Technical analysis of gold for May 09, 2014 Trend News

GOLD

Unemployment insurance weekly claims

In the week ending May 3, the advance figure for seasonally adjusted initial claims was 319,000, a decrease of 26,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 344,000 to 345,000. The 4-week moving average was 324,750, an increase of 4,500 from the previous week's revised average. The previous week's average was revised up by 250 from 320,000 to 320,250.

Technical view-

The metal is struggling to sustain above $1,292 levels. The pair has been consolidating between 50.0-61.8 fib levels $1,285-$1,292. Until the metal comes out of this range, we can't see further move. As for the RSI in the h4 chart, it indicates something is cooking inside. The RSI is consolidating near the buy mode. We expect the downside is limited from the current levels and we will soon get a one side move towards $1,296 and $1,302 as initial targets. On the down side, if the price breaks $1,284.70, it will fall up to $1,281.50, $1,280.10, and $1,277 immediately.

On positional basis, the metal is in a sell mode until it closes below $1,300. The bulls back on track only close above $1,300. The metal was making lower lows and lower highs for the last 3 trading sessions trading below all the short and medium-term moving averages. If the metal breaks below the $1,284.70, it will drift to $1,280, $1,277, $1,273, $1,268, $1,262, and $1,260 levels.

Recommendations - $1,290

Safe traders - Buy above $1,292 target $1,296, $1,300, and $1,302

Sell below $1,284.70, targets $1,280, $1,277

Risky traders buy at cmp target $1,300 and $1,304.30

Adopt a strategy and trade safe

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Technical analysis of USD/CAD for May 09, 2014 Trend News

The pair has been trading in a down trend from 1.1279 levels. It has been in a complete down trend from the last couple of weeks. Until the pair trades below the 1.1053, the pair is in a bear grip looking for 1.067 levels as per the weekly chart.

In the daily chart, the pair looks oversold and will shift to a pull back mode from the current levels of 1.0830. On the upside, the pair is facing strong resistance at 1.0859 above this, 1.09, 1.10, and 1.1030 levels. The bulls are back on track only above 1.1053 levels April 23 high. The daily momentum indicators give a clear pull back indication of the current levels. On the downside, the pair has found support at 1.076 levels.

For intraday basis, the RSI favors to pull back from the oversold levels. We expect the pair to move to 1.0860 from the current levels. In Asia's trading session the pair is trading at 1.0829. The daily momentum indicators are giving a clear pull back signal.

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Technical analysis of EUR/USD for May 9, 2014 Trend News

When the European market opens, some economic news will be released such as German Trade Balance, French Gov Budget Balance, Italian Industrial Production m/m.The US will release the economic data too such as the JOLTS Job Openings, Wholesale Inventories m/m. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3911.

Strong Resistance:1.3902.

Original Resistance: 1.3889.

Inner Sell Area: 1.3889.

Target Inner Area: 1.3843.

Inner Buy Area: 1.3810.

Original Support: 1.3797.

Strong Support: 1.3784.

Breakout SELL Level: 1.3775.

DESCRIPTION:

Today, EUR/USD has support and resistance at 1.3797 and 1.3889. The rate is accompanied by the strong support at 1.3784 and by 1.3902 as the strong resistance.

If EUR/USD breaks out and closes below the 1.3775 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3911 level, then it will reveal high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3810 and a SELL position at 1.3889. In this case, both targets should be placed at the level of 1.3843. Best regards, Arief Makmur Official Analyst of InstaForexGroup 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 USD/JPY for May 9, 2014 Trend News

In Asia, Japan will release the Leading Indicators and the US will release some economic data such as JOLTS Job Openings, Wholesale Inventories m/m. So there is a big probability the USD/JPY will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.20.

Resistance. 2: 102.00.

Resistance. 1: 101.80.

Support. 1: 101.56.

Support. 2: 101.36.

Support. 3: 101.16. DESCRIPTION:

Please, pay attention to the levels of support 3 (101.16) and resistance 3 (102.20). 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 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 incur 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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Intraday analysis of EUR/USD for May 09, 2014 Trend News

EUR/USD

Review- ECB Press conference-

European Central Bank President Mario Draghi signalled a potential interest rate cut next month.The ECB kept, as had been anticipated, its key interest rate steady at a record low 0.25 percent, but suggested it might lower it in June if needed.The euro slid 0.4 per cent against the greenback, after rising as high as US$1.3993 earlier in the session, the highest level in 2-1/2 years.

Technical view-

The pair is trading at 1.3836 in Asia's trading session. In yesterday's trading session, the pair was beaten very hard but it succeeded holding the 50day SMA. For intraday basis, it's a clear buy at cmp or even a dip. In the H4 chart the pair is holding 200EMA. On the down side, if the pair breaks the 1.3834 it will drift all the way to 1.3812,1.38, and 1.3774. Traders can buy if a dip comes. It is just for intraday trading and btst. The pair will take a turn from 1.3826-1.38 levels.

On the upside, the pair has resistance at 1.3875 (50hourly SMA). If the pair crosses the 1.3875 level, it will zoom to 1.39 and 1.3910. On positional basis, we still recommend the sell on a rally strategy.

Recommendations-

Buy at 1.3875 and 1.39 for intraday target

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EUR/AUD intraday technical levels and trading recommendations for May 8, 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, the bears failed to fixate below 1.4750 on a daily basis. This hindered further bearish progression giving some time for a sideway consolidation for retesting of 1.4945 (50% Fibonacci).

After a few days of indecision around 1.4750, 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.

Two bullish spikes above 1.4950 (50% Fibonacci level on the daily chart) were executed. However, the bulls fail to pursue the bullish breakout leading to its failure.

On the other hand, the lower limit of the depicted triangle located around 1.4850 failed to provide enough support for the pair. Instead, bearish breakdown took place pushing towards 1.4775.

The expanding triangle pattern succeeded push lower after the lower limit of it was broken down and retested successfully.

Overall, the daily chart suggests bearish tendency especially if the daily candlesticks maintain closures below 1.4940. This will open the way down to 1.4750 ( 61.8% Fibonacci Level ) where the price action should be watched.

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USD/CAD intraday technical levels and trading recommendations for May 8, 2014 Trend News

The 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 an advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart).

Temporary daily closure below 1.0920 took place. However, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction the next day pushed the pair again towards 1.1000.

On the other hand, on the 4H chart, the price zone of 1.0995-1.1045 (38.2% Fibonacci of the most recent bearish swing) was expected to provide a valid sell entry and it did.

The previously suggested bearish position taken at 1.0995 is now running in profits. Stop loss should be lowered to 1.0910 to secure some profits.

Other bearish positions can be taken at the price zone of 1.0940-1.0950. It's the most recent resistance zone that comes to meet the pair. Bearish targets are to be located at 1.0865 initially.

On the other hand, the price zone of 1.0875-1.0830 ( extending down to 61.8% Fibonacci Level on the daily chart ) which is being challenged today by the bears, should be watched for a possible bullish price action for upcoming bullish momentum to leave our current SELL position.

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Intraday technical levels and trading recommendations on EUR/USD for May 8, 2014 Trend News

In March, the failure of the bulls to fix above 1.3880 applied enough bearish pressure in the form of a bearish channel towards the recent demand zone around 1.3700.

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

On April 11, a bearish Doji candlestick was marked around 1.6880, followed by a bearish engulfing daily candlesticks aiming to apply bearish pressure on the price level of 1.3800. It has been offering support especially on Monday when the depicted long-tailed hammer daily candlestick was noted.

On the other hand, a price level of 1.3800 has been providing the bullish support so far. Wednesday and Friday's daily candlesticks are bullish engulfing daily candlesticks that originated off this level.

At the same time, several bullish attempts (including Tuesday's bullish spike) took place to step above 1.3850-1.3880. However, immediate bearish reaction is usually applied due to lack of the bullish follow-up.

On Tuesday, we had a bullish breakout above 1.3880 which topped at 1.3950 (Notice the most recent top established around 1.3965). Today, the bears expressed quite significant bearish reaction that led immediately towards 1.3850 corresponding to the lower limit of the depicted movement channel.

Since the EUR/USD pair broke below 1.3855, the pair had roughly been moving within a bearish channel until the depicted uptrend line (the blue trendline) came to meet the pair roughly at 1.3700-1.3680 enhancing this price zone as significant intraday demand. This led to the recent bullish impulse above 1.3810 and 1.3880.

Finally, the last bottom established around 1.3810 could achieve higher value above 1.3880. The bulls topped at 1.3950. However, these levels correspond to the upper limit of the ongoing bullish channel.

A corrective movement towards 1.3880 then 1.3850 was executed immediately as expected yesterday.

For the bulls, the price level of 1.3850 down to 1.3810 remains the nearest DEMAND level for them. It should be watched for a possible BUY position with SL as daily closure below 1.3800.

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Intraday technical levels and trading recommendations on GBP/USD for May 8, 2014 Trend News

Previously, around the price zone of 1.6780-1.6800, a Double Top pattern scenario was established during February and March. However, the recent lows at 1.6465 and 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep pushing higher.

The daily chart shows two successive bullish breakouts expressed above 1.6850 (the upper limit of a previous congestion zone), then above 1.6930 (the upper limit of the ongoing bullish channel). The bullish momentum should be apparent now to allow the bullish breakout to pursue towards further targets. Otherwise, breakout is probably going to fail.

Price levels around 1.6990 provided evident rejection. This paused the ongoing bullish momentum (Note Yesterday's daily candlestick).

The nearest demand zone to meet the pair is located at 1.6775-1.6820. Bulls should be defending this price zone in order to pursue projection targets of the breakout.

As long as the ascending bottoms established at the uptrend around 1.6675, 1.6775, and 1.6825 remain intact, the market will keep its bullish momentum.

The bearish momentum was srong above 1.6820 (the lower limit of the bullish channel and upper limit of a previous consolidation zone).

The bulls managed to record a higher value above the recent one at 1.6900. However, this probably exhausted the bullish momentum of the market. A short-term pull-back is taking place now.

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

Overview

In the shown H4 chart, the pair failed more than once to break the Support level of 172.00 and is still trading above it since yesterday. In the today's H4 chart the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 172.80. Currently, it is preferred to wait till closing above this Resistance level before making the decision and in this case we will get more bullish signals with the first target few pips below the next Resistance level of 173.50 then 174.00 as the second target. But closing below the Resistance level of 172.80 cancels the bullish move scenario.

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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Daily analysis of Silver for May 08, 2014 Trend News

Overview

As it was expected yesterday, more bearish signals would be available after breaking the Support level of 19.50, then the metal would continue its downward move in case of breaking this Support level, thus providing us with another good opportunity to sell till reaching the Support level of 19.20 which is being tested now. Currently and as shown here, the metal has hit the Support level of 19.20 and started to take a bullish move. Presently, we suggest waiting for closing above this level to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 19.50, then after breaking this Resistance level, the silver would open the way towards the Resistance level of 19.75, which means more bullish signals.

Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90).

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

Overview:

USD/JPY is expected to trade in a higher range. It is underpinned by the reduced safe-haven appeal of yen and yen-funded carry trades as global risk sentiment improves (VIX fear gauge eased 2.9% to 13.4) and U.S. stocks ended mostly higher overnight (S&P 500 rose 0.56%, DJIA gained 0.72%, Nasdaq slipped 0.32%) after Federal Reserve Chairwoman Janet Yellen gave a relatively upbeat outlook for the U.S. economy, but said her optimism hadn't changed the Fed's plans to keep short-term interest rates near zero for the foreseeable future, while worries over Ukraine eased after Russia's President Vladimir Putin said he was ready to discuss a way out of the crisis. USD/JPY is also supported by the improved dollar sentiment (ICE spot dollar index last 79.23 versus 79.14 early Wednesday) and demand from Japan importers. But USD/JPY gains are tempered by the lower U.S. Treasury yields after Yellen's dovish comments and Japan exporter sales. Yen crosses are vulnerable to China April trade balance data (exports likely declined by 3.5% on-year, imports likely fell 3.2% on-year, trade surplus likely widened to $17.3 billion from $7.71 billion).

Technical сomment:
Daily chart is still negative-biased as MACD and stochastics are in a 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 102 and the second target at 102.20. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.30. A breach of this target will push the pair further downwards and one may expect the second target at 101.05. The pivot point is at 101.50.

Resistance levels:

102

102.20

102.50

Support levels:

101.30

101.05

100.75

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

Overview:

USD/CHF is expected to trade with bearish bias. It is underpinned by the improved dollar sentiment and franc sales on buoyant EUR/CHF cross. But CHF sentiments are boosted by the drop in Switzerland jobless rate to 3.2% in April from 3.3% in March. Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining, but stochastics is turned bullish at oversold zone, inside-day-range pattern was completed on Wednesday.

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 08, 2014 Trend News

Overview:

NZD/USD is expected to trade with bearish bias. It is undermined by the improved dollar sentiment and comment from RBNZ Gov. Wheeler that a high Kiwi exchange rate in face of weakening fundamentals may prompt RBNZ to intervene to sell NZD, lower dairy product prices, Kiwi sales on buoyant AUD/NZD cross and concerns over China's economy. But NZD/USD losses are tempered by the improved investor risk appetite and NZD-USD interest differential.Daily chart is mixed as MACD is bullish, but stochastics turned bearish at overbought zone.

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:

0.8745

0.8780

0.8820

Support levels:

0.8630

0.8595

0.8550

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Technical analysis of GBPJPY for May 08, 2014 Trend News

Overview:

GBP/JPY is expected to trade with risks skewed higher. It is supported by the improved investor risk appetite and demand from Japan importers. But GBP/JPY gains are tempered by the Japan exporter sales. Daily chart is mixed as MACD is bullish, but stochastics is in bearish mode, five and 15-day moving averages are meandering sideways.

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 and the second target at 173.30. 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

173.30

173.50

Support levels:

171.75

171.40

171

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EUR/NZD analysis for May 08, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6111 on volume above the average according to the daily 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 got our Fibonacci retracement 61.8% at the price of 1.6122, so we will watch price action around that level. If the price rejects from the level of 1.6122 on high volume, that will be a good sign for the further bearish movement. Anyway, if the price breaks the level of 1.6122 on high volume, we may see testing the level of 1.6240 (previous swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6085

R2: 1.6123

R3: 1.6185

Support levels:

S1: 1.5962

S2 : 1.5924

S3: 1.5863

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

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GOLD analysis for May 08, 2014 Trend News

Overview

Since our last analysis, gold has been trading downwards, as we expected, the price tested the level of 1,286.44 on volume above the average. As you can see in the graph, our major Fibonacci retracement 38.2% (1,315.55) held successfully, and that caused price to start downward movement. According to the 4H timeframe we can observe supply on volume above the average, which is a good sign for the potential bearish movement. First down station may be the price of 1,277.00 (swing low). If the price starts with upward movement, we will get submajor Fibonacci retracement 38.2% at the price of 1,297.00. Be caerful with buying and watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,307.94

R2: 1,325.27

R3: 1,335.84

Support levels:

S1: 1,280.04

S2: 1,269.47

S3: 1,252.14

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 8, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6277

R2: 1.6202 (critical level)

R1: 1.6112

Current spot: 1.6093

S1: 1.6027

S2: 1.5988

S3: 1.5869

Technical summary:

As long as short term important resistance at 1.6112 protects the upside we will be looking for a break below short-term support at 1.6027 as indication that the final decline towards the ideal target at 1.5653 is developing. That said, we have to be aware of the possible risk, that a fifth failure has been seen at 1.5869 (no new low below red wave iii at 1.5765). If we have seen a fifth failure we will see a break above 1.6112 and 1.6202 soon and should expect underlying strength in this market.

Trading recommendation:

We sold EUR again at 1.6075 and will move our stop + reverse to 1.6125. If you are not short in EUR yet, then sell here with the same stop + reverse at 1.6125 (low risk trade).

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Elliott wave analysis of EUR/JPY for May 8, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.47

R2: 142.09 (critical level)

R1: 141.74

Current spot: 141.71

S1: 140.99

S2: 140.23

S3: 139.15

Technical summary:

The continued range trading is frustrating, but it does not change our view of more downside pressure as long as the critical level at 142.09 protects the upside. However, to get some real downside pressure we still need a break below support at 140.99, which would call for continuation lower towards 140.23 and likely even lower towards 136.97 in the longer term.

Trading recommendation:

Stay short in EUR from 141.68 with your stop placed at 142.15. If you are not short in EUR yet, then sell near 141.74 with the same stop at 142.15.

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#USDX Technical analysis for May 8, 2014 Trend News

With the fx markets waiting to see if the ECB will make any action that will influence the euro, the Dollar index remains weak and above critical support at 79. The dollar index will surely be affected by its major component (EUR/USD) and if any action is taken, volatility will surely pick up. My short-term target for the Dollar index is 78.75. I believe the support at 79 will break and we will see a sell-off as I also expect EUR/USD to reach 1.40.

Trend remains down. Price is making lower highs and lower lows. Price is below the blue trend line and below the Ichimoku cloud. Resistance is at 79.70 and 80. For a reversal to take place bulls will need to break above 80.

The daily chart continues to confirm that the trend is down. The current pattern in the daily chart is bearish with targets reaching as low as 75. Trend reversal and stop loss level for bulls is the 80 area. A daily close above 80 price level could change the entire picture from bearish to bullish. This could happen in case ECB looks to take action to weaken EURO. Until that happens we target lower and we advise bears to be very cautious and lower their stops as volatility is expected to rise sharply during the next few days.

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

General overview for 08/05/2014 09:55 CET

The correction in wave iv is getting more complex as the triangle pattern develops. One more wave to the upside inside the triangle is expected and then final wave down should happen. The target levels are still the same: 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

1.0906 - Intraday Resistance

1.0932 - WS1

Trading recommendations:

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

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Gold wave analysis for May 8, 2014 Trend News

Gold price has broken yesterday the short-term support at $1,304 and pulled back towards $1,290 as expected by our analysis we posted yesterday. Gold price has pulled back towards the Ichimoku cloud as shown in the 4-hour chart below. Gold price after making a low at $1,268, has started a bullish pattern of higher highs and higher lows. A break above $1,315.50 will confirm and strengthen this view and push price above $1,331. A break below $1,275 and a daily close below that level will change the trend to downward and give us a target of $1,200.

Short-term support is found at the green trend line support. At current levels being long has a better risk/reward ratio than being short. Our stop is very close and the bullish potential is big. Buying near $1,290 is preferred as well as using $1,284 as a stop and the $1,330 target. The upward move from $1,268 is overlapping but with higher highs and higher lows. This could be the upward wave C we are expecting to reach $1,350-60.

In the daily chart above we show our preferred wave count. We expect prices to move towards $1,340-50 as long as price trades above $1,270. If support at $1,270 fails we will sharply fall towards $1,250 with next target at the $1,200 level. Our longer-term view remains bearish as long as price trades below $1,391 with $1,100 as target. The best scneario for us will be to see a bounce to $1,350 where we would sell as this would imply the end of wave 2 and the start of wave 3 down towards $1,100.

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

General overview for 08/05/2014 09:40 CET

The supply breakthrough zone has not been violated and this pair is still in corrective cycle. All three waves developing so far indicate one more wave to the downside before a downward sell-off should happen. Any breakdown above the invalidation line is bullish and higher levels are expected.

Support/Resistance:

140.26 - WS2

141.03 - WS1

140.97 - 141.06 - Supply Breakthrough Zone

141.12 - Intraday Support

141.74 - Weekly Pivot

142.13 - Intraday Resistance

142.39 - Invalidation Line

142.46 - Swing High

142.50 - WR1

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. SL should be placed above the level of 142.41.

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

Overview :

• The trading recommendations today will give its effect in the short term. Also, we should remember that history will probably repeat itself at this level again. Thus, according to the previous events, the USD/CAD pair is going to move between 1.0960 and 1.0870. In particular, the double bottom has set at the price of 1.0858 and the support is represented at the same level in H1 chart. Consequently, the trend may fails to close below the strong support at 1.0858. Thereupon, buy below the level of 1.10850 with the first target at 1.0900, then it will be continued towards 1.0960 in order to test this strong support.

Daily key level s :

• Major resistance: 1.1050


• Minor resistance: 1.0960


• Pivot point: 1.0910


• Minor support: 1.0858


• Major support: 1.0780

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