Daily analysis of USDX for May 21, 2014 Trend News

Daily chart: The USDX continues moving in a low range below the resistance level of 80.11. If the USDX does make a breakout at that level, the bullish bias could last for several days. However, the USDX is in sideways movements, so caution should be used when placing orders. The MACD indicator is entering overbought area.

H4 chart: The USDX has formed a fractal on the resistance level of 80.09, so we have to wait for the USDX to make a breakout at the resistance level of 80.15 or support level of 79.93, in order to take good trading decisions, because the USDX has not had a defined trend in recent days. The MACD indicator is in negative territory.

H1 chart: The USDX has found resistance at the 80.10 level and now the USDX is trying to approach the 200-day moving average, which is close to the support level of 79.88. If the USDX does make a breakout at the support level, it is expected to fall to the level of 79.64. 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 21, 2014 Trend News

Daily chart: GBP/USD had a bullish momentum that has allowed him to climb to the resistance level of 1.6851. Now this pair is trying to form a pattern for a bullish breakout at that level. If successful, it is expected to rise to the level of 1.7000. On the other hand, if the GBP/USD does make a bearish rebound, it's expected to fall to the level of 1.6766. The MACD indicator is in negative territory.

H4 chart: This pair remains above the support level of 1.6822 and now, the GBP/USD is forming a bullish pattern. However, if the pair manages to make a breakout on the resistance level of 1.6841, it's expected to rise to the level of 1.6900, which would be a bullish consolidation on the GBP/USD. The MACD indicator is entering overbought area.

H1 chart: The GBP/USD remains above the 200 SMA and the point of control that is formed at the level of 1.6835. If the pair manages to make a breakout on the resistance level of 1.6850, it's expected to rise to the level of 1.6900. On the other hand, if the GBP/USD manages to make a breakout at the support level of 1.6800, next target would be the support level of 1.6750. 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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Technical analysis of USD/CAD for May 21, 2014 Trend News

General Overview for 21/05/2014 07:40 CET

The wave structure is developing the way it was anticipated with current small cycle in a potential wave (iv) green still being capped by the supply zone between the levels of 1.0917 - 1.0925. There is still a possibility of triangle structure in wave (iv) green, where waves a, b and c are now completed and two more waves are missing here: d and e green. Only a clear breakout above the supply zone would invalidate the triangle idea.

Support/Resistance:

1.0917 - 1.0925 - Supply Zone

1.0917 - Intraday Resistance

1.0897 - WR1

1.0890 - Intraday Support

1.0874 - Weekly Pivot

Trading recommendations:

Daytraders should open short positions as close as possible to the level of 1.0917 with SL above the level of 1.0931 and TP at the level of 1.0890 and 1.0870.

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Technical analysis of AUS/USD for May 21, 2014 Trend News

The pair almost erased its gains from the 0.92 low. Today the pair made a low at 0.9216 levels. In yesterday's trading session the pair broke the short-term moving averages (50SMA & 200EMA) and closed below these levels. It raises a bearish concern in the short term. The nearest support level exists at 0.92, a break below this will extend the fall to 0.9144 and 0.8984 levels. Until the pair crosses the moving averages the bearish flags will hoist. In any case, if the pair crosses 0.927, it will pull back to 0.9334. Yesterday's high was very crucial in the short term.

For intraday perspective, in Asia's trading session the pair is trading at 0.9232. The hourly momentum oscillators are at oversold levels. We expect the downtrend will pause by technical indicators, as well as wait for a pullback from the oversold levels to 0.9242 and 0.927 levels. Safe traders, buy the pair only above 0.9243 for 0.9272, 0.9281 and 0.929 levels.

Recommendation- cmp 0.9232.

Safe traders- Buy above 0.9243.

Risky traders- buy with sl 0.92.

Sell below 0.9195 for targets at 0.9154 and 0.9145.

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Forecast of GBP/JPY for May 21, 2014 Trend News

GBP/JPY

Forecast-

The pair has been in a downtrend from 173.45 levels. It was rejected thrice at the higher levels around 173.57 (a March 07 high). For the last five trading sessions, the pair has been consolidating between the levels 171.01- 170.01.

Bearish views- Positional

The broken short-term moving average and closing below that, which produce a bearish view in the short-term, are aiming at 1- or 2-month lower levels.

Having broken 3-month lower trendline, it made a double top at 170.95 levels.

It was unable to cross the 50-day SMA. RSI favors "selling the rally" strategy.

Intraday-

In Asia's trading session, the pair is trading at 170.70 levels. The pair is trading in a range between 170.37-170.75. In the wider view, it is consolidating between 171.01-170.01 levels. The hourly oscillators are giving a positive divergence in the H4 chart. There is a possibility to touch 171.21 and 171.42 and 171.80 levels if the pair manages to break and sustaines above the 171.01 levels. On the lower side, if the pair breaks the 170.0 levels, it will extend its fall to 169.80, 169.7 and 169.49 levels.

Recommendations- cmp 170.60.

Buy above 171.02 for targets 171.20 and 171.42.

Sell below 170 for targets 169.80, 169.7 and 169.49.

In case of a day close above 171, it will spike up to 171.25, 171.75 and 172.

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Technical analysis of GBP/USD for May 21, 2014 Trend News

GBP/USD

The UK inflation rose in April. The CPI grew by 1.8% in April, up from 1.6% in March expected at 1.7%. It rose more than expected. The UK producer price inflation remained low in April. The output price index of goods produced by the UK manufactures rose to 0.6% from 0.5%. But, total input prices fell 1.1% between March and April, compared with a fall of 0.4% between February and March.

Weekly trading range-

The pair is facing strong resistance at (23.6 fib level) 1.6865. The pair has weekly support at 1.6790 and 1.673 levels. On the up side, once the pair crosses the 1.6865 level, it can extend its leg up to 1.69 and 1.6920 levels. This week the trading pattern is fixed between 1.6790 and 1.6865 levels. An either side breakout will extend its range between 1.69-1.6920-1.673 levels.

Positional basis-

After taking the support at the 50-day SMA, the pair moved to the resistance level at 1.6875. In yesterday's trading session, the pair made a high at 1.6865 levels. In Aisa's trading session, the pair is taking support at 1.6825 levels. On the down side, if the pair breaks the 1.6825, it will fall to 1.68 and 1.6783 and 1.673 levels. On the upside, if the pair crosses the 1.6875 levels, it will shoot up to 1.69, 1.6920 and 1.6940 levels.

Intraday-

In Asia's trading session the pair is trading at 1.6838 levels holding the 50-hour SMA and 38.2 fib level at 1.683 levels. The hourly momentum oscillators favor pullback side up to 1.6865, 1.6875, 1.6894 and 1.6901 levels. On the down side, if the pair breaks the 1.682 it will fall to 1.68, 1.6785 and 1.673 levels. A strong rally will take place only above 1.6903 levels.

Recommendations- 1.6835.

Buy at cmp with targets at 1.6850, 1.6865, 1.6875 and 1.69.

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Technical analysis of EUR/USD for May 21, 2014 Trend News

When the European market opens, some economic news will be released such as Current Account, German 10-y Bond Auction, Consumer Confidence.The US will release the economic data too such as the Crude Oil Inventories, Fed Chair Yellen Speaks, FOMC Meeting Minutes, so amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3771.

Strong Resistance:1.3762.

Original Resistance: 1.3749.

Inner Sell Area: 1.3736.

Target Inner Area: 1.3703.

Inner Buy Area: 1.3670.

Original Support: 1.3657.

Strong Support: 1.3644.

Breakout SELL Level: 1.3635.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3657 and 1.3749. The rate is accompanied by strong support at 1.3644 and by 1.3762 as strong resistance.

If EUR/USD breaks out and closes below the 1.3635 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3771 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 1.3670 and at 1.3736, a SELL position. In this case both targets should be placed at the level of 1.3703.

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

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

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Technical analysis of USD/JPY for May 21, 2014 Trend News

In Asia, Japan will release the Trade Balance, Monetary Policy Statement, BOJ Monthly Report, BOJ Press Conference and the US will release some economic data such as Crude Oil Inventories, Fed Chair Yellen Speaks, FOMC Meeting Minutes. So there is a big probability the USD/JPY will move with low to medium volatility during this day.


TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.78.

Resistance. 2: 101.58.

Resistance. 1: 101.38.

Support. 1: 101.13.

Support. 2: 100.93.

Support. 3: 100.73.

DESCRIPTION:

Please, pay attention to the levels of support 3 (100.73) and resistance 3 (102.78). 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,

Official Analyst of InstaForex Group InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

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

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Technical analysis of EUR/USD for May 21, 2014 Trend News

Overview :

• Due to the previous events, the price of EUR/USD pair is still between the levels of 1.3766 and 1.3640, so it is recommended to be careful while making deals inside this area. Also, it should be noted that the market showed the signs of instability. The trend movement was controversial as it took place in the narrow sideways channel. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend because the support has already set at the level of 1.3640. In other words, buy deals are recommended above the 1.3640 level with the first target at the level of 1.3707 to test the weekly pivot point. From this point, the pair is likely to begin an ascending movement to the point of 1.3730 and further to the level of 1.3766. The level of 1.3766 will act as a strong resistance on May 21, 2014. Notwithstanding, if the pair fails to pass through the level of 1.3766, the market will indicate a bearish opportunity below the minor resistance level of 1.3766. In this regard, sell deals are recommended lower than the 1.3770 level with the first target at 1.3717. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.3680 then 1.3643.

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GBP/USD intraday technical levels and trading recommendations for May 20, 2014 Trend News

The pair has established recent resistance zone between 1.6765 and 1.6815 during February and March. These levels correspond to the previous tops in a successful Double Top pattern.

The depicted BLUE uptrend line remains intact since it was established in November 2013. However, this time the bulls are failing to maintain higher prices above 1.6800-1.6840.

Successive ascending bottoms were established around 1.5850, 1.6250, and 1.6460, and recently another ascending bottom around 1.6735 was established.

As long as the recent bottom around 1.6735 remains defended by the bulls. The market will keep developing bullish pressure to push above 1.6840. Otherwise, the bears will push strongly to the downside to keep moving within the depicted 4H channel especially after no significant bullish pressure was expressed upon the recent bullish breakout on the 4H chart.

Four-Hour closure below 1.6800 will gather enough bearish momentum to push lower.

On the other hand, bullish breakout above 1.6840 will expose 1.6900 and 1.6940 respectively.

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USD/CAD intraday technical levels and trading recommendations for May 20, 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 on 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.

Later on, 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.

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. However, price levels around 1.0920 paused the bullish limb and allowed the bears to resume their bearish momentum towards 1.0840 again.

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.

Bearish breakdown of 1.0840 will exposed 1.0800 immediately where 61.8% Fibonacci level is located.

The USD/CAD pair will probably establish a sideway consolidation zone between 1.0930-1.0830 for sometime before bearish breakout can take place towards the lower limit of the ongoing channel around 1.0770.

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Intraday technical levels and trading recommendations on GBP/USD for May 20, 2014 Trend News

Previously, price zone of 1.6780-1.6800 constituted 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 previous consolidations.

Price levels around 1.6990 provided evident rejection. This paused the ongoing bullish momentum.

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

The bears applied significant bearish pressure at retesting of 1.6900 (backside of the broken wedge). This enhanced the bearish pull-back towards 1.6767 as expected.

The GBP/USD showed bullish recovery after testing of 1.6730 leading to daily closure again above 1.6767 enhancing the bullish momentum of the market.

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 a price decline again.

A bearish impulse took place 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.

The reversal wedge pattern applied enough bearish pressure to confirm the ongoing reversal pattern which got confirmed by breakdown of price zone of 1.6830-1.6810.

A bullish pull-back is taking place towards neckline of the reversal pattern. The price zone of 1.6830-1.6850 will probably offer a SELL entry with Stop Loss to be located above 1.6880.

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

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EUR/NZD analysis for May 20, 2014 Trend News

Overview

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5986 on high volume according to the 4H timeframe. The price has broken resistance at the level of 1.5910 and we may expect testing the level of 1.6010 (submajor Fibonacci retracement 61.8%). Also there is a major Fibonacci retracement 61.8% at the price of 1.6075. Anyway, buying still looks risky since we are in the short-term downtrend. Be careful with short-term buying since EUR/NZD is in short-term downtrend and watch for selling opportunities after retracement. Any larger bearish reaction from our resistance levels may be a good sign for potential bearish continuation. To confirm futrher larger bearish movement, as like we already wrote, price needs to break the level of 1.5745 (major swing low) on higher volume.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5900

R2: 1.5917

R3: 1.5944

Support levels:

S1: 1.5846

S2 : 1.5829

S3: 1.5802

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

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Technical analysis of USD/CHF for May 20, 2014 Trend News

Overview :

• The USD/CHF pair has rebounded from minor support at 0.8860 and it is now approaching its support in order to test it again. As it is known, we use historic rates to determine future prices, so it will probably start upside movement at this area and recovery again at the level of 0.8860. Therefore, it will be a good sign to buy at this spot with the first target of 0.8930, and continue towards 0.8980.


• On the other hand, if a break at the 0.8830 level, then it will be a good location for placing stop loss below 0.8830. The value of 50% Fibonacci retracement was calculated at the price of 0.8830. If the price hits 0.8830, it will continue in bearish market towards 0.8763. It should remind you that you should check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

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Technical analysis of USD/JPY for May 20, 2014 Trend News

Overview:

USD/JPY is expected to consolidate in a lower range after hitting a three-and-a-half month low at 101.10 on Monday. It is underpinned by the yen-funded carry trades amid improved risk sentiment (VIX fear gauge eased 0.16% to 12.42) as Wall Street rose overnight for the second straight session (S&P 500 gained 0.38%). USD/JPY is also supported by the demand from Japan importers, higher longer-dated U.S. Treasury interest rates as the yield curve steepened. But USD/JPY gains are tempered by the Japan exporter sales and concerns over China's economy amid fresh signs that the Chinese property market is cooling and new rules aimed at limiting Chinese banks' off-balance-sheet lending activities. Daily chart is mixed as MACD is bearish, five and 15-day moving averages are declining; but stochastics is turning bullish at oversold zone.

Technical сomment:

Daily chart is mixed as MACD is bearish, five and 15-day moving averages are declining; but stochastics is turning bullish at oversold 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 101.05. A breach of this target will move the pair further downwards to 100.75. The pivot point stands at 101.55. 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 101.70 and the second target at 101.90.

Resistance levels:

101.70

101.90

102.35

Support levels:

101.05

100.75

100.45

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Technical analysis of NZD/USD for May 20, 2014 Trend News

Overview :

• The NZD/USD pair has not shown signs of following the break of the lowest level of 0.8675 which represents strong resistance on May 20, 2014. Therefore, it will be a good sign to sell below the level of 0.8675 with the first target of 0.86 and resume to 0.8510 in future. However, in case of reversal takes place and the NZD/USD pair breaks through the resistance level of 0.8670, the market will lead to further increase to 0.8703 (78.6% Fibonacci retracement levels) in order to indicate the correction movement at this level. Meanwhile, the daily chart is representing minor support at the 0.8567 level (38.2% Fibonacci retracement levels). Additionally, the channel emerging of RSI has still been positive in the H4 chart for that the RSI calls for a new uptrend at this level. Moreover, it should be noted that a point of view that the EMA25 (red color) has to cross over the EAM50 (blue color), it would be more of a confirmation for uptrend in the long term period.

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Technical analysis of USD/CHF for May 20, 2014 Trend News

Overview:

USD/CHF is expected to trade in a lower range. It is supported by the dovish Swiss National Bank's monetary policy stance and franc sales on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD is bullish, five-day moving average is above 15-day MA and advancing, stochastics stays elevated 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 0.89. A breach of this target will move the pair further downwards to 0.8876. The pivot point stands at 0.8949. 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 0.8955 and and the second target at 0.8975.

Resistance levels:

0.8955

0.8975

0.9010

Support levels:

0.89

0.8875

0.8845

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Technical analysis of NZD/USD for May 20, 2014 Trend News

Overview:

NZD/USD is expected to trade in a lower range. It is undermined by the concerns over China's economy. But NZD/USD losses are tempered by the improved risk sentiment, Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. Daily chart is negative-biased as MACD and stochastics are in 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 0.8570. A breach of this target will move the pair further downwards to 0.8545. The pivot point stands at 0.8610. 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 0.8635 and the second target at 0.8655.

Resistance levels:

0.8635

0.8655

0.8695

Support levels:

0.8570

0.8545

0.85

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Technical analysis of GBPJPY for May 20, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate in a lower range. It is supported by the improved risk sentiment and demand from the Japanese importers. But GBP/JPY gains are tempered by the Japan exporter sales. Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining, but stochastics is turning bullish at oversold 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 170.10. A breach of this target will move the pair further downwards to 169.65. The pivot point stands at 171.10. 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 171.80 and the second target at 172.35.

Resistance levels:

171.80

172.35

172.85

Support levels:

170.10

169.65

169.25

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Daily analysis of major pairs for May 20, 2014 Trend News

EUR/USD: This is a bear market and the indication in the chart is in support of the sellers. This pair would retest the support line at 1.3650. This support line was tested last week: it could be breached to the downside this week. The Bearish Confirmation Pattern in the chart ensures that the sellers are confident of being in the right direction of the market.

USD/CHF: The USD/CHF is still in an uptrend and it would retest the resistance level at 0.8950. This resistance level was tested last week: it could be breached to the upside this week. The Bullish Confirmation Pattern in the chart ensures that the indication in the market is in the favor of the bulls.

GBP/USD: The Cable is currently moving in a range, although that is happening in the context of a downtrend. The price currently hovers between the distribution territory at 1.6850 and accumulation territory at 1.6800. Either of the territories must be breached so that the price can continue its journey. One thing is this; it is more probable that the price would continue journeying downwards.

USD/JPY: The pair is bearish – an established bearish outlook. The price is now trading below the supply level at 101.50, going toward the demand level at 101.00. Actually our target for the week is at the demand level of 100.50.

EUR/JPY: This is also a bear market, with barriers to any short-term rally being situated at the supply zones of 139.00 and 139.50. Meanwhile, the price could go on towards the demand zone at 138.50, even breaching it to the downside.

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Elliott wave analysis of EUR/NZD for May 20, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6136

R2: 1.6083

R1: 1.5972

Current spot: 1.5918

S1: 1.5898

S2: 1.5875

S3: 1.5853

Technical summary:

As expected we have seen support at 1.5830 protecting the downside for a break above resistance at 1.5910, which indicates that a long-term important bottom is in place at 1.5730. However, to confirm the long-term bottom, we still need a break above strong resistance at 1.6179, but once broken there should be no more doubt and we should be looking for a long-term impulsive rally that ultimately will take out the former top at 1.7274.

In the short term we expect support near 1.5898 to protect the downside.

Trading recommendation:

Stay long in EUR from 1.5858 and raise your stop to 1.5830. If you are not long in EUR yet, then buy EUR near 1.5898 with the same stop at 1.5830.

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Elliott wave analysis of EUR/JPY for May 20, 2014 Trend News

Today's Support and Resistance levels:

R3: 140.58

R2: 140.15

R1: 139.63

Current spot: 138.99

S1: 138.77

S2: 138.17

S3: 137.38

Technical summary:

The minor correction we were looking for could already have ended at 139.31 and the next impulsive decline is under way towards 137.01. It is usual to see very small or even sub-normal correction during wave three and this correction, if it is finished, has clearly been sub-normal. However, a break below support at 1.3861 will confirm that the next impulsive decline lower to 137.01 should be expected.

Trading receommendation:

Stay short in EUR from 140.95 and move the stop lower to 139.40 upon a break below 138.61. If you are not short in EUR yet, then sell after a break below 138.61 with the same stop at 139.40.

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#USDX Technical analysis for May 20, 2014 Trend News

The Dollar index continued its pull back and managed to reach 79.90. Short-term trend remains up as the corrective move from 80.35 is very shallow and weak. The Dollar index has not reached the 38% retracement, instead it is trying to challenge its recent highs. Now at 80.08, I believe it is more probable to see it pulling back below 79.90 in order to complete the downward corrective move that started at 80.35.

Price remains above Ichimoku cloud. I believe the pullback I expect will bring price towards Ichimoku support at 79.75. I then expect price to reverse upwards to new highs. I believe the longer-term trend has reversed, and it is only a matter of time to see a confirmation of this trend reversal.

The daily chart still does not show a confirmation of a longer-term trend reversal. I will have to see the Dollar index rise above the Ichimoku cloud for a confirmation of trend reversal. The daily chart could be forming a bullish flag in the Dollar index and this is another bullish sign.

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Gold technical analysis for May 20, 2014 Trend News

Gold price remains inside the triangle. Price has been rejected at the triangle resistance and pulled back towards the lower triangle boundaries. Support is found at $1,287 and resistance, at $1,310. The trend is neutral as long as Gold price is inside this triangle.

Price has fallen below the Ichimoku cloud favoring bears a bit. However, if support at $1,287 holds, we should expect another bounce upwards towards $1,305. Our longer-term view remains bearish, but as long as price is above $1,268, we could see a strong bounce towards $1,330-40. A downward break of the triangle will increase chances of Gold price challenging the lows at $1,268.

The daily chart shows clearly sideways consolidation of the market. I still see the possibility of reaching $1,340-50 if we do not break the $1,268 low. If we break that low, I expect a sharp move towards $1,240-$1,200 and no chance of moving upwards towards $1,340. Our longer-term target is $1,100.

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Technical analysis of Silver for May 20, 2014 Trend News

Technical outlook and chart setups:

1. Silver is seen to be testing lower end of the consolidation range around $19.00/20 levels. A bullish bounce here would again take prices towards the $20.00 levels, while a break below shall prove to be extremely bearish. Recommendations are to remain flat for now and await for a clear break out from the trading range established for now.

2. Support is seen at $19.00, followed by $18.90/75, $18.40/50 and lower, while resistance is seen at $20.40, followed by $21.70, $22.30 and higher respectively.

3. The structure indicates that Silver continues to trade in a tight range between $19.00 and $20.00 for now. A break on either side is required to determine the next big move.

Trading recommendations:

Remain flat for now OR trade the range buy around $19.00/20 and sell around $20.00.

Good luck!

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Technical analysis of USD/CAD for May 20, 2014 Trend News

General overview for 20/05/2014 08:00 CET

The current wave progression develops exactly the way I anticipated. After hitting the support zone yesterday, the market rebounded and now is going upwards to complete wave c green. The next level of interest for the bear side of the market is at the level of 1.0890 where the intraday resistance is.

1.0813 - Wave (iii) Green Low

1.0834 - Technical Support

1.0851 - Intraday Support

1.0874 - Weekly Pivot

1.0890 - Intraday Resistance

1.0897 - WR1

Trading recommendations:

Buy orders advised yesterday should be still in play as the target for this orders is at the level of 1.0890. Please notice that trading inside of a possible triangle formation is full of false breakouts and whipsaws.

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