EUR/USD - buy above 1.2902 - for March 21, 2013 (daily strategy) Trend News

The euro is still under the downward pressure due to the various problems that continues in the eurozone. According to technical analysis, we noticed that the euro has reached the base of the short-term bearish channel. Now it is now trading at 1.2902, above the 200 day moving average, which adds the pair a bullish outlook for the next few days. Given that our momentum indicator is still in positive divergence and the euro found support above the channel and is located above the 200 EMA (blue), it is recommended to buy this pair, with targets to fractal,1.3006 and more up until the middle line of the channel 1.3225.

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

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AUD/USD - bullish outlook - for March 21, 2013 (daily strategy) Trend News

The Australian dollar managed to break the level of 1.04 in today's session, peaking February 5. Yesterday we mentioned that the Aussie was in a long-term bearish channel, the fact that now it is out of this channel increases the probability of an upward movement for the next few days until the 1.0523 fractal. Our bearish outlook was even invalidated because the pair is now trading above the 200 day moving average. So we expect that there is a decrease of pair to test the strength of the bearish channel which now serves as support. At this level we recommend you buying the pair with objectives to 1.0523.

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

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GBP/USD - strong resistance 1.52 - for March 21, 2013 (daily strategy) Trend News

The British pound has tried several times to overcome the level of 1.52. For example, on March 5, it found strong resistance and was pushed downward until the level of 1.4830. However, above 1.52 resistance, 1.5245 is located, a gap left by the pound on February 25. When the currency passes it, it will open doors to the area of 1.5285. We hope you have a correction of the pair to support levels of 1.50 and 1.4960, daily fractal area. On the other hand, a pullback towards 1.5285 resistance will give us the opportunity to sell the pair with the same objective mentioned above. The Momentum Indicator is overbought, preparing for a potential move lower in the coming days.

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

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Silver breaking above 29.00 again. Hold long positions. Targets 30.30 and 31.20 Trend News

Technical outlook and chart setups:

A daily chart view has been presented for discussing of an unfolding larger wave structure. A multi month upswing has been under formation as a larger ABCD where A=26.00 (June 2012 low), B= 35.30 (Oct 2012 high), Potential C=28.00 (Feb 2013 low) and a D extension at 41.00, 47.00 and 48.00. Intermediary support stands fixed at 28.00, followed by 27.00/50 and 26.00; while resistance levels are lined up from 29.50, followed by 32.50, 34.50 and 35.30 respectively. Till the time prices remain above 28.00 (0.786 Fibonacci retracement level of AB), bulls are in control. Hence it is strongly recommended to remain ling and add further longs if possible during intraday dips. Looking higher from here on.

Trading recommendations:

Remain long, stop is at 27.00, and target is open (29.50, 30.30 and 31.20 are good levels to book partial profits).

Good Luck!

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Gold remains constructive for bulls. Buying on dips recommended. Target 1,660.00 Trend News

Technical outlook and chart setups:

A daily chart view has been presented here today, for larger wave study, and as seen, the structure remains constructive for bulls. A large upswing/cycle seems to be unfolding since last several months as ABCD, where A=1,520/30 (May 2012 low), B= 1,800.00 (Oct 2012 high), A potential C= 1,555.00 (Feb 2013 low) and a D extension projected above 2,000.00 level. Keeping this bird eye view in mind, the intermediary supports are at 1,555.00, followed by 1,525.30; while resistances are 1,650/60, 1,680/90, 1,740/50, and 1,800.00 respectively. Consequently, till the time prices are above 1,555.00, bulls are in control. Hence it is strongly recommended to remain long and look to add further on intraday dips. Looking higher from here on.

Trading recommendations:

Remain long, stop is at 1,550.00, and target is at 1,660.00 (book partial).

Good Luck!

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EurJpy structure remains bullish. Hold on to long positions Trend News

Technical outlook and chart setups:

As seen on the 4H chart view here, overall bullish structure remains intact with no major support/resistance levels breached at the moment. Prices have retraced closer to 123.00 level and they are expected to resume rally again towards 125.00 level and higher. As shown here, the intermediary support is intact at 119.00 level, followed by 117.00, 116.50, and 114.00; while resistances are lined up at 127.00 and 127.90 respectively. We have shown the recent wave structure unfolding here with a=119.00, b=126.00 and c=121.50, with a d projection at 128.00 and higher. It is therefore recommended to remain long from earlier positions and add further at current levels if possible. Looking higher from here on.

Trading recommendations:

Remain long, stop is below 121.00, target are at 128.00 and target above 130.00 remains possible.

Good Luck!

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GbpChf attempting hit 1.4411 before reversal Trend News

Technical outlook and chart setups:

As depicted on the 4H chart view here, the structure remains more or less similar to what we have been discussing since last few trading sessions. Prices are staging a rally towards our projected resistance at 1.4411. Please note that this level is re-enforced by Gartley convergence. Major trend defining resistance is just above the 1.4500 mark and we would be looking to go long if it breaks. Until then, it is recommended to remain short and also add further positions at 1.4411 level. The entire wave structure looks to be a down swing ABCD formation with A= 1.45, B=1.4, C=1.4411 (awaiting), D is projected down towards 1.3750 levels. Looking lower from 1.4411 level.

Trading recommendations:

Remain short, stop is above 1.4550, and target is at 1.3750 and lower.

Good Luck!

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USD/CHF technical analysis for March 21, 2013 Trend News

Overview :

The price of 0.9420 will be formed as a strong level, providing a clear signal for buy deals with the target seen at the 0.9500 level. Stop loss is to be placed below 0.9375 above the strong support level 0.9423 (50% of Fibonacci retracement levels in the H4 chart). These levels correspond to 50% and 61.8% of Fibonacci retracement levels in the H4 chart. It is necessary to consider that the price is still located between the points 0.9430 and 0.9485. The pair has already formed a strong resistance at the level of 0.9530 and it is now approaching it for further testing. Therefore, the Swissie is expected to go downwards following the non-corrective structure and indicating the bearish opportunity below the 0.9530 level. Sell deals are recommended below 0.9530 with the first target seen at the 0.9450 level. Thus, downtrend is likely to begin continuing the bearish movement towards 0.9420 level.

Price opened above the Gab:

It is also important that the price has probably formed a strong support at 0.9420 (0.9423: 50% of Fibonacci retracement levels in the H1 chart). The saturation is likely to take place around 0.9420. Therefore, it is possible that the market will start showing the signs of a bullish behaviour. In other words, buy deals are recommended above 0.9420 with the first target seen at the 0.9480 level and further at 0.9530 level.

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.

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