Technical analysis of EUR/USD for June 10, 2014 Trend News

When the European market opens, some economic news will be released such as French Industrial Production m/m, Italian Industrial Production m/m.The US will release the economic data too such as the NFIB Small Business Index, JOLTS Job Openings, Wholesale Inventories m/m, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3714.

Strong Resistance:1.3705.

Original Resistance: 1.3692.

Inner Sell Area: 1.3679.

Target Inner Area: 1.3646.

Inner Buy Area: 1.3613.

Original Support: 1.3600.

Strong Support: 1.3587.

Breakout SELL Level: 1.3578.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3600 and 1.3692. The rate is accompanied by strong support at 1.3587 and by 1.3705 as strong resistance.

If EUR/USD breaks out and closes below the 1.3578 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3714 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 1.3613 and at 1.3679, a SELL position. In this case both targets should be placed at the level of 1.3646.

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

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

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Technical analysis of USD/JPY for June 10, 2014 Trend News

In Asia, Japan will release the Tertiary Industry Activity m/m, M2 Money Stock y/y, Prelim Machine Tool Orders y/y. The US will release some economic data such as NFIB Small Business Index, JOLTS Job Openings, Wholesale Inventories m/m. So there is a big probability the USD/JPY will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.92.

Resistance. 2: 102.72.

Resistance. 1: 102.52.

Support. 1: 102.27.

Support. 2: 102.07.

Support. 3: 101.87.

DESCRIPTION:

Please, pay attention to the levels of support 3 (102.01) and resistance 3 (103.06). 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 USD/CAD and USD/CHF for June 10, 2014 Trend News

USD/CAD

The pair has been in an uptrend from 1.0813 levels. It was pushed to 50-day SMA and was rejected four times to close above that. As of now, in Asia's session the pair made a double bottom at 1.09 levels. If this bottom breaks, it will take support at 1.0890 levels. The weakness will exist below at 1.0890, can fall further to 1.0868 and 1.0840 levels, maybe even lower at 1.0822 levels. For one month, the pair has been making a base at 1.0810 levels. If it breaks below this, it can fall to 1.0786 (200-day EMA). On the upside, a day close above the 50-day SMA, it can climb up to 1.1, 1.1030, and 1.1050 levels.

USD/CHF

The pair has been in an uptrend from 0.87 levels and moved to the 200-day EMA, but it was rejected to close above that. As of now, in Asia's session the pair opened on a slightly bullish note. The pair looks weak below 0.8969, it can take support at 0.8934 and 0.89 levels. Once the pair breaks the 38.2 fib level, it can fall to 0.8882 and 0.8872 levels. The weakness will double below 0.8872 for 0.8858, 0.8830 and 0.88 levels. On the up side, if the pair closes above the 200-day EMA (0.8986), it can fly up to 0.9036, 0.9060, and 0.9080 levels.

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Technical analysis of GBP/CHF for June 10, 2014 Trend News

GBP/CHF

The pair has been in an uptrend from 1.4764 levels. The pair has been holding the 21-day EMA and moving higher. The pair is trading at 1.5081 in Asia's session. If the pair crosses the 1.5084 levels, it will try to reach the higher levels once again at 1.5105, 1.5115, and 1.5130 levels. On the down side, the pair has support at 1.5065, below this, it can correct up to 1.5040, 1.50, 1.4970, and 1.4950 levels.

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Long-term forecast and intraday analysis of GBP/USD for June 10, 2014 Trend News

GBP/USD

Long-term forecast- reversal above 1.70

The cable has been in an uptrend and paused its rally at 1.69 levels unable to cross the August 2009 high at 1.70 levels. The pair gave an upside breakout in the monthly charts and still trading above the breakout level. The economic growth in the UK sector gave an upbeat signal for the cable. Traders prefer the cable to buy on a dip compared to the euro. Next bull run will start above 1.7045 levels, aiming at 1.7325 as an initial target. On the down side, the cable has strong support at 1.6465 (200-month EMA). For the longer term view, bulls are in trouble phase only below this. If any case, the cable breaks the 1.6465 level, the steep fall will take the cable up to 1.6252, breaks below this, 1.5920 levels.

Monthly forecast-

The couple made minor support at 1.6693, breaks below this, it will correct to 1.6660. The bulls need to show their existence at 1.6660 levels, not to close below this. If bulls fail to hold 1.666 on a closing basis, the bears will tighten their grip up to 1.6554 and 1.6465 levels.

Support- 1.6465, resistance- 1.6921.

Weekly forecast- longs only above 1.6845.

In the daily chart, the cable was well managed to close above the 50-day SMA. In Asia's session today it is exactly holding the 50-day SMA (as of now). Until the cable closes above the descending upper trend line (purple), selling the rally will favor 1.666 as a possible target.

BUY ABOVE 1.6845, SELL BELOW 1.6780.

Intraday- cmp 1.6804.

If it breaks 1.6795 (50-day SMA), it can look back up to 1.6780 levels. Safe traders can sell below 1.6780 levels for 1.6760, 1.6723 and 1.67. On the upside, traders can buy above 1.6845 levels for 1.6880 and 1.69 levels.

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Forecast for GBP/NZD for June 10, 2014 Trend News

GBP/NZD

Monthly forecast-

The pair has been in an uptrend from the 1.9203 levels and moving towards the 61.8 fib level. The pair paused its rally at the 61.8 fib level and closed at the 50.0 fib level. The pair has a strong support at 1.9665 and 1.96 (50 weeks SMA). On the down side, once the pair breaks 1.96, a bearish flag will hoist for a downside target of 1.9427 levels. On the up side, if the pair crosses the 1.98 level, it can fly up to 1.9927, 2.0, and 2.0188 levels.

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Daily analysis of GBP/USD for June 10, 2014 Trend News

Daily chart: The GBP/USD continues to make corrective moves below the resistance level of 1.6851. This pair could fall to the support level of 1.6766 in coming days, as the GBP/USD would have to perform corrective movements to continue making bullish movements. However, expect a breakout at the resistance level of 1.6851 to continue placing buy orders. The MACD indicator is in positive territory.

H4 chart: This pair has made a bullish rebound above the 200 SMA, because the GBP/USD continues to find support at the 200-day moving average, so this pair is kept alive in the bullish outlook. However, if the pair manages to make a breakout at the support level of 1.6785, it is expected to fall to the level of 1.6762. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has made a pullback near the 1.6840 level, so this pair is finding support at the point of control and the 200 SMA. If the pair manages to make a breakout at the resistance level of 1.6850, it would be expected to rise to the level of 1.6900. 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 1.6850, take profit is at 1.6900, and stop loss is at 1.6750.

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Elliott wave analysis of EUR/JPY for June 9, 2014 Trend News

Today's Support and Resistance Levels:

R3: 140.08

R2: 139.75

R1: 139.46

Current Spot: 139.39

S1: 139.26

S2: 139.04

S3: 138.67

Technical Summary:

With the overlap at 140.08 early today, the triangle scenario has now become the prefered count. It should only be a question of time before this minor correction from 140.08 is over and a new rally towards 141.80 takes over to end wave (c) of the triangle. Once this (c) wave is in place, we should see wave (d) lower towards 138.67 and maybe even slightly lower to set the stage for the final (e) wave towards 140.30.

In the short-term, we will be looking for a break above 139.75 to confirm the next rally higher towards 140.08 on the way to 141.80.

Trading Recommendation:

We are short EUR at 139.49, but will take a small profit here and revers our position to long EUR here at 139.39 and place our stop at 138.60 and take profit at 141.50

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Daily analysis of Silver for June 09, 2014 Trend News

Overview

According to last week expections expressed , the price’s close below the Resistance level of 19.20 would give new opportunities for sell signals. Currently, the metal has already managed to close below the Resistance level to trade below and open the way towards 19.00 as the first target, then the metal must test the Support level 19.00 to get more bearish move till reaching 18.60 as the second target. On the other hand, the metal's rebound from the Support level 19.00 cancels bearish scenario.

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Daily analysis of GBP/JPY for June 09, 2014 Trend News

Overview

As shown on the today's H4 chart, this week the pair has opened below the Resistance level of 172.50 which means the pair will almost reverse its bullish move this week, it takes a downward move. Today the pair has already started its downward move after it had hit the Resistance level of 172.50 and bounced from it to take a slightly downward move. Currently, the pair is approaching the Support level of 172.00. Therefore, we should stop selling now till breaking this Support level and closing 4H below. In that case the pair will continue its downward move and open the way towards the next Support level of 171.50 to continue its bearish scenario, so we can suppose our first target few pips above this level.

Resistance and support levels: R3 (173.75), R2 (173.00), R1 (172.50), S1 (172.00), S2 (171.50), S3 (171.00).

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Weekly technical levels of GBP/USD for June 9-13, 2014 Trend News

The weekly technical levels of GBP/USD pair.

Trading recommendations :

According to the previous events, the GBP/USD pair has still trapped between 1.6840 and 1.6780. Sell below the level of 1.6864 which represents the weekly resistance 1 with the first target at the 1.6790 price. Moreover, if the trend does not fail to close below the level of 1.6780, It will call for downtrend in order to continue its bearish movement towards 1.6732 in order to test this strong support (it should be noted that the price of 1.6720 is going to form the weekly support 1). At the same time, the stop loss should be placed at the level of 1.6883.

Intraday technical levels :

Date and time:9/06/2014 12:15

Pair: GBP/USD

• Projected high:1.7071


• Breakout (buy stop):1.7016


• Strong resistance (sell limit):1.6986


• Current pivot:1.6770


• Strong support (buy limit):1.6554


• Breakout (sell stop):1.6529


• Projected low:1.6479

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EUR/AUD intraday technical levels and trading recommendations for June 9, 2014 Trend News

By breaking down price level of 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 which exposed the price level of 1.4750 (61.8% Fibonacci) on March 10.

Previously, a bullish pull-back was initiated off 1.4670 ( around 61.8% Fibonacci ). Two bullish spikes above 1.4950 (50% Fibonacci level on the daily chart) were executed. However, the bulls failed to pursue the bullish breakout leading to failure of the bullish breakout attempt.

Since then, the pair has been moving downwards within the depicted RED channel as a part of the larger BLUE bearish channel as well.

Moreover, Intraday support zone around 1.4750-1.4660 failed to provide enough support for the pair. Instead, bearish breakdown took place pushing towards 1.4500.

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 should be watched for significant bullish price action as it paused the bearish momentum once before.

Bearish breakdown of 1.4560-1.4520 allows the bears to initiate a quick movement towards 1.4475 and probably 1.4420 where important weekly levels are located.

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USD/CAD intraday technical levels and trading recommendations for June 9, 2014 Trend News

Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been down trending within the depicted bearish channel which managed to push towards price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.

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.

Later on, the 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 where significant bearish pressure was previously applied on March 21.

As expected, a bullish visit towards 1.0940 (the upper limit of the ongoing congestion zone) took place shortly after as we mentioned in previous articles.

As we see, the pair is facing temporary resistance around these levels. A bearish corrective movement is expected to take place towards 1.0900 and 1.0888 ( depicted on the 4H chart ) to collect more buyers to allow a bullish breakout above 1.0950 to take place after a long bullish rally that took place after bullish breakout above the depicted bearish channel happened.

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Technical analysis of EUR/JPY for June 09, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has rallied through the 140.00 levels, taking out resistance at 139.00 levels as seen here. The next resistance is at 141.00 levels and bulls would want to target after pulling back lower. Please note that 138.00 level remain key for a bearish reversal. Recommendations are to exit long and remain flat.

2 Support is at 138.00, followed by 136.00 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 bulls shall remain in control till prices stay above 138.00 levels.

Trading recommendations:

Remain flat for now. Aggressive setup could be to initiate short positions, stop above 141.00, target open.

Good luck!

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Technical analysis of GBP/CHF for June 09, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF touched 1.5131 levels intraday, only to reverse sharply towards 1.5000 levels again. It is more or less confirmed that the pair is ready to retrace lower towards 1.4720 levels as shown here. It is therefore recommended to remain short, risk remains at 1.5140/50 levels.

2. Immediate support level is at 1.4900, followed by 1.4780, 1.4650 and lower while resistance is at 1.5140/50 respectively.

3. The structure indicates that GBP/CHF rally from 1.4450 levels could be complete now and the pair is expected to retrace lower into 1.4700 levels.

Trading recommendations:

Remain short, stop at 1.5140/50, target is open.

Good luck!

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#USDX technical analysis for June 9, 2014 Trend News

The daily reversal from the 81 price level was a very bearish sign for the trend in the Dollar index. Price has broken support levels as we explained in our previous analysis last week and is now preparing for a downward move. So we expect the Dollar index to be pushed below 80.

Short-term support is found at 80.35-80.25. This is the previous short-term low and the Ichimoku cloud support in the 4 hour chart as shown above. This is also the 38% Fibonacci retracement. I expect to see the index break those lows and move lower towards the 61.8% Fibonacci retracement. Short-term resistance is found at 80.70.

The daily reversal candle as shown in the Daily chart above is a very bearish indication of what we should expect. It is very similar to the bullish indication we were given at the bottom of this move with a similar daily bullish reversal candle just below the 79 price level. I expect the Dollar index to push lower towards the 79.75 longer-term support area. I'm bearish as long as price is below 81.

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Gold analysis for June 9, 2014 Trend News

Gold price remains above the $1,250 price level consolidating near the 38% Fibonacci retracement of the decline from $1,301. Gold price has short-term support at $1,245-40 and short-term resistance at $1,257. Short-term trend is still downwards, but it is very possible to see another leg upwards equal to the first from $1,240 that would push the precious metal towards $1,280.

Important support is found at $1,240. If broken we should expect Gold price to test $1,220-$1,200 support area. The short-term chart shows how Gold price is challenging the Ichimoku cloud. Moving inside the cloud will turn trend from down to neutral and could push Gold price towards our target of 50% Fibonacci retracement where the top of the cloud is now.

On a daily basis, Gold price could have formed a longer-term A-B-C-D parts of a large sideways triangle. This is another reason why I think we have seen a short- to intermediate-term bottom. If the low is in, we should expect a larger upwards move as part of wave E of the triangle. The target now is $1,330-340. An important signal that will confirm such a scenario will be if Gold price breaks above $1,290. So we see how crucial our target of $1,280-90 is, as mentioned above. The longer-term outlook for Gold is bearish, targeting a price near or even below $1,000.

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