Daily Technical Analysis Forex & Gold

Daily Forex Technicals |
EURO
The fluctuation of the euro pair against the dollar around the support level at 1.3840 prevented the pair to continue declining to achieve the technical target for the bearish technical pattern that had been discussed yesterday. We can expect an increase for the pair on the intraday, based on the support levels previously mentioned, towards 1.4500 that supported by the positive signs that appear on the momentum indicators while paying attention to the incline for today is determined by it stabilizing above 1.3820. A breach of this level to the downside will result in a decline that would reach levels of 1.3650 – 1.3700.The trading range for today is among the key support at 1.3440 and the key resistance at 1.4235 The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120.
Support: 1.3840, 1.3785, 1.3745, 1.3700, 1.3650
Resistance: 1.3885, 1.3950, 1.3980, 1.4015, 1.4075
Recommendation: According to our analysis, buy the pair above 1.3840 with targets at 1.4010 and stop loss with four hour closing below 1.3785
GBP
The Cable continued to negatively pressure the critical correction levels to reach the key support for the ascending channel at 1.6255. The short term trend remains to the downside as it rebounds from the above mentioned support in an attempt to target 1.7000 after breaching the critical level at 1.6685 (61.8% correction for the medium term decline). The short term trend remains to the upside as far as 1.6255 is intact.
The trading range for today is among the key support at 1.5900 and the key resistance at 1.6685. The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7000.
Support: 1.6255, 1.6210, 1.6175, 1.6115, 1.6075
Resistance: 1.6330, 1.6370, 1.6415, 1.6470, 1.6500
Recommendation: According to our analysis, buy the pair above 1.6330 with targets at 1.6470 and stop loss with four hour closing below 1.6255
JPY
The USD/JPY pair breached the support at 95.50 which opened the way for further declines on the intraday basis to reach the targets of the bearish technical pattern at 93.00. Momentum indicators show the pair being oversold which may result in high volatility between the current level and the above mentioned broken level before gathering enough bearish momentum to reverse back to the downside as far as 97.15 is intact. The trading range for today is among the key support at 93.00 and the key resistance at 98.85. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support: 95.00, 94.65, 93.80, 93.40, 93.00
Resistance: 95.50, 96.40, 97.15, 97.30, 97.65
Recommendation: According to our analysis, sell the pair below 95.50 with targets at 93.80 and stop loss with four hour closing above 96.50
CHF
After breaching a critical resistance level yesterday, the 1.0890 level halted further inclines for the Dollar versus Swissy pair. The bearish momentum seen on the indicators makes us believe the pair is to decline towards the key support for the current channel at 1.0695. This decline requires the 1.0890 level to remain intact where a breach to the upside will take the pair to 1.0960 and 1.1065 respectively.
The trading range for today is among the key support at 1.0585 and the key resistance at 1.1230. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245. Support: 1.0830, 1.0765, 1.0695, 1.0640, 1.0570
Resistance: 1.0890, 1.0935, 1.0980, 1.1065, 1.1105
Recommendation: According to our analysis, sell the pair below 1.0830 with targets at 1.0695 and stop loss with four hour closing above 1.0900
Daily Forex Technicals | Written by India Forex
Rupee : Rupee had met our target of 48.66 as expected. It has broken the trend line resistance at 48.65 levels. Incase the rupee stays. Stay bearish (USD/INR : 48.85). Medium term bearish incase it holds above 48.65 trendline.
Euro Euro plunged again after taking resistance at 1.40 plus levels to 1.3827 levels. Bias is clearly bearish . It is still maintaining a range bound move with the downward bias and breaking of 1.38 on a closing basis would push the pair to 1.3450. Daily trendlines have been consistently broken. ONLY and ONLY if it manages to maintain 1.4050 then we might have to reconsider the downtrend. (Eur/Usd:1.3830). Bearish
Sterling :Cable made a kind of double top formation at 1.66 levels and still moving in quite a volatile fashion in last 8-9 days showing both sides movement. of 250 pips . Important support holds at 1.6200 levels breaking which we could see extreme bearishness. LOOKS QUITE PROBABLE. View needs to be reconsidered only if 1.6650 breaks. (Gbp/Usd: 1.6260). Medium term Bearish
Yen :Dollar-Yen pair is trading sideways confined between the cluster support of 94 levels and resistance of 99.55. We should not initiate positions until this wide range breaks on either side. The bias is towards yen strength and dollar weakness due to increased risk aversion again. (USD/JPY : 95.20) Rangebound
Australian Dollar :Aussie has also broken the up trendline due to fall in commodity prices across. We could target .7600 in days to come. Remain bearish overall due to slump in commodity prices overall. (Aud/Usd: 0.7826). Short term Bearish
Gold :Gold is clearly bearish since its holding below its daily trend at $960. Our short positions initiated in 935 dollars are still on targeting below 900 dollars. (Gold- $914.63). Bearish
Dollar Index : DX bounced back from 79 levels (as expected) and is currently trading above 80-mark. The chart is turning bullish since the downtrend line has been broken and market is holding above 80 levels. Till we see the levels above 80 the index holds bullish. (DI- 81.25) Bullish