Precious Metals
10/13/2008
gold
The sideways trend still prevails and we expect it to continue as 919.20 is the major resistance for the wave and with no daily closing above the levels the trend prevails, while 805.60 is still intact and for that we expect high volatility to remain with no clear short term heading until gold breaches the sideways trading range with daily closing.
The trading range for today might extend among the resistance level at 907.20 and the support level at 805.60; while the general trend remains to the upside targeting 983.00 and 1016.00 as long as 730.00 remains intact.
10/13/2008
silver
A steep decline resumed silver to the downside wave and now we can see an upside correction in attempts to resume trading above 10.90 which is the neckline for the negative model, and if trading failed to be seen above this level we expect further decline towards 9.50 once more.
The trading range for today might extend among the resistance level at 11.53 and the support level at 8.74; while the general trend remains to the downside targeting 9.50 and 8.05 as long as 14.70 remains intact.
Major Currency
10/13/2008
cad
The target at 1.1760 was set which is the 38.2% correction for the general downside trend that started October 2002 and now the pair is trading below this level; high buying saturation makes us expect a downside correction which might take us back towards 1.1410 supported by a negative technical pattern over the short term.
The trading range for today might extend among the resistance level at 1.1915 and the support level at 1.1440; while the general trend remains to the upside targeting 1.1775 and 1.2610 as long as 1.0730 remains intact.
10/13/2008
chf
The pair rebounded to the upside on Friday's trading affected by the 20 days MA at 1.1140 yet the sideways trading for the pair prevails; today we expect positive trading for the dollar targeting 1.14 once again yet within the sideways trading which extends today among 1.1485 and 1.1140 levels.
The trading range for today might extend among the resistance level at 1.1580 and the support level at 1.1140; while the general trend remains to the upside targeting 1.1455 and 1.1685 as long as 1.0570 remains intact.
10/13/2008
jpy
The pair is attempting to the upside to steady above 101.35 to create an upside move, we see the potential for a short term upside wave valid supported from momentum indicators yet will be highly volatile ahead of creating a solid base for the upside wave. The 99.95 levels will set the intraday headings for the pair and trading above that level opens the way for further gains as we expect for the short term upside wave.
The trading range for today might extend among the resistance level at 102.45 and the support level at 97.90; while the general trend remains to the downside targeting 98.55 and 97.30 as long as 104.60 remains intact.
10/13/2008
gbp
The decline continues in a very steep channel as continued trading below 1.7310 confirms the downside while trading below 1.7140 well set all time basis to clearly point lower; today we see an intraday upside tendency supported by slight strength on the MACD yet trading below the mentioned 1.7310 will resume the downside while trading for this week is defined by 1.7475 as trading below it will keep the downside for this week valid.
The trading range for today might extend among the resistance level at 1.7475 and the support level at 1.6810; while the general trend remains to the downside targeting 1.6965 and 1.6550 as long as 1.9400 remains intact.
10/13/2008
euro
An upside technical patter supported the pair to gather upside momentum, the pair is on the way to attempt the resistance levels for the downside which started on the 22-09-2008 which resides at 1.3750 and might extend towards 1.3830 which is the 50% correction level for the upside wave that started on January 2005 and ended July 2008.
The trading range for today might extend among the resistance level at 1.3830 and the support level at 1.3405; while the general trend remains to the downside targeting 1.3420 and 1.3335 as long as 1.5080 remains intact.
Currency Cross
6/23/2008
(EUR/GBP)
The Euro against the Pound is moving within a limited range as the pair is yet to breach either to the upside or the downside, the pair is moving among two levels, the 0.7890 support and the 0.7931 resistance, if the first level was breached the pair will continue the downside wave to reach the 0.7850, while breaching to the upside could lead the pair to the 0.7973 level.
6/23/2008
(EUR/JPY)
The Euro declined against the Yen after the pair reached the168.05 resistance level which if was breached the 168.84 target would have been activated, the pair is undergoing much needed correction after it was being traded within an overbought area, the point at 166.58 offers good demand for the pair though if it was breached the pair might drop back to the 165.68 support level.
6/23/2008
(GBP/JPY)
The Pound against the Yen retreated last week from the 213 levels since it represents strong resistance for the pair, the pair declined as a result to the strong supports within the 211 levels, now the 211.23 offers strong demand for the pair supported as well by the fact that the pair is entering an oversold area on intraday and short term basis, this should provide the pair with strong upside momentum to retest the 213.05 resistance.
