GBP/USD bearish outlook - for February 01, 2013 (Daily Strategy) Trend News

The British pound resumes a short-term downtrend, after it has recovered positions yesterday. The pair stopped below the 200 day moving average periods (blue) and is at the level of 1.5898, as we mentioned yesterday.

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EUR/USD correction - for February 01, 2013 (Daily Strategy) Trend News

During the early American session, after the jobs data from the United States, the euro has lost ground after having nearly reached the level of 1.37. According to technical analysis of chart, you can see that the euro is trading above the fractal of 1.3621. If the pair closes below this level and below the 15 period EMA (green) there will be the signal to sell this for as part of the correction. We expect to have its bottom in the strong support level of 1.34, which coincides with the fractal 1.3410. If you noticed, the Momentum produced a signal and we consider it to be a bearish one.

Therefore, leave the levels of negotiation for this weekend and the next week.

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GBP/USD sell below EMA 200 - For January 31, 2012 (Daily Strategy) Trend News

The British pound in 4 hours chart has broken its short-term downtrend, but in the long term, we expect the downtrend to continue. The 200 day moving average periods (blue) is the key level and located at 1.5898. If you look at the chart below the moving averages are three candles that the pair has tried to overcome, but failed. Hence the downward movement led the pair to a minimum of 1.5745. The pair is likely to continue the rebound to this area. So it is recommended to sell with objectives to 1.5613 fractal. In the medium term, we are bearish until 1.5350.

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Silver retraces to 31.10/20 levels. Bullish trend intact. Build further longs Trend News

Technical outlook and chart setups:

Structurally, things remain unchanged and as discussed yesterday, silver has retraced to 31.10/15 levels (slightly lower than expected). The metal seems to have already formed base at 30.70/75, which would act as a support now; but please note that a possibility of a lower formation at 30.50 levels before final rally materializes remains. To summarize, trend remains up for the moment; 29.22 is major support; intermediary support might be already in place at 30.70 level or it would form a fresh low around 30.50 before rallying further up. Higher probability is for a rally to materialize now.

Trading recommendations:

Hold on to long positions taken earlier, stop is at 30.00, and target is open. Book partial profits at 34.50.

Good Luck!

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Gold has retraced to 1,660/65. Rally expected to resume Trend News

Technical outlook and chart setups:

As discussed yesterday, the yellow metal has retraced/pulled back around the 1,660.00 mark. Fresh rally towards 1,740/50 should materialize soon enough. Intermediary support level is at 1,650.00 level, followed by the trend defining level of 1,626.00. Intermediary resistance is at 1,690/95 level, followed by 1,710/15, 1,720/25, 1,740/50, and 1,790/95 respectively. It is recommended to stay long on earlier positions and build fresh positions as well at current price (1,660/61). Looking higher now.

Trading recommendations:

Remain long, stop is at 1,630.00. Target is open. Book partial profits at 1,740/50 levels.

Good Luck!

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EurJpy bulls maybe targeting 127.90/28.00. Flat for now Trend News

Technical outlook and chart setups:

Trend Is Your Friend, they say and the single currency pair is proving this time and again. If short positions would have been taken, 124.00 stops triggered easily; since the momentum is strong on higher sides. As depicted here, EurJpy bulls maybe targeting 127.90 levels, which is the next higher up in line on the weekly chart. Support is at 122.00 and 121.50 at the moment. Believe it or not, a pullback/correction should materialize any time soon and we shall remain posted about the same in the coming sessions. Flat for now.

Trading recommendations:

Flat for now. Again preparing to go short.

Good Luck!

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GbpChf: A pullback rally may materialize towards at least 1.4610/20 Trend News

Technical outlook and chart setups:

Yesterday was a relatively quiet day in terms of price action. The single currency pair has met with the expected swing level at 1.4460 and is consolidating at the moment. As depicted here, further support is at 1.4300 and just below 1.42 and a push lower still possible before a meaningful pullback recovery materializes. Resistance begins from 1.4610/20 and extends up to 1.4850/60, while 1.5 remains major resistance at the moment. A huge inverse head and shoulder formation maybe under way and we shall discuss this scenario in the coming sessions.

Trading recommendations:

1. Conservative trade strategy would be to remain flat for now.

2. Aggressive trade strategy would be to go long, stop is at 1.4300, and target is at least at 1.4600.

Good Luck!

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