Elliott wave analysis of EUR/JPY for March 24, 2017 888011000 110888 Wave summary: We continue to look for a firm test of minor resistance seen at 120.34, This resistance maybe broken somewhat prior to a correction towards 119.65 from where the next strongrally is expected higher towards122.88 and above. R3:121.05 R2: 120.65 R1: 120.34 Pivot: 120.00 S1: 119.60 S2: 119.28 S3: 119.16 Trading suggestion: Purchase near 119.65 or upon a clear break above 120.34 with stop positioned at 119.20 The product has actually been supplied by InstaForex Company-www.instaforex.com

By | March 24, 2017

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Wave summary:

We continue to look for a firm test of minor resistance seen at 120.34, This resistance might be broken slightly before a correction toward 119.65 from where the next strong rally is expected higher toward 122.88 and above.

R3: 121.05

R2: 120.65

R1: 120.34

Pivot: 120.00

S1: 119.60

S2: 119.28

S3: 119.16

Trading recommendation:

Buy near 119.65 or upon a clear break above 120.34 with stop placed at 119.20

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

Jonathon Alexander

Petroleum Steady Near $48 Ahead Of OPEC Satisfying

By | March 24, 2017

Crude oil futures inched back near $48 a barrel Friday morning despite remaining issues the global supply excess will last throughout the year.

U.S. crude oil stockpiles have risen to a record high as domestic production has actually ramped up significantly over the winter.

TransCanada Corp. announced that the United States Department of State has actually signed and provided a Governmental Authorization to build the Keystone XL Pipeline.

Meanwhile, OPEC is stated to be struggling to accomplish full compliance with its supply quota plan. The cartel satisfies this weekend in Kuwait, and are anticipated to extend the offer beyond its June end.

WTI light sweet petroleum was up 28 cents at $47.98 a barrel this morning, having recently touched an annual low.

Traders are looking ahead to this afternoon’s weekly U.S. oil rig count from Baker Hughes.

The product has been offered by InstaForex Business – www.instaforex.com

Jonathon Alexander

Portugal'’s Budget Deficit Narrows In 2016 888011000 110888 Portugal’s budget deficit narrowed in 2016, inning accordance with the data published by Data Portugal on Friday. The deficit spending halved to 2.1 percent of gross domestic product from 4.4 percent in 2015. This was likewise below the 3 percent ceiling. The deficit is forecast to narrow further in 2017, to 1.6 percent of GDP. The material has actually been offered by InstaForex Business – www.instaforex.com

By | March 24, 2017

Portugal’s budget deficit narrowed in 2016, according to the data published by Statistics Portugal on Friday.

The budget deficit halved to 2.1 percent of gross domestic product from 4.4 percent in 2015. This was also below the 3 percent ceiling.

The deficit is forecast to narrow further in 2017, to 1.6 percent of GDP.

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

Jonathon Alexander

USD/CAD intraday technical levels and trading suggestions for March 24, 2017 888011000 110888 Considering that April 2016, the USD/CAD set has been trending up within the portrayed rising channel.In December 2016, a bullishbreakout above 1.3300( 50%Fibonacci level )was anticipated to enable an additional advance towards 1.3700-1.3750(the ceiling of the depicted channel). Considerable bearish rejection was revealed around 1.3580(recently established top). During the bearish pullback, the rate level of 1.3300(50% Fibonacci Level)failed to supply sufficient assistance to the pair.This enabled even more bearish movement toward the cost level of 1.2970(61.8%Fibonacci level)where a legitimate BUY entry was used in February 2017.This week, the present bullish breakout above 1.3300( 50% Fibonacci Level )improved additional advance towards 1.3440 and 1.3530. The next bullish target would be located around 1.3800(upper limit of the illustrated channel)if the pair maintains upside trading above 1.3300(50% Fibonacci Level) which stands as a prominent assistance level.On the other hand, if the USD/CAD pair moves below 1.3300, it might end up being caughtagain within the depicted debt consolidation variety (1.3300-1.2970). The product has been offered by InstaForex Company-www.instaforex.com

By | March 24, 2017

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Since April 2016, the USD/CAD pair has been trending upward within the depicted ascending channel.

In December 2016, a bullish breakout above 1.3300 (50% Fibonacci level) was expected to allow a further advance toward 1.3700-1.3750 (the upper limit of the depicted channel).

However, significant bearish rejection was expressed around 1.3580 (recently established top).

During the bearish pullback, the price level of 1.3300 (50% Fibonacci Level) failed to provide enough support to the pair.

This allowed further bearish movement toward the price level of 1.2970 (61.8% Fibonacci level) where a valid BUY entry was offered in February 2017.

This week, the current bullish breakout above 1.3300 (50% Fibonacci Level) enhanced further advance toward 1.3440 and 1.3530.

The next bullish target would be located around 1.3800 (upper limit of the depicted channel) if the pair maintains upside trading above 1.3300 (50% Fibonacci Level) which stands as a prominent support level.

On the other hand, if the USD/CAD pair moves below 1.3300, it may become trapped again within the depicted consolidation range (1.3300-1.2970).

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

Jonathon Alexander

NZD/USD intraday technical levels and trading suggestions for March 24, 2017 888011000 110888 The NZD/USD pair was trapped within the illustrated cost range(0.6860-0.6990)till a bullish breakout occurred.A bullish breakoutabove 0.6960-0.7000 permitted the pair to head towards the rate level of 0.7100(the essential level )which failed to offer sufficient bearish pressure on the pair.Bullish determination above 0.7100 enabled even more advance towards 0.7250-0.7350(Sell-Zone) where the bearish rate action was expected.Bearish perseverance listed below 0.7250 enabled further decrease toward 0.7100 then 0.6960 which cannot provide adequate assistance for the pair.That is why further bearish fall was expected toward 0.6860( the lower limitationof the depicted BUY zone) where a bullish position was suggested in previous articles.This week, the bullish breakout above the illustrated key level(0.6960)was attained. That is why any bearish pullback towards0.6960 must be expected bullish rejection and a possible BUY entry.On the other hand, the price level of 0.7100 remains a considerable essential level to be looked for bearish rate action if the existing bullish pullback persists above 0.7040. The product has actually been provided by InstaForex Company-www.instaforex.com

By | March 24, 2017

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The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until a bullish breakout occurred.

A bullish breakout above 0.6960-0.7000 allowed the pair to head toward the price level of 0.7100 (the key level) which failed to provide sufficient bearish pressure on the pair.

Bullish persistence above 0.7100 allowed further advance toward 0.7250-0.7350 (Sell-Zone) where the bearish price action was expected.

Bearish persistence below 0.7250 allowed further decline toward 0.7100 then 0.6960 which failed to provide enough support for the pair.

That is why further bearish fall was expected toward 0.6860 (the lower limit of the depicted BUY zone) where a bullish position was suggested in previous articles.

This week, the bullish breakout above the depicted key level (0.6960) was achieved. That is why any bearish pullback toward 0.6960 should be watched for bullish rejection and a possible BUY entry.

On the other hand, the price level of 0.7100 remains a significant key level to be watched for bearish price action if the current bullish pullback persists above 0.7040.

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

Jonathon Alexander

USD/JPY analysis for March 24, 2017 888011000 110888 Recently, the USD/JPY pair has been trading sideways at the cost of 111.10. According to the 1H timespan, I discovered powerlessness from the buyers to move USD/JPY higher, which is a sign of weakness. The USD/JPY remains in brief– term bearish trend.My suggestions is to viewfor selling opportunities. Targets are set at the priceof 110.70 and 110.00. Resistance levels: R1: 111.40 R2: 111.65 R3: 112.00 Assistance levels: S1: 110.70 S2: 110.50 S3: 110.10 Trading recommendations for today: watch for possible selling opportunities.The product has been provided by InstaForex Business-www.instaforex.com

By | March 24, 2017

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Recently, the USD/JPY pair has been trading sideways at the price of 111.10. According to the 1H time frame, I found powerlessness from the buyers to move USD/JPY higher, which is a sign of weakness. The USD/JPY is in short – term bearish trend. My advice is to watch for selling opportunities. Targets are set at the price of 110.70 and 110.00.

Resistance levels:

R1: 111.40

R2: 111.65

R3: 112.00

Support levels:

S1: 110.70

S2: 110.50

S3: 110.10

Trading recommendations for today: watch for potential selling opportunities.

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

Jonathon Alexander

EUR/USD analysis for March 24, 2017 888011000 110888 Just recently, the EUR/USD pair has been trading upwards. The rate checked the level 1.0821. According to the 1H amount of time, I found broken falling wedge and upward cycle. My guidance is to watch for potential buying chances. There is also an upward channel, which is holding successfully. Targets are set at the rate of1.0820, 1.0900,and 1.0950. Resistance levels: R1: 1.0800 R2: 1.0810 R3: 1.0820 Assistance levels: S1: 1.0770 S2: 1.0760 S3: 1.0750 Trading recommendations for today: watch for possible buying opportunities.The material has actually been provided by InstaForex Company-www.instaforex.com

By | March 24, 2017

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Recently, the EUR/USD pair has been trading upwards. The price tested the level 1.0821. According to the 1H time frame, I found broken falling wedge and upward cycle. My advice is to watch for potential buying opportunities. There is also an upward channel, which is holding successfully. Targets are set at the price of 1.0820, 1.0900, and 1.0950.

Resistance levels:

R1: 1.0800

R2: 1.0810

R3: 1.0820

Support levels:

S1: 1.0770

S2: 1.0760

S3: 1.0750

Trading recommendations for today: watch for potential buying opportunities.

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

Jonathon Alexander

Technical analysis of NZD/USD for March 24, 2017 888011000 110888 Summary: The NZD/USD set is still walking around the area of 0.7075. Since it represents the weekly resistance 1, the pair has actually already formed small resistance at 0.7004 and the strong resistance is seen at the level of 0.7075. Significant resistance is seen at 0.7004, while immediate assistance is found at 0.6889. The NZD/USD pair might resume its motion to 0.6850 to evaluate the everyday support 2 if the set closes listed below the rate of 0.6889. The NZD/USD pair to move in between the levels of 0.7004 and 0.6850. The RSI is still calling for a strong bearish market. The present price is also below the moving typical 100. As a result, offer below the double top of 0.7004 with targets at 0.6869 and 0.6850. On the other hand, stop loss should constantly be considered;appropriately, it will be usefulto set the stop loss above the last bullish wave at the level of 0.7075. Daily essential levels: Major resistance: 0.7132 Small resistance 2: 0.7075 Small resistance 1: 0.7004 Intraday pivot point: 0.6946 Minor assistance: 0.6889Major assistance 1: 0.6850 Major assistance 2: 0.6800 The material has been offered by InstaForex Business-www.instaforex.com

By | March 24, 2017

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Overview:

  • The NZD/USD pair is still moving around the area of 0.7075. The pair has already formed minor resistance at 0.7004 and the strong resistance is seen at the level of 0.7075 because it represents the weekly resistance 1. So, major resistance is seen at 0.7004, while immediate support is found at 0.6889. If the pair closes below the price of 0.6889, the NZD/USD pair may resume its movement to 0.6850 to test the daily support 2.
    The NZD/USD pair to move between the levels of 0.7004 and 0.6850. The RSI is still calling for a strong bearish market. The current price is also below the moving average 100. As a result, sell below the double top of 0.7004 with targets at 0.6869 and 0.6850. On the other hand, stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.7075.

Daily key levels:

  • Major resistance: 0.7132
  • Minor resistance 2: 0.7075
  • Minor resistance 1: 0.7004
  • Intraday pivot point: 0.6946
  • Minor support: 0.6889
  • Major support 1: 0.6850
  • Major support 2: 0.6800

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

Jonathon Alexander

Technical analysis of USD/CHF for March 24, 2017 888011000 110888 Summary: The USD/CHF set faced resistance at the level of 0.9991, while minor resistance is seen at 0.9949. Assistance is discovered at the levels of 0.9915 and 0.9891. It should be kept in mind that a daily pivot point has actually already seen at the level of 0.9949. The USD/CHF pair is still moving around the key level at 0.9949, which represents a day-to-day pivot on the H1 chart at the moment. The USD/CHF set continued to move down from the level of 0.9991. The pair fell from the level of 0.9991 to the bottom around 0.9881. Currently, the cost is seen at 0.9925. In consequence, the USD/CHF set could not break resistance (0.9949 ). The level of 0.9949 is anticipated to act as minor resistance today. We anticipate the USD/CHF set to continue relocating the bearish pattern from the resistance level of 0.9949 to the target level of 0.9881. If the pair is successful in going through the level of 0.9881, the marketplace will show the bearish opportunity listed below the level of 0.9881 in order to reach the 2nd target at 0.9850. The material has actually been offered by InstaForex Company-www.instaforex.com

By | March 24, 2017

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Overview:

  • The USD/CHF pair faced resistance at the level of 0.9991, while minor resistance is seen at 0.9949. Support is found at the levels of 0.9915 and 0.9891.
  • Also, it should be noted that a daily pivot point has already seen at the level of 0.9949.
  • The USD/CHF pair is still moving around the key level at 0.9949, which represents a daily pivot on the H1 chart at the moment.
  • The USD/CHF pair continued to move downwards from the level of 0.9991. The pair fell from the level of 0.9991 to the bottom around 0.9881.
  • Currently, the price is seen at 0.9925. In consequence, the USD/CHF pair couldn’t break resistance (0.9949).
  • So, the level of 0.9949 is expected to act as minor resistance today.
  • We expect the USD/CHF pair to continue moving in the bearish trend from the resistance level of 0.9949 towards the target level of 0.9881.
  • If the pair succeeds in passing through the level of 0.9881, the market will indicate the bearish opportunity below the level of 0.9881 in order to reach the second target at 0.9850.

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

Jonathon Alexander

Global macro summary for 24/03/2017

By | March 24, 2017

International macro introduction for 24/03/2017: The PMI Production data from Japan was worse than anticipated. The PMI Index reduced from 53.5 points

to 52.6 points, while the marketplace participants expected just a tick down to 53.3 points. It was the lowest reading in three months, but still any PMI above 50 signals growth in financial activity, whereas a reading listed below that level signals contraction. March was the seventh consecutive month manufacturing activity broadened, nevertheless, output, brand-new orders, and new export orders increased at a slower rate in March. Future expectations remained positive, although optimism was more controlled than in previous months.Let’s now take a look at the USD/JPY technical image at the H4 timespan. The market is still trading within the technical support zone between the levels of 110.62-111.30 and if the bull camp will not handle to break out above it, then the 50 %Fibo at the level of 109.92 will be checked. The oversold trading conditions and positive divergence assist the bullish case, however so far all attempts to break out greater led to a failure. The material has been supplied by InstaForex Company -www.instaforex.com

Jonathon Alexander