Daily analysis of USDX for May 15, 2014 Trend News

Daily chart: The USDX has found resistance at the 80.11 level and in that area, the USDX has formed a fractal. The USDX could fall to the level of 79.85, where the USDX could perform a bullish rebound. However, if the USDX does make a breakout at the support level of 79.65, it's expected to fall to the level of 79.19. The MACD indicator is in positive territory.

H4 chart: The USDX is trying to stay above the 200 SMA with the formation of a bullish pattern. If the USDX does make a breakout on the resistance level of 80.15, it would be expected to rise to the level of 80.35, which would be a bullish consolidation. The MACD indicator is in negative territory .

H1 chart: The USDX continues moving in a low range above the support level of 79.88, so the USDX has high chances of staying in sideways movement for the rest of the week. However, if the USDX does make a breakout on the resistance level of 80.15, it's expected to rise to the level of 80.35. The MACD indicator is in negative 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 80.15, take profit is at 80.35, and stop loss is at 79.95.

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Daily analysis of GBP/USD for May 15, 2014 Trend News

Daily chart: The GBP/USD had a very sharp drop below the resistance level of 1.6851 to the 1.6766 level, where it is likely that this pair will begin to form a bearish pattern. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6720, where one bullish trend line is. The MACD indicator is in negative territory.

H4 chart: This pair is forming a higher low pattern below the 200 SMA and the resistance level of 1.6785. If GBP/USD manages to make a breakout at the support level of 1.6762, it's expected to fall to the level of 1.6683. On the other hand, it's expected to rise to the level of 1.6822 if the pair takes a bullish rebound to the current levels. The MACD indicator is in negative territory.

H1 chart: The GBPUSD found resistance at the 1.6850 level and now this pair is trying to make a breakout at the point of control that is formed near the support level of 1.6750. If successful, it is expected to fall to the level of 1.6700, which would strengthen the bearish bias. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6750, take profit is at 1.6700, and stop loss is at 1.6800.

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Technical analysis of USD/CHF for May 15, 2014 Trend News

The pair has been trading in an uptrend from 0.8703 levels. It is facing resistance at 0.8952 previous swing high and 0.8993 levels (200daily EMA). Until the pair crosses these resistance levels, it will come on sell on a rise strategy. On the downside, the initial support exists at 0.8862, 0.8817 is the strong support level and 0.8792 will act as temporary support.

The pair is consolidating between 0.8909-0.8882 levels. It is in a distribution phase ready for a downside journey up to 0.8827-0.8820 levels. In Asia's trading session the pair is trading at 0.8893. The hourly momentum indicators favors the sell side. Once the pair breaks below the 0.8882, traders can enter short positions for 0.8860, 0.8838 and 0.8820 levels.

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Technical analysis of USD/JPY for May 15, 2014 Trend News

The Japan prelim GBP for the first quarter came very notable at 1.5%. USD/JPY is holding the support level at 101.4, a May 07 low. On the upside, it is facing resistance at 102.36 (50daily SMA). For the last two days it has been making lower lows and lower highs. The pair is in a safe zone until it trades above the 101.40 levels. If it breaks, then it will drift all the way towards 100.60 levels, below this, next major fall to 98.4 and 97 levels is expected. USD/JPY broke the weekly support trend line last week and closed below it. Traders can go short below 101.33 for 101.2 and 100.75 levels. If the previous low of 101.40 holds , it can fly up to 102.30 and 120.75 levels.

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Technical analysis of EUR/USD for May 15, 2014 Trend News

In the euro zone, the industrial production was down by 0.3% in March led by a trip in energy production. EUR/USD looks stronger in technical aspects than in fundamental ones. It has been trading in a downtrend from 1.40 levels, making lower lows and lower highs. In yesterday's trading session, the pair paused its downtrend making a higher low. We recommended to buy this pair at 1.3703 levels and still we are recommending the same strategy.

Currently, the pair is in a range between 1.3774-1.3689 (Tuesday's high and low). On the down side, the pair has support at 1.37 and 1.367. The crucial game changer level exists at 1.3616 (200daily EMA) and 1.36 levels. The daily momentum oscillators favors the buy side, our view is supported by the RSI and Stochastics on a positional basis. With the support of the technical aspects, it promises the limited downfall if negative news hits the pair, and it will bounce immediately. The pair looks weak below 1.367 for 1.3643, 1.3616 and 1.36 as an immediate targets. On a closing basis, if the pair closes below the 1.367 levels, the shorter-term bear bells will start for second round selling for a deeper correction.

Intraday-

In Asia's trading session the pair is trading at 1.3717 facing resistance at 1.3755 and 1.3775. The hourly momentum indicators favor a pullback from the oversold levels. The pair is trading between 1.3730-1.3703 levels. Once it breaks to the up side, it will extend it's up move up to 1.3755, 1.3768 and 1.3775 levels immediately, later 1.38 and 1.3825 are on the cards.

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Daily analysis of major pairs for May 15, 2014 Trend News

EUR/USD: This pair is going in an exactly opposite movement with USD/CHF. Having dropped by around 40 pips so far this week, the support line at 1.3700 is challenging the bearish move. The support line must be broken to the downside so that the bearish trend can continue.

USD/CHF: On the USD/CHF, the resistance level at 0.8900 is currently under siege. It has been tested for several times, and it must be breached to the upside, for the uptrend to continue. Should the price succeed in breaking the resistance level to the upside, the next price target would be the resistance level at 0.8950. Moreover, the economic figures coming out today would have an impact on the market.

GBP/USD: There is a clean Bearish Confirmation Pattern on the cable. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. The price is even below the two EMAs, going towards the accumulation territory at 1.6750. This is an easy target for the bears.

USD/JPY: This currency trading instrument has gone bearish and only short trades are recommended now. The indication in the chart is testifying to the current weakness in the price. It is thus possible that the price would reach the demand level at 101.50, although a big barrier to further southward move is present at that demand level.

EUR/JPY: This market has succeeded in breaking the supply zone at 140.00 to the downside. The demand zone at 139.50 has been tested; plus the shallow rally that occurs would allow another short-selling opportunity.

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Technical analysis of GBP/USD for May 15, 2014 Trend News

GBP/USD

A series of the UK economic data was released yesterday. The unemployment rate fell to a 5-year low. The rate fell from 6.9% to 6.8%, exactly what we estimated. The BoE clarifies regarding the interest rates they are not in a hurry to raise the interest rates. We expect the performance of the UK will become stronger in the future as well as the recent performance. In yesterday's session, the cable was beaten to a 3-week low after the rate hike hearsay.

The pair takes support at the lower trend line on the weekly chart, it's a good sign to pull back from the oversold levels. The yesterday's low was very crucial for the rest of the week. Bulls need to hold this low, if not it will drift up to 1.666 levels.

The cable is trading in a bearish zone, it has been making lower lows and lower highs for the last 6 days. The near strong support exists at 1.672 (50daily SMA) on the down side. The bulls need to hold this level on a closing basis, if not, they will give up for 1.666 levels. On the up side, 1.6874 is the initial resistance to cross. The daily RSI indicates still selling on rallies.

Intraday-

In Asia's trading session the pair is trading at 1.6767 levels. The hourly momentum indicators still favors pullback side from the oversold levels. It looks a safe buy at the 1.672 levels. On the down side, the pair has strong technical support at 1.672 levels. On the up side, it has strong resistance at 1.6795, above this, 1.6835, 1.6858 and 1.6883 levels. Traders can start buying at 1.6740 levels up to 1.672 and hold patiently with sl 1.672 on a closing basis. Trading above the 1.6763 is good on an hourly basis.

Recommendations- cmp 1.6767.

Risky traders, buy at cmp 1.6767 with targets at 1.6795, 1.6828, 1.6850,1.6864 and 1.6883.

Safe traders please wait for 1.674 levels or buy above 1.68 levels.

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Intraday technical levels and trading recommendations on EUR/USD for May 14, 2014 Trend News

In March, failure of the bulls to fixate above 1.3880 applied enough bearish pressure to form a bearish leg 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 roughly between 1.3800 and 1.3890.

Price level of 1.3800 has been offering support for few weeks until we had bearish breakdown on Friday when the market expressed a strong full-body bearish daily candlestick.

The last bullish breakout above 1.3880 topped at 1.3950 (Notice the most recent top established around 1.3965) showing bearish domination of the market which formed another bearish leg. Thus, a double-top reversal pattern is being established with neckline located at 1.3700.

On Friday, the bears produced quite strong bearish reaction that broke-down 1.3800 recording a daily low around 1.3745. This indicates dominant bearish momentum with high probability to achieve the reversal pattern after breakdown of 1.3700 handle.

Previously, 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 corresponded to the upper limit of the ongoing bullish channel which applied significant bearish reaction.

A strong corrective movement towards 1.3850 and 1.3800 was executed immediately as expected. This led again towards 1.3770 and cleared the way towards 1.3690 ( previous prominent bottom ).

For the bulls, the price zone of 1.3710 - 1.3670 remains the nearest demand level for them to initiate a bullish corrective movement towards 1.3740.

This price zone should be watched for a possible buy position with stop loss as daily closure below 1.3680.

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Intraday technical levels and trading recommendations on GBP/USD for May 14, 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 1.

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 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 lost its bullish momentum during the last three days of consolidation as depicted on the chart.

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

The lower limit of the bullish WEDGE was broken down on Friday showing a full-body bearish daily candlestick.

On Monday, the bears applied bearish pressure at retesting of 1.6900 (backside of the broken wedge). This enhances the bearish pull-back towards 1.6767 in the medium term.

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

The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing market demand has been fulfilled around 1.6990 which led to price decline again.

A bearish impulse is taking place now towards 1.6820-1.6775 thus forming the right shoulder of a possible Head and Shoulders reversal pattern with neckline located around 1.6830-1.6810.

Price action should be watched around neckline to determine if the ongoing bearish momentum is going to be contained above 1.6800 again or the reversal wedge pattern would apply enough bearish pressure to confirm the ongoing reversal pattern.

Projection targets of this pattern extends down to 1.6775, 1.6720 and 1.6690.

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USD/CAD intraday technical levels and trading recommendations for May 14, 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 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, in 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 on the daily chart around 1.0830.

On Friday, price zone of 1.0875-1.0830 (extending down to 61.8% Fibonacci level and the lower limit of the ongoing movement ) provided significant bullish pressure strong enough to invalidate our SELL position.

The market has shown significant bullish recovery around 1.0830 (bullish engulfing daily candlestick) aiming to push higher towards 1.0910-1.0950 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. Bearish targets are estimated to be at 1.0910 and 1.0950 initially. SL should be located slightly above 1.1000.

The USD/CAD pair will probably establish a sideway consolidation zone between 1.0940-1.0830 for sometime before breakout takes place.

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Technical analysis of USD/JPY for May 14, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bullish bias after hitting a seven-day high at 102.36 on Tuesday. It is underpinned by the yen-funded carry trades amid diminished investor risk aversion (VIX fear gauge eased 0.82% to 12.13) as the U.S. stocks closed mostly higher overnight with the Dow Jones Industrial Average and S&P 500 touching all-time highs (S&P 500 hit record-high 1,902.17 before closing up 0.04% at 1,897.45) as expectations of continued policy accommodation by G3 central banks and rise in the U.S. NFIB's Small Business Optimism Index to 95.2 in April--the index's first reading above 95 since October 2007 from 93.4 in April overshadowed smaller-than-expected 0.1% increase in the U.S. April retail sales (versus +0.4% forecast) and disappointing economic data out of China. USD/JPY is also supported by broadly stronger USD undertone (ICE spot dollar index last 80.10 versus 79.88 early Tuesday) as EUR/USD tumbled to five-week lows and demand from Japan importers. But USD/JPY gains are tempered by the surprise 0.4% drop in April import price index (versus forecast for 0.4% increase) and lower U.S. Treasury yields on weaker-than-expected U.S. April retail sales and Japan exporter sales.

Technical сomment:
Daily chart is positive-biased as stochastics is rising from oversold zone, MACD is staging bullish crossover against its exponential moving average.

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 101.60. A breach of this target will move the pair further downwards to 101.40. The pivot point stands at 102.10. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 102.35 and the second target at 102.55.

Resistance levels:

102.35

102.55

102.85

Support levels:

101.60

101.40

101.20

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Technical analysis of GBPJPY for May 14, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is undermined by the weak euro sentiment and Japan exporter sales. But EUR/JPY losses are tempered by the demand from Japan importers. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed 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 170.40. A breach of this target will move the pair further downwards to 169.80. The pivot point stands at 171.35. 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 171.60 and the second target at 172.35.

Resistance levels:

171.60

172.35

172.85

Support levels:

170.40

169.80

168.25

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Technical analysis of USD/CHF for May 14, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bullish bias after hitting a five-week high at 0.8908 on Tuesday. It is underpinned by the contagion from weak euro on CHF and dovish Swiss National Bank's monetary policy stance. Daily chart is 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 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 0.8955 and the second target at 0.8930. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8830. A breach of this target will push the pair further downwards and one may expect the second target at 0.8800. The pivot point is at 0.8850.

Resistance levels:

0.8930

0.8955

0.8985

Support levels:

0.8830

0.88

0.8775

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Technical analysis of NZD/USD for May 14, 2014 Trend News

Overview:

NZD/USD is expected to range-trade. It is supported by the Kiwi demand on NZD/JPY cross amid diminished risk aversion. But Kiwi sentiments are dented by the weaker-than-expected New Zealand 1Q retail sales, RBNZ's Financial Stability Report saying that New Zealand's financial system remains sound, but risks remain from the overvalued house prices and high levels of debt in the household sector. NZD/USD upside is also limited by the broadly stronger USD undertone. Daily chart is mixed as MACD is bearish, but stochastics is turning neutral.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8710 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 0.8595. A breach of this target will push the pair further downwards and one may expect the second target at 0.8545. The pivot point is at 0.8620.

Resistance levels:

0.8710

0.8745

0.8780

Support levels:

0.8595

0.8545

0.8525

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Elliott wave analysis of EUR/NZD for May 14, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6059

R2: 1.5985

R1: 1.5906

Current spot: 1.5835

S1: 1.5820

S2: 1.5750

S3: 1.5653

Technical summary:

The break below support at 1.5865 finally settled the uncertainty. The downside pressure is still dominating for a move closer to the possible long-term target at 1.5653. That said, we have to remember that we are in the very last part of the long-term decline from 1.7277 and caution is warranted, as a bottom could be found any time. We still prefer a break below 1.5750, but once this is seen, be aware of a reversal.

Only a break above 1.5985 will indicate a bottom is in place, but a break above 1.6179 is needed to confirm the bottom.

Trading recommendation:

Our stop at 1.5865 was hit and we will stay neutral for now. However, we will be looking for EUR-buying opportunities near 1.5653.

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Elliott wave analysis of EUR/JPY for May 14, 2014 Trend News

Today's Support and Resistance levels:

R3: 140.50

R2: 140.27

R1: 139.96

Current spot: 139.65

S1: 139.10

S2: 138.62

S3: 138.13

Technical summary:

As expected we saw the simple zig-zag correction end at 140.85 and the following break below the support at 139.84 that will add considerable downside pressure to this cross. We are looking for an acceleration towards the downside for a test of support at 137.01.

In the longer term we are still looking for a larger correction of the rally from 94.10 to 145.69. The ideal corrective target comes in at 126.00.

Trading recommendation:

Stay short in EUR from 140.95 and move you stop lower to 140.30. If you are not short in EUR yet, then sell EUR close to 139.84 with the same stop.

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EUR/NZD analysis for May 14, 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 1.5811 on volume above the average according to the daily chart. We can observe supply bar on volume above the average according to the 1H timeframe, which is a sign that we may see more bearish movements. Our Fibonacci retracement 61.8% at the price of 1.6122 held successfully and that caused price to go down. The price tested our second support level at 1.5830 and if the price breaks that level on higher volume, we may see testing the level of 1.5765. Be careful with buying and watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5943

R2: 1.5976

R3: 1.6029

Support levels:

S1: 1.5837

S2 : 1.5804

S3: 1.5751

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

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GOLD analysis for May 14, 2014 Trend News

Overview :

Since our last analysis, gold has been trading upward, the price tested the level of 1,305.64 on volume just above the average according to the daily chart. As you can see in the chart, our Fibonacci retracement 61.8% at 1,288.00 held successfully, and that caused price to start upward movement and test the level of 1,305.64. According to the 4H timeframe, we can observe strong bullish reaction (buying climax) from our Fibonacci level, which is a sign that selling looks very risky. I placed Fibonacci retracement to find potential end of bearish corrective phase and I got Fibonacci retracement 61.8% at the price of 1,288.00. I found potential resistance level at the price of 1,305.00 (swing low). If the price breaks the level of 1,305.00 on higher volume, we may see possible tetsting the level of 1,315.00 (previous swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,298.07

R2: 1,300.33

R3: 1,304.00

Support levels:

S1: 1,290.73

S2: 1,288.47

S3: 1,284.80

Trading recommendation: Trading the metal, be careful with short-term selling since our major support level at the price of 1,277.00 held successfully

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Technical analysis of EUR/USD for May 14, 2014 Trend News

Overview :

• The weekly pivot point of EUR/USD pair has set at the level of 1.3831 this week and now it is acting as strong resistance. As it is known, sellers are asking for a high price. Therefore, the first key level will set at the level of 1.3670 and the second key level will set at the 1.3583 level on May 14, 2014. So, it should remind that the level of 1.3831 is representing the resistance and the price of EUR/USD pair is going to move between 1.3770 and 1.3770. Additionally, it should be noted that the range will be about 190 pips this week and we expect that the trend is going to call for the bearish market from the level of 1.3831 because the trend was very clear and indicating downtrend since last week. As a result, sell at the price of 1.3831 with the first target of 1.3670, it might resume to 1.3583 in order to test the weekly support 1. On the other hand, your stop loss should be placed above the 1.3850 level, thus it will be helpful to set it at the price of 1.3880 this week.

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Daily analysis of GBP/JPY for May 14, 2014 Trend News

Overview

According to today's H4 chart, yesterday's closing below the resistance level of 172.75 gave the price an opportunity to make a bearish move after it has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 171.00 after breaking the Support levels 172.50 then 172.00 consecutively. In that case, we may get another opportunity for more sell signals which will open the way towards 170.70 as the first target. Then the price should test the support level of 170.20 to continue its bearish move. But as long as the price stabilizes above the support level of 171.00, it cancels the first scenario.

Resistance and support levels: R3 (172.75), R2 (172.00), R1 (171.50), S1 (171.00), S2 (170.70), S3 (170.20).

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Daily analysis of Silver for May 14, 2014 Trend News

Yesterday the metal failed to break the Support level of 19.50 to bounce again from it and trade between this Support level and the Resistance level of 19.75. Currently, the metal is approaching the Resistance level of 19.75 in order to test it again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, we see a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 20.00, then the second target is at 20.20 after breaking this Support level. But as long as silver is trading below 19.75, so waiting would be prefered in that case and cancels the bullish move scenario.

Resistance and support levels: R3 (20.20), R2 (20.00), R1 (19.75), S1 (19.50), S2 (19.20), S3 (18.90).

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Technical analysis of USD/CAD for May 14, 2014 Trend News

Overview :

• The USD/CAD pair will continue the downtrend from the level of 1.0980 and this level is coinciding with the ratio of 38.2% Fibonacci retracement levels in H4 chart. Moreover, it should be noted that the resistance has really set at the 1.0980 level. Therefore, it will be a good sign to sell below the level of 38.2% Fibonacci retracement levels (1.0990) with the first target of 1.0870 and further to 1.0813 in order to form a double bottom. Also, the area of 1.0813 is going to act as strong resistance for that it is going to be a good place to take profit. However, in case a reversal takes place and the USD/CAD pair breaks through the resistance level of 1.0990, then the market will lead to further increase to 1.1100 in order to indicate the bullish market.

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#USDX Technical analysis for May 14, 2014 Trend News

The Dollar index remains in uptrend. The price has broken above an important resistance level at 80. A pullback downwards back tested this breakout and now the index is trying to hold this level. There is an increased probability that the upward move from the May lows is over and we could see a deeper pull back towards 79.70, but it is still too early to tell as the major component of the US Dollar index (EURUSD) remains very weak and vulnerable.

Price is above the Ichimoku cloud and above the red downward sloping channel that was broken. There is increased chances that a pull back below 80 could bring the Dollar index back towards 79.70 to touch the Ichimoku cloud support. Trend however remains up and the important low at 78.90 should hold if bulls want to make a longer-term reversal.

The daily chart remains bearish. Although price has broken above the blue downward sloping trend line, it is still below the Ichimoku cloud resistance. It is justified to see a pause in the up trend at current levels since these levels are very strong resistance. This means that it is wise for bulls to take profits and wait for market to give more information and data. Price is more likely to pull back. Entry for long positions is suitable near 79.80-79.70. Stop for longs is 78.90. A break above 80.70 is very bullish sign.

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Gold technical analysis for May 14, 2014 Trend News

Gold price continues its sideways consolidation by forming a triangle pattern. This means that the trend is neutral and traders should wait for a breakout. Gold price as shown in the chart below is trading inside a triangular price range and there is no clear trend yet. So the best thing to do is to wait for a confirmed breakout of the triangle boundaries and then take a position following the trend.

The price is in a neutral trend as shown also by the Ichimoku cloud. The cloud has become very thin and soon we expect to see a strong move towards any direction. Currently, the price is in the middle of the range and that is why it is preferred to wait. Support is found at $1,283 and resistance is at $1,308. Traders could wait for a break of either level before taking a position in order to avoid any price noise action.

Our preferred scenario expects the price to move higher towards the 61.8% Fibonacci retracement near $1,350. Our longer-term view remains bearish with $1,100 as target. Our preferred strategy is to wait for $1,350 to sell with $1,391 stop or if price breaks below $1,268, then we sell immediatelly as there will be very small chances of a move above $1,330.

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Technical analysis of EUR/JPY for May 14, 2014 Trend News

General overview for 14/05/2014 08:20 CET

The market has reversed in an impulsive manner from the level I indicated yesterday. Currently, it is consolidating in a small range area between the intraday resistance at the level of 140.32 and intraday support at the level of 139.96. The downside breakout is expected below the low of 139.90, but some minor intraday upside rally can happen up to the level of the intraday resistance. Please notice that if the level of 139.90 is broken, then there is no support until the level of 139.25 is hit. This would be a good 65-pip sell opportunity.

Support/Resistance:

142.27 - Wave 2 red high

141.35 - WR1

140.96 - 141.06 - Supply Zone

140.02 - Key Level

140.61 - Weekly Pivot

140.32 - Intraday Resistance

139.92 - Intraday Support

139.90 - Wave (iii) green low

139.25 - Wave 5 red target

Trading recommendations:

Swing traders should still keep short positions open as the current impulsive wave progression to the downside has not been finished yet. Daytraders should open sell stop orders from the level of 139.88 with SL above the level of 140.51 and TP at the level of 139.25 with a possible downside extension.

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Technical analysis of USD/CAD for May 14, 2014 Trend News

General overview for 14/05/2014 08:00 CET

The market is still hovering around the weekly pivot, and the direction has not been decided yet. Nevertheless, the bias is to the downside and as soon as the key level is violated, sell-off should occur. Only a breakout above the level of 1.0947 will invalidate this bearish count. First clue that the correction is completed is the level of 1.0872 breakout.

Support/Resistance:

1.0986 - WR1

1.0947 - Red Impulsive Count Invalidation Line

1.0925 - Intraday Resistance

1.0887 - Intraday Support

1.0898 - Weekly Pivot

1.0872 - Technical Support

1.0809 - WS1

Trading recommendations:

Daytraders might consider opening intraday short positions from the level of 1.0915 with SL above the level of 1.0948 and TP at the level of 1.0833.

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Technical analysis of Gold for May 14, 2014 Trend News

Technical outlook and chart setups:

1. Gold has again found support around the $1,285.00/90.00 region, but a push above $1,310.00 levels needs to be seen to confirm further upside momentum. At the moment, the metal is seen to be trading in a range between $1,270.00 and $1,305.00/10.00. Recommendations are to remain long, with risk below $1,270.00 for now. Taking fresh positions could be avoided since the trading range persists.

2. Support is at $1,270.00, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.

3. The structure indicates that Gold has to either break above $1,330.00 or below $1,270.00 to mark the next direction. High probability is due for a bullish reversal though.

Trading recommendations:

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

Good luck!

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