EUR/JPY - Weekly and monthly pivot points and signals, for February 12 - 16, 2013 Trend News

This week the EUR/JPY is showing an upward movement; it is trading above the weekly pivot of 125.00 yen. We expect a bullish move to first weekly resistance at 126.58. If the pair closes on daily charts above this level, it is likely to be a new wave upward to 129.65, next resistance. Therefore, we recommend buying above 126.60, below this level, the downward pressure increases, and it is likely to be extended to the weekly support 122.31. Therefore, we must oversee this weekly resistance, below this level the pair could quickly fall to the next support 122.31.

125.00 and 120.88 are weekly and monthly pivot points for this week for EUR/JPY.

Signals for February 11 - 16, 2013

Buy if it closes above 126.58 (W_R1) with take profit at 127.70 and 129.26 (W_R2), stop loss is below 122.30.

Sell if it closes below 126.00 (W_R1) with take profit at 125.00 and 122.32 (W_S1), stop loss is above 127.80.

____WEEKLY_____

Weekly - R3 = 130.84

Weekly - R2 = 129.26

Weekly - R1 = 126.58

Weekly Pivot = 125.00

Weekly - S1 = 122.32

Weekly - S2 = 120.74

Weekly - S3 = 118.06

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

____MONTHLY____

Monthly - R3 = 135.06

Monthly - R2 = 131.92

Monthly - R1 = 128.22

Monthly Pivot = 120.88

Monthly - S1 = 117.18

Monthly - S2 = 109.84

Monthly - S3 = 106.14

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GBP/USD intraday technical analysis and trading recommendations for February 12, 2013 Trend News

Although the GBP/USD pair has reached a major support line during last week (backside of broken long-term downtrend), the pair failed to consolidate below it due to lack of bearish power and the pair quickly went back to retest a previously mentioned resistance at 1.5750 and 1.5830.

It was mentioned that it would be ok to open short trading positions if the price firmly consolidates below this major resistance which already happened.

It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000.

Last week price level 1.5830 was recommended as a valid SELL entry with SL above 1.5895 which got activated shortly after. This week we need to have consolidation below of the weekly low 1.5673. Otherwise, consolidation again above 1.5750 might hinder the bearish scenario opening the way directly towards 1.5830 again. Theoretically speaking, the pair has confirmed a giant "double-top" pattern to be targeting 1.5350 as long as the pair is consolidating below neck-line around 1.5830 - 1.5890. It is important to note that price level 1.5550 should be watched for price action as cable may find quite strong support there.

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Silver tests 30.70. Recommended go long again Trend News

Technical outlook and chart setups:

The Daily structure for Silver remains constructive for bulls as earlier. The metal seems to have just tested 30.70 level (it was expected to form base around 30.50, as discussed earlier) and is bouncing off forming a morning star. It is highly recommended to go long again now at current level (30.88). Major, trend defining support is at 29.22 and till the time prices stay above, trade strategy is clear, buy on dips. Momentum remains bullish, looking higher from here on.

Trading recommendations:

Hold on to earlier long positions, go fresh long now (30.88), stop is at 29.00 (shall be revised soon), and target is open.

Good Luck!

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Gold corrects in 3 waves. Recommended go long again Trend News

Technical outlook and chart setups:

As depicted here on the daily chart view, the yellow metal has corrected itself in 3 waves from the recent swing highs at 1,694/95. Technically, it is still at the 0.786 Fibonacci support level of the upswing between 1,626 and 1,694/95. A bullish reversal is highly possible now and, therefore, it is recommended to go fresh long, considering the risk/reward ratio is optimal. Major swing support is at 1,626.00, and till the time prices remain above that level, Gold remains clear buy on dips. Looking higher from here on.

Trading recommendations:

Hold on to long positions taken earlier, go fresh long now, stop is at 1,620.00 (it will be revised later again), and target is open.

Good Luck!

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