Daily analysis of USDX for March 10, 2013 Trend News

Daily chart: After the fall that the USDX had last week, now it is making corrective movements in favor of the bearish trend. Now, it is very likely that the USDX begins to form a higher low pattern below resistance level of 80.11. If the USDX manages to consolidate below the 79.50 level, it would be expected to fall to the support level of 79.19. The MACD indicator is in negative territory.

H4 chart: The USDX remains above the support level of 79.69. Now, the USDX is trying to make a breakout at that level, then fall to the bearish trend line near the 78.95 level. On the other hand, if the USDX manages to consolidate above the resistance level of 79.81, it's expected to rise to the level of 79.93. The MACD indicator is oversold.

H1 chart: The USDX had a fall below the support level of 79.64, but the USDX failed to touch the level of 79.39 and rose again to consolidate above the 79.64 level. If the USDX does make a breakout at the support level of 79.64, it's expected to fall to the level of 79.34. Furthermore, if USDX is able to consolidate above the level of 79.88, it's expected to rise to the level of 80.15. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks the bearish candlestick; the support level is at 79.64, take profit is at 79.39, and stop loss is at 79.89.

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Daily analysis of GBP/USD for March 10, 2013 Trend News

Daily chart: GBP/USD remains stable in the bullish bias, but also this pair remains within the range of 1.6766 and 1.6663 levels. If the pair manages to consolidate above the level of 1.6766, it's expected to rise to the resistance level of 1.6851. On the other hand, if the pair manages to make a breakout in the support level of 1.6663, it's expected to fall to the level of 1.6540, which would be a trend change. The MACD indicator remains in negative territory.

H4 chart: This pair is trying to fall to the support level of 1.6667. However, this pair remains above the 200-day moving average, so the bullish outlook remains alive for this pair. However, if the pair manages to make a breakout at the level of 1.6644 level, it's expected to fall to the level of 1.6592, where the 200-day moving average is located. The MACD indicator is entering negative territory.

H1 chart: Again, the GBP/USD found resistance near the 1.6775 level, so this pair remains below the resistance level of 1.6750. Now, it is very likely that this pair fall to the support level of 1.6700 where the 200-day moving average is located. However, it is very likely that the GBP/USD make a rebound at that level and up again to the level of 1.6750. The MACD indicator is still in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.

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Weekly technical levels of EUR/USD for March 10-14, 2014 Trend News

Technical levels of the EUR/USD pair.

General idea about the pivot point .

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to as breakout.

Forecast :

• According to the previous events, the price of the EUR/USD pair has still been moving between 1.3910 and 1.3830.


• The level of 1.3914 is representing the double top, and the weekly support 1 is set at 1.3750.


• Buy above the price of 1.3850 in the long term with the first target at 1.38808, it might resume to 1.3960 if the trend will be able to break the double top at 1.3914.

Notes :

• The double top will set at the level of 1.3914.


• The major support is going to set at 1.3750.


• The price had hit the weekly pivot point and the resistance 1 last week.


• We expect a range of 200 pips this week.

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Intraday technical levels and trading recommendations for EUR/USD for March 7, 2014 Trend News

Successive ascending bottoms were established on the daily chart. This means the uptrend line established on September 2013 is still intact.

As expected, the ongoing bullish impulse succeeded to hit price level of 1.3900 corresponding to 100% Fibonacci Expansion.

Through the fundamental point of view, the ECB's President Mario Draghi stated that fundamental data indicates a continuous improvement in the economy.

This contributes to the recent bullish jump that took place today.

In the 4H chart, the pair failed to keep its earlier gains after the release of the U.S. employment numbers which recorded 175,000.

It is worth mentioning that the closure of the pair below 1.3820 level will reduce the probability of pursuing its ongoing strength, but the bears need to close below 1.3730 to end the bullish trend on the short-term prospective.

Bullish momentum needs 4H closure above 1.3888 to remain strong for further bullish targets around 1.3950 initially.

Technically, the price zone of 1.3630-1.3720 which is trapped between 50% and 61.8% Fibonacci levels, remains an important demand zone for the pair.

Stop loss for the bullish scenario is located below 1.3700-1.3720.

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GBP/USD intraday technical levels and trading recommendations for March 7, 2014 Trend News

After breakout above 1.6600 took place, the GBP/USD pair has been trapped within a consolidation zone located between 1.6600 and 1.6800.

The daily chart shows indecision manifested in the slightly bullish movement which is taking place since February 17.

The bulls found 1.6600 as a prominent support to be concentrated around. That's why a recent bottom was established there on the last visit on February 24.

Price level of 1.6820 remains the highest level so far. A breakout above this level will allow a quick bullish swing to be initiated towards 1.6870, then possibly towards 1.7000 which are prominent tops on the weekly chart.

Price zone of 1.6740-1.6700 ( 61.8% - 50% Fibonacci levels ) remains the most prominent zone on the 4H chart.

Breakout in either direction will open the way towards the next key-level on the same chart.

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USD/CAD intraday technical levels and trading recommendations for March 7, 2014 Trend News

The pair established a prominent top around 1.1220 that pushed the USD/CAD pair back to the previous congestion zone between 1.0850 and 1.0960.

This congestion zone provided considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair topped on February 21 establishing a possible double-top reversal pattern.

In the long-term, the bullish demand expressed at 1.0960 during yesterday's consolidations is probably pushing towards 1.1235 corresponding to 50% Fibonacci.

Price levels of 1.0950 and 1.0850 correspond not only to a previous congestion zone but also to the uptrend line that was initiated in September 2013, thus the market may offer a good BUY opportunity around 1.0900 with stop loss as daily closure below 1.0850.

Currently, the pair is roughly trapped within a new congestion zone located between 1.0960 and 1.1180. A bullish breakout is more likely to occur based on the mentioned analysis.

It's important to note that daily fixation above 1.1180-1.1235 will probably open the way towards the next resistance level around 1.1650 which corresponds to 61.8% Fibonacci which is prominent on the weekly chart.

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EUR/AUD intraday technical levels and trading recommendations for March 7, 2014 Trend News

On January 24, the EUR/AUD pair initiated a downside movement. This movement was maintained within the depicted bearish channel.

On February 13, the bulls expressed a bullish breakout above the upper limit when the bears seemed to be weak.

Simultaneously, the bulls established a bullish Head and Shoulders pattern off 1.5000. The neckline was located at 1.5265.

Confirmation of bullish reversal is evident with four-hour fixation above the price level of 1.5265.

Projection target of this reversal pattern is located at 1.5555. However, the bulls couldn't hit higher than price level of 1.5500 where strong bearish rejection was expressed last week.

Currently, the neckline around 1.5265-1.5200 is being threatened by the bears, the pair remains bearish as long as this level remains defended by the bears.

Fixation below this neck-line will open the way directly towards the next support level located around 1.5100 initially.

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