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Overview:

• The USD/CHF pair continues to move downwards from the levels of 1.0104, 1.0052 and 1.0015. The pair dropped from the level of 1.0104 (this level of 1.0104 coincides with the ratio of 78.6% Fibonacci retracement) to the bottom around the spot of 0.9960. Today, the first support level is seen at 0.9933 followed by 0.9897, while daily resistance 1 is found at 1.0052. Amid the previous events, the pair is still in an uptrend, because the USD/CHF pair is trading in a bearish trend from the price of 1.0052 toward the first support level at 0.9978 in order to test it. Therefore, the first bearish wave is seen at 0.9933, for that i the pair succeeds to pass through the level of 0.9933, the market will indicate a bearish opportunity below the level of 0.9978. In other words, sell orders are recommended below the spot of 0.9978 with the first target at the level of 0.9933; and continue toward 0.9897. On the other hand, if the NZD/USD pair fails to break through the major resistance level of 1.0104 today, then you should set your stop loss at 1.0150.

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

International macro summary for 17/03/2017: The Bank of Japan left its monetary policy the same at the meeting on Thursday. The Overnight Call Rate remained at -0.10% together with the Annual Rise in Monetary Base at the level of 80 trillion yens. The bank’s policymakers stated the QE programme will continue until the inflation target of 2% is achieved. In the declaration, the BoJ said that the Japanese economy remained on a moderate healing track and would likely rely on a moderate expansion. Analysts and market participants do not anticipate the BoJ to make changes to its policy in the near future.

Let’s now take a look at the USD/JPY technical image on the H4 time frame. The marketplace is trading in oversold conditions in a range between the levels of 112.84 – 113.55. The last level is the crucial one for the bulls to advance higher to the next technical resistance at 114.48. The wider pattern on larger amount of time remains bullish.

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

The Dollar index has broken through the 61.8% Fibonacci retracement support but it shows reversal signs. Short-term trend is bearish. Medium-term trend is neutral. Long-term trend remains bullish.

After the double top we mentioned at 102.30, the Dollar index broke support and fell sharply after the FOMC meeting last Wednesday. Price has reached our short-term target and support area at 100.30. Oscillators are oversold,so a bounce towards 101 is expected.

Red line – resistance

Black line – neckline support

Green line – long-term trend line support

The Dollar index is most probably forming a right hand shoulder in a bearish Head and Shoulders pattern that has a neckline support (black line) at 99.25. The Dollar index has broken below the weekly tenkan-sen (Red line indicator) and is heading towards the kijun-sen support (yellow line indicator). Important weekly resistance is at 101.80 and at 102.30. Bears are in control. Bulls need to show more constructive price action above at least 101.80 in order to regain control.

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

Gold price reached the top of the resistance area yesterday around $1,235 and is pulling back. This pullback is very critical and will determine if we are going to see $1,160 or the recent low is an important long-term low.

Blue rectangle – support

Gold price tried to break above the Kumo (cloud) resistance but got rejected on the 4-hour chart. This will be an important bullish sign. We need to be patient for now. I expect this support area to be tested. If prices break below it, then the bearish scenario for a push lower towards $1,180-60 will have increased chances. If support holds, then we could see another move higher towards $1,280.

On a daily basis Gold price has stopped its rise right on the daily kijun-sen. Price could back test the tenkan-sen (red line indicator) and the cloud support at $1,215-12 area and then start its next upward move. Oscillators point higher so for now we consider the pullbacks as buying opportunities. If the $1,194 low is broken, we should expect a sharp sell off towards $1,160.The material has been provided by InstaForex Company – www.instaforex.com

NZD/USD had a long non-volatile bearish trend since it had bounced from the resistance area near 0.7240. However, after the FOMC had announced its decision to hike the rate, USD showed some bearish interference in the market. Today, New Zealand posted the Business Manufacturing Index which showed a stable increase from the previous reading of 52.2 to 55.2. Speaking about USD, it will also see some key events today such as the G20 meeting and the Preliminary UoM Consumer Sentiment which previously was at 96.3 and is expected to rise to 97.1. Besides, the Industrial Production report is due to be revealed. Previously it was at -0.3% but today a positive result of 0.3% is expected. So, this day is quite important for USD as some crutial high-impact data is going to be published.

Now let us look at the technical picture. The price found the resistance at 20 EMA yesterday after an impulsive bullish move of USD triggered by the interest rate hike decision. Currently, the price is in the middle of the structure and a much deeper decline is expected towards 0.6900 area within yesterday’s bearish impulsive move. On the other hand, if the price breaks above the recent high at 0.7050 with a daily close, we will be expecting bullish move towards the resistance at 0.7130.

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

The CAD had impulsive pressure over the USD after the FOMC decided to raise the federal funds rate from 0.75% to 0.75%-1.00%. Following a widely expected Fed’s move, the rate hike decision made an huge impact on the currency market but affected the USD in a negative way. Currently, the USD/CAD market is trading sideways after the impulsive bearish move the day before yesterday. Today, we have G20 Meeting which is going to be underway for the whole global day. Therefore, the USD/CAD pair may show some volatility along the way. Moreover, today Canada will present Manufacturing Sales report. Previously, the figure was at 2.3% but no forecast has been made about this report. Any positive or negative outcome will affect the CAD in an impulsive way today. On the other hand, today on the USD front, the economic calendar contains Preliminary UoM Consumer Sentiment which previously was at 96.3 and 97.1 is expected today. On the whole, the currency market is going to be quite volatile today. Amid some important first-tier reports from the US and Canada, the USD/CAD pair is facing a choppy trade today.

Now let us look at the technical view. After the break below the channel support and dynamic support of 20 EMA the pair is expected to retest the nearest resistance of 1.3370. If we see any bullish rejection from the level, we will consider selling with a target towards 1.3215. On the other hand, daily close above the resistance 1.3370 will cancel the bearish bias.

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

USD/JPY is under pressure. The pair is trading below its 20-period and 50-period moving averages. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Nevertheless, 113.70 is playing a key resistance role, which should limit the upside potential.

As long as the resistance at 113.70 isn’t surpassed, the risk of a break below 113.15 remains high. A break below this level would call for a further drop toward 112.90.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 112.55. A break below this target will move the pair further downwards to 112.00. The pivot point stands at 114.00. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 114.45 and the second one at 114.85.

Resistance levels: 114.00, 114.45, and 114.85

Support levels: 113.15, 112.90, and 112.55

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

GBP/JPY is expected to continue the upside movement. The pair has broken above a negative trend line, as well as both 20-period and 50-period moving averages, and is expected to continue its technical rebound. Meanwhile the 20-period moving average has just crossed above the 50-period one, which is a bullish technical signal. And the relative strength index has been supported by a rising trend line and is above its neutrality area at 50. The intraday bias remains positive.

As long as 139.65 isn’t broken, further bounce is likely with 140.50 and 140.90 as targets.

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 140.50 and the second one at 140.90. In the alternative scenario, short positions are recommended with the first target at 139.25 if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 138.85. The pivot point is at 139.65.

Resistance levels: 139.80, 140.05, and 140.55

Support levels: 138.75,138.50, and 138.00

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

Customer confidence in New Zealand slowed in March, the current survey from ANZ Bank showed on Friday as its index slipped 1.7 percent to a reading of 125.2.

That follows the 1.0 percent decline in February to 127.4.

It stays well above the boom-or-bust line of 100 that separates optimists from pessimists.

The material has actually been supplied by InstaForex Business – www.instaforex.com

New Zealand Consumer Self-confidence Index -1.7% In March To 125.2 – ANZ

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