USD/CAD intraday technical analysis and trading recommendations for May 7, 2013 Trend News

Price zone 1.0200 - 1.0235, which corresponded to a downtrend line, has been broken through obviously last week. The continuation of flag pattern seems to fail due to the strong bearish pressure which pushed the pair again inside the channel below 1.0100.

Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225 - 1.0330 until the pair gave obvious 4H closure below 1.0250 and 1.0200. It led to a quick rally towards 1.0150 then 1.0100.

Daily closure below 1.0085 (61.8% Fibonacci), that took place on Friday, will probably open the way towards the next support level around 1.0000 especially that there are no signs of obvious bullish rejection until now.

Consolidation above 1.0085 will probably bring bulls to the market to target 1.0135 initially.

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Silver likely to find support at 23.00 Trend News

Technical outlook and chart setups:

Silver is looking for support around 23.00 level before a possible bounce. Currently the metal is trading at around 23.70/75 levels, expect the metal to dip to 23.00 level soon. A bullish bounce at 23.00 would be recommended to go long. The region is also marked by Fibonacci 0.618 support level. Intermediary resistance is at 24.80 level, followed by 25.50 and 26.50 levels. Please note that 26.00/50 region would act as a strong resistance now, since it was a past support on the weekly chart. It is recommended to exit long positions and enter short around that region, once reached. Support is at 23.00, followed by 22.00 and 21.45 respectively.

Trading recommendations:

Looking to buy on a dip towards 23.00. Flat for now.

Good luck!

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Gold continues to range trade. 1,480/85 resistance Trend News

Technical outlook and chart setups:

The metal has done nothing since few trading sessions. Immediate resistance is at 1,480/80 region, while support is around 1,420/40 region. It is recommended to remain flat for now and plan to buy towards the lows of 1,420/40 region or sell around the highs around 1,480/90. Also please note that Gold is likely to face stiff resistance around 1,500/20 levels, which is past support turned resistance for now. Hence the long side should remain well capped below 1,520.00 level for now. On the other hand, if the metal retraces towards 1,400.00 level, it remains a good buy on clear bounce. This level has been re-enforced by Fibonacci 0.618 support and also the past resistance turned support region. Supports lower are around 1,300/1,290 levels. The yellow metal is expected to bottom out around 1,290/1,300 levels, according to weekly charts.

Trading recommendations:

Flat for now.

Good luck!

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EurJpy ready to collapse. Resistance fixed at 130.00/50 Trend News

Technical outlook and chart setups:

There is no change at all in the wave structure, as seen here. The single currency pair has once again re-tested the sloping resistance line, in last 2 trading sessions and is back in the sell zone. This test should probably be the last one, before the pair collapses. It is highly recommended to remain short in the counter, and also build on intraday rallies. Resistance is between 130/50 and 131.00 levels, while support is at 128.00 and 125.00. The bears would really want to target below 125.00 level, towards at least 123.00 in the coming trading sessions. Bottom line: Remain short for now; and keep the trading strategy to sell rallies against buying lows.

Trading recommendations:

Remain short for now, stop is at 131.30/40, and target is open.

Good luck!

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GbpChf targeting 1.47 at least Trend News

Technical outlook and chart setups:

Looking into the momentum which is builting up, the single currency is setting up towards 1.4700 level at least as shown on the chart setup here. As seen, this level 1.47 is re-enforced by the past support turned resistance level as well and the sloping downtrend line passing through. It is recommended to again build small long positions at current levels (1.4620/30) with a strict stop loss below support and targeting around 1.4700/1.4800 levels in the short term. Major resistance as seen on charts is at 1.500 level, followed by 1.5100 and higher, while support is at 1.44, followed by 1.4070 and lower. Looking into the wave structure that begun from 1.4 level, the extensions are pointing towards possible 1.47 at least. Bottom line: Remain on the long side again till prices are above 1.44.

Trading recommendations:

Go long 30% of capacity, stop is at 1.44, and targets are at 1.47 and 1.48.

Good luck!

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GBP/USD - Weekly and monthly pivot points and signals, for May 06 - 11, 2013 Trend News

The British pound is trading above the weekly pivot of 1.5548. We believe that if the pair finds support above this level, it is likely that the first weekly resistance will push the pair towards 1.5629 low. It has been rather overbought for several days and in the long term this pair has bearish outlook. Therefore, if in the course of the week the pair closes below 1.5548 weekly pivot, we recommend selling to the first weekly support 1.5492, and finally to the third weekly support 1.5355.

Signals for May 06 - 11, 2013

Sell if it closes below 1.5548 (W_PVV) with take profit orders at 1.5492 and 1.5355, stop loss is above first weekly resistance.

____WEEKLY_____

Weekly - R3 = 1.5766

Weekly - R2 = 1.5685

Weekly - R1 = 1.5629

Weekly Pivot = 1.5548

Weekly - S1 = 1.5492

Weekly - S2 = 1.5411

Weekly - S3 = 1.5355

If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com

_____MONTHLY____

Monthly - R3 = 1.6257

Monthly - R2 = 1.5912

Monthly - R1 = 1.5722

Monthly Pivot = 1.5377

Monthly - S1 = 1.5187

Monthly - S2 = 1.4842

Monthly - S3 = 1.4652

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