EUR/USD Technical view
SPOT EUR/USD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1.3550 | 1.3569 | 1.3515 | 1.3559 | 0.0009 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1.3660 |
| R2 | 1.3630 |
| R1 | 1.3570 |
| |
| S1 | 1.3515 |
| S2 | 1.3460 |
| S3 | 1.3400 |
EURO ended the session on Tuesday flat, with a positive bias, versus the greenback, completing another range bound session. The pair failed to break the previous session lows, rebounding more than a third of a percent from the session lows. Can expect action in the days session with the EURO either likely to slide to 1.3450- 1.3470; bottom end of the near term bearish channel, or rally to 1.3650; top end of the near term bearish channel. 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: Bearish
- Medium term: Bullish
- Long term: Bullish
TRADING RECOMMENDATIONS
Short:
- Hold on to short positions initiated at 1.3560 with a stop at 1.3590 for a profit target of 1.3470
- At 1.3660 with a stop at 1.3700 for a profit target of 1.3470
Long:
GBP/USD Technical view
SPOT GBP/USD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1.6429 | 1.6485 | 1.6398 | 1.6475 | 0.0046 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1.6700 |
| R2 | 1.6600 |
| R1 | 1.6510 |
| |
| S1 | 1.6420 |
| S2 | 1.6370 |
| S3 | 1.6330 |
Sterling ended the session on Tuesday with gains of 0.28%, versus the greenback, closing the third successive session with gains. The pair could however face stiff resistance 1.6500; long term breakouts and ONLY a close above, the gains could extend to 1.6650- 1.6700. Crucial near term supports placed at 1.6375- 1.6425; bottom end of the medium term bullish channel. As long as the supports hold, the near term trend will remain bullish. Close below and Sterling could slide anywhere between 1.6150- 1.6250. Medium to long term view bullish for targets of 1.6900- 1.7200
TREND DIRECTION
- Short term: Bullish
- Medium term: Bullish
- Long term: Bullish
TRADING RECOMMENDATIONS
Short:
- Hold on to short positions initiated at 1.6480 with a stop at 1.6530 for a profit target of 1.6380
Long:
AUD/USD Technical view
SPOT AUD/USD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 0.8809 | 0.8836 | 0.8772 | 0.8805 | -0.0004 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 0.9060 |
| R2 | 0.8850 |
| R1 | 0.8820 |
| |
| S1 | 0.8760 |
| S2 | 0.8740 |
| S3 | 0.8600 |
The Aussie ended the session on Tuesday flat, with a negative bias, versus the US dollar, after a volatile session within a range. The pair is holding above crucial near term supports at 0.8750; bottom end of the near term bearish channel and crucial near term resistances 0.8820- 0.8850. Near term, the Aussie could oscillate between 0.8750- 0.8850, with a breakout in either direction leading to a 150- 200 pips move. The medium to long term view however, remains bearish for targets of 0.8400- 0.8500; targets for the symmetrical triangle in a downtrend
TREND DIRECTION
- Short term: Bearish
- Medium term: Bearish
- Long term: Bearish
TRADING RECOMMENDATIONS
Short:
- At 0.8845 with a stop at 0.8885 for a profit target of 0.8765 * * Trade initiated at 00.30- 00.45 AM GMT on Wednesday, 22nd January 2014
Long:
GOLD Technical view
SPOT GOLD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1253.79 | 1255.85 | 1235.68 | 1241.11 | -12.08 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1300.00 |
| R2 | 1280.00 |
| R1 | 1270.00 |
| |
| S1 | 1230.00 |
| S2 | 1226.00 |
| S3 | 1188.00 |
Spot gold ended the session on Tuesday with losses of 0.96%, closing lower for the second successive session. Near term, spot gold could find support at 1225.00-1230.00; bottom end of the near term bullish channel with the gains likely to extend to 1260.00- 1280.00; top end of the near term bullish channel. However, a close below 1225.00 will negate the near term bullish view. The medium to long term view is extremely bearish with the precious metal 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 1220.00 with a stop at 1228.00 for a target of 1190.00
Long:
- At 1230.00 with a stop at 1222.00 for a target of 1260.00
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