Tuesday 25 June 2013
Silver: Bottom formation seen between 17.00 to 19.50 Trend News
Technical outlook and chart setups:
A weekly chart has been depicted here for the overall wave structure. The metal is trading between the 0.618 and 0.786 Fibonacci levels of the entire rally between 10.00 to 49.00 in recent years. A convergence is rather seen at 17.00 level (also the 0.786 Fibonacci level). It is expected that a major bottom formation is quite near; either at current levels at 19.50/60 or 17.00 level from here on. It is recommended to remain flat for now and await clear bullish/reversal signal at any of the above levels to enter long positions. Aggressive traders can enter short positions on a break of 19.40 level for a target of 17.00 level.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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Gold: Bottom formation seen at 1,280.00 or 1,150.00 Trend News
Technical outlook and chart setups:
The metal has crashed down towards the 0.5 Fibonacci support levels of the rally between 680.00 to 1,900.00 level on the weekly chart depicted here. As seen here, a Fibonacci convergence is seen around 1,270/80 levels, which can produce a bullish bounce/reversal. If not at current levels, the metal is poised to form base around 1,150.00 level, which is the 0.618 Fibonacci support level of the entire rally. It is recommended to remain flat for now and await a bullish reversal signal on a 4H or Daily chart to enter long positions. Aggressive traders may go short on a break of 1,270.00 level with risk above 1,302.00.
Trading recommendations:
Flat for now. Looking to buy on bullish bounce.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Gold: Bottom formation seen at 1,280.00 or 1,150.00 . Thanks for your support on Gold: Bottom formation seen at 1,280.00 or 1,150.00
EurJpy at resistance line. Looking lower again Trend News
Technical outlook and chart setups:
The single currency pair has hit the sloping line of resistance recently at 130.00 level and bounced back. Immediate resistance is at 131.00, followed by 132.00 and 134.00 on the higher side; while support is at 119.50 level. It is probable that the single currency pair continues to drift lower towards 121.00 level at least from current resistance. It is recommended to initiate short positions with a risk at 131.00 from here on. Intermediary support is seen at 125.00 level; if prices bounce back ahead of it; we shall consider turning into buying again. This scenario shall be updated tomorrow. For the moment, looking lower below 131.00.
Trading recommendations:
Initiate short positions, stop is at 131.00, and target is at 121.5.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EurJpy at resistance line. Looking lower again . Thanks for your support on EurJpy at resistance line. Looking lower again
GbpChf remains bullish above 1.43 Trend News
Technical outlook and chart setups:
The single currency pair is bouncing off ahead of 1.4300 level recently, as seen here. This region is also marked by the Fibonacci 0.618 support of the rally from 1.4075 to 1.4800 recently. If this region holds well, it would be constructive for bulls, and a rally towards 1.5150 would remain possible. It is recommended to initiate long positions with risk below 1.4300. Major resistance remains at 1.5 level, while support is at 1.4075 level. An extended rally above 1.5150 would reach 1.5400 level. Immediate resistance are at 1.45/46 and 47 respectively. The chart remains constructive for bulls till prices are above 1.4300 level.
Trading recommendations:
Initiate long positions, stop is just below 1.4300, and target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GbpChf remains bullish above 1.43 . Thanks for your support on GbpChf remains bullish above 1.43