USD/CAD - trading plan for a nice profit

USD/CAD - H4 chart

The price has been falling recently, but after hitting 1.1035 support it bounced upward and returned over previous uptrend line. Usd/Cad is still within latest consolidation zone (1.1035-1.1120) but i think it will break above soon. Trading plan is to set long position around 1.1075 with 1.1150 and 1.1210 as targets. For more secure option you may wait until the candle closes above 1.1120

USD/CAD - H4 chart

Trade recommendation
Set buy order around 1.1075 or buy when it breakes above 1.1120 Target levels: T1: 1.1150 T2: 1.1210 Current support levels 1.1035 1.0950 Current resistance levels 1.1150 1.1220

What about GOLD? Trading recommendation

GOLD - Daily chart

Gold failed to break above the downtrend channel. It bounced from 1267 resistance and returned below the trend line. Now it's heading towards 1231 and if decline continues it should hit 1218.5 level.

GOLD - Daily chart

GOLD - H4 chart

Gold is still in the uptrend, but last declines suggest that this wave may be over. At the end of the week it hit the uptrend line. The support at 1237.50 was defended, but I expect it'll be broken very soon. So, in this week I predict downward movement towards 1228 and 1218.50.

GOLD - H4 chart

Trade recommendation
Sell limit around 1248.50 or sell when it breakes bellow 1237.50 Target levels: T1: 1228.50 T2: 1218.50 Current support levels 1237.50 1228.00 1218.50 Current resistance levels 1254.50 1267.00 1278.50

EURUSD rebound - Technical analysis and trading recommendation

EURUSD - H1 chart

After hitting the lower bond of its downtrend channel Eur/Usd rebounded rapidly.
It's still in consolidation phase and failed to break the downtrend channel, but I assume it will extend its gain up to 1.3715 and 1.31730 further. 

EURUSD - H1 chart

Trade recommendation
Buy ater correction  around 1.3650 or later if the upward pace is sustained Target levels: T1: 1.3715 T2: 1.3730 Current support levels 1.3628 1.3602 1.3585 Current resistance levels 1.3688 1.3715 1.3730

AUDUSD - Technical analysis and trading recommendation

AUDUSD - Daily chart

Aud/Usd has gain quite a bit lately, but it looks like this bullish impulse is depleted. It's reached 0.8830 strong resistance which should force Aud/Usd to decline. Then 0.8660 and 0.8515 are considered as targets.

AUDUSD - Daily chart

AUDSD - H4 chart

Aud/Usd reached resistance near 0.8830. Although it crossed downtrend line, the breaking candle looks weak and it's very likely it'll be negated. In this scenario Aud/Usd will be heading towards 0,8765 and 0.8665 further.

AUDUSD - H4 chart

Trade recommendation
Sell if current candle closes bellow 0.8790 or later if it remains bellow this level. If the price rises and kept above 0.8790 signal is negated. Target levels: T1: 0.8730 T2: 0.8665 Current support levels 0.8765 0.8730 0.8665 Current resistance levels 0.8830 0.8865 0.8900

EURUSD - weekend review. Technical analysis and trading recommendation

EURUSD - Daily chart

EURUSD reached 1.3500 level, than it bounced up rapidly forming large bullish candle. This powerful sign has brought hope for further gains in upcoming days. In perspective - reaching 1.3810 level is very likely.

EURUSD - Daily chart

EURUSD - H4 chart

Looking at the H4 chart, Eur/Usd broke above consolidation area of 1.3515-1.3585. It continued well-paced movement until encountered a substantial resistance at 1.3730.  This level pushed down the rate around 1.3676, where the week was closed. This suggests that bulls may be resting for a while, so falling to 1.3650 is possible scenario. Then I expect bulls mood to be revealed again. So, the plan for now is to wait until correction is over (~1.3650 I suppose) and then open long position with 1.3695 and 1.3730 as targets.

EURUSD - H4 chart

Trade recommendation
Buy around 1.3650 area Target levels: T1: 1.3695 T2: 1.3730 Current support levels 1.3650 1.3625 1.3585 Current resistance levels 1.3695 1.3730 1.3785

EURUSD - trading recommendation

EURUSD rebounded from support at 1.2650. The rising mood should be sustained in the coming weeks.

EURUSD  - Weekly chart

Breaking  the downtrend line and 1.2890 resistance opened the way toward 1.3085. However, if  the rate drops again below 1.2890 we should expect a consolidation in the range of 1.2650 - 1.2890.

EURUSD  - Daily chart

After reaching the 1.2975-2995 resistance area EURUSD drops sharply stopping at the 1.2885-1.2905 support zone. Then it moved upward and stopped at 1.2950. Breaking up this level should open the way towards 1.2995 and 1.3075 further.

But if the rate breaks down the uptrend line and support of 1.2885 I would expect a further fall till 1.2835 and then 1.2800.

EURUSD  - H4 chart

Trade recommendation: Buy after closing above 1.2950  Take profit levels: Target 1: 1.2995 Target 2: 1.3075 Sell after closing below 1.2885 Take profit levels: Target 1: 1.2835 Target 2: 1.2800

USDJPY trading recommendation - updated

Since mid-July 2011 USDJPY is consolidating in the area of 75.50-78.25. After arriving near the upper boundary line and downtrend line it bounced down. The decline was stopped around 76.60 in the middle of a large bull candle formed on October 30th.

USDJPY - Weekly chart

After reaching the 76.60 support line USDJPY bounced up.  It reached 77.20 level which resulted in a downward correction.

USDJPY - Daily chart

The rate crossed over the downtrend line. Recent strong upward breakout should result in further growth. The nearest resistance is at 77.20. The support line is 76.85. If the exchange rate will remain above the new uptrend line and 76.85 support , I predict breakout above 77.20 resistance. Then a correction is possible, but the rate should not fall below 77.20. Target level for this movement is 77.60.

USDJPY - H4 chart

Trade recommendation: Buy after closing above 77.20 Take profit level: Target : 77.60

Click here to see my latest technical analysis charts for USDJPY

AUDUSD is going to raise - technical analysis and trade recommendation

AUDUSD exchange rate crossed over downtrend line on December 30th. Then it reached the resistance level at 1.0365 and then bounced down. The downward movement was stopped at 1.0200 support level and now we should expect the upward rebound.

AUDUSD hit support level - daily chart

 At the 4-hour chart the lower shadow candle was formed. This suggest that the further faling potential is depleted. Recommended trade is buying after breaking the short-term downtrend line and closing above 1.0265 resistance. Target level is 1.0335. If the rate remains under 1.0265 we should expect consolidation in 1.0200-1.0265 zone.

AUDUSD downtrend line is going to be break  - H4 chart

Trade recommendation: Buy after closing above 1.0265 Take profit level: Target : 1.0335

USDJPY is going up 05.01.2012 - technical analysis and trade recommendation

Last week USDJPY bounced down after reaching the downtrend line. Downward movement was stopped in the area of 76.85. It corresponds to the middle of the big bullish candle formed on October 30. This area was support before, so it seems that now this level is a great place to react and move up.

Rate hit the major support - USDJPY weekly chart

Yesterday on the daily chart small bullish candle with long shadows was formed. It suggested that the downward movement dynamic was depleting.

After hitting the support bullish formation is formed - USDJPY daily chart

Today brought us a dynamic breakout from consolidation in 76.60 – 76.83 area. This currency rate crossed over the downtrend line which was forming since 28’th December . 

The rate has reached the 77.15 area.  I expect some correction now, but decrease should not be deeper than 76.95. Suggested transaction is a buying position after closing above 77.15 with the target of 77.50.

Crossing over downtrend line - USDJPY 4-hours chart

Trade recommendation: Buy after closing above 77.15 Take profit level: Target : 77.50

SILVER follows GOLD 03.01.2012 - technical analysis and trade recommendation

Silver rate moves in a downward trend in close correlation to gold rate. This is evident not only in the direction of the trend. Also the time of formation of individual valleys and peaks of this pair is closely correlated (marked with ellipses and the vertical lines in the image ). In the Forex market, such correlation can be observed frequently. In the attached charts (Comparative Analysis of Gold / Silver) you can see it clearly. In the previous analysis assuming growth I presented scenario of the expected gold rate movement . Upward movement become a reality, and as you can see the silver price in this case retains the full correlation.

Comparative Analysis of Gold / Silver charts

Analyzing the current situation, I assume that in the near future silver will remain under the influence of growth sentiment. In the chart below I present a suggested scenario. 

Silver rate - analysis and trade recommendation chart

The rate hit the level of 29.75. Now the growth should slow down a little. Downward correction is also possible, but the rate should remain over 28.75. I expect another growth soon. This movement should rise to 30.00. There we can expect some resistance, however, it should be broken, opening the way for further growth. The target for this movement is the level of 31.00.

Trade recommendation: Buy after closing above 30.00 Take profit levels: Target 1: 31.00