EUR/USD - Buy above 1.2950 - for April 24, 2013 (daily strategy) Trend News

The EUR/USD pair is trading with low volatility with a poorly defined range. Today the pair has approached the level of the 200-day moving average which is located at 1.2940. This level will provide dynamic support to the pair, since the pair is approaching this level it will try to bounce upwards, as it has happened in the previous months. Therefore, we believe that if the pair again negotiates between the levels of 1.2970 and 1.2950, the Euro quickly tries to bounce. The Momentum Indicator approaches the moving average of the MACD which also signifies that the euro could recover its losses in the coming days, so we recommend buying the pair at any price above 1.2950 with targets at the ceiling of the bearish channel around 1.3101.

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AUD/USD - Buy above fractal 1.0224 - for April 24, 2013 (daily dtrategy) Trend News

The Australian dollar made three attempts to break the daily fractal area 1.0224. The fact that the pair failed to close below that level increases the likelihood that in the medium term the pair reaches the level of 1.05. This area has become very strong support for the pair, so it is recommended to buy at current price levels with targets at 1.03 and higher on, 1.0445. On the other hand, the Momentum Indicator is showing a bullish signal.

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USD/CAD intraday technical analysis and trading recommendations for April 24, 2013 Trend News

Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225 - 1.0330 until the pair gave obvious daily closure below 1.0220 which opened the way towards the projection target at 1.0110.

Price level 1.0085 stood as a solid intraday support which provided a good BUY entry which is running in considerable profit now.

Price zone 1.0200 - 1.0235 which corresponded to a downtrend line has been broken through obviously last week, there is a continuation flag pattern confirmed with daily closure above 1.0210 to have final target at 1.0400. However, it is important to note that signs of lack of bullish steam seem to exist this week as depicted on the daily chart.

Retesting of the backside of 61.8% Fibonacci Level around 1.0235 provided a valid BUY entry on Friday with tight SL below 1.0200, TP levels should be located at 1.0250, 1.0280, and 1.0330.

4H closure below 1.0250 gives an early indication of a possible short-term bearish retracement targeting 1.0200 initially.

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Silver remains locked/sideways. 22.00 remains intermediary support Trend News

Technical outlook and chart setups:

Silver remains sideways since last several trading sessions. Further implications would be a break higher towards 26.00/50 or towards 21.00/50 level. It is recommended to remain long for now on positions taken earlier, but refrain from taking fresh longs. The strategy would be to initiate fresh long positions above 24.00 level, targeting 26.00/50. Daily chart view suggests that prices are quite in the oversold territory and at least a relief rally towards 26.00 level remains high probability. Please also note that 26.00 level is also defined by the past support turned resistance, hence it remains an excellent selling opportunity if prices reach there. Bottom line: Bullish in the short term, towards 26.00 level.

Trading recommendations:

Hold long positions for now, stop is below 22.00, and targets are at 25.00 and 26.00.

Good luck!

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Gold remains buy on dips for now. 1,380.00-1,400.00 support Trend News

Technical outlook and chart setups:

The short-term outlook and structure remain constructive for the yellow metal, as seen here. It is recommended to hold long positions for now, and fresh positions can be built around the 1,380-1,400 support region on a dip. 1,450.00 remains the first measured target, followed by 1,500/20 region, which is the past support turned resistance now (according to weekly charts). Intermediary support is fixed at 1,310/20 levels, followed by 1,290.00 and also 1,500.00 level remain a possibility according to weekly charts. Immediate resistance is around the 1,500.00 mark and it is recommended to exit long positions if prices reach there in the coming trade sessions. Bottom line: Short-term bullish towards 1,500.00 level and bearish thereafter towards 1,290.00 levels at least.

Trading recommendations:

Remain long for now, stop is at 1,315.00, and targets are at 1,450 and 1,500.

Good luck!

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EurJpy continues swing between Fibonacci ratios. 130.50 remains immediate resistance Trend News

Technical outlook and chart setups:

The single currency pair remains locked between a range between 126.00 and 130.00, bouncing off between Fibonacci ratios. The following trade strategies can be possible:

1. A downswing, that begun from 131.00 level, took support at 125.00 region (which is defined as past resistance turned support). This swing has been retraced to 130.50 level, which is the 0.786 Fibonacci resistance as well. The projected extension is at 123.00 level and it is recommended to remain short for now. Resistance is at 130.50 level and 131.00 on the higher side.

2. Prices have taken support at 125.00 level after printing highs at 131.00 level. A sequence of higher highs and higher lows has been forming since then and a push through 130.50 level will pretty much confirm that the pair is moving towards a new high. Turning bullish now is not recommended, only above 130.50 level.

Trading recommendations:

Remain short for now, stop is above 130.50/60, and target is open.

Good luck!

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GbpChf rallies to 1.44. Flat for now Trend News

Technical outlook and chart setups:

A daily chart view has been presented here for a detailed wave structure. The single currency pair seems to be within the larger downswing that started from 1.5400 level. The current wave structure, from 1.4530 level is in a consolidation mode, swinging between the support and resistance lines depicted here. The resistance levels are defined by 1.4480 and 1.4530; while supports are defined by 1.4075 and 1.4030/1.4 levels respectively. Having stopped out from short positions recently, it is recommended to remain flat for now and wait for a bearish trade signal at resistance line or a break higher. The resistance line is passing through 1.4430/50 levels for now and the single currency pair is expected to react around this region. A bearish signal here could be sold, while a break higher could be bought. Please note the tone remains cautiously bearish below 1.4530.

Trading recommendations:

Remain flat for now. Sell at resistance line or buy on a break higher.

Good luck!

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