Technical analysis of EUR/JPY for July 1, 2014 Trend News

General overview for 01/07/2014 08:00 CET

The anticipated wave (c) to the upside is finally unfolding but the definitive invalidation of more complex correction can not be ruled out just yet, which is why there is still the 1 or a,2 or b and 3 or c labeling present on the chart. The bullish confirmation zone has been broken, but so far there is no follow through on hourly chart and the Elliott wave count shows a possibility of a small cycle wave iv correction before the first target for wave v black at the level of 139.02 will be reached. The second target is a little bit higher at the level of 139.32. Please notice that this would be only a wave 3 red completion and if the wave progression is impulsive, then even higher levels will be hit. The second thing worth mentioning is that the upside correction labeled here as (a)(b)(c) blue is a part of a corrective wave c black to the upside and when completed, the downside trend will resume.

Support/Resistance:

139.89 - WR3

139.40 - WR2

139.32 - Wave v black Target

139.02 - Wave v black Target

139.89 - WR1

138.91 - Technical Resistance

138.48 - Intraday Resistance

138.43 - Weekly Pivot

137.89 - WS1

137.69 - Wave b Low

137.40 - WS2

Trading recommendations:

Daytraders should open buy stop positions from the level of 139.01 with SL below the level of 138.48 and TP at the level of 139.02 and 139.32.

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Daily analysis of Silver for July 01, 2014 Trend News

Overview

Based on the H4 chart above, silver is still stabilizing between the Support of 20.90 and the Resistance level of 21.20 after its failure to break the Resistance level last week. If silver continues its bearish move and manages to break the Support level of 20.90 which is being tested now, it would provide a strong indicator for the downward move and open the way towards the Support level of 20.50 as a kickoff. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy signals from this level till reaching the Resistance level of 21.50 then 21.75.

Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50), S1(20.20).

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Daily analysis of GBP/JPY for July 01, 2014 Trend News

Overview

Today's H4 chart shows that the pair opened this week above the Resistance level of 172.75. Currently, it is trading above it to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the Resistance level after the closing of the current H4 candle, it would be another opportunity for more bullish signals with the first target few pips below the Resistance level of 173.50, then we should wait for breaking above this Resistance level to get more bullish signals towards the Resistance level of 174.00 as the second target. But as long as the price is trading below the Resistance level of 173.50 and cannot break it through, this cancels the bullish scenario.

Resistance and Support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.75), S2 (172.00), S3 (171.50).

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Technical analysis of USD/CHF for July 01, 2014 Trend News

The pair has been in a down trend from 0.9037 levels. In yesterday's session, it closed below the 50-day Sma and made a low at 0.8863 levels. Today in Asia's session, it well managed to hold above the previous low. The daily momentum oscillators favor a pull back. We expect a limited downfall from the current price at 0.8874. The bulls will take complete control only above 0.8907 levels and can claim for 0.8953 and 0.8980/0.90 levels. If the pair hits the previous low, it may extend its fall to 0.8826 and 0.8765 levels. We recommend to go long at this current market price.

Intraday- cmp 0.8875

The hourly Stochstics is indicating an oversold expecting an outcome of pull back/limited down fall. The pair has an initial resistance at 0.8909, above this, it can fly up to 0.8889 , 0.8920 and 0.8940 levels. On the down side, it has support at 0.8830 levels.

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Short-term trend levels and intraday recommendation on CHF/JPY for July 01, 2014 Trend News

CHF/JPY

The pair has been in an uptrend from 112.98 levels. Today it exactly touches at 50-day Sma 114.42, but it is unable to breach it. In a bullish view, if the pair manages to breach the 50-D Sma level, we can see some more upside 114.87 (double top). This will give a clear indication that the pair is facing a very strong, rough road between 114.42-114.87 levels. The short-term reversal level is placed at 114.87, above this, we can see 115.47, 115.90, 116.78 and 117.70 levels. We strongly recommend to buy above 115 (safe traders) for 116.78 and 117.70 levels.

On the bearish front, the pair looks weak below 114 and the nearest support is located between 113.55-113.30, 112.95 and 112.60 levels. A day close below 112.60, the short term will turn to negative side favoring bears.

Intraday- cmp 114.23

The pair looks extremely overbought at the current levels. We expect at this current juncture, it cannot breach the trend reversal level at 114.87. Risky positional trades can sell on an up move with sl 114.87. The pair has an intraday support at 114.10, below this, it has support at 113.95, 113.80. Once it breaks below 113.80, we can see more selling pressure to 113.70, 113.30 and 113 levels.

Safe traders- cmp 114.25

Sell below 114

Buy above 115

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Technical analysis of EUR/USD for July 01, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish Manufacturing PMI, Italian Manufacturing PMI, German Unemployment Change, Final Manufacturing PMI, Italian Monthly Unemployment Rate, Unemployment Rate. The US will release the economic data too such as the Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, IBD/TIPP Economic Optimism, ISM Manufacturing Prices, Total Vehicle Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3758.

Strong Resistance:1.3749.

Original Resistance: 1.3736.

Inner Sell Area: 1.3723.

Target Inner Area: 1.3690.

Inner Buy Area: 1.3657.

Original Support: 1.3644.

Strong Support: 1.3631.

Breakout SELL Level: 1.3622.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3644 and 1.3749. The rate is accompanied by strong support at 1.3631 and by 1.3749 as strong resistance.

If EUR/USD breaks out and closes below the 1.3622 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3758 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3657 and at 1.3723, a SELL position. In this case both targets should be placed at the level of 1.3690.

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for July 01, 2014 Trend News

In Asia, Japan will release the Tankan Manufacturing Index, Tankan Non-Manufacturing Index, Average Cash Earnings y/y, Final Manufacturing PMI and the US will release some economic data such as Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, IBD/TIPP Economic Optimism, ISM Manufacturing Prices, Total Vehicle Sales. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 101.96.

Resistance. 2: 101.76.

Resistance. 1: 101.56

Support. 1: 101.32.

Support. 2: 101.12.

Support. 3: 100.92.

DESCRIPTION:

Please, pay attention to the levels of support 3 (100.92) and resistance 3 (101.96). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical Analysis of Crude oil for July 01, 2014 Trend News

CRUDE

The oil took the support at 20-day Sma at 104.50 levels. In yesterdays session, it made a low at 104.66 and resisted at 35 Dema 105.67 levels. Until the price holds above the 20-day Sma, we can see an upside journey in the coming weeks. We can expect an upside target at 108 and 110 levels with a sl 103.25 (50-day Sma).

The pair is facing resistance at 105.65 (35 Dema), above this, 106 is the main resistance level (34 Hr Sma). Safe traders can buy above 106 for 107, 107.45, 108 and 110 levels. The oil has strong support at 104.60, below this, 104 and 103.25 are the crucial levels for bulls to hold. The hourly RSI favors buying on the dips.

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Intraday analysis of Gold for July 01, 2014 Trend News

The downbeat US data made the US dollar slide more. The yellow metal took this advantage and moved to a two-month high, but was unable to cross the trend reversal level at $1,330.70 levels. In Asia's session the metal opened in a slight bullish trend, lower at $1,325.50 levels. We recommend to buy at cmp targets $1,331 for $1,334.60, $1,342.10 initially and later $1,360 levels. The metal has a neckline at $1,360 levels, if we get an upside breakout, we can see $1,600 in the short term, this view is valid until the metal holds the classic bottom at $1,180 levels.

1433.30-1180= 253.30

253.30+$1,360= $1,613

Intraday-

We recommend to buy at cmp for $1,330.60 and $1,334 levels. We can see some weakness below $1,325.

Buy with sl $1,325 for targets $1,330.60, $1,334 cmp $1,326.

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Daily analysis of USDX for July 01, 2014 Trend News

Daily chart: The USDX remains strong in the fall below the resistance level of 80.11, so the next target still is the support level of 79.19. For now, it is advisable to keep the sell orders in the USDX, due to weakness shown by the strong U.S. dollar in recent days. The MACD indicator is in negative territory.

H4 chart: The USDX remains below the 200 SMA and the USDX is now trying to form a bearish pattern below resistance level of 79.93. If the USDX does make a breakout at the level of 79.75, it's expected to fall to the level of 79.33. The MACD indicator is in negative territory.

H1 chart: The USDX is trying to form a higher low pattern below resistance level of 79.88. If the USDX does make a breakout at the support level of 79.64, it's expected to fall to the level of 79.39, that could accelerate future falls in the USDX. The MACD indicator is oversold.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.64, take profit is at 79.39, and stop loss is at 79.90.

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Daily analysis of GBP/USD for July 01, 2014 Trend News

Daily chart: The GBP/USD had a bullish momentum during the session yesterday and now this pair is consolidating above the 1.7100 level. The next target for the GBP/USD remains at the resistance level of 1.7169. If the pair manages to make a breakout at the 1.7169 level, it's expected to rise to the level of 1.7403. The MACD indicator is in positive territory.

H4 chart: This pair is finding resistance near the 1.7100 level, because there is a bullish trend line. If the pair manages to make a breakout at the level of 1.7190, it's expected to rise to the level of 1.7300, which would be a strong bullish consolidation, because the GBP/USD is maintained above the 200 SMA. MACD indicator is in positive territory.

H1 chart: The GBP/USD has made a breakout at the level of 1.7100 and now this pair is forming a lower high pattern above that level. If GBP/USD manages to make a breakout on the resistance level of 1.7150, it's expected to rise to the level of 1.7200. The MACD indicator is entering overbought area.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.

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Technical analysis of USD/JPY for June 30, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bearish bias after hitting a five-week low at 101.31 this morning. It is undermined by tg=he negative dollar sentiment (ICE spot dollar index last 80.04 versus 80.21 early Friday) as last week's disappointing U.S. Q1 GDP and consumer spending data continue to weigh on the dollar. USD/JPY is also weighed by the Japan exporter sales. But USD/JPY losses are tempered by the demand from Japan importers and positive investor risk appetite (VIX fear gauge eased 3.18% to 11.26) as U.S. stocks rose Friday (S&P 500 gained 0.19%) on higher-than-expected final University of Michigan June consumer sentiment index (came in at 82.5 versus 81.9 forecast). But risk sentiment is dented by the warning from the Bank for International Settlements in its annual report that "euphoric" financial market doesn't reflect shaky global economic and geopolitical outlook.

Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, although the latter is at oversold zone, five-day moving average is below 15-day MA and is declining.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 101.15. A breach of this target will move the pair further downwards to 101. The pivot point stands at 101.60. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 101.80 and the second target at 102.

Resistance levels:

101.80

102

102.15

Support levels:

101.15

101

100.85

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Technical analysis of USD/CHF for June 30, 2014 Trend News

Overview:

USD/CHF is expected to trade in a lower range. It is undermined by the negative dollar sentiment and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the loose Swiss National Bank's monetary policy. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, five-day moving average is below 15-day MA and is declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8840. A breach of this target will move the pair further downwards to 0.8825. The pivot point stands at 0.8925. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8940 and the second target at 0.8955.

Resistance levels:

0.8940

0.8955

0.8985

Support levels:

0.8840

0.8825

0.88

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Intraday technical levels and trading recommendations on GBP/USD for June 30, 2014 Trend News

Successive bottoms around 1.6465, 1.6555, and 1.6665 (corresponding to the depicted uptrend line) held price above and provided enough buying pressure to keep pushing higher.

However, in May, the bullish momentum wasn't strong enough to allow the bullish breakout above 1.7000 to pursue towards further targets. Instead, this previous breakout lost its bullish momentum showing successive lower highs that temporarily managed to breakdown the depicted uptrend line.

Again the GBP/USD pair showed bullish recovery around 1.6690 which was followed by strong bullish pressure being applied to push above 1.7000 (prominent top established on May 6).

The GBP/USD pair is now challenging new price levels that has not been visited since 2008.

Bullish fixation above 1.7000 enhances the bullish channel scenario, thus enabling the bulls to reach 1.7100 and probably 1.7130 before bearish correction takes place.

The current price zone between 1.7100 - 1.7130 should be watched for bearish price action indicating reversal.

It should constitute a significant SUPPLY zone as it corresponds to the upper limit of the depicted channel.

A short position can be triggered at the current levels with stop loss located above 1.7160.

Bearish targets should be located at 1.7055 and 1.7000.

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Technical analysis of NZD/USD for June 30, 2014 Trend News

Overview:

NZD/USD is expected to consolidate after hitting near-three-year high at 0.8794 on Friday. It is supported by the negative dollar sentiment, positive risk appetite and hawkish Reserve Bank of New Zealand's monetary policy stance and NZD-USD interest differential. But Kiwi sentiment is dented by 4.6% drop in New Zealand May building consents issued. Daily chart is still positive-biased as MACD and stochastics is bullish, although latter is at overbought zone, five- and 15-day moving averages are advancing.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.87. A breach of this target will move the pair further downwards to 0.8680. The pivot point stands at 0.8790. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8835 and the second target at 0.8860.

Resistance levels:

0.8835

0.8860

0.8880

Support levels:

0.87

0.8680

0.8655

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Intraday technical levels and trading recommendations on EUR/USD for June 30, 2014 Trend News

The price zone 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum that originated off the depicted bullish trend line.

Thus, a Double Top reversal pattern was established with a neckline located at 1.3700. This reversal pattern has already hit its projection levels.

On the other hand, we should highlight Thursday and Monday's bullish engulfing daily candlesticks which emerged off 1.3500 (the lower limit of the ongoing 4H channel) thus fixating again above 1.3560 (Key-Level corresponding to previous prominent bottom).

Again, the market expressed a strong bullish daily candlestick when price level 1.3570 got visited last time.

Multiple ascending bottoms were established after hitting 1.3500 during June. That's why, as expected, bullish recovery originated off these levels resulting in the current bullish momentum.

As long as the bulls keep defending the recent low around 1.3575 considering the possibility of a bullish Head and Shoulders pattern with neck-line around 1.3650 with a breakout projection target to be anticipated around 1.3750.

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Technical analysis of GBPJPY for June 30, 2014 Trend News

Overview:

GBP/JPY to trade with risks skewed higher. It is supported by the positive investor risk appetite and demand from the Japanese importers. But GBP/JPY gains are tempered by Japan's exporter sales and soft USD/JPY undertone. Daily chart is mixed as MACD is bullish, but stochastics is neutral.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 173.45 and the second target at 173.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.10. A breach of this target would push the pair further downwards and one may expect the second target at 171.85. The pivot point is at 172.35.

Resistance levels:

173.45

173.85

174.25

Support levels:

172.10

171.85

171.50

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GBP/USD intraday technical levels and trading recommendations for June 30, 2014 Trend News

Bullish breakout above the depicted bearish channel took place exposing price levels around 1.6985 as a projection target.

Simultaneously, daily closure above 1.6820 took place enhancing bullish impulse towards 1.6900 and 1.7000.

The GBP/USD managed to break through Psychological resistance around 1.7000 which provided extensive bearish pressure at the last visit on May 6.

Note the daily candlestick of Thursday (June 26 ) when the bulls managed to close above 1.7000. This threatened the bearish trend of the market.

Bullish pressure was applied at retesting of the bullish channel lower limit depicted on the 4H chart. This managed to push the pair towards 1.7100 where the upper limit of the depicted channel is roughly located.

Intraday resistance is expected to be found there. A short-term SELL position can be taken at the current prices with SL located just above 1.7145.

Price levels of 1.7050 constitutes a significant support level to meet the pair on its way downwards. It's also a key-level to determine how deep bearish correction can go before resuming the bullish momentum.

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EUR/NZD analysis for June 30, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5631 on ultra high volume (buying climax) according to the 4H chart. Since our Fibonacci expansion 100% at the price of 1.5665 has got broken, we may see possible testing the level of 1.5335. According to previous price action, I have placed Fibonacci retracement levels to find potential resisntace levels and I have got Fibonacci retracement 61.8% at the price of 1.5615 (currently on test). Right now price is in bullish corrective phase so watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5565

R2: 1.5587

R3: 1.5621

Support levels:

S1: 1.5497

S2: 1.5475

S3: 1.5441

Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.

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Gold analysis for June 30, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, the price tested the level of 1,310.16 on volume above the average according to the 4H timeframe. According to the daily timeframe, we can observe another indecision bar on volume below the average, which is a sign that buying at this stage looks risky. Be careful with buying, since we may see potential bearish correction. According to the previous price action, we got a support level at the price of 1,300.00 (Fibonacci retracement 38.2%). According to the 4H timeframe, we can observe supply on volume just below the average, which is a good sign that we may see possible bearish movement. According to the Daily chart, we can observe strong buying climax (ultra high volume demand) in the background but after that reaction we didn't see any larger demand and that is why buying at this stage looks very risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,317.10

R2: 1,317.54

R3: 1,318.28

Support levels:

S1: 1,315.64

S2: 1,315.20

S3: 1,314.47

Trading recommendation: Be careful with buying at this stage since we have got buying climax in the background.

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Technical analysis of USD/CAD for June 30, 2014 Trend News

General overview for 30/06/2014 11:50 CET

As indicated last Friday the target zone at the level of 1.0661 has been hit and the impulsive wave progression in wave 3 red looks to be completed. Currently the market is in a corrective cycle wave 4 red and when this cycle is completed, one more push to the downside is expected to complete the progression. The golden trendline is providing a dynamic resistance for the price and any breakout higher should be considered as bullish. Moreover, any breakout above the intraday resistance at the level of 1.0696 asn entering the bullish zone, should provide to the further upward movement up to the 1.0750 level. On the other hand, any failure at this levels is bearish and might result in bearish zone penetration.

Support/Resistance:

1.0614 - WS1

1.0658 - Intraday Support

1.0685 - Weekly Pivot

1.0692 - Intraday Resistance

1.0711 - WR1

1.0750 - Previous wave (iv) Zone

1.0782 - WR2

1.0809 - WR3

Trading recommendations:

As the impulsive wave progression in red count has not been finished yet, the swing traders should still keep the open sell positions running and the good level to add to the existing positions is the area between the levels of 1.0716 - 1.0751, with SL above the level of 1.0813 and TP below the level of 1.0644.

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Technical analysis of EUR/JPY for June 30, 2014 Trend News

General overview for 30/06/2014 11:30 CET

The impulsive wave progression that has started last week is still possible, but not confirmed yet. Currently, the price has made a possible first two waves of the impulsive structure and now it is trying to break higher above the weekly pivot at the level of 138.43. If that happens, the price would enter the range zone and it might take a test of the technical resistance again at the level of 138.91. Only if this level is broken, the impulsive count is a valid one and traders should expect higher prices. Otherwise, the price might get back to the bearish zone and continue lower or make wave (b) blue even more complex and time consuming. Please watch the important levels for further clues.

Support/Resistance:

139.89 - WR3

139.40 - WR2

139.89 - WR1

139.91 - Technical Resistance

138.48 - Intraday Resistance

138.43 - Weekly Pivot

137.92 - Intraday Support

137.89 - WS1

137.69 - Wave b Low

137.40 - WS2

Trading recommendations:

Please keep an eye on both important invalidation/confirmation levels I have indicated on the chart. A breakout above 138.47 is bullish and long positions should be opened; a breakout below 137.90 is bearish and short positions should be opened.

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Elliott wave analysis of EUR/NZD for June 30, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.5706

R2: 1.5663

R1: 1.5635

Current Spot: 1.5635

S1: 1.5584

S2: 1.5569

S3: 1.5530

Technical Summary:

We saw the first indication of a possible bottom being in place Friday upon the break above 1.5536. However, we still need a break above strong resistance at 1.5706 to confirm the bottom. The rally of the 1.5478 low does look impulsive in character. In short term we will be looking for minor resistance at 1.5663, which should be followed by a minor correction before the next rally to just above 1.5706. This will confirm that we have a firm bottom in place at 1.5478.

Trading Recommendation:

We missed our 1.5445 target slightly and will buy EUR at 1.5585 with a stop at 1.5470.

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#USDX Technical analysis for June 30, 2014 Trend News

The Dollar index remains in downtrend. Prices are making lower lows and lower highs. I've been bearish since 80.90 and the index has given us many sell signals since then. Price has remained in a downtrend and even when it consolidated in a sideways triangle, the price broke downwards. The 38% Fibonacci retracement has been supporting the index but now is broken and we look to move lower towards the 61.8% retracement.

Our first short-term target was 80 and has been reached. Price is below the Ichimoku cloud and below the red donward sloping trend line. We remain bearish targeting at least 79.90 and why not 79.75. Support is found at 79.90 and resistance at 80.30.

The Dollar index has finally broken below the 38% retracement and is heading towards my target of the Ichimoku cloud upper boundaries that I've been talking for so long. I believe this downward move could reach the 61.8% retracement.

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Gold, technical analysis for June 30, 2014 Trend News

Gold price has remained inside the trading range of $1,326-$1,308. Price is moving sideways. A break towards either direction will either push price towards $1,335-45 or $1,290-80. Trend is neutral. I favor a last upward spike towards $1,335-45.

However short-term traders should wait for the signal and not trade before it. If support is broken, we should expect gold price to find support around $1,260-80. If resistance is broken, we should expect the move that started at $1,240 to end near $1,335-45.

Gold price is in a rising trend and we have labeled this latest rise from $1,240 as wave E of a sideways triangle that we expect to break downwards towards $1,000. Breaking above $1,391 will cancel this scenario. We are now looking for sell levels in order to built a short position targeting $1,000.

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Weekly forecast and intraday analysis of EUR/USD for June 30-July 04, 2014 Trend News

EUR/USD

Weekly view- June 30- July 04, 2014

The pair showed a good upward momentum last week. It closed at the highest point of the week. This week the same momentum is expected, if it manages to sustain above 1.3650 for 1.3670-1.3677-1.37-1.3735, and 1.3750 levels. This week's key support level existed between 1.36 -1.3574 levels. In a break is below this level, we can expect some weakness up to 1.35 levels. If the pair managed to sustain above 1.3677, we can see 1.3735 and 1.3750 in 1-2 trading session. A weekly close above 1.37 levels the bulls will tighten their grip for another 100 pips odd.

Key support - 1.36-1.3574

Key resistance- 1.3677

Key support levels to watch (near- short term) - 1.35, 1.3477, 1.3420, and 1.3375

Key resistance levels to watch (near- short term) - 1.3677, 1.3735, 1.3750, 1.3775 and 1.40 levels

Intraday - cmp 1.3646

We expect another strong upward movement only above 1.3651. The pair looks weak only below 1.36 levels. If the pair breaches the 1.3651 level, it can fly up to 1.3677 and 1.37 (50 days Sma). Fresh buy will add to this pair above 1.37 for 1.3750, 1.3775 and 1.38-1.3825 levels. The heavy supply zone is placed between 1.3677-1.37 levels.

Weak below 1.36 for 1.3580, 1.3575 and 1.3565

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Weekly forecast of USD/CHF for June 30-July 04, 2014 Trend News

The pair has been in a downtrend from 0.9037 levels. It is trading at 0.8909 levels near to its crucial support levels 0.89 (50 days Sma). If the pair breaks the 50 days Sma levels, we can expect selling up to 0.8883, 0.8830, and 0.8770 levels. The momentum oscillators favors to sell in multiple time frames. Today's closing is very crucial for bulls hold above 0.89 levels on closing basis. The pair opened its session in a bearish note opened higher at 0.8913. Until the pair breaches this higher level, we recommend trades not to opt for longs. If the pair manages to breach the resistance level at 0.8913, we can see some up move up to 0.8938 and 0.8954 levels.

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Weekly forecast and an intraday analysis of USD/MXN for June 30-July 04, 2014 Trend News

The pair has been in a downtrend from 13.176 levels. The bears have enjoyed the downfall for almost 6 months. The pair took the support at 200 weekly Ema at 12.75 levels and moved towards the 50 weeks Sma. Though the breached the 50 weeks Sma in an intraday basis, but unable to close above that. It tried three consecutive weeks to close above that, but the bulls lost at the end of the day. The pair made a small minor double bottom at 12.90 levels and this week it started with a slightly bullish note opened lower at 12.909. Hope this week the short term trend will change to one side direction, either upside for 13.95 or lower at 12.76 levels.

The pair exactly touches the 50 days Sma at 12.9274. Currently the trading pattern is framed between 12.90-12.9274. If the pair breaches the upside, it can further move to 12.9772 and 13.0 levels. On the downside, it chops the 12.90 and can extend its fall up to 12.884 and 12.83 levels.

Sell below 12.90

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Weekly forecast and an intraday analysis of USD/CAD for June 30-July 04, 2014 Trend News

USD/CAD

Traders are waiting for today's releases of Canada's GDP and US Pending home sales data. The pair is trading at 1.0672 levels. The downfall is likely to be paused at 38.2 fib correction levels. The next selling wave will generate below 1.0650 for 1.0630 and 1.06 levels. The pair closed below the 50 weeks Sma after two years. The weekly and daily stochastic indicating an oversold level. On the upside, it has strong resistance at 50 weeks Sma at 1.0716 above this 1.0761 level. Until the pair close above the broken Sma, selling on the rallies will mint the money.

Currently the pair is trading near multiple support zone 1.0650. The oversold indications in the multiple time frames, pause the downfall at 1.0660 levels. We again repeat the sell call once it breaks the 1.0650 levels for 1.0630, 1.06-1.0575 levels. Short traders can wait for some upward move to short again or below 1.0650. Buyers can buy with sl 1.0650, currently is trading at 1.06773 levels targets 1.0697 and 1.0720 even 1.0750.

Until the pair breaches the 1.0752, on the down side 1.0575 is an open target

1.0894-1.0716 = 0.0178

0.0718-1.0752 = 1.0574 levels.

Again sell below 1.0650 for 1.0630, 1.06/1.0575 - positional

Risky traders buy with sl 1.0650 target 1.07 and 1.0715

Review - We recommended to enter buy side at 1.0832 with sl 1.070 and sell below 1.070 targets 1.0650 and 1.0630 levels. The buy side, we made a loss of 132 pips and the reversal trade made 300 pips profits resulted net profit in that trade.

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Technical analysis of EUR/USD for June 30, 2014 Trend News

When the European market opens, some economic news will be released such as German Retail Sales m/m, M3 Money Supply y/y, Private Loans y/y, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Italian Prelim CPI m/m. The US will release the economic data too such as the Chicago PMI, Pending Home Sales m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3707.

Strong Resistance:1.3699.

Original Resistance: 1.3686.

Inner Sell Area: 1.3673.

Target Inner Area: 1.3641.

Inner Buy Area: 1.3609.

Original Support: 1.3596.

Strong Support: 1.3583.

Breakout SELL Level: 1.3675.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3596 and 1.3686. The rate is accompanied by strong support at 1.3583 and by 1.3699 as strong resistance.

If EUR/USD breaks out and closes below the 1.3675 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3707 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3609 and at 1.3673, a SELL position. In this case both targets should be placed at the level of 1.3641.

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for June 30, 2014 Trend News

In Asia, Japan will release its preliminary Industrial Production m/m, and Housing Starts y/y. Meanwhile, the US will release some economic data such as Chicago PMI, Pending Home Sales m/m, etc. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Today’s technical levels:

Resistance. 3: 101.83.

Resistance. 2: 101.63.

Resistance. 1: 101.43

Support. 1: 101.18.

Support. 2: 100.98.

Support. 3: 100.78.

Description:

Please, pay attention to the levels of support 3 (100.78) and resistance 3 (101.83). Normally, when a level is touched, USD/JPY is likely to rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of EUR/JPY for June 30, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is stalling ahead of 139.00 levels, unable to clear through 139.25 for now. The pair needs to clear through 140.00 levels to turn bullish. There is high probability from here on that the pair continues drifting lower.

2. Support is seen at 137.80, followed by 136.50 and lower, while resistance is seen at 140.00, followed by 141.00, 142.50/143.50 and higher respectively.

3. The structure indicates that EUR/JPY downside would accelerate on a break down below 137.80 levels. On the flip side, a break above 140.00 could delay matters.

Trading recommendations:

Remain flat for now. Look to sell rallies.

Good luck!

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