Technical analysis of Silver for April 03, 2014. Trend News

Technical outlook and chart setups:

1. Silver finally shows concrete signs of having bottomed out around $19.50 now. Yesterday the metal rallied past the $20.00 levels comfortable. It is expected to continue the rally in coming sessions. The chart view here shows a concrete bullish reversal signal. Recommendations are to remain long for now, risk remains at $19.25.

2. Resistance is at $21.70 (bulls would like to take this out now), followed by $22.30 and $23.00, while support is seen at $19.00, followed by $18.75 and lower respectively.

3.The structure remains constructive for bulls till prices remain above $19.00. $20.20/30 is immediate price target before a pullback.

Trading recommendations:

Remain long for now, set stop at $19.00, target is open.

Good luck!

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Technical analysis of USDX for April 03, 2014 Trend News

Technical view-

After the consolidation, the US Dollar moved to the resistance levels 50SMA at 80.40. In Asia's trading session, USDX is trading at 80.22. It is near a breakout level. Today, we can see the price giving a breakout from the current trading pattern for targets at 80.70, 80.85, 81, and 81.32. RSI in the daily chart is supproting this view. On the down side, below 80.22, the level of 79.95 is the strong support. Below this, the price will become weak and will fall to next support levels at 79.75 and 79.25. We are recommending to buy this pair from 79.30 levels for targets at 80.75 and 81.30. If the price breaks the 79 level, then we need to re-analyze the chart for lower levels towards 75.

S1 80.20 R1 80.30

S2 79.75 R2 80.75

S3 79.25 R3 81

On an intraday basis, the support levels exist at 81.13 and 80.07.

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Technical analysis of gold for April 3, 2014 Trend News

Considering a physical flow perspective, we believe that gold prices have been supported by renewed inflows into exchange traded funds, ongoing emerging markets central bank purchases and increased gold imports into China via Hong Kong.The gold market did not react much to the U.S. economic data released Wednesday. The U.S. data is forecast to show services industries and non-farm payrolls strengthening, supporting the case for the Federal reserve to pare stimulus. The Labor Department will probably say tomorrow employers added 200,000 jobs last month, versus 175,000 in February, according to the median estimate of economists polled by Bloomberg news. The US data will show further direction in gold prices.

Technical view-

The gold price has been in a down trend from $1,390 levels. In yesterday's trades, short covering made gold move on a bit higher. In Asia's trading session, the metal is trading at $1,292 levels. Yesterday, we recommended to take long positions. Still, we are recommending the same. On the upside intraday basis, the price is facing resistance between $1,296-$1,298 levels. Once the price breaks the $1,298 level, huge short covering will take place and the price will move to $1,307 and $1,313 levels.

On the downside, $1,289 is the strong support on a intraday basis. If it breaks, one can sell for $1,283, $1,280, and $1,277 levels. More panic is only below $1,277 for targets $1,270, $1,265, and $1,261 levels. A day close above the $1,29$1 level, we can see the higher levels at $1,307, $1,313, and $1,325 levels.

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Technical analysis of EUR/USD for April 03, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m, Spanish & French 10-y Bond Auction, Minimum Bid Rate.The US will release the economic data too such as the Trade Balance, Unemployment Claims, Final Services PMI, ISM Non-Manufacturing PMI, Natural Gas Storage, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3835.

Strong Resistance:1.3829.

Original Resistance: 1.3813.

Inner Sell Area: 1.3800.

Target Inner Area: 1.3767.

Inner Buy Area: 1.3734.

Original Support: 1.3721.

Strong Support: 1.3708.

Breakout SELL Level: 1.3699.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3721 and 1.3813. The rate is accompanied by strong support at 1.3708 and by 1.3829 as strong resistance.

If EUR/USD breaks out and closes below the 1.3699 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3835 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 1.3734 and at 1.3800, a SELL position. In this case both targets should be placed at the level of 1.3767.

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 03, 2014 Trend News

In Asia, Japan will not release any economic data, and the US will release some economic data such as Trade Balance, Unemployment Claims, Final Services PMI, ISM Non-Manufacturing PMI, Natural Gas Storage. 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: 104.43.

Resistance. 2: 104.22.

Resistance. 1: 104.02.

Support. 1: 103.77.

Support. 2: 103.57.

Support. 3: 103.36.

DESCRIPTION:

Please, pay attention to the levels of support 3 (103.36) and resistance 3 (104.43). 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.

The material has been provided by InstaForex Company - www.instaforex.com



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Forecast analysis of GBP/USD for April 03, 2014 Trend News

The Construction PMI hit 62.5 in March, down only slightly from the 62.6 in February and from 64.6 in January, which was the highest level since August 2007. The out turn still towers over the 50 level, which indicates flat activity. According to PMI data, the construction sector has now expanded for 11 consecutive months. It's a sign of robust economic growth in the first quarter. The latest official data shows the sector expanded smartly in the first month of the year, but performed less well than originally reported in the final quarter of 2013. Investors are looking to buy pounds on dips on expectations the UK economy will do better than the euro zone in coming months.

Technical view-

Overview- GBP/USD has been in a down trend from February's high at 1.6823. In Asia the pair is trading at 1.6624. The pair rebounds from the lower levels at 1.6465. On a positional basis (daily chart), the pair is trading above the short- and long-term moving averages that is a bullish view in the long run until it breaks 1.5958. On the down side, the pair has minor support at 1.66, 1.6586 levels and major support at 1.6585 (50SMA). Breaks below this March low at 1.6465 are the crucial levels to hold for the bulls. Once broking this, the pair will go all the way down to 1.6252 and 1.62 levels (200EMA). In the long run (yearly basis), the pair has strong support between 1.60-1.5958 levels. We will re analyze the charts for up side levels once the pair comes out of a trading range between 1.6465-1.6718 levels.

Monthly basis-

The pair has been taking support around the 1.6618 levels. For the last 4 trading sessions, the pair has been making lows near the 1.6618 (April 01) and improving its low levels slowly. It gives a clear picture that, the pair will change its direction towards up side. Currently, it is looking for a strong base to show its power. The pair has strong support between 1.6618-1.6611-1.66-1.6585 (50SMA). I expect buyers from these levels.

On the upside, the pair has strong resistance at 1.6718 levels. In case of a day close above the purple line, it will fly up to 1.6786 on the same day and later 1.6823 and 1.6969 levels. I expect in 1 or 2 days the buying bids will start in this pair.

Intraday - buy with sl at 1.6611 for targets 1.6640 and 1.6666 (sl on a closing basis).

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Fundamental analysis of EUR/USD for April 03, 2014 Trend News

The ECB policymakers will hold a meeting today, facing the dilemma of whether to take more actions to spur growth and weaken the currency, which is near a 2 1/2-year high on a trade-weighted basis. The eurozone producer price index dropped 0.2% in February and was down 1.7% year-on-year. The year-on-year decline was the largest since late 2009 and is yet another element adding to the deflation concerns in the region. The PPI report will put more pressure on the European Central Bank to ease its monetary policy in order to jumpstart economic growth in the currency bloc.

Inflation in the EU also fell to its lowest level since November 2009 in March. We expect Draghi’s comments at his press conference could very well give guidance on what the ECB will do in the coming weeks. Investors remain cautious about the euro, as the euro zone policymakers are trying to tame the euro's recent strength.

Technical view-

EUR/USD has been in a down trend from 1.3967 levels. In Asia the pair is trading at 1.3767. The pair has strong support level at 1.37 (50SMA). Once the pair closes below this for a day, it will fall up to 1.3546 (200SMA) with intermediate supports at 1.3562 and 1.355 levels. More panic below the 1.3546 for 1.3477 (bulls last hope).

On the up side, the pair is facing resistance at the 38.2 fib level between 1.3791-1.3820 above this 1.3876. RSI is still favoring sell side in the daily chart.

Intraday- The pair is facing strong resistance between 1.3777-1.3792. RSI in the H4 chart is giving a positive direction. On the down side, the level of 1.3753 is the first support, if the pair breaks this, it will fall to 1.3722, 1.3705, and 1.3656 levels. Until the pair crosses the levels of 1.38-1.3848, sell on rise is the best strategy. Bulls can take longs with sl at 1.375.

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Daily analysis of USDX for April 03, 2014 Trend News

Daily chart: The USDX remains above the support level of 80.11, after the USDX has made a strong bullish movement above this level. It is very likely that the USDX rises to the resistance level of 80.62, only if the USDX makes a breakout on the resistance level of 80.30. The MACD indicator remains in positive territory.

H4 chart: The USDX made a bullish rebound above the 200-day moving average and now, the USDX is trying to establish itself on a bearish trend line near the 80.20 level. If successful, it is expected to rise to the resistance level of 80.35. If the USDX does make a breakout on the resistance level of 80.35, it's expected to rise to the level of 80.44. The MACD indicator is in positive territory.

H1 chart: The USDX remains above the 200 SMA and the support level of 80.15, so it is very likely that the USDX rise to the resistance level of 80.35. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.59. On the other hand, if the USDX manages to make a breakout in the support level of 80.15, it's expected to fall to the level of 79.88. The MACD indicator is in the overbought zone.

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 80.35, take profit is at 80.59, and stop loss is at 80.11.

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Daily analysis of GBP/USD for April 03, 2014 Trend News

Daily chart: This pair has found resistance at the 1.6663 level, where the GBP/USD formed a fractal. Now, this pair is forming a lower high pattern below that level, since the GBP/USD has started performing corrective movements. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6766. The MACD indicator is in positive territory.

H4 chart: The GBP/USD remains above the 200-day moving average, but again this pair found resistance near the 1.6644 level. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6667 . However, chances are that the GBP/USD falls to the 200 SMA. The MACD indicator is in negative territory.

H1 chart: This pair remains within the range of volatility point of control. The GBP/USD is trying to make a breakout on the resistance level of 1.6629. If successful , it is expected to rise to the level of 1.6700. On the other hand, if the pair manages to consolidate below the 200-day moving average, it's expected to fall to the support level of 1.6578. The MACD indicator is in negative territory.

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 1.6629, take profit is at 1.6700, and stop loss is at 1.6559.

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Daily analysis of major pairs for April 3, 2014 Trend News

EUR/USD: The EUR/USD pair is still bearish in outlook in spite of the bullish attempt it has made this week. The bullish attempt has turned out to be a short-selling opportunity, which may take the price below the resistance line at 1.3750 again. Some economic figures are expected today and they can have impact on the pair.

USD/CHF: At the juncture in which it looked like it was over for the bulls, the plunge in the price was rejected around the location of the EMA 56. The price has thus assumed a new bullish bias as it turned upwards. It may be possible for the price to test the resistance level at 0.8900.

GBP/USD: The Cable is still bullish in the medium-term, although the current weakness is perpetual. The perpetual weakness has not succeeded in overthrowing the bulls. In fact it may even be rigorously contained at the accumulation territory of 1.6600 – a point at which the price may rally in accordance with the dominance bias.

USD/JPY: Since a ‘buy’ signal was formed in this chart, the market has gone upwards by over 160 pips. With a continuation of the current buying pressure, it may not be difficult for the market to reach the supply level at 104.00. In fact, this bullish bias may hold out till the middle of this month of April 2014.

EUR/JPY: This cross tested the demand zone at 140.00 last week before the price began to skyrocket (as a result of the fact that further southward plunge was rejected). From that demand zone, the price has gone upwards by over 300 pips. Irrespective of the present minor correction, the uptrend is supposed to continue till, perhaps, next week.

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Technical analysis of USD/JPY for April 2, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bullish bias after hitting near-one-month high at 103.71 on Tuesday. It is underpinned by the yen-funded carry trades amid positive investor risk sentiment (VIX fear gauge eased 5.62% to 13.1; S&P hit record high 1,885.84 before closing up 0.70% at 1,885.52 overnight) on encouraging U.S. ISM manufacturing PMI, which rose to 53.7 in March from 53.2 in February. Although the result is below the 53.9 forecast, it is still affected by Fed's Chairwoman Yellen's dovish comments Monday assuring the U.S. central bank will continue its "extraordinary" support in place for "some time to come." USD/JPY is also supported by demand from Japan importers and investment trusts; weaker yen sentiment on disappointing Japan 1Q Tankan survey, and start of Japan's national sales-tax increase to 8% from 5%. But USD/JPY gains are tempered by Japan's exports, softer dollar sentiment (ICE spot dollar index last 80.06 versus 80.11 early Tuesday) after weaker-than-expected U.S. March ISM manufacturing PMI, downward revision in the U.S. January construction spending to -0.2% from +0.1%; caution ahead of U.S. nonfarm jobs report due on Friday.

Technical сomment:
Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is at overbought zone, 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 104.10 and the second target at 104.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 102.95. A breach of this target will push the pair further downwards and one may expect the second target at 102.65. The pivot point is at 103.40.

Resistance levels:

104.10

104.45

104.80

Support levels:

102.95

102.65

102.40

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Technical analysis of USD/CHF for April 2, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bullish bias after hitting one-week low at 0.8812 on Tuesday. It is undermined by the franc demand on the buoyant CHF/JPY cross and softer dollar sentiment. But CHF sentiment is dented by the worse-than-expected drop in Switzerland PMI to 54.1 in March from 57.6 in February (versus 56.3 forecast). USD/CHF downside is also limited by the dovish monetary policy of the Swiss National Bank's stance. Daily chart is mixed as MACD is bullish, but stochastics is bearish at overbought zone.

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 0.89 and the second target at 0.8930. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8785. A breach of this target will push the pair further downwards and one may expect the second target at 0.8760. The pivot point is at 0.8810.

Resistance levels:

0.89

0.8930

0.8960

Support levels:

0.8785

0.8760

0.8730

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Technical analysis of GBP/JPY for April 2, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bullish bias. It is supported by the positive risk appetite, weak yen sentiment as well as demand from Japan importers and loose monetary policy of the Bank of Japan. But the GBP/JPY gains are tempered by the Japan's exports. Daily chart is positive-biased as stochastics is bullish and MACD is staging bullish crossover against its exponential moving average, bullish parabolic stop-and-reverse signal hit on Tuesday.

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 170.90. 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 171.65.

Resistance levels:

172.90

173.60

174.20

Support levels:

170.90

170.30

169.60

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Technical analysis of NZD/USD for April 2, 2014 Trend News

Overview:

NZD/USD is expected to trade in lower range after hitting its two-and-a-half year high at 0.8701 on Tuesday. It is undermined by the kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the kiwi demand on NZD/JPY cross amid positive risk appetite and weak yen sentiment, hawkish the Reserve Bank of New Zealand's monetary policy stance and softer dollar sentiment. Daily chart is mixed as MACD is bullish, 5- and 15- day moving averages are 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 0.8535. A breach of this target will move the pair further downwards to 0.8510. The pivot point stands at 0.8610. 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 0.8635 and the second target at 0.8660.

Resistance levels:

0.8635

0.8660

0.8695

Support levels:

0.8535

0.8510

0.8475

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Daily analysis of Silver for April 02, 2014 Trend News

Overview

The 4H chart demonstrates that silver is going take an upward move after its rebound from the Support level at 19.50 and currently is approaching the Resistance level of 20.20 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing the 4H above this Resistance level with first target few pips below the Resistance level of 20.50, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently, we recommend waiting for breaking the Resistance level of 20.20 before making the decision. But as long as the price is trading below the Resistance level this cancels the first scenario.

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

Overview

In the 4H chart, today's closing below the resistance level of 172.75 gives the price an opportunity for a new bearish trend. As shown here, currently, the price may reverse its bullish trend of last week to start its bearish move by breaking the support level of 171.50 and closing below it. In that case, we may get another opportunity for more sell signals, and it opens the way towards 170.50 as the first target, and then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 171.50, it cancels the first scenario.

Resistance and support levels: R3 (174.00), R2 (173.70), R1 (172.75), S1 (171.50), S2 (170.50), S3 (169.75).

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Technical analysis of EUR/JPY for April 2, 2014 Trend News

General overview for 02/04/2014 13:30 CET

The recent last leg up in this pair looks like a completed ZigZag wave (c) and it is very possible now that the overall corrective wave structure in wave X black has been done. The first confirmation comes with the golden trendline breakout to the downside. Secondary confirmation comes with the level of 142.59 breakout to the downside as well. Without this kind of wave development this ZigZag formation might unfolded into a full five wave impulsive wave progression to the upside in wave (c) blue. Please notice the bearish divergence is signaling a possible top in wave X as well.

Support/Resistance:

143.79 - Technical Resistance

143.20 - Intraday Resistance

143.12 - WR2

142.90 - Intraday Support

142.95 - Technical Support

142.47 - WR1

Trading recommendations:

Sell stop orders should be opened from the level of 142.88 with SL above the level of 143.20 and TP at the level of 142.59 and 142.47.

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GOLD analysis for April 02, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways, around the price of 1,283.00 on average volume, we are waiting larger movement. 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've got smaller reaction from the level 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. The price is currently testing the level of 1,285.00 (submajor Fibonacci retracement 38.2%). If the Gold breaks the level of 1,285.00, next 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: 1,286.63

R2: 1,289.07

R3: 1,293.00

Support levels:

S1: 1,278.77

S2: 1,276.33

S3: 1,272.40

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

Technical outlook and chart setups:

1. The GBP/CHF pair seems to be on cross roads at the moment. The pair has to come back into the sell zone of the resistance line below 1.4700 levels to confirm further bearish setup. A push above the 1.4790 levels, would confirm that bulls remain in control for now. It is recommended to remain short for now, reduce risk to 1,48 levels though.

2. Resistance is seen at 1.4850/60 (intermediary), followed by 1.4950/60, and 1.5120 while support begins from 1.4450/70 (intermediary), followed by 1.4350 and lower respectively.

3. The entire structure indicates that GBP/CHF needs to break into the resistance line or above 1.4800 levels to decide further moves. Probabilities remain both sides now. Avoid initiating fresh positions at the moment.

Trading recommendations:

Remain short on earlier positions, stop is at 1.4800, target is open.

Good luck!

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Technical analysis of GBP/USD for April 2, 2014 Trend News

The weekly pivot point: 1.6585.

Trading recommendations :

• According to the previous events, the GBP/USD pair has still been trapped between 1.6675 and 1.6610.


• First outlook: Sell below 1.6705 (the weekly resistance 1) with the first target at the 1.6630 price, then It will call for downtrend in order to continue its bearish movement towards 1.6585 in order to test this strong support (it should be noted that the price of 1.6585 is going to form the weekly pivot point on April 2, 2014).


• At the same time, the stop loss should be placed at the level of 1.6725.


• Second outlook: Buy above 1.6580 (if the trend fails to close below it) with a target at 1.6650. It should also be noticed that the price of 1.6650 is representing the double top in H1 chart.

Notes :

• Weekly range: 163 pips.


• Volatility: 181.66. So, the market indicates the higher volatility today.


• The key level will set at the price of 1.6585.

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

Technical outlook and chart setups:

1. The EUR/JPY pair seems to be pulling back from the 143.50 level on the 8H chart view here. A bearish engulfing candlestick signal is appearing at the moment, indicating a possible reversal or pullback on cards. It is recommended to remain short for now, risk remains at 144.00.

2. Intermediary resistance is at 143.80/144.00 levels, followed by 145.50 while supports begin through 140.00 (intermediary) levels, followed by 138.50/136.00 (intermediary), 134.00 and lower respectively.

3. The entire setup indicates that a reversal here, ahead of 144.00 levels, would bring the bears back into action and the EUR/JPY pair should resume its down trend towards a possible 130.00 region.

Trading recommendations:

Remain short, stop is at 144.00, target is open.

Good luck!

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Technical analysis of Silver for April 02, 2014. Trend News

Technical outlook and chart setups:

1. Silver remains unchanged since several days, trading around the $19.70/80 levels. Indications are bullish, till prices stay above the $19.00 mark. Recommendations are to remain long, look to add further at these levels ($19.80). Risk remains at $19.00.

2. Resistance is at $21.70/80, followed by $22.30, $23.00 and higher up, while supports are spread across $19.00, followed by $18.75 and lower respectively.

3. The entire structure is indicative of resumption of rally towards the $23.00 and $25.00 mark. Bottomline is that $19.00 levels should remain intact.

Trading recommendations:

Hold longs. set stop at $19.00/25, target is open.

Good luck!

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Technical analysis of Gold for April 02, 2014. Trend News

Technical outlook and chart setups:

1. Gold might be already unfolding its Right Shoulder as depicted here; around the $1,277.00 region. It is slight above what we earlier discussed ($1,260.00) but shoulders are not always in line. A bullish candlestick reversal here, would potentially be considered as the right shoulder. Recommendations are to remain long from yesterday and also add further on dips towards $1,260.00 levels. Risk remains below $1,240.00 for now.

2.Intermediary resistance is at $1,350.00 level (the back side of rising trend line), followed by $1,410.00/20.00 and higher up, while support is at $1,230.00/40.00, followed by $1,210.00 and lower respectively.

3. The entire structure indicates that a potential right shoulder is being formed at current levels or would form around the $1,250.00/60.00 region. In any case, buying on dips remain the trade mantra.

Trading recommendations:

Remain long, set stop below $1,240.00, target is at least at $1,430.00

Good luck!

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#USDX technical analysis for April 2, 2014 Trend News

The Dollar index continues to trade sideways between 80 and 80.40. If support at 80 fails, then we should expect a downward push in the index to bring it near 79.70-79.80. If however the index breaks above 80.40, we should expect a move towards 80.70 at first.

Short-term trend is neutral. The index has no clear direction but a small downward bias after being rejected at 80.40. Support at 80-79.85 is strong from the Ichimoku cloud and the 38% Fibonacci retracement. Longer-term picture remains bullish as long as price stays above 79.20.

The sideways consolidation as shown in the daily chart above and the rejection at the 80.40 previous high makes be believe that there are increased chances of a downward move towards 79.80 or even 79.70. Long-term resistance at 80.40 is important and if broken could open the way for a new upward move towards 81.40.

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Gold technical analysis for April 2, 2014 Trend News

Gold price has continued lower yesterday towards $1,270. We mentioned in previous analysis that the area of $1,250-70 is important support area and I believe the downward move from $1,391 will end inside or near this support area. The bounce I expect will retrace 38% or 50% and this will be a good sell opportunity for traders as my longer-term picture is bearish with targets below $1,180.

Short-term trend remains down and short-term resistance is found at $1,288. Intermediate-term resistance is found at $1,298-$1,300. If the intermediate-term trend is broken, we can safely say that the decline from $1,391 is over and an upward correction has started.

In the daily chart above I show what should be expected by Gold price if the low is in, and we do not see lower levels. My 1st target of the upward bounce is the 38% retracement. My second target is the 50% retracement. I believe that the Ichimoku cloud will play its role in providing us with the target of the bounce and the resistance that will stop any upward move that could challenge $1,391.

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Elliott wave analysis of EUR/NZD for April 2, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6136

R2: 1.6086 - Important resistance

R1: 1.6072

Current spot: 1.6054

S1: 1.6031

S2: 1.6017

S3: 1.5994

Technical summary:

Important support at 1.5846 has never been in serious danger of being broken and we have seen a prolonged corrective purple wave iv. This wave iv should not break above 1.6086 (the bottom of purple wave i - wave iv is not allowed to enter the price span of wave i due to the EWP), which means the possible upside progress from here should be very limited. We will be looking for a break below support at 1.6031 as the first good indication that purple wave iv has ended and purple wave v lower towards 1.5732. This low should be followed by a new correction in green wave iv. But for now we will focus on finding the top of purple wave iv most likely near 1.6072 for a break below 1.6031.

Trading recommendation:

Stay short from 1.5930 with stop at 1.6090. If you are not short in EUR yet, then sell near 1.6072 with a low-risk stop at 1.6090.

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Elliott wave analysis of EUR/JPY for April 2, 2014 Trend News

Today's Support and Resistance levels:

R3: 144.40

R2: 143.79

R1: 143.62

Current spot: 143.27

S1: 142.90

S2: 142.61

S3: 142.35

Technical summary:

The unexpected break above 142.60 has prolonged the corrective cycle and we could possibly see a test of 143.62 and maybe even closer to the 100% retracement target at 143.79, but we can not break above resistance at 143.79 as that would invalidate the above count and the alternate count will take over. That said, we still expect resistance at 143.62 and as the last defense resistance at 143.79 to protect the upside for a break below support at 143.21 and more importantly a break below support at 142.90 that will be the first good indication that the correction from 139.96 has ended. However, to confirm that wave iii is developing a break below 142.35 and more importantly a break below support at 141.79 is needed.

Only a break above resistance at 143.79 invalidates the bearish count and calls for a continuation back to 145.69 in a flat correction.

Trading recommendation:

Stay short from 142.35 with your stop at 143.80. If you are not short in EUR yet, then sell after a break below 142.90 with the same stop at 143.80.

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