Pound would be traded in a bigger range market. Daily Analysis for March 24, 2015

24 March, 2015

EUR/USD
1.0819
Euro On Downtrend era
as shown on the chart the market on mid-term on declining trend which means dropping more is the most expected scenario generally.
However , the market now ( as shown ) has generated double top ( continuation pattern ) ; if the market penetrated the neckline at the level of 1.0650 then a re-test of the 1.0470s levels is expected .
The market is between continuation to the down trend or stabilize ( range market) between the supply and demand . so if market failed to break the neckline from the first attempt then the range condition is confirmed and we do expect then a fluctuation of the price between the levels of 1.0650 and 1.1020 . These two levels represent the boundary for the market on the short-term , if the price crossed successfully any of them then a continuation of the breakout direction is the scenario.
Daily Trend: Down
Weekly Trend: Down 


GBP/USD
1.4933
Pound would be traded in a bigger range market ( Wide and in rectangular shape )
As shown on the chart , market has successfully broke the declining channel , but , did not succeed to continue the up breakout and retreated back to 1.48s levels .
Market is now expected to be in trading range between 1.50 and 1.47 levels ; in case has broken any of those levels then the market would be in new short-term trend.
In case upward breakout successful of 1.50s levels the 1.52 and 1.55 levels is expected - Breaking downward of the 1.45s levels then 1.42 /1.38 is the coming targeted.
Finally ; the market would be trading in this range as mentioned for extended time until the breakout ; no expectation of the direction of the breakout direction it would be equal forecast of both side breakout ; so do not anticipate the direction wait the breakout with decisive margin to know the coming direction
Daily Trend: Down
Weekly Trend: Down


USD/JPY
USD/JPY: 119.40
Japanese Yen on uptrend wave - Buy in Dip
Market now on the testing phase on the symmetrical triangle on the daily chart as shown . The market after retested the previous high of 121s levels back again to re-test the broken continuation pattern . 119.50 /119.00 represent support area if market successfully rebound from that levels and crossed 120.50 then a more advance is expected to reach a level higher than the previous peak ; but if market declined more and entered the pattern once again ( less probable scenario ) then a range market would be the title for the coming weeks , a range between 121.50s levels and 115.80
Daily Trend: Up
Weekly Trend: Up


Crude Oil
Oil (5K) 47.70
Oil To continue its down trend after breaking its previous trading range
Market now in a consolidation pattern ( ascending triangle - which means after the break of the 46.30 levels and the big drop the market consolidate itself and a distribution phase is taking place.
Market would be also considered at a range between the levels of 47.20 and 44.80 ; in case price penetrated any of those levels the continuation on the breakout direction is the scenario , moreover , as the market trend is down and the fundamental of the oil market have not been changed yet so the down breakout is most probable scenario to the levels of 42 and 38 respectively .
Daily Trend: Down
Weekly Trend: Down


GOLD
GOLD 1194
Retracing the recent drop
As shown on the H4 chart the market is rising on a channel to pullback the recent drop ; Market has broken the declining channel which is expected to pullback some of its loses at the levels of 1192/1198 as shown on the chart. however , this retrace will not as fast as the decline ; as shown the market is taking a rising channel pattern which the prices is expected to overlap on the previous days prices range and the rising in generally would be slow . Also as shown on previous analysis the market in general on a range phase which would effect the trading activity on overall .
if the market has generated a signal at the 90s levels the the sell-off would be expected to retest the previous levels and reach a new low levels as well. on our broad expectation the levels of 1120 and 1050 is still activated and further declining is coming probably - but as we know the market is moving in waves and now the intermediate retrace wave of the declining era
Daily Trend: Down
Weekly Trend: Down


Dow Jones
Dow Jones: 18069
Equity on a bigger consolidation pattern - with upward slope
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 18000 then our longer-term target of 20,000 would be most probable. Moreover , the range which the market trading inside it would be also continue till a successful break of 18200 or 17000 and the breakout direction would push the market further on new levels on the mid-term point of view.
So market will be ranging with up slope until 18,200 penetrated then 18,500 would eb the coming target (Higher probability scenario )
Daily Trend: Neutral
Weekly Trend: Up


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