BITCOIN Analysis for March 26, 2018

Bitcoin has been quite indecisive and volatile recently around $8,500 price area from where the price is currently showing some impulsive bearish pressure today. Despite the recent G20 Meeting which made a positive impact on the crypto market, the bullish pressure in the Bitcoin could not sustain its momentum. Speculators still believe that the bulls are going to strike soon in the market and push the price higher towards $15,500 this year. According to the historical analysis, throughout its existance Bitcoin stuck firmly in the bearish market in the first quarter and somehow recovered in the second quarter. So, if the routine follows, we might see further bullish pressure in the market after a certain period of time. As for the current scenario, the price is expected to proceed lower towards $5,000 price area as the price remains below $8,500 with a daily close. The dynamic level of 20 EMA has also respected the price as strong resistance recently. Without any fundamentals, the Bitcoin market is expected to correct and consolidate in the coming days.

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Technical analysis of USD/JPY for March 26, 2018

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USD/JPY is expected to trade with a bearish outlook. The pair keeps testing the immediate support (first downside target) at 104.60 while being capped by both the 20-period and 50-period moving averages. The relative strength index is yet to recover the neutrality level of 50, indicating a lack of upward momentum for the pair. Key resistance is located at 105.55. As long as this key resistance is not surpassed, bearishness remains in force, and the pair is expected to cross 104.60 on the downside before sliding further toward 104.25.

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 105.55, take profit at 104.60

Resistance levels: 105.85, 106.25, and 106.60

Support levels: 104.60, 104.25, and 104.00.

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Fundamental Analysis of NZD/USD for March 26, 2018

NZD/USD is currently quite impulsive amid the bullish pressure which created extreme volatility after the recent break above the 0.7250 price area, broken recently as a support. Ahead of the ANZ Business Confidence this week which is one of the main indicator of economic health, NZD is quite strong in nature which is expected to continue further in the coming days. Today, New Zealand's Trade Balance report was published with an increase to 217M from the previous figure of -655M which was indeed a remarkable gain as the expectation was negative at -100M. The positive Trade Balance report helped the currency to gain impulsive momentum over USD while USD was struggling to sustain its gains due to recent Rate Hike backfire. On the USD side, today FOMC Members Dudley and Mester are going to speak that is expected to inject some volatility in the market ahead of the daily close. Any positive result today may lead to a certain gain on the USD side as well. As for the current scenario, most of the odds are set against USD and in favor of NZD for the short term. Until USD comes with better economic readings, NZD is expected to continue its bullish impulsive gains in the future.

Now let us look at the technical view. The price is currently residing above 0.7250 price area which is expected to retrace towards the area and proceed lower in the coming days. The pair is currently quite volatile but the bearish squeeze is still quite intact despite the recent impulsive bullish pressure. As the price remains below 0.7350 with a daily close, further bearish pressure is expected in this pair with a target towards 0.7150 in the coming days.

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Fundamental Analysis of USD/JPY for March 26, 2018

USD/JPY has been non-volatile with the bearish gains which lead the price below 105.50 area recently. After the recent Federal Funds Rate Hike, JPY gained the required push to continue the bearish pressure in the pair which is currently expected to proceed much lower with certain retracement along the way. This week is going to be very important for JPY having Unemployment Rate report going to be published which is expected to increase to 2.6% from the previous value of 2.4% and Prelim Industrial Production report is going to be published as well which is expected to increase to 5.1% from the previous negative value of -6.8%. Tomorrow, JPY SPPI report is going to be published which is expected to be unchanged at 0.7% and BOJ Core CPI is expected to decrease to 0.7% from the previous value of 0.8%. The forecasts of the JPY economic reports this week is not quite satisfactory but any positive shift in the economic reports may lead to impulsive gain on the JPY side. On the USD side, today FOMC Member Dudley and Mester is going to speak about the Interest Rate decision and Monetary Policies which is indeed quite important as of the recent Rate Hike affected the USD currency pretty well. As of the current scenario, USD is expected to gain some momentum as a shift in the market sentiment ahead of the impactful JPY economic reports are published. Any positive result of the upcoming JPY report may lead to impulsive gains on the bearish side of the pair unless USD comes up with better reports.

Now let us look at the technical view. The price is currently quite impulsive with the bullish gains below 105.50 and it is expected to retrace towards the dynamic level of 20 EMA and after successfully rejecting off the dynamic level, it is expected to proceed lower towards 100.00 price area. As the price remains below 108.50 price area, the bearish bias is expected to continue further.

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Technical analysis of USD/CHF for March 26, 2018

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USD/CHF is under pressure and expected to trade with a bearish outlook. The pair failed to break above its major resistance at 0.9490, and is now turning down. The falling 20-period and 50-period moving averages play resistance roles, and should continue to push the prices lower. In addition, the relative strength index is bearish below its neutrality area at 50. Hence, as long as the resistance at 0.9490 is not surpassed, the risk of the break below 0.9420 remains high, below 0.9420 look for 0.9400.

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 0.515, take profit at 0.9440.

Resistance levels: 0.9515, 0.9540, and 0.9575

Support levels: 0.9420, 0.9400, and 0.9350.

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Fundamental Analysis of EUR/USD for March 26, 2018

EUR/USD has been quite impulsive with the bullish gains which lead the price to reside above 1.2350 price area currently. Despite having an increase in Interest Rate recently, USD failed to gain much momentum as expected whereas recent Stock Market Fluctuation did also affect the bearish pressure in the pair. Today EUR German Buba President Weidmann spoke about the monetary policies which were quite neutral in nature which is expected to have no immediate impact on the currency. On the other hand, ahead of the CB Consumer Confidence report tomorrow which is expected to have slight increase to 131.2 from the previous figure of 130.8, today FOMC Member Dudley and Mester is going to speak on Monetary Policy and Interest Rate decisions whereas the recent Interest Rate hike from 1.50% to 1.75% lead the market into certain volatility and weakness for the USD in the pair. As of the current scenario, ahead of the Good Friday this week, the market is expected to be quite corrective and slower in nature. Certain consolidation is also expected throughout the week but there is currently no sign of USD to regain its momentum until any positive USD economic report helps the currency to gain momentum.

Now let us look at the technical view. The price is currently residing above 1.2350 with an impulsive non-volatile trend structure whereas according to Fibonacci Expansion rule, the price is expected to bounce off the 1.2430-50 resistance area and then proceed lower towards 1.2350 and later if it is broken successfully then it is expected to proceed towards 1.2260 and later towards 1.2160 in the coming days. As the price remains below 1.25 price area, the bearish bias is expected to continue.

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Technical analysis of EUR/USD, March 26, 2018

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When the European market opens, the economic calendar lacks economic data from the eurozone. Only German Buba President Jens Weidmann Speaks. The US today will not release any economic reports too. So, amid the empty economic calendar, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.2414.

Strong Resistance:1.2407.

Original Resistance: 1.2395.

Inner Sell Area: 1.2383.

Target Inner Area: 1.2354.

Inner Buy Area: 1.2325.

Original Support: 1.2313.

Strong Support: 1.2301.

Breakout SELL Level: 1.2294.

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.

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Technical analysis: Intraday level for USD/JPY, March 26, 2018

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Today, the econmic calendar is empty as Japan and the US will not release any economic data. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance 3: 105.52

Resistance 2: 105.32

Resistance 1: 105.11

Support 1: 104.85

Support 2: 104.65

Support 3: 104.44

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.

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Technical analysis of GBP/JPY for March 26, 2018

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GBP/JPY is expected to continue upside and post some further upside highs. The pair is posting some technical rebounds, and is likely to challenge its horizontal resistance at 149.95. A strong support base has formed at 148.35, and is expected to limit any downside room. The relative strength index is mixed to bullish, and lacks downward momentum. Therefore, as long as 148.35 is not clearly broken, likely advance to 149.35 and 150.30 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: 149.95, 150.30, and 151.00.

Support levels: 147.65, 147.30, and 148.

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Technical analysis of NZD/USD for March 26, 2018

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Our first target which we predicted in our previous analysis has been hit. NZD/USD is still expected to trade with a bullish outlook. The pair has pulled back on its horizontal support at 0.7225, and is likely to post a new rebound. Both the 20-period and 50-period moving averages are still on the upside, which should confirm a positive outlook. Besides, the relative strength index is mixed to bullish. Therefore, as long as 0.7230 is not broken, likely advance to 0.7325 and 0.7455 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: 0.7325, 0.7345, and 0.7370.

Support levels: 0.7205, 0.7185, and 0.7140.

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USD/JPY analysis for March 26, 2018

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Recently, the USD/JPY has been trading sideways at the price of 105.10. According to the 30M timeframe, I found that price is trading near the Fibonacci expansion 100%, which is sign that buying looks risky. I also found an overbought condition 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 104.63.

Resistance levels:

R1: 105.20

R2: 105.68

R3: 105.96

Support levels:

S1: 104.43

S2: 104.15

S3: 103.66

Trading recommendations for today: watch for potential selling opportunities.

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GBP/USD analysis for March 26, 2018

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.4230. According to the Daily time – frame, I have found a smash day (trap for sellers) in the background, which is a sign that selling looks very risky. I also found a breakout of inside daily formation, which is another sign of the strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4277 and at the price of 1.4340.

Resistance levels:

R1: 1.4175

R2: 1.4217

R3: 1.4262

Support levels:

S1: 1.4089

S2: 1.4045

S3: 1.4000

Trading recommendations for today: watch for potential buying opportunities.

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Global macro overview for 26/03/2018

According to analysts, the sale of Turkish Lira is a derivative of concerns about the stability of the Turkish economy, in which significant macroeconomic imbalances have emerged in recent years. It is true that the economy is growing at an impressive pace, in the third quarter of 2017 the annual GDP dynamics shot up to 11.1%, but inflation has broken out from central bank control - in February, the increase in consumer prices remained above 10% per annum. And the so-called core inflation - an increase in prices excluding food, fuels, and energy - accelerated to 12% on yearly basis.

Economists and foreign investors are, however, worried above all by the increasing current account deficit. After the data for January, the cumulated deficit for the previous 12 months increased to USD 50.6 billion. towards $ 47.2 billion. in December and 33.6 billion dollars. recorded in January 2017. The increase in the current account deficit by more than half in the developing country is a serious warning about the instability of the economy. The more so that the current account balance to GDP ratio is approaching the alarming level of 5%.

The rapid depreciation of the Lira creates the risk of a "depreciation spiral" similar to that of 2011. The weakening of the domestic currency drives inflation, which, in the absence of central bank reaction, drives further currency depreciation. In the case of Turkey, this risk is all the more serious because the central bank is not known for its independence from the Turkey president Recep Erdogan.

Let's now take a look at the USD/TRY technical picture in the daily timeframe. The market has made another higher high at the level of 4.0346 on Friday, so the old technical resistance at the level of 3.9821 will now act as a support for the price. The upward momentum is strong, but the market conditions are starting to be overbought. Moreover, according to the Fibonacci ratios, the next target for the price is seen at the level of 4.0850.

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Bitcoin analysis for March 26, 2018

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Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.178. The Clarifying Lawful Overseas Use of Data (CLOUD) Act just passed – almost in secret – tucked deep inside a voluminous spending package of well over a trillion dollars. No debate. No up or down vote on the merits of CLOUD. Instead, lawmakers would have had to reject the entire bill, thousands of pages, and risk government shutdown, in order to mount any kind of opposition. CLOUD is a broadening of international law enforcement power when it comes to online activity, and the crypto community is worried. The technical picture looks bearish.

Trading recommendations:

According to the Daily time - frame, I found a doji evening star candle formation in the background, which is a sign that buying looks risky. I also found that stochastic is in the bearish mode, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $7.592.

Support/Resistance

$8.578 – Intraday resistance

$8.190– Intraday support

$7.590 – Objective target

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

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Global macro overview for 26/03/2018

Beware end of the quarter market moves

The weekend has not brought yet another important news in the field of restricting the freedom of international trade, so markets are entering a new week with a relatively calm climate. If anything, press releases from the US and China are rather mild. The US Treasury secretary Mnuchin said he hoped that the two parties would find no agreement to stop the last round of import duties hitting $ 50 billion worth of goods. Beijing abstains from harshness, and Deputy Prime Minister limited himself to saying that the country will defend its interests, which means retaliatory duties for $ 3 billion. The WSJ reports that talks on increasing US access to the Chinese market are underway at the border with recent disputes. It looks like nobody here is concerned about unleashing a global trade war, and the US administration is looking for ways to soften trade partners for new benefits. We have seen this already in the case of NAFTA negotiations with Canada and Mexico, now it applies to China, although Beijing might not that easily adhere to Washington's demands. For some time we will witness scuffles, during which bitter words and threats will be repeated. And here is the main threat to the markets. Behind every threat and blackmail goes a media storm that will break into the tops of newspapers and news websites. In the last past, the macro-data demonstrating a solid attitude of recovery was the counterweight. With retreating PMI indexes, this protection now does not work. Today, in the absence of planned data and events, the market will be tempted to recover the Friday sell-off of risky assets, but in general cautious approach is still recommended.

The last week of March and the closing of the quarter are ahead of us, which may cause violate trading conditions during the next few days. The upcoming Easter may affect liquidity. Today, some attention may be devoted to the speeches of ECB representatives (Weidmann, Nouy) and Fed (Dudley, Mester).

Let's now take a look at the US Dollar Index technical picture at the H4 time frame. The bulls were too weak to rally above the short-term technical resistance at the level of 90.37, so the bears have pushed the market below the technical support at the level of 89.41, which means the price is out of the main channel. The momentum is weak, so the next level to watch for the support is at the level of 88.45.

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Technical analysis of EUR/USD for March 26, 2018

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Overview:

The EUR/USD pair will continue rising from the level of 1.2347. So, the support is found at the level of 1.2347, which represents the 61.8% Fibonacci retracement level in the H1 timeframe. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend. Therefore, the EUR/USD pair is continuing with a bullish trend from the new support of 1.2347. The level of 1.2347 acts as a daily pivot point on the H1 chart. The current price is set at the level of 1.2400. Equally important, the price is in a bullish channel. According to the previous events, we expect the EUR/USD pair to move between 1.2350 and 1.2445. Therefore, strong support will be formed at the level of 1.2347 providing a clear signal to buy with the targets seen at 1.2413. If the trend breaks the support at 1.2413 (first resistance), the pair will move upwards continuing the development of the bullish trend to the level 1.2445 in order to test the daily resistance 2. In the same time frame, resistance is seen at the levels of 1.2413, 1.2445 and 1.2477. The stop loss should always be taken into account for that it will be reasonable to set your stop loss at the level of 1.2305.

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Technical analysis of GBP/USD for March 26, 2018

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Overview:

The GBP/USD pair continued to move upwards from the level of 1.4124. Since last week, the pair has risen from the level of 1.4051 (the level of 1.4051 coincides with the ratio of 61.8% Fibonacci Expansion) to the top around 1.4218. In consequence, the GBP/USD pair broke resistance at 0.9887, which turned into strong support at the level of 1.4124. In the H1 timeframe, the level of 1.4124 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100) and (50). From this point, we expect the GBP/USD pair to continue moving in the bullish trend from the support level of 1.4124 towards the target level of 1.4260. If the pair succeeds in passing through the level of 1.0028, the market will indicate the bullish opportunity above the level of 1.4260 so as to reach the second target at 1.4300. At the same time, if the GBP/USD pair is able to break out the level of 1.4124, the market will decline further to 1.4051 (daily support 2).

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Trading plan for 26/03/2018

On Monday, NZD is the most powerful, as changes in the RBNZ mandate are devoid of dovish elements. After the rest of the currencies, there are minimal attempts to improve sentiment, although the mood is far from good. The stock market in Asia is fighting for a bounce, but no avail. Crude Oil is very unstable because investors quickly recover from reports of a rocket attack in the Middle East.

On Monday 26th of March, the event calendar is light in important news releases, but the market participants should keep an eye on speeches from FOMC members like William Dudley, Loretta Mester and Randal Quarles.

NZD/USD analysis for 26/03/2018:

The RBNZ changed its mandate, from now on except for inflation, ensuring a stable labor market. There has been talking about a change planned by the new government for a long time, so the decision is not a surprise. The authorities refrained from radical changes, and the new mandate is a more formalized approach.

Let's now take a look at the NZD/USD technical picture at the H1 time frame. The price has broken through the 61% Fibo at the level of 0.7275 and currently is trying to rally higher despite he visible bearish divergence between the momentum and the price. Nevertheless, the next technical resistance is seen at the level of 0.7304. The layer of technical supports between the levels of 0.7260 - 0.7273 makes this zone quite hard to break, so only a sustained violation of this zone and golden trend line will be a clear indication that the short-term uptrend is terminated.

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Bitcoin analysis for 26/03/2018

Nigerians have been warned by the Nigeria Deposit Insurance Corporation (NDIC) before using cryptocurrencies because the Central Bank of Nigeria (CBN) does not recognize them as a legal currency, according to the local Business Post Nigeria magazine.This is not the first cryptocurrency warning because various government agencies in Nigeria warned citizens about a new form of money.

Adikwu Igoche, director of research at NDIC, said digital currencies are not authorized by CBN and therefore not insured by NDIC. During an interview with the Nigerian press agency (NAN) at the 29th International Trade Fair of Enugu on Friday, Igoche said that since digital currencies are not supported by any physical commodity, such as gold or precious stones, they do not belong to the currency category or coins issued by CNB or the central bank of any other country. Igoche claims that Nigerian citizens should only use financial institutions that are insured by NDIC labeled in their physical location. He also added that NDIC has a booth at the fair to help the Nigerians know what to do if their bank was closed.

Last October Nigerian government was actively cooperating with several organizations dealing with Blockchain technology and startups to develop technology in this country.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The current Elliott wave scenario assumes the top of the wave (1) had been established at the level of $9,134, so there is an ongoing correction in wave (2) at the moment. This corrective cycle is very close to complete because there is only one more wave missing, sub-wave c. It should complete at the level of $7,996 and the price should bounce impulsively higher from this level. Otherwise, the market might re-visit the technical support at the level of $7,269.

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Ichimoku cloud indicator analysis of USDX for March 26, 2018

The Dollar index as expected made a new lower low as trend remains bearish in short- and medium-term trend. As long as price is below 90, I still foresee any bounce in the index as selling opportunity for a move below 88.

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Red lines - triangle pattern

The Dollar index is trading below the Ichimoku cloud. Support is at 89.30 while resistance is at 89.90-90. Bulls will need at least for the short-term trend to change, to break above 90 and hold above it. On the other hand, Dollar bears remain in control as long as price is below 90. Breaking below 89.30 will signal that we are heading even lower towards next support/target at 88.60.

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On a daily basis, the Dollar index closed below the kijun-sen last week and remains below the Daily Kumo (cloud). This is still a very bearish picture. As long as price is below the Kumo, I will be expecting the Dollar index to break below 88.

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Intraday technical levels and trading recommendations for EUR/USD for March 26, 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.

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 a 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.

That's why, the EUR/USD pair remains trapped between the price levels of 1.2400 - 1.2200 until a breakout occurs in either directions.

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

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Ichimoku cloud indicator analysis of Gold for March 26, 2018

The Gold price has stuck again at the long-term resistance of $1,350-60. The price shows rejection signs as expected. Bulls should be very careful as we could see another pullback towards $1,300-$1,310 before the next move higher.

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Blue lines - sideways channel

The Gold price is trading above the Ichimoku cloud in the 4-hour chart. The trend is bullish but the price has not broken above the upper channel boundary and above the February highs. Until then we remain sellers near resistance of $1,350 and buyers around the $1,300. Support by the cloud is at $1,320. Break it and we could test the lower channel boundary.

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Magenta line - long-term resistance

Blue line - long-term support

On a weekly basis, the trend remains bullish, although we have not seen any real progress for the last month after reaching $1,360 area in January. The good news for bulls is that price continues to respect and hold above the weekly kijun-sen and the weekly Kumo (cloud). The bad news is that we are still below the magenta trend line resistance. I believe that eventually, we will break this trading range to the upside and finally make a move above $1,400.

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NZD/USD Intraday technical levels and trading recommendations for for March 26, 2018

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In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated an 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 the further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).

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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Daily analysis of EUR/JPY for March 26, 2018

EUR/JPY

The conditions in the market is quite choppy. Although the market is choppy, the bearish trend has been maintained.Price has been going southward since February 5, having lost almost 800 pips since then. Last week, there was a rally attempt in the context of an uptrend, which was halted once the supply zone at 131.50 had been tested.

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Further upward movement was effectively prevented. The market shed 250 pips following that, to test the demand zone at 129.00, and closed below the supply zone at 129.50. The expected weakness in EUR, as well as the bearish outlook on the market, may enable the demand zones at 129.00, 128.50, and 128.00 to be tested this week.

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Daily analysis of USD/JPY for March 26, 2018

USD/JPY

The USD/JPY has been going southwards. The pair traded southwards last week, to corroborate the presence of bears. Since January 8, 2018, price has lost 830 pips. Last week, it lost 170 pips, after testing the supply level at 106.50. Since there is a huge Bearish Confirmation Pattern in the market, the price can still reach the demand levels at 104.50, 104.00, and 103.50 before the end of this week.

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The price does not move in a straight line, and therefore, a rally may occur along the way, but it should not be something that would override the extant bearish outlook on the market. A rise in momentum is expected.

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Daily analysis of USD/CHF for March 26, 2018

USD/CHF

The USD/CHF pair may assume a directional movement this week. In the short-term, this pair is bullish. Since the support level at 0.9200 was tested on February 16, 2018, the price rallied by over 350 pips, moving briefly above the resistance level at 0.9550. The market has been corrected lower since then, closing below the resistance level at 0.9500.

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A rally from here would save the bullish bias; while a plunge from here would render it invalid. Nonetheless, the market is more likely to go upwards as a result of a bearish outlook on EUR/USD. A Bullish Confirmation Pattern may be formed in the market.

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NZD/USD Approaching Strong Resistance, Time To Sell

Price is approaching major resistance at 0.7277 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance), and a strong reaction could occur at this level to push the prices down to the 0.7203 support (Fibonacci retracement, horizontal swing low support).

Stochastic (89,5,3) is seeing bearish divergence along with major resistance at 93% signalling that a reversal is impending.

Sell below 0.7277. Stop loss at 0.7305. Take profit at 0.7203.

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EUR/USD Testing Major Resistance, Time To Sell

Price is testing major resistance at 1.2373 (Fibonacci retracement, Fibonacci extension, descending resistance, swing high resistance), and a strong reaction could occur at this level to push the prices down to support at 1.2295 (Fibonacci retracement, horizontal overlap support).

Stochastic (55,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.

Sell below 1.2373. Stop loss at 1.2341. Take profit at 1.2295.

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Daily analysis of USDX for March 26, 2018

USDX still trades within a bearish tone below the 200 SMA at H1 chart and the support level of 89.36 is being challenged. Such level should get broken in order to allow more losses toward the 87.88 level. However, if the index manages to make a rebound at the current stage, then it can go to test the resistance zone of 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.

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Daily analysis of GBP/USD for March 26, 2018

GBP/USD is off from the Friday's highs as the path remains bullish across the board. There is a bottom established around 1.4100, where the bulls could gather momentum to post fresh highs in the near-term. If the pair succeeds to break above the resistance zone of 1.4177, then it can go towards the psychological level of 1.4200.

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H1 chart's resistance levels: 1.4134 / 1.4177

H1 chart's support levels: 1.4061 / 1.3985

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4134, take profit is at 1.4177, and stop loss is at 1.4090.

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