Instaforex Analysis

[IFX Gertrude]

EURJPY takes trendline support at the 131.00 levels. Remain long

Technical outlook and chart setups:
As depicted here, the currency pair is seen bouncing off the recent/immediate trendline support around the 131.00 area. It is, therefore, recommended to remain long and also initiate further positions at the moment. Till the time the trendline remains intact, the pair should head north towards the 136.00 levels. Supports are at 127.00 followed by 125.00 in the daily chart, while resistance is at 135.00 respectively. Furthermore, the 0.618 fibonacci support is also passing through the same level, producing bullish bounce at the trendline at the moment. On the flip side, only a break of trendline would delay matters further.

Trading recommendations:
Remain long for now, stop at 130.40, a target is open.

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[IFX Gertrude]

Silver technical levels and trading recommendations for October 11, 2013

Overview
According to our yesterday's expections, the price’s close below the Support level of 21.50 will give new opportunities for sell signals. Currently, the metal has already managed to close below the Support level to trade below and open the way towards 21.70 as the first target, then the metal must test the Support level of 21.70 to get more bearish move till reaching 20.90 as the second target. On the other hand, the metal's rebound from the Support level of 21.20 cancels bearish scenario.

Resistance and support levels:
R3 (23.40),
R2 (22.70),
R1 (22.30),
S1 (22.00),
S2 (21.50),
S3(21.20).

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[IFX Gertrude]

Silver technical levels and trading recommendations for October 18, 2013

Overview
In today's H4 chart, the metal is still trading below the resistance level of 22.00 keeping its move above the upward trendline, and currently silver is testing the resistance level to continue its bullish movement. So we should wait for closing above this resistance area to create a new bearish opportunities. In that case the metal might open its way towards the resistance level of 22.30, then we should wait for breaking this resistance level to continue the bullish move, so we can consider our first target few pips below this resistance level, after that we should wait till reaching the resistance level of 22.50 as the second target.

Resistance and support levels: R3 (22.50), R2 (22.30), R1 (22.00), S1 (21.50), S2 (21.20), S3(20.90).

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[IFX Gertrude]

Silver rallies above the 22.00 levels. Immediate resistance is at 22.50

Technical outlook and chart setups:
The metal rallied above the 22.00 levels yesterday, but it would be facing immediate resistance at the 22.50 levels soon. It is recommended to buy on dips from here on; the area of interest would be between 21.00 and 21.50. Immediate resistance is at 22.50, followed by 23.50, 24.00 and 25.00 on the higher side; while support is just below 21.00, followed by 19.00 and lower respectively. As seen here, the overall rally from 18.00 to 25.00 looks to have retraced to 0.618 fibonacci support; and prices are poised to rally further towards fresh highs of 28.00 and higher from here on. Watch out for dips towards the 21.50/21.00 levels to initiate long positions.

Trading recommendations:
Buy on dips from here on. Set stop at 20.00, target is open.

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[IFX Gertrude]

Silver rallies above past resistance at 22.50. Buy on dips now.

Technical outlook and chart setups:
The metal has rallied above the past initial resistance at the 22.50 levels as depicted here. It is recommended to exit short positions if any and change the trading strategy to buying on dips from here on. Fibonacci retracement levels are pointing towards the 21.30/50 levels as best buy for the next projected rally towards 24.00 and higher. Initial resistance is at 23.40/50, followed by 24.00 and higher up; while intermediary support is at 20.50, followed by 19.00 and 18.00 respectively. Please also note that the falling resistance line, which would act as support now, is also passing across the same region around 21.30/50 for the next potential rally.

Trading recommendations:
Buy on dips towards 21.30/50.

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[IFX Gertrude]

EURJPY retracement should continue further. 1.32 in focus

Technical outlook and chart setups:
The currency pair seems to be poised to retrace further lower towards the 1.32 levels at least, as depicted here. Please note that the rising trendline is also passing through the same levels at the moment. It is recommended to initiate short positions (only 50%) with the risk at the 136.00 levels. Support levels are spread through 131.00-129.00, and 128.00; while resistance is fixed at the 135.50 levels, respectively. A bullish bounce at 132.00 would be favourable for building long positions again. In the short term, expect prices to retrace lower at least.

Trading recommendations:
Initiate short positions in small capacity, stop is at 136.00 target is at132.00

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[IFX Gertrude]

Gold begins retracement. 1,280-1,300 is the best buy

Technical outlook and chart setups:
The metal looks to have begun retracement lower towards the1,280-1,300 area, as seen in the 4H chart. It is recommended to initiate long positions around the fibonacci 0.618 support area at 1,280/90. Though it remains possible that prices may dip further to the 1,275.00 levels before rallying further up. The 1,280/90 area is the best buy due to confluences of Fibonacci retracement levels, backside of the trend line that is support now, and a potential right shoulder of a possible inverted head-and-shoulder reversal here. Only a break of 1,250.00 would be a worry for the bulls now.

Trading recommendations:
Look to buy lower from here.

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[IFX Gertrude]

Silver retracement begins. The 21.20/50 levels in sight

Technical outlook and chart setups:
The metal structure is unchanged from what has been discussed recently. The retracement began yesterday as it had been expected few sessions ago, and expectations are towards the 21.20/50 levels at least. Support levels are spread through the 20.50 levels, followed by 19.00 and sub 18.00 levels, while resistance levels are spread through the 23.50 levels, followed by 24.50 and higher, respectively. Till the time 20.50 is intact, the trend has possibly reversed to long-term and higher levels at 25.00 can be expected soon after retracement is finished.

Trading recommendations:
Look to buy lower.

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[IFX Gertrude]

GBPCHF bounces off producing Morning Star at 1.44 levels

Technical outlook and chart setups:
The currency pair has bounced off the smartly producing a morning star around the vicinity of the 1.4380/1.44 levels as expected earlier. Also, the fibonacci 0.618 retracement level is seen passing through the same area. It is recommended to hold long positions taken earlier for an expected extension at the 1.49 levels from here on. Temporary resistance is being met at current levels and short-term setbacks are possible, but they should be in the form of retracement only. Intermediary support begins from the 1.4400 levels, followed by 1.42 and 1.4075; while resistance begins from the 1.4800 levels, followed by 1.5 respectively. Look to buy on dips till prices remain above 1.4350.

Trading recommendations:
Remain long, set stop at 1.43, target is at 1.49.

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[IFX Gertrude]

EUR/USD intraday technical levels for November 5, 2013

Yesterday, after the release of the Italian Manufacturing PMI below the market expectations, the EUR/USD got under pressure to go down. For today, we wait for the US ISM Manufacturing release. All the market participants are now waiting for next Friday to see the US Non Farm Payrolls and the US Unemployment Rate data.

TODAY's TECHNICAL LEVELS:
Breakout BUY level: 1.3586.
Strong Resistance:1.3578.
Original Resistance: 1.3565.
Inner Sell Area: 1.3552.
Target Inner Area: 1.3520.
Inner Buy Area: 1.3488.
Original Support: 1.3475.
Strong Support: 1.3462
Breakout SELL level: 1.3454.

DESCRIPTION:
Today EUR/USD has support and resistance at 1.3475 and 1.3565. The rate is accompanied by strong support at 1.3462 and by 1.3578 as strong resistance. If EUR/USD breaks out and closes below 1.3454 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3586 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3488 and at 1.3552, a SELL position. In this case both targets should be located at the level of 1.3520.

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[IFX Gertrude]

EURJPY testing the support line now. 131.00 is critical for bulls

Technical outlook and chart setups:
The currency pair is found to be testing the immediate trend line support for now. It is still recommended to hold long positions initiated earlier and also plan to buy more. Immediate support is at 131.00, followed by 130.00/128.00 and 125.00; while resistance remains fixed at the 135.00 levels respectively. The bullish trend shall prevail till the time prices remain above the 131.00 levels. On the other hand, if the support line breaks and prices test the 131.00 levels in near future, subsequent rallies must be sold as a change in the trade strategy.

Trading recommendations:
Hold long positions, stop is at 131.00.


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[IFX Gertrude]

USD/JPY intraday technical levels for November 7, 2013

Today Leading Indicators in Japan will be released and tonight when the US Market opens there will be issues some important news, US Advance GDP q/q. This economic indicator will be a clue for tomorrow US - Non Farm Payrolls economic data release.
TODAY's TECHNICAL LEVELS:
Resistance 3: 99.09.
Resistance 2: 98.85.
Resistance 1: 98.70.
Support 1: 98.47.
Support 2: 98.27.
Support 3: 98.08.

DESCRIPTION:
Please pay attention to the levels of support 3 (98.08) and resistance 3 (99.09). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.


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[IFX Gertrude]

GBP/JPY technical levels and trading recommendations for November 08, 2013

Overview
As it was expected yesterday, the price closed 4H below the support area of 159.00-159.50 and gave a new opportunity for more bearish signals today. As shown, the price has already broken 158.15 and now is testing the support level of 157.60. Closing below this level again may give us more sell signals till the price tests the support level of 157.00. So we can consider our first target a few pips above this support level then 157.00 as the second level. But we should wait for breaking 157.60 and closing 4H below before making a decision. But the price's closing above the support level of 157.60 cancels the bearish scenario.

Resistance and support levels: R3 (159.50), R2 (159.00), R1 (158.15), S1 (157.60), S2 (157.00), S3 (156.60).


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[IFX Gertrude]

USD/JPY intraday technical levels for November 12, 2013

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Today data on Tertiary Industry Activity m/m, 30-y Bond Auction, Consumer Confidence, Prelim Machine Tool Orders y/y, etc. will be released in Japan, but when the US market opens there will not be released news from the US. So for today we predict the price action from USD/JPY will move in a moderate volatility.
TODAY's TECHNICAL LEVELS:
Resistance 3: 100.03.
Resistance 2: 99.83.
Resistance 1: 99.64.
Support 1: 99.40.
Support 2: 99.21.
Support 3: 99.01.
DESCRIPTION:
Please pay attention to the levels of support 3 (99.01) and resistance 3 (100.03). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
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[IFX Gertrude]

Silver technical levels and trading recommendations for November 14, 2013

Overview
As shown in the today's H4 chart, the metal failed to break the Support area which consists of the Support level of 20.50 and the downward trend line. It is still trading above this Support area. Currently, it is bouncing from the Support level and starting the bullish move. So we still suggest waiting for closing above the Resistance level 21.00 in case of bouncing from the Support level of 20.50 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 21.50. Then after breaking this Resistance level, silver would open the way towards the Resistance level of 22.00, which means more bullish signals, but as long as the metal trades below the Resistance level of 21.00, this cancels the bullish scenario.
Resistance and support levels:
R3 (22.00), R2 (21.50), R1 (21.00), S1 (20.50), S2 (20.00), S3 (19.60).


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[IFX Gertrude]

USD/JPY intraday technical levels for November 15, 2013

http://forex-images.instaforex.com/userfiles/20131108/xagusd08112013.jpg[/IMG][/center]
In Japan today there is no significant news to be released, but in the US market there will be released some news such as the US Empire State Manufacturing Index; Import Prices m/m; Capacity Utilization Rate; Industrial Production m/m; and Wholesale Inventories m/m; and all this news from the US has a moderate impact, so there is nothing to worry about.
TODAY's TECHNICAL LEVELS:
Resistance. 3 : 100.75.
Resistance. 2 : 100.55.
Resistance. 1 : 100.36.
Support. 1 : 100.11.
Support. 2 : 99.92.
Support. 3 : 99.72.
DESCRIPTION:
Please, pay attention to the levels of support 3 (99.72) and resistance 3 (100.75). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
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[IFX Gertrude]

GBP/JPY technical levels and trading recommendations for November 18, 2013

Overview
Today's H4 chart shows that the pair opened this week above the Resistance level of 161.40 as shown. Currently, it is trading above it to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the Resistance level after the closing of the current H4 candle, it would be another opportunity for more bullish signals with first target few pips below the Resistance level of 162.00, then we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level of 152.30 as the second target. But as long as the price is trading below the Resistance level of 161.40 and cannot break it through, this cancels the bullish scenario.

Resistance and Support levels:
R3 (162.30), R2 (162.00), R1 (161.40), S1 (160.60), S2 (160.00), S3 (159.50).

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[IFX Gertrude]

EUR/USD weekly technical levels for November 18-22, 2013

Intraday trading recommendations:
EUR/USD: According to the previous events, the price has still been trapped between 1.3540 and 1.3460. The level of 1.3550 will indicate strong resistance; moreover, the price will form a double top at this level. Therefore, it will be wise to sell at 1.3450 with the first target at 1.3425, then it will continue towards 1.3392 in order to test the weekly suppor 1. And stop loss should be placed above 1.3575.
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[IFX Gertrude]

USD/JPY intraday technical levels for November 20, 2013

Today some medium impact data such as Trade Balance, All Industries Activity m/m will be released; and during the US market session, some important news such as Core CPI m/m, Core Retail Sales m/m, Retail Sales m/m, and Existing Home Sales are going to be announced. Also some medium impact data like US Business Inventories m/m and Crude Oil Inventories will be released, so tas a result, the price of this currency pair will move with moderate to high volatility during the US session.
TODAY's TECHNICAL LEVELS:
Resistance. 3 : 100.52.
Resistance. 2 : 100.32.
Resistance. 1 : 100.13.
Support. 1 : 99.89.
Support. 2 : 99.69.
Support. 3 : 99.49.
DESCRIPTION:
Please, pay attention to the levels of support 3 (99.49) and resistance 3 (100.52). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

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[IFX Gertrude]

USD/JPY intraday technical levels for November 21, 2013

In the early morning after the Asian market start, there will be a release of some news from Japan like Monetary Policy Statement; BOJ Press Conference; and during the US market session, there will be a release of some important news such as the US - PPI m/m; US - Unemployment Claims; and some not very important news such as the US - Flash Manufacturing PMI; and the US Natural Gas Storage US - Flash Manufacturing PMI; and the US - Philly Fed Manufacturing Index . We predict the price action of this pair will be under moderate volatility within the US session.


TODAY's TECHNICAL LEVELS:

Resistance. 3 : 100.89.

Resistance. 2 : 100.69.

Resistance. 1 : 100.36.

Support. 1 : 100.25.

Support. 2 : 100.05.

Support. 3 : 99.85.

DESCRIPTION: Please, pay attention to the levels of support 3 (99.85) and resistance 3 (100.89). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

More analysis - at instaforex.com