USD/CAD H1 Analysis for October 2, 2013 Trend News

General overview 02/10/2013 08:30 CET

The price development is pointing to the upside and the current wave progression indicates that wave (iii) is developing.

To confirm this movement, the 1.0350 level must be taken out. Then, the next resistance for the price is WR2 at 1.0379.

Support provides the 1.0335 level.

Momentum on AO oscilator is increasing and no divergence is presented yet.

Support/Resistance:

1.0379 - WR2

1.0245 - WR1

1.0338 - 1.0350 - SUPPLY ZONE

1.0335 - Intraday Support

1.0307 - Weekly Support

1.0274 - WS1

1.0236 - WS2

Trading recommendations:

As long as intraday support level holds, long positions should be in play with tigh SL and potential TP at 1.0379.

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Gold tanks but 1,270.00 still intact. 1,350/52 is hurdle now. Trend News

Technical outlook and chart setups:

The metal fell below the 1,290.00 levels yesterday on the backdrop of U.S Government shutdown, but the technical support of 1,270.00 remains intact. In 4H chart it is depicted a tweezer bottom formation and that the metal should be poised to rally from current levels. It is still recommended to remain long, till prices are above the 1,270.00 levels. A break there would change our trade strategy to sell on rallies. For now, support is 1,270.00; while resistance is at 1,350.00, followed by 1,375.00, 1,410 and 1,440.00 respectively. A break higher of the sloping downward trendline and subsequently 1,350.00 as depicted here, would be extremely bullish for the counter.

Trading recommendations:

Remain long with stop just below 1,270.00

Good luck!

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GBPCHF finds Resistance at 1.47 for now. Exit longs Trend News

Technical outlook and chart setups:

The currency pair seemed to find interim resistance at the 1.4700 levels yesterday. An engulfing bearish formation is underway at the moment in daily chart. It is, therefore, recommended to quit long positions now. Aggressive trade setups would be to go short with stop at the 1.4750 levels. This looks like a bearish leg in a corrective form that could last potentially towards the 1.4350 levels. Interim resistance is 1.47, followed by 1.47 and 1.5; while strong support remains at 1.42 and 1.40, respectively. Please note that the back side of the downward trendline, which acts as support now, could be tested before the next rally higher. Looking lower fin the short term.

Trading recommendations:

Exit long positions. Aggressive trade setup to go short, set stop at 1.4750/60, target is at 1.43.

Good luck!

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Silver remains bullish above the 21.00 levels Trend News

Technical outlook and chart setups

There has not been much change in the metal since last few trading sessions. A tight consolidation setup is seen here, with the 22.00 levels as bullish breakout and 21.00 is seen as bearish breakout respectively. It is recommended to remain long positions taken earlier, the risk remains at the 21.00 levels. Initial resistance is seen at 23.50, followed by the 24.50/25.00 levels, while support is seen at 21.00, followed by the 19.00 levels respectively. Please, note that prices have found support at the fibonacci 0.618 support, of the recent upswing between 19.00 and 25.00 around the 21.40/50 area before going into consolidation, hence, bullish reversal stands to be more probable.

Trading recommendations:

Remain long for now, set stop below 21.00, target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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Gold is poised to rally towards the 1,410.00 levels Trend News

Technical outlook and chart setups:

The metal has consolidated within a tight range recently, but initial support at 1280.00 is intact. As depicted here, the metal should be poised to rally, at least, to the 1,410.00 levels, which are still resistance-faced at the back of the support line. It is recommended to remain long for now and also look to add further positions, risk is 1,270.00. Intermediary resistance is 1,380.00, followed by 1,410.00 and 1,440.00, while support is 1,270.00 for now. The probability of printing fresh lows below 1,180.00 cannot be completely ruled out yet, but at the same time the reversal should materialize from the 1,410 levels. Looking higher at least till 1,410.00.

Trade recommendations:

Remain long, set stop at 1,210.00, target 1,405/10.00

Good luck!

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EURJPY tests support ahead of 131.50. Remain long for now Trend News

Technical outlook and chart setups:

The currency pair has just tested the 131.50 levels, before bouncing back sharply. As shown here, the short-term support trendline has been broken and the pair has bounced off just ahead of the intermediary support trendline passing through the 131.50 area now. It is still recommended to remain long with risk below 131.50. Initial intermediary resistance is at 133.75/134.00, followed by 134.80/135.00, while support is at 131.50, followed by 129.00 and 128.00 respectively. Looking into other JPY crosses, it looks that bottom formation is in process for the next upside rally here; stay long.

Trading recommendations:

Remain long, place stop below 131.50, target is open.

Good luck!

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GBPCHF long positions can be held above 1.4550 Trend News

Technical outlook and chart setups:

The currency pair has been consolidating lately between the 1.4550-1.4650 levels. As depicted in the chart, this area is also re-enforced by the past resistance turned support. Initial resistance is at the 1.48 levels, followed by 1.5, while initial support is at 1.42, followed by the 1.40 levels as discussed earlier. It is recommended to remain long for now and also look to add further positions ahead of the 1.4550 levels. The initial extensions are pointing towards the 1.49 levels in the Daily chart. Please, also note that the 1.49 level is the fibonacci 0.618 retracement of the entire downfall from the 1.54 levels to 1.4. We expect major reversal from those levels. Looking higher for now.

Trading recommendations:

Remain long for now, set stop below 1.4550, target is at 1.4900

Good luck!

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