Weekly technical levels for GBP/USD for March 9-13, 2015 Market Analysis Review

Weekly technical levels for GBP/USD:

Trading recommendations :

• Resistance 1 and support 1 of the GBP/USD pair are considered to be clear indicators of the maximum range of extreme volatility today on March 9, 2014. Though it is possible to pass them through, it should be noted that a weekly pivot point will be set at the level of 1.5172; therefore, pivot lines work well on sideways markets, as the prices are most likely to be located between resistance 1 and support 1. So, according to the previous events, the GBP/USD pair is likely to move between the levels of 1.5312 and 1.4915 this week.

Forecast :

• Buy above the support of 1.4915 with the first target at 1.5183 (38.2% of Fibonacci retracement levels). On the other hand, look for further downward movement below the levels of 1.5312/1.5300 with targets at 1.5172 and 1.4920.

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Daily analysis of major pairs for March 9, 2015 Market Analysis Review

EUR/USD: This pair has experienced one of its strongest weaknesses in several weeks. The market broke through one support line after another (the support lines became the resistance lines then). While further southward dip is expected, there is a strong support line at 1.0500, which could act as a check to the bears’ frenzy. Unless the EUR is fated to reach parity with the USD, this pair is not expected to drop below the aforementioned support line.

USD/CHF: Yes, this market would keep going up as long as the EURUSD pair is weak. The price is currently trading above the support level at 0.9850. The next targets for this week are located at the resistance levels of 0.9900 and 0.9950.

GBP/USD: The Cable plummeted by over 350 pips, going below the distribution territory around 1.5050. The accumulation territories at 1.5000 and 1.4950 are now vulnerable to bearish attacks. The outlook for the Cable is bearish this week.

USD/JPY: This currency trading instrument has succeeded in going upwards. The dominance bias on the market is bullish and there is a possibility that it would continue its upward journey. Potential targets for bulls are at the supply levels of 121.50 and 122.00 now.

EUR/JPY: The EUR/JPY pair dropped by over 350 pips last week, resulting in a strong Bearish Confirmation Pattern on the market. The reason for this is the EUR weakness. Unless the EUR gains some stamina, this cross will continue to drop further south, reaching the demand zones around 130.00 and 129.50.

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Elliott wave analysis of EUR/NZD for March 9 - 2015 Market Analysis Review

Technical summary:

Red wave ii corrected almost 100% of red wave i and we are now looking for a break above a minor resistance at 1.4768, which confirms that red wave iii is developing higher towards at least 1.4990. Short term, we expect minor support around 1.4616 - 1.4634 area to protect the downside against the expected break above 1.4768, confirming that red wave iii is developing.

Trading recommendation:

We are long EUR from 1.4725 and will keep our stop at 1.4550. If you are not long EUR yet, then buy near 1.4634 with the same stop at 1.4550.

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Elliott wave analysis of EUR/JPY for March 9 - 2015 Market Analysis Review

Technical summary:

The decline towards an ideal downside target for wave (v) of C continues to unfold as expected. In the short term, we are looking for moving lower towards 129.64 and perhaps even lower towards 128.69 in blue wave iii. As we have seen a series of waves one and two, a series of waves three and four should unfold accordingly. Ideally, a minor resistance at 131.88 is likely to protect the upside from the expected decline towards 129.64

Trading recommendation:

We are short EUR from 133.90 and will lower our stop to 132.45. If you are not short EUR yet, then sell EUR near 131.88 with the same stop at 132.45.

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USDCAD Daily Analysis - March 9, 2015 Forex Analysis

USDCAD is facing 1.2663 resistance, 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. On the other side, as long as 1.2663 resistance holds, the sideways movement in a rang between 1.2352 and 1.2797 could be expected to continue.

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USDJPY Daily Analysis - March 9, 2015 Forex Analysis

USDJPY's upward movement from 118.23 extended to as high as 121.28. Further rise to test 121.84 (Dec 8, 2014 high) resistance is possible. Support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could trigger another fall to 116.50 area.

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AUDUSD Daily Analysis - March 9, 2015 Forex Analysis

AUDUSD's downward movement from 0.7912 extended to as low as 0.7690. Further decline to test 0.7625 support is possible, a breakdown below this level will signal resumption of the longer term downtrend from 0.9504 (Jul 1, 2014 high), then next target would be at 0.7400 area. Resistance is at 0.7785, only break above this level could trigger another rise towards 0.8000.

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GBPUSD Daily Analysis - March 9, 2015 Forex Analysis

GBPUSD remains in downtrend from 1.5551, and the fall extended to as low as 1.5032. Further decline to test 1.4950 support is possible, a breakdown below this level will signal resumption of the long term downtrend from 1.7190 (Jul 15, 2014 high), then next target would be at 1.4500 area. Resistance is at 1.5170, only break above this level could signal completion of the downtrend.

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EURUSD Daily Analysis - March 9, 2015 Forex Analysis

EURUSD continued its downward movement from 1.1450, and the fall extended to as low as 1.0822. Further decline could be expected after a minor consolidation, and next target would be at 1.0500 area. Resistance is at 1.1000, only break above this level could signal completion of the downtrend.

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