Trading Plan for EUR/USD and Gold for March 16, 2017
March 16, 2017 1:41 pm
Technical outlook:
The EUR/USD hourly chart depicted here is now indicating that the projected ending diagonal structure yesterday is coming to an end or has already terminated at 1.0740 today during early hours of trade. We have to accept the fact that corrective waves are the most tricky things to deal with at times. The EUR/USD chart since January 2017 is a classic example of this idea. However, now it looks like the pair is ready to drop towards parity in the nearest weeks. The line in sand remains 1.0830/50 level though. If prices remain below that level, the pair is poised to resume its down trend in a swift manner. The first stop should be 1.0600 level to confirm that a meaningful lower high is in place at 1.0740 today. Please note that EUR/USD could push one more time towards 1.0757 before reversing finally. Immediate resistance is at 1.0850, while support is at 1.0600 respectively.
Trading plan:
Please continue holding shorts for now, stop at 1.0850, target 1.0600, 1.0300 and lower. Trade entry materializes today and targets will unfold in a couple days to a few weeks.
Gold chart setups:
Technical outlook:
Gold has produced the rally as expected and discussed yesterday. Please kindly take profits on the long positions initiated yesterday since a couple of possible wave counts are depicted on the short-term chart above. Please note that the current rally from $1,195 levels has unfolded into 3 waves labelled as a-b-c on the above chart. Besides, note that the termination point of the drop from $1,264 has been labelled as A (possible that the entire drop has unfolded into 5 waves labelled i through v). Now if this wave count holds true, then Gold will set up for another round of bearishness which could push prices below $1,195 and terminate through $1,175. As an alternate count though, the rally from $1,195 levels could be labelled as i through iii and could continue forming waves iv and v subsequently. Since both counts are probable, we would like to remain flat for now. But a drop below $1,210 would confirm that Gold is heading lower towards $1,175.
Trading plan:
Please book profits for long positions taken yesterday and kindly remain flat.
Fundamental outlook:
With the economic calendar being almost light for the rest of the day, focus shall remain more on the chart views presented above and instruments should move at a normal pace. Overall, USD bullishness is expected to continue even after a minor setback yesterday.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook:
The EUR/USD hourly chart depicted here is now indicating that the projected ending diagonal structure yesterday is coming to an end or has already terminated at 1.0740 today during early hours of trade. We have to accept the fact that corrective waves are the most tricky things to deal with at times. The EUR/USD chart since January 2017 is a classic example of this idea. However, now it looks like the pair is ready to drop towards parity in the nearest weeks. The line in sand remains 1.0830/50 level though. If prices remain below that level, the pair is poised to resume its down trend in a swift manner. The first stop should be 1.0600 level to confirm that a meaningful lower high is in place at 1.0740 today. Please note that EUR/USD could push one more time towards 1.0757 before reversing finally. Immediate resistance is at 1.0850, while support is at 1.0600 respectively.
Trading plan:
Please continue holding shorts for now, stop at 1.0850, target 1.0600, 1.0300 and lower. Trade entry materializes today and targets will unfold in a couple days to a few weeks.
Gold chart setups:
Technical outlook:
Gold has produced the rally as expected and discussed yesterday. Please kindly take profits on the long positions initiated yesterday since a couple of possible wave counts are depicted on the short-term chart above. Please note that the current rally from $1,195 levels has unfolded into 3 waves labelled as a-b-c on the above chart. Besides, note that the termination point of the drop from $1,264 has been labelled as A (possible that the entire drop has unfolded into 5 waves labelled i through v). Now if this wave count holds true, then Gold will set up for another round of bearishness which could push prices below $1,195 and terminate through $1,175. As an alternate count though, the rally from $1,195 levels could be labelled as i through iii and could continue forming waves iv and v subsequently. Since both counts are probable, we would like to remain flat for now. But a drop below $1,210 would confirm that Gold is heading lower towards $1,175.
Trading plan:
Please book profits for long positions taken yesterday and kindly remain flat.
Fundamental outlook:
With the economic calendar being almost light for the rest of the day, focus shall remain more on the chart views presented above and instruments should move at a normal pace. Overall, USD bullishness is expected to continue even after a minor setback yesterday.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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