EUR/USD - key level of 1.31 - for March 15, 2013 (daily strategy) Trend News

The euro dollar is approaching 1.3105, the first major resistance to the dollar for the next few hours. This level is key, so that the upward trend of the pair is established. It would only be considered a pullback if it closes below this level. Therefore, be careful if you want to buy at the current level, if the pair closes the day above 1.3105, you could safely buy the euro, or if the pair returns to the weekly pivot level of 1.3030, it would be a good opportunity purchase. The Momentum Indicator is in a mixed area in which there may be a correction of the euro for the next few hours.

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AUD/USD - sell below fractal 1.0388 - for March 15, 2013 (daily strategy) Trend News

Yesterday the Australian dollar stopped its bullish rally at the level of daily 1.0388 fractal, as we have mentioned that below 1.04 there would be a strong resistance. Therefore, at the moment of quotation of the pair, we recommend you selling with short-term targets to the level of 1.0230. The technical indicators are showing overbought levels; it adds strength to our bearish outlook.

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GBP/USD - strong resistance 1.5280 - for March 15, 2013 (daily strategy) Trend News

The British pound is making a strong uptrend after a strong rally, which had no fundamentals from macro reports. This movement resembled a speculative movement that sought to take profits from the big drop suffered by the British currency in the days before. Now it is probably that the pair has a correction to the 1.5050 level. There the 50 day moving average stands. On the other hand, the level of 1.5280 is located as a strong resistance to pressure down the pair. Thus, at current price levels, if you have already a buy order, you can keep up the level of 1.5280.

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Silver remains bullish above 28.00 Trend News

Technical outlook and chart setups:

The structure, as depicted on the 4H chart view remains absolutely unchanged. Please note that all retracement is supported by the short-term uptrend line extending from 28.00 levels. This should be encouraging for bulls, for a push higher above 29.50 soon enough. Immediate intermediary support is at 28.60, followed by 28.30 and 28.00 while resistances are spread across 29.50, followed by 30.30 and 31.20 respectively. An ABCD wave structure is under way where AB boundary is between 28.00 and 29.30 levels, C is around 28.50 and D projection is above 30.00 levels. Bottom line: Till prices remain above 28.00 level, look higher.

Trading recommendations:

Remain long, stop is at 28.00, and targets are at 30.30 and 31.00 at least.

Good Luck!

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Gold ready push higher above 1,600.00. Remain long Trend News

Technical outlook and chart setups:

As seen on the 4H chart view here, yesterday the yellow metal retraced lower up to 1,577/78 levels before bouncing off sharply. It can be seen that an engulfing bullish signal has been produced on the test of past resistance zone, which is support now. It is most likely that a move from here should be a rally towards 1,660 level as shown here. Support levels are defined by 1,575/70, 1,565/60 and 1,555.00 on the lower side. Resistance levels are defined by 1,650/60 (shown as horizontal blue line), 1,680/85, and higher. The expected ABCD where AB is between 1,555.00 and 1,620.00 should be completed now at 1,660.00 level at least. Therefore, it is strongly recommended to hold on long positions for now.

Trading recommendations:

No change. Stay long. Stop is at 1,550.00 (to be revised soon), and target is at least at 1,660.00.

Good Luck!

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EurJpy remains locked between 124.00 and 125.00 Trend News

Technical outlook and chart setups:

Looking into the 4H chart setups, the single currency pair seems to be locked in a 100 pip trading range between 124.00 and 125.00 levels. After having taken out resistance at 126.00, the overall wave structure remains constructive for bulls till prices remain above 124.00. On the flip side, support region is around 123.50/60 region as depicted here. It is also re-enforced by the backside of sloping downtrend line, which would act as support. Hence, even if prices retrace down to sub 123.00 level, it would be good to build long positions again. At the moment, it is recommended to remain long, expecting bulls to challenge higher up resistance levels near 127.00 and 127.90 levels.

Trading recommendations:

Stay long for now, book partial profits if possible, stop is at 123.50, and target is open.

Good Luck!

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GbpChf stalls at 1.4310/20 resistance. Keep risks on long positions at breakeven Trend News

Technical outlook and chart setups:

As depicted on the 4H chart view, the following facts should be again noted.

1. The single currency pair has been pushing higher since 1.4030 bottom formations, as we had expected.

2. The latest downswing boundary, for the entire downtrend from 1.55 level is between 1.46 and just below 1.4 levels. The Fibonacci retracement level for the same has been depicted here.

3. Prices are stalling at the moment at 1.4310/20 levels. Looking at the wave structure from below 1.4 level, the rally looks to be in 3 waves now. Hence if prices reverse from these levels it would be recommended to quit long positions.

4. On the other hand, a Gartley convergence is seen at 1.4411 levels, which is also the Fibonacci 0.786 retracement of the downswing. Keeping this view in mind it is still recommended to hold long positions (partial profits can be booked).

Trading recommendations:

Book partial profits on long positions, place stops at breakeven, and target is at 1.44.

Good Luck!

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