Technical analysis of GBP/USD for March 19, 2014 Trend News

GBP/USD stays in a downward price channel in the chart, and remains in downtrend from 1.6822. Deeper decline could be expected, Resistance is at the upper line of the channel, only a clear break above the trend line resistance could trigger another rise towards 1.7000. Bank of England's Governor Mark Carney yesterday unveiled a radical shake-up of the Bank of England, introducing sweeping changes to senior management and its operations – including the appointment of only the second woman to fill a senior role at the Bank of England in more than 300 years. Traders will eye today's events, unemployment change, MPC Asset Purchase Facility Votes, and Annual budget release.

At yesterday's trading session, the pair broke the short-term moving averages, taking support at the 50.0 Fib level and well managed to close above the 50SMA. In Asia, the pair is trading above the 40EMA. On the up side, the pair will face resistance level at the level of 1.6630. We will see fresh buying only above this level.

Positional basis-

On the downside, 1.6587 and 1.6545 is acting as strong support levels. Once the price breaks yesterday's level of 1.6545, we will see huge fall towards the levels 1.6425, 1.6382, 1.6251.

Intraday basis-

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Technical analysis of FTSE for March 19, 2014 Trend News

The FTSE has been in a large volatile range from 6,500-6,900, moving 10% up and down every two months. Currently, it's declining with the lower end of 6,416. In the daily chart, the index is trading below the short-term moving averages. At yesterday's trading session, the index was closed above the 200 EMA level, which is a bull view, and RSI is showing buying sign which adds more fuel to the bull view. As a result, we can expect a pullback from the current levels. Currently, the index is in a range between 6,500 and 6,631, either side breakout will determine further move. On the upside, if the index trades above the level of 6,631, we will see 6,678, 6,718, and 6,694. After a day close above the level of 6,694, we can expect the bulls to be back. In the daily and hourly charts, RSI favors buy side.

Recommendation-

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Technical analysis of EUR/USD for March 19, 2014 Trend News

When the European market opens, some economic news will be released such as German 10-y Bond Auction.The US will release the economic data too such as the US-Current Account, US-Crude Oil Inventories, US-Federal Funds Rate, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3997.

Strong Resistance:1.3988.

Original Resistance: 1.3975.

Inner Sell Area: 1.3962.

Target Inner Area: 1.3929.

Inner Buy Area: 1.3896.

Original Support: 1.3883.

Strong Support: 1.3870.

Breakout SELL Level: 1.3861.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3883 and 1.3975. The rate is accompanied by strong support at 1.3870 and by 1.3988 as strong resistance.

If EUR/USD breaks out and closes below the 1.3861 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3997* 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 1.3896 and at 1.3962, a SELL position. In this case both targets should be placed at the level of 1.3929.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For 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 19, 2014 Trend News

In Asia, Japan will release the Trade Balance, All Industries Activity m/m, BOJ Gov Kuroda Statement.

The US will release some economic data such as US-Current Account, US-Crude Oil Inventories, US-Federal Funds Rate. 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: 101.88.

Resistance. 2: 101.68.

Resistance. 1: 101.48.

Support. 1: 101.23.

Support. 2: 101.04.

Support. 3: 100.83.

DESCRIPTION:

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For 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/USD for March 19, 2014 Trend News

The euro has risen in what could turn out to be an ending pattern. Based on the wave count below, we are in wave c of E up with the upper line at 1.396. Will it stop there or not? Will it take a European intervention to stop it? The Dollar index broke below the 79.5 mark, consolidating near the lowest levels. A break below the recent lows showing continued weakness in the dollar is going on. If the dollar goes into a collapse, trillions of the US dollars will start flowing out into other markets, then I am not sure what it will look like. 1.396 is going to be an important level.

In Asia, the pair is trading at 1.3928. The pair is holding above the 21EMA in H4 chart. On the downside, support exists at 1.3910, 1.3891, 1.3862, and 1.3833. If the pair breaks the 1.3833 levels, it will drift to 1.3707. We can expect a strong reversal to happen at the level between 1.3845 and 1.3833. On the up side, if the pair trades above the 1.3966 level, we will see 1.4 and 1.41 levels.

Recommendation-

Longs are only above 1.3966, hold shorts and add more shorts below 1.3891.

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Daily analysis of USDX for March 19, 2014 Trend News

Daily chart: USDX continues bearish movements, so the next target for USDX would be the support level of 79.19. If the USDX makes a breakout at that level, it would be expected to fall to the level of 78.12. On the other hand, if the USDX makes a bullish rebound at the support level, it is expected to rise to the level of 79.70. The MACD indicator is in negative territory.

H4 chart: The USDX remains below the resistance level of 79.69, and still the USDX continues to find support at the 79.32 level. It is very likely that this is the indicator of a change in trend, as this support is growing stronger. However, it is expected to fall to the level of 78.65 if the USDX makes a breakout at that level. The MACD indicator is in positive territory.

H1 chart: The USDX is trying to consolidate below the 79.39 level. If the USDX does form a bearish pattern below this level, it would be expected to fall to the level of 79.13. However, the USDX is showing signs of recovery, it would not be surprising to see the USDX attempt to climb to the resistance level of 79.64. The MACD indicator is in negative 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 79.39, take profit is at 79.13, and stop loss is at 79.64.

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Daily analysis of GBP/USD for March 19, 2014 Trend News

Daily chart: The GBP/USD fell to the support level of 1.6540, but the pair made a bullish rebound above that level, and now it is close to the level of 1.6600. However, the GBP/USD is forming a higher low pattern in this chart and if this pair manages to make a breakout at the 1.6540 level, it's expected to fall to the level of 1.6447, which is set slightly bullish trend line. The MACD indicator is in negative territory.

H4 chart: The GBP/USD is trying to consolidate below the 200 SMA with the formation of a bearish patttern. If the pair manages to make a breakout at the 1.6583 level, it's expected to fall to the level of 1.6516. On the other hand, it is expected to rise to the level of 1.6644 if the pair takes a bullish rebound to current levels. The MACD indicator is in negative territory.

H1 chart: This pair found support at the point of control at the level of 1.6565 and now this pair is forming a higher low pattern below the 200 SMA. 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 remains 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 1.6629, take profit is at 1.6578, and stop loss is at 1.6682.

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Intraday technical levels and trading recommendations for EUR/USD for March 18, 2014 Trend News

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

As expected, the ongoing bullish impulse succeeded in hitting the price level of 1.3900. This level corresponds to 100% Fibonacci Expansion.

A Shooting Star daily candlestick was expressed on Thursday after topping at 1.3965.

Yesterday, the bulls were trying again to breach supply level located at 1.3900. They have succeeded in hitting price level of 1.3945.

Today, the bulls failed to keep their daily gains as the pair returned to consolidate around 1.3900.

Daily persistence above 1.3900 will enable the pair to reach its next destination at 1.3980 corresponding to 127% Fibonacci Expansion.

On the other hand, refixation below 1.3900 will bring the pair back to its previous congestion zone giving more time for some sideway consolidations.

The pair is currently trapped within congestion zone located between 1.3840 and 1.3950. A breakout in either direction is needed to free the pair from this trap.

Today, the bulls failed to achieve a higher top above 1.3950. Instead, the market showed obvious rejection at 1.3950 pushing it down again towards 1.3900.

Price level of 1.3980 corresponds to the upper limit of the depicted bullish channel. Hence, it's expected to provide considerable SELLING pressure at retesting.

Technically, the price zone of 1.3775-1.3810 remains an important intraday demand zone for the pair. Price action should be watched for a possible BUY entry at retesting.

4H breakdown below 1.3885 will temporarily invalidate the bullish scenario opening the way towards 1.3840 then 1.3777.

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Intraday technical levels and trading recommendations for GBP/USD for March 18, 2014 Trend News

As depicted on the chart, the next demand level is located around 50% Fibonacci at 1.6540.

As long as 1.6820 remains the highest level for the month, the price level of 1.6540 remains the target for the bears.

Another scenario is that a Double Top pattern is being established with the neckline located around 1.6600-1.6580.

Daily fixation below this neckline will enable the pair to reach 1.6350 as a projection target.

During the past few days, the GBP/USD pair has been trapped within consolidation range established between 1.6580 and 1.6666. A breakout to the downside taking place today. Persistence of the current breakdown will push the pair down to 1.6460 where a prominent bottom was established on January 27.

Price zone of 1.6700-1.6730 remains an intraday supply/resistance for the pair.

The pair is moving within a bearish channel which is depicted on the chart. The upper limit around 1.6670 was defended by the bears yYesterday as expected.

As long as the bears are still defending price zone of 1.6700-1.6730, price level of 1.6580 remains vulnerable to breakdown. If so, a bearish swing towards 1.6500 then 1.6460 is expected to occur shortly after.

Stop loss for the bearish scenario should be located above 1.6750.

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USD/CAD intraday technical levels and trading recommendations for March 18, 2014 Trend News

Previous congestion zone between 1.0850 and 1.0960 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 double-top reversal pattern.

Price levels of 1.0950 and 1.0850 correspond not only to a previous congestion zone but also come to meet 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 1.1190.

As expected, bearish correction took place today towards 1.1000. Any bearish corrective movement should be contained above 1.1000. Otherwise, the current bullish structure will be threatened opening the way directly towards 1.0950.

Yesterday, the bears managed to close below support level located at 1.1060. This opened the way towards 1.1000 which got visited today.

A symmetrical triangle is being expressed on the 4H chart. Lower highs and higher lows are being established. This indicates indecision of the market. However, it's obvious that bearish pressure is being applied on the lower limit at 1.1000.

Breakdown of 1.1000 will allow a quick movement to take place towards 1.0950 then 1.0900 which correspond to previous bottoms established on March 6 and February 19 respectively.

On the other hand, any bullish trials should fixate above 1.1060 initially to collect enough momentum to push higher.

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EUR/AUD intraday technical levels and trading recommendations for March 18, 2014 Trend News

On February 13, the bulls expressed a bullish breakout above the upper limit of the previous bearish channel. This took place when the bears showed obvious weakness.

Since then, the EUR/AUD pair has been moving sideways with a slightly bullish tendency. This movement was maintained within the depicted bullish channel.

On March 12, the bulls failed to establish an ascending top. Instead, a double-top reversal pattern was established at 1.5500. The neckline is located at 1.5200-1.5170.

Breakdown of this neckline will confirm the pattern clearing the way towards the projection target which is roughly located at 1.4950.

Breakdown of price zone 1.5200-1.5170 means breakdown of the lower limit of the bullish channel as well. That's why, a quick bearish swing is expected to follow through.

On the other hand, failure of the bears to fixate below 1.5170 will bring the pair back within the current congestion zone between 1.5200 and 1.5480 giving more time for sideway movements.

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Gold analysis for March 18, 2014 Trend News

Overview:
Since our last analysis, the gold has been trading downwards, the price tested the level of 1,350.56 on volume above the average. According to the daily chart, we can observe that strong supply entered the market on very high volume (selling climax). We can also observe the testing of our Fibonacci retracement 61.8% at the price of 1,352.40. Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find potential down station if the price breaks the level of 1,352.40 and I got submajor FR 61.8% at the price of 1,340.00. To confirm further bearish correction and downward movement, the price needs to break the level of 1,350.00 on higher volume. Watch for selling opportunities after retracements.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,382.78

R2: 1,388.98

R3: 1,399.03

Support levels:

S1: 1,362.68

S2: 1,356.48

S3: 1,346.43

Trading recommendation: Trading the metal, be careful with buying at this stage since Gold is in progress of bearish corrective phase

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Technical analysis of GBP/JPY for March 18, 2014 Trend News

Overview:
GBP/JPY is expected to trade in lower range. It is buoyed by the positive investor risk appetite, demand from Japan importers and loose BOJ's monetary policy. But GBP/JPY gains are tempered by the Japan exporter sales and caution before Wednesday's Federal Reserve monetary policy decision. Daily chart is mixed as positive MACD histogram bars are contracting, but stochastics is turning neutral.

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 167.70. A breach of this target will move the pair further downwards to 167.10. The pivot point stands at 169.60. 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 170 and the second target at 170.50.

Resistance levels:

170

170.50

171.10

Support levels:

167.70

167.10

166.20

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EUR/NZD analysis for March 18, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, the price tested the level of 1.6128 on ultra high volume (selling climax). Be careful with selling since we've got selling on very high volume. We can observe testing the level of 1.6130 (Fibonacci expansion 61.8%). The EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish phase. To confrim potential bullish phase, we need to see strong demand on high volume on the market. Anyway, if the price breaks the level of 1.6130 on high volume, we may see testing the level of 1.6020 (Fibonacci expansion 100%) before any larger upward movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6300

R2: 1.6332

R3: 1.6382

Support levels:

S1: 1.6199

S2 : 1.6167

S3: 1.6116

Trading recommendation: Be careful with selling the EUR/NZD pair since we got selling climax.

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Technical analysis of NZD/USD for March 18, 2014 Trend News

Overview:

NZD/USD is expected to trade in a higher range. It is underpinned by the Kiwi demand on NZD/JPY cross amid reduced risk aversion and weaker dollar sentiment, reduced concerns over China and hawkish Reserve Bank of New Zealand's monetary policy stance. But NZD/USD gains are tempered by the caution before Wednesday's Federal Reserve monetary policy decision and Kiwi sales on rebounding AUD/NZD cross. Daily chart is positive biased as bullish outside-day-range pattern was completed on Thursday, MACD is bullish , stochastics stays elevated at overbought zone, the 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 0.8650 and the second target at 0.8675. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8490. A breach of this target will push the pair further downwards and one may expect the second target at 0.8430. The pivot point is at 0.8515.

Resistance levels:

0.8650

0.8675

0.87

Support levels:
0.8490

0.8430

0.84

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Elliott Wave Analysis of USD/CAD for March 18, 2014 Trend News

USD/CAD Elliott Wave
For the last couple of days, the USD/CAD pair has been trading downwards, corrective wave (ii) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the 1-hour chart above, we can see that price is doing a Zig-Zag correction from the 1.1153 level high, if this is a correct count, we should see one more push lower towards the 1.1029 level - 61.8% retracements of the (i) wave, before we see higher movements again in the (iii) wave. Our focus for this week is going to be on the upside, but remember that price needs to stay above the 1.0955 level all the time, so we can use it as our stop loss level. 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 1.1348 (161.8% of wave (i)).



Support and Resistance

(S3) 1.1025, (S2) 1.1044, (S1) 1.1071, (PP) 1.1090, (R1) 1.1117, (R2) 1.1136, (R3) 1.1163.



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 1.1029 with stop loss at 1.0955 and take profit at 1.1348 are recommended.

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Elliott Wave Analysis of AUD/USD for March 18, 2014 Trend News

AUD/USD Elliott Wave
The AUD/USD pair has extended the upward movement during the first trading day of this week, let's see how this new movements wil fit the current wave count. In the 1-hour chart of the AUD/USD pair above, we can see that we are currently correcting the short-term cycle from the 0.8995 level, wave ii that is developing from 0.9109 should find support around the 0.9050 - 0.9038 area, and from there we are going to see new upside movements. Our strategy stay uncharged, we are going to buy after every pullback in the (iii) wave, while price remain above the 0.8994 level. 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 0.9236 (161.8% of wave (i)). Swing traders can also try the same position, but for potential profit targets we are going to use the 0.9300 - 0.9400 region.



Support and Resistance

(S3) 0.8948, (S2) 0.8972, (S1) 0.9001, (PP) 0.9025, (R1) 0.9054, (R2) 0.9078, (R3) 0.9107.



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 0.9050 with stop loss at 0.8995 and take profit at 0.9236 are recommended.

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#USDX Technical analysis for March 18, 2014 Trend News

The Dollar index remains in downtrend. The index continues to make lower lows and lower highs. Short-term support remains at 79.15-20. Short-term resistance is found at 79.50-60. Breaking short-term resistance could push the index towards the next resistance at 79.90. Breaking support could push the index towards 79 which was our bearish flag target from 80.20 for some time now if you follow our posts.

The Ichimoku cloud confirms that short-term trend is down. The contracting downward sloping channel is also confirming downtrend. However we witness a decrease in volatility and a decrease in the price swings. It may be time that a short-term bottom is being formed. However it is too early to say anything as we have no buy signals even in the short-term.

Our longer term view remains the same. Trend is down and the index continues to make lower lows and lower highs. However we should note that 79 is an important support level. We are now trading at 79.40 and if you feel a reversal is coming, being long with 79 as stop is a good strategy. If a trader want to play it more safe, can wait and enter a long position if resistance at 79.60 breaks with 79.20 stop. If a bounce is to be made, 80 is the first target and then 80.50. The longer-term trend will change if 81.30 is broken upwards.

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Gold technical analysis for March 18, 2014 Trend News

Yesterday, we mentioned a short-term sell signal that would be given if Gold price falls below $1,378. Our first target was $1,368 and our second target was the 50% retracement at $1,360. All our targets were achieved. Short-term trend remains down. Short-term upward sloping trend line was broken. We are now in a corrective phase.

Important support as shown in the chart above is found at $1,350-45. This is where the Ichimoku cloud and the blue longer-term trend line support is found. The 61.8% Fibonacci retracement at $1,352 is also very possible to be reached. Gold price has short-term resistance the $1,370 level and needs to break above it in order to re-test $1,380.

Daily trend remains bullish but we witness a short-term trend reversal at $1,390. Important support is found at $1,330-50. Breaking below this important support could open the road for a move towards $1,300-$1,270. The longer-term trend remains up. The long-term support is at $1,250. This support is important to hold for our double bottom target of $1,500-$1,600 to have chances.

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Technical analysis of USD/CAD for March 18, 2014 Trend News

General overview for 18/03/2014 08:50 CET

The market is currently trading in the range zone and yesterday's bar was an inside candle. From Elliott Wave perspective, there are two possible wave scenarios here: main and alternate. The main scenario assumes the completion of the regular flat correction at the level of 1.1108 (1.1128 max) and impulsive downtrend resumption. The alternate scenario assumes more immediate downside wave progression as soon as the level of 1.1042 is violated. Only new high above the level of 1.1157 would invalidate both scenarios.

Support/Resistance:

1.1120 - 1.1128 - Key Level

1.1101 - 1.1108 - Target for wave c

1.1096 - Weekly Pivot

1.1081 - Intraday Resistance

1.1042 - Intraday Support

1.1040 - WS1

1.1005 - Techncial Support

Trading recommendations:

Sell limit orders should be opened from the level of 1.1108 with SL above the level of 1.1128 and TP at the level 1.1042 and 1.1005 with a possible downside extension.

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Technical analysis of EUR/JPY for March 18, 2014 Trend News

General overview for 18/03/2014 08:30 CET

The market is currently trading in the range zone and traders should wait for a breakout in either direction. Two levels are here to keep an eye on them. To the upside the most important intraday level is in the 142.20 - 142.30 zone and a breakout above this level is bullish. To the downside the most important level is 141.33 and a breakout below this level means the golden trendline will be tested and possibly broken. Moreover, the impulsive green count will be invalidated if the black invalidation line is violated as well and alternate count will be in play.

Support/Resistance:

142.52 - WR1

142.20 - 142.30 - Key Level

141.95 - Intraday Resistance

141.45 - Weekly Pivot

141.33 - Intraday Support

140.38 - Invalidation Line

Trading recommendations:

Sell stop orders should be opened from the level of 141.29 with SL above the level of 141.95 and TP at the level 140.33.

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Technical analysis of EUR/JPY for March 18, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has responded well on the trend line support. A bullish bounce is produced with a morning star trade signal. Please also note that the bullish bounce has appeared at past resistance turned support region 140.60/141.00. It is recommended to remain long from yesterday, risk remains below 140.00.

2. Immediate support is at 140.50/139.00/136.50 (intermediary), followed by 134.00, 131.00 and lower, while resistance is at 144.00 and 145.50 respectively.

3. The structure reveals that EUR/JPY might have formed a higher low at 104.50 recently and till prices remain above this region, the pair should remain in control with bulls.

Trading recommendations:

Remain long, set stop below 140.00, target is open.

Good luck!

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Daily analysis of major pairs for March 18, 2014 Trend News

EUR/USD: The bullish outlook on this pair is still extant, plus the resistance line at 1.3950 would easily be tested, even breached to the upside. The support line at 1.3800 is a long-term barrier to any pullbacks along the way. The bullish outlook is valid as long as the price remains above that support line. Our target at 1.4000 remains unchanged, the price could reach that resistance line this week.

USD/CHF: The bearish scenario on the USD/CHF remains valid, and the support level at 0.8700 can be easily tested. The southward journey in the chart has invariably been tardy; thus it is unlikely that the price would move that significantly this week. However, there is a possibility that the aforementioned support level can be breached to the downside.

GBP/USD: This market remains an equilibrium market and there could be a breakout this week or next week. When there is a breakout, it could lead to a serious directional move. The market is currently not attractive to swing traders, but intraday traders and scalpers can play. The trick is to sell in the distribution territory at 1.6700 and buy in the accumulation territory at 1.6600.

USD/JPY: This currency trading instrument is bearish, and would remain so as long as the price is under the supply level at 102.00. The demand level at 101.50 is the short-term target, while the demand level at 101.00 is the medium-term target.

EUR/JPY: The ‘sell’ signal on this cross is valid: the current rally proffers an opportunity to go short in the market. The demand zone at 141.00 is the target for this week, though the price could go lower than that.

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Technical analysis of GBP/CHF for March 18, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair remains below the support trend line for now. The minimum target is seen towards 1.4400/1.4300 for now. The support turned resistance line should cap any intraday rallies towards 1.4600/1.4700. Recommendations are to remain short for now. Resistance is at 1.4700.

2. Immediate resistance is at 1.4600/1.4700 (trend line), followed by 1.4850/1.4950, while supports are spread through 1.4350, 1.4200 and lower respectively.

3. The structure reveals that GBP/CHF should be sold on rallies through 1.4650/1.4700 levels. Immediate downside target should be around 1.4350.

Trading recommendations:

Remain short for now, set stop above 1.47, target is at 1.4350.

Good luck!

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Technical analysis of Silver for March 18, 2014. Trend News

Technical outlook and chart setups:

1. Silver forms an intermediary top at $21.70/80 for now. A break below $20.60/70 level is required to push it further low towards $20.00/50. Recommendations are to remain flat for now and look to buy lower.

2. Immediate resistance is at $23.00, followed by $23.50, while supports are spread through $20.60 (intermediary), followed by $20.00/50, $19.00 and lower respectively.

3. The structure reveals that Silver should be forming bottom around $19.00/$20.00 levels for the next move higher towards $25.00.

Trading recommendations:

Remain flat for now, look to buy lower.

Good luck!

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