Technical analysis of EUR/USD for April 10, 2014 Trend News

The Federal Reserve officials worried about inflation and the signals they were sending about interest rates at their two day policy meeting March 18-19. Some officials argued they needed to send a stronger signal that they wanted to see inflation moving up toward the Fed’s 2% objective. Some also worried that their interest rate projections might be incorrectly viewed leading toward a more restrictive policy.

Technical view-

Positional view-

EUR/USD is doing what the cable is doing. The EUR/USD is trading at 1.3856 in Asia's trading session. It is continuing its bullish move towards new highs. The pair is facing resistance at 1.396-1.40 levels. Once the pair closes above the 1.396-1.40 levels, it will travel up to 1.44 levels in the next couple of months. On the down side, the pair has minor support at 1.37918 and 1.37718 and the strong support exists at 1.3748; below this, 1.3643 levels. RSI in the daily charts is still favoring the up move. Before making a new high, we expect the pair to correct a bit up to 1.3750 levels.

Recommendations-

Buy above 1.40 or wait for a dip to enter fresh longs.

Intraday- limited upside and set for a correction

In the H4 chart, the pair is facing resistance at 1.3876 levels. It looks tired to make a fresh level. The momentum indicators are giving an overbought indication resulting in limited upside and open gates for a correction. On the up side, the pair has resistance levels at 1.3876. Above this, it can go up to 1.1.3924 and 1.3950 levels. We expect before moving to 1.3950 levels, the pair will take a back seat and set for a correction. Safe traders can enter shorts at higher levels for targets at 1.3820 and 1.37725 levels. The pair will be in bear hands once it trades below the 1.3780 level, it will drift up to 1.377 and 1.3756 levels. This view is valid up to Monday. Once the pair breaks below the 1.3764 level, it will panic up to 1.3741 and 1.3673 levels.

Recommendations-

Safe traders, buy above 1.3876 for 1.39, 1.3924, and 1.3945.

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Forecast for GBP/USD for April 10, 2014 Trend News

Today traders eye G20 meeting. The Group of 20 major economies have promised to target a two percentage point increase in the global growth rate over five years and create tens of millions of jobs worldwide. While geopolitical risks emanating from the Ukraine crisis will be discussed, growth will top the agenda at the meeting. The Federal Reserve officials are worried about inflation and the signals they were sending about interest rates at their two day policy meeting March 18-19.

Technical view-

Positional

GBP/USD is trading in a long-term bullish pattern aiming at new highs at 1.838 levels in the next couple of months. This view is invalid when the pair closes below the 1.6220 levels. Currently, it is trading near the previous high level at 1.6823 made on February 27, 2014. The RSI is still in the positive zone (weekly chart) favoring this pair to make a new high, probably today. If the pair closes the day above the 1.6823 levels, it will fly up to 1.6920 and 1.7076 levels as an immediate target. Before making a new fresh high, we expect a bit of correction towards 1.6718 levels. After a day close below the 1.6718 level, the pair is set back to correct up to 1.6684 and 1.6554 within support at 1.66 levels. Positioanl traders, please wait for a dip to enter fresh longs for new highs.

Intraday- limited upside and set for correction

In the H4 chart, the pair is taking support at 1.6786 levels. It looks tired to make a fresh new level. The momentum indicators are giving an overbought indication, the result of which is limited upside and open gates for a correction. On the up side, the pair has resistance levels at 1.6823. Above this, it can go up to 1.6920. We expect before moving to 1.6920 levels, the pair will take a back seat and all set for a correction. Safe traders can enter shorts at higher levels for targets at 1.6786 and 1.6718 levels. This view is valid up to Monday. Once the pair breaks below the 1.6718 level, it will panic up to 1.66 levels.

joseph.wind@analytics.instaforex.com

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Fundamental analysis of Gold for April 10, 2014 Trend News

The Fed's officials were worried at the meeting that their individual projections for short-term interest rates could be misleading. Some officials pushed up their projections for rates in 2015 and 2016, which would be made public in the Fed’s release of projections with its official policy statement.The FOMC minutes should cast light on the committee's thinking regarding the further tapering of its quantitative easing program, currently worth $55 billion per month. Today traders eye G20 meeting.The Group of 20 major economies have promised to target a two percentage point increase in the global growth rate over five years and create tens of millions of jobs worldwide.

Fed officials discussed at length the continued run of inflation below the central bank’s 2% objective. Some officials wanted to make it clearer in their policy statement that the Fed wouldn’t tolerate low inflation and they agreed to monitor the data carefully. Fed officials agreed that they would likely keep short-term interest rates low well into the future. Officials appeared to have become a bit more concerned about the economic outlook in China.

Technical view-

The metal is trading at $1,315 levels in Asia's trading session. The metal is facing strong resistance at $1,317, which was a break up level for more upside for $,1326 and $1,342. As we recommended in yesteraday's report, until the metal trades above the $1,300 levels, bulls will have an upper hand. The same was done during yesterday's trading session. In today's trading session I expect the metal to step back towards $1,310, $1,308, and even $1,300 levels, before it move further up. For hourly trade if the metal will become weak below $1,314, it will drift up to $1,310. If it breaks $1,310, then the strong support level exists at $1,308. The level of $1,300 will come only after a break below the $1,308 levels. Panic button will be pressed only below $1,300 towards $1,295; in xase of a break below this, $1,281 is an open target. A day close below $1,300 will trigger panic.

Intraday-

Buy above $1,317 for targets at $1,326.

Safe traders, sell below $1,308 with targets at $1,300.

Risky traders, sell below $1,314 for targets at $1,310, $1,308, and $1,300.

Adopt a strategy and trade safe.

joseph.wind@analytics.instaforex.com

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Forecast for AUD/USD for April 10, 2014 Trend News

Australia's unemployment rate fell to 5.8% in March from 6.1% in February, official figures showed.The total number of people with jobs rose 18,100 (seasonally adjusted) to 11.55 m, the Australian Bureau of Statistics figures showed just. Full-time employment fell 22,100 to 8.02 m in March and part-time employment was up 40,200 to 3.52 m. Chinese exports was at an annual rate of -6.6% in March (expected +4.8%, previous -18.1%). China March imports came in at -11.3% (expected +3.9%, previous +10.1%). China's total import and export turnover was 965.88 billion U.S. dollars, down 1%.

Technical view-

The pair started looking down side after the Chinese data yad been printed below expectations. The pair is trading at 1.9415 in Asia. It is facing strong resistance at 0.9450 levels. In the daily and hourly charts, the RSI is in overbought conditions. I expect the upside to be limited and set for correction like GBP/USD and EUR/USD. But regarding AUD/USD, we expect a deep correction towards 0.9242 levels, with intermediate support at 0.9363, 0.9297, and 0.9280 levels.

On the upside, if the pair trades above the 0.9450 level, it will jump to 0.9550 and 0.957 immediately.

Recommendations-

Positional- sell on every rise with sl 0.957 and (cb) targets 0.92; cmp 0.9415.

Intraday- buy above 0.9450 for targets at 0.9550 and 0.957.

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Daily analysis of USDX for April 10, 2014 Trend News

Daily chart: The USDX continues falling and strengthening the current bearish bias. Now, it is very likely that the USDX will fall to the support level of 79.19. If the USDX does make a breakout at that level, it would be expected to fall to the level of 78.12. For now, the USDX remains below the 200-day moving average, so more bearish movements are expected. The MACD indicator is in negative territory.

H4 chart: The USDX is consolidating below the resistance level of 79.69 and now the USDX is falling toward the support level of 79.27. If the USDX does make a breakout at that level, it would be expected to fall to the level of 78.65. On the other hand, if the USDX makes a bullish rebound at current levels, it is expected to rise to the level of 79.69. The MACD indicator is in negative territory.

H1 chart: The USDX is forming a bearish pattern below resistance level of 79.64. If the USDX manages to consolidate below the support level of 79.39, it's expected to fall to the level of 79.13. On the other hand, if the USDX does make a breakout on the resistance level of 79.64, it's expected to rise to the level of 79.88. The MACD indicator is in negative 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 79.39, take profit is at 79.13, and stop loss is at 79.64.

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Daily analysis of GBP/USD for April 10, 2014 Trend News

Daily chart: This pair has consolidated above the support level of 1.6766 after the GBP/USD has successfully performed a breakout at that level. It is very likely that this pair will rise to the resistance level of 1.6851. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7000. The MACD indicator is in positive territory.

H4 chart: The GBP/USD has consolidated above the bearish trend line near to the 1.6730 level. If the pair manages to make a breakout on the resistance level of 1.6822, it's expected to rise to the level of 1.6950 in the medium term. However, if the pair manages to make a breakout in the support level of 1.6785, it's expected to fall to the level of 1.6730. The MACD indicator is in positive territory.

H1 chart: The GBP/USD has made a breakout at the 1.6750 level where it has formed a point of control and now this pair is forming a lower high pattern above that level. If the pair manages to make a breakout on the resistance level of 1.6800, it's expected to rise to the level of 1.6850. The MACD indicator is in positive 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 1.6800, take profit is at 1.6850, and stop loss is at 1.6750.

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Technical analysis of EUR/USD for April 10, 2014 Trend News

When the European market opens, some economic news will be released such as French Industrial Production m/m, French CPI m/m, ECB Monthly Bulletin, Italian Industrial Production m/m.The US will release the economic data too such as the Unemployment Claims, Import Prices m/m, Natural Gas Storage, 30-y Bond Auction, Federal Budget Balance, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3919.

Strong Resistance:1.3910.

Original Resistance: 1.3897.

Inner Sell Area: 1.3884.

Target Inner Area: 1.3851.

Inner Buy Area: 1.3818.

Original Support: 1.3805.

Strong Support: 1.3792.

Breakout SELL Level: 1.3783.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3805 and 1.3897. The rate is accompanied by strong support at 1.3792 and by 1.3910 as strong resistance.

If EUR/USD breaks out and closes below the 1.3783 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3919 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 1.3818 and at 1.3884, a SELL position. In this case both targets should be placed at the level of 1.3851.

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 10, 2014 Trend News

In Asia, Japan will release the Core Machinery Orders m/m, Bank Lending y/y, Prelim Machine Tool Orders y/y and the US will release some economic data such as Unemployment Claims, Import Prices m/m, Natural Gas Storage, 30-y Bond Auction, Federal Budget Balance. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.46.

Resistance. 2: 102.26.

Resistance. 1: 102.06.

Support. 1: 101.81.

Support. 2: 101.61.

Support. 3: 101.41.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.41) and resistance 3 (102.46). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

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

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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



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Daily analysis of major pairs for April 10, 2014 Trend News

EUR/USD: The rally that started on this pair has eventually resulted in a ‘buy’ signal in the chart. That signal has been sustained. The price has succeeded in reaching our target at 1.3850 and is going beyond it. The price would now go upwards towards the resistance line at 1.3900. That is the next target.

USD/CHF: Since a Bearish Confirmation Pattern has come about in the market, the bias shifted in favor of the bears. The price is now trading below the resistance level at 0.8800. Being ready to trade further south, the price may test the support level at 0.8750. This is a weak market.

GBP/USD: The bullish bias on the Cable has become really significant, and it is expected to continue today. Having moved upwards by over 222 pips this week, the distribution territory at 1.6800 has been besieged by the bulls: it would easily be violated to the upside. The economic figures that are coming today would have some impact on the markets.

USD/JPY: This pair has nothing to do except to go further downwards. The downward move may be limited or steady, but the price would go downwards (that is a fact). There is a transient sideways movement in the market, but the price would eventually test the demand level at 101.50.

EUR/JPY: This cross started falling last week. It went below the price zone at 140.50, but it could not reach the price zone at 140.00. There is now a rally in the market, which cannot endanger the current bearish outlook unless the price goes above the supply zone at 142.00. The price may drop from here.

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Technical analysis of USD/JPY for April 9, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bearish bias after hitting three-week low at 101.55 on Tuesday. It is undermined by the positive yen sentiment after the Bank of Japan held steady on its policy Tuesday and BOJ Gov. Kuroda said he wasn't contemplating any additional easing steps because he is "as convinced as before" that the BOJ can defeat 15 years of deflation and spur 2% inflation by next spring. The yen sentiment is also boosted after Japan recorded a current account surplus of Y612.7 billion in February - its first surplus in five months. USD/JPY is also weighed by lower the U.S. Treasury yields amid investors' belief the Federal Reserve will be in no rush to raise interest rates, broadly weaker dollar undertone (ICE spot dollar index last 79.79 versus 80.22 early Tuesday); and the Japanese exports sales. But USD/JPY losses are tempered by the demand from Japan's importers, yen-funded carry trades amid improved investor risk appetite (VIX fear gauge eased 4.37% to 14.89) as U.S. stocks regained strength overnight (S&P rose 0.38%) and U.S. NFIB Index of Small Business Optimism rose to 93.4 in March from 91.4 in February.

Technical сomment:
Daily chart is negative-biased as stochastics is falling from overbought zone, MACD is staging bearish crossover against its exponential moving average.

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 101.45. A breach of this target will move the pair further downwards to 101.20. The pivot point stands at 102.30. 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 102.65 and the second target at 103.

Resistance levels:

102.65

103

103.45

Support levels:

101.45

101.20

101

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Technical analysis of NZD/USD for April 9, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bullish bias after hitting one-week high at 0.8681 on Tuesday. It is underpinned by the improved investor risk appetite and broadly weaker dollar undertone, buoyant commodity prices, hawkish Reserve Bank of New Zealand's monetary policy stance and hopes of further stimulus in China. But NZD/USD gains are tempered by the kiwi sales on soft NZD/JPY cross amid positive yen sentiment. Daily chart is mixed as MACD is bearish, but stochastics is in bullish 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 0.8670 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 0.8625.

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 9, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bearish bias. It is undermined by the positive yen sentiment and the Japanese exports sales. But EUR/JPY losses are tempered by the improved investor risk appetite and demand from Japan's importers. Daily chart is negative-biased as MACD and stochastics are bearish, 5-day moving average is falling below 15-day MA.

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 170.00. 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:

170.00

169.50

1697

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Daily analysis for Silver for April 09, 2014 Trend News

Overview

As it was expected, more bearish signals became available after breaking the Support level of 19.75 yesterday, then the metal continued its downward move after breaking the Support level, which gave us another good opportunity to sell till reaching the Support level of 19.50. Currently, as shown, the metal is hitting the Support level of 19.50 and starting to take a bullish move. Presently, we suggest waiting for closing above this level to give us a new opportunity for new buy signals with the first target few pips below the level of 20.20, then after breaking this Resistance level, Silver would open the way towards the Resistance level of 20.50, which means more bullish signals.

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (19.75), S1 (19.50), S2 (19.20), S3(18.75).

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

Overview

In H4 chart, the pair failed to break the Support level of 170.50 more than once. It has been trading above it since yesterday. Today the H4 chart shows that the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 171.50. Currently, it is prefered to wait for closing above this Resistance level, before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 172.00, then 173.00 as the second target. But closing below the Resistance level of 171.50 cancels the bullish move 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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Elliott Wave Analysis of USD/CAD for April 09, 2014 Trend News

USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has continued to trade downwards, impulsive wave [v] (coloured black) of the bigger wave C (coloured blue) has been developing. In the 1-hour chart of the USD/CAD pair above, we can see that descending movements from the 1.1045 level is taking a shape of the Ending Diagonal, this is a clear sign that (X) wave is going to be over soon, and that's why we are going to look for only buying opportunity in the pair. A break above the 1.1000 level will be a good entry long signal, and for stop loss we are going to use last low at the 1.0900 level.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 1.1000 with stop loss at 1.0900 and take profit at 1.1495 are recommended.

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Elliott Wave Analysis of AUD/USD for April 09, 2014 Trend News

AUD/USD Elliott Wave
From the early start of this week, the AUD/USD pair has continued trading upwards, 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 observe strong ascending movements from 0.9253 towards the 0.9387 level. This strong move was the part of the final [v] wave that should be over really soon, and that's the reason why we are going to look to establish only sell position on the break below the 0.9350 level. In accordance with our wave rules and taking into account that wave C should extend 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8290 (100% of wave A ). Since this targets are too far from the current level, intraday traders should watch the 0.9100 level as the first target.



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 downward movements. That is why short positions at the level of 0.9350 with stop loss at 0.9400 and take profit at 0.9100 are recommended .

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GOLD analysis for April 09, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways, around the price of 1,306.00, we are still waitiing for a larger movement. 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, which is a sign that we don't have healthy demand. 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 buying climax in the background. Then supply on the high volume came into the market, which means that buying Gold at this stage looks risky. If the price continues with upward movement, 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: 1,314.01

R2: 1,318.14

R3: 1,324.83

Support levels:

S1: 1,300.64

S2: 1,296.51

S3: 1,289.83

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 19, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair is stalling ahead of 1.4850/60 levels for now. Please note that this region is also a fibonacci ratios convergences as seen here. If the pair reverses from current levels, 1.4800, bears could take back control and push it further low towards 1.4450 at least. Recommendations are to still remain flat and wait for further confirmation.

2. Intermediary support is seen at 1.4650/60, followed by 1.4450, 1.4350, while resistance is at 1.4850, followed by 1.4960 and 1.5120 respectively.

3. The structure remains unchanged for now and bulls need to take out at least 1.4850 to remain in control. A failure to do so could trigger a sell off.

Trading recommendations:

1. Aggressive trade setup is to go short now, set stop at 1.4860, target is open.

2. Conservative setup is to remain flat.

Good luck!

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#USDX technical analysis for April 9, 2014 Trend News

I mentioned in previous analysis that since the Dollar index got rejected at 80.60-70 resistance, we should expect the index to challenge the Ichimoku cloud at 80.10 and if broken it would challenge the support at 79.70. Weakness in Dollar has pushed the index lower. The rejection was an important bearish sign that we noted yesterday. Now the index trades just above 79.70 support.

The index has broken the Ichimoku cloud support and has canceled the sequence of higher highs and higher lows. Now we have made a lower low. Short-term trend has changed to down again. Bulls will eed to break above the Ichimoku cloud at 80.15 to reverse trend to up. Important resistance is found at 80.60 and important support at 79.40-20.

The Daily chart is not looking good for bulls. The rejection at the Ichimoku cloud and the broken supportive trend lines increase the chances that the Dollar index is heading towards new lows below 79. Unless we see a break above 80.50 on a daily basis, I remain pessimistic. New lows will come if bulls do not manage to reverse this trend soon and at least make a daily close above 80.15. Trend is down and will change on a daily basis if the index closes above 80.50.

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Gold technical analysis for April 9, 2014 Trend News

Gold price has paused its upward move at $1,315 that is the first important short-term resistance. Trend remains up, but price looks like it is forming a double top. This could mean that a pull back towards $1,300 is very possible. This does not change our short-term bullish view. As long as Gold price trades above $1,275, we expect this upward move to complete near $1,350.

The 4-hour chart shows how price is challenging the red horizontal trend line resistance and how it tries to break above the Ichimoku cloud. The ladder formation is bullish as long as we see higher highs and higher lows. As mentioned yesterday we could have completed 5 waves up. So a pull back is highly possible. Support is found at $1,295-$1,300.

My longer-term view remains unchanged. I expect the upward move to complete above $1,320 or even reach $1,350. Then I will be looking to go short. Short-term trend is up as long as price trades above $1,275. Long-term trend is down as long as price remains below $1,391 and with $1,100 as target.

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

Technical outlook and chart setups:

1. The EUR/JPY pair remains locked within cone consolidation as seen here. The pair is seen to produce a bullish bounce at the support trend line, around 140.00 levels for now. This could again drag prices higher up to 143.00/50 and higher. It is recommended to exit short positions for now and remain flat. Aggressive trade setup would be to go long, risk remains at 140.00.

2. Support is at 140.00 (intermediary), followed by 138.50/60 and 136.00, while resistance is at 143.50 (intermediary), followed by 144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY needs to break out of the cone consolidation for further directions. A break below 140.00 could be sold while above 144.00 should be bullish.

Trading recommendations:

1. Exit short positions and remain flat.

2. Aggressive trade setup is to go long, stop is just below 140.00, target is open.

Good luck!

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Technical analysis of Gold for April 09, 2014. Trend News

Technical outlook and chart setups:

1. Gold is pushing higher into the $1,310.00/20.00 region at the moment. The metal is expected to rally up to $1,350.00 levels, which is also the convergence of trend line support turned resistance and fibonacci 0.618 retracement of the recent down swing as seen here. It is recommended to remain long for now, risk remains at $1,275.00/77.00.

2. Intermediary support is seen at $1,277.00, followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is at $1,350.00, followed by $1,388.00 and higher up respectively.

3. The structure indicated that Gold rally is poised to reach at least till $1,350.00 in the near term. Bulls should remain in control till prices are above $1,277.00.

Trading recommendations:

Remain long for now, set stop at $1,277.00, target is open (at least $1,350.00).

Good luck!

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Technical analysis of Silver for April 09, 2014. Trend News

Technical outlook and chart setups:

1. Silver remains virtually locked between $19.80/90 and $20.10/20, trading range since several sessions now. Directional conviction shall come on a breakout in either directions; above $20.20 or below $19.80. It is recommended to remain long for now, but avoid taking fresh positions at the moment, risk remains at $19.00/25.

2. Resistance is at $21.70/80, followed by $22.30, while support is at $19.45 (intermediary), followed by $19.00 and $18.75 respectively.

3. The structure remains unchanged for now with bulls expected to remain in control till prices are above $19.00.

Trading recommendations:

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

Good luck!

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Technical analysis of GBP/USD for April 9, 2014 Trend News

Forecast :

• According to the previous events, the price of GBP/USD pair has still been trapped between 1.6750 and 1.6683.


• The level of 1.6763 is representing the strong resistance on April 9, 2014.


• It should be noted that the price of 1.6763 is coinciding with the ratio of 161.8 Fibonacci.


• The minor resistance has set at the level of 1.6654.


• The market was calling in uptrend for that the trend broke the resistance. Thereupon, the resistance became a strong support since yesterday.


• So, buy above the level of 1.6654 in the short term with the first target of 1.6718, it might resume to 1.6767 if the trend will be able to break the weekly resistance 2 at 1.6734.

Intraday technical levels :

• R3: 1.6945


• R2: 1.6849


• R1: 1.6798


• PP: 1.6702


• S1: 1.6651


• S2: 1.6555


• S3: 1.6504

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Technical analysis of EUR/USD for April 9, 2014 Trend News

Overview :

• The EUR/USD pair has rebounded from the minor support at the level of 1.3731, and it is now approaching its support in order to test it. Moreover, it should be noted that the price of 1.37316 is representing the weekly pivot point for April 9, 2014. Equally important, the weekly pivot point is coinciding with the ratio of 38.2% Fibonacci retracement levels. Consequently, it will probably start upside movement in this area and recover again. Therefore, it will be a good sign to buy at this spot with the first target of 1.3791 (it should be noted that this level will form the weekly resistance 1) and continue towards 1.3819 to form the double top. On the other hand, in case of a break of 1.3707, a good place for stop loss will be below 1.3700.

Notes :

• The major resistance will be set at the level of 1.3810.


• The minor support is going to be placed at 1.3730.


• We expect a new range of about 80 pips today.

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Elliott wave analysis of EUR/NZD for April 9, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5920

R2: 1.5893

R1: 1.5865

Current spot: 1.5845

S1: 1.5835

S2: 1.5807

S3: 1.5777

Technical summary:

The expected correction ended early and the downside pressure continued as expected. In the short term we are looking for minor resistance at 1.5865 to protect the upside for the next downside pressure towards the 1.5777-1.5766 area as the next target area. Once this area is reached, we should see a new correction towards 1.5865 and maybe even higher towards 1.5893 before the final decline towards the ideal target at 1.5530.

Trading recommendation:

We missed our entry point yesterday, but we will sell EUR at 1.5860 with a stop at 1.5900 and take profit at 1.5785.

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Elliott wave analysis of EUR/JPY for April 9, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.61

R2: 141.15

R1: 140.82

Current spot: 140.72

S1: 140.44

S2: 140.08

S3: 139.81

Technical summary:

There was no time for the correction unfold further and we saw a direct decline. The failure to extend the correction was an indication of underlying strength of the trend. This was also seen as the possible target at 141.00 was broken with no problems and the decline is extending. In the short term we will be looking for resistance at 140.82 for one last decline towards 139.81 before a larger correction should be expected towards 141.89.

Trading recommendation:

We have missed our entry and will wait for a new selling opportunity near 141.89.

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