Elliott wave analysis of EUR/NZD for March 16 - 2015 Market Analysis Review

Technical summary:

Wave iv moved slightly above the ideal corrective target at 1.4445 (a high came in at 1.4468) before turning lower to a new low. We are looking for wave v lower to 1.3885 before a bottom should be expected. In the short term, we must allow for a correction towards 1.4407 before the next strong decline is expected. That said we are very likely in the final part of the long-term decline, so this is not the time to be overly aggressive.

Trading recommendation:

We will stay neutral for now.

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Elliott wave analysis of EUR/JPY for March 16 - 2015 Market Analysis Review

Technical summary:

The expected decline towards the ideal target at 125.98 continues to unfold. Short-term support is found at 126.51 in a minor reaction to 128.32 before going lower to 125.98. As we approach the ideal downside target 125.98, we should begin to look for signs of a bottom.

Trading recommendation:

We are short EUR from 133.90 and have lower our stop to 129.10 with take profit at 126.25.

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USDCAD Daily Analysis - March 16, 2015 Forex Analysis

USDCAD's upward movement from 1.2406 extended to as high as 1.2823. Near term support is at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.3000 area. Key support is at 1.2618, only break below this level could bring price back to 1.2400 zone.

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USDJPY Daily Analysis - March 16, 2015 Forex Analysis

USDJPY stays above the upward trend line on 4-hour chart, and remains in uptrend from 118.23. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 125.00 area. Key support is at 120.66, only break below this level could signal completion of the uptrend.

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AUDUSD Daily Analysis - March 16, 2015 Forex Analysis

AUDUSD stays within the downward price channel on 4-hour chart, and remains in downtrend from 0.7912. Near term resistance is at the top of the channel, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 0.7300 area. Key resistance is at 0.7730, only break above this level could trigger another rise to 0.7850 area.

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GBPUSD Daily Analysis - March 16, 2015 Forex Analysis

GBPUSD continued its downward movement from 1.5551, and the fall extended to as low as 1.4698. Further decline could be expected after a minor consolidation, and next target would be at 1.4500 area. Resistance is now at 1.4900, only break above this level could signal completion of the downtrend.

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EURUSD Daily Analysis - March 16, 2015 Forex Analysis

EURUSD's downward movement from 1.1450 extended to as low as 1.0462. Further decline could be expected, and next target would be at 1.0200 area. Resistance is at 1.0700, only break above this level could signal completion of the downtrend.

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