Technical analysis of gold for May 19, 2014 Trend News

The yellow metal has stuck in a trading range between $1,315 and $1,277. The weekly multiple support level of $1,277 has held the metal so many times for the last 7 weeks. The monthly cluster support zone exists between the $1,277- $1,268.20-$1,259 levels. On the up side, the resistance is placed at $1,300-$1,308.60-$1,315.20. A weekly close below the $1,277 creates one side action, attracting lower targets.

In Asia's trading session, the metal is trading at $1,291. The metal opened on a marginal bullish note. As of now, it is taking support at $1,288.80 (May 13 low), below this, it has support at $1,285 and $1,280 levels. We expect the metal will pull back to $1,295, $1,298,$1,300, $1,302.60, $1,306.60, $1,308, and maybe even $1,320 levels. On the down side, if the metal breaks the $1,288.80 level, it will fall to $1,287.50, $1,286.30, $1,284.40, $1,278.50, $1,277 and $1,273 levels.

In case of a day close above $1,300, technical buying will be active.

In case of a weekly close below $1,277, major correction will take place to $1,260, $1,245 and $1,213 levels.

Intraday support exists at $1,288.80-$1,287.50-$1,286.30. Sell below $1,286.30 for targets at $1,284.50, $1,280, $1,178.50 and $1,277.

Hold longs with sl $1,286.30, cmp $1,291.

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Forecast of GBP/USD for May 19, 2014 Trend News

The cable has been in a corrective phase for the last weeks. It has taken support at the lower band of the trading range. This week the pair opened on a bullish note. The last week's low will be very crucial in coming trading sessions. It has support at the 50.0 fib level and 50-day SMA in the daily chart. On the down side, once the pair breaks the 1.673 levels, it will drift up to 1.666 levels immediately, and later the 1.655 levels are an open downside target. On the upside, 1.6870 and 1.69 are pullback levels.

Weekly key support level is at 1.670 on a closing basis. Resistance is at 1.69 levels.

Weekly trading activity is set between 1.673 and 1.688.

In Asia's trading session, the pair is trading at 1.6823 levels. It opened on a bullish note, expecting to face strong resistance zone at 1.6831-1.6840 levels. Safe traders can buy only above 1.6840 levels for 1.69 levels. On the down side, the pair has strong support at 1.6810 levels. In case of a break below this, the pair looks weak and selling pressure will take the pair towards the 1.6732 and 1.6720 levels.

Intraday-

The pair is trying to cross the previous high at 1.6831 levels. The hourly trading pattern has been fixed between 1.6831-1.6810 levels. Once it breaks the downside support, it will fall to 1.6795, 1.6785, 1.6775, and 1.673 levels; on the upside, if the pair trades above the 1.6832, it will fly up to 1.6862, 1.6874, 1.6890 and 1.6906 levels.

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Technical analysis of EUR/JPY for May 19, 2014 Trend News

Japan's core machinery orders soared by 19.1% in March, it's a bullish scenario for an investment perspective. The growth in the manufacturing sector supports the spike. EUR/USD is trading at 139.06 levels.

The pair has been in a downtrend from 143.44 levels. It broke its lower support trend line and took parallel support at 138.78. On the down side, the pair has parallel support levels at 138.76-138.66 levels and 138.47 levels. We expect the pair will pause its downfall and start moving towards 139.85, 141.25, 141.65, and 142.50 levels on a positional basis. In the daily chart, the daily momentum indicators favor the bull side. "Buy the dip" is the best strategy for the next 2-week course.

For the hourly trading, the pair will face an initial resistance level at 139.31, above this, 139.41 levels. Once it crosses above it, it will spike up to 139.84, 140.25 and 140.91 levels. There is still some buying space available shown in the below chart. The hourly momentum oscillators favor buying at cmp or even at dip.

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Weekly analysis and recommendation for EUR/USD for May 19-23, 2014 Trend News

EUR/USD

The pair has been trading in a down trend for the last 2 weeks. it broke two important support levels. During the last week, the pair broke the short-term trend reversal key level at 1.367, but well managed to pull back from the low and close above it. It's a good sign for this week. For the week May 19-23, the trading range is framed between 1.3643 and 1.3775. If the pair breaks the down side range, it will drift up to 1.3545 and 1.3477 levels. On the up side, the pair trades above the 1.3775 levels, it will pull back to 1.3820, 1.3860 and 1.39 levels.

Weekly key support level is at 1.367 on a closing basis. Resistance is at 1.3775 levels.

As of now, the pair started this week on a bullish note. In Asia's trading session the pair is trading at 1.3697 levels. For the last 3 trading days, the pair has been facing strong resistance at the 23.6 fib level (1.3732) (it's an initial resistance marked as R1 in the below chart), once the pair crosses R1, it will spike up to 1.3775 levels marked as R2, which is a major weekly resistance level for the bulls to make 1.3815 levels which is a 50-day SMA, later 1.3865 and 1.39 will be possible for this week.

On the down side, the pair has strong support levels at 1.364, in case of a break of this, 1.36 is the trend change level for 1.35, and 1.3475 is an open target.

Recommendation- cmp 1.3698.

"Buy the dip" is the best strategy.

Safe traders, buy above 1.3732 for 1.3763, 1.3775, 1.38, 1.3811, 1.3844 and 1.39.

NOTE- A day close below 1.364, does not favor bulls.

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Technical analysis of EUR/USD for May 19, 2014 Trend News

When the European market opens, some economic news will be released such as German Buba Monthly Report and German Buba President Weidmann Speech.The US will not release any economic data today, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3769.

Strong Resistance:1.3760.

Original Resistance: 1.3747.

Inner Sell Area: 1.3734.

Target Inner Area: 1.3701.

Inner Buy Area: 1.3668.

Original Support: 1.3655.

Strong Support: 1.3642.

Breakout SELL Level: 1.3633.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3655 and 1.3747. The rate is accompanied by strong support at 1.3642 and by 1.3760 as strong resistance.

If EUR/USD breaks out and closes below the 1.3633 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3769 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3668 and at 1.3734, a SELL position. In this case both targets should be placed at the level of 1.3701.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of USDX for May 19, 2014 Trend News

Daily chart: The USDX continues to find resistance at the 80.11 level and that it has limited the bullish road in the USDX. However, the USDX is forming a bullish pattern, so the bullish outlook remains alive. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.62, where the 200 SMA is located. MACD indicator is in positive territory.

H4 chart: The USDX has moved sideways without significant changes in the current trend. However, the USDX remains above the 200-day moving average, so the bullish bias remains alive. If the USDX does make a breakout on the resistance level of 80.35, it's expected to rise to the level of 80.58. The MACD indicator is in negative territory.

H1 chart: The USDX could fall to the support level of 79.88, where the 200 SMA is located, for a bullish rebound and climb back up to resistance level of 80.15. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.35. The MACD indicator is entering 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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Technical analysis of USD/JPY for May 19, 2014 Trend News

In Asia, Japan will release the Core Machinery Orders m/m, and the US will not release any economic data today. So there is a big probability the USD/JPY will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.07.

Resistance. 2: 101.87.

Resistance. 1: 101.67.

Support. 1: 101.42.

Support. 2: 101.22.

Support. 3: 101.02.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.02) and resistance 3 (102.07). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of GBP/USD for May 19, 2014 Trend News

Daily chart: The GBP/USD is trying to make a correction in its current bearish trend, as this pair has made a bullish rebound above the support level of 1.6766. If the pair manages to make a breakout at the resistance level of 1.6851, the bullish bias on GBP/USD could return to the medium and long term. The MACD indicator is in negative territory.

H4 chart: This pair is consolidating above the 200-day moving average, but the GBP/USD has formed a fractal at the resistance level of 1.6841, which could be an impediment to the development of the bullish bias. However, if the GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.6900. The MACD indicator is in positive territory.

H1 chart: GBP/USD is facing resistance at the 200-day moving average, so it is very likely that this pair will make a bearish rebound at that level and fall to the support level of 1.6800. If GBP/USD manages to make a breakout at that level, it would be expected to fall to the level of 1.6750, which is close to the point of control. The MACD indicator is in negative 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 1.6800, take profit is at 1.6750, and stop loss is at 1.6850.

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Daily analysis of major pairs for May 19, 2014 Trend News

EUR/USD: EURUSD trended gracefully to the downside last week. However, the graceful downward movement was challenged at the support line of 1.3650. That support line needs to be breached to the downside, so that the bearish outlook may continue to be valid. We envisage the support line at 1.3600 as our target for this week.

USD/CHF: This pair moved gracefully to the upside last week. However, the graceful upward movement was challenged at the resistance line of 0.8950. That resistance line needs to be breached to the upside, so that the bullish outlook may continue to be valid. We envisage the resistance line at 0.9000 as our target for this week.

GBP/USD: From the accumulation territory at 1.6750, the Cable bounced upwards. The upward bounce should be paused at the distribution territory of 1.6850, so that the present bearish outlook may continue to be valid. The price should reach the accumulation territory at 1.6700 this week. Any movement above the aforementioned distribution territory will put the bearish outlook in jeopardy.

USD/JPY: The bias on this market has been bearish, but there is a stubborn barrier at the demand level of 101.50. Around this level, there was a serious battle between the bull and the bear – as the bulls are giving way with great reluctance. The price should go more southward, thus breaking the stubborn demand level at 101.50 to the downside.

EUR/JPY: Here too, the demand zone at 139.00 was battered mercilessly, since the bears are determined to push the price lower than that demand zone. Should they succeed in doing this, the next price target would be at the demand zone of 138.50.

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Weekly technical levels of EUR/USD for May 19-23, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Trading recommendations :

• According to previous events, the price of EUR/USD pair has still been moving between 1.3730 and 1.3680.


• Buy above the level of 1.3640 with the first target of 1.3710; it might resume to 1.3745.


• Below the level of 1.3766, look for further downside with the 1.3725 and 1.3663 targets.

Overview :

• The EUR/USD pair broke major resistance at 1.3770 last week. Also, the pivot point is calculated at 1.3707 and the pair is now moving from it. Therefore it will probably start an upside movement at this area and recover again. So, the market will indicate a bullish opportunity at the level of 1.3707 and it will be a good sign to buy at this spot with the first target of 1.3745, and continue towards 1.3774 in order to test the double top. On the other hand, if a break of 1.3640 happens, then it will be a good location for placing stop loss.

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Weekly technical levels of GBP/USD for May 19-23, 2014 Trend News

Notes :

• If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.


• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapped moving up or down. If you sell or buy in the long term, you will surely lose your profit.


• Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 50 pips for each position.


• Major support for May 19-23, 2014: 1.6730


• Major resistance for May 19-23, 2014: 1.6950


• We expect a new range about 135 pips this week.

Review :

• If price is at pivot point (1.6815), watch for a move back to resistance 1 (1.6898) or support 1 (1.6727).


• If price is at resistance 1 (1.6898), expect a move to resistance 2 (1.6986) or back towards pivot point (1.6815).


• If price is at support 1 (1.6727), expect a move to support 2 (1.6568) or back towards resistance 1 (1.6898).


• If price is at support 2 (1.6644), wait for a move to support 3 (1.6556) or back towards support 1 (1.6727).


• If price is at resistance 2 (1.6986), wait for a move to resistance 3 (1.7069) or back towards resistance 1 (1.6898).


• It should note if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1.6898) or support 1 (1.6640). But if there is significant news to influence, the market price may go straight through resistance 1 (1.6898) or support 1 (1.6727) and reaches resistance 2 (1.6986) or support 2 (1.6644) and even resistance 3 (1.7069) or support 3 (1.6556).

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