Technical analysis of USD/CAD for April 24, 2014 Trend News

Retail sales rose 0.5% to $41.0 billion in February. Gains were reported in 7 of 11 sub sectors, representing 56% of total retail sales. Excluding sales at gasoline stations and motor vehicles and parts dealers, sales advanced 0.8%. After removing the effects of price changes, retail sales in volume terms rose 0.1%. Health and personal care stores (+2.6%) recorded the largest advance in dollar terms among all subs sectors on the strength of higher sales at pharmacies and drug stores and, to a lesser extent, food supplement stores. Retail sales at general merchandise stores grew 1.4%. Sales in the "other general merchandise stores" industry grew for a third consecutive month.

Technical view-

USD/CAD has been in an uptrend from 1.0859 levels. In yesterday's trading session the pair's uptrend was restricted at 1.0539 (50SMA) levels and the 50.0 fib level. The next up move will take place only after a day close above the 50SMA. Bulls get recharge only above 1.1053 for targets 1.1118, 1.1170 and 1.1279. On the down side, the immediate support comes at yesterday's low of 1.1018. Once it breaks below this, 1.0984 and 1.0959 will be an open target. In the daily chart, bulls have an upper hand, so buy on dip is the best strategy for the near term, it can hit 1.1130 if 1.0959 is not broken, the overall trend is weak for the long term (RSI favors bears in the weekly and monthly chart). We expect the correction to continue, until the pair trades below the 1.1070 (last week's high) levels. Safe traders can buy above the yesterday's high for 1.1107 and 1.1130 as an immediate target.

Intraday- sell on rise + stbt

The pair has a strong support zone between 1.1025-1.10 levels. Sellers can enter short positions below 1.10 for targets at 1.0984, 1.0959 and 1.0942. RSI in the H4 chart indicates a sell call. For the rest of the week the trend is forecast to be sell on a rally or even below 1.10 levels. Fresh buy only above 1.1053 levels. I expect the pair will come down (1.0950) first and then move to 1.1130 levels.

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Technical analysis of gold for April 24, 2014 Trend News

Economists have been disappointed by a string of weaker-than-expected home sales reports. Sales of existing homes dropped in March. Sales of new homes reported Wednesday were down 13.3% from a year earlier to their lowest level since last July.

Technical view-

The metal is under pressure after the dollar strengthened. The metal is in a down trend from $1,320 levels. The metal made a double bottom at $1,277 levels, we expect it will pull back towards $1,292 and $1,300 levels. From last week we have been recommending to buy with sl $1,277. The same we are recommending today. In Asia's trading session the metal is trading at $1,285 levels. Currently, the trading is in a range between $1,289-$1,277. Break out either side will create further room towards $1,292 and $1,300 or to the down side to $1,265-$1,250 levels. We expect for the rest of the week the metal will give a pull back. The pair is facing resistance at $1,289 levels. Safe traders can buy above the $1,289 for $1,292 , $1,295, $1,298 and $1,300 levels. As we recommended earlier, risky traders can hold with sl $1,277. If any news flow favors the dollar, the metal will drift lower to even $1,265-$1,260-$1,250 levels (below $1,275). Bears can start selling below $1,275 for targets $1,265, $1,260, and $1,250 levels, in the least case $1,230 and $1,200.

In the H4 chart, RSI has been in consolidation phase from last week. I expect the metal will pull back up to $1,300 and $1,305 levels.

Safe traders can buy above $1,292, $1,295, $1,298 and $1,300 even $1,305, CMP $1,285.

Risky traders can hold with sl $1,277.

Sell below $1,275 for targets at $1,265, $1,260 and $1,250.

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Technical analysis of EUR/USD for April 24, 2014 Trend News

When the European market opens, some economic news will be released such as German Ifo Business Climate, Spanish 10-y Bond Auction, including the ECB President Mario Draghi speaks.The US will release the economic data too such as the Core Durable Goods Orders m/m, Unemployment Claims, Natural Gas Storage, Durable Goods Orders m/m.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3885.

Strong Resistance:1.3876.

Original Resistance: 1.3863.

Inner Sell Area: 1.3850.

Target Inner Area: 1.3817.

Inner Buy Area: 1.3784.

Original Support: 1.3771.

Strong Support: 1.3758.

Breakout SELL Level: 1.3749.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3771 and 1.3863. The rate is accompanied by strong support at 1.3758 and by 1.3876 as strong resistance.

If EUR/USD breaks out and closes below the 1.3749 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3885 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 1.3784 and at 1.3850, a SELL position. In this case both targets should be placed at the level of 1.3817.

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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Technical analysis of USD/JPY for April 24, 2014 Trend News

In Asia, Japan will release the CSPI y/y and the US will release some economic data such as Core Durable Goods Orders m/m, Unemployment Claims, Natural Gas Storage, Durable Goods Orders m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.99.

Resistance. 2: 102.79.

Resistance. 1: 102.59.

Support. 1: 102.34.

Support. 2: 102.13.

Support. 3: 101.93.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.93) and resistance 3 (102.99). 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 USDX for April 24, 2014 Trend News

Daily chart: The USDX is trying to extend its decline below the resistance level of 80.11, which could be very possible because the USDX is falling toward the support level of 79.19. However, caution should be exercised, because the USDX could conduct a breakout at the level of 80.11. The MACD indicator is in positive territory.

H4 chart: The USDX continues to fall below the 200 SMA and now the USDX found support at the 79.70 level, where the USDX has made a bullish rebound. However, it is very likely that the USDX will rise to the resistance level of 79.93, though the USDX could drop to the 79.33 level in coming days. The MACD indicator is in negative territory.

H1 chart: The USDX is trying to do a consolidation above the 200-day moving average as the USDX had a fall below that level, where the USDX is nearly approaching the support level of 79.64. If the USDX does make a breakout at the level of 79.88, it's expected to rise to the level of 80.15. The MACD indicator is in the overbought zone.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 79.88, take profit is at 80.15, and stop loss is at 79.61.

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Daily analysis of GBP/USD for April 24, 2014 Trend News

Daily chart: The GBP/USD has dropped below the resistance level of 1.6851 and now this pair is finding support on the level of 1.6766. By now, we should wait for this pair to begin to form a pattern that can reveal the trend that the GBP/USD could continue for the next few days. The MACD indicator is in the overbought zone.

H4 chart: This pair has made a breakout at the support level of 1.6785 and now, the GBP/USD is trying to consolidate below that level. However, it is very likely that this pair will make a bullish rebound at current levels and up to the resistance level of 1.6822. For now, the bullish outlook still remains alive. The MACD indicator is in negative territory.

H1 chart: The GBP/USD is making a bullish rebound above the 200 SMA and now this pair is trying to climb up to the resistance level of 1.6800. If the pair manages to consolidate above this level, it would be expected to rise to the level of 1.6850. For now, we must wait for the GBP/USD made a breakout at that level to continue placing buy orders. 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 GBP/USD for April 24, 2014 Trend News

Great Britain's economic recovery is gaining momentum, but the Bank of England policymakers held different views about the amount of slack in the economy and the medium-term inflation outlook, the minutes from their April 9 meeting showed.The minutes noted no other differences among the MPC members, who voted unanimously to keep interest rates at a record low 0.5 percent. Britain's economy is growing strongly, and in February the BoE upgraded its growth forecast for 2014 to show expansion of 3.4 percent, which would be the country's fastest growth since 2007. Last year, the economy grew by 1.7 percent.

Technical view-

The pair has been in an uptrend from 1.6465 levels and made a new high at 1.6842 levels. On higher levels the pair is facing strong selling pressure at 1.6823. A new leg will start on a day close above 1.6823 for targets at 1.6911 and 1.70 levels. For safe bull traders, one can enter long only after a day close above 1.6823 levels. Please wait patiently. Sellers can hold shorts with sl 1.6823 on cb or 1.6842 levels. Don't hold shorts once the pair closes above the 1.6823 or trades above 1.6843 levels. On the down side, the pair has strong support at 1.6750 levels. Sellers get a change to hold this pair only if it breaks the 1.6750 levels, otherwise bulls will try to take the pair towards 1.6823, 1.6845, 1.6911 and 1.70 levels. Once the pair breaks the 1.6750 levels, it will drift up to 1.6720 and 1.6696 immediately and later 1.6671-1.666 will be on the cards. Until the pair holds the 1.6554 levels, we expect it will move upwards to new highs. The pair was unable to cross last week's high at 1.6842, this week's high at 1.6839.

Intraday-

In Asia, the pair is trading at 1.6783 levels. The level of 1.6780 is the very crucial to hold, below that 1.6770-1.6750 is the support zone. In the H4 chart, a candle close below 1.6780, bears will have an upper hand. I expect today the pair will take the support and pull back up to 1.6823 and 1.6837 levels. Risky traders can enter longs at cmp 1.6783 with sl 1.6763 for targets at 1.6823. Fresh up move will take place only above 1.6842 for 1.6911 on an intraday basis. The major support levels exist at 1.6763, 1.6684, 1.666, and 1.6554 levels.

Buy with sl 1.6763 for targets at 1.6823 and 1.6842. Add more above 1.6842 with targets at 1.6911 and 1.70.

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Technical analysis of EUR/USD for April 24, 2014 Trend News

French manufacturing and services growth cooled more than economists forecast this month as new business stagnated and employment fell. Flash France Composite Output Index fell to 50.5 (51.8 in March), Flash France Services Activity Index slipped to 50.3 (51.5 in March), Flash France Manufacturing Output Index dropped to 51.6 (53.3 in March) and Flash France Manufacturing PMI fell to 50.9 (52.1 in March) - all the indices fell to 2-month low. In Germany the PMIs rose to 2-3-month high.

Flash Germany Composite Output Index is at 56.3 (54.3 in March), Flash Germany Services Activity Index is at 55.0 (53.0 in March), Flash Germany Manufacturing PMI is at 54.2 (53.7 in March) and Flash Germany Manufacturing Output Index is at 58.8 (57.0 in March).

Technical view-

EUR/USD is trading at 1.3819 in Asia. In yesterday's trading session the pair came out from the 8-day trading range, but it was unable to cross the 1.3864 (April 17 high). The pair has been in an uptrend from 1.3673 levels. On the upside, the pair is facing stiff resistance at 1.3864 and 1.3906 levels. On higher levels the pair faced selling pressure. The new bull run will start only above 1.40 levels. Bears can enter shorts on every rise with sl 1.40 on cb. Bulls can enter longs only above 1.3864 for 1.3906 and 1.3934 levels for 2-3 days perspective. Until the pair crosses the 1.3906, we are still expecting the 1.3643,1.3615, and 1.3580 levels.

On the down side, the strong support exists at 1.3796 (50SMA) levels. A day close below the 50 SMA, the second phase of bear wave will start towards 1.3737 and 1.3673 first and later more deep levels will be added. In the daily chart, RSI is not favoring longs. If the pair closes above 1.3864 this week, a slight bullish pattern will form for the next week towards 1.3906, 1.3948, and 1.3964 levels.

Intraday-

The pair has been facing strong resistance at 50SMA (1.3820) in the H4 chart. As of now, the pair is forming a double high at 1.3820 on H4 chart. Speculators can buy above 1.3820 for targets at 1.3846, 13850 and 1.3855 levels. Partial book profits or trailing sl is the best method for safe trading. The pair will gain strength only above 1.3864 levels. While I am preparing this article, it is trading at 1.3819 levels. On the down side the pair has small support at 1.3810 levels and the major support exists at 1.3780 levels. I expect the pair will come back again to the support levels (1.3780-1.3775) before any further up move.

Buy above 1.3820 for targets at 1.3846, 1.3850, 1.3855, and 1.364. Add more above 1.3864 for 1.3906.

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Intraday technical levels and trading recommendations on GBP/USD for April 23, 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 remains intact, the bulls will be consolidating at the recent highs around 1.6780-1.6800 as happening now.

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).

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.

Failure to show enough bullish momentum above 1.6820 pushed the pair back towards 1.6670.

Today, Price action should be watched around 1.6770 for a possible bearish breakdown to confirm a deeper pull-back towards 1.6610 initially.

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USD/CAD intraday technical levels and trading recommendations for April 23, 2014 Trend News

The depicted chart shows that the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20. The bears took advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels).

The USD/CAD pair returned to test the previous support zone around 1.0900 (50% Fibonacci level) which previously provided a considerable support at retesting on February 19.

Daily closure below 1.0920 took place briefly. However, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction on the next day.

On the other hand, on the 4H chart, the price zone of 1.0990-1.1045 ( 38.2% Fibonacci of the most recent bearish swing ) is expected to provide a considerable resistance as well. This price zone corresponds to a recently established resistance zone too.

The current prices will probably offer a valid sell entry with stop loss located just above 1.1080.

It's important to note that the 4H chart reveals bullish pressure being applied over this resistance zone (levels of 1.1000-1.1030) with successive ascending bottoms and a little probability of bullish breakout.

This may threatens our SELL entry level, so bears should watch price action carefully and stick to the stop loss level mentioned above .

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Technical analysis of USD/JPY for April 23, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bearish bias after hitting a two-week high at 102.73 on Tuesday. USD/JPY is underpinned by the yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 0.45% to 13.19, S&P 500 closed 0.41% higher overnight at 1,879.55) on smaller-than-expected 0.2% on-month drop in U.S. March existing home sales (versus minus 0.7% forecast), swing in Richmond Fed's manufacturing current business conditions index to expansionary +7 in April from -7 in March, 0.6% increase in U.S. Federal Housing Finance Agency monthly house price index in February. USD/JPY is also supported by the demand from Japan importers and investment trusts and soft yen sentiment following recent weak Japan March trade data. But USD/JPY gains are tempered by the Japan exporter sales.

Technical сomment:
Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is rising above 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 102.05. A breach of this target will move the pair further downwards to 101.85. The pivot point stands at 102.50. 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 102.70 and the second target at 102.95.

Resistance levels:

102.70

102.95

103.20

Support levels:

102.05

101.85

101.65

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EUR/AUD intraday technical levels and trading recommendations for April 23, 2014 Trend News

On March 24, by breaking down 1.5175, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but it confirmed a bigger Head and Shoulders pattern.

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.

There has been a state of indecision around 61.8% Fibonacci level (1.4750). The bulls were offering support around 1.4725 and finally they are able to push above the upper limit of the 4H congestion zone (price level of 1.4820).

Breakthrough above its upper limit (1.4845) invalidated 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). This is where a bearish pull-back is expected to take place off.

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.

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Technical analysis of NZD/USD for April 23, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias. NZD/USD is supported by the Kiwi demand on NZD/JPY cross amid reduced risk aversion and NZD-USD interest differential. But NZD/USD gains are tempered by the Kiwi sales on buoyant AUD/NZD cross and concerns over China's economy. Kiwi vulnerable to April HSBC China flash manufacturing PMI data (at 0145 GMT). Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining, but stochastics is turning bullish.

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 0.8650. A breach of this target will move the pair further downwards to 0.8690. The pivot point stands at 0.8610. 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 0.8545 and the second target at 0.8515.

Resistance levels:

0.8650

0.8690

0.8625

Support levels:

0.8545

0.8515

0.8475

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Technical analysis of USD/CHF for April 23, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias after hitting two-week high at 0.8861 on Tuesday. It is underpinned by the dovish Swiss National Bank's monetary policy stance and franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day MA and is advancing.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8775. A breach of this target will move the pair further downwards to 0.875. 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 0.8860 and the second target at 0.8880.

Resistance levels:

0.8860

0.8880

0.889

Support levels:

0.8775

0.875

0.8725

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Technical analysis of GBPJPY for April 23, 2014 Trend News

Overview:

GBP/JPY is expected to trade with bearish bias. It is supported by the positive investor risk appetite, negative yen sentiment, and demand from Japan importers. But GBP/JPY gains are tempered by Japan's exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is in bullish 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 171.35. A breach of this target will move the pair further downwards to 171. The pivot point stands at 172.10. 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 172.40 and the second target at 172.80.

Resistance levels:

172.40

172.80

173.15

Support levels:

171.35

171

170.55

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Daily analysis of silver for April 23, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal is stabilizing above the support level of 19.20 after its failure to break the support level last week. Currently, we must wait for re-testing the support level again and closing below to get the bearish move opportunity. In that case we will get a good opportunity to sell below the sSupport level till testing the next support level of 18.75. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support level of 19.20, this cancels the bearish move scenario.

Resistance and support levels: R3 (20.20), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.75), S3 (18.50)

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Daily analysis of GBP/JPY for April 23, 2014 Trend News

Overview

From the today's H4 chart, yesterday's closing below the resistance level of 172.75 gave the price an opportunity for a bearish move. As shown here, currently the price is trying to continue its bearish move by breaking the support level of 171.50 which is tested now. In that case, we may get another opportunity for more sell signals, and it opens the way towards 170.50 as first target, and then the price should test the support level of 169.75 to continue its bearish move. But as long as the price stabilizes above the support level of 171.50, it cancels the first scenario.

Resistance and support levels: R3 (173.00) R2 (172.75) R1 (172.00), S1 (171.50), S2 (170.50), S3 (169.75).

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EUR/NZD analysis for April 23, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6148 on average volume. We are still waiting for a larger movement on this pair. According to the 1H time frame, we can observe that strong demand at the price of 1.6010 on ultra high volume has entered the market and that caused price to start upward movement. 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 have placed Fibonacci expansion levels and i got FE 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 doji swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6091

R2: 1.6111

R3: 1.6144

Support levels:

S1: 1.6025

S2 : 1.6005

S3: 1.5972

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

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Technical analysis of NZD/USD for April 23, 2014 Trend News

Forecast :

• According to the previous events, The AUD/USD pair has still been moving between 0.8560 and 0.8593.


• Strong resistance will be formed at the level of 0.8613 providing a clear signal for sell deals with the target seen at 0.8530.


• Stop-loss is to be placed above 0.8630.


• Strong level (support) will be formed at the level of 0.8530 providing a clear signal for buy deals with the target seen at the 0.8600 level.


• Stop-loss is to be placed below 0.8503.

Notes :

• The level of 0.8613 is representing the weekly pivot point.


• The double top will be set at the level of 0.8593.


• We expect a range of 50 pips today. But it should be noted that the risk of 50 pips must make a profit of 75 pips.


• Volatility: 120.331. Therefore, the market indicates the higher volatility.


• The value of 50% Fibonacci retracement levels is 0.8628 (for confirming for the bullish market).

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GOLD analysis for April 23, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,277.35 on high volume. If we take a look at 4H timeframe, we can observe rejection from our Fibonacci retracement 38.2% (1,391.00), and that caused the price to start a downward movement. We can also observe weak demand according to the 4H timeframe, which is a sign that we may see more downward movement. According to the short-term prospective, gold is in progress of major bearish corrective phase and I've placed Fibonacci retracement to find the first down station. 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: 1,290.84

R2: 1,294.40

R3: 1,300.17

Support levels:

S1: 1,279.30

S2: 1,275.74

S3: 1,269.97

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

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Technical analysis of EUR/JPY for April 23, 2014 Trend News

General overview for 23/04/2014 11:20 CET

The correction is getting more and more complex and time consuming. In this higher time frame, there are three different counts for a possible wave development, and currently it is rather hard to predict the most accurate wave progression for this week. Due to the lack of the upside momentum the bias is generally bearish and only a breakout above 142.17 would put the bearish labeling into question and the level of recent swing high at the level of 143.50 would be eyed. Otherwise, the suggested wave progression should develop in downward direction as there are unfinished cycles on higher than H4 time frames.

Support/Resistance:

143.74 - WR3

143.50 - Swing High

142.74 - WR2

142.22 - 142.16 - Key Level

141.20 - Weekly Pivot

140.70 - WS1

139.97 - Swing Low

139.70 - WS2

Trading recommendations:

All the swing/position traders might want to open a sell orders from current price levels with SL above the level of 142.17 and TP at the level of 140.00 with a possible downside extension.

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#USDX technical analysis for April 23, 2014 Trend News

The Dollar index remains weak in longer time frames. In short-time frames it has changed its trend from up to down, something that puts pressure on bulls. The Dollar index was unable to break above or even reach the short-term resistance of the 61.8% Fibonacci retracement of the decline from 80.60. The Dollar index reversed back inside the Ichimoku cloud from the 50% retracement. Now it is challenging the upward sloping short-term supportive trend line.

Short-term support is found at 79.50, and below that, at 79.35. Short-term resistance is found at 79.95, and after that, at 80.10. A break above 80 could push the index higher but to stronger resistance. In order to take the upper hand of the trend, bulls should break above 80.60. Only above 80.60, I would be confident about the bullish position. Short positions are safe for now and bears are more confident that they are going to come out as winners and eventually break below 79.20 towards 78.50.

The battle between bulls and bears around 79 continues. This is a very important price level. It could be decisive as to whether the trend is reversing upwards towards 82-83 or continues lower with stronger selling pressures for the Dollar index towards 74-75. Important levels for longer-term traders to watch out are the 81.50 and 79 price levels. Since we are closer to the long-term support, longer-term traders are preferred to go long in this area as the risk is smaller than going short.

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Gold wave analysis for April 23, 2014 Trend News

Gold price has held yesterday above $1,275 critical support. The decline from $1,331 is not a perfect impulsive move and combined with the fact that price is still above $1,275; we continue to prefer the scenario that this decline is only wave B and we should soon see an upward wave C towards $1,340-50.

Gold price is challenging the downward sloping blue trend line at $1,285. If broken upwards, we should expect a move towards $1,300-$1,305. That resistance is our intermediate target. If that level is also broken upwards, we will become more confident of an upward move towards $1,340. The Ichimoku cloud is still above current price and trend remains down. Any upward bounce is counter trend as we believe the longer-term trend is down.

In the daily chart above I show my preferred wave count and how I expect Gold price to move in the short term. My longer-term view is bearish with the 1st target at $1,200 and the 2nd target at $1,100. An hourly close below $1,275 will cancel my upside expectations. If $1,275 support fails, I prefer going immediately short with $1,250 as a short-term target.

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Daily analysis of major pairs for April 23, 2014 Trend News

EUR/USD: This is a trendless market, and the situation has been like that since last week. However, the trendless situation cannot last forever, for the price would soon go out of balance, most probably in favor of the bears. The probability of the next significant movement favoring the bears is supported by the price action in the chart.

USD/CHF: This pair has been bullish since last week, and it has remained till now. Only long trades are advised here; for the price could keep on going further upwards when the movement in the market becomes noteworthy once again. The resistance level at 0.8850 has been tested for several times, with no bearish correction. The besieged resistance level would soon be breached to the upside. After that, the price would go further upwards towards another resistance level at 0.8900.

GBP/USD: The GBP/USD remains in a strong market and any bearish retracements on it are seen as purchasing opportunities. This bullish outlook remains rational as long as the price stays above the accumulation territories at 1.6750 and 1.6700 (the bullish bias cannot be violated when the price fails to close below the latter accumulation territory). Should the price continue to trend upwards, it would easily breach the distribution territory at 1.6850.

USD/JPY: There is still a Bullish Confirmation Pattern on this market and the price could go upwards towards the supply level at 103.00.

EUR/JPY: The EUR/JPY is in an equilibrium phase. But when a breakout does occur at last, it would probably be to the upside. There has been some willingness in testing the supply zone at 142.00, so this would be the first target when the expected momentum returns to the market.

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Technical analysis of Gold for April 23, 2014 Trend News

Technical outlook and chart setups:

1. Gold prints a low a few cents below the previous lows ($1,277.60/70), before pulling back sharply.The risk on long positions still remains at $1,275.00. Th metal could possible reverse from current lows towards the mid $1,300.00 region again. However, a break below $1,275.00 now, would expose $1,230.00 levels.

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

3. The structure indicates that Gold can still manage to rally provided $1,275.00/77.00 levels remain intact. A break below would delay matters.

Trading recommendations:

Hold on to long positions, stop is at $1,275.00, target is open.

Good luck!

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Technical analysis of EUR/JPY for April 23, 2014 Trend News

Technical outlook and chart setups:

1.The EUR/JPY remain stuck at the consolidation support around 141.30/50 levels for now. A break below 140.00 would confirm that bears are back to gain control, while a break above 142.50 would test 144.00 and higher levels. Recommendations are to stay away from taking fresh positions for now.

2. Support is at 140.00 (intermediary), followed by 138.50, 136.00, 134.00 and lower, while resistance is at 142.50, followed by 143.80/144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY is trading sideways broadly between 144.00 and 140.00. Fresh positions could be initiated on a break of either levels.

Trading recommendations:

Remain short for now, stop is at 144.00, target is open.

Good luck!

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Forecast of silver for April 23, 2014 Trend News

Silver is touching the lower end of the triangle seting it up for a major base formation completion and time for prices to take off. If it calls below the triangle, you will have to check if selling volumes support it. But the recent volumes have been dull in gold. So Silver going above 19.8 should be a sign of a trend reversal from down to up and this time it should go up to breakout sharply from this triangle. 21.2 is the upper end of the triangle above which 25 is the next one.

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Technical analysis of AUD/USD for April 23, 2014 Trend News

The CPI rose 0.6% in the March quarter 2014, compared with a rise of 0.8% in the December quarter 2013. It rose 2.9% through the year to the March quarter 2014, compared with a rise of 2.7% through the year to the December quarter 2013. CPI in Australia rose less than expected in Q1 mainly due to the slowing in tradable and non-tradable inflation. Non-tradable inflation slowed despite the seasonal rise in education related expenses at the start of the school year. The lower-than-expected CPI in Q1 is a surprise. Just one of the 16 economists in an MNI poll expected headline CPI y/y to be lower than +2.9% and none expected the y/y average of underlying inflation to be below +2.7%.

Technical view- Forecast

The pair is drifting immediately to 0.9295 levels, we expect it will extend its fall to 0.9251 levels. In the daily charts, RSI is still in the bear mode. On the upside, the pair has strong resistance at 0.9448 levels. The near support levels exist at 0.9280, 0.9268, 0.9261, and 0.9251 levels. A day close below 0.9251 (200EMA, daily), the second bear phase will starts towards 0.92 and 0.9154 levels.

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Technical analysis of GBP/CHF for April 23, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair seems to be in its last leg of rally that begun from sub 1.4450 levels. Implications are that the pair may reverse/retrace from current levels (1.4900/1.4880) or from 1.4960. As seen here, the 1.4600/50 levels remain of particular interest to initiate long positions again.

2. Support starts from 1.4630/40 (intermediary), followed by 1.4450/1.4350, 1.4200 and lower while resistance is at 1.4950/60, followed by 1.5120 respectively.

3. The structure indicates that GBP/CHF would remain a buy on dips till prices stay above 1.4450/1.4500 levels.

Trading recommendations:

Look to buy lower around 1.4600 on a pullback and bullish bounce.

Good luck!

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Technical analysis of EUR/USD for April 23, 2014 Trend News

EUR/USD

The Eurozone manufacturing PMI data is set for release early morning today, with QE potentially looming, a miss could put considerable pressure on the euro. Traders can gain insight into the conditions of the European manufacturing industry early Wednesday morning, as the latest manufacturing PMI releases come out of France, Germany, and the overarching Eurozone. Given the importance of the flash CPI reading at the next week ECB meeting, we suspect that some of the late euro longs will look to square up, especially given the lack of upside momentum.

Technical view-

EUR/USD has been taking support at 50SMA on daily chart. As of now, in Asia's trading session the pair is trading at 1.3802 levels. It is facing resistance at 1.3831 levels. Currently, the trend is fixed between the levels of 1.3780-1.3831. Either side breakout will give enough room for new trading strategies. The RSI is not favoring longs. If any news favors the euro, it will fly up to 1.3906 with intermediate resistance levels. As we recommended earlier, sell on rallies or don't go long until it trades above 1.40 levels in the long term, or until trades below 1.3906, don't go long in the short term. We are still recommending the same strategy. For the week of April 23-25, risky traders can go long with sl 1.3780 on cb, safe traders can enter longs only above 1.3831 for 1.3864 and 1.3906 as immediate targets. We expect a huge selling once the pair breaks the 1.3780 for 1.3737, 1.3696 and 1.3673 as targets. Until the pair trades below the 1.3906, the lower level targets will open 1.3643 and 1.3580 levels.

Intraday-

The pair is trading between 1.3831 50SMA-1.3785 200EMA levels. If the pair gives an upside break out, it will offer 1.3850 and 1.3865 as immediate targets. If the pair breaks the support at 1.3780, it will go up to 1.3762 and 1.3737 as an immediate target. The pair will gain some strength above 1.3825, a complete turn will take place only above 1.3864 levels.

Recommendations- cmp 1.3804

Safe traders, buy above 1.3825, targets are 1.3831, 1.3850, and 1.3861. Add more above 1.3861 for 1.3906.

Risky traders can buy with sl 1.3780 for 1.3831, 1.3861, and 1.3906.

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