Daily analysis of USDX for May 23, 2014 Trend News

Daily chart: The USDX is trying to stay above the support level of 80.11 with the formation of a bullish pattern. It is very likely that the USDX rises to 200 SMA, where the USDX could make a pullback. However, if the USDX does make a breakout on the resistance level of 80.62, it's expected to rise to the level of 81.50. The MACD indicator is in positive territory.

H4 chart: The USDX remains above the 200 SMA and the support level of 80.15. Now, the USDX is trying to make a breakout on the resistance level of 80.35. If successful, it is expected to rise to the level of 80.60. On the other hand, if USDX does a breakout level of 80.15, it would be expected to drop to the level of 80.09. The MACD indicator is in positive territory.

H1 chart: The USDX has made a breakout at the level of 80.15, so the next target would be the resistance level of 80.35. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.59. On the other hand, if the USDX does make a breakout in the support level of 80.15, it is expected to fall to the level of 79.88, which is below the 200 SMA. MACD 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 80.35, take profit is at 80.59, and stop loss is at 80.11.

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Daily analysis of GBP/USD for May 23, 2014 Trend News

Daily chart: The pair performed a pullback to the 1.6920 level where the GBP/USD has formed a fractal. Now, this pair is likely to continue to make corrective movements in favor of the bullish trend. However, if the GBP/USD manages to make a breakout in the support level of 1.6851, it's expected to fall to the level of 1.6766. The MACD indicator is in neutral territory.

H4 chart: The GBP/USD remains above the support level of 1.6841 and for now, it is likely that this pair perform sideways movements below the resistance level of 1.6900. If GBP/USD manages to make a breakout at the level of 1.6900, it's expected to rise to the level of 1.6995. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has made a bullish rebound above the 200 SMA, where is located the support level of 1.6850. If the pair manages to make a breakout on the resistance level of 1.6900, it's expected to rise to the level of 1.6950. On the other hand, if the GBPUSD executes a breakout level of 1.6850, it would be expected to drop to the level of 1.6800. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6900, take profit is at 1.6950, and stop loss is at 1.6850.

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Technical analysis of GBP/CHF for May 23, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair is stalling ahead of key resistance at 1.5120/30 levels as seen here. The pair has produced a doji candlestick trade signal indicating a potential reversal from here. This retracement or pullback is expected to move lower towards 1.4700 levels at least. Recommendations are to remain short, risk is at 1.5120/30.

2. Support is seen at 1.4900, followed by 1.4780, 1.4630 and lower while resistance is seen at 1.5120/30 levels respectively.

3. The structure indicates that GBP/CHF pair has potentially changed the trend towards higher levels, but a retracement should be expected towards 1.4700 levels before bulls resume again.

Trading recommendations:

Remain short, stop at 1.5130, target is 1.4700

Good luck!

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Technical analysis of USD/JPY for May 23, 20143 Trend News

Overview:

USD/JPY is expected to trade in higher range.It is underpinned by the yen-funded funded carry trades amid positive risk appetite (S&P 500 closed up 0.24% overnight at 1,892.49) on upbeat HSBC flash China May manufacturing PMI data suggesting growth stabilization in the world's second-largest economy, continued impact from FOMC meeting minutes which were released on Wednesday indicating that the Federal Reserve is in no hurry to raise interest rates, rise in Markit flash U.S. May manufacturing PMI to 56.2 from final April reading of 55.4, improvement in Kansas City Fed manufacturing composite index to 10 in May from 7 in April. But risk sentiment dented by larger-than-expected 28,000 increase in U.S. jobless claims to 326,000 in the week ended May 17 (versus 310,000 forecast), weaker-than-expected 1.3% increase in U.S. April existing home sales to 4.65 million (versus forecast 2.0% rise to 4.68 million), drop in Chicago Fed National Activity Index to -0.32 in April from +0.34 in March, and weaker-than-expected 0.4% rise in the U.S. Conference Board April leading index (versus +0.5% forecast). USD/JPY is also supported by the demand from Japan importers, higher U.S. Treasury yields and broadly firmer USD undertone (ICE spot dollar index last 80.22 versus 80.07 early Thursday). But USD/JPY gains are tempered by the Japan exporter sales and positions adjustment before U.S. long weekend (financial markets in U.S. are shut for public holiday on Monday).

Data focus:

1400 GMT U.S. April new home sales.

Technical сomment:
Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone.

Trading recommendation: The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 101.90 and the second target at 102.10. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.20. A breach of this target will push the pair further downwards and one may expect the second target at 101.05. The pivot point is at 101.50.

Resistance levels:

101.90

102.10

102.45

Support levels:

101.20

101.05

100.75

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Technical analysis of NZD/USD for May 23, 2014 Trend News

Overview:

NZD/USD is expected to consolidate. It is supported by the Kiwi demand on NZD/JPY cross amid reduced risk aversion, NZD-USD interest differential, reduced concerns over China's economy and positions adjustment before weekend. But NZD/USD upside is limited by the broadly firmer USD undertone. Daily chart is still negative-biased as five-day moving average is below 15-day MA and declining, MACD and stochastics are bearish, although the latter is at oversold area, inside-day-range pattern was completed on Thursday.

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 0.8535. A breach of this target will move the pair further downwards to 0.8510. The pivot point stands at 0.8595. 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:

0.8535

0.8510

0.8475

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Technical analysis of AUS/USD for May 23, 2014 Trend News

The pair has been in a downtrend from 0.9408 levels, taking support at 0.9202 levels (May 02 low) and pulled back to 23.6fib levels from 0.9208 levels. Yesterday's high was very crucial, because it was rejected at 0.9273 levels where the 50-day SMA and 23.6 fib levels existed. The previous swing low of 0.92 is the strong support. If the pair breaks the 0.92 level, the fresh bearish waves will take the pair towards 0.9154 and 0.9140 levels.

Trend change levels

0.92618, 0.9273. A day close above 0.9273, we will see 0.93, 0.9334 and 0.9373 levels. We expect the down side to be limited up to 0.9150-0.9140 levels. Major panic will take place only below 0.9150-0.9140 levels.

In Asia's trading session, the pair is trading at 0.9242 levels. The pair looks strong only above 0.9248 levels on an intraday basis, it can fly up to 0.9270, 0.9288 and 0.9315 levels. Buyers can watch for 0.9248 levels. If it sustains above 0.9253, the intraday buying will become stronger and the strong momentum will be seen above 0.9273 levels. The hourly stochastics favors buying the dip for the next couple of days with sl 0.92.

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Daily analysis of Silver for May 23, 2014 Trend News

Overview

Based on the H4 chart above, silver has stabilized above the Support area again after its rebound from the Resistance level of 19.75 yesterday. If silver continues its bearish move and manages to break the Support area after closing below the upward trend line, it will produce a strong indication for the downward move and open the way towards the Support level of 19.20 again. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will denote a bullish strength providing new buy-signals from this level till reaching the Resistance level of 19.75 then 20.00 respectively.

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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Daily analysis of GBP/JPY for May 23, 2014 Trend News

Overview

Today's H4 chart shows that the pair might take a new bullish signal after it has closed above the Resistance level of 171.50. Today the pair has taken an upward movement approaching the resistance level of 172.00 trying to break it through to continue the bullish trend. Currently, the quote is trading below the resistance level of 172.00. More bullish signals are still expected in case of closing above this resistance level with the first target placed few pips below the resistance level of 172.75, hence we should wait for more signals before making the decision.

Resistance and support levels: R3 (173.50), R2 (172.75), R1 (172.00), S1 (171.50), S2 (171.00), S3 (170.00).

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Technical analysis of EUR/USD for May 23, 2014 Trend News

When the European market opens, some economic news will be released such as German Final GDP q/q, German Ifo Business Climate, Italian Retail Sales m/m, European Parliamentary Elections, Belgian NBB Business Climate.The US will release the economic data too such as the New Home Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3721.

Strong Resistance:1.3712.

Original Resistance: 1.3699.

Inner Sell Area: 1.3686.

Target Inner Area: 1.3653.

Inner Buy Area: 1.3620.

Original Support: 1.3607.

Strong Support: 1.3594.

Breakout SELL Level: 1.3585.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3607 and 1.3699. The rate is accompanied by strong support at 1.3594 and by 1.3712 as strong resistance.

If EUR/USD breaks out and closes below the 1.3585 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3721 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 1.3620 and at 1.3686, a SELL position. In this case both targets should be placed at the level of 1.3653.

Official Analyst of InstaForex Group

InstaForex Group http://instaforex.com

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 23, 2014 Trend News

In Asia, Japan will not release any economic data and the US will release the US-New Home Sales. So there is a big probability the USD/JPY will move with low volatility during this day.


TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.30.

Resistance. 2: 102.10.

Resistance. 1: 101.90.

Support. 1: 101.65.

Support. 2: 101.45.

Support. 3: 101.25.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.25) and resistance 3 (102.30). 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

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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Forecast for gold for May 23, 2014 Trend News

The metal is going through a huge consolidation and making a symmetric triangle, either breakout will create a wide room for trading. The height of the triangle is 62.5 points, which creates a new direction in the near-term future. The pair has been trying to break the 50-day SMA for the last one month, but the effort is fruitless. It has been consolidating from last one and half month, we expect the metal will give a breakout towards $1,318.6, $1,330 and $1,365 levels, this view is valid until it holds the $1,277 levels on the weekly closing basis. On the up side, the metal is facing strong resistance at $1,301.73 (50-day SMA), above this, it will fly up to $1,318.63 (200-day EMA) and $1,330.70. The higher target $1,365 will be achieved only when the metal breaks the $1,330.70 levels.

If the metal is unable to break $1,330.70 (April 14 high), the lower target at $1,213 is still an attractive target with interim support at $1,283, $1,278.5, $1,273.80, $1,268, $1,260, $1,245, $1,230 and $1,213. A weekly close below $1,277 levels, then a deep correction will take the metal towards the $1,213 levels. Until that buy on dip with sl $1,277 on a closing basis.

For an hourly basis, the metal is facing resistance at $1,295.30, above this, it will try to fly up to $1,298, $1,300.10 and $1,301.50 levels. On the down side, the metal has support at $1,291.70 and $1,289.70. In xase of a break below this, it will fall to $1,284.80, $1,283, $1,278.50 and $1,277. Next downside targets are only below $1,277.

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Technical analysis of EUR/USD for May 23, 2014 Trend News

The pair has broken two crucial support levels. It looks like about to close below the 1.367 levels on a weekly basis. If the pair does so, the new medium-term lower level targets will come into existence. Fundamentally, the pair is very weak. Yesterday's economic data once again proved it. France lags behind the euro zone economy.

Longer term forecast- On a weekly basis, if the pair closes below the 1.367 levels, it will lead to trend reversal. If it happens, then we will see 1.3480, 1.33 and 1.32 levels. In the least case we can expect 1.31 as well. The downfall has just started.

In the daily chart, the RSI favors buy side. The RSI indicating an oversold levels, we expect the pair will pull back from the oversold levels. Though the technicals are supporting the pair for a pull back, but the fundamentals are acting very strong than technicals. We expect the pair will hit 1.3620-1.36 today and will take upturn. On the closing basis, if the pair manages well to close above the 1.36 levels, bull will hardly try to make 1.367, 1.37 and 1.3775.

For an hourly trading purpose, we expect the pair will pull back to 1.37, 1.3723, 1.3735 and 1.3775 levels. Only if it sustains above 1.37, the other levels will come. On the lower side, if the pair breaks the 1.36 levels, the bears will take the pair towards 1.356 and 1.355 easily.

Note-

Last hope for bulls is at 1.36 (200D-day EMA), a day close below this, no longs at all

Sell below 1.36

Weekly close below 1.367 is not good for longs

Daily and Hourly RSI favors limited downside at the current situation

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Technical analysis of GBP/USD for May 23, 2014 Trend News

GBP/USD

The UK estimated GDP for the first quarter in terms of volume increased by 0.85%. The UK's economic growth continued its strong pace in Q1 of 2014. The cable looks fundamentally strong, but technicals look very poor. Traders favor buying sterling on the dip, but do not favor the euro.

The cable is facing strong resistance at 1.6875 levels. The pair looks weak until it trades above 1.6875, if it crosses it, it will jump to 1.6920 levels. This is a crucial level in the near term. The RSI in the daily chart favors selling on the rise strategy. The level of 1.665 and 1.66 are open targets until trades below 1.6921 levels. The key support level has been placed at 1.683. Selling pressure will increase if the pair breaks the 1.683 level. Traders can enter shorts below 1.683 for initial targets at 1.68, 1.675 and 1.6732 levels. A day close below 1.673, it will drift up to 1.666 and 1.66 levels.

In Asia's trading session, the pair is trading at 1.6858. The looks weak only below 1.6850 for an hourly purpose. Until it breaks 1.6850, it will fly up to 1.6875, 1.6880, 1.69 and 1.6921. If the pair breaks the 1.6850 level, it will fall to 1.683 and 1.68. Below 1.68, selling pressure will become stronger for 1.6785, 1.673, 1.6713 and 1.666 levels. If the pair closes below the 1.683 levels, the bears will tighten their grip more. Please wait for an upmove and start selling.

The given levels are from MT5

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Daily analysis of major pairs for May 23, 2014 Trend News

EUR/USD: The pair is in a bearish mode, but the bearish movement is not very strong. For example, the pair moved downwards by only 50 pips this week. It happens that the support line at 1.3650 has proven to be stubborn and recalcitrant - it has been tested for several times. The price needs to close below it and continue to trend lower.

USD/CHF: The pair is in a bullish mode, but the bullish movement is not very strong. For example, the pair moved upwards by only 40 pips this week. It happens that the resistance level at 0.8950 has proven to be adamant and obstinate - it has been tested for several times. The price needs to close above it and continue to trend upwards.

GBP/USD: It was said earlier this week that it is normal for this market to go into a positive correction with its EUR/USD counterpart. The distribution territory at 1.6900 has been tried several times as the market goes volatile. There is also an accumulation territory at 1.6850, which can hinder the southward pull.

USD/JPY: From the demand level at 101.00, the USD/JPY moved upwards, closing above the demand level at 101.50. This has resulted in a Bullish Confirmation Pattern and the price is expected to continue moving upwards. Our next target is situated at the supply level of 102.00. Should the price succeed in breaking the supply level to the upside and closing above it, then the next target would be the supply level at 102.50.

EUR/JPY: The trend on this cross is bearish. Therefore, the shallow rally that is being experienced in the market is currently being challenged at the supply zone of 139.00. From here, the price could drop further downwards.

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EUR/AUD intraday technical levels and trading recommendations for May 22, 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, a 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, the price zone above 1.4570-1.4520 provided a strong support to pause the ongoing bearish momentum.

The pair returned to trade above 1.4740 (61.8% Fibonacci) which stands as a solid support now and probably aiming for levels around 1.4900 for retesting.

Price zone of 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 22, 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 a 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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Intraday technical levels and trading recommendations on EUR/USD for May 22, 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.

If so, this bullish corrective movement will be targeting at 1.3800 as long as the recent bottom around 1.3630 remains defended by the bulls.

Breakdown of the recent bottom 1.3630 invalidates the bullish scenario in the short-term prospective leading to a strong bullish impulse to follow shortly after.

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Intraday technical levels and trading recommendations on GBP/USD for May 22, 2014 Trend News

For a long period, the 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 prominent bottoms around 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 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. However, bearish engulfing daily candlestick is probably being expressed today after testing of 1.6920.

This may lead to another bearish limb to retest the newly established demand levels around 1.6767 as long as the bears keep defending the recent high around 1.6920.

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.

The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing market demand has been fulfilled around 1.6920 which led to a price decline again.

Price level 1.6840 is the nearest demand level to meet the pair. Price action should be watched carefully for a possible BUY entry with SL to be located below 1.6800.

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Daily analysis of Silver for May 22, 2014 Trend News

Overview

As it was expected yesterday, Silver has taken an upward move after its rebound from the Support area of the upward trend line with the Support level of 19.20. Currently, it is testing the Resistance level of 19.75 trying to break it through to continue its bullish move. More buy-signals would be provided in case of closing 4H above this Resistance level with first target few pips below the Resistance level of 20.00, then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently we recommend waiting till breaking the Resistance level of 19.75 before decision making. But as the price is trading below the Resistance level it cancels the first 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/CHF for May 22, 2014 Trend News

Overview :

• The USD/CHF pair will set strong resistance at the level of 0.8982 and support at 0.8903 today. Also, it should be noted that the weekly pivot point has aready set at the price of 0.8860. So, the last bullish wave started from the weekly pivot point at the level of 0.8860 this week. Additionally, the price is still moving above the key level (0.8860) since last week. Therefore, the USD/CHF pair will get an upside momentum. It is rather convincing and the structure of the fall does not look corrective. Bullish opportunity is above the 0.8903 level. So it will a good sign to buy above 0.8903 with the first target of 0.8950 and continuing bullish towards 0.8982 (this level is coinciding with the weekly resistance two). Moreover, it should be noted that the RSI calls for an uptrend.

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

Overview:

USD/CHF is expected to consolidate after hitting three-month high at 0.8965 on Wednesday. It is undermined by the franc demand on buoyant CHF/JPY cross. But USD/CHF downside is limited by the dovish Swiss National Bank's monetary policy stance and franc sales on buoyant EUR/CHF cross. Daily chart is still positive-biased as MACD is bullish, five-day moving average is above 15-day MA and is advancing, stochastics stays elevated at overbought zone.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8960 and the second target at 0.8985. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8875. A breach of this target will push the pair further downwards and one may expect the second target at 0.8860. The pivot point is at 0.8895.

Resistance levels:

0.8960

0.8985

0.9010

Support levels:

0.8875

0.8860

0.8845

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

Overview:

USD/JPY is expected to trade with risks skewed higher after hitting three-and-a-half month low at 100.81 on Wednesday. It is underpinned by the yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 8.1% to 11.91) as U.S. stocks rose overnight (S&P 500 closed up 0.81% at 1,888.03), backed by upbeat data out of the U.K. and FOMC meeting minutes. It indicating officials are in no hurry to raise interest rates as they raised some concerns about the housing market but kept intact their outlook for improving growth later this year. USD/JPY is also supported by the demand from Japan importers, higher U.S. Treasury yields. But USD/JPY gains are tempered by the comments from Bank of Japan Gov. Kuroda on Wednesday suggesting the central bank was in no hurry to take further easing action and Japan exporter sales.

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 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 101.90 and the second target at 102.10. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.05. A breach of this target will push the pair further downwards and one may expect the second target at 100.80. The pivot point is at 101.25.

Resistance levels:

101.90

102.10

102.45

Support levels:

101.05

100.80

100.30

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Technical analysis of GBPJPY for May 22, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate in higher range after hitting three-and-a-half month low at 138.15 on Wednesday. It is underpinned by the positive risk sentiment and demand from Japan importers. But GBP/JPY gains are tempered by the Japan exporter sales. Daily chart is still 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 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 172.35 and the second target at 172.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.60. A breach of this target will push the pair further downwards and one may expect the second target at 170.20. The pivot point is at 171.

Resistance levels:

172.35

172.70

173

Support levels:

170.60

170.20

169.65

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

Overview:

NZD/USD is expected to consolidate with risks skewed higher after hitting three-week low at 0.8534 on Wednesday. It is supported by the Kiwi demand on NZD/JPY cross amid reduced risk aversion and NZD/USD interest differential. But NZD/USD gains are tempered by the Kiwi sales on rebounding AUD/NZD cross and concerns over China's economy. Daily chart is still negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining.

Trading recommendation:

The pair is trading 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 0.8535. A breach of this target will move the pair further downwards to 0.8510. The pivot point stands at 0.8600. 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:

0.8535

0.8510

0.8475

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Elliott wave analysis of EUR/NZD for May 22, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6043

R2: 1.6004

R1: 1.5960

Current spot: 1.5946

S1: 1.5938

S2: 1.5907

S3: 1.5892

Technical summary:

Just as it looked like, the wave three was well under way, we saw a "bigger" correction than expected. However, it does not change our overall view of a new impulsive rally developing. We expect that support at 1.5907 will protect the downside for a break above minor resistance at 1.5960 as the first good indication that the next powerful rally towards 1.6179 is developing. However to confirm the rally to 1.6179, we need a break above resistance at 1.6021.

Only an unexpected break below 1.5907 and more important a break below 1.5830 will call for a new test of 1.5730, but this is not our preferred view.

Trading recommendation:

Stay long in EUR from 1.5858 with your stop placed at 1.5875. If you are not long in EUR yet, then buy EUR near 1.5937 or upon a break above 1.5960 with the same stop at 1.5875.

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

Today's Support and Resistance levels:

R3: 140.21

R2: 139.74

R1: 139.31

Current spot: 138.95

S1: 138.58

S2: 138.14

S3: 137.55

Technical summary:

We have changed our short-term count slightly. We have moved blue wave iii down to 138.14 as this count would fit the internal Fibonacci relationships better. That means we are now looking for blue wave iv towards 139.74 and maybe even towards 140.21 (less likely though) before the next impulsive decline in blue wave v towards 137.21. This will end red wave iii and we should then be looking for a flat consolidation as red wave iv before lowerng in red wave v towards 135.56.

Trading recommendation:

Our stop at 139.05 was hit for a nice profit. We will sell EUR again at 139.60 and place our stop at 141.25.

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EUR/NZD analysis for May 22, 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 1.5911 on volume above the average according to the 4H timeframe. As you can see in the graph our support level at the price of 1.5910 has got tested and we can observe smaller rejection from that point. The price is right now in the middle of the range of Fibonacci ratios 61.8% (1.6010) and 38.2% (1.5910). To confirm futrher larger bearish movement, as we already wrote, price needs to break the level of 1.5745 (major swing low) on higher volume. A support level is around the price of 1.5910 (previous swing high). Anyway, if the price starts with upward movement, we may expect re-testing the level of 1.6010 (previus swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6003

R2: 1.6020

R3: 1.6048

Support levels:

S1: 1.5946

S2 : 1.5929

S3: 1.5900

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

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GOLD analysis for May 22, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price rejected from our Fibonacci expansion 100% at the price of 1,284.00 on average volume. According to the Daily timeframe, we can observe indecision bar and 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, we can observe strong bullish bar on ultra 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 the second rejection from our Fibonacci zone.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,294.22

R2: 1,297.38

R3: 1,302.50

Support levels:

S1: 1,283.98

S2: 1,280.82

S3: 1,275.70

Trading recommendation: Trading the metal, be careful with short-term selling since we've got strong rejections from our Fibonacci ratios.

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#USDX Technical analysis for May 22, 2014 Trend News

The Dollar index continues to trade above the Ichimoku cloud support as price bounced off 79.90 and reached the recent highs again. The Dollar index was unable to break above the highs and that is why because we feel the correction is not over yet. I believe another leg down towards the 38% retracement and inside the Ichimoku cloud is the most probable scenario.

The Dollar index I believe should pull back towards the 38% retracement or even the 50% retracement before making another try higher above 80.35 towards 80.70. The current price action is clearly corrective as there no clear pattern and there are lots of overlapping price waves. I'm neutral expecting to see a pull back or a break out to new highs before entering the market again.

The daily chart continues to show us that long-term trend is down since price has not broken an important high (80.70) nor has it moved above the Ichimoku cloud resistance. If these two conditions are met, then we can say that longer-term trend has reversed upwards. Until then I remain neutral and will only look for short-term buying opportunities. Traders that feel bearish about the Dollar index have a great opportunity as the index is near its resistance levels. So going short at current levels with 80.40 stop is preferred by those who believe that the Dollar will weaken.

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Gold technical analysis for May 22, 2014 Trend News

Gold price has not made any real movement the last few sessions. Gold price continues to trade within the tightening range of the triangle. The triangle boundaries are at $1,287 and at $1,304. Gold price has a very low volatility for some time now and I expect this to end soon. I expect Gold price volatility to rise and Gold price to make a break out.

Gold price as shown in the chart above is inside the triangle and soon there will be no room left in the triangle to make the up and down moves it has been making. Soon we should expect a break out above or below the triangle boundaries. I prefer to be neutral and take action once a break out occurs.

I prefer to go short if Gold price breaks below $1,280 and I prefer to go long if price breaks above $1,310. Until I see such a break out I will stay neutral.

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