AUD/USD - bearish outlook - for April 02, 2013 (daily strategy) Trend News

The Reserve Bank of Australia left unchanged its interest rate; the data did not generate the volatile movement of the pair, as it was expected. However, at the technical level, we note that the pair is below the bearish channel long-term level of 1.0448 fractal; it supports the pair at this time. The close below this level will increase the likelihood of a downward movement of the Aussie for the next few days, so we recommend selling in current levels of price with a stop loss above the bearish channel and above the 1.0523 fractal.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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EUR/USD - buy above EMA 200 - for April 02, 2013 (daily strategy) Trend News

The euro has rejected the level of 1.2878 to be the day’s high so far. This level coincides with the 200 day moving average periods; it acts as a strong resistance. The pair has to overcome it in order to reach the levels of 1.30 and 1.32. The growth of the euro is that European exchanges earn on average 1.2%. Therefore, it is recommended to buy only if the pair is trading above the 200 day moving average. We will place the target on the fractal 1.3240.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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GBP/JPY: Under pressure Trend News

Overview:

GBP/JPY is trading in lower range. The rate is undermined by trimming of short-yen exposure ahead of BOJ's monetary policy decision on Thursday; weaker risk appetite; Japan exporter sales; residual concerns over Cyprus and Italy. But GBP/JPY losses tempered by demand from Japan importers. Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold; five-day moving average is below 15-day MA and declining.

Recommendation:

Sell below 141.83 with downside targets at 140.95 and 140.5.

Support levels:

S1 - 141

S2 - 140.55

S3 - 140.2

Alternative scenario:

Buy above 141.83 with upside targets at 142.5 and 142.9.

Resistance levels:

R1 - 142.5

R2 - 142.9

R3 - 143.5

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Silver testing 28.00 again. Remain long for now Trend News

Technical outlook and chart setups:

As depicted here on the 4H chart view, a double bottom is still unfolding in Silver prices. After producing a morning star reversal signal yesterday, it seems prices are once again testing the lows/support at 28.00 before reversing. Please note that structure still remains favorable for bulls; till 28.00 level is held. Higher up resistances are now at 29.20, 29.50, 30.20/30, 31.25, and above 32.00 respectively. As seen here, the sloping downtrend line is passing across 30.50 level for now, which would be our immediate upside target. A break of 29.20/30 level is required to confirm the above scenario. It is recommended to stay long for now and add further if possible, as close to 28.00-27.80.

Trading recommendations:

Remain long, stop is at 27.00, and target is open.

Good Luck!

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Gold dips should be bought. 1,660.00 remains soft target Trend News

Technical outlook and chart setups:

The single currency pair is approaching 1,615.00 resistance level slowly but surely. As discussed yesterday, the overall structure since last several trade sessions is in the sideways/consolidation. The pennant formation here is of constant resistance (1,615.00) and increasing supports (immediate is 1,580.00). Such pennants normally have the tendency to break out on the north side and reach targets pretty fast. Major support/base formation is now seen at 1,555.00 level, if it remains intact for a few more trading sessions. As seen here, the support line is passing through the 1,570.00 region and it is possible that Gold dips for one last time before the final breakout above 1,615.00 level. It is highly recommended to remain long and add further positions on dips.

Trading recommendations:

Remain long, stop is at 1,550.00, and target is open (1,660.00 remains initial target).

Good Luck!

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EurJpy approaches support at 119.00 Trend News

Technical outlook and chart setups:

The single currency pair has been trading near lows/supports since last 2 trading sessions now. Nevertheless, the overall structure remains the same as depicted on the 4H chart view here, till our measured immediate support at 118.75-119.00 remains intact. In the short term charts indicate a bounce on the higher side from current levels in order to complete 3 wave counter trend structure. As shown here, the counter trend structure should end above 126.00 level, completing 3 waves. Supports are spread through 118.75/119.00 levels, followed by 117.00, 116.00 and lower, while resistances are spread from 124.00 level, followed by 126.00, and 127.00/90 respectively. It is recommended to hold long positions till the prices are clearly trading above 118.75. Looking higher from here on.

Trading recommendations:

Remain long, stop is below 118.50, and target is open.

Good Luck!

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GbpChf trades below 1.44. Hold short positions Trend News

Technical outlook and chart setups:

The structure remains unchanged from what was discussed yesterday. As seen on the 4H chart view depicted here, the single currency pair has broken the inner line of support within the counter trend and also tested the backside of the same (which acts as resistance), before pulling back below 1.44 level. Resistance remains fixed at 1.4530/40, while support is lined up from 1.4030/40 and below 1.4. The wave structure shows the trend (down), counter trend (up) and expected trend (down) directions through pointers. Coming below 1.4300 level, would accelerate downside further towards 1.4100 level which is re-enforced by the counter trend line support. Bottom line: Looking lower till prices are below 1.4530/40 levels.

Trading recommendations:

Remain short, stop is at 1.4580, and target is below 1.4.

Good Luck!

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