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Capital Trust Markets Daily Market Commentary
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[QUOTE="CapitalTrustMarkets, post: 63244, member: 30235"] [b]Technical Updates for May 20, 2014[/b] [B]EURAUD[/B] [IMG]http://s11.postimg.org/59efoj2lv/euraud20052014.jpg[/IMG] Technical outlook and chart setups: 1.Unchanged. The EURAUD has printed fresh lows around the 1.4600 levels as seen here. The pair could stage a rally towards 1.4750/1.48 levels from here on before revering. The earlier counter trend rally might have completed at the 1.5 handle as seen here. A break below 1.4800/1.4750 has confirmed that an intermediary top is in place. Please also note that the 1.51/1.52 handle is past support turned resistance now, and rallies through 1.51 should be taken as opportunity to go short again. The 1.41 handle remains minimum expectations for now. 2. Immediate support is at 1.44, followed by 1.43 and lower, while resistance is at 1.51/1.52 (intermediary), followed by 1.55 and 1.58 respectively. 3.The structure reveals that a counter trend rally could be shaping up (probable finished) at the moment towards 1.51/1.52 handle, which is support turned resistance now. The pair could reverse current levels as well. More conservative approach would be to initiate fresh short positions from higher levels. Trading recommendations: Remain 50% short positions now, risk is at 1.5200, and target is open. [B]Crude[/B] [IMG]http://s22.postimg.org/i2jcn66ch/crude20052014.jpg[/IMG] Technical outlook and chart setups: 1.Unchanged. Crude reversed sharply after testing the 105.00 levels earlier as seen here. This could be a larger reversal towards the 96.50 levels as shown. Keeping the larger view in mind, the upside potential remains up to 110.00 levels, till prices stay above 94.00. Now 97.50 remains of interest to go long again and 101.00 levels is immediate trend line support. 2. Immediate support is at sub 97.00 and 96.00/50 levels (Fibonacci 0.618 support), followed by 94.00/30 and 92.00, while resistance is at 105.25 (intermediary), and followed by 108.00 and 110.00 respectively. 3. The structure remains in favour of bulls at the moment after bouncing off the 99.00 levels and reveals that they shall remain in control till prices stay above 99.00 levels in the near term and subsequently above 94.00 levels in the medium term. A corrective fall remains possible from current levels towards 96.50, though. Trading recommendations: Exit long positions now. Look to buy lower. [B]Gold[/B] [IMG]http://s28.postimg.org/q6xkev07x/xauusd20052014.jpg[/IMG] Technical outlook and chart setups: 1. No change. Gold takes out $1,275.00 levels, prints lows at $1,270.00 and reverses sharply last week. The metal has produced a bullish reversal (last week) on the daily chart view here and stands significance. Furthermore it has broken above the intermediary downtrend line and the $1,310.00 levels, which is extremely encouraging for the bulls. But still the yellow metal need to take out $1,330.00 levels to remain in further control. At the moment, the metal has seen support at $1,280.00 handle and a rally may be a probability. Prices can reach up to $1,365.00 levels. The cone consolidation must break though. 2.Immediate support is at $1,230.00/40.00, followed by $1,210.00 and lower, while resistance is at $1,330.00, $1,350.00/60.00 region, followed by $1,388.00 respectively. 3. The structure still reveals that Gold rally should extend at least till the $1,350.00 levels if not further. We would watch before entering fresh long positions though. $1,330.00 holds the key for now. Trading recommendations: Exit long positions. Remain flat for now. [B]Silver[/B] [IMG]http://s30.postimg.org/5tb0x7j01/xagusd20052014.jpg[/IMG] Technical outlook and chart setups: 1. No change. Silver breaks below $19.00 levels yet again and prints fresh lows recently, but the $18.75 handles remains intact for now. The activity is still encouraging for bulls and further push through $19.90/$20.40 levels would confirm that the rally gathers pace. Furthermore, the metal has produced an engulfing bullish reversal candlestick signal indicating further rally. On the flip side, a reversal and break below $18.90 levels would be extremely bearish. 2.Immediate support remains at $18.75 and sub $18.00, while resistance is at $19.90/$20.40, followed by $21.70/80(intermediary), $22.10(intermediary) and $23.00 respectively. 3. The structure still reveals that bulls shall remain in control till prices remain above $18.75 levels from here on. High probability from current levels is for a rally though. Trading recommendations: Exit long positions. Remain flat for now. Interesting Read: [URL="http://capitaltrustmarkets.com/conflicting-biases-suggest-range-looks-set-continue-silver"]Silver To Continue Trading In A Range..[/URL] [/QUOTE]
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