Spot Gold, NZD/USD And USD/SGD Forecast: May 2, 2013

Spot gold closed at 14575, below the open breaching the previous day's low.
The hourly oscillators are bearish, and the price is within the MA, so the bulls have to be sidelined. Hourly trend is sideways, while 14725 holds. Daily trend is limited down, while 15420 holds, so expect the price to be choppy until breakout.
The daily closed < S5 , missing the hourly potential target 14950/15090 levels, but too soon to conclude; 15910/1610are the bearish violation zone .

The patterns are suggesting a range and the top may be seen, but cautious approach is needed. The 15min is in a range, but the upside is capped to 14640-14780 levels. The bearish violation zone is 14640-14780 levels, and the PT anchor low/ high is 14540-14640 levels.

BULLS: 14400 14220 14050
BEARS: 14600 14750 14850

Today's Strategies: short near 14600 14750, with a tight stop and 6-8 pts price targets.


NZD/USD
The NZD/USD closed at 8500, below the open breaching the previous day's low.
The Hourly Oscillators are bearish, and the price is Within the MA, so the Bulls have to be sidelined. Hourly trend is sideways. 8585 is holding, and daily trend is also sideways while 8625 holds, so expect the price to be choppy until breakout.
The Daily Closed < S3. It marginally missed our hourly potential target at 8610-75 levels, and 8545-95 are the bearish violation zone.

The patterns are suggesting a range with a potential to break lower but cautious approach is needed. The 15min is in a range, but the upside is protected. The bearish violation zone is 8555-85 levels, and the PT Anchor low/ high is 8480-8515 levels.



USD/SGD
The USD/SGD closed at 12330 above the open and within prior day's trading range.

The hourly oscillators are turning bullish and the price is within the MA, so the bears have to be cautious. Hourly trend is sideways, while 12470 holds. The daily trend is also sideways, while 12485 holds, so expect the price to be choppy until breakout.

The daily closed < R1. It may have missed our hourly potential target 12270-40 levels and 12395-12445 are the bearish violation zone. The patterns are suggesting that the downside may be limited, so a cautious approach is needed. The 15min is in a range, but the downside is limited. The bearish violation zone is 12370-12405 levels and the pt anchor low/ high is 12305-40 levels,