Technical analysis of USD/CAD for March 18, 2014 Trend News

General overview for 18/03/2014 08:50 CET

The market is currently trading in the range zone and yesterday's bar was an inside candle. From Elliott Wave perspective, there are two possible wave scenarios here: main and alternate. The main scenario assumes the completion of the regular flat correction at the level of 1.1108 (1.1128 max) and impulsive downtrend resumption. The alternate scenario assumes more immediate downside wave progression as soon as the level of 1.1042 is violated. Only new high above the level of 1.1157 would invalidate both scenarios.

Support/Resistance:

1.1120 - 1.1128 - Key Level

1.1101 - 1.1108 - Target for wave c

1.1096 - Weekly Pivot

1.1081 - Intraday Resistance

1.1042 - Intraday Support

1.1040 - WS1

1.1005 - Techncial Support

Trading recommendations:

Sell limit orders should be opened from the level of 1.1108 with SL above the level of 1.1128 and TP at the level 1.1042 and 1.1005 with a possible downside extension.

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Technical analysis of EUR/JPY for March 18, 2014 Trend News

General overview for 18/03/2014 08:30 CET

The market is currently trading in the range zone and traders should wait for a breakout in either direction. Two levels are here to keep an eye on them. To the upside the most important intraday level is in the 142.20 - 142.30 zone and a breakout above this level is bullish. To the downside the most important level is 141.33 and a breakout below this level means the golden trendline will be tested and possibly broken. Moreover, the impulsive green count will be invalidated if the black invalidation line is violated as well and alternate count will be in play.

Support/Resistance:

142.52 - WR1

142.20 - 142.30 - Key Level

141.95 - Intraday Resistance

141.45 - Weekly Pivot

141.33 - Intraday Support

140.38 - Invalidation Line

Trading recommendations:

Sell stop orders should be opened from the level of 141.29 with SL above the level of 141.95 and TP at the level 140.33.

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Technical analysis of EUR/JPY for March 18, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has responded well on the trend line support. A bullish bounce is produced with a morning star trade signal. Please also note that the bullish bounce has appeared at past resistance turned support region 140.60/141.00. It is recommended to remain long from yesterday, risk remains below 140.00.

2. Immediate support is at 140.50/139.00/136.50 (intermediary), followed by 134.00, 131.00 and lower, while resistance is at 144.00 and 145.50 respectively.

3. The structure reveals that EUR/JPY might have formed a higher low at 104.50 recently and till prices remain above this region, the pair should remain in control with bulls.

Trading recommendations:

Remain long, set stop below 140.00, target is open.

Good luck!

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Daily analysis of major pairs for March 18, 2014 Trend News

EUR/USD: The bullish outlook on this pair is still extant, plus the resistance line at 1.3950 would easily be tested, even breached to the upside. The support line at 1.3800 is a long-term barrier to any pullbacks along the way. The bullish outlook is valid as long as the price remains above that support line. Our target at 1.4000 remains unchanged, the price could reach that resistance line this week.

USD/CHF: The bearish scenario on the USD/CHF remains valid, and the support level at 0.8700 can be easily tested. The southward journey in the chart has invariably been tardy; thus it is unlikely that the price would move that significantly this week. However, there is a possibility that the aforementioned support level can be breached to the downside.

GBP/USD: This market remains an equilibrium market and there could be a breakout this week or next week. When there is a breakout, it could lead to a serious directional move. The market is currently not attractive to swing traders, but intraday traders and scalpers can play. The trick is to sell in the distribution territory at 1.6700 and buy in the accumulation territory at 1.6600.

USD/JPY: This currency trading instrument is bearish, and would remain so as long as the price is under the supply level at 102.00. The demand level at 101.50 is the short-term target, while the demand level at 101.00 is the medium-term target.

EUR/JPY: The ‘sell’ signal on this cross is valid: the current rally proffers an opportunity to go short in the market. The demand zone at 141.00 is the target for this week, though the price could go lower than that.

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Technical analysis of GBP/CHF for March 18, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair remains below the support trend line for now. The minimum target is seen towards 1.4400/1.4300 for now. The support turned resistance line should cap any intraday rallies towards 1.4600/1.4700. Recommendations are to remain short for now. Resistance is at 1.4700.

2. Immediate resistance is at 1.4600/1.4700 (trend line), followed by 1.4850/1.4950, while supports are spread through 1.4350, 1.4200 and lower respectively.

3. The structure reveals that GBP/CHF should be sold on rallies through 1.4650/1.4700 levels. Immediate downside target should be around 1.4350.

Trading recommendations:

Remain short for now, set stop above 1.47, target is at 1.4350.

Good luck!

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Technical analysis of Silver for March 18, 2014. Trend News

Technical outlook and chart setups:

1. Silver forms an intermediary top at $21.70/80 for now. A break below $20.60/70 level is required to push it further low towards $20.00/50. Recommendations are to remain flat for now and look to buy lower.

2. Immediate resistance is at $23.00, followed by $23.50, while supports are spread through $20.60 (intermediary), followed by $20.00/50, $19.00 and lower respectively.

3. The structure reveals that Silver should be forming bottom around $19.00/$20.00 levels for the next move higher towards $25.00.

Trading recommendations:

Remain flat for now, look to buy lower.

Good luck!

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Technical analysis of Gold for March 18, 2014. Trend News

Technical outlook and chart setups:

1. Gold finally produces an engulfing bearish reversal candle on the daily chart, remaining shy of $1,395.00 resistance. If this holds, the metal should be falling lower atleast towards $1,310.00. Short positions can be initiated around $1,380.00, risk remains at $1,390.00.

2. Immediate resistance is at $1,395.00, followed by $1,410.00, while supports are spread through $1,320.00/30, followed by $1,310.00, $1,280.00, $1,230.00/40.00 and lower respectively.

3. The entire structure reveals that, a major retracement may have begun with a minimum target of $1,310.00 levels. It is recommended to buy lower towards $1,250.00 levels.

Trading recommendations:

Aggressive trade setup is to sell between $1,380.00/82.00, stop is at $1,390.00, target is open.

Good luck!

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