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

When the European market opens, some economic news will be released such as German Import Prices m/m, German Prelim CPI m/m, French Consumer Spending m/m, Spanish Flash CPI y/y, Italian 10-y Bond Auction, and EU Economic Summit. The US will release the economic data too such as the Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3676.

Strong Resistance:1.3668.

Original Resistance: 1.3655.

Inner Sell Area: 1.3642.

Target Inner Area: 1.3610.

Inner Buy Area: 1.3578.

Original Support: 1.3565.

Strong Support: 1.3552.

Breakout SELL Level: 1.3544.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3565 and 1.3655. The rate is accompanied by strong support at 1.3552 and by 1.3668 as strong resistance.

If EUR/USD breaks out and closes below the 1.3544 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3676 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 1.3578 and at 1.3642, a SELL position. In this case both targets should be placed at the level of 1.3544.

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 27, 2014 Trend News

In Asia, Japan will release the Household Spending y/y, Tokyo Core CPI y/y, National Core CPI y/y, Unemployment Rate, and Retail Sales y/y. The US will release some economic data such as Revised UoM Consumer Sentiment and Revised UoM Inflation Expectations. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.08.

Resistance. 2: 101.88.

Resistance. 1: 101.68

Support. 1: 101.44.

Support. 2: 101.24.

Support. 3: 101.04.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.04) and resistance 3 (102.08). 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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Intraday technical levels and trading recommendations on GBP/JPY for June 26, 2014 Trend News

Recent bottoms were established around 169.55 and 171.05 (corresponding to the lower limit of the depicted bullish channel).

These bottoms prevented further bearish decline each time the pair visited them and provided enough buying pressure to keep pushing higher.

On Friday, the bulls have reached the upper limit of the depicted channel located roughly at 174.60 where bearish pressure was expressed obviously.

Signs of bearish recovery are quite manifested on the 4H chart. That's why, the GBP/JPY pair remains bearish as long as the recent high around 174.00 remains defended by the bears.

The bears need to keep their 4H closure below 173.30 in order to pursue towards further bearish targets.

The nearest demand zone located around 173.45 is being breached with such bearish 4H candlestick closures, while the pair has the next demand level around 172.40 where previous broken-tops as well as the lower limit of the current movement channel are located.

Note the bullish pressure expressed at 172.40 earlier today when the bears challenged yesterday's low around 172.70. Prominent bullish rejection is manifest on the chart so SELLERS should be conservative with their targets.

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Technical analysis of USD/JPY for June 26, 2014 Trend News

Overview:

USD/JPY is expected to trade lower after hitting two-week low at 101.62 on Wednesday. It is undermined by the negative dollar sentiment (ICE spot dollar index last 80.20 versus 80.32 early Wednesday) and lower U.S. Treasury yields after larger-than-expected downward revision in final U.S. 1Q GDP to annualized -2.9% (versus forecast -2.0%) from previous estimate of -1.0% and surprise 1.0% on-month drop in U.S. May durable goods orders (versus forecast for no change). USD/JPY is also weighed by Japan's export sales. But USD/JPY losses are tempered by the demand from the Japanese importers and yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 4.45% to 11.59; S&P 500 rose 0.49% overnight) as investors looked at the 1Q GDP report as a backward-looking indicator, preferring to focus on more recent 2Q data pointing to an improving economy indeed, the Markit flash U.S. services PMI rose to 61.2 in June from 58.1 in May. The services PMI combined with the strong Markit manufacturing PMI which was released on Monday indicate that business activity is growing at the strongest pace seen since prior to the financial crisis.

Technical comment:
Daily chart is mixed as MACD and stochastics are in bearish mode, but five-day moving average is meandering sideways.

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 101.45. A breach of this target will move the pair further downwards to 101.30. The pivot point stands at 101.80. 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 and the second target at 102.15.

Resistance levels:

102

102.15

102.30

Support levels:

101.45

101.30

101.15

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

Overview:

USD/CHF is expected to consolidate with bearish bias after hitting near-three-week low at 0.8906 on Wednesday. It is undermined by the negative dollar sentiment, franc demand on buoyant CHF/JPY cross and spillover strength from euro on CHF. But USD/CHF losses are tempered by the franc sales on rebounding EUR/CHF cross. Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining.

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 0.8975 and the second target at 0.8985. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8905. A breach of this target would push the pair further downwards and one may expect the second target at 0.8895. The pivot point is at 0.8920.

Resistance levels:

0.8975

0.8985

0.9015

Support levels:

0.8905

0.8895

0.8865

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

Overview:

NZD/USD is expected to trade in a higher range.It is supported by the negative dollar sentiment, Kiwi demand on NZD/JPY cross amid reduced risk aversion, Kiwi demand on soft AUD/NZD cross and hawkish Reserve Bank of New Zealand's monetary policy stance and widening NZD-USD interest differential. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Wednesday, MACD is bullish and 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 0.8780 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 0.8680. A breach of this target would push the pair further downwards and one may expect the second target at 0.8655. The pivot point is at 0.8720.

Resistance levels:

0.8780

0.88

0.8825

Support levels:

0.8680

0.8655

0.8625

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Technical analysis of GBPJPY for June 26, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range.It is supported by the positive investor risk appetite, improved euro sentiment and demand from the Japanese importers. But GBP/JPY gains are tempered by the Japan exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is rising above 15-day MA.

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 172.55. A breach of this target will move the pair further downwards to 171.85. The pivot point stands at 173.40. 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 173.85 and the second target at 174.25.

Resistance levels:

173.85

174.25

174.75

Support levels:

172.55

171.85

171.15

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Daily analysis of Silver for June 26, 2014 Trend News

Overview

H4 chart: yesterday the metal failed to break the Support level of 20.90 to bounce again from it and traded between the Support level and the Resistance level of 19.75. Currently, the metal is approaching the Resistance level of 21.20 again, therefore we should wait for closing above to continue its upward trend move. Given that the metal has managed to close 4H above today, this gives us a good opportunity for more bullish signals above it with the first target few pips below the Resistance level of 21.50, then the second target at 21.75. But as long as silver is trading below 21.20 so waiting would be prefered in that case and cancels the bullish move scenario.

Resistance and support levels: R3(21.75), R2 (21.50), R1 (21.20), S1 (20.50), S2 (20.20), S3 (20.00).

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Daily analysis of GBP/JPY for June 26, 2014 Trend News

Overview

The 4H chart shows that the pair failed more than once to break the Support level of 172.75 and is still trading above it since yesterday. As we see, the pair bounced from the Support area again and started to take a slightly upward move approaching the Resistance level of 173.50. Currently, it is prefered to wait till closing above this Resistance level before making the decision. In this case we will get more bullish signals with the first target few pips below the next Resistance level of 174.00 then 174.40 as the second target. But closing below the Resistance level of 173.50 cancels the bullish move 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 USD/CAD for June 26, 2014 Trend News

Overview :

• As expected, the USD/CAD pair rebounded at the level of 1.0723 in the short term, and it showed signs of strength following the level of 1.0666. The level of 1.0666 is going to represent a strong support on June 2014. Additionally, the support has broken and turned to resistance at the level (1.0780). Also, it should be noted that the area of 1.0666 - 1.0625 is acting as a strong spot because the price set above the support a month ago. Furthermore, the price has still been trapped between 1.0660 and 1.0780. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.0666 with the first target of 1.0740, and continues towards the level of 1.0780 again. On the other hand, the stop loss should always be taken into account, thus it will of the wisdom to set your stop loss at the 1.0610 price.

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Technical analysis of AUD/USD for June 26, 2014 Trend News

Overview :

• The AUD/USD pair closed at the price of 0.9390. The support is placed at the level of 0.9347 and the resistance sets at the 0.9435 level. Also, the price has been above the ratio of 61.8% Fibonacci retracement levels for three days. Equally important, the market showed imperturbability and extended further to as high as 0.9400 today. Consequently, it should be noted that the price has formed strong resistance at the level of 0.9435. Moreover, this strong level has still been moving between 61.8% of Fibonacci retracement levels and 100% in H4 chart. Accordingly, the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the 0.9347 level with a target towards the strong resistance around 0.9435. The price of 0.9435 is going to form a double top. Meanwhile, the bulls will be forced to pull back at this spot. As a result, it will be a profitable sign to sell at 0.9440 (in the short term) with a target at the price of 0.9387 and it might resume to the 0.9353 price for today.

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#USDX Technical analysis for June 26, 2014 Trend News

The Dollar index does not make a convincing close below 80.25. The 38% Fibonacci retracement is a big magnet. This price level has held the index price around it for some time now. The Dollar index is in short-term down trend as it makes lower highs and lower lows. Bearish trend will change only if price breaks above 80.70.

The Dollar index is trying to move back above the red trend line that was broken yesterday. Strong short-term resisance is found at 80.30 and short-term support is at 80.10. The index has a negative slope with lower highs. Price is below Ichimoku cloud and below the long-term red trend line.

The Dollar index is staying above the 38% retracement for a long time. Is this forming a base? Support is at 80.15 and resistance, at 80.70. As long as price trades above 80.10, we could see a strong upward reversal. If support at 80.10 fails, we should expect a deeper correction towards the 61.8% retracement at 79.70.

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Gold technical analysis for June 26, 2014 Trend News

Gold price stayed yesterday above $1,310 and made another try to break above $1,330 but it failed. Early today we see more signs of weakness the sideways consolidation continues to unfold after having seen a fake break out above $1,320.

Gold price is trading above the short-term Ichimoku cloud and is challenging the short-term support at $1,308-$1,310. Breaking below that level will push Gold price towards $1,290-$1,280 at least. If that support is broken, we could expect a deeper pull back towards $1,250. We have to remember that this upward move from $1,240 is most probably wave E of a huge wave 4 triangle and it is about to end.

When this wave E is completed, we should be ready to expect a sharp downward move that could bring price to $1,000 or lower. A break above $1,330 could push Gold price towards $1,340-50 which is the top area of our expectations. The best risk/reward ratio is now favoring short trades.

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Technical analysis of USD/JPY for June 26, 2014 Trend News

Technical outlook and chart setups:

1. The USD/JPY pair has re-tested 102.60 levels yesterday before pulling back. Please note that fibonacci 0.618 support is also passing through the same region. A break above 102.20 stands higher probability from here on. Recommendations are to remain long, risk is below 101.40.

2. Support is at 104.40, followed by 100.80 and lower while resistance is seen at 102.20/40, followed by 102.80 and 103.00 respectively on this 8H chart view.

3. The structure indicates that USD/JPY should remain bullish till prices stay above 100.80 levels.

Trading recommendations:

Remain long, stop at 100.80 target is open.

Good luck!

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

Today's Support and Resistance levels:

R3: 1.5583

R2: 1.5563

R1: 1.5554

Current spot: 1.5550

S1: 1.5500

S2: 1.5475

S3: 1.5446

Technical summary:

The final decline towards 1.5446 is developing to end the major decline from 1.7269. In the short term, we expect minor resistance at 1.5554 to protect the upside for a move lower towards the ideal target at 1.5446. Once the target is reached, we will be looking for a major rally higher.

It will take a break above resistance at 1.5706 to indicate the bottom is in place.

Trading recommendation:

We will look for a buying opportunity near 1.5446.

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Elliott wave analysis of EUR/JPY for June 26 - 2014 Trend News

Today's Support and Resistance levels:

R3: 139.35

R2: 139.07

R1: 138.78

Current spot: 138.71

S1: 138.57

S2: 138.27

S3: 137.97

Technical summary:

Not much to add here. We are still hoovering just below improtant resistance at 138.90 and as long as this resistance protects the upside, we will be looking for a break below support at 138.28 to confirm the next impulsive decline towards 136.23.

However, the risk remains a break above 138.90 for a slight continuation higher to 139.18 before lower.

Trading recommendation:

We remain short in EUR from 138.55 with stop at 139.55. If you are not short in EUR yet, then sell after a break below 138.28 with the same stop.

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

General overview for 26/06/2014 08:10 CET

As I have mentioned yesterday, the corrective wave b purple of (b) blue might get more complex and time consuming as the market is still testing the intraday resistance at the level of 138.91. Please note that this area has been touched five times already and now it is crucial for the market to decide if it wants to break out higher or fall down. First indication of the bearish wave development comes with weekly pivot breakout and then with intraday support breakout also. Any breakout higher to the bullish zone will be targeting the levels of 139.36 and 139.71.

Support/Resistance:

137.34 - WS2

137.70 - Technical Support

138.18 - WS1

139.36 - WR1

139.71 - WR2

138.27 - Intraday Support

138.53 - Weekly Pivot

138.91 - Intraday Resistance

Trading recommendations:

Due to the very narrow price action, we still have sell stop positions opened two days ago that have the SL above the level of 138.88 and any breakout higher should be considered to be bullish and buy positions should be open with TP at the level of 139.36 and 139.71.

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

General overview for 26/06/2014 08:00 CET

The intraday resistance level has been rejected by the market at the level of 1.0751 and the bullish zone has not been tested yet. After the reverse, the price went down to the very bottom of the neutral range zone and now is trying to break out below the intraday support at the level of 1.0716. In case the breakout is sustained, the next support is at the level of 1.0687, but the building bullish divergence on the hourly chart is indicating that the downside momentum is decreasing and some upside reaction is expected soon.

Support/Resistance:

1.0687 - WS1

1.0716 - Intraday Support

1.0715 - Technical Support

1.0752 - Intraday Resistance

1.0790 - Weekly Pivot

1.0804 - Technical Resistance

Trading recommendations:

The intraday resistance level has not been broken yesterday, so the buy stop positions recommended yesterday should not be open and traders should wait for the price to get to this level to open this orders. More aggressive traders might start to open some short orders from the current price levels with TP at the level of 1.0687 and SL above the level of 1.0725. Please bear in mind that the overall bias is more bullish than bearish however.

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Technical analysis of GBP/USD for June 26, 2014 Trend News

The cable started its downward journey making lower lows and lower highs. Traders withdraw their bets on the interest rate hike. The pair made a minor top at 1.7063 and the near support at 1.6920 levels. If the cable breaks the support, we can see some selling pressure for 1.6860 levels (50-day Sma). We can see some kind of direction only above 1.7063 or below 1.6920 levels. If the cable breaches 1.7063 (previous high), we can again see a new high at 1.71, 1.74 levels. The daily momentum oscillators are indicating a selling side.

For an intraday purpose, the cable is trading below the hourly moving averages. We can see a good up move only above 1.7006 for 1.7074, 1.7013, 1.7032, 1.7050 and 1.7060. On the down side, 1.6950 is an intraday key level, below this, we can see some selling pressure up to 1.6920, 1.69 and 1.6880 levels.

Buy above 1.7006.

Sell below 1.6950, panic is below 1.6920.

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Technical analysis of gold for June 26, 2014 Trend News

In yesterday's session the metal took support at 200-day Ema at $1,309.50 levels, it pulled back to a resistance level at $1,325 levels. In Asia's session the metal is trading at $1,316.50 levels, trading below resistance levels at $1,325 and $1,321.50. Initially the metal has support at $1,315, below this, we can see some profit booking up to $1,310, $1,306, $1,303, $1,299, $1,286, and $1,283 levels. We can see huge selling pressure below $1,309-$1,306 levels. On the upside, it has resistance at $1,321.50, $1,325 levels, above this, we can see the next round of buying up to $1,327.50, $1,330.50, $1,334.60, $1,342. We can expect safe buy only above $1,330.70 levels. The daily momentum indicators favor selling on the rallies. The unwinding action takes place below $1,309.50 for $1,306, $1,303, $1,299 levels. The bears will take the metal completely into their hands aiming at $1,283 levels.

Intraday-

For an intraday view, the metal is trading below the hourly moving averages. The unwinding action takes place below $1,309.50 for $1,306, $1,303, $1,299 levels. The bears will take the metal completely into their hands aiming at $1,283 levels. If the metal trades below the $1,315 level, we can see a bit down fall up to $1,310. If it breaches above $1,319.50, we can see some up move towards $1,323 and $1,325 levels. Above $1,325, we can see some fresh buying for $1,327.50 and $1,330-$1,334 levels.

Positional -Sell on the rise.

Intraday - cmp $1,316.50.

Sell below $1,315, add more below $1,309.

Buy above $1,319.50, add more above $1,325.

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Technical analysis of Silver for June 26, 2014 Trend News

Technical outlook and chart setups:

1. Silver is seen to be following an intermediary resistance line over Oct 30, 2014 and Feb 2014 highs as seen here. A bearish reversal here could bring down prices to at least $19.50/60 levels if not lower. Possibility still remains that Silver breaks below $18.00 levels.

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 at least to correct. towards $19.50/60 levels before rallying.

Trading recommendations:

Initiate short positions now, stop at 21.50, target is open.

Good luck!

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Short-term forecast and intraday recommendations on USD/JPY for June 26, 2014 Trend News

USD/JPY

The dollar slipped to a one-month low against a basket of major currencies. The US data generates a negative wave in the market. On the other hand, the Yen is supported by geopolitical concerns. The pair opened on a bearish note, higher at 101.87 and started moving lower. As of now, in Asia's session, it made a low at 101.78 levels. In yesterday's session the pair took support exactly at 200-day Sma (101.63). For today's session the pair has support at 101.60 levels. Breaks below this, we can see some selling pressure up to 101.36, 101.20 and 101.10. The bulls last hope level is between 101 (200-day Ema) and 100.83 (May 21 low). In an extreme bearish case, if the pair hits 100.75, we can see 99.60-99.40 levels in the short term.

On an intraday upside, we can see strong momentum only above 101.87 levels for 102 levels immediately, and later we can see 102.20-102.30 levels and lower side, we can see some correction below 101.63 for 101.33-101.20 and 101 levels. We are completely bearish only below 100.75 for the short term.

Short term- Buy between 101.10-100.83 with sl 100.75.

Sell below 100.75 for a target at 99.60-99.40.

Intraday- Cmp 101.83.

Buy above 101.87 for targets at 102, 102.20 and 102.30 levels.

Sell below 101.60 for targets at 101.30, 101.20 and 101 levels.

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