Technical analysis of NZD/USD for March 20, 2014 Trend News

The psychological level: 0.8525.

Notes :

• It should be noted that the key level is set at the level of 0.8525.


• Moreover, the 0.8525 level is coinciding with the weekly pivot point on March 20, 2014.


• We expect a range about 130 pips from today until tomorrow.


• Equally important, the resistance had already formed at the 0.8613 level.


• As it is known, history will probably repeat itself at this level again.

Trading recommendations :

• According to the previous events, the NZD/USD pair has still been moving between 0.8515 and 0.8580. Therefore, it will a good sign to sell below 0.8503 with the first target of 0.8530. If the trend breaks the weekly pivot point, then it will call for downtrend in order to continue its bearish movement towards 0.8260. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the resistance at the price of 0.8650.

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Technical analysis of USD/CHF for March 20, 2014 Trend News

Overview :

• The resistance has broken at the level of 0.8766. Moreover, the level of 0.8766 is going to become support on March 20, 2014. So, according to previous events, the price of the USD/CHF pair has still been moving between the price of 0.8773 and the 0.8803 price. Additionally, the psychological level has set at the 0.8870 price because it is representing a strong resistance. Also, the double top will set at the 0.8894 price. Therefore, it will of the wisdom to buy above the price of 0.8766 with target at 0.8870 this week. Equally important, the price of the USD/CHF pair is going to try break the weekly pivot point to call for the bullish market above 0.8766. Hence, the price will be continued towards the double top. On the other hand, the stop loss should always be in account, so it will be of the wisdom to set your stop loss at the 0.8744 price.

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#USDX technical analysis for March 20, 2014 Trend News

Yeswterday, I mentioned in my analysis that there are signs of an expected trend reversal in the dollar index. 79 was important support and I suggested that bulls that believe the low was in should open long positions with the 79.20 stop and target at 80. The dollar index was mainly influenced by Janet Yellen's comments on the monetary policy the FED is expected to follow and dollar strengthened.

More cautious bulls who did not enter long at 79.30 yesterday were given a buy signal once the short-term resistance at 79.50 was broken. The short-term wedge seems to have broken to the upside. The Ichimoku cloud is now broken and all we need is a confirmation above the red trend line resistance for at least one day. The sequence of lower lows and lower highs has been canceled. Trend has reversed.

The daily chart confirms the low at 79.30 is important. Trend in the daily chart has reversed upwards as well. Bulls will need to defend this and I expect this upward move to continue towards 80.50 at least. However, we should always keep in mind that a bigger trend reversal could be starting. Stop for bulls is the recent low at 79.30.

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Gold technical analysis for March 20, 2014 Trend News

Gold price has fallen towards our support area of $1,330 after breaking the levels we mentioned as critical for the downtrend. Gold price has broken below the Ichimoku cloud in the 4-hour chart and moved towards the target we gave once the support failed. Short-term trend remains down as we noted when $1,375 was broken. Gold has entered a larger degree corrective move down.

Gold has now reached the longer-term upward sloping red trend line support and the base of the start of the previous bullish move. This area is very strong support and I think Gold bulls will defend it strongly. I believe that there are now increased chances of an upward bounce towards $1,350-60 at least.

The long-term daily chart also suggests that Gold has reached important support levels. If these levels are broken we should expect price to move towards the Ichimoku cloud near $1,300-$1,280. I'm now expecting an upward bounce from these levels. I prefer short covering now and taking profits from short positions.

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Elliott wave analysis of EUR/NZD for March 20, 2014 Trend News

Today's Suppor and Resistance levels:

R3: 1.6376

R2: 1.6269

R1: 1.6230

Current spot: 1.6225

S1: 1.6184

S2: 1.6137

S3: 1.6109

Technical summary:

Wave iii of the ending diagonal ended at 1.6086 and wave iv is currently unfolding towards 1.6450 from where the final wave v lower is expected. The internal waves of an ending diagonal is normally pretty complex, but they are always in three waves meaning they are corrective in their structure. Once this ending diagonal comes to an end, expect a new impulsive rally, but for now a rally to resistance near 1.6450 is all we can expect.

Trading recommendation:

Stay neutral for now.

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Elliott wave analysis of EUR/JPY for March 20, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.24

R2: 141.99

R1: 141.74

Current spot: 141.52

S1: 141.29

S2: 141.06

S3: 140.73

Technical summary:

The consolidation in red wave iv has become more complex and a small triangle could be forming, but once this consolidation is over a new decline into the target area between 139.79 and 140.20 is still expected. Once this target area is tested, look for a correction towards 142.00 and maybe slightly higher towards 142.40 before the next impulsive decline lower should be expected. In the longer term, the correction from 145.69 should make it down to at least the 38.2% correction of the rally from 94.10 to 145.69 at 126.00.

Trading recommendation:

Short EUR positions should have been opened at 141.90. Move the stop lower to 142.30, and take profit should be placed at 140.25.

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Daily analysis of major pairs for March 20, 2014 Trend News

EUR/USD: The sudden drop in the EURUSD has resulted in a serious violation of the extant bullish bias. Should the price trade below the support line at 1.3800, the action would lead to a Bearish Confirmation Pattern in the chart. The price is currently trying to rally that may be halted at the resistance line of 1.3850.

USD/CHF: The price action that occurred yesterday in this market led to a confirmation of a bullish bias. From under the support level at 0.8750, the price shot upwards by close to 90 pips. For this confirmed bullish bias to be sustained, the price must stay above the EMA 56.

GBP/USD: There has been a southward break on the Cable, which is in the direction of the extant propensity anyway. A drop of 100 pips so far this week is enough to strengthen the determination of the bears, and the price could end up hitting the accumulation territory at 1.6500.

USD/JPY: Because the greenback experienced a sudden surge of energy, the USD/JPY has skyrocketed (this is also the reason behind the strength of the USD/CHF, the weakness of the EUR/USD, etc.). However, the pair must stay above the demand level at 102.00 so that the new bullish bias can continue to be valid. There are fundamental figures which are coming out today, and they will have further impact on the greenback.

EUR/JPY: This Euro has been unable to go significantly upwards against the Yen – hence the current equilibrium phase. The price could eventually break either the supply zone at 142.00 to the upside or the demand zone at 141.00 to the downside.

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