EUR/USD - Bearish outlook - for May 31, 2013 (daily strategy) Trend News

The EUR/USD pair recovered slightly from a decline it suffered early in the European session on Friday after data on German retail sales was published. It unexpectedly fell 0.4%, also unemployment rate in the eurozone set a new record. It stood at 12.2%, which although was in line with analysts' expectations. Now this pair has reached 1.3050 level, the recovery of the pair is for me a good opportunity to take bearish position with targets at 1.2877 and 1.2750. One should expect a daily close above 1.31, to consider buying this pair. So we suggest to sell at any price below 1.3050. On the other hand, the Momentum Indicator is showing divergence, thus, the pair may fall for the next few days.

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Silver remains buy on dips. 21.95 immediate support Trend News

Technical outlook and chart setups:

The metal remains sideways, but the bias would be towards buying on dips. It is recommended to hold on long positions initiated earlier, and buy the remaining on dips towards 21.20/40. Resistance remains fixed at 23.40, followed by 24.00, 25.00 on the higher side; while support is at 22.00, followed by 21.20/40 and lower towards 20.00 level. Overall structure remains constructive for bulls and upside extensions are pointing towards 25.00 and 26.00. Bottom formation is seen at 20.00 and fresh lows should not be printed.

Trading recommendations:

Remain long, buy further on dips, stop is below 21.00, and target is open.

Good luck!

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Gold broke above 1,415.00 yesterday. Initiate long positions Trend News

Technical outlook and chart setups:

The yellow metal finally rallied through the 1,415.00 resistance level yesterday. It is recommended to initiate 50% long positions now, 1,412.00, and the remaining on dips towards 1,400.00 level. Please note that 1,395/1,400 levels which was past resistance shall now act as support from here on. The overall structure remains constructive for bulls now and the rally should accelerate towards 1,500/25 levels in the sessions to come. Higher up resistances are at 1,450/60, 1,488.00 and higher, while support is at 1,400.00, 1,375.00, and 1,350.00. Looking higher for now.

Trading recommendations:

Initiate 50% long positions, buy further on dips towards 1,400/1,395, stop is at 1,370.00, and target is open.

Good luck!

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EurJpy slides on trace. Watch out for break below 130.00 accelerate Trend News

Technical outlook and chart setups:

The single currency pair has done with testing the back side of the immediate line of support, as depicted here. It is looking for a break below 130.00 for the fall to accelerate rapidly. Immediate resistance would be 132.00 level, followed by 134.00; while supports would be 129.00 and 127.00 on the lower side. It is highly recommended to remain short and also look to add further on rallies. The current wave structure would be possibly a Head and Shoulder and a huge retracement lower could be under way. The extensions are pointing towards 127.00 and 123.00 atleast. Looking lower for now.

Trading recommendations:

Remain short, add further on rallies, stop is at 134.25, and targets are at 127.00 and 123.00

Good luck!

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GbpChf: Downfall should accelerate. Hold on to short positions Trend News

Technical outlook and chart setups:

There is structurally no change from what has been discussed lately. The single currency pair should accelerate towards downside from here pretty quickly. Please note that immediate resistance is now at 1.47 level, followed by 1.48 and 1.5; while support is at 1.44, 1.4075 and lower. Overall structure is bearish and the prices have reacted right at the sloping trend line as depicted here. Hence it is highly recommended to remain short from here on and also plan to add on rallies. The downside extensions are pointing towards 1.4 and lower. Looking lower till prices remain below 1.47/1.48.

Trading recommendations:

Hold on to short positions, add further on rallies, stop is at 1.48, and target is open.

Good luck!

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