EUR/USD - buy above 1.2880 - for April 03, 2013 (daily strategy) Trend News

The EUR/USD pair is recovering slightly, because the International Monetary Fund (IMF) announced that it would contribute 1 billion euros to an overall financial bailout package of 10 billion euros for Cyprus. This data did not cause too much impact on the euro. Given that EUR/USD has data that does not favor its recovery but it has managed to stay above the 1.2750 level. Now it faces the 200 day moving average at 1.2881, blue color can be seen in the chart. Therefore, you can buy the pair only if the price is trading above this level, with short-term objectives to the psychological level of 1.30 and above to the fractal of 1.3240 dollars per euro.

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

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GBP/USD - sell below 1.5210 - for April 03, 2013 (daily strategy) Trend News

The British pound was weak for the rest of the session on Wednesday because the data on British economy is disappointing. This time the construction PMI is worse than expected, it pushed the pound down, however it is in a move that begun on Tuesday, so it is likely to rebound. We see the opportunity to sell the pair again with targets in the medium term to the level of 1.4930, because there is a pattern of a double top figure which maximum is 1.5260 and the ultimate goal is to be located 1.49. Therefore, it is recommend to sell below red bearish channel that can be seen from the chart, we will place stop loss 30 points above 1.5260.

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AUD/USD - sell below 1.0523 - for April 03, 2013 (daily strategy) Trend News

The Australian dollar managed to remain bullish after the announcement of monetary policy of the Reserve Bank of Australia, which left unchanged the interest rate at 3%. However, this pair on the daily chart is partly overbought, trying to break the long-term bearish channel. There is the daily fractal 1.0523 above the current price. This is a very strong resistance, the key level of the pair is at 1.0496. We recommend selling at any price below the 1.0523 fractal. We will place the target on the support level of 1.03.

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USD/CAD intraday technical analysis and trading recommendations for April 3, 2013 Trend News

Lack of the bullish steam seemed to exist during the last few weeks and the pair seems to be under negative pressure which was manifested on Tuesday in the massive bearish daily candlestick.

Bearish rejection around 1.0300 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 opened the way towards the projection target at 1.0110 which was visited yesterday.

It is important to note that support is located around 1.0130 (50% Fibonacci) then 1.0100 (61.8% Fibonacci level) where profits of the SELL orders should be taken.

On the 4H chart, price action should be watched for a possible bullish rejection, this will probably indicate a BUY entry with SL as 4H closure below 1.0080.

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GBP/USD intraday technical analysis and trading recommendations for April 3, 2013 Trend News

The GBP/USD pair failed to remain below 1.5155 leading its way towards the upper limit of the current consolidation range around 1.5250.

Looking at 1.5250 which was visited on Monday, the GBP/USD pair expressed quite significant bearish price action which is manifested in the 4H shooting star candlestick followed by the bearish engulfing candlestick.

The GBP/USD pair broke down a support level around 1.5150-1.5130 which corresponded to the lower limit of the depicted bullish channel and a previous consolidation range (1.5130-1.5070) depicted on the chart.

Breakdown of the current support level allowed a quick movement towards the major support around 1.5070 where price action should be watched carefully for a possible BUY entry.

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Silver: Remain flat for now Trend News

Technical outlook and chart setups:

The metal has stopped us out at 27.00 today. It is recommended to remain flat for now and let the trade signals unfold on a daily chart. Immediate resistance is at 29.20/25 levels also an intermediary resistance is just above 28.00 level; which needs to be cleared before taking a position with more conviction. Still, the daily chart view remains inclined towards higher side as shown here. Major support comes in near 26.00/50 levels now and a bounce around current levels should encourage taking long positions. Please also note that at least 28.10/30 levels should be taken off to consider fresh buying now. Things should be clearer in 1-2 trading sessions.

Trading recommendations:

Remain flat for now.

Good Luck!

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Gold hits 1,570.00 as expected. Above 1,580 bullish structure would be kept intact Trend News

Technical outlook and chart setups:

A simplified wave structure has been depicted here on the 4H chart view. As discussed yesterday after printing lows at 1,555.00 level, the yellow metal has remained sideways. The supports have been increasing from 1,555.00, 1,560/65 and the same has been tested today as well. On the other hand, resistance has more or less remained constant at 1,615.00 level. Higher resistance levels are at 1,650.60, 1,680/85 and higher, while support levels are 1,550, 1,525/30 on the lower side. At the moment, the prices are testing the support line around 1,560/65. Here a bullish reversal would keep the bullish structure intact. It is recommended to hold long positions at least for one more day. The rate should remain bullish with 1,555.00 intact.

Trading recommendations:

Remain long, stop is at 1,550.00, and target is open.

Good Luck!

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EurJpy initiating bullish bounce around 119.00. Remain long for now Trend News

Technical outlook and chart setups:

As depicted here on the 4H chart view, the single currency pair seems to have bottomed out around 119.00 support levels and is initiating a bounce at the moment. The measured support level is fixed at 119.00, followed by 117.00/116.00 and lower. Immediate resistance on smaller timeframes is at 120.50 level, followed by 121.00, 124.00, 126.00 and higher. It is recommended to remain long from positions taken earlier and add further on a break higher than 120.50. The shorter resistance line as shown here is breaking at the moment which is favorable for bulls and a push higher than 120.50 would further confirm that the next move is higher from here on. Bottom line: Look higher till 119.00 remains intact.

Trading recommendations:

Remain long, stop is below 118.50, and target is open for now.

Good Luck!

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GbpChf should find intermediary support around 1.4300 Trend News

Technical outlook and chart setups:

As depicted here on the 4H chart view, now the single currency pair seems to be accelerating lower towards at least 1.4300. As seen here, immediate resistance is fixed at 1.4530 level, and it has held well, as prices reversed ahead of it. Intermediary support is seen around 1.4300, followed by 1.4200 and the trendline support comes at 1.4100 level for now. The short-term uptrend line has been broken earlier, tested and the prices have headed lower from there. Immediate intermediary resistance is at 1.4450/70 region now. Till the time, prices are below this level, it is recommended to remain short for now. Sequence of lower lows and lower highs have just begun. Looking lower from here on.

Trading recommendations:

Remain short, stop is at 1.4580, and target is below 1.400.

Good Luck!

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AUD/USD - bearish outlook - for April 02, 2013 (daily strategy) Trend News

The Reserve Bank of Australia left unchanged its interest rate; the data did not generate the volatile movement of the pair, as it was expected. However, at the technical level, we note that the pair is below the bearish channel long-term level of 1.0448 fractal; it supports the pair at this time. The close below this level will increase the likelihood of a downward movement of the Aussie for the next few days, so we recommend selling in current levels of price with a stop loss above the bearish channel and above the 1.0523 fractal.

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