Technical analysis of GBP/USD for March 7, 2014 2014-03-06 1394133105_gbpusdh1.png Trading recommendations: According to the preceding events, the GBP/USD pair is going to move between 1.6795 and 1.6730. Sell at the level of 1.6810 with the first target at the 1.6768 price in order to test the minor support, then it will call for downwards pressure in order to continue its bearish movement towards 1.6700 in order to test this strong support (the price of 1.6697 is going to represent the weekly pivot point of the GBP/USD pair on March 7, 2014). At the same time, the stop loss should be placed at the level of 1.6825. On the contrary, if the trend fails to close below the level of 1.6690. Therefore, it will very advantageous, but above the 1.6690 price with target at 1.6730, then at the price of 1.6805. Notes: We expect a range of 93 pips. But the risk of 93 pips must make a profit of 139.50. Volatility: 155.59. As a rule, the market is highly volatile if the last day had a huge volatility. Intraday technical levels: R3: 1.6894 R2: 1.6836 R1: 1.6801 PP: 1.6743 S1: 1.6708 S2: 1.6650 S3: 1.6615 Technical analysis of USD/CAD for March 7, 2014 2014-03-06 usdcadh4.png Overview: The USD/CAD pair rebounded at the level of 1.0910, and it showed signs of strength following the level of 1.1060. As expected, the resistance was broken and turned to support at the same key level (1.0910). Another thought, the price set above the support seven days ago. Consequently, the pair has already formed a strong support at 1.0910. Furthermore, the price has still been moving between 1.1066 and 1.0950. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.0910 with the first target of 1.1043, and continues towards the level of 1.1103 again. Notwithstanding, the stop loss should always be in account, Consequently, it will of the foresight to set your stop loss at the 1.0885 price. Intraday technical levels: R3: 1.1124 R2: 1.1085 R1: 1.1034 PP: 1.0995 S1: 1.0944 S2: 1.0905 S3: 1.0854 Technical analysis of Gold for March 07, 2014. 2014-03-06 Technical outlook and chart setups: 1. Gold rallies to test recent swing highs at $1,354.00/55.00. A break here would push further and challenge $1,361.00. For now it is recommended to continue holding short positions, risk remains at $1,359.50. 2. Immediate resistance is at $1,361.00, followed by $1,375.00 and higher up, while supports are spread through $1,320.00, followed by $1,307.00, $1,280.00/70.00, $1,230.00/20.00 and lower respectively. 3. The structure reveals that the metal is testing the highs after producing an engulfing bearish candle earlier. A break past $1,361.00 should push prices through $1,375.00; while a failure would bring back bears into control. Trading recommendations: Remain short, stop is at $1,359.50, target is open. Good luck! Technical analysis of Silver for March 07, 2014. 2014-03-06 Technical outlook and chart setups: 1. Silver also attempts a rally towards $22.00 levels; this can still be considered as a pullback/retracement of the earlier fall from $22.20/30 highs. It is recommended to continue holding short positions, risk remains at $22.50. 2. Immediate resistance is seen at $23.00 levels, while supports are spread through $20.50, followed by $20.00, $19.00 and lower respectively. 3. The structure indicates that Silver would remain under pressure till prices are below the $22.20 mark. Minimum levels of interest to initiate long positions are $20.50 and $20.00. Trading recommendations: Remain short for now, stop is at $22.50, target is open. Good luck! Technical analysis of GBP/CHF for March 07, 2014 2014-03-06 Technical outlook and chart setups: 1. The GBP/CHF pair is again testing 1.4700 levels. It is recommended to remain long for now, risk remains at 1.4600 levels. A successful test of lows here would confirm that the next leg is higher up. 2. Immediate resistance is at 1.4950/60 (intermediary), followed by 1.5120/30, while supports are spread through 1.47/1.46 region, followed by 1.4550, 1.4350 and lower respectively. 3. The structure indicates that till prices are above 1.46/1.47 region, bulls shall regain control back and drag prices higher towards 1.5120/30. Trading recommendations: Remain long for now, stop is at 1.4600, target is open. Good luck! Technical analysis of EUR/JPY for March 07, 2014 2014-03-06 Technical outlook and chart setups: 1. The EUR/JPY pair has rallied and remains just shy of 143.00 levels. Please note that 143.00 is also the 0.618 fibonacci retracement level of the recent down swing from 145.50 to 136.00. It is recommended to remain short, risk remains at 143.00/50. 2. Immediate resistance is the 143.00/50 region, followed by 145.50, while supports are now spread through 136.00/139.00 (intermediary), followed by 134.00, 131.00 and lower respectively. 3. The structure reveals that a bearish signal confirmation at current level would bring back bears in control. Prices should be dragged down towards 132.00 and 130.00. On the other hand, a push through 143.50 should test 145.50 again. Trading recommendations: Remain short for now, set stop at 143.50, target is at 132.00 and 130.00. Good luck! Technical analysis of USD/JPY for March 07, 2014 2014-03-06 !UJ07032014.jpg In Asia, Japan will release the Leading Indicators and the US will release some economic data such as US-Non-Farm Employment Change, US-Trade Balance, US-Unemployment Rate, US-Average Hourly Earnings m/m, US-Consumer Credit m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium to high volatility during the US session. TODAYs TECHNICAL LEVELS: Resistance. 3: 103.51. Resistance. 2: 103.31. Resistance. 1: 103.11. Support. 1: 102.86. Support. 2: 102.65. Support. 3: 102.45. DESCRIPTION: Please, pay attention to the levels of support 3 (102.45) and resistance 3 (103.51). Normally, when a level is touched, 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,
Posted on: Fri, 07 Mar 2014 10:58:55 +0000
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