Trading Plan for EUR/USD and Gold for March 23, 2017
March 23, 2017 11:00 am
Technical Outlook:
The EURUSD pair has extended its rally since March 21, 2017, to 1.0825 levels as depicted here on the hourly chart setup. The pair has remained just shy by 4 pips to immediate resistance at 1.0829 levels (not seen here). Technically, until the pair remains below 1.0829, the high probability remains for a reversal lower. The current wave structure indicates that the corrective rally that began from 1.0493 levels in early March 2017 has come to an end at 1.0825 levels or is very close to it. At present, the pair has dropped below immediate support at 1.0777 levels (yesterday’s lows) and this might be the beginning of the expected reversal. Today’s intraday targets seem to be close to 1.0700 levels as depicted above in RED, provided prices stay below 1.0829 levels.As an alternate wave count, the pair may push higher one last time through 1.0850 levels before reversing. Immediate resistance is seen at 1.0829 levels, while support is at 1.0700 levels respectively.
Trading plan:
Please remain short and also look to sell further on rallies through 1.0850 levels, stop at 1.0780 (instead of 1.0850), target 1.0700 and lower.
Gold chart setups:
Technical outlook:
Gold wave structure still remains intact to our previous discussions. The metal has rallied through $1251 levels yesterday, exceeding the Fibonacci 0.618 resistance levels as depicted earlier, but is still facing resistance around these levels. Today’s intraday resistance should be around $1249/50 levels and a turn lower can be expected from there. The wave structure indicates that the metal has dropped into 5 waves from $1263 through $1195 levels earlier and the subsequent rally is corrective a-b-c till now; hence the most probable wave count from here should be lower until prices remain broadly below $1,263.00 levels. As an alternate wave count, assuming that the rally from $1195 is an impulse, even though a corrective drop is expected through $1215 levels before resuming its rally. Immediate resistance is seen at $1263 levels, while support is at $1228 levels respectively.
Trading plan:
Please remain short from here with a stop at $1263, targeting $1215 at least.
Fundamental outlook:
Please watch out for Fed Chairperson Yellen speech at 08:00 AM EST today. It should have a major impact on USD and its crosses.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical Outlook:
The EURUSD pair has extended its rally since March 21, 2017, to 1.0825 levels as depicted here on the hourly chart setup. The pair has remained just shy by 4 pips to immediate resistance at 1.0829 levels (not seen here). Technically, until the pair remains below 1.0829, the high probability remains for a reversal lower. The current wave structure indicates that the corrective rally that began from 1.0493 levels in early March 2017 has come to an end at 1.0825 levels or is very close to it. At present, the pair has dropped below immediate support at 1.0777 levels (yesterday’s lows) and this might be the beginning of the expected reversal. Today’s intraday targets seem to be close to 1.0700 levels as depicted above in RED, provided prices stay below 1.0829 levels.As an alternate wave count, the pair may push higher one last time through 1.0850 levels before reversing. Immediate resistance is seen at 1.0829 levels, while support is at 1.0700 levels respectively.
Trading plan:
Please remain short and also look to sell further on rallies through 1.0850 levels, stop at 1.0780 (instead of 1.0850), target 1.0700 and lower.
Gold chart setups:
Technical outlook:
Gold wave structure still remains intact to our previous discussions. The metal has rallied through $1251 levels yesterday, exceeding the Fibonacci 0.618 resistance levels as depicted earlier, but is still facing resistance around these levels. Today’s intraday resistance should be around $1249/50 levels and a turn lower can be expected from there. The wave structure indicates that the metal has dropped into 5 waves from $1263 through $1195 levels earlier and the subsequent rally is corrective a-b-c till now; hence the most probable wave count from here should be lower until prices remain broadly below $1,263.00 levels. As an alternate wave count, assuming that the rally from $1195 is an impulse, even though a corrective drop is expected through $1215 levels before resuming its rally. Immediate resistance is seen at $1263 levels, while support is at $1228 levels respectively.
Trading plan:
Please remain short from here with a stop at $1263, targeting $1215 at least.
Fundamental outlook:
Please watch out for Fed Chairperson Yellen speech at 08:00 AM EST today. It should have a major impact on USD and its crosses.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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