Silver prints lower levels below 28.50 today. 28.00 remains key for bulls Trend News

Technical outlook and chart setups:

The metal has just fell below the trading range support at 28.50 as seen on the 4H chart view presented here. Nonetheless, the current levels, around 28.25, should remain well supported since 0.786 Fibonacci support falls here. A break below would expose 28.00 level which is the bottom line for bulls to remain in control here. Intermediary resistance is now at 28.70/80, followed by 29.20, and strong resistance remains at 29.50, 30.20/30, 31.20 and higher up; while support is just below 28.00 level for now. It is quite possible that prices test 28.00 level again before staging rally on the higher side; and hence recommendations are to remain long for now till 28.00 level remain intact. Looking higher after test.

Trading recommendations:

Hold on to long positions, stop is at 27.00, and target is open.

Good Luck!

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Gold bottom seen between 1,590/92 today. Remain long Trend News

Technical outlook and chart setups:

The yellow metal is forming the next higher low around 1,590/92, as seen on the 4H chart view depicted here. The series of recent lows/supports are 1,555.00, 1,560/65, 1,570/72, and now 1,590/92. Resistances are lined up from 1,650/60, followed by 1,680/85 and higher. Looking into the shorter wave structure since 1,555.00 lows, prices have been forming higher supports. With a bottom near current levels, the next immediate move should be towards 1,620.00 level, followed by 1,660.00, and higher. Hence it is recommended to remain long and add further positions at current levels. The daily chart wave structure depicts a move higher till the time prices stay above 1,555.00 consistently. Prices have held 1,580 level well which is re-enforced by the 0.786 Fibonacci support of the entire upswing between 1,520/30 to 1,798.00 earlier. Bottom line: Expect higher levels, till 1,555.00 is in place.

Trading recommendations:

Hold on to long positions, stop is at 1,550.00, and target is open.

Good Luck!

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EurJpy bullish above 119.00 Trend News

Technical outlook and chart setups:

The single currency pair seems to be forming base at 120.00 level. It is re-enforced by Fibonacci 0.786 retracement level as seen here. No doubt there is not enough proof at the moment to confirm a bullish reversal and it is possible that EurJpy continues sliding down below 119.00 level and further. But looking into RSI, around 30-35 and MACD providing divergence, it is quite likely that bottom is near and a bullish reversal should materialize. Intermediary support levels are 120.00, followed by 119.00/118.75, 117.00, and lower, while resistances are lined up from 124.00, followed by 126.00, 127.00, and 127.90 respectively. It is recommended that at least 30-40% capacity should be bought at the moment, leaving room for a possible higher low formation ahead of 119.00 level. Bottom line: Bullish possibility remains till above 119.00.

Trading recommendations:

1. Aggressive Approach is to buy 30-40% of capacity at current levels (121.00/10). Stop is at 118.50, and target is open.

2. Conservative approach is to wait for a break above 123.50.

Good Luck!

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GbpChf retests 1.4410/20 and reverses. Optimum short entry Trend News

Technical outlook and chart setups:

The single currency pair, as seen on the 4H chart view here, hit 1.4411 level yesterday and produced an engulfing bearish trade signal. At the moment it has re-tested yesterdays' highs and pulled back sharply again. This price action confirms that a lower top is in place at 1.4420/30 levels and the pair is ready to resume its underlying down trend. Support levels are lined up from 1.4200/50 levels, followed by 1.4030 level and just below 1.4; while resistance levels are lined up from just above 1.4500, followed by 1.4800 and above respectively. It is recommended to continue holding short position, and go further short at current levels. Wave structure remains intact with the counter trend finishing at expected levels of Gartley around 1.4411; expected down trend continues. Bottom line: Bearish below 1.4500/30.

Trading recommendations:

Hold on to short positions, stop is above 1.4550, and target is below 1.4.

Good Luck!

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GBP/USD intraday technical analysis and trading recommendations for March 27, 2013 Trend News

The price around 1.5300-1.5330 marks the upper limit of the consolidation pattern above 1.5075. Hence, formation of a lower high around 1.5220, followed by breakdown below 1.5075, has been enhancing the bearish sentiment of the market.

Also the daily closures, which were observed during the last two weeks, imply the continuation of the sell-off afterwards, provided that the pair remains below 1.5155-1.5220 (major supply zone on the 4H chart). However, this zone was broken last week. That is why, retesting of this zone provided a short-term buy entry with SL as 4H closure below 1.5130.

Breakdown below support zone around 1.5150 will probably target 1.5076 initially. However, if this zone holds, the uptrend from 1.4830 will remain intact, targeting 1.5330 provided that the pair fixates above 1.5180 again.

It is important to note that Monday's daily candlestick was bearish engulfing pattern, which holds further pressure on 1.5150-1.5130.

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USD/CAD intraday technical analysis and trading recommendations for March 27, 2013 Trend News

The USD/CAD pair is holding firmly above its broken resistance at 1.0100 level. However, lack of the bullish steam seemed to exist during the last two weeks and the pair seems to be under negative pressure which was manifested yesterday in the massive bearish daily candlestick.

Last week we got some bearish rejection around 1.0300, which was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until the pair gave obvious daily closure below 1.0220 which was repeated yesterday after breakdown of 1.220 again.

The most suggested scenario now is bearish; as long as the USD/CAD pair remains below 1.0220 with SL as 4H closure above 1.0200 to secure some profits.

By breakdown of the lower limit of the movement range at 1.0220, the USD/CAD pair probably has a projection target at 1.0110.

On the other side, it is important to note that support is located around 1.0160 level which is being tested today, where a breakdown will allow movement towards 1.0130 (50% Fibonacci) then 1.0100 level to take place.

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