Technical analysis of USD/JPY for March 02, 2018

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Our previous downside targets which we predicted in yesterday's analysis have been hit. USD/JPY is under pressure and expected to trade with the bearish outlook. The pair broke below the key support at 106.30 (the low of February 28), which becomes the key resistance now. The declining 20-period and 50-period moving averages should push the prices lower. The relative strength index shows downside momentum.

To conclude, as long as 106.30 holds on the upside, look for a further drop with targets at 105.10 and 104.70 in extension.

Alternatively, if the price moves in the opposite direction, a long position is recommended to be above 106.30 with a target of 106.55.

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

Strategy: SELL, stop loss at 106.30, take profit at 105.10.

Resistance levels: 106.55, 106.85, and 107.25

Support levels: 105.10, 104.70, and 104.30.

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Daily analysis of EUR/JPY for March 2, 2018

EUR/JPY

After reaching the high of 137.51 in early February 2018, this cross pair has gone downwards by more than 770 pips, and this month has also been started on a bearish note. There has been slow but steady bearish movement in the market, as price goes below the supply zone at 130.00. The demand zone at 129.50 has been tested and it would be tested again. It may even be breached to the upside.

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The EMA 11 is below the EMA 56, and the RSI period 14 is far below the level 50. More and more demand zones are expected to be breached to the downside. Long trades are not recommended now.

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Daily analysis of USD/JPY for March 2, 2018

USD/JPY

Since January 8, the USD/JPY has shed 800 pips. In the context of a downtrend, price consolidated in the first few days of this week, but it has started coming downwards since yesterday. The market is below the supply level at 105.50, going towards the demand level at 105.00, which may be tested soon.

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The breakout in the market does not favor bulls – rather it favor bears. This has brought about a strong Bearish Confirmation Pattern in the 4-hour chart. The EMA 11 is below the EMA 56, and the RSI period 14 has gone below the level 50, seriously.

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Daily analysis of USD/CHF for March 2, 2018

USD/CHF

Price went upwards above the resistance level at 0.9450, but it could not stay above that level. Price is currently coming down, now below the resistance level at 0.9350. The next target is the support level at 0.9300, which would be tested today or early next week. This has a potential to overturn the recent bearish bias.

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The EMA 11 is sloping back towards the EMA 56, and the Williams' % Range period 20 is in the oversold region. This means, the outlook on the market may turn bearish, in case the bearish movement persists. The Bullish Confirmation Pattern in the market is now under threat.

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Global macro overview for 02/03/2018

Donald Trump returns to the rhetoric of protectionism ("make America great again"), which provided him with electoral success. Together with growing concerns about the fiscal deficit and current account deficit, this will be a key factor limiting the potential for rebound of the dollar, which has been brutally overestimated in recent quarters.

Increased risk aversion and increased volatility will favor safe currencies, especially the yen, which is characterized by a sensitive speculative position that is prone to a correction. The slowdown in China, as reflected by the strongest decline in the PMI Manufacturing index in connection with the cooling of investment moods, should result in a decline in prices of industrial metals, which should also clearly affect the Australian Dollar. Deterioration of the terms of trade of this economy will contrast with the most favorable prices of goods exported by New Zealand for years, which speaks for the lowering of AUD / NZD to lower levels.

Let's now take a look at the AUD/USD technical picture at the H4 time frame. The market made a new local low below the technical support zone at the level of 0.7710 and currently is testing the technical resistance at the level of 0.7758. The momentum is weak as the RSI indicator line stays below its fifty level, but the market conditions favor the bounce higher. The next technical resistance is seen at the level of 0.7800, but the most important technical resistance level is still seen at the level of 0.7897 and only a sustained breakout above this level would change the overall bearish outlook.

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Global macro overview for 02/03/2018

The parliamentary elections in Italy do not have high priority in the discussions of market participants yet, but at the same time, there can be seen an element of uncertainty regarding European assets. The most likely scenario is the lack of a clear winner and a period of protracted coalition talks, but currently Italy does not require a quick ordering of the political scene. Additionally, in the weekend in Germany, the future of the Great Coalition there may be resolved.

Elections to both chambers of the Italian parliament will take place on Sunday, 4 March. The polling stations will open at 08:00 am GMT and will remain open until 12:00 pm GMT. The first unofficial results should appear immediately after the voting is completed.

The surveys were completed on February 17 (the law prohibits the publication of results two weeks before the election) and indicate, that none of the parties will obtain a parliamentary majority. The anti-establishment Five-Star Movement (around 29%) enjoys the greatest support, although its leaders exclude coalition talks with other parties. The other major parties are center-right Forza Italia under the leadership of Silvio Berlusconi (16%) and the center-left Democratic Party headed by Matteo Renzi (22%). However, the center-right has more coalition power (36% from Lega Nord and Fratelli d'Italia and Noi con l'Italia) than the center-left (28% along with Europe, Insieme and Civic Popolare).

The analysis of party election programs shows that the common denominator of groupings is a tax reduction and an increase in fiscal expenditure to improve the situation of citizens in the economy that is still struggling with the effects of the economic crisis. Some programs include the issue of sending immigrants from North Africa and improving relations with Russia. From the market point of view, the most important topic is Euroscepticism and striving for Italy to come out from the Eurozone.Until recently the greatest threat was seen in the victory of the Five Star Movement, which called for a referendum on Itexit. However, in mid-January, the party withdrew this postulate, changing it to try to fix Europe "from the inside". A positive surprise for the markets would be for the center-right to gain a majority.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. The market impact on the Italian elections might be difficult to predict, as there is a very low probability of an uncertain event. Nevertheless, we can see a price bounce from the level of 1.2165 and a test of the golden trend line around the level of 1.2289. Currently, the price is consolidating around this level as the market participants are unsure which way to choose: up or down. This situation might extend until Monday morning.

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Technical analysis of USD/CHF for March 02, 2018

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USD/CHF is under pressure. The pair broke below its intraday bullish channel, and is likely to post new weaknesses. A bearish cross has just been identified between the 20-period and 50-period moving averages. Last but not least, the relative strength index is heading downward, without showing any reversal signal.

In which case, as long as 0.9425 is resistance, further decline seems to be on the cards to 0.9325 and 0.9280 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 0.9425, take profit at 0.9450.

Resistance levels: 0.9450, 0.9485, and 0.9540

Support levels: 0.9325, 0.9280, and 0.9255.

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Bitcoin analysis for March 02, 2018

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Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $11.120. With Australia set to introduce new legislation that will empower authorities to monitor and regulate the activities of cryptocurrency traders, many analysts are anticipating that the country's bitcoin investors will face a crackdown from the the country's tax office. The technical picture of Bitcoin looks neutral.

Trading recommendations:

According to the 30M time - frame, I found that price went to test a median line of the upward channel and did successful rejection, which is a sign that sellers are still prersent. I also found a hidden bearish divergence on the moving average 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 $10.715. The valid breakout of lower diagonal of the channel, may indicate larger downward movement.

Support/Resistance

$11.130 – Intraday resistance

$10.800– Intraday support

$10.715 – Objective target

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USD/JPY analysis fo March 02, 2018

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Recently, the USD/JPY pair has been trading downwards. The price tested the level of 105.30. According to the 30M time – frame, I found a series of lower highs and lower lows, which is a sign that sellers are in control. I also found a suply trendline, which is holding well. My advice is to watch for potential selling opportunities. The downward target is set at the price of 104.85 (third level of pivot support).

Resistance levels:

R1: 106.90

R2: 107.57

R3: 107.95

Support levels:

S1: 105.86

S2: 105.49

S3: 104.85

Trading recommendations for today: watch for potential selling opportunities.

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EUR/USD analysis for March 02, 2018

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Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.2322. According to the 30M time – frame, I found successful rejection of the lower diagonal of the upper channel, which is a sign that buyers are in control. I also found a hidden bullish divergence on the moving average oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.2350 and at the price of 1.2420.

Resistance levels:

R1: 1.2310

R2: 1.2315

R3: 1.2420

Support levels:

S1: 1.2190

S2: 1.2113

S3: 1.2072

Trading recommendations for today: watch for potential buying opportunities.

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BITCOIN Analysis for March 2, 2018

Bitcoin has been quite impulsive with the bullish gains as expected, which is currently residing at the edge of $11,000 price area. Due to the diversification of liquidity from the Bitcoin market to other ICO's and investments, Bitcoin growth has been quite slow but steady and sustainable gains is taken positively in the market currently which may lead to further gains in the future. The speculators and gamblers are currently out of the market as of the current behavior of the Bitcoin price action and the market looks more matured to be traded in the Futures market. As of the current scenario, the price is expected to proceed towards $12,000 price area in the coming days but with certain corrections along the way. As the price remains above $10,000, the bullish bias is expected to continue further.

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NZD/USD Intraday technical levels and trading recommendations for for March 2, 2018

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Daily Outlook

In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated upcoming bearish reversal.

As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why, a further decline was expected towards 0.6800 (Reversal pattern bearish target).

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 was expressed around the price zone (0.7320-0.7390).

As expected, the price zone (0.7320-0.7390) stood as a significant supply zone for the NZD/USD pair. This allowed the current decline to occur towards the price zone of 0.7230 - 0.7165 (neckline of the reversal pattern).

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

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Intraday technical levels and trading recommendations for EUR/USD for March 2, 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

In September, bearish target for the depicted Head and Shoulders pattern was projected towards 1.1350. However, the market failed to apply significant bearish pressure against the mentioned zone (1.1415-1.1520).

Instead, in November, evident bullish recovery was manifested around the price zone of 1.1520-1.1415.

This hindered further bearish decline which allowed the current bullish momentum to occur towards the price level of 1.2100 which failed to pause the ongoing bullish momentum as well.

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, the EUR/USD bulls failed to fixate above 1.2470.

That's why, a recent bearish pullback is being expressed below the price level of 1.2450 thus expressing a double-top reversal pattern with projected target around 1.1990.

The current bearish pullback will probably extend towards 1.2070-1.1990 (reversal pattern projection targets) if the current bearish breakdown of the level of 1.2200 (the depicted uptrend line) is maintained on a daily basis.

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Technical analysis of NZD/USD for March 02, 2018

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Overview:

  • The trend is still trading around the pivot point (0.7231). Last days, the NZD/USD pair continues to move downwards from the level of 0.7336. This week, the pair fell from the level of 0.7336 to the bottom around 0.7230. Today, the first resistance level is seen at 0.7256 followed by 0.7336, while daily support 1 is found at 0.7200. Also, the level of 0.7200 represents a weekly pivot point for that it is acting as major resistance/support 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 0.7256 towards the first support level at 0.7200 in order to test it. If the pair succeeds to pass through the level of 0.7200, the market will indicate a bearish opportunity below the level of 0.7200. Then, the pair will move downwards continuing the bearish trend development to the level 0.7145 in order to test the daily support1. On the other hand, if a breakout happens at the resistance level of 0.7340, then this scenario may be invalidated.
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Fundamental Analysis of NZD/USD for March 2, 2018

NZD/USD has recently rejected off the 0.7260 price area with a daily candle which is expected to push the price much lower in the coming days. Recently NZD has been quite positive with the economic reports which helped the currency to gain impulsive momentum against USD in a strong bearish trend since 0.7450 area. Today NZD Building Consents report was published with an increase to 0.2% from the previous negative value of -9.5%, which was indeed a positive push for the NZD but the gains were not sustained for a long time. On the other hand, USD has been struggling to get an impulsive pace recently due to mixed economic reports but currently dominating NZD. Today USD Revised UoM Consumer Sentiment report is going to be published which is expected to decrease to 99.4 from the previous figure of 99.9 and Revised UoM Inflation Expectation is also expected to increase in value from the previous value of 2.7%. As of the current scenario, NZD losing grounds against USD at the moment of severe weakness of the currency against other currencies in the market does explain that NZD is comparatively weaker than USD which may lead to further bearish pressure in the pair in the coming days as US Rate Hike is expected to take place this month. To sum up, USD is expected to dominate NZD in the coming days.

Now let us look at the technical view. The price is currently residing below 0.7260 price area with the confluence of dynamic level of 20 EMA as resistance. The price action structure has already formed a Double Top pattern earlier at 0.7450 price area and currently the neckline is being retested by the current daily candle. As the price remains below 0.7260 with a daily close today, further bearish pressure is expected in the market with target towards 0.7150 price area.

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Technical analysis of GBP/JPY for March 02, 2018

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Our all downside targets which we predicted in previous analysis have been hit. The pair remains under pressure below its descending trend line. The nearest key resistance at 1.3790 should limit any upward attempts. Besides, the relative strength index is mixed to bearish.

Hence, as long as 146.50 is not surpassed, look for a new pullback to 145 and 144.25 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended to be above 146.50 with the target at 147.45.

Strategy: SELL, Stop loss at 146.50, Take profit at 145.00

Chart Explanation: The black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot point, it indicates short positions. 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.

Resistance levels: 150.00, 150.50, and 151.00

Support levels: 148.50, 147.95, and 147.50

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Technical analysis of USD/CHF for March 02, 2018

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Overview:

  • The USD/CHF pair didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 0.9594 or higher. The USD/CHF pair will continue rising from the level of 0.9342 in the long term. It should be noted that the support is established at the level of 0.9438 which represents the daily pivot point on the H4 chart. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9438. So, buy above the level of 0.9438 with the first target at 0.9516 in order to test the daily resistance 1. The level of 0.9594 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.9516, then the market will call for a strong bullish market towards the objective of 0.9704. The price is likely to form a double botttop m in the same time frame On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9342, a further decline to 0.9187 can occur. It would indicate a bearish market.
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Technical analysis of NZD/USD for March 02, 2018

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Our downside targets which we predicted in our previous analysis have been hit. The price rebounded from the exact second target which we predicted and now expected to trade upside. The pair remains supported by its rising trend line and is now challenging its key resistance at 0.7270. The 20-period moving average has reversed up and has also crossed above the 50-period one. In addition, the relative strength index is bullish above its neutrality area at 50.

To conclude, as long as 0.7230 is not broken, likely advance to 0.7295 and 0.7320 in extension.

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: 0.7295, 0.7320, and 0.73650.

Support levels: 0.7210, 0.7190, and 0.7150.

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Ichimoku cloud indicator analysis of USDX for March 2, 2018

The Dollar index remains in a bullish trend as price remains above the 4-hour Kumo. Price is making higher highs and higher lows. Price reached the 38% Fibonacci retracement resistance and got rejected.

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Blue line - support

Black line - resistance

The Dollar index broke above the black resistance but also got rejected at the Fibo resistance and came back down. If price makes a higher low and stays above the blue trend line support and the Ichimoku cloud, we could see another push higher for the index.

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Blue line - resistance

On a daily basis, the Dollar index remains in a bearish trend. Price reached the Ichimoku cloud resistance and got rejected. Support is at 90 and next at 89.60. As long as price is below the Kumo bears will remain in control of the trend. A new higher high for the index will be a bullish sign and will increase the chances of a break above the Daily cloud.

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Bitcoin analysis for 02/03/2018

J. P. Morgan Chase added the cryptocurrency segment to the "Risk Factors" section in its annual report to the US Securities and Exchange Commission (SEC), yesterday. The annual report mentions cryptocurrencies in the "Competition" section, describing how new competitors threatening the activities of J.P. Morgan: "Both financial institutions and their non-bank competitors face the risk that payment processing and other services may be disrupted by technologies such as cryptocurrencies that do not require brokering". The report notes that these new technologies, including Blockchain, of course, although they do not mention it by name, "may require JPMorgan Chase to spend more money on modifying or adapting their products to attract and retain customers and match the products offered to them. competitors, including technology companies. " This competition may potentially "put down pressure on prices and fees for JPMorgan Chase products and services or may cause a loss of market share through JPMorgan Chase".

Last week, the Bank of America (BOA) published its annual report, which also included a mention of crypto assets as a threat to their operations, with the risk of competition described in very similar categories: "The widespread use of new technologies, including internet services, cryptocurrencies and payment systems, may require significant investment to modify or adapt our existing products and services".

The president of JP Morgan Chase, Jamie Dimon, called Bitcoin a "fraud" in September 2017 and threatened to dismiss any employee who would make a transaction involving Bitcoin and a company account. Since then, Dimon retreated a bit, telling reporter Cointelegraph at the World Economic Forum in Davos that he is not a cryptocurrency skeptic. At the beginning of February, the alleged internal report of JP Morgan Chase referred to cryptocurrencies as "innovative" and "unlikely to disappear", and to say that cryptocurrency could be successfully used in areas of payment systems that are traditionally problematic or slow.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has managed to break out above the golden trend line and made a new marginal local high at the level of $11,100. The next target for bulls should be the level of $11,227 and $11,927. The nearest support is seen at the level of $10,000 and $9,985 (weekly pivot). The momentum is still strong and pointing to the upside, so more upwards pressure should be expected.

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Ichimoku cloud indicator analysis of gold for March 2, 2018

Gold price broke to new lows yesterday and reached $1,302. However price held above $1,300 where the lower cloud boundary in the daily chart was and price bounced as Dollar weakened.

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Gold price is still trading below the 4-hour Ichimoku cloud. Resistance is at $1,331. Support at yesterday's lows. Price is making lower lows and lower highs. We also have resistance at $1,322. A rejection and inability to break above this level, will increase the chances of seeing new lows below $1,300.

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On a daily basis Gold reached as expected the lower cloud boundary. Price bounced but still remains inside the Kumo. Support remains strong at $1,300. If broken we could see $1,280-70. Resistance is at $1,334-37. A break above that level will be a very bullish sign.

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Trading plan for 02/03/2018

The beginning of the month is a continuation of sell-off on the stock exchanges. Their beneficiary, however, is not the US Dollar, but Japanese Yen. The reason is the yesterday's appearance of Trump, in which he announced the introduction of high tariffs on aluminum and steel. Such postulates, of course, raise legitimate concerns about the intensification of protectionist and commercial wars. USD/JPY goes down at 106.00, EUR/USD defended the key support zones around 1.2165 and 1.22 and is growing above 1.2260. The New Zealand Dollar is quite strong, with 0.25% strengthening today.

On Friday 2nd of March, the event calendar is busy with important data releases, so the global investors should keep an eye on German Retail Sales data, Spanish Unemployment Rate data, Italian Gross Domestic Product data, UK'S PMI Construction data, Canadian Gross Domestic Product data and Revised UoM Consumer Sentiment data from the US. There is a speech from Bank of England Governor Mark Carney scheduled at 12:00 am GMT today as well.

USD/JPY analysis for 02/03/2018:

President Trump met with steel and aluminum industry leaders and previewed plans to formally announce a 25% tariff on imported steel and a 10% tariff on aluminum. European equities had fallen sharply while US losses were only mild until the president's declaration on tariffs, then losses sharply accelerated, with industrial stocks weakest. Hope that the tariffs would not be announced after all saw bond yields and USD/JPY rally higher, but then they sharply reversed. 10yr US Treasury yields pushed up to 2.86% then slid to 2.81%, while 2yr yields fell from 2.26% to 2.21%. USD/JPY tested 107.20 then rolled over to below 106.40, but Canada is an obvious target of the tariffs, with its officials protesting Trump's announcement.

Let's now take a look at the USD/JPY technical picture at the H4 time frame. The market has failed to rally above the level of 107.20, quickly reversed and currently is getting ready to test the technical support at the level of 105.53. If this level is clearly violated, then the next support is seen at the level of 104.42 (weekly support). The momentum is still below its fifty level and it is pointing downward, so the bearish scenario is likely to occur soon. The nearest technical resistance is seen at the level of 106.41.

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Technical analysis of USD/JPY for March 02, 2018

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In Asia, Japan will release the Monetary Base y/y, Unemployment Rate, Tokyo Core CPI y/y, Household Spending y/y and the US will release some Economic Data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment . So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 106.78.

Resistance. 2: 106.57.

Resistance. 1: 106.36.

Support. 1: 106.11.

Support. 2: 105.90.

Support. 3: 105.69.

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, 2018

USDX is sligthly bullish above the 200 SMA at H1 chart and the price action is favoring to the upside, as the index didn't break below the February 28th lows. However, the psychological level of 91.00 has been proven to be a strong resistance which could help to cap further gains in the greenback. That's why the idea of a pullback towards the support zone of 89.36 remains as a likely scenario to happen.

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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.

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Daily analysis of GBP/USD for March 02, 2018

The pair is extending losses across the board and the price action is moving below the 200 SMA at H1 chart. Currently, GBP/USD is forming a lower low pattern that could allow another leg lower towards the support zone of 1.3608, once the 1.3753 level gives up to the bearish force. MACD indicator stays in the positive territory, which could favor to a rebound.

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H1 chart's resistance levels: 1.3881 / 1.4078

H1 chart's support levels: 1.3753 / 1.3608

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.3753, take profit is at 1.3608, and stop loss is at 1.3901.

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

BITCOIN Analysis for March 1, 2018

Bitcoin has been quite bullish today above the $10,000 price area after a lot of correction along the way. The price is expected to push higher towards $12,000 in the coming days if the price manages to hold above $10,000 in the coming days. The price has been quite corrective between the price areas of $10,000 and $11,000 as today's bullish pressure is expected to push higher. There has been no fundamental news or event on bitcoin recently which affected the liquidity of the bitcoin market, but the bullish gains are still quite stable. Currently, no regulators are bothering about the bitcoin market, which resulted in sustainable gains on the bitcoin above the $10,000 price area. As the bullish pressure remains constant in the coming days, further bullish gains are expected above the $10,000 price area.

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

Fundamental Analysis of USDCAD for March 1, 2018

USD/CAD has been impulsive and non-volatile with the bullish gains after breaking and retesting off the 1.2620 price area. Ahead of the possible US rate hike this month, the gains of USD has been quite impulsive which may lead to further bullish pressure in the pair. Today USD ISM Manufacturing PMI report was published with an increase to 60.8 from the previous figure of 59.1 which was forecasted to decrease to 58.7. Construction Spending is projected to decrease to 0.0% from the previous value of 0.8% which was expected to be at 0.3%. The ISM Manufacturing Price has increased to 74.2 from the previous figure of 72.7 which was predicted to be at 70.5. Moreover, Fed Chair Powell is going to speak today about the short-term interest rates and future monetary policy, which is likely to be quite hawkish in nature and US President Donald Trump is going to speak today which would inject good amount of volatility in the market. On the other hand, ahead of the CAD GDP report to be published tomorrow which is predicted to decrease to 0.1% from the previous value of 0.4%, today CAD Current Account report was published with less deficit at -16.3B increasing from the previous negative value of -18.6B which was forecasted be at -17.8B. The Manufacturing PMI report was published with a slight decrease to 55.6 from the previous figure of 55.9. As of the current scenario, despite having positive economic reports, CAD failed to put pressure on USD gains leading to further bullish pressure in the pair. Currently, the price is expected to push higher for a certain period before any bearish intervention can be observed.

Now let us look at the technical view. The price has been quite impulsive with the gains, which is expected to show some bearish pressure off the resistance area of 1.2850-1.2900. As the price remains below the 1.2900 price area, there are good amount of probability for bearish pressure as the dynamic level of 20 EMA has been quite far from the current price which is likely to attract the price a bit lower before it pushes up higher in the coming days.

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Fundamental Analysis of AUDUSD for March 1, 2018

AUD/USD has been quite impulsive with bearish gains that has lead the price to breach 0.7750. below USD has been the dominant currency in the pair whereas AUD has been struggling. AUD lost good amount of grounds today having weak economic reports. Today AUD Private Capital Expenditure report was published with the 0.2% decrease from the previous rise of 1.9% which was forecasted to be at 1.0%. AIG Manufacturing report was published with a decrease to 57.5 from the previous figure of 58.7; and Commodity Prices had a slight increase to -1.0% from the previous value of -1.1%. On the other hand, ahead of the upcoming Interest Rate hike on March, USD has been quite strong with the gains and expected to dominate further. Today USD ISM Manufacturing PMI report was published with an increase to 60.8 from the previous figure of 59.1 which was anticipated to decrease to 58.7. Construction Spending is expected to decrease to 0.0% from the previous value of 0.8% which was projected to be at 0.3%. The ISM Manufacturing Price data has increased to 74.2 from the previous figure of 72.7 which was predicted to be at 70.5. Moreover, Fed Chair Powell is going to speak today about the short-term interest rates and future monetary policy that is expected to be quite hawkish in nature and US President Donald Trump is going to speak today, which might inject good amount of volatility in the market. As of the current scenario, USD is expected to gain further momentum in the coming days whereas AUD is projected to lose more grounds in the coming days until AUD comes up with positive economic reports to counter the impulsive bearish pressure.

Now let us look at the technical view. The price is currently residing at the edge of breaking below the 0.7750 price area. The dynamic level of 20 EMA has been quite responsive to the price and expected to push the price much lower in the coming days. As the price remains below 0.7750 with a daily close today, further bearish pressure is expected to continue.

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