NZD/USD: bullish bias Trend News

Overview:

NZD/USD to consolidate the bullish bias after hitting two-week high of 0.8585 Tuesday as markets await the U.S. FOMC interest rate decision. The NZD/USD underpinned by positive investor risk appetite; negative USD sentiment; the NZD/USD yield gap. But the NZD/USD gains tempered by weaker commodity prices. Daily chart positive-biased as MACD & stochastics is in bullish mode; five-day moving average has staged bullish crossover against 15-day MA.

Trading recommendations:

The pair is trading above its pivot point. 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, trading in higher range is most favorable and buy position is recommended above its pivot with the first target at 0.8585 and the second target at 0.8642. You should keep in view short position below the pivot keep of the first target at 0.851 , breach of this target will move the pair downward further and expect the second target at 0.8458. The pivot point stands at 0.855.

Resistance levels:

R1 - 0.8585 (Tuesday's high)

R2 - 0.8642 (April 12 high)

R3 - 0.8677 (20-month high hit April 11)

Support levels:

S1 - 0.851

S2 - 0.8474 (Monday's low)

S3 - 0.8466-0.8458 band (Friday's low-Thursday's low)

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EUR/JPY continues to swing in the triangle. Prepare to sell around 129.50/130.00 Trend News

Technical outlook and chart settings:

As seen on the 4H chart view here, this currency pair is trading within the triangle, which is defined as a sloping resistance and support lines. As depicted here, it is quite possible for a swing rally towards 129.50/130.00 levels. This level is also converging with the sloping resistance line. Immediate resistance is at 129.50/130.00 levels, followed by 130.50 and 131.00 levels higher up. It is recommended to build short positions between 129.50/130.00 levels for a swing lower, and a possible breakdown towards 123.50/124.00 levels. On the other hand, a push higher up above 130.00/50 levels would push it towards 132.00 levels before reversing. But please note that selling on higher levels is recommended to sell rather than buying.

Trade recommendations:

Sell between 129.50/130.00, stop above 131.30, target open.

Good luck!

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Gold could fall back towards 1400/20 levels before rallying again Trend News

Technical outlook and chart settings:

As depicted here, it remains quite possible that Gold may retrace down lower towards 1400/20 levels before rallying higher again. Immediate intermediary resistance is 1485.00 levels for now and a Gartley formation is possible, with price falling lower towards 1420/00 levels first and then looking higher. Higher up resistance levels are 1500/20 (marked with past support turned resistance), 1580/85, 1620 and 1650/60; while support is 1400/20, 1320.00 and 1290/1300 on the lower side. It is recommended to buy lower towards 1400/20 for now and expect a rally towards 1500/20 levels. On the other hand, a break through 1485.00 levels would take it directly to 1500/20 levels.

Trade recommendations:

Look to buy Gold between 1400/20 levels for an upside target of 1500/20.

Good luck!

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Silver may retrace to 23.00/10 levels before rallying further Trend News

Technical outlook and chart settings:

As depicted on the 4H chart here, Silver looks to be poised for a retracement lower towards 23.00/10 levels from here, before rallying higher. Immediate resistance is at 24.83 levels for now and support is around 23.00 also marked as extension of Gartley formation (Red Color). It is therefore recommended to go long again on a bullish bounce at 23.00 levels for an extended rally towards 26.00 levels. Higher up resistance levels are marked with 26.00/50 (which is also the past support turned resistance), followed by 28.00, 29.10/20 and higher; while supports are around 22.00, 21.45 and 20.00 respectively. Looking lower for short term and then higher up.

Trade recommendations:

Look to buy again around 23.00/10 levels, stop below 22.00, target 26.00

Good luck!

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GBP/CHF reaches past resistance of 1.44. Interim rally possible Trend News

Technical outlook and chart settings:

This currency pair has followed up well after producing a bearish pattern, and reached close to 1.44 levels. Please note that this region is marked by past resistance and could produce an interim bounce higher. 1.4500/50 is resistance for now and rallies should be well capped below this level. It is recommended to book partial profits around current levels at 1.4440/50, allowing more space to sell higher on pullbacks. Major resistance is now marked by 1.4650/1.4700 levels which are re-enforced by 0.618 fibonacci resistance and past support turned resistance respectively. The currency pair is expected to rally for now to around 1.45 and then down again. Fresh short positions should be taken on intraday rallies.

Trade recommendations:

Book partial profits on short positions taken earlier. Add fresh shorts around 1.45, stop at 1.4850, target atleast 1.4200 atleast.

Good luck!

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