Forex Strategies

The USD/JPY has finally reached the 103.60 price zone, strong long term resistance: if you watch your monthly chart, you will find several lows around the level, between 2004 and 2008. More important, after reaching the level the pair shed near 300 pips in less than 24 hours: is that the first sign of a top in USD/JPY? Probably not, as the pair has steadily advanced around 670 pips just this May, and price bounced strongly up on an attempt to break below the 38.2% retracement, around 101.20 area. *As long as dips towards that level, or even below it attract buyers, the downside seems limited in the midterm.*A weekly close below that mark will be however a different story, with further downward correction expected towards 99.50/70 price zone, 61.8% retracement of the same rally and past April highs. Daily chart shows indicators heading lower, finally correcting the overbought readings seen for the past two weeks, which supports some probable correction ahead. However, even if the 99.50/70 area is reached, the long term perspective won’t change as a quick recovery should follow on approaches to the 100.00 level.

But the upside seems now not that easy after 8 months of straight rises and 103.60 has proved strong. Investors will need a high dose of convincement to continue buying at current levels, either further BOJ easing or signs of dollar strength, neither quite clear at the time being. Steady gains above 103.60 however, should lead to an extension towards 105.00, this upcoming week, as there’s not much in the middle.

http://mediaserver.fxstreet.com/Repo...0524092641.png

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Chart in Focus: Daily EURUSD

The EURUSD pin bar setup that we discussed earlier this week has seen price move sideways to higher over the last two days. The market did show some rejection of 1.2950 - 1.3000 key resistance today but it's looking more like the market is taking on a neutral tone at this point. That 1.3000 resistance level is really the "line in the sand" for next week, and the market will need to stay contained below that level to have a chance at breaking lower. Otherwise, we could see more consolidation or a possible break out up above 1.3000 resistance. We will keep an eye on the price action near 1.2950 - 1.3000 early next week and update traders as changes develop.

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http://mediaserver.fxstreet.com/Repo...0526133134.gif

EURUSD: 1.2928
Short-Term Trend: sideways
Outlook:

A week ago I said the picture in EUR/USD was unclear. And the wave structure of the move up from July 2012 low is still quite unclear. The Short-Term price action since the early April low is also unclear. That being said, the oultook is neutral as long as the prices stay between 1.2670 and 1.3195 levels. We need a move either below 1.2670 or above 1.3195 to confirm the direction of the next significant leg here. My feeling is that a move up will develop, but right now that's just a feeling, nothing more. A sustained move abv 1.2995 however, will be a good sign that the bulls have taken the upper hand here...
Strategy: Stand aside.


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GBP/JPY 4H chart 7:25AM EDT 5/28/2013

http://mediaserver.fxstreet.com/Repo...0528132622.png

Topping action: The 4H GBP/JPY chart shows a market that has put in a top after it broke below a range roughly between 154.90-156.75. It has found support at a support area around 152.65, though we saw some spikes below.

Pullback: As we get started with the 5/28 US trading session, GBP/JPY has already popped up from that support area and is about to test some resistance factors around 154.90-155. Here is a previous support resistance pivot, which will be coincident with a falling trendline.

Momentum: The 4H RSI shows a market trying to establish bearish momentum when the reading was dragged to 30. If the 4H RSI holds below 60 on this pullback, that bearish momentum can still be maintained, but for now the mometnum it has turned from bullish to sideways.

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XAU/USD 1H chart 5/28/2013 6:46AM EDT

http://mediaserver.fxstreet.com/Repo...0528132029.png

1H Range: In the 1H gold chart, you can see a market settling in a range with resistance around 1400, and support around 1355. As we begin the 5/28 US session, gold is trading in the middle of this range, finding some support so far after a dip to 1377.30, a previous support pivot, and central pivot of the range. Basically, below 1377, the focus could turn to the downside of the range toward the 1354.40-1359.55 support area.

4H Range, RSI: When you look at the 4H chart, gold appears to have established a wider a range between 1321.53 and 1488. Above the smaller range, there is a pivot around 1419. Above that we might have some upside toward 1476-1488 resistance area, especially if the RSI breaks above 60 in the 4H chart. Otherwise, if the RSI is held below 60 the bearish momentum is maintained in this time-frame. Instead, if price falls below 1354 and drags the RSI below 40, we will likely focus on pivots near 1336 and 1321.50 with bearish momentum.

Risk events to break range: Thursday’s US Q1 GDP data could help gold shake out of the range in the 1H chart. But if employment data as well as more current data have more importance than the GDP estimate for Q1, then it might take the US NFP report next Friday to break gold out of its larger range in the 4H chart. These two scheduled releases have the best chance to become gold’s range-breakout fuel, but of course there can be unscheduled surprises, but I think these headlines will have to effect the way the market perceives the Fed’s plan in exiting QE.

XAU/USD 4H chart 5/28/2013 6:53AM EDT

http://mediaserver.fxstreet.com/Repo...0528132253.png

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Worry is being expressed about bank losses on their substantial JGB holdings in Japan and a lot of key data in USA would clear the things and direction of the market and help the investor to make decisions
wait and watch
Have a nice trading day ahead of you !
Cheers !
EUR/USD (last 1.2932)

Support:
1.2881 (S1)
1.2814 (S2)
1.2722 (Major Sup)
Resistance:
1.2968 (R1)
1.3086 (RR)
1.3185 (RRR)
RANGE – 13085---12870—12780
STRATEGY
Let the market move higher towards 13084 + area or break below 12860 area to go short and hold for some sharp correction
Trend
Bear Will prevail once break below 12840
Mid term Trade
Long @1.2840 Stop@ 1.2811 Tgt 13035
Short@1.3094 Stop@13149 tgt 1.2947 (parked)
Intraday
Trad#1 Long@12882 stop@12855 tgt 13047 (filled and holding adjust the stop @12883)
Trade#2 Day trade short@13184 Stop@13208 tgt 12994
GBP USD (CABLE) (15110)

Support:
1.5070 (S1)
1.4945 (S2)
1.4883 (Major Sup)
Resistance:
1.5247 ®
1.5373 (Res)
15527 (**Major Resistance)
Range 15378---15017--14920
STRATEGY SOS (short on strength)
Trend Bias intra day Bounce till it reaches around 15500 in next two weeks
Day Traders
PARKED ORDERS
Mid term
Mid term or for the week
Trade #1 Long@1.4926 stop@14892 tgt 15126
Trade #2 short@15520 stop@15553 tgt 15075
Intra day trade
Trade#1 Long@1.4986 stop@14956 tgt 15188
Trade#2 Short@15271 stop@15314 tgt 15085
(Plz note on all the intra day of not filled By the same Day till MOC then Cancel the Trade)
USD/JPY (Yen) (102.26)

Support:
10155 (S1)
10085 (S2)
9750 (Major Sup)
Resistance:
10306** (R1)
10392 (RR)
10485 (RRR3)
Range -10292----10443—9992
MID term
Long@99.45 stop@98.77 tgt 10251.
Short term
Short@10547 stop@ 10579 tgt 9988 (New parked order)
June Swiss (10326)

Support:
10295 (S1)
10245 (S2.)
10066 (Major Sup)
Resistance:
10434 (Res1)
10516 (RR2)
10648 (RES3)
Range of the day 10116----10496--10261
Strategy SOS
long@10221 stop@10204 tgt 10315
Trade #1 Short@10563 add 10643 stop@10688 tgt 10265
June Futures Cad $ (9667)

Flat
Support:
9607 (S1)
.9578 (Sup2.)
.9515 (Major Sup)
Resistance:
9723 (R)
9791 (Res2)
9866 (Res3)
Range of the Day 9575---9928---9724
MID TERM TRADE
Trade #1 long@ 9623 add 9592 stop@9568 tgt 9708 (New parked order)
Short@9844 stop@9866 tgt 9607
Ausie $ June (9672)

Support:
.9590 (S1)
9520 (Sup2.)
9442 (Major Sup)
Resistance:
9743 (Res1)
9844 (Res2)
9917 (Res3)
Range for the Day -- 9866---9762---9544
Trend – Short term Bullish
MID Term
Short 10264 stop@10316 tgt 9856
Day trade
Trade#1 Short @9918 stop@9967 tgt 9790 first
Trade#2 long@9572 add @9548 stop @9517 tgt 9788 (Parked new order)
XAUUSD (GOLD) (1379)

Strategy SoS From 1440 ish area
Support:
1365.60 (S1)
1332.5 (S2)
1226 (Major Sup)
Resistance:
1407 (Res1)
1426.7* (Res2)
1443.6*** (Res3)
Range of the Day 1331---1408- 1441
MiD Term
Short@1505 Stop@1528.75 Tgt 1265 (new parked order)
Long @1202.2 stop@1188. tgt 1415 (Parked and waiting)
Day Trade
Very RISKy stay on the side line
Short@1441.8 stop@1448.8 tgt 1408
#2 Short @1467 stop@1478 tgt 1382
#3 long@1308 stop@1302 tgt 1338 (New parked orders)
# 4 Long@1370 stop @1363 tgt 1406
XAGUSD (SILVER May) (22.28)

Flat
Support:
22.05 (S1)
21.30 (s2)
1940 (Major Sup)
Resistance:
2314 (Res)
2406 (RR)
2514 (Major resistance)
2120---24.34—19.07
Strategy
MiD TERM
Wait for Long @19.02 stop@18.87 tgt 23.55
High risk day Trade
#1 Short@2415 Stop@2447 tgt 2245
# 2 long@2185 stop@2173 tgt 2302 (New parked)
#3 Short@2337 stp @2364 tgt 2244
June ES (MINI Sp500) (1662)

Strategy (Sos) Short on strength
Pattern
Support:
1648 (S1)
1616. (s2)
1587 (Major Sup)
Resistance:
1665.7 (R)
1678 (Major resistance)
1692 **********
Range for the day
1626.---1669---1612.
Strategy
Short@1658 stp @1665 tgt 1618 (Filled and adjust the stop@1669 and one more short @1666)
July oil (9505)

Strategy

Support:
9280 (S1)
9208 (S2)
9080 (Major Sup)
Resistance:
94.98 (Res)
9565 (Res2)
9670 (Major resistance)
Range of the day 95.78---97.27—9178
Strategy
Mid Term
Long@85.88 stop@84.75 tgt 89.40 (parked)
High Risk Day Trade
Trade#1 Short@9596 Stop@ 9628 tgt 9278 (New Parked orders)
Trade#2 long@9280 stop@9248 tgt 9395
Ranges for the other market
DJ
Nq
Time line For short term cyclical projections
GMT
---GMT
For ---
---- is minor turn cycle for the day
For the Fellow Traders plz do place the stops and intraday Trade means if not filled by MOC cancel the Trades

http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif

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After a period of tight consolidation below the 38.2% retracement of this May run, the USD/JPY soared to 102.28 today, following Nikkei come back: the index recovered some of its latest losses, closing up 1.2%. As for the USD/JPY, the pair stalled around the 23.6% retracement of the same rally, around 102.15, and the 4 hours chart shows that price is so far unable to firm up above the level, while technical indicators lost upward momentum around their midlines. In the hourly chart, price recovered above 100 SMA, but 200 one offers dynamic resistance around 102.20 also, making of the area, the immediate resistance level to watch, as a break above it should anticipate more recoveries. In the short term, next resistance area stands around 102.60 ahead of 103.00 price zone.*With US Consumer confidence to be released later today, the number could well be the trigger the pair needs to continue advancing, if it exceeds expectations. A really disappointing reading on the other hand, may help the pair regain the downside with 101.20/30 area then at sight.

http://mediaserver.fxstreet.com/Repo...0528104610.png

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EUR/USD 4H chart 5/30/2013 9:17AM EDT

http://mediaserver.fxstreet.com/Repo...0530134644.png

Triangle, consolidation: EUR/USD has been trading in a triangle since May 10, when it established the highest resistance pivot of the triangle at 1.3050. This reflects a market that is consolidating. We know that the consolidation range is even larger than this triangle, between the 2013-low of 1.2744 and the May high of 1.3240.

GDP, Jobless claims, 1.30: I noted in a previous EUR/USD update that some key risk events can push EUR/USD out of its ranges. The GDP was the first one noted, and it indeed was a negative surprise, revising Q1 GDP to 2.4% from the advanced estimate of 2.5%. Jobless claims was higher than forecast and last week’s reading. The USD did not like it, and EUR/USD is now pushing at the 1.30 handle, trying to break the triangle to the upside.

Its not clear what the market has in stall for us. But I think the bullish outlook at the moment should be limited to 1.3050. This is also coincident with a falling trendline from end-of-April, start-of-May and basically the middle of the larger range noted above. Above 1.3050, we might put the focus toward the 1.32-1.3240 resistance area. With the ECB interest rate meeting and US NFP next week, expect some choppiness even if it can move toward 1.32.


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Yen may have strengthened up this week, but not at much as you may think: the USD/JPY is closing the week barely unchanged from past Sunday opening. And while a top may be underway, further confirmation is needed, as the movement may still be just a mere correction: dips below 101.00 found buyers over the past few days, although price is unable to recover strongly above the level.The daily chart shows a strong bearish momentum coming from technical indicators, yet price steadily stubborn above key support around 99.80 area, former highs: as long as above the level, risk of a deeper movement remains limited, and buyers won’t hesitate to add, although maintaining actual rush to take profits out of the table pretty quick. *Steady gains above 102.00 are now required to deny the downside, with scope then for a recovery towards 103.60 area.

On the other hand, a daily close below 99.70 should see a downward continuation, with scope to test 96.60 price zone, where the daily chart presents several daily highs and lows over the past few months. Further falls are unlikely and a strong midterm bounce higher should be expected, if price approaches to this area next week.

http://mediaserver.fxstreet.com/Repo...0531150928.png


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Market players have many questions and luckily, the answer to all will be available next week, with *the ECB Meeting and the US monthly employment data. The EUR/USD has been trading on the back of speculation this week, rising when the US data disappoints, guaranteeing the permanence of QE, and falling on market talks the ECB can bring another rate cut next week or even negative deposit rates.As for the technical picture, the daily chart reflects current market stress and lack of direction, as price is about to close the week pretty much unchanged from its weekly opening of 1.2930. The 1.2800/40 area attracted buyers on dips, 1.3000 sellers on spikes, and that’s have been pretty much it these past week for most of the time. Thursday spike to 1.3060 has been quickly erased, ending up as a false break.

As the consolidation extends, the daily chart shows 20 SMA maintaining a bearish tone while indicators hover around their midlines, with no actual strength. As for the levels to watch, risk to the downside increases below 1.2840, with the 1.2760, a daily ascendant trend line, as immediate support ahead of 1.2660, November 2012 low. A break above this week high of 1.3060 may support a continued advance towards 1.3200 level, where the pair found selling interest for most of past April. At this point, seems pretty unlikely the EUR will gather enough strength to overcome the level and kick start a bullish trend.

http://mediaserver.fxstreet.com/Repo...0531143302.png


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http://mediaserver.fxstreet.com/Repo...0602111343.gif

GBPUSD: 1.5196
Short-Term Trend: downtrend
Outlook:

The expected recovery did occur and GBP rallied to 1.5240 last week. Now, it seems the larger-degree downtrend has resumed, but to confirm we need a move below 1.5000. I expect this to hapen early this week. Below 1.5000 we can expect a downside acceleratio and quick losses twd 1.4560 level.
On the upside, only a move abv 1.5320/30 negates and risks larger recovery twd 1.5600 before the bears take control again...
Strategy: Holding short from1.5180 is favored. Stop=1.5330.


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Market Commentary

Greenback traded strong against most of the FX majors on the event of profit taking witnessed in most of the asset classes especially in the benchmark equity index of Dow Jones Industrials (DJIA). The Dollar Index (DX) after trading sideways between 84.50 and 83.50 for couple of weeks closed below the support of 83.50 ranges to slip to interim support of 83.00 ranges; consistently trading below 83.50 would drag the index further to 82.45 ranges.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be over stretched though the major trend is still intact till DJIA manages to trade above 14860 ranges. Historic correlation between DX Vs DJIA the long term trend is still Dollar bearish till the Dollar Index is not closing above 88.40 with 84.50 ranges acting as intermediate resistance.

Sideways-Up	1.3110	1.3060	1.2960	1.2940
Sideways-Down	102.20	101.20	99.80	99.50
Sideways	1.5280	1.5250	1.5150	1.5120
Sideways-Down	0.9660	1.5250	0.9500	0.9480
Sideways	132.80	131.40	129.90	127.50
Sideways	0.9730	0.9660	0.9575	0.9520

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Scanning for chart patterns

Automatically identify trading opportunities by analyzing chart and Fibonacci patterns real time. Save up to $99.75!

As can be seen from the following trade opportunity alert for EUR/CHF, the pair recently broke the 30-minute Key Support Level 1.242 identified by Autochartist. The price is set to reach the target level 1.2355 in 2 trading days.

The stop-level for this bearish forecast is set at 1.2517. The breakout of this support level continues the preceding downward price thrust from the major resistance level 1.2570 (A), which previously reversed the pair sharply down at the start of 2013 (as can be seen on the third chart below). The following Volatility Analysis confirms this bearish forecast.

http://mediaserver.fxstreet.com/Repo...0603051722.png

As is visible from the following Volatility Analysis chart for EUR/CHF, the lower boundary of the daily Expected Price Range calculated by Autochartist for this pair (1.2353) stands within 2 pip’s distance of the target level given in the above trade opportunity alert (1.2355) – which adds to the likelihood the price will soon fall to 1.2355.

http://mediaserver.fxstreet.com/Repo...0603051844.png

The daily EUR/CHF chart below demonstrates the earlier price action near the resistance level 1.2570:

http://mediaserver.fxstreet.com/Repo...0603051920.png



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Dow Jones :
Resistance(daily close) : 14855.63, 15021.70, 15159.38 and 15404.28. Breaking of the latter would give 15643.13, 15845.63, 16022.80

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USD/JPY 4H chart 9:07AM EDT 6/3/2013

http://mediaserver.fxstreet.com/Repo...0603143422.png

Correction structure: The USD/JPY has been in a correction since hitting the 103.72, 2013-high. The first correction wave came down to 100.66, and was in an abc manner. Then from the 102.55 pivot, another corrective wave pushed prices down to about 100.00 handle, which is holding so far in the 6/3 US session. You can see that the second wave down was in a falling wedge structure with price nearing the apex.

It’s not clear what the entire correction structure will be, but it appears to be also a larger wedge forming, though I think another hold of falling resistance will be needed to qualify as a wedge.

Below the 99.90 pivot, the next key support will be the rising trendline seen in the daily chart, going back to Nov. 2012 when the USD/JPY started to take off.

Momentum: The 4H RSI shows that the bullish momentum is still maintained, or at least that the recent bearish price action does not have bearish momentum in this time-frame.

The US NFP data scheduled for release this Friday will likely be the key event risk this week, and I like the chances the market will hold at or above the 99.90-100.00 area. On the other hand, the USD/JPY might have difficulty reaching back to the 2013-high ahead of the Friday even risk as well and the 102.55 local resistance pivot should be monitored as a limit to the upside risk until after we get the jobs data.

USD/JPY daily chart 6/3/2013

http://mediaserver.fxstreet.com/Repo...0603143500.png


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GBP/USD 4H chart 6/3/2013 6:55AM EDT

http://mediaserver.fxstreet.com/Repo...0603143050.png

Double bottom target: After completing a double bottom, GBP/USD continued higher, retreated from 38.2% retracement, and then respected the double bottom as a bottom. The double bottom breakout target using its width projects to just under 1.53. There was also a resistance pivot at 1.5280, and 50% retracement at 1.5306. The 1.5280-1.5306 area therefore should be monitored, and if there is no uptrend yet, we could see some resistance here.

Topping clues: When looking at the 1H chart, we see that price action has been bullish, and the RSI pushed above 70. Maybe, we should see if a bearish divergence can form. Then, it would be more reason to believe that this 1.52890-1.5306 area can provide resistance for a bearish swing at least in the very short-term. A break of a projected short-term TL should also improve likelihood of the pair falling back into the bottom area around 1.5010.

We have the BoE interest rate policy meeting on Thursday, so bullish or bearish anticipation should be limited to the intra-day basis.

http://mediaserver.fxstreet.com/Repo...0603143135.png


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GBP/USD soared this Monday on better than expected UK Manufacturing PMI, reaching 1.5287 and holding onto its gains, despite local share markets can’t made it to the green. The dollar is mostly bearish across the board, although little action has been seen so far in other major crosses. The 4 hours chart shows price managed to break above 200 EMA which now offers dynamic support around 1.5250, while indicators head north in positive territory, with a strong upward momentum, and 20 SMA also gaining bullish slope. Overall, the pair will maintain the bullish tone as long as above 1.5240, former highs, with a break above 1.5290 signaling a short term continuation towards the 1.5330 price zone.Steady losses below 1.5240 will deny the possibility of an advance today, and probably see price retracing towards 1.5190 area.

http://mediaserver.fxstreet.com/Repo...0603103608.png


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Thursday sees Central bank policy decisions by the ECB and Bank of England. Both are expected to hold key rates steady, but are thought to be looking for creative means for promoting economic growth . Dollar falls broadly due to weak U.S. ISM data The greenback fell sharply against others peers on Monday as the report showed the manufacturing sector in U.S. contracted for the first time in six months, dampening expectations that the Federal Reserve will reduce its stimulus program …wait and watch
Have a nice trading day ahead of you !
EUR/USD (last 1.3062)

Support
1.2992 (S1)
1.2930 (S2)
1.2870 (Major Sup)
Resistance:
1.3138 (R1)
1.3238 (RR)
1.3385 (RRR)
RANGE – 13138---12970—13266
STRATEGY
Wait and watch for the euro can go higher towards 13230
Trend
Bull as long as 12955 holds on any correction
Mid term Trade
Long @1.2990 Stop@ 1.2941 Tgt 13208
Short@1.3324 Stop@13359 tgt 1.3147 (parked)
Intraday
Trad#1 Long@12982 stop@12943 tgt 13156 (New parked orders)
Trade#2 Day trade short@13254 Stop@13278 tgt 13124
GBP USD (CABLE) (15286)

Support:
1.5220 (S1)
1.5100 (SS2)
1.4970 (Major Sup)
Resistance:
1.5355 ®
1.5483 (Res)
15572 (**Major Resistance)
Range 15478---15575—15160
STRATEGY SOS (short on strength)
Trend is on the higher side near 15570 to go short on MOC on Thursday we will update on that day When it hit 15570 area ----
Day Traders
PARKED ORDERS
Mid term
Mid term or for the week
Trade #1 Long@1.5092 stop@15019 tgt 15520
Trade #2 short@15570 stop@15623 tgt 15375
Intra day trade
Trade#1 Long@15248 stop@15216 tgt 15488
Trade#2 Short@15571 stop@15614 tgt 15385
(Plz note on all the intra day of not filled By the same Day till MOC then Cancel the Trade)
USD/JPY (Yen) (100.26)

Support:
9915 (S1)
9855 (S2)
9775 (Major Sup)
Resistance:
10146** (R1)
10272 (RR)
10355 (RRR3)
Range -10272----9833—9992
MID term
Long@98.45 stop@9767 tgt 10251
Short term
Short@10547 stop@ 10579 tgt 9988 (New parked order)
June Swiss (10535)

Support:
10455 (S1)
10385 (SS2.)
10296 (Major Sup)
Resistance:
10614(Res1)
10716 (RR2)
10840 (RES3)
Range of the day 10116----10596--10326
Strategy SOS
long@10316 stop@10295 tgt 10466
Trade #1 Short@10693 stop@10718 tgt 10443
June Futures Cad $ (9683)

Flat
Support:
9617 (S1)
.9538 (Sup2.)
.9475 (Major Sup)
Resistance:
9763 (R)
9791 (Res2)
9866 (Res3)
Range of the Day 9575---9928---9724
MID TERM TRADE
Trade #1 long@ 9623 add 9592 stop@9568 tgt 9788
Short@9864 stop@9886 tgt 9718
Ausie $ June (9662)

Support:
.9620 (S1)
9570 (Sup2.)
9490 (Major Sup)
Resistance:
9743 (Res1)
9844 (Res2)
9917 (Res3)
Range for the Day -- 9866---9762---9544
Trend – Short term Bullish
MID Term
Short 10264 stop@10316 tgt 9856
Day trade
Trade#1 Short @9918 stop@9967 tgt 9790 first
Trade#2 long@9633 stop @9597 tgt 9788 (Parked new order)
XAUUSD (GOLD) (1405)

Strategy SoS From 1440 ish area
Support:
1385.60 (S1)
1365.5 (S2)
1326 (Major Sup)
Resistance:
1417 (Res1)
1426.7* (Res2)
1443.6*** (Res3)
Range of the Day 1371---1408- 1441
MiD Term
Short@1505 Stop@1528.75 Tgt 1265 (new parked order)
Long @1202.2 stop@1188. tgt 1415(Parked and waiting)
Day Trade
Very RISKy stay on the side line
Short@1441.8 stop@1448.8 tgt 1408
#2 Short @1467 stop@1478 tgt 1382
#3 long@1308 stop@1302 tgt 1338 (New parked orders)
# 4 Long@1385 stop @1378 tgt 1416
XAGUSD ( SILVER May) (22.54)

Flat
Support:
22.05 (S1)
21.30 (s2)
1940 (Major Sup)
Resistance:
2314 (Res)
2406 (RR)
2514 (Major resistance)
2120---24.34—19.07
Strategy
MiD TERM
Wait for Long @19.02 stop@18.87 tgt 23.55
High risk day Trade
#1 Short@2415 Stop@2447 tgt 2245
# 2 long@2145 stop@2117 tgt 2312 (New parked)
#3 Short@2337 stp @2364 tgt 2204
June ES (MINI Sp500) (1636)

Strategy (Sos) Short on strength
Pattern
Support:
1628 (S1)
1616 (s2)
1587 (Major Sup)
Resistance:
1655.7(R)
1678 (Major resistance)
1692 **********
Range for the day
1616.---1649---1597.
Strategy
Short@1650 stp @1656 tgt 1616 (New parked order)
July oil (9285)

Strategy
Support:
9218 (S1)
9158 (S2)
9080 (Major Sup)
Resistance:
93.18 (Res)
9465 (Res2)
9570 (Major resistance)
Range of the day 95.78---90.27—9178
Strategy
Mid Term
Long@85.88 stop@84.75 tgt 89.40 ( parked )
High Risk Day Trade
Trade#1 Short@9396 Stop@ 9428 tgt 9148 (New Parked orders)
Trade#2 long@9108 stop@9062 tgt 9215
Ranges for the other market
DJ
Nq
Time line For short term cyclical projections
GMT
---GMT
For ---
---- is minor turn cycle for the day
For the Fellow Traders plz do place the stops and intraday Trade means if not filled by MOC cancel the Trades


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USDJPY extended its weakness yesterday towards 100.00 psychological level and even 99.00 that we have been focusing on in our past updates. Well, we anticipated a larger impulsive drop in black wave 3, but notice that pair is now reversing sharply from the lower side of a trading channel. This is usually the first sign that whole pull-back is corrective. With that in mind, its better to stay aside now and wait on possible break through the upper side of a trading channel that would put bullish waves back in play.

USDJPY 4h

http://mediaserver.fxstreet.com/Repo...0604082633.gif



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CAD/HKD 1H Chart

Emerging Pattern: Channel Up

After reaching a low of 7.4501 CAD/HKD commenced a rally, forming a channel up. At the moment, however, the currency pair undergoes a bearish correction that may result in a dip down to 7.4992 (200-hour SMA), as it has just encountered an upper boundary of the channel. According to traders’ sentiment, the market also expects softer loonie in the near future.

http://mediaserver.fxstreet.com/Repo...0604082146.jpg

CHF/SGD 1H Chart

Emerging Pattern: Channel Up

The Swiss Franc started to consistently outperform its counterpart from Singapore already in the mid-May, but the up-trend became more orderly 161 hours ago, being shaped by two parallel lines. While the technical indicators are unable to give a certain answer, there is a strong conviction among traders that CHF/SGD will continue to rise.

http://mediaserver.fxstreet.com/Repo...0604082235.jpg

AUD/CHF 1H Chart

Emerging Pattern: Channel Down

Recently the pace of Aussie’s debasement has increased, leading to the channel down pattern you may see above, since the price proved to be unable to breach the 200-hour SMA. Technical studies largely give ‘sell’ signals, reinforcing the belief that AUD/CHF will fail to overcome a key resistance at 0.9296/88. On the other hand, 62% of traders hold long positions.

http://mediaserver.fxstreet.com/Repo...0604082306.jpg


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USDCAD moved nicely lower beneath wave A support in the last few sessions in wave C, which we highlighted yesterday. Notice that from that latest 1.0260 low market reversed sharply and in impulsive fashion with current prices approaching upper trend-line of a corrective channel. Break through that line will put USD bulls back in play, back to 1.0420 and possible even send them to 1.0450 in the rest of the week against the CAD.

http://www.ew-forecast.com/content/fck/usdcad792_4.gif




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AUDUSD: Declines, Eyes Key Support.

AUDUSD - The pair has ended its correction following a reversal of its gains on Tuesday and a follow through on Tuesday. This development leaves AUDUSD threatening g further declines towards the 0.9527/00 level. A break will target the 0.9450 level. Other supports are located at the 0.9400 level and the 0.9350 level. On the other hand, to reverse its weakness, it will have to return above the 0.9791 level. Resistance lies at the 0.9800 level and then the 0.9851 level. Further out, resistance resides at the 0.9900 level. All in all, the pair remains biased to the downside medium term.



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The Stronger USA Data could put a halt on the QE… may be not but Traders will react and will move is possible we are expecting the Bear trend in the stock indices and dollar along with metals Earlier AUD has weakened following softer than expected Australian GDP.A major event today is the May ADP Private Employment report. It is designed to predict the Private Payrolls component of NFP data due on Friday, but its track record has been uneven. Street estimates are for a gain of +170K vs. +119K in May.
Have a nice trading day ahead of you !
Cheers !
EUR/USD (last 1.3062)

Support:
1.2992 (S1)
1.2930 (S2)
1.2870 (Major Sup)
Resistance:
1.3138 (R1)
1.3238 (RR)
1.3385 (RRR)
RANGE – 13138---12970—13296
STRATEGY
Wait and watch for the euro can go higher towards 13230
Trend
Bull as long as 12955 holds on any correction
Mid term Trade
Long @1.2990 Stop@ 1.2941 Tgt 13208
Short@1.3324 Stop@13359 tgt 1.3147 (parked)
Intraday
Trad#1 Long@12982 stop@12943 tgt 13156 (New parked orders)
Trade#2 Day trade short@13254 Stop@13278 tgt 13124
GBP USD (CABLE) (15346)

Support:
1.5270 (S1)
1.5180 (SS2)
1.4970 (Major Sup)
Resistance:
1.5405 ®
1.5483 (Res)
15572 (**Major Resistance)
Range 15478---15575—15160
STRATEGY SOS (short on strength)
Trend is on the higher side near 15570 to go short on MOC on Thursday we will update on that day When it hit 15570 area ----
Day Traders
PARKED ORDERS
Mid term
Mid term or for the week
Trade #1 Long@1.5092 stop@15019 tgt 15520
Trade #2 short@15570 stop@15623 tgt 15375
Intra day trade
Trade#1 Long@15248 stop@15216 tgt 15408
Trade#2 Short@15571 stop@15614 tgt 15385
(Plz note on all the intra day of not filled By the same Day till MOC then Cancel the Trade)
USD/JPY (Yen) (99.54)

Support:
9865 (S1)
9805 (S2)
9735 (Major Sup)
Resistance:
10086** (R1)
10172 (RR)
10355 (RRR3)
Range -10172----9733—982
MID term
Long@98.45 stop@9767 tgt 10251
Short term
Short@10547 stop@ 10579 tgt 9988 (New parked order)
June Swiss (10553)

Support:
10485 (S1)
10425 (SS2.)
10296 (Major Sup)
Resistance:
10614 (Res1)
10716 (RR2)
10840 (RES3)
Range of the day 10116----10596--10326
Strategy SOS
long@10316 stop@10295 tgt 10466
Trade #1 Short@10693 stop@10718 tgt 10443
June Futures Cad $ (9653)

Flat
Support:
9617 (S1)
.9538 (Sup2.)
.9475 (Major Sup)
Resistance:
9763 (R)
9791 (Res2)
9866 (Res3)
Range of the Day 9575---9928---9724
MID TERM TRADE
Trade #1 long@ 9623 add 9592 stop@9568 tgt 9788
Short@9864 stop@9886 tgt 9718
Ausie $ June (9549)

Support:
.9520 (S1)
9470 (Sup2.)
9390 (Major Sup)
Resistance:
9643 (Res1)
9714 (Res2)
9827 (Res3)
Range for the Day -- 9366---9721---9504
Trend – wait for 9400 area t go long
MID Term
Short 10264 stop@10316 tgt 9856
Day trade
Trade#1 Short @9918 stop@9967 tgt 9700 first
Trade#2 long@9393 stop @9357 tgt 9708 (Parked new order)
XAUUSD (GOLD) (1398)

Strategy SoS From 1440 ish area
Support:
1385.60 (S1)
1365.5 (S2)
1326 (Major Sup)
Resistance:
1417 (Res1)
1426.7* (Res2)
1443.6*** (Res3)
Range of the Day 1371---1408- 1441
MiD Term
Short@1505 Stop@1528.75 Tgt 1265 (new parked order)
Long @1202.2 stop@1188. tgt 1415 (Parked and waiting)
Day Trade
Very RISKy stay on the side line
Short@1441.8 stop@1448.8 tgt 1408
#2 Short @1407 stop@1414.6 tgt 1382
#3 long@1308 stop@1302 tgt 1338 (New parked orders)
# 4 Long@1385 stop @1378 tgt 1416
XAGUSD (SILVER May) (22.41)

Flat
Support:
22.05 (S1)
21.30 (s2)
1940 (Major Sup)
Resistance:
2314 (Res)
2406 (RR)
2514 (Major resistance)
2120---24.34—19.07
Strategy
MiD TERM
Wait for Long @19.02 stop@18.87 tgt 23.55
High risk day Trade
#1 Short@2415 Stop@2447 tgt 2245
# 2 long@2145 stop@2117 tgt 2312 (New parked)
#3 Short@2337 stp @2364 tgt 2204
June ES (MINI Sp500) (1622 )

Strategy (Sos) Short on strength
Pattern
Support:
1614 (S1)
1606 (s2)
1581 (Major Sup)
Resistance:
1635.7 (R)
1658 (Major resistance)
1682 **********
Range for the day
1606.---1642---1587.
Strategy
Short@1650 stp @1656 tgt 1616 (New parked order)
July oil (93.55)

Strategy

Support:
9218 (S1)
9158 (S2)
9080 (Major Sup)
Resistance:
93.98 (Res)
9465 (Res2)
9570 (Major resistance)
Range of the day 94.78---90.27—9178
Strategy
Mid Term
Long@85.88 stop@84.75 tgt 89.40 (parked)
High Risk Day Trade
Trade#1 Short@9445 Stop@ 9472 tgt 9148 (New Parked orders)
Trade#2 long@9108 stop@9062 tgt 9215
Ranges for the other market
DJ
Nq
Time line For short term cyclical projections
GMT
---GMT
For ---
---- is minor turn cycle for the day
For the Fellow Traders plz do place the stops and intraday Trade means if not filled by MOC cancel the Trades


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Pound continues to surge on the back of positive UK data, this time thanks to the service sector that grew much faster than expected in May, surging to 54.9 from previous 52.9. The GBP/USD advanced again towards the weekly high around 1.5370, where the pair has the 61.8% retracement of its latest daily fall from 1.5601 to 1.5007. The upward momentum seen over previous updates remains intact, with indicators heading north in positive territory, and 20 SMA now crossing to the upside 200 EMA, although now a break above the Fibonacci is required to confirm a continued advance: an acceleration trough 1.5370 should lead to a test of the 1.5410/20 area, next short term resistance, while steady gains above this last may see the pair surging up to 1.5470.As for the downside, the pair has some short term support around 1.5300/10 but only below 1.5260 current trend can reverse. Selling is not an option right now.

http://mediaserver.fxstreet.com/Repo...0605101728.png


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Dow Jones :
Resistance(daily close) : 14855.63, 15021.70, 15159.38 and 15404.28. Breaking of the latter would give 15643.13, 15845.63, 16022.80

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GBP/USD 1H chart 6/4/2013 9:40AM EDT

http://mediaserver.fxstreet.com/Repo...0605132358.png

61.8% retracement: The GBP/USD is in a short-term bullish trend after a double bottom from around 1.5010. The rally is now cracking the 61.8% retracement at 1.3777 and a resistance pivot at 1.3785. The market is basically testing the 1.54 psychological level as resistance, which is so far holding in early 6/5 US session.

Moving averages, RSI: The 200-4H SMA is flat, reflecting a sideways market since retreating from the 1.5605 high. You might argue there is a slight bearish bias as most of the moving averages are still under the 200. With this sideways to bearish bias, we might expect a possible bearish divergence with the RSI to be followed by an intra-day downswing especially if the market shows resistance at 1.54.

Then, after the overbought condition is resolved, the upside in the near-term is up to the 1.5475-1.5480 area, which contains previous support area and the 78.6% retracement, unless GBP/USD breaks below a rising trendline that goes back to the 5/29 low of 1.5007.
The BoE is meeting and will conclude tomorrow. The US NFP on Friday will also be key.


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EUR/GBP 1H chart 9:25AM EDT 6/6/2013

http://mediaserver.fxstreet.com/Repo...0606134350.png

Reactions after central banks: The BoE held its benchmark interest rate at 0.50% and left the asset purchase program at 375B pounds. The ECB also left it’s key rate at 0.50% after a cut in the last meeting. The EUR/GBP entereted the session bearish in the 1H chart, but found support at 0.8478 after the central bank event risks.

Falling channel: The bullish reaction in EUR/GBP is still in an early stage and has yet to change the short-term structure, which is a falling channel seen in the 1H chart. The 1H RSI is still under 60, showing bearish momentum bias. A break above 0.85 and the falling channel resistance will be needed to open up a bullish outlook, which first has the 0.8590-0.86 highs in sight.


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EUR/USD 1H chart 6/6/2013 8:55AM EDT

http://mediaserver.fxstreet.com/Repo...0606133845.png

Breakout, ECB: The EUR/USD broke above the 1.3106 range resistance during the 6/6 Asian-European session. Ahead of the ECB meeting, there was a brief throwback. After the ECB released its statement, Mario Draghi had a press conference where he answered questions regarding policy.
Bullish Reaction: The EUR/USD shook a bit to the downside and then extended the breakout higher, pushing above 1.3150 in the immediate reaction. The rejection from below 1.31 shows that above 1.31, there is bullish bias. Note also that the break is clearing a falling trendline that goes back to the 2013-high of 1.3709.

1.32-1.3240: The current breakout opens up the 1.32 handle, up to the 1.3240 May high, as seen in the 4H chart. This area should provide resistance ahead of Friday’s US Non-Farm Payroll event risk. The bullish bias remains until a break below 1.31 and/or a break below a rising trendline from 1.2837 5/29-low.

NFP: The current reaction is likely limited ahead of the US NFP on Friday. But if EUR/USD breaks above 1.3240 after the event risk, then we have a bullish outlook in EUR/USD, with the 2013 highs near 1.37 opened up again. Otherwise, if the NFP prevents EUR/USD from breaking above 1.3240, reversion back to 1.31 handle down to 1.30 handle is possible. A break below 1.2950 will be needed to open up the 1.2837 low down to the 1.2744, 2013-low.
EUR/USD 4H chart 6/6/2013 9:03AM EDT

http://mediaserver.fxstreet.com/Repo...0606134020.png


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EURUSD: Bullish, Extends Gain.

EURUSD: More bullish offensive is now building up as EUR continues to hold on to its bull pressure. Resistance resides at the 1.3150 level. Further out, resistance comes in at the 1.3242 level. A break through here will resume its medium term uptrend. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2932 level followed by the 1.2795/35 levels, its key support levels. Below here will push it further lower towards the 1.2650 level and then the 1.2600 level. All in all, EUR continues to retain its medium term downside bias.



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The EUR/USD has managed to recover ground, and approaches the end of the week holding around key 1.3200 mark, that caped the upside several times since early March, developing a bullish set up that may need of further upward momentum this upcoming week to be complete. While the ECB provided a positive outlook regardless the crisis is still going on, the fact that US QE tapering this summer is no longer likely, has sent dollar down particularly against its European rivals.*As for the technical picture, the daily chart shows indicators still in positive territory losing some momentum near overbought territory but far from signaling a reversal. The fact that short term buyers are surging in current 1.3200 area is pretty significant in a post Payroll Friday, and risk to the downside will only surge below the 1.3050 area, too far away right now.

With a significant high at 1.3240 and another at this week high of 1.3305, expect stops to gather above those levels, larger ones in the latest:, if triggered, a run towards *1.3420/50 price zone seems more than likely this week, and even an extension towards 1.3500. Further gains above this last however, seem not as likely at the time being: the EU is not ready to deal with an expensive currency and runs above the level should remain short lived.

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The Australian dollar is about to close a fifth week down against the greenback, having seen no relief on its selling momentum despite dollar selloff against other rivals. Trading at levels not seen since October 2011, the daily chart shows that indicators corrected most of the extreme oversold reading reached past week, but price continues heading lower, which suggest we have not seen a bottom yet in the pair.A significant support is located at 0.9386, October 2011 monthly low, and several monthly highs a few pips away from late 2009, early 2010, which means the level will be key for the future of the pair: while some bounce should be expected on the first attempt to break below it, a shallow bounce will maintain high the risk of a break lower, looking then for 0.9000 figure as next possible target.

Gains will find buyers waiting around 2 key resistances area, first one around 0.9570, second one at 0.9660. However, a steady recovery above 0.9700 is what it takes to call for an interim bottom and see further recoveries in the pair.

http://mediaserver.fxstreet.com/Repo...0607144144.png


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USDJPY: With USDJPY selling off through its rising trendline on Thursday and following through lower, further corrective weakness is likely. Support comes in at the 95.54 level where a violation will aim at the 95.00 level. Further down, support stands at the 94.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above its broken trendline to create scope for more upside towards the 100.54 level. Further out, resistance resides at the 102.00 level where a violation will call for a run at the 103.73 level. On the whole, USDJPY is vulnerable on correction.



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Chart in Focus: Daily EURUSD

The EURUSD surged higher this week and tested the key resistance up near 1.3200 - 1.3250. The market is currently consolidating just below that resistance after stalling out today. Near-term momentum has clearly been bullish, but we could see a rotation back down to support before the upward momentum resumes. Traders can keep an eye out for price action sell signals on the 4 hour or daily chart up near this current 1.3200 - 1.3250 resistance. If the market does move lower we can then look for price action buy signals from support down near 1.3000 area to trade back in-line with the overall bullish momentum in this market right now.


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EURUSD: 1.3216
Short-Term Trend: sideways
Outlook:

EUR/USD moved abv 1.3195 level last week and that solidified our bullish expectations here. Now, the immediate trend is up, though the daily chart remains in a sideways mode (as all moving averages are trading sideways).* And as long as abv 1.3195 we can expect futher gains. Wavewise, the outlook is still a bit uncertain.* If wave D on the chart above ends at April low, then the current upside is considered limited and most likely EUR will form a top near 1.3520 level. If wave D ends at May low, then we can expect a much bigger move up twd 1.3720 and 1.4045.

On the downside, firm and sustained trading below 1.3195 will negate the last week's breakout. And below 1.3045 will shift the focus on the downside for 1.2870...
Strategy: Holding long from 1.3015 is favored against 1.3040 . Target=1.3500.


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Dow Jones :
Resistance(daily close) : 14855.63, 15021.70, 15159.38 and 15404.28. Breaking of the latter would give 15643.13, 15845.63, 16022.80

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GBP/USD 1H chart 6/10/2013 10:05AM EDT

http://mediaserver.fxstreet.com/Repo...0610142325.png

Consolidation, rising trendline: The trendline noted in the title refers to a very short-term one that started from the 1.5007 low on 5/29. 1.5606 was the May high and it was cracked, but GBP/USD is consolidating. It is finding some support near 1.5480 and is trading sideways with low volatility to start the week. As we get int the 6/10 US session, price is nearing the short-term rising trendline.

Direction: There is bullish bias here in the 1H time-frame so a bounce off the rising trendline could be a sign of bullish continuation. Breaking back above 1.56-15610 first opens up the 1.5680 high. Note in the daily chart that this bullish scenario pushes cable above the 200-day SMA, putting GBP/USD in a bullish mode. But, the first challenge to a bullish scenario is the 61.8% retracement at 1.5764.

If the rising trendline fails to hold, the market could be looking to retreat toward the 1.50 psychological levle.

If GBP/USD retreats from around 61.8% retracement and comes falls below 1.56, it would neutralize the bullish outlook, and suggest more of a sideways market in the daily chart.

GBP/USD daily chart 6/10/2013 10:06AM EDT

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EUR/USD 1H chart 6/10/2013 8:25AM EDT

http://mediaserver.fxstreet.com/Repo...0610141514.png

Consolidation: The EUR/USD continues to consolidate after stalling around the 1.33 handle last Friday. It has come down before 1.32, but is basically starting the week oscillating around 1.32. The structure of the consolidation is “flag” like, and looks corrective against the previous upswing. A break above 1.3250 could revive the current short-term uptrend seen in the 1H chart.

Trendline: If price falls below 1.32, it will be challenged by a rising short-term trendline. A break below that will be needed to revive a bearish outlook.

Momentum: The RSI shows a market that recently established bullish momentum and has kept it for the most part. If the RSI reading can hold above 40 and pop back above 60, bullish momentum prevails.

Breakout, targets: A break below the rising trendline with a loss of bullish momentum in the 1H chart can open up the 1.30 psychological handle first, and then a pivot at 1.2950. Below that, we have a more bearish outlook possibly to the May lows around 1.28 and the 2013-lows
around 1.2750.

A break above the flag pattern is actually part of a larger bullish breakout above the April and May highs in the 1.32-1.3240 area. When you look at the daily chart, you see that the break has opened up the 1.3709, 2013-high, but in the near-term, we should monitor the 61.8% retracement level at 1.3340.

EUR/USD 1H chart 6/10/2013 8:33AM EDT

http://mediaserver.fxstreet.com/Repo...0610141346.png



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EURJPY: Halts Decline, Risk Turns To The 131.40 Level & Beyond.

EURJPY - With the cross halting its decline on Friday and following through higher during Monday trading today, there is risk of continued upside recovery. This should open the door for more strength towards the 131.40 level, its Jun 05’2013 high followed by the 132.07 level and ultimately its year-to-date high at the 133.81 level. Its daily RSI has turned higher supporting this view. On further downside, support comes in at the 129.06 level where a violation if seen will turn focus to the 126.15 level. We may see a halt here but if broken expect the cross to weaken further towards the 125.50 level and then the 125.00 level. All in all, the cross remains biased to the upside in the medium term.



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EUR/USD has formed a Channel Up pattern on the 1H chart. The pattern has 54% quality and 74% magnitude in the 162-bar period.

The pattern began on 30th of May when the pair peaked to 1.3062; at the moment it is trading at 1.3260. Trading volume seems to be holding at the same level in the length of the pattern. Technical indicators on aggregate point at appreciation of the pair on 1D horizon suggesting it should continue following patterns, upward sloping, trend. Long traders could focus on the daily pivot (R1)/Bollinger band at 1.3289/98 and daily pivots at 1.3352 (R2) and 1.3381 (R3).

Short traders, who expect that pair might breach pattern’s support, could focus on the 20-bar SMA/pattern’s support/daily pivot (PP) at 1.3249/33, Bollinger band/daily pivot (S1) at 1.3199/97 and daily pivot (S2) at 1.3141.

http://mediaserver.fxstreet.com/Repo...0611081739.jpg

EUR/NZD 1H Chart

Emerging Pattern: Channel Up

EUR/NZD has been trading within the boundaries of the Channel Up pattern for the last 100 hours and is poised for even more gains, according to the near-term technical studies. However, traders are not confident in bullishness of the currency pair, they are equally divided between the bulls and the bears.

http://mediaserver.fxstreet.com/Repo...0611081808.jpg

NZD/CAD 1H Chart

Emerging Pattern: Channel Down

The leg down NZD/CAD has been forming for 186 hours is a continuation of a down-trend the pair started late April. There was a protracted bullish correction in the second part of May, but it seems that market participants do not expect something similar to occur in the nearest future—at the moment 72% of them are short.

http://mediaserver.fxstreet.com/Repo...0611081856.jpg

NZD/CHF 1H Chart

Emerging Pattern: Channel Down

Despite narrowness of the channel—only 100 pips, NZD/CHF has been consistently respecting both falling trend-lines since May 28. Going forward, there is no reason to assume that the downward momentum is exhausted and the pair is going to change direction—technicals are giving ‘sell’ signals and 71% of open positions are short. Still, if the support at 0.7321 is able to prevent development of a dip, there is a risk of a double bottom, a reversal pattern.

http://mediaserver.fxstreet.com/Repo...0611081925.jpg


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Scanning for chart patterns[/URL][/h]Automatically identify trading opportunities by analyzing chart and Fibonacci patterns real time. Save up to $99.75!

NZD/JPY recently corrected up from the lower trendline of the 4-hour Down Channel chart pattern identified by Autochartist on the charts – as can be seen from the following trade alert for this pair. The price is expected to rise to the target level 83.035 in 4 trading days. The stop-loss for this bullish forecast is set at the close price level 75.805 (point A, the bottom of this chart pattern). This point was formed previously when NZD/JPY reversed up from the powerful support zone set between the support level 75.50 and the 38,2% Fibonacci Correction of the preceding weekly upward thrust from the middle of 2012 (as can be seen on the next chart below).

http://mediaserver.fxstreet.com/Repo...0611075209.png

The weekly NZD/JPY chart below displays the support levels mentioned above:

http://mediaserver.fxstreet.com/Repo...0611075247.png



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