AUD/USD - Strong Resistance 1.0586, For December 13, 2012 (Daily Strategy) Trend News

No doubt this is the pair that has remained bullish for months, very good for carry trade. Yesterday after the Fed announcement it was up against the dollar, and it was slowed by the strong resistance at 1.0586. This level for several months has demonstrated its strength. So if the pair goes up again to 1.0585, you can sell, with target to the weekly pivot of 1.0464, our key support level. The stop loss should be placed at the level of 1.06, very tight.

Technical indicators are showing an imminent decline.

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EUR/USD Correction - For December 13, 2012 (Daily Strategy) Trend News

Yesterday the Fed said it would buy $45 billion of Treasury securities a month from January to support the U.S. economy in addition to existing monthly purchases of $40 billion of mortgage debt. The euro was favored, this morning during the American session, it was little overbought. It is likely to rise to 1.3111, daily resistance. At the moment the price is 1.3074, a close below the fractal 1.3059 on the 4H. If the downward pressure as part of the correction increases, the dynamic resistance level is at 1.3150, this level is very strong. Therefore, all levels below this resistance will be an opportunity to sell, with target at 1.2983, daily fractal.

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Fundamental Analysis For December 13, 2012 Trend News

Yesterday the Fed said it would buy $45 billion of Treasury securities a month from January to support the U.S. economy in addition to existing monthly purchases of $40 billion of mortgage debt.

According to U.S. Labor Department, applications of jobless benefits fell by 29,000 to 343,000 in the week ended December 8, the fewest since reaching a four-year low in the period ended October 6. Economists forecast 369,000 claims. To help encourage more hiring, the Fed said yesterday that it intends to keep policy accommodative until unemployment rate falls to 6.5%. Currently it is 7.7%.

The euro has a short-term uptrend, which will hold at least until 1.30. The pound showed no substantial changes. It maintains an upward bias in the 4 hour chart, while first support is at 1.6105 and 1.62, maximum bullish targets.

The yen is falling faster now, with the Tankan report, the clearest reflection of the Japanese economy. The other major currencies are unchanged now maintaining very moderate short-term bullish trends.

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Silver Holds Support.Time To Go Long Again Trend News

Technical Outlook and Chart Setups:

As depicted here, silver rose through the resistance at 33.75/80 before retracing down today. In the process silver has been clearly able to hold support region of 32.50/32.70. As shown, intermediary resistance remains at 32.50, while strong support will be provided by 32.00 followed by 31.80. Resistance is now at 35.10/20 levels, so a push through recent swing highs at 34.30 will be safe to assume that the metal is poised to break above 35.20 towards 37.00 level. It is recommended to buy on dips now. Looking higher from here on.

Trading Recommendations:

Buy at current level (32.93). Stop is below 32.00. Target is open.

Good Luck!

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Gold Tests The Lower Boundary Of Range. Book Profits On Aggressive Short Positions Trend News

Technical Outlook and Chart Setups:

The trade setup remains quite interesting at the moment for volatility traders; since the yellow metal is providing opportunities on both sides. Let's evaluate the current setup:

1. Gold had bounces of 1,672.00 in November and registered fresh swing highs near 1,755.00 before retracing lower.

2. Till 1,672.00 remains intact, there are possibilities of bullish breakout.

3. At the moment it is moving in a narrow trading range, forming a cone and it is on the lower side of the range.

Trading Recommendations;

1. Book profits on short positions taken yesterday.

2. Buy now. Stop is at 1,670. Target is open.

Good Luck !

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EurJpy Bulls In Control Now. Change Strategy To Buy On Dips Trend News

Technical Outlook and Chart Setups:

We were stopped out yesterday at 108.00 level under the impact of bull run. The wave structure has been presented on the chart here. The next bullish favorable extension is now at 111.00 level. Resistance is also around the same level (111.00) and the bulls are now determined to take off the multi-month swing highs. Now immediate support comes at 106.00 followed by 105.00 and lower. The expected downswing could not materialize and hence it is recommended to change strategy to buying on dips. Looking higher from here on.

Trading Recommendations:

Buy 50% at current price, remaining on dips towards 108.50-108.00. Stop is at 106.00. Target is at 111.00 plus.

Good Luck!

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GbpChf Continues Probing Resistance At 1.5050 Level. Bearish View Remains Intact Below 1.5150 Level Trend News

Technical Outlook and Chart Setups:

As depicted here, the single currency pair has hit the resistance zone (1.5050) and pulled back sharply. Immediate support is around 1.4910 and 1.4930 region at the moment. This is also re-enforced by the 0.618 Fibonacci support of recent rally from 1.4820 level to 1.5050. Resistance is placed at 1.5050/60 region followed by the 1.5150/60 mark. It is recommended to stay short at the moment as prices are expected to test 1.4900 level. Only back above 1.5050/60 levels delays the bearish outlook. A break below 1.4900 will accelerate a downside.

Trading Recommendations:

Hold on to short positions. Stop is at 1.5150. Target is open.

Good Luck!

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