Elliott wave analysis of EUR/JPY for March 6 - 2015 Market Analysis Review

Technical summary:

A series of waves one's and two's has been developing, but should soon be offset with a series of waves three's and four's, which means the decline towards 125.98 will consist of small sharp dips followed by small corrections, but all the time moving lower towards the ideal target. At no point we should see a break above 133.59 as it will confuse the overall count, but only a break above 134.60 will invalidate the bearish count.

Trading recommendation:

We are short EUR from 133.90 and will lower our stop to 133.65. If you are not short EUR yet, then sell a break below 132.06 with the same stop at 133.65.

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Technical analysis of EUR/USD for March 06, 2015 Market Analysis Review

When the European market opens, a number of economic news will be released such as Revised GDP q/q, French Trade Balance, French Gov Budget Balance, and German Industrial Production m/m. The US will release the economic data too such as the Average Hourly Earnings m/m, Unemployment Rate, Trade Balance, and Non-Farm Employment Change. So amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1074.

Strong Resistance:1.1068.

Original Resistance: 1.1067.

Inner Sell Area: 1.1046.

Target Inner Area: 1.1020

Inner Buy Area: 1.0994.

Original Support: 1.0983.

Strong Support: 1.0972.

Breakout SELL Level: 1.0966.





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Technical analysis of USD/JPY for March 06, 2015 Market Analysis Review

In Asia, Japan will release the Leading Indicators. The US will release some economic reports such as Average Hourly Earnings m/m, Unemployment Rate, Trade Balance, and Non-Farm Employment Change. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.61.

Resistance. 2: 120.38.

Resistance. 1: 120.14.

Support. 1: 119.85.

Support. 2: 119.62.

Support. 3: 119.38.





Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of NZD/USD for March 6, 2015 Market Analysis Review

Overview :

• The resistance of the NZD/USD pair is going to set at the level of 0.7532. Besides, it should be noted that the level of 0.7440 represents strong support. Consequently, the descending movement will probably be lower than the 0.7532 level with the targets at 0.7488 and 0.7440. On the contrary, the support has already set at 0.7440 and the double bottom sets at the price of 0.7450. Furthermore, it should be noted that it will quite profitable to buy above this level to retest this level for a short period. Therefore, buy deals are recommended above the 0.7450 level with targets at 0.7503 and 0.7532 to reach the double top.
  

• In the long term, another resistance will be found at the price of 0.7613 (61.8% of Fibonacci retracement levels on the H1 chart). Hence, according to the previous events at the same time frame, the price of the NZD/USD pair is going to move between 0.7440 and 0.7617 until next week. Besides, it should be noted that the level of 0.7617 is representing the weekly double top. Therefore, it will be very useful to sell below the price of 0.7617 with the first target at 0.7449 and in order to test the double bottom. But if the trend is able to break the double bottom at 0.7449, then it might resume to 0.7345 (23.6% of Fibonacci retracement levels).

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Technical analysis of GBP/USD for March 6, 2015 Market Analysis Review

Overview :

• The GBP/USD pair is going to move between the levels of 1.5310 and 1.5205. Additionally, the pair will probably go down because the downward trend is still strong. The resistance is set at the level of 1.5321 which coincides with the ratio of 61.8% of Fibonacci retracement levels on H4 chart. Consequently, the market will indicate a bearish opportunity below 1.5321 again, because the level of 1.5321 is going to act as strong resistance today. Accordingly, it will be a good idea to sell below this level today with the first target at 1.52550 in order to test the daily pivot point and continues further down to the levels of 1.5215 and 1.5180. Moreover, if the trend succeeds to close below 1.5215/1.5180, then the market will be developing in a downtrend below the weekly support level towards the level of 1.5153. However, the stop loss should be placed above 1.5321 at the price of 1.5350.

Intraday technical levels :

Date:6/03/2015

• R3: 1.5323


• R2: 1.5296


• R1: 1.5268


• PP: 1.5241


• S1: 1.5213


• S2: 1.5186


• S3: 1.5158

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USDCAD Daily Analysis - March 6, 2015 Forex Analysis

USDCAD is forming a sideways consolidation 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.

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USDJPY Daily Analysis - March 6, 2015 Forex Analysis

USDJPY is facing 120.47 resistance again, a break of this level will signal resumption of the uptrend from 101.06 (Jul 10, 2014 low), then the following upward movement could bring price to 125.00 area. Support is at 119.30, below this level will indicate that the short term uptrend from 118.23 is complete, then anther fall to 116.50 area could be seen.

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AUDUSD Daily Analysis - March 6, 2015 Forex Analysis

No changed in our view, AUDUSD remains in downtrend from 0.7912. Further decline to test 0.7625 support could be expected, a breakdown below this level will confirm that the downtrend from 0.8294 (Jan 15 high) has resumed, then the following downward movement could bring price to 0.7000 area. Resistance is at 0.7860, only break above this level could trigger another rise to 0.8000 area.

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GBPUSD Daily Analysis - March 6, 2015 Forex Analysis

GBPUSD's downward movement from 1.5551 extended to as low as 1.5215. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.5100 area, only a clear break above the channel resistance could signal completion of the downtrend.

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EURUSD Daily Analysis - March 6, 2015 Forex Analysis

EURUSD's downward movement from 1.1450 extended to as low as 1.0987. Further decline could be expected, and next target would be at 1.0800 area. Resistance is now at 1.1165, as long as this level holds, the downtrend will continue. On the upside, a break of 1.1165 resistance will indicate that lengthier consolidation for the longer term downtrend from 1.2569 (Dec 16, 2014 high) is needed, then further rise to 1.1350 area could be seen.

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

Overview

Based on the H4 chart above, silver is still stabilizing between the support at 16.00 and the resistance level of 16.30 after its failure to break the support level yesterday. If silver continues its bearish trend and manages to break the support level, this would provide strong indicator for the downward move and open the way towards the support level of 15.70. In this case, we should wait for a breakout at this level to continue the bearish move. On the other hand, the breakout of this resistance level will reveal a bullish strength providing new buy-signals from this level until reaching the resistance level of 16.50 then 16.75.

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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Daily analysis of GBP/JPY for March 05, 2015 Market Analysis Review

Overview

The H4 chart demonstrates today that the pair still cannot break the support area of 182.50 and it is currently trading above the support area, so we should wait for the midday closing. If the pair manages to close H4 below it, there will be a good opportunity to sell until reaching the support level of 182.00 after closing H4 below it. After that we should wait for breaking out this support level to continue the bearish move. In case the pair is able to break the support level of 182.00 and closes H4 below it, we will get bearish strength which will provide new sell signals and enable the support level of 181.50 as a target level.

Resistance and support levels: R3 (184.60), R2 (184.00), R1 (183.50), S1 (182.50), S2 (182.00), S3 (181.50).

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GBP/USD intraday technical levels and trading recommendations for March 5, 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).

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 DAILY breakdown of the channel's lower limit took place on Monday, allowing an upcoming bearish swing initially towards 1.5180 to take place.

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.

The price action should be watched at retesting of 1.5150-1.5180. Evident bullish rejection indicates a valid BUY entry towards 1.5320.

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Intraday technical levels and trading recommendations for EUR/USD for March 5, 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 950 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.

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.

The price action should have been watched around 1.1110 (WEEKLY Low) as bearish breakdown directly exposes lower targets initially around 1.0800.

In case of bearish persistence below 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 5, 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 located around 1.5600-1.5640 have not been reached. Instead, bears put significant pressure around 1.5550 resulting in formation of multiple bearish engulfing daily candlesticks without further retesting of 1.5600.

The nearest DEMAND level to meet the pair is located around 1.5200 where the previous tops were located.

Two weeks ago, the GBP/USD pair consolidated above the price zone of 1.5300-1.5360 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 1.5170-1.5220 (significant Fibonacci zone) that is being tested today.

On the other hand, the price action should be seen around the price zone of 1.5170-1.5220 (Intraday DEMAND zone) to determine the next destination of the GBP/USD pair.

Bearish breakdown of 1.5170 should not be excluded, especially after the obvious bearish engulfing candlestick that occurred on Monday. If so, a quick bearish decline towards 1.5080 would be expected.

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Technical analysis of USD/CAD for March 5, 2015 Market Analysis Review

General overview for 05/03/2015 14:20 CET

On larger time frames like H4 we can see, that this market is still inside the well-defined range zone and according to Elliott wave theory, there is a possibility to count the first impulsive wave progression to the upside. The most important level for this impulsive wave count is the support at the level of 1.2378, because any breakout lower would invalidate the impulsive count and the corrective cycle will become more complex and time consuming. On the other hand, the market must break out above the level of 1.2565 in order to continue climbing higher.

Support/Resistance:

1.2378 - Technical Support|Invalidation Level|

1.2565 - Technical Resistance

1.2658 - Technical Resistance

Trading recommendations:

Daytraders and swingtraders should consider to open buy orders on current market levels, with SL below the level of 1.2378 and TP open for now.

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Technical analysis of EUR/JPY for March 5, 2015 Market Analysis Review

General overview for 05/03/2015 14:00 CET

As it was anticipated yesterday, the lack of impulsive wave progression to the upside was the first sign that the lows of wave X brown might be tested again. Currently, the market is bouncing up after finding support at the level of 132.16. The key level for more gain is the intraday resistance at the level of 133.43. Breakout above this level means the market is back to the range zone, and further gains can be seen even up to the level of 135.02.

Support/Resistance:

132.16 - Intraday Support

132.77 - WS1

133.43 - Intraday Resistance|Key Level|

134.22 - Weekly Pivot

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders only if the level of 133.43 is violated with SL below the level of 132.16 and TP open for now.

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EUR/NZD : analysis for March 05, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4780 in a volume above the average. According to the 4H time frame, we saw lack of supply around the price of 1.4583 and a strong reaction from buyers. WE got resistance level at the price of 1.4775 (currently on the test) and resistance level around the price of 1.4915. Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4754

R2: 1.4815

R3: 1.4914

Support levels:

S1: 1.4556

S2: 1.4495

S3: 1.4396

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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Gold: analysis for March 05, 2015 Market Analysis Review

Overview :

Since our last analysis, gold has been trading downwards. The price has tested the level of $1,197.00 in a volume below the average. Our major Fibonacci retracement 61.8% at the price of $1,197.00 is again on the test. According to the 1H time frame, we can observe support (cluster) around the price of $1,197.00.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: 1,206.96

R2: 1,213.03

R3: 1,217.66

Support levels :

S1: 1,196.26

S2: 1,191.63

S3: 1,185.56

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

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

Fundamental Outlook:
USD/JPY is expected to range-trade. It is underpinned by bullish dollar sentiment (ICE spot dollar index hit 11-year high 96.059 Wednesday, last 95.91 versus 95.37 early Wednesday) as stronger-than-expected U.S. February ISM non-manufacturing PMI of 56.9 (versus forecast 56.2) bolstered expectations that the Federal Reserve could raise interest rates by midyear. The pair is also boosted by the rise of 212,000 jobs in the US private sector in February (slightly below the forecast of +215,000, but above 200,000 for the 13th successive reading), demand from Japan's importers and the ultra-loose Bank of Japan's monetary policy. The upside of USD/JPY is limited by the Japanese exports, lower US Treasury yields (2-year at 0.658% versus 0.682% late Tuesday), flows to the safe haven JPY amid increased risk aversion (VIX fear gauge rose 2.67% to 14.23, S&P 500 closed 0.44% lower at 2,098.53 overnight) as caution sets in ahead of the US February non-farm payrolls that are to be released on Friday.

Technical comment:
The daily chart is mixed as the MACD is bullish, five-day moving average is above 15-day moving average and is advancing. Stochastics is turning bearish, inside-day-range pattern was completed on Wednesday.

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 120.60 and the second target at 120.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.10. A break of this target would push the pair further downwards, and one may expect the second target at 118.60. The pivot point is at 119.65.

Resistance levels:

120.60

120.85

121.35

Support levels:

119.10

118.60

118.25

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

Fundamental overview:
USD/CHF is expected to consolidate with bullish bias after hitting a six-week high of 0.9685 on EBS Wednesday. It is underpinned by the bullish dollar sentiment (ICE spot dollar index hit 11-year high 96.059 Wednesday, last 95.91 versus 95.37 early Wednesday) as stronger-than-expected US February ISM non-manufacturing PMI of 56.9 (versus forecast 56.2) bolstered expectations that the Federal Reserve could raise interest rates by midyear. The pair is also boosted by the rise of 212,000 jobs in the US private sector in February (slightly below the forecast of +215,000, but above 200,000 for the 13th successive reading), the negative Swiss interest rates and the threat of the Swiss National Bank to carry out CHF-selling intervention.

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 0.9705 and the second target at 0.9735. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9580. A break of this target would push the pair further downwards, and one may expect the second target at 0.9530. The pivot point is at 0.9615.

Resistance levels:

0.9705

0.9735

0.9780

Support levels:

0.9580

0.9530

0.9495

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Technical analysis of NZD/USD for March 05, 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. 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 positive-biased as the MACD is bullish, stochastics is reverted to bullish mode 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 0.7615 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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Technical analysis of GBP/JPY for March 05, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias after hitting a one-month low of 132.40 on EBS on Wednesday. It is undermined by the soft EUR/USD undertone, decreased investor risk tolerance and Japan's exports. But the GBP/JPY losses are tempered by demand from the Japanese importers.

Technical comment:

The daily chart is negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, 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 183.65. 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 184.15 and the second target at 184.40.

Resistance levels:

184.15

184.40

184.75

Support levels:

182.50

182.10

181.75

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Daily analysis of USDX for March 05, 2015 Market Analysis Review

Bulls are currently dominating the USDX's general bias and already finished forming a higher high pattern on the daily chart. Remember that the nearest target in the upside road is the resistance level of 96.96, a zone that could be reached before the end of this week. Also, don't forget that the USDX could form another bullish pattern.

The bullish structure is also strong on the H1 chart, as the USDX is trying to consolidate above the level of 96.08. All the targets are pointing to the upwards and we could see this instrument reaching the resistance zone of 96.85 in a short-term bias. However, be cautious because the MACD indicator could show us a bullish divergence in the coming hours.

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.

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Daily analysis of GBP/USD for March 05, 2015 Market Analysis Review

Now, the GBP/USD is showing strong wekaness in the major time frames, as the pair is currently finding support at the level of 1.5247. Bears could continue dominating the main bias, and if GBP/USD breaks that support zone, the next target would be the level of 1.5086. Moreover, we cannot discard a rebound at the current territory because the pair is oversold on the lower charts.

On the H1 chart, the GBP/USD is forming a lower low pattern in order to reach the support level of 1.5202 in the short term. Also, the 200 SMA is showing us the current bears power, as it's pointing to the downwards. The price action in this time frame probably is forecasting an imminent retracement to 1.5270 in the coming hours.

Daily chart's resistance levels: 1.5761 / 1.5957

Dailychart's support levels: 1.5491 / 1.5247

H1 chart's resistance levels: 1.5340 / 1.5413

H1 chart's support levels: 1.5257 / 1.5202

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 1.5257, take profit is at 1.5202, and stop loss is at 1.5313.

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Technical analysis of AUD/USD for March 5, 2015 Market Analysis Review

Overview :

• The market of AUD/USD will probably start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 0.7792, which represents a minor support on the H1 chart. It should be also noted that this support is coinciding with the ratio of 38.2% Fibonacci retracement levels. So, it is recommended to buy during the correction and to open long trades above 0.7792 with targets at 0.7818 continuing towards the strong resistance around the area of 0.7850. Meanwhile, bulls were forced to pull back below the level of this area; therefore, this level will form a strong resistance in order to indicate a bearish opportunity below the resistance (0.7850). On the other hand, there is a new intraday bearish outlook on March 5, 2015: if a close is below 0.7780, the market will be called for a downtrend in order to continue bearish movement towards the prices of 0.7751 to test the double bottom at the same time frame.

Review :

• The key level will be at the level of 0.7792. It should be also noted that the level of 0.7792 represents the weekly pivot point.


• The support of the AUD/USD pair has been already set at 0.7780-0.7792.


• The price of 0.7850 represents the weekly resistance 1, and the level of 0.7858 is going to form a double top on the H1 chart.


• So, we expect a new range about 68 pips today.

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Technical analysis of USD/CHF for March 5, 2015 Market Analysis Review

Overview :

• The USD/CHF pair has not shown signs of following the break of the highest level of 0.9580 and has opened above the daily pivot point today. Therefore, it will be a good sign to buy above the level of 0.9600 with the first target at 0.9725 and resume to 0.9750 today. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9580, the market is likely to decline to 0.9434 in order to indicate a correction movement at this level. Meanwhile, the daily chart represents a strong support at 0.9600, moreover the channel emerging of the RSI is still positive on the weekly frame, so the RSI calls for a new uptrend at this level. Additionally, if the EMA50 (blue color) cross over the support at the price of 0.9613, it would be more a confirmation for uptrend in a long term period.

Intraday technical levels :

Date:5/03/2015

Pair:USD/CHF

• R3: 0.9759


• R2: 0.9718


• R1: 0.9675


• PP: 0.9634


• S1: 0.9591


• S2: 0.9550


• S3: 0.9507

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#USDX technical analysis for March 5, 2015 Market Analysis Review

The Dollar index remains in a fully bullish mode now that we have made new 11 year highs. The Dollar is very strong and as I have been saying for some time now, longer-term trend points to 100-101 and bulls are in full control of the trend. Becase of the EUR/USD in the major component of the Dollar index breaking to new lows, trend is clearly bullish for the Dollar. I remain long since the last buy signal (95 level). The triangle pattern were broken upwards.

Red rectangle = support area

The Dollar index is making higher highs and higher lows. The price is above the Ichimoku cloud. Both tenkan-sen and kijun-sen are positively sloped and after a bullish cross at 94.50 the bullish trend is picking up. The Chikou span has no resistance levels close by and trend is fully bullish in all time frames.

The monthly chart remains fully bullish and price has now broken above the 50% retracement. Critical support is at 94. As long as we trade above it, I will be expecting the index to reach the 61.8% retracement above 101. We are making new 11 year highs. This not a time to bet against the trend.

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Gold technical analysis for March 5, 2015 Market Analysis Review

Gold price looks weak but holds above the support area of $1,200-$1,190. I could see gold price bouncing towards $1,235 or even $1,250, but as a counter-trend move. The longer-term trend is bearish and it is likely to wait for an opportunity to sell.

Gold price is below the Ichimoku cloud again. However, the price still remains above the February lows. The first bounce, I believe, was too shallow to be completed. So, I will be expecting another bounce higher towards the 38% retracement before opening a short position again.

The weekly chart remains bearish as the price stays below the kijun-sen (yellow line) indicator. If we break above that level, we should expect gold price to reach the red line indicator (tenkan-sen) at $1,250. The longer-term trend is still bearish. Important support is at $1,180.

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

Technical outlook and chart setups:

The EUR/JPY pair has dropped lower to the sub-levels of 132.00 taking stops placed at the levels of 132.50 earlier. Please note that the pair is now testing the Fibonacci 0.786 support of the rally between 130.70 and 136.70 at 132.00/10, respectively. It is still recommended to initiate long positions with risk at the levels of 130.00. Immediate support is seen at 130.75 followed by 130.00 and lower, while resistance is seen at 137.50-138.00 followed by 140.30 and higher, respectively. The upside potential still remains upwards to at least the levels of 140.00 util 130.75 remains intact.

Trading recommendations:

Initiate new long positions at 132.30/40. Stop is at 130.00, target is 140.00.

Good luck!

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Technical analysis of GBP/CHF for March 05, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is trading at sub 147.00 levels for now and is about to break below the immediate support trend line as depicted on the 4H chart view here. The pair has earlier reversed from 1.4795 levels, just shy of our stops at 1.4830 levels. It is recommended to remain short for now, with risk at 1.4830 levels. Immediate support is seen at 1.4580 levels, followed by 1.4400/10 and lower while resistance is seen at 1.4800 (interim), 1.5100 and higher respectively. Bears could resume a deeper correction if 1.4580 levels break.

Trading recommendations:

Remain short for now, stop at 1.4830, target is open.

Good luck!

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