EUR/USD: Buy above trendline - for February 06, 2013 (Daily Strategy) Trend News

The euro is trading near the uptrend line in four hour chart, where one line goes from the least 1.3043. So the pair could lose its tendency. If the euro breaks 1.3490, the technical indicator is showing a bullish movement for the pair. If the euro breaks the support level, there will be the beginning of a downward pressure to the level of the 200 day moving average at 1.3308 periods. On the other hand, above 1.35 movements towards the fractal of 1.3622 and to the maximum of 1.37 are expected. Therefore, we recommend monitoring the key level of 1.35.

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Silver locked in cone consolidation. Break above 32.25 required Trend News

Technical outlook and chart setups:

As seen on the 4H chart view presented here, the metal is locked into a decreasing resistance/increasing support type consolidation at the moment. Immediate resistance is around 32.10/20 region, while support is at 31.60/70 region. A clear break on either side is required to confirm further swing direction. As it was discussed yesterday, there is still a possibility that Silver may re-test the 30.50 region before heading north again. It is recommended to restrain from taking any fresh positions at the moment.

Trading recommendations:

Hold on to long positions taken earlier, stop is at 30.00, target is open. Fresh longs could be taken only above 32.25.

Good Luck!

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Gold locked in consolidation range. Break above 1,680/85 required Trend News

Technical outlook and chart setups:

As depicted here on the 4H chart view, the yellow metal seems to be locked into a constant resistance, increasing support type consolidation range. The resistance level remains at 1,680/83, while support is increasing through 1,655.00 region as seen here. Prices need to clearly break above the 1,685.00 region to advance further up. It is recommended to restrain from entering into fresh positions and wait for consolidation breakout.

Trading recommendations:

Hold long positions taken early, stop is at 1,630, target is open. Fresh long positions can be taken on a break above 1,685.00 mark.

Good Luck!

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GbpChf testing intermediary support at 1.4180/90. A counter trend rally expected Trend News

Technical outlook and chart setups:

The single currency pair rallied past 1.4350 mark before reversing sharply yesterday. It might be too early to predict, but current price wave structure might be indicative of a double bottom formation and a possible reversal ahead. As seen here, the prices are expected to stage a counter trend rally any moment, towards the channel line resistance around 1.4700 now. Therefore, it is recommended to buy the dips presented. Only a clear breakdown of 1.4150 level would indicate further downside in store. Look higher in the short term.

Trading recommendations:

Hold on to long positions taken yesterday, stop is at 1.4130/50, targets are at 1.4700 and 1.4800.

Good Luck!

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