AUD/USD - sell below fractal 1.0523 - for April 09, 2013 (daily strategy) Trend News

The Australian dollar is showing its strength. It is ready to test the level of 1.05. Due to the increased demand of this pair and devaluation of the yen, we believe that this upward movement will have its stop at 1.0523 fractal daily, high resistance. Therefore, you can sell at any price below this fractal, stop loss is at 1.0530. We will place it very tight, because the daily closing above this fractal will be the beginning of a new upward sequence of the pair to levels of 1.08. On the other hand, if the pair closes below the bearish channel you can sell below 1.0470 with targets up to the 200 day moving average around 1.0373, U.S. dollars per Australian dollar.

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

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GBP/USD - sell below trendline - for April 09, 2013 (daily strategy) Trend News

The British pound is trading below the long-term bearish channel and above the short-term bullish channel. The pound is at a decisive moment, if bluntly manages to break the 1.5350 level. It closed the week above this level which indicates that the pair’s nearest target is at 1.5630. On the other hand, we recommend selling at current price levels with objectives in support of the bullish channel at 1.51. Looking on the chart you can see that the Momentum Indicator is overbought, indicating that it is the next few days there will be a significant correction of the pair.

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

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EUR/USD - sell bellow 1.3140 - for April 09, 2013 (daily strategy) Trend News

The EUR/USD pair managed to cover the gap it left on March 15, reaching 1.3072 level. Given that according to the pivots, strong resistance is located at the level of 1.3130/50. Last week it pushed down the pair. The pullback is likely to take place at these levels, so you can sell below 1.3140 with targets at the 200 day moving average around 1.2910. If it closes above 1.3150, it is likely that its objective is 1.3250/1.33 level. This movement is reflected by the momentum indicator approaching the oversold area. Therefore, we believe that before the bearish sequence the euro attempts to break the level of 1.3150.

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

The material has been provided by InstaForex Company - www.instaforex.com



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Silver remains clear buy on dips. 26.00 major support now Trend News

Technical outlook and chart setups:

A simple 4H chart view has been presented here depicting the possible wave structure ahead. The metal has initiated retracement and should possible form a bottom around 26.90/27.00 levels soon. This level is also re-enforced by 0.618 Fibonacci support of rally between 26.50/60 to 27.40 recently. Therefore, it is strongly recommended to hold long positions from last week and also consider intraday dips towards 27.00 level as fresh opportunities to build further. Prices are expected to reach 28.80/29.00 after bouncing off from 27.00 at the moment. Support is strong at 26.00/30 levels now, while resistance is spread from 29.20/30/50 through 30.30/50, 31.75 and higher according to 4H chart here. Bottom line: Remain long for now, looking higher.

Trading recommendations:

Hold on to long positions, stop is at 25.95, and target is open (long-term).

Good luck!

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Gold: Retracement underway. Bottom seen at 1,555/60. Remain long Trend News

Technical outlook and chart setups:

The yellow metal seems to be retracing its recent gains from 1,540.00 level lately. 1,555.50/1,556.00 levels seem to be good support now and a bottom is more likely to form at these levels as 0.618 Fibonacci support is also around the same region. Major support is around 1,530/40 levels, followed by 1,520/25; while initial resistance is laid at 1,610/20, followed by 1,650/60 and higher up. It is strongly recommended to hold long positions initiated from last week and also plan to build further during intraday dips towards the 1,560.00 mark. As depicted here on chart, the yellow metal should first dip towards 1,560.00 and then rally towards 1,650/60. Looking higher now.

Trading recommendations:

Hold on to long positions, stop is at 1,521.50, and target is open (long-term).

Good luck!

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EurJpy reverses just shy of 130.00. These are resistance levels, prepare to short Trend News

Technical outlook and chart setups:

The single currency pair has rallied to fresh highs, just shy of 130.00 level, as seen on the daily charts here. Please note that a doji pattern is under construction now which shows indecision and there are fair chances of a reversal to materialize by tomorrow. Looking into smaller timeframes (4H and lower), prices have already produced bearish signs around 129.90 region. Aggressive traders could initiate short positions now at 128.90 or around 129.40/60. Immediate resistance is at 130.00 level now, while daily support is at 126.00 (past resistance turned support), followed by 119.00 and lower. More conservative trading approach would be to wait for a bearish signal to appear on daily charts, probably tomorrow.

Trading recommendations:

Aggressive: Short around 129.00/129.40/50, stop is at 130.30, and target is open.

Good luck!

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GbpChf bounces off 1.4220/30 lows. Reduce short positions Trend News

Technical outlook and chart setups:

According to the 4H chart view depicted here, the following trade strategy seems to be more probable now. The single currency pair has bounced off sharply from lows at 1.4220/30 region; which could possibly give way to further upside towards 1.44 before reversing. A conservative trading approach suggests that short positions should be at least reduced, giving room for further rally and then re-entering; while an aggressive approach would be to remain short till prices are below 1.4530 level. This level is defined as the trend deciding factor hence one should plan to turn bullish on a break. As for now, the intermediary support levels are 1.4200 and 1.4030.

Trading recommendations:

Remain short or reduce positions (further rally remains possible), stop is at 1.4530, target is at 1.42 and then below 1.4.

Good luck!

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GBP/USD intraday technical analysis and trading recommendations for April 9, 2013 Trend News

Looking at 1.5060 which was tested on Thursday, the GBP/USD pair expressed quite significant bullish price action leading towards 1.5230 which represents the upper limit of the depicted movement range.

Yesterday, the GBP/USD pair challenged Friday's high at 1.5362 failing to consolidate above. Instead, it is showing some bearish rejection which should be taken into consideration.

Failing to breakthrough Friday's high lead the pair towards the most recent support level around 1.5230 (the upper limit of the broken range).

Price Zone around 1.5230 should be watched for price action on the 4H chart in order to catch a BUY entry. However, breakthrough above 1.5360 will cancel the impending scenario towards 1.5230 leading towards 1.5430 (the projection target of the range breakout).

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