Daily Market Report 08-03-2016‏ by Orbex

EUR/USD

1.1010

Market managed to advance above 1.1000 levels as we advised yesterday while managed only to print 1.1044 as high so far

as long as market holding trades below resistance 1.1070-80 the downtrend wave will sustain toward 1.0710-30 zone

above 1.1080 market may head for another advance toward 1.1250 zone

intraday trading indicators showing first support at 1.0980-90 where as long as market holding above this zone expect more chances for fresh highs

GBP/USD

1.4207

Market managed to advance as we expected yesterday where managed to hit 1.4284 high

as we see over the chart, market still holding trades above uptrend line where as long as market holding above 1.4190 the uptrend movement may sustain to test 1.4380-1.4405

market may hit another scenario with more drop to test 1.4130-50 where new opportunity to long(buy) market will rise again

below 1.4100 market will lose strength which may head for the market with bigger drop toward 1.4000-20 and 1.3900

USD/JPY

112.95

Market managed to fell below support zone 112.90 - 113.10 which will be a sign for farther drop to test 111.00-50 zone

market will face support at 112.15 zone while as long as market holding below 113.50 the downtrend pressure will sustain

above 113.50 market may back again to try for test 115.10

Oil 6J - New Contract

37.70

market managed to hit 38.09 yesterday which brought market above the downtrend channel which may be the first sign for farther advance

market still holding trades below resistance 38.40 while support laying at 36.00

as long as market holding above 36.00 will expect market to hold strength where ability to break above 38.40 to open new path toward 42.00 and 45.00

while if market failed to break above 38.40 this may lead for another drop wave toward 34.60-80

Gold

1276

Market managed to jump above 1264 last week in signs of farther advance toward 1300-10 zone as we advised last week

market facing support zone at 1245-48 where as long as market holding above this zone expect farther advance to sustain to test 1300-10 zone

market will lose strength below 1225 zone which may push the market to re-test 1190-1200 zone

intraday signals showing ability for trading zone between 1250 - 1280 as long as market holding below 1280, above 1280 maket may accelerate toward 1300-10 zone

Mini Dow-Jones

16945

As we see over the chart, short-run trading signals ability for market to build rising wedge formation which if managed to control market will lead for drop correction toward 16400-500 zone

market facing support zone at 16870-90 where as long as market holding above the uptrend will sustain with ability for more highs to test 17100 zone

below 16870 market will face support at 16745 where below this zone expect farther drop toward 16450 zone

 Source: www.orbex.com