Analysis of USD/CAD for March 06, 2014 Trend News

The Bank of Canada yesterday announced that it is maintaining its target for the overnight rate at 1%. In Canada, economic growth in the fourth quarter of 2013 was slightly stronger than the bank estimated. Exports have been a little stronger than previously thought. The Monetary Policy Report says that both total CPI and core inflation are still expected to follow roughly the path outlined in January. The fundamental drivers of growth and inflation in Canada continue to strengthen gradually.

In the US dollar front, the US service sector data was below expectations. The institute for Supply Management yesterday said that its service sector index fell to 51.6 from 54 in January. The US service companies expanded more slowly in February as hiring level declined in a cautionary indication for the economy coming out of winter. Many recent economic indicators have pointed to weakening momentum. The greenback traded lower during yesterday's trading session.

Technical view

The USD/CAD pair is trading at the level 1.1039 in Asia's trading session. Yesterday, the pair broke and closed below the supported trend line. From October 2013 onwards, the pair has a habit of holding the 21DEMA. In February 2014, it closed below the 21DEMA for the first time, but held 40DEMA and moved higher. Again yesterday, the pair closed below the 21DEMA and today opened and statred trading below it. The 40DEMA stood at 1.09965 and 50SMA was at 1.09752. We expect the price to stop at these two levels. A daily close below 1.09752 makes more weakness in the daily chart. The price is seen to move to lower levels towards 1.1019, 1.0843,1.0761, and 1.06122.

POSITIONAL: CLOSE BELOW 1.0975, BEAR ATTACK

S1 1.0996 R1 1.1052

S2 1.0975 R2 1.1195

S3 1.0761 R3 1.0761

In the daily chart, oscillators are giving a sell signal. Whereas, in the hourly chart, the RSI is in the oversold zone giving a buy signal. We could expect the price to pull back from cmp. In the H4 chart, the price is holding above the 200EMA.

INTRADAY: BUY WITH SL 1.1019. SELL BELOW 1.1019. The price will move up above 1.1041.

S1 1.1025 R1 1.1063

S2 1.1019 R2 1.1077

S3 1.1 R3 1.1098

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Technical analysis of USD/JPY for March 06, 2014 Trend News

In Asia, Japan will release the30-y Bond Auction and the US will release some economic data such unemployment claims, revised nonfarm productivity q/q, revised unit labor costs q/q, factory orders m/m, natural gas storage. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Today's technical levels:

Resistance. 3: 103.02.

Resistance. 2: 102.82.

Resistance. 1: 102.61.

Support. 1: 102.37.

Support. 2: 102.16.

Support. 3: 101.96.

Description:

Please, pay attention to the levels of support 3 (101.96) and resistance 3 (103.02). Normally, when the level is touched, the USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Best regards,

Arief Makmur

Official Analyst of InstaForexGroup

InstaForex Group

http://instaforex.com

For discussion and more analysis go to: blog.mt5.com/arief

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Analysis of Gold for March 06, 2014 Trend News

Gold price rose on concerns over labor market. Yesterday ADP nonfarm payroll data came in at below estimates. The US economy added 139,000 private sector jobs in February, well below the average over the last 12 months. Small businesses added 59,000 jobs, while medium businesses increased employment by 35,000 and large businesses created approximately 44,000 jobs. US service sector data was below expectations. The institute for Supply Management yesterday said that its service sector index fell to 51.6 from 54 in January. The US dollar has softened by these two weak releases.Traders' eyes are on Thursday's unemployment claims and Friday's non-farm employment change. Job numbers will act as the key indicators for further trading session in this week.

Technical view-

Bullish view

· Trading above $1,335.0

· RSI bullish in hourly chart

· Break out above $1,341.5

· Price trading above the moving averages 21,40,50 AND 200

Bearish view-

· Oscillators still in sell mode -daily chart

· Stiff resistance at $1,341.5,$1,347.0 and $1,355.0

· Neckline resistance at $1,355.0- weekly chart

· Sell on rallies until a day close above $1,361.0

· Break below $1,335.0 last hope for bulls at $1,332.0

Break below $1,332.0 free fall up to $1,329, $1,322.0, $1,318.0 and $1,297.0

Intraday

S1 $1,335.0 R1 $1,341.5

S2 $1,332.0 R2 $1,347.0

S3 $1329.0 R3 $1,351.0

Positional

S1 $1,329.0 R1 $1,347.0

S2 $1,318.0 R2 $1,355.0

S3 $1,295.0.0 R3 $1,361.0

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Technical analysis of EUR/JPY for March 06, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY trades between 141.00 and 138.80/139.00 levels during several sessions. A break out on either direction is required for further directional conviction. At the moment, it is recommended to hold short positions. The risk remains at 143.00

2. Immediate resistance is at 142.00/143.00, followed by 145.50, while supports are spread through 136.00 (intermediary), followed by 134.00, 131.00 and lower respectively.

3. The structure indicates that bulls could regain control if the price fails to break 136.00 lows in the coming sessions. 142.00/143.00 remains resistance region to check any rallies.

Trading recommendations:

Remain short, stop at 143.00, target open.

Good luck!

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Technical analysis of GBP/CHF for March 06, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has broken past counter trend line of resistance as seen here. Currently, trading above 1.48 levels, it is recommended to initiate long positions. The risk remains at 1.4700.

2. Immediate support is at 1.4700/1.4600 (intermediary), followed by 1.4550, 1.4350, while resistance is at 1.4950/60 (intermediary), followed by 1.5120/30 respectively.

3. The structure indicates that bulls might regain control back and push prices through 1.4950/60 in the near term. A push through 1.5120/30 would be extremely bullish.

Trading recommendations:

Remain long, stop at 1.4700, target open.

Good luck!

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Technical analysis of Silver for March 06, 2014. Trend News

Technical outlook and chart setups:

1. Silver might have formed a lower top at $21.70 or it would form at $22.00 level, before reversing lower towards $20.50/00. It is recommended to remain short and also look to sell rallies through $22.00 today. Risk remains at $22.50.

2. Immediate resistance is at $23.00, followed by $23.50 and higher up, while supports are spread through $20.50 (resistance turned support), followed by $20.00 and $19.00 levels respectively.

3 The structure reveals that bears should continue to remain in control, till prices are below $22.05/10. Levels of interest are the $20.50 and $20.00 for next long entries.

Trading recommendations:

Remain short, stop at $22.50, target at $20.50/00.

Good luck!

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Technical analysis of Gold for March 06, 2014. Trend News

Technical outlook and chart setups:

1. The metal remains unchanged after producing an engulfing bearish candle earlier. Currently trading at $1,337.00/38, Gold is expected to rally through the $1,345.00/50.00 region today before reversing lower. It is recommended to remain short and also look to add further at above levels. Risk remains at $1,359.50/61.00.

2. Immediate resistance is at $1,355.00 (intermediary), followed by $1,361.00 and $1,375.00, while supports are spread through $1,320.00, followed by $1,280.00/85.00, $1,230.00/40.00 and lower respectively.

3. The structure indicated that Gold should be headed lower after an engulfing bearish candle appearance. $1,240.00/50 remains level of interest.

Trading recommendations:

Remain short, stop at $1,362.50, target open.

Good luck!

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