EUR/USD buy above 1.3030 - for March 12, 2013 (daily strategy) Trend News

Yesterday the euro managed to close above the weekly pivot of 1.3030. It increases the likelihood that the pair could be ready for a move higher until at least the nearest resistance of 1.3209. However, it is recommended to buy this pair. If there is a rebound in the area of 1.3030, below 1.30, there are many supports there, it will be difficult for this pair to fall easily. If you look at the graph, the momentum indicator is in positive territory, adding to the likelihood that the euro can recover.

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GBP/USD - buy above fractal 1.4923 - for March 12, 2013 (daily strategy) Trend News

Today the British pound came back to a new low 1.4830. This pair looks weak, against almost all currencies at the moment, so there is no reason to think that this market is going to take a different turn. Taking into account that it is already very oversold, we consider that it would be dangerous to sell this pair, or we should expect a bullish rebound to re-sell, or as noted in the chart below, you can place your order positions above the daily fractal of 1.4923, with a target to the next fractal 1.5268.

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AUD/USD EMA 200 - for March 12, 2013 (daily strategy) Trend News

The Australian dollar is under bullish force. This pair has been reacting to 1.0230/00 level, an area which is becoming very strong support. The exponential moving average of 200 is in the area of 1.0345, below this level it is suggested to sell, because the pair is approaching a resistance level, in the short term we place our target at fractal 1.0230.

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Silver approached the upper boundary of range near 29.00. Clear breakout awaited Trend News

Technical outlook and chart setups:

As seen on the 4H chart view here, Silver maintains range bound trading session for yet another day. The lower range is around 28.40/50 defined as support boundary and the upper range is around 29.00/10 defined as resistance boundary. As the trading range gets narrower since last few sessions, probability of powerful breakouts increases. 28.00 level should provide strong support now, while 29.50 and 30.30 are immediate resistance levels waiting to be taken out by thrust breakout. Believe it or not, technical indicators (MACD and RSI) on daily charts are showing bullish tendencies. Hence it remains highly recommended to stay long on positions taken earlier and wait for bullish breakout. 31.00 level is in sight now.

Trading recommendations:

Remain long, stop is at 27.00, target 1 is at 30.50, target 2 is at 31.30, and target 3 is open.

Good Luck!

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Gold attempting breakout yet again above 1,584/85 Trend News

Technical outlook and chart setups:

As depicted here on the 4H chart view, the yellow metal continues to be in a range/pennant formation. The lower boundary is rising (support) from 1,565.00, 1,567.00, and 1570.00 levels, while the upper boundary (resistance) is constant at 1,584/85 level as shown here. This type of range breakout would be indeed powerful and raise prices through the next upside resistance near 1,650/60 levels, as depicted. Immediate support is at 1,565.00, followed by 1,555.00, 1,550, and lower. It is highly recommended, after looking into over all daily structure, to remain bullish and long for now. Bottom line: Anything above 1,530/50 is strongly bullish. Wait for the sideways breakout to materialize.

Trading recommendations:

Hold on to long positions, buy further on dips, stop is at 1,530.00, target1 is at 1,650/60, and target 2 is open.

Good Luck!

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EurJpy supported just below 124.00 Trend News

Technical outlook and chart setups:

As depicted on the 4H chart view here, the structure remains more or less unchanged from yesterday. The single currency pair printed intraday highs at 126.00 and has been retracing down since then. As seen here, immediate support is just below 124.00 level, followed by 120.00 and lower. If 124.00 is held well, the prices are expected to cross 127.00 level in the coming few trade sessions. A break of 124.00 would bring down prices between 122.00 and 123.00 and would delay matters to further bullish scenario. At the moment, it is recommended to hold or go long with an upside target of 124.40.

Trading recommendations:

Go long or hold long positions, stop is at 123.50, and target is at 127.40.

Good Luck!

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GbpChf hits 1.4050. Flat for now. Look to buy if bullish bounce appears Trend News

Technical outlook and chart setups:

As it had been discussed since few last trading sessions and depicted here on the 4H chart view, the single currency pair has hit our first measured soft target below 1.4050 level right now. It is suggested to book profits and review the situation before entering again. As shown here, the 1.4040/50 level is re-enforced by the 0.618 Fibonacci support level of the upswing between 1.4 and 1.4280. Hence it is quite possible for the pair to take a bullish bounce from these levels in the coming hours. In that case one can expect a rally that would complete trade cycle/counter trend cycle that began from 1.4 level. The next lined up resistance is around 1.4350 level; while support is at 1.4030/35 and lower. On the other hand, if prices break below 1.4030 level, it would be safe to assume that it is heading lower further towards 1.38/1.37 levels.

Trading recommendations:

Book profits on short positions. Flat for now. Look to buy on a bullish reversal from here, target is at 1.45.

Good Luck!

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