03/04/15 ~ Best and Easy Analyst News

Wednesday 4 March 2015

Technical analysis of Silver for March 05, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has formed a potential double bottom at $16.00/10 levels as seen here. Moreover, the metal has stalled at the fibonacci 0.618 support level of the rally between $14.66 and $18.50 levels, respectively. The metal is expected to resume its rally towards $20.00 and $21.00 levels any moment now. Immediate support is seen at $16.00 (interim), followed by $15.50 and lower, while resistance is seen at $17.40/50, followed by $18.40/50, $18.90 and higher, respectively. Bulls are expected to remain in control untill prices stay above $15.50 levels.

Trading recommendations:

Remain long, stop at $15.50, target is open.

Good luck!

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Silver for March 05, 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for March 5 - 2015 Market Analysis Review

Technical summary:

We have seen a nice and strong decline after the break below support at 133.39 and more importantl break below support at 132.52 confirming that the correction in wave (iv) ended at 135.91 and wave (v) is developing lower towards 125.98 . Short term, we expect resistance at 133.20 to protect the upside for the next decline lower towards the 161.8% extension target at 131.00 and possibly even lower.

Trading recommendation:

We are short EUR from 133.90 and will lower our stop to break-even. If you are not short EUR yet, then sell near 133.20 with the same stop at 133.90.

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

For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for March 5 - 2015 . Thanks for your support.

Technical analysis of Gold for March 05, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has been seen trading around the $1,200.00/05.00 levels over a few days now. It is just a matter of time though before the metal resumes its uptrend. Please note that the metal has formed a higher low at $1,190.00 levels for now. Immediate support is seen at $1,170.00 levels followed by $1,030.00 levels and lower, while resistance is seen at $1,240.00, followed by $1,285.00, $1,307.00 and higher respectively. Bulls are expected to remain in control till the time prices stay above $1,170.00 levels. As projected here, upside target is around $1,400.00 in the coming weeks, for the yellow metal.

Trading recommendations:

Remain long, stop at $1,170.00, target is open.

Good luck!

Elliott wave analysis of EUR/NZD for March 5 - 2015 Market Analysis Review

Technical summary:

The decline in red wave v of (v) extended below the long term support line at 1.4700. We expect this to be a classic case of overshooting. We are still looking for a firm bottom and will be looking for a break above minor resistance at 1.4667 and a break above 1.4800 to confirm that a bottom is in place. Short term, minor support at 1.4611 will ideally protect the downside from the expected break above 1.4667. Only a break below support at 1.4586 will indicate that the bottom is not in place yet.

Trading recommendation:

We are long EUR from 1.4725 and will place our stop at 1.4580. If you are not long EUR yet, then buy a break above 1.4667 with the same stop at 1.4580.

Technical analysis of Gold for March 05, 2015 Market Analysis Review

The RBI surprise rate cut hit the gold at yesterday's session. The bank's rate was adjusted by 25 basis points from 8.75 per cent to 8.50 per cent with effect from March 04, 2015. Moreover, the positive US data affected the metal price at sub $1,200.00. It raises hopes that the US Federal Reserve will raise the benchmark interest rate. Today, traders eye US unemployment data and ECB road map to its QE. Ahead of the ECB meeting, the metal price is trading higher at the Asian session. The price is hovering around $1,200.00 for 9 days. This week, US nonfarm pay roll is due on Friday, which will influence the Federal Reserve thinking about an interest rate hike. Until prices close below $1,214.00, bears have the upper hand. The intraday support is found at $1,195.00 and resistance is seen at $1,204.50 and $1,209.00. The weekly resistance is set between $1,223.00 and $1,228.00. The near-term bottom was placed at $1,190.00. A daily close below $1,185.00 leads to $1,179.00, $1,170.00, $1,167.00, and $1,150.00. We recommend fresh selling below $1,195.00 with targets at $1,190 and $1,185.00. We can expect intraday strong momentum only above $1,208.00 towards the levels of $1,211.00 , $1,214.00, $1,216.00, $1,220.00 and $1,222.00. Today, the metal opened on a bullish note.

Resistance: $1,204.00, $1,209.00, $1,214.00.

Support: $1,200.00, $1,195.00, $1,190.00.

Trade: selling below $1,195.00.

Strong upswing momentum is only above $1,209.00. Until the price closes above $1,195.00, bulls are trying to hit $1,222.00 again.

Technical analysis of EUR/USD for March 05, 2015 Market Analysis Review

When the European market opens, economic data on the ECB press conference, minimum bid rate, the French 10-y bond auction, the retail PMI, and the German factory orders m/m are expected to be released. The US will announce the infotmation about natural gas storage, factory orders m/m, revised unit labor costs q/q, the revised nonfarm productivity q/q, unemployment claims, and Challenger job cuts y/y. So, EUR/USD will move with medium volatility during this day amid reports.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1133.

Strong Resistance:1.1127.

Original Resistance: 1.1116.

Inner Sell Area: 1.1105.

Target Inner Area: 1.1079

Inner Buy Area: 1.1053.

Original Support: 1.1042.

Strong Support: 1.1031.

Breakout SELL Level: 1.1025.

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for March 05, 2015 . Thanks for your support.

Technical analysis of USD/JPY for March 05, 2015 Market Analysis Review

In Asia, Japan will release data on 30-y bond auction and the US is expected to release economic data on natural gas storage, factory orders m/m, the revised unit labor costs q/q, the revised nonfarm productivity q/q, unemployment claims, and Challenger job cuts y/y. So, there is a strong probability that the USD/JPY pair will move from low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.32.

Resistance. 2: 120.09.

Resistance. 1: 119.86.

Support. 1: 119.57.

Support. 2: 119.34.

Support. 3: 119.10.

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for March 05, 2015 . Thanks for your support.

Daily analysis of major pairs for March 5, 2015 Market Analysis Review

EUR/USD: This pair has become weaker, going below the resistance line at 1.1100. It is very much likely that the support line at 1.1050 would be challenged – it may even be breached to the downside. But would the EUR reach parity with the USD? Only time would tell, but this seems likely to happen. Unless the price manages to climb back towards the resistance line at 1.2000, there is a high probability of the EUR reaching parity with the USD is very high.

USD/CHF: The USD/CHF pair continues to go upwards in a determined manner. The bullish movement is slow and gradual, as the price forms a series of lower highs and higher highs in the chart. The price is now above the support level at 0.9600. It has tested the resistance level at 0.9650 but it was unable to close above it. The price needs to close above that resistance line; otherwise, there is possibility of a serious pullback from here.

GBP/USD: According to our forecast, the GBP/USD pair was able to trend lower yesterday, going below the distribution territory at 1.5300. This looks like the beginning of a significant bearish movement, the GBP is expected to be weak against the most major currencies. Certain fundamental figures are expected today and they are supposed to have an impact on the market.

USD/JPY: The fundamental figures that moved some popular Forex markets yesterday had a negligible effect on this pair. There is still a Bullish Confirmation Pattern in the chart: the RSI period 14 is above the level 50, while the price itself is above the EMA 56. There may be a bullish movement from here.

EUR/JPY: This cross dived yesterday, due to the weak Euro. The demand level at 132.50 has been tested. A rally is still expected unless the price closes below it,.

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of major pairs for March 5, 2015 . Thanks for your support.

USDCAD Daily Analysis - March 5, 2015 Forex Analysis

USDCAD continued its sideways movement in a range between 1.2352 and 1.2797. Another fall to test 1.2352 support would likely be seen, a breakdown below this level will target 1.2200 area. Key resistance is now at 1.2663, a break of this level will signal resumption of the long term uptrend from 1.1191 (Nov 21, 2014 low), then the following upward movement could bring price to 1.3000 area.

For more short term forex analysis and info visit via USDCAD Daily Analysis - March 5, 2015 . Thanks for your support.

USDJPY Daily Analysis - March 5, 2015 Forex Analysis

USDJPY moved sideways in a trading range between 118.23 and 120.47. Support is at 118.23, a breakdown below this level will target 116.50 area. Resistance is at 120.47, above this level will indicate that the uptrend from 101.06 (Jul 10, 2014 low) has resumed, then the following upward movement could bring price to 125.00 area.

For more short term forex analysis and info visit via USDJPY Daily Analysis - March 5, 2015 . Thanks for your support.

AUDUSD Daily Analysis - March 5, 2015 Forex Analysis

AUDUSD remains in downtrend from 0.7912, the rise from 0.7750 is likely correction of the downtrend. Further decline could be expected, and next target would be at 0.7650 area. Resistance is at 0.7912, only break above this level could trigger another rise to 0.8000 area.

For more short term forex analysis and info visit via AUDUSD Daily Analysis - March 5, 2015 . Thanks for your support.

GBPUSD Daily Analysis - March 5, 2015 Forex Analysis

GBPUSD remains in downtrend from 1.5551, and the fall extended to as low as 1.5251. Further decline could be expected after a minor consolidation, and next target would be at 1.5100 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

For more short term forex analysis and info visit via GBPUSD Daily Analysis - March 5, 2015 . Thanks for your support.

EURUSD Daily Analysis - March 5, 2015 Forex Analysis

EURUSD broke below 1.1097 support, indicating that the downtrend from 1.2569 (Dec 16, 2014 high) has resumed. Further decline could be expected, and next target would be at 1.0800 area. Resistance is at 1.1250, only break above this level could bring price back to 1.1500 zone.

For more short term forex analysis and info visit via EURUSD Daily Analysis - March 5, 2015 . Thanks for your support.

Daily analysis of Silver for March 04, 2015 Market Analysis Review

Overview

As shown on the today's H4 chart, the metal is stabilizing above the support level of 16.00 with the upward trend line after its failure to break the support area last week. Currently, we must wait for retesting the support area again and closing below to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the support level until testing the next support level of 15.70. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support area, this cancels the bearish move scenario.

Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.30), S1 (16.00), S2 (15.70), S3(15.50).

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of Silver for March 04, 2015 . Thanks for your support.

Technical analysis of USD/JPY for March 04, 2015 Market Analysis Review

Fundamental Outlook:

USD/JPY is expected to consolidate with risks skewed lower after hitting almost a three-week high 120.27 on Tuesday. USD/JPY is undermined by the comments from Etsuro Honda, economic adviser to Prime Minister Abe, that Japan's central bank should hold fire on extra easing measures for some time to ensure the economy doesn't "overheat," and that the present dollar-yen levels may be at a "kind of upper limit in the exchange rate's comfort zone." USD/JPY is also weighed by the Japanese exports, unwinding of the JPY-funded carry trades amid decreased risk appetite (VIX fear gauge rose 6.29% to 13.86, S&P 500 closed 0.45% lower at 2,107.78 overnight). But the dollar sentiment is soothed by a jump in the US ISM-NY business conditions index to 63.1 in February from 44.5 in January and a rise in the US IBD/TIPP economic optimism index to 49.1 in March from 47.5 in February. The USD/JPY losses are also tempered by the higher US Treasury yields (10-year at 2.126% versus 2.084% late Monday), demand from Japan's importers and the ultra-loose Bank of Japan's monetary policy and expectations that the Federal Reserve could raise interest rates in the middle of the year.

Technical comment:
The daily chart is mixed as the MACD and stochastics are bullish. Five-day moving average is above 15-day moving average and is advancing, but bearish outside-day-range pattern was completed on Tuesday.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 119.10. A break of that target will move the pair further downwards to 118.60. The pivot point stands at 120. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 120.35 and the second target at 120.60.

Resistance levels:

120.35

120.75

121

Support levels:

119.10

118.60

118.25

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for March 04, 2015 . Thanks for your support.

Technical analysis of USD/CHF for March 04, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to consolidate with bullish bias after hitting a six-week high of 0.9625 on Tuesday. It is underpinned by the negative Swiss interest rates and by the threat of the Swiss National Bank to carry out CHF-selling intervention. The Swissie sentiment is boosted by the stronger-than-expected on-year expansion of 1.9% in Switzerland's GDP in 4Q (versus forecast +1.8%).

Technical comment:
The daily chart is positive-biased as the MACD and stochastics are bullish, although the latter is at overbought levels. Five- and 15-day moving averages are advancing.

Trading recommendations:

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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9670 and the second target at 0.9705. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9530. A break of this target would push the pair further downwards, and one may expect the second target at 0.9495. The pivot point is at 0.9570.

Resistance levels:

0.9670

0.9705

0.9745

Support levels:

0.9530

0.9495

0.9545

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

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for March 04, 2015 . Thanks for your support.

Technical analysis of NZD/USD for March 04, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to trade with risks skewed higher. It is supported by positive sentiment for commodity-linked currencies as oil prices advanced on Tuesday and by the NZD-USD interest differential. The kiwi sentiment is dented by the anemic increase of 1.1% in Fonterra's GDT Price Index and the fall of 1.0% in average price for whole milk powder to $3,241/MT at the latest Global Dairy Trade auction. The gains of NZD/USD are also tempered by kiwi sales on the buoyant AUD/NZD cross and subdued investor risk appetite.

Technical comment:

The daily chart is mixed as the MACD is bullish, but stochastics is bearish at overbought levels, inside-day-range pattern was completed on Tuesday.

Trading recommendations:
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 long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7615 and the second target at 0.7655. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.75. A break of this target would push the pair further downwards, and one may expect the second target at 0.7470. The pivot point is at 0.7540.

Resistance levels:

0.7615

0.7655

0.7695

Support levels:

0.75

0.7470

0.7430

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of NZD/USD for March 04, 2015 . Thanks for your support.

Technical analysis of GBP/JPY for March 04, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a lower range. It is undermined by the soft EUR/USD undertone, diminished investor risk appetite and Japan's exports. But the EUR/JPY losses are tempered by demand from the Japanese importers.

Technical comment:

The daily chart is mixed as the MACD is bullish, stochastics is turning bullish at oversold levels, but five-day moving average is below 15-day moving average and is declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 182.50. A break of that target will move the pair further downwards to 182.10. The pivot point stands at 184.15. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 184.40 and the second target at 184.75.

Resistance levels:

184.40

184.75

185.35

Support levels:

182.50

182.10

181.75

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/JPY for March 04, 2015 . Thanks for your support.

Daily analysis of GBP/USD for March 04, 2015 Market Analysis Review

On the daily chart we can see that the nearest target in the downside road is still located at the support level of 1.5247, because the GBP/USD pair continues to be bearish. The strong rejection by the resistance level of 1.5491 is a clear indication of weakness that this pair is currently having and maybe it is a new start of the general bearish bias, which could be confirmed with a consolidation below the level of 1.5050.

The bearish structure is more clear when we look at the H1 chart, as the GBP/USD pair is being consolidated below the 200 SMA. The fractals formed above the current levels of this pair could be a confirmation of a new short-term bearish trend that GBP/USD is currently riding and, for now, we would expect more falls.

Daily chart's resistance levels: 1.5761 / 1.5957

Dailychart's support levels: 1.5491 / 1.5247

H1 chart's resistance levels: 1.5413 / 1.5455

H1 chart's support levels: 1.5340 / 1.5257

Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5340, take profit is at 1.5257, and stop loss is at 1.5423.

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for March 04, 2015 . Thanks for your support.

GBP/USD intraday technical levels and trading recommendations for March 4, 2015 Market Analysis Review

Overview:

The daily closure below the recent bottoms located around 1.5540-1.5560 rendered the previous consolidation range a bearish flag pattern with the projection target at 1.5300.

The market has already pushed further below reaching down to 1.5030-1.4980 where the lower limit of the channel provided support for the pair few weeks ago.

The H4 chart showed a transition phase into a sideways movement that has been maintained within the depicted price range.

On February 5, initial bullish breakout above 1.5220 took place. Shortly after, a new DAILY support was established around 1.5170-1.5200 (ascending bottoms, a sign of ongoing bullish momentum).

Since then, the GBP/USD pair has been trending upwards. Persistence of the pair above the recent DAILY support (the price zone of 1.5170-1.5200) put extensive bullish pressure on the price level of 1.5300-1.5360 (significant Fibonacci levels on the H4 chart), which did not provide enough RESISTANCE. Now these price levels are acting as temporary SUPPORT.

The long-term projection target for the recent bullish breakout was already reached around 1.5550 where the previous DAILY bottoms were located (DAILY RESISTANCE).

The GBP/USD pair has been moving upwards within the short-term bullish channel depicted on the daily chart until Monday, when the DAILY breakdown of the channel's lower limit took place, thus indicating an upcoming bearish swing initially towards 1.5280.

Trading recommendations:

A valid SELL entry could have been taken at retesting of the price level of 1.5550. SL should be located above 1.5600. TP levels are to be placed at 1.5480, 1.5360 and finally at 1.5280.

Risky traders can wait for DAILY fixation below 1.5350 to take a short-term SELL entry with TP at 1.5250 and 1.5200.

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

For detail explanation and best discovery on daily market trends and news you may visit via GBP/USD intraday technical levels and trading recommendations for March 4, 2015 . Thanks for your support.

USD/CAD intraday technical levels and trading recommendations for March 4, 2015 Market Analysis Review

Overview:

The USD/CAD pair has been trending upwards within the bullish channel depicted on the WEEKLY chart.

The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels as well as the 79.6% Fibonacci level. That is why a bearish correction that started off 1.2750 was anticipated in the previous articles.

The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level).

Note that the USD/CAD bulls have been defending the recent INTRADAY SUPPORT around 1.2300 (broken 79.6% Fibonacci Level).

The market has not retested the newly-established DAILY SUPPORT around 1.2000 yet.

Note that successive lower highs are being established within the wedge-pattern depicted on the DAILY chart.

DAILY closure below the price level of 1.2300 exposes the next DAILY SUPPORT around 1.2000 where the backside of the upper limit of the breached channel is located.

On the other hand, the bullish persistence above 1.2300 (79.6% Fibonacci level) enhances further bullish advancement towards 1.2760-1.2780 without further retesting of 1.2000 (low probability in the current overbought state of the market).

Trading recommendations:

Traders should wait for a DAILY closure below 1.2300 for SHORTING the USD/CAD pair.

TP levels should be set at 1.2250 and 1.2190.

Stop Loss should be set as DAILY closure again above the ENTRY levels (1.2300).

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For detail explanation and best discovery on daily market trends and news you may visit via USD/CAD intraday technical levels and trading recommendations for March 4, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for EUR/USD for March 4, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The EUR/USD pair has lost almost 900 pips since the beginning of 2015.

Theoretical long-term bearish targets would be located near 0.9450, especially after the FULL bearish MONTHLY below 1.2000 (January's candlestick).

A bearish breakout below 1.2000 and 1.1900 (prominent psychological SUPPORT) allowed a quick bearish decline towards 1.1100 to take place few days later.

Conservative traders were suggested to wait for a bullish pullback looking for better prices to SELL the EUR/USD pair off (R1 at 1.1550 and R2 at 1.1700). However, the market did not show enough bullish momentum to reach these levels.

A bearish Flag pattern was established on the daily chart. DAILY fixation below the price level of 1.1260 (recent bottom) confirmed that bearish pattern.

Risky traders could wait for a bullish pullback towards the price level of 1.1260 (recent SUPPLY level) to SHORT the EUR/USD pair at retesting.

Price action should be watched carefully around 1.1110 (weekly low) in order to determine the next destination of the pair.

In case of bearish breakdown of 1.1100, estimated long-term projection targets for the flag pattern would be located around 1.0800 and 1.0500.

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Intraday technical levels and trading recommendations for GBP/USD for March 4, 2015 Market Analysis Review

A bearish breakout below 1.5550 directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960, which have not been visited since July 2013.

Around the price levels of 1.5050 and 1.4960 the market has established another consolidation zone, which extended up to the price levels of 1.5280.

Two weeks ago, the ongoing bearish trend was terminated when bullish breakout above 1.5200 took place, as depicted on the chart. Since then, the GBP/USD pair has been trending upwards within the depicted bullish channel.

Estimated projection targets are located around 1.5600-1.5640 where the previous consolidation zone was located. However, earlier, bears had put significant pressure around 1.5550 resulting in the formation of multiple bearish engulfing daily candlesticks without further retesting of 1.5600.

Two weeks ago, the GBP/USD pair consolidated above the price zone of 1.5360 (61.8% Fibonacci level), which failed to provide enough RESISTANCE over the last bullish swing.

For the current bullish breakout to persist, bulls should keep defending the price zone of 1.5300-1.5330 that is likely to be tested today.

Estimated projection targets for the recent bullish breakout are roughly located around 1.5600-1.5640, which have not been tested yet. Moreover, a recent Head and Shoulders pattern is being established as depicted on the chart.

On the other hand, the price action should be seen around the price zone of 1.5350-1.5300 ( Intraday DEMAND level ) to determine the next destination of the GBP/USD pair.

Bearish breakdown of 1.5300 should not be excluded, especially after the obvious bearish engulfing candlestick that occurred on Monday. If so, a quick bearish decline towards 1.5200 would be expected.

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EUR/NZD analysis for March 04, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. The price has tested the level of 1.4644 (fresh low) in a very high volume. The major support level at the price of 1.4790 is broken, but we still need to see a daily-weekly close to confirm valid break. Anyway, I have placed Fibonacci expansion to find next support level and have got Fibonacci expansion 161.8% at the price of 1.4500. Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers. Any larger reaction from our support levels may confirm a further bullish phase.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4873

R2: 1.4902

R3: 1.4949

Support levels:

S1: 1.4779

S2: 1.4750

S3: 1.4703

Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).

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For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for March 04, 2015 . Thanks for your support.

Gold analysis for March 04, 2015 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of $1,205.00. Our Fibonacci retracement 61.8% at the price of $1,202.00 is on the test. According to the 4H time frame, we can observe low volatility. My advice is to watch for potential buying opportunities. We have a resistance level around the price of $1,235.00 (Fibonacci retracement 38.2%). According to the daily time frame, we have a weak supply bar in a volume below the average.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,212.03

R2: 1,216.71

R3: 1,224.627

Support levels :

S1: 1,196.91

S2: 1,192.93

S3: 1,184.67

Trading recommendations: Watch for potential buying opportunities after a retracement (buy on the dips).

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Daily analysis of USDX for March 04, 2015 Market Analysis Review

The USDX is currently performing a bullish breakout at the resistance level of 95.45 on the daily chart. The instrument could be looking to the upside target at the level of 96.96. The current move is taking place after the higher high pattern formation below the resistance zone mentioned. It should be noticed that during the current bullish bias the USDX could form another bullish pattern.

After moving sideways on the H1 chart during three sessions, the USDX made a breakout at the level of 95.52. Now, the instrument is looking to reach the short-term target located at the resistance level of 96.08. If the USDX makes a breakout at that level, it would be expected to reach a new important high at the zone of 96.85.

Daily chart's resistance levels: 96.96 / 98.01

Dailychart's support levels: 95.45 / 94.18

H1 chart's resistance levels: 96.08 / 96.85

H1 chart's support levels: 95.52 / 95.31

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 96.08, take profit is at 96.85, and stop loss is at 95.31.

#USDX technical analysis for March 4, 2015 Market Analysis Review

The Dollar index remains in a bullish trend after a triangle break out. It is only a matter of time before the index will make new highs and accelerate upwards. A long-term target is at 100-101.

Red lines= triangle

The Dollar index is making higher highs and higher lows. Support is at 94.80 and resistance is at 95.55. I believe we are going to see new highs soon, and the upward move will expand towards 97 for the short term.

The Dollar index is now testing the 50% retracement on the monthly chart as shown above. I believe, we will break above 96 and eventually reach the 61.8% retracement at 100-101 over the coming weeks. I remain bullish.

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Gold technical analysis for March 4, 2015 Market Analysis Review

The gold price continues to trade above the support at $1,200. However, there is no clear sign of strength that could push the price above $1,225. A short-term trend is neutral. As long as the price is above $1,190-$1,200, bulls have hope for a bigger bounce towards $1,250.

Black line = trend line resistance

Now, the Ichimoku cloud is back above the Gold price again. Gold has not managed to reach the 38% retracement of the decline, but I still believe that it may hit that level. The short-term support is at $1,200 and the short-term resistance is at $1,213.

The weekly chart is not good for bulls as the rejection at the kijun-sen (yellow line) is a bearish sign. Support is found at $1,190. If broken bears are in control, we could see a sharp move downwards towards $1,130.

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Technical analysis of GBP/USD for March 4, 2015 Market Analysis Review

Overview :

The market of the GBP/USD pair showed the signs of instability. The trend movement was debatable as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5328 and 1.5440, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait until the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.5330 with their first target at the level of 1.5390. From this point, the pair is likely to begin an ascending movement to the point of 1.5412 and further to the level of 1.5440 (it will act as a strong resistance for this week because it is representing the weekly pivot point). However, if the pair fails to pass through the level of 1.5440, the market will indicate a bearish opportunity below the strong resistance level of 1.5440. In this regard, sell deals are recommended lower than the level of 1.5440 with the first target at 1.5387. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.5328 then 1.5328 in order to test the double bottom and the support 1 on the H1 chart. It should be noted that the weekly resistance 1 is at the level of 1.5328 and the double bottom is already placed at the point of 1.5332.

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Technical analysis of EUR/USD for March 4, 2015 Market Analysis Review

Overview :

The double bottom of EUR/USD is likely to set at the level of 1.1154 and supports are going to be set at the 1.1150/1.1160 levels. It should be noted that the last range was very small, around 55 pips only. Today, we expect the range of 80-110 pips. Moreover, the price has not hit support 1 nor the weekly pivot point this week. So, according to past events, the market is likely to move between the levels of 1.1150 and 1.1255; because the major support is going to be set at 1.1150; and the resistance had been already set at the level of 1.1255 (the weekly pivot point). Also, it should be noted that the price of 1.1255 represents the double top in the H1 chart. Therefore, it will be very useful to buy above the price of 1.1150 in the short term with the first target at 1.1197. Additionally, if the trend is able to break the first target at 1.1197, then it might resume towards the price of 1.1255.

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Daily analysis of major pairs for March 4, 2015 Market Analysis Review

EUR/USD: This pair is still bearish in outlook, not yet able to go upwards significantly, following the strong bearish run that happened at the end of the last week. As long as the pair is weak, USD/CHF (which normally gets negatively correlated to the EUR/USD pair) would not be able to go downwards. The price is currently between the support line at 1.1150 and the resistance line at 1.1200. The support line may be breached to the downside but the price may not be able to close below it, because the outlook on the EUR is upbeat.

GBP/USD: The outlook for the Cable this week is downbeat and it is not a surprise that the price is showing some signs of weakness. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. This shows a serious Bearish Confirmation Pattern in the chart: the price may trend lower from here.

USD/JPY: In spite of the effort of bears, expectations remain bullish. While, it is possible that the price could touch the demand levels at 119.50 and 119.00, the supply levels at 120.00 and 125.00 can also be attained.

EUR/JPY: Although, the current price action shows that this cross is weak, a bullish breakout is expected at any day this week. It may be today, tomorrow, or Friday, but eventually, there would be a rally in the market and the rally could go on for a few weeks. One reason behind this is the expected weakness of the JPY.