Brokers Star - Daily Technical Analysis - page 4
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23rd July 2013Gold Technical Analysis
Gold H4 Outlook
Gold breaks through the key resistance level at 1300.00, a round number/psychology level and we suggested in our 17th July 2013 post (http://on.fb.me/13X40PX) to go long if price breaks through it (green arrow). Price move higher to our next key resistance level at 1338.00 after the breakout. 1338.00 is also a daily resistance level. Therefore price may bounce off from here. The blue arrow on the chart is where we suggested to go long as well earlier and recommended to scale in position at the 1300.00 breakout.
It's recommended to take profit here at this 1338.00 daily resistance level and this resistance level may present us a short opportunity. We have an inside bar setup at this key resistance level as pointed with red arrow on the chart. We may consider to sell here but the risk is high as we are in up trend on this time frame (we have higher high and higher low). For those who miss the two long opportunities we suggested earlier may consider to go long at our previous key resistance level at 1300.00 which is now serve as a key support level.24th July 2013AUD/USD Technical Analysis
AUD/USD H4 Outlook
Aussie dollar revisits a key resistance level again today at 0.9320. We have an inside bar setup and price have a fake upside breakout and hit the resistance level and falls lower which give us a sell signal. Price continue to fall after the inside bar fakeout.
Price have some rejection at the 0.9200 (blue line) and short position may consider to take profit here with a 2:1 risk reward but it is more likely to move lower. Even though, Stop Loss is still required to limit our losses. It's recommended to place stop loss just a few pips above the resistance level (red line). Price might continue to move lower to the next key support level at 0.9100 which is also a round number/psychology level and may consider to take profit or scale out position here around the green box and close another half short position at the lower support level at 0.9035 (blue box).25th July 2013AUD/USD Technical Analysis
AUD/USD H4 Outlook
Aussie falls lower as we expected in our yesterday post (http://on.fb.me/1bl3FRc). Currently price is trading at a swing low which may serve as a support level (green line) and we have an inside bar there and price breaks above it which suggest the weakness of the current down trend. Besides, Gold starts to trend higher and New Zealand dollar is moving higher since yesterday despite Aussie is still moving lower and the upwards movements of Gold & New Zealand dollar gives us a sign of Aussie may move higher after this inside bar.
It's recommended to close position and cash in the profits or scale out the majority position since we have high impact news from US later today and we may decide later after the news whether it's still good for us to continue short this pair - if the fundamentals is still bearish for Aussie.26th July 2013EUR/USD Technical Analysis
EUR/USD Daily Time Frame Outlook
As we expected earlier in our 22nd July 2013 post (http://on.fb.me/11iPu8D), price do continue to move higher to our next key resistance level at 1.3300 after breaking the 1.3200 resistance level. We may consider to scale out position here or close position to cash in all profits. However, price is likely to move higher to the next key resistance level at 1.3400 which is also a key resistance level and round number/psychology level if it breaks the 1.3300 key resistance level with strong momentum.
We may have short opportunity here as well since price is not trending anywhere. However, price action confirmation is still needed as usual if we decide to go short. Stop loss can be moved to the previous resistance level at 1.3200 to limit our losses. And may consider to scale in position at the previous resistance level (1.3200) which is now serve as key support level.29th July 2013S&P500 Technical Analysis
S&P500 H4 Outlook
S&P500 has created new high recently and now it's trading side ways. As we can see on the chart, price reacted several times at the key support level at 1675.00. Last Friday we have a Spinning Top with long tails and price breaks the high of the spinning top and it may probably continue to move higher to the key resistance level at 1700.00 which is also a big round number/psychology level.
We can also see that price hardly breaks through the resistance 1700.00 level and we may consider to short at the resistance level but it's a counter trend trading which is very risky and will need to take profit aggressively or wait price to retrace to the 1675.00 to enter the long trend again.31st July 2013GBP/USD Technical Analysis
GBP/USD Daily Time Frame Outlook
We have an inside bar setup at 1.5400 resistance level which is also a round number/psychology level and price breaks through the low of the main bar with strong momentum as pointed on the chart and that gives us a sell opportunity. Pound is moving sideways since March thus this may be a good sell opportunity.
The lower support level at 1.5025 may serve as a place for us to scale out our short position or close out the position and take profit. The swing low at 1.4800 may serve as a second profit target. Stop loss is still needed to protect our account. Stop loss is recommend to placed above the high of the main bar to limit the losses.1st August 2013
USD/CAD Technical Analysis
USD/CAD Daily Time Frame Outlook
USD/CAD is trading within the range in the past few days which is within the 1.0325 resistance level and 1.0250 support level as shown on the chart in grey horizontal lines. If price breaks the range with strong momentum, we may have some great opportunity to trade the breakout.
The overall trend is up and it's better to buy breakout rather than sell breakout. However, if price breaks the 1.0250 support level, price may continue to falls to the next key support level at 1.0150. Shorting the breakout will require us to take profit aggressively since the overall trend is up and the 1.0150 support level may gives us long opportunity as well.
If price breaks above the 1.0325 resistance level with strong momentum, we may see price continue to rise to the next resistance level at 1.0420 and we may consider to scale out position there and scale in when there's opportunity. If price breaks through the 1.0420 resistance level too, we probably will see price continue to move higher to the next key resistance level at 1.0600 which is also a round number/psychology resistance level.2nd August 2013
AUD/USD Technical Analysis
AUD/USD Daily Time Frame Outlook
Aussie broke the key support level at 0.9035 with strong momentum two days ago suggest that the bears are still in control and the break of support level open the door for those who sell the breakout. As we can see, the trend is obviously still very bearish thus we may have some high probability selling opportunities.
The previous key support level at 0.9035 (green box) is now a resistance level thus we may consider to go short there. Besides, the higher resistance level at 0.9320 (green box) may also gives us selling opportunity. The next key support level is at 0.8800 which is also a round number/psychology level and it's far away from the current price thus we have some room for Aussie continue to fall.5th August 2013
USD/CAD Technical Analysis
USD/CAD Daily Time Frame Outlook
Price breaks through the tight range and give us a buy signal as we expected in our 1st August 2013 post (http://on.fb.me/13H12jP). Price is currently trading at a resistance level at 1.0420 and we may consider to scale out our position there and scale in when opportunity arise. If price breaks through the 1.0420 resistance level with strong momentum, we are likely to see price continue to move higher to the next key resistance level at 1.0600 which is also a round number/psychology level.
Trend is up currently up as we can see thus it's always safer to go long. Stop loss is needed as usual to protect our account and it's recommended to place at a few pips below the previous resistance level before the break out which is now a support level.6th August 2013
EUR/USD Technical Analysis
EUR/USD H4 Outlook
Euro is moving in a tight range for more than 2 weeks and have a false break to the upside and the downside last week. We have a pin bar yesterday and price moves higher today to the next resistance level (red horizontal line) and price is falling again. Price may continue to trade in this tight range for the next few hours and we may have breakout soon.
The overall trend is up therefore it will be safer to buy breakout rather than sell breakout. Besides, we have a key support level at 1.3200 on daily time frame which decrease the probability of selling breakout. If price breaks above the resistance, we may see price continue its upward movement to the next key resistance level at 1.3400 which gives us a low risk high reward trade.