Instaforex Analysis

[IFX Gertrude]

EUR/JPY technical analysis for July 2, 2013

If we look at the chart, all the three moving averages forming Golden Cross pattern are still pointing to the fact that the uptrend situation is still continuing for EUR/JPY; however, this currency pair must have a small retracement as the element from the healthy uptrend; as long as the retracement does not touch the 129.00 and/or the EMA 100 (green); the uptrend situation for EUR/JPY is still in place.

RECOMMENDATION:
Buy stop (pending order) at 130.26.
Take profit at 130.40.
Stop loss at 130.16.

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[IFX Yvonne]

EUR/JPY technical analysis for July 4, 2013

Yesterday, EUR/JPY already breached bellow the EMA 100 (green) and went back above the EMA 100 (green) again. The bullish situation has already slowed down and the EMA 14 (red) is now between the EMA 34 (blue) and the EMA 100 (green). It indicates that EUR/JPY is now in the ranging situation.

RECOMMENDATION:
Buy Stop (Pending Order) @ 130.01.
Take Profit @ 130.15.
Stop Loss @ 129.91
Alternative:
Sell stop (pending order) at 129.46.
Take profit at 129.35.
Stop loss at 129.56.

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[IFX Yvonne]

EUR/JPY technical analysis for July 5, 2013

Yesterday the EUR/JPY confirm change the course to the downside, this indicated by the candlestick already breach bellow the EMA 100(green); however on 30 minute charts they form the triangle pattern that indicates that there is decreased volatility and the market turns to be "choppy". This kind of market situation usually happens amid such important news as the US Non Farm Payrolls and the US Unemployment Rate, released every first Friday. So be cautious with this news release tonight. It is better to close all the positions one hour before the news release.

RECOMMENDATION :
No trades for today.

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[IFX Gertrude]

USD/CAD technical analysis for July 9, 2013

Overview:
The resistance of the pair USD/CAD sets at the level of 1.0585, therefore the bears are going to sell below 1.0608 because there is a double top on the price 1.0608. It should also be noted that the resistance sets at the level of 1.0585, thus swing trade at 1.0608/1.0585 in order to sell with the target of 1.0480, it might resume to 1.0435. Additionally, the trend will call for a bearish market on the level of 1.0585, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set a stop loss above 1.0640. However, the USD/CAD pair has still been trapped between 1.0375 (61.8% of Fibonacci retracement levels) and 1.0555 (100% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0400, then the bulls are going to buy above 1.0400 with the first target of 1.0483, it might resume to 1.0540.

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[IFX Gertrude]

EUR/JPY technical analysis for July 10, 2013

The EUR have get a pressure from the yen, this situation already confirmed by all the three Moving Average already that form the "Death Cross" pattern; please pay attention to the FOMC Meeting Minutes and Mr. Ben Bernanke speech tonight.

RECOMMENDATION:
SELL Stop (Pending Order) @ 128.99.
Take Profit @ 128.85.
Stop Loss @ 129.09.

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[IFX Gertrude]

EUR/JPY technical analysis for July 11, 2013

EUR/JPY is now in a ranging situation between the 128.25-130.25; this situation was caused by yesterday's signal from Mr Bernanke for continuation of the U.S. economic stimulus until mid-2014; but when this stimulus will be stopped there's no clue, because they will not stop it until they get confirmation with all the economic data. This issue made the market confused, and this situation makes the market ranging, at least temporarily.

RECOMMENDATION:
Buy stop (pending order) at 130.26.
Take profit at 130.40.
Stop loss at 130.16.
Alternative:
Sell stop (pending order) at 129.99.
Take profit at 129.85.
Stop loss at 130.09.

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[IFX Gertrude]

USD/CAD technical analysis for July 12, 2013

Overview:
The resistance of the pair USD/CAD sets at the level of 1.0585, therefore the bears are going to sell below 1.0585 because there is a double top on the price 1.0585. It should also be noted that the resistance sets at the level of 1.0585, thus swing trade at 1.0585 in order to sell with the target of 1.0480, it might resume to 1.0435. Additionally, the trend will call for a bearish market on the level of 1.0585, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set a stop loss above 1.0620. However, the USD/CAD pair has still been trapped between 1.0375 (61.8% of Fibonacci retracement levels) and 1.0555 (100% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0284, then the bulls are going to buy above 1.0284 with the first target of 1.0333, it might resume to 1.0420.

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[IFX Gertrude]

EUR/JPY technical analysis for July 16, 2013

For today, EUR/JPY already found the uptrend, this is confirmed by all the three moving averages forming the Golden Cross pattern. Please pay attention to Germany's ZEW Economic Sentiment this afternoon; this news release will be give a significant impact who can make EUR/JPY continues their uptrend way or make a reversal way for this currency.

RECOMMENDATION:
Buy stop (pending order) at 130.76.
Take profit at 130.90.
Stop loss at 130.66.

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[IFX Gertrude]

Silver targeting 21.00 for now

Technical outlook and chart setups:
There is no change in the direction that was discussed last week for the metal. It is trading sideways for now, but implications are ripe for an extended rally towards 21.00 level, possibly after dropping into 19.50/70 region first. It is recommended to remain long for now for the same reason. Fresh longs could be initiated into 19.50/70 region. Resistance is into the 22.50 region, while it is around 18.70/75 and lower towards 18.00 level. A push through 21.00 level would more or less confirm that a bottom is in place at 18.00 level. Looking higher for now.

Trading recommendations:
Remain long, stop is below 18.50, target is at 21.00 at least.

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[IFX Gertrude]

EurJpy prints intraday highs before pulling back. Remain short

Technical outlook and chart setups:
The single currency pair printed intraday highs above 131.00 region yesterday before closing the day lower. The overall wave structure still remains constructive for bears, till prices are below 132.00 level. It is recommended to remain short for now and add fresh positions on rallies. Resistance remains above 132.00 and 133/34 region; while support is seen at 119.00 and lower. The head and shoulder setup still remains valid until prices remain well below the 132.00 mark. Only if prices remain sideways in this range for long, we should consider other trading options. Looking lower for now.

Trading recommendations:
Remain short for now, stop is at 132.50, and target is open.

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[IFX Gertrude]

USD/CHF technical analysis for July 19, 2013

Overview:
USD/CHF's subsequent sharp fall suggests that a decline from 0.9560 had resumed to test 0.9483. Moreover, the pair has already formed a strong support at this psychological level of 0.9300. It should also be noted that the price has still been trapped between 0.9483 and 0.9400. Therefore, after it could not close below this psychological level and as the price has been set above it since a month, the market started showing bullish signs, so it is a good sign to buy above 0.9300 with the first target of 0.9415 and continue towards 0.9480. However, if the trend breaks this level and there will is closure below it (0.9560), it will be a downside momentum which is rather convincing and the structure of the fall is not corrective. Thus, the market will indicate a bearish opportunity below 0.9563, then this level will be become a resistance, for that it will be a good sign to sell below 0.9563 with a target at 0.9315.

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[IFX Gertrude]

EUR/JPY technical analysis for July 22, 2013

The EUR/JPY pair is still in the uptrend situation but the retrace has already happened. Otherwise it did not touch the EMA 100 (green); from this situation we can get a signal that uptrend situation will be slower. As long as it has not breached bellow the EMA 100 (green), the uptrend situation still continues.

RECOMMENDATION:
BUY Stop (Pending Order) is at 131.51.
Take Profit is at 131.65.
Stop Loss is at 131.41.

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[IFX Gertrude]

EUR/JPY technical analysis for July 23, 2013

The uptrend from the EUR/JPY pair is already slower. It is indicated by this currency already hit and breached bellow the EMA 100 (Green). It seems 132.00 is already a strong resistance for now. Please pay attention for 130.75 level, if this level can be breached down by this currency, this will indicate the reversal way from this currency.

RECOMMENDATION:
BUY Stop (Pending Order) is at 131.51.
Take Profit is at 131.65.
Stop Loss is at 131.41.

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[IFX Gertrude]

EUR/JPY technical analysis for July 24, 2013

Once again the 132.00 level has proven to be a strong resistance for EUR/JPY, since yesterday this level was touched by EUR/JPY; the downside movement is held by the dynamic support from EMA 34 (blue); for today EUR/JPY will test 132.00 again.

RECOMMENDATION:
BUY STOP (pending order) at 131.76.
Take profit at 131.90.
Stop loss at 131.66.

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[IFX Gertrude]

Silver: 21.00 remains interim target for bulls

Technical outlook and chart setups:
The metal remains subdued/confined above 20.00 region for now. Minimum implications from here is that a retracement lower, before the rally resumes towards 21.00 level. Support levels are spread through 19.25 level, followed by 18.70/75 region lower; while resistance is in the 22.50 region ahead. It is recommended to remain long for now, or take profits for now and wait for a dip lower to enter again buying. Immediate support should be around the 19.50/60 region where trend line is also passing through. Looking lower for short term.

Trading recommendations:
Remain long for now, stop is at 18.70, and target is at 21.00.

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[IFX Gertrude]

Silver finds intermediary support at 19.70

Technical outlook and chart setups:
The metal finds interim support at 19.70, just ahead of the rising trend line. Short-term view is still pointing towards a possible 21.00 mark but looking into gold setups, Silver has really been lagging behind in rallying towards fresh highs. It is recommended to book profits on long positions held earlier and remain flat for now. Aggressive traders may opt to initiate fresh short positions against the recent highs at 20.50 level. Immediate resistance is 20.50/60, followed by 22.50 on the higher side; while support is at 19.20/30 on the lower side.

Trading recommendations:
Book profits on long positions, initiate fresh shorts at 20.20/25, and stop is at 20.90.

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[IFX Gertrude]

EUR/JPY technical analysis for July 29, 2013

This week, the EUR/JPY pair continues its Bearish situation. It is already indicated by all the three moving averages making a "Death Cross" pattern. For today if the EUR/JPY pair can breach below the 129.75, this will be the sign for this currency to continue going down.

RECOMMENDATION:
SELL Stop (Pending Order) is at 129.74.
Take Profit is at 129.60.
Stop Loss is at 129.84.

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[IFX Gertrude]

USD/CAD technical analysis for July 30, 2013

Overview:
The resistance of USD/CAD sets at the level of 1.0425, therefore the bears are going to sell below 1.0425 because there is a double top on the price 1.0430. So it should also be noted that the resistance sets at the level of 1.0425, thus swing trade at 1.0425 in order to sell with the target of 1.0353, it might resume to 1.0250. Additionally, the trend will call for a bearish market on the level of 1.0500, there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Hence, set a stop loss above 1.0560. However, the USD/CAD pair has still been trapped between 1.0504 (78% of Fibonacci retracement levels) and 1.0370 (50% of Fibonacci retracement levels). At the same time, the support sets at the level of 1.0250, then the bulls are going to buy above 1.0250 with the first target of 1.0365, it might resume to 1.0430.
It should be noted that Range: 55 pips, then a risk of 46 pips must make a profit of 82.5.
Volatility: 150.85, therefore the market indicates the higher volatility. (Volatility Formulas Variation = Average * (Higher - Lower)).
In the long term if the market calls for bearish then the price will form double bottom at the level of 1.0135.

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[IFX Gertrude]

EUR/JPY technical analysis for July 31, 2013

With all the three moving averages still making a Death Cross formation pattern, no doubt EUR/JPY will extend the downtrend today, as long it does not touch 130.50. If this level is breached, then the downtrend will hold at least for today.

RECOMMENDATION:
Sell stop (pending order) at 129.74.
Take profit at 129.60.
Stop loss at 129.84.

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[IFX Gertrude]

EUR/USD technical analysis for August 1, 2013

Overview:
The EUR/USD's resistance was broken and it turned to support since yesterday, thus the pair has already formed a strong support at 1.3180 (this level will be formed at the weekly support 1) and a minor support will be set at the level of 1.3240. Moreover, it could not close below 1.3179 (23.6% Fibonacci retracements levels) and started indicating a bullish market, as well as the price placed above 23.6% Fibonacci for five days. Additionally, it should also be noted that the price has still been trapped between 61.8% Fibonacci retracement levels and 100%. Equally important, the RSI and the moving average (50) are still calling for uptrend. Therefore, the market indicates a bullish opportunity at level of 1.3179 at H1 or daily charts with the first target of 1.3240, and continues towards 1.3340. On the other hand, if the price closes below the minor support then the best location for placing a stop loss should be below 1.3130, thus the price will fall for a bearish market in order to go further towards the strong support at 1.3130 to test it again. Furthermore, it should be noted that the level of 1.3136 is going to form a double bottom. However, the resistance for August 1, 2013 will be set at the level of 1.3340. Therefore, it will be wise to sell at this level with the first target at the weekly pivot point 1.3237, and it will continue towards 1.3179.

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