Daily analysis of major pairs for March 7, 2014 Trend News

EUR/USD: There is a Bullish Confirmation Pattern on this pair and it is currently above the support line at 1.3850. The indicators in the chart support this strong bias, which would continue. The price is poised to trend further upwards, possibly reaching the reaching the resistance line at 1.3900.

USD/CHF: The ‘buy’ signal that was generated on the USD/CHF on March 6, 2014 has proven to be a bogus signal. Before the price could reach the resistance level at 0.8900, a sudden weakness in the USD caused the price to plummet – dropping like a stone. The price is currently trading below the resistance level at 0.8800, going towards the support level at 0.8750.

GBP/USD: As expected, there has been a bullish breakout on this currency trading instrument; something that has led to an established bullish outlook. However, the bulls’ power is not very conspicuous right now. The present retracement in the price can be contained at the accumulation territory of 1.6700: meanwhile our near-term target is at the distribution territory at 1.6800.

USD/JPY: Like other JPY pairs, this market also skyrocketed, slashing through the price level at 103.00. There is a slight southward retracement here, but it should be temporary because the bullish trend could resume.

EUR/JPY: The JPY pairs are currently part of the most trending Forex trading instruments. For example, the EURJPY rallied from a weekly low at 139.14 and topped at the supply zone of 143.00. This represents a move of over 380 pips! Normally a pullback or consolidation may occur, after which the bullish trend will continue.

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#USDX Technical analysis for March 7, 2014 Trend News

The Dollar index was forming a bearish flag, and at the 80 price level the flag was broken downwards with 79.25 target. The Dollar index after breaking the support has bounced to back test the broken flag trend line and now that it has been rejected at 80.15 it reversed lower making a lower low.

Short-term trend is down as the Dollar index makes lower lows and lower highs. The inability to break above the red downward sloping trend line from 81.30 is a bearish sign. The blue downward sloping lines represent the similar direction we were expecting the index to follow from 80.50 once the flag at 80 was broken.

The weekly chart is showing that the index is breaking below important long-term support. This could bring the index towards 79. If the weekly candle closes below the upward sloping trend line that is now at 79.90, then we can expect more weakness over the coming months and we should expect a move even towards 72-73. We are bearish in the short- and long-term as long as the index trades below 80.50.

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Gold technical analysis for March 7, 2014 Trend News

Gold price made a lower high below $1,355 and is pulling back towards $1,340. Gold price has made a double top that currently favors bearish positions. If this rejection is confirmed we could have a strong downward reversal towards $1,280-90.

Short-term resistance is found at $1,355. Short-term support is found at yesterday's consolidation price range between $1,330 and $1,340. This pullback could bring prices back inside this area and above the upward blue trend line and near the Ichimoku cloud support. If Gold price breaks below this support area we should expect a strong downward move towards $1,300-$1,280.

I believe that it is a good opportunity now at $1,348 to go short Gold with $1,355 stop and $1,330 as the first target. If Gold price breaks below $1,330 we can add to short position targeting $1,300-$1,280. Stop loss level is very close and that is why we prefer to be short than long.

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Technical analysis of EUR/JPY for March 7, 2014 Trend News

General overview for 07/03/2014 09:00 CET

The NFP data is on tap today and currently price is at the key level. As I had mentioned yesterday any breakout to the upside above the grey rectangle area is bullish. Moreover, test of the last swing high at the level of 145.68 will be in view, maybe not today after the data release, but soon next week. On the other hand, in case of a failure, the most important level to the downside is at the level of 141.27. Only a sustained breakout below this level would suggest the alternate count is in play.

Support/Resistance:

145.68 - Swing high

143.27 - WR3

142.93 - 143.15 - Supply zone

142.18 - WR2

141.27 - Technical support

140.95 - WR1

139.78 - Weekly pivot

Trading recommendations:

As long as the key level will act as a resistance sell orders should be opened from the level as close to the 143.00 as possible, with SL above the level of 143.28 and TP at the level of 141.27. In case of upside breakout above the key level, buy orders should be opened from the level of 143.28 with SL below the level of 142.93 and TP at the level of 144.58.

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Daily analysis of GBP/JPY for March 07, 2014 Trend News

Overview

In H4 chart, the pair is trying to break the Support area consisting of the upward trend line with the Support level of 172.00 to continue its downward trend. In case of the pair bounce from the Support area the Resistance level of 172.75, it would be tested keeping its move above the upward trend line. Currently, it is prefered to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 173.30 then 174.00 as the second target. But closing below the Resistance level of 172.75 cancels the bullish move scenario.

Resistance and support levels: R3 (174.00), R2 (173.30), R1 (172.75), S1 (172.00), S2 (171.50), S3(171.00).

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Daily analysis of Silver for March 07, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal failed again to break the Support level of 21.00 to bounce again and trade between the Support level of 21.25 and below the Resistance level of 21.75, and currently it is bouncing from the Support level and starting a bullish move. So we still suggest waiting for closing above the Resistance level of 21.75 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 22.00, then after breaking this Resistance level, silver would open the way towards the Resistance level of 22.20, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.75 this cancels the bullish scenario.

Resistance and support levels: R3 (22.20), R2 (22.00), R1 (21.75), S1 (21.25), S2 (21.00), S3(20.50)

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Technical analysis of USD/CAD for March 7, 2014 Trend News

General overview for 07/03/2014 08:30 CET

The market made a quite large overthrow in last wave (e) blue of the triangle and hit the 78%Fibo at the level of 1.0968. Currently, the small bounce is developing and any new low would invalidate the triangle wave B green idea. The key level to the upside now is old supply breakthrough zone between the levels of 1.1016 - 1.1026. To continue to the upside market, a breakout and close above this zone must happen and then go straight to the weekly pivot. Failure of breaking higher above this zone would result in possible test of intraday support at the level of 1.0980 and if this level is broken then intraday low at the level of 1.0953 will be tested as well.

Support/Resistance:

1.0953 - Intraday low

1.0967 - WS2

1.0969 - 78%Fibo

1.0980 - Intraday support

1.1011 - Intraday resistance

1.1016 - WS1

1.1016 - 1.1027 - Key Level

1.1087 - Weekly pivot

Trading recommendations:

As long as the key level will act as a resistance sell orders should be opened from the level as close to the 1.1016 as possible, with SL above the level of 1.1028 and TP at the level of 1.0953. In case of upside breakout above the key level, buy orders should be opened from the level of 1.1033 with SL below the level of 1.1016 and TP at the level of 1.1087.

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