EUR/USD - Bearish outlook - for April 23, 2013 (daily strategy) Trend News

The euro is located below the psychological level of 1.30 after nine attempts to break this level. Now it is trading below 1.30 because the PMI manufacturing showed a figure lower than expected, thereby feeding speculation that the European Central Bank to cut back interest rates at the next meeting in May, seeking to lower the cost of credit. Technically, the euro has to meet one of reversal patterns that was formed in the last daily sessions with target at 1.27 area. We believe that for the next few days the euro could arrive for this price. On the other hand, the Momentum Indicator produces bearish signal. We believe that the level of 1.2880 will give us the opportunity to decide whether to buy again or continue to sell the pair.

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

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AUD/USD - Buy above fractal 1.0224 - for April 23, 2013 (daily strategy) Trend News

The Australian dollar fell against the dollar, a direct consequence of negative reports in the Chinese economy, the main market of this country. The rate is likely to continue downwardly but it must close below 1.0224 fractal. Given that the Momentum Indicator is entering an oversold area, it is more likely that there is bullish move to the Aussie, which immediate objective is the level of 1.03. Thus, the pair is approaching the 1.0224 support, it will be a good opportunity to buy the pair. Stop loss is placed below the minimum of February.

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

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GBP/USD - Sell below 1.53 - for April 23, 2013 (daily strategy) Trend News

The British currency maintains certain firmness against the dollar, up from 1.52 in the last five candles on the daily chart. The pair has found strong support in this area. On the weekly charts the pound is kept in inside the bearish channel long term. The breakdown of the day's low of 1.5195 so far could drill the base of support, in which case the lower pound will be much firmer and faster. Therefore, we recommend selling only if the pair in 4 hour charts closed below the 1.52 level. On the other hand, a pullback to the bearish channel ceiling would be a good opportunity to sell with goals to weekly support of 1.4950.

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

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Silver providing another buy opportunity now. Remain long targeting 25.00 and 26.00 at least Trend News

Technical outlook and chart setups:

Silver is providing another buy opportunity at the moment at 23.00 level. Immediate support is around 22.00 level for now, followed by 21.45 and 20.00 on the lower side, while resistance is at 26.10/20 region (which is also the past support turned resistance level as depicted here), followed by 28.10, 29.10/20, 32.10/20 and higher up. It is recommended to remain long for now with an upside target of 25.00 level at least. On the other hand, it should be noted that a break below 22.00 level could take prices towards 21.40/50, which is the past resistance turned support region on the weekly chart. The current price actions suggest a sideways movement and a break above 24.00 region is required to confirm further upside movement.

Trading recommendations:

Remain long for now, stop is at 21.50 level, targets are at 25.00 and 26.00.

Good luck!

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Gold just shy of first target at 1,450.00. Remain long Trend News

Technical outlook and chart setups:

Gold reverses just shy of our measured target at 1,450.00 level yesterday. Nevertheless, it is still recommended to remain long from long positions taken earlier and add on intraday dips. Please book profits on at least 50% of long positions at 1,450.00 region. Also, the inner line of resistance will also coincide with 1,450.00 region soon. Furthermore, the past support turned resistance region is between 1,500.00 and 1,500.20/25 region as depicted here. Long positions should be sold off around the same region and a clear signal should be awaited to sell from there on. Further resistance level is at 1,580.00, 1,620/30, and 1,650/60, while support is around 1,320 level for now. Please remember that the yellow metal can print another low towards 1,290/1,300 levels in the coming sessions.

Trading recommendations:

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

Good luck!

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EurJpy reverses from resistance at 130.00. Remain short for now Trend News

Technical outlook and chart setups:

The structure remains unchanged for now and EurJpy has taken resistance from the 0.786 Fibonacci level of the entire downfall from 131.00 to 125.00 as seen here. Therefore, it is recommended to remain short from positions taken yesterday around 130.00 region. A fall below 126.00/127.00 shall accelerate downfall towards 123.00 level, which is the 0.618 Fibonacci support level of the upswing between 119.00 to 131.00. Resistance is fixed at 130.50 and 131.00 levels, while intermediary support is at 125.00 region, followed by strong support at the 119.00 level. Please note that prices are testing the backside of the cone/triangle here, hence a bullish bounce here shall enable a reversal here and we shall look to enter buying.

Trading recommendations:

Hold on to short positions, stop is at 131.00, and target is at 123.00.

Good luck!

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GbpChf at resistance cluster near 1.4350. Should reverse from here Trend News

Technical outlook and chart setups:

If we consider the entire fall from 1.4480 level to 1.4075 recently, the single currency pair seems to be testing the Fibonacci 0.618 resistance at 1.4310/20 as depicted on the 4H chart view here. A bearish reversal here shall resume downswing towards 1.4 and lower. Immediate resistance is the 1.4350/60 level, followed by 1.44 and then 1.4480, while support remain intact at 1.4030 and 1.4 respectively. Furthermore, the recent sloping line of resistance is also passing through the 1.4350 region at the moment. Keeping these facts into consideration, it is safe to remain short on positions taken earlier and also possibly initiate fresh short positions at current levels. Bottom line: Looking lower till prices remain below 1.4530.

Trading recommendations:

Remain short, stop is at 1.4400 (from 1.4350), and target is below 1.4.

Good luck!

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Strategy of the day on EUR/JPY Trend News

The spot rate approaches the lower limit of its medium-term bearish channel at 128.60 suggesting a rebound. However, a break of these levels will free a large potential and initiate a more violent bearish channel.

Technical indicators do not provide clear signals but, until the support is not broken, the assumption of a rebound is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.

The spot rate is currently testing the lower limit of its channel, so we recommend 2 scenarios: the first one is the hypothesis of a rebound, then we recommend a buy on the level of 128.60 with the 1st objective at 129.20 and then at 129.40. A break through 128.40 will invalidate this scenario. The second scenario is a break of its support, then we recommend a sell stop, which means to sell the spot rate as soon as it has broken through its support of 128.60 with the 1st objective at 128.00 and then at 127.80. A break through 128.80 will invalidate this scenario.

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