Analysis of gold for March 31, 2014 Trend News

On the fundamental side, the FOMC continues reducing the bond buying program that keeps high pressure on gold prices, while economic data is showing little improvement. If the Federal Funds Rate increase is likely to occur in spring 2015. The Interest rate is the driver factor for gold in the short term.

Now gold is trading around $1,296 and as we can see on charts, gold has broken the support trade line starting from $1,180 mark in 2013. This breakout came in combination of 2 parallel breakout as well as provided more opportunity with trading below 38.2% fib correction area. However, oversold indicators (H4 chart) may delay the downside move and look for consolidation before falling further. Candlestick patten is negative with indicators.

In the H4 chart, RSI is indicating a positive move. We expect a pull back to take place with interim support levels. In Asia's trading session, the gold is trading at $1,297 level. On the upside, the resistance levels exists at $1,300, $1,310, $1,316, and $1,320.0. In intraday perspective, it is facing resistance between $1,298.3-$1,300 levels. It's a good opportunity for Intraday traders to buy above $1,300 for targets at $1,306, $1,310, and $1,316. On the upside, $1,316.6-$1,319 are the strong resistance levels. A strong up move will take place once the price crosses above the 50SMA levels at $1,319. On the downside, below $1,288, the price will melt up to $1,280, $1,270, $1,265, and $1,261.0.

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Technical analysis of EUR/USD for March 31, 2014 Trend News

The pair has been in a downtrend from the levels of 1.3967. Today, traders will eye the Fed's Chairwoman Jannet Yellen speech and CPI flash estimates y/y. In Asia's trading session, the pair is trading at 1.3752. The pair has broken the rising wave and trading near the resistance level (purple line). On the down side, Friday's low of 1.3705 is the support level and the level of 1.38 is the resistance level. If the pair trades above the purple line, we can see a clear sign of the near term trend chance will take place. As we recommended earlier in our previous post, go short until the pair trades above 1.396 levels. Now, we are giving an update on this, until it trades above the level of 1.3876, bears will take the pair towards more downside for 1.364, 1.356, and 1.354 levels. A day close below the level of 1.3724 (50SMA) will strengthen the weakness in the pair.

In the H4 chart, the pair came out of the trading pattern and taking support at the level of 1.3745 and facing resistance levels at 1.3766, 1.3777, 1.3787, and 1.38. An up move will take place once the pair crosses and trades above the level of 1.38 (50SMA) towards 1.3850 and 1.3876 levels. On the down side, if the pair trades below the purple line, it will drift towards 1.3737, 1.37, and 1.3642 levels. We will sit on buy side once the pair trades above the level of 1.3876 in the near term.

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Technical analysis of GBP/USD for March 31, 2014 Trend News

The pair is in an uptrend from the level of 1.6465 and facing stiff resistance at the level of 1.66. This resistance level is the highest point on March 17, and for 61.8 Fib level in the H4 chart. Today's traders eye the BOE Governor Carney speech and the Fed's Chairwoman Jannet Yellen speech. Volatility is expected during this session. We do not recommend going long at the current levels. Bulls are back on track only above the level of 1.666 for targets at 1.6718 and 1.6786 immediately. In the H4 chart, RSI favors bears. We expect selling on higher levels is the best strategy in the near term. On the down side, the level of 1.6626, 1.6585, and 1.655 is the immediate targets.

S1 1.6585 R1 1.6666

S2 1.65 R2 1.6718

S3 1.6465 R3 1.6786

OVERALL:

In the weekly chart, the RSI is travelling downwards. The pair has been in a down trend from the level of 1.6823. It's a lower high and lower low forming in the last 2-week trend in the weekly chart, which was a complete bear view. This view will break once the pair starts trading above the 1.666 level. This pair is trading near the descending trendline. If the pair breaks and trades above the upper purple trading line, it gives a clear breakout for the targets at 1.68 and 1.70 levels. On the down side, the pair has a support at 1.6465. The more bearish review will generate once the pair breaks this level. Below this level, 1.6252, 1.6, and 1.5722 are the next targets.

On the upside, once the pair brakes the 1.66 level, it will face resistance at 1.6741, 1.6786, and 1.6823.

SELL WITH SL at 1.666 and TARGETS at 1.66, 1.6585, AND 1.655.

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Daily analysis of USDX for March 31, 2014 Trend News

Daily chart: USDX is forming a bullish pattern above the support level of 80.11, so it is very likely that the USDX will attempt to climb to the resistance level of 80.62 during this week. On the other hand, if the USDX does form a fractal at the current levels and takes a bearish rebound, it's expected to fall to a support level of 79.19. The MACD indicator is in positive territory.

H4 chart: The USDX still alive in the current bullish bias since the USDX remains above the 200 SMA. If the USDX does make a bearish breakout at the trend line, it is expected to rise to the resistance level of 80.35, which would be a bullish consolidation. The MACD indicator is entering neutral territory.

H1 chart: Above 200 SMA, the USDX has formed two fractals that could prevent a future bullish momentum. However, if the USDX manages to consolidate above the resistance level of 80.35, it's expected to rise to the level of 80.59. On the other hand, if the USDX does make a breakout in the support level of 80.15, it's expected to fall to the level of 79.88. The MACD indicator is in neutral territory.

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 80.35, take profit is at 80.59, and stop loss is at 80.11.

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Daily analysis of GBP/USD for March 31, 2014 Trend News

Daily chart: The GBP/USD is facing resistance at the level of 1.6663, so it is very likely that during this week this pair will perform corrective movements to form a lower high pattern below that level. If the pair manages to make a breakout at the resistance level, it's expected to rise to the level of 1.6766. The MACD indicator is in positive territory.

H4 chart: The GBP/USD stays below the resistance level of 1.6644. The next target for this pair is the 1.6667 level. However, it is very likely that this pair will fall to the support level of 1.6592. If the pair manages to consolidate above the 1.6667 level, it's expected to rise to the level of 1.6735. The MACD indicator is in the overbought zone.

H1 chart: This pair is consolidating above the point of control at the level of 1.6629. It is very likely that the GBP/USD will attempt to climb to the resistance level of 1.6700. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6750. On the other hand, if the GBP/USD manages to make a breakout at 1.6629 level, it's expected to fall to the level of 1.6578, where the 200-day moving average is located. The MACD indicator is in neutral territory.

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

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Daily analysis of major pairs for March 31, 2014 Trend News

EUR/USD: This remains a bear market in spite of its attempt to rally. The rally is simply a good shorting opportunity; for the price would simply go down to test the support line at 1.3700, which could be breached to the downside as the price trends further lower. Only bearish trades are advised on this market.

USD/CHF: The bullish signal on the USD/CHF is intact. Our target at the resistance level at 0.8900 was nearly hit last week. Right now, there is a minor pullback in the market, but the price would still go upwards to test that resistance level. Should the resistance level be breached to the upside, the next target would be the resistance level at 0.8950.

GBP/USD: Since last week, the Cable has been bullish, and the target for this week is at the distribution territory at 1.6700. With continuation of the bullish pressure, the price could even go beyond our target: it could reach another distribution territory at 1.6750. Only long trades are advised for this week.

USD/JPY: This market has been bullish and the bullish bias may extend from now on till the latter part of April 2014. This fact does not rule out the possibility of some bearish corrections, but the corrections would be short-lived as the market goes further upwards.

EUR/JPY: This cross first moved lower last week, then the market rallied significant, closing at 141.36. This rally is strong enough to make the cross recover the loss it sustained last week. Any movement above the supply zone at 142.00 means the bullish bias is over.

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