Silver Past Through Resistance at 32.30. Should Hit 32.50 Level Before Pulling Back Trend News

Technical Outlook and Chart Setups:

Finally, silver produces the rally that has been expected since several past trading sessions. Looking into the structure now, silver has cleared intermediary resistance placed at 32.30 level but it still needs to get past 32.50/60 to confirm a convincing reversal ahead. Now support is at 30.60/70 levels and 30.20 level respectively. It is recommended to buy on dips towards the 31.50 region. Looking higher from here on.

Trading Recommendations:

Hold on long positions. Add on dips. Stop at 30.00. Target Open.

Good Luck!

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Gold Rally Materialized. Morning Star On Daily Charts. Hold Long Positions Trend News

Technical Outlook and Chart Setups:

Finally, the yellow metal rallies and breaks past the dropping line of resistance (as depicted above) and also clears 1,730.00 resistance. A pullback is expected now towards at least 1,700.00 levels before the rally continues. It is recommended to buy on dips, as close to 1,700.00 levels; this trade strategy should go a long way ahead. Next levels of resistance are lined up resistance levels 1,750/60, 1,780, and 1,795 respectively. Look higher from here on.

Trading Recommendations:

Hold on to buy positions taken yesterday. Stop at 1,670.00. Target Open.

Good Luck!

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USD/CAD Intraday Technical Analysis and Trading Recommendations for November 7, 2012 Trend News

The pair has been trending down when a bullish breakout above the bearish daily channel took place. However, the potential downside move remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.

On Friday, further downside movement was anticipated when the USD/CAD pair gave strong bullish reaction towards 0.9950 - 0.9925, a confluence of previous consolidation range acting as support.

The trading range for this week is between the key support around 0.9660 and key resistance around 1.0130.

Yesterda intraday support around 0.9925 was broken down allowing the USD/CAD pair to initiate a strong bearish swing approaching the lower limit of the depicted bullish channel around 0.9850.

Price Zone 0.9850-0.9810 constitutes an Intraday Support zone corresponding to the lower limit of the channel.

Support: 0.9950,0.9925,and 0.9875.

Resistance:0.9990,1.0010, and 1.0040.

Recommendation

Obvious breakdown below 0.9925 supported the bearish scenario in the short-term targeting 0.9860 - 0.9840 initially.

Price Action towards the price zone 0.9850-0.9810 should be watched carefully for a possible valid BUY entry with SL is located below 0.9770.

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GbpChf Holds Resistance between 1.5150-1.5200. Look Lower Trend News

Technical Outlook and Chart Setups:

Structurally things remain quite similar since last 3 trading sessions. As it is seen above, the prices are testing the dropping line of resistance and there are indications of a bearish resumption from here on. Resistances are lined up from 1.5230/50, 1.5300 and 1.5400 respectively, while support is placed near 1.4800 and then 1.4700 level for now. If the rate falls below 1.4950, then it will accelerate the downfall towards 1.48, 1,47, and 1.46 respectively. It is recommended to sell rallies as close to 1.5100 level.

Trading Recommendations:

Remain short and sell intraday rallies. Stop at 1.5150/60. Target 1.47, 1.46 minimum.

Good Luck!

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EurJpy Rallies Past 103.00 Levels. Follow Through Required. Trend News

Technical Outlook and Chart Setups:

The structure more or less remains unchanged for now. As it was discussed yesterday, 102.00 level was tested and the prices bounced back sharply, raising past the 103.00 level. Yesterdays' lows should remain intact now, for the bulls to start rally further. Therefore, it is recommended to buy the single currency pair on dips from here on. 102.00/10 levels shall provide intermediary support and any dips should remain well capped above this level. Resistance is lined up at 103.50/70, 104.00/10, and 104.50/60 respectively.

Trading Recommendations:

Stay long for now. Buy on dips. Stop at 101.70. Target 104.75 minimum.

Good Luck!

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USD/CAD Wave Analysis for November 7, 2012 Trend News

USD/CAD Elliott Wave

Since our last analysis the USD/CAD pair was trading in a downward move like we expected, impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Asian and European sessions we could observe descending movement from 0.9967 towards 0.9927 level. Therefore, during the New York session this pair continued trading in a bearish mood and price reached a new low at 0.9910 level. At the moment the price is trading around 0.9890 and we are expecting to see bullish mood when development of the corrective 4 wave (coloured blue) starts. In accordance with our wave rules and taking into account that the wave 4 should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9897(38.2% of wave 3). To reduce the risk, we can use support at 0.9800 level as stop loss.

Support and Resistance

(S3) 0.9877 (S2) 0.9898 (S1) 0.9911 (PP) 0.9933 (R1) 0.9954 (R2) 0.9967 (R3) 0.9989



Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9831 with stop loss 0.9800 and take profit at 0.9897 are recommended.

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GbpChf Still Holding Resistance... Look Lower Trend News

Technical Outlook and Chart Setups:

Structurally there is no change since last three trading sessions. Resistance begins from 1.5150/1.5200 levels and extends till 1.5400. Intermediary support is at 1.4950, followed by 1.4800 level. It is recommended to remain short and sell further intraday rallies as close to 1.5100. Coming below 1.4950 shall accelerate further move downside towards 1.4800 and lower. Looking lower for now.

Trading Recommendations:

Remain short. Stop at 1.5150. Target 1.4600 and 1.4500.

Good Luck!

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