Daily analysis of Gold for March 28, 2018

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Overview

Gold kicked off the global trading day with a bullish bias in an effort to regain some of the losses incurred yesterday. Please note note that stochastic provides a positive overlapping signal on the four-hour time frame, which creates a long-awaited momentum to enable the price to achieve more gains in the nearest sessions as our first target is located at 1,365.97. Therefore, the bullish trend remains valid and active in the short term on conditioned of the price stability above 1,335.40. Let me remind you that breaching the targeted level will push the price towards 1,400.00 as a next station. The expected trading range for today is between 1,335.00 support and 1,365.00 resistance.

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Daily analysis of Silver for March 28, 2018

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Overview

Silver price pushes on the key support 16.45 now that urges caution for the short term. Stochastic is negative now, so breaking the mentioned level will force the price to suffer losses from 15.49 before any new bullish attempt. Until now, we keep the bullish outlook on condition of the price stability above 16.45. Let me remind you that our anticipated targets begins by breaching 16.80 to open the way towards 17.43. The expected trading range for today is between 16.40 support and 16.80 resistance.

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Global macro overview for 28/03/2018

The overnight press reports from Great Britain about a possible further breakthrough in the Brexit case has hit the newswires recently. British press quotes representatives of the Irish government, according to which London is close to presenting a new idea, how to prevent the creation of a "hard border" with Ireland after Brexit. The Irish side has been assured that the work on the project is at an advanced stage. The issue of the border was one of the most important points that did not find a solution at the EU summit a week ago. Resolving in this matter would certainly simplify further negotiations, further diminishing the risk of "hard Brexit". This is good news for the British Pound, which is worth remembering after the holidays when the markets will move in a more orderly way.

Let's now take a look at the EUR/GBP technical picture at the H4 time frame. The market is still trading inside of the horizontal zone between the levels of 0.8688 - 0.9017 and as long as there is any definite breakthrough in the Brexit negotiations the price might remain inside of this area. In a short-term perspective, the price is bouncing from the oversold conditions and the bulls are testing the technical resistance at the level of 0.8808 level.

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Technical analysis of USD/CHF for March 28, 2018

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Overview:

The USD/CHF pair rose from the level of 0.9430 towards 0.9516. Now, the current price is set at 0.9520. On the H4 chart, the resistance is seen at the levels of 0.9568 and 0.9619. Besides, the weekly support 1 is seen at the level of 0.9422. Today, the USD/CHF pair is continuing to move in a bullish trend from the new support level of 0.9486, to form a bullish channel. Amid the previous events, we expect the pair to move between 0.9486 and 0.9568. Therefore, buy above the level of 0.9486 with the first target at 0.9486 in order to test the daily resistance 1 and further to 0.9619. Nevertheless, if the pair fails to pass through the level of 0.9568, the market will indicate a bearish opportunity below the level of 0.9568. The market will decline further to 0.9486 in order to return to the weekly pivot point. Additionally, a breakout of that target will move the pair further downwards to 0.9422.

Comment:

- The weekly pivot is seen at the level of 0.9486.

- The market is still in an uptrend. We still prefer the bullish scenario as long as the price is above the level of 0.9486.

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Technical analysis of NZD/USD for March 28, 2018

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Overview:

The pivot point is seen at the price of 0.7277.

As expected, the NZD/USD pair continues to move upwards from the level of 0.7253. Currently, the price is seen at the point of 0.7253. Today, the first resistance level is seen at 0.7311 followed by 0.7330, while daily support 1 is seen at 0.7253 (50% Fibonacci retracement). According to the previous events, the NZD/USD pair is still moving between the levels of 0.7253 and 0.7330; so we expect a range of 77 pips. Furthermore, the trend is able to break out through the first resistance level at 0.7311. Therefore, buy above the level of 0.7270 with the first target at 0.7311 in order to test the daily resistance 1 and further to 0.7330. Besides, it might be noted that the level of 0.7354 is a good place to take profit because it will form a double top. We should see the pair climbing towards the double top (0.7354) to test it. However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.9866, a further decline to 0.7229 can occur which would indicate a bearish market.

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Global macro overview for 28/03/2018

Movements in financial markets from the last day cannot be reduced to a common denominator, which suggests that the magic of the end of the quarter was revealed a bit earlier. I would not waste time looking for reasons for US Dollar strength through declining debt yields, or explaining at the same time the indices and prices of gold, which are lowering at the same time. Traders will have a long weekend ahead as Friday is a day off for most major markets. Organizing portfolios before the end of the quarter have the right to come earlier, and flows on the shallow market are more visible. It is impossible to prepare for it, because there are many theories about the scale of reshuffles being held until the last moment, and to what extent they are made a few days earlier. If anything, then the risk of chaotic fluctuations should be thanked by the regulations of Basel III, which limited the spectrum of activities on the currency market to the banks with a negative effect on liquidity.

During the night Asia tried to control the negative emotions that came from the red session on Wall Street, but I think the market is looking for signs of optimism in bad places. The meeting of the leaders of China and North Korea was recognized as a positive signal, where Kim Dzong-Un confirmed his openness to the dialogue on the completion of the nuclear program. However, on the one hand, it reduces the geopolitical risk, on the other hand, it sends a signal to the US that now North Korea has China on its side. In time, as Trump's protectionism is mainly focused on China, Beijing's alliance with Pyongyang may negatively affect the results of May-planned talks on the US-North Korea line. Geopolitics and the trade war may remain important topics at the start of the new quarter, which will weigh on risky assets. Moreover, the latest macro data does not give solid support - yesterday the confidence indexes from Euroland and the US disappointed.

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 258.40.The momentum is still below its fifty level, which is another clue supporting the bearish outlook.

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GBP/USD analysis for March 28, 2018

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4133. According to the 1H time – frame, I found strong rejection from the lower band, which is a sign that sellers got "too short". I also found oversold conditions on the stochastic oscillator and rejection of Fibonacci retracement 50% at 1.4130, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set a the price of 1.4196 and at the price of 1.4215.

Resistance levels:

R1: 1.4247

R2: 1.4335

R3: 1.4425

Support levels:

S1: 1.4068

S2: 1.3978

S3: 1.3890

Trading recommendations for today: watch for potential buying opportunities.

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Gold analysis for March 28, 2018

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Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,338.54. According to the 4H time – frame, I found that the supply trendline in the backgorund held successfully, which is a sign that sellers are in control. I also found overbought RSI 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 $1,337.55, $1,331.75 and at the price of $1,325.00.

Resistance levels:

R1: $1,354.39

R2: $1,364.10

R3: $1,371.36

Support levels:

S1: $1,337.42

S2: $1,330.16

S3: $1,320.45

Trading recommendations for today: watch for potential selling opportunities.

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Bitcoin analysis for March 28, 2018

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Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.688 and reached our yesterday's target. The United States' Commodity Futures Trading Commission (CFTC) has received a $1 million USD budget cut. The announcement has come following the CFTC Chairman, Christopher Giancarlo requested an increase in the regulator's budget of 12 percent. The technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the 30M time - frame, I found that price rejected of the upper diagonal of the downward channel, which is a sign that buying looks risky at this stage. 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 targets are set at the price of $7.690 and at the price of $7.442 (Fibonacci expansion 161.8%).

Support/Resistance

$7.874 – Intraday resistance

$7.649– Intraday support

$7.690 – Objective target 1

$7.442 – Objective target 2

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Daily analysis of EUR/JPY for March 28, 2018

EUR/JPY

A bullish signal ("buy" signal) has already been generated 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. Further bearish correction would result in invalidation of the bullish signal.

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A Bullish Confirmation Pattern has been generated in the market, and that would become more and more significant as price moves higher and higher. A pullback along the way could threaten the nascent bullish bias.

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Daily analysis of USD/JPY for March 28, 2018

USD/JPY

There is a rally on the USD/JPY; in the context of a downtrend, but that was not significant enough to threaten the overall bearish bias on the market. A movement above the supply level at 106.50 would cause a bullish bias to be threatened, but that would require a strong buying pressure. A movement to the south would corroborate the existing bearish bias.

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There are mixed signals in the market. The RSI period 14 has crossed the level 50 to the upside, but the EMA 11 is yet to cross the EMA 56 to the upside. Further movement to the upside would result in a Bullish Confirmation Pattern, while a movement to the downside would result in a Bearish Confirmation Pattern.

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Daily analysis of USD/CHF for March 28, 2018

USD/CHF

Since a bearish signal was generated on the USD/CHF, the price has moved in a ranging mode. When volatility resumes, the price would move lower and lower again, reaching the support levels at 0.9400 and 0.9350. A stronger movement is anticipated before the end of this week, which could overturn the current scenario.

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There is a Bearish Confirmation Pattern in the 4-hour chart and it would likely become clearer and clearer as price journeys downwards, reaching one support level after another. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is neither in the oversold nor in the overbought region.

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Bitcoin analysis for 28/03/2018

It seems that Russian legislation has been looking for the right regulatory approach for cryptocurrencies for a long time. This time, concepts such as "digital money" or "digital rights" appear in the draft new legislation. The new law, apart from tax issues, would also define cryptocurrencies as a subject in matters of inheritance or bankruptcy. The initiators of the new project are the chairman of the Russian Duma, Wiaczeslaw Wolodin and its deputy, Pawel Krasheninnikov. The law in this form (although with numerous restrictions and only in specific cases) would not exclude the use of cryptocurrencies as a means of payment in this country. As we read from the project, acceptance of digital currencies for the purposes of payments, deposits or units of account would not be obligatory, although admissible in the Russian Federation, if such an operation would be "technically possible" and "risk-free". "In the long run, digital money will be used as a means of payment, but only in cases and on the terms set out by the new law," says Krasheninnikov.

It is worth noting that only a week earlier, also to the lower house of the Russian parliament, the same type of project (titled "Digital Financial Assets") was obtained in that case by the Ministry of Finance of the Federation. This document states, among other things, that cryptocurrency holders would have the right to exchange them for rubles or foreign currency only through state-licensed exchange platforms. The bill of the Ministry of Finance also attempts to define the principles of operation of cryptocurrency mines in this country (extraction of cryptocurrencies would be defined as business activities beyond the set limit of electricity consumption), as well as business projects financed based on ICO (Initial Coin Offering). In October last year, President Vladimir Putin issued a personal directive addressed to the Russian government and the Central Bank there, giving them until July 1, 2018, to determine their legal status, including blockchain technology, cryptocurrency, and so-called smart contracts in Russian Federation.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market dropped below the 61% Fibo support and made a new low at the level of $7,500 as the wave C of the corrective wave 2 is extending. The invalidation level for the current impulsive upward scenario is at the level of $7,269. Any violation of this level would open the road towards the next important technical support at the level of $5,829.

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Trading plan for 28/03/2018

Yesterday's US Dollar rally is not continuing in Asia, but the swing of sentiment continues. USD / JPY managed to recover from 105.30 to 105.60, AUD is slightly stronger, although AUD / USD did not manage to exceed 0.77. The stock market is sunk in red; gold is red as well, but crude oil is stable despite the negative overtone of the API report. The closer to the holidays and the end of the quarter, the easier it is for chaotic movements.

On Wednesday 28th of March, the event calendar light in the important news releases, but the global investors will keep an eye on the US Final GDP data and Pending Home Sales data. Later in the day there is a scheduled speech from the FOMC member Raphael Bostic.

GBP/USD analysis for 28/03/2018:

The FX market on Wednesday is relatively calm. The financial media reports that the US and South Korea are working on revising the trade agreement. Information that the North Korean leader Kim Jong-Un is opening up a dialogue with the West also gives reasons for stabilizing moods. The other news is that the representatives of the Irish government, according to which London is close to presenting a new idea, how to prevent the creation of a "hard border" with Ireland after Brexit. The Irish side has been assured that the work on the project is at an advanced stage.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. Today in the morning GBP/USD approaches 1.42, continuing the rebound after a strong correction from Tuesday. Nevertheless, the lower line of the acceleration channel (dashed violet) has capped the rally and currently, the price is returning towards the technical support at the level of 1.4077. The overbought market conditions support the bearish bias. In a case of a further breakout, the next technical support is seen at the level of 1.3981.

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Ichimoku cloud indicator analysis of USDX for March 28, 2018

The Dollar index made a strong spike up yesterday, but trend remains bearish. Bulls have a lot of work ahead of them in order to change at least short-term trend. Their first obstacle is at 90.20.

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Red line - resistance trend line

Short-term resistance is at 89.63 yesterday's highs and next is the cloud resistance at 89.90. The trend line resistance is at 90.20 and this must be broken for the short-term trend to change.

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On a daily basis, the Dollar index remains below the Daily Kumo (cloud) resistance. Kijun-sen resistance is at 89.95. Price is challenging the lower cloud boundary. If the price closes the day above the boundary, then bulls will have their first bullish indication, implying that the price could continue higher towards the upper cloud boundary around 91, specially if the kijun-sen resistance is broken. Concluding, bears remain in control, keep an eye on the 90 level, retaking it will be a bullish sign.

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Ichimoku cloud indicator analysis of Gold for March 28, 2018

Gold price as expected has pulled back and got rejected at the resistance area. As explained in our previous analysis, Gold price was expected to move lower towards $1,320-30 area. I believe the pull back has started.

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Gold price is making lower lows and lower highs and is breaking below the 4-hour kijun-sen (yellow line indicator). This implies more weakness ahead and a move towards the cloud support around $1,320.

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Magenta line - long-term resistance

Blue line - long-term support

On a weekly basis we remain above both the tankan- and kijun-sen indicators. Price as expected got rejected at the long-term resistance trend line. Support on a weekly basis is at $1,332 and next at $1,300. I believe the $1,300 support will not be broken. However I believe that we will briefly move below the $1,332 level.

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Trading Plan for EUR/USD for March 28, 2018

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Technical outlook:

The EUR/USD pair rallied past 1.2475 levels before reversing sharply later during the day. If you have kept track of the proceedings this month, we had always presented an alternative scenario since 1.2240/50 levels indicating a probability of an interim lower high below 1.2555 levels before the pair could reverse lower again. The overall structure looks complete for a continued drift lower, bottom line prices should ideally stay below 1.2476 highs going forward. Please also note that the pair had pushed through the fibonacci 0.786 resistance zone before reversing lower, keeping the overall bearish tone intact. Interim support is seen through 1.2240/50 levels while resistance is at 1.2555 levels at this moment.

Trading plan:

Look for opportunities to sell through intraday rallies with risk above 1.2555 levels.

Fundamental outlook:

Watch out for USD GDP numbers to be out today at 0830 AM EST.

Good luck!

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BITCOIN Analysis for March 28, 2018

Bitcoin has been quite indecisive recently having a daily candle close with a bullish gain below $8,500 price area. There have been no high impact fundamentals on Bitcoin recently. As a result, the price is now going through a corrective phase with indecision. The Bitcoin market is currently marked with low liquidity and expected to correct itself for a while before it pushes much lower in the coming days. There are watchdogs which are still trying to regulate the Bitcoin and some countries are banning the Bitcoin exchanges and trading. However, the sustainability of Bitcoin provides an indication of its strength against all the odds in the market currently. As for the current scenario, the price is expected to retest $8,500 price area before it progresses much lower towards $7,500 and later towards $5,500 in the short term. The impulsive bearish pressure can be only observed after $7,500 price area is taken out with a daily close in the coming days. Otherwise, the market is expected to consolidate between $7,500 to $8,500 area.

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Fundamental Analysis of EUR/AUD for March 28, 2018

EUR/AUD has been non-volatile with the bullish trend which did not have much deeper pullbacks along the way. Despite having worse economic reports EUR sustained its bullish momentum against AUD which does explain the weakness of AUD in comparison to EUR in the process. Recently EUR German Import Prices report was published with decrease to -0.6% from the previous value of 0.5% which was expected to be at -0.3%, Spanish Flash CPI failed to meet the expectation of an increase to 1.5% from the previous value of 1.1% whereas resulted at 1.2%, M3 Money Supply decrease to 4.2% from the previous value of 4.5% which was expected to increase to 4.6% and Private Loans was published unchanged at 2.9% which was expected to increase to 3.0%. Moreover, today EUR German GfK Consumer Climate report is going to be published which is expected to have slight decrease to 10.7 from the previous figure of 10.8. On the AUD side, recently HIA New Home Sales report showed a decrease in a deficit of -0.7% which previously was at -2.1%. The positive economic report did not quite helped AUD to gain some momentum over EUR but tomorrow AUD Private Sector Credit report is going to be published which is expected to be unchanged at 0.3% whereas positive result in this report is expected to help AUD to regain its grounds against EUR for a certain period. As of the current scenario, AUD is expected to gain some momentum leading to certain retracement in the coming days before EUR continues its bullish pressure in the future.

Now let us look at the technical view. The price is currently quite bearish after the impulsive daily bullish candle formed recently. The price is currently expected to retest 1.5980-1.60 price area before any bullish intervention in the process. As the price remains above 1.59 price area, the bullish bias is expected to continue further.

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Fundamental Analysis of EUR/GBP for March 28, 2018

EUR/GBP has been quite volatile recently having a strong bullish rejection that is creating impulsive bearish pressure today. EUR has been recently struggling amid downbeat economic reports which encouraged GBP to gain further momentum which is expected to continue further. Recently, German Import Prices report was published with a decrease to -0.6% from the previous value of 0.5% which was expected to be at -0.3%, Spanish Flash CPI failed to meet the expectation of an increase to 1.5% from the previous value of 1.1% whereas resulted at 1.2%, M3 Money Supply contracted to 4.2% from the previous value of 4.5% which was expected to increase to 4.6%, and Private Loans was published unchanged at 2.9% which was expected to grow to 3.0%. Today, German GfK Consumer Climate report is going to be published which is expected to show a slight decrease to 10.7 from the previous figure of 10.8. On the other hand, today UK CBI Realized Sales report is going to be published which is also expected to fall to 7 from the previous figure of 8. As for the current scenario, ahead of the Current Account and Final GDP report from the UK this week, growing momentum for GBP is a good sign whereas positive data from the UK today will help to sustain the bearish momentum in the pair. To sum up, GBP is expected to sustain the bearish momentum in the pair and push much lower in the coming days.

Now let us look at the technical view. The price is currently residing below 0.8750 price area which has engulfed the previous bullish pressure already and if the bearish pressure sustains throughout the day and closes with a daily candle below 0.8750 area then further bearish pressure towards 0.8650 price area is expected. As the price remains below 0.88 price area, bearish pressure is expected to continue in this pair.

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Technical analysis of USD/JPY for March 28, 2018

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USD/JPY is expected to trade with a bullish outlook. The pair continues a rebound initiated from a low of 105.29 seen overnight (March 27). Currently, it has returned to the levels above both the 20-period and 50-period moving averages, as the relative strength index is well directed above the neutrality level of 50 calling for a new upleg. As long as the bullish bias is maintained, the pair should revisit 105.90 (around the high of yesterday) before advancing further toward 106.20.

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 105.25, take profit at 105.90

Resistance levels: 105.90, 106.20, and 106.50

Support levels: 104.90, 104.60, and 104.25.

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Technical analysis of USD/CHF for March 28, 2018

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USD/CHF is under pressure and expected to remain below the key resistance at 0.9510. The pair is heading downward towards 0.9440, representing the intraday horizontal support. The relative strength index has broken below its neutrality area at 50, and is showing strong downward momentum. Hence, as long as 0.9510 holds on the upside, look for a new drop to 0.9440 and 0.9410 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 0.510, 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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Technical analysis of GBP/JPY for March 26, 2018

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GBP/JPY is under pressure and expected to continue its downside movement after a pullback from 150.50. The pair has struck against its horizontal resistance at 150.50, which should hold on the upside. Both the 20-period and 50-period moving averages are turning down, which confirms a negative outlook. Last but not least, the relative strength index is mixed to bearish.

Therefore, as long as 150.50 is not surpassed, it is likely to decline to 148.90 and 148.40 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: 149.95, 150.30, and 151.00.

Support levels: 147.65, 147.30, and 148.

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Elliott wave analysis of EUR/NZD for March 28, 2018

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Important resistance at 1.7100 continues to block the upside and the expected rally higher towards 1.7536 and 1.7744 as the next major targets.

In the short-term, we could see more consolidation just below 1.7100, but ultimately this resistance is expected to be broken for a continuation of the rally that began way back in February 2017.

Only an unexpected break below support at 1.6810 will extend the correction in wave in wave (ii), but this is not our preferred outcome.

R3: 1.7479

R2: 1.7249

R1: 1.7100

Pivot: 1.7025

S1: 1.6986

S2: 1.6918

S3: 1.6827

Trade recommendation:

We will buy EUR at 1.7030 or upon a break above 1.7100

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Technical analysis of NZD/USD for March 28, 2018

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NZD/USD is under pressure and expected to trade in lower range. The pair remains capped by a declining trend line, and is likely to post a new pullback to 0.7230. The relative strength index is mixed to bearish below its neutrality area at 50. Both the 20-period and 50-period moving averages are turning down, and call for further decline. To conclude, as long as 0.7295 is not surpassed, look for a new pullback to 0.7230 and 0.7200 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: 0.7325, 0.7345, and 0.7370.

Support levels: 0.7230, 0.7200, and 0.7160.

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Elliott wave analysis of EUR/JPY for March 28, 2018

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

Ideally, EUR/JPY will continue to move higher directly from here, but it's allowed to move a little lower, but should respect support at 129.97 as a break below this support will indicate that the wave B could have completed pre-maturely and the wave C lower already being in motion.

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 sell EUR at 132.70

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Technical analysis: Intraday Level For EUR/USD, March 28, 2018

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When the European market opens, some Economic Data will be released such as Italian 10-y Bond Auction and German GfK Consumer Climate. The US will release the Economic Data too, such as Crude Oil Inventories, Pending Home Sales m/m, Prelim Wholesale Inventories m/m, Goods Trade Balance, Final GDP Price Index q/q, and Final GDP q/q, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.2468.

Strong Resistance:1.2461.

Original Resistance: 1.2449.

Inner Sell Area: 1.2437.

Target Inner Area: 1.2408.

Inner Buy Area: 1.2379.

Original Support: 1.2367.

Strong Support: 1.2355.

Breakout SELL Level: 1.2348.

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 28, 2018

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Today Japan will not release any Economic Data, but the US will release some Economic Data such as Crude Oil Inventories, Pending Home Sales m/m, Prelim Wholesale Inventories m/m, Goods Trade Balance, Final GDP Price Index q/q, and Final GDP q/q. 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: 106.13.

Resistance. 2: 105.92.

Resistance. 1: 105.72.

Support. 1: 105.45.

Support. 2: 105.25.

Support. 3: 105.04.

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 28, 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.

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

NZD/USD Intraday technical levels and trading recommendations for for March 28, 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.

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

Intraday technical levels and trading recommendations for EUR/USD for March 28, 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 breakout takes place.

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.

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

Daily analysis of USDX for March 28, 2018

USDX recovered from Tuesday's lows and it's reaching the 200 SMA at the H1 chart, where it can find dynamic resistance in order to resume the bearish structure in the short-term. If that happens, then we might expect a lower continuation towards the support zone of 87.88, while a break above the moving average should expose the resistance level 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.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/USD for March 28, 2018

GBP/USD plummeted during Tuesday's session after having found a strong resistance around 1.4225. Currently, the pair is making a rebound above the 200 SMA at the H1 chart and it's expected to resume the bullish bias in order to go towards the next target at 1.4269. To the downside, the critical support lies at 1.4061. MACD indicator remains in the negative territory, favoring to the bears in the short-term.

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H1 chart's resistance levels: 1.4225 / 1.4269

H1 chart's support levels: 1.4136 / 1.4061

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 1.4225, take profit is at 1.4269 and stop loss is at 1.4185.The material has been provided by InstaForex Company - www.instaforex.com

BITCOIN Analysis for March 27, 2018

Bitcoin has been quite impulsive during the bearish trend and sank below $8,500 from where the price is expected to proceed lower in the nearest days. The market found out positive comments on bitcoin from the Twitter and Square CEO who stated that bitcoin is going to be the only currency people will use. The positive statement made an impact on the most popular cryptocurrency, producing some bullish pressure today. However, the overall bearish bias is strong, so further bearish pressure is expected with certain corrections and retracement along the way. As for the current scenario, Bitcoin is expected to head lower towards $7,500 price area. Later if the bearish pressure persists, $5,500 would be next support for the price. But currently, certain corrections are expected before the price breaks below $7,500.

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

Fundamental Analysis of EUR/JPY for March 27, 2018

EUR/JPY has been extremely volatile recently having an impulsive bullish candle of 200 pips yesterday within a strong bearish trend which is expected to continue further. Today, the eurozone released a series of downbeat economic reports which helped JPY to gain momentum. Today, German Import Prices report was published with a decrease to -0.6% from the previous value of 0.5% which was expected to be at -0.3%, Spanish Flash CPI failed to meet the expectation of an increase to 1.5% from the previous value of 1.1% whereas resulted at 1.2%, M3 Money Supply decrease to 4.2% from the previous value of 4.5% which was expected to increase to 4.6% and Private Loans was published unchanged at 2.9% which was expected to increase to 3.0%. On the other hand, today Japan's SPPI report was published with a slight decrease to 0.6% which was expected to be unchanged at 0.7% and BOJ Core CPI report was published unchanged at 0.8% which was expected to decrease to 0.7%. The economic reports from Japan did not provide a significant positive push to the currency but they were better than the data from the eurozone that resulted in impulsive bearish pressure in the market. So trading sentiment shifted towards selling. As for the current scenario, JPY is expected to gain more momentum in the coming days against EUR whereas EUR may struggle to sustain its lead.

Now let us look at the technical view. The price has rejected the bulls off the 131.50 price area today amid impulsive bullish pressure of 200 pips yesterday. The pair is still quite volatile but the bearish trend seems strong enough to stop the bulls from creating further higher highs in the process. As the price remains below 131.50 with a daily close, further bearish pressure is expected to continue.

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

Fundamental analysis of GBP/USD for March 27, 2018

GBPUSD has been quite impulsive with the bearish gains recently which is expected to push the price much lower towards 1.3850-1.3950 support area in the coming days. Ahead of the upcoming GBP Current Account report which is expected to show a deficit of -23.7B from the previous figure of -22.8B and the Final GDP report which is expected to be unchanged at 0.4% this week, certain volatility is being observed in the market already. Today there were no economic reports or events on the GBP side, but on the USD side the S&P/CS Composite 20-HPI report was recently published which showed an increase to 6.4% on the expectation of unchanged value of 6.3%. Additionally, today the CB Consumer Confidence report is going to be published which is expected to increase to 131.2 from the previous figure of 130.8. Besides, the Richmond Manufacturing Index report is expected to decrease to 23 from the previous figure of 28 and FOMC Member Bostic is going to speak today which is expected to be quite neutral in nature. As of the current scenario, the market is expected to continue its correction and volatility throughout this week whereas USD is expected to gain some momentum against GBP ahead of the Current Account economic report to be published on Thursday. If the Thursday economic reports fail to meet the forecast, further bearish pressure is expected in this pair.

Now let us look at the technical view. The price is currently quite bearish in nature residing below the dynamic level of 20 EMA, having Bearish Divergence in place. The price is currently residing just above the important event level of 1.4060 from where, if it is broken below, further bearish momentum is expected to continue with target towards the support area of 1.3850-1.3950. As the price remains below 1.4250 resistance area, the bearish bias is expected to continue further.

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