the technical view. The price is currently residing below 0.9575 price area which is an important event level from where a certain bearish pressure is expected. The recent bullish impulsive daily candle did help the price to gain some momentum but a daily close above 0.9575 will lead to further bullish pressure on the pair. As the price remains above 0.94 price area, the bullish bias is expected to continue further.

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Technical analysis: Intraday Level For EUR/USD, March 29, 2018

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When the European market opens, some Economic Data will be released such as Core PCE Price Index m/m and German Prelim CPI m/m. The US will release the Economic Data too, such as Natural Gas Storage, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Unemployment Claims, 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: 1.2371.

Strong Resistance:1.2364.

Original Resistance: 1.2352.

Inner Sell Area: 1.2340.

Target Inner Area: 1.2311.

Inner Buy Area: 1.2282.

Original Support: 1.2270.

Strong Support: 1.2258.

Breakout SELL Level: 1.2251.

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

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

Technical analysis: Intraday level for USD/JPY, March 29, 2018

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In Asia, Japan will release the Retail Sales y/y data, and the US will release some Economic Data such as Natural Gas Storage, Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Unemployment Claims, Personal Spending m/m, and Core PCE Price Index m/m. So, there is a probability the USD/JPY will move with a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 107.29.

Resistance. 2: 107.08.

Resistance. 1: 106.87.

Support. 1: 106.62.

Support. 2: 106.41.

Support. 3: 106.20.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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

NZD/USD Intraday technical levels and trading recommendations for for March 29, 2018

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In November 2017, evident signs of bullish recovery were expressed around the depicted low (0.6780). An inverted Head and Shoulders pattern was expressed around these price levels.

The price zone of 0.7140-0.7250 (prominent Supply-Zone) failed to pause the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11.

That's why a quick bullish movement was expected towards the depicted supply zone (0.7320-0.7390) where evident bearish rejection and a valid SELL entry were expected.

On February 2, a bearish engulfing daily candlestick was expressed off the price level of 0.7390.

Moreover, a double-top reversal pattern followed by another lower High were expressed around the price zone (0.7320-0.7390) where a valid SELL entry was offered as expected.

Bearish breakdown of 0.7300 (neckline) is needed to confirm the depicted reversal pattern. Bearish projection target would be located around 0.7050 and 0.7000.

Otherwise, the NZD/USD pair remains trapped between the price levels of 0.7200 and 0.7350.

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Intraday technical levels and trading recommendations for EUR/USD for March 29, 2018

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100-1.2200 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450 and recently above 1.2075.

Another bullish breakout above 1.2075 was expressed on the chart. This hinders the bearish momentum allowing bullish advancement to occur towards 1.2750 provided that the bullish breakout above the price level of 1.2075 remains defended by the bulls.

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Daily Outlook

The EUR/USD pair remains trapped between the price levels of 1.2500 and 1.2200 until a breakout occurs in either direction.

Daily persistence above 1.2470-1.2500 was needed to confirm a recent bullish flag continuation pattern with projected targets around the price level of 1.2750.

However, significant signs of bearish reversal were manifested around the price levels of 1.2400 (backside of the depicted broken uptrend). This was manifested in the bearish engulfing daily candlestick of March 8.

Hence, the EUR/USD pair remains bearish below the price levels of 1.2400 unless obvious daily bullish support is offered around the price level of 1.2300.

On the other hand, the depicted double-top reversal pattern needs a bearish breakdown of the level of 1.2200 to be achieved on a daily basis. Projection target would be located around 1.2070-1.1990.

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Daily analysis of USDX for March 29, 2018

The index is having a bullish momentum and looks forward to breaking above the 200 SMA at the H1 chart, in an effort to reach the March 20th highs. However, the support zone of 89.36 could get broken and could allow additional losses to test the support level of 87.88. To the upside, a critical resistance is located at 90.63.

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H1 chart's resistance levels: 90.63 / 91.75

H1 chart's support levels: 89.36 / 87.88

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 89.36, take profit is at 87.88 and stop loss is at 90.81.The material has been provided by InstaForex Company - www.instaforex.com