Silver technical levels and trading recommendations for April 16, 2013 Trend News

Overview

Like we expected yesterday, the H4 chart demonstrates today that silver continued its downward movement after breaking the Support level 23.90 yesterday. Currently silver is trading between the Support level 23.00 and the Resistance level 23.90 we should wait closing 4H below the Support level to get a new opportunity to sell again. If silver manages to close 4H below this Support level, it provides a good opportunity to sell with a level target of 22.25. 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 21.75 as a target level. On the other hand, if silver reverses its bearish move and takes an upward direction after its failure to close 4H below the Support level 23.00, it will be a strong indicator for the bullish move, after closing 4H above the Support level enabling the Resistance level of 23.90 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 23.00 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 (25.50) R2 (25.00) R1 (23.90) S1 (23.00) S2 (22.25) S3 (21.75)

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AUD/USD - key level of 1.0373 - for April 16, 2013 (daily strategy) Trend News

The Australian dollar found support at 1.0287 daily fractal, the minimum of yesterday. This movement is that the Reserve Bank of Australia showed that there is still space to cut rates and because Chinese industrial production was below expectations, as we know China is Australia's largest partner in the export. Now, this morning in the U.S. session the pair faces the 1.0373 fractal, this level is key for the pair to recover positions against the U.S. dollar. If you have reviewed our previous reports, we anticipate the fall of this pair when the Momentum Indicator had broken the moving average of the MACD. However, if you look at the chart momentum indicator it is entering an oversold area, even though we believe this pair has to fall further, for the next few days. Therefore, at the current level we recommend selling with objectives to the next fractal 1.0224. On the other hand, a closure in 4 hours charts, above the 1.0373 fractal, you can buy with objectives to 1.0522 resistance.

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

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Silver trying form base around 21.00 and 20.00 Trend News

Technical outlook and chart setups:

Silver is forming base around 20.00/21.00 levels. As depicted here, these levels are also re-enforced by the Fibonacci 0.618 retracement of the entire rally from 2008; the Fibonacci 61.8% extension levels of the fall from 49.00 to 34.00 in 2012; also this region coincides with the past resistance turned support as well. It is recommended to plan buying between 21.00 and 20.00 when base is formed on 4H and Daily chart setups. Please do not rush into buying at the moment as it may be a retracement. It is too early to predict a counter trend rally for now. Bottom line: Looking to buy clear buy signals between 20.00 and 21.00 levels.

Trading recommendations:

Flat for now. Looking to buy.

Good luck!

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Gold prepares for counter rally. Look to buy around 1,300.00 Trend News

Technical outlook and chart setups:

The yellow metal has seemingly bounced just shy of the 1,292/93 levels as depicted here. This level is re-enforced by the 0.5% Fibonacci retracement of the entire run up rally from 600-700 levels in 2008 to 1,930 level in 2012; and the 61.8% Fibonacci extension of the fall between 1,930 and 1,520/30. It is recommended to wait for clear buy signals once prices reach there, before buying. A counter trend rally towards the past support turned resistance at 1,520/30 levels should materialize soon enough, may be now or from 1,290.00 level. It is good to wait for prices to find support at defined Fibonacci extensions. Smaller timeframes are showing signs of a rally building up but it is still too early to predict the same. Bottom line: Prepare to buy around 1,300.00 if reached.

Trading recommendations:

Flat for now. Buy around 1,300.00.

Good luck!

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EurJpy finds support at 125.00. Stay long for now Trend News

Technical outlook and chart setups:

The single currency pair has bounced off 125.00 level, strongly, in the last trading session. Also, as shown here, the region is re-enforced by the past resistance turned support and the 0.5% Fibonacci support of rally between 119.00 and 131.00. Currently it is trading well above 128.00 level, the pair could be preparing to print fresh highs possibly towards 135.00 and higher. If it is not a fresh high, then at least 130.00 level is minimum measured target for the pair from here. Supports are fixed at 124.00, 122.00, and 119.00 for now. The structure would either be an extension towards fresh highs or a possible reversal from sub 130.00 level. Either ways are looking higher for now.

Trading recommendations:

Remain buy from yesterday, stop is below 125.00, target is open, but book partial profits around 130.00.

Good luck!

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GbpChf: Sell on rallies remains. 1.4530 key Trend News

Technical outlook and chart setups:

The structure remains unchanged from what was discussed yesterday. The single currency pair may rally intraday but it would be recommended to remain short and consider selling on rallies further. Support levels are spanned across 1.42, followed by 1.4030, and 1.4 while, resistance is spanned from 1.5340/50, 1.44, and 1.4480, as intermediary levels and 1.4530, and major. Till the time the price is below 1.4530 level, it is headed south, towards 1.4 and lower. As shown here, the break of counter trend line below 1.4175 would further accelerate towards 1.4030 and lower. Bottom line: Remain short and sell on rallies.

Trading recommendations:

Remain short from yesterday, stop is at 1.4500, and targets are at 1.38 and 1.37.

Good luck!

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