EUR/JPY: Key level 129.17, for April 19, 2013 (daily strategy) Trend News

The EUR/JPY is a pair that has become the winner in recent weeks. Due to the extent of movements, this pair is very optimistic because in the meeting of G-20 Finance Minister Japan, Taro Aso, did not find much resistance to stimulus to the economy, which has been promoting Shinzo Abe's government, and the yen, consequently, fell again. Right now there is no doubt that the Japanese currency will break the barrier of 100 units in the short term, and in turn it will take up the cross of euro yen towards the objectives of 132.50 and 135 yens per euro. Looking at the graph below, we can decide to buy if the pair finds a rebound in the level of 129.17 with target to 130.90, first weekly resistance. If the pair breaks the level of 129 yens, it is likely to be a correction to 125.45 support. On the other hand, the Momentum Indicator is very overbought, which signifies the imminent fall of this pair before a new upward sequence.

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Silver attempting to clear resistance at 23.90/24.00 Trend News

Technical outlook and chart setups:

Silver is attempting to break clearly above the 24.00 mark at the moment. It is recommended to remain long from yesterday and add on dips as well (or initiate fresh positions only). In the event that a break above 24.00 is successful now, it would be rather clear that the metal is headed towards the extensions at 25.00 levels and then 26.30/40 in the near term. The intermediary support at the moment is fixed just above 22.00 level, while weekly charts point anywhere between 20.00 and 21.50. The 20.50/21.00 region is re-enforced by a long-term past resistance support and if prices manage to reach there now, or in the next downswing, that would produce the next major bottom. Major resistance now is fixed at 26.00/50 levels which was past support. Bottom line: Remain long now for an extended rally towards at least 26.00/50.

Trading recommendations:

Remain long from yesterday, stop is at 21.80, and targets are at 25.00 and 26.50.

Good luck!

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Gold targeting 1,450.00 and 1,520.25. Remain long for now Trend News

Technical outlook and chart setups:

The yellow metal seems to be finally breaking above the 1,400.00 mark as seen on the chart view depicted here. It is recommended to remain long from yesterday’s positions since the next upside targets remain at 1,450.00 and then 1,520/25. Intermediary support is at 1,310/15 levels (the recent swing lows), 1,290.00/1,300.00, and 1,150.00 (on weekly charts). It is quite possible that the metal prints yet another low before rallying or it could stage an impressive rally towards 1,520/25 levels (which is defined as past support turned resistance) then reverse low towards 1,150.00 levels. Bottom line: Stay long for now in anticipation of a rally that could extend towards 1,520/25.

Trading recommendations:

Hold long positions for now, stop is at 1,315.00, and targets are at 1,450 and 1,520/25.

Good luck!

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EurJpy at the triangle resistance above 129.00. Be watchful Trend News

Technical outlook and chart setups:

The single currency pair is offering trading opportunities on both sides as discussed yesterday and what is seen on the chart view here. 129.00/10 is where the sloping line of resistance passing right now, exactly where the pair is trading. A bullish breakout here will push it towards 130.00 and above in a flash. On the other side, a bearish reversal on the resistance line should be respected and sold. This would take prices below the 125.00 mark. Therefore, it is recommended to be watchful on the smaller timeframes and act according to price reactions. Holding long positions for now is a good strategy but a bearish reversal should be sold.

Trading recommendations:

Hold long positions for now, move stop to 126.00. If prices reverse from sloping trendline, then reverse trades. Upside target is open for now.

Good luck!

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GbpChf at 0.618 resistance around 1.4220/40. Remain short for now Trend News

Technical outlook and chart setups:

As depicted here, the single currency pair is testing 0.618 fibonacci resistance around 1.4220/40. This region is also re-enforced by past resistance turned support of the recent downswing. At the moment immediate resistance is at 1.4350/60, followed by 1.44 and 1.4480; while support is fixed at 1.4030 and 1.4 respectively. It is still recommended to continue holding short positions initiated yesterday and also add further if possible. Furthermore, the downward sloping line of resistance also remains intact for now, which re-enforces our view to remain bearish with downside targets towards 1.38 and 1.37 in the coming days. Please also note that the key resistance that should decide major trend movement still remains at 1.4530. Remain short for now.

Trading recommendations:

Continue holding short positions for now, stop is at 1.4350/60, and target is below 1.4.

Good luck!

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