USD/CAD intraday technical levels and trading recommendations for April 18, 2014 Trend News

On March 24, by breakdown of 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but confirm 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 hinders 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 and a slide below 1.4675 will open the way towards 1.4350 as a projection target for the long-term bearish pattern.

There's a state of indecision around 61.8% Fibonacci level (1.4750). The bulls were offering support around 1.4725. This price level kept the pair consolidating above for a while. The state of indecision is still going on until today.

On the 4H chart, this indecisive state is manifested in the depicted consolidation zone on the 4H chart.

Breakthrough above its upper limit (1.4845) invalidates the bearish scenario for the short-term prospective. Projection target of the bullish breakout should be located near 1.4950 (50% Fibonacci level on the daily chart).

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Daily analysis of USDX for April 18, 2014 Trend News

Daily chart: The USDX has been weakening in its bullish bias in recent days, as the USDX remains below the 80.00 level. Additionally, we must take into account the USDX has formed a fractal near that level. For now, it is likely that the USDX will fall to the level of 79.50. The MACD indicator is entering the neutral territory.

H4 chart: The USDX has found resistance at the 79.93 level, so the bearish bias is trying to stay alive in the USDX. USDX is likely to fall back to the level of 79.60. If the USDX does make a breakout at that level, it will be expected to fall to the level of 79.33. The MACD indicator is in positive territory.

H1 chart: The USDX has consolidated above the 200 SMA, but this does not mean much, since the USDX remains below the resistance level of 79.88, so the bearish bias remains intact. However, if the USDX does make a breakout at that level, it will be expected to rise to the level of 80.15. 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 79.64, take profit is at 79.39, and stop loss is at 79.90.

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Daily analysis of GBP/USD for April 18, 2014 Trend News

Daily chart: The GBP/USD has made movements in low range above the support level of 1.6766, due to the low volatility that has occurred on holidays in various parts of the world. However, the bullish outlook remains alive, as this pair is forming a bullish pattern. The MACD indicator is in positive territory.

H4 chart: This pair has dropped to the support level of 1.6785, but in the last hours, the GBP/USD has made a bullish rebound that has allowed this pair to climb up to the resistance level of 1.6822. If GBP/USD manages to make a breakout at that level, it willwould be expected to rise to the level of 1.6900. The MACD indicator is in negative territory.

H1 chart: The GBP/USD remains above the 200 SMA and the support level of 1.6750, so the bullish bias continues to dominate this pair. Now, the GBP/USD is trying to make a breakout on the resistance level of 1.6800. If successful, it is 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

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Intraday technical levels and trading recommendations for EUR/USD for April 18, 2014 Trend News

In March, the failure of the bulls to fixate above 1.3870 allowed enough bearish pressure to be applied on the pair towards the recent demand zone around 1.3700.

At retesting of 1.3700, significant bullish pressure was applied which paused the recent slide off 1.3965 which led to another ascending impulse towards 1.3880.

Friday's daily candlestick came as a bearish "Doji" indicating lack of enough bullish momentum above 1.6880. This was followed by bearish engulfing daily candlesticks aiming to apply bearish pressure on price level of 1.3800 which is offering support so far (bullish hammer candlestick).

At the same time, several bullish attempts took place to step above 1.6880. However, immediate bearish reaction is applied resulting in successive reversal daily candlesticks pushing again towards 1.6800.

Since the EUR/USD pair broke below 1.3855, the pair has roughly been moving sideways with slight bearish tendency until 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 recent bullish impulse above 1.3810 and 1.3855.

As suggested on Friday, price levels around 1.3880 provided a valid SELL entry. Profits should have been taken near 1.3820-1.3800.

For the bulls, price zone of 1.3810-1.3785 remains the nearest DEMAND zone to be watched for a valid BUY position. Stop Loss should be located below 1.3740.

On the other hand, 1.3880 remains the nearest supply level for the bears. It should be watched for early exit of the current bullish position in case bearish breakdown of 1.6800 takes place.

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Intraday technical levels and trading recommendations for GBP/USD for April 18, 2014 Trend News

Previously, around the price zone of 1.6780-1.6800, a Double Top pattern scenario was established during February and March.

The full projection target was hit at 1.6464 (61.8% Fibonacci) after the bears managed to fixate below 1.6600 (reversal pattern neckline).

The recent lows at 1.6465 as well as 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep fixing 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, it remains intact, the bulls will be consolidating around 1.6780-1.6800.

The nearest demand zone to meet the pair is located at 1.6660-1.6675. It's the most recently established top on the current bullish swing.

A bearish pull-back towards 1.6660 -1.6675 was considered for buying. This position is running in profits now (+150 pips).

As long as 1.6666 (most recent bottom) remains defended by the bulls, our long position remains valid. However, it is risky to take new long positions at these high levels, especially after the inverted hammer daily candlestick was expressed yesterday. That's why, partial profits taking should be executed at the current levels.

The 4H chart reveals more significance of the demand zone around the recently broken top mentioned above in the daily chart.

This demand zone corresponds to 50% and 61.8% Fibonacci levels which is a critical demand zone for the ongoing bullish swing which offered a valid BUY entry on the recent bearish pull-back as expected.

Stop loss should be advanced to 1.6680 to offset the risk of this profitable position and price action should be watched around 1.6820 for a possible bullish breakout above 1.6845.

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Technical analysis of USD/JPY for April 18, 2014 Trend News

Overview:

USD/JPY is expected to trade in a higher range. Liquidity is thin as financial markets in several countries and stock market in the U.S. are shut today for Good Friday holiday. USD/JPY is underpinned by the reduced safe-haven appeal of yen and yen-funded carry trades amid positive global risk sentiment (VIX fear gauge eased 5.78% to 13.36; S&P gained 0.14% overnight) after four-way talks involving Ukraine, Russia, the U.S. and the EU in Geneva ended with an agreement to defuse the crisis in Ukraine. USD/JPY is also supported by the demand from Japan's importers, higher U.S. Treasury yields; positive dollar sentiment (ICE spot dollar index last 79.86 versus 79.82 early Thursday) on Wall Street gains and upbeat U.S. data: U.S. jobless claims in week ended April 12 increased less-than-expected 2,000 to 304,000 (versus 315,000 forecast), Philadelphia Fed's index of manufacturing activity rose stronger-than-expected to 16.6 in April from 9.0 in March (versus 10.0 forecast). But the USD/JPY gains are tempered by Japan's exports, diminished expectations of further easing from the Bank of Japan and positions adjustment before weekend.

Technical сomment:
Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone.

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 102.65 and the second target at 102.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.65. A breach of this target will push the pair further downwards and one may expect the second target at 101.45. The pivot point is at 101.85.

Resistance levels:

102.65

102.90

103.25

Support levels:

101.65

101.45

101.20

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Technical analysis of USD/CHF for April 18, 2014 Trend News

Overview:

USD/CHF is expected to trade in a higher range. Financial markets in Switzerland were shut today for Good Friday holiday and on Monday for Easter. USD/CHF is supported by the positive dollar sentiment and dovish Swiss National Bank's monetary policy stance and franc sales on buoyant EUR/CHF cross. But the USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross and positions adjustment before weekend. Daily chart is positive-biased as stochastics is rising from oversold zone, MACD is staging bullish crossover against its exponential moving average.

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 0.8845 and the second target at 0.8860. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8755. A breach of this target will push the pair further downwards and one may expect the second target at 0.8735. The pivot point is at 0.8775.

Resistance levels:

0.8845

0.8860

0.8885

Support levels:

0.8755

0.8735

0.8695

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Technical analysis of GBPJPY for April 18, 2014 Trend News

Overview:

GBP/JPY is expected to trade with bullish bias. It is supported by the positive investor risk sentiment and demand from Japan's importers. But the GBP/JPY gains are tempered by Japan's exports, diminished expectations of further easing from the Bank of Japan and positions adjustment before weekend. 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 172.75 and the second target at 173.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.90. A breach of this target will push the pair further downwards and one may expect the second target at 170.55. The pivot point is at 171.35.

Resistance levels:

172.75

173.15

173.65

Support levels:

170.90

170.55

170.06

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Technical analysis of NZD/USD for April 18, 2014 Trend News

Overview:

NZD/USD is expected to trade in a lower range.As financial markets in New Zealand was shut today for Good Friday holiday and on Monday for Easter. NZD/USD is undermined by the positive dollar sentiment and continued impact from softer-than-expected New Zealand first-quarter CPI and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are also tempered by the Kiwi demand on NZD/JPY cross amid positive risk appetite and hawkish RBNZ monetary policy stance and positions adjustment before the weekend. Daily chart is negative-biased as MACD and stochastics are bearish.

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 0.8570. A breach of this target will move the pair further downwards to 0.8545. The pivot point stands at 0.8630. 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 0.8660 and the second target at 0.8690.

Resistance levels:

0.8660

0.8690

0.8625

Support levels:

0.8570

0.8545

0.85

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GOLD analysis for April 18, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,292.98 on high volume. According to the daily chart (Thursday bar), we can observe supply bar on volume below the average, which is sign that market its not ready to start larger downward movement. Anyway, if we take a look at 4H timeframe, we can observe supply bar on volume above the average and that is good sign for potential downward movement. 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. According to current downward leg, we've got Fibonacci retracement 38.2% at the price of 1,303.00 (successfully held) and Fibonacci retracement 61.8% at the price of 1,313.00. If the price breaks the level of 1,279.00 on a higher volume, we may see it testing the level of 1,263.00. My advice is to watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,306.57

R2: 1,309.69

R3: 1,314.73

Support levels:

S1: 1,296.49

S2: 1,293.37

S3: 1,288.33

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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EUR/NZD analysis for April 18, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6138 on the volume below the average. According to the daily chart (Thursday), we can observe demand bar on the volume below the average, which is a sign that buying at this stage looks risky. According to the 1H timeframe, we can observe weak demand and indecision bar on very high volume, which is another sign that buying at this stage looks risky. As we already wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish trend, so watch for selling opportunities after retracement. I placed Fibonacci expansion levels and I have got Fibonacci expansion 61.8% at the price of 1.6090 (currently on the test) and Fibonacci expansion 100% at the price of 1.6245. Buying looks risky, so watch for selling opportunities after retracement. Any larger supply on a higher volume may confirm further bearish movement. Also, there is resistance at the price of 1.6175 (previous swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6132

R2: 1.6166

R3: 1.6220

Support levels:

S1: 1.6022

S2 : 1.5988

S3: 1.5933

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

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Daily analysis of GBP/JPY for April 18, 2014 Trend News

Overview

From the shown H4 chart, the pair failed more than once to break the support level of 171.50 and is still trading above it since yesterday. From the today's H4 chart the pair bounced from the support area again and started to take a slightly upward move approaching the resistance level of 172.00. Currently, it is prefered 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 173.00 then 173.50 as the second target. But closing below the resistance level 171.50 cancels the bullish move scenario.

Resistance and support levels: R3 (173.50) R2 (173.00) R1 (172.00), S1 (171.50), S2 (170.50), S3 (169.75).

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Daily analysis of silver for April 18, 2014 Trend News

Overview

From the today's H4 chart, silver is still stabilizing above the support level of 19.50 and could not break it and currently is bouncing from it towards the resistance level of 19.75. So we still suggest waiting for closing above the resistance level of 19.75 in case of bouncing from the support level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 20.20, then after breaking this resistance level silver would open the way towards the resistance level of 20.50, which means more bullish signals, but as long as the metal trades below the resistance level of 19.75 this cancels the bullish scenario.

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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Technical analysis of NZD/USD for April 18, 2014 Trend News

Overview :

• The NZD/USD pair has been showing a downward trend. Additionally, the price is still trapping between 0.8597 and 0.8563. So, it is of the cleverness to be neutral at this spot. Equally important, the support has set at the level of 0.8530. As it is known, buyers are biding at a lower price. Accordingly, the price of the NZD/USD pair will give a good sign to buy above 0.8530 with target of 0.8600. Also, if the trend will be able to break the 0.8600 price, hence, it might resume to 0.8640. However, if the trend fails to close above the resistance (0.8640), then the market will indicate a bearish opportunity below 0.8640. Thereupon, the level of 0.8640 is going to act as strong resistance. Therefore, it will a good sign to sell below this level on Friday 18, 2014. But the stop loss should be placed above 0.8660 at the price of 0.8386.

Intraday technical levels :

Date & Time:18/04/2014 10:30

Pair:NZD/USD

• R3: 0.8708


• R2: 0.8677


• R1: 0.8623


• PP: 0.8592


• S1: 0.8538


• S2: 0.8507


• S3: 0.8453

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Technical analysis of USD/CHF for April 18, 2014 Trend News

Overview :

• The USD/CHF pair is going to set strong resistance at the level of 0.8854 and this level is coinciding with the ratio of 61.8% Fibonacci retracement levels. Equally important, the price is still moving between 0.8795 and 0.8840. Also, the USD/CHF pair has still been below 61.8% of Fibonacci retracement levels since April 9, 2014. As a result, the price has already formed the strong resistance at this level of 0.8854 and it is now approaching it in order to test it. Moreover, it should be noted that the level of 0.8854 is the key price today. Therefore, the USD/CHF pair will get a downside momentum rather convincing and the structure of the fall does not look corrective, for indicating a bearish opportunity below the 0.8854 level for that it will a good sign to sell below 0.8854 with a first target of 0.8805 (this level is coinciding with the weekly pivot point) and it will call for downtrend in order to continue bearish towards 0.8760. Additionally, the price is at 0.8760 to test the double bottom and it had already open above the gab. On the other hand, the stop loss should always be taken into account, thus it will be useful to set your stop loss at the price of 0.8883.

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Daily analysis of major pairs for April 18, 2014 Trend News

EUR/USD: This pair has been traded flat for the most of the week, although it appears as if the price would go upwards when momentum returns to the market. This is possible because there is still some bullish indication in the chart, especially as far as the price action is concerned.

USD/CHF: In a rare formation (though not a surprise) USD/CHF has been able to exude some bullish stance this week. The gradual and steady rally has finally resulted in a ‘buy’ signal as a Bullish Confirmation Pattern returns to the market. This kind of price action we see here continuing, the price would soon be trading above the resistance level at 0.8850.

GBP/USD: This is a bullish market, and any bearish retracement on it – as it is currently happening – is seen as an opportunity to open another long order with the thought that the price would resume its upwards journey. Further bearish pulls might be contained at the accumulation territories of 1.6750 and 1.6700.

USD/JPY: There is now a ‘buy’ signal here. On the 4-hour chart, the price has crossed the EMA 56 to the upside and closed above it. The RSI period 14 is also clearly above the level 50. Long trades ought to be sought now.

EUR/JPY: The EUR/JPY cross has succeeded in rejecting further bearish movement on it. Right now, the bullish determination in the market has resulted in a ‘buy’ signal. Our target is now placed at the supply zone of 142.00, but it may even be possible for the price to break the supply zone as it goes further up.

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Technical analysis of Silver for April 18, 2014 Trend News

Technical outlook and chart setups:

1. Silver has also been trading within a range between $19.30/40 and $19.70/80 for couple of days. Currently trading at $19.60/65 levels, the metal is expected to rally further high. Minimum implications are $20.40/50 levels from here, which would confirm that bulls are back again. Recommendations are to remain long for now, risk remains just below $19.00 levels.

2. Support is seen at $19.00 followed by $18.75 and lower, while resistance is at $20.40 followed by $21.70/80, $22.30 and higher up, respectively.

3. The structure indicates that Silver remains in control of bulls till prices stay above 19.00 levels. A bullish trend reversal is still possible if the metal stays above $19.00 levels.

Trading recommendations:

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

Good luck!

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Technical analysis of Gold for April 18, 2014 Trend News

Technical outlook and chart setups:

1. Gold remains virtually unchanged and is locked amid $1290.00 and $1,304.00 levels at the moment. A push below $1,290.00 would want to re-test intermediary lows at $1,277.00 before rallying further high. On the other hand, a break above $1,305.00/10.00 would confirm that the yellow metal is moving higher towards $1.350.00/60.00 at least. Recommendations are to remain long for now, risk remains at $1,277.00.

2. Support is at $1,277.00 (intermediary) followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is at $1,330.00 (intermediary) followed by $1,350.00/60.00 and $1,388.00, respectively.

3. The structure indicates that Gold can remain in control of bulls till prices remain above $1,277.00 for now. A break above $1,310.00 levels would confirm that a higher low is in place though.

Trading recommendations:

Remain long for now, stop at $1,277.00, target is open.

Good luck!

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Technical analysis of EUR/JPY for April 18, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY has been trading just around the consolidation support close to 140.50 levels for a couple of days. High probability implications from here is that EUR/JPY should continue to drift lower below 136.00 levels. A break of 140.00 levels would add further conviction though. On the higher side, consolidation resistance line is passing through 142.50 levels for now and rallies are expected to remain well capped below the same.

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

3. The structure indicates that EUR/JPY should probably remain in control of bears till prices are below 144.00 levels. A break below 140.00 levels would accelerate the fall.

Trading recommendations:

Remain short for now(plan to add further), stop at 144.00, target is open.

Good luck!

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