Technical analysis of EUR/USD for April 09, 2014 Trend News

The pair is in a downtrend from 1.3967 levels. In the H4 chart, the pair came out from the 10-day trading pattern. The pair is doing what the cable is doing. The pair is facing resistance at 1.3810, above that, at 1.3820. The momentum indicators are favoring sell side. For 2 or 3 days perspective, sell on rallies is the best strategy. On the up side, if the pair crosses the 1.3820 levels, it will fly up to 1.3876 levels.

The positional trend will change once the pair closes above the 1.396 levels. On the down side, the pair has strong support at 1.3770, below this, 1.3755 is the strong support. Weakness will persist in this pair when the pair breaks and closes below the 1.3755 level. If it happens, the pair will drift all the way to 1.3673 and 1.3643 levels easily. If the pair closes below 1.3737 (yesterday's low), weakness starts in this pair.

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Technical analysis of gold for April 09, 2014 Trend News

Traders today eye the Federal Reserve releases the minutes of its March meeting today as investors weigh when the U.S. central bank will start to raise rates.The Job Openings and Labor Turnovers Survey (JOLTS) showed 4.173 million openings in February.This was above expectations for 4.020 million and up from 3.984 million in January. The number of job openings increased in retail trade and in professional and business services, while the number of job openings decreased in arts, entertainment, and recreation. The South region experienced a rise in job openings in February.

Technical view-

The geopolitical tensions boosted gold during yesterday's trading session. In the daily chart, the metal is trading below 50SMA ($1,312). The metal gains good strength above this, for $1,317, $1,320, $1,326, and $1,342.0 levels. On the down side, the metal looks weak if it closes below the level of $1,308, to $1,300, $1,295 levels. At the end of the day until gold trades above the $1,300 level, bulls will have an upper hand.

In the H4 chart the metal is trading above the moving averages moving towards the $1,317 level. The level of $1,317 is very crucial for further up move. Once the metal crosses the $1,317 level, it will fly up to $1,340 with intermediate resistance levels.

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Daily analysis of USDX for April 09, 2014 Trend News

Daily chart: The USDX has lingered below the resistance level of 80.11, after the USDX has made a breakout at that level. Now, it is very likely that the USDX will fall to the support level of 79.19 in the medium term. However, corrective movements are expected in favor of the bearish trend this week. The MACD indicator is entering negative territory.

H4 chart: The USDX is forming a bearish pattern below resistance level of 79.93. If the USDX does make a breakout in the support level of 79.69, it's expected to fall to the level of 79.27. For now, the USDX remains below the 200 SMA, and MACD indicator is in negative territory.

H1 chart: The USDX has found resistance at the 200-day moving average and now the USDX has lingered below the resistance level of 79.88. If the USDX does make a breakout in the support level of 79.64, it's expected to fall to the level of 79.39. On the other hand, if the USDX does make a breakout on the resistance level of 79.88, it's expected to rise to the level of 80.15. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 79.64, take profit is at 79.39, and stop loss is at 79.91.

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Daily analysis of GBP/USD for April 09, 2014 Trend News

Daily chart: GBP/USD had a bullish momentum that allowed it to make a breakout on the resistance level of 1.6663 and now this pair has consolidated above that level. Now this pair is trying to make a breakout in the resistance level of 1.6766. If successful, it is expected to rise to the level of 1.6851. The MACD indicator is in positive territory.

H4 chart: The GBP/USD is consolidating above the bearish trend line near to the 1.6730 level and now it is very likely that this pair will rise to the resistance level of 1.6785. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6822. The MACD indicator is entering overbought area.

H1 chart: This pair is forming a lower high pattern above the support level of 1.6700. At current levels, it is forming a point of control. If GBP/USD manages to make a breakout on the resistance level of 1.6750, it's expected to rise to the level of 1.6800. On the other hand, it's expected to fall to the level of 1.6700 if the pair takes a bearish rebound to current levels. 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 1.6750, take profit is at 1.6800, and stop loss is at 1.6700.

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Fundamental analysis of GBP/USD for April 09, 2014 Trend News

UK manufacturing sector strengthened for a third consecutive month in February, boosting hopes that the economy is re-balancing. Official statistics showed output grew by 1%, up from 0.3% in January and 0.4% last December. The output was 3.8% up in the same month a year earlier and is at its highest level in two years. Great Britain got a double boost as its recovery from recession gathered momentum and the International Monetary Fund raised the country's growth forecasts more than for any other major economy. The IMF estimated the UK would grow by 2.9% in 2014, up from its 2.5% estimate in January. For the next year, it is a 2.5% lift in GDP, up from its previous estimate of 2.2%.The dominant contribution to the 1.7% expansion of GDP came from the services sector.

Technical view-

GBP/USD gave a breakout from the falling wedge and it closed above the breakout levels, which was a bull view. Todays's trading pattern will give a clue whether it is going to be in an extremely bullish factor or set for a small correction. For positional traders - on the down side, the level of 1.6718 (a March 13 high) is the first major support. After a day close below the 1.6718 level, the pair will set for a correction up to 1.6594 levels. For the medium term, the level of 1.6554 (an April 4 low) is the sl level. The trend changing level is at 1.6465 (a March 24 low).

On the upside, targets come at 1.6786, 1.6823, and 1.695 levels. This view is validated until the pair closes above the 1.6718 levels. If the pair trades above the 1.6823 levels, the extremely bullish view will come into existence.

Intraday- sell on rallies- 2 or 3 days perspective

In the H4 chart, the pair is in extremely overbought conditions. It is not fair to enter fresh longs at this levels. Those who want to enter shorts, it is the best time. Selling on rallies is the best strategy for 2-3 days trading perspective with sl 1.6786 on a closing basis. On the downside, the support levels exist at 1.6735 and 1.6718. In case of a candle close below the 1.6718 level, we can witness the selling pressure to 1.666. In case of a break below this, the selling pressure will change to panic mode to 1.6653, 1.6631, and 1.66 levels.

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Daily analysis of major pairs for April 9, 2014 Trend News

EUR/USD: The rally that started on this pair has eventually resulted in a ‘buy’ signal in the chart. From the support line at 1.3700, the price has gone upwards by over 100 pips, testing the resistance line at 1.3800. That resistance is currently under siege and the price would soon breach it to the upside, as it goes further to another resistance line at 1.3850.

USD/CHF: Here, the EMA 11 has already crossed the EMA 56 to the downside; while the Williams’ % Range is already in an oversold situation. There is a clean bearish indication in the market, and the price is now ready to continue the journey further downwards. The Williams’ % Range period 20 in the oversold area means that there could be a shallow bullish correction, after which the southward journey may continue.

GBP/USD: The upward breakout on the Cable is significant enough to result in a Bullish Confirmation Pattern in the chart. The price has moved upwards by close to 180 pips. This is just the beginning of a long-term bullish bias, and the price could test the distribution territory at 1.6800, and even breach it to the upside.

USD/JPY: The bearish indication that was formed at the beginning of this week has already resulted in a very serious weakness for this currency trading instrument. Our target at 102.50 was exceeded. Even the price level at 102.00 was also exceeded. The instrument is presently trading below the supply level at 102.00: it may easily reach the demand level at 101.50.

EUR/JPY: The fact of a bearish signal was mentioned in yesterday’s forecast. The price has plunged seriously, and it may slash through the demand zone at 140.00, as it plunges further down.

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Technical analysis of USD/JPY for April 8, 2014 Trend News

Overview:

USD/JPY is expected to consolidate in a lower range. Main spotlight is on the Bank of Japan's interest rate announcement. The BoJ is expected to leave its policy unchanged as it monitors the effects of the April 1 sales-tax increase. USD/JPY is undermined by the lower U.S. Treasury yields, negative dollar sentiment (ICE spot dollar index last 80.22 versus 80.44 early Monday) as Friday's softer-than-expected U.S. March jobs data continue to impact. USD/JPY is also weighed by Japan's exports, flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 11.53% to 15.57) as weak sentiment prevailed on Wall Street (S&P fell 1.08% overnight). But USD/JPY losses are tempered by the demand from Japan's importers.

Technical сomment:
Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 101.95. A breach of this target will move the pair further downwards to 101.70. The pivot point stands at 102.65. 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 103.00 and the second target at 103.45.

Resistance levels:

103

103.45

103.70

Support levels:

101.95

101.70

101.50

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Technical analysis of USD/CHF for April 8, 2014 Trend News

Overview:

USD/CHF is expected to trade in a lower range. It is undermined by the negative dollar sentiment, franc demand on retreating EUR/CHF cross and 0.4% monthly rise in Switzerland March CPI. But USD/CHF losses are tempered by the franc sales on soft CHF/JPY cross and dovish Swiss National Bank's monetary policy stance. Daily chart is mixed as MACD is bullish, five- and fifteen-day moving averages are 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 0.8830. A breach of this target will move the pair further downwards to 0.8810. The pivot point stands at 0.8870. 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 0.8890 and the second target at 0.89100.

Resistance levels:

0.8890

0.8910

0.8940

Support levels:

0.8830

0.8810

0.8775

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Technical analysis of NZD/USD for April 8, 2014 Trend News

Overview:

NZD/USD is expected to range-trade. It is undermined by the kiwi sales on soft NZD/JPY cross amid increased investor risk aversion. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand's monetary policy stance and kiwi demand on retreating AUD/NZD cross, negative dollar sentiment, hopes of further monetary easing in China and New Zealand 1Q NZIER quarterly survey showing business confidence held steady in the first quarter - a net 52% of firms expect business conditions to improve over the next six months and remain at the highest level since mid-1994. Daily chart is mixed as 5-day moving average is falling below 15-day MA, MACD is bearish but stochastics is turning bullish.

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 0.8670 and the second target at 0.87. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8570. A breach of this target will push the pair further downwards and one may expect the second target at 0.8530. The pivot point is at 0.8610.

Resistance levels:

0.8675

0.87

0.8735

Support levels:

0.8570

0.8530

0.8510

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Technical analysis of GBPJPY for April 8, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate after hitting its one-week low at 141.12 on Monday. It is supported by the improved euro sentiment and demand from the Japanese importers. But GBP/JPY upside is limited by the increased investor risk aversion and Japan's exports sales. Daily chart is still negative-biased as MACD and stochastics are in bearish mode.

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 170.30. A breach of this target will move the pair further downwards to 169.50. The pivot point stands at 172.00. 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 172.75 and the second target at 173.15.

Resistance levels:

172.75

173.15

173.60



Support levels:

170.30

169.50

1697

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Intraday technical levels and trading recommendations for GBP/USD for April 8, 2014 Trend News

Around price zone of 1.6780-1.6800, 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 recent low at 1.6465 then 1.6555 ( corresponding to the depicted uptrend line) prevented further bearish decline.

The bulls around this level applied bullish pressure strong enough to fixate above 1.6630-1.6666 (corresponding to a prominent top established on January 24).

As long as the ascending bottom established at the uptrend around 1.6555 remains intact, the bulls would be targeting at 1.6750-1.6780.

On the other hand, a slide below price zone of 1.6665-1.6650 applies bearish pressure on 1.6550 to pursue towards lower lows around 1.6465 and 1.6400.

As mentioned Yesterday, bullish support was offered at 1.6550 ( Friday's lowest price level ).

Moreover, there was lack of bearish follow up below 1.6600. As expected this resulted in a strong bullish reversal with breakthrough above 1.6535.

Four-hour fixation above 1.6500-1.6530 exposed price level of 1.6680 quickly and price level of 1.6785 to be hit soon.

The price level of 1.6500-1.6530 may offer a valid BUY entry on the next bearish pull-back. Stop loss should be daily closure below 1.6470.

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Intraday technical levels and trading recommendations for EUR/USD for April 8, 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 depicted uptrend line came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as a significant intraday DEMAND.

Since the EUR/USD pair broke below 1.3855, the pair has roughly been moving sideways with slight bearish tendency.

That's why any further visits towards 1.3800-1.3840 should be considered for selling with stop loss as daily closure above 1.3890. The material has been provided by InstaForex Company - www.instaforex.com



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USD/CAD intraday technical levels and trading recommendations for April 8, 2014 Trend News

This week, the USD/CAD pair has returned to test the previous Support zone around 1.0900 (50% Fibonacci Level ) which 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 show enough bullish momentum above 1.1200. This exposed price zone of 1.0910-1.0850 ( 50-61.8% Fibonacci levels ). 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 1.0830 which comes to meet significant Fibonacci level of the recent bullish swing. It's expected to provide a considerable bullish pressure.

On the other hand, the price zone of 1.1010-1.1030 is expected to provide a considerable resistance as well. This price zone corresponds to the recently broken consolidation zone hence a resistance area.

Any further visiting will probably offer a valid sell entry with stop loss located just above 1.1060.

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EUR/AUD intraday technical levels and trading recommendations for April 8, 2014 Trend News

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 also corresponding to the lower limit of the depicted channel.

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 ).

Trading above 1.4740 on a daily basis 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 ( Yesterday's daily low ) will open the way towards 1.4350 as a projection target for the long-term bearish pattern.

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

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EUR/NZD analysis for April 08, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5856. According to the daily chart, we can observe no demand bar on volume below the average, 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 1.6160 and tested the price of 1.5856 on higher volume. As we already wrote in previous analysis, major down station is at the price of 1.5765. Buying looks risky, so watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5999

R2: 1.6023

R3: 1.6063

Support levels:

S1: 1.5920

S2 : 1.5896

S3: 1.5857

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

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GOLD analysis for April 08, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,314.13 on volume above the average. 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 (no supply bar). Gold rejected from the level of 1,279.00 (previous swing high) and that caused price to start bullish correction. 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 H4 timeframe, we can observe demand on high volume, which is a sign that selling at this stage looks risky. Major resistance may be at the price of 1,321.00 (Fibonacci retracement 38.2%). My advice is to watch for selling opportunities after retracement. Any larger supply on high volume may confirm further bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,302.92

R2: 1,304.92

R3: 1,308.17

Support levels:

S1: 1,296.42

S2: 1,294.42

S3: 1,291.17

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

Technical outlook and chart setups:

1. The GBP/CHF rally needs to take out 1.4850 levels at least, as discussed yesterday. This would confirm that bulls stay in control and pullbacks can be bought. It is recommended to remain flat for now and wait for reaction ahead of 1.4850 levels.

2. Resistance is at 1.4850, followed by 1.4950/60 and 1.5120, while supports are spread through 1.4650, followed by 1.4450, 1.4350 and lower respectively.

3. The structure indicates that though GBP/CHF has broken the down trend line, a break of 1.4850 is required to confirm a long term trend reversal. Waiting for price action around that levels for now.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Silver for April 08, 2014. Trend News

Technical outlook and chart setups:

1. Silver resumes its upswing finally towards $23.00 and $25.00 on the higher side. It is recommended to remain long for now, with risk at $19.00/25. As seen here, a push above $21.40 levels would be extremely bullish for the metal and the rally would accelerate after that.

2. Resistance intermediary is seen at $21.70/80, followed by $22.30 and higher up respectively, while support is at $19.00, followed by $18.75 and lower respectively.

3. The structure indicates that Silver bottoms at $19.45 and resumes its upswing finally. Bulls shall remain in control till prices remain above $19.00/45.

Trading recommendations:

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

Good luck!

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Technical analysis of Gold for April 08, 2014. Trend News

Technical outlook and chart setups:

1. Gold had begun its counter trend rally towards $1,350.00 levels as expected now. It is recommended to remain long, with risk at $1,277.00. Please note that $1,345.00/50.00 is also the fibonacci 0.618 retracement of the recent downswing from sub $1,388.00 to $1,277.00 levels and back side of the support turned resistance line as seen here. A bearish reaction could be expected from those levels.

2. Support is at $1,30.00/40.00, followed by $1,210.00 and lower, while resistance is at $1,345.00/50.00, followed by $1,388.00/90.00 and higher respectively.

3. The structure indicates that Gold counter trend rally may end at $1,345.00/50.00 levels at least. Only a push through $1,370.00 levels would be bullish and move prices towards fresh highs.

Trading recommendations:

Remain long, set stop at $1,277.00, target is at $1,345.00.

Good luck!

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

Today's Support and Resistance levels:

R3: 1.6007

R2: 1.5983

R1: 1.5940

Current spot: 1.5903

S1: 1.5846

S2: 1.5766

S3: 1.5703

Technical summary:

The correction became a litlle larger than expected as it reached 1.6007, which has changed the short term count slightly, but after a new correction towards 1.6007, we should see renewed downside pressure towards at least 1.5766 and most likely even lower towards the ideal target at 1.5530 before a reversal of the long-term downtrend should be expected.

Trading recommendation:

The stop at 1.5985 was hit for a nice profit. Sell EUR again at 1.5995 with a stop at 1.6095.

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Elliott wave analysis of EUR/JPY for April 8, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.01

R2: 141.62

R1: 141.40

Current spot: 141.22

S1: 141.14

S2: 140.82

S3: 140.63

Technical summary:

Blue wave iii ended a little earlier than expected and blue wave iv is developing. At this point, it is most likely that blue wave iv will evolve into a flat correction, which would call for another rally towards 142.01 before lower in blue wave v towards at least 141.00 and likely even lower towards 140.45. In the short term a break above minor resistance at 141.62 confirms that the final part of blue wave iv higher to 142.01 is developing.

Trading recommendation:

The stop at 141.70 was hit for a nice porfit. Sell EUR again at 141.90 with a stop at 142.35 and take profit at 140.65.

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#USDX Technical analysis for April 8, 2014 Trend News

The Dollar index after being rejected by the strong resistance at 80.60-70 has pulled back as expected by our analysis we posted yesterday. The pullback could be a back test of the breakout and could have reached the Ichimoku cloud support as we mentioned yesterday.

And this is what exactly happened. The Dollar index has pulled back towards the Ichimoku cloud support above the 80 price level. The Dollar index is currently trading above support. If the Dollar index moves below 80, then bulls will be in danger. Breaking below 79.70 will confirm that it is going lower towards 79.20 with increased chances of making new lows.

The daily chart shows clearly how the index got rejected by the daily Ichimoku cloud resistance. Now it is testing once again the upward sloping blue trend line support. I believe that there is high probability that support will hold and the index will reverse upwards towards 80.50 again. A break above 80.60 will push the index towards 81. A break below 79.70 will push the index towards 79.20.

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Gold technical analysis for April 8, 2014 Trend News

Gold price made a new higher high confirming the uptrend in which it currently is. Gold price made also a higher low yesterday and held above support levels. Our supporting trend lines was held and price moved higher closer to our 38% Fibonacci retracement target of the decline from $1,391.

Gold price is trying to break above the Ichimoku cloud area towards the 38% retracement at $1,322 which is our short-term target. This is the first important resistance. If at first this resistance rejects price, then we should expect a pull back towards $1,300 and another move higher towards the 50% retracement to complete the upward corrective bounce from $1,275. If the 38% retracement is broken upwards easily, we should expect the second leg of the upward bounce to continue towards the 61.8% retracement.

In the short-term, the trend remains up and as long as price trades above $1,296, we remain bullish targeting $1,322. The rise from $1,275 could also be seen as a complete upward 5 wave movement. This implies that even if price pulls back from current levels, at least one more upward movement similar to the $1,275-$1,309 rise should be expected.

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Technical analysis of USD/CAD for April 8, 2014 Trend News

General overview for 08/04/2014 09:10 CET

The grey rectangle area provided resistance so far and the price was rejected from the higher levels. The overall picture is still bearish, but it is lacking of a momentum to the downside as there is a bullish divergence building in this pair on AO oscillator. Please notice that this pair might have another test of a weekly pivot at the level of 1.0995, so the black trendline breakout is the first clue of a possible short-term upside rally.

Support/Resistance:

1.1035 - WR1

1.1011 - 1.1000 - Techncial Resistance

1.0956 - Intraday Support

1.0921 - WS1

Trading recommendations:

Please be aware of a possible short -term upside rally as the alternate count is still not ruled out.

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Technical analysis of EUR/JPY for April 8, 2014 Trend News

General overview for 08/04/2014 08:45 CET

The grey rectangle area provided the resistance as anticipated and those of traders who entered short positions from the levels recommended yesterday should be in profit by now. Currently, there is still a possibility of downside extension to the level of 140.70 min as the price is now in a possible triangle formation wave 4 red. Only a sustained breakout above the weekly pivot at the level of 141.90 invalidates the downside extension scenario.

Support/Resistance:

143.47 - Swing High

142.56 - WR1

141.90 - Weekly Pivot

141.96 - 141.77 - Techncial Resistance

141.11 - Intraday Support

140.70 - 78%Fibo

Trading recommendations:

Keep short positions open for the target at the level of 140.70 min. Possible downside extension is to the level of 140.41.

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Daily analysis of major pairs for April 8, 2014 Trend News

EUR/USD: The price has bounced upwards from the support line at 1.3700 (after it was tested rigorously last week and early this week). The upward bounce is not strong enough to render the dominant bearish bias useless, unless the price crosses the resistance line at 1.3800 to the upside and trades further higher. In effect, that resistance line is the stop loss area for short sellers. The price may go downwards again to test the support line at 1.3700.

USD/CHF: There is a bearish correction on this market, just as there is a bullish correction on the EUR/USD. Also, the bearish correction is not strong enough to pose a morbid threat to the extant bullish bias: it simply appears as a way to buy long when the price is on sale, and in a context of an uptrend. Further counter-trend move may be contained at the support level of 0.8850.

GBP/USD: The rally on the Cable is posing as a threat to the bears’ interest. The bullish determination could even become stronger when the price crosses the distribution territory at 1.6650 to the upside.

USD/JPY: The USD/JPY has been able to break the price level at 103.00 to the downside, thus forming a bearish indication. It would be advisable to seek short trades, for the price could go on to challenge the demand level at 102.50.

EUR/JPY: The constant inability of the price in this market to go upwards has resulted in a Bearish Confirmation Pattern in the chart. It would be very easy for the price to test the demand zone at 141.00.

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