Eur/Jpy

Eur/Jpy is actually very bullish after a lackluster performance during the European session earlier in the day.We had spotted a reversal potential pin bar yesterday as per the last post which has given us so far some good pips after it reversed all the way to the 109.00 level.Chances are that it might get to the top of the range formed between the 111.30 area and the 108.60's area.I closed out the position since we do not know what next week will bring.

Yen Pair

There is potential reversal signals on the yen pairs.Looking at the Eur/Jpy and the Cad/Jpy forming potential pin bars right at support of on the 4hr chart.I will be watching this for entry long on the short term.

Commodities

As we had predicted earlier,most commodities went much lower on yesterdays trading as well as today as the US dollar continued to gather momentum.This was possible due to Bernanke remarks earlier in the week that suggested some possibility of QE3 according to some analysts. However Gold went as was expected and is now held by the 50% fib level from the beginning of the year to the highs in end February.

Silver also followed suit being closely co related to gold.It is also being held at the 50% fib level as you can see in the chart below. A break below this line will first see support at 31.50 before further collapse should the US dollar continue to strengthen

I will constantly continue to look for this moves and update them on the blog.I had a good opportunity entering the Gbp/Jpy on the 4hr chart earlier on Tuesday at around 8pm and made some pips.I came out too early though as you can check it is still plummeting.
Good luck trading out there.

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GbpUsd

Been holding this position from yesterday.The pair has formed a bearish candle which in my opinion indicates the strength of the resistance at around 5970 area.I am still short this pair to around 5900 and later to 5800 or so.

Commodities are also in my opinion heading lower after hitting resistance levels last night.I am in short for the short term.

Commodities

Gold and silver seem to be headed lower at the moment after a very slow day today.The US session seemed to have brought in more volume.Gold seems to have hit a strong level at around the 1690's level that is acting very well as resistance,the 38.2% fib and the 200 SMA .I will be watching to see how it reacts.I will target the 50% level for a conservative profit taking if we get in short later on.

Silver has also reached a crucial resistance level at around 33.16 level that is also the 38% fib retracement level.I will be watching to see if it gives a signal to enter short for a conservative profit to the 50% fib retracement and then later to the 31.50 mark.

I will be watching to see how it all pans out.Good luck trading and lets wait until the final bar closes then we can weigh our options.

Gbp/Usd

Pair seems to be forming a double top on the 4hr and daily chart with RSI reading at almost overbought.Am looking to short this pair back to 5800 on the short term.

USD/CAD

Usd/Cad is currently at a major psychological level and the 200 Sma is holding as support.Watching for any news that may affect this pair but a break may be unlikely currently.Stochastic are not yet oversold so it may see some bullish reaction if it does not break the 1.0000 line and the 200SMA.watching this pair for a few pips on the daily.