Technical analysis of Gold for April 30, 2014 Trend News

Technical outlook and chart setups:

1. Gold is seen to be pulling back from the intermediary resistance line passing around $1,300.00 levels for now. A drop below $1,270.00 would drag prices towards $1,230.00/40.00. Meanwhile, a break higher should take it higher towards $1,330.00. At the moment, recommendations are to remain flat.

2. Support is seen at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower, while resistance is seen at $1,330.00, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold needs to push through $1,330.00 levels to confirm that bulls are to remain in control.

Trading recommendations:

Remain flat for now. Or long 50%, with stop at $1,230.00/40.00 (aggressive setup).

Good luck!

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Elliott wave analysis of EUR/JPY for April 30, 2014 Trend News

Today's support and resistance levels:
R3: 141.80

R2: 141.69

R1: 141.47

Current Spot: 141.31

S1: 140.99

S2: 140.60

S3: 140.37

Technical summary:
Red wave ii ended exactly at the 70.7% corrective target at 142.47 and the decline from 142.47 does look impulsive. We will now be looking for minor resistance at 141.47 to protect the upside for a decline towards at least 140.90 and we are likely to see an extension lower towards 140.35 before the next minor consolidation will be seen. At this point on a break above 141.80 will frustrate the overall bearish count.

Trading recommendation:
Stay short EUR from 141.68 and move your stop lower to 142.50. If you are not short EUR yet, then sell near 141.47 with the same stop at 142.50.

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Fundamental analysis of EUR/USD for April 30, 2014 Trend News

Forecast-

Today traders will eye CPI flash estimates. Consumer prices in Germany are expected to rise by 1.3% in April 2014 compared with April 2013. The Federal Statistical Office also reports that the consumer prices are expected to decline by 0.2% on March 2014 and most important event - the Federal Reserve statement. The negative waves will strike if the Fed changes in its policy.

Review-

GERMAN PRELIM CPI-

German inflation accelerated less than economists forecast in April, increasing pressure on the European Central Bank to add stimulus in the euro area. Inflation, calculated using a harmonized European Union method, was 1.1 percent, up from 0.9 percent in March, the Federal Statistics Office in Wiesbaden said today. Economists had predicted a rate of 1.3 percent. The final results for April 2014 will be released on 14 May 2014.

SPAIN UNEMPLOYMENT-

Spain's unemployment rate has climbed to nearly 26 percent in the first quarter of 2014 as millions searched in vain for a job in a sluggish recovery from recession. The unemployment rate climbed to 25.93 percent in the first three months of 2014, up from 25.73 percent in the previous quarter, the National Statistics Institute said.

EU MONEY SUPPLY-

The annual growth rate of the broad monetary aggregate M3 stood at 1.3% in February 2014, compared with 1.2% in January 2014. The three-month average of the annual growth rates of M3 in the period from December 2013 to February 2014 stood at 1.2%, unchanged from the previous period.

Technical view-

In the Asia's trading session, the pair is trading at 1.3809 levels. The pair made a double top during yesterday's trading session at 1.3880 levels. It was exactly taking support at 50SMA on the daily chart at 1.3806. It is clear that the current trading pattern is framed between 1.3880-1.38/1.3780 levels. Today's trading perspective, we expect the pair will pull back towards 1.3823, 1.3830 and 1.3870, cmp 1.3810. On the up side, the pair will face strong resistance at 1.3815 and 1.3823 levels. On the down side, the pair has strong support at 1.3780 levels, until it breaks this level, don't go short. Safe traders can short only below 1.3780. The range between 1.38-1.3780 is a support zone. Below 1.3780, it will drift immediately towards 1.3762, 1.3750, 1.3737, 1.37 and 1.3673 levels.

On a positional basis, if the pair crosses the double top at 1.3880, it will fly up to 1.3906, 1.3934, 1.3950 and 1.4. A day close above the 1.3880 will produce a bullish wave. On the down side, a day close below 1.38 a new bearish wave will take all the pair towards 1.3673, 1.3643 and even 1.3593 levels. For positional sellers, wait for a chance to sell at higher levels at 1.3880-1.3906. Until the pair trades below the 1.3906 levels, the bear power will work.

Intraday key levels- 1.3815> 1.3823> 1.3830> 1.3857> 1.3880

1.38< 1.3780< 1.3762< 1.3737< 1.37 < 1.3673

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Technical analysis of GBP/CHF for April 30, 2014 Trend News

Technical outlook and chart setups:
1. The GBP/CHF pair raised through the 1.4880 levels yesterday before pulling back. The pair seems to be underway for a 3 wave correction towards sub 1.4600 levels before the larger trend continues. It is expected to drop at least towards 1.4700 levels from here on. Recommendations are to initiate short positions now at 1.4865/70 levels, risk remains 1.4950.

2.Support is at 1.4600, followed by 1.4550, 1.4450, 1.4350 and lower, while resistance is at 1.4950, followed by 1.5120.

3. The structure indicates that GBP/CHF bears could remain in control till the 1.4700 levels from here on. A bullish bounce from there, so it should be considered to be bought.

Trading recommendations:
Initiate short positions (1.4865/70), stop at 1.4955, target 1.4700 at least.

Good luck!

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Technical analysis of GBP/USD for April 30, 2014 Trend News

Review-

PRELIM GDP -

Growth in the UK has accelerated to 0.8 percent in the first three months of 2014, but hasn’t recovered to pre-recession levels, according to the Office for National Statistics in London. GDP is still 0.6 percent below its peak level reached 6 years ago. Year-on-year growth was 3.1 percent, which also missed the 3.2 percent forecast, according to the figures from the Office for National Statistics (ONS) released today. Britain's economy racked up its fastest growth in more than six years in early 2014.

Technical view-

In Asia's trading session, the pair is trading at 1.6824 levels. For today and the rest of the week, a trading pattern is very simple - sell on a rally. Bullish traders can wait patiently until it trades above 1.6875 levels. Traders can buy only above 1.6875 for targets at 1.69, 1.6911, 1.6950, 1.70 and 1.704 levels. On the down side, sellers can enter short positions only below 1.68 levels for immediate targets at 1.6778, 1.6766, 1.6763 levels. Once it breaks the 1.6763 levels, it will drift all the way towards 1.67, 1.6660 and 1.6681 levels. The panic situation will arise only after a break below 1.6681 (50SMA, daily) aiming at 1.66 and 1.6554 levels.

Until the pair crosses the 1.6830 levels, it looks weak. As of now, it made a high at 1.6829 levels and trading at 1.6825. On a positional basis, the pair has been trading in a range between 1.6763-1.6875. Breaking out either side will create a room for further trading setup. For intraday traders don't even think to buy below 1.6830.

Buy above 1.6875

Sell below 1.68

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Daily analysis of USDX for April 30, 2014 Trend News

Daily chart: The USDX has formed a fractal near to the 79.55 level. If the USDX manages to consolidate below the support level of 79.45, it's expected to fall to the level of 79.19. However, it is advisable to wait for the USDX to make a breakout on the resistance level of 80.11 or the support level of 79.19. The MACD indicator is in neutral territory.

H4 chart: The USDX has been strengthened again over the bearish trend line that is near to the 79.50 level. If the USDX does make a breakout and the resistance level of 79.93, it's expected to rise to the level of 80.09. On the other hand, if the USDX does make a bearish rebound at current levels, it is likely to fall to the level of 79.55. The MACD indicator is positive.

H1 chart: The USDX is moving in a low range above the 200 SMA. However, the USDX could find resistance at the 200 SMA and fall to the support level of 79.64. If the USDX manages to consolidate below this level, is is seen to fall to the level of 79.39. 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 30, 2014 Trend News

Daily chart: The GBP/USD is trying to consolidate its bullish bias, since the strength of the bulls is most noticeable above the support level of 1.6766. For now, expect this pair to make a breakout on the resistance level of 1.6851 to continue placing buy orders. The MACD indicator is in the overbought zone.

H4 chart: The GBP/USD remains above the support level of 1.6785. Now, if the pair manages to make a breakout on the resistance level of 1.6841, it's expected to rise to the level of 1.6900. On the other hand, if it manages to consolidate below the support level of 1.6785, it is seen to fall to a bullish trend line, where the 200 SMA is located. The MACD indicator is in neutral territory.

H1 chart: This pair has made a bullish rebound above the support level of 1.6800, where the 200 SMA is located, but it has found resistance at the point of control. If the pair manages to make a breakout in the support level of 1.6800, it is likely to fall to the level of 1.6750. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6850, take profit is at 1.6900, and stop loss is at 1.6800.

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Technical analysis of EUR/USD for April 30, 2014 Trend News

When the European market opens, some economic news will be released such as German Retail Sales m/m, French Consumer Spending m/m, Spanish Flash GDP q/q, German Unemployment Change, Italian Monthly Unemployment Rate, CPI Flash Estimate y/y, and Italian Prelim CPI m/m. The US will disclose its ADP Non-Farm Employment Change, Advance GDP q/q, Advance GDP Price Index q/q, Employment Cost Index q/q, Chicago PMI, Crude Oil Inventories, FOMC Statement, and Federal Funds Rate. So amid the reports, EUR/USD will move in low to medium volatility today.

Today's technical levels:

Breakout BUY Level: 1.3881.

Strong Resistance:1.3872.

Original Resistance: 1.3859.

Inner Sell Area: 1.3846.

Target Inner Area: 1.3813.

Inner Buy Area: 1.3780.

Original Support: 1.3767.

Strong Support: 1.3754.

Breakout SELL Level: 1.3745.

Description:

Today EUR/USD has support and resistance at 1.3767 and 1.3859. The rate is accompanied by strong support at 1.3754 and by 1.3872 as strong resistance. In case EUR/USD breaks out and closes below the 1.3745 level today, it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3881 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 1.3780 and SELL position at 1.3846. In this case both targets should be placed at the level of 1.3813.

Best regards,
Arief Makmur
Official Analyst of InstaForexGroup

InstaForex Group http://instaforex.com

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 30, 2014 Trend News

In Asia, Japan will release the Manufacturing PMI, Prelim Industrial Production m/m, Average Cash Earnings y/y, Monetary Policy Statement, Housing Starts y/y, the BOJ Outlook Report, and the BOJ Press Conference is due. Meanwhile, the US will unveil its ADP Non-Farm Employment Change, Advance GDP q/q, Advance GDP Price Index q/q, Employment Cost Index q/q, Chicago PMI, Crude Oil Inventories, FOMC Statement, and Federal Funds Rate. So there is a big probability the USD/JPY will move with low to medium volatility today.

Today's technical levels:

Resistance. 3: 103.04.

Resistance. 2: 102.85.

Resistance. 1: 102.63.

Support. 1: 102.40.

Support. 2: 102.19.

Support. 3: 101.99.

Description:

Please, pay attention to the levels of support 3 (101.99) and resistance 3 (103.04). Normally, when a level is touched, USD/JPY is likely to rebound from the previous low by 10 to 20 pips. However, 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 InstaForexGroup 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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USD/CAD intraday technical levels and trading recommendations for April 29, 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 ) was expected to provide a considerable resistance and it did.

This price zone corresponds to a recently established resistance zone as well.

The bullish pressure, which was being applied over this resistance zone, was invalidated by the current bearish spike that reached 1.0955.

Now it's obvious that the bulls can't maintain trending above the depicted uptrend line.

The previously suggested bearish position is now running in profits. Stop loss should be located just above 1.1060. The next TP level should be located at 1.0920.

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EUR/AUD intraday technical levels and trading recommendations for April 29, 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 also 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).

As expected, trading above 1.4740 on a daily basis hindered further bearish progression giving some time for sideway consolidation for retesting of 1.4945 (50% Fibonacci).

The state of indecision around 61.8% Fibonacci level (1.4750) was ended. The bulls initiated a bullish spike off 1.4725 and finally they were able to push above the upper limit of the 4H congestion zone.

A bullish spike above 1.4950 (50% Fibonacci level on the daily chart) was executed today. However, the bulls failed to pursue the bullish breakout leading to its failure.

Price zone of 1.4950-1.5000 is a prominent intraday resistance. The next support to meet the pair is located around 1.4880 where the lower limit of the depicted triangle is located.

Price action at this key-level will determine the next destination of the pair, either to retest the recent high around 1.5025 or to pursue further bearish movement towards 1.4820-1.4800 ( next support zone ).

Overall, the daily chart suggests bearish tendency as long as the current daily candlestick maintains closure below 1.4940.

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Daily analysis of Silver for April 29, 2014 Trend News

Overview

Based on H4 chart, silver is still stabilizing between the Support of 19.20 and the Resistance level of 19.50 after its rebound from the Resistance level of 19.75 last week. If silver continues its bearish move and manages to break the Support level of 19.20 which is tested now, it will give a strong indicator for the downward move and open the way towards the Support level of 18.90, then we should wait for the breakout of this level to continue the bearish move. On the other hand, if the pair could not break the Support level of 19.20 and reverses its downward move, it may be a good opportunity for bullish signals enabling the Resistance level of 19.50 in order to test it again. The breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 19.75 then 20.20.

Resistance and support levels: R3 (20.20), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3(18.50).

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EUR/NZD analysis for April 29, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested and rejected from the level of 1.6280 on volume above the average. We can observe that our Fibonacci expansion level 100% at the price of 1.6244 held successfully, so buying at this stage looks risky. There is an also previous swing low zone (1.6240), which is another good resistance zone. 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. According to the 4H timeframe chart, we can observe that strong supply has entered the market at at the price of 1.6260, which is a good sign for the further bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6247

R2: 1.6282

R3: 1.6339

Support levels:

S1: 1.6134

S2 : 1.6099

S3: 1.6043

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

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GOLD analysis for April 29, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, as we expected, the price tested and rejected from the level of 1,306.28 on volume above the average (Fibonacci retracement 61.8%). As we already posted in the previous analysis, we got submajor Fibonacci retracement 61.8% at the price of 1,307.00 and that level held successfully. We can observe supply on volume above the average according to the 4H timeframe, which is a sign that buying at this stage looks risky. Support levels are previous swing lows at the price of 1,277.00 and 1,267.00. Anyway, if the price breaks the level of 1,307.00 on higher volume, we may see testing the level of 1,315.00 (major Fibonacci retrace,emt 38.2%). My advice is to watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,303.96

R2: 1,307.34

R3: 1,312.80

Support levels:

S1: 1,293.04

S2: 1,289.66

S3: 1,284.20

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 near term bullish corrective phase.

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Elliott Wave Analysis of USD/CAD for for April 29, 2014 Trend News

USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading downwards, just like we expected, corrective wave [b] of [z] has been developing. In the 1-hour chart above, we can observe that correction from the 1.1053 is looking as the FLAT pattern, and if we are correct, we should see more downside movements towards 1.0954-1.0930, 50 & 61.8% of the [a] wave before the price turns higher again. For trading setup, we are going to look only for a buying opportunity at the mentioned zone, with a stop loss at the 1.0854 level. In accordance with our wave rules and taking into account that wave [c] should extend 100% of wave [a], we can define the potential targets with measuring wave [a] with take profit at 1.1150 (100% of wave [a]). Support and Resistance
(S3) 1.0991, (S2) 1.1003, (S1) 1.1015, (PP) 1.1027, (R1) 1.1039, (R2) 1.1051, (R3) 1.1063.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 1.0950 with stop loss at 1.0854 and take profit at 1.1150 are recommended.

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Elliott Wave Analysis of AUD/USD for April 29, 2014 Trend News

AUD/USD Elliott Wave
The AUD/USD pair has continued to trade downwards on Monday, since our primary count reached invalidation level, we have moved to first alternate view for now. In the 1-hour chart of the pair, we can observe that we are labeling descending movement from the 0.9460 level as the double three pattern (7-swings), and we want to focus on more upside movements in this major pair next. While the price remains above the yesterday's low at the 0.9224 level, we are going to look for a buying opportunity at the next pullback. In accordance with our wave rules and taking into account that wave [v] should extend 123.6% of wave [iv], we can define the potential targets with measuring wave [iv] with take profit at 0.9511 (123.6% of wave [iv]).

Support and Resistance
(S3) 0.9155, (S2) 0.9199, (S1) 0.9228, (PP) 0.9272, (R1) 0.9301, (R2) 0.9345, (R3) 0.9374.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why long position at level of 0.9300 with stop loss at 0.9247 take profit at 0.9511 are recommended.

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Technical analysis of USD/CAD for April 29, 2014 Trend News

Forecast :

• According to the previous events, the USD/CAD pair has still been trapped between 1.1070 and 1.0960.


• Strong resistance will be formed at the level of 1.1120 providing a clear signal for sell deals with the target seen at 1.9010.


• Stop-loss is to be placed above 1.1160.


• Strong level (support) will be formed at the level of 1.0910 providing a clear signal for buy deals with the target seen at the 1.1070 level.


• Stop-loss is to be placed below the level of 1.0858. This level is representing the double bottom in the H1 chart.

Notes :

• The double top will be set at the level of 1.1068.


• We expect a range of 54 pips today.


• But it should be noted that the risk of 54 4 pips must make a profit of 81 pips.


• Volatility: 85.81. Therefore, the market indicates the lower volatility.


• The value of 50% Fibonacci retracement levels is 1.1070 (for confirming for the bullish market).

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Elliott wave analysis of EUR/NZD for April 29, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6438

R2: 1.6363

R1: 1.6322

Current spot: 1.6264

S1: 1.6201

S2: 1.6151

S3: 1.6097

Technical summary:

The break above resistance at 1.6180 is a game changer. The triangle scenario is clearly invalidated and it is now a question whether we saw an important bottom at 1.5766 or not. If we did see an important low at 1.5766, then expect resistance at 1.6322 to be broken soon. A confirmed (close above) a break above 1.6322 will indicate continuation higher towards 1.6673 and higher. However, if resistance at 1.6322 protects the upside for a break below 1.6097 more downside action should be expected towards 1.5766 and likely even lower towards 1.5566.

Trading recommendation:

Our stop and revers at 1.6185 was hit. We will place stop at 1.6200.

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Elliott wave analysis of EUR/JPY for April 29, 2014 Trend News

Today's Support and Resistance levels:

R3: 143.20

R2: 142.73

R1: 142.47

Current spot: 142.38

S1: 141.98

S2: 141.68

S3: 140.99

Technical summary:

The break above resistance at 141.99 has changed our short term count slightly. Instead of red wave ii being in place at 142.00 it has extended towards the 70.7% corrective target at 142.47. As long as support at 141.98 protects the downside, it could even extend a little further towards 142.72 before renewed downside pressure should be expected. However, a break below support at 141.98 will be the first indication, that red wave ii is over and red wave iii lower towards 136.55 is ready to take over.

Trading recommendation:

Stay short in EUR from 141.68 and keep your stop at 143.50. If you are not short in EUR yet, then sell near 142.47 with the same stop at 143.50.

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Technical analysis of NZD/USD for April 29, 2014 Trend News

Notes :

• The double top of the NZD/USD pair will set at the level of 0.8597.


• The support is going to set at 0.8494. And this level is going to represent the weekly pivot point on April 29, 2014.


• The major support has already represented the weekly support 2.


• Moreover, the double bottom is also coinciding with the major support in H4 chart.


• The price hit the weekly pivot point and the support 1 last week, because of the series of relatively equal highs and equal lows.


• We expect a range of 120 pips this week.

Intraday technical levels :

Date: 29/04/2014

Pair: NZD/USD

• Projected High: 0.8809


• Breakout (Buy Stop): 0.8754


• Strong Resistance (Sell Limit): 0.8724


• Current Pivot: 0.8591


• Strong Support (Buy Limit): 0.8457


• Breakout (Sell Stop): 0.8432


• Projected Low: 0.8382

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#USDX Technical analysis for April 29, 2014 Trend News

The Dollar index tried yesterday to make a move back inside the Ichimoku cloud but got rejected once again. The Dollar remains weak. In the short-term chart shown below the Dollar index is taking a negative turn downwards as the slope from neutral is turning back down.

The Dollar index is in downtrend. I expect 79.20 to be challenged soon. I think it is very possible to see a new lower low in the index towards 79 or even below 79 over within the coming weeks. Shot-term support is found at 79.30. Short-term resistance is found at 79.85.

Longer-term trend remains down. Price is still below the blue downward sloping trend line and below the Ichimoku cloud. I think we are going to see a new low soon so I prefer short positions with the 80.60 stop and 79 or 78.80 as the first targets. There are no bullish signs of a trend reversal yet, that is why we remain short-biased.

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Gold technical analysis for April 29, 2014 Trend News

Gold price could not manage yesterday to break above the short-term Ichimoku cloud resistance and has also been rejected right below the downward sloping red trend line resistance. The trend is down and the bearish scenario of a new lower low than $1,268 is gaining more points.

As it can be seen above in the 4 hour chart, Gold price is now moving lower. A break below the Ichimoku cloud at $1,287 will be a bearish sign. Support is found at $1,280 and if broken we should expect the low at $1,268 to be challenged. If the price moves below $1,280, I see increased probability for a new lower low. Stop for short positions should be at the $1,308 level. Breaking above that level will increase the chances of price moving towards $1,330.

The daily chart is showing how the price got rejected at the Ichimoku cloud lower level. This will bring the Gold price back towards the blue support trend line near $1,275-80. A daily close below that trend line will be a bearish sign. Our longer-term view remains bearish.

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Technical analysis of EUR/JPY for April 29, 2014 Trend News

General overview for 29/04/2014 09:00 CET

The upward wave progression has been finished with a little more extended wave iii black than I had previously thought. Nevertheless, the downside cycle might start very soon on this pair and a breakout below the old wave iv black low is the first confirmation that the top is in place. Support/Resistance:

142.41 - WR2

142.35 - Intraday Resistance

142.14 - Intraday Support

141.89 - WR1

141.68 - Wave iv Low

141.45 - Weekly Pivot

Trading recommendations:

Short positions should be open from the current price levels with SL above the level of 142.42 and TP below the level of 140.97 with a possible downside extension to the level of 140.00.

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Technical analysis of USD/CAD for April 29, 2014 Trend News

General overview for 29/04/2014 08:30 CET

The lack of the upside momentum and non-linear regression model downward slope direction supports my view about a very possible completion of this corrective wave up (labeled as X black). The current question is whether the market will make one more high into the level of 50%Fibo and then reverse, or it will break out the range to the downside immediately. Nevertheless, the next important support is at the level of 1.0941, and if broken, then the swing lows will be put to the test.

Support/Resistance:

1.1084 - WR2

1.1063 - WR1

1.1052 - Swing High

1.1032 - Weekly Pivot

1.1011- WS1

1.1000 - Technical Support

1.0979 - WS2

1.0941 - Key Support Level

Trading recommendations:

Refrain from trading on this pair for now as the correction has not been finished yet.

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Technical analysis of EUR/JPY for April 29, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is trading in a new channel support as seen here, below the cone consolidation. Also the pair is again seen to be trading comfortable above 142.00 levels and threatening to break out on the north side of the resistance line around 143.00 levels. Recommendations are to remain flat for now and await further implications on the resistance line.

2. Support is at 141.00, followed by 140.00, 138.50, 136.00 and lower, while resistance is at 143.00/50, 144.00, and 145.50 respectively.

3. The structure indicates that EUR/JPY could potentially rally till the channel support remains intact. The pair is well supported around 141.00/50 levels for now. Only a break below 141.00 could be encouraging for bears.

Trading recommendations:

Remain flat for now. OR aggressively go long with stop below 141.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for April 29, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair trades around the 1.4780/1.4800 levels for now. It is still expected to fall lower towards 1.4730/50 levels where trend line and fibonacci 0.618 support is available. A bullish bounce from those levels should be bought for a higher extension towards 1.4950 and above. Recommendations for now is to remain flat.

2. Support is at 1.4630/50, followed by 1.4550, 1.4450, 1.4350 and lower, while resistance is spread through 1.4950 and 1.5120 respectively.

3. The structure indicates that GBP/CHF could possibly correct towards 1.4730 levels before resuming rally higher. On the flip side, a break of 1.4700 and trend line would prove to be extremely bearish though.

Trading recommendations:

Remain flat for now. Looking to buy from lower levels.

Good luck!

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Technical analysis of USD/CHF for April 29, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bullish bias after hitting a two-week low at 0.8768 on Monday. It is undermined by the 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 mixed as MACD is turning bearish, but stochastics is neutral.

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 0.8830 and the second target at 0.8845. 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 0.8720. The pivot point is at 0.8770.

Resistance levels:

0.8830

0.8845

0.8860

Support levels:

0.8755

0.8720

0.87

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Technical analysis of NZD/USD for April 29, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting a three-week low at 0.8519 on Monday. It is undermined by the smaller-than-expected New Zealand March trade surplus of NZD920 million (versus NZD937 million forecast), Kiwi sales on buoyant AUD/NZD cross and concerns over China's economy and weaker commodity prices. But NZD/USD losses are tempered by the Kiwi demand on NZD/JPY cross amid reduced risk aversion and NZD-USD interest differential. Daily chart is negative-biased as MACD and stochastics are bearish, although the latter is at oversold zone, 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 0.8635. A breach of this target will move the pair further downwards to 0.8690. The pivot point stands at 0.8590. 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 0.8475 and the second target at 0.8430.

Resistance levels:

0.8635

0.8690

0.8750

Support levels:

0.8475

0.843

0.84

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