Technical analysis of EUR/JPY for June 12, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has taken out 138.00 lows and also the immediate trend line support as seen here. It is quite possible that a major correction is under way towards 131.00 levels as shown here. Recommendations are to initiate selling on rallies from here on. 139.00 levels could be immediate resistance.

2. Support is 136.50, followed by 134.00, 132.00 and lower, while resistance is at 140.00, followed by 141.00, 142.50/143.50 and higher respectively.

3. The structure indicates that EUR/JPY could be heading lower towards 131.00 levels in a corrective manner.

Trading recommendations:

Remain flat for now. Look to sell around 139.00.

Good luck!

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Short-term forecast for EUR/JPY for June 12, 2014 Trend News

EUR/JPY

The pair has been in a down trend from 140 levels. It faced resistance at the broken support trend line and was unable to cross above it. If support becomes resistance, it is a bearish sign. In yesterday's session the pair sliced to the previous swing low and was unable to close above the 200-day SMA, which adds more fuel to the bearish views. On the down side, the pair has strong support at 137.60 levels (200-day EMA). A day close below that, it can extend its bear path up to 136.20 and 131.20 levels.

Pay carefull attention to the space between 137.60 (200-day EMA) and 137.10 levels (50-week SMA). So, traders can sell below 137 for 136.20 as an initial target. Breaks below 136.20, it will crack up to 131 levels with intermediate ups and downs.

NOTE-

BULLS LAST HOPE AT 137.10, A DAY CLOSE BELLOW, BEAR JOURNEY WILL EXTEND

LEVELS TO WATCH-

SUPPORT: 137.60, 137.10, PANIC BELOW 136.20.

RESISTANCE 138.65, ABOVE THIS, 140.30.

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Intraday analysis of USD/JPY and GBP/JPY for June 12, 2014 Trend News

The pair has been in an uptrend from 100.83 levels. The pair corrects up to 50% every up move. In yesterday's session the pair took support at the 23.6 fib level, but closed below the 50-day SMA. Today in Asia's session the pair tries to breach the 50-day SMA at 102.12, it exactly touched that but was unable to cross above that. Currently the trading pattern is fixed between 101.86-102.12 levels. If the pair breaches the upper resistance at 102.12, it can fly up to 102.25 and 102.40 levels. On the down side, if the pair breaks yesterday's low, it may drift up to 101.75, 101.50, and 101.35 levels.

Recommendation- cmp 102.10.

Buy above 102.12.

Sell below 101.86.

GBP/JPY

Like USD/JPY, GBP/JPY is also facing strong resistance at 50-day SMA (171.55). As of now, the pair made a high at 171.54 in Asia's session. For the last three trading sessions, the pair has made lower lows and lower highs. If the pair manages to cross above the 50-day SMA at 171.55, it can fly up to 171.79 and 172.50 levels.

Hourly trade cmp-171.54.

Buy above 171.55 for targets 171.65 and 171.70.

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Technical analysis of AUS/NZD and GBP/NZD for June 12, 2014 Trend News

AUD/NZD

The Reserve Bank of New Zealand (RBNZ) increased the official cash rate by 25 basis points to 3.25% (January 2009 high) from 3.0%. The bank tightened its policy again and the next hike can be expected at the end of this year. We recommended to go short at 1.1015 (June 04, 2014 article), in the early hours the pair made a low at 1.0871. The pair made a break and now is trading below the breakout level. On the down side, the pair has strong support at 1.0855 (May 29 low) and 1.0842 (50-day SMA). The daily momentum oscillators favor selling mode.

While I am preparing this article, the pair still heading to 1.0860 from 1.0875 levels. We expect the pair can extend to 1.0842 and 1.0838. But the hourly momentum oscillators are indicating an oversold level.

Selling the rally is the best strategy.

GBP/NZD

The pair has been in a down trend from 1.9927 levels. Currently it is trading at 1.9427. On the down side, it has support at 1.9396 levels. If the pair trades below 1.9426, it can fall to the support levels at 1.9396 and lower trend line (purple). The pair broke all the short-term moving averages. The bulls are back on track only above 1.9555 levels, until it selling the rally is the best strategy.

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Technical analysis of EUR/USD for June 12, 2014 Trend News

When the European market opens, some economic news will be released such as German WPI m/m, French CPI m/m, ECB Monthly Bulletin, Industrial Production m/m.The US will release the economic data too such as the Core Retail Sales m/m, Retail Sales m/m, Unemployment Claims, Import Prices m/m, Business Inventories m/m, Natural Gas Storage, 30-y Bond Auction, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3602.

Strong Resistance:1.3594.

Original Resistance: 1.3851.

Inner Sell Area: 1.3568.

Target Inner Area: 1.3536.

Inner Buy Area: 1.3504.

Original Support: 1.3491.

Strong Support: 1.3478.

Breakout SELL Level: 1.3470. DESCRIPTION:

Today EUR/USD has support and resistance at 1.3491 and 1.3851. The rate is accompanied by strong support at 1.3478 and by 1.3594 as strong resistance.

If EUR/USD breaks out and closes below the 1.3470 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3602 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 1.3504 and at 1.3568, a SELL position. In this case both targets should be placed at the level of 1.3536. Best regards, Arief Makmur Official Analyst of InstaForexGroup 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 12, 2014 Trend News

In Asia, Japan will release the Core Machinery Orders m/m, and the US will release some economic data such as Core Retail Sales m/m, Retail Sales m/m, Unemployment Claims, Import Prices m/m, Business Inventories m/m, Natural Gas Storage, 30-y Bond Auction. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.55.

Resistance. 2: 102.34.

Resistance. 1: 102.15.

Support. 1: 101.90.

Support. 2: 101.70.

Support. 3: 101.50. DESCRIPTION:

Please, pay attention to the levels of support 3 (101.50) and resistance 3 (102.55). 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, Arief Makmur Official Analyst of InstaForexGroup InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief

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



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Technical analysis of EUR/USD for June 12, 2014 Trend News

EUR/USD

The pair has been in a down trend from 1.3995. The pair broke the minor monthly support trend line and still trading below it. It is travelling towards the major support zone between 1.35 and 1.347. We expect next round of panic selling will take place below 1.3460 for 1.3370 (50-month SMA), 1.33, 1.32/1.3195 and 1.28 levels. The momentum indicators are driving in a negative direction and the monthly momentum oscillators completely favor selling the rally mode. This view will valid with sl 1.3735.

In the weekly chart, the pair chopped the 50-week moving average and still trading far below it. Until the pair breaches the 1.3677 levels, it can travel to the downside to 1.35, 1.3477 and 1.3415 levels initially. The level of 1.3415 is a crucial level for bulls to hold and close above this. The 200-week EMA and the rising wedge pattern support trend line at 1.3415, if the week is closed below it, we expect to see hard battle within next few weeks.

For intraday basis, the pair has been consolidating at 1.3520 levels, below this, it can look at 1.35, 1.3477, 1.3460 and 1.3415 levels. On the upside, the pair has resistance at 1.3560 and 1.36 levels. If it trades above 1.36, it can fly up to 1.3670 and 1.3680 levels.

Recommendations-

Buy above 1.3605.

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Daily analysis of major pairs for June 12, 2014 Trend News

EUR/USD: This is a bear market, and the bearish run might continue. Today, there are certain fundamental figures that would affect the USD; which in turn would affect the EURUSD. The price is now trading below the resistance line at 1.3550, and it may still reach the support line at 1.3500.

USD/CHF: This pair has been bullish, but it has also been having a great difficulty breaking the resistance level at 0.9000 to the upside. The resistance level – which is a great psychological area, has been besieged by the bulls, as they keep on battering the resistance level. Eventually, the resistance level may give way, and the price would close above it.

GBP/USD: This market is proving difficult right now, with no directional movement that is protracted. Unless one is a scalper or an intraday trader, one may be having some difficulty trading the market. Swing traders may want to stay aside until there is a confirmed pattern either in direction of the bears or the direction of the bulls.

USD/JPY: The price on this currency trading instrument has gone down; resulting in a Bearish Confirmation Pattern in the chart. The price has closed below the EMA 56 and the RSI period 14 is below the level 50. Go short.

EUR/JPY: The EUR/JPY has gone beyond our target at 138.50. The price has tested the demand zone at 138.00. While there may be some fleeting upwards bounce in the market, the downtrend might continue. The demand zone that has been tested may be breached to the downside eventually.

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Daily analysis of USDX for June 12, 2014 Trend News

Daily chart: The USDX is consolidating above the support level of 80.62, so the bullish outlook remains alive in the USDX, so it is very likely that the USDX has a bullish momentum in the coming days. However, if the USDX does make a breakout at the support level of 80.62, it's expected to drop to the 200 SMA. MACD indicator is in positive territory.

H4 chart: The USDX has found support on the bullish trend line, so the USDX still intends to climb towards the resistance level of 81.50. If the USDX manages to consolidate above this level, it would be expected to rise to the level of 81.85. The MACD indicator is entering overbought area.

H1 chart: The USDX has found resistance near to the 80.93 level, so the USDX is trying to stay above the support level of 80.73. If the USDX does make a breakout at that level, it would be expected to fall to the level of 80.59, where the 200 SMA is located. 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 80.93, take profit is at 81.09, and stop loss is at 80.77.

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Daily analysis of GBP/USD for June 12, 2014 Trend News

Daily chart: The GBP/USD has found support at the level of 1.6766, so this pair is still alive in the current bullish trend, so it is very likely that this pair attempts to climb to the resistance level of 1.6851. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7000. The MACD indicator is in positive territory.

H4 chart: This pair tried to make a breakout at the support level of 1.6762, but the GBP/USD is trying to consolidate back above the 200 SMA and the support level of 1.6785. If the pair manages to make a breakout at the resistance level of 1.6822, it's expected to rise to the level of 1.6841. The MACD indicator is in positive territory.

H1 chart: The GBPUSD has made a bullish rebound above the support level of 1.6750 and now this pair is consolidating above the 200 SMA with the formation of a lower high pattern. If the pair manages to make a breakout on the resistance level of 1.6800, GBP/USD may consolidate above the 1.6850 level. The MACD indicator is entering negative 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 1.6800, take profit is at 1.6850, and stop loss is at 1.6750.

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Technical analysis of GBP/USD for June 12, 2014 Trend News

Overview :

• The trend movement was controversial as it took place in the narrow sideways channel. Due to the previous events, the price of GBP/USD will move in the midst of 1.6864 and 1.6753, so it is recommended to be careful while making deals in this zone. Therefore, it is necessary to wait till the sideways channel is passed through. Then the market will probably show the signs of a bullish trend. In other words, buy deals are recommended above the 1.6733 level with the first target at the level of 1.6840. From this point, the pair is likely to begin an ascending movement to the point of 1.6864 and further to the level of 1.6925 (it will act as strong resistance for this week). However, if the pair fails to pass through the level of 1.6870, the market will indicate bearish opportunity below the resistance level of 1.6870. In this regard, sell deals are recommended lower than the 1.6870 level with the first target at 1.6790. It is possible that the pair will turn downwards continuing the development of the bearish trend to the level 1.6763 then 1.6692 (the double bottom). It should be noted that the weekly resistance 2 is at the level of 1.6637. If you have sold below 1.6870, then you have to place a stop loss at 1.6930.

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Technical analysis of USD/CAD for June 12, 2014 Trend News

Overview :

• The USD/CAD pair has rebounded from minor support at 1.0810 and it is now approaching its support, it will probably start upside movement at this area and recover again. Moreover, it should be noted that the price formed strong support at the level of 1.0810. Furthermore, this strong level has still been moving between 00% of Fibonacci retracement levels (the double bottom) and 38.2% in H4 chart since the 7th of May, 2014. Hence, it is probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 1.0810 with the first target at 1.0880 (the first resistance), then the USD/CAD pair will continue straightly towards the major resistance at 1.0980.


• The level of 1.0980 is going to represent the daily resistance for that it will very gainful to take profit around this area on June 12, 2014.


• On the other hand, you should always choose a location for placing stop, thus youit must set the stop loss at the 1.0775 level today.

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Technical analysis of USD/JPY for June 11, 2014 Trend News

Overview:

USD/JPY is expected to trade in a lower range. It is undermined by the selling of yen crosses amid diminished investor risk appetite (VIX fear gauge rose 1.43% to 10.99) as U.S. stocks closed mixed near the flat line overnight (S&P slipped 0.02%, DJIA gained 0.02%, Nasdaq up 0.04%). USD/JPY is also weighed by Japan exporter sales. But USD/JPY losses are tempered by the higher U.S. Treasury yields, positive dollar sentiment (ICE spot dollar index last 80.81 versus 80.62 early Tuesday) on rise in U.S. NFIB Index of Small Business Optimism to 96.6 in May--its highest since September 2007--from 95.2 in April, larger-than-expected 1.1% increase in U.S. April wholesale inventories (versus +0.6% forecast) and demand from Japan importers.

Technical comment:

Daily chart is mixed as MACD is bullish, but stochastics is bearish at overbought zone.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 170.70. A breach of this target will move the pair further downwards to 170.30. The pivot point stands at 171.55. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 171.90 and the second target at 172.35.

Resistance levels:

102.40

102.60

102.80

Support levels:

101.80

101.70

101.50

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Technical analysis of NZD/USD for June 11, 2014 Trend News

Overview:

NZD/USD is expected to trade in a higher range . NZD/USD is buoyed by the expectations that RBNZ will raise its cash rate by 25 bps to 3.25%. NZD/USD is also supported by the Kiwi demand on retreating AUD/NZD cross. But NZD/USD gains are tempered by the positive dollar sentiment and receding investor risk appetite. Daily chart is positive-biased as stochastics is rising from oversold zone, MACD is staging bullish crossover against its exponential moving average and five-day moving average is rising above 15-day MA.

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 0.8575 and the second target at 0.8605. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8475. A breach of this target will push the pair further downwards and one may expect the second target at 0.8445. The pivot point is at 0.8525.

Resistance levels:

0.8575

0.8605

0.8635

Support levels:

0.8475

0.8445

0.84

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Technical analysis of USD/CHF for June 11, 2014 Trend News

Overview:

USD/CHF is expected to consolidate after hitting three-day high at 0.9007 on Tuesday. It is supported by the positive dollar sentiment and dovish Swiss National Bank's monetary policy stance and franc sales on soft CHF/JPY cross. But CHF sentiment is boosted by the drop in Switzerland's unemployment rate to 3.0% in May from 3.2% in April. USD/CHF upside is also limited by the franc demand on soft EUR/CHF cross. Daily chart is mixed as MACD in bearish mode, but stochastics is neutral.

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 0.9015 and the second target at 0.9035. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8940. A breach of this target will push the pair further downwards and one may expect the second target at 0.8905. The pivot point is at 0.8965.

Resistance levels:

0.9015

0.9035

0.9085

Support levels:

0.8940

0.8905

0.8875

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Technical analysis of GBPJPY for June 11, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is undermined by the diminished investor risk appetite and Japan's exports sales. But GBP/JPY losses are tempered by the demand from the Japanese importers. Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought zone.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 170.70. A breach of this target will move the pair further downwards to 170.30. The pivot point stands at 171.55. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 171.90 and the second target at 172.35.

Resistance levels:

171.90

172.35

172.75

Support levels:

170.70

170.30

170

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Daily analysis of Silver for June 11, 2014 Trend News

Overview

From the today's H4 chart, the metal failed to break the support level of 19.00 to bounce again from it and trade between the support level and below the resistance level of 19.20. Currently, the metal is re-testing the resistance level of 19.20, therefore we should wait for closing above to continue its upward trend move. The metal has managed to close 4H above today, so this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 19.50, then the second target of 19.75 after breaking this support level. But as long as silver is trading below 19.20, waiting would be prefered in that case and cancels the bullish move scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.60), S3 (18.30).

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Gold analysis for June 11, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,264.52. As you can see in the graph, we can observe demand on ultra high volume (buying climax) according to the 1H timeframe . Be careful with selling Gold at this stage since we got strong demand on the market. Since the price our resistance level at 1,257.50 (swing high), we may see possible testing the level of 1,268.00 (swing low like resistance).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,263.23

R2: 1,266.47

R3: 1,271.70

Support levels:

S1: 1,252.77

S2: 1,249.53

S3: 1,244.30

Trading recommendation:

Watch for potential bullish movement and first upper station around the price of 1,268.00.

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Intraday technical levels and trading recommendations on GBP/USD for June 11, 2014 Trend News

Previously, the 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 showing successive lower highs as a part of a bearish reversal pattern as depicted on the chart.

Again, the GBP/USD pair showed bullish recovery after testing 1.6690. This pushed the pair again towards 1.6750-1.6800 (prominent SUPPLY level).

If the bears keep preventing any bullish breakout above the depicted key-level around 1.6800, the pair will have obvious targets around 1.6670 initially then 1.6600 to be followed.

Note that this key level corresponds to the backside of the broken trendline as well as the upper limit of the ongoing bearish channel. Thus, a bearish position can be offered there.

The recent bullish demand has been fulfilled around 1.6920 which led to a price decline again.

Bearish breakdown of 1.6825-1.6800 (which means breakdown of the previous congestion zone as well) exposed the price level of 1.6740 for breakdown.

The price zone of 1.6750-1.6770 corresponded to lower limit of the ongoing channel. However, it has been broken down previously during last week's consolidations.

This enhances the bearish momentum on the short-term prospective as long as the bears remain defending 1.6800 and also provided a valid SELL opportunity at retesting that took place many times this week. Stop loss should be set as daily closure above 1.6840.

Management of the bears to maintain 4H fixation below this price zone suggests a bearish limb towards 1.6650 resuming the bearish movement within the depicted bearish channel.

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USD/CAD intraday technical levels and trading recommendations for June 11, 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 downtrending within the depicted bearish channel which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.

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 impulse towards 1.0940 (the upper limit of the ongoing congestion zone) was executed shortly after, as we expected.

As we see, the pair is facing temporary resistance around these levels that was able to pause the ongoing bullish momentum.

A bearish corrective movement is probably taking 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 such a long bullish rally that took place after bullish breakout above the depicted bearish channel happened.

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GBP/USD intraday technical levels and trading recommendations for June 11, 2014 Trend News

The congestion zone 1.6765 - 1.6815 which was established during February and March, corresponds to previous prominent tops which were established back in February.

The depicted BLUE uptrend line remained intact since it was established in November 2013 until it got broken-down on May 28. Moreover, the bulls are retesting the backside of the same broken trend line.

On the 4H chart, strong bearish rejection was expressed off 1.6920 leading to bearish breakdown of the depicted bullish channel as well as successive previous support levels now acting as resistance.

The 4H chart shows a recently established resistance zone being retested today. Bearish price action is expected to be applied there.

The long-term outlook remains bearish aiming to form another bearish limb that would extend below 1.6730 ( the most recent bottom ) as long as the bears keep defending this newly established resistance zone located between 1.6800-1.6845.

Until then, the pair would remain trapped within this new congestion zone extending between 1.6730-1.6800.

If the pair resumes its bearish momentum, we should note that price action should be watched around 1.6650 to take advantage of a possible bullish corrective movement.

On the other hand, daily closure above 1.6815 will expose higher resistance levels around 1.6870 and 1.6900 shortly after.

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Technical analysis of EUR/JPY for June 11, 2014 Trend News

General overview for 11/06/2014 10:30 CET

The lower levels anticipated in previous analysis have been hit but so far there is no rebound to the upside from this levels. If the count is correct then the low for wave B black should be in place now at the level of138.28 and higher prices should be seen soon. The first level of resistance is at the level of 138.76 and any impulsive breakout is bullish, possibly towards the test of golden trendline from the downside. Breakout above the trendline is even more bullish.

Support/Resistance:

138.24 - WS2

138.28 - Intraday Support

138.76 - Intraday Resistance

139.15 - WS1

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with Sl below the level of 138.24 and TP at the level of 139.15 with possible upside extension. Breakout above the level of 138.76 is bullish and buy stop orders might be placed at the level of 138.81.

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Elliott wave analysis of EUR/NZD for June 11, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.5924

R2: 1.5892

R1: 1.5848

Current Spot: 1.5830

S1: 1.5796

S2: 1.5743

S3: 1.5700

Technical summary:

The decline from 1.6203 has been much stronger than anticipated. If however our long-term bullish count remains, then at no point a break below 1.5743 will take place. It is allowed for the wave second to correct 100% of the first wave, but the origin of wave one (here 1.5743) cannot be broken by a single pip as that would trigger a recount. This leaves us with limited downside potential from here, but we need a break above resistance at 1.5848 and more importantly a break above resistance at 1.5974 to confirm the bottom for a new rally towards 1.6203 and higher towards 1.6285.

Trading recommendation:

We are long EUR from 1.5925 with stop placed at 1.5740. If you are not long EUR yet, then buy upon a break above 1.5848 with the same stop at 1.5740.

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Gold Technical analysis for June 11, 2014 Trend News

Gold price continues to trade around $1,262 just below our first target of $1,264 where the 38% retracement of the decline from $1,300 is. Gold price is fighting the Ichimoku cloud resistance in the 4 hour chart as shown below. Since price is inside the cloud, trend is neutral. However we remain long and bullish since the triangle's breakout of $1,250.

Gold price is trying to move out and above the Ichimoku cloud. Short-term resistance is found at $1,270 and $1,277. These are the 50% and 61.8% Fibonacci retracements respectively. Breakig above both resistance levels, we should anticipate to see $1,300 or even $1,330.

Our short-term view has been bullish while Gold price was holding above $1,240. Our target is $1,277-80. In the daily chart this is where strong resistance is found by the Ichimoku cloud. Breaking above it will push price towards $1,330. Longer-term view remains bearish. We believe that Gold price is forming a bigger triangle and that we are now at its final upward leg before the sharp decline to end near $1,000.

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Elliott wave analysis of EUR/JPY for June 11, 2014 Trend News

Today's support and resistance levels:

R3: 139.46

R2: 139.18

R1: 138.75

Current Spot: 138.48

S1: 138.44

S2: 138.29

S3: 138.11

Technical summary:

The decline has been much stronger than expected and has forced a short-term recount, as we broke below support at 138.67. This new short term count indicates that an expanded flat correction has been unfolding since 139.96 and wave c of this expanded flat likely ended with the test of 138.29 early today. However, to confirm that wave c did indeed end at 138.29 we need a break above minor resistance at 138.59 and more importantly a break above resistance at 138.75 confirming a new rally towards 140.08 and higher towards 141.10.

Trading receommendation:

Our stop at 138.90 was hit for a loss. We will re-buy EUR here at 138.48 with a stop at 137.90.

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Technical analysis of EUR/JPY for June 11, 2014 Trend News

Technical outlook and chart setups:

1. The ERU/JPY pair has now retraced towards 138.30 levels from 140.00 levels, as expected and discussed earlier. The pair looks to be turning bullish again from 130.30/40 levels on the shorter time frames (1 h). Recommendations are to initiate long positions now (138.40/43), risk remains at 138.00 levels for now.

2. Support is seen at 138.00 (interim), followed by 136.50, 134.00 and lower, while resistance is seen at 140.00 (interim), followed by 141.00, 142.50/143.00 and higher up respectively.

3. The structure indicates that EUR/JPY bulls could regain control from current levels, if prices stay above 138.00 levels.

Trading recommendations:

Initiate long positions now (138.40/43), stop below 138.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for June 11, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF is trading around 1.5085/86 levels at the moment, after dropping to 1.5062 yesterday. The pair is expected to resume reversal from current levels, and minimum expected extension is towards 1.4700. Recommendations are to remain short and also look to add further, risk remains above recent highs at 1.5140.

2. Support is seen at 1.4900, followed by 1.4780, 1.4650, 1.4550 and lower, while resistance is seen at 1.5140 respectively.

3. The structure indicates that GBP/CHF pair is testing intraday resistance around 1.5080/90 at the moment. It is expected to resume downswing soon.

Trading recommendations:

Remain short and also look to add, stop at 1.5150, target is 1.4700.

Good luck!

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