AUD/USD Buy Above 1.0380 - For November 06, 2012 (Daily Strategy) Trend News

The Aussie remains strong, while the current market situation is still uncertain. Now it is trading above the second weekly resistance and above daily fractal.

This increases the probability that the next few days the AUD/USD pair may go higher to 1.0520 (STRONG RESISTANCE) and 1.0640, the next fractal.

At the fundamental level, the Reserve Bank of Australia again increased interest rates, perhaps before the imminence of a resurgence of inflation. Now the rate of 3.25% is governing the Aussie. It has given a very strong upward trend; it is the strongest market in the short term.

It is likely that a correction of the pair to the level 61.8% of Fibonacci will lead towards 1.0380. At this level we recommend buying, with the objectives outlined on the chart.

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GBP/USD: Intraday Technical Analysis for November 6, 2012 Trend News

Weekly Pivot Point: 1.6069.

Weekly Pivot Points:

R3: 1.6299

R2: 1.6237

R1: 1.6131

PP: 1.6069

S1: 1.5963

S2: 1.5901

S3: 1.5795

GBP/USD "Pound-Dollar":

Resistance: 1.6130 (sell below this level).

Support: 1.5900 (buy above this level).

Trading Recommendations:

According to the previous events, the price is still between the levels of 1.5950 and 1.6070.

The descending movement will probably be lower than 1.6130 level with the first targets at 1.5960 and 1.5903 levels.

Buy deals are recommended above the 1.5900 level with targets at 1.6012 and 1.6125 levels.

Overview:

It should be noticed that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price is still between the levels of 1.5950 and 1.6070, so it is recommended to be careful while making deals in this area. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above 1.5900 level with their first target at the level of 1.6012. From this point, the pair is likely to begin an ascending movement to the point of 1.6080 and further to the level of 1.6125. However, if the pair fails to pass through the level of 1.6130, the market will indicate a bearish opportunity below the strong resistance level of 1.6130. In this regard, sell deals are recommended lower than the 1.6130 level with the first target at 1.6045. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6063 then 1.5901 (the weekly support 1).

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Silver Produces A Hammer On Daily Charts... Looking Higher Again.. Trend News

Technical Outlook and Chart Setups:

As it is depicted above, the 4 hour charts are suggesting a possible pullback or at least a relief rally. Immediate resistance is at 31.70 level, which was past support region. Above that, 32.75 is the next resistance. Until 32.75 is intact, it would be difficult to believe that the correction from 35.00 level is over. It is recommended to buy on dips at least for a short-term bounce through the 31.70/80 region. Support shall be strong around the 30.20/30.00 region.

Trading Recommendations:

Buy around 31.00 level. Stop at 30.00. Target Open.

Good Luck!

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Gold Produces A Hammer Yesterday. Could It Be Much Awaited Reversal? Trend News

Technical Outlook and Chart Setups:

Gold prices are at the 0.5 of Fibonacci retracement of entire rally sub 1,580 level to 1,800. Furthermore, the 1,645.00 level is immediate strong support for the yellow metal. A 4 hour chart view presented above is suggesting a possible rally through the 1,700/25 region which is also resistance for now. Moreover, a daily view has produced a hammer, indicating a possible reversal. Keeping all these facts in mind, it is recommended to go long again on intraday dips. Look higher again.

Trading Recommendations:

Buy between 1,680-85. Stop at 1,640. Target Open.

Good Luck!

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EurJpy Bullish Till Above 102.00 Level Trend News

Technical Outlook and Chart Setups:

As it is seen above, intermediary support comes just around the 102.00 mark. Until that level remains intact there is a possibility of a bounce back and a bullish reversal. Furthermore, the rising trendline support is also around the same region. Therefore, it is recommended to buy around 102.50 regions or on a test of 102.00 level. On the other hand, if the trendline breaks, the next support is around the 100.00 region. Intermediary resistance is at 104.00 level, while strong resistance shall be seen around 104.30/50 region. Looking higher from here.

Trading Recommendations:

Hold on to buy positions taken yesterday, further add on dips, stop below 102.00, and target 104.75.

Good Luck!

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GbpChf Resistance Between 1.5150-1.5200. Favour Short Positions Trend News

Technical Outlook and Chart Setups:

The above chart setup still indicates that the single currency pair is facing resistance between 1.5150 and 1.5200. The sloping resistance line needs to be convincingly broken to change bias from bearish. Fibonacci 0.618 is passing right through the 1.5100 level at the moment. A top and reversal here would drag prices lower to 1.46 and 1.45 levels. Now it is recommended to look for intraday rallies to be sold around 1.5100 region. Watch out for bearish signals on the shorter timeframes (15min-1 hour) to build short positions from here on. Intermediary support shall be provided by 1.4950, followed by 1.4800 level.

Trading Recommendations:

Hold on to short positions take earlier. Stop at 1.5150. Target at 1.4600 and 1.4500.

Good Luck!

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