Intraday technical levels and trading recommendations for EUR/USD for March 7, 2014 Trend News

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

As expected, the ongoing bullish impulse succeeded to hit price level of 1.3900 corresponding to 100% Fibonacci Expansion.

Through the fundamental point of view, the ECB's President Mario Draghi stated that fundamental data indicates a continuous improvement in the economy.

This contributes to the recent bullish jump that took place today.

In the 4H chart, the pair failed to keep its earlier gains after the release of the U.S. employment numbers which recorded 175,000.

It is worth mentioning that the closure of the pair below 1.3820 level will reduce the probability of pursuing its ongoing strength, but the bears need to close below 1.3730 to end the bullish trend on the short-term prospective.

Bullish momentum needs 4H closure above 1.3888 to remain strong for further bullish targets around 1.3950 initially.

Technically, the price zone of 1.3630-1.3720 which is trapped between 50% and 61.8% Fibonacci levels, remains an important demand zone for the pair.

Stop loss for the bullish scenario is located below 1.3700-1.3720.

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GBP/USD intraday technical levels and trading recommendations for March 7, 2014 Trend News

After breakout above 1.6600 took place, the GBP/USD pair has been trapped within a consolidation zone located between 1.6600 and 1.6800.

The daily chart shows indecision manifested in the slightly bullish movement which is taking place since February 17.

The bulls found 1.6600 as a prominent support to be concentrated around. That's why a recent bottom was established there on the last visit on February 24.

Price level of 1.6820 remains the highest level so far. A breakout above this level will allow a quick bullish swing to be initiated towards 1.6870, then possibly towards 1.7000 which are prominent tops on the weekly chart.

Price zone of 1.6740-1.6700 ( 61.8% - 50% Fibonacci levels ) remains the most prominent zone on the 4H chart.

Breakout in either direction will open the way towards the next key-level on the same chart.

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USD/CAD intraday technical levels and trading recommendations for March 7, 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 considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair topped on February 21 establishing a possible double-top reversal pattern.

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

Price levels of 1.0950 and 1.0850 correspond not only to a previous congestion zone but also to the 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.

Currently, the pair is roughly trapped within a new congestion zone located between 1.0960 and 1.1180. A bullish breakout is more likely to occur based on the mentioned analysis.

It's important to note that daily fixation above 1.1180-1.1235 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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EUR/AUD intraday technical levels and trading recommendations for March 7, 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 bears seemed to be weak.

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

Confirmation of bullish reversal is evident with four-hour fixation above the price level of 1.5265.

Projection target of this reversal pattern is located at 1.5555. However, the bulls couldn't hit higher than price level of 1.5500 where strong bearish rejection was expressed last week.

Currently, the neckline around 1.5265-1.5200 is being threatened by the bears, the pair remains bearish as long as this level remains defended by the bears.

Fixation below this neck-line will open the way directly towards the next support level located around 1.5100 initially.

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Technical analysis of USD/JPY for March 07, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bullish bias after hitting a five-week high at 103.17 on Thursday as markets await 1330 GMT U.S. February nonfarm payrolls (expected to increase by 152,000) and unemployment rate (expected to slipped to 6.5% from 6.6% the month before). USD/JPY is underpinned by the buying of yen crosses amid improved risk appetite (S&P hit record-high 1881.94 before closing up 0.17% at 1877.03 overnight) after U.S. jobless claims in the week ended March 1 fell more-than-expected 26,000 to 323,000 (versus 335,000 forecast), and Japan's government revealed a plan to diversify the portfolio of its giant pension fund to nonbond vehicles, fueling expectations for large-scale stock purchases. USD/JPY is also supported by the higher U.S. Treasury yields,demand from Japan importers and investment trusts and loose BOJ monetary policy. But risk sentiment are dented (VIX fear gauge rose 2.3% to 14.21) by the lingering concerns over Ukraine as politicians in Crimea voted to become part of Russia and U.S. authorized sanctions over the crisis. Eyes are also on Chinese solar-equipment maker Chaori Solar for possible China's first onshore corporate bond default if the company couldn't meet today's deadline to pay interest on its debt. USD/JPY gains are also tempered by Japan exporter sales and negative dollar sentiment (ICE spot dollar index last 79.64 versus 80.09 early Thursday) on lower U.S. 4Q revised nonfarm productivity of 1.8% (versus initial estimate of 3.2% and forecast of 1.9%), bigger-than-expected 0.7% drop in U.S. January factory orders (versus minus 0.3% forecast) and positions adjustment before weekend.

Technical сomment:
Daily chart is positive-biased as MACD and stochastics are bullish and five-day moving average is rising above 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 103.35 and the second target at 103.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102.30. A breach of this target will push the pair further downwards and one may expect the second target at 102.05. The pivot point is at 102.60.

Resistance levels:

103.35

103.70

104

Support levels:

102.30

102.05

107.65

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Technical analysis of USD/CHF for March 07, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias as markets await U.S. nonfarm payrolls report. USD/CHF is undermined by the franc demand on buoyant CHF/JPY cross and weaker dollar sentiment. But USD/CHF downside is limited by the franc sales on buoyant EUR/CHF cross and positions adjustment before weekend. Daily chart is negative-biased as MACD is in bearish mode, stochastics is turning bearish, five and 15 day moving averages are declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8730. A breach of this target will move the pair further downwards to 0.8710. The pivot point stands at 0.8825. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8730 and the second target at 0.8710.

Resistance levels:

0.8860

0.8895

0.8925

Support levels:

0.8730

0.8710

0.8675

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Technical analysis of NZD/USD for March 07, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bullish bias after hitting a four-month high of 0.8502 on Thursday as markets await U.S. nonfarm payrolls report. NZD/USD is supported by Kiwi demand on NZD/JPY cross amid positive investor risk sentiment, weaker dollar sentiment, hawkish Reserve Bank of New Zealand's monetary policy stance and firmer commodity prices. But NZD/USD gains are tempered by the Kiwi sales on buoyant AUD/NZD cross, concerns over economic slowdown in China and positions adjustment before weekend. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, five and 15-day moving averages are advancing.

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 0.85450 and the second target at 0.8590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8430. A breach of this target will push the pair further downwards and one may expect the second target at 0.8395. The pivot point is at 0.8465.

Resistance levels:

0.8545

0.8590

0.8635

Support levels:

0.8430

0.8395

0.8370

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GOLD analysis for March 07, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,353.20 on ultra high volume (buying climax). 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 demand bar on volume above the average. According to H4 chart, we can observe buying climax at the price of 1,351.00, which is a sign that buying at this stage looks risky. Anyway, if the price breaks the level of 1,355.00 on strong volume, we may see further upward movement and potential testing the level of 1,395.00-1,400.00. I've placed Fibonacci levels to find potential down stations in case that price start to do corrective phase and I got submajor Fibonacci retracement 38.2% at the price of 1,309.00 and Fibonacci Retracement 61.8% at the price of 1,282.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,353.48

R2: 1,358.72

R3: 1,367.20

Support levels:

S1: 1,336.52

S2: 1,331.28

S3: 1,322.80

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 07, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.6367 on average volume. Be careful with selling since we've got buying climax (strong demand) starting from the level of 1.6191. 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. I have placed Fibonacci levels to find potential upper stations. I got Fibonacci Retracement 38.2% at the price of 1.6375 (on the test) and Fibonacci Retracement 61.8% at the price of 1.6485. Anyway, its very risky to sell at this stage, so my advice is to watch for potential bullish movement if we see rejection from our level.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6362

R2: 1.6401

R3: 1.6464

Support levels:

S1: 1.6236

S2 : 1.6197

S3: 1.6134

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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Daily analysis of major pairs for March 7, 2014 Trend News

EUR/USD: There is a Bullish Confirmation Pattern on this pair and it is currently above the support line at 1.3850. The indicators in the chart support this strong bias, which would continue. The price is poised to trend further upwards, possibly reaching the reaching the resistance line at 1.3900.

USD/CHF: The ‘buy’ signal that was generated on the USD/CHF on March 6, 2014 has proven to be a bogus signal. Before the price could reach the resistance level at 0.8900, a sudden weakness in the USD caused the price to plummet – dropping like a stone. The price is currently trading below the resistance level at 0.8800, going towards the support level at 0.8750.

GBP/USD: As expected, there has been a bullish breakout on this currency trading instrument; something that has led to an established bullish outlook. However, the bulls’ power is not very conspicuous right now. The present retracement in the price can be contained at the accumulation territory of 1.6700: meanwhile our near-term target is at the distribution territory at 1.6800.

USD/JPY: Like other JPY pairs, this market also skyrocketed, slashing through the price level at 103.00. There is a slight southward retracement here, but it should be temporary because the bullish trend could resume.

EUR/JPY: The JPY pairs are currently part of the most trending Forex trading instruments. For example, the EURJPY rallied from a weekly low at 139.14 and topped at the supply zone of 143.00. This represents a move of over 380 pips! Normally a pullback or consolidation may occur, after which the bullish trend will continue.

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#USDX Technical analysis for March 7, 2014 Trend News

The Dollar index was forming a bearish flag, and at the 80 price level the flag was broken downwards with 79.25 target. The Dollar index after breaking the support has bounced to back test the broken flag trend line and now that it has been rejected at 80.15 it reversed lower making a lower low.

Short-term trend is down as the Dollar index makes lower lows and lower highs. The inability to break above the red downward sloping trend line from 81.30 is a bearish sign. The blue downward sloping lines represent the similar direction we were expecting the index to follow from 80.50 once the flag at 80 was broken.

The weekly chart is showing that the index is breaking below important long-term support. This could bring the index towards 79. If the weekly candle closes below the upward sloping trend line that is now at 79.90, then we can expect more weakness over the coming months and we should expect a move even towards 72-73. We are bearish in the short- and long-term as long as the index trades below 80.50.

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Gold technical analysis for March 7, 2014 Trend News

Gold price made a lower high below $1,355 and is pulling back towards $1,340. Gold price has made a double top that currently favors bearish positions. If this rejection is confirmed we could have a strong downward reversal towards $1,280-90.

Short-term resistance is found at $1,355. Short-term support is found at yesterday's consolidation price range between $1,330 and $1,340. This pullback could bring prices back inside this area and above the upward blue trend line and near the Ichimoku cloud support. If Gold price breaks below this support area we should expect a strong downward move towards $1,300-$1,280.

I believe that it is a good opportunity now at $1,348 to go short Gold with $1,355 stop and $1,330 as the first target. If Gold price breaks below $1,330 we can add to short position targeting $1,300-$1,280. Stop loss level is very close and that is why we prefer to be short than long.

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Technical analysis of EUR/JPY for March 7, 2014 Trend News

General overview for 07/03/2014 09:00 CET

The NFP data is on tap today and currently price is at the key level. As I had mentioned yesterday any breakout to the upside above the grey rectangle area is bullish. Moreover, test of the last swing high at the level of 145.68 will be in view, maybe not today after the data release, but soon next week. On the other hand, in case of a failure, the most important level to the downside is at the level of 141.27. Only a sustained breakout below this level would suggest the alternate count is in play.

Support/Resistance:

145.68 - Swing high

143.27 - WR3

142.93 - 143.15 - Supply zone

142.18 - WR2

141.27 - Technical support

140.95 - WR1

139.78 - Weekly pivot

Trading recommendations:

As long as the key level will act as a resistance sell orders should be opened from the level as close to the 143.00 as possible, with SL above the level of 143.28 and TP at the level of 141.27. In case of upside breakout above the key level, buy orders should be opened from the level of 143.28 with SL below the level of 142.93 and TP at the level of 144.58.

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Daily analysis of GBP/JPY for March 07, 2014 Trend News

Overview

In H4 chart, the pair is trying to break the Support area consisting of the upward trend line with the Support level of 172.00 to continue its downward trend. In case of the pair bounce from the Support area the Resistance level of 172.75, it would be tested keeping its move above the upward trend line. Currently, it is prefered to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 173.30 then 174.00 as the second target. But closing below the Resistance level of 172.75 cancels the bullish move scenario.

Resistance and support levels: R3 (174.00), R2 (173.30), R1 (172.75), S1 (172.00), S2 (171.50), S3(171.00).

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Daily analysis of Silver for March 07, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal failed again to break the Support level of 21.00 to bounce again and trade between the Support level of 21.25 and below the Resistance level of 21.75, and currently it is bouncing from the Support level and starting a bullish move. So we still suggest waiting for closing above the Resistance level of 21.75 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 22.00, then after breaking this Resistance level, silver would open the way towards the Resistance level of 22.20, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.75 this cancels the bullish scenario.

Resistance and support levels: R3 (22.20), R2 (22.00), R1 (21.75), S1 (21.25), S2 (21.00), S3(20.50)

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Technical analysis of USD/CAD for March 7, 2014 Trend News

General overview for 07/03/2014 08:30 CET

The market made a quite large overthrow in last wave (e) blue of the triangle and hit the 78%Fibo at the level of 1.0968. Currently, the small bounce is developing and any new low would invalidate the triangle wave B green idea. The key level to the upside now is old supply breakthrough zone between the levels of 1.1016 - 1.1026. To continue to the upside market, a breakout and close above this zone must happen and then go straight to the weekly pivot. Failure of breaking higher above this zone would result in possible test of intraday support at the level of 1.0980 and if this level is broken then intraday low at the level of 1.0953 will be tested as well.

Support/Resistance:

1.0953 - Intraday low

1.0967 - WS2

1.0969 - 78%Fibo

1.0980 - Intraday support

1.1011 - Intraday resistance

1.1016 - WS1

1.1016 - 1.1027 - Key Level

1.1087 - Weekly pivot

Trading recommendations:

As long as the key level will act as a resistance sell orders should be opened from the level as close to the 1.1016 as possible, with SL above the level of 1.1028 and TP at the level of 1.0953. In case of upside breakout above the key level, buy orders should be opened from the level of 1.1033 with SL below the level of 1.1016 and TP at the level of 1.1087.

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