Weekly forecast of USDX and USD/CAD for June 23-27, 2014 Trend News

USDX

The index was unable to cross the 40-week Ema in the early hour of Asia's session and started moving to the lower levels. Currently it is trading at 80.26, the lowest point of the day as of now. On the down side, it has support at 80.20 and 80.10 (50-day Sma). On the upper side, if it has resistance at 80.44 (200-day Ema), above this 80.66 and 80.71 levels. This weeks trading pattern will frame between 80.10-80.44 levels. We recommend to buy with sl 80.10 if the index comes near 80.20-80.20 levels. We can see strong upside momentum only above 80.40 for an intraday basis.

USD/CAD

The pair opened its session on a highly bearish note higher at 1.0761 levels. It has strong support at 1.0711 (50-week Sma). Currently it is trading at 1.0731 levels. The trading pattern is framed between 1.0711-1.0761 levels. On the down side, if the pair breaks the 1.0711 levels, we can see another round of selling up to 1.06 levels. On the up side, if it breaches 1.0761, it can spike up to 1.0814 levels. Until the pair trades below 1.0761, selling on the rally is the best strategy.

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Short-term forecast and intraday recommendations on Silver for June 23-27, 2014 Trend News

SILVER

Silver gave a base triangle breakout on a weekly and daily charts, the height of the triangle is at $6.87. The short-term targets attracting to higher levels are at $22.14-$22.80 (200-month Ema), $25.85, $28 and $30 levels. It has strong support at $20.50 (50-week Sma), below this, it has next support at $20.35 and $20 levels.

The daily momentum oscillators are indicating overbought signs. In Asia the metal opened on a slightly bearish note higher. It has support at $20.60-$20.55, below this, $20.40, $19.95 and $19.60-$19.40 levels.

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Short-term forecast and intraday recommendations on Gold for June 23-27, 2014 Trend News

Commodity space- The precious metals Gold and Silver gave an upside breakout. Silver gave a base triangle breakout. We are upbeat on Nickel and Copper as well.

GOLD

Short term- The gold made a minor double top at $1,321.50 levels in the daily chart. As we recommended earlier, short only below 1,237.70 levels, now the safe buy will be triggered above $1,321.50 levels. On the upside, if the metal breaches the minor top at $1,321.50, it can fly up to $1,330.70 and $1,334.60. A week close above $1,330.70, we can expect a short-term rally up to $1,361.80, $1,392, $1,448 and $1,486 levels. On the down side, it has strong support at $1,299 (50-week Sma) and $1,277 (breakout level).

Week June 23-27

In Asia's session the metal opened its trading at slightly bearish mode, trading below the minor top and the 50.0 fib level currently trading at $1,312.70 levels. Today we are bullish only above $1,316. Traders can buy at $1,316 for targets $1,321 and $1,330 (above $1,321.50 only next up move). On the down side, the metal has support at $1,309 (200-day Ema), $1,305, $1,302, $1,299 levels. A break below $1,299, the bears will tighten their grip to drag up to 1,286.70-1,283.50-1,282 levels. The daily momentum oscillators indicate an overbought sign.

S1 $1,299, S2 $1,286, S3 $1,282.

R1 $1,321.50, R2 $1,330.70, R3 $1,334.60.

Intraday- cmp $1,312.

For an intraday basis, we are bullish only above $1,316, until traders can sell for $1,310, $1,306, $1,303 and $1,299 levels. The initial resistance made at $1,312.50, above this, $1,316. Strong up move will be intact above $1,316 for $1,321 again. At the level of $1,309.50, we can see a steep fall up to $1,306 and $1,303 or even $1,300.

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Weekly forecast and intraday recommendations on EUR/USD for June 23-27, 2014 Trend News

Data ahead

French flash manufacturing PMI, Services PMI, German flash manufacturing PMI, Services PMI, flash manufacturing PMI, Services PMI, German prelim CPI m/m, French consumer spending m/m, Spanish splash CPI y/y.

Traders will eye today's series of economic events such as the French and German PMI. The pair has been trading in a range bound between 1.3677-1.35 levels. On the upside, if the pair breaches the inital weekly key resistance at 1.3677, it can spike up to 1.37 and 1.3735 levels, which are a strong resistance zone. The short-term reversal takes place once the pair breaches the 1.3735 level. Until that, the sell on the rally is the best strategy. On the down side, if the pair chopes the 1.35 levels, it can slip to 1.3477, 1.3460 and 1.3420 levels.

The short-term trend will change only after breaches above 1.3735 or below 1.3420 on a weekly closing basis.

Week June 23-27

S1 1.3580, S2 1.35, S3 1.3477.

R1 1.3643, R2 1.3677, R3 1.3735.

Intraday-

The pair is trading at 1.3609 levels in Asia's trading session. It has strong resistance at 1.3615, above that, it can fly up to 1.3640 and 1.3666 (200-day Sma). Speculators can enter buy side above 1.3615 for 1.3640. We can see a new trading range only if it breaches 1.3645 levels, otherwise again the pair will drive towards south to 1.3595, 1.3583 and 1.3560 levels. This week, it will turn bullish, if the pair closes a day above 1.3708 levels.

For an intraday basis, the support zone is at 1.3584 (40 H Dema), below this, 1.3560 is the immediate support zone. Today, sellers can gain only below 1.3560.

Recommendations- cmp 1.3603.

Safe trades- Sell below 1.3560 for targets 1.3535, 1.3510, 1.35.

Risky traders- sell on the rise with sl 1.3645.

Speculators- Buy above 1.3612 for target 1.3640.

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

When the European market opens, some economic news will be released such as French Flash Manufacturing PMI, French Flash Services PMI, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI. The US will release the economic data too such as the Flash Manufacturing PMI, Existing Home Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3655.

Strong Resistance:1.3647.

Original Resistance: 1.3634.

Inner Sell Area: 1.3621.

Target Inner Area: 1.3588.

Inner Buy Area: 1.3556.

Original Support: 1.3543.

Strong Support: 1.3530.

Breakout SELL Level: 1.3522.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3543 and 1.3634. The rate is accompanied by strong support at 1.3530 and by 1.3647 as strong resistance.

If EUR/USD breaks out and closes below the 1.3522 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3655 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 1.3556 and at 1.3621 a SELL position. In this case both targets should be placed at the level of 1.3588.

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 23, 2014 Trend News

In Asia, Japan will release the Flash Manufacturing PMI, BOJ Gov Kuroda Speech. The US will release some economic data such as Flash Manufacturing PMI, Existing Home Sales. So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.58.

Resistance. 2: 102.36.

Resistance. 1: 102.18.

Support. 1: 101.93.

Support. 2: 101.73.

Support. 3: 101.53.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.53) and resistance 3 (102.58). 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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Technical analysis of Silver for June 23, 2014 Trend News

Technical outlook and chart setups:

1. Silver breaks out of the resistance line and also takes out immediate resistance at $20.40 levels as seen here. A dip is expected from current levels towards $19.50/20.00 levels from here, before rallying further up. Also note that the resistance line is now turned into support.

2. Support is seen at $19.50, followed by $19.00, $18.60 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.

3. The structure indicates that Silver needs to correct lower before rallying further up.

Trading recommendations:

Flat for now. Look to buy lower.

Good luck!

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Technical analysis of Gold for June 23, 2014 Trend News

Technical outlook and chart setups:

1. Gold breaks resistance line and immediate price resistance at $1,300.00 levels last week. The metal is expected to dip from current levels to at least $1,285.00 levels before rallying further. Recommendations are to remain flat for now and look to buy lower.

2. Support is seen at $1,260.00, followed by $1,240.00, $1,230.00 and lower while resistance is seen at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.

3. The structure indicates that Gold has entered buy zone and dips should be bought from here on.

Trading recommendations:

Look to enter buying around $1,285.00.

Good luck!

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Daily analysis of USDX for June 23, 2014 Trend News

Daily chart: The USDX had no major changes last Friday, as the USDX remains below the 200-day moving average, so the next target remains 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 has made a breakout at the level of 80.34, so far, the USDX is trying to consolidate above the 200 SMA. If the USDX does make a breakout at the 80.60 level, it would be expected to rise to the level of 81.02. The MACD indicator remains in positive territory.

H1 chart: The USDX has found resistance at the 200-day moving average and now the USDX is trying to make a breakout again at the support level of 80.35. If successful, it is expected to fall to the level of 80.15. On the other hand, if the USDX does make a breakout at the level of 80.59, it's expected to rise to the level of 80.73. The MACD indicator is in negative 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 80.35, take profit is at 80.15, and stop loss is at 80.54.

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

Daily chart: The GBP/USD remains above the support level of 1.7000 without major changes in the current trend. Now this pair is trying to climb toward the resistance level of 1.7169, so it is very likely that this pair will continue forming a lower high pattern as part of the corrective movements. The MACD indicator is in positive territory.

H4 chart: The GBP/USD is moving in low range below the bullish trend line at the level of 1.1740, so far, this pair will try to make a bullish rebound above the support level of 1.6995 to continue the bullish bias. For now, the GBP/USD remains above the 200 SMA. MACD is in negative territory.

H1 chart: The GBPUSD has again found resistance at the 1.7050 level and this pair is trying to make a rebound on the support level of 1.7000, which is close to the area of the point of control. If the pair manages to make a breakout at the 1.7050 level, it's expected to rise to the resistance level of 1.7100. The MACD indicator is oversold.

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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