Technical analysis of EUR/JPY for March 9, 2015 Market Analysis Review

General overview for 09/03/2015 11:30 CET

There are two Elliott wave counts possible on this market, but due to the recent wave development the outlook is still not very clear:

- The alternative count I indicates that the complex corrective structure labeled as wave X brown might have bottomed at the level of 130.69 and the next leg upward might be underway. To confirm this count, the price must break out above the level of 133.50 and higher.

- The alternative count II indicates a completion of the wave 4 blue in shape of a WXYXXZ complex corrective triple-three structure at the level of 135.87 and now the market is unfolding wave 5 blue to the downside.

Please, keep an eye on the price action on this market as there are too many chart interpretations available at the moment and market can break out higher/lower at any given time. Patience is required.

Support/Resistance:

130.53 - WS3

130.69 - Intraday Support

131.81 - Intraday Resistance

131.96 - WS2

132.77 - WS1

134.32 - Weekly Pivot

Trading recommendations:

Traders should observe the market, wait for a clear price behavior and refrain from trading for now.

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Technical analysis of USD/CAD for March 9, 2015 Market Analysis Review

General overview for 09/03/2015 10:00 CET

As we anticipated last week, the corrective cycle in wave 4 looks like it is completed and the market is trying to develop the first impulsive wave to the upside. According to the Elliott wave rules, there are two important levels to keep an eye on: small internal impulsive cycle invalidation line at the level of 1.2517 and larger impulsive cycle invalidation line at the level of 1.2386. Any breakout below the last line invalidates the impulsive wave progression. The target for wave v blue is the supply zone between the levels of 1.2658 - 1.2692.

Support/Resistance:

1.2658 - 1.2692 - Supply Zone

1.2626 - Intraday Resistance

1.2564 - Intraday Support

1.2517 - Invalidation Level

1.2506 - Weekly Pivot

1.2493 - WS1

Trading recommendations:

All buy orders advised last week should now be well in profit and the SL might be now placed below the level of 1.2517. TP orders should be placed at the level of 1.2658.

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#USDX technical analysis for March 9, 2015 Market Analysis Review

The Dollar index made a new higher high on Friday and has approached even closer to our short-term target at 98. Our longer-term target remains at 100-101. The Dollar index is showing some signs of a possible pull back towards 97 but longer-term trend remains clearly bullish.

Purple line= support

The Dollar index is above the Ichimoku cloud and above a short-term support of the tenkan-sen at 97.06. The kijun-sen support is at 96.45. Resistance is at recent highs of 97.85. The short-term trend remains bullish as long as the price is above the purple trend line support.

The monthly chart of the Dollar index puts us back into perspective regarding our longer-term target of 100-101. Price has broken the 50% retracement and is heading towards the 61.8% retracement. Trend remains fully bullish.

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Gold wave analysis for March 9, 2015 Market Analysis Review

It is very possible that gold price have completed 5 waves down from $1,307 and we should not be surprised to see a strong bounce towards $1,216 at least. The longer-term trend remains bearish. The short-term is showing the signs of a bullish reversal but only as a part of a corrective wave before the downtrend resumes.

Gold price broke below the support of $1,190 last week and pushed towards $1,160. Prices are bouncing higher now and the short-term resistance is found at $1,182. Important short-term resistance is found at $1,200.

Gold price, as shown on the weekly chart above, has most probably finished the impulsive decline from $1,307. We should now expect a three wave bounce towards at least the 38% retracement.

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Technical analysis of EUR/JPY for March 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair dropped lower and re-tested its earlier lows (attempting for a higher low) at 130.85 levels as seen here. The earlier lows at 130.10/20 levels remains intact for now. It is recommended to hold long positions taken earlier, with risk at the level of 130.00. Bulls are expected to take control back till prices remain above the level of 130.10 . Immediate support is seen at the level of 130.10, while resistance is seen at 136.00, followed by 137.50/138.00, 140.26, and higher respectively. Please note that the current drop from 136.00 to 130.85 could still be treated as wave 2 within the 3 wave corrective rally.

Trading recommendations:

Remain long for now, stop at 130.00 target 140.30 and 142.30.

Good luck!

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Technical analysis of GBP/CHF for March 09, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped to 1.4760 levels and bounced off the fibonacci 0.50 support of the rally between 1.4656 and 1.4870 levels. It was recommended to initiate long positions around 1.4730 levels, however, the pair turned earlier. One could remain flat for now and look for another dip to go long. The immediate upside is seen at 1.5000 and 1.5150 respectively. Bulls are poised to remain in control until prices stay above 1.4656 levels. Immediate support is seen at 1.4656, followed by 1.4580, 1.4412, and lower while resistance is seen at 1.5000, followed by 1.5150 and higher respectively.

Trading recommendations:

Remain flat for now. Look to initiate long positions at 1.4730, stop at 1.4650

Good luck!

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Technical analysis of Silver for March 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver dropped lower into $15.75 levels last Friday, breaking interim support at $16.00. The metal has been holding major support at $15.50 levels for now, which is encouraging for bulls. It is still recommended to remain long with risk at $15.50 levels. Please note that prices are stalling within the fibonacci 0.618 support of the rally between sub $14.00 levels and $18.50 respectively. A bullish bounce here could still keep the upswing intact and look higher towards $20.00/21.00 levels at the coming sessions. Immediate support is at $15.50, followed by sub $14.00 levels while resistance is seen at $16.90, followed by $17.50, $18.50, and higher respectively.

Trading recommendations:

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

Good luck!

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