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

Overview:

USD/CHF is expected to trade in higher range. USD/CHF is underpinned by the positive dollar sentiment, franc sales on buoyant EUR/CHF cross and drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 19.0 in March from 28.7 in February. Daily chart is positive-biased as MACD and stochastics are turned to bullish.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8890 and the second target at 0.8915. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8770. A breach of this target will push the pair further downwards and one may expect the second target at 0.8755. The pivot point is at 0.8795.

Resistance levels:

0.8890

0.8915

0.8945

Support levels:

0.8770

0.8755

0.8715

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Technical analysis of GBP/JPY for March 20, 2014 Trend News

Overview:

GBP/JPY is expected to trade with risks skewed lower. It is undermined by the negative risk sentiment and Japan's exports sales. But GBP/JPY losses are tempered by the buoyant USD/JPY undertone, demand from the the Japanese importers and loose BOJ's monetary policy. Daily chart is mixed as MACD histogram bars are turned negative, but stochastics is neutral, inside-day-range pattern was completed on Wednesday.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 170 and the second target at 170.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 167.70. A breach of this target will push the pair further downwards and one may expect the second target at 167.10. The pivot point is at 168.60.

Resistance levels:

170

170.50

171.10

Support levels:

167.70

167.10

166.20

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

Overview:
The NZD/USD pair is expected to trade in lower range. It is undermined by the positive dollar sentiment and Kiwi sales on the NZD/JPY cross amid weaker investor risk appetite. But NZD/USD losses are tempered by the Kiwi demand on soft AUD/NZD cross and hawkish Reserve Bank of New Zealand's monetary policy stance and slightly stronger-than-expected New Zealand 4Q GDP on-year growth of +3.1% (versus +3.0% forecast). Daily chart is mixed as the MACD is bullish, but stochastics is turning bearish at overbought zone.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8480. A breach of this target will move the pair further downwards to 0.8430. The pivot point stands at 0.8595. In case the price moves in the opposite direction, bounces back from support level, and then moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8640 and the second target at 0.8675.

Resistance levels:

0.8640

0.8675

0.87

Support levels:
0.8480

0.8430

0.84

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Daily analysis of Silver for March 20, 2014 Trend News

Overview
As it was expected last week, more bearish signals would be available after breaking the Support level of 20.20, then the metal continued its downward move after breaking the Support level, which gave us another good opportunity to sell till reaching the Support level of 20.00. Currently, as shown, the metal is hitting the Support level of 20.00 and starting to take a bullish move. Presently, we suggest waiting for closing above this level to give us a new opportunity for new buy signals with the first target few pips below the Resistance level of 20.50, then after breaking this Resistance level, Silver would open the way towards the Resistance level of 20.90, which means more bullish signals.

Resistance and support levels: R3 (21.25), R2 (20.90), R1 (20.50), S1 (20.20), S2 (20.00), S3(19.75)

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Daily analysis of GBP/JPY for March 20, 2014 Trend News

Overview

Today, 4H chart show that yesterday's closing below the resistance level of 169.75 gives the price an opportunity for a bearish move. As shown here, currently, the price is reversing its bullish trend of yesterday trying to continue its bearish move by breaking the support level of 168.50 and closing below it. In that case, we may get another opportunity for more sell signals, and it opens the way towards 167.75, as the first target, and then the price should test the support level of 167.00 to continue its bearish move. But as long as the price stabilizes above the support level of 168.50, it cancels the first scenario.

Resistance and support levels: R3 (170.50), R2 (169.75), R1(169.20), S1 (168.50), S2 (167.75), S3 (167.00).

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Elliott Wave Analysis of USD/CAD for March 20, 2014 Trend News

USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading upwards, just like we expected, we have slightly adjusted our primary view, but the trend stayed unchanged. In the 1-hour chart of the pair, we can see that we are looking at the corrective (X) wave (coloured red) as the Triangle pattern from January 31. At the moment, we are in the [iii] wave (coloured black) of the bigger wave A (coloured blue), and while the price remains above the 1.1120 level, we are going to focus only on the buying opportunity in the (Z) wave. In accordance with our wave rules and taking into account that wave (Z) should extend 100% of wave (Y), we can define the potential targets with measuring wave (Y) with take profit at 1.1527 (100% of wave (Y)).



Support and Resistance

(S3) 1.0939, (S2) 1.0982, (S1) 1.1059, (PP) 1.1102, (R1) 1.1179, (R2) 1.1222, (R3) 1.1299.



Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.1140 with stop loss at 1.1060 and take profit at 1.1348 are recommended.

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Elliott Wave Analysis of AUD/USD for March 20, 2014 Trend News

AUD/USD Elliott Wave
The AUD/USD pair has been trading downwards for last few sessions, since our short-term low gave up, we need to re-adjust our count a little bit. In the 1-hour chart of the AUD/USD pair, we are seeing a corrective pattern from the 0.1027 level, this is taking the shape of the FLAT correction and for the next supports, we are going to look at the 0.9010-0.8990 area. In the next few sessions, while price remains above the 0.8900 area, we should again look for a buying opportunity in the (iii) of [iii] wave. In accordance with our wave rules and taking into account that wave [iii] should extend 161.8% of wave [i], we can define the potential targets with measuring wave [i] with take profit at 0.9286 (161.8% of wave [i]). The RSI indicator on the 1-hour chart points to the bullish divergence, this also supports our long idea.



Support and Resistance

(S3) 0.9008, (S2) 0.9036, (S1) 0.9080, (PP) 0.9108, (R1) 0.9152, (R2) 0.9180, (R3) 0.9224.



Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9030 with stop loss at 0.8900 and take profit at 0.9286 are recommended.

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