March 14, 2019 : GBP/USD demonstrating hesitation around the Weekly high 1.3250.

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On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend line managed to push price towards 1.3200 before the GBP/USD pair came to meet the uptrend again around 1.2775 on February 14.

Another bullish wave was demonstrated towards 1.3350 before the current bearish pullback was demonstrated towards the uptrend again.

A weekly gap pushed the pair slightly below the trend line (almost reaching 1.2960). However, significant bullish recovery was demonstrated On Monday rendering the mentioned bearish gap as a false bearish breakout.

Moreover, a short-term bearish channel was broken to the upside following the mentioned bullish recovery on Monday rendering the current outlook for the pair as bullish.

As expected, bullish persistence above 1.3060 allowed the GBP/USD pair to pursue the bullish momentum towards 1.3130 then 1.3200.

For the current bullish outlook to remain valid, bullish persistence above 1.3200 (61.8% Fibonacci expansion level) is mandatory. Otherwise, the current bullish scenario would be invalidated.

Moreover, bullish persistence above 1.3265 (78.6% Fibonacci expansion level) and 1.3333 (100% Fibonacci expansion level) is needed to pursue towards next bullish target around 1.3530 (161% Fibonacci expansion level).

On the other hand, bearish breakout below 1.3170 (50% Fibonacci Exp. level) invalidates this bullish setup rendering the short-term outlook bearish towards 1.3070-1.3050 where the depicted uptrend line comes to meet the GBP/USD pair.

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Analysis of the divergence of EUR / USD for March 14. Euro currency showing stable growth

4h

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The EUR / USD pair on the 4-hour chart completed closing above the correction level of 76.4% - 1.1299. The bearish divergence is canceled, and the growth process can be continued on March 14 in the direction of the correctional level of 61.8% - 1.1351. Rebounding the pair's quotes from the Fibo level of 61.8% will allow traders to expect a reversal in favor of the American currency and a slight drop in the direction of the correction level of 76.4%. Closing the pair below 76.4% will similarly work in favor of the US dollar and the beginning of the fall.

The Fibo grid was built on extremes from November 12, 2018, and January 10, 2019.

Daily

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On the 24-hour chart, the pair reversed in favor of the European currency and closed above the correction level of 127.2% - 1.1285. As a result, the growth process can be continued in the direction of the next Fibo level of 100.0% - 1.1553. The ripening divergences today are not observed in any indicator. Fixing quotations below the Fibo level of 127.2% can be interpreted as a reversal in favor of the US currency and expect a resumption of the fall in the direction of the correction level of 161.8% - 1.0941.

The Fibo grid is built on extremums from November 7, 2017, and February 16, 2018.

Recommendations to traders:

Purchases of the EUR / USD pair can be made now with the goal of 1.1351, as the pair completed closing above the level of 1.1299, and a Stop Loss order under the correction level of 76.4%.

Sales of the EUR / USD pair can be made with the target of 1.1216 if the pair closes below the level of 1.1299, and a Stop Loss order above the Fibo level of 76.4%.

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Analysis of the divergence of GBP / USD for March 14. Strong growth of the pound was interrupted by two divergences at once

4h

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The pair GBP / USD on the 4-hour chart completed a return to the correctional level of 100.0% - 1.3300. A bearish divergence was formed in the CCI indicator, which allows traders to count on a turn in favor of the American dollar and a slight drop in the direction of the correction level of 76.4% - 1.3094, and also increases the rebound probability from the Fibo level 100.0% - 1.3300. Closing the pair above the peak of the divergence and the level of 100.0% will increase the likelihood of further growth of quotations in the direction of the next correction level of 127.2% - 1.3530.

The Fibo grid is built on extremums from September 20, 2018, and January 3, 2019.

1h

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On the hourly chart, the pair completed growth to the correction level of 100.0% - 1.3349 on the new Fibo grid, bounce back and turn in favor of the American currency, falling and closing below the Fibo level of 76.4% - 1.3257. As a result, on March 14, the process of falling quotations can be continued in the direction of the correctional level of 61.8% - 1.3202. The bearish divergence of the MACD indicator increases the pair's chances of continuing the fall. Closing the rate of the pair above the Fibo level of 76.4% will work in favor of the British currency and the resumption of growth in the direction of the correction level of 100.0%.

The Fibo grid is built on extremes from February 14, 2019, and February 27, 2019.

Recommendations to traders:

New purchases of the GBP / USD pair can be made with the target of 1.3349 and a Stop Loss order below the level of 76.4% if the pair closes above the level of 1.3357 (hourly chart).

Sales of the GBP / USD pair can be carried out now with a target of 1.3202 and a Stop Loss order above the level of 76.4%, as the pair completed closing at 1.3357 (hourly chart).

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Simplified Wave Analysis. Overview of Silver for the week of March 14

Large TF:

In the main downward wave of the instrument since April of last year, the oncoming wave of correction has been developing. Wave analysis indicates the formation of the middle part (B).

Small TF:

The bearish wave of January 4th develops as a stretched plane. The wave has a complete structure. The ascending segment of March 7 has a high wave level and may become the first part of the reversal pattern.

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Forecast and recommendations:

The downward trend of recent weeks may be replaced by the growth rate of the course in the current month. Potential turn down almost exhausted. Traders are advised to change the vector of trading operations and start tracking reversal signals to search for entry into "long" deals.

Resistance zones:

- 16.20 / 16.50

Support areas:

- 14.80 / 14.50

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.

Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from your trading systems!

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

Simplified Wave Analysis. Overview of GBP / JPY for the week of March 14

Large TF:

By the totality of signs, the downward wave dominating all of last year ended, giving way to a new ascending phase in the weekly scale model.

Small TF:

The bullish wave of January 3 is developing in a pulse pattern. The first 2 parts are formed in its structure. The correction has the form of a hidden, irregularly shaped structure, which ended on March 11. Then the final part (C) began to form.

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Forecast and recommendations:

Before further breakthrough, the probability of a short-term retracement is high. Given the general impulsive nature of the movement, a further decrease than the calculated zone is unlikely. It is recommended to pay attention to the pair buy signals.

Resistance zones:

- 149.40 / 149.90

Support areas:

- 145.70 / 145.20

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.

Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from your trading systems!

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

Simplified Wave Analysis. Overview of AUD / USD for the week of March 14

Large TF:

For the past year, the price of the Australian major has moved down. Analysis of the trend wave shows that the price growth of recent months should take the place of correction in the structure.

Small TF:

The bullish wave started on January 3. The wave has a reversal potential. To date, it is nearing completion of the middle part of the structure (B). A preliminary zone of probable completion has been reached, but no change in heading signals has yet been formed.

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Forecast and recommendations:

The period of flat lull may be replaced by the beginning of the price increase already in the coming week. Until the end of the month, a general uptrend is expected, which supporters of the "bullish" strategy can use. Before opening buy orders, you must wait for confirming signals from the market.

Resistance zones:

- 0.7340 / 0.7390

- 0.7180 / 0.7230

Support areas:

- 0.7050 / 0.7000

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.

Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from your trading systems!

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

Technical analysis of USD/CHF for March 14, 2019

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Overview: The USD/CHF pair continues to move downwards from the level of 1.0090, which represents the double top on the H1 chart. Last week, the pair dropped from the level of 1.0125 to the bottom around 1.0060. Today, the first resistance level is seen at 0.9980 followed by 1.0090, while daily support is seen at the levels of 0.9940 and 0.9891. According to the previous events, the USD/CHF pair is still trapping between the levels of 0.9980 and 0.9891. Hence, we expect a range of 89 pips in the coming hours. The first resistance stands at 0.9980, for that if the USD/CHF pair fails to break through the resistance level of 0.9980, the market will decline further to 0.9891. This would suggest a bearish market, because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9891 in order to test the second support (0.9838). On the contrary, if a breakout takes place at the resistance level of 1.0155, this scenario may become invalidated.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for March 14, 2019

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Overview:

The EUR/USD pair below around the weekly pivot point (1.1393). It continued to move downwards from the level of 1.1393 to the bottom around 1.1335. Today, the first resistance level is seen at 1.1393 followed by 1.1426, while daily support 1 is seen at 1.1335. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1393. So it will be good to sell at 1.1393 with the first target of 1.1335. It will also call for a downtrend in order to continue towards 1.1294. The strong daily support is seen at the 1.1254 level. According to the previous events, we expect the EUR/USD pair to trade between 1.1393 and 1.1254 in coming hours. The price area of 1.1393 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.1393 is not broken. On the contrary, in case a reversal takes place and the EUR/USD pair breaks through the resistance level of 1.1393, then a stop loss should be placed at 1.1453.

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Wave analysis of GBP / USD for March 14. The last parliamentary vote

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Wave counting analysis:

On March 13, the GBP / USD pair rose by 250 bp, which resulted from two votes gained from the UK parliament. First, the parliament rejected the agreement reached by Theresa May with the European Union, and then followed by the variant of the "tough" Brexit scenario. It is difficult to call such a reaction of the market logical, but absolutely all traders expected strong movements in the instrument. Yesterday, these movements led for a need to clarify the current wave marking. Today, another parliamentary vote will be held on postponing the exit from the EU, and thus, the couple might end up with strong movements in different directions. So far, based on the wave pattern, we can expect an increase in the pair within wave c in Y.

Shopping goals:

1.3350 - 100.0% Fibonacci

1.3454 - 127.2% Fibonacci

Sales targets:

1.2961 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern is changed and now involves the construction of an upward wave with targets located near the calculated marks of 1.3350 and 1.3454, which corresponds to 100.0% and 127.2% Fibonacci. However, after today's vote in the British Parliament, strong movements of the instrument can be observed, which can lead for the need to clarify on the wave marking.

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GBP / USD: British racing continues, the Brexit saga does not end

On the eve of the deputies of the House of Commons, they voted against the UK withdrawal from the EU without an agreement.

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After the British parliamentarians virtually eliminated the "hard" version of Brexit, the pound sterling rate first jumped sharply against the dollar but then returned to its original positions.

Apparently, market participants were inclined to expect such a decision by lawmakers and the pound became hostage to the "buy on rumor and sell on the facts" strategy and feeling the effect of profit taking.

Now, the pound is again trying to strengthen against the dollar.

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Today, British lawmakers are to vote for the postponement of the date Brexit, scheduled for March 29.

As for Prime Minister Theresa May, she still intends to fight for her version of the deal and next week there will probably be a third attempt to conduct it through the House of Commons. The head of government has already said that if the deal cannot be agreed by March 20 on the eve of the next EU summit), then it will be necessary to extend Article 50 of the Lisbon Treaty for a longer period.

It is possible that Theresa May's warning about a long delay is a kind of tactical move aimed at convincing the Brexit supporters from the Conservative Party and their allies in the Democratic Unionist Party to support the deal before it is too late.

"The clarity about what is actually happening around Brexit, was not much more than yesterday," said Westpac currency strategists.

"The most likely scenarios are the passage of a deal promoted by Teresa May through parliament in the future or a new referendum. Which of these two scenarios is being implemented - it will become clear already this week, "experts told ABN Amro.

Goldman Sachs experts believe that the extension of the Brexit deadline will be good news for the pound because it will create the conditions for maintaining close relations between the UK and the EU.

"We expect a rally of pounds to 3-year highs if the Brexit postponement step opens the door to softer results, which include joining a customs union, membership in a single market or a repeated referendum, although there are still risks including a growing likelihood general election" they said.

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Dollar predictably rebounded but sterling seems to have finished its big rally

The dollar rebounded from a nine-day low as expected due to a sharp drop in the pound after rising against the background of a positive against Brexit. It sank when the pound jumped more than 2 percent after British lawmakers voted against withdrawing from the EU without a deal. However, later the "American" was able to compensate for the losses and even rose against the yen by 0.35 percent to 111.53 yen, after losing 0.2 percent a day before. On the contrary, the pound slightly rolled back after steep growth in the previous session. Currently, the market wants to know how the process of transferring the UK's exit date from the EU will go and get an idea of the exact date, while it is expected that the British legislators will vote today for the transfer of Brexit scheduled for March 29.

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The Australian dollar continued to give up its position and apparently not be able to find reliable support in the near future. The currency lost 0.35 percent, dropping to $ 0.7068, due to a sharp decline in domestic bond yields and the largely weak economic data of China, which is Australia's main trading partner. Industrial output growth in China fell to the slowest rate in 17 years in January-February, although investments in fixed assets and retail sales in the world's second-largest economy were stronger than expected.

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Wave analysis of EUR / USD for March 14. Correctional rollback within wave b?

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Wave counting analysis:

On Wednesday, March 13, trading ended for EUR / USD by another 40 bp increase. Thus, the tool continues to build the estimated wave of a new uptrend. However, there was an unsuccessful attempt to break through the level of 38.2% in the older Fibonacci grid which suggests that the pair is ready for the quotes to depart from the maximums reached or to build a correctional wave b. At the same time, a breakthrough of the level of 1.1326 will indicate that the pair is ready to continue raising quotes. The news background for the couple remains neutral, as there is simply no news right now.

Sales targets:

1.1269 - 38.2% Fibonacci (small grid)

1,1234 - 23.6% Fibonacci (small grid)

Shopping goals:

1.1326 - 61.8% Fibonacci

1.1362 - 76.4% Fibonacci

General conclusions and trading recommendations:

The pair presumably continues to build the first wave of the new trend segment. Now, I recommend waiting for the breakout of the mark of 1.1326 and buying a pair with targets located near the mark of 1.1362. Also, I recommend to increase purchases near the minima of wave b, the probability of the start of construction of which is now also available.

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Brexit: Show Must Go On

In recent days, traders of the GBP/USD currency pair begins not with coffee in the morning but with an examination of the operational situation around Brexit. The situation is changing with kaleidoscopic speed, as well as the mood of the markets. Yesterday evening, the pair grew rapidly, climbing to the 34th figure and renewing the annual maximums but the pound lost ground already during the Asian session and loosened the bullish grip. To this morning, the situation has changed again and the Briton is recovering. Buyers again provoke strong volatility in response to rumors appearing yesterday.

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We are talking about an article in one of the most influential British newspapers. According to this publication, the postponement of Brexit will only increase the likelihood of Britain leaving the EU without a deal. The fact is that yesterday's vote only reflects the intentions of the parliament, but is not binding. Therefore, the "hard" Brexit is still possible, which is very likely. According to journalists, Brussels is very categorically disposed towards further relations with London with no negotiations and not ending. Moreover, according to the European newspapers report, the European Union is currently developing penalties for Britain as compensation for accepting a postponement of Brexit. Brussels can raise the cost of leaving the European Union to 39 billion pounds equivalent to 45 billion dollars for the very fact of the transfer of the "x-hour". Against the background of such prospects, yesterday there was information on the market that Theresa May is preparing a second, third in a row, vote for a draft deal with the EU. According to unofficial data, the prime minister holds closed meetings with the most influential conservatives, trying to convince them to vote for the agreement.

The unexpected uncertainty put pressure on the pound, although this pressure was rather limited. At the end of the Asian session, the GBP/USD pair did not leave the frame of 32 figures, departing only from the price maximum of this year at1.3379. But in general, optimism quickly changed to alertness since the problem of negotiation deadlock, by and large, did not disappear anywhere. The results of yesterday's voting are also alarming where the numerical superiority of opponents of the "hard" Brexit over the supporters of the chaotic divorce from the European Union was minimal with a "gap" of only four votes. Although, according to some British political scientists, this fact should be considered from the point of view that the parliamentary decision was of a recommended nature. Therefore, such a large number of votes cast for the "hard" Brexit, testifies rather to the attitude of these deputies to the activities of Theresa May. If parliament really put an end to the dilemma of "with or without a deal", the picture of the vote would have been different, at least many experts are sure of it.

Also, note one important nuance. The Cabinet of Ministers introduced to the vote a bill proposing to exclude the possibility of exit without a deal only on March 29. However, the deputies voted for the amendment, which prohibits the "hard" Brexit at all ever. The adopted rule does not have the force of direct action that is, hypothetically, the government can act in its own way but the reality of political relations in Britain such that the cabinet of ministers is unlikely to ignore the opinion of the parliamentary majority.

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In my opinion, the GBP/USD pair still has the potential for further growth which in both cases of postponement of Brexit and especially in the case of repeated voting for the rejected draft of the transaction. The initial reaction of the British currency in both cases will be positive, while the medium and long-term prospects of the pound depending on further actions of Brussels. It is worth recalling that, since the previous vote May was able to "win over" 40 conservatives to their side, who voted against the deal in January. Seventy-five (75) representatives of the Tories did not change their opinions and apparently, the British Prime Minister is negotiating with the "internal opposition."

Thus, the "operational environment" around Brexit now looks like this. Today, the deputies are likely to agree to postpone the date of the country's withdrawal from the EU based on the preliminary data on June 30. At the same time, Theresa May will again submit a draft deal to parliament with the vote to take place on March 20, according to press information. If the House of Commons fails for the third time, Brussels will insist on a longer transfer of Brexit either until the end of next year or until mid-2021. According to British ministers, such intentions are supported by Theresa May. Moreover, she allegedly warned the Conservatives that the country would remain "in a swamp of uncertainty" for a few more years if they did not support the agreement for the third time.

By and large, all of the above scenarios eliminate the "hard" Brexit, which means that the GBP/USD pair has the potential to test the price highs of this year again.

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

Trading recommendations for the currency pair GBPUSD - placement of trading orders (March 14)

For the third day in a row, the currency pair Pound / Dollar pleases speculators with mega-volatility, having 318 points of progress yesterday! From the point of view of technical analysis, it is quite difficult to explain everything that is happening, the only thing that can be noticed is that the quote has an amplitude between two strong range levels of 1.3000 and 1.3300. Information background around the head, is now orderly placed. As expected, yesterday's vote in the British Parliament voted against the country's withdrawal from the EU without a deal with Brussels. This news is positively played on the English currency in the form of an upward rally. In turn, Theresa May partially lost control of the British Cabinet, as evidently shown by the voting results in the House of Commons for the country's withdrawal from the European Union without a deal.

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Since the next vote in the UK parliament is expected, the "circus tent" will continue to please the speculators for today. Regarding the postponement of the country's withdrawal from the EU, the expected postponement is until June 30, whereas the initial date was March 29. This news, of course, will positively affect the English currency. Of course, in the event of a delay, there is an assumption that the last vote (March 13) and its subsequent impulse movement has taken into account the current vote (March 14). However, it is still not necessary to exclude increased volatility.

Further development

Analyzing the current trading chart, we see impulse candles, where the quotation for time has reached the value of 1.3379. After which, it is logical to roll back below the level of 1.3300. Probably, it is safe to assume a temporary wagging within the level of 1.3300, and then we look at the market reaction to the postponement. Traders still do not exclude that, the pound will still be able to stretch upward, as shown on the information background. But, after that, they will expect a bold correction.

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Based on the available data, it is possible to decompose a number of variations, let's consider them:

- Consider buy positions in the case of leveling and fixing higher than 1.3330, with a prospect of 1.3400.

- Consider positions for sale tomorrow, well, or at least by the end of the day, when we will see how the quote behaves. Nobody excludes selling positions. They are even waiting. There remains a very strong overheating. Meanwhile, there is nothing good in Britain except that all the problems remained. Now, we have just speculative positions.

Indicator Analysis

Analyzing a different sector of timeframes (TF ), we see that in the short, intraday and medium term indicators are upturned due to impulse leaps.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, with the calculation for the Month / Quarter / Year.

(March 14, was based on the time of publication of the article)

The current time volatility is 85 points, which is not a low value for a given time segment. It is likely to assume that due to the hype on the information background, volatility will remain at a high level.

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Key levels

Zones of resistance: 1.3300 **; 1.3440; 1.3580 *; 1.3700

Support areas: 1,3200 *; 1.3130 *; 1.3000 ** (1.3000 / 1.3050); 1.2920 *; 1.2770 (1.2720 / 1.2770) **; 1.2620; 1.2500 *; 1.2350 **.

* Periodic level

** Range Level

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Growth of Sterling may continue

Investors are still watching the situation around Brexit with great attention. The day before a vote in the British Parliament, it was decided not to leave the EU without a deal, which strongly supported the pound sterling rate.

As expected, the British parliamentarians voted to solve the problem of the country's withdrawal from the European Union only through the conclusion of an agreement that affects a number of economic and political problems, including the dispute over the border with Northern Ireland. Today, there will also be a vote on the postponement of the Brexit problem for two months, which can also become the basis for the next local growth of the British currency.

What can lead the decision to delay the Brexit? In our opinion, if for more than two years the Cabinet Minister, Theresa May, did not manage to advance in this matter from a favorable point of view for Britain, can the two-month delay completely close this question? We doubt it. Europeans are going to meet the British but somehow not too optimistic for the latter, where in fact, it delayed the resolution of this issue in time. As we can see, the ruling circles in London, realizing that the EU is unlikely to allow them to decide. With this problem, the first wants the decision to postpone can smoothly proceed to the subsequent desire to hold a new Brexit referendum on which the desire of opponents to exit the country and stay in the EU.

It can be assumed that this scenario can be implemented, and then we should expect continued growth of the sterling exchange rate to levels since its decline that started after the 2016 referendum. As for the probable dynamics of the pound today, according to the results of voting in parliament where a decision on deferment will be made with a high probability, she may again be supported as has already been indicated above.

Forecast of the day:

The GBP/USD pair remains in the range of 1.2960-1.3115. If a decision is made to postpone Brexit, the pair may break the mark of 1.3315 and rush to 1.3400. At the same time, if this does not happen or the market decides that this delay does not bring anything positive to the British side in negotiations with the EU, the pair may fall to 1.3100 and further below the level of 1.3230.

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The USD/CAD pair trades below 1.3315 in the wake of rising crude oil prices and the weakness of the US dollar. If the rise in oil prices continues and the pair holds below the level of 1.3315, there is a chance that its decline will continue to 1.3230.

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Burning Forecast 03/14//2019

The pound, followed by the euro, experienced a period of growth on the news on Brexit. The British Parliament rejected the agreement with the EU for the last time on March 12, and on March 13 voted against Britain's withdrawal from the EU without a deal. Today, March 14, the Parliament will vote on the issue of postponing Brexit-for a long time-and, very likely, this option will be adopted.

As a result, Brexit will be postponed for a long time - and this is a positive for the markets.

The EURUSD completely blocked the growth of the fall, which followed the ECB's decision to launch a new liquidity injection cycle. Now, an attempt at an upward trend looks more likely - but for now we have a return to the range.

We are ready to take a position on the trend when you exit the range:

We are ready to buy the euro at a breakthrough of 1.1425.

We are ready to sell the euro at a break of 1.1175 downwards.

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Indicator analysis. Daily review for March 14, 2019 for the pair GBP / USD

Trend analysis (Fig. 1).

On Thursday, there is a high probability of an upward movement. The first upper target 1.3432 is the resistance line of the ascending channel (yellow thin line).

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Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger lines - up;

- weekly schedule - up.

General conclusion:

On Thursday, there is a high probability of an upward movement. The first upper target 1.3432 is the resistance line of the ascending channel (yellow thin line).

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GBP/USD: plan for the European session on March 14. The British Parliament voted against a Brexit without a deal

To open long positions on GBP/USD you need:

Yesterday, the British Parliament voted against the Brexit scenario without a deal, which led to the pound's growth. A vote on the extension of the exit from the EU will be made today. You need to be very careful with long positions on the pound. Buyers need a breakthrough and consolidation above the level of 1.3286, which will lead to growth in the area of a high of 1.3329, where I recommend taking profits. The main task of the bulls will be the test of resistance of 1.3375, which will increase the chance for a continuation of the uptrend. However, a more optimal buying scenario would be a correction of the pound to the support area of 1.3216 and 1.3155.

To open short positions on GBP/USD you need:

Bears will emerge from the resistance level of 1.3286, or you can open short positions immediately to rebound from a high of 1.3329. Sellers will try to return the pair to the support of 1.3216, at the first test of which a good upward rebound will occur. However, when GBP/USD falls again to this level, you can increase short positions in order to update the low of 1.3155, where I recommend taking profits.

Indicator signals:

Moving averages

Trading takes place above the 30-day and 50-day moving averages, but with current volatility, this is not a signal to buy.

Bollinger bands

If the pound falls, support will be provided by the lower limit of the Bollinger Bands indicator around 1.3155. An upward trend will limit the upper limit of the indicator in the area of 1.3329, where you can open short positions immediately to a rebound.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
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EUR/USD: plan for the European session on March 14. Demand for the euro slowed down significantly in the area of resistance

To open long positions on EURUSD you need:

Euro buyers should be careful as the uptrend slows down. It is best to return to long positions after a correction and the formation of a false breakdown in the support area of 1.1303 or to rebound from a low of 1.1278. Good inflation data in Germany and Italy can support the euro, which will lead to the test of resistance of 1.1338, but I do not recommend you to buy the breakdown there, since it is possible to form a divergence on the MACD indicator, which will limit the upward potential. A second test and consolidation above 1.1338 by the second half of the day will be a signal to buy with a target of 1.1368 and 1.1405.

To open short positions on EUR USD it is required:

Bears will count on another unsuccessful attempt to break the resistance of 1.1338, with the formation of divergence on the MACD indicator, which can lead to a downward correction to the area of 1.1303 and 1.1278, where I recommend taking profit. In case of good inflation data in Germany and Italy, the growth of EUR/USD may continue, in this scenario, it is best to return to short positions against the trend by rebounding from a high of 1.1368.

Indicator signals:

Moving averages

As long as trading is above the 30-day and 50-day moving averages, the demand for the euro will continue.

Bollinger Bands

The growth of the euro may be limited by the upper border of the Bollinger Bands indicator in the area of 1.1338, while the breakthrough of the lower border of the indicator in the area of 1.1295 will be a signal to sell the euro.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: fast EMA 12, slow EMA 26, SMA 9
  • Bollinger Bands 20
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis for EUR/USD for March 14, 2019

EUR/USD is inside the major resistance area and at the important Fibonacci 61.8% retracement level. Besides, the pair is now at a possible reversal area. As long as it holds above 1.13, then chances for a move towards 1.1390 are high.

analytics5c8a087a28713.png

Red line - major resistance trend line

Green line - support trend line

Orange rectangle - resistance area

Blue line - RSI support trend line

EUR/USD is trading at the top of our resistance area and at the 61.8% Fibonacci retracement level. This is an important resistance. The support is at 1.13-1.1290 and the next one is at 1.1240. Bears need to see a reversal from the current levels and start a new sequence of lower lows and lower highs that will eventually break 1.1240 for a move towards 1.11. Bulls, on the other hand, need to break above the red major trend line resistance in order to be more confident of a medium-term trend change to bullish and a possible move towards 1.17. The RSI is holding above its support trend line and has still not entered overbought levels. Medium-term trend remains bearish and I continue to consider the bounce as a selling opportunity as long as the price is below the red trend line.

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Indicator analysis. Daily review for March 14, 2019 for the pair EUR / USD

Trend analysis (Fig. 1).

On Thursday, the price may roll back down (the last three white candles on the falling volumes are very strong signals down the candlestick analysis). The first lower target of 1.1301 is the pullback level of 23.6% (yellow dotted line).

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Fig. 1 (daily schedule).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger lines - down;

- weekly schedule - up.

General conclusion:

On Thursday, the price may roll back down (the last three candles are white and fit into the body of the last black candle - a very strong signal down the candlestick analysis). The first lower target of 1.1301 is the pullback level of 23.6% (yellow dotted line).

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Technical analysis for Gold for March 14, 2019

Gold price has reached as high as $1,311 and is now pulling back towards $1,300. Short-term trend remains bullish as long as price is above $1,300 and inside the bullish short-term channel. Gold price is likely to move downwards to $1,250-60, and a break below $1,300 would increase the chances of this scenario coming true.

analytics5c8a06bdf3a9c.png

Blue lines - bullish short-term channel

Red line - RSI trend line support

Gold price bounced as expected towards $1,300-$1,310 area which was our initial target area for a bounce. Price remains inside the bullish channel where support is at $1,300. Price has reached the 38% Fibonacci retracement and marginally crossed above it closer to the 50% retracement. Price has reversed and the RSI is breaking below the red support trend line. This is a bearish sign. If this break of the RSI support is combined with a drop of price below $1,300, we could see another strong selling wave that would push gold price towards $1,250.

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Fundamental analysis of AUD/JPY for March 14, 2019

AUD/JPY has been quite volatile and indecisive inside the corrective range between 77.50 and 80.00 area for a few weeks. Now it is expected to consolidate further with certain bearish pressure in the coming days.

AUD has been struggling to gain definite momentum over JPY which has been struggling as well with ultra-loose monetary policy and the BOJ's indecision. The Australian consumer and employment data that provided mixed results is expected to influence the interest rate policy of the RBA. As of the recent impacts, certain rate cuts by the central bank can be seen if the situation does not improve. AUD, struggling with the worse economic reports, managed to sustain momentum over USD which indicates certain possibilities of further upward momentum in the coming days. Recently, Australian Home Loans report was published with a decrease to -2.6% from the previous value of -6.0% which failed to meet the expectation of -2.0%. Furthermore, the NAB Business Confidence also decreased to 2 from the previous figure of 4 and the Westpac Consumer Sentiment plunged to -4.8% from the previous value of 4.3%. Today, the MI Inflation Expectations report was published with an increase to 4.1% from the previous value of 3.7% which has not quite helped the Australian dollar to push higher against USD so far. A fall in the Australian stock market and housing market is expected to impact the overall gains of AUD in the process whereas USD is expected to regain momentum in the coming days.

On the other hand, Japan's government is considering a slight downgrade of the economy in its March monthly report as exports and factory output fell drastically due to a decrease in demand from China. Previously, the government was quite optimistic, believing that the economy was recovering. However, the weak data on corporate sentiment, capital expenditure and exports lead to a change of view on the economy. The Japanese government is currently looking for ways to reach the peak in the long-run perspective.

As of the current scenario, AUD/JPY is expected to consolidate further in the process as both currencies in the pair has been struggling with worse economic conditions. Japan has ultra-loose monetary policy while Australia is at the verge or rate cuts. It may lead to further weakness which might result in certain gains on the JPY side in the process.

Now let us look at the technical view. The price is currently residing above 78.50 area while forming a Bearish Hidden Divergence along the way. The price is currently indecisive and volatile. A break below 78.50 is expected to push the price lower towards 77.50 and later towards 75.00-50 support area in the coming days.

analytics5c89e061ef791.png

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Bitcoin Elliott Wave analysis for 14/03/2019

Technical Market Overview:

The BTC/USD pair is at a very interesting place right now. The price will either bounce back up from the trendline support around the level of $3,901 or the price will break through the trendline and will move lower. The next target for this wave is seen at the level of $3,813, but this is not the final target as the wave (c) should easily move below the bottom of the wave (a) located at the level of $3,724. The bearish bias continues and the momentum supports the negative outlook.

Weekly Pivot Points:

WR3 - $4,374

WR2 - $4,179

WR1 - $4,091

Weekly Pivot - $3,907

WS1 - $3,816

WS2 - $3,625

WS3 - $3,539

Trading Recommendations:

Please keep an eye on the market reaction to the trendline test and trade accordingly. The protective stop-loss orders for the long-term traders should be placed at $4,010 level as any violation of this level will invalidate the short-term bearish outlook. The short-term traders or daytraders should place the protective stop-loss orders above the level of $3,951 if they are on the sell side of the market. The potential wave (c) should be a form of an impulsive wave, so it will be a sudden and quick wave down (it even might be a spike down), so please be prepared.

analytics5c8a00465b678.jpg

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Brexit postponed: markets grow, risks decrease

Producer prices in the US rose by 0.1% in February against the forecast of 0.2%. On an annualized basis, the growth also turned out to be slightly weaker and amounted to 2.5% instead of the predicted 2.6%. Some slowdown in the growth of inflation does not worry investors, who are in high consumer demand, since wage growth rates remain high. Yield of 5-year bonds TIPS resumed growth, however, there was no response to the slowdown in inflation in February.

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EURUSD

By Wednesday evening, the euro rose after it became clear that the UK is not ready to leave the EU without an agreement. Speaking at the European Parliament, EU chief negotiator Michel Barnier noted that the risks of parting Britain with the EU without an agreement have increased, even if they don't want it on the islands, because the exit can happen unintentionally. Nevertheless, according to Barnier, Europe is ready for such a scenario.

Investors, on the other hand, seems to be not quite sure of such readiness.The demand for bonds is growing as there are more and more rumors about the ECB's readiness to follow the Japanese scenario. For 5 years, the Central Bank of Japan pursued a policy of stimulation, which did not give any positive result. Japan's budget deficit is also closed by issuing bonds, which are disciplined by banks to buy out without hope of ever getting their money back. The target of 2% for inflation has never been achieved, and, as it turned out, the number of economists is waiting for a new wave of quantitative easing, i.e. growth of the monetary base.

Moreover, the volume of industrial production in the eurozone rose by 1.4% in January compared to December. The result slightly exceeded forecasts, on an annualized basis, the decline slowed down from -4.2% to -1.1%. At the same time, it should be noted that the Eurozone locomotive Germany is still unable to get out of the negative zone, in which the decline was 3.4% in January.

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Other than the previously announced TLTRO, the introduction by the ECB of any additional incentive measures can break bullish scenarios. his is the second danger, along with Brexit, which may prevent the euro from continuing recovery. . On Thursday, EURUSD is likely to remain in the sideways range. Since there are no reasons for the update of 1.1338, support will be in the zone of 1.1285 / 95.

GBPUSD

The Ministry of Finance of Great Britain expects GDP to grow by 1.2% in 2019 instead of the previously projected 1.6%. Additionally, both GDP growth and the likely reduction in the budget deficit can only show forecast figures if the UK exits from the EU within the framework of an approved agreement.

Probably, Hammond's words served as the factor that allowed the British parliamentarians to reject the option of leaving the EU without an agreement by a margin of only 4 votes yesterday.The pound immediately updated the highs since July 2018, as it became clear that the British authorities intend to seek a civilized solution to withdraw from the EU. Scenarios in which Brexit will take place without any agreement, will lead to the strongest economic blow to London. The main of which is the probability of losing the status as the financial capital of the world.

Today will be the third and final vote, which with the most probability to approve an attempt to extend the effect of Article 50 of the Lisbon Treaty with a corresponding appeal to the EU. In any case, Europe is also not interested in breaking ties without an agreement and finding a compromise. Thus, it will be on the agenda once again, which will add points to the pound.

Also today, the pound's mood is bullish. After the vote, we can expect an update of the maximum of 1.3381 and an attempt to substantiate the direction of movement to 1.37 in the medium term, but most likely, it is going to the side range. For the pound, the main threat is leaving, but economic realities remain unchanged, and the macroeconomic growth driver is still absent.

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Ethereum Elliott Wave analysis for 14/03/2019

Ethereum Elliott Wave analysis for 14/03/2019

One more leg down needed to complete the wave X

Technical Market Overview:

The Elliott wave scenario has been updated and the wave X at the ETH/USD market might be still unfolding into a more complex and time-consuming pattern because bulls were not able to break through the technical resistance zone located between the levels of 139.63 - 142.22. The current most probable pattern is a Double Three corrective cycle, which needs one more wave to the downside in order to complete the cycle. The first target for this wave is seen at the level of 125.20 and below at 121.92.

Weekly Pivot Points:

WR3 - 160.89

WR2 - 150.37

WR1 - 143.35

Weekly Pivot - 132.11

WS1 - 124.46

WS2 - 114.39

WS3 - 108.32

Trading Recommendations:

All previous sell orders have hit the first and the second target.

Not much changed since yesterday: only sell orders should be open as close as possible to the level of 133.00 The protective stop-loss orders should be placed at 134.81 level as any violation of this level will invalidate the short-term bearish outlook. The first target is seen at the level of 125.20, then at 121.92. Any violation of the wave X low at the level of 121.92 will confirm the bearish outlook.

analytics5c89fdb77b540.jpg

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Technical Analysis of EUR/USD for 14/03/2019

Technical Market Overview:

The EUR/USD pair is testing the 61% Fibonacci retracement located at the level of 1.1326 and even a local high was made at the level of 1.1338. The market has broken above the technical resistance zone located between the levels of 1.1316- 1.1325 and is still trading above the orange trendline, so the bulls are temporary in control over the market. No reversal price or candlestick pattern has occurred yet and the next target is seen at the level of 1.1353.

Weekly Pivot Points:

WR3 - 1.1534

WR2 - 1.1453

WR1 - 1.1330

Weekly Pivot - 1.1249

WS1 - 1.1129

WS2 - 1.1042

WS3 - 1.0913

Trading Recommendations:

The sell orders should be opened only is the price will break through the orange trend line. Please keep your protective stop-loss orders tight. The first target is seen at the level of 1.1176.

analytics5c89fb894cd38.jpg

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Technical Analysis of GBP/USD for 14/03/2019

Technical Market Overview:

The GBP/USD pair is being emotional driven by the Brexit news, so it makes a wild swing up on down based on hope or fear. Just two days ago the shoot up was impressive as it touched 1.3258 - 1.3304 zone, but then suddenly the price dropped down again to test the trend line and stay in the middle of the zone for the most of the day. Yesterday a similar situation happened after the vote in the UK Parliament was made and even a new local high was made at the level of 1.3379, but then the price back down again towards the level of 1.3258. A Pin Bar candle was made and now the bulls might try to test the recent high again.

Weekly Pivot Points:

WR3 - 1.3385

WR2 - 1.3316

WR1 - 1.3123

Weekly Pivot - 1.3053

WS1 - 1.2856

WS2 - 1.2781

WS3 - 1.2654

Trading Recommendations:

The emotion-driven market is not good for trading as it makes wild swings that do not respect the support/resistance levels and so on. No new trades should be opened now as there is no trading setup present. Stay aside for a while and wait for the breakout.

analytics5c89f97c80b9d.jpg

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BITCOIN Analysis for March 13, 2019

Bitcoin has been quite volatile at the edge of $3,880 which is currently being held by the dynamic level of 20 EMA.

Despite the fact that the price has been corrective and indecisive, the overall momentum is bullish creating higher highsand higher lows. The rejection off the dynamic level has been obvious. Besides, certain engulfing and indecisive momentum have been observed while the price was moving up The price formation is still quite bullish which is quite surprising after an impulsive bearish engulfing earlier. According to the Elliott Wave analysis, currently the price is completing the 4th wave and heading towards 5th wave. The price is expected to extend a rally above $4,250 or higher in the process. As the price remains above $3,500, it will open the way to the bullish bias in the medium term.

SUPPORT: 3,500, 3,600, 3,800

RESISTANCE: 4,000, 4,250, 4,500

BIAS: BULLISH

MOMENTUM: VOLATILE

analytics5c892459000dc.png

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Forecast for GBP/USD on March 14, 2019

Yesterday, British MPs went through a vote and declared that they would not want to leave the EU without a deal, although the decision was made only with a 4 vote advantage. The pound grew by 240 points, but trading volumes were even less than on Monday. Indeed, this decision (or rather the opinion) is not a guide to action for the EU. Both variants of the deal proposed by Theresa May were rejected by Parliament, it remains only to leave the EU without a deal on March 29. But the "straw" remained - to postpone the launch of this procedure to a later date. The MPs will take a vote on this issue today. As we mentioned earlier, the entire voting process led precisely to this issue. The EU was already prepared to make concessions. And the second round of negotiations will begin, and investors are tired of the first one.

A double divergence formed on the daily chart. Perhaps this is the limit of growth, since the price of only a few points failed to reach the MACD line on the weekly chart. No one doubts the outcome of today's vote, we are waiting for the British pound's fall. The technical signal of the decline will be the consolidation of the price below the MACD line on the four-hour chart (1.3220). The purpose of the decline is the line of MACD daily scale, in the area of 1.2988.

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Fractal analysis of major currency pairs for March 14)

Dear colleagues.

For the currency pair Euro / Dollar, the main upward movement is expected after the breakdown of 1.1360. For the currency pair Pound / Dollar, we should continue the development of the upward structure of March 11 after the breakdown of 1.3387. For the currency pair Dollar / Franc, we are following the development of the downward cycle of March 7 and we are going to move downwards after the breakdown of 1.0012. For the currency pair Dollar / Yen, the continuation of the downward movement is expected after the breakdown of 110.90 and the level of 111.65 is the key support. For the currency pair Euro / Yen, we follow the formation of the upward structure of March 8 and the development of the upward cycle is expected after the breakdown of 126.33. For the currency pair Pound / Yen, we are following the uptrend structure of March 11 as the main trend; the level of 149.26 is the key resistance and the level of 145.76 is the key support.

Forecast for March 14:

Analytical review of H1-scale currency pairs:

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For the currency pair Euro / Dollar, the key levels on the H1 scale are 1.1416, 1.1390, 1.1360, 1.1345, 1.1317, 1.1300, 1.1271 and 1.1249. We are following the development of the ascending structure of March 7. The short-term upward movement is expected in the area of 1.1345 - 1.1360 and the breakdown of the last value should be accompanied by a pronounced upward movement. The target is 1.1390. The potential value for the top is considered the level of 1.1416, upon reaching which we expect a rollback downwards.

The short-term downward movement is possible in the area of 1.1317 - 1.1300 and the breakdown of the latter value will lead to a prolonged correction. The goal is 1.1271 and this level is the key support for the upward structure. Its price passage will have a downward structure. In this case, the first potential target is 1.1249.

The main trend is the upward structure of March 7.

Trading recommendations:

Buy 1.1361 Take profit: 1.1390

Buy 1.1392 Take profit: 1.1414

Sell: 1.1317 Take profit: 1.1300

Sell: 1.1298 Take profit: 1.1275

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For the currency pair Pound / Dollar, the key levels on the H1 scale are 1.3587, 1.3509, 1.3462, 1.3387, 1.3267, 1.3214 and 1.3144. We are following the development of the ascending structure of March 11. The continuation of the upward movement is expected after the breakdown of 1.3387. In this case, the target is 1.3462 and in the area of 1.3462 - 1.3509 is the short-term upward movement. The potential value for the top is considered the level of 1.3587, upon reaching which we expect a rollback downwards.

The short-term downward movement is possible in the range of 1.3267 - 1.3214 and the breakdown of the latter value will lead to an in-depth correction. The goal is 1.3144 and this level is the key support for the upward trend.

The main trend is the upward structure of March 11.

Trading recommendations:

Buy: 1.3388 Take profit: 1.3462

Buy: 1.3510 Take profit: 1.3585

Sell: 1.3265 Take profit: 1.3115

Sell: 1.3112 Take profit: 1.3145

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For the currency pair Dollar / Franc, the key levels on the H1 scale are 1.0082, 1.0057, 1.0045, 1.0025, 1.0012, 0.9993, 0.9980 and 0.9956. We are following the development of the downward cycle of March 7. The downward movement is expected after the price passes the range of 1.0025 - 1.0012. In this case, the target is 0.9993 and in the area of 0.9993 - 0.9980 is the price consolidation. The potential value for the bottom is considered the level of 0.9956, upon reaching which we expect a rollback to the top.

The short-term upward movement is possible in the area of 1.0045 - 1.0057 and the breakdown of the last value will lead to a deep correction. The target is 1.0082 and this level is the key support for the downward cycle.

The main trend is the downward cycle of March 7.

Trading recommendations:

Buy: 1.0045 Take profit: 1.0056

Buy: 1.058 Take profit: 1.0080

Sell: 1.0012 Take profit: 0.9995

Sell: 0.9980 Take profit: 0.9956

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For the currency pair Dollar / Yen, the key levels on the scale of H1 are 111.65, 111.37, 111.22, 110.90, 110.69, 110.53, 110.26 and 110.10. We continue to monitor the formation of the initial conditions for the downward movement of March 5. At the moment, the price is in the correction zone. A downward movement is expected after the breakdown of 110.90. In this case, the target is 110.69 and in the area of 110.69 - 110.53 is the short-term downward movement, as well as consolidation. The breakdown of the level of 110.53 should be accompanied by a pronounced downward movement. The goal is 110.26. The potential value for the bottom is considered the level of 110.10, after reaching which we expect a departure to the correction.

The short-term upward movement is possible in the area of 111.37 - 111.65, hence we expect a key reversal downwards. The breakdown of the level of 111.65 will have the formation of the initial conditions for the top. The potential target is 112.07.

The main trend is the formation of the initial conditions for the bottom of March 5.

Trading recommendations:

Buy: 111.40 Take profit: 111.65

Buy: 111.68 Take profit: 112.05

Sell: 110.90 Take profit: 110.69

Sell: 110.53 Take profit: 110.26

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For the currency pair Canadian Dollar / Dollar, the key levels on the H1 scale are 1.3371, 1.3353, 1.3326, 1.3305, 1.3278, 1.3260, 1.3228 and 1.3200. We are following the development of the downward cycle of March 8. A downward movement is expected after the price passes the range of 1.3278 - 1.3260. In this case, the target is 1.3228. The potential value for the bottom is considered the level of 1.3200, after reaching which we expect consolidation, as well as a rollback to the top.

The short-term upward movement is possible in the area of 1.3305 - 1.3326 and the breakdown of the last value will lead to a deep correction. The target is 1.3353 and the range of 1.3353 - 1.3371. We expect the initial conditions for the upward cycle.

The main trend is the downward cycle of March 8.

Trading recommendations:

Buy: 1.3305 Take profit: 1.3324

Buy: 1.3327 Take profit: 1.3350

Sell: 1.3260 Take profit: 1.3230

Sell: 1.3226 Take profit: 1.3200

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For the currency pair Australian Dollar / Dollar, the key levels on the H1 scale are 0.7154, 0.7121, 0.7101, 0.7072, 0.7055, 0.7032 and 0.7000. We are following the ascending structure of March 8 as the main trend. The short-term upward movement is expected in the area of 0.7101 - 0.7121 and the breakdown of the latter value should be accompanied by a pronounced upward movement. The potential target is 0.7154, upon reaching this level, we expect consolidation.

The short-term downward movement is possible in the area of 0.7072 - 0.7055 and the breakdown of the last value will lead to a prolonged correction. The target is 0.7032 and this level is the key support for the top.

The main trend is the ascending structure of March 8.

Trading recommendations:

Buy: 0.7101 Take profit: 0.7120

Buy: 0.7122 Take profit: 0.7152

Sell: 0.7072 Take profit: 0.7055

Sell: 0.7053 Take profit: 0.7033

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For the currency pair Euro / Yen, the key levels on the H1 scale are 127.28, 126.90, 126.33, 126.11, 125.64, 125.40, 125.00 and 124.80. We are following the formation of the ascending structure of March 8. The short-term upward movement is expected in the range of 126.11 - 126.33 and the breakdown of the last value should be accompanied by a pronounced upward movement. The target is 126.90. The potential value for the top is considered the level of 127.28, upon reaching which we expect a rollback downwards.

The short-term downward movement is possible in the area of 125.64 - 125.40 and the breakdown of the latter value will lead to a prolonged correction. The target is 125.00 and the range of 125.00 - 124.80 is the key support for the top.

The main trend is the ascending structure of March 8.

Trading recommendations:

Buy: 126.35 Take profit: 126.90

Buy: 126.95 Take profit: 127.25

Sell: 125.64 Take profit: 125.40

Sell: 125.35 Take profit: 125.00

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For the currency pair Pound / Yen, the key levels on the H1 scale are 150.84, 150.25, 149.26, 148.68, 147.43, 146.76 and 145.76. We are following the development of the ascending structure of March 11. We expect a short-term upward movement in the area of 148.68 - 149.26 and the breakdown of the last value should be accompanied by a pronounced upward movement. The target is 150.25. The potential value for the top is considered the level of 150.84, upon reaching which we expect a rollback downwards.

The short-term downward movement is possible in the area of 147.43 - 146.76 and the breakdown of the latter value will lead to a prolonged correction. The target is 145.76 and this level is the key support for the upward movement.

The main trend is the upward structure of March 11.

Trading recommendations:

Buy: 148.70 Take profit: 149.25

Buy: 149.30 Take profit: 150.25

Sell: 147.40 Take profit: 146.80

Sell: 146.70 Take profit: 145.90

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

Trading plan for EURUSD for March 14, 2019

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Technical outlook:

The 4H chart for EUR/USD has been again presented here for a larger picture. Please note that the single currency has approached 1.1325 levels as discussed and expected. An intraday high has been print at 1.1340 levels before reversing lower again. Also make note that prices have reached resistance at fibonacci 0.618 levels of the boundary between 1.1420 and 1.1175 levels respectively. It remains to be seen if the bearish signal produced here is enough to resume lower again. Otherwise, bullish momentum continues towards 1.1420 level going forward. Immediate price resistance is seen at 1.1420, while support is seen at 1.1175 levels respectively. If bulls manage to push higher and take out 1.1420 levels, it would be a clear indication of a potential trend change. On the flip side, if prices continue to drift lower from here, the next stop could be seen around 1.0960 levels.

Trading plan:

Remain flat for now. An aggressive trader could go short with stop at 1.1420 levels.

Good luck!

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