GBP/USD - Sell bellow 1.56 - for May 08, 2013 (daily strategy) Trend News

The British pound will be more attenuated in its rise, and while it moves, as we have pointed several times, within a bullish channel on the daily charts. But in the medium and long term it is preparing for a fall to the level of 1.5280, the pound today is making a pullback to the bearish channel ceiling for the purpose of breaking it. Given that it is showing beginnings of a new bearish sequence, we recommend selling the pound at any price below 1.56 or on the level of 1.5560. Stop loss is placed on 1.5645, above 1.5623, weekly resistance, and above daily fractal 1.5633.

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

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Silver breaking down below the counter trendline around 23.80. 24.80 immediate resistance Trend News

Technical outlook and chart setups:

The metal seems to be breaking down its counter trendline indicating a down extension, possibly towards 22.00 level or even lower. The rally from 22.00 level has been corrective in nature and has stalled at 24.80 level for now. The following implications are possible:

1. The metal could find support anywhere around 23.00 level, and continue rallying up to 25.00 and 26.00 level before reversing.

2. If a top has been formed at 24.80, the next impression should be lower than 22.00 level.

It is recommended to initiate short positions now (23.80/85), with a minimum downside of 23.00 level. Cover up short positions on a bullish bounce only around 23.00 level.

Trading recommendations:

Initiate short positions now at 23.80/85, stop is at 25.00, and target is at 23.00 (if prices bounce back), target is open (looking for a fresh low).

Good luck!

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Gold targeting breakdown towards 1,400.00 Trend News

Technical outlook and chart setups:

The yellow metal should be targeting lower towards at least 1,400/05 levels as seen here. The rally from 1,300.00 level may be still a correction and a fresh low could be insight. Strong resistance remains at 1,500/20 levels which was weekly support for at least 6 months. It is recommended to either go short if prices reach 1,500/20 levels from here or go long around 1,400/05 levels, if a bullish bounce appears. Aggressive traders can initiate short positions now with a stop around 1,500.00 and a short-term target around 1,400.00. The short positions could be covered up on a bullish bounce only. Support is at 1,400.00 levels, 1,380.00, followed by 1,300.00 and 1,290.00 on the lower side.

Trading recommendations:

Initiate short positions at current levels, stop is at 1,500.00, and target is at 1,400.00 or open.

Good luck!

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EurJpy holds resistance at 130.50. Remain short Trend News

Technical outlook and chart setups:

There is no change in the wave structure as it has been discussed since last few trading sessions. Resistance levels remain fixed at 130.50 and 131.00, while supports are fixed at 127.00 and 125.00 respectively. It seems wave 4 was completed yesterday at 130.50. More implications are for the pair to breakdown from here on. The cone support line is passing through 128.50 level at the moment. A break below that would accelerate downside towards 123.00 level in the coming sessions. It is recommended to remain short for now and also add positions on rally. Bottom line: Looking lower considering the wave structure, below 131.00.

Trading recommendations:

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

Good luck!

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GbpChf interim support at 1.44. Remain long for now Trend News

Technical outlook and chart setups:

The single currency pair pulled back after printing a high, marginally ahead of 1.4645 level yesterday. Nevertheless, this should not be a concern for bulls at the moment and can be viewed as a retracement before moving towards 1.47 and higher. As seen here, immediate interim support is at 1.44 level and till the time prices remain above this level, higher highs should be formed. On the lower side, supports are at 1.4075, 1.4030, and 1.4; while resistance is strong at 1.5 level, followed by 1.51 and higher up. Please note that 1.47 region is also re-enforced by past support turned resistance level, hence long positions should be closed at those levels.

Trading recommendations:

Hold long positions for now, stop is at 1.44, and targets are at 1.27 and 1.28.

Good luck!

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GBP/USD. Forecast for May 8, 2013 Trend News

Rumour has it that the drop of the pound on Tuesday was due to sell of one of the biggest UK banks.

This morning BRC Retail Sales Monitor in April has been published. The drop was 2.2% vs. estimates for 1.8% and 1.9% in March. However, neither the figures nor Trade Balance in China that surpassed the expectations ($18.16 billion vs. $15.0 billion) stimulated the FX market. We expect the downtrend continues amid negative forecasts of the macroeconomic events.

Technically, when the level of 1.5467 (the low of April 30) is broken, the target 1.5420/25 (the support of trendline on the daily chart and the level of Fibonacci 138.2% on the H4) opens. The next targets are 1.5405 (the level of Fibonacci 38.2%) and 1.5360 (123.6% on the H4 which coincides with the high of April 5).

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