EUR/USD daily analysis for May 21, 2013 Trend News

Daily chart: The EUR/USD found resistance at the 1.2883 level, which will not be easy to break due to weakness this pair has shown in recent days. In this chart, this pair is below the 200 day moving average and is forming a higher low pattern, to accumulate bearish force, to break the support at the 1.2768 level, and to continue falling. It is quite possible that the EUR/USD may rise again until the resistance is at the 1.3027 level in the medium term, but it all depends on economic data to be published this week in the U.S. and in the eurozone. The MACD indicator is in the negative territory.

H4 chart: This pair is trying to break the resistance at the 1.2874 level to rise to the level of 1.2954, very close to the 200 day moving average. In yesterday's session, the EUR/USD formed a support at the 1.2819 level. If it does that breakout, it is expected to fall to support at the 1.2750 level. On the other hand, if the EUR/USD accumulate enough strength to keep rising, it would be possible that the EUR/USD rises to the resistance level at 1.2997, which also has the 200 day moving average. The MACD indicator is in the positive territory.

H1 chart: In this chart, the EUR/USD tries to follow up and was on its way to the resistance at the 1.2938 level, but formed a resistance level 1.2896. If the EUR/USD breaks this resistance, it is expected to rise to the level of 1.2938. On the other hand, below the support at the 1.2870 level there is a Point of Control (POC). If the pair breaks that POC, it is expected to fall to the support level at 1.2811. The MACD indicator is showing signs of great weakness in the bullish trend of the moment (overbought), which support a bearish outlook for the session in EUR/USD.

Fundamental outlook: In today's session no important economic data in the eurozone and in the United States is expected, however, we must pay attention to the speech of U.S Treasury Secretary's Jack Lew, at 14:00 GMT, and the speech of Federal Reserve Bank of St. Louis's President James Bullard, at 15:30 GMT. Both events could generate some volatility in the EUR/USD during the hour.





Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the EUR/USD pair breaks with a bearish candlestick, the support level is at 1.2865, take profit is at 1.2811, and stop loss is at 1.2900. Place buy (long) orders only if the EUR/USD pair breaks with a bullish candlestick, the resistance level is at 1.2896, take profit is at 1.2938, and stop loss is at 1.2865.

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Elliott Wave analysis of EUR/NZD for May 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5885

R2: 1.5840

R1: 1.5798

Current spot: 1.5772

S1: 1.5750

S2: 1.5710

S3: 1.5681

Technical overview:

We have seen the expected correction down to 1.5770 (it has been a little deeper with a test of 1.5749), but we should be ready for the next rally higher and are looking for a break above minor resistance at 1.5840 to confirm the next strong rally higher. On this next rally higher we are also looking for a clear break above the base-channel resistance line confirming that we are in red wave iii, which ideally should make it to at least 1.6481 and possibly even higher. That said, as long as minor resistance at 1.5798 and more importantly resistance at 1.5840 protects the upside, we must allow for a decline lower towards 1.5735, but we do favor the rally higher from here.

Trading recommendation:

We are long EUR from 1.5790 with our stop placed at 1.5615. If you are not yet long EUR, then buy a break above 1.5840 with the same stop.

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Elliott Wave analysis of EUR/NZD for May 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 132,77

R2: 132.55

R1: 132.13

Current spot: 131.93

S1: 131.53

S2: 131.18

S3: 130.97

Technical overview:

We are still looking for the last rally higher towards the ideal target near 134.47, where we expect the entire rally since the 94.10 low ends and marks the top of wave I. Once we have wave I in place we are looking for wave II lower to the bottom of wave 4 of one lesser degree, which comes in at 118.73. In the short term we would like to see support at 131.55 protecting the downside for a break above 132.13 to confirm the next rally higher towards 132.77 and higher to 133.54 on the way to the ideal target near 134.47. That said only a break below support at 130.97 will indicate that wave v of 5 ended early and the major wave II correction is already ongoing.

Trading recommendation:

Our stop at 131.15 was hit for a small loss. We will buy a break above 132.13 with a stop at 131.50 and place our take profit+reverse of the position at 134.20.

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GBP/USD: Weekly and monthly pivot point and signal - for May 20 - 25, 2013 Trend News

The pound sterling recovering lost ground, without much conviction. For now it has managed to break 1.52 area, but it found strong resistance at 1.5236, trendline. The indicators, however, are likely to encourage the British currency continue to gain positions in the American session. Given that the weekly pivot is located in this area, we should expect a daily close above that level, so we can buy this pair. The first upside target is in the area of 1.54. On the other hand, below the point weekly pivot we expect a fall to 1.5088 support.

Signals for May 20 - 25, 2013

Sell if it pulls back and sell below 1.5236 (W_PVV) with take profit orders at 1.5088 and 1.5009, stop loss is above the first weekly resistance.

Buy if it closes the daily charts above 1.5240, with take profit in the zone of 1.5463, stop loss is below 1.5170.

____WEEKLY_____

Weekly - R3 = 1.5542

Weekly - R2 = 1.5463

Weekly - R1 = 1.5315

Weekly Pivot = 1.5236

Weekly - S1 = 1.5088

Weekly - S2 = 1.5009

Weekly - S3 = 1.4861

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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USD/CAD intraday technical analysis and trading recommendations for May 20, 2013 Trend News

Support level around 1.0016-0.9995 (61.8% Fibonacci) provided evident bullish steam for the pair to step above 1.0300 topping at 1.0311.

The USD/CAD pair did not show much respect to price zone 1.0250-1.0290 on retesting which took place on Friday. Hence, there is no confirmed destination for the pair now.

It is important to note that the pair established an ascending buttom and top at 1.5150 and 1.5210 respectively. Those levels will probably provide support for the pair on the next visit especially that there's 61.8% Fibo level located there.

As long as the USD/CAD bias remains bullish, the pair should not step below 1.0150, with a fairly good BUY entry at retesting of 1.0200.

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USD/CHF: Bullish bias Trend News

Overview:

USD/CHF is consolidating with bullish bias after hitting nine-month high of 0.9761 on Friday. The rate is buoyed by positive USD sentiment; franc sales on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD is bullish; stochastics is staying elevated at overbought; 5- and 15-day moving averages are rising.

Trading recommendations:

The pair is trading above its pivot point. It 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 0.9761 and the second target at 0.9809. You should keep in view short position below the pivot with the first target at 0.9633, breach of this target will move the pair downward further, and expect the second target at 0.9576. The pivot point stands at 0.966.

Resistance levels:

0.9761 (Friday's high)

0.9809 (Aug. 10, 2012 high)

0.9898 (Aug. 2, 2012 high)

Support levels:

S1 - 0.9633 (Friday's low)

S2 - 0.9576 (Thursday's low)

S3 - 0.9517 (Tuesday's low)

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Silver bounces off 20.00. Watch out for bullish reversal soon Trend News

Technical outlook and chart setups:

Silver prints fresh lows around 20.00 before bouncing back strongly. Please note that 20.00/21.00 levels are past resistance turned support level on the weekly chart as discussed earlier. Hence a possibility of a bullish reversal remains high around current levels. It is recommended to wait for a bullish reversal here before going long again. As shown here, the Fibonacci levels extend till 19.50 level before the metal reverses for good. Immediate resistance is at 22.80, followed by 23.80, and 24.80 respectively. Intermediary support is between 19.50 and 20.00.

Trading recommendations:

Remain flat for now.

Good luck!

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Gold breaks 1,350/60. Further lows possible. 1,290/1,300 remains in-sight Trend News

Technical outlook and chart setups:

The yellow metal has been breaking intermediary supports, the last one being at 1,360/65, the Fibonacci 0.786 of rally from 1,300 to 1,487. Currently trading around 1,351.00, gold remains under pressure and is vulnerable to printing of fresh lows. Higher time frame charts are stretched out for now, and hence conviction of going aggressive short is missing. Immediate support is at 1,320/24 levels, followed by 1,290/1,300; while swing resistance remains fixed at 1,390/92, followed by 1,450.00 and higher up. Watch out for a possible bounce and reversal at 1,290/1,300 levels to go long. It is recommended to wait for bottom formations before going long again. Flat for now.

Trading recommendations:

Remain flat.

Good luck!

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EurJpy: Resistance intact at 133.00/10. Remain short for now Trend News

Technical outlook and chart setups:

Finally it looks like the single currency pair has carved out a potential right shoulder at 132.40/50 levels. It is recommended to remain short from last week and also add further positions on intraday rallies. Resistance is fixed at 132.70/80 levels; while immediate support is at 129.50/00 levels. Looking into the structure here, it is highly probable that a top is in place at 132.70/80 levels, and prices are looking lower towards 130.00 level, then further down towards 128.50. Further short positions can still be added around 132.00/10 levels during intraday rallies. Bottom line: Looking lower at least towards 130.00 level till prices remain below 132.80 for now.

Trading recommendations:

Remain short for now, stop is at 133.00/10, and targets are at 130.00 and 128.50.

Good luck!

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GbpChf trading sideways just above trendline. Support just below 1.46 Trend News

Technical outlook and chart setups:

As seen here the prices have been trading sideways since last few sessions around 1.48, which is immediate resistance and it is quite possible that an intermediary top has been formed. At the same time, the line of support is very much intact for now, and would be providing support at 1.4620/30 if prices fall. It is recommended to hold the long positions taken earlier, for a possible push through 1.48. Major resistance is seen at 1.5 level; while support is just below 1.4600, followed by 1.45, 1.44, and lower. Till the time the prices are above the line of support and 1.46 level, we are looking further up from current levels.

Trading recommendations:

Remain long, stop is below 1.4580, and target is at 1.49 at least.

Good luck!

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