GBP/USD - Fractal support at 1.5081 - for May 21, 2013 (daily strategy) Trend News

Today after the release of the UK inflation report, the British pound has fallen. It grew less than expected, making stumbling to the British currency to its lowest since April 4. In the medium term the pound remains a downward trend that could be extended to the 1.48 area. Now, in the short term there a support on the daily fractal is at 1.5081. This level will be the immediate support that could push it up, so we expect that upward bounce is in this area. Therefore, we recommend buying this level with targets to 1.5335 fractal.

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Silver rallies past initial resistance at 22.80. Long positions can be initiated on dips now Trend News

Technical outlook and chart setups:

The metal has staged an impressive rally breaking past inner downtrend line and the initial resistance at 22.70/80 yesterday. Initial Fibonacci support comes around 22.00, followed by 21.50 and 21.20 respectively. It is recommended to initiate long positions on a bullish bounce between 21.20 and 21.50 levels on a pullback/retracement. Resistance is now seen at 24.00/50, followed by 25.00 (trendline resistance). It looks like a bottom could have been formed at sub 20.00 levels and the metal would be preparing for a long term reversal. On the other side, a break below 21.20 level again would be bearish for the metal.

Trading recommendations

Look to initiate 50% long positions between 21.20/50, stop is at 20.00, and target is open.

Good luck!

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Gold rallies through 1,400. Resistance seen at 1,450.00 Trend News

Technical outlook and chart setups:

The metal posted a rally from 0.786 retracement of the recent rally between 1,324 to 1,488. Yesterday's bounce seems corrective in nature, though an intermediary resistance at 1,393.00 had been taken out. Intermediary support is now at 1,360/70 levels; while immediate resistance is fixed at 1,450.00 region. Aggressive trade strategy would be to go short with a stop at 1,410.00, with a target below 1,324.00. But one should reverse on a bullish bounce between 1,350/60. A more conservative trading strategy would be to wait for a bullish turn around on a retracement and then go long. Bottom line: The metal can still swing both ways, hence awaiting before committing to trade is recommended at the moment.

Trading recommendations:

Watch out for a bullish bounce between 1,350/60 to go long.

Good luck!

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EurJpy forming pennant again. Breakout trades setting up Trend News

Technical outlook and chart setups:

The single currency pair is again trading sideways, this time a diamond pennant is forming on the top side of trading swing. As depicted here, a bullish break above resistance line would take prices higher towards 136.00; while a bearish break below support line would take prices to at least 128.00 level from here on. It is recommended to remain short from last week, but add further short positions on a breakdown. Fresh positions should be taken on a break of either direction. Resistance is at 132.50/60 and 133.00/10 while support is at 131.50/60 followed by 131.00 within the pennant formation. Bottom line: Probability of a bearish breakout remains high at the moment.

Trading recommendations:

Remain short on positions taken earlier, stop is at 133.10, and target is open. Fresh positions could be taken on a break.

Good luck!

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GbpChf testing immediate support line. 1.4580 support Trend News

Technical outlook and chart setups:

The single currency pair is testing immediate line of support at 1.4620/30 levels at the moment. A bullish bounce here would take the pair towards 1.49 and higher; while a break would be delaying matters for a while. It is still recommended to hold on to long positions and add further on a trendline bounce from here on. Immediate price support is at 1.4580, followed by 1.45 and 1.44; while intermediary resistance is at 1.48 level. A major downtrend line is also being tested on the larger time frames. All these factors combined are hinting towards a possible rally ahead.

Trading recommendations:

Remain long, stop is at 1.4580, and target is open.

Good luck!

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Elliott Wave analysis of EUR/NZD for May 21, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.5885

R2: 1.5840

R1: 1.5812

Current Spot: 1.5761

S1: 1.5744

S2: 1.5710

S3: 1.5681

Technical overview:

We are still expecting strong support at 1.5744 to protect the downside for a break above resistance at 1.5812 and, more importantly, resistance at 1.5840, which will confirm the next rally higher towards 1.5924 on the way towards the ideal target for red wave iii at 1.6481. That said a break below 1.5744 would likely be very short-lived and will delay the next rally higher, but it should only be a matter of time before the next rally takes off and we will see a break above 1.5840.

Trading recommendation:

We are long EUR from 1.5790 with a stop at 1.5600. If you are not long EUR already, then buy a break above 1.5840 with the same stop.

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EUR/USD daily analysis for May 21, 2013 Trend News

Daily chart: The EUR/USD found resistance at the 1.2883 level, which will not be easy to break due to weakness this pair has shown in recent days. In this chart, this pair is below the 200 day moving average and is forming a higher low pattern, to accumulate bearish force, to break the support at the 1.2768 level, and to continue falling. It is quite possible that the EUR/USD may rise again until the resistance is at the 1.3027 level in the medium term, but it all depends on economic data to be published this week in the U.S. and in the eurozone. The MACD indicator is in the negative territory.

H4 chart: This pair is trying to break the resistance at the 1.2874 level to rise to the level of 1.2954, very close to the 200 day moving average. In yesterday's session, the EUR/USD formed a support at the 1.2819 level. If it does that breakout, it is expected to fall to support at the 1.2750 level. On the other hand, if the EUR/USD accumulate enough strength to keep rising, it would be possible that the EUR/USD rises to the resistance level at 1.2997, which also has the 200 day moving average. The MACD indicator is in the positive territory.

H1 chart: In this chart, the EUR/USD tries to follow up and was on its way to the resistance at the 1.2938 level, but formed a resistance level 1.2896. If the EUR/USD breaks this resistance, it is expected to rise to the level of 1.2938. On the other hand, below the support at the 1.2870 level there is a Point of Control (POC). If the pair breaks that POC, it is expected to fall to the support level at 1.2811. The MACD indicator is showing signs of great weakness in the bullish trend of the moment (overbought), which support a bearish outlook for the session in EUR/USD.

Fundamental outlook: In today's session no important economic data in the eurozone and in the United States is expected, however, we must pay attention to the speech of U.S Treasury Secretary's Jack Lew, at 14:00 GMT, and the speech of Federal Reserve Bank of St. Louis's President James Bullard, at 15:30 GMT. Both events could generate some volatility in the EUR/USD during the hour.





Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the EUR/USD pair breaks with a bearish candlestick, the support level is at 1.2865, take profit is at 1.2811, and stop loss is at 1.2900. Place buy (long) orders only if the EUR/USD pair breaks with a bullish candlestick, the resistance level is at 1.2896, take profit is at 1.2938, and stop loss is at 1.2865.

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