Intraday technical levels and trading recommendations for GBP/USD for April 4, 2014 Trend News

Around price level of 1.6780, a double-top pattern scenario was established 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 recently achieved low of 1.6465 (also corresponding to a previous uptrend line) prevented further decline. Yet, the bulls were unable to fix above 1.6630-1.6666 (corresponding to a prominent top established on January 24).

A slide below price zone of 1.6550-1.6535 applies bearish pressure on the pair to pursue towards lower lows around 1.6510 and 1.6470. Otherwise, the uptrend remains intact and the bulls would be targeting at 1.6750-1.6775.

As suggested, the price zone of 1.6666-1.6690 offered a valid sell entry. Stop loss should be lowered to be four-hour closure above 1.6650.

The bears need to achieve a four-hour closure below 1.6600 to push for further lows. However, until now there's bullish support being offered at 1.6550 ( today's lowest price level ).

On the other hand, four-hour fixation above 1.6650 will be a signal of weakness of the bears to pursue their downtrend exposing price level of 1.6775 for retesting.

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Technical analysis of GBPJPY for April 4, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bearish bias as markets await U.S. non-farm payrolls report. GBP/JPY is undermined by the weak euro sentiment, diminished risk appetite and Japan exporter sales. But EUR/JPY losses are tempered by the demand from Japan importers and loose Bank of Japan monetary policy and positions adjustment before weekend. Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day MA and is advancing, but stochastics is turning 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 171.65. A breach of this target will move the pair further downwards to 170.90. The pivot point stands at 172.70. 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 173.15 and the second target at 173.60.

Resistance levels:

173.15

173.60

174.20

Support levels:

171.65

170.90

170.30

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Technical analysis of GBP/CHF for April 04, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has finally broken out of the resistance trend line stopping us out at 1.4800 levels. The pair would want to target 1.4850 atleast from here on, before retracing. Recommendations are to remain flat for now, and look to buy lower.

2. Intermediary support is at 1.4450, followed by 1.4350, 1.4200 and lower, whir resistance is at 1.4850/1.4950/60, followed by 1.5120 respectively.

3. The structure indicated that bulls might have regained control back for the moment and they would want to target 1.4850 and subsequently 1.4950/60 levels from here on. Look to buy on retracement.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for April 04, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY structure is simplified here. It has been forming a cone consolidation since several trading sessions, and prices are broadly bouncing off the support and resistance lines as seen here. Yesterday prices again bounced off the resistance line at 143.50 region, forming an evening star bearish signal. It this holds good, bears should resume the down swing towards support line at east. On the event of a bullish break out, the pair would be eying fresh highs.

2. Intermediary resistance is at 143.80/144.00, followed by 145.50, while intermediary support is at 140.00, follower by 138.50 and 136.00 respectively.

3. The structure indicates that a bullish triangle break out should be bought. On the other hand if 144.00 holds, bears would remain in control.

Trading recommendations:

Remain short for now, set stop at 144.00, target is open.

Good luck!

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Technical analysis of Gold for April 04, 2014. Trend News

Technical outlook and chart setups:

1. Gold seems to have formed an intermediary base at $1,277.00 levels for now. It is also the fibonacci 50% retracement of the recent rally as seen here. Bulls should remain inclined to stage at least a counter trend rally from current price, extending to $1,350.00 levels. It is recommended to remain long for now, risk remains at $1,270.00.

2. Support is at $1,230.00/40, followed by $1,210.00 and lower while resistance is at $1,350.00, followed by $1,388.00 respectively.

3. The structure indicates that bulls should remain in control and $1,277.00 should hold for now. Even if Gold has to continue its long term down trend, it should possibly stage a rally towards the back side of the trend line at $1,350.00.

Trading recommendations:

Remain long, set stop at $1,270.00, target is open.

Good luck!

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EUR/NZD analysis for April 04, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested and rejected from the level of 1.6177 (Fibonacci extension 161.8%). According to the daily chart, we can observe supply overcoming demand (up-thrust bar) on very high volume, which is a sign that buying at this stage looks very risky and that we may see further bearish continuation on this pair. The price rejected from our Fibonacci expansion 161.8% level at the price of 1.5810 and tested Fibonacci retracement 38.2% at the price of 1.6018. If the price breaks the level of 1.6018 on higher volume, we may see testing the level of 1.5920 (Fibonacci retracement 61.8%). Watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6145

R2: 1.6178

R3: 1.6231

Support levels:

S1: 1.6039

S2 : 1.6006

S3: 1.5953

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

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Technical analysis of Silver for April 04, 2014. Trend News

Technical outlook and chart setups:

1. Silver seems to have re-tested the sub $19.50 levels again. Prices should pass through the $20.20/30 intermediary resistance to instil further confidence in the bullish structure. Recommendations are to remain long for now, risk remains at $19.00 levels.

2. Support levels are at $19.00, followed by $18.75, and lower, while resistance begins from $21.70/$22.30 (intermediary), followed by $23.00 and higher up.

3. The structure remains constructive for bulls for now. Please note that the rising trend line support and $19.00 levels remain intact.

Trading recommendations:

Remain long for now, set stop below $19.25, target is open.

Good luck!

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GOLD analysis for April 04, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways, around the price of 1,291.00, we are still waiting for a larger movement. Our previous analysis is still active and we've got good progress. According to the daily chart, we can observe supply bar on volume below the average. Gold tested and rejected from our submajor Fibonacci retracement 38.2% at the price of 1,293.00. According to the short-term prospective 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 larger bullish correction. According to the H1 timeframe, we can observe demand on higher volume and abcd bullish corrective form. I placed Fibonacci extension levels to find the potential end of bullish corrective phase and I have got Fibonacci extension 161.8% at the price of 1,295.00. If the Gold breaks the level of 1,295.00 on high volume, next resistance may be at the price of 1,302.00 (Fibonacci retracement 61.8%). Be careful with short-term buying and watch for selling opportunities after the bullish correction.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,291.87

R2: 1,294.77

R3: 1,299.47

Support levels:

S1: 1,282.47

S2: 1,279.57

S3: 1,274.87

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

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Daily analysis of Silver for April 04, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal is stabilizing above the Support level of 19.85 after its failure to break the Support it since last week. Currently, we must wait for re-testing the Support level again and closing below to get the bearish move opportunity. In that case we will get a good opportunity to sell below the Support level till testing the next Support level of 19.50. 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 19.85 this cancels the bearish move scenario.

Resistance and support levels: R3 (20.90), R2 (20.50), R1 (20.20), S1 (19.85), S2 (19.50), S3(19.20).

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Daily analysis of GBP/JPY for April 04, 2014 Trend News

Overview

As it was expected last week, we should wait for breaking the Resistance level of 173.00 before making the decision to continue the bullish move. Today and as shown in the H4 chart, the pair failed to break this Resistance level and yesterday it failed to break it as well to reverse its bullish move taking a slightly bearish move to approach the Support level of 172.00 as shown. Currently, we must wait for testing this Support level and breaking it through to continue its bearish move. If the pair manages to break this Support level and closes 4H below, it would be another good opportunity for more sell signals till reaching the Support level of 171.50 as the first target.

Resistance and support levels: R3 (174.00), R2 (173.70), R1 (173.00), S1 (172.00), S2 (171.50), S3 (170.50).

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Technical analysis of USD/CAD for April 4, 2014 Trend News

General overview for 04/04/2014 11:05 CET

There is not much of a movement in this pair as traders are waiting for the NFP data. The market is still range bound, but there is a building bullish divergence on momentum oscillator so the upside breakout might be strong.

Support/Resistance:

1.0975 - Technical Support

1.1000 - Intraday Support

1.1076 - Intraday Resistance

1.1090 - Weekly Pivot

1.1104 - 1.1121 - Technical Resistance

1.1182 - WR1

Trading recommendations:

-for a downside breakout - Sell stop orders should be opened from the level of 1.0999 with SL above the level of 1.1040 and TP at the level of 1.0936 with a possible downside extension.

-for an upside breakout - Buy stop orders should be opened from the level of 1.1151 with SL below the level of 1.1000 and TP at the level of 1.1104 with a possible upside extension to the levels of 1.1121 and 1.1182.

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Technical analysis of EUR/JPY for April 4, 2014 Trend News

General overview for 04/04/2014 10.50 CET

There is not much of the downside pressure so far, but it still looks promising to break through the technical support zone at the level of 141.96. If this level is broken, then weekly pivot at the level of 141.22 will be tested next. On the other hand, the key level to the upside is intraday resistance at the level of 142.65. A breakout higher would put recent swing high at the level of 143.47 to the test and even a possible breakout. Nevertheless, the current bias is bearish and more downside is being expected in this pair.

Support/Resistance:

143.78 - Techncial Resistance

143.47 - Swing High

143.12 - WR2

142.65 - Key Level

142.47 - WR1

142.29 - Intraday Support

141.96 - Technical Support

141.22 - Weekly Pivot

Trading recommendations:

Swing/Position traders should keep the sell orders opened and keep an eye on the level of 141.96 as this level opens the gate to the even lowers levels.

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Intraday technical levels and trading recommendations for EUR/USD for April 4, 2014 Trend News

Daily fixation below 1.3870 gathered enough bearish pressure 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. Bearish rejection was expressed within yesterday's candlestick. That's why, moving below 1.3820 applies further bearish pressure on 1.3700 to get broken this time and vice is verse.

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, as expected, failure to fix above 1.3790 exposed the recent low established at 1.3700 to be retested again which is taking place today.

Four-hour candlestick fixation below which opens the way towards lower lows to be visited at 1.3655 ( Fibonacci Expansion 100% ) and 1.3580.

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#USDX Technical analysis for April 4, 2014 Trend News

The Dollar index has broken short-term resistance at 80.40 and is moving higher towards our first target of 80.70. EURUSD is the major component of the Dollar index has failed to break resistance and was pushed lower after ECB Draghi comments. Now currently trading above critical support of 1.37, if it breaks lower then we should also expect the Dollar index to continue higher towards major resistance at 81-81.30.

The short-term trend has changed from neutral to bullish once again. The Dollar index yesterday was holding above support and above the Ichimoku cloud. We now find short-term support at 80.30-15. Short-term resistance is now found at 80.70.

The daily chart has broken the downward sloping trend line and is now trying to also break above the Ichimoku cloud. On a daily basis, if the price closes above 80.55, this will be very good for bulls as this will confirm that the trend is up and bulls are in control. Next big resistance is 81-81.40. We remain positive but as long as the index trades above 80 and we also look at the EURUSD pair in case it reverses upwards and breaks above 1.3820, this will be very bad for Dollar bulls.

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USD/CAD intraday technical levels and trading recommendations for April 4, 2014 Trend News

The previous congestion zone around 1.0900 provided a considerable support at retesting on February 19 which 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 bulls 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 a considerable bullish pressure.

On the other hand, the price zone of 1.1130-1.1150 is expected to provide a considerable resistance as well. This price zone corresponds to the previous tops established on 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 of the lower limit of the triangle is more likely to occur.

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EUR/AUD intraday technical levels and trading recommendations for April 4, 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 Support 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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Gold technical analysis for April 4, 2014 Trend News

Gold price as expected by our analysis posted yesterday made a pullback towards $1,280 without breaking its previous low and by retracing nearly 76.4% of the rise from $1,275 to $1,295. Gold price has back tested the broken downward sloping channel and is now trying to move back above the Ichimoku cloud to regain bullish momentum. Currently, at $1,289, Gold price should break above short-term resistance at $1,295 in order to continue its upward reversal that started at $1,275.

It is important for Gold price to hold above $1,283 and continue above $1,295 for our short-term bullish view to get confirmed towards our target of $1,350. The short-term view is bullish as we expect the decline from $1,391 to be retraced partially and to provide a good sell opportunity for our longer-term target of $1,100.

Our longer-term view is depicted in the chart above. I expect a pull back towards $1,330-50 and then another move down to test $1,1180. Current view is short-term bullish with $1,275 stop and target to take profits near $1,330-50.

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Elliott wave analysis of EUR/NZD for April 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6086

R2: 1.6068

R1: 1.6046

Current spot: 1.6024

S1: 1.6011

S2: 1.5987

S3: 1.5936

Technical summary:

The decline from the 1.6180 high does have impulsive structure, which indicates that red wave v lower is developing. However, a break below support at 1.5972 is needed to confirm that red wave v is well under way towards its ideal target near 1.5530. In the short term, we are looking for minor resistance at 1.6046 to protect the upside for a move lower towards at least 1.5987 and more likely even lower towards 1.5936 before a more serious correction should be expected.

Trading recommendation:

Stay short in EUR from 1.6175 and move your stop lower to 1.6075. If you are not short in EUR yet, then sell near 1.6046 with the same stop at 1.6075.

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Elliott wave analysis of EUR/JPY for April 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.65

R2: 142.55

R1: 142.46

Current spot: 142.38

S1: 142.17

S2: 142.03

S3: 141.90

Technical summary:

It is now possible to count the first small five wave decline of the 143.47, which is the first good indication that wave ii is finally over. As possible targets for this first small five wave decline, we will be looking for 142.17 and 141.90. A clear break below 142.17 would call for a move closer to 141.90, before we should look for a three wave correction towards 142.69 and maybe 142.87 as a small wave two. In the longer term we are looking for the powerful wave iii lower towards at least 138.06 and possibly even lower towards 135.78.

Trading recommendation:

Stay short from 142.35 with your stop placed at 143.80. If you are not short in EUR yet, then sell at 142.69 with the same stop at 143.80.

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