EUR/USD: Weekly Technical Levels for January 3, 2013 Trend News

Weekly Technical Levels:

Tip (s):

R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.

Pivot lines work well on the sideways markets, as the prices are most likely to be located between the R1 and S1 lines.

Within a strong trend, the price is expected to be lower than the pivot point line and continue moving.

If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.



Observation (s):

If the trend is of an upside character, then the strength of the currency will be defined as following: EUR is an uptrend and USD is a downtrend.

Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.

Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy for a long term in this period, you will surely lose your profit.

Stop loss should NEVER exceed your maximum exposure amounts.

As a rule, the market is highly volatile if the last day had a huge volatility.



If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.

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Silver Inched to 30.40 Yesterday, Sideways at the Moment. Expect Higher Highs from Here Trend News

Technical Outlook and Chart Setups:

Structurally things remain unchanged since last 4 trading sessions. One can expect this sideways range to continue for 1-2 days more before it breaks out finally. The 29.50/60 level is immediate support followed by 28.00 and 27.50, respectively; while resistance is at 32.50, 33.50 and 34.30/40, respectively. Also the current bottom formation at 29.50/60 is at confluence of trendline support, Fibonacci 0.618 support, and past resistance turned support region. It is, therefore, recommended to hold on long positions taken earlier, further buy on dips. Looking higher from here on.

Trade Recommendations:

Hold on to long positions taken earlier, stop at 29.00/28.75. Target is open (fresh highs).

Good Luck !

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Gold Starts Forming Higher Highs. Immediate Target Seen at 1690.00 Trend News

Technical Outlook and Chart Setups:

Prices should gather momentum as early as next week according to the weekly charts. There may be another 1-2 days of consolidation possible before rally begins. Initial resistance is at 1690/1700 followed by 1720/22 and 1753.00, respectively. Support is seen at 1600/10 followed by 1560/70, respectively. It is recommended to buy at current levels and also on any intraday dips towards 1645/50 region. Looking higher from here on.

Trade Recommendations:

Hold on to long positions taken earlier, also initiate further longs during intraday dips, stop is at 1610/00. Target is open (fresh highs).

Good Luck!

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EURJPY Targeting 114.00 and Higher. Hold on to Long Positions if Taken Trend News

Technical Outlook and Chart Setups:

As depicted here, the single currency pair bounced back from the past resistance that turned support region near 110.50. The next chart resistance is at 114.00 levels. Also Fibonacci extensions are pointing towards 117.00 levels and higher; but prices reaching straight remains unlikely. Immediate support is now at 110.50 levels followed by 106.00 and 105.00, respectively. Resistance is at 114.00, 117.00 and 120.00 respectively on daily charts. It is recommended to exit any long positions, if they have been taken earlier, at 114.00 levels; fresh long positions should be avoided at current levels.

Trade Recommendations:

Exit at 114.00 with any long positions taken earlier or yesterday. Avoid fresh buying at current levels.

Good Luck!

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GBP/CHF Headed Towards 1.4650/00 as Initial Target Trend News

Technical Outlook and Chart Setups:

As depicted here and discussed earlier, the single currency pair has broken out of wedge formation and is headed towards 1.4600 levels as initial downside extensions. Immediate resistance shall be met at 1.4830/40 for any intraday rallies that materialize now. As one can observe, initial support at 1.4720/25 levels have been broken and the next level should be around 1.4600. It is recommended to hold on to short positions taken earlier and also look to build further shorts during intraday rallies towards 1.4850.

Trade Recommendations:

Hold on to short positions taken earlier, look to build further shorts during intraday rallies, move stop to breakeven, target is at 1.4600.

Good Luck!

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GBP/CHF Breaks Support At 1.4720/25; Hold Short Positions Trend News

Technical Outlook and Chart Setups:

As depicted here, the single currency breaks below immediate support at the 1.4720/25 levels. Furthermore, the pair is completely out of the falling wedge formation. Minor pullback rallies can be expected, but they will be well capped below the 1.4830/40 levels. It is recommended to sell intraday rallies towards 1.4830/40 and also hold short positions taken earlier. Fibonacci support levels are at 1.4600 and lower, while resistance starts from the 1.4830/40 levels through the 1.5050 and 1.5150 levels respectively. Looking lower from here on.

Trading Recommendations:

Hold on to short positions taken earlier and sell further intraday rallies. Stop is at 1.5000, target is at 1.4600.

Good Luck!

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EUR/JPY Remains Bullish; Retracements Should Be Bought Trend News

Technical Outlook and Chart Setups:

As depicted here, the structure remains fairly unchanged since the last 3 trading sessions. In fact, the currency pair seems to be bouncing back from the 111.00/110.50 region which is past resistance turned support now. A push through recent highs around 112.00 region will take it further up to 114.00 and higher. Intermediary support is at the 110.50/60, while resistance is through the 114.00 range. If prices fall back below the 110.50 levels, it remains quite possible that 109.50 would be in focus. Look to buy on dips.

Trading Recommendations:

Look to go long around 109.50, 110.00 region, or on a break above 112.00, target would be 114.00.

Good Luck !

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