EUR/USD intraday technical levels and trading recommendations for November 15, 2013 Trend News

The price zone of 1.3560-1.3600 represented a valuable supply zone that kept the price below for almost two months. However, lack of bearish follow-up was witnessed around 1.3480. Instead, a significant bullish rejection was expressed leading to a Flag continuation pattern.

According to the final readings of the European Statistical Office one week ago, the European inflation was 1.1% in September, in line with preliminary projections, it settled at 1.3% in August. This constituted to the recent bullish jump that took place on October 22.

Previous daily candlesticks represented indecision around 1.3800 strongly suggesting bearish retracement towards 1.3700 the 1.3650 which took place shortly after.

The price zone extending between 1.3550-1.3460 is now considered a valuable supply zone. This zone failed to provide a strong support. Instead, bearish breakdown took place last week with a quite strong momentum leading to breakdown of 1.3400 as well.

Persistence of the current breakdown below 1.3400-1.3450 will lead to the next support level around 1.3230 where price action should be watched. Otherwise, bullish reversal may take place to visit again the upper limit of the SUPPLY zone around 1.3555 then possibly 1.3625.

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GBPUSD resistance seen towards 1.6200. Trend News

Technical outlook and chart setups:

The currency pair has been moving in consolidation since last several trade sessions as depicted here. The line of resistance is passing through 1.6250 levels now, while support is passing through 1.5900 levels respectively. It is recommended to initiate short positions on a rally towards 1.6200 from here on. The down side extensions are pointing towards 1.56 and 1.52 levels respectively. A break down below 1.59 would confirm the same and prices should fall aggressively from there on. The lined up support levels are 1.5400, followed by 1.51 and lower. Looking to sell rallies from here on.

Trading recommendations:

Sell rallies through 1.6200, stop 1.63, target is open.

Good luck!

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USDCHF rally to accelerate. Buy on dips Trend News

Technical outlook and chart setups:

The currency pair has broken the immediate down trend line as depicted here. Also the initial resistance levels near .9200 has been cleared by bulls. A pullback should be expected now, around 0.9030 levels now, before resuming the rally. It is strongly recommended to buy around 0.9050 levels now, with upside extensions towards 0.9050 levels. Intermediary support is just below 0.9000 levels and dips should remain well capped above that; while resistance is now at 0.9450 levels respectively. The overall structure is unfolding as an inverted head and shoulder, and its right shoulder is around 0.9030 ideally. Looking to buy aggressively on dips.

Trading recommendations:

Buy 50% now and remaining 50% at 0.9030/50, stop at 0.8900, target is open.

Good luck!

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USDJPY breaking out of consolidations. Buy on dips around 99.60/80 Trend News

Technical outlook and chart setups:

The currency pair is seen breaking out of cone consolidation here. It is recommended to buy on dips towards 99.60/80 levels on the downside now. It is the backside of resistance line, which is support now hence ideal to buy between 99.60/80 levels now. Higher up resistance levels are seen at 101.00 and 103.00; while supports are at 98.00, followed by 97.00 and lower. Please note that sideways breakouts are quite aggressive and powerful and tend to cross barriers quickly. The overall structure indicates a bullish breakout here with upside extending towards 110.00 levels possibly. Looking to buy on dips aggressively.

Trading recommendations:

Aggressive traders, buy 50% now (100.35) and remaining 50% on test of the backside around 99.60/80, set stop below 98.00, target is open.

Good luck!

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EURUSD short opportunities ripe now. 1.35-1.36 levels of interest Trend News

Technical outlook and chart setups:

The currency pair is preparing to give it all on the downside. As seen here the outer line was breached earlier and prices have tested resistance at 1.35 levels as well. It is recommended to initiate 50% short positions now (1.3440) and remaining on a spike towards 1.3550-1.3600 levels. Immediate resistance is at 1.3550, followed by 1.3800; while support is around 1.3100levels respectively. The overall structure seems to be unfolding that of a head and shoulder. Ideal right shoulder formation should be around 1.3600 levels and the downside extensions are 1.31 and lower. Short term rally should be used as an opportunity to initiate short positions.

Trading recommendations:

Sell 50% now and remaining around 1.3550-1.3600, stop is at 1.38, target is open.

Good luck!

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#USDX analysis for November 15, 2013 Trend News

The Dollar index continued its sideways corrective move yesterday. The trend remains upward for the intermediate term and short-term trend is neutral. Prices are trading above the support levels 80.50-81 and we remain bullish biased. The price pattern continues to favor bulls as this sideways consolidation could be labeled as a bullish flag pattern.

Resistance is found at 81.30 and 81.55. Breaking above the 81.30 will confirm that the downward move is a correction. Breaking above 81.55 will confirm that the correction is over and that we are heading towards 81.70-82. The rise from 80.74 is looking impulsive and the start of a new upward move at its beginning.

Prices should remain above the short-term red trend line as shown in the chart above. We want prices to break above the recent high a 81.21 in order to pick up more bullish momentum and break above the 81.35-55 resistance levels. We are bullish as long as prices trade above 80.85 in the short term and 79 in the long term.

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Gold analysis for November 15, 2013 Trend News

Gold has bounced upwards as expected from 1,260 and reached 1,290-1,300 resistance. Now prices are testing the red downward sloping trend line and, at first glance, the try are being rejected. Short-term resistance stands at 1,290 and for the upward bounce to continue, prices will certainly need to break above that level today. Staying below the downward sloping trendline is a bearish indication.

Short-term support is found at 1,270. Breaking below that level will be bad for bulls as the upward move is not yet a clear 5 wave pattern. The upward sloping trend line as shown in the chart above starting from the 1,260 lows, provides support for Gold prices at 1,270-74. If prices break above the 1,290-91 resistance, we could see a move towards 1,315. It will be good for the short-term uptrend to stay above the purple trend line.

The daily chart shows the upward bouce is starting to take shape as expected. The upward sloping blue trend line provides longer-term support for Gold prices. We expect prices to reach the first downward sloping red trend line if the blue support line holds. This means that as long as prices trade above 1,270-60 we should expect a bounce towards 1,315-30.

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Silver prints a low just below 20.50. Still remain long Trend News

Technical outlook and chart setups:

in the daily chart it looks like a major bottom is under formation at 20.50 levels here. This is the third time that prices have bounced off 20.50 levels and another bullish signal here would be extremely bullish. Hence, it is recommended to remain long and also initiate further positions at current levels around 20.70/80. Intermediary support is at 20.50 levels, followed by 19.00, and sub 18.00 levels; while resistance is at 23.00 levels, followed by 25.00 and higher up respectively. A bullish reversal now and further push through 23.00 levels would confirm that prices are headed towards 28.00 levels.

Tradeing recommendations:

Remain long, initiate further positions, stop is at 20.00.

Good luck!

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Gold is at 0.786 Fibonacci support. 1,250.00 is support for uptrend to continue Trend News

Technical outlook and chart setups:

The metal looks to have taken support at the fibonacci 0.786 retracement levels at 1,260/70 levels as seen here. It is recommended to hold long positions taken earlier and also look to add fresh positions at current levels. As seen here, the presumed counter trend line is converging at 1,290.00 levels now and a push above, shall confirm that the next upswing towards 1,500.00 levels is underway now. Intermediary support is at 1,250.00, followed by 1,210.00 and 1,180.00; while intermediary resistance is at 1,325.00 levels, followed by 1,360.00, 1,370/75 respectively. Any drop below 1,250.00 levels would nullify the bullish scenarios.

Trading recommendations:

Remain long and add further long positions at current levels. Stop is at 1248.00, target is open.

Good luck!

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EURJPY is ready to fall now. Initiate short positions. 135.70/80 is resistance Trend News

Technical outlook and chart setups:

The currency pair has rallied after trading just shy of the 131.00 levels, as expected earlier. It is now recommended to exit long positions taken earlier, and initiate aggressive short positions at the current levels. Resistance is the 135.70 levels; while intermediary support begins from 133.30, followed by 131.00, 129.00 and lower. The overall structure might be unfolding as a possible head-and-shoulder pattern; the right shoulder is in formation at the current levels. If this prediction turns true, the downside extensions are 129.50 and 128.50 respectively as highlighted here. Only a break above 135.50 would nullify the bearish outlook here.

Trading recommendations:

Exit long positions. Enter short at 134.60/70, stop is at 135.90, target is at 128.50.

Good luck!

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GBPCHF rallies after pullback. 1.4550 is intermediary support Trend News

Technical outlook and chart setups:

The currency pair has bounced off again, after pulling back towards the 1.4550 levels recently, as expected and discussed. It is still recommended to hold the remaining long positions and reduce risk to the 1.4550 levels. Intermediary support is at 1.4550, followed by 1.4400, then 1.4200, 1.4075 and lower; while resistance is at 1.48, followed by 1.5 and higher. The extensions are pointing towards 1.4920/30 from here on. Also the fibonacci 0.618 retracement of the entire fall from the 1.54 to 1.4 levels is pointing towards 1.49. We would wait for a bearish reaction to materialize around the 1.49 area and look to initiate short positions there.

Trading recommendations:

Hold on to long positions, stop is at 1.45, target is at 1.49.

Good luck!

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