Technical analysis of gold for April 08, 2014 Trend News

The yellow metal is in a downtrend from $1,390 levels. Currently, the metal is trading at $1,300 levels. The metal is taking support at $1,295 levels and facing resistance at $1,301.90 levels in H4 chart. Once the metal crosses the $1,301.90 level, it will fly up to $1,303.80, $1,307, and $1,310 levels intradaily. If the metal closes above the $1,310 levels, huge short covering and fresh buying will add to the metal. It will fly up to $1,327 levels. On the higher levels, the metal will face some selling pressure. Traders eye tomorrow's FOMC meeting minutes.

On the down side, in intraday if the metal breaks the $1,295 levels, it will fall to $1,291, $1,284, $1,281, and $1,277. Major panic is only below $1,277 towards $1,270, 1,265, 1,261 levels. Traders can maintain sl $1,277 for longs.

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Fundamental analysis of USD/JPY for April 08, 2014 Trend News

The BOJ agreed to maintain the 0.10% interest rate and monetary policy unchanged, in line with expectations. Japan also will release February figures for its current account, which is expected to show a surplus of 618.1 billion yen following the 1.589 trillion yen shortfall in January. The US dollar weakened in front of the FOMC meeting minutes on Wednesday.

Technical view-

The pair is taking crucial support at 103.0 levels. In Asia's trading session the pair is trading at 103.09 levels. The pair is in a strong up trend from 100.75 levels. The pair made a short-term top at 104.11 levels. For the week April 08-11, the pair has a strong support at 102 levels. A day close below this will face some selling pressure in the short term up to 100.60-100.0 levels. Currently, it's a buy on dip strategy for this pair. This strategy will be terminated once this pair closes the week below 102 levels.

In the down side, the support levels exist at 103-102.8, 102. A break below 102 levels leads to a short-term fall to 100 levels, with intermediate support at 101.71, 101.20, and 100.75.

Intraday-

In the H4 chart, the pair is taking support at 102.97 levels, facing resistance at 103.36 levels. On the up side, above 103.15, the pair will move up to 103.27 and 103.40. Fresh up move will take place once the pair crosses above the 103.40 levels towards 103.73. On the down side, below 102.98, the immediate support exists around 102.70. Panic is below 102.70, up to 101.70.

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Technical analysis of USD/CHF for April 08, 2014 Trend News

The pair is in an uptrend at 0.87 levels. The pair made a high at 0.8952 on Friday. Currently, the pair is trading at 0.8876 in an Aisa's trading session. The pair is facing a strong resistance at 0.88788 (50SMA); above this, 0.8928 is a strong resistance level. Below 50SMA, 0.8866 and 0.8853 are the small support levels. Until the pair trades below the 50SMA, it looks weak. RSI is giving a buying signal. The pair is looking for a strong base to change its direction upwards. After a day close above the 0.8878 level, fresh up move will be intact for 0.8928 first and 0.8952. We will see new high (0.90) when the pair closes above the 0.8928 level. On the down side, the levels of 0.8815, 0.8787, and 0.8699 are the support levels.

In the H4 chart, the pair is making a lower low and higher highs formation. Currently, it is looking for support levels. RSI is not favoring longs. The support levels exist at 0.8871 and 0.8859. In case of a break below these levels, it will fall to 0.884, 0.8820, and 0.8785 levels. On the upside, if the pair holds the 0.8871 and 0.8859 levels intradaily, it will fly up to 0.8889 and 0.8930 levels.

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Daily analysis of USDX for April 08, 2014 Trend News

Daily chart: The USDX has made a bearish rebound near to the 80.50 level and now the USDX is approaching the support level of 80.11. If the USDX manages to consolidate below this level, it would be expected to fall to a support level of 79.19. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the resistance level of 80.62. The MACD indicator is entering overbought area.

H4 chart: The USDX is falling near the 200 SMA, where there is set slightly bearish trend line. USDX is likely to make a bullish rebound in these levels and rise again to the resistance level of 80.35. However, care should be taken with a possible breakout in the support level of 80.09. The MACD indicator is in negative territory.

H1 chart: The USDX is finding support on the 200-day moving average, but it is also likely that the USDX is forming a bearish pattern. If the USDX does make a breakout in the support level of 80.15, it's expected to fall to the level of 79.88. On the other hand, if the USDX does make a breakout on the resistance level of 80.35, it's expected to rise to the level of 80.59. The MACD indicator is in neutral 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 80.35, take profit is at 80.59, and stop loss is at 80.11.

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Technical analysis of USD/CAD for April 08, 2014 Trend News

USD/CAD has been in a downtrend from 1.1279 levels. In Asia's trading session, the pair is trading at 1.0976 levels. The pair is taking support at 1.0955 level (March 06 low). In the H4 chart, RSI is giving a positive divergence. I expect the price to move upwards to the 1.1, above this, 1.1030 levels. Short covering will take place once the pair crosses above the 1.1030 to 1.1045 and 1.1066 levels. The short-term trend will change once the pair crosses above the 1.1078 (March 28 high).

For positional view-

On the down side, below 1.0955, a March 26 low, the bulls have final support at 1.09 levels. This is sl for my pullback view. Below 1.09, bears trumpet will stay on up to 1.0843, 1.08 and 1.7249. In case of a day close above the 1.1078 levels, the bulls trumpet will stay on up to 1.1107 and 1.1170 levels. If the level of 1.1078 is not crossed in 2 days, huge selling will take place for new lower targets.

Recommendation - cmp 1.0971.

Buy at the current market price or in a dip up to 1.0910 with sl 1.09 and targets at 1.1, 1.1030 1.1065, and 1.1078 levels.

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Daily analysis of GBP/USD for April 08, 2014 Trend News

Daily chart: The GBP/USD continues to consolidate above the support level of 1.6540 where the bullish trend line is. Now, it is very likely that this pair will attempt to climb to the resistance level of 1.6663. However, we must be careful when placing buy orders below this level, since the GBP/USD could perform a bearish rebound. The MACD indicator is entering neutral territory.

H4 chart: This pair has made a bullish rebound above the support level of 1.6583 and the 200 SMA. GBP/USD is likely to try to rise to the resistance level of 1.6644. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6667. The MACD indicator is in positive territory.

H1 chart: The GBP/USD is facing resistance at the POC that has been formed at the 200-day moving average, so it is very likely that this pair will fall to the support level of 1.6578. If the pair manages to make a breakout at the support level, it is expected to fall to the level of 1.6544. On the other hand, if the pair manages to make a breakout on the resistance level of 1.6629, it's expected to rise to the level of 1.6700. The MACD indicator is entering neutral territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.

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Technical analysis of EUR/USD for April 08, 2014 Trend News

When the European market opens, some economic news will be released such as French Gov Budget Balance, French Trade Balance. The US will release economic data too such as the NFIB Small Business Index, JOLTS Job Openings, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3810.

Strong Resistance:1.3801.

Original Resistance: 1.3788.

Inner Sell Area: 1.3775.

Target Inner Area: 1.3742.

Inner Buy Area: 1.3709.

Original Support: 1.3596.

Strong Support: 1.3682.

Breakout SELL Level: 1.3674.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3596 and 1.3788. The rate is accompanied by strong support at 1.3682 and by 1.3801 as strong resistance.

If EUR/USD breaks out and closes below the 1.3674 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3810 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 1.3709 and at 1.3775, a SELL position. In this case both targets should be placed at the level of 1.3742.

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 08, 2014 Trend News

In Asia, Japan will release the Current Account, Monetary Policy Statement, Economy Watchers Sentiment, BOJ Press Conference; the US will release some economic data such as NFIB Small Business Index, JOLTS Job Openings. So there is a big probability the USD/JPY will move with low to medium volatility during the Asian session, but with low volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 103.77.

Resistance. 2: 103.57.

Resistance. 1: 103.35.

Support. 1: 103.11.

Support. 2: 102.91.

Support. 3: 102.70.

DESCRIPTION:

Please, pay attention to the levels of support 3 (102.70) and resistance 3 (103.77). 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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Technical analysis of NZD/USD for April 8, 2014 Trend News

Trading recommendations :

• The NZD/USD pair on March 8, 2014. The resistance is going to set at the level of 0.8660. It should be noted that the level of 0.8660 is coinciding with the ratio of 78.6% Fibonacci retracement levels. Consequently, the descending movement will probably be lower than the 0.8660 level, with the targets at 0.8616, and the market will lead to further decline to 0.8560 today in order to indicate a correctional movement at this level. Meanwhile, the daily chart represents a strong support at 0.8560. Furthermore, it will be very profitable to buy above this level for retesting this level in the short period. Therefore, buy deals are recommended above the 0.8560 level with targets at 0.8590 and 0.8630 to reach the ratio of 61.8%.

Intraday technical levels :

Date: 8/04/2014

Pair: NZD/USD

• Projected high: 0.8734


• Breakout (buy stop): 0.8679


• Strong resistance (sell limit): 0.8649


• Current pivot: 0.8597


• Strong support (buy limit): 0.8544


• Breakout (sell stop): 0.8519


• Projected low: 0.8469

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Weekly technical levels of USD/CHF for March 8-11, 2014 Trend News

The Weekly technical levels of USD/CHF pair.

Tips :

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.


• Pivot lines work well on the sideways markets as the prices are most likely to be located between the R1 and S1 lines.


• Within a strong trend, the price is expected to be lower than the pivot point line and continue moving.


• If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

Observations :

• If the trend is of an upside character, then the strength of the currency will be defined as follows: USD is in an uptrend and CHF is in a downtrend.


• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapping and going up or down. If you sell or buy in the long term, you will surely lose your profit.

Overview :

• The USD/CHF pair was calling for the bullish market from the level of 0.8840 last week.


• The level of 0.8840 is representing support 1.


• As it is know, history will probably repeat itself at this level again. Therefore, it will a good sign to buy above 0.8840 with the first target of 0.8895 (the weekly pivot point). It will call for uptrend in order to continue its bullish movement towards 0.8930.


• Stop loss should never exceed your maximum exposure amounts.


• Consequently, the stop loss should be placed below the double bottom at the price of 0.8805.

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Technical analysis of USD/JPY for April 7, 2014 Trend News

Overview:

USD/JPY is expected to trade in lower range. It is undermined by the selling of the yen crosses amid increased risk aversion (VIX fear gauge rose 4.41% to 13.96) as S&P tumbled 1.25% Friday and weaker dollar sentiment after U.S. created less-than-expected 192,000 new jobs in March (versus 200,000 forecast), while the unemployment rate remained unchanged at 6.7% (versus 6.6% forecast). USD/JPY is also weighed by the lower U.S. Treasury yields and Japan's exports sales. But USD/JPY losses are tempered by the demand from the Japanese importers and loose Bank of Japan monetary policy.

Technical сomment:
Daily chart is mixed as MACD is bullish, 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 102.95. A breach of this target will move the pair further downwards to 102.70. The pivot point stands at 103.45. 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 103.70 and the second target at 104.10.

Resistance levels:

103.70

104.10

104.45

Support levels:

102.95

102.70

102.45

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Technical analysis of USD/CHF for April 7, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias after hitting its seven-week high at 0.8952 on Friday. It is supported by the franc sales on soft CHF/JPY cross and on buoyant EUR/CHF cross and dovish Swiss National Bank's monetary policy stance. But USD/CHF gains are tempered by the weaker dollar sentiment. Daily chart is positive-biased as MACD and stochastics are bullish, although latter is at overbought zone, 5- and 15- day moving averages are advancing.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8850. A breach of this target will move the pair further downwards to 0.8830. The pivot point stands at 0.8925. 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 0.8940 and the second target at 0.8960.

Resistance levels:

0.8940

0.8960

0.8995

Support levels:

0.8850

0.8830

0.88

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Technical analysis of NZD/USD for April 7, 2014 Trend News

Overview:

NZD/USD is expected to trade in higher range. It is supported by the weaker dollar sentiment, hopes of further stimulus in China and hawkish Reserve Bank of New Zealand's monetary policy stance. But NZD/USD gains are tempered by the kiwi sales on NZD/JPY cross amid increased investor risk aversion. Daily chart is still negative-biased as MACD and stochastics is in bearish mode.

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 0.8635 and the second target at 0.8675. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8530. A breach of this target will push the pair further downwards and one may expect the second target at 0.8510. The pivot point is at 0.8570.

Resistance levels:

0.8635

0.8675

0.87

Support levels:

0.8530

0.8510

0.8480

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Daily analysis of Silver for April 07, 2014 Trend News

From the today's H4 chart, the metal is trading between the support level of 19.75 and below the resistance level of 20.20 after its failure to break the resistance level last week and bounced from it to take a slightly downward move and currently is re-testing the support level of 19.75 repeating last week's scenario. Presently, we suggest waiting for closing above the resistance level of 20.20 in case it bounces from the support level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 20.50, then after breaking this resistance level, silver would open the way towards the resistance level of 20.90, which means more bullish signals.

Resistance and support levels: R3 (20.90), R2 (20.50), R1 (20.20), S1 (19.75) S2 (19.50)

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Daily analysis of GBP/JPY for April 07, 2014 Trend News

Overview

From the today's H4 chart, we find that the pair opened this week above the support level of 170.50 and below the resistance level of 171.50. Currently, it is testing the resistance level of 171.50 to continue its bullish trend. Given that the pair continues its bullish movement and closes 4H above the resistance level, it would be another opportunity for more bullish signals with first target few pips below the resistance level of 172.00, then we should wait for breaking above this resistance level to get more bullish signals towards the resistance level of 173.00 as the second target. But as long as the price is trading below the resistance level of 171.50 and cannot break it through, this cancels the bullish scenario.

Resistance and support levels: R3 (173.00) R2 (172.00) R1 (171.50), S1 (170.50), S2 (169.75), S3 (169.20).

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Intraday technical levels and trading recommendations for EUR/USD for April 7, 2014 Trend News

Daily fixation below 1.3870 gathered enough bearish pressure to push towards the recent demand zone around 1.3700.

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 pushing again towards 1.3800.

The price level of 1.3820 corresponds to previous significant tops. Bearish rejection was expressed at retesting that took place last week.

That's why, bearish pressure is being applied on price level of 1.3700 to get broken this time.

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.

Please note that the uptrend line comes to meet the pair roughly at 1.3700-1.3680 which acquires this level a significant importance as an intraday support.

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Intraday technical levels and trading recommendations for GBP/USD for April 7, 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).

This applied bearish pressure to push the pair back towards 1.6545 ( corresponding to the uptrend line and 50% Fibonacci ). Price action should be watched at retesting.

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 ( Friday's lowest price level ).

Moreover, there's lack of bearish follow up below 1.6600. All we can see is weak bearish candlesticks which can result in bullish reversal anytime.

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 levels of 1.6680 and 1.6775 for retesting.

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EUR/AUD intraday technical levels and trading recommendations for April 7, 2014 Trend News

Since last February, 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 exposed price level of 1.4750 ( 61.8% Fibonacci ).

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

Daily closure above 1.4740 will probably hinder further bearish progression giving some time for sideway consolidation at least for retesting of 1.4945 (50% Fibonacci) which is a prominent resistance now.

On the other hand, daily closure below 1.4740 will open the way towards 1.4350 as a projection target for the long-term bearish pattern.

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USD/CAD intraday technical levels and trading recommendations for April 7, 2014 Trend News

The previous Support zone around 1.0900 (50%-61.8% Fibonacci Levels) provided considerable support at retesting on February 19 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 which is being tested now.

Until now there's no bullish price action being expressed.

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 as well as the upper limit of the depicted triangle.

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 1.0960 and 1.1150 within the depicted triangle. Bearish breakout of the lower limit of the triangle is more likely to occur.

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Weekly technical levels of GBP/USD for March 7-11, 2014 Trend News

Pivot point formula :

• Pivot point = (high (previous) + low (previous) + close (previous)) / 3

General idea about the pivot point .

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If trend breaks resistance or support through is likely to result in a significant price movement, it is also referred to as breakout.

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 reach resistance 2 or support 2 and even resistance 3 or support 3.


• According to the previous events, the GBP/USD pair is going to move between 1.6610 and 1.6545.


• The resistance will be set at the level of 1.6655 and the support has already been placed at the price of 1.6525


• We expect a new range about 205 pips this week.


• The key level will set at the level of 1.6683.


• The level of 1.6683 is going to represent the double top.

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GOLD analysis for April 07, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,306.50 on volume below the average. Our previous analysis is still active and we've got good progress. According to the daily chart, we can observe demand bar on volume below the average. Gold tested and rejected from our submajor Fibonacci retracement 38.2% at the price of 1,302.00. 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've 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. According to the H1 timeframe, we can observe demand on ultra high volume (buying climax) 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 100% at the price of 1,298.40 and Fibonacci extension 161.8% at the price of 1.308.90. If the Gold breaks the level of 1,309.00 on high volume, next major resistance may be at the price of 1,321.00 ( major Fibonacci retracement 38.2%). Since we got buying climax according to the 4H timeframe, buying at this stage looks very risky, watch for selling opportunities after the bullish correction.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,304.39

R2: 1,305.15

R3: 1,306.37

Support levels:

S1: 1,301.95

S2: 1,301.19

S3: 1,299.97

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

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Weekly technical levels of EUR/USD for March 7-11, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Notes :

• We expect a new range about 68 pips today.


• The risk of 68 pips must make a profit of 102 pips.


• The value of 50% Fibonacci retracement levels is 1.3745 in H1 chart.


• The level of 1.3745 will confirm the bullish market.


• The daily volatility on March 7, 2014 is 78.56. As a rule, the market is highly volatile if the last day had a huge volatility.

Overview :

• It should be noted that the price of EUR/USD pair will be moving between 1.3731 and 1.3672 today. Moreover, it should notice that the key level is set at the level of 1.3791. Equally important, the weekly resistance 1 will be formed at the 1.3791 level. Therefore, it will a good sign to sell below the weekly resistance 1 (1.3791) with the first target of 1.3731 (the weekly pivot point). It will call for downtrend in order to continue its bearish movement towards 1.3772 in order to test the double bottom on March 7, 2014. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the double top in H1 chart at the price of 1.3830.

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Technical analysis of EUR/JPY for April 7, 2014 Trend News

General overview for 07/04/2014 10:00 CET

The downside wave progression has not been finished yet and the price is below the key technical level now. Only a breakout higher above this level would indicate a more deeper retrace in this pair. The 61%Fibo level has been violated and next level is being expected to be tested.

Support/Resistance:

144.10 - WR2

143.47 - Swing High

142.56 - WR2

141.90 - Weekly Pivot

141.78 - 141.96 - Key Level

141.65 - Intraday Resistance

141.11 - Intraday Support

140.70 - 78%Fibo

Trading recommendations:

The swing traders should keep the short positions open and wait if the level of 141.96 will be tested.

The daytraders should watch the key level here for a possible short opportunity and open sell orders at the level of 141.65 with SL above the level of 141.97 and TP at the level of 140.70.

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Elliott Wave Analysis of USD/CAD for April 07, 2014 Trend News

USD/CAD Elliott Wave
Last week, the USD/CAD pair spent in a range with a downside bias. In the 1-hourly chart of the pair, we can observe that lower trend line of the Triangle has given up in the early Friday's New York session, this confirm end of the [iv] wave. From the 1.1045 level, we have four sub-waves and we need one more to complete the FLAT correction, our focus this week is going to be on the buying opportunity in the Z wave (coloured red). In accordance with our wave rules and taking into account that wave Z should extend 100% of wave W, we can define the potential targets with measuring wave W with take profit at 1.1495 (100% of wave W). Traders who are holding shorts, should try to book some profit now and look for the 1.0950 level as the final targets.



Support and Resistance

(S3) 1.0967, (S2) 1.0985, (S1) 1.1009, (PP) 1.1027, (R1) 1.1051, (R2) 1.1069, (R3) 1.1093.



Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0950 with stop loss at 1.0800 and take profit at 1.1495 are recommended.

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Elliott Wave Analysis of AUD/USD for April 07, 2014 Trend News

AUD/USD Elliott Wave
Since our last analysis, the AUD/USD pair has been trading upwards, just like we expected, impulsive wave [v] (coloured black) of the bigger wave C (coloured red) has been developing. In the 1-hour chart of the pair above, we can see that price has found support around the 0.9204 level, where corrective wave [iv] has completed, and from there we are seeing impulsive move that represent final [v] wave. Since we just have one more sub-wave to go, we are going to look only for a short term buying opportunity today, but in the bigger picture we should look for potential trend reversal in the pair.In accordance with our wave rules and taking into account that wave [v] should retrace 161.8% of wave [iv], we can define the potential targets with measuring wave [iv] with take profit at 0.9359 (161.8% of wave [iv] ).



Support and Resistance
(S3) 0.9185, (S2) 0.9204, (S1) 0.9225, (PP) 0.9244, (R1) 0.9265, (R2) 0.9284, (R3) 0.9305.



Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9290 with stop loss at 0.9200 and take profit at 0.9359 are recommended.

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Technical analysis of USD/CAD for April 7, 2014 Trend News

General overview for 07/04/2014 10:10 CET

The downside momentum is loosing its strength a bit and this is why I have decided to keep the alternate count on the chart as there is still a possibility of an expanding flat correction in wave 2 green before the downtrend resumes. The key intraday level to watch is the intraday resistance zone between the levels of 1.1000 - 1.1011. Any breakout higher would mean the golden trendline will be tested and the target after a sustained breakout of this line would be the level of 1.1066. On the other hand, any failure at the key level would mean that more downside wave development is in progress.

Support/Resistance:

1.1148 - WR3

1.1108 - WR2

1.1066 - 1.1076 - Technical Resistance

1.1031 - WR1

1.1000 - 1.1011 - Key Level

1.0995 - Weekly Pivot

1.0956 - Swing Low

1.0921 - WS1

Trading recommendations:

The swing traders should keep the short positions open and wait if the level of 1.1066 will be tested.

The daytraders should watch the key level here for a possible short opportunity and open sell orders at the level of 1.1000 with SL above the level of 1.1017 and TP at the level of 1.0921.

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#USDX technical analysis for April 7, 2014 Trend News

The Dollar index spiked higher on Friday breaking above 80.30-40 short-term resistance and moving higher towards our target of 80.70. The Dollar index managed to reach 80.60 but the strong resistance in that area has made it pull back and back test the broken resistance at 80.30-40.

Short-term trend remains up. Price is above the Ichimoku cloud and makes higher highs and higher lows. The short-term chart as shown above confirms that short-term trend is up. Short-term support is found at 80.30 and short-term resistance is at 80.60.

The Daily chart above shows why it is difficult for the Dollar index to break above 80.70 as this is where the Ichimoku cloud resistance is. I expect a back test of the trend line near 80.20-30 and if this trend line support holds, then we should expect another move upwards to break above the Ichimoku cloud and confirm our new target of 81.30. Important support for the longer-term bullish view we have in the Dollar index, is the 79.70 level. A break below this level will be catastrophic for our bullish scenario.

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Gold technical analysis for April 7, 2014 Trend News

Gold price confirmed its upward reversal on Friday by breaking above $1,295, and it is confirming that the short-term trend is up as a higher low and higher high has been formed. The decline from $1,391 has most probably been completed and I am now looking for a bounce towards $1,315 first and then towards $1,350. This upward bounce scenario will be valid as long as price holds above $1,275.

Short-term support is found at $1,293 and then at $1,285. It is important for the short-term upward trend to hold above the horizontal green trend line and the upward sloping red trend line. The short-term trend is up and is trading inside the Ichimoku cloud. Trading within the cloud confirms that the down trend that started at $1,391 is now over.

The daily chart has found support inside the upward sloping Ichimoku cloud as we expected and as I updated my last week's chart, the move I expected initially to at least the 38% retracement where the 1st important resistance is found. Next I would anticipate a small rejection at the 38% retracement and another leg up towards the 50% retracement. Concluding, we remain bullish as long as price trades above $1,275. The target if $1,275 holds is the $1,340-50 area.

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Elliott wave analysis of EUR/NZD for April 7, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6012

R2: 1.5991

R1: 1.5965

Current spot: 1.5935

S1: 1.5903

S2: 1.5876

S3: 1.5836

Technical summary:

The decline from 1.6180 is clearly impulsive and the final red wave v is unfolding for a decline towards the ideal target at 1.5530. In the short term we are looking for a minor low near 1.5876 for a minor correction to just below strong support at 1.5975 before the next move lower towards 1.5766 and below. We have to remember, that this is the final move lower in the major correction, which has been unfolding since August 2013 and once this correction is over, we should look for renewed upside pressure.

Trading recommendation:

Stay short in EUR from 1.6175 and lower your stop to 1.5985. If you are not short in EUR yet, then sell near 1.5975 with the same stop.

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Elliott wave analysis of EUR/JPY for April 7, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.28

R2: 142.01

R1: 141.67

Current spot: 141.34

S1: 141.19

S2: 140.73

S3: 140.42

Technical summary:

As expected the decline from the 143.47 high was impulsive and more downside pressure should be seen. As the target for blue wave iii we are looking for a move closer to 140.73 before a correction higher to just below strong short-term support at 141.66 in blue wave iv. Once blue wave iv is over, we should see the next impulsive decline, which ideally will end just below 139.96 and end red wave i and set the stages for a correction in red wave ii towards 141.66 and maybe even higher towards 142.09.

Trading recommendation:

Stay short from 142.35 and move your stop lower to 141.70 and take profit at 140.05. If you are not short in EUR yet, then sell EUR near 141.66 with the same stop and take profit.

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Technical analysis of EUR/JPY for April 07, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair reveres from the following convergence levels.

i. Ahead of the fibonacci 0.786 resistance at 143.80 as seen here (previous lower top)

ii. The trend line resistance offered by cone/triangle setup.

iii. Trading signal produced was an evening star according to Daily chart setup.

Keeping all the above in consideration, it is recommended to remain short, risk remains at 144.00. A break of 140.00 would prove to be further bearish.

2. Key resistance is at 144.00, followed by 145.50, while supports are at 140.00, followed by 138.50 and 136.00 for now.

3. The structure indicates that a break below the cone support line and 140.00 would instill further confidence on the developing bearish setup. Please note that intraday rallies should remain well capped below the 144.00 level if bears want to retain control.

Trading recommendations:

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

Good luck!

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Technical analysis of Gold for April 07, 2014. Trend News

Technical outlook and chart setups:

1. Gold rallies post $1,300.00 levels after several trading sessions lately. The metal should be looking to rally either towards a new high above $1,400.00 levels or at least towards the back side of trend line around $1,340.00/50.00 for now. It is recommended to remain long for now, risk remains at $1,270.00.

2. Major support comes in at $1,230.00/40.00, followed by $1,210.00, $1,180.00 awhile resistance in at $1,388.00 (intermediary), and $1,340.00/50.00 levels from here on.

3. The structure indicates that Gold should rally towards $1,340.00/50.00 from current levels or from $1,250.00/60.00 levels. Till the time prices remain above $1,230.00/40.00, bulls should remain in control.

Trading recommendations:

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

Good luck!

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Technical analysis of Silver for April 07, 2014. Trend News

Technical outlook and chart setups:

1. Silver has taken out the initial resistance (intermediary) at $20.20/30 levels before pulling back. At the moment, the metal is trading around $19.90 levels and is expected to resume rally soon towards at least $21.40/50 levels. It is recommended to remain long for now and also look to add fresh positions here. Risk remains at $19.00 for now.

2. Support is at $19.0, followed by $18.75 and lower while resistance is spread through the $21.70/80 levels, followed by $22.30 and $23.00 respectively.

3. The structure is indicative of a bullish extension towards $23.00, $25.00 and higher levels. For this to materialize, $19.00 levels should hold good.

Trading recommendations:

Remain long, set stop at $19.00/25, target is open.

Good luck!

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Technical analysis of Gold for April 07, 2014 Trend News

The US total nonfarm payroll employment rose by 192,000 in March, and the unemployment rate was unchanged at 6.7 percent, the U.S. Bureau of Labor Statistics reported on Friday. Employment grew in professional and business services, in health care, and in mining and logging.

Technical view-

Gold prices pushed up towards the resistance level of 1,307. In Asia's trading session, the metal is trading at 1,302. In the hourly charts, the RSI is in overbought conditions, witnessing some selling pressure. The metal is quite in Asia's trading session, due to national holiday in China. We expect the price will come back up to 1,298-1,297 levels. Once broken below these levels, the metal will extend its fall to 1,295 and 1,293 levels. The level of 1,309 is the crucial for bulls to cross and close above that. This week, if the metal closes below the level of 1,312, it is no good for longs.

Go long with sl at 1,297 for targets at 1,307, 1,311, 1,317, and 1,324.

If any rise, risky traders, go short with sl at 1,310 on a closing basis (positional).

NOTE:

Above 1,307, only next targets will come.

Above 1,317, only 1,324 will be possible.

Risky traders, go short below 1,297 for targets at 1,293, 1289, 1,281, and 1,277.

Safe traders, go short below 1,293 for targets at 1,289, 1,281 and 1,277.

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