USD/CAD intraday technical analysis and trading recommendations for April 8, 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 March 26 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.

Support located around 1.0130 (50% Fibonacci) which was mentioned to be profit taking level expressing quite significant bullish price action that lead the pair towards the downtrend line at 1.0200.

Price Zone 1.0200-1.0230 corresponds to a downtrend line that's depicted on the 4H chart that is why a low probability short-term SELL entry can be taken provided that the USD/CAD pair remains below 1.0230.

It is important to note that this SELL entry may be quite risky due to first target level for this SELL entry should be located at 1.0140.

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Silver reverses ahead of 26.00. Remain long Trend News

Technical outlook and chart setups:

As depicted on the Daily Chart view here, the metal has finally produced a bullish reversal as a Morning Star on Friday last, just ahead of major support at 26.00. Believe it or not, this could just be a major long-term reversal trading signal; and it is highly recommended to hold long positions taken last week; also buy on dips from here on. Looking into the overall swing structure, it seems that ABC has been formed now, where A= sub 26.00 level, B=35.00, and C=26.60 are headed towards forming a long-term D extension above 40.00 and 50.00 in the coming months. For now, immediate support is 26.60 level followed by strong support at 26.00, while immediate resistance is at 29.50, followed by 32.50, 34.30 and higher up according to daily chart. Bottom line: Looking higher from here towards a major reversal.

Trading recommendations:

Hold long positions and buy intraday dips as well, stop is below 26.00, and target is open.

Good luck!

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Gold produces bullish reversal on daily chart. Remain long and favor buying on dips Trend News

Technical outlook and chart setups:

The daily chart view presented here shows a key reversal signal appearing finally; after much awaiting and anticipations near major support at 1,530/40 levels on Friday. Looking into the overall wave structure, an ABC seems to have formed now with A= 1,525.00, B=1,798.00, and C=1,540.00. This could potentially take us to a D extension above 1,798.00 in the coming months (this is a long-term view). For now, it is highly recommended to remain long from positions taken last week and also utilize dips as fresh long opportunities.1,530/40 levels is immediate support now, followed by strong support around 1,525.00; while immediate resistance is now at 1,610/20 levels, followed by 1,650/60, 1,680/85 and higher up. Bottom line: Looking higher from here on; remain long.

Trading recommendations:

Hold on to long positions and buy further on dips around the 1,560/70 mark, stop is at 1,521.50, and target is open.

Good luck!

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EurJpy prints fresh highs. Book max profits now at 128.30 Trend News

Technical outlook and chart setups:

As seen on the Daily chart view presented here, the single currency pair has managed to take off resistances at 127.00 and 127.90 and printed fresh highs around 128.50. It is recommended to take profits now (128.30) and remain flat for now. Looking into the wave structure here, 119.00 level is now immediate strong support, and this rally still has potential to extend towards at least 130.00. Higher levels are 131.00 and 132.00 from here on. Fresh buying opportunities are on dips towards 127.00 but it is too early to judge that. It is suggested to keep watching on daily chart for 1-2 days before a clear buy opportunity appears again. Bottom line: Remain flat till meaningful dips provide fresh opportunities.

Trading recommendations:

Book profits on long positions taken earlier. Remain flat for now.

Good luck!

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GbpChf remains unchaged for now. 1.4200 should be minimum target lower Trend News

Technical outlook and chart setups:

A shorter view of 4H chart has been presented here. The structure remains unchanged for now with resistance fixed at 1.4530 level. The prices have carved out an intermediary/lower high at 1.4470, since then the pair has been trading in a range. Immediate resistance is 1.4400 for now. A break higher would enforce prices to move towards 1.45 again. As it was suggested last week, it is still recommended to remain short, looking into the overall bearish structure. 1.4530 remains key for a possible bullish reversal; till that time, prices should be heading south. Intermediary support levels are 1.4200, followed by 1.4030 and below 1.4. Remain short for now.

Trading recommendations:

Remain short for now, stop is at 1.4530, target at least 1.42 and below 1.4.

Good luck!

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