Technical analysis of USDX for March 20, 2014 Trend News

The Fed said it will reduce bond buying to $55 billion per month, split as $25 billion MBS and $30 billion Treasuries. As some had expected, the central bank dropped the 6.5 percent jobless rate threshold as a factor in determining future interest rate path. The Fed said it will assess its progress toward reaching its goals on unemployment and inflation when determining the time to raise rates.

Technical view-

The US dollar jumped yesterday. The price was consolidating near the lower levels for 4 consecutive days and jumped to higher levels. In our previous report dated March 18, 2014 we recommended a buy call for the targets of 80.12, 80.40, and 80.75. We are still recommending going long on a positional basis.

Positional view-

The price is facing resistance at 40EMA, 80.12; when it crosses this level, we will see 80.37(50SMA) and 80.75(200EMA) in the near term. RSI and stochastics are supporting my view. A day close above the level 80.37 will confirm that bulls are back on track, and a day close above the level 80.75 (200EMA) will indicate a completed trend reversal towards higher levels at 81.32-81.39, and 81.46.

On the downside, if the price breaks the 79 mark, it will drift to 78.90, 78.6, immediately, which is a buyers' corner.

S1 79.60 R1 80.11

S2 79.27 R2 80.38

S3 78.60 R3 80.75

Intraday-

The price is facing strong resistance at 200EMA (80.05), and daily momentum indicators do not favour to enter longs at current market price. Please wait for a dip towards 79.9-79.60 and enter longs.

S1 79.59 R1 80.05

S2 79.27 R2 80.12

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Technical analysis of AUD/USD for March 20, 2014 Trend News

The pair is trading between the trend lines. Yesterday, after the Fed met, the pair was beaten hardly to support levels. During yesterday's trading session, the pair held the 21EMA level at 0.9142. Within today's Asia's trading session, the pair has broken the 21EMA and is trading near another short-term support level at 0.8993. As of now, it made a low at 0.9001.

In the H4 chart the pair is holding 200EMA and the RSI is showing buy signal. We expect some pullback from the current levels. This view will validate until the pair breaks the 0.8977. On the upside 0.9050 is the first resistance levels, above that, 0.9059, 0.9072, and 0.9137 will be possible in intraday. On the down side, if the pair breaks the 0.8977 level, the immediate support will exist at 0.8955 which is a stop loss level for my pullback view on an intraday basis.

Recommendation-

Intraday

Buy with sl 0.8955 and targets at 0.9045, 0.9059, 0.9072, and 0.9137.

Positional basis- If the price breaks below the 0.8933, next support comes at 0.8941, 0.8923, and 0.8890. A break below 0.8890 will cause more weakness in the pair towards the lower levels at 0.8730 and 0.8693.

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Technical analysis of EUR/USD for March 20, 2014 Trend News

EUR/USD is trading near key support at the level of 21EMA at 1.3816. Today in Asia, the pair has broken the level and made a low at 1.3814 as of now. As we recommended earlier, hold shorts until the pair crosses the level of 1.396. In the daily chart, the RSI is showing a sell sign. For today, trading perspective at 1.3803 is the key level, if the pair holds this level, we will see some pullback from the current level.

On the upside, 1.3893 and 1.3945 is the major resistance level fon a hourly basis. In the H4 chart, RSI is in oversold condition, we can see some pullback.

On the downside, if the pair breaks the level of 1.3803 it will drift towards 1.3774 1.3708, and 1.3643.

Recommendation- 1.3803 is the key level.

Intraday

Buy with sl 1.3773 for targets at 1.3899, 1.3945.

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Technical analysis of EUR/USD for March 20, 2014 Trend News

When the European market opens, some economic news will be released such as German PPI m/m, EU Economic Summit. The US will release the economic data too such as the US-Unemployment Claims, US-Existing Home Sales, US-Philly Fed Manufacturing Index, US-CB Leading Index m/m, US-Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3886.

Strong Resistance:1.3877.

Original Resistance: 1.3864.

Inner Sell Area: 1.3851.

Target Inner Area: 1.3818.

Inner Buy Area: 1.3785.

Original Support: 1.3772.

Strong Support: 1.3759.

Breakout SELL Level: 1.3750.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3772 and 1.3864. The rate is accompanied by strong support at 1.3759 and by 1.3877 as strong resistance.

If EUR/USD breaks out and closes below the 1.3750 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3886 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 1.3785 and at 1.3851, a SELL position. In this case both targets should be placed at the level of 1.3818.

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 20, 2014 Trend News

In Asia, today there is no significant economic data to be released in Japan, but the BOJ Gov Kuroda will speak today. The US will release some economic data such as US-Unemployment Claims, US-Existing Home Sales, US-Philly Fed Manufacturing Index, US-CB Leading Index m/m, US-Natural Gas Storage. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.87.

Resistance. 2: 102.67.

Resistance. 1: 102.47.

Support. 1: 102.22.

Support. 2: 102.01.

Support. 3: 101.81.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.81) and resistance 3 (102.87). 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 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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Analysis of gold for March 20, 2014 Trend News

Most Fed watchers expected the central bank to announce that they will reduce the size of its monthly bond buying by further $10 billion, to $55 billion. Currently, short-term interest rates are roughly in line with FOMC forecasts. If the interest rates start rising, then gold prices will come down. The Fed did what everyone expected. Gold plunged to a 1-week low and the US dollar moved to higher levels. Beginning in April, the central bank will add to its holdings of agency mortgage-backed securities at a pace of $25 billion per month rather than $30 billion per month, and will add to its holdings of long-term Treasury securities at a pace of $30 billion per month rather than $35 billion per month. The biggest news was that the FOMC dropped its 6.5 percent unemployment forward guidance threshold for possibly raising interest rates.

Technical view-

Gold was beaten hardly at the $1391 level. Gold has been dropping for three consecutive days. Gold plunged to the strong support level at $1328.0. During yesterday's trading session, gold broke the 200EMA level, closed below the EMA level, and broke the previous support level as well, which added fuel for bears. Today within Asia's trading session, gold is unable to cross the 200EMA level that raises more bearish thoughts.

Intraday and Positional-

In the H4 and H1charts, RSI shows a pullback signal as it stays in oversold zone. Currently, gold is trading at $1,329.60. As per the RSI if pullback comes to price, on the up side we will see $1,331.0 acting as stiff resistance. If price crosses above the $1,331.0, we will see $1,338.0 immediately. Fresh up move is to be only above the level of $1,338.0 for targets at $1,343.0, $1,350.0, $1,354.0, and $1357.0.

On the downside, if the price is unable to cross the $1,331.0 level, gold will drift to $1,325, $1321, $1,315-$1,310 levels. But for the time being, as we saw in the hourly charts, RSI is in oversold conditions. So just wait for another pullback and enter short at higher levels. In the daily chart, fib level 38.2 and 50SMA are acting as support zone in the near term. On the weekly basis, the fib level 23.6, $1,322.5, and 50SMA at $1,321.0 is acting as strong support, we can see this levels today only.

Recommendation-

Intraday

Buy between $1,325.0 and $1,323.5, targets are $1,331.0, above this, $1,337.0. Add more if it comes to $1,320.0.

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Daily analysis of USDX for March 20, 2014 Trend News

Daily chart: The USDX rose to the resistance level of 80.11 after reacting positively to the news that appeared from the US Federal Reserve. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.62. On the other hand, if the USDX makes a bearish rebound at current levels, it would be expected to fall to the support level of 79.75. The MACD indicator is in positive territory.

H4 chart: The USDX has touched the 200 SMA and the bearish trend line near that level. If the USDX manages to consolidate above the 80.15 level, it is expected to rise to the level of 80.44. On the other hand, if the USDX makes a bearish rebound at that level, it would be expected to fall to the level of 79.81 as near current levels, there is a bearish trend line. The MACD indicator is in positive territory.

H1 chart: The USDX has consolidated above the 200 SMA a bullish pattern. If the USDX does make a breakout on the resistance level of 80.15, it's expected to rise to the level of 80.35. Furthermore, if USDX is able to consolidate below the support level of 79.88, it's expected to fall to the level of 79.64. The MACD indicator is in the overbought zone.

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 80.15, take profit is at 80.35, and stop loss is at 79.95.

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Daily analysis of GBP/USD for March 20, 2014 Trend News

Daily chart: The GBP/USD has had a fall to the support level of 1.6540 and now this pair is trying to consolidate below that level. However, it is expected that the GBP/USD start forming a higher low pattern. It should be noted that near the support level of 1.6447, there is a bullish trend line that could serve as support for this pair. The MACD indicator is in negative territory.

H4 chart: This pair found resistance near the 1.6644 level and fell below the 200 SMA. Now, the GBP/USD is forming a higher low pattern. If the pair manages to make a breakout at the support level of 1.6516, it's expected to fall to the level of 1.6483. On the other hand, if the GBP/USD manages to consolidate above the 1.6592 level, it's expected to rise to the level of 1.6644. The MACD indicator is in negative territory.

H1 chart: The GBP/USD is forming a higher low pattern below the resistance level of 1.6544. If the pair manages to make a breakout at the support level of 1.6507, it's expected to fall to the level of 1.6464. On the other hand, if the pair manages to make a consolidation above the 1.6544 level, it's expected to rise to the level of 1.6578. The MACD indicator is in negative 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 1.6507, take profit is at 1.6464, and stop loss is at 1.6549.

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Intraday technical levels and trading recommendations for EUR/USD for March 19, 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 1.3940.

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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EUR/AUD intraday technical levels and trading recommendations for March 19, 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.

Today, the bears failed to keep their gains against the bulls. The pair retraced quickly from 1.5200 getting back again inside the bullish channel towards 1.5280.

On the other hand, bearish rejection is also expressed at 1.5280 expressing few inverted hammer 4H candlesticks.

It's advised to wait until this indecision phase comes to an end with a breakout above 1.5300 or below 1.5200 then catch a position in the same direction of breakout.

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USD/CAD intraday technical levels and trading recommendations for March 19, 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 offered a good BUY opportunity around 1.0960 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.

Daily fixation above 1.1200-1.1230 (Weekly 50% Fibonacci level) opens the way for a higher target around 1.1660 (61.8% Fibonacci).

A symmetrical triangle was expressed on the 4H chart. Lower highs and higher lows are were being established until bullish breakout took place today.

Bullish fixation above 1.1060 is a must to collect enough momentum to push higher.

Bullish pattern (ascending bottoms) is depicted on the chart. This indicates a strong bullish movement above 1.1190 to follow through.

On the other hand, bearish rejection around 1.1200 will keep the pair trapped within the current congestion zone giving more time for sideway consolidation.

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

Overview

In 4H chart, the pair failed to break the Support level of 167.75 more than once. It has been trading above it since yesterday. Today the 4H chart shows that the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 169.20. Currently, it is prefered to wait for 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 169.75 then 170.00 as the second target. But closing below the Resistance level of 169.20 cancels the bullish move scenario.

Resistance and support levels: R3 (170.50), R2 (169.75), R1(169.20), S1 (168.50), S2 (167.75), S3 (167.00).

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GOLD analysis for March 19, 2014 Trend News

Overview:

Since our last analysis, Gold has been trading downwards, as we expected, the price tested the level of 1,339.56 on volume above the average. According to the daily chart, we can observe supply on the volume above the average, which is sign that we may see larger bearish corrective phase. We can also observe the testing of our submajor Fibonacci retracement 61.8% at the price of 1,340.00. 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 1,340.00, and I got submajor FR 61.8% at the price of 1,333.00. To confirm further bearish correction and downward movement, the price needs to break the level of 1,333.00 on higher volume. Watch for selling opportunities after retracements.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,365.01

R2: 1,368.95

R3: 1,375.33

Support levels:

S1: 1,352.25

S2: 1,348.31

S3: 1,341.93

Trading recommendation: Trading the metal, be careful with buying at this stage since Gold is in progress of bearish corrective phase. Watch for selling opportunities after retracement.

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EUR/NZD analysis for March 19, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6190 on average volume. Our previous analysis is still active. Be careful with selling since we've got selling on very high volume, according to the daily chart. We can observe rejection from the level of 1.6083, which is sign that we may see possible bullish reaction. 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 of the level 1.6020 (Fibonacci expansion 100%) before any larger upward movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6262

R2: 1.6311

R3: 1.6391

Support levels:

S1: 1.6101

S2 : 1.6052

S3: 1.5971

Trading recommendation: Be careful with selling the EUR/NZD pair since we got selling climax according, to the daily chart.

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Elliott Wave Analysis of USD/CAD for March 19, 2014 Trend News

USD/CAD Elliott Wave
The USD/CAD pair has followed our plan from last analysis very good, wave (iii) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the short term chart above, we can see the strong rally from the 1.1020 level (current end of the (ii) wave) towards the 1.1195 level, we are currently in the (iii) wave that have more upside movements, so the plan will stay unchanged, looking for a pullback to re-enter a long position. 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)). To protect our positions, we can use the 1.1060 level, as stop loss, everyone who are holding long positions should move stops to break even.



Support and Resistance

(S3) 1.0939, (S2) 1.0982, (S1) 1.1059, (PP) 1.1102, (R1) 1.1179, (R2) 1.1222, (R3) 1.1299.



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 1.1140 with stop loss at 1.1060 and take profit at 1.1348 are recommended.

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Elliott Wave Analysis of AUD/USD for March 19, 2014 Trend News

AUD/USD Elliott Wave
Since our last analysis, the AUD/USD pair has been trading upwards, just like we expected, impulsive wave iii (coloured blue) of the bigger wave (iii) (coloured green) has been developing. In the 1-hour chart of the pair above, we can see that pullback in the ii wave has ended at the 0.9629 level, and from there we are tracking the iii of (iii) wave that is looking to become extended wave. While price remains above the 0.9000 support level, we are going to focus only on a buying opportunity to catch final [iii] wave (coloured black). 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 0.9318 (161.8% of wave [i]). Intraday traders should look for a buying at the next pullback, but for targets we are going to look for the 0.9200-0.9250 area.



Support and Resistance

(S3) 0.9008, (S2) 0.9036, (S1) 0.9080, (PP) 0.9108, (R1) 0.9152, (R2) 0.9180, (R3) 0.9224.



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 0.9100 with stop loss at 0.9000 and take profit at 0.9318 are recommended.

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#USDX Technical analysis for March 19, 2014 Trend News

The Dollar index has not made much progress neither to the downside nor the upside yesterday. Short- and long-term trend remain downward. Short-term resistance is found at 79.60-85 and short-term support is found at 79.30.

For a larger degree trend reversal, the Dollar index will need to break above the Ichimoku cloud and the downward sloping wedge. This means that it will need to break above 80. In the short-term, the index seems supported above 79.20. This could mean that a reversal is being prepared. Stop for bulls that want to pick a bottom, is the 79.20 level.

The daily chart has nothing new to add to our analysis. Long-term traders would use the 80 level as stop reverse since trend remains down. Breaking above this level could bring price towards 80.50. Support is found at 79.

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Gold technical analysis for March 19, 2014 Trend News

Gold price despite making a small upward bounce towards $1,360 yesterday, it has reversed lower implying that a bigger degree corective move is in play. The downward move in Gold is impulsive in nature and I will expect an upward bounce towards $1,375 before going short. This downward correction will at least move towards $1,300 if $1,330 is broken. Our sell signal was given at $1,375-78. Now price is heading towards the longer-term trend line support and the Ichimoku cloud.

An upward bounce is very possible from this price area. If $1,340 support fails to hold prices, we should expect $1,320 as our next target. Resistance is now found at $1,360-70 area. An upward move wil be the second part of a more complex correction that we believe we are in. A third leg down is expected to bring Gold price towards $1,280-60.

The reversal at $1,390 brings Gold price towards the downward sloping trend line at $1,330. This trend line was once resistance and now is support that is going to be back tested. The first upward bounce is expected to come soon or if price reaches $1,330. The upward bounce we expect should be sold with the highs as stop and $1,280 as target.

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

Overview :

• The market has opened below the daily resistance today. The resistance has already set at the level of 1.3970, a strong level, on March 19, 2014. Additionally, the double top is also coinciding with the same price (1.3970). Moreover, the EUR/USD pair reached the weekly pivot point yesterday and today the price is still around it. Hence, the trend was sideways and the range seemed extensive up to 75 pips. According to the previous events, the price of the EUR/USD pair has still been trapped between the level of 1.3880 and the 1.3950 level. Therefore, it will be advantageous to sell at the price of 1.3970 (the weekly resistance 1) with the first target at 1.3900 ( the level of 1.3901 is going to represent the weekly pivot point). It may resume to 1.3836 if the price is able to break 1.3901. Notwithstanding, stop loss should always be in account, accordingly, it will be of beneficial to set the stop loss above the weekly resistance 1 at the price of 1.3990.

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

General overview for 19/03/2014 09:20 CET

This pair is still in the range zone and the consolidation in this zone is getting more tight, complex and time consuming. The golden trendline is still providing the dynamic support for the price, so a breakout below this trendline is the key to the downside. Next green impulsive count invalidation line comes that would be broken as well as the market would extend the decline. On the other hand, in case of any upside continuation, the intraday resistance at the level of 141.96 must be broken and the test of the grey rectangle area will be made then.

Support/Resistance:

142.52 - WR1

142.20 - 142.30 - Key Level

141.97 - Intraday Resistance

141.48 - Weekly Pivot

141.05 - Intraday Support

140.38 - Invalidation Line

Trading recommendations:

Wait for the breakout and then:

- sell stop orders should be opened from the level of 140.72 with SL above the level of 141.95 and TP at the level of 140.33 with a possible downside extension to the level of 140.00.

- buy stop orders should be opened from the level of 142.01 with SL below the level of 141.48 and TP at the level of 142.30 with a possible upside extension to the level of 142.53 and 142.74.

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

General overview for 19/03/2014 09:00 CET

The five wave impulsive movement to the upside has been finished just above the grey rectangle zone as anticipated yesterday. Currently, the price is at the key level of resistance and just about 60 pips from the top of the supply zone at the level of 1.1192. Any breakout higher above the level of 1.1152 would invalidate green bearish impulsive count, but to invalidate the higher time frame bearish count, the price must break above the level of 1.1193. On the other hand, if the key level holds, then price should start to develop a downside wave progression in impulsive fashion, breaking the intraday support at the level of 1.1101 and start to test weekly pivot level from the upside.

Support/Resistance:

1.1192 - Supply zone top boundary | Invalidation line |

1.1157 - Technical Resistance

1.1150 - WR1

1.1141 - Intraday Resistance

1.1101 - Intraday Support

1.1098 - Weekly Pivot

Trading recommendations:

Sell limit orders should be in opened from the level of 1.1141 with SL above 1.1159 and TP at the level of 1.1101.

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Elliott wave analysis of EUR/NZD for March 19, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6315

R2: 1.6252

R1: 1.6195

Current spot: 1.6183

S1: 1.6158

S2: 1.6134

S3: 1.6086

Technical summary:

The complex correction that began at 1.7153 in early August last year countinues to frustrate the overall picture. At this point, it is unclear whether the second zig-zag rally has begun or the X-wave correction is still unfolding in the final ending diagonal. Until the overall picture becomes more clear this currency pair should not be traded. As long as resistance at 1.6473 and more importantly resistance at 1.6673 protects the upside the most likely outcome is that an ending diagonal is unfolding towards 1.5913 and maybe even slightly lower. Only a break above 1.6673 will indicate that a more bullish count is unfolding for a possible powerful rally higher.

Trading recommendation:

Stay neutral for now.

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Elliott wave analysis of EUR/JPY for March 19, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.87

R2: 141.58

R1: 141.48

Current spot: 141.40

S1: 141.08

S2: 140.74

S3: 140.45

Technical summary:

The X wave from 136.23 became more complex than first expected, but it most likely ended with the test of 143.79 and the second zig-zag correction lower is likely developing. In the short-term, we will likely see a decline in red wave v towards the 139.79-140.20 area to end the first small impulsive decline from 143.79. This first impulsive decline should be followed by a minor correction higher towards 142.00 and maybe even a little higher towards 142.40 before the next impulsive decline lower towards at least 136.46.

Trading recommendation:

Sell EUR at 141.90 with a stop at 143.80.

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Daily analysis of major pairs for March 19, 2014 Trend News

EUR/USD: The price is above the support line at 1.3900. There is another support line at 1.3850, which can serve as a real barrier to any bearish attempts. There are still signs of bullish determination on the EUR/USD, and our target at 1.4000 remains unchanged. The EUR/USD is thus capable of trending further upwards, first breaking the resistance line at 1.3950 before going to the target at 1.4000.

USD/CHF: This pair continues to remain slow and tardy – albeit with a very strong bearish outlook. Our target at the support level of 1.8700 is still in place. After all, the price tested it a few times last week, so there should not be any challenge in testing it this week or next week. In fact, with a renewal of a serious selling pressure, the support level could even be breached to the downside.

GBP/USD: This market remains an equilibrium market, though the price territory at 1.6600 has been breached to the downside. The market is again trying to challenge that price territory: it may not be able to breach it to the upside, unless the bulls become very strong here.

USD/JPY: Yes, this is a bear market and any rally means that one should go short. There is a supply level at 102.00, which would act as a real barrier to any revolting upswings. It is thus possible that the price could slide downwards to the demand level at 101.00.

EUR/JPY: Our target at the demand zone of 141.00 was tested; while the price bounced upwards from that zone. With a continuation of a bearish move, that demand zone could be re-tested, broken to the downside, while the price continues going lower.

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