GOLD
Gold markets
although positive overall had a negative session
on Wednesday. We are getting signals for an initial uptrend. A break
above a recent high from yesterday is giving us the confidence to say
that the market might reach the $1150 level. At present, the money is
flowing into the market and with time it might go higher. We are
currently looking for pullbacks to enter long positions. Given
enough time, we believe that we will go much higher than that, and it
appears that money is starting to flow into this market.
SILVER
Silver markets
due to a support at the $14.40 level was able to turn an initial fall
and form a Hammer. The bullish tendencies of a hammer suggest that
the traders might take this market higher. A
sound strategy for entering long positions would be to wait for the
$14.60 level to be breached. Any pullback that occurs at this moment,
should be overall supportive.
CRUDE OIL
Crude Oil prices
climbed higher on Wednesday inspite of a larger
than expected build in inventories. The 10-day Moving Average is
currently showing a support in the vicinity of 30.17 level whereas a
resistance level seems to be present near the downtrend line at the
34.25 level. The overall momentum seems to be negative whereas the
MACD(Moving Average Convergence Divergence) is currently somewhat
indecisive. The RSI(Relative Strength Index) too is indecisive. The
present scenario seems to be made for short positions.
EUR/USD
The EUR/USD stepped up due
to the announcement by the Federal Reserve that the federal rates
would remain unchanged for the time being; however they did express
their doubts on whether the inflation would reach their target
goal. Although a degree of relaxation cold be scene but the overall
scenario was not as dovish as expected. Hence, march can be expected
to be a tough ride. The 10-day Moving Average acted as the support
for the rate at 1.0870 whereas resistance is seen at 1.10.
GBP/USD
The GBP/USD has
continued with its downtrend during the Trading session on Wednesday,
as the bears seems to be holding the reigns of the overall market. Due
to the downtrend, we would be looking to short the market on short
term rallies and at breakouts below the bottom of the range for the
day. Due to the expected Preliminary GDP numbers in the day and the
strengthening US dollars, we are not taking any long positions for
the time being.
AUD/USD
The AUD/USD climbed
higher during the day on Wednesday, breaking above the most recent
resistance. However, the 50% Fibonacci Retracement, level still posed
a massive resistance in the later half of the trading session; hence
we remain focused on short positions. Following that we have an
uptrend line that we had previously breached which is in close
proximity with the 61.8% Retracement
level. Hence, we need to be extra cautious in choosing our positions.
At the moment, the wise move will be to look for exhaustive candles
in order to start selling again.
USD/JPY
The USD/JPY went up
during the trading hours on Wednesday, crossing the 1118.50 level. We
will believe the the market is all poised to climb up, if it breaks
above the top of the range. The first stop of the ascend would be the
20.50 level. Our suggestion would be to buy supportive candles at
lower levels.
No comments:
Post a Comment