EUR/USD - sell bellow 1.3150 - for April 11, 2013 (daily strategy) Trend News

The euro could not break the resistance level of 1.3150. Recently the currency has reached the level of 1.3136. It could exceed this level to try again, but without a bullish outlook, thus much more sustainable. A loss of tempo in its rise has already been observed, the following downward correction is imminent, and would not miss view in the 1.2980 area even before finishing the week. Therefore, we recommend selling below 1.3150 with targets at the 200 day moving average around 1.2910.

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

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GBP/USD - strong resistance 1.54 - for April 11, 2013 (daily strategy) Trend News

The British pound is around 1.54 level which is the 38.2% Fibonacci retracement on the daily chart. This resistance will slow, at least in the short term, so it is likely there will be a correction to the levels of the bearish channel which was broken. In that area there is the fractal 1.5285. Therefore, it is recommended buying this pair in that support level with objectives in the medium term to the next fractal 1.5630. The Momentum Indicator still remains in positive territory, the break of the MACD signal will indicate fall for the British pound.

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

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USD/JPY: Bullish bias Trend News

Overview:

USD/JPY is consolidating with bullish bias after hitting near-four-year high of 99.88 on Wednesday. The rate is underpinned by Bank of Japan's aggressive easing measures to help reach its 2% inflation target in two years; yen-funded carry trades amid positive risk appetite (VIX fear gauge eased 3.74% to 12.36; S&P rose 1.22% overnight) as Chinese imports surged 14.1% on year, well above +6.1% forecast, a sign that demand from the world's second-largest economy remained strong; and minutes of FOMC March meeting did little to dissuade investors that the Federal Reserve remains committed to supporting the U.S. economy with exceptionally easy monetary policy. USD/JPY is also supported by positive USD sentiment from higher U.S. equities; demand from Japan importers, life insurers and investment trusts. But USD/JPY gains tempered by Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and advancing.

Recommendation:

Buy above 98.9 with upside targets at 100 and 100.4.

Resistance levels:

R1 - 100

R2 - 100.4

R3 - 100.8

Alternative scenario:

Sell below 98.9 with downside targets at 98 and 97.15.

Support levels:

S1 - 98

S2 - 97.70 (Monday's low)

S3 - 97.15

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Silver retraces to 27.40. Look to re-enter buying around 27.00 Trend News

Technical outlook and chart setups:

As discussed yesterday, prices still remain well within the sell zone of the sloping down trendline. Also, a retracement has been underway from 28.00 level and the metal has stalled around 27.30/40 for now. It remains quite possible for the prices to form base around 27.00/10 level, which is re-enforced by Fibonacci 0.618 support as shown here. Major support remains at 26.30/50 levels, while immediate resistance is at 29.20/30/50 levels. The prices should rally and take out at least resistance at 29.30/50 to negate further bearish trend. Please note that a break of 26.00 level from here could prove vital for bulls; as major trend reversal is possible then. Till then, silver should be looking higher.

Trading recommendations:

Hold on to long positions, stop is at 25.95, and target is open (long-term). Immediate target is at 29.50.

Good luck!

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Gold looking to form bottom around current levels 1,550-1,555.00 Trend News

Technical outlook and chart setups:

The existing wave structure for Gold remains retracement towards 1,550.00-1,552.00 levels and forming next bottom. Only if prices break below 1,520.00 level, there could be a significant shift in trend. As expected, the metal has retraced to Fibonacci 0.618 support today and could bounce off from here. It is still recommended to hold on to long positions taken earlier and plan to add further between 1,550.00 and 1,555.00. Major support remains at 1,525/30 levels; while resistance is at 1,618/20 for now. Prices shall be required to rally past 1,620.00 level to negate a downtrend or a major shift in the coming trading sessions. Bullish for now but the area of 1,520/21 remains key.

Trading recommendations:

Hold on to long positions, stop is at 1,530.00, target is open (long-term). Initial target is at 1,620.00.

Good luck!

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EurJpy remains sideways at 130.00. Breakdown highly probable Trend News

Technical outlook and chart setups:

The daily chart view depicts a hanging man candlestick formation for now. This is an indication of highly probable reversal ahead. It is recommended to remain short from yesterday and also look to sell intraday rallies towards 130.30. The 4H chart has been showing exhaustion since last 2 trading sessions around 130.00/30 levels. This region is also re-enforced by Fibonacci resistance as discussed yesterday. Immediate support remains fixed at 119.00 level for now. It is expected that a meaningful recovery should be on its way at least towards 124.00-123.50 levels from here. Looking lower.

Trading recommendations:

Hold on to short positions, stop is at 130.80, and target is open.

Good luck!

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GbpChf remains short-term bullish towards 1.4380 Trend News

Technical outlook and chart setups:

The wave structure and direction remain unchanged for the pair, from yesterday. GbpChf has bounced off the lows around 1.4250/60 and trading above 1.43 at the moment. The short term outlook remains bullish for the pair, towards 1.4380 level. As seen here, this level (1.4380) is at convergence of the following:

1. Past support turned resistance.

2. The 0.618 Fibonacci retracement of fall from 1.4480 to 1.4225.

3. The extension of counter rally from 1.4225 to 1.4340.

Major trend defining resistance still remains fixed at 1.4530 and till prices remain below this level, watch out for lower lows and lower highs formations.

Trading recommendations:

Remain long for now, stop is at 1.42, and target is at 1.4370/80.

Good luck!

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