Silver almost hit 32.00 yesterday. Buying on dips favoured Trend News

Technical outlook and chart setups:

Silver hit fresh intermediary highs at 31.92 level yesterday. Immediate support is at 31.00, followed by 30.00, and 29.20; while the next lined up resistances are at 32.50/60, 33.65, 34.30, and 35.10 respectively. There is no doubt, bulls would be determined to break resistance levels mentioned above. It is recommended to book partial profits at current level (31.76) and wait for another buy opportunity on correctives lower. Please note that the larger trend is up and buying on dips should remain favored trade strategy for now.

Trading recommendations:

1. Book partial profits now, stop is at 29.50, and target is open.

2. Re-enter buying on dips as close to 31.00.

Good Luck!

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Gold remains buying on dips. 1,720/25 is the next immediate target Trend News

Technical outlook and chart setups:

The yellow metal rose past the 1,694.00 level yesterday as expected, and depicted here. Supports are at 1,665/70 region, followed by 1,650.00 and 1,640/42; while the lined up resistance levels are 1,720.00 and 1,750/52, on the 4h chart view depicted here. It is recommended to book partial profits now (1,688/89), and wait for a pullback to re-enter buying for the next upside targets as depicted here. Please note the larger bullish trend is intact and will gather pace after a meaningful correction; hence buying on dips should continue to remain favorable trade strategy for now.

Trading recommendations:

1. Book partial profits on long positions taken earlier, move stop to 1,630.00 level from 1,600/10, target is open.

2. Buy again on dips as close to 1,650/55 levels.

Good Luck!

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EurJpy hits Fibonacci resistance at 120.50/60. Book profits on long positions Trend News

Technical outlook and chart setups:

As depicted here, the single currency pair has risen from yesterday’s lows around 117.00 to 120.50 (our measured Fibonacci extensions). A higher up resistance level is at 120.00 and above, while immediate support is at 116.50 level, followed by 115.00 and 114.00 respectively. It is recommended to book profits on the long positions taken yesterday at current levels at 120.00 and wait for a clear signal to go short again. Looking lower from here on.

Trading recommendations:

1. Book profits on long positions taken yesterday at 120.00.

2. Aggressive traders can go short now (120.00), stop is at 121.50, and target is open.

Good Luck!

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GBP/CHF bulls might break out; 1.4980/85 remain crucial Trend News

Technical outlook and chart setups:

As depicted here, prices seems to have stabilized at the 1.4860 level for now. The single currency pair may break above the 1.4980/85 (which is intermediary resistance) levels at the moment. Intermediate support is at 1.4860 followed by 1.4670 and lower. It is recommended to remain short on the positions taken yesterday; fresh shorts should not be initiated though. Furthermore, a break of the 1.4980 level here would take prices to fresh intermediate highs at 1.5050/60 in the short term.

Trading recommendations:

1. Short positions could be continued from yesterday, move stop to 1.4985.

2. Buy on a break of 1.4985, stop at 1.4880. Target 1.5050/60.

Good Luck!

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NZD/USD: Technical analysis (Support: 0.8370 ) for January 17, 2013 Trend News

Overview:

The NZD/USD pair is expected to continue the movement from the point of 0.8370 (it will call for a strong level). Thus, the kiwi shows the signs of strength following the breakdown of the highest level 0.8370. This fact can be considered as a good signal for Buy deals above this strong support (0.8370) with the first targets at 0.8415 and 0.8450 (the level of 0.8450 will serve as a strong resistance and is considered to be appropriate for take profit orders). It should be mentioned that this level will coincide with the weekly resistance 1 (0.8452). However, in case of a reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8450, the market will further decline to the level of 0.8369 (the weekly pivot point) indicating bearish mood in order to retest the weekly support 1 at the level of 0.8280.

Range : 173 pips.

Technical analysis :

R3: 0.8625

R2: 0.8542

R1: 0.8452

PP: 0.8369

S1: 0.8279

S2: 0.8196

S3: 0.8106

If you have any questions or requests, please feel free to contact me mourad.elkeddani@analytics.instaforex.com.

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GBP/USD intraday technical analysis and trading recommendations for January 17, 2013 Trend News

The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone.

Bullish retracement took place last week after testing 1.6000, which was capped around 1.6175 (backside of the broken bullish channel).

Price Levels 1.6115 and 1.6080 has been broken down this week confirming the bearish bias for the pair in the short term. However, there is some recovery manifested at the critical intraday support zone around 1.6000 -1.5990, the loss of which would trigger considerable bearish momentum towards 1.5960 and then to 1.5900.

Price Levels 1.6050 and 1.6080 should be watched for bearish price action and further SELL entries with SL just located above 1.6120.

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Silver targetting 32.00 immediately. Long-term bullish structure remains intact Trend News

Technical outlook and chart setups:

Silver retraced close to 31.00 level yesterday before pulling back to 31.40 level again. The overall trend structure remains grossly favorable to bulls; and it is recommended to buy on intraday dips as a common trade strategy. Supports are lined up from 31.00, followed by 30.20 and 29.30; while resistance is lined up from 32.50, followed by 33.60/65 and 34.35 respectively. Immediate upside target seems to be 32.00 and 32.50. Looking higher from here on.

Trading recommendations:

Hold on to long positions taken earlier. Stop is at 30.00. Target is open.

Good Luck!

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