GBP/USD - strong resistance 1.5453 - for April 12, 2013 (daily strategy) Trend News

The British pound tried to break the level of 1.5411 for two consecutive days, but failed to hold above this price. This morning during the U.S. session it has showed a bearish tint, which is likely to continue the correction of the pair, until weekly pivot levels of 1.5243. This area is a very strong support. If the pair manages to close below this level, the outlook for the pound would be bearish again. 1.4910 is the target in the medium term. On the other hand, this pair has a strong resistance at 1.5453. Although we note that the pair lost strength and less probable to reach that area, however, the Momentum Indicator is testing the moving average of the MACD, the breakdown of it will be the confirmation to sell the British pound steadily.

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EUR/USD - sell bellow fractal 1.3155 - for April 12, 2013 (daily strategy) Trend News

The euro did not manage to break the strong resistance level of 1.3150. It made an attempt to break the level of 1.3076 this morning, below fractal 1.3155. Although we believe that this pair must make a correction to the level of at least 1.2910. On the other hand, the break of 1.3155 level will start a new sequence that could lead upward to the level 1.33 and above to 1.35. So we should monitor this level. If the pair closes on weekly charts above this level, it increases possibility of an uptrend in the medium term. So, looking at our chart, we recommend sell at any price below 1.3150 with targets at 1.2910. The Momentum Indicator is in overbought area, the fall of the euro is imminent.

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Silver technical levels and trading recommendations for April 12, 2013 Trend News

Overview

Like we expected yesterday, the H4 chart demonstrates today that silver may continue its downward trend in case of break out the Support level 27.50. Currently silver is trading below the Support level and we should wait closing 4H below it to get a new opportunity to sell. If silver manages to close 4H below this Support level, it provides a good opportunity to sell with a level target of 27.00. After that we should wait for breaking out of this Support level to continue the bearish move, then we will get a bearish strength, which will provide new sell signals again and enable the Support level of 26.60 as a target level. On the other hand, if silver reverses its bearish move and takes an upward direction after its failure to break the Support level 27.50, it will be a strong indicator for the bullish move, after closing 4H above the Support level enabling the Resistance level of 28.00 again. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 27.50 is unbroken, the upward move is still expected invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.

Resistance and Support levels R3 (29.00) R2 (28.45) R1 (28.00) S1 (27.50) S2 (27.00) S3 (26.60)

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Silver: Buy on dips. 26.00 remains key support Trend News

Technical outlook and chart setups:

The daily chart view depicted here suggests that 26.00 level remains key for the metal to continue bullish momentum further. After forming a bullish reversal signal on April 4, the metal has retraced to 0.50 Fibonacci support levels towards 27.30 today. This is another long opportunity offered and it is highly recommended to build fresh long positions from here on. The overall structure suggests that till prices remain above 26.00 level, a series of higher highs and higher lows would be formed for weeks to come. Immediate support is at 26.50/60 (the April 04 lows), while resistance is spread across 29.20/30 levels, followed by 32.30 and higher up. In order to negate any further bearish view, silver has to break 29.20/30 immediately. Bottom line: Look higher above 26.00.

Trading recommendations:

Hold on to long positions, stop is at 25.95, target is open for the long term.

Good luck!

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Gold retraces up to 0.786 Fibonacci Support towards 1,545-50. Trend News

Technical outlook and chart setups:

A daily chart view has been depicted here for entire wave structure view. Please note that 1,520/21 levels remain trend defining support levels. A break below would bring a paradigm shift in our projected trends. For now, the yellow metal is retracing gains from last week’s rally between 1,539/40 and 1,595/95 levels. Prices have tested the 0.786 Fibonacci support till now and are expected to reverse from here, 1,545/50 levels. Watch out for a bullish reversal signal on the hourly chart and build fresh long positions from here on. Furthermore, it is recommended to hold existing positions taken last week. Immediate support is 1,539/40 levels, while major support lies at 1,520/21 levels. Resistance is spread across 1,620.00 levels, followed by 1,650/60, 1,680/90 and higher up. Bottom line: Look higher from here, till prices stay above 1,520.00.

Trading recommendations:

Hold long positions, stop is at 1,520.00, target is open for the long term.

Good luck!

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EurJpy finally reverses. Plan to sell around 130.00 Trend News

Technical outlook and chart setup:

After stopping our trade out, the single currency pair finally reverses from 131.00. Currently the pair is trading around 129.50 level, it is recommended to initiate short positions again around 130.00 level if it is reached today. Resistance would be strong at 131.30 level now, while major support is fixed at 119.00, followed by 117.00-116.00 and lower. As seen here the prices are forming an Evening Star Bearish reversal signal at the moment. Looking into the recent upswing boundary from 119.00 to 131.00, it remains possible that prices retrace till about 124.00 level, which is marked as the Fibonacci 0.618 level on the chart here. A break below 119.00 would be decisive in determining the medium-term trend and it could possibly move towards outer trendline support. Bottom line: Plan to sell around 130.00 for now.

Trading recommendations:

Sell around 130.00 level, stop is at 131.30, and target is at 124.00.

Good luck!

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GbpChf reversal expected from 1.4380 Trend News

Technical outlook and chart setups:

There is no change in the structure as depicted here on the 4H chart. The single currency pair may be preparing for a final leg up towards 1.4380 level. This level is resistance from past support, Fib retracement of downswing (purple color) and fib extension of the upswing (red color) convergence. It is recommended to exit long positions near 1.4370 and reverse from there. Major resistance still remains at 1.4530 and the pair is expected to trade lower towards 1.43 and 1.4 in the coming sessions. Supports are spread across 1.4300 and below 1.4 as seen on charts. Bottom line: Short-term bullish, then reverse towards 1.4.

Trading recommendations:

Plan to exit long positions at 1.4370 and then short from there, stop is at 1.4530 (on shorts), and target is below 1.4.

Good luck!

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