Forecast analysis of crude for April 11, 2014 Trend News

Crude oil has recently looked like forming a 5-wave decline. But the subsequent rally has gone past key retracement, so I have reworked the wave counts. Most momentum indicators are now in buy mode and holding weekly and monthly averages prepared for wave 3 up to 112. The Goldman energy ndx also shows a wave 3 development and the CRB is rising past its wave 1 high. I think this is the best preferred view for now. Crude should be on to a good rally.

In the long-term chart of crude, once again we need to give credit to the long triangular formation. If 112 is surpassed then larger wave C up out of the triangle would head to 147 to test the previous all time high.

In the H4 chart, the RSI is in overbought conditions. We expect the price to come back up to 102.5, 101.90, and 101.20. The price looks weak only below 103 levels.

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Forecast analysis of USD/SGD for April 11, 2014 Trend News

The number of Americans filing new claims for unemployment benefits fell sharply last week to the lowest level in almost seven years, which could bolster views of an acceleration in job growth after a cold winter dampened hiring. Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for the week ended April 5, the lowest level since May 2007, the Labor Department said on Thursday. The claims report showed the number of people still receiving benefits after an initial week of aid fell 62,000 to 2.78 million during the week ended March 29. That was the lowest level since January 2008.

Overview-

When I looked at several triangles in USD pairs some were completed and some may be truncated. So I truncated it for the SGD in October and we did get a rally, But that move did not go past the upper line and now the failure is best judged as an incomplete triangle. The SGD is getting stronger and the pair may continue lower to the triangle line at 1.233 levels before a final bottom.

In the daily chart, the RSI is giving a buy signal. The pair made a lower lows formation within last two trading days, we expect the level of 1.2426 is the support for a couple of days, below that, 1.2401 (double bottom) and 1.2398 (a September 19, 2013 low). So it gives a relief rally towards 1.25, 1.2560, and 1.2575, above 1.2575, it will push towards 1.2622 levels.

Intraday basis-

The pair is facing resistance at 1.2477. We recommend to buy this pair above the 1.2477 levels for the 1.25 immediate target. Once the pair crosses the 1.25 levels, it will extend its leg towards 1.2560 and 1.2575 intraday and btst. If the pair is unable to cross the the 1.2477 levels, it will come back again to gain some more strength at lower levels between 1.2426-1.24-1.2398 or in the last case 1.233 levels. Traders can enter longs above 1.2477 or at lower levels for short-term gain up to 1.26 levels. In the H4 chart, RSI is favoring my short-term buy call.

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Technical analysis of EUR/USD for April 11, 2014 Trend News

When the European market opens, some economic news will be released such as German Final CPI m/m, 30-y Bond Auction.The US will release the economic data too such as the PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3954.

Strong Resistance:1.3945.

Original Resistance: 1.3932.

Inner Sell Area: 1.3919.

Target Inner Area: 1.3886.

Inner Buy Area: 1.3853.

Original Support: 1.3840.

Strong Support: 1.3827.

Breakout SELL Level: 1.3818.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3840 and 1.3932. The rate is accompanied by strong support at 1.3827 and by 1.3945 as strong resistance.

If EUR/USD breaks out and closes below the 1.3818 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3954 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 1.3853 and at 1.3919, a SELL position. In this case both targets should be placed at the level of 1.3886.

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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Daily analysis of USDX for April 11, 2014 Trend News

Daily chart: The USDX is maintained in the current bearish trend, so it is very likely that the USDX will touch the support level of 79.19 soon. However, we must be cautious to a bullish rebound at current levels, as the USDX is oversold and it is normal to perform corrective movements. The MACD indicator is in negative territory.

H4 chart: The USDX is moving in a low range in a bearish pattern formed below the bearish trend line at the level of 79.45. If the USDX does make a breakout in the support level of 79.27, it's expected to fall to the level of 78.20. On the other hand, it must be stressed that the USDX is oversold. The MACD indicator is in neutral territory.

H1 chart: During the last hours, the USDX has made slow movements above the support level of 79.39, which may be an indication that the USDX has found strong support on this level, so it is likely that the USDX rises to the resistance level of 79.64. However, we must put buy orders with caution. 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 79.39, take profit is at 79.13, and stop loss is at 79.64.

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Daily analysis of GBP/USD for April 11, 2014 Trend News

Daily chart: The GBP/USD remains above the support level of 1.6766, it's expected to continue corrective movements since the GBP/USD has been in a lateralized bullish trend. The goal remains the resistance level of 1.6851. However, a breakout in the support level of 1.6766, this pair could lead to fall to the level of 1.6663. The MACD indicator is in positive territory.

H4 chart: This pair remains above the 200 SMA and the bearish trend line, at the 1.6715 level. Now, this pair is likely to rise again to the resistance level of 1.6822. However, care should be taken with a fall of GBP/USD to the support level of 1.6683. The MACD indicator is in negative territory.

H1 chart: The GBP/USD found resistance at the level of 1.6800, so that this pair remains within the range between that level and the support level of 1.6750. If the pair manages to make a breakout at the support level, it is expected to fall to the level of 1.6700. The MACD indicator is still in negative territory and GBP/USD remains above the 200 SMA.

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 USD/JPY for April 11, 2014 Trend News

In Asia, Japan will release the Monetary Policy Meeting Minutes, CGPI y/y, M2 Money Stock y/y, 30-y Bond Auction; the US will release some economic data such as PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment, Prelim UoM Inflation Expectations. So there is a big probability the USD/JPY will move with low volatility during the Asian and US sessions.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.10.

Resistance. 2: 101.90.

Resistance. 1: 101.70.

Support. 1: 101.45.

Support. 2: 101.25.

Support. 3: 101.05.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.05) and resistance 3 (102.10). 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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Daily analysis of major pairs for April 11, 2014 Trend News

EUR/USD: From the support line at 1.3700, this market has moved upwards by roughly 190 pips. The weakness in the USD/CHF is giving the EUR/USD a good leverage, plus the market would go upwards as long as the USD/CHF is weak. The resistance line at 1.3900 is now subject to the bulls’ assault.

USD/CHF: The USD/CHF has been weak this week. The support level at 0.8750 would be easily breached to the downside.As the price goes further downwards, the next target to be breached would be the support level at 0.8700. That support level is significant enough to halt the southward plunge temporarily, but with an increase in the southward momentum, the support level would also be violated.

GBP/USD: There has already been a significant northward surge in the Cable. The upsurge has been halted temporarily at the distribution territory of 1.6800. This has resulted in a temporary pullback, which should be an opportunity to buy long at a slightly cheaper price.

USD/JPY: As it was forecasted, the demand level at 101.50 has already been tested and breached to the downside. Even if the price closes below it, and with an increase in the selling pressure, the market is bound to go further downwards.

EUR/JPY: There is an established bearish outlook on the market, though things have been very volatile lately. There are short-term rallies in the market, and these kind of rallies are short-selling opportunities. As long as the price is under the supply zone at 142.000, the bearish outlook is valid.

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Intraday technical levels and trading recommendations for GBP/USD for April 10, 2014 Trend News

Around the 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 consolidating around 1.6780-1.6800.

Lack of bearish follow up below 1.6600 resulted in a strong bullish reversal with breakthrough above 1.6535.

Four-hour fixation above 1.6500-1.6530 exposed price zone of 1.6645 - 1.6680 to be broken through quickly.

The price level of 1.6645 - 1.6680 may offer a valid BUY entry on the next bearish pull-back. It corresponds to the recent broken top established on March 31.

Stop loss should be located below 1.6560.

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Intraday technical levels and trading recommendations for EUR/USD for April 10, 2014 Trend News

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

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 above 1.3800.

It's important to note that the EUR/USD pair established a new supply zone at 1.3850-1.3880. It rejected the bulls on December 27 strongly, so any further visits should be considered for selling.

That's why, bearish pressure is expected to be applied there. However, some sideway consolidation isn't excluded to occur before bearish impulse is initiated.

Since the EUR/USD pair broke below 1.3855, the pair has roughly been moving sideways with slight bearish tendency until bullish breakout above 1.3810 took place earlier today.

The depicted uptrend line came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as a significant intraday demand. This led to the bullish fixation above 1.3810.

Price zone of 1.3880-1.3900 should be considered for selling as long as 1.3945 remains defended by the bears.

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GBP/USD intraday technical levels and trading recommendations for April 10, 2014 Trend News

The depicted uptrend line remains intact since it was established in November 2013.

Successive ascending bottoms were established around 1.5850, 1.6250, and 1.6460, and recently another ascending bottom around 1.6565 was established.

The pair has established new resistance levels between 1.6765 and 1.6815 during February and March. These levels correspond to the previous tops in a successful Double Top pattern.

A bullish impulse was initiated this week around 1.6565 pushing towards price zone of 1.6765 - 1.6815. Bearish price action is expected to be expressed during this visit.

Re-closure below 1.6765 exposes price level of 1.6730 then a stronger support zone between 1.6640-1.6610, in case the intraday support fails to hold price above.

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USD/CAD intraday technical levels and trading recommendations for April 10, 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 a 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.

Instead, daily closure below 1.0920 took place yesterday, probably exposing the price level of 1.0835 for retesting.

In case the current 4H support around 1.0860 doesn't hold the 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 1.0920-1.0940 is expected to provide a considerable resistance as well. This price zone corresponds to the recently established resistance zone.

Any further visiting will probably offer a valid sell entry with stop loss located just above 1.0960.

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EUR/AUD intraday technical levels and trading recommendations for April 10, 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.

The Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but also 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 the 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.

Until now, the bulls are offering support around 1.4700-1.4725 where a bullish daily candlestick was expressed yesterday. This may enhance the bullish pull-back towards 1.4945 as an initial target.

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

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

Overview

In the shown H4 chart, the pair failed more than once to break the Support level of 170.50 and is still trading above it since yesterday. 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 preferred to wait till 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 170.50 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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#USDX technical analysis for April 10, 2014 Trend News

The rejection of the Dollar index at the 80.60 price level was very important as we noted in previous analysis. I also mentioned that support at 80 and 79.70 was very important and if the price breaks below these levels, we should expect a sharp decline that will challenge the lows near 79.20. This is exactly what is going on with the Dollar index now. The trend remains down. Momentum is bearish but a bit oversold. Price has reached the important lows of 79.20.

Dollar bulls need to break above the Ichimoku cloud if they want to have any chance of success. Bears dominate the index for the time being and unless we see a strong bounce off the lows at 79.20, any upward pullback will be met with selling pressures. Support is at 79.20 and if broken we should expect the index to break below 79.

The daily chart as shown above confirms how bad things are for Dollar bulls. Support is broken. Trend line support is also broken. Ichimoku cloud and the downward sloping trend line resistance remain strong above the current price, imposing strong resistance. For bulls to really reverse the long-term trend, the 80.70 levels need to be broken. Until then, bears will be in control.

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Gold analysis for April 10, 2014 Trend News

In our last analysis we expected Gold price to pull back towards $1,300 in order to back test the broken resistance that was support. This is what exactly happened yesterday. Gold price reached our pullback target and made a new higher high. The trend remains up inside the upward sloping channel as shown in the chart below.

Short-term support provided by the bullish channel is now at $1,310. Gold price has clearly broken above the Ichimoku cloud. All signs point to a continuation of the uptrend. If Gold prices break yesterday's lows, we should expect Gold price to challenge the lows at $1,275.

Our longer-term view remains the same. We expect Gold price to make a top near $1,350 and then reverse strongly downwards to make new lows below $1,280 and challenge $1,180. For the short-term, as long as Gold price remains above the recent low at $1,275, we remain long.

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

Overview:

USD/JPY is expected to trade in higher range. It is underpinned by the reduced safe-haven appeal of yen and yen-funded carry trades amid positive global risk sentiment (VIX fear gauge eased 7.19% to 13.82; S&P rose 1.09% overnight) after minutes from last month's Federal Reserve policy meeting showed no signs of accelerated interest rate hikes ahead and indicated policymakers wanted to avoid the perception that the Fed is more willing to tighten monetary policy. USD/JPY also supported by demand from Japan importers and investment trusts. But USD/JPY gains are tempered by the Japan exporter sales , reduced expectations of further easing from the Bank of Japan after its policy decision Tuesday, negative USD sentiment (ICE spot dollar index last 79.52 versus 79.79 early Wednesday) on dovish FOMC meeting minutes. Yen crosses are vulnerable to China March trade balance data due around 0200 GMT (forecast exports +4.2%, imports +2.8%, surplus $1.75 billion).

Technical сomment:
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 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 USD/CHF for April 10, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias after hitting a three-week low at 0.8786 on Wednesday. It is undermined by the negative USD sentiment and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy stance. Daily chart is negative-biased as stochastics is bearish, 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 0.8790. A breach of this target will move the pair further downwards to 0.8760. The pivot point stands at 0.8845. 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 0.8870 and the second target at 0.8890.

Resistance levels:

0.8870

0.8890

0.8910

Support levels:

0.8790

0.8760

0.8730

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Technical analysis of GBPJPY for April 10, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is supported by the positive global risk sentiment and demand from Japan importers. But GBP/JPY gains are tempered by the reduced expectations of further easing from the Bank of Japan and Japan exporter sales. Daily chart is still negative-biased as MACD and stochastics are in bearish mode, five-day moving average is below 15-day MA and is declining.

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:

171.60

172

172.50 Support levels:

170.00

169.50

1697

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EUR/NZD analysis for April 10, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5930, we are still waiting for larger movement. According to the daily chart, we can observe weak supply bar on the volume just above the average, which is a sign that we may see possible smaller bullish correction before further bearish continuation. As we already wrote in previous analysis, EUR/NZD is in short- and mid-term bearish trend so watch for selling opportunities after retracement. Major down station may be the price of 1.5765. I placed Fibonacci retracement to find the potential end of the bullish correction and I got Fibonacci retracement 38.2% at the price of 1.5963 and Fibonacci retracement 61.8% at the price of 1.6040. Buying looks risky, so watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5958

R2: 1.5992

R3: 1.6047

Support levels:

S1: 1.5848

S2 : 1.5814

S3: 1.5759

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

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GOLD analysis for April 10, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,323.65 on high volume. Our previous analysis is still active and we've got good progress. According to the daily chart, we can observe demand bar on average volume, which is a sign that we may see more upward movements before any larger supply. Our Fibonacci retracement 38.2% at the price of 1,321.00 is now on the test, so be careful with buying Gold at this stage. If the price breaks the level of 1,321.00 on high volume, we may see possible testing the level of 1,348.00 (Fibonacci retracement 61.8%). 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. 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: 1,314.75

R2: 1,318.11

R3: 1,323.53

Support levels:

S1: 1,303.91

S2: 1,300.55

S3: 1,295.13

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 EUR/JPY for April 10, 2014 Trend News

General overview for 10/04/2014 11:22 CET

The corrective cycle has been finished in the shape of a ZigZag wave 2 or B green. The legs of the shape were equal and the top for the correction was at the level of 141.10. Please notice, this still might be only the first leg of more complex corrective structure and this is being labeled as a possible wave alt:(a) blue. Nevertheless, the downside breakout below the level of 140.44 is bearish and traders are advised to watch the level of 140.00 for a potential lower breakout as well. Any failure at this level means that the overall correction will be more complex.

Support/Resistance:

139.78 - WS2

140.03 - Swing Low

140.46 - WS1 | Intraday Support|

141.04 - Intraday Resistance

Trading recommendations:

Sell stop orders should be opened from the level of 140.44 with SL above the level of 141.04 and TP at the level of 140.00.

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

Overview :

• The support of the NZD/USD pair is going to set at the level of 0.8660 on April 10, 2014. Also, he level of 0.8660 is representing the key level of the NZD/USD pair this week. Moreover, the market is still calling in uptrend since June 2013. Thereupon, the resistance became the strong support. Consequently, the ascending movement will probably be higher than the 0.8863 level with the targets at 0.8720 and 0.8843 in the long term. The level of 0.8843 is the highest price. Accordingly, the pair is going to form the first double top in the weekly chart.

• On the contrary, the resistance will be formed at the level of 0.8840. Furthermore, it will be very profitable to sell below this level for retesting this level in the short period. Therefore, sell deals are recommended below the 0.8840 level with targets at 0.8800 and 0.8763; in the coming days.

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

Overview :

• Technical analysis of the USD/CHF pair in the short term.


• The market showed the signs of falling. The trend movement was controversial as it took place in the downward channel. Due to the previous events, the price is still between the levels of 0.8840 and 0.8760. Moreover, the level of 0.8840 is representing a strong resistance on April 10, 2014. From this point, the pair is likely to begin a descending movement from the point of 0.8840 and further to the level of 0.8790. Then the market will probably show the signs of a bearish trend. In other words, sell deals are recommended below 0.8840 or 0.8790 with the first target at the level of 0.8758 (the weekly support 1). However, if the USD/CHF pair fails to pass through the level of the weekly support 1 (0.8758), the market will indicate a bullish opportunity above minor support level of 0.8758 today. In this regard, buy deals are recommended higher than the 0.8758 level with the first target at 0.8800. It is possible that the pair will turn upwards continuing the development of the bullish trend to the level of 0.8830.

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Technical analysis of GBP/CHF for April 10, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHf pair is still struggling ahead of the 1.4850 resistance for now. A bearish reversal is possible from current level which could still drag prices towards 1.4450 levels. It is recommended to remain short for now, risk remains at 1.4850/60.

2. Support is at 1.4650, followed by 1.4450, 1.4350 and lower, while resistance is at 1.4850/60, followed by 1.4950 and 1.5120 respectively.

3. The structure indicates that till GBP/CHF is below the 1.4850 levels, bears could take back control and continue moving lower towards the swing lows of 1.4450 and further.

Trading recommendations:

Remain short, set stop at 1.4850, target is open.

Good luck!

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

Technical outlook and chart setups:

1. The EUR/JPY pair produces a morning star bullish reversal candlestick signal right at the cone support line seen here around 140.00 levels yesterday. This indicates that next leg is possibly higher from here on. If this count is true, the pair should rally towards at least 143.00 levels, which is convergence of cone resistance line as well. Recommendations are to remain long (aggressive setups), risk remains at 140.00.

2. Intermediary support is at 140.00, followed by 138.50, 136.00 and lower, while resistance is at 143.00/50, followed by 144.00 and higher up at 1.5120.

3. The structure indicates that EUR/JPY might rally towards 143.00/50 levels again towards the cone resistance line. Bears would regain control if 140.00 breaks down.

Trading recommendations:

1. Aggressive setup is to remain long from yesterday, set stop at 140.00 target is open.

2. Conservative approach is to remain flat and wait for further confirmation.

Good luck!

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Technical analysis of Gold for April 10, 2014. Trend News

Technical outlook and chart setups:

1. Gold is pushing higher for now, minimum extension seen is towards $1,345.00/50.00 levels. Recommendations are to still remain long, risk can be moved to $1,277.00. As seen here, the $1,345.00/50.00 zone is fibonacci 0.618 resistance and a reaction could be expected. Furthermore, the trendline resistance is around the same region. Remain long and buy intraday dips till Gold stay above $1,277.00.

2. Intermediary support remains at $1,277.00 for now, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is seen as $1,345.00/50.00 (fibonacci), followed by $1,388.00/90.00.

3. The structure remains bullish till prices remain above $1,277.00 for now. The metal is poised to rally at least till $1,350.00 levels before reversing.

Trading recommendations:

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

Good luck!

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Technical analysis of Silver for April 10, 2014. Trend News

Technical outlook and chart setups:

1. Silver re-bounced just from the trend line support at $19.61 yesterday. It is trading well above the $20.00 levels at the moment and is expected to rally further towards $21.70 and higher up. It is recommended to remain long for now, risk remains at $19.20/25.

2. Support is at $19.00, followed by $18.75 and lower, while resistance is at $21.70, followed by $22.20/30, $23.00 and higher respectively.

3. The structure indicates that Silver is very much in the buy zone and racing towards $21.70 levels at least for now. Intraday dips should be considered as opportunities to go long.

Trading recommendations:

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

Good luck!

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Elliott wave analysis of EUR/NZD for April 10, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5979

R2: 1.5923

R1: 1.5905

Current spot: 1.5877

S1: 1.5848

S2: 1.5824

S3: 1.5774

Technical summary:

We expected that the small correction from 1.5855 was over, but it turned into the more complex expanded flat correction for a final rally towards 1.5980. This has changed our count slightly, but we should soon see the next powerful decline towards at least 1.5779 and more likely lower towards 1.5655 in green wave iii. In the short term look for minor resistance at 1.5905 to protect the upside for a break below 1.5848 to confirm the decline to 1.5779 and lower.

Trading recommendation:

Our short position from 1.5860 hit the stop at 1.5900 for a small loss. We will sell EUR again here at 1.5877 with a stop at 1.5985, but we will lower the stop to 1.5910 upon a break below 1.5848.

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Elliott wave analysis of EUR/JPY for April 10, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.55

R2: 141.24

R1: 141.06

Current spot: 140.90

S1: 140.63

S2: 140.08

S3: 139.43

Technical summary:

The correction we had been looking for became smaller than expected and it indicated that wave one from 143.47 is not over yet; therefore we changed our count slightly. Now we are looking for the final decline in blue wave v towards 139.43 before red wave i is over and red wave ii higher to 141.89 is expected. In the short term we expect minor resistance at 141.24 to protect the upside for a break below 140.62 confirming the decline towards 139.43.

Trading recommendation:

We missed our entry point at 141.89. We will sell EUR at 141.20 with a stop at 141.60 and take profit at 139.55.

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