EUR/USD rebound above 1 .2927 (key Level) - for March 13, 2013 (daily strategy) Trend News

The number of retail sales in the United States pressured the euro lower reaching a new low of 1.2923. Right in this area there is the first weekly support. Now the pair tries to recover positions, from technically point of view, this area is a good level to buy the pair, with objectives in the medium term to weekly resistance 1.31. We expect that in the coming days the euro continues to be in range between 1.2930 and 1.31 levels. The Momentum indicator is in positive zone, which increases the chances of recovery of the euro.

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

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AUD/USD sell below EMA 200 - for March 13, 2013 (daily strategy) Trend News

The Australian dollar could not exceed the level of the 200-day moving average. Today it was trading below this level, more likely that the downward pressure continues to 1.0230 fractal. Therefore, it is recommend to be alert to all maximum, to sell the pair, just below the 200 EMA. The technical indicator is at a resistance level; it is likely that for the next few days there is a bearish sequence.

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

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GBP/USD key fractal 1.4927 for March 13, 2013 (daily strategy) Trend News

The British pound gained positions and now it is away from its Tuesday’s lows, when it touched 1.4830. Here it began to take some strength. This morning in the U.S. session it has been trading above 1.4927 fractal. Yesterday we pointed out this fractal level, as the entry point to buy the pair, and today I will buy if the pair goes back to this level. This pair is taking some bullish strength; in the short term we expect it to reach the level of resistance fractal 1.5280.

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

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USD/CAD intraday technical analysis and trading recommendations for March 13, 2013 Trend News

The USD/CAD is holding firmly above its broken resistance at 1.0100 level, further upside movement might be expected. However, lack of the bullish steam seemed to exist during the last two week.

This exposed 1.0260 level, where a breakthrough allowed the rally towards 1.0300 level. Further 1.0350 level stands as the next possible upside target.

Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0255-1.0330.

The most suggested scenario now is bearish; it is based on the daily closures we are getting, as long as the topping at 1.0340 remains unbroken.

It is important to mention that Friday's daily closure showed massive bullish rejection towards 1.0235 ending in formation of long tailed hammer candlestick.

On the other side, support is located around 1.0160 level, where a breakdown will target 1.0100 level.

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Gold breaks out above 1,584/85 finally. Looking higher now Trend News

Technical outlook and chart setups:

As we have discussing earlier and as seen on the chart view presented here, the yellow metal finally broke out of consolidation on the north side, above 1,584/85 levels yesterday! It should be noted that the wave structure remains bullish with the AB boundary defined by the rally between 1,555.00 and 1,620.00. The retracement has taken place up to 0.786 Fibonacci support around 1,560/65 levels, and after a phase of consolidation the prices have broken out of pennant formation. It is quite possible that previous resistance will be tested again at 1,585.00, which should act as support now, before the final thrust rally towards 1,660.00. Resistance lies ahead of 1,650.00 and above. Looking higher from here, so recommendations are to stay long.

Trading recommendations:

Stay long, move stop from 1,530 to 1,550.00, target 1 is at 1,660, target 2 remains open.

Good Luck!

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EurJpy forming base ahead of 124.00 level. Looking higher Trend News

Technical outlook and chart setups:

As depicted on the 4H view here the following facts should be noted:

1. The single currency pair broke the inner line and bounced off sharply from 119.00 level. At the moment it is strong support.

2. The sloping down trend line has been breached and also the resistance at 126.00 level has been taken out.

3. The pair has retraced back at around 124.00 level, around the backside of the sloping downtrend line. This level is acting as immediate support.

4. Prices are bottoming out around 124.80 region to prepare for the next rally higher up and challenge lined up resistances at 127.00 and 127.90 respectively.

Keeping all the above facts in view, it is highly recommended to remain long and build further around these prices. A push above 126.00 levels shall trigger further buying. Bottom line: Prices are setting up to challenge 127.00/128.00 levels from here on.

Trading recommendations:

Stay long, stop is at 123.00, and target is above 127.90.

Good Luck!

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