EURUSD: Inside Bar at Support 05/03/2013

I did mention in my last commentary on EURUSD that it was on a support. Trading today was thin on the pair and the support is yet to be breached. An inside bar indicates indecision in the market. So it would be wise to wait this out. If the bulls do get in and push price higher, we would be looking to get in at about the resistance (about 1.3170) as indicated on the chart pending price action to rejoin the sell off on the pair.

My recommendation: stay neutral

NSDUSD/AUDUSD: Closing Price Reversal/Pin Bar Trade setups 05/03/2013

Both pairs found significant supports by the close of the trading day but the long term bias on the pairs still remain bearish. NZDUSD ended the day with a closing price reversal setup while AUDUSD closed as a pin bar. Each reacting at significant horizontal supports. If these setups eventually push the pairs higher, we would be looking to get back in on the bears pending price action at their respective resistance zones as indicated in the charts above.

My recommendation: Buy at pull back at about 50% retracement on each pair. 

USDCAD Daily: Closing Price Reversal 04/03/2013

Though the overall trend on the pair is bullish, the pair has approached significant resistance at 1.0320. The candle formation at the close of the day (Closing Price Bearish Reversal) also confirms the expected pullback on the pair.

My recommendation: Sell pair from 1.0300

GBPJPY: Pivot Bottom confirmation. 04/03/2013

GBPJPY confirmed the pivot bottom trade setup at the close of trading on Friday with the formation of another bullish trend confirming pin bar candle formation right at support (139.20) The bulls are expected to push prices higher into resistance 143.00-144.80 region.

My recommendation: Stay bullish till 143.00

AUDUSD/NZDUSD: Further bearish pressure 04/03/2013

There is still considerable bearish pressure on both pairs. At the close of trading on friday (01/03/2013) we saw a 50% pull-back on both pairs from the pin bars of Thursday's trading. Further bearishness is expected on both pairs.

My recommendation: stay bearish till about 1.0173 on (AUDUSD) and 0.8166 (NZDUSD)

EURUSD Daily: Hits support 04/03/2013

The USD is on a very strong bullish run across board and this doesn't look abating yet. Though eurusd closed the week at about support 1.3000, the bears should be able to push its price lower in the coming week.

My recommendation: Wait for pullback possibly into 1.31.

Silver Daily: Bullish Pin at Support 04/03/2013

Expectations on the metal is that of a pullback into resistance. Whether there will be a breakout of the resistance or a reasonable price action setup to rejoin the bears is yet to be seen.

My recommendation: buy at pull back at about 28.30.