Daily analysis of USDX for May 09, 2014 Trend News

Daily chart: The USDX has had a bullish momentum above the support level of 79.19, so it is very likely that the USDX will rise to the resistance level of 80.11. For now, it is ruled a breakout at the support level of 79.19, as the USDX has enough bullish strength to climb up to that resistance level. The MACD indicator is in neutral territory.

H4 chart: The USDX is finding resistance at the 200-day moving average, after the USDX has made a consolidation above the 79.33 level. If the USDX does make a breakout at the level of 79.80, it's expected to rise to the resistance level of 79.93. The MACD indicator is in positive territory.

H1 chart: The USDX has made a breakout at the 79.64 level and now the USDX is forming a bullish pattern above that level and the 200 SMA. If the USDX makes a breakout on the resistance level of 79.88, it would be expected to rise to the level of 80.15. Furthermore, if USDX is able to consolidate below the level of 79.64, it's expected to fall to the level of 79.39. The MACD indicator is in positive territory.

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

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Daily analysis of GBP/USD for May 09, 2014 Trend News

Daily chart: The GBP/USD has fallen to the support level of 1.6851 where the pair could perform bullish rebound. However, this does not mean that the bullish outlook is in danger, because if GBP/USD manages to make a breakout at the support level, it is expected to fall to the level of 1.6766. The MACD indicator is entering neutral territory.

H4 chart: GBP/USD found support at the level of 1.6841, after this pair has made a breakout at the level of 1.6900. If GBP/USD manages to make a breakout at the support level of 1.6822, it's expected to fall to the level of 1.6785. Furthermore, if this pair able to consolidate again above the level of 1.6900, it is expected to rise to the level of 1.6980. The MACD indicator is in negative territory.

H1 chart: This pair is trying to consolidate below the 200-day moving average as the GBP/USD found resistance at the point of control that is close to the resistance level of 1.6950. If the pair manages to make a breakout at the support level of 1.6850, it's expected to fall to the level of 1.6800. 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 1.6900, take profit is at 1.6950, and stop loss is at 1.6850.

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EUR/AUD intraday technical levels and trading recommendations for May 9, 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 again towards 1.4725 where 61.8% Fibonacci level is located.

The expanding triangle pattern succeeded to 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 1.4730.

On the other hand, price zone above 1.4700-1.4730 should be watched for price action. Bullish reaction may be expressed to offer a valid BUY entry with SL as daily closure below 1.4700.

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Intraday technical levels and trading recommendations on EUR/USD for May 9, 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.

Since then, the EUR/USD pair has been trapped within a consolidation zone between 1.3800 and 1.3890.

Price level of 1.3800 has been offering support especially on Monday when the depicted long-tailed hammer daily candlestick was expressed.

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.

The bullish breakout above 1.3880 which topped at 1.3950 (Notice the most recent top established around 1.3965) is showing obvious failure today.

Today, the bears produced quite strong reaction that broke-down 1.3800 recording a daily low around 1.3767 (where the uptrend line comes to meet the pair ).

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 strong corrective movement towards 1.3850 and 1.3800 was executed immediately as expected in the previous two days' articles.

For the bulls, the price level of 1.3770 down to 1.3740 remains the nearest DEMAND level for them. It should be watched for a possible BUY position with stop loss as daily closure below 1.3775.

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Intraday technical levels and trading recommendations on GBP/USD for May 9, 2014 Trend News

Previously, around the price zone of 1.6780-1.6800, the GBP/USD pair found solid resistance that provided enough SUPPLY for two months until bullish breakout took place on May 1st.

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 wedge). The bullish momentum wasn't strong enough to allow the bullish breakout to pursue towards further targets. Instead, this breakout is failing today.

Price levels around 1.6990 provided evident rejection. This paused the ongoing bullish momentum (Pay attention to the last three daily candlesticks including today's one).

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.

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

Then 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 towards 1.6820-1.6775 where price action should be watched to determine if the ongoing bearish momentum is going to be contained above 1.6800 again or the reversal wedge pattern would apply bearish pressure to invalidate the bullish tendency of the market.

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USD/CAD intraday technical levels and trading recommendations for May 9, 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).

Although previous daily closure below 1.0920 took place, 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 achieved its full projection target by hitting 61.8% Fibonacci level around 1.0830.

As expected, price zone of 1.0875-1.0830 (extending down to 61.8% Fibonacci level on the daily chart ) provided significant bullish pressure strong enough to invalidate our SELL position. The market is now expressing a bullish pull-back towards 1.0940-1.0950 and probably 1.0980 where 38.2% Fibonacci level is located on the 4H chart.

Bearish positions can be taken again at the price zone of 1.0940-1.0950. It's the most recent resistance zone that comes to meet the pair. The pair will probably establish a sideway consolidation zone. Bearish targets are to be located at 1.0865 initially. SL should be located slightly above 1.1000.

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

Overview:

USD/JPY is expected to consolidate. It is undermined by the unwinding of JPY-funded carry trades amid diminished risk appetite (VIX fear gauge rose 0.22% to 13.43) as U.S. stocks closed mostly lower overnight (S&P 500 down 0.14%, Nasdaq off 0.4%, DJIA up 0.2%) despite stronger-than-expected China April trade data, growing expectations that the European Central Bank may loosen policy further in June, and Federal Reserve Chairwoman Janet Yellen reiterating interest rates would remain near zero until labor-market participation rises and inflation climbs closer to the central bank's preferred level of 2%. USD/JPY is also weighed by the lower short-term U.S. Treasury yields and Japan exporter sales. But USD/JPY losses are tempered by the demand from Japan importers, positive dollar sentiment (ICE spot dollar index last 79.43 versus 79.23 early Thursday), helped by bigger-than-expected 26,000 drop in U.S. jobless claims in week ended May 3 to 319,000 (versus 325,000 forecast) and positions adjustment before the weekend.

Technical сomment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining.

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 09, 2014 Trend News

Overview:

USD/CHF is expected to trade with the bullish bias after hitting near-two-month low at 0.8701 on Thursday. It is underpinned by the lower-than-expected Switzerland 2Q consumer sentiment index (came in at +1.0 versus +3.0 forecast), lower-than-expected Switzerland April CPI (came in at 0.0% on-year versus +0.1% forecast), contagion from weak EUR on CHF, positive dollar sentiment and franc sales on soft CHF/JPY cross. But USD/CHF gains are tempered by the positions adjustment before the weekend. The Daily chart is positive-biased as bullish outside-day-range pattern was completed on Thursday, stochastics is rising from the oversold zone.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8760 and the second target at 0.8745. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8840. A breach of this target will push the pair further downwards and one may expect the second target at 0.8860. The pivot point is at 0.8780.

Resistance levels:

0.8840

0.8860

0.8880

Support levels:

0.8760

0.8745

0.8715

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Technical analysis of GBPJPY for May 09, 2014 Trend News

Overview:

GBP/JPY is expected to trade in lower range. It is undermined by the diminished risk appetite and Japan export sales. But GBP/JPY losses are tempered by the demand from Japan importers and positions adjustment before the weekend. The Daily chart is negative-biased as a bearish outside-day-range pattern was completed on Thursday; five-day moving average is falling below 15-day MA; stochastics is in the bearish mode and MACD is turned 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 171.75. A breach of this target will move the pair further downwards to 171.40. The pivot point stands at 172.50. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 173 and the second target at 0.8805173.30.

Resistance levels:

173

173.30

173.50

Support levels:

171.75

171.40

171

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

Overview:

NZD/USD is expected to trade with the bearish bias. It is undermined by the positive dollar sentiment, reduced risk appetite, and continued impact from RBNZ Gov. Wheeler's comment that a high Kiwi exchange rate in face of weakening fundamentals may prompt RBNZ to intervene to sell NZD and Kiwi on buoyant AUD/NZD cross rate. But NZD/USD losses are tempered by the NZD/USD interest differential, diminished concerns over China's economy after stronger-than-expected China April trade data and positions adjustment before the weekend. The Daily chart is mixed as MACD is bullish, but stochastics is in the bearish mode.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8630. A breach of this target will move the pair further downwards to 0.8595. The pivot point stands at 0.8670. In case the price moves in the opposite direction and bounces back from the 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 0.8630 and the second target at 0.8595.

Resistance levels:

0.8710

0.8745

0.8780

Support levels:

0.8630

0.8595

0.8550

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Intraday analysis of GBP/USD for May 09, 2014 Trend News

Review-

The Bank of England has voted to keep its main interest rate at a record-low 0.50per cent. The central bank also said in a statement it had decided to maintain the level of cash stimulus pumping around the economy at GBP 375 billion ($A684.5bn). Analysts said a backdrop of low inflation in Britain the economy of which is enjoying a solid recovery, would have convinced policymakers to sit tight and avoid rushing to hike the interest rate, which has remained at 0.50 per cent for more than five years.

Technical view-

The pair is trading at 1.6922 in Asia's trading session. For the last 2 days, the pair has made lower lows and lower highs. Currently, the pair is trying to take support between 1.6910-1.6890. On the downside, breaking below 1.6890, it will fall to 1.6870, 1.6850, 1.6826, and 1.6783. For the intraday perspective, the pair shifted to the pull back mode. Traders can buy at cmp or even at a dip to enjoy the pullback ride. On the upside, the pair can rise up to 1.6934, 1.6950, and 1.6970 levels.

On the positional basis,the sell on rise is still active for this pair. On the downside, the pair has found initial support at 1.6866; below this 1.6823 is the trend changer level. The RSIinthe daily chart has given an early breakdown indication. So, sell on the rise is the best strategy for the next couple of days.

Recommendations- cmp 1.6920

Buy for intraday target 1.6934, 1.6950 and 1.6970 levels.

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GOLD analysis for May 09, 2014 Trend News

Overview

Since our last analysis, gold has been trading sideways, around the price of 1,288.00, we are still waiting larger movement and larger volume. As you can see in the chart, 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 weak demand on volume below the average, which is a good sign for the potential bearish movement. According to the daily chart, we can observe neutral candle on volume just above the average, which is a sign for indecision. First support level 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 carerful with buying and watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,294.51

R2: 1,296.83

R3: 1,300.57

Support levels:

S1: 1,287.03

S2: 1,284.71

S3: 1,280.97

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

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EUR/NZD analysis for May 09, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5978 on ultra high volume according to the daily chart. 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. Our Fibonacci retracement 61.8% at the price of 1.6122 held successfully and that caused price to go down. We saw strong rejection from our Fibonacci level and buying at this stage looks very risky. First support level is at 1.5865 (previous swing low). According to the 4H timeframe, we can observe rejection and strong supply in the background, which is good sign for the bearish continuation. Be careful with buying and watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6132

R2: 1.6175

R3: 1.6244

Support levels:

S1: 1.5994

S2 : 1.5951

S3: 1.5882

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

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

General Overview for 09/05/2014 11:40 CET

The yesterday's target for wave v black has been hit but the market has been still falling down. So, the new red cycle has been added to improve greatly the wave (iii) green. Currently, the market is in the corrective cycle in wave 4 red. There is still one more wave to the downside needed to complete the downside bearish impulsive wave development. Please, notice that any breakout higher above the intraday resistance at the level of 1.0835 will result in a more complex and time consuming corrective cycle. Nevertheless, the outlook is still bearish. The next target for this market is at the level of 1.0757.

Support/Resistance:

1.0921 - WS1

1.0878 - WS2

1.0835 - Intraday Resistance

1.0813 - Intraday Support

1.0819 - WS3

1.0757 - Target for wave (iii) or (v)

Trading recommenadtions:

Day traders should consider an intraday contrarian buy trade opportunity if the level of 1.0835 is violated. The entry would be at the level of 1.0839 with SL below the level of 1.0812 and TP at the level of 1.0878.

Swing traders should still keep their short positions opened as the main target for this market has not been hit yet.

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

Overview :

• The resistance of the NZD/USD pair on May 9, 2014 is going to set at the level of 0.8785 and the support had already been placed at 0.8510. So, we expect a range of 137 from today until the next week. It should be noted that the level of 0.8785 is coinciding with the ratio of 100% Fibonacci retracement levels. Consequently, the descending movement will probably be lower than 0.8785 level, with the targets at 0.8650. The market will lead to further decline to 0.8510 in the next days in order to indicate a correctional movement at this level. Meanwhile, in H4 chart represents a strong support at 0.8510. Furthermore, it will be very profitable to buy above this level for retesting this level in the short period. Therefore, buy deals are recommended above the 0.8510 level with targets at 0.8580 and 0.8676 to reach the ratio of 61.8%.

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Elliott wave analysis of EUR/NZD for May 9, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.6178

R2: 1.6058

R1: 1.6028

Current Spot: 1.5999

S1: 1.5980

S2: 1.5960

S3: 1.5935

Technical Summary:

Yesterday, we saw something like a roller coaster ride. Important short-term resistance at 1.6112 was broken. That could indicate that we saw a fifth wave failure at 1.5869. The fifth wave failures are especially difficult to handle, because you can not know for sure if it was a fifth wave failure before the previous wave four is exceeded, which in this case will be a break above resistance at 1.6285. However, we will get a good indication if we were able to see a break above resistance at 1.6202, but we have not seen that yet. So, both possibilities are open.

A break below 1.5869 is needed to dismiss the fifth wave failure, for a continuation lower towards 1.5765 and possibly lower towards 1.5653. No matter what we are doing right now, the stop will be far away.

Trading Recommendation:

Our stop and reverse was hit at 1.6125. We will place our stop at 1.5865. If you have no position at this time only buy EUR upon a break above 1.6202.

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

General Overview for 09/05/2014 11:100 CET

The market is behaving exactly as anticipated with impulsive wave progression to the downside. Currently the key level is the old supply breakthrough zone. Now, it will act as a supply zone. The downside move seems unfinished yet. The next support level for this pair is at the level of 140.26. If this level is broken, then the swing lows of 139.90 will be tested and possibly broken as well.

Support/Resistance:

140.26 - WS2

140.51 - Intraday Support

140.73 - Intraday Resistance

141.03 - WS1

140.97 - 141.06 - Supply Breakthrough Zone

141.74 - Weekly Pivot

142.46 - Swing High

142.50 - WR1

Trading recommendations:

For swing traders: all sell orders that have been advised to open from higher levels should be still kept open as more downside moves are expected to come if the forecast is correct. The next middle week target is at the level of 140.26. SL should be placed above the level of 141.06.

For daytraders: sell stop orders should be opened from the level of 140.49 with SL above the level of 140.80 and TP at the level of 140.26 with a possible extension to the level of 139.90.

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

Overview :

• Last week, the GBP/USD pair made an upside movement from 1.6860 to 1.6995, but the market has opened at the level of 1.6936 today. Also, it should be noted that the level of 1.6936 is representing the weekly resistance 1. In addition, the weekly resistance 1 is going to act as the strong resistance today. Equally important, the RSI has become negative in the daily frame. So, it calls for a new downward move because there is saturation in the area of 1.6940. Therefore, the price of GBP/USD pair is going to move between 1.6940 and 1.6860 (this level is coinciding with the ratio of 38.2% Fibonacci retracement levels in H1 chart). Moreover, the pair has already formed major resistance at the level of 1.6936. Besides, it should be noted that the price has started setting below this level since today. Consequently, the market will indicate the bearish opportunity at the level of 1.6940, with the first target at 1.6856, then the price is going to continue towards the second target at 1.6040 (the weekly pivot point). However, the best location for placing your stop loss should be set at 1.6950.

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Elliott wave analysis of EUR/JPY for May 9, 2014 Trend News

Today's Support and Resistance Levels:

R3: 140.96

R2: 141.22

R3: 141.66

Current Spot: 140.60

S1: 140.50

S2: 140.23

S3: 140.08

Technical Summary:

We finally saw the break below important support at 140.99 (should now act as resistance), but it was not without struggle first. The price spiked to 142.36 as ECB was seen leaving the rates unchanged, but then Draghi said, that the Governing Council would be comfortable acting in June. This pushed prices through important support at 140.99, which confirms more downside pressure towards 140.08, and lower towards 133.52, and possibly towards 126.00 in the longer term to end the correction from 145.69.

Trading Recommendation:

Well, our stop at 142.15 was hit for a loss. We will look to sell EUR again at 140.95 or upon a break below 140.50.

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#USDX Technical analysis for May 9, 2014 Trend News

The Dollar index was very volatile yesterday as expected by our analysis. The Dollar index first dipped below the 79 price level as we expected by yesterday's analysis but Draghi's comments have brought strength into the US Dollar and a short-term reversal took place. The Dollar index has bounced towards 79.50 but the long-term trend still remains downward. Now, the only difference is that with the ECB ready to take action in June, markets are trying to discount any strength in the US Dollar and a large-scale reversal is quite possible.

Short-term resistance is found at 79.65 where the downward sloping trend line is as well as the Ichimoku cloud. A break above that level will increase chances of a larger reversal in the trend. The short-term trend is bullish but strong resistance at 79.65 will test bulls.

The longer-term trend remains downward despite the upward bounce we saw yesterday. The price still remains below the Ichimoku cloud in the daily chart and the downward sloping trend line resistance. Yesterday's reversal day was a good bullish indicator but it is still too early to tell that a bigger reversal is taking place. Yesterday's low is very important. If broken, we will see the Dollar index move lower towards 78. Bulls to start a bigger reversal, will need to break above 79.85 on a daily basis and then above 80.40.

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Gold Technical analysis for May 9, 2014 Trend News

The gold price has managed to hold above the Ichimoku cloud in the 4 hour chart and above the upward sloping trend line. The gold price holds support levels and the chances of an upward bounce towards $1,330 remain good.

The gold price is expected to bounce from the current price levels and reach a higher level above $1,315.50. This will also confirm our view that the gold price is expected to make a move above $1,331 highs in order to complete wave C that started from the lows at $1,268. Short-term support is found at $1,284 and short-term resistance is at $1,295.

The gold price remains above the critical daily support of $1,275. I believe it is more possible to see a move towards $1,350-60 than a breakdown below $1,270. Ichimoku cloud resistance is found at $1,315. Breaking above that level will push the price to challenge $1,331. I believe it will break it. The longer-term pattern remains bearish. The price should make a top near the 61.8% retracement to complete wave 2. The stop for bears is $1,391. When and if the price reaches $1,350 we will re-evaluate this bearish scenario. Until then, we should focus on support at $1,275-70 and at $1,315 resistance. I favor a move higher.

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Daily analysis of GBP/JPY for May 09, 2014 Trend News

Overview

The H4 chart tells that the pair failed to break the Support level of 172.00 to reverse its yesterday's downward trend and start an upward move. Considering the today's H4 chart, the pair bounced from the Support level and started to take an upward movement approaching the Resistance level of 172.80. Currently, it is preferable to wait till closing above this Resistance level before making the decision. 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 today 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 for Silver May 09, 2014 Trend News

Overview

According to our yesterday's expections, the price close below the Support level of 19.20 will give new opportunities for sell signals. Currently, the metal has already managed to close below the Support level to trade below while it is approaching the next support level. Then, the metal must test the Support level of 18.90 to get more bearish move till reaching 18.70 as the second target. On the other hand, the metal's rebound from the Support level of 18.90 cancels the bearish scenario.

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Daily analysis of major pairs for May 9, 2014 Trend News

EUR/USD: The price nearly touched the resistance line at 1.4000, but that move could not be sustained. This pair has been weakened suddenly. The sudden weakness has resulted in an established downward outlook. A fall of over 150 pips is significant enough, and the price could eventually test the support line at 1.3800.

USD/CHF: This currency trading instrument has also become strengthened, although the speed of movement in USD/CHF tends to be slower than EUR/USD (for both move in the negative correlation). The bullish outlook is getting confirmed, but the confirmation would be sensible only when the price can sustain its position above the support level at 0.8800. It would even be more sensible when the price tests the resistance level at 0.8850.

GBP/USD: This market is in a bearish correction mode. The bullish bias is still in place but it would become seriously threatened, should the price cross the accumulation territory at 1.6900 to the downside. As long as the price is unable to cross that accumulation territory to the downside, it could be safe to assume that the price would rally from that point.

USD/JPY: The signal on this currency trading instrument is bearish, but the bearish movement is shallow. The price is consolidating to the downside; so it may continue as such.

EUR/JPY: The EUR/JPY nosedived yesterday, going below the supply zone at 141.00. There is now a Bearish Confirmation Pattern in the chart and we should focus on short trades ought to be sought. The demand zone at 140.50 should also be breached to the downside so that the bearish trend could continue.

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Technical analysis of Gold for May 09, 2014 Trend News

Technical outlook and chart setups:

1. Gold seems to have bottomed around $1,287.00/90.00 levels. Please, note that it is also the fibonacci 0.618 support as shown here. A bullish reversal should be expected here and minimum upside extensions are pointing at $1,330.00 levels if not further. Recommendations are to remain long for now, risk remains below $1,270.00 levels.

2. Support is seen at $1,270.00 (interim), followed by $1,230.00/40.00, $1,210.00 and lower while resistance is seen at $1,330.00, followed by $1,350.00/60.00 and higher up respectively.

3. The structure indicates that the metal remains in control of bulls till prices stay above $1,270.00 levels. Only a break lower will delay matters and move towards $1,230.00/40.00 levels and even lower.

Trading recommendations:

Remain long, stop below $1,270.00, target is open.

Good luck!

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Technical analysis of Silver for May 09, 2014 Trend News

Technical outlook and chart setups:

1. Silver seems to have bottomed out at $18.90 levels last week. The current fall from sub $20.00 levels looks to be retracement which is complete at $19.00/20 levels. Please, note that the fibonacci 0.618 support is passing through the same region as well. Currently, the bullish momentum is keeping strong. It is recommended to hold long positions, risk is below $18.40/50.

2. Support is at $18.90, followed by $18.75 and lower while resistance is at $20.40, followed by $21.70/80, $22.30 and higher respectively.

3. The structure indicates that Silver is set to stage a rally towards the resistance levels at $20.40 for now. Only a break below $18.90 levels would prove to be bearish for the metal.

Trading recommendations:

Remain long, stop at $18.00/20, target is open.

Good luck!

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Technical analysis of EUR/JPY for May 09, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair tested the consolidation range bottom around 140.50 levels yesterday. The pair is trading around 140.65 at the moment; meanwhile, a break below 140.00 confirms that bears are back in control. Furthermore, a bullish bounce (please, refer to the channel support in the chart) here could again rally towards 142.450/ 143.00 levels again. Recommendations are to remain flat for now and look to enter short positions on a confirmed break below 140.00 levels.

2. Support is at 140.00, followed by 138.50, 136.00, 134.00 and lower while resistance is seen at 142.50, followed by 143.00, 143.50/144.00, and 145.50 respectively.

3. The structure indicates that EUR/JPY would resume bearish swing below 140.00 levels. Only if a bullish reversal appears at the current price, bulls would be back.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for May 09, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair staged an impressive rally of over 100 pips after bouncing off the channel support near 1.4780/1.4800 levels. At the moment, the pair is seen to be trading comfortably above 1.4900 levels and soon approaching fibonacci resistance at 1.4920/30 levels. Recommendations are to remain short for now, risk remains around 1.4950/60 levels.

2. Support is now at 1.4780/1.4800, followed by 1.4630, 1.4550, and lower, while resistance is at 1.4950/60, followed by 1.5120 levels respectively.

3. The structure indicates that the pair should at least retrace from the current levels of 1.4900. Bulls should keep on monitoring till the prices stay above 1.4800 levels for now. Any dips could be seen as opportunities to go long.

Trading recommendations:

Remain short for now, stop at 1.4960, target below 1.4700.

Good luck!

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