EUR/USD - Buy above 1.2880 - for May 21, 2013 (daily strategy) Trend News

The euro did not experience greate changes in the last few hours and there are significant variations. Although, according to the indicator of fractals, this pair is consolidating below 1.2878, daily fractal. If the euro closes the day below 1.2855, the fall could be fast until the next fractal 1.2599. On the other hand, a recovery of the euro has target in the area of the psychological level of 1.3003 and at the level of the 200-day moving average, which coincides at 1.30. Therefore, we recommende buying above 1.2880.

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

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AUD/USD - Key level of 0.9818 - for May 21, 2013 (daily strategy) Trend News

On Monday, the Australian dollar was recovering positions, but it has declined again today. Given that this pair has had a free fall, now it is at least in the 0.9720 support level. On the other hand, indicators on the H4 and daily charts continue to show a high probability of the Aussie recovers, especially if it breaks the 0.9840 area. If that happens you can buy at that level with targets in the first week of 0.9927 resistance, or you can sell according to the point entry suggested on the chart. At a fundamental level, this pair is fluctuating, especially after the interest rate cut by the RBA.

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

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GBP/USD - Fractal support at 1.5081 - for May 21, 2013 (daily strategy) Trend News

Today after the release of the UK inflation report, the British pound has fallen. It grew less than expected, making stumbling to the British currency to its lowest since April 4. In the medium term the pound remains a downward trend that could be extended to the 1.48 area. Now, in the short term there a support on the daily fractal is at 1.5081. This level will be the immediate support that could push it up, so we expect that upward bounce is in this area. Therefore, we recommend buying this level with targets to 1.5335 fractal.

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Silver rallies past initial resistance at 22.80. Long positions can be initiated on dips now Trend News

Technical outlook and chart setups:

The metal has staged an impressive rally breaking past inner downtrend line and the initial resistance at 22.70/80 yesterday. Initial Fibonacci support comes around 22.00, followed by 21.50 and 21.20 respectively. It is recommended to initiate long positions on a bullish bounce between 21.20 and 21.50 levels on a pullback/retracement. Resistance is now seen at 24.00/50, followed by 25.00 (trendline resistance). It looks like a bottom could have been formed at sub 20.00 levels and the metal would be preparing for a long term reversal. On the other side, a break below 21.20 level again would be bearish for the metal.

Trading recommendations

Look to initiate 50% long positions between 21.20/50, stop is at 20.00, and target is open.

Good luck!

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Gold rallies through 1,400. Resistance seen at 1,450.00 Trend News

Technical outlook and chart setups:

The metal posted a rally from 0.786 retracement of the recent rally between 1,324 to 1,488. Yesterday's bounce seems corrective in nature, though an intermediary resistance at 1,393.00 had been taken out. Intermediary support is now at 1,360/70 levels; while immediate resistance is fixed at 1,450.00 region. Aggressive trade strategy would be to go short with a stop at 1,410.00, with a target below 1,324.00. But one should reverse on a bullish bounce between 1,350/60. A more conservative trading strategy would be to wait for a bullish turn around on a retracement and then go long. Bottom line: The metal can still swing both ways, hence awaiting before committing to trade is recommended at the moment.

Trading recommendations:

Watch out for a bullish bounce between 1,350/60 to go long.

Good luck!

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EurJpy forming pennant again. Breakout trades setting up Trend News

Technical outlook and chart setups:

The single currency pair is again trading sideways, this time a diamond pennant is forming on the top side of trading swing. As depicted here, a bullish break above resistance line would take prices higher towards 136.00; while a bearish break below support line would take prices to at least 128.00 level from here on. It is recommended to remain short from last week, but add further short positions on a breakdown. Fresh positions should be taken on a break of either direction. Resistance is at 132.50/60 and 133.00/10 while support is at 131.50/60 followed by 131.00 within the pennant formation. Bottom line: Probability of a bearish breakout remains high at the moment.

Trading recommendations:

Remain short on positions taken earlier, stop is at 133.10, and target is open. Fresh positions could be taken on a break.

Good luck!

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GbpChf testing immediate support line. 1.4580 support Trend News

Technical outlook and chart setups:

The single currency pair is testing immediate line of support at 1.4620/30 levels at the moment. A bullish bounce here would take the pair towards 1.49 and higher; while a break would be delaying matters for a while. It is still recommended to hold on to long positions and add further on a trendline bounce from here on. Immediate price support is at 1.4580, followed by 1.45 and 1.44; while intermediary resistance is at 1.48 level. A major downtrend line is also being tested on the larger time frames. All these factors combined are hinting towards a possible rally ahead.

Trading recommendations:

Remain long, stop is at 1.4580, and target is open.

Good luck!

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Elliott Wave analysis of EUR/NZD for May 21, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5885

R2: 1.5840

R1: 1.5812

Current Spot: 1.5761

S1: 1.5744

S2: 1.5710

S3: 1.5681

Technical overview:

We are still expecting strong support at 1.5744 to protect the downside for a break above resistance at 1.5812 and, more importantly, resistance at 1.5840, which will confirm the next rally higher towards 1.5924 on the way towards the ideal target for red wave iii at 1.6481. That said a break below 1.5744 would likely be very short-lived and will delay the next rally higher, but it should only be a matter of time before the next rally takes off and we will see a break above 1.5840.

Trading recommendation:

We are long EUR from 1.5790 with a stop at 1.5600. If you are not long EUR already, then buy a break above 1.5840 with the same stop.

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