GBP/USD - Bearish outlook - for April 26, 2013 (daily strategy) Trend News

The pound is optimistic with GDP of 0.3% in the quarter. Analyzing the technical chart I have no reason to believe that the pound will rise again, probably the increase of a few pips above but prolonged fall is expected to the 1.50 level, because the indicator is currently in negative zone and the moving average of the MACD is already very overbought, suggesting a decrease in the coming days. Therefore, it is recommended to sale at current price level 1.5485 or if the pair reaches the region of 1.55, the psychological level, we can sell this pair with targets 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 1.0225 - for April 26, 2013 (daily strategy) Trend News

The Australian dollar is within a range between 200-day EMA, and 1.0224 fractal. Given the fact the Momentum Indicator is showing a bearish signal. The pair is likely to move down to the level of 1.0240. On this level we recommend buying, it is likely in the next few days the pair returns to the area of the 200-day moving average. Therefore, below 1.0225 the Aussie would initiate a new sequence, so we suggest placing the stop loss below the fractal.

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EUR/USD - Buy above 1.2990 - for April 26, 2013 (daily strategy) Trend News

The euro has not lost a medium-term uptrend for two reasons. The first one is it is trading above the 200-day moving and the second is the Momentum Indicator is above the moving average of the MACD, you can observe it on the graph. If in the next days the euro price enters and consolidates below it, then we note that there is a downward trend. Therefore, we now recommend buying the pair above 1.2990 with targets at bearish channel ceiling around 1.31.

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

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Silver breaks out of consolidation. 24.00 support now Trend News

Technical outlook and chart setups:

Silver has finally broken above 24.00 bringing an end to the sideways movement, since several days. Please note that 24.00 level is the resistance turned support now and hence fresh long positions can be built around this region, on dips. It is recommended to stay long on positions taken earlier and target 25.00 and 26.00 levels as minimum potential targets. Partial profits could be booked around 25.00 level. The 26.00/50 level is immediate resistance, since it was previous support and prices are expected to reverse from there lower. Higher up resistance levels are 28.10/20, 29.20/30, 32.10/20 and higher; while supports are fixed at 22.00, 21.45 and 20.00 on the long-term charts. Bottom line: Remain long till at least 26.00/50 levels.

Trading recommendations:

Remain long, stop is at 22.50, and targets are 25.00 and 26.00.

Good luck!

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Gold hits first measured target at 1,450.00. 1,520/25 next up Trend News

Technical outlook and chart setups:

The yellow metal is unfolding its counter trend rally, well according to expectations till now. The first measured target at 1,450.00 was hit yesterday. It was recommended to book partial profits at 1,450.00 level and hold on the remaining positions for an upside target towards 1,520/30 levels soon. The metal should be bought at dips towards 1,520/30 from here on. 1,520/30 region is past support turned resistance zone. It is more likely that prices reverse from there towards possible fresh lows, towards 1,290/1,300 or even 1,500.00 in the coming weeks. Resistance is lined up at 1,580/85, 1,620/30, 1,650/60 and higher, while support is fixed at 1,320.00 level, followed by 1,290.00 and 1,500.00 on the weekly charts as discussed earlier. Bottom line: Remain long till 1,520/30 at least.

Trading recommendations:

Hold remaining long positions, stop is at 1,350.00, and target is at 1,520.

Good luck!

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EurJpy sliding down. Continue holding short positions. 130.50 resistance Trend News

Technical outlook and chart setups:

The single currency pair has begun to slide below the 129.00 mark now. As seen on the daily chart view here, 130.50 is immediate resistance, followed by 131.00 level for now; while support is at 125.00 (intermediary), followed by strong support at 119.00 level. It is still recommended to remain short and add further during intraday rallies. As shown here, the measured downside target should be around 124.00 levels at least (Red Line); while a break of the inner trendline here, could push it even lower towards 116.00 and 114.00 level. On the flip side, a bullish reversal above 130.50 shall negate our bearish scenario for now. Bottom line: Remain short till prices are below 130.50.

Trading recommendations:

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

Good luck!

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GbpChf at 0.618 Fibonacci resistance around 1.4600/50. Short can be initiated now Trend News

Technical outlook and chart setups:

Looking into the daily chart wave structure presented here, the single currency pair seems to have retraced 60% of the fall from 1.5 levels to recent lows at 1.4 levels at 1.4600/50. Also note that the past support turned resistance zone is near 1.4700 region; also the sloping trendline is passing through the same levels. Keeping all this into consideration and a bearish signal appearance on hourly chart, it is now recommended to initiate short positions. Resistance is at 1.5, followed by 1.51, 1.52, and higher up; while daily chart support is at 1.4100 level. Bottom line: Look lower for now, at least towards 1.42.

Trading recommendations:

Go short around 1.4580-1.4600, stop is at 1.4800, and target is open.

Good luck!

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