EUR/USD - Bearish outlook - for May 31, 2013 (daily strategy) Trend News

The EUR/USD pair recovered slightly from a decline it suffered early in the European session on Friday after data on German retail sales was published. It unexpectedly fell 0.4%, also unemployment rate in the eurozone set a new record. It stood at 12.2%, which although was in line with analysts' expectations. Now this pair has reached 1.3050 level, the recovery of the pair is for me a good opportunity to take bearish position with targets at 1.2877 and 1.2750. One should expect a daily close above 1.31, to consider buying this pair. So we suggest to sell at any price below 1.3050. On the other hand, the Momentum Indicator is showing divergence, thus, the pair may fall for the next few days.

If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com

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Silver remains buy on dips. 21.95 immediate support Trend News

Technical outlook and chart setups:

The metal remains sideways, but the bias would be towards buying on dips. It is recommended to hold on long positions initiated earlier, and buy the remaining on dips towards 21.20/40. Resistance remains fixed at 23.40, followed by 24.00, 25.00 on the higher side; while support is at 22.00, followed by 21.20/40 and lower towards 20.00 level. Overall structure remains constructive for bulls and upside extensions are pointing towards 25.00 and 26.00. Bottom formation is seen at 20.00 and fresh lows should not be printed.

Trading recommendations:

Remain long, buy further on dips, stop is below 21.00, and target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Silver remains buy on dips. 21.95 immediate support . Thanks for your support on Silver remains buy on dips. 21.95 immediate support

Gold broke above 1,415.00 yesterday. Initiate long positions Trend News

Technical outlook and chart setups:

The yellow metal finally rallied through the 1,415.00 resistance level yesterday. It is recommended to initiate 50% long positions now, 1,412.00, and the remaining on dips towards 1,400.00 level. Please note that 1,395/1,400 levels which was past resistance shall now act as support from here on. The overall structure remains constructive for bulls now and the rally should accelerate towards 1,500/25 levels in the sessions to come. Higher up resistances are at 1,450/60, 1,488.00 and higher, while support is at 1,400.00, 1,375.00, and 1,350.00. Looking higher for now.

Trading recommendations:

Initiate 50% long positions, buy further on dips towards 1,400/1,395, stop is at 1,370.00, and target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Gold broke above 1,415.00 yesterday. Initiate long positions . Thanks for your support on Gold broke above 1,415.00 yesterday. Initiate long positions

EurJpy slides on trace. Watch out for break below 130.00 accelerate Trend News

Technical outlook and chart setups:

The single currency pair has done with testing the back side of the immediate line of support, as depicted here. It is looking for a break below 130.00 for the fall to accelerate rapidly. Immediate resistance would be 132.00 level, followed by 134.00; while supports would be 129.00 and 127.00 on the lower side. It is highly recommended to remain short and also look to add further on rallies. The current wave structure would be possibly a Head and Shoulder and a huge retracement lower could be under way. The extensions are pointing towards 127.00 and 123.00 atleast. Looking lower for now.

Trading recommendations:

Remain short, add further on rallies, stop is at 134.25, and targets are at 127.00 and 123.00

Good luck!

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For detail explanation and best discovery on market trends you may visit via EurJpy slides on trace. Watch out for break below 130.00 accelerate . Thanks for your support on EurJpy slides on trace. Watch out for break below 130.00 accelerate

GbpChf: Downfall should accelerate. Hold on to short positions Trend News

Technical outlook and chart setups:

There is structurally no change from what has been discussed lately. The single currency pair should accelerate towards downside from here pretty quickly. Please note that immediate resistance is now at 1.47 level, followed by 1.48 and 1.5; while support is at 1.44, 1.4075 and lower. Overall structure is bearish and the prices have reacted right at the sloping trend line as depicted here. Hence it is highly recommended to remain short from here on and also plan to add on rallies. The downside extensions are pointing towards 1.4 and lower. Looking lower till prices remain below 1.47/1.48.

Trading recommendations:

Hold on to short positions, add further on rallies, stop is at 1.48, and target is open.

Good luck!

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Silver buy on dips. 20.00 seems to be strong bottom formation Trend News

Technical outlook and chart setups:

There is no change from what was discussed yesterday. The metal has been trading sideways by taking support at the Fibonacci 0.382 levels of recent rally from 20.00 to 23.00. Long positions taken yesterday can be held but please note that the metal can fall down towards the 0.618 support at 21.30/40 levels before rallying further up towards 25.00 and higher. Immediate resistance is seen at 23.30, followed by 24.50 and 27.00 while support is at 21.20/40, followed by 20.00 levels. It looks like the metal has formed a strong base around 20.00 and the likelihood of a fresh low should be ruled out at the moment. The metal remains good buy on dips for now.

Trading recommendations:

Hold long positions (50%), buy further on dips. Stop is at 20.50. Target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Silver buy on dips. 20.00 seems to be strong bottom formation . Thanks for your support on Silver buy on dips. 20.00 seems to be strong bottom formation

Gold still not completely out of consolidation. 1,415.00 needs to break Trend News

Technical outlook and chart setups:

The metal seems to be still in consolidation, though attempting to break out yesterday and today till now. We need to see a clear break above 1,415.00 level for a confirmation which remains absent for now. It is recommended to book profits on long positions taken yesterday at current price, 1,397/98 and remain flat for a while. There is a possibility that the metal falls back to the support range at 1,340/50. Immediate resistance remains fixed at 1,415.00, followed by 1,450/60; while support is seen at 1,375.00, 1,350.00 and 1,340.00 respectively. Flat for now, looking to buy lower again. Gold would be an aggressive buy above 1,415.00 level.

Trading recommendations:

Book profits on longs taken yesterday. Flat for now.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Gold still not completely out of consolidation. 1,415.00 needs to break . Thanks for your support on Gold still not completely out of consolidation. 1,415.00 needs to break

EurJpy testing line at 131.50/70. Major resistance at 134.00 Trend News

Technical outlook and chart setups:

The single currency pair has broken the immediate line of support and has rallied back to test the back side at around 131.50/70 level again. It is expected to reverse sharply down after the test. It is hence recommended to hold on to short positions taken yesterday and even look to add further to it. Resistance is now at 134.00 and only above that should be a concern for the bears now. Immediate support is seen at 130.00, followed by 129.00, 127.00 and 125.00 respectively. A break of 130.00 level would further accelerate downside pressure towards 127.00 and lower. Look to sell rallies from here on.

Trading recommendations:

Hold on to short positions, stop is at 134.25, and target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via EurJpy testing line at 131.50/70. Major resistance at 134.00 . Thanks for your support on EurJpy testing line at 131.50/70. Major resistance at 134.00

GbpChf should break 1.4500 to accelerate downside Trend News

Technical outlook and chart setups:

Looking into the wave structure depicted here, the single currency pair seems to be on track to break below 1.45 level and further. It is recommended to remain short on positions taken earlier for now. Immediate resistance is at 1.48, followed by major resistance at 1.5 and 1.51; while support is seen at 1.44, followed by 1.4075 and lower respectively. Looking into the trend and trend line bounce at 1.48, there is still high probability that the pair is headed south. Please also note that a rally from here above 1.47 level, yesterday's high, would be bullish for the pair and shift our focus to long side. Looking lower at least for now, expecting 1.45 to breakdown.

Trading recommendations:

Remain short, stop is above 1.48, and target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via GbpChf should break 1.4500 to accelerate downside . Thanks for your support on GbpChf should break 1.4500 to accelerate downside

Silver could be bought by at least 50% capacity at 22.90/95 Trend News

Technical outlook and chart setups:

The metal continues moving sideways for a while and for now it is recommended to initiate at least 50% long positions at 22.90/95. The remaining 50% could be bought around 21.30/40, if prices fall to that level. Resistance is at 23.30 for now and a break above that would confirm an extended rally towards 25.50 at least. Higher up resistances are at 25.00 and 27.00 respectively. Intermediary supports are spread through 21.60, followed by 21.20/30 and lower. It looks like a bottom is in place at 20.00 level for the metal and is looking higher now.

Trading recommendations:

Long now at 22.90/95, stop is at 21.00, and targets are 25.00/50.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Silver could be bought by at least 50% capacity at 22.90/95 . Thanks for your support on Silver could be bought by at least 50% capacity at 22.90/95

Gold continues drift sideways. Exit short positions and build long. 1,373.00 immediate support Trend News

Technical outlook and chart setups:

The metal has been trading again in a cone consolidation (pennant) since several days. It is recommended to exit short positions now (1,382/83) and initiate at least 50% long positions. The sideways structure is indicating a break around 1,400.00 (bullish) or a bearish break below 1,373.00. Looking into the overall wave structure since 1,324.00, it is still possible for a 0.786 bounce (1,340.00). Considering this probability, the yellow metal is expected to break above 1,400.00 soon. Intermediary high/resistance stands at 1,415.00 and a break above that would confirm an extended rally towards 1,500/20 levels at least. Looking higher for now.

Trading recommendations:

Exit short positions. Build long positions, stop is at 1,369.00, and target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Gold continues drift sideways. Exit short positions and build long. 1,373.00 immediate support . Thanks for your support on Gold continues drift sideways. Exit short positions and build long. 1,373.00 immediate support

EurJpy attempting break immediate line of support. Exit long positions at 131.00 Trend News

Technical outlook and chart setups:

As depicted here on the 4H chart view, the single currency pair is attempting to break down a trend line at the moment. It is recommended to exit long positions at current price around 131.00. Conservative trade strategy would be to wait for a daily confirmation, while an aggressive trading strategy would be to initiate short positions now, with stop at 134.00. The structure could also be a head and shoulders reversal possibility, with the right shoulder being carved out at 132.50 recently. Intermediary support is at 130.00, followed by 129.00 and lower at 127.00; while resistance is seen fixed at 133.50 for now. A break of 130.00 would be required for downside to accelerate further.

Trading recommendations:

Book profits on long positions, initiate short positions, stop is at 134.00, and target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via EurJpy attempting break immediate line of support. Exit long positions at 131.00 . Thanks for your support on EurJpy attempting break immediate line of support. Exit long positions at 131.00

EUR/NZD: Update Trend News

Overview:

Since our last analysis the EUR/NZD pair has been trading in downward moves like we expected, the price tested 1.5866 and almost reached our first target level at 1.5840. If you take a look at a volume around area 1.6050 you can see that we got lack of demand. I calculated the total volume of previous two up legs and I got that first up leg got 12,000 of total volume and that the second up leg got 8,500 of total volume which is decreasing of 29%. I also marked climatic bar (large volume up bar), where I wanted to show you decrease in volume on up swings which are good sign that we may see down. I did calculation for previous up swing and I saw decreasing of 54% which is strong sign for lack of demand. I placed Fibonacci expansion levels and I got FE 161.8 % at price 1.5851 and FE 261.8 % at price 1.5740. In case that price breaks 1.5840 (our first target) my next target will be 1.5740. Buying of this pair looks very risky, so I advise you to watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1 : 1.5979

R2 : 1.6009

R3 : 1.6058

Support levels:

S1 : 1.5882

S2 : 1.5852

S3 : 1.5804

Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.5840 and 1.5740 as down targets.

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GbpChf bears on track. 1.47 imediate resistance. Remain short Trend News

Technical outlook and chart setups:

The single currency pair remains very much on track to reverse on the lower side; as we have been discussing lately. Last week, the pair had tested and reacted with bearish signal confirmation on the sloping downtrend line as seen here. Immediate resistance is 1.48, followed by major resistance at 1.5 and 1.51 respectively. Another potential resistance under formation is 1.47 levels for now. On the other side, support is at 1.44, followed by 1.4075 and lower. It is highly recommended to remain short from earlier, and add further short positions as well. The overall wave structure remains bearish and a trend line and reversal has re-confirmed the same last week. Looking for lows near 1.4 in coming sessions.

Trading recommendations:

Remain short, stop is above 1.48, and target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via GbpChf bears on track. 1.47 imediate resistance. Remain short . Thanks for your support on GbpChf bears on track. 1.47 imediate resistance. Remain short

Silver continues sliding. Looking to buy around 21.20/40 Trend News

Technical outlook and chart setups:

The metal is retracing at the moment, in tandem with gold. But looking into the overall structure, it is unlikely that silver would print a fresh low before reversal. Resistance is just above 23.00, followed by 24.50, 27.50 and higher; while supports are seen at 21.30 (the Fibonacci 0.618 support for the entire rally from 20.00 to 23.00), followed by 20.70 and 20.00 respectively. It is recommended to remain flat for now and enter buying around 21.20/40 levels. The metal is drifting sideways for now and a break below 22.00 would extend towards 21.30 quickly.

Trading recommendations:

Flat for now. Looking to buy around 20.30 again.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Silver continues sliding. Looking to buy around 21.20/40 . Thanks for your support on Silver continues sliding. Looking to buy around 21.20/40

Gold continues to drift lower. Initial target seen below 1324.00 Trend News

Technical outlook and chart setups:

The metal continues to slide for now, targeting 1,330.00 and 1,310.00 as swing lows. Immediate resistance/high is at 1,415/20 levels, followed by 1,440/50, 1,480 and higher; while support is at 1,375.00, 1,340.00 and 1,324.00 respectively. It is recommended to hold short positions for now keeping risk at 1,420.00. Please also note, if 1,420.00 breaks down, then potential remains for a rally through 1,500/20 levels; though the probability for this remains low for now. It is currently trading at 1,380.00 levels, a break below 1,350/60.00 would further add selling pressures quickly through 1,300.00 level.

Trading recommendations:

Remain short, sell on rallies, stop is at 1,420.00, and target is at 1,319.00.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Gold continues to drift lower. Initial target seen below 1324.00 . Thanks for your support on Gold continues to drift lower. Initial target seen below 1324.00

EurJpy: Extensions seen at 134.25. Risk is at 130.00 Trend News

Technical outlook and chart setups:

The single currency pair has rallied through 132.00 level today, 200 pips above last week's low at 130.00. It is recommended to continue holding long positions for now and tighten risk to 130.00 or break even levels. Immediate support is fixed at 130.00 as discussed earlier, followed by 129.00, 126.00, and 125.00 respectively. Fibonacci resistance is at 134.25 now, which is also our measured target for long positions. Structurally, the current rally looks to be the last one, before a meaningful reversal could take place. Bottom line: bullish above 130.00.

Trading recommendations:

Remain long, stop is at 130.00 or at break even levels, and target is at 134.00.

Good luck!

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For detail explanation and best discovery on market trends you may visit via EurJpy: Extensions seen at 134.25. Risk is at 130.00 . Thanks for your support on EurJpy: Extensions seen at 134.25. Risk is at 130.00

GbpChf remains sell on rallies between 1.46/1.47 Trend News

Technical outlook and chart setups:

The single currency pair has rallied above 1.46 at the moment and is pulling back. It is quite possible that the rally extends to 1.47 level before the pair reverses. It is hence recommended to initiate/hold short positions. Immediate resistance is at 1.4800/20, right at the trend line. Above that, major resistance is fixed at 1.5000, 1.51, and 1.52 respectively. Only above 1.48 now, bulls would be brought back into focus again. Intermediary support is at 1.45 level, followed by 1.44 and lower. The daily wave structure remains bearish since prices have bounced off the downtrend line from 1.54 level. Lower extensions are pointing below 1.4 level in the sessions to come.

Trading recommendations:

Initiate/hold short positions, stop is at 1.4850, and target is below 1.44.

Good luck!

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For detail explanation and best discovery on market trends you may visit via GbpChf remains sell on rallies between 1.46/1.47 . Thanks for your support on GbpChf remains sell on rallies between 1.46/1.47

Silver stalls at 23.00. Exit longs and remain flat for now Trend News

Technical outlook and chart setups:

The rally stalled just after 23.00 level, the other day, before silver falling back to 22.00 level. It is recommended to exit long positions taken earlier, now at 22.55/60. The lows printed at 20.00 level seem to be ideal according to weekly chart, but the current setups are indicative of further retracement towards 21.20/40 levels before rallying further. It also remains possible that the metal prints a low below 20.00 along with gold, before reversing for good. Immediate resistance is seen above 23.00 level for now, followed by 24.50 and higher; while support stands at 21.30/40 and 20.00 respectively. Only above 23.00 would bring into focus the bullish scenario. Flat for now, looking to buy if lower levels reached.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Silver stalls at 23.00. Exit longs and remain flat for now . Thanks for your support on Silver stalls at 23.00. Exit longs and remain flat for now

Gold finds resistance at 1,415.00. Exit long positions Trend News

Technical outlook and chart setups:

The yellow metal rallies through 1,415.00 level, only to fall back without much conviction. It is recommended to book profits on long positions taken earlier. Aggressive trading strategy would be to go short now, 1,390.00, with a stop at 1,420. Immediate resistance is consolidated at 1,415.00, followed by 1,450.00, 1,485/87 and higher up. The wave structure is indicative that rally from recent lows is corrective and one last low below 1,340.00 or probably 1,324.00 remains possible. Intermediary support is at 1,340.00, followed by 1,324.00 for now. Only a break above 1,415.00 level, would change our view from bearish to bullish. Look lower for now.

Trading recommendations:

Book profits on long positions. Initiate short positions, stop is at 1,420.00, and target is below 1,340/24.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Gold finds resistance at 1,415.00. Exit long positions . Thanks for your support on Gold finds resistance at 1,415.00. Exit long positions

GbpChf breaks support at 1.4500/80. Prefer selling on rallies. 1.48 resistance Trend News

Technical outlook and chart setups:

The single currency pair breaks two of intermediary supports at 1.4580 and 1.45, stopping us out of long positions. The wave structure points to further weakness towards 1.4000 and even lower for now; since the pair has bounced off lower through a major line of resistance as seen here. It is therefore recommended to initiate 50% of short positions now (1.4580) and remaining on rallies towards 1.4680-1.4720. Immediate resistance is now fixed at 1.4800 level, followed by major at 1.5 level and 1.51, on the higher side. Support now is at 1.4400, followed by 1.4070 and lower. The bears seem to be under control now, and we are looking lower till 1.4800 remains intact.

Trading recommendations:

Initiate sell positions (50%), stop is at 1.4840, and target is open.

Good luck!

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For detail explanation and best discovery on market trends you may visit via GbpChf breaks support at 1.4500/80. Prefer selling on rallies. 1.48 resistance . Thanks for your support on GbpChf breaks support at 1.4500/80. Prefer selling on rallies. 1.48 resistance

EurJpy bouncing off intermediary support line. 129.00 remains intact Trend News

Technical outlook and chart setups:

It looks like the single currency pair is in its last rally higher towards 134.00 level. Yesterday's fall has found support at 130.00, right near the intermediary line of support for now. Immediate chart support is at 129.00, followed by 127.00 and 125.00. Looking into the wave structure, the rally between 125.00 to 130.00 (shown as up arrow) is in its last leg up and should end around 134.00 level. It is therefore recommended to initiate long positions now, around 131.95, with a stop below 130.00. On the other hand, a break below 130.00 now, would shift our focus towards 129.00, and 127.00. Looking higher till 130.00 remains intact.

Trading recommendations:

Initiate long positions (50% Capacity), stop is below 130.00, and target is at 134.00.

Good luck!

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For detail explanation and best discovery on market trends you may visit via EurJpy bouncing off intermediary support line. 129.00 remains intact . Thanks for your support on EurJpy bouncing off intermediary support line. 129.00 remains intact

Elliott Wave analysis of EUR/NZD for May 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6134

R2: 1.6085

R1: 1.6040

Current Spot: 1.5996

S1: 1.5955

S2: 1.5922

S3: 1.5887

Technical overview:

We are in a position where an acceleration higher towards 1.6481 could take place any time. In the short term we will be looking for a break above 1.6040 as the possible catalyst for this acceleration higher. Support is now found at 1.5955 and strong support at 1.5922, which we expect will protect the downside for the break above 1.6040 and an acceleration towards the target for red wave iii at 1.6481. Only a break below support at 1.5842 will confuse the overall bullish picture.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop a little higher to 1.5835.

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For detail explanation and best discovery on market trends you may visit via Elliott Wave analysis of EUR/NZD for May 24, 2013 . Thanks for your support on Elliott Wave analysis of EUR/NZD for May 24, 2013

EUR/JPY Elliott Wave analysis for May 24, 2013 Trend News

Today's support and resistance levels:

R3: 133.10

R2: 132.88

R1: 132.52

Current spot: 132.13

S1: 131.95

S2: 131.50

S3: 130.77

Technical overview:

We have seen a nice five wave decline from 133.81 down to 129.97, which marked wave i. The following correction of wave i has been a double zigzag correction from 129.97 up to 132.52. The correction to 132.52 was slightly above the 61.8% retracement target for wave i at 132.34, this correction marks wave ii and we should now see a very powerful wave iii towards at least 128.67, but it will be more likely, that we would see an extension lower to 126.29, before wave iii is over. The following wave iv correction should be a shallow correction to 128.67 and then the final wave v of A down to 124.92. This five wave decline in wave A should be followed by a 61.8% correction in wave B to 130.41 before wave C lower takes over for a decline down to 121.52. This will be the roadmap for the unfolding wave II correction over the coming weeks.

Trading recommendation:

We short EUR from 131.92 and will move our stop lower to 132.90. We will place our take profit at 125.35.

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For detail explanation and best discovery on market trends you may visit via EUR/JPY Elliott Wave analysis for May 24, 2013 . Thanks for your support on EUR/JPY Elliott Wave analysis for May 24, 2013

GBP/JPY technical levels and trading recommendations for May 23, 2013 Trend News

Overview:

As it was expected yesterday, the price would continue its bearish move after breaking the support area that consists of the intersection point of the downward trend line and the support level 154.75. Today and as shown in the H4 chart, the pair has already broken this support area and currently is trading below it.Therefore we suggest more bearish signals now with the first target few pips above the support level 153.80, then we should stop till testing this support level. In case of closing below this level, this gives us a new opportunity for more bearish move till reaching the support level 152.50 and closing below it.

Resistance and support levels: R2 (157.50), R1 (156.75), S1 (154.75), S2 (153.80), S3 (152.50).

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For detail explanation and best discovery on market trends you may visit via GBP/JPY technical levels and trading recommendations for May 23, 2013 . Thanks for your support on GBP/JPY technical levels and trading recommendations for May 23, 2013

Silver: Rally gathers pace. Initiate long positions. 22.00 immediate Support Trend News

Technical outlook and chart setups:

The metal has retraced and bounced back off 22.00 level yesterday. It was recommended to go long around 22.00 to 21.40/50, and it is still recommended to initiate long positions, towards a measured target of 25.00 levels. 22.00 is immediate support at the moment, followed by 21.45/50, 2.70/80 and then 20.00 on the lower side. Resistances are lined up from 24.00 levels, through 24.80 levels and 27.00 on the higher side. Looking into the wave structure here, the metal is poised to rally towards atleast 25.00 levels from here on. The risk initially would be higher for stop losses but would be revised soon. Looking higher for now.

Trading recommendations:

Remain long, initiate fresh long positions as well (22.50/60), stop is below 21.30, and target is at 25.00.

Good luck!

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For detail explanation and best discovery on market trends you may visit via Silver: Rally gathers pace. Initiate long positions. 22.00 immediate Support . Thanks for your support on Silver: Rally gathers pace. Initiate long positions. 22.00 immediate Support

Gold rally should accelerate towards 1,500/20. Stay long Trend News

Technical outlook and chart setups:

The metal had retraced 1,360.00 level and bounced off sharply as discussed and recommended yesterday. Short positions could have been covered and long positions initiated around 1,370.00 level. It is still recommended to initiate long positions now (1,385.00) or during intraday dips. The metal seems to have bottomed out for good at sub 1,340.00 level now, and the rally after that has confirmed the same. Yesterday's low at 1360.00 level would act as immediate support followed by 1,340.00 and 1,320.00 respectively; while resistances are lined up from 1,450.00 level, through 1,488.00. Looking into the wave structure here, the metal should accelerate higher towards at least 1,500/20 levels from here on. Looking higher from here, remain long.

Trading recommendations:

Remain long, buy on dips stop is below 1,335.00, and target is in the range 1500/25.

Good luck!

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EurJpy takes out 133.00 resistance. Flat for now Trend News

Technical outlook and chart setups:

The single currency pair has broken out pennant formation as discussed yesterday and has again produced a bullish break. The 133.00/10 resistance has now been taken off and we have been stopped out; it is recommended to remain flat for now. As depicted here, the wave structure extends to 135.00 level on the higher side from here on. Immediate support is at 131.00, followed by 129.00; and till the time prices stay above 131.00, bulls shall stay very much in control and print higher highs. Buying on dips towards 132.70/80 levels could be recommended but risk would be below 131.00. Conservative traders should remain flat for now and look to sell on a reversal confirmation.

Trading recommendations:

Flat for now. Aggressive traders could go long on dips towards 133.00/132.70/80, stop is at 131.00, and target is at 135.00.

Good luck!

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Elliott Wave analysis of EUR/NZD for May 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5924

R2: 1.5885

R1: 1.5851

Current spot: 1.5835

S1: 1.5820

S2: 1.5764

S3: 1.5728

Technical overview:

As we saw a break below support at 1.5744, we needed a little detour to 1.5702 before we saw the next move higher. With the break above resistance we should now see an increasing upside pressure. We are looking for support at 1.5820 to protect the downside for a break above 1.5854, which will confirm the next test of resistance at 1.5924, but this time we should see a clear break above this resistance for a continuation higher towards 1.6481. However, if support at 1.5820 is broken it will delay the rally higher for a slightly deeper correction towards 1.5764 before the next rally higher.

Trading Recommendation:

We are long EUR from 1.5790. We will move our stop higher to 1.5695. If you are not long EUR already the buy a break above 1.5854 with the same stop.

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Elliott Wave analysis of EUR/JPY for May 22, 2013 Trend News

Today's Support and Resistance levels:

R3: 134.00

R2: 133.54

R1: 132.77

Current spot: 132.42

S1: 132.22

S2: 131.94

S3: 131.55

Technical overview:

It finally seems as we are going to see the last part of the rally towards the ideal target near 134.47. Over the last week a small wave iv of 5 triangle was developing and we saw the start of the thrust towards the upside. In the short term we are looking for support near 132.32 to protect the downside for a break above resistance at 132.77, which will open the upside for a continuation higher towards 133.54 and 134.47 as the ideal target. As we expect this to be the final rally higher, we will move our stops as close as possible and look for sings, that the entire rally since the 94.10 low is coming to an end.

Trading recommendation:

We are long EUR from 132.15 and will move our stop to break-even. Our take profit + revers of the position is placed at 134.20.

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EUR/USD - Buy above 1.2880 - for May 21, 2013 (daily strategy) Trend News

The euro did not experience greate changes in the last few hours and there are significant variations. Although, according to the indicator of fractals, this pair is consolidating below 1.2878, daily fractal. If the euro closes the day below 1.2855, the fall could be fast until the next fractal 1.2599. On the other hand, a recovery of the euro has target in the area of the psychological level of 1.3003 and at the level of the 200-day moving average, which coincides at 1.30. Therefore, we recommende buying above 1.2880.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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AUD/USD - Key level of 0.9818 - for May 21, 2013 (daily strategy) Trend News

On Monday, the Australian dollar was recovering positions, but it has declined again today. Given that this pair has had a free fall, now it is at least in the 0.9720 support level. On the other hand, indicators on the H4 and daily charts continue to show a high probability of the Aussie recovers, especially if it breaks the 0.9840 area. If that happens you can buy at that level with targets in the first week of 0.9927 resistance, or you can sell according to the point entry suggested on the chart. At a fundamental level, this pair is fluctuating, especially after the interest rate cut by the RBA.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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GBP/USD - Fractal support at 1.5081 - for May 21, 2013 (daily strategy) Trend News

Today after the release of the UK inflation report, the British pound has fallen. It grew less than expected, making stumbling to the British currency to its lowest since April 4. In the medium term the pound remains a downward trend that could be extended to the 1.48 area. Now, in the short term there a support on the daily fractal is at 1.5081. This level will be the immediate support that could push it up, so we expect that upward bounce is in this area. Therefore, we recommend buying this level with targets to 1.5335 fractal.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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Silver rallies past initial resistance at 22.80. Long positions can be initiated on dips now Trend News

Technical outlook and chart setups:

The metal has staged an impressive rally breaking past inner downtrend line and the initial resistance at 22.70/80 yesterday. Initial Fibonacci support comes around 22.00, followed by 21.50 and 21.20 respectively. It is recommended to initiate long positions on a bullish bounce between 21.20 and 21.50 levels on a pullback/retracement. Resistance is now seen at 24.00/50, followed by 25.00 (trendline resistance). It looks like a bottom could have been formed at sub 20.00 levels and the metal would be preparing for a long term reversal. On the other side, a break below 21.20 level again would be bearish for the metal.

Trading recommendations

Look to initiate 50% long positions between 21.20/50, stop is at 20.00, and target is open.

Good luck!

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Gold rallies through 1,400. Resistance seen at 1,450.00 Trend News

Technical outlook and chart setups:

The metal posted a rally from 0.786 retracement of the recent rally between 1,324 to 1,488. Yesterday's bounce seems corrective in nature, though an intermediary resistance at 1,393.00 had been taken out. Intermediary support is now at 1,360/70 levels; while immediate resistance is fixed at 1,450.00 region. Aggressive trade strategy would be to go short with a stop at 1,410.00, with a target below 1,324.00. But one should reverse on a bullish bounce between 1,350/60. A more conservative trading strategy would be to wait for a bullish turn around on a retracement and then go long. Bottom line: The metal can still swing both ways, hence awaiting before committing to trade is recommended at the moment.

Trading recommendations:

Watch out for a bullish bounce between 1,350/60 to go long.

Good luck!

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EurJpy forming pennant again. Breakout trades setting up Trend News

Technical outlook and chart setups:

The single currency pair is again trading sideways, this time a diamond pennant is forming on the top side of trading swing. As depicted here, a bullish break above resistance line would take prices higher towards 136.00; while a bearish break below support line would take prices to at least 128.00 level from here on. It is recommended to remain short from last week, but add further short positions on a breakdown. Fresh positions should be taken on a break of either direction. Resistance is at 132.50/60 and 133.00/10 while support is at 131.50/60 followed by 131.00 within the pennant formation. Bottom line: Probability of a bearish breakout remains high at the moment.

Trading recommendations:

Remain short on positions taken earlier, stop is at 133.10, and target is open. Fresh positions could be taken on a break.

Good luck!

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GbpChf testing immediate support line. 1.4580 support Trend News

Technical outlook and chart setups:

The single currency pair is testing immediate line of support at 1.4620/30 levels at the moment. A bullish bounce here would take the pair towards 1.49 and higher; while a break would be delaying matters for a while. It is still recommended to hold on to long positions and add further on a trendline bounce from here on. Immediate price support is at 1.4580, followed by 1.45 and 1.44; while intermediary resistance is at 1.48 level. A major downtrend line is also being tested on the larger time frames. All these factors combined are hinting towards a possible rally ahead.

Trading recommendations:

Remain long, stop is at 1.4580, and target is open.

Good luck!

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Elliott Wave analysis of EUR/NZD for May 21, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5885

R2: 1.5840

R1: 1.5812

Current Spot: 1.5761

S1: 1.5744

S2: 1.5710

S3: 1.5681

Technical overview:

We are still expecting strong support at 1.5744 to protect the downside for a break above resistance at 1.5812 and, more importantly, resistance at 1.5840, which will confirm the next rally higher towards 1.5924 on the way towards the ideal target for red wave iii at 1.6481. That said a break below 1.5744 would likely be very short-lived and will delay the next rally higher, but it should only be a matter of time before the next rally takes off and we will see a break above 1.5840.

Trading recommendation:

We are long EUR from 1.5790 with a stop at 1.5600. If you are not long EUR already, then buy a break above 1.5840 with the same stop.

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EUR/USD daily analysis for May 21, 2013 Trend News

Daily chart: The EUR/USD found resistance at the 1.2883 level, which will not be easy to break due to weakness this pair has shown in recent days. In this chart, this pair is below the 200 day moving average and is forming a higher low pattern, to accumulate bearish force, to break the support at the 1.2768 level, and to continue falling. It is quite possible that the EUR/USD may rise again until the resistance is at the 1.3027 level in the medium term, but it all depends on economic data to be published this week in the U.S. and in the eurozone. The MACD indicator is in the negative territory.

H4 chart: This pair is trying to break the resistance at the 1.2874 level to rise to the level of 1.2954, very close to the 200 day moving average. In yesterday's session, the EUR/USD formed a support at the 1.2819 level. If it does that breakout, it is expected to fall to support at the 1.2750 level. On the other hand, if the EUR/USD accumulate enough strength to keep rising, it would be possible that the EUR/USD rises to the resistance level at 1.2997, which also has the 200 day moving average. The MACD indicator is in the positive territory.

H1 chart: In this chart, the EUR/USD tries to follow up and was on its way to the resistance at the 1.2938 level, but formed a resistance level 1.2896. If the EUR/USD breaks this resistance, it is expected to rise to the level of 1.2938. On the other hand, below the support at the 1.2870 level there is a Point of Control (POC). If the pair breaks that POC, it is expected to fall to the support level at 1.2811. The MACD indicator is showing signs of great weakness in the bullish trend of the moment (overbought), which support a bearish outlook for the session in EUR/USD.

Fundamental outlook: In today's session no important economic data in the eurozone and in the United States is expected, however, we must pay attention to the speech of U.S Treasury Secretary's Jack Lew, at 14:00 GMT, and the speech of Federal Reserve Bank of St. Louis's President James Bullard, at 15:30 GMT. Both events could generate some volatility in the EUR/USD during the hour.





Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the EUR/USD pair breaks with a bearish candlestick, the support level is at 1.2865, take profit is at 1.2811, and stop loss is at 1.2900. Place buy (long) orders only if the EUR/USD pair breaks with a bullish candlestick, the resistance level is at 1.2896, take profit is at 1.2938, and stop loss is at 1.2865.

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Elliott Wave analysis of EUR/NZD for May 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5885

R2: 1.5840

R1: 1.5798

Current spot: 1.5772

S1: 1.5750

S2: 1.5710

S3: 1.5681

Technical overview:

We have seen the expected correction down to 1.5770 (it has been a little deeper with a test of 1.5749), but we should be ready for the next rally higher and are looking for a break above minor resistance at 1.5840 to confirm the next strong rally higher. On this next rally higher we are also looking for a clear break above the base-channel resistance line confirming that we are in red wave iii, which ideally should make it to at least 1.6481 and possibly even higher. That said, as long as minor resistance at 1.5798 and more importantly resistance at 1.5840 protects the upside, we must allow for a decline lower towards 1.5735, but we do favor the rally higher from here.

Trading recommendation:

We are long EUR from 1.5790 with our stop placed at 1.5615. If you are not yet long EUR, then buy a break above 1.5840 with the same stop.

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Elliott Wave analysis of EUR/NZD for May 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 132,77

R2: 132.55

R1: 132.13

Current spot: 131.93

S1: 131.53

S2: 131.18

S3: 130.97

Technical overview:

We are still looking for the last rally higher towards the ideal target near 134.47, where we expect the entire rally since the 94.10 low ends and marks the top of wave I. Once we have wave I in place we are looking for wave II lower to the bottom of wave 4 of one lesser degree, which comes in at 118.73. In the short term we would like to see support at 131.55 protecting the downside for a break above 132.13 to confirm the next rally higher towards 132.77 and higher to 133.54 on the way to the ideal target near 134.47. That said only a break below support at 130.97 will indicate that wave v of 5 ended early and the major wave II correction is already ongoing.

Trading recommendation:

Our stop at 131.15 was hit for a small loss. We will buy a break above 132.13 with a stop at 131.50 and place our take profit+reverse of the position at 134.20.

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GBP/USD: Weekly and monthly pivot point and signal - for May 20 - 25, 2013 Trend News

The pound sterling recovering lost ground, without much conviction. For now it has managed to break 1.52 area, but it found strong resistance at 1.5236, trendline. The indicators, however, are likely to encourage the British currency continue to gain positions in the American session. Given that the weekly pivot is located in this area, we should expect a daily close above that level, so we can buy this pair. The first upside target is in the area of 1.54. On the other hand, below the point weekly pivot we expect a fall to 1.5088 support.

Signals for May 20 - 25, 2013

Sell if it pulls back and sell below 1.5236 (W_PVV) with take profit orders at 1.5088 and 1.5009, stop loss is above the first weekly resistance.

Buy if it closes the daily charts above 1.5240, with take profit in the zone of 1.5463, stop loss is below 1.5170.

____WEEKLY_____

Weekly - R3 = 1.5542

Weekly - R2 = 1.5463

Weekly - R1 = 1.5315

Weekly Pivot = 1.5236

Weekly - S1 = 1.5088

Weekly - S2 = 1.5009

Weekly - S3 = 1.4861

If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com

_____MONTHLY____

Monthly - R3 = 1.6257

Monthly - R2 = 1.5912

Monthly - R1 = 1.5722

Monthly Pivot = 1.5377

Monthly - S1 = 1.5187

Monthly - S2 = 1.4842

Monthly - S3 = 1.4652

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USD/CAD intraday technical analysis and trading recommendations for May 20, 2013 Trend News

Support level around 1.0016-0.9995 (61.8% Fibonacci) provided evident bullish steam for the pair to step above 1.0300 topping at 1.0311.

The USD/CAD pair did not show much respect to price zone 1.0250-1.0290 on retesting which took place on Friday. Hence, there is no confirmed destination for the pair now.

It is important to note that the pair established an ascending buttom and top at 1.5150 and 1.5210 respectively. Those levels will probably provide support for the pair on the next visit especially that there's 61.8% Fibo level located there.

As long as the USD/CAD bias remains bullish, the pair should not step below 1.0150, with a fairly good BUY entry at retesting of 1.0200.

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USD/CHF: Bullish bias Trend News

Overview:

USD/CHF is consolidating with bullish bias after hitting nine-month high of 0.9761 on Friday. The rate is buoyed by positive USD sentiment; franc sales on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD is bullish; stochastics is staying elevated at overbought; 5- and 15-day moving averages are rising.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.9761 and the second target at 0.9809. You should keep in view short position below the pivot with the first target at 0.9633, breach of this target will move the pair downward further, and expect the second target at 0.9576. The pivot point stands at 0.966.

Resistance levels:

0.9761 (Friday's high)

0.9809 (Aug. 10, 2012 high)

0.9898 (Aug. 2, 2012 high)

Support levels:

S1 - 0.9633 (Friday's low)

S2 - 0.9576 (Thursday's low)

S3 - 0.9517 (Tuesday's low)

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Silver bounces off 20.00. Watch out for bullish reversal soon Trend News

Technical outlook and chart setups:

Silver prints fresh lows around 20.00 before bouncing back strongly. Please note that 20.00/21.00 levels are past resistance turned support level on the weekly chart as discussed earlier. Hence a possibility of a bullish reversal remains high around current levels. It is recommended to wait for a bullish reversal here before going long again. As shown here, the Fibonacci levels extend till 19.50 level before the metal reverses for good. Immediate resistance is at 22.80, followed by 23.80, and 24.80 respectively. Intermediary support is between 19.50 and 20.00.

Trading recommendations:

Remain flat for now.

Good luck!

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Gold breaks 1,350/60. Further lows possible. 1,290/1,300 remains in-sight Trend News

Technical outlook and chart setups:

The yellow metal has been breaking intermediary supports, the last one being at 1,360/65, the Fibonacci 0.786 of rally from 1,300 to 1,487. Currently trading around 1,351.00, gold remains under pressure and is vulnerable to printing of fresh lows. Higher time frame charts are stretched out for now, and hence conviction of going aggressive short is missing. Immediate support is at 1,320/24 levels, followed by 1,290/1,300; while swing resistance remains fixed at 1,390/92, followed by 1,450.00 and higher up. Watch out for a possible bounce and reversal at 1,290/1,300 levels to go long. It is recommended to wait for bottom formations before going long again. Flat for now.

Trading recommendations:

Remain flat.

Good luck!

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