Technical analysis of USDMXN for June 20, 2014 Trend News

USD/MXN

The pair took the support at 200-day Sma and moving towards the double top at 13.100 levels. Currently the pair is trading at 12.974 levels. If the pair breaches 13.100 straight away, it will move to 13.34 and 13.91 levels. Like JPY, MXN also took the support at 200-day Ema. If it breaks and closes below 12.76, it can correct to 12.67, 12.53 and 12.38 levels.

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Technical analysis of USD/CHF pair for June 20, 2014 Trend News

The pair came out of the falling wedge and keeps trading above that breakout level. The support level is between 0.8898-0.8895 levels. A day close below 0.8895 leads to another fall to 0.8860, 0.8828 and 0.8770 levels. If the pair holds the 50-day Sma at 0.8895, it can shoot up to 0.9157 levels. On the resistance side, it has a strong resistance zone at 0.8967, 0.9013 and 0.9040. We expect the strong momentum will be only above 0.9013 levels. It made a double top at 0.9013 on a weekly basis, as of now. We can expect USD/CHF to move above 1.0 over a year.

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Forecast of USD/JPY for June 20, 2014 Trend News

USD/JPY

In the weekly chart, the pair has been making a descending triangle height of 468 pips. It has been taking the support at 100.75 levels from last four months. The level between 101.20-100.75 is a strong support zone able to push the pair towards the north. On the upper side, the pair has resistance between 102.80-103 levels. We expect a huge upside breakout only above 103 levels for 104, 105.50 and 107.60 levels.

It has been trading in a minor ascending triangle. For an intraday view, traders can start selling only below 101.60. Currently in Asia's session, the pair is trading at 101.85 levels. Above 101.90, the pair can gain some strength and pull back above 102 for 102.22, 102.34 and 102.65 levels.

Buy above 102.

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Review and intraday recommendations on gold for June 20, 2014 Trend News

GOLD

The US Fed's outlook on interest rates made gold sailing on a green pasture. The US dollar became weak after the Fed interest rate decision, and geopolitical tensions also supported gold to spike to $1,321 levels. For the last couple of days, we have been recommending new shorts only below $1,237.70, until buy on dips. Now we can see the result. On June 18, again we recommended to go long above $1,289 for $1,309 levels, buyers minted the money. In yesterday's session gold crossed the second broken trend line, now it will act as support. We can see huge selling pressure below the 200-day Ema at $1,309.

In Asia's session, the metal is trading at $1,318.50. As of now, it made a small double top. For intraday session we recommend to go selling for $1,315 and $1,310 levels. If the metal breaks $1,309, then we can see huge selling pressure. The trading pattern is framed between $1,322-$1,310 levels. On the upside, if the metal breaches the minor double top, it can extend the bull leg up to $1,325 and $1,327.8 and $1,330.0. Selling on the rise is the valid strategy until it crosses the $1,331 levels. On the down side, if it breaks the $1,309 level, the selling pressure will take the metal to $1,300 and $1,296.40 levels.

Sell with sl $1,322.

Panic is below $1,309.

Buy above $1,323.

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Technical analysis of EUR/USD for June 20, 2014 Trend News

When the European market opens, some economic news will be released such as German PPI m/m. The US will release the economic data too such as the Current Account, ECOFIN Meeting, Consumer Confidence, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3674.

Strong Resistance:1.3666.

Original Resistance: 1.3653.

Inner Sell Area: 1.3640.

Target Inner Area: 1.3608.

Inner Buy Area: 1.3576.

Original Support: 1.3563.

Strong Support: 1.3550.

Breakout SELL Level: 1.3542. DESCRIPTION:

Today EUR/USD has support and resistance at 1.3563 and 1.3653. The rate is accompanied by strong support at 1.3550 and by 1.3666 as strong resistance.

If EUR/USD breaks out and closes below the 1.3542 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3674 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 1.3576 and at 1.3640, a SELL position. In this case both targets should be placed at the level of 1.3608.

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 20, 2014 Trend News

In Asia, Japan will release the BOJ Gov Kuroda Speaks and the US will release some economic data such as Current Account, ECOFIN Meetings, Consumer Confidence. So there is a big probability the USD/JPY will move with low volatility during this day. TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.40.

Resistance. 2: 102.20.

Resistance. 1: 102.01.

Support. 1: 101.76.

Support. 2: 101.56.

Support. 3: 101.36. DESCRIPTION:

Please, pay attention to the levels of support 3 (101.36) and resistance 3 (102.40). 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. 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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Daily analysis of USDX for June 20, 2014 Trend News

Daily chart: The USDX remains consolidated below the 200-day moving average, after the USDX has found strong resistance at the level of 80.62. Now, it is likely that the USDX will start forming a bearish pattern above 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. The MACD indicator is in negative territory.

H4 chart: The USDX remains below the resistance level of 80.34 and now the USDX is trying to make a breakout at the level of 80.24. If successful, it is expected to fall to the level of 80.09, which would open the way for the USDX to fall to the level of 79.93. The MACD indicator is oversold.

H1 chart: The USDX has found resistance at the 80.35 level, so far, the USDX is trying to make a breakout in the support level of 80.15. If successful, it is expected to fall to the level of 79.88. On the other hand, if the USDX does make a breakout at the level of 80.35, it's expected to rise to the level of 80.59. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 80.15, take profit is at 79.88, and stop loss is at 80.42.

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Daily analysis of GBP/USD for June 20, 2014 Trend News

Daily chart: The GBP/USD has made a breakout on the resistance level of 1.7000 and now this pair is directed towards the resistance level of 1.7169 in the medium and long term. For now, the GBP/USD is expected to rise a little more and then begin to form a lower high pattern as part of the corrective movements. The MACD indicator remains in positive territory.

H4 chart: The GBP/USD is consolidating above the 1.6995 level, so far, this pair is trying to go up to the bullish trend line near the 1.7135 level. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7295 in the medium term. The MACD indicator is in positive territory.

H1 chart: This pair is forming a bullish pattern below the resistance level of 1.7050, after the GBP/USD has consolidated above the support level of 1.7000. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7100. However, we recommend caution when placing sell orders. The MACD indicator is in 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 1.7050, take profit is at 1.7100, and stop loss is at 1.7000.

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Daily analysis of silver for June 19, 2014 Trend News

Overview

From today's H4 chart, the metal took an upward move yesterday after its rebound from the upward trend line yesterday breaking the resistance level of 20.00. But rapidly silver hits the resistance area of 20.20 which is tested now. Currently, silver is trying to break it through to continue its bullish move. In this case, we might get more opportunities for buy signals with first target few pips below the resistance level of 20.50 and then we should wait again till closing above this resistance level to continue the bearish move. But as long as the metal trades below the above-mentioned resistance area , this cancels the bullish move scenario.

Resistance and support levels: R3 (20.75), R2 (20.50), R1 (20.20), S1 (20.00), S2 (19.50), S3 (19.20)

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Technical analysis of USD/JPY for June 19, 2014 Trend News

Overview:

USD/JPY is expected to trade in a lower range. It is undermined by the lower U.S. Treasury yields and weaker dollar sentiment (ICE spot dollar index last 80.41 versus 80.61 early Wednesday) after the Federal Reserve announced a $10 billion reduction in its bond-buying program as expected, while other Fed's actions suggest the central bank is in no hurry to raise interest rates and interpreted as still highly accommodative. USD/JPY is also weighed by Japan's export sales. But USD/JPY losses are tempered by the demand from the Japanese importers and reduced safe-haven appeal of yen as well as JPY-funded carry trades as global risk sentiment improves (VIX fear gauge eased 12.02% to 10.61; S&P 500 hit record high 1957.74 before closing up 0.77% at 1956.98 overnight) after Fed Chairwoman Yellen offered an upbeat assessment of the U.S. economy.

Technical comment:

Daily chart is mixed as MACD is bearish, but stochastics is neutral.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 101.60. A breach of this target will move the pair further downwards to 101.45. The pivot point stands at 102. 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 102.10 and the second target at 102.30.

Resistance levels:

102.10

102.30

102.55

Support levels:

101.60

101.45

101.15

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Technical analysis of USD/CHF for June 19, 2014 Trend News

Overview:

USD/CHF is expected to consolidate in a lower range. USD/CHF is undermined by the weaker dollar sentiment and franc demand on buoyant CHF/JPY cross. But CHF sentiment is dented by the drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to 4.8 in June from 7.4 in May. Daily chart is negative-biased as MACD and stochastics are in bearish mode.

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 0.8905. A breach of this target will move the pair further downwards to 0.8895. The pivot point stands at 0.8955. 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 0.8970 and the second target at 0.8985.

Resistance levels:

0.8970

0.8985

0.9025

Support levels:

0.8905

0.8895

0.8955

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Daily analysis of GBP/JPY for June 19, 2014 Trend News

Overview

In 4H chart, yesterday's close below the resistance level of 173.50 gave the price an opportunity for a slightly bearish move again. As it is shown here, currently the price is trying to continue its bearish move by breaking the support level of 172.75 and closing 4H below. In that case, we might get another opportunity for more sell signals and it opens the way towards 172.00 as a first target, and then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 172.75, this cancels the first scenario.

Resistance and support levels: R3 (174.40), R2 (174.00), R1 (173.50), S1 (172.75), S2 (172.00), S3 (171.50).

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Technical analysis of NZD/USD for June 19, 2014 Trend News

Overview:

NZD/USD is expected to consolidate after hitting the six-week high at 0.8736 this morning. It is supported by the Kiwi demand on NZD/JPY cross amid positive risk appetite, weaker dollar sentiment and hawkish Reserve Bank of New Zealand's monetary policy stance. But the Kiwi sentiment is dented after New Zealand 1Q GDP grew weaker-than-expected 1.0% quarter-on-quarter (versus +1.2% forecast). NZD/USD upside is also limited by the Kiwi sales on rebounding AUD/NZD cross. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, 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 0.8765 and the second target at 0.88. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8635. A breach of this target will push the pair further downwards and one may expect the second target at 0.860. The pivot point is at 0.8675.

Resistance levels:

0.8765

0.88

0.8845

Support levels:

0.8635

0.86

0.8560

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Technical analysis of GBPJPY for June 19, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bullish bias. It is supported by the positive risk appetite and demand from the Japanese importers. But GBP/JPY gains are tempered by the Japan's exporter sales. Daily chart is positive-biased as stochastics is in bullish mode, MACD is turning bullish.

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 174.25 and the second target at 174.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171.85. A breach of this target will push the pair further downwards and one may expect the second target at 171.35. The pivot point is at 172.55.

Resistance levels:

174.25

174.85

175.35

Support levels:

171.85

171.35

172.85

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Gold analysis for June 19, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,282.63 on volume above the average. As you can see in the graph, the price rejected successfully from our Fibonacci 61.8% at the price of 1,257.00. I have placed Fibonacci expansion levels to find potential upper station and I have got Fibonacci expansion 61.8% at the price of 1,283.00. According to the 4H timeframe, we can observe demand on high volume, which is a sign that selling looks very risky. If the price breaks the level of 1,287.00, we may see potential testing the level of 1,305.00 (Fibonacci expansion 100%).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,277.65

R2: 1,280.65

R3: 1,285.50

Support levels:

S1: 1,267.95

S2: 1,264.95

S3: 1,260.10

Trading recommendation: Be careful with selling at this stage since we have got rejecection from Fibonacci level in the background.

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Technical analysis of GBP/USD for June 19, 2014 Trend News

Overview :

• The GBP/USD pair opened above the support which represents the weekly pivot point at the level of 1.6900. Additionally, the market was in uptrend two days ago. Also, it should be noticed that the price has already broken all Fibonacci retracement levels. Therefore, the market will probably indicate a bullish opportunity at the level of 1.6991 (the double top sets at the level of 1.6991). So, according to the previous events, the price has still been moving between the price of 1.6990 and the 1.6750 level in the short term. Thenceforward, the area above 1.6990 (above the the ratio of 100% Fibonacci retracement level in H1 chart) looks for further upside with the first target at the 1.7040 level in order to form to test the weekly resistance 2 and continue towards 1.7073. However, the stop loss should be placed at the price of 1.6961.

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Elliott wave analysis of EUR/NZD for June 19, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5748

R2: 1.5697

R1: 1.5657

Current spot: 1.5630

S1: 1.5610

S2: 1.5570

S3: 1.5547

Technical summary:

The blue wave iv correction is becoming even more complex than we first expected and it seems that an expanded flat correction might be unfolding. If this is the case, then we should look for the top of wave c near 1.5697 for the last decline towards 1.5447. In the short term we should see support at 1.5598 protecting the downside for a break above minor resistance at 1.5657 confirming the rally to 1.5697 before moving lower again.

Trading recommendation:

We will close our short EUR position from 1.5660 here with a small profit. We will sell EUR again at 1.5690 with a stop at 1.5720.

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Elliott wave analysis of EUR/JPY for June 19, 2014 Trend News

Today's Support and Resistance levels:

R3: 139.77

R2: 139.29

R1: 138.90

Current spot: 138.78

S1: 138.64

S2: 138.39

S3: 138.15

Technical summary:

The wave ii correction from 137.72 is still unfolding. Ideally we will see resistance at 138.90 protecting the upside for a break below support 1.3857 and more importantly below support at 138.40, indicating that wave ii is over and wave iii lower to 134.67 is unfolding. However, a clear break above resistance at 138.90 will prolong wave ii slightly higher towards 139.18 before lower in wave iii.

Trading recommendation:

We are neutral and will sell a break below 138.55 with our stop placed at 139.55.

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Technical analysis of EUR/JPY for June 19, 2014 Trend News

General overview for 19/06/2014 10:10 CET

The upward wave progression is developing as anticipated and higher prices are here to be seen if the range zone is broken to the upside. In that case, the next level of resistance is WR1 at the level of 193.36 but please notice this is an irregular flat corrective cycle count and this pair might go even higher than this level. On the other hand, any downside breakout below the level of 138.40 is slightly bearish and might put the current count into question. The invalidation line for this count is at the level of 137.70.

Support/Resistance:

137.70 - Invalidation Level

138.40 - Intraday Support

138.54 - Weekly Pivot

138.74 - Intraday Resistance

139.36 - WR1

Trading recommendations:

Daytraders should consider opening the buy positions only if the level of 138.71 is broken and H1 candle has closed above it. SL for that trade would be below the level of 138.40 and TP at the level of 139.36.

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Technical analysis of USD/CAD for June 19, 2014 Trend News

General overview for 19/06/2014 08:20 CET

The alternate green count has been invalidated as wave (ii) green went into the area of wave (i). This means the high at the level of 1.0960 might be wave 2 green high and now the market is in an impulsive decline labeled as the alternate red count. If it is so, then the price is now in last stages of wave five (alt:5 red) and some corrective upward cycle might be expected but for this scenario to happen, the intraday resistance at the level of 1.0835 must be broken. Otherwise lower levels will be seen in this pair.

Support/Resistance:

1.0805 - WS1

1.0812 - Intraday Support

1.0821 - Technical Support

1.0835 - Intraday Resistance

1.0872 - Weekly Pivot

Trading recommendations:

Daytraders should consider to open the buy positions only if the level of 1.0835 is broken and H1 candle has closed above it. SL for that trade would be below the level of 1.0805 and TP at the level of 1.0872.

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#USDX Technical analysis for June 19, 2014 Trend News

The Dollar index has broken downwards and out of the sideways consolidating triangle. Yesterday I was neutral waiting for a signal but also mentioned that I preferred a bearish scenario as the most probable outcome since price was very close to strong resistance.

The Dollar index is in short-term down trend. Price is below the Ichimoku cloud resistance. The thin cloud was broken downwards and a new trending move started as we expected to happen.80.60 is important resistance for the Dollar index. I'm bearish as long as price is below that level. I see the index reaching 80 soon.

The Dollar index is reaching the 38% retracement once again and I believe we could see the 80 price level as wll. This is where the Ichimoku cloud is on the daily chart. I believe this is strong support that will hold the decline. However I remain bearish until I see a reversal signal.

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Gold technical analysis for June 19, 2014 Trend News

Gold price continued higher last night towards $1,280. Gold price remains in uptrend and supported by the Ichimoku cloud. Gold price might make a small pull back but as long as it trades above $1,266, I expect it to continue higher towards $1,310 at least.

The downward correction from $1,286 to $1,258 is complete and I expect an upward move similar to the first upward leg from $1,240 to $1,286. That is why I have $1,310 as a target. This does not mean that it cannot go higher. My longer-term triangle target is above $1,320-30 near $1,340.

I believe that wave D has many possibilities that it has been complete at $1,240. Gold price is strong enough to at least approach the $1,300 level where the Ichimoku cloud resistance is found. So my plan is that we remain long as long as price is above $1,266, targeting $1,300-$1,330 and then we look for selling opportunity down to $1,000.

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