Technical analysis of GBP/USD for April 02, 2014 Trend News

Traders eye Construction PMI data which is going to be printed today and Services PMI tomorrow. The Markit/CIPS Manufacturing Purchasing Managers' Index (PMI) fell in March to 55.3, its lowest since last July and below all forecasts in a Reuters poll of economists. February's reading was sharply cut to 56.2 from an originally reported 56.9. It was the fourth month in a row when the index fell. Growth in British manufacturing unexpectedly eased to its slowest pace in eight months in March, and prices paid by the factories tumbled, a survey showed yesterday. In our yesterday's report, we expected these data. The February number was revised from an originally reported 56.9. Export orders growth slowed, other sub-sectors recorded a healthier performance.

Technical view- sell

The pair has broken the uptrend supporting trend line in the H4 chart. In the Asian's trading session, the pair is trading at 1.6630 holding the minor support at 1.6628. If it breaks this support, it will drift up to 1.6609, 1.6592, and 1.6571 on an intraday basis. Being in a sell mode will give a good money in 1 or 2 days time frame. The RSI is still in sell mode. On the up side, 1.6666 is the strong resistance, above this, 1.6718 is the major resistance levels.

On a positional basis, the level of 1.66 is the minor support and 1.6585 (50SMA) is the strong support. If a day close below the 1.6585 level, we will see a huge fall to 1.6465 (61.8 FIB), below this, 1.6257 and 1.62 levels will come.

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Fundamental analysis of USD/CAD for April 02, 2014 Trend News

We expect this pair to continue to consolidate with the possibility of a breakout or breakdown after Friday's numbers, but until then it is going to be very difficult to imagine the market doing anything of substance as the area has been so well-defined. The pair behavior is very sensitive to these particular announcement. Because of this, we feel that this is one that we can only buy at this moment time, at least until we see what the job numbers (US-non farm payroll, CAD-employment data) are.

The pair has been in a downtrend from 1.1279 and it has been consolidating near 1.1 levels. RSI is supporting for pull back view in the H4 & H1 charts. For hourly basis, the pair is facing resistance at 1.0380. One can enter longs above this level for targets at 1.0469 immediately. Above this, 1.1070 and 1.10917 are the resistance levels. On the downside, 1.1 is the strong support.

On an intraday basis, the pair is facing resistance at 1.105. If the pair crosses the purple line, it will fly up to 1.1081 (200EMA) and 1.1123 (50SMA). This view is valid until it breaks the 1.1 support levels. On the down side, if the pair breaks the 1.1 levels, the pair will move up to 1.0955 (March 06 low) and 1.0910 (February's low) and 1.08 levels. Until it holds the 1.1 levels, we can see a bit of pullback and bear attack will be possible, once the pair starts trading below 1.1 levels.

In fact, it’s not until we get below 1.09 that we could possibly think about shorting this market. It obviously looks very supportive, and as a result, we simply will not sell until we are well below that level. In the meantime, even a pullback from here should be a nice buying opportunity as far as we can say, and with that we are in somewhat of a “buy only mode".

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Technical analysis of EUR/USD for April 02, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish Unemployment Change, Final GDP q/q, PPI m/m, ECOFIN Meetings.The US will release the economic data too such as the ADP Non-Farm Employment Change, Factory Orders m/m, Crude Oil Inventories, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3859.

Strong Resistance:1.3850.

Original Resistance: 1.3837.

Inner Sell Area: 1.3824.

Target Inner Area: 1.3791.

Inner Buy Area: 1.3758.

Original Support: 1.3745.

Strong Support: 1.3732.

Breakout SELL Level: 1.3723.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3745 and 1.3837. The rate is accompanied by strong support at 1.3732 and by 1.3850 as strong resistance.

If EUR/USD breaks out and closes below the 1.3723 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3859 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 1.3758 and at 1.3824, a SELL position. In this case both targets should be placed at the level of 1.3791.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For more analysis go to: blog.mt5.com/arief

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 April 02, 2014 Trend News

In Asia, Japan will release the Monetary Base y/y and the US will release some economic data such as ADP Non-Farm Employment Change, Factory Orders m/m, Crude Oil Inventories. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 104.35.

Resistance. 2: 104.15.

Resistance. 1: 103.94.

Support. 1: 103.69.

Support. 2: 103.48.

Support. 3: 103.28.

DESCRIPTION:

Please, pay attention to the levels of support 3 (103.28) and resistance 3 (104.35). 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.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

For more analysis go to: blog.mt5.com/arief

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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Fundamental analysis of Gold for April 02, 2014 Trend News

The U.S. manufacturing companies expanded in March at a slightly faster pace compared to the prior month. March PMI registered 53.7, an increase of 0.5 point from February's reading of 53.2, indicating expansion in manufacturing for the 10th consecutive month. The New Orders Index registered 55.1, an increase of 0.6 point from February's reading of 54.5. The Production Index registered 55.9, a substantial increase of 7.7 points compared to February's reading of 48.2. Employment grew for the ninth consecutive month, but at a lower rate by 1.2 points, registering 51.1 compared to February's reading of 52.3.

Technical view-

In yesterdays trades, gold dropped to lower levels, but did not break the morning low at $1,277. In Asia's trading session, gold is trading at $1,279. We are repeating the buy strategy today as well. Gold will move upside pulling back a bit towards $1,284 and $1,286.

Whereas $1,286 is the small resistance, if it is crossed, then we will see $1,289, $1,298, $1,304, and $1,315 (above $1,304, only $1,315 will be possible). In the H4 chart, RSI has been consolidated for a week. I expect prices will move towards up side, before any deep correction takes place. The levels of $1,288 and $1,298 are acting as strong resistance levels (previous highs in H4 chart).

On the down side, if the price breaks $1,277, we will see $1,270, $1,265, $1,261 levels. We expect buyers will enter between $1,279 and $1,260. The metal will probably melt to positive growth shocks in the US and QE tapering, and that these factors combined will encourage further advances in US real yields, fresh highs in the S&P 500 and fresh US dollar highs. A day close below the level of $1,260, the more bearish view will generate in the daily chart towards the year 2013 lows with intermediate supports.

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Technical analysis of USD/JPY for April 02, 2014 Trend News

The Japanese yen retraced 50% of its last leg, completed a weekly consolidation, and started moving up again. Since it has not entered a larger correction, possibility is that wave 5 is subdivided into an extension. So holding 101.35 as support, USD/JPY is now heading to 110, in wave 3 of 5. If a weekly close above the 105.44 level, we can extend out targets towards 114 and higher levels.

Weekly basis-

In the H4 chart, the pair is moving in one side. In Asia's trading session, the pair is trading at 103.66 and it is near the previous high level at 103.73. The RSI is in overbought zone. We expect the pair to take a back seat before further up move. On the downside, the support levels exist at 103, 102.75, 102.5, and 101.75. On the up side, if the pair crosses the resistance level of 103.73, the pair will fly up to 105.30 with intermediate resistance levels at 104.6 and 105. Buy on dip is a good strategy for this pair. The levels of 102.78 and 102.3 (50SMA) in the daily chart are good support in the coming days.

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Daily analysis of USDX for April 02, 2014 Trend News

Daily chart: The USDX continues to make slow movements without a well-defined trend, so it is very likely that the USDX remains below the resistance level of 80.11 for the rest of the week. However, if the USDX manages to consolidate above this level, it would be expected to rise to the resistance level of 80.62. The MACD indicator is in positive territory.

H4 chart: The USDX remains above the 200 SMA. Now, the USDX is trying to make a breakout on the resistance level of 80.09. If successful, it is expected to rise to the level of 80.15. For now, it is not advisable to place orders because the USDX moves sideways. The MACD indicator is in negative territory.

H1 chart: The USDX formed two fractals below the 200-day moving average and is now very likely that the USDX rises to the resistance level of 80.15. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.35. On the other hand, if the USDX does make a breakout in the support level of 79.88, it's expected to fall to the level of 79.64. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.15, take profit is at 80.35, and stop loss is at 79.96.

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Daily analysis of GBP/USD for April 02, 2014 Trend News

Daily chart: The GBP/USD has found resistance at the 1.6663 level, so it is very likely for this pair to begin forming a lower high pattern below this level. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6766. However, caution should be exercised with fractal near this resistance level. The MACD indicator is in positive territory.

H4 chart: This pair has fallen back below the resistance level of 1.6644, after the GBP/USD has found resistance at the 1.6667 level. Now, it is likely that the GBP/USD will fall to support level of 1.6592. On the other hand, if the pair manages to make a breakout on the resistance level of 1.6644, it's expected to rise to the level of 1.6667. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has found support in the POC that has formed near the level of 1.6629. If the pair manages to make a breakout on the resistance level of 1.6700, it's expected to rise to the level of 1.6750. Furthermore, if GBP/USD is able to consolidate below the POC, it would be expected to drop to the level of 1.6578. The MACD indicator is oversold.

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 1.6700, take profit is at 1.6750, and stop loss is at 1.6650.

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Intraday technical levels and trading recommendations for GBP/USD for April 1, 2014 Trend News

Around price levels of 1.6780, a Double-Top pattern scenario was executed with the neckline located around the price zone of 1.6620-1.6660.

Daily fixation below this price zone enabled the pair to reach 1.6464 (61.8% Fibonacci) as a projection target.

The recent achieved low at 1.6465 ( also corresponding to a previous uptrend line ) prevented further decline. Yet, the bulls are unable to fixate above 1.6630-1.6666 ( prominent top established on January 24 ).

A slide below 1.6580 ( previous bottom established on January 24 ) applies bearish pressure on the pair to pursue towards lower lows. Otherwise, the bulls would be targeting at 1.6750-1.6775.

Price zone of 1.6666-1.6690 will probably offer a valid SELL entry. Stop Loss should be four-hour closure above 1.6700.

The bears need to achieve a four-hour closure below 1.6620-1.6600 to push for further lows.However,until now there's bullish support being offered there.

On the other hand, Four-hour fixation above 1.6690 will probably signal weakness of the bears to pursue their downtrend exposing price level of 1.6775 for retesting.

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Intraday technical levels and trading recommendations for EUR/USD for April 1, 2014 Trend News

Daily Fixation below 1.3870 gathered significant bearish pressure enough to push towards the recent Demand Zone around 1.3700-1.3730.

Thus, the EUR/USD pair established a new SUPPLY level at 1.3845. It rejected the bulls on March 24 strongly so any further visits should be considered for SELLING.

At the end of the previous week, there has been an Intraday Demand level expressed at 1.3700 which paused the recent slide off 1.3965.

The Price level of 1.3820 corresponds to previous significant tops. Thus, fixating below it applies bearish pressure on the pair and vice is versa.

Four-Hour candlestick fixation above 1.3800 signals a temporary bottom that will target at 1.3845 initially.

The Price zone of 1.3830-1.3850 remains a significant supply zone. It provided a valid SELL entry at the previous retesting on March 24.

On the other hand, failure to fixate above 1.3790 will expose the recent low established at 1.3700.

Four-hour candlestick fixation below which opens the way towards lower lows to be visited at 1.3640 and 1.3580.

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EUR/AUD intraday technical levels and trading recommendations for April 1, 2014 Trend News

Since February 4, the EUR/AUD pair has been moving sideways with a slightly bullish tendency. This movement was maintained above the depicted uptrend line.

On March 12, the bulls failed to establish an ascending top. Instead, a double-top reversal pattern was established at 1.5500. The neckline was located at 1.5200-1.5170.

Success of the double-top pattern not only achieved its projection target at 1.4820-1.4800 but confirmed a bigger Head and Shoulders pattern as well.

The bears managed to break down 1.4950 corresponding to 50% Fibonacci level last week (the nearest sSupport level). This exposes price level of 1.4750 ( 61.8% Fibonacci ) to be tested shortly after.

On Friday, the pair dipped at 1.4785 when bullish recovery took place to push again towards 1.4950-1.4990 ( also previous prominent bottom is located there ).

Price zone of 1.4950-1.4990 should keep price below in order to pursue the ongoing bearish momentum. Otherwise, sideway consolidations may be prolonged.

On the long-term prospective, projection targets of the H&S reversal pattern are projected towards 1.4350 roughly.

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USD/CAD intraday technical levels and trading recommendations for April 1, 2014 Trend News

Previous congestion zone of 1.0900 - 1.0950 provided considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair established a consolidation zone between 1.0960 and 1.1190.

The depicted chart shows that the USD/CAD pair didn't apply enough bullish momentum above 1.1200. As expected, this exposed price zone of 1.1000-1.1020 as a sign of bearish domination.

In case the current support doesn't hold price above, the next support zone to meet the pair is located at 1.0920-1.0840 which comes to meet significant Fibonacci Levels of the recent bullish swing.

It's expected to provide considerable bullish pressure.

On the other hand, the price zone of 1.1130-1.1150 is expected to provide considerable resistance as well. This price zone corresponds to previous tops established in March 12, February 21,and January 30. Any further visiting will probably offer a valid SELL entry with Stop Loss located just above 1.1185.

The pair remains trapped between the price levels of 1.1000 and 1.1150 within the depicted triangle until breakout takes place in either direction.

Bearish breakout is more likely to occur.

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Technical analysis of USD/JPY for April 1, 2014 Trend News

Overview:

USD/JPY is expected to consolidate after hitting three-week high at 103.44 on Monday. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 80.10 versus 80.19 early Monday) on the surprise drop in the U.S. ISM-Chicago PMI to 55.9 in March from 59.8 in February (versus forecast for rise to 60.0) and comments from Fed's Chairwoman Yellen soothing concerns over higher interest rates. Yellen said that there is still substantial slack in the economy, holding down inflation and giving room for the central bank to keep interest rates lower for longer time, and that the Fed will continue its "extraordinary" support in place for "some time to come." USD/JPY is also weighed by Japan's export. But USD/JPY downside is limited by the demand from Japan importers, loose monetary policy of the Bank of Japan and yen-funded carry trades as Yellen's comments boost investor risk sentiment (VIX fear gauge eased 3.68% to 13.88; S&P rose 0.79% overnight).

Technical сomment:
Daily chart is still positive-biased as MACD and stochastics is bullish, five-day moving average is above 15-day MA and is advancing.

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 103.75 and the second target at 104. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102.65. A breach of this target will push the pair further downwards and one may expect the second target at 102.40. The pivot point is at 102.95.

Resistance levels:

103.75

104

104.25

Support levels:

102.65

102.40

101.90

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Technical analysis of USD/CHF for April 1, 2014 Trend News

Overview:

USD/CHF is expected to trade with bearish bias. It is undermined by the weaker dollar sentiment and franc demand on the buoyant CHF/JPY cross. But the CHF sentiment is dented by the weaker-than-expected Switzerland March KOF economic barometer (came in at 1.99 versus 2.02 forecast). USD/CHF downside is also limited by the dovish monetary policy of the Swiss National Bank. Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day MA and is advancing, but stochastics is turned bearish at overbought zone.

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 0.8810. A breach of this target will move the pair further downwards to 0.8785. The pivot point stands at 0.8875. In case the price moves in the opposite direction and bounces back from 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 0.89 and the second target at 0.8930.

Resistance levels:

0.89

0.8930

0.8960

Support levels:

0.8810

0.8785

0.8765

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Technical analysis of GBP/JPY for April 1, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bullish bias after hitting two-week high at 142.62 on Monday. It is supported by the positive risk appetite, demand from Japan importers and loose monetary policy of the Bank of Japan. But the GBP/JPY gains are tempered by Japan's export. Daily chart is positive-biased as stochastics is rising from oversold zone, negative MACD histogram bars are contracting.

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 172.90 and the second target at 173.60. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.85. A breach of this target will push the pair further downwards and one may expect the second target at 170.30. The pivot point is at 171.35.

Resistance levels:

172.90

173.60

174.20

Support levels:

170.85

170.30

169.60

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Technical analysis of NZD/USD for April 1, 2014 Trend News

Overview:

NZD/USD is expected to trade in a higher range. It is supported by the weaker dollar sentiment, kiwi demand on NZD/JPY cross amid positive risk appetite, the hawkish monetary policy of the Reserve Bank of New Zealan and hope for further stimulus in China. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter at overbought zone, five and fifteen-day moving averages are advancing.

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 0.87 and the second target at 0.8720. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8585. A breach of this target will push the pair further downwards and one may expect the second target at 0.855. The pivot point is at 0.8620.

Resistance levels:

0.87

0.8720

0.8750

Support levels:

0.8585

0.8550

0.8515

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Daily analysis of Silver for April 01, 2014 Trend News

Overview

As shown from the today's H4 chart, the metal is stabilizing above the support level of 19.50 after its failure to break last week. Currently, we must wait for re-testing the Support level again and closing below to get the bearish move opportunity according its rebound from the resistance level of 19.85. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 19.20. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support level of 19.50, this cancels the bearish move scenario.

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (19.85), S1 (19.50), S2 (19.20), S3(18.75).

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EUR/NZD analysis for April 01, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5900, we are still waiting for a larger movement. According to the daily chart, we can observe neutral bar on volume above the average, which is a sign that we have got indecision currently. Our level of 1.5940 (Fibonacci retracement 38.2%) held successfully. If the price breaks that level of 1.5940 on higher volume, we may see potential testing the level of 1.6050 (Fibonacci retracement 61.8%) before any larger bearish movement. Price rejected from our Fibonacci expansion 161.8% level at the price of 1.5810 and that caused price to start bullish correction. Watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5937

R2: 1.5964

R3: 1.6008

Support levels:

S1: 1.5848

S2 : 1.5821

S3: 1.5776

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

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GOLD analysis for April 01, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,277.52 on average volume. Our previous analysis is still active and we got good progress. According to the daily chart, we can observe supply bar on volume just below the average. There is an also broken upper channel in the background, which is another good sign for potential healthy bearish movement. We got our first down station met at the price of 1,279.00 (previous swing high zone). Gold is in progress of bearish corrective phase and I've placed Fibonacci Retracement to find the first down station. I got Fibonacci Retracement 61.8% at the price of 1,263.00. If the price breaks the level of 1,279.00 on higher volume, we may see testing the level of 1,263.00, otherwise Gold may start bullish correction. If the Gold starts bullish correction, the first resistance may be at the price of 1,290.00 (Fibonacci retracement 61.8%). Be careful with short-term buying and watch for selling opportunities after retracements.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,295.18

R2: 1,298.98

R3: 1,305.13

Support levels:

S1: 1,282.88

S2: 1,279.08

S3: 1,272.93

Trading recommendation: Trading the metal, be careful with buying at this stage since gold is in progress of bearish corrective phase. Watch for selling opportunities after retracement.

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Weekly technical levels of NZD/USD for April 1, 2014 Trend News

Overview :

• According to the previous events, the price of the NZD/USD pair has still been trapping between 0.8730 and 0.8623. The resistance has already set at the price of 0.8730. Consequently, we expect that the trend is going to call for a bearish market at the level of 0.8730 in H1 chart. Additionally, it should be noted that the 0.8730 is representing resistance 1 and the range today will be about 63 pips. Thereupon, sell at the price of 0.0.8730 with the first target of 0.8623 (the weekly pivot point), it might resume to 0.8550 in order to test the weekly support 1 on March 1, 2014. At the same time, the stop loss should never exceed your maximum exposure amounts. Accordingly, your stop loss should be placed above the 0.8766 level.

Note :

As it is known, if the trend is upward, then the strength of the currency pair will be defined as follows: NZD is in uptrend and USD is in downtrend.

• NZD/USD: 0.8678 (uptrend today)


• USD/CHF: 0.8834 (donwtrend today)


• So it should be noted the correlation:


• NZD/CHF = 0.8678 X 0.8834


• NZD/CHF = 0.7666 (sideways trend today)

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Daily analysis of major pairs for April 1, 2014 Trend News

EUR/USD: This market is still bearish – irrespective of the rally going on it. However, it should be noted that the rally has put the extant bias in a serious jeopardy, and would render it useless completely in a situation in which the market goes above the resistance line at 1.3800.

USD/CHF: There is a vivid pullback in the price – a threat to the extant bullish outlook. However, it could not be deemed that the bias is over unless the price goes below the support level at 0.8800. Without this happening, it would be OK to see the current pullback as a possible opportunity to go long.

GBP/USD: In accordance with the signal that was formed last week, the GBP/USD remains bullish. There is an easy target at the distribution territory of 1.6700 (although there is a possibility that the target would even be exceeded). During the course of this, the accumulation territories at 1.6650 and 1.6600 could act as barriers to the any bearish pulls along the way.

USD/JPY: This is also a bull market which may hold out till the middle of April 2014. This is in accordance with some seasonally noticed pattern in this unique market, but it does not rule out the possibilities of occasional bearish corrections.

EUR/JPY: The EUR/JPY cross has assumed a bullish bias for this week and it can possibly reach the supply zone at 143.00. The Bullish Confirmation Pattern in the chart shows that there is a great possibility that the momentum in the market would help it to go further northwards.

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Weekly technical levels of USD/CHF for April 1, 2014 Trend News

Weekly technical levels for the USD/CHF pair.

Date: April 1, 2014 .

The movement of pivot point among resistances and supports.

• If the price is at pivot point, watch for a move back to resistance 1 or support 1.


• If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.


• If the price is at support 1, expect a move to support 2 or back towards resistance 1.


• If the price is at support 2, expect a move to support 3 or back towards support 1.


• If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.

Notes :

• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.


• The resistance will set at the level of 0.8915 this week.


• The double top is going to set at the 0.8898 price.


• The area of 0.8900 is useful spot to sell in the long term.


• We expect a range of 67 pips on April 1, 2014.

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#USDX technical analysis for April 1, 2014 Trend News

In the last couple of my posts I have mentioned how important the 80.40 resistance is. The Dollar index was unable to break resistance and was rejected. This resulted in a break below short-term support at 80.25. Breaking below this short-term support has pushed the index towards the Ichimoku cloud support.

The Dollar index has no clear direction. There is no clear trend. Prices are moving mainly sideways between the important resistance of 80.40 and short-term support of the Ichimoku cloud at 80-79.80.

In the daily chart, we see the index approaching the Ichimoku cloud resistance. The cloud has a downward slope while the sideways move of the index brings price closer to resistance. This means that soon we will see a break out above 80.40-50 and a move towards 81 or a rejection at 80.40-50 and a pull back towards 79.50. As long as the index trades below 80.40 are to prefer short positions.

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Gold wave analysis for April 1, 2014 Trend News

Gold price is pushing lower in an impulsive pattern. The trend remains downward. Gold price continues to make lower lows and lower highs. The new low made yesterday may have been the end of wave 3, and we could see a small bounce upwards for wave 4. As we mentioned before, Gold price is now trading near important support levels of $1,280-$1,250. This range is a strong supportive area and I expect the 5 wave decline from $1,391 to end within this area.

Gold price reamins inside the downward sloping channel of wave 3 and below Ichimoku support. $1,298-$1,300 is now important resistance for the Gold price and if broken upwards, we can safely say that the decline from $1,391 is complete. Short-term support is found at $1,280-$1,270.

Our longer-term view on Gold price remains the same. We are bearish in the long term, targeting new lows below $1,180 as long as the price does not break above $1,400. In the short-term, we expect an upward bounce towards $1,350 where we want to go short.

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Technical analysis of USD/CAD for April 1, 2014 Trend News

General overview for 01/04/2014 09:30 CET

The corrective cycle continues with two waves done already and one more to the upside is still developing. The first target level for abc green simple irregular flat correction is at the level of 1.1104-1.1121. The red descending trendline should act as a dynamic resistance and the level of 50% Fibo should help to cap any upside rally. When correction is completed, downtrend resumption is expected.

Support/Resistance:

1.1183 - WR1

1.1171 - 61%Fibo

1.1138 - 50%Fibo

1.1104 - 1.1121 - Target area

1.1090 - Weekly Pivot

1.1075 - Intraday Resistance

1.1042 - Intraday Support

Trading recommendations:

Open buy positions if the level of 1.1076 is broken with SL below the level of 1.1042 and TP at the level of 1.1104 and 1.1121.

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

General overview for 01/04/2014 09:00 CET

Five impulsive waves to the upside has been finished now, and this pair should continue to decline further to complete wave Y black of the overall corrective structure in wave 4 purple. In case of any upside breakout, the key level is at the level of 143.79 because this would mean the corrective structure is invalidated and alternate bullish count has been confirmed.

Support/Resistance:

143.12 - WR2

142.60 - Swing High

142.47 - WR1

142.35 - Intraday Resistance

142.00 - Intraday Support

141.70 - Technical Support

141.22 - Weekly Pivot

Trading recommendations:

Two possible trade opportunities here for intraday scalpers

- open sell positions if the level of 142.00 is broken with SL above the level of 142.31 and TP at the level of 141.70 and 141.26.

- open buy positions if the level of 142.30 is broken with SL below the level of 142.00 and TP at the level of 142.60 and 143.12.

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Elliott wave analysis of EUR/NZD for April 1, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5923

R2: 1.5911

R1: 1.5899

Current spot: 1.5888

S1: 1.5846

S2: 1.5806

S3: 1.5766

Technical summary:

The expected correction higher reached 1.5963 as its high, a little above our expected target at 1.5944. We are now looking for a clear break below support at 1.5846 confirming renewed downside pressure towards the ideal blue wave iii target at 1.5694. Once the target at 1.5694 is reached, we should see a new minor correction in blue wave iv before the final decline in blue wave v lower towards the ideal target at 1.5553.

Trading recommendation:

Stay short from 1.5930 with your stop at 1.6090. Move your stop lower to 1.5950 upon a break below 1.5846. Keep your take profit at 1.5710. If you are not short in EUR yet, then sell EUR at 1.5900 or upon a break below 1.5846 with the same stops and take profit target.

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Elliott wave analysis of EUR/JPY for April 1, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.90

R2: 142.60

R1: 142.35

Current spot: 142.28

S1: 142.00

S2: 141.79

S3: 141.27

Technical summary:

The last part of the wave ii correction reached a high at 142.60 slightly above our second target at 142.50. We now expected resistance at 142.35 to protect the upside for a break below support at 142.00 and more importantly a break below support at 141.27 that confirms a new impulsive decline is developing towards 139.96 and lower towards 136.45 in the longer term. Only an unexpected break above 142.60 will invalidate our bearish count and delay the downside pressure.

Trading recommendation:

Stay short in EUR from 142.35 with a stop at 143.80, move you stop lower to 142.65 upon a break below 142.00. If you are not short in EUR yet, then sell after a break below 142.00 with a stop at 142.65.

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