EUR/USD bearish outlook - for February 07, 2013 (Daily Strategy) Trend News

The euro was trading at 1.3543 this morning in the American session. We have drawn a line from a low of 1.30, projecting an uptrend. The pair is trading above this line. It has already had three attempts to break this channel this morning. If you look at the chart below, the momentum indicator is showing a bearish signal, which will be confirmed with the break in the line trend. So we recommend selling below 1.3485, because at that level there is the daily fractal, and if the euro closes the day below this level, it is likely that for the next few days there is a correction to the level of 1.3250, the next fractal. Therefore, we recommend selling the pair only if it the requirements are fulfilled.

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

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GBP/USD sell below EMA 200 - for February 07, 2012 (Daily Strategy) Trend News

The British pound is bouncing above the 1.5614 fractal. The data of monetary policy by the Bank of England gave a bullish move to the pair. But the pair continued downward pressure, although we have seen three times it was touching the level of 1.5630 and 1.5644. If the pair breaks it, the way will be clear until the next 1.5440 fractal. Therefore, we recommend sell, if there is a pullback to the level of the 200 day moving average periods (blue), above the 1.5614 fractal, you can buy with caution, as it is likely that this pair continues rebounding.

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

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GBP/USD. Forecast for February 7, 2013 Trend News

Yesterday the pound was trading in the narrow price range waiting for relevant information which is published today.

At 13:30 GMT+4 UK Industrial Production is issued. It is expected to grow 0.9% against 0.3% in November. Manufacturing production is to rise 0.8% against 0.3% drop in November.

UK Trade balance in December is published today as well. Visible Trade Balance is expected to be -8.9 bln GBP against -9.164 bln GBP in November. Trade Balance Non EU is expected to be -4.2 bln GBP against -4.519 bln in November. Total Trade Balance is forecast 3.2 bln GBP against 3.4 bln GBP in November.

At 16:00 GMT+4 ECB Rate Announcement is expected.

At 19:00 GMT+4 The National Institute of Economic and Social research (NIESR), GDP estimates are released.

Today Mark Carney speaks in UKs Parliament. Probably he will be in unison with the BOE government’s policy.

From the technical point of view, nothing has changed in terms of the pound’s price. The price continues to slide under the line of Fibonacci channel and further downward movement is probable after the price consolidates under the level of correction 123.6% of Fibonacci on the H4 (1.5646). If the price consolidates lower that 1.5646, the downward movement may start with targets at 1.5620, 1.5577, and 1.5555 (support of the channel line of Fibonacci). But on the way to the bearish targets on H4, the support area of the trend line of the daily time frame is placed, 1.5605/18; passing them through, 1.5577 and 1.5555 open.

If the data is strong, short-term bullish movement to the level of 1.5695 on the H4 is possible.

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Silver continues consolidate. Above 32.25 breakout confirmed Trend News

Technical outlook and chart setups:

As depicted on the 4H chart view, Silver continues to consolidate in a decreasing resistance and increasing support fashion. Support levels have been rising from 30.75 level through 31.00, 31.30/40 and 31.60 respectively. Resistance levels have been falling from 32.50 level through 32.25 and 32.00 respectively. It is recommended to refrain from entering into fresh long positions at the moment, rather go long on a bullish break above 32.25. 33.30/40 and 34.30 levels are seen to be as measured upside targets for now.

Trading recommendations:

Hold on to long positions taken earlier, buy fresh on a break above 32.25, stop is at 30.00, and target is open for the long term. Book partial profits at above mentioned levels.

Good Luck!

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Gold consolidation continues... Only above 1,682/85 breakout confirms Trend News

Technical outlook and chart setups:

As seen on the 4H chart view depicted here, the yellow metal continues to consolidate in an increasing support/constant resistance fashion (rising wedge). Support rises from 1,650/52 levels through 1,660.00 and 1,665.00 respectively. Resistance is fixed at 1,680/85 levels for now. It is seen that rising wedge consolidation patterns have a tendency to break north side and quite forcefully. It is recommended to refrain from taking fresh long positions at the moment but enter on a break above 1,680/85 levels. 1,700/05 and 1,720/25 are seen as immediate targets on the north side.

Trading recommendations:

Hold on to long positions taken earlier, buy fresh on a breakout. Stop is at 1630.00 and immediate targets are at 1,720/25 and 1,740/45. Partial profit booking is recommended at targets.

Good Luck!

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EurJpy: Bulls not ready give up yet. 124.00 needs to be broken for further directions Trend News

Technical outlook and chart setups:

As depicted on the short-term (1H) chart view here, prices have been registering higher highs and higher lows sequence at the moment. Immediate support is at 124.00 level, followed by 123.00, 121.50 and lower. Resistance, as mentioned earlier, is at 127.90/128.00 and higher. A push above resistance shall take prices higher to around 129.00/50 levels. It is recommended to refrain from buying at these levels, look rather for a top formation and go short.

Trading recommendations:

Flat for now. Looking to go short again.

Good Luck!

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GbpChf consolidating between 1.4170-1.4250 with upward bias Trend News

Technical outlook and chart setups:

A short term 1H chart view is presented here. It is indicating consolidating price movement between 1.4175 and 1.4275/1.4300 at the moment. Intermediary support is at 1.4175 and a break below would target 1.4100 level before a meaningful counter trend rally can be expected. Immediate resistance is seen at 1.4350/60 levels, followed by 1.4450 and higher. A break above 1.4300 region again would push prices to at least 1.4400/50 from here. With not much conviction seen, it is recommended to refrain from taking fresh positions at the moment. Please trade on a clear breakout on either direction mentioned above.

Trading recommendations:

Existing buy positions can be held with stop at 1.4150 and target at 1.4400/50. Take fresh positions in the direction of breakout.

Good Luck!

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