GBP/USD Intraday technical and fundamental review for April 30, 2013 Trend News

The rising wedge continuation pattern achieved its full projection target around 1.5490.

This week, the cable is meeting a significant supply zone located between 1.5500-1.5550 which comes to meet 100-day SMA and the upper limit of the depicted bullish channel. Hence, it is a zone of strong resistance which will probably pause the bullish movement looking for some bearish retracement.

Although the pair is trading slightly above the 100- day SMA, the bullish steam seems to fade away which is manifested in the "inverted hammer" daily candlestick which is an early indicator for possible retracement.

The cable has dependable demand level around 1.5365 which may provide a valid BUY entry on the next bearish retracement. Another minor demand zone is located around 1.5430 which has been established by the bulls last Friday leading towards 1.5550 as expected. Today, there is an established Supply Zone located at the upper limit of the channel 1.5530-1.5545. In case of its stabilization, the bearish momentum will be targeting 1.5430, 1.5365 then 1.5200. Fundamentally, the amount of currency in circulation and deposited in banks in the UK fell unexpectedly during the previous quarter. Also, the lending index fell in Britain more than expected during the month of March according to the official data released today. This data supports the short-term bearish view mentioned above.

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Silver: Move seems to be Corrective till now. Book profits (24.40/45) Trend News

Technical outlook and chart setups:

Silver rally is in 3 waves for now and it is corrective in nature. The support region is around 23.50 (trendline is passing through) and immediate resistance is at 26.00/50 levels (past support turned resistance). The wave structure is unfolding at the moment, it warrants a dip towards 23.50 level first and then a possible rally, if the support line remains intact. Hence it is recommended to book profits in the metal now around 24.40/50 region, leaving space to further go long on dips lower. On the other hand, if the rally continues from current levels, please note to watch for 26.00/50 region to initiate fresh short positions. Higher up resistance is at 28.00 and 28.50/60 according to the chart view presented here; while intermediary support is at 24.00, followed by 22.00 and lower.

Trading recommendations:

Book profits for now, look to buy again on dips towards 23.40 level or sell on rally towards 26.00/50 levels.

Good luck!

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Gold trades sideways. Safe trading strategy is sell around 1,500/10 Trend News

Technical outlook and chart setups:

Gold is retracing or just consolidating recent gains. As depicted on chart here, the yellow metal could fall below towards 1,450.00/1,425.00 levels before rallying further up towards the measured extension of 1,500/10 levels. It is recommended to book profits on the metal at current price (1,472.00) and wait for dips to re-enter buying. Another conservative but safe trading strategy would be to wait for a rally towards 1,500/10/20 levels and go short, since the 1,500/20 region is past support turned resistance zone. Higher up resistances are towards 1,580/85 and 1,600.00 on the chart view here, while intermediary support now is 1,320.00 region.

Trading recommendations:

Book profits for now. Look to buy on dips towards 1,450/20 region again or sell towards 1,500/20 region.

Good luck!

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EurJpy remains bearish below 130.00/50. Prepare to go short again Trend News

Technical outlook and chart setups:

The single currency pair is still within the decreasing resistance, increasing support triangle formation as depicted here. It is recommended to initiate short positions again around the 130.00 mark, or on a break of 126.00. Intermediary support is at 125.00 region and a break lower would accelerate downfall towards 123.00/124.00 levels further. Till the time prices remain within the cone structure, a rally towards 130.00 level still remains possible before final reversal. As seen here, major support is at 119.00 level, while resistances are at 103.00/50 and 131.00 respectively. Looking lower below 130.00/50; sell rallies from here on.

Trading recommendations:

Look to enter short again between 129.50 and 130.00 levels.

Good luck!

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GbpChf produces evening star bearish signal at 0.618 Fibonacci resistance Trend News

Technical outlook and chart setups:

As depicted on the daily chart view here, the single currency pair has produced an Evening Star bearish signal at yesterday’s close. This level around 1.4600/50 is also re-enforced by the 0.618 Fibonacci resistance (purple lines). Hence it is recommended to remain short from positions taken earlier and sell rallies for now. Also please note the past support turned resistance region is around 1.47 region, so there still remains a possibility of a final rally up there, and then reverse. Intermediary support levels are at 1.4070/30 and 1.4; while resistance levels are spread across 1.5, 1.5100 and higher up. The current swing structure favors further downside.

Trading recommendations:

Remain short for now, stop is at 1.58, and target is open.

Good luck!

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