Pound to be effected by the higher demand on US dollars. Technical Analysis for March 16, 2015

16 March, 2015

EUR/USD 1.0535
Euro tumbled after ُECB Draghi announced bigger QE
Euro slump after Mr. Draghi announced bigger than expected quantitative easing which placed new drop pressure over Euro , While ECB has started its program by the beginning of this week.
EURO still holding trades near this year low as downtrend pressure still affecting market , it has reached to new low levels which now make the parity rate is the most expected target before the coming summer
Short-Run
The price action for today session giving a signal for a range market with upward slope till the FOMC meeting ; however , in case market has penetrated tbe low of Friday (1.0470s ) we would more downward move to 1.0350&1.0280 ) on the short-term and that is the most probable scenario to follow the drawn channel as shown on the chart .
Daily Trend: Down
Weekly Trend: Down


GBP/USD: 1.4780
Pound to be effected by the higher demand on US dollars
The British Pound following the market in declining but in slower rate ; market successfully trading below 1.5050 which considered the major support area on the short-term ; as we mentioned at the Euro Section any break below the low of yesterday more lower levels is coming - but there is signal for market stabilize as well which will be clear by the close of the daily candle of today.
market still facing support level at 1.4800s levels where as long as market holding trades above this level the trading zone would sustain for the coming short-run , while as long as market holding trades above 1.4800 market will hold chances for bigger rebound correction
If market has broken the 1.4750 levels more drop is expected on the short-term to 1.45 /1.42
short-run trading zone may sustain between 1.4600- 1.5250 zone
Daily Trend: Down
Weekly Trend: Down


USD/JPY
USD/JPY: 121.20
Japanese Yen on uptrend wave
Short-Run
Market managed after U.S labor market data last week to add more advance .
Market still facing resistance at 122.50 zone , However , while still market trading above 120.00s levels more higher level is expected on the Mid-term ; now we have a trading range between 120/122.50 any successful breakout above 121.80 means more advance to expect.
On longer -Term view : we still the uptrend is expected to continue its advancing to more higher levels ( 125/128 )
Daily Trend: Up
Weekly Trend: Up


Crude Oil
Oil (5J) 44.30
Oil To continue its down trend after breaking its previous trading range
Market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009 ; The international energy Institution announced on the Friday ; that the production has now been reduced and the demand did not grow which added to the negative pressure on the market.
Market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure
Short-run
market has broken the recent major support of 45s levels as shown ( previously had broken the consolidation pattern ) ; on the short-term we do expect a lower levels of 42 and 38 respectively as long as market below 48 ( which considered on the mid-term pivotal area )
Daily Trend: UP
Weekly Trend: Down


GOLD
GOLD 1156
Drop pressure back to affect Gold
Market back to dump haven on Europe-Greek agreement while Russia-germany-france meeting over Ukrainian crises helped to dump haven more ; gold mid-term trend would be decided this week after FOMC release and Yellen speech as mentioned on the world news.
while market faced more drop pressure on Ukraine Cease-Fire Deal
while last week U.S labor market data add more drop pressure over Gold as U.S interest rate hike bets increased .
Last week ;market approached the 40s levels however the trading was not sustained at these levels more than a session of trading and the market has rebounded again to 50s levels ; So any break of the 1145 means more downward pressure targeting 1120s
On short-term the market on declining channel which market from upper level of that channel would drop further as shown on the chart
However , In longer -term :the downward trend still exist as long as market is trading below 1250 which 1,000 is the expected price .
Daily Trend: Down
Weekly Trend: Down


Dow Jones
Dow Jones: 17780
Equity on a bigger consolidation pattern
On the longer-term as long as market trading higher than 17,000 us dollar for the index ;then it is an buy opportunity to target $20,000.
short-run
Market on short-term is in a correction phase would target 17250 in case is traded below 17500 , while in case market continued its up swing and crossed 18200 then our longer-term target of 20,000 would be most probable.
Daily Trend: Down
Weekly Trend: Up


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