Trading Plan for EUR/USD and Gold for March 15, 2017
March 15, 2017 2:13 am
Technical outlook:
The EUR/USD pair has dropped around 100 pips lower from 1.0715 levels where shorts were triggered. As indicated on the 4H timeframe here, it is a good strategy to book at least partial profits on the shorts taken earlier as the intraday rally is expected today. It could terminate at 1.0670 levels or inch higher toward 1.0750 levels as depicted on charts above. The wave structure indicates that EUR/USD had produced an impulse (5 waves) drop earlier, followed by a 3 waves (A-B-C) corrective rally. It is highly probable that the corrective rally has terminated at 1.0715 levels as labelled here or as an alternate count, wave C could terminate higher toward 1.0750 levels. The latter wave count would be particularly true if wave C unfolds into an ending diagonal. In either case, selling opportunities are seen at higher levels. Immediate interim resistance is seen at 1.0715 levels, while support is at 1.0525 levels respectively.
Trading plan:
Please remain short (might take partial profits) for now, stop at 1.0850, targeting 1.0300 and lower. Please use intrady rallies as opportunities to sell more.
Gold chart setups:
Technical Outlook:
Since Gold has been presented here for the first time, please let’s have a bigger picture on the potential wave count. The 4H chart view indicates that the metal has completed 5 waves rally from $1122 (not seen here) through $1264 levels, labeled 1 through 5. Furthermore, a corrective drop A-B-C has unfolded as a zigzag pattern. It is quite likely that wave C has terminated at $ 1195 levels or it could terminate at $1180 levels, which is also converging with the Fibonacci 0.618 support as depicted here. If the above wave count holds true, Gold has completed waves (1) and (2) as labeled here and wave (3) should resume from current levels pushing prices through $1300/75.00 levels in the weeks to come by. Please note that this trade setup is valid for a medium term view but the entries should trigger in the next few hours. Immediate support is seen at $1180 levels while resistance is at $1264 levels respectively.
Trading plan:
Please buy at current levels (1200/01) partially and remaining at 1170/80, stop below 1150 and target 1375 plus.
Fundamental outlook.
Today’s fundamental event book is full and should trigger price action heavily on the above 2 instruments. With the Fed all set to raise interest rates, it is expected to be a USD bullish day across the board. But at the same time please keep in view that Gold doesn’t necessarily trade counter USD and individual chart setups are also important.
Watch out for USD Consumer price index (Feb) and Advance retail sales at 08:30 am est, followed by the FOMC Rate decision at 02:00 pm est and Fed Chair Yellen conference at 02:30 pm est respectively.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook:
The EUR/USD pair has dropped around 100 pips lower from 1.0715 levels where shorts were triggered. As indicated on the 4H timeframe here, it is a good strategy to book at least partial profits on the shorts taken earlier as the intraday rally is expected today. It could terminate at 1.0670 levels or inch higher toward 1.0750 levels as depicted on charts above. The wave structure indicates that EUR/USD had produced an impulse (5 waves) drop earlier, followed by a 3 waves (A-B-C) corrective rally. It is highly probable that the corrective rally has terminated at 1.0715 levels as labelled here or as an alternate count, wave C could terminate higher toward 1.0750 levels. The latter wave count would be particularly true if wave C unfolds into an ending diagonal. In either case, selling opportunities are seen at higher levels. Immediate interim resistance is seen at 1.0715 levels, while support is at 1.0525 levels respectively.
Trading plan:
Please remain short (might take partial profits) for now, stop at 1.0850, targeting 1.0300 and lower. Please use intrady rallies as opportunities to sell more.
Gold chart setups:
Technical Outlook:
Since Gold has been presented here for the first time, please let’s have a bigger picture on the potential wave count. The 4H chart view indicates that the metal has completed 5 waves rally from $1122 (not seen here) through $1264 levels, labeled 1 through 5. Furthermore, a corrective drop A-B-C has unfolded as a zigzag pattern. It is quite likely that wave C has terminated at $ 1195 levels or it could terminate at $1180 levels, which is also converging with the Fibonacci 0.618 support as depicted here. If the above wave count holds true, Gold has completed waves (1) and (2) as labeled here and wave (3) should resume from current levels pushing prices through $1300/75.00 levels in the weeks to come by. Please note that this trade setup is valid for a medium term view but the entries should trigger in the next few hours. Immediate support is seen at $1180 levels while resistance is at $1264 levels respectively.
Trading plan:
Please buy at current levels (1200/01) partially and remaining at 1170/80, stop below 1150 and target 1375 plus.
Fundamental outlook.
Today’s fundamental event book is full and should trigger price action heavily on the above 2 instruments. With the Fed all set to raise interest rates, it is expected to be a USD bullish day across the board. But at the same time please keep in view that Gold doesn’t necessarily trade counter USD and individual chart setups are also important.
Watch out for USD Consumer price index (Feb) and Advance retail sales at 08:30 am est, followed by the FOMC Rate decision at 02:00 pm est and Fed Chair Yellen conference at 02:30 pm est respectively.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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