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Fxnet Technical Analysis On Major Currencies & Commodities

Discussion in 'Fundamental Analysis' started by fxnetltd, Dec 2, 2013.

  1. fxnetltd

    fxnetltd New Member

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    EUR/USD - Weekly Report:

    [​IMG]

    The pair traded in a tight range last week consolidating above 50% correction at 1.3560 levels. Stochastic is showing intraday overbought signals being the only indicator showing negativity, while the rest of the indicators tend to be positive. Trading within*an upside move might extend over the week,*as the suggested targets resides at 1.3715 and 1.3770. The bullish possibility remains valid by stabilizing above 38.2% correction at 1.3500.

    Support: 1.3585, 1.3555, 1.3500, 1.3470, 1.3415
    Resistance: 1.3625, 1.3660, 1.3715, 1.3770, 1.3830
    Recommendation: Based on the above, buy the pair above 1.3585 targeting 1.3660, 1.3715 then 1.3770 and stop-loss at four-hour closing below 1.3500



    GBP/USD - Weekly Report:

    [​IMG]

    The pair moved sharply to the upside consolidating above 1.6370 with the beginning of the week, as stabilizing above the referred to level extends bullishness reaching 1.6510. Breaching 1.6510 represented in 161.8% correction is significant to gain the pair*further bullish momentum this week*and to cancel any overbought effect showing on momentum indicators.

Trading above 1.6260 is positive, because its capable of keeping the bullish continuous classic formation valid. Stabilizing above 1.6340 is more positive and could keep our expectations this week.

    Support: 1.6370, 1.6340, 1.6300, 1.6260, 1.6225
    Resistance: 1.6450, 1.6510, 1.6550, 1.6600, 1.6665
    Recommendation: Based on the above, buy the pair above 1.6370 targeting 1.6450, 1.6510 and 1.6665, stop-loss at four-hour closing below 1.6270



    USD/JPY - Weekly Report:

    [​IMG]

    The pair extended the upside move benefiting from stabilizing above Linear Regression Indicators especially Linear Regression Indicator 34 which represents a support the pair remained above since 8 of November. Stability above 101.65 levels keeps*the possibility of extending bullishness this week*starting from 103.10 then the previous top 103.73 and perhaps 104.65. All these targets requires breaching 103.10 which represents our significant interval for this week.

    Support: 102.10, 101.80, 101.60, 101.10, 100.60
    Resistance: 102.50, 103.10, 103.75, 104.10, 104.65
    Recommendation: Based on the above, buy the pair above 102.30 targeting 103.10, 103.75 then 104.65 and stop-loss at four-hour closing below 101.60
    *


    EUR/JPY - Weekly Report:

    [​IMG]

    The pair is trading sideways since Friday, and we can notice the breakout of the Rising Wedge shown on graph that might push the pair lower targeting 137.70 and might extend towards 135.50. The MA 50 is attempting to protect the pair from extending bearishness and accordingly our weekly outlook is neutral for now to observe the pair at 138.95 support and 139.80 resistance.
    **Trading range expected this week is between the key support at 136.45 and key resistance at 142.45

    Support: 138.95, 138.20, 137.70, 137.05, 136.45
    Resistance: 139.80, 140.55, 141.00, 141.65, 142.45
    Recommendation: Our weekly outlook is neutral for now observing the pair at 138.95 support and 139.80 resistance for more confirmations



    GOLD - Weekly Report:

    http://www.fxnet.com/media/documents/gold-technical-analysis-2dec2013.png

    Gold managed to break the descending resistance for the latest bearish wave, as price consolidated above the 78.6 retracement level for the wave from 1180.00 to 1433.00, a break above 1258.00 minor swing high should confirm a bullish rebound, while settling below 1234.000 with a daily closing may negate the rebound scenario, and hint potential further downside, towards 1210.00. For now, we believe that holding above 1234.00 favors the bullish rebound scenario.

    ** 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: 1246.00, 1240.00, 1235.00, 1225.00, 1220.00
    Resistance: 1252.00, 1260.00, 1270.00, 1280.00, 1290.00
    Recommendation: Long above 1240.00, targets at 1252.00,1261.00 and 1280.00. Stop loss below 1230.00



    SILVER - Weekly Report:

    http://www.fxnet.com/media/documents/silver-technical-analysis-2dec2013.png

    Silver maintains the bearish note, within the overall bearish wave, however price has shown some consolidation bias recently, while RSI is showing a bullish divergence, and thus a bullish pullback towards the broken support around 20.50-20.60 remains possible, unless price settles below 19.50 level, that would suggest the extension of the bearish wave.

    ** 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: 19.75, 19.50, 19.20, 19.00, 18.70
    Resistance: 20.00, 20.25, 20.60, 20.85, 21.05
    Recommendation: Awaiting confirmation



    Crude OIL - Weekly Report:

    http://www.fxnet.com/media/documents/crudeoil-technical-analysis-2dec2013.png

    WTI Crude Oil bounced higher after testing areas near the 78.6 retracement level for the overall bull trend, where RSI is showing a strong bullish divergence as well, these are signs of a bullish pullback, however, confirmations remain necessary to suggest a bullish rebound, as price remains below key resistance levels.

    ** 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: 93.00, 92.60, 92.00, 91.50, 91.00
    Resistance: 93.30, 93.65, 94.25, 94.70, 95.00
    Recommendation: Awaiting Confirmation
     
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