Fxnet Technical Analysis On Major Currencies & Commodities

December 5, 2013

EUR/USD - European Session:

Chart:

The pair moved to the upside again yesterday supported by stability above 50% correction at 1.3555 levels and Linear Regression Indicators. The pair has to breach 1.3265 – 1.3630 to confirm extending the bullish wave further. The bullish possibility remains valid today unless the pair breaks 1.3500 levels.

Support: 1.3580, 1.3555, 1.3500, 1.3470, 1.3420

Resistance: 1.3630, 1.3660, 1.3710, 1.3745, 1.3770

Recommendation: Based on the above, buy the pair above 1.3600 targeting 1.3660, 1.3710 then 1.3770 and stop-loss below 1.3500

GBP/USD - European Session:

Chart:

For the third consecutive day, the pair stabilized again above 127.2% correction at 1.6365 despite the bearish attempts and being overbought. Stability above the referred to level is triggered by clear positivity showing on Linear Regression Indicators and a bullish continuous formation. The possibility of extending the upside move is valid today, as trading above 1.6260 will be considered positive.

Support: 1.6365, 1.6325, 1.6305, 1.6260, 1.6205

Resistance: 1.6420, 1.6475, 1.6515, 1.6550, 1.6600

Recommendation: Based on the above, buy the pair above 1.6375 targeting 1.6420, 1.6475 and 1.6515, stop-loss below 1.6260

USD/JPY - European Session:

Chart:

The pair dropped breaking 102.55 levels and the bullish support. Linear Regression Indicators are negative, while RSI and Stochastic are trading below line 50 negatively. Therefore, the possibility of further bearish correction is valid today and breaking 101.85 levels will support these expectations.

Support: 102.00, 101.85, 101.50, 101.15, 101.00

Resistance: 102.20, 102.55, 102.70, 103.10, 103.50

Recommendation: Based on the above, sell the pair below 102.20 targeting 101.85, 101.15 then 100.80 and stop-loss above 103.10

EUR/JPY - European Session:

Chart:

The pair is still hovering around the support of the sideways range, while the minor descending channel is negatively pressuring intraday trading while the MA 50 is protecting the pair from more bearishness. Those conflicting signals force us to stay on the sidelines to confirm the next move with a breakout below 138.40 or a breach of 139.70.

**Trading range expected today is between the key support at 137.65 and key resistance 140.00

Support: 138.40, 137.70, 137.05, 136.40, 135.50

Resistance: 139.30, 139.70, 140.55, 141.00, 141.65

Recommendation: Based on the above, we prefer to remain on the sidelines waiting for more confirmations

GOLD - European Session:

Chart:

Gold jumped yesterday, invalidating the bearish bias and settling back above 1235.00 broken support, forming a strong bullish candle, the rebound suggest further upside correctional bias is likely within the context of the overall bearish channel.

Notes:

** Chart is based on GMT+2 timing 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore. 

*Support and Resistance levels should be treated as regions not precise numbers

Support: 1235.00, 1225.00, 1220.00, 1210.00, 1200.00

Resistance: 1240.00, 1250.00, 1258.00, 1268.00, 1278.00

Recommendation: Long above 1230.00, targets at 1240.00 and 1250.00. Stop loss below 1220.00

SILVER - European Session:

Chart:

Silver moved higher, retesting the previously broken support area around 19.55, where the overall bias remains bearish, however, by settling above 19.50 we may see a push even higher over intraday basis, but we prefer to wait for a confirmation of the upcoming intraday move.

Notes:

** Chart is based on GMT+2 timing 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore. 

*Support and Resistance levels should be treated as regions not precise numbers

Support: 19.50, 19.20, 19.00, 18.70, 18.50

Resistance: 19.75, 20.00, 20.20, 20.50, 20.75

Recommendation: Neutral

Crude OIL - European Session:

Chart:

WTI Crude maintained the bullish tone yesterday, following the main bullish breakout above 95.50 resistance level, we may see further upside over intraday basis, towards the possible resistance area around 99.00. However the overall short term bias remains to the downside.

Notes:

** Chart is based on GMT+2 timing 

*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore. 

*Support and Resistance levels should be treated as regions not precise numbers

Support: 97.00, 96.65, 96.30, 95.95, 95.50

Resistance: 97.40, 97.85, 98.20, 98.80, 99.60

Recommendation: Long above 96.40, targets at 97.25 and 98.75. Stop loss below 95.50