03/06/15 ~ Best and Easy Analyst News

Friday 6 March 2015

GBP/USD intraday technical levels and trading recommendations for March 6, 2015 Market Analysis Review

Overview:

On February 5, initial bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, DAILY support was established around 1.5170-1.5200 (ascending bottoms).

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).

On Monday, obvious breakdown of the lower limit of the depicted channel took place.

Today, significant bearish pressure was applied over the price levels of 1.5180 and 1.5100 (previous support level and recent uptrend line).

A quick bearish visit towards 1.5000 should be anticipated if bears keep defending their newly established RESISTANCE level around 1.5100.

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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 6, 2015 . Thanks for your support.

USD/CAD intraday technical levels and trading recommendations for March 6, 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 the current sideways movement 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) that should be defended by bulls in order to maintain enough bullish momentum.

Note that successive lower highs are being established within the wedge-pattern depicted on the DAILY chart. It could be a reversal or continuation pattern as further price action indicates.

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, bullish persistence above 1.2650 - 1.2680 (recent highs) enhances further bullish advancement towards 1.2780-1.2800 initially.

Trading recommendations:

At such high prices conservative 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.

Risky traders can benefit from the short-term bullish breakout above the wedge-pattern. BUY trigger is the DAILY closure above 1.2650. T/P levels should be set at 1.2800 and 1.2880.

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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 6, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for GBP/USD for March 6, 2015 Market Analysis Review

A bearish breakout below 1.5550 (WEEKLY SUPPLY) directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960 where 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 located around 1.5200-1.5230 (61.8% Fibonacci level and recent consolidation range high) was breached yesterday indicating a strong bearish tendency of the market.

The bulls failed to defend their DEMAND zone of 1.5170-1.5220 (50% and 61.8% Fibonacci zone) that was being tested yesterday, especially after the obvious bearish engulfing candlestick that occurred on Monday.

Bearish breakdown of 1.5170 indicates a quick bearish decline towards 1.5080 as an initial target.

However, conservative traders should wait for a bullish pullback towards the price zone of 1.5170-1.5200 for a valid SELL entry at retesting.

Stop Loss should be located above 1.5230 (previous SUPPLY level).

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For detail explanation and best discovery on daily market trends and news you may visit via Intraday technical levels and trading recommendations for GBP/USD for March 6, 2015 . Thanks for your support.

Intraday technical levels and trading recommendations for EUR/USD for March 6, 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 140 pips since the beginning of 2015. The EUR/USD pair is pushing towards a new twelve-years low under 1.0900.

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 Flag pattern was established on the daily chart. DAILY fixation below the price level of 1.1260 (minor consolidation range) confirmed that bearish pattern.

Yesterday, evident bearish price action was expressed at the price level of 1.1110 (WEEKLY Low).

Clear bearish breakdown directly exposes lower targets initially around 1.0800.

In case of bearish persistence below 1.1100 (broken weekly low), estimated long-term projection targets for the FLAG pattern would be located around 1.0800 and 1.0500.

On the other hand, conservative traders can wait for a bullish pullback towards 1.1100 (nearest SUPPLY LEVEL) for a low-risk SELL position.

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For detail explanation and best discovery on daily market trends and news you may visit via Intraday technical levels and trading recommendations for EUR/USD for March 6, 2015 . Thanks for your support.

EUR/NZD analysis for March 06, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading downwards. The price rejected from our Fibonacci retracement 38.2% (1.4810). According to the 4H time frame, we can observe supply in a volume above the average. I have placed Fibonacci retracement to find potential support levels and have got Fibonacci retracement 61.8% at the price of 1.4650 (currently on the test). Selling EUR/NZD at this stage still looks very risky since we may expect reaction from buyers.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4797

R2: 1.4850

R3: 1.4939

Support levels:

S1: 1.4621

S2: 1.4567

S3: 1.4479

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

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 EUR/NZD analysis for March 06, 2015 . Thanks for your support.

Daily analysis of USDX for March 06, 2015 Market Analysis Review

We can see a very huge progress of the bullish bias in the USDX on the daily chart as this instrument is very close to reaching the resistance level of 96.96 in a rally that we expected recently. If the USDX breaks that zone, we could expect a rise to the level of 98.01, an important monthly resistance level. The MACD indicator is favoring this outlook.

A bullish consolidation is taking place on the H1 chart. We also can see that the USDX is trying to reach the resistance level of 96.85 and below that level we could expect a bullish pattern formation. Probably, the instrument could make a retracement to test again the support level of 96.08, but our intraday bullish outlook stays alive.

Daily chart's resistance levels: 96.96 / 98.01

Dailychart's support levels: 95.45 / 94.18

H1 chart's resistance levels: 96.85 / 97.93

H1 chart's support levels: 96.08 / 95.52

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 96.85, take profit is at 97.93, and stop loss is at 95.76.

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For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of USDX for March 06, 2015 . Thanks for your support.

Daily analysis of GBP/USD for March 06, 2015 Market Analysis Review

During the Thrursday session and early today, GBP/USD broke the important support level of 1.5247. Now, the downside target is placed at the level of 1.5086, where we wait for a rebound on this pair. Also, all those bearish movements could be srtengthening of bears in the medium and long term, because the MACD indicator is at negative territory and the 200 SMA on the daily chart is bearish.

The bearish streak continues to be alive on the GBP/USD pair, and the H1 time frame is showing that all oscillators and moving averages are supporting the bearish outlook. Now, we could expect a lower low pattern to try to break the support level of 1.5161 in order to reach the level of 1.5097 in the short term.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5086 / 1.4948

H1 chart's resistance levels: 1.5202 / 1.5257

H1 chart's support levels: 1.5161 / 1.5097

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 1.5161, take profit is at 1.5097, and stop loss is at 1.5226.

Gold analysis for March 06, 2015 Market Analysis Review

Overview :

Since our last analysis, gold has been trading sideways around the price of $1,196.00. Our major Fibonacci retracement 61.8% at the price of $1,197.00 is on the test again. According to the H1 time frame, we can observe support (cluster) around the price of $1,197.00 (potential accumulation phase). My advice is to watch for potential buying opportunities. We have a resistance level around the price of $1,208.00 and $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: 1,205.30

R2: 1,208.40

R3: 1,213.40

Support levels :

S1: 1,195.30

S2: 1,192.20

S3: 1,187.20

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

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 Gold analysis for March 06, 2015 . Thanks for your support.

#USDX technical analysis for March 6, 2015 Market Analysis Review

The US dollar index remains in a strong bullish upward trend in all time frames. The latest buy signal was given with the breakout of the triangle pattern at 95. We are currently making new 11-year highs above 96 and we have also broken the 50% retracement of the decline from 2001.

Orange area = support

The US dollar index continues to make higher highs and higher lows. The trend remains fully bullish. The price is above the Ichimoku cloud and the tenkan-sen and kijun-sen indicators. The price made a sharp pullback towards the tenkan-sen at 95.85 yesterday and reversed back upwards after the speech by Mario Draghi. Let's not forget that the major component of the index is the EUR/USD pair. Support is at 96-96.20 for the short term.

The monthly chart is also fully bullish. As long as the price is above 94, the trend will remain bullish. The price has also broken the 50% retracement of the decline to 2008 from 2001. We are now heading towards the next big resistance at the 61.8% retracement or the price level of 100-101.

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For detail explanation and best discovery on daily market trends and news you may visit via #USDX technical analysis for March 6, 2015 . Thanks for your support.

Gold technical analysis for March 6, 2015 Market Analysis Review

Gold price is sliding lower towards the critical support of $1,190. There are still chances of a bounce towards $1,235 or even $1,250. In order for this scenario to come true, the price will need to break above $1,213.

Gold price is below the Ichimoku cloud, but still above the recent low. The green area on the chart above is the critical support of the current trend. Resistance is found at $1,210-12. Breaking above that level and above the Ichimoku cloud will be a bullish signal that gold price could reach the 38% retracement. Volatility due to the Non-Farm Payroll announcement is expected today.

Red line = trend line support

The weekly chart remains fully bearish as the price got rejected at the kijun-sen (yellow line). If the NFP announcement today influences gold price, this will be the last chance for bulls to see a push towards $1,235-40. The longer-term trend remains fully bearish.

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For detail explanation and best discovery on daily market trends and news you may visit via Gold technical analysis for March 6, 2015 . Thanks for your support.

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

General overview for 06/03/2015 09:20 CET

The current wave progression indicates a more complex and time consuming corrective cycle in wave (ii) green is in its final stages. There is only one wave to the downside missing now and the market should rebound from the golden trend line dynamic support around the level of 1.2403. Only a sustained breakout below the level of 1.2386 would invalidate the bullish outlook.

Support/Resistance:

1.2386 - Invalidation Level

1.2403 - Intraday Support

1.2515 - Weekly Pivot

1.2545 - Intraday Resistance

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders on the current price levels with SL below the level of 1.2386 and TP open for now.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for March 6, 2015 . Thanks for your support.

Technical analysis of EUR/JPY for March 6, 2015 Market Analysis Review

General overview for 06/03/2015 09:00 CET

Yesterday's news driven price action has been very violate and the intraday resistance level had been briefly violated before the market reversed to the downside. This kind of price action confirms very choppy and overlapping wave development in the ongoing corrective cycle in wave X brown. The market trades close to the weekly pivot support at the level of 131.96 and a bounce from this area is expected as the upward wave progression has not been completed yet. Please notice the building bullish divergence between the price and momentum oscillator, that supports the view that the bounce/reversal from the current levels is due soon.

Support/Resistance:

131.98 - WS2

132.11 - Intraday Support

132.77 - WS1

133.59 - Intrday Resistance

134.22 - Weekly Pivot

Trading recommendations:

Daytraders and swingtraders should consider opening buy orders on the current price levels with SL below the level of 132.11 and TP open for now.

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/JPY for March 6, 2015 . Thanks for your support.

Technical analysis of Gold for March 06, 2015 Market Analysis Review

After the QE launch by the ECB, the yellow metal fell below $,1200.00 and closed below it. Previously, we pointed the trend change. The metal fell below $1,200.00 thrice and managed to close above it. It's a good sign to recover. The metal made a high at $1,222.00 from a low at $1,190.00. Now this view has been erased. This week, the metal has twice closed below $1,200.00. Obviously, there is no hope for a pullback. Today, ahead of the important jobs report, the price is muted at the Asian session. Positive readings will influence the Federal Reserve thinking about an interest rate hike. We recommend fresh selling below $1,195.00. The price has been hovering around $1,200.00 for 10 days. 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. In case, the price closes below 1190.00, we can expect 1167.00 and 1159 in the near term.

Resistance: $1,201.00, $1,209.10, $1,214.00.

Support: $1,195.00, $1,190.00, $1,185.00.

Trade: selling below $1,195.00.

Daily analysis of major pairs for March 6, 2015 Market Analysis Review

EUR/USD: This is a bear market. The price has dropped by 200 pips since Monday and there is a possibility of the price reaching another support line at 1.0550, though it is unlikely that it would stay below that support line (unless the EUR is fated to reach parity with the USD).

USD/CHF: As long as the EUR/USD pair is bearish, USD/CHF would be bullish. An upward movement of 200 pips is not something that can be ignored. The resistance level at 0.9750 is now under siege and it could be overcome anytime. The only thing that can avert this expectation is a significant strength in the EUR/USD pair.

GBP/USD: This currency trading instrument is still a weak market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. There is a clear Bearish Confirmation Pattern on the chart and further weakness can be expected in this market.

USD/JPY: The USD/JPY pair is still making some faint bullish effort. The price has succeeded in breaking the demand level at 120.00 to the upside. The next target is the supply level at 120.50.

EUR/JPY: The EUR/JPY pair has continued its downtrend. The price traded below the demand zone at 132.50, but it could not stay below it. For the bearish bias to continue, a close below that demand zone is mandatory. Otherwise, we may witness a strong rally today or early next week.

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

Technical outlook and chart setups:

The EUR/JPY pair pushed through 133.50/60 levels yesterday before pulling back lower towards 132.20 levels again. The pair has produced an indecision (doji) candlestick pattern on the daily chart view yesterday, indicating a potential reversal higher. It is recommended to remain long from yesterday with risk at 130.00 levels. Bulls are expected to take control back from current levels and push higher towards 140.36 levels as depicted here. Immediate support is seen at 130.00 while resistance is seen at 136.50/60 (interim), followed by 137.50/138.00 and higher respectively.

Trading recommendations:

Remain long, stop at 130.00, a 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 EUR/JPY for March 06, 2015 . Thanks for your support.

Technical analysis of GBP/CHF for March 06, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has taken support off the rising trend line instead is breaking below yesterday. The pair has rallied through the 1.4850/60 levels taking our stops out yet again at 1.4830 levels. It is confirmed that the uptrend remains intact and should probably continue to the 1.5150 levels at the sessions to come. Therefore, it is recommended to initiate long positions on dips towards 1.4730 with risk at 1.4650 respectively. Immediate support is seen at 1.4650, followed by 1.4570 and lower while resistance is seen at 1.4850 (interim), followed by 1.5150 and higher respectively.

Trading recommendations:

Remain flat and look to buy at 1.4730 levels.

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 GBP/CHF for March 06, 2015 . Thanks for your support.

Technical analysis of Silver for March 06, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is also testing its recent lows at $16.00 levels before resuming its rally towards $19.00 and $21.00 levels respectively. The metal is also holding the fibonacci 0.618 support of the rally between $14.75 and $18.50 levels for now. Bulls should be poised to remain in control till prices stay above $15.50 levels. Hence, it is recommended to remain long with risk at $15.50 levels. Immediate support is seen at $16.00 levels (interim), followed by $15.50 and lower while resistance is seen at $17.40/50 levels, followed by $18.40/50 and higher respectively.

Trading recommendations:

Remain long for now, stop at $15.50, a target is open.

Good luck!

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 Silver for March 06, 2015 . Thanks for your support.

Technical analysis of Gold for March 06, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is seen to be testing recent lows around $1,196.00/1,120.00 levels as seen on the daily chart view. The metal is preparing for an extended rally towards $1,400.00 levels in the sessions to come. Bulls are poised to remain in control till prices stay above $1,190.00 and subsequently $1,170.00 levels respectively. It is hence recommended to remain long with risk at $1,170.00 for now. Also note that $1,190.00 is the fibonacci 0.618 support of the rally between $1,130.00 and $1,307.00 respectively, which is holding well. Immediate support is seen at $1,170.00 levels while resistance is seen at $1,240.00/50.00 and higher respectively.

Trading recommendations:

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

Good luck!

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

Fundamental Outlook:
USD/JPY is expected to consolidate with a buoyant tone after hitting a three-week high at 120.40 on Thursday as markets are awaiting U.S. February nonfarm payrolls at 1330 GMT (expected to have increased by 240,000), unemployment rate (expected to have slipped to 5.6% from January's 5.7%), and average hourly earnings (forecast +0.2%). USD/JPY is underpinned by the broadly firmer dollar undertone (ICE spot dollar index hit 11-year high 96.593 Thursday, last 96.33 versus 95.91 early Thursday). USD/JPY is also supported by the reduced safe-haven appeal of the yen as global risk sentiment improves (VIX fear gauge eased 1.34% to 14.04; S&P 500 rose 0.12% to close at 2,101.04 overnight) after European Central Bank President Draghi confirmed the ECB's EUR60 billion-a-month bond purchase program would begin next Monday and commented optimistically on the outlook for eurozone growth and inflation. Demand from Japan's importers and ultra-loose Bank of Japan's monetary policy are also driving forces. But USD/JPY gains are tempered by the lower U.S. Treasury yields (2-year at 0.642% versus 0.658% late Wednesday), Japan's export sales, and positions adjustment ahead of the weekend. U.S. data were mixed on Thursday as smaller-than-expected 2.2% drop in U.S. 4Q revised non-farm productivity (versus forecast -2.3%) and bigger-than-expected 4.1% rise in U.S. 4Q unit labor costs (versus forecast +3.6%) were offset by more-than-expected 320,000 U.S. jobless claims in week ended Feb. 28 (versus forecast 296,000) and surprise 0.2% on-month drop in U.S. January factory orders (versus forecast +0.1%).

Technical comment:
The daily chart is positive-biased as MACD and stochastics are bullish, 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 120.35 and the second target at 120.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 119.60. A break of this target would push the pair further downwards, and one may expect the second target at 119.35. The pivot point is at 119.75.

Resistance levels:

120.35

120.60

120.85

Support levels:

119.60

119.35

119

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

Fundamental overview:
USD/CHF is expected to consolidate with a bullish bias after hitting a six-week high 0.9750 on EBS Thursday as markets are awaiting U.S. nonfarm payrolls report. USD/CHF is underpinned by the broadly firmer dollar undertone, negative Swiss interest rates, and threat of Swiss National Bank CHF-selling intervention. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.

Technical comment:
The daily chart us positive-biased as MACD and stochastics are bullish, although the latter is at the 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 0.9785 and the second target at 0.9820. 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 0.9640.

Resistance levels:

0.9785

0.9820

0.9855

Support levels:

0.9580

0.9530

0.9495

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

Fundamental overview:
NZD/USD is expected to consolidate with a bearish bias after hitting a seven-day low at 0.7449 on Thursday as markets are awaiting U.S. nonfarm payrolls report. NZD/USD is undermined by the kiwi sales on cross trades versus major currencies and broadly firmer dollar undertone and weaker commodity prices. But NZD/USD losses are tempered by the improved investor risk appetite and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is tilting negative as stochastics is falling from the overbought levels, positive MACD histogram bars are contracting, five-day moving average is falling below 15-day moving average.

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 0.7430. A break of that target will move the pair further downwards to 0.7405. The pivot point stands at 0.7530. 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 0.7575 and the second target at 0.7615.

Resistance levels:

0.7575

0.7615

0.7645

Support levels:

0.7430

0.7405

0.7365

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 NZD/USD for March 06, 2015 . Thanks for your support.

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

Fundamental overview:
GBP/JPY is expected to consolidate with a bearish bias after hitting a monthly low of 132.12 on EBS Thursday as markets are awaiting U.S. nonfarm payrolls report. GBP/JPY is undermined by the soft EUR/USD undertone and Japan's export sales. But GBP/JPY losses are tempered by the demand from Japan's importers and improved investor risk tolerance and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at the 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 182.050. 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:

184.05

184.40

184.75

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 06, 2015 . Thanks for your support.

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

The rally of 1.4554 low does look impulsive. It is the first indication that a long-term bottom is in place. The expected rally higher should last for many weeks and months. It should ultimately bring the prices above 1.7274 but let's take this in baby-steps and look for a break above minor resistance at 1.4919 as the next good indication that a firm bottom is in place. In the short run, we expect support at 1.4630 to protect the downside for a break above 1.4779 and more importantly above 1.4817 confirming the test of resistance at 1.4919.

Trading recommendations:

We are long EUR from 1.4725 and will keep our stop at 1.4550 for now. If you are not long EUR yet, the buy near 1.4630 with the same stop at 1.4550.

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/NZD for March 6 - 2015 . Thanks for your support.