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Fxnet Technical Analysis On Major Currencies & Commodities

Discussion in 'Technical Analysis' started by fxnetltd, Dec 4, 2013.

  1. fxnetltd

    fxnetltd New Member

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    EUR/USD - European Session:

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    The pair inched higher consolidating above 50% correction again around 1.3560 close to support 1.3555 levels that will be the intraday interval today. There is a possibility of a new bullish wave as long as the pair doesn’t break 1.3500 levels represented in 38.2% correction. Linear Regression Indicators forms good support for the pair, as it’s significant not to break 38.2% correction to cancel the negative momentum signals showing on Stochastic.

    Support: 1.3580, 1.3555, 1.3500, 1.3470, 1.3420
    Resistance: 1.3605, 1.3630, 1.3660, 1.3710, 1.3745
    Recommendation: Based on the above, buy the pair above 1.3580 targeting 1.3605, 1.3660 then 1.3710 and stop-loss below 1.3500


    GBP/USD - European Session:

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    The pair managed to stabilize again above 1.6365 levels yesterday represented in 127.2% correction which triggers the upside move. Momentum indicators tends to show overbought signals, but we will ignore these signals as long as the pair stabilizes above 1.6260 today which represents a previous top and the resistance of the continuous technical formation.

    Support: 1.6365, 1.6325, 1.6305, 1.6260, 1.6205
    Resistance: 1.6420, 1.6475, 1.6515, 1.6550, 1.6600
    Recommendation: Based on the above, buy the pair above 1.6380 targeting 1.6420, 1.6475 and 1.6515, stop-loss below 1.6260


    USD/JPY - European Session:

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    The pair dropped sharply yesterday after acquiring the target at 161.8% correction at 103.10. The pair is trading below Linear Regression Indicator 34 but above Linear Regression Indicator 55. Momentum indicators are also showing negative signals with stabilizing above 102.50 which might prevent us from expecting negativity but we will expect another bullish attempt. Risk/Reward Ratio are inappropriate; therefore we will remain neutral in the European session without excluding the bullish attempt.

    Support: 102.50, 102.20, 102.00, 101.50, 101.15
    Resistance: 102.70, 103.10, 103.50, 103.95, 104.10
    Recommendation: Based on the above, we prefer to remain neutral due to inappropriate Risk/Reward Ratio


    EUR/JPY - European Session:

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    The pair failed to hold above 139.70 for long, returning to the sideways range shown on graph at the time Stochastic is attempting to support the pair return to positivity. We will stay on the sidelines for now to observe trading around 139.70 resistance and 138.95 support that will define the upcoming trend.

    **Trading range expected today is between the key support at 138.25 and key resistance at 141.00

    Support: 138.95, 138.25, 137.70, 137.05, 136.45
    Resistance: 139.70, 140.55, 141.00, 141.65, 142.45
    Recommendation: Based on the above, we prefer to remain on the sidelines waiting for more confirmations


    GOLD - European Session:

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    Gold traded narrowly yesterday, consolidating below the recent minor swing low at 1228.00, within the context of the bearish trend among the falling channel shown on chart. Accordingly, the bearish scenario continues to be favored.

    Notes:

    ** Chart is based on GMT+2 timing
    * 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

    Support: 1220.00, 1210.00, 1200.00, 1190.00, 1180.00
    Resistance: 1225.00, 1235.00, 1240.00, 1246.00, 1252.00
    Recommendation: Short below 1230.00, targets at 1220.00,1210.00 and 1200.00. Stop loss above 1240.00


    SILVER - European Session:

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    Silver remains under pressure, extending the bearish wave , as price settles below the recently broken support at 19.50, which may form a near term resistance. Overall, the bearish scenario continues to be favored, where downside targets could extend to the projected bearish channel shown on chart.

    Notes:

    ** Chart is based on GMT+2 timing
    *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

    Support: 19.00, 18.70, 18.50, 18.20, 18.00
    Resistance: 19.20, 19.50, 19.75, 20.00, 20.25
    Recommendation: Short below 19.50, targets at 19.00 and 18.20. Stop loss above 20.10


    Crude OIL - European Session:

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    WTI Crude Oil extended the upside, breaking the main descending resistance and reached our full upside targets. Price is approaching the cluster of 200 and 50-days SMAs, where it may find some intraday resistance. For now, we prefer to move to the sidelines and look for a shorter time-interval trading signal.

    Notes:

    ** Chart is based on GMT+2 timing
    * 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

    Support: 97.00, 96.65, 95.95, 95.50, 95.00
    Resistance: 97.40, 97.85, 98.20, 98.80, 99.25
    Recommendation: Neutral
     
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