Technical analysis of EUR/JPY for May 22, 2014 Trend News

General overview for 22/05/2014 07:35 CET

The anticipated corrective cycle has started finally in the form of irregular abc purple corrective wave progression to the upside. Currently, the price is under the golden trendline resistance and a breakout higher is expected. The first target is at the level of weekly pivot at 139.44 and if this resistance is broken, then the next resistance is at the level of 139.87. Please notice that this corrective cycle might get more complex and time-consuming.

Support/Resistance:

138.14 - Swing Low

138.82 - Intraday Support

139.29 - Intraday Resistance

139.44 - Weekly Pivot

139.87 - Technical Resistance

140.09 - WR1

Trading recommendations:

Daytraders should consider opening buy positions from current price levels with SL below the level of 138.25 and TP at the level of 139.44 and 139.87.

Swing traders should consider closing remaining short positions and wait for corrective cycle to finish and then enter the market again.

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Technical analysis of Gold for May 22, 2014 Trend News

Technical outlook and chart setups:

1. Gold is still trading within the consolidation range as seen here. The metal bounced off the lower support boundary around $1,283.00 levels yesterday, indicating that the next move could be higher from here on. Recommendations are to remain long with risk just below $1,280.00 levels for now.

2. Support is seen at $1,280.00, followed by $1,270.00, $1,230.00/40.00, $1,210.00 while resistance is seen at $1,305.00, followed by $1,310.00, $1,330.00, $1,350.00/60.00 and higher respectively.

3. The structure indicates that Gold needs to break above $1,305.00/10.00 levels to challenge resistance at $1,330.00 and confirm further upside.

Trading recommendations:

Remain long, stop just below $1,280.00, target is open.

Good luck!

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Daily analysis of USDX for May 22, 2014 Trend News

Daily chart: The USDX is conducting a breakout at the level of 80.11, so it is very likely that the USDX will rise to 200 SMA in the coming days. However, caution should be exercised with the pullbacks that the USDX could do, and it would be expected to fall to the level of 79.50 if the USDX makes a pullback. The MACD indicator is in positive territory.

H4 chart: The USDX has found resistance at the 80.15 level, so that the USDX stays below that level. 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. For now, we recommend caution. The MACD indicator is in positive territory.

H1 chart: The USDX made a pullback near the 80.25 level and now the USDX is again located below the resistance level of 80.15. If the USDX manages to consolidate above this level, it would be expected to rise to the level of 80.35. On the other hand, it's expected to drop to the 200 SMA if the USDX makes a pullback at current levels. MACD 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 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 22, 2014 Trend News

Daily chart: The GBP/USD has made a successful breakout at the level of 1.6851, so far, the next target for this pair will be the resistance level of 1.7000 in the medium term. However, it is expected that the GBP/USD will start to form a bullish pattern, because this pair has been very bullish in recent days. The MACD indicator is in neutral territory.

H4 chart: The GBP/USD has found resistance at the level of 1.6900, after this pair has consolidated above the support level of 1.6841. Now, the GBP/USD is finding support at the bullish trend line. If the pair manages to make a breakout at the 1.6900 level, it's expected to rise to the level of 1.6995. The MACD indicator is in positive territory.

H1 chart: This pair has consolidated above the 200 SMA and the support level of 1.6850, where the point of control is. However, the GBP/USD has tried to make a breakout on the resistance level of 1.6900, but has not succeeded. However, if the pair manages to consolidate above this level, it's expected to rise to the level of 1.6950.

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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Technical analysis of GBP/CHF for May 22, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair seems to be stalling just a few pips ahead of resistance at 1.5120/30 as seen here. The pair might have managed to resume the uptrend but a retracement towards 1.4700 levels is due any moment. Recommendations are to still remain short with risk at 1.5120/30. One should refrain from buying at the moment.

2. Support is seen at 1.4900 levels, followed by 1.4780, 1.4620, 1.4550 and lower, while resistance is seen at 1.5120/30 respectively.

3. The structure indicates that the GBP/CHF pair could be heading higher but needs to correct before gaining further momentum.

Trading recommendations:

Remain short stop at 1.5120/30 OR Remain flat and look to buy lower.

Good luck!

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Technical analysis of EUR/USD for May 22, 2014 Trend News

When the European market opens, some economic news will be released such as French Flash Manufacturing PMI, French Flash Services PMI, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI, Spanish 10-y Bond Auction, European Parliamentary Elections.The US will release the economic data too such as the Unemployment Claims, Flash Manufacturing PMI, Existing Home Sale, CB Leading Index m/m, Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3750.

Strong Resistance:1.3741.

Original Resistance: 1.3728.

Inner Sell Area: 1.3715.

Target Inner Area: 1.3682.

Inner Buy Area: 1.3649.

Original Support: 1.3636.

Strong Support: 1.3623.

Breakout SELL Level: 1.3614.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3636 and 1.3728. The rate is accompanied by strong support at 1.3623 and by 1.3741 as strong resistance.

If EUR/USD breaks out and closes below the 1.3614 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3750 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 1.3649 and at 1.3715, a SELL position. In this case both targets should be placed at the level of 1.3682.

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. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of USD/JPY for May 22, 2014 Trend News

In Asia, Japan will release the Flash Manufacturing PMI, BOJ Monthly Report, and the US will release some economic data such as Unemployment Claims, Flash Manufacturing PMI, Existing Home Sale, CB Leading Index m/m, Natural Gas Storage. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.94.

Resistance. 2: 101.74.

Resistance. 1: 101.54.

Support. 1: 101.29.

Support. 2: 101.09.

Support. 3: 100.89.

DESCRIPTION:

Please, pay attention to the levels of support 3 (100.89) and resistance 3 (102.94). 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 22, 2014 Trend News

Today traders eye a series of data: French and German flash manufacturing and services PMIs. The flash manufacturing PMI is expected to improve 53.6 from 53.4 and services PMI is expected to improve to 53.5 from 53.1. The German flash manufacturing PMI is expected to diminish to 53.8 from 54 and flash services PMI is expected to diminish to 54.5 from 54.8. The French flash manufacturing PMI is expected to increase to 51.6 from 51.2 and French Services PMI is expected to increase up to 50.95 from 50.4.

Technical view-

The pair has been in a down trend for the last 3 weeks. It broke two crucial supports. Last week and this week, the pair broke the crucial support at 1.367 and well managed to close above this. If a weekly close below, this level (1.367) in the medium term will raise its voice up to 1.3562, 1.3544, 1.3477, 1.34 and 1.32 levels. At the end of the day, a weekly close below 1.367, the pair will drift up to 1.32 levels as an initial target.

In the daily chart, the pair is moving th the downside towards the crucial support at 1.3620-1.36. At the end of the today's trading session, if the pair closes below 1.36, the pair will extend its correction up to 1.356-1.355-1.3530 immediately and later 1.347 levels next week. If it manages to close above the 1.36 level, it will spike towards 1.3734 initially and later 1.38 levels. The daily RSI favors long side. From the RSI, we can understand if the pair gives a dip on an intraday basis, it can bounce back again towards the consolidation high levels.

In the hourly chart, the pair is giving a positive divergence. The hourly oscillators favor pull back with sl 1.36 on a closing basis. In Asia's trading session, the pair is trading at 1.3682 levels. It looks weak below 1.3678 and strong above 1.3688. The pair made a double top at 1.3688 in the H4 chart. The selling bids will continue until it trades below 1.3688.

Highlights

· If the pair trades below 1.3678, it can fall to 1.3660, 1.3635 and 1.36 levels.

· If it trades above 1.3688, it can shoot up to 1.3712, 1.3723, 1.3734, 1.3755, 1.3775 and 1.3783 levels.

· Those who favors buy side, please wait patiently.

· Use "buying the dip" strategy.

· On a weekly basis, the pair must close above 1.3775 to pause the current down trend.

All the levels are given from MT5.

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Forecast for EUR/CAD for May 22, 2014 Trend News

The pair has been in a down trend from 1.53 levels. The pair is making lower highs and lower lows, but this week, as of now, it paused the lower low pattern. The pair looks weak only below 1.4869 levels. The RSI in the weekly chart is indicating selling the rally. The initial weakness persists only below 1.4869 levels for 1.4832, 1.478 and 1.47 levels. This week if the pair crosses the 1.5042 levels, we can expect the downfall will pause for a couple of days. The deep correction will take place once it breaks the 1.47 levels, aiming at 1.4455 levels and 1.40 levels.

In the daily chart, the pair is trading below the descending trend line. The RSI in the daily chart favors buy side for the next couple of days. On the down side, the pair has inital support at 1.4893, below this, 1.4866, 14824 levels. The second round of selling will take place below 1.482 for lower targets at 1.4782, 1.473 and 1.4677 levels.

On the up side, the initial resistance is at 1.495 levels. Sustaining above this, it can fly up to 1.4990 and 1.5050 and 1.5150 levels.

Intraday- The pair placed strong resistance at 1.4960 levels. Once it is able to cross this, it can fly up to 1.4990, 1.5050 and 1.5088 levels. On the down side, the pair looks weak below 1.4893 for targets 1.4878, 1.4869 and 1.4830 levels.

NOTE-

Buy above 1.4960

Given levels are from MT5

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Technical analysis of USD/JPY for May 22, 2014 Trend News

USD/JPY

Japan's economy has continued to recover fairly as a trend. The BOJ kept its policy firm. Mr. Kuroda gave the assurance that Japan is on track to meet the BOJ price target at 2%. The bank will purchase government bonds so that their amount outstanding will increase at an annual pace of about 50 trillion yen. The yen strengthens and US dollar drops to 3-month low.

USD/JPY made a low of 100.83, the previous low was at 100.76 levels in February. The Yen reached 50-week EMA at 100.73 and 200-day EMA. It pushed towards crucial resistance at 101.67 levels (May 16 high). This week if the pair closes below the 50-week EMA, the pair will drop to 97 levels.

The pair was rejected at 102.36 (50-day SMA), from that day it has been making lower lows. In yesterday's trading session, it was taken the strong support at daily and weekly moving averages. Yesterday's low will be very crucial in coming sessions. The initial resistance exists at 101.67 levels once the pair crosses this, it can fly up to 102.20 (50-day SMA). A day close below the 200-daily EMA will move the pair up to 100 and 99.5 easily, later it can extend more.

In the H4 chart, the pair is facing strong resistance at 101.70 (50-hour SMA). Above this it can fly up to 101.95, 102.20 and 102.36 levels. The RSI in the h4 chart favors buy side. As of now, in Asia's trading session, the pair opened on a bullish note, low strategy, the pair looks weak below 101.37 and can correct to 101.27, 101.18, 101.11 and 100.78 levels.

Recommendation- cmp 101.44

Buy above 101.70

A day close below 100.78, more noise is expected next week.

A week close below 100.73, more noise in the short term aiming at 97 levels.

All the levels given from MT5

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Forecast for GBP/JPY for May 22, 2014 Trend News

The pair came out from a trading range between 171.01-170 levels. In yesterday's trading session, the pair crossed the 50-day SMA and closed above this. This is a good sign for this pair. Today the pair opened above the 50-day SMA on a bullish note. The pair looks weak below 171.30, it may correct to 171.10, 170.60, 170 and 169.80 levels. On the upside, the initial resistance exists at 171.47, above this, it can fly up to 171.63, 172.05 and 172.30 levels. A day close below the 50-day SMA raises the bearish views.

For intraday basis, the pair is trading at 200EMA 171.40. The pair looks strong above 171.47, it can fly up to 171.60, 171.95 and 172.30 levels. The pair will face selling pressure at 172 levels. On the down side, the pair has support at 171.30, 171.10 and 170.48 levels. In case of breaks below 170.48, it can take support at 171.30 below this, it will face strong selling pressure pushing it to 170.91 and 170.44 levels.

All the levels given from MT5

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Daily analysis of GBP/JPY for May 21, 2014 Trend News

Overview

According to our yesterday's forecast, more bullish signals would be expected in case of closing above the Resistance level of 171.00. Today, as it is shown in the H4 chart, the pair has already managed to break the Resistance level and close 4H above it. Currently, the pair is approaching the Resistance level of 171.50 trying to break it through to continue the upward move. More bullish signals would be expected in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 172.00 then 172.75 as the second target.

Resistance and Support levels: R3 (172.75), R2 (172.00), R1 (171.50), S1 (171.00), S2 (170.00), S3 (169.75)

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Daily analysis of for Silver May 21, 2014 Trend News

Overview

Based on the H4 chart above, silver is still stabilizing between the Support at 19.20 and the Resistance level of 19.50 after its failure to break the Support level and the upward trend line last week. If silver continues its bearish trend and manages to break the Support level, it will produce a strong indicator for the downward move and open the way towards the Support level of 18.90. In this case, we should wait for the breakout at this level to continue the bearish move. On the other hand, the breakout of this Resistance level will reveal a bullish strength providing new buy-signals from this level till reaching the Resistance level of 19.75 then 20.00.

Resistance and support levels: R3 (20.00), R2 (19.75), R1 (19.50), S1 (19.20), S2 (18.90), S3 (18.70).

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

Overview:

USD/JPY is expected to consolidate with bearish bias n. Spotlight is also on 1800 GMT FOMC meeting minutes for any new details on the U.S. economy or changes in the Federal Reserve's timeline for raising interest rates. USD/JPY is undermined by selling of yen crosses amid increased risk aversion (VIX fear gauge rose 4.35% to 12.96) as Wall Street tumbled overnight (S&P 500 off 0.65%) amid concerns over U.S. stock valuations. USD/JPY is also weighed by the lower U.S. Treasury yields and Japan exporter sales. But USD/JPY losses are tempered by the demand from Japan importers.

Technical сomment:

Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, five- and 15-day moving averages are 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 101.75. A breach of this target will move the pair further downwards to 100.30. The pivot point stands at 101.25. 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 101.60 and the second target at 101.90.

Resistance levels:

101.60

101.90

102.35

Support levels:

100.75

100.30

100

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

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting three-week low at 0.8557 on Tuesday.It is undermined by the Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion, contagion from weak Aussie and concerns over China's economy. But NZD/USD losses tempered by Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average staged bearish crossover against 15-day MA.

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 0.8545. A breach of this target will move the pair further downwards to 0.8510. 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:

0.8545

0.8510

0.8475

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Technical analysis of GBPJPY for May 21, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bearish bias. It is undermined by the increased investor risk aversion and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers. Daily chart is negative-biased as bearish outside-day-range pattern was completed on Tuesday, MACD is bearish and stochastics stays suppressed at oversold zone, five-day moving average is below 15-day MA and 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. 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

169.65

169.25

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

The weekly pivot point sets at the price of 1.6815.

Overview:

• The first key level will set at the level of 1.6900 and the second key level will set at the 1.6985 level today. Also, it might notice that the both levels are representing the weekly resistance 1 and resistance 2 respectively. Equally important, the price of the GBP/USD pair has still been moving between 1.6900 and 1.6950. Additionally, it should be noted that the range will be about 80 pips today. Moreover, the trend is very clear and indicating uptrend. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.6855. As a result, buy at the price of 1.6855 with the first target of 1.6905, it might resume to 1.6986 in order to test the weekly resistance 2. On the other hand, your stop loss should be placed below the weekly pivot point which sets at the 1.6815 level, thus it will helpful to set it at the price of 1.6780 this week.

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EUR/NZD analysis for May 21, 2014 Trend News

Overview

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6016 on volume below the average according to the 4H timeframe. As you can see in the graph our Fibonacci retracement 61.8% at the price of 1.6010 got tested and we saw rejection from that point just like we expected. Also there is a major Fibonacci retracement 61.8% at the price of 1.6075. According to the 4H timeframe, we may observe that supply overcoming demand on higher volume, which is a sign that buying looks risky. 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. Support level is around the price of 1.5910 (previous swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5994

R2: 1.6022

R3: 1.6066

Support levels:

S1: 1.5905

S2 : 1.5877

S3: 1.5832

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

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GOLD analysis for May 21, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price rejected from our Fibonacci retracement 61.8% at the price of 1,290.00 on very high volume. As you can see in the chart, our Fibonacci retracement 61.8% at 1,290.00 held successfully again, which is sign that selling at this stage looks very risky. According to the Daily timeframe, we can observe strong bullish reactions in the background from our support 1,277.00 on higher volume, which is a sign that short-term selling looks very risky. According to the 1h timeframe, there is an strong demand overcoming supply on high volume, which is another sign for potential bullish movement. We can conclude that the price of 1,305.00 (swing low) is strong resistance and just if the price breaks that level on hgiher volume we may see further bullish continuation. Be careful with selling since we got second rejection from our Fibonacci zone.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,296.83

R2: 1,299.41

R3: 1,303.57

Support levels:

S1: 1,288.51

S2: 1,285.93

S3: 1,281.77

Trading recommendation: Trading the metal, be careful with short-term selling since price is near strong support zone

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Daily analysis of major pairs for May 21, 2014 Trend News

EUR/USD: This is a weak pair, although it has been trying to consolidate to the upside so far in this week. The upside consolidation should be halted at the resistance line of 1.3750; otherwise the bearish outlook would be in a serious jeopardy (especially as the weak pair becomes a strong one).

USD/CHF: The market made a weak bullish attempt this week, but this resulted in a shallow bearish retracement, which should not take the price below the support levels at 0.8900 and 0.8850. A movement below the support level at 0.8850 could render the bullish bias useless, but as long as the price is above it, it would be safe to think the market is bullish.

GBP/USD: In the context of a downtrend, the GBP/USD has been trying to go upwards – with a meager 40 pips. The upwards attempt is limited by the bears’ stubbornness, and should the bulls become fed up, the price may drop from there. When the price closes above the distribution territory at 1.6850, and the EMA 11 crosses the EMA 56 to the upside, a new bullish signal would form.

USD/JPY: There is a significant bearish outlook on the USD/JPY. The demand level at 101.00 has been attacked violently, and the price has a high possibility of closing below it at last. Once this is done, the price would target the next demand zone at 100.50, which would be our next target in this bear market.

EUR/JPY: This currency trading instrument has a bearish trend on it. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. The price may continue to go lower.

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Intraday technical levels and trading recommendations on EUR/USD for May 21, 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 bearish decline off 1.3965 which led to another ascending limb towards 1.3880.

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.

The price level of 1.3800 has offered support for few weeks until we had bearish breakdown when the market expressed a strong full-body bearish daily candlestick as depicted on the chart.

Thus, a double-top reversal pattern is being established with neckline located at 1.3700 where a strong bullish daily candlestick was expressed indicating bullish presence around there.

Last week, the bears produced quite strong bearish reaction that broke-down successive support levels around 1.3800 and 1.3745.

This indicates the dominant bearish momentum with high probability to achieve the reversal pattern projection targets after breakdown of 1.3700 handle (neckline of the double-top pattern).

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 1.3880.

The recent established bottom 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 move towards 1.3740.

A short-term bullish "Head and Shoulders" pattern is being established on the 4H chart. The right shoulder was established on Friday around 1.3690 offering a valid BUY entry with stop loss located below 1.3640.

The bullish corrective movement will be targeting at 1.3800 as long as the recent bottom around 1.3650 remains defended by the bulls.

Breakdown of the recent bottom 1.3640 invalidates the bullish scenario in the short-term prospective.

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

Technical outlook and chart setups:

1. The EUR/JPY pair seems to be drifting lower towards 138.00 levels for now. Please note that an intermediary line of support is passing through at the moment and a bullish bounce could be possible ahead of 138.00/137.80 levels. Recommendations are to still remain long with risk just below 138.00. A break below would confirm that the pair is heading to fresh lows.

2. Support is seen at 138.00 (fibonacci), followed by 136.00, 134.00 and lower while resistance is at 141.00, followed by 142.50, 143.50/144.00 and 145.50 respectively.

3. The structure indicates that EUR/JPY would accelerate downside below 138.00 levels. A bullish reversal at the moment would be required to instill further confidence in the bullish setup.

Trade recommendations:

Remain long with stop at 138.00 OR Remain flat.

Good luck!

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EUR/AUD intraday technical levels and trading recommendations for May 21, 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 once before (the nearest support level). This exposed the price level of 1.4750 (61.8% Fibonacci) on March 10.

Previously, bullish pull-back was initiated off 1.4670. 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 failure of the bullish breakout attempt.

On the other hand, Intraday support level around 1.4850 failed to provide enough support for the pair. Instead, bearish breakdown took place pushing towards 1.4730 (61.8% Fibonacci level) which was broken down as well as depicted on the chart.

Overall, the daily chart suggested bearish tendency especially when the daily candlesticks maintained closures below 1.4700.

On the other hand, price zone above 1.4570-1.4520 provided strong support to pause the ongoing bearish momentum.

The pair returned to trade above 1.4740 (61.8% Fibonacci) and probably aiming for levels around 1.4900 for retesting.

Price zone 1.4870-1.4900 represents the backside of the successful wedge pattern.

Retesting of this price zone will probably offer a valid SELL entry with SL located just above 1.4950.

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USD/CAD intraday technical levels and trading recommendations for May 21, 2014 Trend News

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.

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.

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 probably expose 1.0800 immediately where 61.8% Fibonacci level is located.

As expected, a sideway consolidation zone between 1.0930-1.0830 is being established for sometime before bearish breakout can take place towards the lower limit of the ongoing channel around 1.0770.

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

Technical outlook and chart setups:

1. The GBP/CHF pair finally reversing just from 1.5050/60 levels as seen here. Recommendations are to initiate short positions or remain short from earlier, risk remains at 1.5120. The pair is expected to retrace down towards 1.4700 at least if not below.

2. Support is seen at 1.4900, followed by 1.4780, 1.4630, 1.4550, 1.4450 and lower,while resistance remains at 1.5120 levels.

3. The structure indicates that GBP/CHF has begun retracement towards 1.4680 levels from here on. That would be the next potential entry point to go long.

Trade recommendations:

Go short, stop at 1.5100/20, target is at 1.4700.

Good luck!

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#USDX Technical analysis for May 21, 2014 Trend News

The Dollar index cannot make a new higher high and is pulling back lower as expected below 80 and towards 79.85-.70. The Dollar index is moving lower towards the Ichimoku cloud support as we expected in our last analysis.

The Dollar index is heading towards the 38% retracement which is our target and now this target is inside the Ichimoku cloud support. Next important support for the Dollar index is the 79.60 level. Below that we find the 61.8% retracement at the 79.45 level. I prefer to wait to see where this downward move stops before trying to pick a bottom. Important short-term resistance is found at 80.15. A break above that level will signal that the decline is most probably over.

The daily chart continues to show the Dollar index is trying to break above the Ichimoku cloud resistance. A break above 80.40 will be a good bullish sign for the index that could push it towards 80.70. Currently the Dollar index is pulling back and stays inside the Ichimoku cloud, something that tells us that the pull back might be shallow and only reach our 38% fibonacci target.

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Gold technical analysis for May 21, 2014 Trend News

Gold remains inside the sideways triangle pattern. Volatility is expected soon to rise and Gold price to start a new move. Gold price will soon start a new move as we expect volatility to rise as this sideways move has lasted too long and the price range is getting tighter.

Gold price is in a tight price range. Short-term triangle resistance is found at $1,305-09. Short-term triangle support is found at $1,285-83. A break of either level will signal a buy or sell respectively. If resistance is broken we should expect Gold price to reach $1,330 and why not surpass it. If support is broken we should expect the recent lows at $1,268-70 to be tested and most probably broken. If price breaks $1,331 we will then go to $1,350. If $1,268 is broken we should expect a move down to $1,200.

The daily chart above also shows how important the role of the Ichimoku cloud resistance that it will play in the near term. Even if price breaks above $1,309 we should be aware of a fake break out as the Ichimoku cloud resistance could push the price back down even after the break out. Such a fake breakout, if it occurs, will signal extreme weakness favoring our longer-term target of $1,100.

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Elliott wave analysis of EUR/NZD for May 21, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6136

R2: 1.6083

R1: 1.6043

Current spot: 1.6002

S1: 1.5991

S2: 1.5966

S3: 1.5923

Technical summary:

The strong rally we saw yesterday is clearly what we would expect from wave three and is very encouraging of our view that a major long-term bottom is in place at 1.5730. Ideally support at 1.5991 will now protect the downside for the next rally higher towards strong resistance at 1.6179, and a break above here will confirm the bottom for a major long-term rally higher to above 1.7274. However, if minor support at 1.5991 should be broken, the next support to look for will be at 1.5966.

Trading recommendation:

Stay long in EUR from 1.5858 and move your stop higher to 1.5875. If you are not long in EUR yet, then buy near 1.5991 with the same stop at 1.5875.

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Elliott wave analysis of EUR/JPY for May 21, 2014 Trend News

Today's Support and Resistance levels:

R3: 140.15

R2: 139.63

R1: 138.93

Current spot: 138.61

S1: 138.58

S2: 138.17

S3: 137.38

Technical summary:

It seems to be heading directly lower towards the red wave iii target at 137.01. The short-term minor resistance at 138.93 will ideally protect the upside for a break below support at 138.58 calling for a continuation lower towards 138.17 and 137.38 before the ideal target of 137.01.

In the long term we are still looking for a bigger correction of the 94.10 - 145.69 rally towards the ideal target near 126.00

Trading recommendation:

Stay short in EUR from 140.95 and move your stop lower to 139.05 If you are not short in EUR yet, then sell near 138.93 or upon a break below support at 138.58 with the same stop at 139.05.

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