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GBP/JPY Technical Levels and Trading Recommendations for October 11, 2012

2012-10-11 19:41:43 (читать в оригинале)

 

Overview
Proceeding from today's 4H chart, the pair is going to take an upward move after bouncing from the Support level 125.00 and currently the pair is testing the Resistance level of 126.00. Given that the pair continues its bullish move and manages to break this Resistance level and closes 4H above, we will receive a strong indicator for more bullish signals which will enable the Resistance level of 126.30 as the level target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 128.80.
On the other hand, if the pair fails to break the Resistance level of 126.00 and bounces from it, it may reverse the bullish move taking a downward move which will enable the Support level of 125.00 Then we should wait for breaking this Support level in order to get new bearish signals. In case the pair is able to break the Support level and closes 4H below, we will get a bearish strength providing new sell signals which will enable the Support level of 124.50 as a level target. Based on the given H4 chart, the technical indicators provide buy signals, but as long as the Resistance level of 126.00 is unbroken, the downward move is still expected invalidating the bullish outlook. Therefore, we should wait for more confirmations before making the decision.

Resistance and Support Levels
R3 (126.80)
R2 (126.30)
R1 (126.00)
S1 (125.00)
S2 (124.50)
S3 (124.05)

Trading Recommendations
According to the previous analysis, we recommend buying after breaking the Resistance level of 126.00 and closing 4H above with TP 126.45; SL closing 4 hours below the Resistance level will be appropriate.

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

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Gold Maintains Bullish Bias For Now. 1740/50 Is Support

2012-10-11 19:39:54 (читать в оригинале)

 

Technical Outlook and Chart Setups:

Prices bounced off from the trend line support yesterday and have held it well till now. Furthermore, if you see the small slopping down trend line, it has been broken as well. It should not be surprisingly now if resistance levels are taken out comfortably at 1780/85 levels and further up to 1795 as well. 1740/50 remain key now; till the time prices stay comfortable above, Gold is heading towards new highs in the coming sessions. Look to buy intraday dips now.

Trade Recommendations:

Stay long fro yesterday (around 1760/62), stop below 1740, and target open.

 

Good Luck!

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

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Silver Takes Out Intermediary Resistance at 34.20 Levels. Buying On Dips Recommended

2012-10-11 19:35:29 (читать в оригинале)

 

Technical Outlook and Chart Setups:

As depicted above and was discussed yesterday, the intermediary resistance placed at 34.20 level has been taken out by bulls here. This may not be the strongest technical reason for turning bullish but this could be surely the beginning. Prices at the moment are right at the back of the inner support line as one can see. A push through higher is required now above 34.50 levels. Any intraday dips should remain well capped above 33.50 level now, if it is needed the momentum continues further. It is recommended to build long positions on dips. 35.10/15 are the next lined up resistance that should be targeted by bulls.

Trade Recommendations:

Stay long from yesterday, stop below 32.50, and target open (fresh highs).

 

Good Luck!

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

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EurJpy Bulls Under Control... Stay Long

2012-10-11 19:32:06 (читать в оригинале)

 

Technical Outlook and Chart Setups:

They say, "Trading Is A Game, You Win... You Loose... But One Needs To Play...... " Last week recommendations were to short aggressively, prices came down but not the way it was expected. The trend line was held yesterday and flipping positions by taking out profits have worked well till now. 100.40/50 levels are strong support now. Furthermore, prices have taken out last sessions’ resistance just above 101.00 level. It instills confidence that bulls are back again, and one can expect higher highs and higher lows forming from here on. Intraday dips from here on should be used as opportunities to build long positions. Staying long is recommended.

Trade Recommendations:

Stay long from yesterday (around 100.50), stop around 99.50. Open target. We will revise stops tomorrow or at the beginning of the next week.

 

Good Luck!

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

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GbpChf Bears Targetting Atleast 1.4900 Levels. Stay Short

2012-10-11 19:25:41 (читать в оригинале)

 

Technical Outlook and Chart Setups:

Further to what was discussed yesterday, a possibility of prices falling back towards the trend line support and 1.4900 levels is shaping up. As clearly depicted above, strong resistance is now at 1.5250 and further lined up at 1.5300 and further up (R1, R2.... ). Major support is at the last swing bottom at 1.4700 level. A trend line break would push prices further low aiming at 1.4700 level.

Trade Recommendations:

Go short/remain Short. Stop above 1.5100. Target minimum 1.4900. Move stop loss to break even once prices fall below 1.4950.

 

Good Luck!

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