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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