Technical analysis of GBP/USD for March 19, 2014 Trend News

GBP/USD stays in a downward price channel in the chart, and remains in downtrend from 1.6822. Deeper decline could be expected, Resistance is at the upper line of the channel, only a clear break above the trend line resistance could trigger another rise towards 1.7000. Bank of England's Governor Mark Carney yesterday unveiled a radical shake-up of the Bank of England, introducing sweeping changes to senior management and its operations – including the appointment of only the second woman to fill a senior role at the Bank of England in more than 300 years. Traders will eye today's events, unemployment change, MPC Asset Purchase Facility Votes, and Annual budget release.

At yesterday's trading session, the pair broke the short-term moving averages, taking support at the 50.0 Fib level and well managed to close above the 50SMA. In Asia, the pair is trading above the 40EMA. On the up side, the pair will face resistance level at the level of 1.6630. We will see fresh buying only above this level.

Positional basis-

On the downside, 1.6587 and 1.6545 is acting as strong support levels. Once the price breaks yesterday's level of 1.6545, we will see huge fall towards the levels 1.6425, 1.6382, 1.6251.

Intraday basis-

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Technical analysis of FTSE for March 19, 2014 Trend News

The FTSE has been in a large volatile range from 6,500-6,900, moving 10% up and down every two months. Currently, it's declining with the lower end of 6,416. In the daily chart, the index is trading below the short-term moving averages. At yesterday's trading session, the index was closed above the 200 EMA level, which is a bull view, and RSI is showing buying sign which adds more fuel to the bull view. As a result, we can expect a pullback from the current levels. Currently, the index is in a range between 6,500 and 6,631, either side breakout will determine further move. On the upside, if the index trades above the level of 6,631, we will see 6,678, 6,718, and 6,694. After a day close above the level of 6,694, we can expect the bulls to be back. In the daily and hourly charts, RSI favors buy side.

Recommendation-

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Technical analysis of EUR/USD for March 19, 2014 Trend News

When the European market opens, some economic news will be released such as German 10-y Bond Auction.The US will release the economic data too such as the US-Current Account, US-Crude Oil Inventories, US-Federal Funds Rate, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3997.

Strong Resistance:1.3988.

Original Resistance: 1.3975.

Inner Sell Area: 1.3962.

Target Inner Area: 1.3929.

Inner Buy Area: 1.3896.

Original Support: 1.3883.

Strong Support: 1.3870.

Breakout SELL Level: 1.3861.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3883 and 1.3975. The rate is accompanied by strong support at 1.3870 and by 1.3988 as strong resistance.

If EUR/USD breaks out and closes below the 1.3861 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3997* level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3896 and at 1.3962, a SELL position. In this case both targets should be placed at the level of 1.3929.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For 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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Technical analysis of USD/JPY for March 19, 2014 Trend News

In Asia, Japan will release the Trade Balance, All Industries Activity m/m, BOJ Gov Kuroda Statement.

The US will release some economic data such as US-Current Account, US-Crude Oil Inventories, US-Federal Funds Rate. 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: 101.88.

Resistance. 2: 101.68.

Resistance. 1: 101.48.

Support. 1: 101.23.

Support. 2: 101.04.

Support. 3: 100.83.

DESCRIPTION:

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For 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.

The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of EUR/USD for March 19, 2014 Trend News

The euro has risen in what could turn out to be an ending pattern. Based on the wave count below, we are in wave c of E up with the upper line at 1.396. Will it stop there or not? Will it take a European intervention to stop it? The Dollar index broke below the 79.5 mark, consolidating near the lowest levels. A break below the recent lows showing continued weakness in the dollar is going on. If the dollar goes into a collapse, trillions of the US dollars will start flowing out into other markets, then I am not sure what it will look like. 1.396 is going to be an important level.

In Asia, the pair is trading at 1.3928. The pair is holding above the 21EMA in H4 chart. On the downside, support exists at 1.3910, 1.3891, 1.3862, and 1.3833. If the pair breaks the 1.3833 levels, it will drift to 1.3707. We can expect a strong reversal to happen at the level between 1.3845 and 1.3833. On the up side, if the pair trades above the 1.3966 level, we will see 1.4 and 1.41 levels.

Recommendation-

Longs are only above 1.3966, hold shorts and add more shorts below 1.3891.

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Daily analysis of USDX for March 19, 2014 Trend News

Daily chart: USDX continues bearish movements, so the next target for USDX would be the support level of 79.19. If the USDX makes a breakout at that level, it would be expected to fall to the level of 78.12. On the other hand, if the USDX makes a bullish rebound at the support level, it is expected to rise to the level of 79.70. The MACD indicator is in negative territory.

H4 chart: The USDX remains below the resistance level of 79.69, and still the USDX continues to find support at the 79.32 level. It is very likely that this is the indicator of a change in trend, as this support is growing stronger. However, it is expected to fall to the level of 78.65 if the USDX makes a breakout at that level. The MACD indicator is in positive territory.

H1 chart: The USDX is trying to consolidate below the 79.39 level. If the USDX does form a bearish pattern below this level, it would be expected to fall to the level of 79.13. However, the USDX is showing signs of recovery, it would not be surprising to see the USDX attempt to climb to the resistance level of 79.64. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.39, take profit is at 79.13, and stop loss is at 79.64.

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Daily analysis of GBP/USD for March 19, 2014 Trend News

Daily chart: The GBP/USD fell to the support level of 1.6540, but the pair made a bullish rebound above that level, and now it is close to the level of 1.6600. However, the GBP/USD is forming a higher low pattern in this chart and if this pair manages to make a breakout at the 1.6540 level, it's expected to fall to the level of 1.6447, which is set slightly bullish trend line. The MACD indicator is in negative territory.

H4 chart: The GBP/USD is trying to consolidate below the 200 SMA with the formation of a bearish patttern. If the pair manages to make a breakout at the 1.6583 level, it's expected to fall to the level of 1.6516. On the other hand, it is expected to rise to the level of 1.6644 if the pair takes a bullish rebound to current levels. The MACD indicator is in negative territory.

H1 chart: This pair found support at the point of control at the level of 1.6565 and now this pair is forming a higher low pattern below the 200 SMA. If the pair manages to make a breakout at the support level of 1.6578, it's expected to fall to the level of 1.6544. The MACD indicator remains in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6629, take profit is at 1.6578, and stop loss is at 1.6682.

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