Daily Technical Analysis Forex & Gold

Daily Forex Technicals | Written by ecPulse.com
EURO
After the Euro versus the Dollar pair attempted to breach the pivot support at 1.4105, the pair rebounded back to the upside sharply after Trichet's speech. Trading remains limited among the 1.4105and 1.4245 levels which will determine the next intraday trend as we believe the pair is to attempt to breach the resistance level to the upside to continue the short term trend targeting 1.4710 as far as 1.3910 remains intact. The trading range for today is among the key support at 1.3910 and the key resistance at 1.4620. The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120.
Support: 1.4160, 1.4105, 1.4080, 1.4030, 1.3980
Resistance: 1.4225, 1.4245, 1.4320, 1.4395, 1.4440
Recommendation: According to our analysis, sell the pair below 1.4105 with targets at 1.4025 and 1.3910 and stop loss with fourh our closing above 1.4220
GBP
After mixed trading yesterday, the Cable decline towards our initial target at 1.6075 where we still believe the intraday trend is to the downside with the next target at the key support for the major upside channel at 1.5275 yet the short term trend remains to the downside. Note that the NFP is on queue at 12:30 GMT which may result in volatile trading. The trading range for today is among the key support at 1.5725 and the key resistance at 1.6660. The general trend is to the upside as far as 1.4840 remains intact with targets at 1.6600.
Support: 1.6075, 1.6015, 1.5945, 1.5875, 1.5810
Resistance: 1.6155, 1.6200, 1.6285, 1.6360, 1.6430
Recommendation: According to our analysis, sell the pair below 1.6075 with targets at 1.5945 and stop loss with four hour closing above 1.6155
JPY
The USD/JPY pair continued to incline towards our suggested target currently at 97.45 where we expect the pair is to reverse to the downside from this level to reach the short term targets at 93.40 after the breach of 95.35. The 97.70 level must remain intact for the decline to continue. The trading range for today is among the key support at 91.90 and the key resistance at 99.40. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 96.45, 95.90, 95.35, 94.75, 94.50
Resistance: 97.45, 97.70, 98.10, 98.85, 99.55
Recommendation According to our analysis, sell the pair below 97.45 with targets at 96.45 and stop loss with four hour closing above 98.10
CHF
The 1.0745 was able to limit gains for the Dollar versus Swissy pair. We currently see the possibility of a formation of a bullish technical pattern with a neckline at the above mentioned level where we expect the pair is to attempt to breach this level to the upside on the intraday basis to incline towards the key resistance for the downside channel at 1.0910. The short term trend remains to the downside as far as 1.0910 is intact. The trading range for today is among the key support at 1.0450 and the key resistance at 1.0910. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245.
Support: 1.0635, 1.0555, 1.0500, 1.0470, 1.0450
Resistance: 1.0745, 1.0800, 1.0860, 1.0910, 1.0980
Recommendation: According to our analysis, buy the pair above 1.0745 with targets at 1.0910 and stop loss with four hour closing below 1.0635.
Daily Forex Technicals | Written by India Forex
Rupee: Rupee weakened to 47.32 before closing at 47.18. The local unit is consolidating above 47.00 levels. The overall outlook continues to remain strong for Rupee and breaking of 46.80 support can pave way for 46.00. Exporters should look for opportunities to sell around 47.50-60 levels. (USD/INR : 47.08). Medium Term Bullish.
Euro: Euro fell to 1.4069 taking support around the 55 4-hourly EMA and closing at 1.4175. ECB left key rates unchanged at 1% yesterday. The daily and 4-hourly charts indicate a downside bias with strong support remaining at 1.4070. Breaking of that support will confirm a short term top is in place at 1.4337 and will bring a deeper pull-back upto1.3890 (21 Daily EMA). Buying around those levels is suggested for 100-150 pips. (Eur/Usd:1.4189). Bullish above 1.3750.
Pound: Cable remained volatile in 350 pips falling to the lows of 1.6082. BoE kept the benchmark interest rates unchanged at 0.5% yesterday. The reversal bar of bearish divergence received confirmation yesterday with the charts continuing to indicate further downside which could lead Sterling towards 1.5815 (21 Daily EMA). The trend however remains strong with no clear trend reversal signs. Longs can be considered around 1.5850 levels for 150 - 200 pips. (Gbp/Usd: 1.6080). Short term Bullish
Yen: Dollar-Yen pair is hovering near the cluster EMA of 96.65. On the upside the first resistance comes in around 97.27 (200 daily EMA) and then 99.30 levels (55 Weekly EMA). Short positions in the pair around those levels can be considered(USD/JPY 96.72).Bearish
Australian Dollar: Aussie recouped its losses after hitting 0.7880 low and closing above the 0.8000 mark. The daily and 4-hourly charts are still indicating a downside, however, the same could be curbed around 0.7850 levels (100 4-Hourly EMA & 50% Retracement of the recent rally). Thus, buying can be considered at the dips around 0.7850-0.7900 for 100 pips. (Aud/Usd: 0.8040).Bullish
Gold: Gold witnessed sideways trading recovering from $960 to $981 yesterday. We maintain our bullish bias in Gold, thus consider longs around $965 (55 4-hourly EMA) and further around $948 (21 Daily EMA) can be considered for $15-$18. (Gold- $976.80). Bullish
Dollar Index: DX closely touched 80 yesterday taking the falling trendline resistance. It is currently trading at 79.42 with stochastic being neutral to bearish. Support remains at 77.60 levels. Overall Bearish. (DI- 79.42)