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Daily Market Report 31-03-2016‏ by ORBEX

 

EUR/USD

  EUR/USD

1.1365

As we see over the chart , Market managed to obtain daily close above resistance trend of the triangle formation which promising more advance if market succeed to break above 1.1375 resistance level.

while market heading toward US labor market data tomorrow then a fluctuating in price movement may occur before and after US data release

market support at 1.1280 where as long as market holding above the uptrend will sustain while above 1.1375 market may enter new uptrend wave that may lead toward 1.1620

a daily close below 1.1280 may set a reverse course toward 1.1050-70 as drop correction
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1.1280 1.1375
  LEVEL2 1.1220 1.1495
  LEVEL3 1.1145 1.1620
 
   
 
 
 
 

GBP/USD

  GBP/USD

1.4385

As we mentioned yesterday, market in potential Head & Shoulder formation managed to hit the market with first drop so far toward 1.4325 level where market back to advance from intraday uptrend level.

market still have room to advance to re-test resistance zone 1.4410-40 while as long as market holding below 1.4515 this H&S formation may drive market lower toward 1.3950 zone, where below 1.4325 expect farther drop along with this formation

above 1.4515 market may enter new advance channel that may lead higher to test 1.4600-70 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1.4325 1.4410-40
  LEVEL2 1.4260 1.4515
  LEVEL3 1.4195 1.4600-70
 
   
 
 
 
 

USD/JPY

  USD/JPY

112.40

Dollar/Yen managed to fell below support 112.90 which activated another drop movement as short-run term still holding trades inside our projected channel (Snake in Tunnel)

intraday trading levels seeing resistance at 112.45 and 112.80 where as long as market holding trades below those level will expect farther drop toward 111.35 and 110.55

above 112.80-90 market may head for another test for this channel where resistance now laying at 113.70-85 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 112.00 112.45
  LEVEL2 111.35 112.80-90
  LEVEL3 110.55 113.70-85
 
   
 
 
 
 

Crude Oil

  Oil 6K -

37.95

As we see over the chart, so far Oil still moving along with our expectation where we still see market holding trades inside our trading zone 37.70 - 40.00 , while managed yesterday to obtain up and down movement as we expected

market may head again toward 39.50-80 zone where from there will expect another drop toward 38.00 to obtain what we advised before (Trading Zone)

below 37.70 market may sustain drop toward 37.20 and 36.15 , while above 40.40 market may go to visit 41.80 again
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 37.70 39.50-80
  LEVEL2 37.20 40.40
  LEVEL3 36.15 41.80
 
   
 
 
 
 

GOLD

  Gold

1234

Market managed to retreat from resistance level of the downtrend channel as we see over the chart and as we advised yesterday while support zone 1222-25 managed to pull back the market again

as long as market holding below 1244 will expect another drop wave toward 1215 and 1200 zone

above 1244 market may visit again 1265 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 1222-25 1244
  LEVEL2 1215 1265
  LEVEL3 1200 1285
 
   
 
 
 
 

Dow Jones

  US30 Dow-Jones

17693

Market managed to advance and broke above 17650-700 zone which may activate another uptrend wave that may target 18000-100 zone

market moved in drop correction yesterday toward 17660 while as long as market holding above support 17620-50 the uptrend wave will sustain toward 18000-100 zone

below 17620 market may head again for small drop correction toward 17420-60 zone
 
 
 
    SUPPORT RESISTANCE
  LEVEL1 17620-50 17820
  LEVEL2 17500 17905
  LEVEL3 17400 18000-100
 

Source: www.orbex.com

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