Technical analysis of EUR/USD for March 13, 2014 Trend News

When the European market opens, some economic news will be released such as French CPI m/m, ECB Monthly Bulletin.The US will release the economic data too such as the US-Core Retail Sales m/m, US-Retail Sales m/m, US-Unemployment Claims, US-Import Prices m/m, US-Business Inventories m/m, US-Natural Gas Storage, US-30-y Bond Auction, so amid the reports, EUR/USD will move with low to meium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3969.

Strong Resistance:1.3960.

Original Resistance: 1.3947.

Inner Sell Area: 1.3934.

Target Inner Area: 1.3901.

Inner Buy Area: 1.3868.

Original Support: 1.3855.

Strong Support: 1.3842.

Breakout SELL Level: 1.3833.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3855 and 1.3947. The rate is accompanied by strong support at 1.3842 and by 1.3960 as strong resistance.

If EUR/USD breaks out and closes below the 1.3833 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3969level, 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 1.3868 and at 1.3934, a SELL position. In this case both targets should be placed at the level of 1.3901.

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 13, 2014 Trend News

In Asia, Japan will release the Core Machinery Orders m/m, and the US will release some economic data such as US-Core Retail Sales m/m, US-Retail Sales m/m, US-Unemployment Claims, US-Import Prices m/m, US-Business Inventories m/m, US-Natural Gas Storage, US-30-y Bond Auction. 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: 103.42.

Resistance. 2: 103.22.

Resistance. 1: 103.02.

Support. 1: 102.77.

Support. 2: 102.57.

Support. 3: 102.37.

DESCRIPTION:

Please, pay attention to the levels of support 3 (102.37) and resistance 3 (103.42). 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.

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



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Technical analysis of EUR/JPY for March 13, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has been off the recent highs (sub 144.00) for now. But the fall is expected to find intermediary support around 141.00 levels as a short term rising trend line is passing through. It is recommended to remain short for now, risk remains above 144.00.

2. Immediate resistance is the 143.80/144.00 level (intermediary), followed by 145.50, while supports are spread through 138.80/136.50 (intermediary), followed by 134.00, 131.00 and lower respectively.

3. The structure reveals that prices may find support at 141.00 region if reached. A bullish bounce there, can bring back control with the bulls. A break down of the short term support line should be productive for bears.

Trading recommendations:

Remain short for now. Set stop at 144.00, target is open. Reverse on a 141.00 bounce.

Good luck!

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Technical analysis of GBP/CHF for March 13, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has broken the rising trend line support on a daily chart as seen here. This shall prove to be further bearish and lower levels of 1.44 and 1.43 are expected. Please note that the back side of this trend line is now resistance, around 1.4650/1.4700 region. It is recommended to remain short and also look to sell rallies through the resistance area.

2. Immediate resistance shall be at trend line test at around 1.4700, followed by 1.4850/1.4950 (intermediary) and 1.5120/30, while supports are spread through 1.4350, 1.42 and lower respectively.

3. The structure reveals that a backside test of the broken trend line is possible now and that would be considered as an opportunity to sell. The region is around 1.4700 at the moment.

Trading recommendations:

Remain short, set stop above 1.4700, target is at 1.42 and 1.4.

Good luck!

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Technical analysis of EUR/USD for Mach 13, 2014 Trend News

EUR/USD remains in uptrend from 1.3477, the fall from 1.3915 could be treated as consolidation of the uptrend. Key support is at the upward trend line in 4-hour chart. As long as the trend line support holds, the uptrend could be expected to resume, and the next target would be in the 1.4000 area. Only a clear break below the trend line support could signal the completion of the uptrend.

In the daily chart, the pair was facing stiff resistance at the level of 1.3915. The next up move happens only above the level of 1.3915 for 1.40. During yesterday's trading session, we recommended a buy call above the level of 1.3877 with targets at 1.3898, 1.3915, and 1.40. We are waiting for the final target. On the downside, a move below the level of 1.3880, the price will fall to 1.3860, 1.3833, 1.3812, and 1.3782 (intraday). A fresh breakout is only above 1.3964 for 1.40 and 1.4171.

Intraday recommendation-

Buy above 1.3915 with targets at 1.3664 and 1.40.

Sell below 1.3880 with targets at 1.3860, 1.3833, 1.3812, and 1.3782.

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Fundamental analysis of USD/JPY for March 13, 2014 Trend News

USD/JPY fell during the session on Wednesday, testing the 50.0 Fib level. This level, of course, has been an intraday high made on March 05, 2014, so it makes sense that it would be supportive now. It represents a fairly significant breakout, and we believe that it opens the door to the 105+ levels. However, it makes sense that we could possibly go sideways in the meantime.

The market is also looking at the interest rate differential between the two currencies, as they should continue to favour the Americans. With that, we believe that this pair eventually goes higher, and that the 105 level will eventually be touched. We recognize that there is a lot of noise between here and there, so we could get pullbacks from time to time. Bank of Japan will continue to expand its monetary policy, sending the value of the Yen down. The BOJ targets a 270 trillion yen monetary base in fiscal 2014. The BOJ affirmed its plans to double monetary base from 60-70 trillion yen annually to increase the base. A breakdown below 102.50 (support) will indicate that the uptrend from 101.20 is completed, then the following downward movement could bring price to the 98.00 level.

S1 101.91 R1 102.91

S2 100.0 R2 103.76

S3 98.0 R3 105.44

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Technical analysis of Silver for March 13, 2014. Trend News

Technical outlook and chart setups:

1. Silver has rallied back towards the counter trend line resistance at $21.30 levels. A break here would prove to be bullish for the counter and prices could start pushing through $23.00. It is recommended to exit short positions for now.

2. Immediate resistance is at $23.00, while supports are spread through $20.50, followed by $20.00, $19.00 and lower respectively.

3. The structure reveals that prices may rally towards $23.00 if counter down trend line breaks. Though $20.00 levels remain as levels of interest to go long again.

Trading recommendations:

Exit short positions for now. Look to buy lower.

Good luck!

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Technical analysis of Gold for March 13, 2014. Trend News

Technical outlook and chart setups:

1. Gold takes out $1,370.00 levels with ease yesterday. It is recommended to let it form a top now and show reversal signs to enter short positions again. It should break at least $1,327.00 to confirm that an intermediary top is in place. It is recommended to remain flat for now.

2. Immediate resistance is now at $1,371.00, while support levels are spread through $1,327.00, followed by $1,320.00, $1,280, $1,230/40 and lower respectively.

3. The structure reveals that prices should form a right shoulder of the potential head and shoulder inverted. Look to buy lower around $1,250.00/60.00.

Trading recommendations:

Flat for now.

Good luck!

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Technical analysis of GBP/USD for march 13, 2014 Trend News

GBP/USD's downward movement from 1.6785 extended to as low as 1.6596. A deeper decline would be likely seen in a couple of days, and the target would be at the 1.6500 area. Resistance is at 1.6710, only a break above this level could trigger another rise to re-test the 1.6822 resistance level.

In the daily chart, the pair broke the supported trend line, making lower lows and lower highs that raises a bearish view. In Asia, the pair is trading at the level of 1.6620. 1.6637-1.65808 is the current trading range. After an either side breakout, we will see further move. A move below 1.6543 rises more bearish views.

INTRADAY VIEW-

Buy above 1.6627 with targets at 1.6644, 1.6662, 1.6682, and 1.6741.

In the H4 and H1charts, RSI is giving positive divergence. So we could expect a pullback. For intraday session, the pair will get some strength only above the level of 1.6627 and reversal will take place above 1.6631. If it trades above the level of 1.6631, we could see 1.6644, 1.6662, 1.6682, and 1.6741 levels immediately.

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Daily analysis of USDX for March 13, 2013 Trend News

Daily chart: The USDX made a bearish rebound near the 79.85 level and now it is very likely that the USDX will fall to the support level of 79.19. However, we must consider the USDX formed a fractal near the 79.35 level, which could give a lot of strength to the area to prevent future falls. For now, it is only advisable to place sell orders below that level. The MACD indicator is in negative territory.

H4 chart: The USDX remains below the support level of 79.69. However, the USDX could find support at current levels, as this area has a high concentration of bullish force. However, if the USDX consolidates below the level of 79.30, it's expected to fall to the level of 78.80. The MACD indicator is in negative territory.

H1 chart: The USDX has established a bearish pattern below the 79.64 level. If the USDX does make a breakout at the support level of 79.39, it's expected to fall to the level of 79.13. On the other hand, if the USDX does make a breakout at the resistance level of 79.64, it's expected to rise to the level of 79.88. The MACD indicator is oversold.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 79.64, take profit is at 79.88, and stop loss is at 79.41.

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Daily analysis of GBP/USD for March 13, 2014 Trend News

Daily chart: The GBP/USD continues to fall in the current bullish bias as this pair stays below the 1.6663 level; therefore, the GBP/USD is forming a bearish pattern. If the pair manages to make a breakout at the 1.6590 level, it's expected to fall to the support level of 1.6540. On the other hand, it is expected to rise to the level of 1.6663 if the pair takes a bullish rebound to current levels. The MACD indicator is still in negative territory.

H4 chart: The GBP/USD remains above the 200 SMA, and a few hours ago, the pair formed a fractal below the support level of 1.6583. If this pair takes a bullish rebound at current levels, it is expected to rise to the resistance level of 1.6644. On the other hand, if the pair manages to make a breakout at the 1.6583 level, it's expected to fall to the level of 1.6550. The MACD indicator is oversold.

H1 chart: This pair made a bullish rebound above the support level of 1.6578 and now this pair is trying to make a breakout at the resistance level of 1.6629. If successful, it is expected to rise to the level of 1.6700. On the other hand, if the pair manages to make a breakout at the support level of 1.6578, it's expected to fall to the level of 1.6544. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.

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Technical analysis of AUD/USD for March 13, 2014 Trend News

AUD/USD is trading at the level of 0.8995 in Asia. The pair is witnessing selling some resistance at the 0.9008 level. Daily momentum indicators are giving a buy signal. We recommend to buy this pair on a hourly basis only above 0.9008 for the targets at 0.9045, 0.9072, and 0.9133. More strength is above the level of 0.9011. In the hourly chart, the pair gave an upside breakout. The interim resistance levels are 0.9011, 0.9045, 0.9055. On the downside, support levels exist at 0.8984, 0.8978, and 0.8969. In the daily chart, RSI still looks positive, and the pair is trading above the short-term moving averages. The pair is weak below 0.8890. If the pair closes above the level of 0.9085, the bulls will gain more strength and we can see further up move towards 0.9210 and 0.9250. A day close below the level 0.8927 will attract short trades.

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Daily analysis of Silver for March 12, 2014 Trend News

Overview

As it is seen from today's 4H chart, the metal is stabilizing above the support level of 20.90 after its failure to break the support level yesterday. Currently, we should wait for retesting of the support level again and closing below it to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 20.55. Therefore, we can consider our first target a few pips above this support level, but as long as the price is still above the support level of 20.90, this cancels the bearish move 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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Daily analysis of GBP/JPY for March 12, 2014 Trend News

Overview

According to today's 4H chart, yesterday's breaking of the support level at 171.50 gave the price an opportunity to keep its bearish move after closing below it. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 170.50 to test it. In that case, we may get another opportunity for more sell signals, which will open the way towards the level of 169.75 as the first target. Then the price should test the support level firstly to continue its bearish move. But as long as the price stabilizes above the support level of 170.50, it cancels the first scenario.

Resistance and support levels: R3 (172.75), R2 (172.00), R1 (171.50), S1 (170.50), S2 (169.75), S3 (169.20).

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Technical analysis of USD/JPY for March 12, 2014 Trend News

Overview:

USD/JPY is expected to trade in a lower range. It is undermined by unwinding of JPY-funded carry trades and flows to safe-haven yen amid increased risk aversion (VIX fear gauge rose 4.23% to 14.8, S&P fell 0.51% overnight) as concerns persist over the crisis in Ukraine. Crimea is due to hold a referendum on Sunday on whether to split from Ukraine and join Russia and health of the China's economy. USD/JPY is also weighed by the lower U.S. Treasury yields, Japanese exports sales and worse-than-expected drop in the U.S. NFIB Index of Small Business Optimism to 91.4 in February from 94.1 in January (versus 93.4 forecast). But USD/JPY losses are tempered by the demand from the Japanese importers and loose Bank of Japan monetary policy; BOJ on Tuesday kept monetary policy unchanged as it pledged to expand the monetary base annually by 60 to 70 trillion yen.

Technical сomment:
Daily chart is mixed as MACD is bullish, 5-day moving average is above 15-day MA and is advancing but stochastics is bearish at overbought zone.

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 102.4. A breach of this target will move the pair further downwards to 102.2. The pivot point stands at 103.15. 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 103.4 and the second target at 103.7.

Resistance levels:

103.4

103.7

104

Support levels:

102.4

102.2

102.05

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Technical analysis of NZD/USD for March 12, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bullish bias. NZD/USD is undermined by the fears of economic slowdown in China and kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion. But the NZD/USD losses are tempered by the expectations that the RBNZ would increase the official cash rate to 2.75% from 2.5% and kiwi demand on the soft AUD/NZD cross. Daily chart is mixed as MACD is bullish, five- and 15-day moving averages are advancing, but stochastics is bearish at 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 0.852 and the second target at 0.8545. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.84. A breach of this target will push the pair further downwards and one may expect the second target at 0.8370. The pivot point is at 0.843.

Resistance levels:

0.8485

0.852

0.8545

Support levels:
0.84

0.8370

0.8330

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Technical analysis of USD/CHF for March 12, 2014 Trend News

Overview:

USD/CHF is expected to range-trade. It is buoyed by the franc sales on soft CHF/JPY cross and broadly firmer USD undertone. But USD/CHF upside is limited by the flows to safe-haven CHF amid increased investor risk aversion and franc demand on soft EUR/CHF cross. Daily chart is still negative-biased as MACD and stochastics are bearish, 5- 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 0.8715. The pivot point stands at 0.8790. 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 0.8815 and the second target at 0.8840.

Resistance levels:

0.8815

0.8840

0.8875

Support levels:

0.8730

0.8715

0.8685

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Technical analysis of GBP/JPY for March 12, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is weighed by the increased investor risk aversion and Japan's exports sales. But EUR/JPY losses are tempered by the demand from the Japanese importers and loose BOJ's monetary policy. Daily chart is mixed as MACD is bullish, 5- and 15-day moving averages are advancing, but stochastics is turning bearish at overbought zone.

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 170. A breach of this target will move the pair further downwards to 169.35. The pivot point stands at 171.5. 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 172 and the second target at 172.9.

Resistance levels:

172

172.90

173.60

Support levels:

170

169.35

168.75

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EUR/NZD analysis for March 12, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6432 on high volume. Our previous analysis is still active and in progress. Be careful with selling since we've got strong demand in the background 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. Our Fibonacci Retracement 61.8% at the price of 1.6285 held successfully and then we saw a strong reaction from the buyers. First upper station is submajor Fibonacci Retracement 61.8% at the price of 1.6485.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6387

R2: 1.6409

R3: 1.6445

Support levels:

S1: 1.6315

S2 : 1.6293

S3: 1.6257

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

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Technical analysis of EUR/JPY for March 12, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY has responded well at the 0.786 fibonacci resistance level, just shy of 144.00 price. The pair is trading lower at the moment, but a push through 139.00 levels is still required to accelerate downside. It is recommended to remain short with risk above 144.00 for now.

2. Immediate resistance is the sub 144.00 level (intermediary), followed by 145.50, while supports are spread through 139.00/136.00 (intermediary), followed by 134.00,131.00 and lower respectively.

3. The structure reveal that bears are in control a the moment and a push further below 139.00 would accelerate downside further. However, a bullish reversal around 141.00 should be watched well.

Trading recommendations:

Remain short for now, stop is at 144.50, target is open.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for March 12, 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 in hitting price level of 1.3900. This level corresponds to 100% Fibonacci Expansion.

According to the fundamental point of view, bearish pressure is being applied on the pair especially after Benoit Coeur's statements about the existence of deflation risks and the urgency to prepare to face it.

In the 4H chart, the pair failed to keep its earlier gains when as the pair declined to record a low at 1.3830.

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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Technical analysis of GBP/CHF for March 12, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has finally broken the trend line support as seen here. The trade direction is clearly down with 1.4600/50 now acting as resistance (past support). It is recommended to initiate short positions, risk remains above 1.4700 (the sloping trend line).

2. Immediate resistance is the 1.4600/50 region, followed by 1.4850, 1.4950/60 and 1.5120/30, while supports are at 1.4350, followed by 1.4300 and lower respectively.

3. The structure reveals that a major support trend line has broken today, indicating bears are in control and prices are due to print further lower lows. Remain short and sell into rallies from here on.

Trading recommendations:

Initiate short positions, stop is above 1.4700, target is at 1.42 and 1.4.

Good luck!

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Technical analysis of Silver for March 12, 2014. Trend News

Technical outlook and chart setups:

1. There is no change in Silver from yesterday. Prices have cooled off the $21.20/30 levels, as expected. Minimum expectations from here is $20.00/50 levels. It is recommended to remain short, risk remains at$21.70/80. Please also note that the fibonacci 0.618 support is also at $20.00 levels making it an optimum buy entry on a bounce.

2. Immediate resistance is at $21.70/80 and $22.20/30 (intermediary), while strong resistance is at $23.00. Supports are spread through $20.00/50, followed by $19.00 and lower respectively.

3. The structure remains unchanged and suggests that Silver is on its way to form bottom around $20.00 levels before beginning the next bull run.

Trading recommendations:

Remain short, stop is at $21.70/80, target is $20.00.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for March 12, 2014 Trend News

The pair established a prominent top around 1.1220 which 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 establishing a possible Double Top reversal pattern.

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.

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

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 previous weekly candlestick (a bullish hammer) which indicates a strong bullish movement yet to occur. However, some bearish correction isn't excluded especially after the previous two daily candlesticks which show indecision of the market.

Generally, any bearish corrective movement should be contained above 1.1000. Otherwise, the ongoing bullish structure will be threatened.

It's important to note that a 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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Technical analysis of Gold for March 12, 2014. Trend News

Technical outlook and chart setups:

1. Gold has taken out yet another resistance at $1,361.00/62.00 today taking out stops at $1,359.50. Please note that a major resistance has been hit and it call for a meaningful retracement from here. Smaller timeframes are suggesting that an intermediary top has been formed at $1,362.00/63.00 today. Aggressive trade setup is to go short at $1,359.00/60.00, risk is at $1,368.50.

2. Immediate resistance is now at $1,375.00, while supports are spread through $1,327.00/30.00 followed by $1,320.00, $1,280.00, $1,230.00/40.00 and lower respectively.

3. The structure reveals that a major trend reversal is setting up on the higher side in the form of an inverse head and shoulder. The right shoulder is expected to form around $1,250.00/60 region.

Trading recommendations:

1. Aggressive trade setup is to sell at $1,359.00/60, stop is at $1,368.50, target is at $1,250.00

2. Conservative trade strategy is to remain flat. Look to buy lower.

Good luck!

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EUR/AUD intraday technical levels and trading recommendations for March 12, 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.

On March 3, the neckline around 1.5200 was threatened by the bears. Temporary breakdown took place when immediate bullish engulfing candlestick was expressed to push again above 1.5200.

The pair remains bullish as long as this support level remains defended by the bulls. Projection target is located at 1.5555. It's likely to be hit today.

The next resistance level to meet the pair is located at 1.5610. In case the bulls managed to fixate above 1.5555.

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Technical analysis of GBP/USD for March 12, 2014 Trend News

Trading recommendations :

• According to the previous events, the GBP/USD pair is still moving between 1.6640 and 1.6570.


• Sell at the level of 1.6640 with the first target at the 1.6625 price, then It will call for downtrend in order to continue its bearish movement towards 1.6590 in order to test this strong support (it should be noted that the price of 1.6583 is going to form a double bottom in H4 chart).


• Notwithstanding, the stop loss should be placed at the level of 1.6685.


• If the trend fails to close below the level of 1.6583, it will a good sign to buy at this level in the short term with targets at 1.6610, then it is going to continue towards the 1.6630 price today.

Intraday technical levels:

Date and Time: 12/03/2014 10:40

Pair: GBP/USD

• R3: 1.6706


• R2: 1.6679


• R1: 1.6649


• PP: 1.6622


• S1: 1.6592


• S2: 1.6565


• S3: 1.6535

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#USDX Technical analysis for March 12, 2014 Trend News

The Dollar index bulls are trying to create an important low and stage an upward reversal. Trend remains down in all time frames. Short-term resistance is found at 79.95 and short-term support is found at 79.40. The downward sloping wedge contains current prices and if we break above 80 this bullish wedge could give us 80.55 as a target.

Important intermediate-term resistance is found at 80.40-50. Intermediate term support is at 79. If not short, we would prefer to be neutral and wait for the next signal to be given before opening a position.

The daily chart confirms that trend is down in all time frames. Trend lines have negative slopes. The index continues to make lower lows and lower highs. The Ichimoku cloud is above the index. All signs are bearish. To change to bullish, the index will need to break above 80.70 on a daily basis.

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Gold technical analysis for March 12, 2014 Trend News

Gold price has broken the recent high at $1,354 early today and has continued its pattern of higher highs and higher lows. The critical support at $1,330 was tested early this week and bulls showed that they are strong enough to break resistance levels. Trend is up both in short- and intermediate-term. Target is now at $1,390. Gold price has broken clearly of the 61.85 Fibonacci retracement resistance and has managed to hold above support at $1,330-20.

As it can be seen in the chart above, Gold price has not broken below the blue upward sloping trend line and remained also above the Ichimoku cloud support. Gold price has broken the double top resistance and made a new high today. We now expect this upward move to continue towards $1,390 as long as the support at $1,330 does not break.

The Daily chart has not given any sell signal. The Daily chart continues to support that the trend is bullish and we should expect $1,400 to be challenged now that the consolidation between $1,330-$1,350 has ended. First important support is the red upward sloping trend line. This support is now at $1,330. This is our stop.

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Technical analysis of EUR/USD for March 12, 2014 Trend News

Overview :

• The resistance is set at the level of 1.3960 and the double top was placed at 1.3914 on March 12, 2014. Consequently, the price of the EUR/USD pair is going to turn to bearish sentiment from the level of 1.3900-1.3960. Accordingly, it will a good sign to sell in this area with the first target of 1.3832 to test a minor support at this price which represent the weekly pivot point for March 10-14, 2014. Also, if the trend will be able to break the weekly pivot point, it will call for downtrend in order to continue its bearish movement towards 1.3760. At the same time, the stop loss should be placed above 1.3960 at the price of 1.3983. Equally important, it should also be noted that the support will set at the 1.3750 level today.

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Elliott Wave Analysis of USD/CAD for March 12, 2014 Trend News

USD/CAD Elliott Wave
For the last few days, the USD/CAD pair has been trading sideways, corrective wave (ii) (coloured green) of the bigger [c] wave (coloured black) has been developing. In the chart of the USD/CAD pair above, we can see that we have already had a corrective pullback from the 1.1131 level, now since wave (ii) did not reach our expected 1.1040 level, we must have a two scenarios in the next few sessions. Our strategy will stay, buying the USD/CAD pair with a test of 1.1130 or 1.1040 level, but remember that price need to remain above the 1.1000 area all the way wave (iii) is developing.In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1333 (161.8% of wave (i)).Swing traders can also try same position, or if you want to play safe, wait for the (Z) wave (coloured red) to finish the cycle and we can look for a selling opportunities from there.



Support and Resistance
(S3) 1.1014, (S2) 1.1043, (S1) 1.1073, (PP) 1.1102, (R1) 1.1132, (R2) 1.1161, (R3) 1.1191.



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 1.1130 with stop loss at 1.1000 and take profit at 1.1333 are recommended.

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Technical analysis of USD/CAD for March 12, 2014 Trend News

General overview for 12/02/2014 08:35 CET

The corrective structure in wave (ii) blue looks completed, but to confirm the upside wave progression, the market now must break above the key area at the level of 1.1129 and even then breakout above technical resistance at the level of 1.1151. Any failure here would mean, then the alternate count is in play and test of the intraday support at the level of 1.1070 is expected with possible breakout lower to the level of 1.1008.

Support/Resistance:

1.1171 - WR1

1.1151 - Technical resistance

1.1129 - Intraday resistance

1.1070 - Intraday support

1.1062 - Weekly pivot

1.1008 - WS1

Trading recommendations:

Sell limit orders should be opened from the level of 1.1120 with SL above the level of 1.1130 and TP at the level of 1.1070 with possible downside extension to the level of 1.1008.

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Technical analysis of EUR/JPY for March 12, 2014 Trend News

General overview for 12/03/2014 08:15 CET

The corrective structure looks almost completed and the level mentioned yesterday was hit. Currentlyб the count has been a little changed in favor of descending triple three complex correction in wave (iv) green and price is about to test weekly pivot at the level of 142.31. Please notice that if this level is broken, then the next support is at the level 141.46. The key level for bulls right now is at 142.82 and any breakout above this level is the first clue that last wave to the upside is in progress.

Support/Resistance:

143.78 - Swing high

142.84 - Intraday resistance | Key level |

142.40 - Intraday support

142.31 - Weekly pivot

141.46 - Technical support

141.11 - Technical support

140.89 - WS1

Trading recommendations:

Sell stop orders should be opened from the level of 141.29 with SL above the level of 142.82 and TP at the level of 141.46 with possible downside extension to the level of 141.11.

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