Daily Technical Analysis Forex & Gold

Daily Forex Technicals
EURUSD
Comment: Bouncing ahead of the 38% Fibonacci retracement of the most recent rally and closing above the 9-day moving average. This is seen as part of the process of re-grouping this week for another re-test of increasingly important resistance around 1.3700. Note that above here there are no really strong resistance levels until the 1.4200 area. Strategy: Buy at 1.3555, adding to 1.3465; stop below 1.3400. Short term target 1.3700, then a lot more.Direction of Trade: →↗
Support Resistance
1.3531 " 1.358
1.3461 1.36
1.3422/1.3400* 1.365
1.33 1.3722/1.3739**
1.3245 1.38
GBPUSD
Comment: The strongest daily close since mid-December as the 9-day moving average helps Cable up half a notch. This adds weight to our view that we are setting up for an important break higher after trading between 1.3500 and 1.5500 since mid-November.
Strategy: Buy at 1.5335, adding to 1.5150; stop well below 1.5000. Add to longs on a sustained break above 1.5375 for 1.5500 short term and then 1.5725/1.5800 Direction of Trade: →↗Chart Levels:
Support Resistance
1.5293 " 1.5354/1.5375*
1.5116 1.54
1.5059 1.5535
1.4942 1.56
1.48 1.5725
USDJPY
Comment: Bouncing from the bottom of the Ichimoku 'cloud', retracing 38% of the most recent drop. Now watch for signs of topping, probably between 96.65 and 97.25. Then back down to re-test the bottom of the 'cloud'. Strategy: Sell 96.45; stop above 98.00. Add to shorts below 94.50 for 93.55.Direction of Trade: →
Support Resistance
96.11/96.00 " 96.46
95.65 96.63
95 97.25
94.55* 97.5
93.55* 97.85*
Daily Forex Technicals | Written by India Forex
Rupee: Rupee witnessed a historic 3.1% rise yesterday breaking past the support of 48.80 to test 47.76. Rupee met our yesterday's target of 47.60 and is set to head towards 47.20 on Tuesday. The bias continues to be in favour of the local unit as more FIIs are expected to flow in indian market. (USD/INR : 47.51). Bullish.
Euro: Euro gained support from the 21 Daily EMA around 1.3422 and surged 140 pips higher. The 4-hourly and hourly charts are reaching overbought, thus retracement upto 1.35 and then to 1.3420 could be expected. Buying at dips is suggested. Alternatively, with the charts getting overbought selling around 1.37 levels also could be considered for 80-100 pips. (Eur/Usd:1.3561). Short Term Bullish.
Pound: Cable took support close to 1.5115 levels and surged more than 200 pips, giving us money on the long positions done yesterday. The hourly and 4-hourly stochastic is getting overbought with resistance around 1.5440. Opportunities to initiate cautious shorts around 1.5380 - 1.54 levels for 100-120 pips could be considered. (Gbp/Usd: 1.5330). Neutral
Yen: The Usd/Jpy pair rose to the highs of 96.45 yesterday. The 4-hourly charts are over-bought and crucial resistance comes in around 96.90 levels. Going short in the pair around these levels can be considered for intraday 80 pips gain. BEARISH (Usd/Jpy: 96.46).
Australian Dollar: Aussie rose yesterday from 0.7450 to test 0.7687 on the back of weak US dollar. The hourly and 4-hourly charts are overbought while the daily chart has become neutral. Weekly cluster resistance comes at 0.7780 where shorts could be initiated for 80-100 pips. (Aud/Usd: 0.7665)
Gold: Gold shed some of its shine yesterday as it fell from $933 to $915. Crucial support comes in at $910 (21 daily & 100 4-hourly EMA). A range-bound session can be expected as far as $910 is held where cautious longs can be considerd. Range-bound. (Gold- 921.42)
Dollar Index: DX fell below 83 levels as expected with the stochastic indicating further selling bias. USD remains weak as far as DX holds below 84. Range-Bound (DI- 82.64).
Daily Forex Technicals | Written by ecPulse.com
EURO
The Euro versus Dollar pair inclined to reach our expected targets at 1.3585 as it is currently attempting to close above this resistance level and we are waiting for the next four hour closing above 1.3585 to confirm the upside movements on the intraday basis supported by the short term trend. Our next targets are at 1.3720 and 1.3850 as far as 1.3255 is intact. The trading range for today is among the key support at 1.3250 and the key resistance at 1.3850The general trend is to the downside as far s 1.4710 remains intact with targets at 1.2120
Support: 1.3480, 1.3440, 1.3345, 1.3320, 1.3255
Resistance: 1.3585, 1.3640, 1.3665, 1.3720, 1.3775
Recommendation: According to our analysis, buy the pair above 1.3585 with targets at 1.3720 and stop loss with four hour closing below 1.3480
GBP
The Cable was able to gradually incline yesterday as it reached our intraday target at 1.5325 after touching the new resistance several times (the previously broken support as seen in the image above). Trading remains below this level (currently at 1.5360) where we expect to witness volatile movements due to the negative pressure seen on momentum indicators yet the intraday trend remains to the upside to breach this level and continue the short term upside trend to reach our initial targets at 1.5750 and 1.6000 as far as 1.5175 remains intact for today. The trading range for today is among the key support at 1.4840 and the key resistance at 1.5610
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.6600. Support: 1.5265, 1.5235, 1.5175, 1.5125, 1.5070
Resistance: 1.5360, 1.5380, 1.5460, 1.5505, 1.5540
Recommendation: According to our analysis, buy the pair above 1.5360 with targets at 1.5505 and stop loss with four hour closing below 1.5235
JPY
The USD/JPY continued to recover losses yesterday after touching the pivotal resistance level at 96.60 (which shifted currently to 96.70) after reversing slightly to the downside. WE still hold our outlook to the downside on the short term as far as the above mentioned resistance is intact for today reaching 95.35 where a break of this level will open the way towards 93.50 and 92.40
The trading range for today is among the key support at 92.40 and the key resistance at 98.50. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 95.80, 95.35, 94.60, 93.95, 93.50
Resistance: 96.70, 97.30, 97.65, 98.10, 98.85
Recommendation: According to our analysis, sell the pair below 96.70 with targets at 95.35 and stop loss with four hour closing above 97.65
CHF
The Dollar versus Swissy declined as expected as it trades within a downside channel nearing our suggested target at 1.1125. Our outlook remains to the downside with targets at 1.0745 and 1.0570 yet we may witness an upside correction towards 1.1200 in an attempt to gather bearish momentum. These downside movements remain as far as 1.1425 is intact. The trading range for today is among the key support at 1.0745 and the key resistance at 1.1425. The general trend is to the upside as far as 10.570 remains intact with targets at 1.2245
Support: 1.1125, 1.1090, 1.1035, 1.0970, 1.0920
Resistance: 1.1200, 1.1250, 1.1315, 1.1355, 1.1425
Recommendation: According to our analysis, sell the pair below 1.1200 with targets at 1.1125 and 1.1035 and stop loss with four hour closing above 1.1315.