EUR/USD - time to buy - for March 22, 2013 (daily strategy) Trend News

This morning during the U.S. session the euro was trading at 1.2938, above the 200 day moving average and within the short-term bearish channel. Yesterday the euro touched the base of this channel and found strong support that there is bouncing to upward. As we have mentioned, we still remain in our bullish outlook for this pair. As the pair failed to close below the 200 EMA and the bearish channel has remained intact, so in the medium term we expect the euro will trade at 1.35 level. It has to overcome the very strong resistance of 1.3230. However at this moment, you can buy the euro at the current price with the first target to 1.30 and if the pair closes above 1.3006, we can re-buy with objectives to 1.3250 which is resistance.

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

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AUD/USD - buy above EMA 200 - for March 22, 2013 (daily strategy) Trend News

Yesterday the Australian dollar found resistance around 1.0448 fractal. Hence it is likely to continue falling until the top of the bearish channel. At this level, around the level of 1.0390, we can buy back the pair with targets in the medium term to 1.0525 fractal. Now our outlook is bullish for this pair, because it is above the 200 day moving average.

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

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GBP/USD - strong resistance 1.5280 - for March 22, 2013 (daily strategy) Trend News

The British pound is growing slowly against the dollar at these times, and again it has surpassed 1.52. We expect the upward sequence could give an impulse to the resistance of 1.5280 fractal. However, the Momentum Indicator is showing bearish signal, which is suggestive of this pair expects a downward correction in the next few days. You can sell at any price from 1.52 to 1.5280 with objectives to support level 1.4960.

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

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Gold looking to carve higher highs... 1,660.00 target Trend News

Technical outlook and chart setups:

Looking into the 4H chart view depicted, the single currency seems to be carving out higher highs and higher lows on shorter timeframes, confirming our bullish stance towards 1,660.00 in the sessions to come by. The structure remains unchanged with a possible ABCD unfolding on the higher side with A=1,555.00, B=1,620.00, C=1,560, and projected D=1,660.00. Intermediary support levels are 1,600.00, 1,590/80, 1,560/65; while resistance levels are 1,650/60, 1,680/85, and 1,695.00 respectively. Only coming below 1,555.00 would delay matters further for the bulls. 1,525/30 is strong support below 1,550.00. It is therefore recommended to hold long positions and utilize intraday dips as buying opportunities for an upside target.

Trading recommendations:

Hold long positions, buy further on dips, stop is at 1,550.00, and target is at 1,660 and above.

Good Luck!

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EurJpy tests 122.00-121.50 again. Hold longs for now Trend News

Technical outlook and chart setups:

Looking into the 4H chart view depicted here, following facts could be noted:

1. Prices fell below expectations at 121.50, nevertheless it is still re-enforced by 0.618 support as seen here. A bullish bounce should be expected here.

2. Furthermore, the backside of dropping trend line is again being tested, around 121.50 level, which is support now.

3. Immediate support is at 121.00, followed by 120.40, 119.00, 117.00 and lower; while resistances is at 127.00 and 127.90 respectively.

4. Till the time prices are above 120/121 levels, the immediate probable direction looks to be on the higher side, at least a test of 127.90/128.00 levels.

Trading recommendations:

Remain long, stop is below 121.00, and target is at 128.00 at least.

Good Luck!

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GbpChf preparing to resume downswing. 1.4411 remains resistance Trend News

Technical outlook and chart setups:

As seen on the 4H chart view, the single currency pair has printed overnight highs around 1.4380/90 levels, just shy of around 20 pips from our measured level of 1.4411. Still one last rally through 1.4410 cannot be ruled out before the pair forms a reversal. At the moment, a tweezer top candle stick pattern seems to be unfolding, which is bearish. Intermediary support levels are seen towards 1.4200, followed by 1.4030/40 and lower; while resistance is fixed just above 1.4500 level for now. If prices manage to break 1.45, which is quite unlikely at the moment, the wave structure would be changed to an inverse head and shoulder unfolding and we could look to go long at the right shoulder. This scenario shall be discussed as it unfolds. Looking bearish at the moment.

Trading recommendations:

Hold on to short positions, add further at 1.4411, stop is above 1.4550, and target is below 1.4.

Good Luck!

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