Technical analysis of GBP/USD for March 05, 2014 Trend News

The pair was unable to cross the resistance level of 1.6822, made a low at 1.6584. The pair is trading above the EMAs that indicates a strong uptrend. Currently, the pair is trading in a range between 1.6823 and 1.6584, further move will be detmined by a breakout to either side.

On the lower side, if the price breaks the level of 1.6620 immediate supports exists at the 1.6552 and 1.6519. Major weakness happens a day if the price break and close below the level of 1.6519 towards 1.6357, 1.6257, and 1.6113.

On the upper side, if the price brakes above the level of 1.6823, we can see the higher levels towards 1.6747, 1.6841, and 1.700.

Intraday- If the pair trades above the level of 1.6675, it turns into buy mode towards the upside at 1.6683, 1.6695, and 1.6710-1.6715 on an intraday basis, until it looks weak towards lower levels.

S1 1.6651 R1 1.6675

S2 1.6632 R2 1.6770

S3 1.6519 R3 1.6823

Positional- In the weekly and daily charts, the oscillators are giving an overbought indication. A day close below 1.6632 indicates signs of weakness, supports exist at the level of 1.6620, 1.65520, and 1.6512. In the hourly chart, the pair is trading below the moving averages that indicates weakness still exist.

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Analysis of gold for March 05, 2014 Trend News

Due to the Ukrainian worries, gold opened a gap up on Monday and flew to a new high this year. But within one day, the demand cooled after Russia appeared to ease its stance regarding the situation in Ukraine, as a result, gold price erased all of the previous session's gains. In yesterday's trading session, gold dropped to strong support at $1,329.0, which was Monday's low. Bears will tighten their grip if the price breaks below the level of $1,329.0.

The focus now turns to the US. Trades eye today's Non-farm payroll and PMI data, Thursday's Unemployment claims, Friday's non-farm employment change. Job numbers will act as the key indicators for further trading session this week.

In the Asia's trading session, gold is trading at the level of $1,335.0

Technical view-

Positive factors-

· Holding the level of $1,329.0 Monday's high and 200EMA

· RSI favours long side, in the hourly and weekly charts

$1,333.0 is acting as strong support for intraday basis- H4 chart

Negative factors-

· Oscillators favour bears- daily chart

Intraday- go long with sl $1,331.0 and targets $1,338, $1,340, and $1,343.0

S1 $1,333.0 R1 $1,339.0

S2 $1,330.0 R2 $1,343.0

S3 $1,328.0 R3 $1,351.0

Positional- In case of close below $1,292.0, the trend changes

S1 $1,328.0 R1 $1,352.0

S2 $1,319.0 R2 $1,355.0

S3 $1,311.0 R3 $1,361.0

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Technical analysis of USD/JPY for March 05, 2014 Trend News

The pair is in a downtrend from $102.83, it made a low at $101.20. The price is facing stiff resistance in the Tuesday's trading session at $102.46, 40DEMA. The pair had broken its monthly support trend line on Friday , and today it managed to close above the trend line. It's a good sign in the short term that the pair is trading above the trend line and RSI is giving a positive indication in the daily chart.

Intraday- SELL FOR TARGETS AT $102 AND $101.6, SL IS AT $102.30.

In the hourly chart, the pair is facing a stiff resistance at the level of $102.29, Friday's high. If the price trades above $102.30, we may see $102.61 and $102.83. RSI favours sell side, it stood at the overbought levels at 78.

S1 101.96 R1 102.29

S2 101.83 R2 102.61

S3 101.63 R3 102.83

Positional- THE AREA ABOVE $102.46 LOOKS GOOD FOR BULLS

In the daily chart, 21and 40 DEMAs are acting as strong support. The pair broke the EMA's support on January 24, 2013. From that day the pair has been unable to cross the EMAs. Close above $102.46 will move further towards $102.75 and $103.17. Major up move will be only above the level of $103.17.

Overall trend-

In the weekly chart, we can see a clear negative divergence. The pair is in a sell mode. Before any major up move, the pair will come down first towards $100.0, it is acting as a strong support zone. A week close below the $100.0 mark will make some trend change towards $92.0.

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Daily analysis of major pairs for March 5, 2014 Trend News

EUR/USD: Despite the gradual southward movement of the price, the bullish outlook on this pair is not yet over. For the bullish bias to continue to exist, the plunge in the price should be contained at the support line of 1.3700. Otherwise, the presence of the price below the support line would result in a new bearish signal.

USD/CHF: From the support level at 0.8800, this pair has moved upwards by over 80 pips, now trading above another support level at 0.8850. The resistance level at 0.8900 remains a simple target, although the price could even go beyond that. One thing to know is that this resistance level needs to be breached to the upside before there can be a confirmed bullish signal in the chart.

GBP/USD: The bears have been flexing their muscles on the Cable, whereas the bulls are trying to hold their ground. Albeit it is possible that this market would go upwards again, it is OK to stay away from it until a clear directional bias is determined.

USD/JPY: The USD/JPY has crossed the demand level at 102.00 to the upside, going towards the supply level at 102.50. The price has crossed the EMA 56 to the upside and the RSI period 14 has crossed the level 50 to the upside. The supply level at 103.00 is thus the main target for the bull in this week.

EUR/JPY: From the weekly low of 139.14, this cross has gone upwards for more than 120 pips. Actually, there is now a Bullish Confirmation Pattern in the chart, and the price is expected to continue going further upwards. The new target for the bull remains at the supply zone of 141.00. Actually that supply zone was tested several times last month.

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Technical analysis of EUR/USD for March 05, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m, Revised GDP q/q. The US will release the economic data too such as the US-ADP Non-Farm Employment Change, US-Final Services PMI, US-ISM Non-Manufacturing PMI, Crude Oil Inventories, US-Beige Book, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3807.

Strong Resistance:1.3798.

Original Resistance: 1.3785.

Inner Sell Area: 1.3772.

Target Inner Area: 1.3739.

Inner Buy Area: 1.3706.

Original Support: 1.3693.

Strong Support: 1.3680.

Breakout SELL Level: 1.3671.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3693 and 1.3785. The rate is accompanied by strong support at 1.3680 and by 1.3798 as strong resistance.

If EUR/USD breaks out and closes below the 1.3671 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3807 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3706 and at 1.3772, a SELL position. In this case both targets should be placed at the level of 1.3739.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For discussion and more analysis go to: blog.mt5.com/arief

Disclaimer:

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

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Technical analysis of USD/JPY for March 05, 2014 Trend News

In Asia, Japan will not release any news and the US will release some economic data such as US-ADP Non-Farm Employment Change, US-Final Services PMI, US-ISM Non-Manufacturing PMI,Crude Oil Inventories, US-Beige Book. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.68.

Resistance. 2: 102.48.

Resistance. 1: 102.28.

Support. 1: 102.03.

Support. 2: 101.83.

Support. 3: 101.63.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.63) and resistance 3 (102.68). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For discussion and more analysis go to: blog.mt5.com/arief

Disclaimer:

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

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Technical analysis of EUR/JPY for March 05, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is testing resistance at 140.00 levels again before bears regain control. A push above 141.00 levels would bring 142.00/50 in view (fibonacci 0.618 resistance). It is recommended to remain short, risk remains at 143.00.

2. Immediate resistance is at 142.00/143.00, followed by 145.50, while supports are spread through 136.50 (intermediary), followed by 134.00, 131.00 and lower.

3. The structure indicates that prices could test 142.00 levels before reversing lower. On the other side, a push through 143.00 should bring 145.50 in view.

Trading recommendations:

Remain short, stop is at 143.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for March 05, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair continues to trade between 1.4700 and 1.4800/50 for now. A morning star has been produced here, indicating that the next move might be higher. A counter line of resistance shown here should help initiate fresh positions. Immediate risk remains at 1.4850/60.

2. Immediate resistance is at 1.4950/60 (intermediary), followed by 1.5120/30, while supports are spread through 1.4550/60, followed by 1.4350/60, 1.4200 and lower respectively.

3. The structure indicates that a break out of 1.4950/60 or 1.4650/60 needs to take place to decide further direction with conviction. Conservative trading strategy would be to remain flat.

Trading recommendations:

Hold short positions if taken earlier, stop is at 1.4850/60, target is open.

Good luck!

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Technical analysis of Silver for March 05, 2014. Trend News

Technical outlook and chart setups:

1. Silver remains on track towards at least $20.50 and further towards $19.50 (please note that the rising trend line is passing around $19.50). It is recommended to hold short positions at the moment, risk remains at $22.50.

2. Immediate resistance is at $23.00, followed by $23.50, while supports are spread through $20.50, followed by $20.00 (fibonacci 0.618 support) and $19.00 respectively.

3. The structure indicates that Silver is heading lower towards $20.50 and $20.00 levels atleast. The maximum downside extensions are pointing towards $19.50 as seen here.

Trading recommendations:

Hold short positions, stop is at $22.50, target is at $20.50 and $20.00.

Good luck!

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Technical analysis of Gold for March 05, 2014. Trend News

Technical outlook and chart setups:

1. Gold seems to have reversed just ahead of major resistance at $1,361.00 yesterday. The metal has produced an engulfing bearish candle, hinting that the next move is lower. It is recommended to initiate short positions around $1,345.00/50.00, risk remains at $1,362.00.

2. Immediate resistance is at $1,361.00, followed by $1,375.00, while supports are spread through $1,320.00, followed by $1,280.00/70, $1,230.00/20.00 and lower respectively.

3. The structure indicates that a meaningful retracement could be possible now. Bears seem to be in control at the moment and hence intraday rallies should be sold. $1,320.00 remains of interest for the next bearish leg to continue further.

Trading recommendations:

Sell around $1,345.00/50.00, stop is at $1,362.50, target is open.

Good luck!

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Daily analysis of USDX for March 05, 2014 Trend News

Daily chart: The USDX is consolidating above the support level of 80.11, so it is very likely that the USDX start making some corrective movements. If the USDX strongly manages to consolidate above this level, it's expected to rise to the resistance level of 80.62, which would be a definite trend change. The MACD indicator is in neutral territory, so we must be cautious.

H4 chart: The USDX has found resistance at the 80.15 level, which has become a fairly strong level. If the USDX does make a breakout at that level, it would be expected to rise to the resistance level of 80.44. On the other hand, if the USDX does make a breakout at the support level of 80.09, it's expected to fall to the level of 79.93. The MACD indicator is in positive territory.

H1 chart: The USDX managed to rise to the resistance level of 80.15, where the 200-day moving average is located. It is very likely that the USDX will make a bearish rebound at this level, since the 200 SMA is shown as a strong resistance level, so it would be expected to fall to a support level of 79.88. On the other hand, if the USDX does make a breakout at the level of 80.15, it's expected to rise to the level of 80.35. The MACD indicator is in neutral territory.

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 79.88, take profit is at 79.64, and stop loss is at 80.12.

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Daily analysis of GBP/USD for March 05, 2014 Trend News

Daily chart: GBP/USD remains above the support level of 1.6663, so this pair remains steadfast in the bullish bias. However, if the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6540. On the other hand, if this pair makes a bullish rebound at this support level and forms a fractal, it's expected to rise to the resistance level of 1.6766 that would be a bullish consolidation. The MACD indicator is still in negative territory.

H4 chart: This pair has formed a fractal below the support level of 1.6644, so it is very likely that the GBPUSD follow conducting bullish movements. If the pair manages to hold above the 1.6667 level, it's expected to rise to the level of 1.6765. On the other hand, if the pair manages to make a breakout at the support level of 1.6644, it's expected to fall to the level of 1.6592. The MACD indicator is in negative territory.

H1 chart: The GBP/USD is finding support on the point of control near the level of 1.6660 and 200 SMA. If the pair manages to make a breakout at the resistance level of 1.6700, it's expected to rise to the level of 1.6750. On the other hand, keep in mind that the GBP/USD stays below the 200-day moving average, so we must be careful when placing buy orders below that level.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.

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Technical analysis of USD/JPY for March 04, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bullish bias after hitting near-one-month low of 101.20 Monday. It is undermined by the flows to safe-haven JPY and selling of the yen crosses amid increased risk aversion (VIX fear gauge rose 14.29% to 16.00, S&P fell 0.74% overnight) on heightened concerns over political crisis in Ukraine. USD/JPY is also weighed by the lower U.S. Treasury yields and Japan's exports sales. But USD/JPY losses are tempered by the demand from the Japanese importers, loose BOJ monetary policy, and positive U.S. dollar sentiment (ICE spot dollar index last 80.06 versus 79.84 early Monday) after stronger-than-expected rise in ISM manufacturing PMI to 53.2 in February from 51.3 in January (versus 52.5 forecast), surprise 0.1% rise in U.S. January construction spending (versus forecast 0.5% fall), higher Markit final U.S. February manufacturing PMI of 57.1 (versus initial estimate of 56.7), higher-than-expected 0.4% increase in the U.S. January personal spending (versus +0.1% forecast).

Technical сomment:
Daily chart is negative-biased as MACD and stochastics are bearish, five day moving average is below the 15-day MA and is declining.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 102.20 and the second target at 102.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.30. A breach of this target will push the pair further downwards and one may expect the second target at 101.15. The pivot point is at 101.50.

Resistance levels:

102.20

102.45

102.85

Support levels:

101.30

101.15

100.85

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Technical analysis of NZD/USD for March 04, 2014 Trend News

Overview:

NZD/USD is expected to trade with risks skewed lower. It is undermined by the positive U.S. dollar sentiment, kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and kiwi sales on rebounding AUD/NZD cross. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are advancing, but stochastics is turning bearish near overbought zone.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8425 and the second target at 0.846. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8310. A breach of this target will push the pair further downwards and one may expect the second target at 0.8285. The pivot point is at 0.8340.

Resistance levels:

0.8425

0.846

0.849

Support levels:

0.8310

0.8285

0.8245

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Technical analysis of USD/CHF for March 04, 2014 Trend News

Overview:

USD/CHF is expected to trade in higher range. It is underpinned by the positive U.S. dollar sentiment and franc sales on soft CHF/JPY cross. But CHF sentiment is soothed by the surprise rise in Switzerland PMI to 57.6 in February from 56.1 in January (versus 55.8 forecast). USD/CHF gains are also tempered by the franc demand on soft EUR/CHF cross. Daily chart is still negative-biased as MACD is bearish, but stochastics stays suppressed at oversold zone; 5- and 15-day moving averages are declining.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8875 and the second target at 0.8895. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8795. A breach of this target will push the pair further downwards and one may expect the second target at 0.8770. The pivot point is at 0.8815.

Resistance levels:

0.8875

0.8895

0.8935

Support levels:

0.8795

0.8770

0.8740

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Technical analysis of GBP/JPY for March 04, 2014 Trend News

Overview:

GBP/JPY is expected to trade in higher range. It is undermined by the increased investor risk aversion as Russia-Ukraine tensions persist and Japan exporter sales. But GBP/JPY losses are tempered by the diminished expectations for ECB rate cut on Thursday after higher-than-expected euro-zone February flash CPI, demand from Japan importers and loose BOJ's monetary policy. Daily chart is negative-biased as stochastics is falling from overbought zone and MACD is staging bearish crossover against its exponential moving average, five-day moving average is falling below 15-day MA.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 170.6 and the second target at 171.2. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 168.75. A breach of this target will push the pair further downwards and one may expect the second target at 168.35. The pivot point is at 169.20.

Resistance levels:

170.6

171.2

171.6

Support levels:

168.75

168.35

167.9

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GOLD analysis for March 04, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, the price tested the level of 1,331.58 on high volume. Our previous analysis is still active and buying at this stage looks risky. The Gold is around our critical resistance area, the price of 1,338.00. We got FR 61.8% at the price of 1,338.00 and if that level can hold, we may see potential bearish movements. According to daily chart, we can observe buying climax, which is a sign that buying at this stage looks risky. According to H4 chart, we can observe that strong supply entered the market. My advice is to watch for potential bearish movements after retracement. I've placed Fibonacci levels to find potential down stations and I got submajor Fibonacci retracement 38.2% at the price of1,309.00 and Fibonacci retracement 61.8% at the price of 1,282.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,354.54

R2: 1,358.92

R3: 1,366.03

Support levels:

S1: 1,340.32

S2: 1,335.94

S3: 1,328.83

Trading recommendation: Trading the metal, be careful with buying since Gold is around critical area and we are also near the high new ground.

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EUR/NZD analysis for March 04, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6376 on volume above the average. We can observe that the price rejected from our Fibonacci Retracement 61.8% (1.6515). We are now in progress of bearish correction and I plcaed Fibonacci retracement to find a potential end of the bearish corrective phase. I got Fibonacci Retracement 61.8% at the price of 16365. Be careful with selling since we may see the end of bearish corrective phase (abcd). EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase. The first upper station is the area around the price of 1.6515 (FR 61.8%).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6485

R2: 1.6511

R3: 1.6552

Support levels:

S1: 1.6402

S2 : 1.6376

S3: 1.6334

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the potential bullish continuation phase.

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EUR/AUD intraday technical levels and trading recommendations for March 4, 2014 Trend News

On January 24, the EUR/AUD pair initiated a downside movement. This movement was maintained within the depicted bearish channel.

On February 13, the bulls expressed a bullish breakout above the upper limit when the bearish momentum expressed considerable weakness.

Simultaneously, the bulls established a bullish Head and Shoulders pattern off 1.5000. The neckline is roughly located at 1.5265.

Confirmation of bullish reversal is evident with Four-Hour fixation above the price level of 1.5265. However, the pair showed indecision around 1.5265 for few hours before the bulls managed to establish an ascending bottom around 1.5185.

Projection target of this confirmed reversal pattern is located at 1.5525 as long as neckline 1.5265-1.5200 remains defended by the bulls (our stop loss levels).

Bullish fixation above 1.5330 is essential to pursue further bullish targets of the Head and shoulders pattern.

On the other hand, consolidation below 1.5250 threatens our bullish view hindering further bullish progression.

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USD/CAD intraday technical levels and trading recommendations for March 4, 2014 Trend News

The pair established a prominent top around 1.1220 that pushed the USD/CAD pair back to the previous congestion zone between 1.0850 and 1.0960.

This congestion zone provided a considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair topped on February 21 expressing an Inverted Hammer daily candlestick as depicted on the chart.

In the long-term, the bullish demand expressed at 1.0960 is probably pushing towards 1.1235 corresponding to 50% Fibonacci.

Bearish rejection of the current levels will push the pair again towards 1.0950 then 1.0850 as initial targets. These levels also correspond to the depicted uptrend line that was initiated in September 2013, thus the market may offer a good BUY opportunity around 1.0900 with stop loss as daily closure below 1.0850.

On the other hand, daily fixation above 1.1235 will probably open the way towards the next resistance level around 1.1650 which corresponds to 61.8% Fibonacci which is prominent on the weekly chart.

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Intraday technical levels and trading recommendations for GBP/USD for March 4, 2014 Trend News

The pair remains in the bearish impulse initiated off its peak price around 1.6820 as long as this highest price doesn't get broken through.

The breakdown of 1.6600 is essential to confirm reversal and trigger a stronger pullback, which will pause the short-term bullish momentum and open the way towards 1.6536 (50% Fibonacci Level of the swing between 1.6250/1.6821) and psychological Demand of 1.6500 as well.

The price level of 1.6600 seems to be a considerable support for the pair so far.

The bears failed to fixate below it on the last bearish attempt that took place two weeks ago. Instead, bullish pressure was applied to push again towards 1.6750 and 1.6800.

A double-top is probably being established around 1.6770 which needs breakdown of the neck-line around 1.6575. Projection target is located roughly at 1.6400.

The bulls were concentrated around 1.6600 considering it as an ideal reversal point.

Stabilization of 1.6600 protected the pair from further decline. This led to a sideway consolidative phase before the ongoing bullish breakout took place last week.

As expected, breakthrough above 1.6666 opened the way towards 1.6740 corresponding to 61.8% Fibonacci of the recent bearish swing depicted on the 4H chart.

Breakthrough above 1.6740 (61.8% Fibonacci) is a must to bring bulls back to push towards 1.6820 again.

On the other hand, stabilization below which traps the pair between it and the backside of the broken channel around 1.6650 (Recent Demand Level) which may lead to a sideway consolidative phase until new fundamental data gets into the market.

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Intraday technical levels and trading recommendations for EUR/USD for March 4, 2014 Trend News

Successive ascending bottoms are being established on the daily chart. This means the uptrend line established on September 2013 is still intact.

The ongoing bullish impulse is probably targeting at 1.3900 corresponding to 100% Fibonacci Expansion as long as the depicted uptrend line remains defended by the bulls.

The pair failed to reach this price level on the previous attempt that took place on December 2013.

As long as the bulls are defending the established bottom at 1.3630 and the recent one at 1.3720, the EUR/USD pair remains bullish on the intermediate prospective.

The price zone of 1.3630-1.3720 which is trapped between 50% and 61.8% Fibonacci levels, is considered an important Demand zone to be provide a valid BUY entry.

On the other hand, breakdown of 1.3600-1.3630 invalidates the bullish scenario which is least likely to occur based on the fundamental statement given by Mario Draghi which is quite optimistic about the European situation and its limited relation to the crisis of the Ukrainian economy.

Stop Loss for the bullish scenario is located below 1.3680 which invalidates the bullish scenario on the short-term prospective.

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Technical analysis of NZD/USD for March 4, 2014 Trend News

Weekly technical levels:

Pivot point formula:

• Pivot point = (high (previous) + low (previous) + close (previous)) / 3

General idea about the pivot point.

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If trend breaks resistance or support through is likely to result in a significant price movement, it is also referred to as breakout.

Trading recommendations :

• The NZD/USD pair on March 4, 2014. The resistance is going to set at the level of 0.8450. Consequently, the descending movement will probably be lower than the 0.8453 level with the targets at 0.8370 and 0.8323. On the contrary, the support has already set at 0.8290. Furthermore, it should note that it will very profitable to buy above this level for retesting this level for a short period. Therefore, buy deals are recommended above the 0.8300 level with targets at 0.8375 and 0.8424 to reach the double top.

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Technical analysis of USD/CHF for March 4, 2014 Trend News

Weekly technical levels:

Trading recommendations :

• It should be noted that if the trend is ascending, then the strength of the currency will be defined as following: USD is in uptrend and CHF is in downtrend.


• Additionally, according to the previous events, the price of the USD/CHF pair has still been trapped between 0.8860 and 0.8820. The resistance has already set at the level of 0.8895. Therefore, it will be of the insight to sell in this area (0.8895) with the first target at 0.8836 in order to try to break the weekly pivot point, then the price will be able to continue in downtrend towards 0.8777 (at the level of 0.8777, a double bottom is going to be formed in H1 chart). On the other hand, the stop losses should be placed above 0.8900.

Technical levels :

• R3: 0.9046


• R2: 0.8988


• R1: 0.8894


• PP: 0.8836


• S1: 0.8742


• S2: 0.8684


• S3: 0.8590

Note :

• It should note if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

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#USDX technical analysis for March 4, 2014 Trend News

The Dollar index has broken downwards the bearish flag pattern and targets 79 for the short-term. Short-term resistance is found at 80.20 and at 80.40. These two levels are shown in the chart below by the two downward sloping trend lines.

The Dollar index continues to make lower lows and lower highs. Breaking below 79.70 will strengthen our bearish view and as this low is short-term support.

The weekly chart shows how the index is below the Ichimoku cloud and is breaking the long-term upward sloping trend line that comes from 2011 April. The current trading area around the 80 level is very important for the longer-term trend. Soon we will find out if a tradeable bounce will come or support fails and we should expect prices to fall towards 73-74. 80.60 is important resistance that should be broken by bulls and support at 79.70 should hold. We are neutral as the index is near very important long-term support. Short-term view is bearish as long as the index trades below 80.50.

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Technical analysis of USD/CAD for March 4, 2014 Trend News

General overview for 04/03/2013 10:00 CET

The five wave decline might have ended sooner than expected and the price has bounced up from the level of 50% Fibo at 1.1049. Nevertheless, the golden descending trend line still provides the dynamic resistance, and I expect that wave a green will finish somewhere around this level, ideally at the level of 1.1135 and intraday downtrend will resume. Only a sustained break out above the technical resistance at the level of 1.1156 would put this count into question and might even invalidate it.

Support/Resistance:

1.0895 - WS3

1.0967 - WS2

1.0969 - 78%Fibo

1.1016 - 1.1027 Supply breakthrough zone

1.1016 - WS1

1.1038 - Intraday support

1.1081 - Intraday resistance

1.1087 - Weekly pivot

1.1135 - WR1 | Key Level |

1.1156 - Technical resistance

Trading recommendations:

Sell limit orders should be opened at the level of 1.1134 with SL above the level of 1.1161 and TP at the level of 1.0914.

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Gold technical analysis for March 4, 2014 Trend News

With tensions in Ukraine providing increased volatility in the markets, Gold price pulls back towards the $1,330-20 support zone. In our last analysis, we mentioned that a pullback towards $1,335 was very possible and that would be a buying opportunity as stop level for bulls was close by. We are buying Gold below $1,340 with $1,320 stop. The trend remains upward despite the sharp decline from recent highs at $1,355.

The current trend supports our view that we are moving higher towards $1,360-70. Gold price is supported by the blue upward sloping trend line and the Ichimoku cloud. We have put our stop below these two support levels. Breaking below this support will push Gold price towards $1,305-10.

The daily chart shows how Gold price has moved above the 61.8% Fibonacci retracement and our next target is now the 76.4% retracement which is the next resistance level. The trend on a daily basis remains upward. Support at $1,320 if broken will push prices towards $1,290 as this is the next important daily support.

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Technical analysis of EUR/JPY for March 4, 2014 Trend News

General overview for 04/04/2013 09:40 CET

After the five waves decline is done, the market is trying to fill the weekend gap. The key level to the upside now is at the level of 140.44 and more decline is being expected when this level is hit. The next important support for the price would be weekly pivot at the level of 139.87. If this level is broken, then market will test the golden trend line. Please notice that because wave a green is in five waves, the decline might still develop in five impulsive waves.

Support/Resistance:

137.58 - WS2

138.14 - 61%Fibo

138.66 - WS1

138.80 - Wave (a) low

139.13 - Intraday support

139.87 - Weekly pivot

140.04 - 140.44 - Gap | Key Level |

140.95 - WR1

Trading recommendations:

Sell limit orders should be opened at the level of 140.44 with SL above the level of 141.21 and TP at the level of 138.57.

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Elliott Wave Analysis of USD/CAD for March 04, 2014 Trend News

USD/CAD Elliott Wave
For the last few weeks, the USD/CAD pair was trading downwards, corrective wave [b] (coloured black) of the bigger wave A (coloured blue) was developing. In the 1-hour chart of the USD/CAD pair, we can see that the price broke to the new lows in the early Friday's session, this move makes us look at the [b] wave as the Zig-Zag pattern. The final (c) wave of the bigger wave [b] wave tested the 100% extension of the wave (a), so techincily speaking wave [b] should be over with a test of the 1.1008 level. All the way the price remains above the 1.09300 level (short-term invalidation), we are going to look only for a buying opportunity in the [c] of A wave. In accordance with our wave rules and taking into account that wave [c] should extend 100% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.1288 (100% of wave [a]).



Support and Resistance

(S3) 1.1066, (S2) 1.1091, (S1) 1.1108, (PP) 1.1133, (R1) 1.1150, (R2) 1.1175, (R3) 1.1192.



Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1090 with stop loss at 1.0930 and take profit at 1.1288 are recommended.

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Elliott Wave Analysis of AUD/USD for March 04, 2014 Trend News

AUD/USD Elliott Wave
Last week, the AUD/USD pair traded downwards, corrective wave [y] (coloured black) of the bigger wave B (coloured blue) was developing. In the 1-hour chart of the pair above, we can see that we have completed 7 swings move from the 0.9081 level, this is telling us that there is a good chance that wave B has completed the double three pattern with a test of the 0.8887 low. For the next few days, we should only look for a buying opportunity against the 0.8887 level. In accordance with our wave rules and taking into account that wave C should extend 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9310 (100% of wave A). If the price make a new low below the 0.8903 level, we must go with idea that wave B is still incomplete cycle and we should wait for the next support level at 0.8866 to come before we try another setup.

Support and Resistance

(S3) 0.8854, (S2) 0.8879, (S1) 0.8921, (PP) 0.8946, (R1) 0.8988, (R2) 0.9013, (R3) 0.9055. Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.8950 with stop loss at 0.8887 and take profit at 0.9310 are recommended.

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