EUR/USD - bearish outlook - sell now - for April 17, 2013 (daily strategy) Trend News

The euro made its latest bullish momentum towards the 1.32 area. I do not consider that this pair may rise more in the short term but I suppose it should fall to the psychological level of 1.30, and further down the moving average to 200, around 1.2870. Given the climate of uncertainty in the eurozone, while the authorities cannot find the solutions. In view of this uncertainty, we recommend selling the pair at this very moment at the level of 1.3142 with targets at 1.3005 and 1.29.

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

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GBP/USD - bearish outlook - for April 17, 2013 (daily strategy) Trend News

The British pound was partly affected by the Minutes of the Bank of England. The BOE kept its so-called quantitative easing program of bond purchases unchanged at 375 billion pounds on April 4. The minutes will show whether Governor Mervyn King voted to expand asset purchases. This pair was very overbought as noted in yesterday's analysis. It had broken the moving average of the MACD. This fall is just the beginning of a bearish sequence which will push down the pair to support 1.5045. So we can sell the current price levels or if the pair makes a pullback to 1.5349 weekly pivot, you can sell while waiting for a fall to the level of 1.50. The Momentum Indicator is in bearish zone which increases the chances of a fall for the next few days.

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

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EUR/JPY - sell bellow 1.2917 - for April 17, 2013 (daily strategy) Trend News

The EUR/JPY pair is trading below the weekly pivot. Now it acts as a resistance level. During the European session the pair was trading above this level. However, the pair has lost upward force because its base currency, the euro, has the bearish outlook. It is likely to be below this level if the pair falls to the first weekly support 127.23. Below this level, the fall is likely to continue to the dynamic support 125. 45. Our outlook is bearish because the yen has slowed its movements in recent days, and while it has even more possibilities to recover, the yen has lost considerable momentum. Thus, only a break of 97.60 could give strength to the Japanese currency and put downward pressure on the EUR/JPY pair.

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

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Silver preparing for countertrend rally. 24.40 immediate resistance Trend News

Technical outlook and chart setups:

A daily chart view has been depicted here; it shows a clear downtrend making lower lows and lower highs. Resistance is spread through the 26.00/50 region (this is also the past support turned resistance now), followed by 28.00/10, 29.20/30, 32.30 and higher, while support is at 22.00 (intermediary support at yesterday’s lows), followed by 21.45/20.00 (this region is also re-enforced by past resistance turned support on weekly chart view). The metal is looking to initiate a countertrend rally but it is too early to get into long positions till at least 24.40/50 is cleared. This level is immediate resistance on hourly charts. Please note that a fresh low between 21.40/50 and 22.00 still remains possible before a meaningful rally materializes.

Trading recommendations:

Flat for now. Looking for clear buy signals.

Good luck!

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Gold needs clear at least 1,428/30 to get into bullish recovery mode Trend News

Technical outlook and chart setups:

A simple trendline view of Daily chart has been depicted here; it shows that a clear bullish reversal trading signal is still awaited. Yesterday a spinning top candle was observed; it is indicative of a possible reversal in the coming sessions. Resistance levels are spread from 1,520/25 (which is also the past support turned resistance), followed by 1,560/70, 1,610/20, 1,675/80, and higher up; while support lower is 1,310.00 (yesterday’s lows can be considered as intermediary support) and 1,290.00, followed by 1,150.00 as well, on the weekly chart. It is quite possible that the yellow metal may still hit lower and form base towards 1,290.00/1,300.00. Looking into smaller time frames, the metal needs to clear at least 1,428/30 levels (intermediary resistance), to initiate a possible counter trend rally. Please do not rush into buying at the moment.

Trading recommendations:

Flat for now, looking for clear signal to enter buying.

Good luck!

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EurJpy rises to 129.60/70. Booking profits recommended Trend News

Technical outlook and chart setups:

The single currency pair rose to the 129.60/70 mark yesterday. As depicted on the 4H chart view here, this region is also re-enforced by the Fibonacci 0.786 resistance level. It is suggested to book profits on long positions taken earlier at current levels (129.30), and initiate short positions. The pair could form an up Gartley falling down towards 123.50 level before rallying further up. Please note that 123.50 is the 0.618 support of the entire rally from 119.00 to 130.00. As seen here, major support now is the 119.00 level, followed by 117.00, 116.00, and lower, while resistance is at 131.00. Bottom line: Looking lower at least in the short term; but it has got potential to trigger further downside.

Trading recommendations:

Book profits on long positions. Initiate short positions, stop is at 131.00, and target is at 123.5.

Good luck!

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GbpChf breaks counter trendline. Book partial profits on short positions and reduce risk to 1.4350/60 Trend News

Technical outlook and chart setups:

Looking into the 4H chart view depicted here, the single currency pair has clearly broken the counter trendline. Now it is trading well below 1.4175 mark as expected. It is suggested to book partial profits now and also reduce risk to 1.4350. This level (1.4350) is immediate resistance now, followed by 1.44 and 1.4480 respectively. On the lower side 1.4030 is the level that bears will be looking to clear immediately before a pullback materializes. Please note that major trend defining resistance is still intact at 1.4530 level, as we discussed several daysago. Till the time prices are lower, we should see lower lows and lower highs now. The trading strategy should remain selling rallies from here on.

Trading recommendations:

Remain short, book partial profits and move stop to 1.4350/60, sell rallies as well.

Good luck!

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GBP/USD - sell below 1.5350 - for April 16, 2013 (daily strategy) Trend News

The pound sterling responds to report inflation in the UK which was in line with expectations. It recovered some positions after a sharp decline late Friday and Monday. This pair is now trading below the weekly pivot of 1.5330, so we expect a more considerable fall of the pair, for the next few days. On the other hand, the pound may further raise its value if it can overcome 1.5340. Therefore, you can sell at current price levels with short-term objectives to 1.5157 and stop loss above 1.5350. In addition, yesterday the Momentum Indicator broke the MACD line, which is a sign bearish in the medium term.

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

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