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Major Currencies & Commodities Weekly Technical Report by FXNET

Discussion in 'Technical Analysis' started by fxnetltd, Dec 16, 2013.

  1. fxnetltd

    fxnetltd New Member

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    EUR/USD - Weekly Report:

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    The pair started this week’s trading slightly to the upside but is still limited below Linear Regression Indicators and 88.6% correction showing on graph. Therefore the possibility of moving to the downside is available this week affected by the bearish harmonic Bat Pattern. Stochastic is approaching overbought areas supporting the suggested negativity.

    Of note, breaching 1.3830 could fail the harmonic pattern and trigger a new bullish wave.


    Support: 1.3715, 1.3655, 1.3600, 1.3580, 1.3565

    Resistance: 1.3775, 1.3800, 1.3835, 1.3880, 1.3910

    Recommendation:
    Based on the above, sell the pair below 1.3755 targeting 1.3705, 1.3655 then 1.3565 and stop-loss above 1.3835

    If the stop-loss was triggered, buy the pair above 1.3835 targeting 1.3880, 1.3910 then 1.3990 and stop-loss below 1.3770



    GBP/USD - Weekly Report:

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    Breaking 1.6360 followed by stabilizing below 23.6% correction at 1.6315 showing on graph confirmed the downside move. Trading below 1.6410 keeps the bearish possibility this week but stabilizing below 1.6360 is better to strengthen these expectations. The suggested target of the current downside move is 38.2% correction followed by 50% and 51.8% corrections respectively, as breaking them will trigger the possibility of touching the next level. Linear Regression Indicators are negative supporting our expectations.


    Support: 1.6260, 1.6230, 1.6155, 1.6120, 1.6085

    Resistance: 1.6315, 1.6360, 1.6410, 1.6475, 1.6550

    Recommendation:
    Based on the above, sell the pair below 1.6310 targeting 1.6230, 1.6155 and 1.6085, stop-loss above 1.6410



    USD/JPY - Weekly Report:

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    The pair moved to the downside with the beginning of this week but is still within the ascending channel as shown on graph. Stability above 102.50 keeps the bullish possibility available again, as the pair has to break 101.70 to confirm a bearish correction. We will benefit from approaching 101.70 to enter an overbought area, whereas we bet on the overall upside move meanwhile breaking 101.70 will trigger a downside move that might be strong.


    Support: 102.50, 102.00, 101.70, 101.25, 100.40

    Resistance: 103.10, 103.95, 104.10, 104.65, 105.40

    Recommendation:
    Based on the above, buy the pair above 102.55 targeting 103.10, 103.95 then 104.65 and stop-loss below 101.70

    If the stop-loss was triggered, sell the pair below 101.25 targeting 100.80, 1.3385 then 100.40 and stop-loss above 102.55



    EUR/JPY - Weekly Report:

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    The pair dropped last Friday and extended the downside bias with the kick-start of trading today to fluctuate around the support of the ascending channel around 141.20. This level resides with the MA 50 adding more support to this level support the extension of the general uptrend targeting mainly 144.45 areas. Note that a breakout below 141.20 then 140.90 followed by a daily closing below those levels will turn intraday outlook to the downside.

    **Trading range expected this week is between the key support at 139.85 and key resistance 144.45


    Support: 141.20, 140.90, 140.10, 139.85, 139.30

    Resistance: 141.75, 142.15, 142.75, 143.55, 144.45

    Recommendation:
    Based on the above, buy the pair above 141.20 targeting 142.15 then 143.55 and stop-loss below 140.05


    GOLD - Weekly Report:

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    Gold moved slightly higher on Friday, correcting some of earlier losses, however price remains within bearish trend, below the key resistance area among 1254.00-1268.00, accordingly, we remain bearish for this week.


    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: 1230.00, 1220.00, 1211.00, 1205.00, 1196.00

    Resistance: 1235.00, 1243.00, 1250.00, 1258.00, 1268.00

    Recommendation:
    Short gold below 1240.00, targets at 1225.00 and 1211.00. Stop-loss above 1258.00



    SILVER - Weekly Report:

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    Silver maintains the overall bearish bias ,although price closed Friday’s session slightly higher, however, the overall bias remains strongly bearish as long as 20.50 resistance area is holding.


    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: 19.55, 19.15, 18.90, 18.60, 18.25

    Resistance: 19.75, 20.00, 20.25, 20.50, 20.60

    Recommendation:
    Short below 20.00, targets at and 19.50 and 18.80. Stop loss above 20.60.


    Crude OIL - Weekly Report:

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    WTI Crude oil retraced strongly after testing the 200-days SMA and the key resistance area around 99.00, where we still see further short term downside towards 95.50 support areas. Accordingly, we remain bearish.


    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: 96.30, 95.50, 95.10, 94.65, 93.90

    Resistance: 97.10, 98.00, 98.75, 99.50, 100.00

    Recommendation:
    Short below 97.15, targets at 96. 30 and 95.50. Stop loss above 98.05
     
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