GBP/USD - Bearish outlook - for April 25, 2013 (daily strategy) Trend News

The British pound had an upward movement after the publication of the UK's GDP. It grew by 0.3% in the first quarter, more than modest but managed to avoid a major recession, and the British pound jumped immediately, reaching its maximum, so far, from 20 February. Looking at the graph I have no reason to consider that the pound will rise more, probably rising a few pips above, but a prolonged fall is expected to the level of 1.50, because the Momentum Indicator is in negative zone and the moving average of the MACD is already very overbought, which is suggestive of a decrease in the next few days. Therefore, we recommend selling in the current price level 1.5461, or if the pair reaches the area of 1.55, the psychological level, we can sell this pair with objectives to 1.5280.

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

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AUD/USD - Buy above fractal 1.0299 - for April 25, 2013 (daily strategy) Trend News

The Australian dollar had a bullish momentum; we mentioned yesterday that this pair was at the beginning of a new upward sequence. Given that, the pair has broken the 1.0299 fractal and trading above this level increases the likelihood of an upward movement for the next few days to the level of the 200-day moving average around 1. 0380.

The Momentum Indicator is showing upward force which is likely to be a rebound in the fractal of 1.0299, at this level we recommend buying.

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

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EUR/USD - Buy above 1.2980 - for April 25, 2013 (daily strategy) Trend News

The euro during the European session managed to have a bullish momentum reaching the level of 1.3092, strong resistance level. This morning and during the American session the pair made recoil and right now is trading at 1.3032. It is likely to fall to the 1.2990 zone. At this level we recommend buying the pair back with zone objectives to bearish channel resistance around 1.31. On the other hand, the Momentum Indicator is in support of the moving average of the MACD and still has not been broken down. We do not see a bearish signal for the euro. Therefore, we recommend buying the pair at support levels.

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

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GBP/JPY: Upside Trend News

Overview:

GBP/JPY is trading in higher range. The rate is supported by weak yen sentiment on Bank of Japan's aggressive easing measures to help reach its 2% inflation target in two years; demand from Japan importers. But GBP/JPY gains tempered by Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish, although latter is at overbought; five- and 15-day moving averages are rising.

Trading recommendations:

The pair is trading above its pivot point at 153.52. The pair is likely to trade in higher range as far as it remains above its pivot point. As far as the price is above its pivot point, it will be most favorably to trade in higher range and buy position is recommended above its pivot with first target at 153.9 and second target at 154.5. You should keep in view short position below the pivot keep of the first target at 151, breach of this target will move the pair downward further and expect the second target at 150.55. Pivot point stands at 152.

Resistance levels:

R1 - 153.9 , R2 - 154.5, R3 - 155

Support levels:

S1 - 151, S2 - 150.55, S3 - 150.1

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Silver should gain bullish momentum anytime. 24.00 needs to be cleared Trend News

Technical outlook and chart setups:

The metal seems to be preparing to break above the trading range at 24.00 level. Looking into the current structure, it still remains sideways. A break above 24.00 would bring 26.00/50 levels into focus, while a break lower would bring 21.00/50 levels into focus. Please note that 26.00/50 region is resistance for now since the Fibonacci 0.618 level and past support turned resistance convergence remains. Support is at 22.00 level for now, followed by 21.45 and 20.00 levels on the lower side. Weekly charts show that 20.00/30 region is the past resistance turned support region for now. Hence a push lower from here would provide another long opportunity. It is recommended to initiate fresh long positions on a break above 24.00.

Trading recommendations:

Remain long for now, stop is at 21.90, and targets are at 25.00 and 26.00.

Good luck!

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Gold near 1,450.00. Long for now Trend News

Technical outlook and chart setups:

The yellow metal is inching towards 1,450.00 level; our initial measured target. Furthermore, the wave structure remains unchanged at least in the short term. The bulls would want to push prices towards 1,500/10 levels before reversing. It is hence recommended to remain long for now; book partial profits around 1,450.00 level and remain at 1,500.00. Please also note that the 1,500/10 region is past support turned resistance for now and also the Fibonacci 0.618 resistance level is around 1,503.00. Considering all the above facts, 1,500.00 would be a favorable level to initiate short positions. Resistance on the higher side is at 1,580/85, 1,620/30, and 1,650.60; while intermediary support is at 1,310.00 region, followed by 1,290/1300 and lower at 1,500.00 on the weekly charts. Bottom line: Long for now, then reverse.

Trading recommendations:

Remain long for now, stop is at 1,315.00, and targets are at 1,450 and 1,500.00

Good luck!

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EurJpy testing resistance around 130.00. Selling rallies favourable Trend News

Technical outlook and chart setups:

The single currency pair has been trading around 130.00 resistance levels since several trading sessions and there is no change in wave structure for now. Resistance remains fixed at 130.00/50 and 131.00 levels; while intermediary support is at 125.00 level, followed by strong support at 119.00 respectively. However, a break of inner trendline would push prices lower to 112.00/110.00 levels as well. Looking into the price action since 90.00 levels, it is recommended to remain short for now. Risk/Reward ratio of initiating fresh short positions on rallies towards 130.00 level is also good. Looking lower for now till prices remain below 131.00 level.

Trading recommendations:

Remain short for now, stop is at 131.30, and target is open.

Good luck!

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GbpChf breaks out, 1.46-1.47 seen as resistance Trend News

Technical outlook and chart setups:

The single currency pair has finally broken above the consolidation cone depicted here. Furthermore, the price resistance at 1.4530 is also cleared, indicating further bullishness in store. This daily chart view is depicting a wave structure which still remains bearish with major resistance at 1.5 level. The current rally from 1.4 level could still be a retracement/pullback of the larger downswing (1.5-1.4). 1.4600-1.4700 levels would be of interest to us now, for initiating short positions. This region is also re-enforced by past support turned resistance zone, the Fibonacci 0.618 resistance and extension of the recent upswing that begun from 1.4 level. Keeping all this in view, it is recommended to initiate short positions around 1.46/1.47 levels.

Trading recommendations:

Flat for now. Looking to sell higher.

Good luck!

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