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GBP/JPY Technical Levels and Trading Recommendations for October 17, 2012

2012-10-17 12:39:13 (читать в оригинале)

 

Overview
The H4 chart demonstrates today that the pair is taking a downward move after its rebound from the Resistance level of 127.20. Currently, the pair is testing the Support level of 126.85. Given that the pair manages to break this Support level and closes 4H below, we will receive a strong indicator for more bearish signals which will enable the Support level of 126.15 as a level target. Then we should wait for breaking of this Support level to continue the downward move and the way towards the Support level of 125.80 will be open.
On the other hand, if the pair fails to break the Support level of 126.85 and bounces from it, it may reverse the bearish move taking an upward move enabling the Resistance level of 127.20 again. Then we should wait for breaking this Resistance level to provide new bullish signals. In case the pair is able to break the Resistance level and close 4H above, we will get a bullish strength providing new buy signals enabling the Resistance level of 127.75 as a level target. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 125.85 is unbroken, the upward move is still expected invalidating the bearish outlook.

Resistance and Support Levels
R3 (128.10)
R2 (127.75)
R1 (127.20)
S1 (126.85)
S2 (126.15)
S3 (125.80)

Trading Recommendations
According to the previous analysis, we recommend selling after breaking the Support level of 126.85 and closing 4H below with TP 126.30; SL closing 4 hours above the Support level will be appropriate.

The material has been provided by Instaforex Company - instaforex.com

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Silver Holds 32.50 Levels. Look Higher

2012-10-17 12:31:24 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As it was depicted above, the following facts should be noted:

1. The downside Fibonacci extensions were met near 32.70/75 levels.

2. Support at 32.50 still holds good.

3. On the 4H Chart a pullback is hinting at a bullish reversal.

Trading Recommendations:

Hold on long positions taken earlier, stop just below 32.50, and target open.

 

Good Luck!

The material has been provided by Instaforex Company - instaforex.com

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EurJpy Continues Bullish Momentum. Hold Longs and Move Risk

2012-10-17 12:27:12 (читать в оригинале)

 

Technical Outlook and Chart Setups:

There is virtually no change in the structure, except for the fact that the single currency is up around 200 pips since last few trading sessions, as it was discussed earlier. There is still no reason to believe that this bull run is over. In fact, the euro is setting up to print fresh highs above the level of 104.00. Intraday dips should be treated as fresh buying opportunities or build further positions. Strong support is reinforced by 101.00 and 100.00 levels respectively. It is just a matter of time for the intermediary resistance level around 104.00 is taken out. Bullish for now.

Trading Recommendations:

Hold on to long positions taken earlier around 100.50 region. Move stop to break-even points. Target 104.00.

 

Good Luck!

The material has been provided by Instaforex Company - instaforex.com

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GbpChf Hits First Measured Downside Target at 1.4900. Trendline Support In View...

2012-10-17 12:26:52 (читать в оригинале)

Technical Outlook and Chart Setups:

As it was discussed during the past few sessions, the single currency followed through the much anticipated 1.49 level yesterday. This region is also reinforced by the rising trendline and 0.786 Fibonacci support of the recent upswing. Consequently, a reaction is expected around 1.4900 region. But shorter timeframes are showing signs of a break down and 1.4900/10 region proves to be a short-term resistance at the moment. It is humbly recommended to take profits of the short positions taken earlier, at least for now and wait for either a breakdown or a bullish reversal. Now 1.4700 is support; the bulls would aim to take it off in no time if the trendline breaks.

Trading Recommendations:

1. Conservative Approach: Take profits off the short positions taken earlier. Wait for a clear breakdown or a bullish reversal.

2. Aggressive Approach: Take 50% profits of the short positions. Move stop loss to the break-even points on the remaining positions. Build short positions on a break down further targeting 1.47 level.

 

Good Luck!

The material has been provided by Instaforex Company - instaforex.com

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Gold Tests 1740 Region Before Pulling Back Sharply

2012-10-17 12:26:35 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As it was depicted above, please note the following facts:

1. The Fibonacci extensions on downside are met at 1735.00 level.

2. Stops placed near 1740 levels have triggered. However, they are looking into the pullback. Bullish momentum still exists. A push above 1760.00 would further instil confidence.

3. 1720.00 support is still holding good.

Trading Recommendations:

Go long again, stop at 1715.00, and target open.

 

Good Luck!

The material has been provided by Instaforex Company - instaforex.com