Technical analysis of EUR/JPY for May 27, 2014 Trend News

General overview for 27/05/2014 07:50 CET

The wave progression goes so far in line with expectations and the current corrective cycle might be completed by the end of the week. The high of wave a green has been taken out which means this is the biggest correction in the recent wave progression from the top of the swing. There are two more levels that are with to keep an eye on: the intraday resistance at the level of 139.42 and technical resistance at the level of 139.86.

Support/Resistance:

140.63 - WR3

139.97 - WR2

139.86 - Key Level

139.48 - WR1

139.42 - Intraday Resistance

139.12 - Intraday Support

138.81 - Weekly Pivot

138.31 - WS1

138.14 - Swing Low

Trading recommendations:

Daytraders should keep the opened yesterday positions from the level of 139.13 with SL below the level of 138.79 and TP at the level of 139.48 with a possible extension upwards to the level of 139.86.

Swing traders should wait for the correction to complete before shorting the market again.

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Technical analysis of Gold for May 27, 2014. Trend News

Technical outlook and chart setups:

1. The yellow metal raised through $1,300.00/02.00 levels yesterday before pulling back sharply. Please note that yet again, the metal tested resistance line as seen here around $1,302.00 before drifting lower towards $1,290.00. The lower boundary support is around $1,288.00 at the moment and a bounce can be expected if prices manage to reach there. Recommendations are to remain long with risk below $1,280.00.

2. Support is seen at $1,280, followed by $1,270.00, $1,230.00/40.00 and lower, 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 will continue to trade within the consolidation till it breaks out on either side (above $1,3105.00 or below $1,280.00).

Trading recommendations:

Remain long for now, stop at below $1,280.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for May 27, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF has remained unchanged yesterday, producing an indecision candlestick. At the moment the pair is trading at 1.5080 and is expected to drift lower. Recommendations are to remain short for now, risk remains at 1.5140. The pair could be expected to drift towards 1.4700 levels till ir remains below 1.5130.

2. Support is seen at 1.4900, followed by 1.4780/90, 1.4630, 1.4500 and lower while resistance is seen at 1.5120/30 respectively.

3. The structure indicates that the pair should retrace lower before rallying further. Minimum expectations on the downside could be 1.4700 levels.

Trading recommendations:

Remain short, stop at 1.5140, target is at 1.4700.

Good luck!

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Technical analysis of EUR/USD for May 27, 2014 Trend News

EUR/USD

ECB President Mario Draghi is concerned about deflation in the euro zone. The bank's main aim to bring back inflation towards the bank target at 2%, but currently the annual rate of inflation is 0.7%. The euro has drifted lower against USD for three months.

Weekly-

The pair made a low at 1.3616, as of now, it looks like a double bottom, For the rest of the week it should hold the low at 1.3616 levels. If the pair breaks the weekly support, then it will extend its fall to 1.3562-1.3550 levels immediately, later 1.3480 will be on the cards. Until the pair crosses 1.3735 on the downside, 1.34 is an open target with stronger support at 1.3616/1.36 and 1.3550 levels.

Daily-

In the daily chart, the pair made a double bottom and was unable to cross Friday's high at 1.3659. Today the pair is taking support at 1.3636, 1.3620, 1.3616 and the last bulls' hope is at 1.36 levels. We are completely negative below the 1.36 levels. On the upside, the pair has initial resistance at 1.3659, above this, it will fly up to 1.3688, 1.3723, 1.3757 and 1.3775 levels. The daily momentum oscillators are indicating a positive divergence representing the limited downfall at the cmp.

Hourly-

For intraday purpose, the pair looks good only above the 1.3654 levels, until it crosses it, the pair favors a slide again to the support levels 1.3634, 1.3616 and 1.36 levels. In case of a break below 1.36, it will slide to 1.3565 and 1.3550 levels. We recommend to go long only above 1.3655 for safe traders' targets at 1.366, 1.3680 and 1.3715 levels. Strong momentum is only above 1.3680 for 1.3735 and 1.3750.

RECOMMENDATIONS- cmp 1.3644.

Safe traders- buy above 1.3655.

Risky traders can buy at cmp 1.3644 for targets 1.3680 and 1.3715.

Sell below 1.3585 for 1.3565, 1.3550, 1.3477 and 1.34.

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Monthly forecast and intraday recommendation for GBP/JPY for May 27, 2014 Trend News

GBP/JPY

Monthly forecast-

The pair has been in a down trend from 174.75 levels, having broken the support trend line existing for two months. The pair has been making lower lows and lower highs for consecutive 4 weeks. This week it resumes the down trend, it crossed the previous week's high. We expect max it can stretch up to 172.10 levels. Until the pair crosses 173.60 on the down side, gates are open for 162.50 levels. The weekly momentum oscillators indicate the selling on rallies.

On the down side, the pair looks weak below 169.80 (previous week's low and 21-week EMA), the immediate support exists below this at 169.50. The short-term negative trend will be active below 169.50 for lower targets 168.30, 167.75, 167, 163.87, 163 and 162 levels. This view is valid until the pair trades below the 173.60 levels. On the up side, the pair has strong resistance at 172.10 and 173 levels.

Weekly basis-

The pair is taking small support at 171.50 levels, and it is trading above the 171.84 levels, which is a positive factor for the bulls, they can make 172.05-172.10 levels above this and can take the pair up to 172.34 and 172.72 levels. On the down side, the pair has strong support at 171 levels. A day close below this, the bears will take charge to make 170.65, 169.80, 169.50, 168.60, 168 and 167.50 levels, in the least case it can drift up to 165.50 levels. The major panic will be below the 169.45.

Intraday basis-

The pair is facing strong resistance at 172.05/172.10 levels. Safe traders can buy above 172.10 for 172.35, 172.52,172.72 and 173 levels. The pair looks weak below 171.45 for 171.30, 171.20, 171, 170.60 levels.

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Monthly forecast and intraday recommendation for EUR/JPY for May 27, 2014 Trend News

Monthly forecast- weak only below 138, until it hold with strict sl 137.50

Traders eye tomorrow's series of economic data in front of the euro, today's BOJ governor Kuroda speech & ECB President Draghi speech. We expect the pair will get a clear direction this week. EUR/JPY has been in a down trend from 145.68 levels. It has broken the lower support trend line that has been set for two months. This week's low at 138.70 and previous week's low at 138.10 are strong support levels (rounded to 138.0). A break below this, it will fall to 136.75 (weekly 50 SMA) and 136.20 (parallel support). The weekly RSI favors selling on the rally until it breaks the upper descending trend line (purple color). For the medium term perspective, until the pair crosses 143.80 on the down side, gates are open for 134.45 levels. Only above 142 levels, bulls will have an upper hand, they will get complete control only above 143.80 levels.

Traders can enter short positions only below the 137.5 levels, until buying on dips is preferred for targets 139.95, 140.91 and 142 levels. Sell below 138 for 136.20, 131 and 125 levels.

Weekly key support- 138.

Weekly key resistance- 139.95.

Weekly basis-

In the daily chart, the RSI favors buying on the dips. On the down side, the pair has strong support at 138.57, 138.12 and 137.50 (daily 200EMA). A day close below the 200EMA, the short-term trend change will take the pair towards 136 and 134 levels. On the up side, the pair strong momentum above 139.41, it can fly up to 139.85, 140.25 and 140.90 levels.

Intraday-

The pair looks strong only above 139.42 and weak below 138.90 levels. On the up side, if the pair trades above 139.42, it will travel up to 139.84, 140.25 and 140.82 levels. On the down side, if the pair breaks below 138.95, it will fall to 138.70, 138.57, 138.30, 138 levels.

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Short-term forecast and intraday recommendations for GBP/USD for May 27, 2014 Trend News

GBP/USD

Short-term forecast-

The cable has been in a down trend from 1.70 levels, and has formed strong support at 1.673 levels. Until the pair crosses and trades above the 1.6921 levels, it opens a downside target at 1.666-1.6650 levels. The 50-day SMA held the bar and pushed to 1.6921 levels. The next bearish wave will statrt below the 1.673 levels for initial targets 1.666, 1.6554 and 1.6465 levels. The daily momentum oscillators favor selling on the rise strategy for the next couple of weeks. This week's key support is placed at 1.68, after breaking below this, sellers will mint the money with targets 1.675, 1.673 1.666 and 1.6554 levels.

On the up side, the initial resistance is placed at 1.6853, above this, it can fly up to 1.6875 and 1.69. Selling on the rise is valid until it trades below 1.6921.

In Asia's trading session, the pair is facing strong resistance at 1.6853 levels. The trading pattern is framed between 1.6853-1.6830. On the lower side if the pair breaks 1.6830, it will be weak and will correct to 1.6820, 1.6811 and 1.68 levels. The major weakness exists below 1.68 for 1.6780, 1.6766, 1.6744 and 1.673 levels.

On the up side, if the pair breaks the resistance level of 1.6853, it will fly up to 1.6875 and 1.69/1.6906 levels. The hourly Stochasics favors sell side.

Recommendations- cmp 1.6844.

Sell below 1.683, panic below 1.68.

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Daily analysis of USDX for May 27, 2014 Trend News

Daily chart: The USDX has found resistance at the 200-day moving average, where the USDX has made a pullback that could lead to falling to the support level of 80.11. If the USDX does make a breakout at that level, it would be expected to fall to the level of 79.19. On the other hand, if the USDX makes a rebound at the current levels, it's expected to rise to the resistance level of 80.62. The MACD indicator is in the overbought zone.

H4 chart: The USDX is very close to touching the support level of 80.15. However, the bullish outlook remains alive because the USDX remains above the 200 SMA and the possibility exists that the USDX make a rebound at the support level. However, if the USDX does make a breakout at the level of 80.09, it's expected to fall to the level of 79.99. The MACD indicator is in negative territory.

H1 chart: The USDX is approaching the 200-day moving average, which is close to the support level of 80.15. If the USDX does make a breakout at the resistance level of 80.35, it's expected to rise to the level of 80.59. Furthermore, if USDX is able to consolidate below the SMA 200, it's expected to fall to the level of 79.88. 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 80.35, take profit is at 80.59, and stop loss is at 80.10.

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Daily analysis of GBP/USD for May 27, 2014 Trend News

Daily chart: The GBP/USD is conducting a breakout at the level of 1.6851 and now this pair could rise up to the level of 1.6900. However, caution should be exercised with the bullish momentum of this pair, as GBP/USD could make a pullback at the current levels and fall to the bullish trend line. The MACD indicator is entering neutral territory.

H4 chart: This pair is consolidating above the support level of 1.6841 and it is likely that the GBP/USD will rise to the resistance level of 1.6900 in the coming hours. For now, the bullish bias remains very strong in this pair, as the GBP/USD remains above the 200 SMA. MACD indicator is moving into positive territory.

H1 chart: The GBP/USD has made a bullish rebound above the 200 SMA, where the pair has formed a point of control. The next target for the GBP/USD is the resistance level of 1.6900. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6950. 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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GBP/USD intraday technical levels and trading recommendations for May 26, 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 push higher above price levels of 1.6920.

Instead, strong bearish rejection was expressed off 1.6920 leading to bearish breakdown of the depicted bullish channel.

As long as the recent bottoms around 1.6735 and 1.6800 remains defended by the bulls, the market will keep developing bullish pressure to push above 1.6870 and 1.6900.

Four-Hour closure below 1.6825 will gather enough bearish momentum to push towards the prominent support levels located around 1.6800 and 1.6770.

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

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Intraday technical levels and trading recommendations on GBP/USD for May 26, 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 bullish momentum wasn't strong enough to allow the bullish breakout above 1.6880-1.6900 to pursue towards further targets. Instead, this breakout lost its bullish momentum during previous consolidations.

The lower limit of the bullish wedge was broken down two weeks ago showing a full-body bearish daily candlestick. This enhances the bearish side of the market so far.

The GBP/USD pair showed bullish recovery after testing of 1.6730 thus enhancing the bullish momentum of the market. However, successive bearish engulfing daily candlesticks were expressed after testing of 1.6920 and we may witness a daily closure below once more.

If the bears manage to defend 1.6840 as a new SUPPLY level, the pair will probably have obvious targets around 1.6770 and 1.6730.

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 zone of 1.6840-1.6825 is the nearest demand level to meet the pair ( It's a key-zone ).

At retesting, price action should be watched carefully for a possible BUY entry with SL to be located below 1.6800.

On the other hand, bearish breakdown of 1.6825-1.6800 ( which means breakdown of the previous congestion zone as well ) will probably expose price level of 1.6770-1.6750 to be visited shortly after.

Price zone of 1.6770-1.6750 corresponds to lower limit of the ongoing channel. Thus, it should be watched for price action at retesting.

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Intraday technical levels and trading recommendations on EUR/USD for May 26, 2014 Trend News

Price zone 1.3800-1.3880 ( depicted on the chart ) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the ongoing bullish momentum above the depicted bullish trendline.

The price level of 1.3800 has offered support for few weeks until we had a strong full-body bearish daily candlestick that broke this DEMAND level as depicted on the chart.

Thus, a Double Top reversal pattern is being established with neckline located at 1.3700 which has already been broken-down during last week's consolidations.

This indicates the dominant bearish momentum with high probability to achieve the reversal pattern projection targets as long as the bears keep defending 1.3700 handle (neckline of the Double Top pattern).

The estimated projection target of this reversal pattern extends down to 1.3470. However, the 4H chart below will show some important levels to meet the pair on its way towards targets.

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 ).

The next DEMAND level to meet the pair is located around 1.3560 where previous prominent bottom was established in February.

For the bulls, the price zone of 1.3560-1.3520 may offer a good BUY opportunity with stop loss located below 1.3500. If so, this bullish corrective movement will be targeting at 1.3690-1.3710.

On the other hand, success of the bulls to fixate above 1.3640-1.3650 ( recent broken bottoms ) threatens the bearish sentiment of the market allowing extension of the bullish targets towards 1.3690-1.3700.

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Daily analysis of Silver for May 26, 2014 Trend News

Overview

As shown on the today's H4 chart, the metal is stabilizing below the Resistance level of 19.50 after its failure to break the Support area of the upward trend line. Currently, we must wait for closing below the Support level of 19.20 and closing below to get the bearish move opportunity. In that case, we will get a good chance to sell below the Support level till the price tests the next Support level of 18.90. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support area and the upward trend line this cancels the bearish move scenario.

Resistance and support levels: R3 (20.20), R2 (19.75), R1(19.50), S1 (19.20), S2 (18.90), S3 (18.70)

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Weekly technical levels of GBP/USD for May 26-30, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Trading recommendations :

• According to the previous events, the price of GBP/USD is going to move between the levels of 1.6875 and 1.6815. Buy above the level of 1.6801 which representing the double bottom in H1 chart with the first target at 1.6855, then the trend will be able to continue toward the level of 1.6890. Notwithstanding, the stop loss should be set at 1.6766.
  

Preview :

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well on the sideways markets as prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

Notes :

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


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

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Weekly technical levels of EUR/USD for May 26-30, 2014 Trend News

Weekly technical levels of the EUR/USD pair.

Overview :

• The EURUSD pair support was broken and turned to resistance around the price of 1.3688 last week (May 23, 2014). The new support is coinciding with the ratio of 61.8% Fibonacci retracement levels. Therefore, the pair is going to form strong resistance at the above-mentioned level. Moreover, after it could not close above 61.8% Fibonacci retracement levels (1.3688), then the pair started signing for bearish market at this level. Thus, the EURUSD pair will be called in a downside momentum rather convincing and the structure of the fall does look not corrective, in order to indicate the bearish opportunity below 1.3690. For that it will a good sign to sell below 1.3690 with the first target of 1.3660 (the weekly pivot point has set at the level of 1.3659 for May 26-30, 2014) and it will call for downtrend in order to continue bearish towards 1.3615 for testing the double bottom. However, it should also be noted that the price has still been moving between 1.3670 and 1.3630. Also, the MA(50) is still calling for downtrend at this spot.

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EUR/NZD analysis for May 26, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5975 on volume above the average. According to the 1H timeframe, I have placed Fibonacci retracement levels to find potential end of bullish movement and I got Fibonacci retracement 61.8% at the price of 1.5974 and Fibonacci expansion 161.8% at the price of 1.5990. To confirm futrher bearish movement, price needs to break the level of 1.5905 (our Fibonacci retracement 38.2%) on higher volume. A support level is around the price of 1.5910 (previous swing high). Anyway, be careful with buying EUR/NZD and watch for potential selling opportunities.

Daily pivot Fibonacci points: Resistance levels: R1: 1.5968 R2: 1.5982 R3: 1.6004 Support levels: S1: 1.5924 S2: 1.5910 S3: 1.5888Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.

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GOLD analysis for May 26, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways, around the price of 1,292.00 on volume below the average. According to the daily timeframe, we can observe indecision bar on very low volume and strong bullish reactions in the background from our support at 1,277.00 on higher volume, which is a sign that short-term selling looks very risky. According to the 4h timeframe, we can observe another strong bar on very bullish bar high volume, which is a sign that we may see possible 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. Intraday resistance level is the price of 1,294.00 (previous swing highs). Be careful with selling since we got the second rejection from our Fibonacci zone in the background.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,293.51

R2: 1,294.25

R3: 1,295.43

Support levels:

S1: 1,291.15

S2: 1,290.41

S3: 1,289.23

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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Technical analysis of USD/JPY for May 26, 20143 Trend News

Overview:

USD/JPY is expected to trade in a higher range. Liquidity is thin as financial markets in the U.S. and U.K. are closed for public holidays. USD/JPY is underpinned by the yen-funded carry trades amid positive risk appetite (VIX fear gauge eased 5.57% to 11.36; S&P 500 closed above the 1,900 mark for the first time Friday as it ended up 0.42% at 1,900.53) on stronger-than-expected 6.4% increase in U.S. new home sales to 433,000 in April (versus 429,000 forecast) and continued impact from upbeat China May manufacturing PMI data. USD/JPY is also supported by the demand from Japan importers and positive dollar sentiment (ICE spot dollar index last 80.37 versus 80.22 early Friday) on strong U.S. housing data, Bank of Japan Gov. Kuroda telling The Wall Street Journal he doesn't think it's reasonable to expect the yen to appreciate against the dollar. But USD/JPY gains are tempered by the Japan exporter sales.

Technical Comment:

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

Trading recommendation:
The pair is trading 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 102.35 and the second target at 102.55. 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:

102.35

102.55

102.85

Support levels:

101.20

101.05

100.75

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Technical analysis of USD/CHF for May 26, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with bullish bias after hitting three-and-a-half month high at 0.8972 on Friday.It is supported by the positive USD sentiment and dovish Swiss National Bank's monetary policy stance. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross and franc demand on buoyant CHF/JPY cross. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is at overbought area, five and 15-day moving averages are advancing.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8985 and the second target at 0.9015. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8890. A breach of this target will push the pair further downwards and one may expect the second target at 0.8870. The pivot point is at 0.8920.

Resistance levels:

0.8985

0.9015

0.9045

Support levels:

0.8890

0.8870

0.8850

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Technical analysis of GBPJPY for May 26, 2014 Trend News

Overview:

GBP/JPY is expected to range-trade. It is supported by the positive investor risk appetite and demand from Japan importers. But GBP/JPY upside is limited by the weak euro sentiment and Japan exporter sales. Daily chart is mixed as MACD is bearish, but stochastics is 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 171.95 and the second target at 172.35. 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:

171.95

172.35

172.85

Support levels:

170.60

170.20

169.65

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Technical analysis of NZD/USD for May 26, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting a near-one-month low at 0.8529 on Friday. It is undermined by the positive USD sentiment and smaller-than-expected New Zealand April trade surplus of NZ$534 million (versus NZ$634 million forecast). But NZD/USD losses are tempered by the Kiwi demand on NZD/JPY cross amid positive risk appetite, NZD-USD interest differential and reduced concerns over China's economy. Daily chart is negative-biased as five-day moving average is below 15-day MA and is declining, MACD and stochastics are bearish, although the latter is 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 0.8510. A breach of this target will move the pair further downwards to 0.8485. The pivot point stands at 0.8570. 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 0.8600 and the second target at 0.8635.

Resistance levels:

0.86

0.8635

0.8655

Support levels:

0.8510

0.8485

0.8450

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Technical analysis of USD/CAD for May 26, 2014 Trend News

General overview for 26/05/2014 11:10 CET

The corrective cycle in wave (b) blue has almost been finished and now the upward wave progression is anticipated to complete the overall corrective structure in wave 2 black. Please notice that any breakout below the level of 1.0851 will result in green impulsive count invalidation. Nevertheless, the first clue for bulls is the breakout of the red channel with the critical level of a very strong resistance just above the weekly pivot at the level of 1.0883. Moreover, the building bullish divergence on momentum oscillator supports this view.

Support/Resistance:

1.0972 - WR2

1.0940 - Wave (a) Blue High

1.0910 - WR1

1.0883 - Technical Resistance

1.0879 - Weekly Pivot

1.0872 - Intraday Resistance

1.0860 - Intraday Support

1.0851 - Technical Support

Trading recommendations:

Daytraders should consider opening a buy stop positions if the level of 1.0883 is clearly broken, with SL below the level of 1.0872 and TP at the level of 1.0910 with a possible extension upward to the level of 1.0940.

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Technical analysis of EUR/JPY for May 26, 2014 Trend News

General overview for 26/05/2014 10:30 CET

The market behaves as anticipated, developing the corrective cycle to the upside. This cycle has not been finished yet and there is more to come soon. The main target for the wave c green is the key level of technical resistance at the level of 139.87. Please notice that the wave 2 black might not just finish there, as this might be only the wave (a) blue of the more complex and time-consuming structure.

Support/Resistance:

140.63 - WR3

139.97 - WR2

139.86 - Key Level

139.48 - WR1

139.12 - Intraday Resistance

138.81 - Weekly Pivot

138.58 - Intraday Support

138.31 - WS1

138.14 - Swing Low

Trading recommendations:

Daytraders should consider opening buy stop positions if the level of 139.13 is broken, with SL below the level of 138.79 and TP at the level of 139.48 with a possible extension upwards to the level of 139.86.

Swing traders should wait for the correction to complete before shorting the market again.

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Elliott wave analysis of EUR/NZD for May 26, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6043

R2: 1.6021

R1: 1.5980

Current spot: 1.5965

S1: 1.5947

S2: 1.5907

S3: 1.5892

Technical summary:

A series of waves one and two have been building and we should soon see a powerful break above resistance at 1.6021 for a rally towards 1.6179 and higher in the longer term. In the short term we would like to see support at 1.5947 to protect the downside for a break above minor resistance at 1.5980 and more importantly above resistance at 1.6021 confirming the next impulsive rally higher towards 1.6179.

Trading recommendation:

Stay long in EUR from 1.5858 and move your stop higher to 1.5905 upon a break above 1.5980. If you are not long in EUR yet, then buy after a break above 1.5980 with the same stop at 1.5905.

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Elliott wave analysis of EUR/JPY for May 26, 2014 Trend News

Today's Support and Resistance levels:

R3: 139.74

R2: 139.31

R1: 139.10

Current spot: 138.98

S1: 138.63

S2: 138.51

S3: 138.38

Technical summary:

We have been trading in a very narrow range since Friday. This narrow range has been wave b of the ongoing correction, and we are still looking for a move closer to resistance at 139.74, to end blue wave iv and set the stage for blue wave v lower towards 137.21. In the short term we expect minor support at 138.73 to protect the downside for the correction towards 139.74 before lower in blue wave v.

Trading recommendation:

Sell EUR at 139.60 or upon a break below 138.73 and place stop at 141.25 expecting to be able to move it lower soon.

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#USDX Technical analysis for May 26, 2014 Trend News

The Dollar index made a new higher high on Friday above 80.35. Now it is pulling back as price was at overbought levels. I expect a pull back to reach the Ichimoku cloud support as shown in the chart below.

First support is found at 80.05. Next support is at 79.90 and then if this is broken I believe the support at 79.60 should hold. On the other hand, resistance is found at 80.50 and 80.70. Clearing above 80.70 will increase the chances of reaching 81. Breaking below 79.60 could push the index to previous lows just below 79.

The daily chart shows how price has broken above the daily Ichimoku cloud resistance and has hit the blue upward sloping trend line that was once support, but now is resistance. A pull back towards 80.20-.10 is justified but eventually bulls will need to show strength and break above 80.70. Trend is bullish and I prefer long positions targeting at least 81 as long as price is above 79.60.

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Gold technical analysis for May 26, 2014 Trend News

Gold price has not made any important movement yet and remains inside the triangle formation. The price range is tightening even more and we prefer to wait to see a breakout before taking any action. Price levels to watch out for are the $1,310 and $1,280 levels.

Price is below the short-term Ichimoku cloud and this favors a move towards the lower triangle boundaries at $1,286-87. The last important low was made at $1,283 and if broken we could have a strong downward break out. The last important high was at $1,305 and if broken we could have a strong upward breakout.

In the daily chart above we can see how price is getting very close to test the lower triangle boundaries. I believe there are more chances of a downward break down that will eventually push prices below $1,268 low and towards $1,200. I will prefer going short if price breaks $1,280 and I will add if price breaks $1,268.

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Forecast of USD pairs for May 26, 2014 Trend News

USD/CHF

Crucial resistance is at 0.8990, next up move will be intact only above it.

Support is at 0.8939, 0.8923 and 0.8897.

The pair looks overbought at the current levels for the next couple of weeks. The short-term trend will change if it sustains above 0.8990 levels.

After crossing above 0.8990, buy for targets at 0.9060 levels, until it, sell with sl 0.8990.

USD/CAD

The pair favors 'selling the rally' strategy in the medium term initially aiming at 1.0579 levels.

For the near term the pair favors 'buying the dip' strategy with sl 1.0770. A day close below this will terminate the buying the dip strategy. On the up side, the pair has resistance at 1.0910, 1.0943 and 1.0987 levels. The strong bull run will take place above 1.1052 levels. On the down side, the pair has support at 1.0849, 1.08100 and 1.0770 levels.

On an intraday basis, the pair looks bullish and strong above 1.0887 levels targeting 1.0908, 1.0920 and 1.0940 levels. The support levels are at 1.0849, below this, it will fall to 1.0810 levels.

USD/JPY

The pair is facing strong resistance at 102.05 levels, once it crosses it above, 102.21 and 102.35 will be target levels. On the downside, the support level is at 101.88 and 101.60 levels. The pair favors 'buying the dip' strategy for the next couple of days (positional). Buy above 102.35 or please wait for a dip to buy.

For intraday traders, until the pair crosses and sustains above 102.05, traders can enter selling mode for 101.77, 101.71, 101.66 and 101.60 levels. The pair looks weak below 101.90 levels, cmp 101.95. If the level of 102.05 is crossed at higher levels again, short at 102.15-102.35 levels.

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