Daily analysis of USDX for May 08, 2014 Trend News

Daily chart: The USDX remains above the support level of 79.19, but it should be noted that the USDX has formed a fractal on that level, so the USDX could rise again to the resistance level of 79.55. However, if the USDX does make a breakout at the support level of 79.19, it's expected to fall to the level of 78.70. The MACD indicator is in negative territory.

H4 chart: The USDX has had a bullish momentum above the support level of 79.07 and now the USDX is trying to consolidate above the resistance level of 79.27. If successful, it is expected to rise to the level of 79.33. On the other hand, if the USDX does make a breakout at the support level of 79.07, it is expected to strengthen more the current bearish bias in this pair. The MACD indicator is in positive territory.

H1 chart: The USDX has made a bullish rebound above the support level of 79.13. However, the USDX remains very strong in the current bearish trend. On the other hand, if the USDX does make a breakout on the resistance level of 79.39, it's expected to rise to the level of 79.64. The MACD indicator is in the overbought zone and entering 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 79.13, take profit is at 78.92, and stop loss is at 79.34.

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Daily analysis of GBP/USD for May 08, 2014 Trend News

Daily chart: GBP/USD has made a bearish rebound at the resistance level of 1.7000, so far, this pair is forming a lower high pattern. Near that resistance level, the GBP/USD formed a fractal, which is part of the corrective movements in this pair. If GBP/USD manages to consolidate above the 1.7000 level, it's expected to rise to the level of 1.7169. The MACD indicator is in positive territory.

H4 chart: This pair is approaching the bullish trend line nearby the 1.6940 level, which could serve as support in the GBP/USD. However, if the pair manages to make a breakout in the trend line, it is expected to fall to the support level of 1.6900. On the other hand, if the pair manages to make a breakout at the level of 1.7050, at which one bullish trend line is, it's expected to rise to the level of 1.7150. The MACD indicator is in negative territory.

H1 chart: The GBP/USD is finding support at the 1.6950 level, where it is forming a point of control. If GBP/USD manages to make a breakout at the level of 1.6950, it's expected to fall to the level of 1.6900. However, the bullish outlook remains alive while the GBP/USD stays above the 200 SMA. MACD indicator is oversold.

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 1.7000, take profit is at 1.7050, and stop loss is at 1.6950.

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Technical analysis of EUR/USD for May 8, 2014 Trend News

When the European market opens, some economic news will be released such as German Industrial Production m/m, Minimum Bid Rate. The US will release the economic data too such as the Unemployment Claims, Natural Gas Storage, 30-y Bond Auction, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3977.

Strong Resistance:1.3968.

Original Resistance: 1.3955.

Inner Sell Area: 1.3942.

Target Inner Area: 1.3909.

Inner Buy Area: 1.3876.

Original Support: 1.3863.

Strong Support: 1.3850.

Breakout SELL Level: 1.3841. DESCRIPTION:

Today EUR/USD has support and resistance at 1.3863 and 1.3955. The rate is accompanied by strong support at 1.3850 and by 1.3968 as strong resistance.

If EUR/USD breaks out and closes below the 1.3841 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3977 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 1.3876 and at 1.3942, a SELL position. In this case both targets should be placed at the level of 1.3909. Best regards, Arief Makmur Official Analyst of InstaForexGroup InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/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 USDX and USD pairs for May 08, 2014 Trend News

USDX and USD pairs

The US dollar became stronger after fundamental news released yesterday. Russian President Vladimir Putin took a step back from confrontation with the West over Ukraine, and Federal chairwoman comments strengthened the US dollar. The U.S. dollar rose slightly against a basket of currencies, though it remained near a six-month low.

The US dollar took support at 79 levels. It is strenghtened by fundamental news and technical picture as well. The RSI in the daily chart clearly indicates a buy signal. For the next couple of trading sessions, the US dollar pairs will be actively traded and the buy on the dips strategy will favors USD/JPY, USD/SGD, USD/CHF and USD/CAD.

USD/JPY- the pair is trading at 101.80, it can fly up to 102.20, 102.35 and 103 levels.

USD/SGD- the pair is trading at 1.2475, it can fly up to 1.25 and 1.2560 levels.

USD/CAD- the pair is trading at 1.09, it can fly up to 1.0960 and 1.1 levels.

USD/CHF- the pair is trading at 0.8764, it can fly up to 0.8787, 08815 levels.

USDX- the index is trading at 79.23, it can fly up to 79.36, 79.50 and 79.80.

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Technical analysis of USD/JPY for May 8, 2014 Trend News

In Asia, Japan will release the 10-y Bond Auction and the US will release some economic data such as Unemployment Claims, Natural Gas Storage, 30-y Bond Auction. 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: 102.39.

Resistance. 2: 102.19.

Resistance. 1: 101.99.

Support. 1: 101.74.

Support. 2: 101.54.

Support. 3: 101.34.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.34) and resistance 3 (102.39). 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 email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

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

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Technical analysis of gold for May 08, 2014 Trend News

GOLD

Gold was badly beaten by fundamental news driven by Putin (Geo- political issue, Ukraine crisis) and Federal chairwoman comments strengthened the US dollar. The U.S. dollar rose slightly against a basket of currencies, though it remained near a six-month low.

In yesterday's trading session, gold was beaten by fundamental news and supported by the technical level (61.8 fib). For today's trading session gold mode was shifted to "pull back" and on a positional basis sell on rally until it crosses $1,330.70. In Asia the metal was trading at $1,289 levels.

On the down side, the metal has strong support at $1,284.70 levels. The next round of selling will be placed only below $1,284 for $1,280, $1,277 and $1,273.80 levels. We are pretty much sure for the pullback call from the cmp or even buy on today's dip. We will sell again at higher levels may be tomorrow or next Monday. On the upside, the metal is facing strong resistance levels at $1,292, above that it will zoom to $1,297.60, $1,300 and $1,302 levels. Safe traders can buy on the dip or above $1,292. In case if any bad fundamental news driven during today's trading session, the metal will dip to a limited space at this level traders can buy on an hourly or intraday basis.

Recommendations-

Buy at cmp $1,289.50 or even dip for $1,292, $1,297.60, $1,300, $1,302 and $1,304.30 levels.

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Technical analysis of GBP/USD for May 08, 2014 Trend News

Traders eye today's economic event - the BoE will announce its core interest rate. The BoE is expected to leave unchanged its monetary policy in May at 0.5%.

The pair has been trading in an uptrend from 1.6826 levels. In Asia's trading session the pair is trading at 1.6954 levels. The pair is in a sell on rally mode. Maximally it can stretch to 1.70-1.7036 levels. The RSI in the daily chart is preparing for a steep fall in the price. The major trend reversal will take place below 1.6820 levels. As of now, the pair made a double bottom at 1.6951 levels. Once it breaks below this, the pair will take immediate support at 1.6930 and 1.6920 levels.

On an intraday basis, we expect the pair will move up towards 1.6970 and 1.6980. Sellers can wait for an upmove and short at higher levels at 1.6980-1.7936 levels. Sellers will mint money in this pair for the next couple of trading days. Sell on rally is the best option for bears. Buying zone is 1.6950-1.6930.

Recommendations- 1.6955.

Intraday- Buy at 1.6950-1.6930 with sl 1.6923 for targets at 1.6970, 1.6980 and 1.70.

Sell below 1.6920 for targets 1.6890 and 1.6853.

Positional - sell on rally.

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Technical analysis of EUR/USD for May 08, 2014 Trend News

EUR/USD

Today traders eye the ECB's press conference. The European Central Bank is likely to hold off policy actions at today's meeting.

Review- German factory orders

The German factory orders plunged unexpectedly in March as demand slumped, both at home and abroad, particularly from other nations using the euro, and the government cautioned the crisis in Ukraine could contribute to further weakness.The economy ministry said Wednesday that industrial orders dropped 2.8 percent over February, the largest month-on-month fall since November 2012. Economists had predicted a 0.3 percent rise, following an upwardly revised 0.9 percent gain in February.

Domestic orders fell 0.6 percent, while foreign orders were down 4.6 percent, led by a 9.4 percent drop from other countries in the 18-nation eurozone.

Technical view-

The economic data from the French and German produces weakness in the euro. As of now, the pair opened today's trading on a bearish note. In Asia's trading session, the pair is trading at 1.3908. We still recommend the strategy to sell on the rally. In the h4 chart, the pair gave a break out at the 1.39 level on May 06, now it is trying to hold the breakout level. The Stochastics in the h4 chart is suggesting a pull back to take place during today's trading session. We may expect it can pull back up to 1.3940-1.3950 levels. At every higher level traders can short, the RSI in the H4 chart is supporting the sell-on-rally strategy.

For an intraday session, on the down side the pair has support between 1.39-1.3880 levels. Below this, the immediate support exists at 1.3864. The sell call will be triggered below 1.3864 for 1.3774. Buy on an intraday basis and sell at higher levels.

Buy at cmp 1.3909 for targets 1.3925, 1.3950 and 1.40.

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Daily analysis of GBP/JPY for May 07, 2014 Trend News

Overview

Proceeding from the today's H4 chart, the pair is still trading between the Support level of 172.00 and the Resistance level of 172.80 and currently the pair fails again to break the Resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level till closing 4H above the Resistance level of 173.50 as a target. Then we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 174.00. On the other hand, if the pair failed to break the Resistance level of 172.80 and bounces from it, it may take a downward trend, which will enable the Support level of 172.00 again, Therefore, we suggest waiting for the next closing before making the decision.

Resistance and support levels: R3 (174.00), R2 (173.50), R1 (172.80), S1 (172.00), S2 (171.50), S3 (171.00).

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Technical analysis of USD/JPY for May 07, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bearish bias after hitting a three-week low at 101.50 on Tuesday as markets await 1400 GMT Fed Charwoman Janet Yellen's testimony to U.S. Joint Economic Committee on 'The Economic Outlook.' USD/JPY is undermined by the negative dollar sentiment (ICE spot dollar index last 79.14 versus 79.50 early Tuesday) on bets that Yellen might sound dovish as she reiterates the U.S. economy is recovering but not as strongly as desired, Wall Street losses overnight (S&P 500 closed 0.9% lower at 1,867.72), lower longer-dated U.S. Treasury yields, drop in U.S. IBD/TIPP Economic Optimism Index to 45.8 in May from 48.0 in April and wider-than-expected U.S. March trade deficit of $40.38 billion (versus $40.2 billion forecast). USD/JPY is also weighed by the Japan exporter sales and flows to haven JPY amid increased risk aversion (VIX fear gauge rose 3.84% to 13.8). But USD/JPY losses are tempered by the demand from Japan importers.

Technical сomment:
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 101.30. A breach of this target will move the pair further downwards to 101.05. The pivot point stands at 101.95. 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 102.20 and the second target at 102.50.

Resistance levels:

102.20

102.50

102.80

Support levels:

101.30

101.05

100.75

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Technical analysis of USD/CHF for May 07, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bearish bias after hitting a near-two-month low at 0.8718 on Tuesday. It is undermined by the negative dollar sentiment and franc demand on soft EUR/CHF cross. 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 0.8715. A breach of this target will move the pair further downwards to 0.8695. The pivot point stands at 0.8765. 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 0.8785 and the second target at 0.8805.

Resistance levels:

0.8785

0.8805

0.8845

Support levels:

0.8715

0.8695

0.8650

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Technical analysis of NZD/USD for May 07, 2014 Trend News

Overview:

NZD/USD is expected to consolidate in a lower range after hitting a two-and-a-half year high at 0.8779 on Tuesday. It is undermined by the comment from RBNZ Gov. Wheeler that the Kiwi is overvalued and if the "currency remains high in the face of worsening fundamentals, such as a continued weakening in export prices, it would become more opportune for the Reserve Bank to intervene in the currency market to sell NZ dollars." NZD/USD is also weighed by the concerns over China's economy, Kiwi sales on rebounding AUD/NZD cross and decreased investor risk appetite. But NZD/USD losses are tempered by the negative dollar sentiment and NZD-USD interest differential. Daily chart is still positive-biased as MACD and stochastics are bullish, although the latter is at overbought zone, 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 0.8635. A breach of this target will move the pair further downwards to 0.8595. The pivot point stands at 0.8705. 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 at0.8780 and the second target at 0.8820.

Resistance levels:

0.8780

0.8820

0.8850

Support levels:

0.8635

0.8595

0.8550

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Technical analysis of GBPJPY for May 07, 2014 Trend News

Overview:

GBP/JPY is expected to trade with bullish bias. It is uUndermined by the reduced investor risk tolerance and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Daily chart is mixed as MACD is bullish, but stochastics is in bearish 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 173.15 and the second target at 173.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.75. A breach of this target will push the pair further downwards and one may expect the second target at 171.40. The pivot point is at 172.10.

Resistance levels:

173.15

173.50

173.75

Support levels:

171.75

171.40

171

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EUR/NZD analysis for May 07, 2014 Trend News

Overview

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6082 on volume above the average according to the H4 timeframe. 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. We can observe rejection from our Fibonacci retracement 61.8% at 1.5920 and that causes price to start with uprwad movement. I placed corrective Fibonacci retracement to find potential end of the bullish phase and I got Fibonacci retracement 61.8% at the price of 1.6122. Watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5975

R2: 1.6004

R3: 1.6049

Support levels:

S1: 1.5885

S2 : 1.5856

S3: 1.5811

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

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GOLD analysis for May 07, 2014 Trend News

Overview

Since our last analysis, gold has been trading sideways, around the price of 1,310.00, we are still waiting for a larger movement and larger volume. Our previous analysis is still active due to low activity on the market. As you can see in the graph, our major Fibonacci retracement 38.2% (1,315.55) is on the test, and if the price breaks the level of 1,315.00 on higher volume, we may see testing the levels of 1,330.00-1,344.00 (Fibonacci ratios) before any larger supply. Anyway, we found support level at the price of 1,305.00 (previous swing low), and if the price breaks the level of 1,305.00 on higher volume, we may see further bearish movement.. Any larger supply and reaction from our resistance zone may confrim further bearish phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,312.47

R2: 1,314.73

R3: 1,318.40

Support levels:

S1: 1,305.13

S2: 1,302.87

S3: 1,299.20

Trading recommendation: Trading the metal, be careful with short-term buying at this stage since price is testing Fibonacci retracement. Watch for selling opportunities after retracement.

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Elliott wave analysis of EUR/NZD for May 7, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6202 (Critical level)

R2: 1.6108

R1: 1.6075

Current spot: 1.6047

S1: 1.5988

S2: 1.5869

S3: 1.5766

Technical summary:

We are in the final wave lower towards the ideal target near 1.5653. We have seen a sharp rally from the 1.5869 low, but this did not break above minor resistance at 1.6108 as that would argue for a more complex formation developing for this final decline. In the short term a break below minor support at 1.5988 will add renewed dowside pressure for a new decline towards 1.5869 and lower.

Trading recommendation:

Our stop at 1.6050 was hit for a nice profit. We will sell EUR again at 1.6075 with a stop and revers of the position at 1.6205.

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Elliott wave analysis of EUR/JPY for May 7, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.09 (critical level)

R2: 141.74

R1: 141.45

Current spot: 141.31

S1: 140.99

S2: 140.23

S3: 139.15

Technical summary:

The downside pressure is surely mounting here, but we still need that vital break below vital support at 140.99 to release this downside pressure for real. A break below 140.99 should push prices lower towards 140.23 and possibly even lower towards 136.97. Only an unexpected break above the critical level at 142.09 would delay the expected downside pressure.

Trading recommendation:

Stay short in EUR from 141.68 and move your stop lower to 142.15. If you are not short in EUR yet, then sell near 141.45 or upon a break below 140.99 with the same stop at 142.15.

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Technical analysis of GBP/USD for May 7, 2014 Trend News

Overview :

• The support of the GBP/USD pair has already set at the price of 1.6935. So, according to the previous events, the GBP/USD pair is still trapped between 1.6950 and 1.6970. If the trend fails to close below the level of 1.6940, it will a good sign to buy at this level in the short term with targets at 1.6850, then it is going to continue towards the 1.6710 price today. Notwithstanding, the stop loss should be placed at the level of 1.6915. Moreover, if the trend succeeds to close below 1.6930. Consequently, the market will indicate a bearish opportunity below 1.6936, because the level of 1.6936 is going to act as strong resistance after breaking it, for that the market will be continuing in downtrend below the minor support (1.6936) towards the level of 1.6856 in order to test the weekly pivot point.

Notes :

• Minor support will be set at the price of 1.6936.


• The strong support has already set at 1.6856.


• The level of 1.6856 is representing the weekly pivot point.


• The resistance is placed at 1.7010 and the double top is going to set at the 1.6995 price.

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Technical analysis of NZD/USD for May 7, 2014 Trend News

Forecast in the long term :

• The key level of NZD/USD pair has set at the price of 0.8510 and this level is representing a strong support on May 7, 2014. Due to the previous events, the price of NZD/USD pair is still moving between the levels of 0.8780 and 0.8685. So, we expect a range of 120 pips in coming days. But, it should be noted that the risk of 80 pips must make a profit of 120 pips. Therefore, the support will be formed at the level of 0.8610 providing a clear signal for buy deals at 0.8610 (it should also be noticed that the level of 0.8682 is coinciding with the ratio of 38.2%) with the first target at 0.8680 and it will continue toward the double top at the price of 0.8777. However, stop loss is to be placed below 0.8450.

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Gold technical analysis for May 7, 2014 Trend News

Gold price mainly consolidated yesterday between $1,300 and $1,315. Short-term trend is up. A buy signal will be given when price breaks above $1,315 with $1,331 as the first target. Our intermediate-term target is near $1,340-$1,360 for the end of wave C. Our preferred wave scenario remains the one where we have completed wave 1 down from $1,391 and we are now inside corrective wave 2.

Gold price remains above the Ichimoku cloud as it can be seen in the 4-hour chart above. This is a bullish sign supporting our view that we are to expect the rise to continue. Gold price has important support at $1,280. Short-term support is found at $1,304, if broken we could see price drop by $10. Short-term resistance at $1,315 if broken will push price towards previous highs at $1,331.

The daily chart above depicts what I expect from Gold price. I still see as a very possible outcome a move towards the 61.8% Fibonacci retracement or even higher. As long as support at $1,275 is held on a daily closing basis, we remain bullish with the $1,350 target. A break below $1,268 on an intraday basis, should confirm that the upward bounce is over and we are heading towards $1,200.

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#USDX Technical analysis for May 7, 2014 Trend News

The Dollar index remains in downtrend, below the resistance trend line and below the Ichimoku cloud. Price is just above the important support at 79, but it has already broken previous lows at 79.20. There are more chances of seeing a continued move lower towards 78.50 than a reversal now. However bears should protect their positions with stop orders.

Price has spiked lower yesterday breaking previous lows at 79.35 and 79.20. The trend is clearly down. Short-term resistance is found at 79.65 while short-term support is found at 79. I believe there is more selling to come and so I anticipate by the end of the week that we will see below 79 and towards 78.50.

Daily trend remains down. Price is heading lower towards 78.70 first and maybe lower. Bears have the upper hand now but should also lower their stops to 80. Some profit taking is advised below 79. If the dollar index manages to break below even 78 price level, we should anticipate more selling towards 75-76 level. Concluding, we remain short targeting below 79.

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Technical analysis of GBP/CHF for May 07, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair is consolidating in a 120 pip range since several trading sessions. The pair is expected to fall towards the 1.4800/1.4780 levels from current levels. A break below the 1.4770, will push it further low towards at least 1.4700/1.4680. Recommendations are to remain short for now, with stop above 1.4950/60.

2. Support is at 1.4630, followed by 1.4550, 1.4450, 1,4350 and lower, while resistance is at 1.4950 and 1.5120 respectively.

3. The structure indicates that GBP/CHF would continue to drift lower for now at least towards 1.4680/1.4700 levels. It is quite possible that the pair may reverse all together lower.

Trade recommendations:

Remain short, set stop at 1.4950/60, target is open.

Good luck!

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Technical analysis of USD/CAD for May 7, 2014 Trend News

General overview for 07/05/2014 09:20 CET

The demand zone marked as the grey rectangle has been broken and now it will act as a supply/resistance zone. The anticipated five wave impulsive wave progression is almost completed as the wave v black is needed. The first target for this wave is at the level of 1.0857, but downside extension is possible. Then the market should bounce and start an upward corrective cycle.

Support/Resistance:

1.0857 - Target for wave v

1.0873 - Intraday Support

1.0878 - WS2

1.0895 - Intraday Resistance

1.0932 - WS1

Trading recommendations:

All sell orders that has been advised to open from higher levels should be covered at the level of 1.0857. Corrective cycle is ahead.

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Technical analysis of EUR/JPY for May 7, 2014 Trend News

General overview for 07/05/2014 09:00 CET

There is a slight chance that the alternate count of abc green is the correct one if the price will break out above the golden trendline. Otherwise the main count is in play and it indicates a clear impulsive wave development to the downside. The key level to confirm the bearish bias is the supply breakthrough zone between the levels of 140.97 and 141.06.

Support/Resistance:

140.26 - WS2

141.03 - WS1

140.97 - 141.06 - Supply Breakthrough Zone

141.12 - Intraday Support

141.35 - Intraday Resistance

141.74 - Weekly Pivot

Trading recommendations:

All sell orders that has been advised to open from higher levels should be still kept open as there is more downside to come if the count is correct. Next middle week target is at the level of 140.26.

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