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Fxnet Technical Analysis On Major Currencies & Commodities

Discussion in 'Fundamental Analysis' started by fxnetltd, Nov 28, 2013.

  1. fxnetltd

    fxnetltd New Member

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    EUR/USD - European Session:

    [​IMG]

    Despite the bearishness witnessed after touching above 1.36 levels yesterday, but the pair is still stable within the ascending channel that was confirmed by stabilizing above 1.3555 earlier. The upside move is still valid and a bullish wave might be seen today. Breaching 1.3625 and consolidating above it will support bullishness extension. Linear Regression Indicators are positive and Stochastic is crossing over positively supporting our expectations.

    Support

    1.3580

    1.3555

    1.3500

    1.3470

    1.3420

    Resistance

    1.3625

    1.3660

    1.3710

    1.3765

    1.3780

    Recommendation

    Based on the above, buy the pair above 1.3580 targeting 1.3625, 1.3710 then 1.3780 and stop-loss at four-hour closing below 1.3500



    GBP/USD - European Session:

    [​IMG]

    Consolidating above the resistance level that turned to support at 1.6260 pushed the pair out of the correctional range and enter a new bullish wave. Linear Regression Indicators are positive supporting our expectations that the sideways technical formation became a continuous upside one. If the pair breached 1.6370 at 127.2% Fibonacci, the upside move will extend towards Fibonacci level at 1.6515 represented in 161.8% correction.

    Support

    1.6305

    1.6260

    1.6205

    1.6165

    1.6100

    Resistance

    1.6340

    1.6370

    1.6420

    1.6475

    1.6515

    Recommendation

    Based on the above, buy the pair above 1.6305 targeting 1.6370, 1.6475 and 1.6515, stop-loss at four-hour closing below 1.6240



    USD/JPY - European Session:

    [​IMG]

    Consolidating above 127.2% correction represented in 101.65 indicates the possibility of extending the upside move reaching 161.8% correction at 103.10 and resistance level at 103.15. Trading above 101.50 is positive could extend bullishness.

    Support

    102.00

    101.50

    101.15

    101.00

    100.60

    Resistance

    102.50

    102.80

    103.10

    103.50

    103.95

    Recommendation

    Based on the above, buy the pair above 102.10 targeting 102.50, 102.80 then 103.10 and stop-loss at four-hour closing below 101.50




    EUR/JPY - European Session:

    [​IMG]

    The pair maintained stability above the ascending channel resistance –now support- at 138.10 supporting our upside expectations over intraday and short term basis, with our main target at 140.00. The negativity on momentum indicators might force a retest to the breached resistance before resuming bullishness that remains in favor with steady daily closing above 138.10 and most importantly 137.05.


    **Trading range expected today is between the key support at 138.00 and key resistance at 140.00

    Support

    138.10

    137.05

    136.65

    135.50

    134.80

    Resistance

    138.65

    139.00

    139.50

    140.00

    140.55

    Recommendation

    Based on the above, buy the pair above 138.10 targeting139.50, 140.00 and stop-loss at four-hour closing below 137.05



    GOLD - European Session:

    [​IMG]

    Gold dropped yesterday but remained limited in areas above the support at 1234.00 and that supports the return of positivity. At the same time, we cannot rush into positive expectations before we have a breakout above the main intraday descending resistance and therefore we need a confirmed breach to 1252.00 to support positivity. We prefer to remain on the sidelines for now waiting confirmations.

    Support

    1235.00

    1220.00

    1210.00

    1200.00

    1180.00

    Resistance

    1240.00

    1246.00

    1252.00

    1261.00

    1270.00

    Recommendation

    N/A



    SILVER - European Session:

    [​IMG]

    Silver is trading within the descending channel shown on graph and limited below the MA 50. Nevertheless, the support level constructed around 19.50 makes us uncertain about the extension of the downside move within the channel and require a confirmed breakout below this level. We will wait for confirmation to support the extension of the downside move.

    Support

    19.65

    19.50

    19.20

    19.00

    18.70

    Resistance

    20.00

    20.25

    20.60

    20.85

    21.05

    Recommendation

    Based on the above, sell silver with the breakout below 19.50 targeting 19.20, 19.00 then 18.70 and stop-loss above 20.00



    Crude OIL - U.S. Session:

    [​IMG]

    WTI Crude Oil extends the bearish move, breaking the bottom of the sideways consolidation, at 93.00, and thus indicates the bearish wave may continue further. The next downside target could be at the 78.6 retracement level near 91.50 potential support.

    ** Short term Trend (Trends that last from two weeks to two months)
    ** Chart is based on GMT+2 timing

    Notes:
    *if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
    *Support and Resistance levels should be treated as regions not precise numbers


    **This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.

    Support

    92.70

    92.00

    91.50

    91.00

    90.60

    Resistance

    93.00

    93.30

    93.65

    94.25

    94.70

    Recommendation

    Short below 93.00, targets at 92.10 and 91.50. Stop loss above 93.70
     
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