Silver could be bought by at least 50% capacity at 22.90/95 Trend News

Technical outlook and chart setups:

The metal continues moving sideways for a while and for now it is recommended to initiate at least 50% long positions at 22.90/95. The remaining 50% could be bought around 21.30/40, if prices fall to that level. Resistance is at 23.30 for now and a break above that would confirm an extended rally towards 25.50 at least. Higher up resistances are at 25.00 and 27.00 respectively. Intermediary supports are spread through 21.60, followed by 21.20/30 and lower. It looks like a bottom is in place at 20.00 level for the metal and is looking higher now.

Trading recommendations:

Long now at 22.90/95, stop is at 21.00, and targets are 25.00/50.

Good luck!

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Gold continues drift sideways. Exit short positions and build long. 1,373.00 immediate support Trend News

Technical outlook and chart setups:

The metal has been trading again in a cone consolidation (pennant) since several days. It is recommended to exit short positions now (1,382/83) and initiate at least 50% long positions. The sideways structure is indicating a break around 1,400.00 (bullish) or a bearish break below 1,373.00. Looking into the overall wave structure since 1,324.00, it is still possible for a 0.786 bounce (1,340.00). Considering this probability, the yellow metal is expected to break above 1,400.00 soon. Intermediary high/resistance stands at 1,415.00 and a break above that would confirm an extended rally towards 1,500/20 levels at least. Looking higher for now.

Trading recommendations:

Exit short positions. Build long positions, stop is at 1,369.00, and target is open.

Good luck!

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EurJpy attempting break immediate line of support. Exit long positions at 131.00 Trend News

Technical outlook and chart setups:

As depicted here on the 4H chart view, the single currency pair is attempting to break down a trend line at the moment. It is recommended to exit long positions at current price around 131.00. Conservative trade strategy would be to wait for a daily confirmation, while an aggressive trading strategy would be to initiate short positions now, with stop at 134.00. The structure could also be a head and shoulders reversal possibility, with the right shoulder being carved out at 132.50 recently. Intermediary support is at 130.00, followed by 129.00 and lower at 127.00; while resistance is seen fixed at 133.50 for now. A break of 130.00 would be required for downside to accelerate further.

Trading recommendations:

Book profits on long positions, initiate short positions, stop is at 134.00, and target is open.

Good luck!

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EUR/NZD: Update Trend News

Overview:

Since our last analysis the EUR/NZD pair has been trading in downward moves like we expected, the price tested 1.5866 and almost reached our first target level at 1.5840. If you take a look at a volume around area 1.6050 you can see that we got lack of demand. I calculated the total volume of previous two up legs and I got that first up leg got 12,000 of total volume and that the second up leg got 8,500 of total volume which is decreasing of 29%. I also marked climatic bar (large volume up bar), where I wanted to show you decrease in volume on up swings which are good sign that we may see down. I did calculation for previous up swing and I saw decreasing of 54% which is strong sign for lack of demand. I placed Fibonacci expansion levels and I got FE 161.8 % at price 1.5851 and FE 261.8 % at price 1.5740. In case that price breaks 1.5840 (our first target) my next target will be 1.5740. Buying of this pair looks very risky, so I advise you to watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1 : 1.5979

R2 : 1.6009

R3 : 1.6058

Support levels:

S1 : 1.5882

S2 : 1.5852

S3 : 1.5804

Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.5840 and 1.5740 as down targets.

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GbpChf bears on track. 1.47 imediate resistance. Remain short Trend News

Technical outlook and chart setups:

The single currency pair remains very much on track to reverse on the lower side; as we have been discussing lately. Last week, the pair had tested and reacted with bearish signal confirmation on the sloping downtrend line as seen here. Immediate resistance is 1.48, followed by major resistance at 1.5 and 1.51 respectively. Another potential resistance under formation is 1.47 levels for now. On the other side, support is at 1.44, followed by 1.4075 and lower. It is highly recommended to remain short from earlier, and add further short positions as well. The overall wave structure remains bearish and a trend line and reversal has re-confirmed the same last week. Looking for lows near 1.4 in coming sessions.

Trading recommendations:

Remain short, stop is above 1.48, and target is open.

Good luck!

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