Silver consolidates gains. 25.00 and 26.00 remain upside targets Trend News

Technical outlook and chart setups:

Silver is consolidating gains after breaking out of its trading range above 24.00 level last week. Further upside targets remain at 25.00 and 26.00 levels at least. It is recommended to remain long for now and also buy on dips. The 26.00/50 region is convergence of Fibonacci 0.618 resistance and past support turned resistance; hence it remains potential point of reversal to go short again. Higher up resistance levels are 28.00, followed by 29.10/20, 31.50/60, 34.00 and higher; while support levels are spread through 22.50, 22.00, 21.40/50 and lower. Looking higher in the short term, then reverse.

Trading recommendations:

Remain long for now, stop is at 22.50, and targets are at 25.00 and then 26.00

Good luck!

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Gold preparing retrace. Buy on dips, target is at 1,500/10 Trend News

Technical outlook and chart setups:

Gold has been trading sideways, probably in wave 4, after hitting first measured target at 1,450.00 level last week. It is recommended to hold remaining long positions for now and also plan to buy on dips towards 1,500/10 levels. This region is past support turned resistance and further downswing is expected to continue from there. Also the Fibonacci 0.618 resistance is around 1,504.00 region, making it more favorable to initiate short positions towards 1,290/1,300 levels and lower. Resistance is spread across 1,510/20 region, followed by 1,575/80, 1,610/20, 1,650/60 and higher up; while support is at 1,400.00 (intermediary), followed by 1,320.00, 1,290/1,300, and 1,150.00 according to weekly chart. Looking higher for the short term and then reverse.

Trading recommendations:

Remain long, stop is at 1,350.00, and target is at 1,500.00

Good luck!

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GBP/USD intraday technical analysis and trading recommendations for April 29, 2013 Trend News

As it was suggested last week, price level 1.5230 stood as an Intraday Support level. It provided a BUY entry yesterday which is running in profit now, the next near target is located at the upper limit of the movement channel around 1.5560.

Stabilization above 1.5370 cancelled the bearish reversal scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5475 (broken resistance level).

The long-term view remains bullish as long as the pair continues to consolidate within the depicted DAILY bullish channel above 1.5370-1.5400.

The breakout projection target has been achieved. However, the way towards 1.5555 (the upper limit of the daily channel) is still open where price action should be watched carefully for a retracement opportunity.

On the 4H chart, there are signs of lack of bullish steam. However, there is no confirmed signal of reversal until now.

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EurJpy oscillating within range. 130.00/50 remains resistance Trend News

Technical outlook and chart setups:

As seen on the 4H chart setup here, the single currency pair has been trading within the range 125.00-130.00 in a decreasing resistance increasing support fashion. After a huge rally from sub 90.00 level to 130.00 level, the pair should retrace before rallying further, but that cannot be confirmed before break of 125.00 level. It also remains possible that the pair rallies one last time towards 132.00 level before finally reversing sharply. It is recommended to remain cautious about buying for now; rather one can book profits on short positions taken earlier and wait to sell on rallies towards 130.00 level. Resistance is at 130.20/50 levels, followed by 131.00, while immediate support for now is 125.00. Only a break of 125.00 would confirm bearish reversal.

Trading recommendations:

Book profits on short positions. Plan to sell rallies towards 130.00 again.

Good luck!

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GbpChf top formation seen between 1.4600-1.4700 Trend News

Technical outlook and chart setups:

The single currency pair has rallied through the 0.618 resistance level around 1.4650. Prices have been stalling since then indicating that a last spike higher is possible. The measured level for a top and reversal is between 1.4600-1.4700 in the next few trading sessions. Hence it is recommended to remain short for now and also sell on a rally towards 1.4700; which is past support turned resistance and the sloping line of resistance also converges here. Higher up resistance is at 1.5, followed by 1.51 and higher up; while support is at 1.4075, followed by 1.4030 and lower. Minimum downside expectations are 1.4200.

Trading recommendations:

Remain short, add further around 1.47 level, stop is at 1.4800, and target is open.

Good luck!

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