Pages

Wednesday, January 8, 2014

DAILY FOREX POST – EUR/USD , GBP/USD , GOLD JANUARY 8, 2014

EUR/USD Technical view

SPOT EUR/USD Previous day OHLC
OpenHighLowCloseChange
1.36261.36561.35951.3615-0.0016
Today's Support and Resistance
Resistance
Support
R31.3900
R21.3800
R11.3660
S11.3600
S21.3570
S31.3460
EURO ended the session on Tuesday with losses of 0.12%, versus the greenback, inching lower in a volatile session. The pair is holding above crucial near term supports at 1.3550; bottom end of the medium term bullish channel, where the downside is likely to be capped before we could see EURO rally to 1.3800- 1.3900. However, close below 1.3550, the pair could slide to 1.3350, negating the near term bullish view. The medium to long term view remains bullish for targets of 1.4200; targets for the symmetrical triangle in an uptrend

TREND DIRECTION

  • Short term: Bullish
  • Medium term: Bullish
  • Long term: Bullish

TRADING RECOMMENDATIONS

  • Short:

    • N/A
  • Long:

    • At.1.3580 with a stop at 1.3530 for a profit target of 1.3800


GBP/USD Technical view

SPOT GBP/USD Previous day OHLC
OpenHighLowCloseChange
1.64021.64371.63731.6399-0.0005
Today's Support and Resistance
Resistance
Support
R31.6600
R21.6500
R11.6460
S11.6320
S21.6260
S31.6140
Sterling ended the session on Tuesday flat, with a negative bias, versus the greenback, closing flat for the second successive session. Near term view bullish, but there is a likelihood of the pair testing supports at 1.6250- 1.6300; bottom end of the medium term bullish channel, where the downside could be capped. On the upside, close above 1.6500, Sterling is likely to rally to 1.6700- 1.6800, with the medium to long term targets placed at 1.7100- 1.7200

TREND DIRECTION

  • Short term: Bullish
  • Medium term: Bullish
  • Long term: Bullish

TRADING RECOMMENDATIONS

  • Short:

    • N/A
  • Long:

    • At 1.6310 with a stop at 1.6240 for a profit target of 1.6500


GOLD Technical view

SPOT GOLD Previous day OHLC
OpenHighLowCloseChange
1237.561245.251224.591231.49-6.10
Today's Support and Resistance
Resistance
Support
R31283.00
R21262.00
R11245.00
S11230.00
S21222.00
S31216.00
Spot gold ended the session on Tuesday with losses of 0.49%, capping five successive winning sessions, the longest since August 2013. Near term, the gains are likely to extend anywhere between 1260.00- 1300.00 per troy ounce with crucial near term supports placed at 1215.00- 1225.00. ONLY a close below the supports will negate the near term bullish view. The medium to long term view remains extremely bearish with spot gold likely to target 1000.00- 1050.00 per troy ounce; targets for the symmetrical triangle in a downtrend

TREND DIRECTION

  • Short term: Bullish
  • Medium term: Bearish
  • Long term: Bearish

TRADING RECOMMENDATIONS

  • Short:

    • At 1210.00 with a stop at 1218.00 for a target of 1190.00
  • Long:

    • Hold on to long positions initiated at 1230.00 with a stop at 1220.00 for a profit target of 1256.00

Tuesday, January 7, 2014

DAILY FOREX POST – EUR/USD , GBP/USD , GOLD JANUARY 7, 2014

EUR/USD Technical view

SPOT EUR/USD Previous day OHLC
OpenHighLowCloseChange
1.35881.36521.35701.36270.0040
Today's Support and Resistance
Resistance
Support
R31.3900
R21.3800
R11.3630
S11.3600
S21.3560
S31.3460
EURO ended the session on Monday with gains of 0.29%, versus the greenback, capping two successive sessions of losses. The pair rebounded from the session lows and near crucial supports at 1.3550; bottom end of the medium term bullish channel, where the downside is likely to be capped before rallying to 1.3800- 1.3900. However, close below 1.3550, EURO is expected to slide to 1.3350, negating the near term bullish view. The medium to long term view remains bullish for targets of 1.4200; targets for the symmetrical triangle in an uptrend

TREND DIRECTION

  • Short term: Bullish
  • Medium term: Bullish
  • Long term: Bullish

TRADING RECOMMENDATIONS

  • Short:

    • N/A
  • Long:

    • At.1.3580 with a stop at 1.3530 for a profit target of 1.3800


GBP/USD Technical view

SPOT GBP/USD Previous day OHLC
OpenHighLowCloseChange
1.64081.64331.63361.6404-0.0009
Today's Support and Resistance
Resistance
Support
R31.6600
R21.6500
R11.6460
S11.6320
S21.6260
S31.6180
Sterling ended the session on Monday flat with a negative bias, versus the greenback, extending its losses to the third successive session. The pair however rebounded from the session lows by more than 0.40 percent to close almost flat for the day. Although the near term view remains bullish, there is a possibility of the pair testing supports at 1.6250- 1.6300; bottom end of the medium term bullish channel. On the upside, close above 1.6500, Sterling is likely to rally to 1.6700- 1.6800, with the medium to long term targets placed at 1.7100- 1.7200.

TREND DIRECTION

  • Short term: Bullish
  • Medium term: Bullish
  • Long term: Bullish

TRADING RECOMMENDATIONS

  • Short:

    • N/A
  • Long:

    • At 1.6310 with a stop at 1.6240 for a profit target of 1.6500


GOLD Technical view

SPOT GOLD Previous day OHLC
OpenHighLowCloseChange
1236.481248.301232.641237.591.43
Today's Support and Resistance
Resistance
Support
R31286.00
R21262.00
R11245.00
S11224.00
S21216.00
S31192.00
Spot gold ended the session on Monday flat, with a positive bias, inching higher to close the fifth successive session, the longest since August 2013. Near term, the precious metal is likely to rally anywhere between 1260.00- 1300.00 per troy ounce with crucial near term supports placed at 1215.00- 1225.00. ONLY a close below the supports will negate the near term bullish view. The medium to long term view remains extremely bearish with spot gold likely to target 1000.00- 1050.00 per troy ounce; targets for the symmetrical triangle in a downtrend

TREND DIRECTION

  • Short term: Bullish
  • Medium term: Bearish
  • Long term: Bearish

TRADING RECOMMENDATIONS

  • Short:

    • At 1210.00 with a stop at 1218.00 for a target of 1190.00
  • Long:

    • Hold on to long positions initiated at 1230.00 with a stop at 1220.00 for a profit target of 1256.00