Technical analysis with pictures from MyTrade Markets


Technical analysis of FOREX for 19.03.2014

From the technical point of view, EURUSD’s future still has not been decided. Today’s press-conference that will given by J. Yellen could push EURUSD up. If the currency will be able to fix it’s positions above the 1,3790, we recommend buying pair with a possible resistance levels at 1,4010, 1,4040 and 1,4070.


GBPUSD is indicating a possible downtrend in the near future. If the released today UK data will be strong it will break the trend and currency pair will return back to the previous levels. Still, we recommend traders to plan only short positions, after fixing it’s positions below the 1,6570, pound will weaken to 1,6540, 1,6500 and 1,6470.


USDCHF is forming a bullish figure, but the overall rise is unimpressive. Last lows have not been beaten by the traders, which was indicating a much faster growth, which has not happened. The situation is still unclear, but today’s FOMC decisions should put an end to it.

AUDUSD is basically following the the instrutions I gave in the last article. After I opened the position at 0,9085, Australian dollar moved to 0,90130. I would suggest moving stop-loss to the opening level and keep the positions until it reaches the next proposed level – 0,9170 and 0,9210.


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This time, i will post a gold and silver analysis

Gold prices continued their fall, showing it's weakness even before the big FOMc meeting yesterday.
Nevertheless, after the mentioned meeting gold increased the speed of it's downfall, since everything was against it. According to the expectations, QE3 program was cut by 10 billion USD. Also it was mentioned that recent poor economic data was a result of hard winter conditions. FOMC also changed the overall outlook on unemployment and other crucial data. Also there was vote to push the interest rates up by the end of 2015, 13 members voted for and 2 members against.

This FOMC meeting seems to break up the gold's uptrend. and if the strong data will continues to come from the US, we may see a pretty strong decline of gold prices in the future.

Today we will get a fresh stats on the initial and continuing jobless claims from US, as well as home sales and activity index from Philadelphia. Those numbers may have a great impact on the gold prices.
Today's strategy: Stay out of market

Recent results:

Gold fixing in London: $1338.00 down from $1355.75

Silver fixing: $20.75 down from $20.94

Platinum fixing: $1454.00 same as $1454.00 at the previous session

Palladium fixing in London: $768.00 up from $762.50

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Gold price were showing their weakness and it is no wonder they reached a new month low (last was on 20 February). US dollar lost its positions on yesterday’s market but gold prices were unable to mirror that for some unknown reason. It could mean that overall sentiment is negative, especially after the comments made by FOMC leaders last week.
Negative sentiments could last for long time now since FOMC is planning to raise the interest rates sometime during this year. As a result US dollar will gain and gold could move downwards.

Today a lot will depend on how strong will be the US data. If it’s going to be strong it will push gold prices downwards otherwise news will slow the fall
Today data concerning consumer confidence and sale of the new houses will be released by the end of European session. This data will have an important impact on the gold prices.
Today’s tactics: Sell from 1320,00 to 1312,00, 1300,00 and 1290,00.

Trading results:
Yesterday’s gold fixing in London: $1310.75 down from $1336.00
Yesterday’s silver fixing in London: $20.20 down from $20.
Yesterday’s platinum fixing in London: $1433.00 down from $1439.00.
Yesterday’s palladium fixing in London: $792.00 up from $789.00
Technically for the last two sessions EURUSD was trying to move downwards to a lower position on the Forex market. During those two sessions it met my recommendations for opening a short position at 1,3810 and also reached my the first take-profit level I mentioned at 1,3775. The stop-loss level should have been moved to the opening price level, if you’ve done that then probably the order is closed by now. Further in-structions include waiting till the prices will move to 1,3800, which is also a perfect for opening a sell order with take-profits at 1,3775, 1,3755 and 1,3710.

GBPUSD was closed at a stop-loss level with a little profit. Now it makes sense to give another recommen-dation for sell, since I expect pair to decline sometime during this week. I think it will reasonable enough to start selling GBPUSD from 1,6510 with take-profit levels placed at 1,6480 and 1,6400.

USDCHF has also done precisely what I expected from it. Sadly I must admit pair without reaching even the first take-profit changed trend and in the end was closed at stop-level. Well, I still expect it to grow, that is why I will be buying from 0,8850, with tp at 0,8865, 0,8895 and 0,8930.

AUDUSD continues to grow, although at 0,9200 we should see trend slowing. At this point I will try opening a sell position with a tiny stop-level to lower the risks. There is big chance that the price will revert and will go to 0,9175, 0,9140 and 0,9100.