Daily analysis of silver for June 26, 2014 Trend News

Overview

As shown in the today's H4 chart, the metal failed again to break the support level of 20.90 and is still trading between the support level and below the resistance level of 21.20. Currently, it is bouncing from the support level and starting for the bullish move. So we still suggest waiting for closing above the resistance level of 21.20 in case of bouncing from the support level in order to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 21.50. Then after breaking this resistance level, silver would open the way towards the resistance level of 21.75, which means more bullish signals, but as long as the metal trades below the resistance level of 21.20 this cancels the bullish scenario.

Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50)

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Daily analysis of GBP/JPY for June 27, 2014 Trend News

Overview

Yesterday's closing below the resistance level of 173.50 gave the price an opportunity for bearish move. As shown here, 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 may get another opportunity for more sell signals and it opens the way towards the level of 172.00, as the first target and the price should test the support level of 171.50 afterwards to continue its bearish move. But as long as the price stabilizes above the support level of 172.00, it cancels the first scenario.

Resistance and support levels: R3 (174.00), R2 (173.50), R1 (172.75), S1 (172.00), S2 (171.50), S3 (171.00).

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Daily analysis of USDX for June 27, 2014 Trend News

Daily chart: The USDX continues prolonging fall below the 200 SMA and now the USDX is trying to make a breakout at the support level of 80.11. If successful, it is expected to fall to the level of 79.19, which could prolong the bearish outlook for several more weeks. The MACD indicator is in negative territory.

H4 chart: The USDX has found support at the 80.09 level, which is below the 200- day moving average, so it is very likely that the USDX make a breakout at that level. If successful, it is expected to fall to the level of 79.33, where it is located one bullish trend line that could serve as support. The MACD indicator is in negative territory.

H1 chart: The USDX is consolidating below the 80.15 level with the formation of a bearish pattern. Now, it is likely that the USDX to fall to the support level of 79.88. If the USDX does make a breakout at that level, it would be expected to fall to the level of 79.64. The MACD indicator is entering 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 79.88, take profit is at 79.64, and stop loss is at 80.12.

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Gold analysis for June 27, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways, around the the price of 1,316.00, we are still waiting for larger volume and price action. As you can see in the graph, the price has broken our Fibonacci expansion 100% at the price of 1,305.00, so we may see possible testing the level of 1,334.00 (Fibonacci expansion 161.8%). According to the daily timeframe, we can observe another indecision bar on volume above the average, which is a sign that buying at this stage looks risky. Be careful with buying, since we may see potential bearish correction. According to the previous price action, we got a support level at the price of 1,300.00 (Fibonacci retracement 38.2%). According to the 4H timeframe, we can observe supply on volume just below the averate, which is good sign that we may see possible bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,320.07

R2: 1,323.33

R3: 1,328.60

Support levels:

S1: 1,309.53

S2: 1,306.27

S3: 1,301.00

Trading recommendation: Be careful with buying at this stage since we have got buying climax in the background.

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

Overview:

USD/JPY is expected to trade with bearish bias. It is undermined by the soft dollar sentiment after weaker-than-expected 0.2% rise in U.S. May personal spending (versus forecast +0.4%), drop in Kansas City Fed's manufacturing composite index to 6 in June from 10 in May, and more-than-expected 312,000 U.S. jobless claims during the week ended June 21 (versus 310,000 forecast). USD/JPY is also weighed by the lower U.S. Treasury yields and Japan exporter sales. But USD/JPY losses are tempered by the demand from Japan importers; diminished investor risk appetite (VIX fear gauge rose 0.35% to 11.63, S&P 500 slipped 0.12% overnight) and positions adjustment before the weekend.

Technical comment:
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 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 101.30. A breach of this target will move the pair further downwards to 101.15. The pivot point stands at 101.65. 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 101.80 and the second target at 102.

Resistance levels:

101.80

102

102.15

Support levels:

101.30

101.15

100.85

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

Overview:

USD/CHF is expected to range-trade. It is supported by the franc sales on soft CHF/JPY and easy Swiss National Bank's monetary policy. But USD/CHF upside is limited by the weak dollar sentiment and positions adjustment before the weekend. Daily chart is mixed as MACD is bearish, but stochastics is turning bullish near oversold 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 0.8905. A breach of this target will move the pair further downwards to 0.8895. The pivot point stands at 0.8940. 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 0.8955 and the second target at 0.8975.

Resistance levels:

0.8955

0.8975

0.9015

Support levels:

0.8905

0.8895

0.8865

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

Overview:

NZD/USD is expected to consolidate with bullish bias after hitting a near-three-year high at 0.8794 this morning. It is supported by the soft dollar sentiment and Kiwi demand on weak AUD/NZD cross, hawkish Reserve Bank of New Zealand's monetary policy stance and widening NZD-USD interest differential. But NZD/USD gains are tempered by the waning investor risk appetite and profit-taking on long-Kiwi positions before weekend. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is 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 0.88 and the second target at 0.8835. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.87. A breach of this target would push the pair further downwards and one may expect the second target at 0.8680. The pivot point is at 0.8740.

Resistance levels:

0.88

0.8835

0.8860

Support levels:

0.87

0.8680

0.8655

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Technical analysis of GBPJPY for June 27, 2014 Trend News

Overview:

GBP/JPY is expected to trade with bearish bias.It is undermined by the reduced investor risk appetite and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan importers and positions adjustment before the weekend. Daily chart is mixed as MACD is bullish, but stochastics is turning bearish.

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 172.10. 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:

172.10

171.85

171.50

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

Trading recommendations :

• The resistance of the GBP/USD pair is set at the level of 1.7075 and the support has already been placed at the 1.6935 level. So, according to the previous events, the price of GBP/USD pair is going to move between the level of 1.7075 and 1.6935. Consequently the market will indicate a bearish opportunity below 1.7075, because the level of 1.7075 is going to act as strong resistance, as well as it is representing the weekly resistance one on June 27, 2014. Therefore, it will be a good sign to sell below this level today with the first target of 1.6999 in order to test the weekly pivot point in H1 chart. Equally important, if the trend succeeds to close below 1.6999, then the market will be continuing in downtrend below the weekly pivot point towards the level of 1.6935. But the stop loss should be borne in mind for that you should place it above 1.7075 at the price of 1.7093.

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

Technical outlook and chart setups:

1. The EUR/JPY returns from fibonacci 0.50 resistance level, just ahead of the 139.00 region. A continued dip from here could challenge 137.80 and lower while a push through 138.80 could test the fibonacci 0.618 at 139.20 levels. Recommendations are to sell rallies.

2. Support is seen at 137.80 levels, followed by 136.50 and lower, while resistance is seen at 139.20, followed by 140.00 and higher respectively.

3. The structure indicates that EUR/JPY pair remains bearish, till prices stay below 140.00 levels.

Trading recommendations:

Selling rallies is through 139.20 levels is recommended.

Good luck!

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Technical analysis of Silver for June 27, 2014 Trend News

Technical outlook and chart setups:

1. Silver is stalling around $21.00 levels for now, which is fibonacci 0.618 resistance of the fall from $22.00 to $18.60 levels. Furthermore, the metal needs to correct/retrace lower towards the resistance turned support line as shown here. Higher probability is to move lower from here.

2. Support is around $19.50 levels, followed by $19.00, $18.60, $18.00 and lower while resistance is seen at $21.70, followed by $22.30 and higher respectively.

3. The structure indicates that Silver could resume rally from sub $19.00 levels. A correction seems to be due.

Trading recommendations:

Remain short, Stop around $21.50, target is open.

Good luck!

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#USDX Technical analysis for June 27, 2014 Trend News

The Dollar index is now trading below the 38% retracement I mentioned in my previous analysis. Support is found now at 79.95 where the 50% retracement is. Trend remains down as the index continues to make lower lows and lower highs.

Ichimoku cloud is above current price. For a trend reversal we need to see the Dollar index break above 80.60 and close above that level. Short-term resistance is found at 80.40. So we can see prices bounce to that level easily. Bulls however need to be cautious as the trend is down and we can drop towards 79.80.

My target for some time now is the Ichimoku cloud in the daily chart above. We are getting closer to the daily support where the corrective decline from 81 could end. Concluding, trend remains bearish as long as price is below 80.70. We target 79.95-79.85 for a bottom.

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Gold technical analysis for June 27, 2014 Trend News

Gold price yesterday broke below $1,310 but this was a fake break as we found out later. Price bounced back up towards $1,325 highs but got rejected and now is trading back below $1,320. The sideways consolidation continues. The trend is neutral. Ichimoku cloud support is getting closer. There is increased probability to see $1,335-45 if resistance at $1,326 is broken.

Short-term support is at $1,310 and if this support fails, we should move towards $1,290 where the Ichimoku cloud is now. As long as we trade below $1,326 I believe we can see a move lower towards $1,290. I believe we are in the final stages of the upward move from $1,240. We have no sell signal from technical analysis yet, but my wave analysis suggests we are close to completing wave E and a sharp downward reversal will come.

Our initial target for wave E to complete is $1,330-40. This target is still valid and we could still reach that level. My longer-term view remains bearish as I expect once the corrective triangle wave 4 ends, we should anticipate a new downward move to new lows.

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

General overview for 27/06/2014 08:30 CET

Despite the recent impulsive breakout below the golden trendline into the old bearish zone, there is still a possibility of an extended upside wave progression in corrective wave (c) blue of wave 2 black. This scenario is possible as long as the intraday support at the level of 137.90 is not clearly broken in impulsive fashion. That means the confirmation of impulsive bullish wave progression comes with the level of 138.47 breakout and then weekly pivot breakout as well. If these breakouts do not materialize, then the lower prices should be expected.

Support/Resistance:

137.34 - WS2

137.70 - Techncial Support

137.90 - Intraday Support

138.18 - WS1

138.47 - Intraday Resistance

138.53 - Weekly Pivot

138.91 - Technical Resistance.

139.36 - WR1

Trading recommendations:

Please keep an eye on both important invalidation/confirmation levels I have indicated on the chart. A breakout above 138.47 is bullish and long positions should be opened; a breakout below 137.90 is bearish and short positions should be opened.

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Short-term forecast and intraday recommendations on NZD/USD for June 27, 2014 Trend News

The kiwi moved to a three-month high trading at 0.8784 levels (previous high at 0.8846 levels). If the pair breaches the previous high, it can aim at the next target at 0.94 levels another 600-pip move. It has weekly support at 0.8329 (50-week Sma). The weekly stochastic is indicating some more upstream left in this pair. The target of 0.94 is valid until the pair closes above the 0.8329 level. The immediate support is between 0.8660-0.86.

For an intraday basis, the pair has support at 0.8756 levels; below this, 0.8730-0.8724. We expect a panic selling below 0.8724 for 0.87, 0.8685 and 0.8660. The hourly RSI is indicating selling on the rise with sl 0.8846. Fresh buy only above 0.8850 levels. If a four-hour candle closes above 0.8780, we can expect the kiwi to prepare the next leg up, but the strong momentum is only above 0.8850 levels for 0.8920, 0.8950, 0.90 and 0.9156 for next 1-3 weeks time frame.

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Short term forecast of GBP/JPY for June 27, 2014 Trend News

GBP/JPY

Short-term view-

The pair is enjoying its bull run from 116.80 and is rallying all the way to 174.75 levels. It pauses its rally at 174.75 and has been consolidating near 200-day Ema. The monthly momentum indicators favor selling mode. We recommend next buying only above 174.75 for a target at 178 and 185 levels. On the down side, it has strong support at 168; a break below this, we can see 164 levels.

KEY MONTHLY SUPPORT LEVEL 168

In the weekly chart, the pair is making an ascending triangle. If we get an upside breakout, we can again see a huge upside target aiming at 185 levels. But the weekly RSI is indicating a negative divergence. If the pair gives a downside break out, it can fall further to 169.50, 167.75 and 165 levels.

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Short-term forecast for EUR/JPY for June 27, 2014 Trend News

EUR/JPY

Short-term view-

The pair has been in a down trend from 145.68 levels. The pair has broken the 16-month support trend line and is trading near 50-week Sma at 137.45 levels. It is trading in a very crucial support zone between 137.45-136.20. If the pair hits the 50-week Sma on a closing basis, we can see the extension of the bearish leg towards the initial target at 134.40-134.10 and later 131 .20 levels. On the upside, we have resistance at 138.90, 140.06 and 142 levels. The pair favors selling on the rallies until it crosses above the 143.78 levels. We can see a huge downfall if the pair breaches 136.21 for 131 and 129 levels.

KEY SUPPORT LEVEL 136.20 FOR THE SHORT TERM

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Short-term forecast for EUR/GBP for June 27, 2014 Trend News

EUR/GBP

The pound looks stronger than the other majors like the US dollar, euro and yen. Traders raise their bets in the interest rate hike by BoE at 0.50%. The bulls made an effort to make a new high and they succeeded in that. Now the situation is changing. The bets in interest rate hike are cooling off. Currently, the Pound looks a bit weaker. In the technical front the EUR/GBP pair is trading 200 pips around its strong support zone.

Medium-term view-

The pair is trading at 0.7996, almost the lowest point of the current month (0.7958 low). It has been in a down trend from 0.8814 (February 2013 high). The pair has strong support at 0.7786 (200-month Ema) and 0.7757 (July 2012). If the pair holds the given support zone, we can expect a nice pull back up to 0.84 (50-month Sma) levels. In case if the pair hits the previous swing low at 0.7757, we can see another red blanket aiming at 0.7595 and 0.7321 levels (200-month Sma).

Cmp is 0.7996.

Sell below 0.7757 for 0.7595 and 0.7321.

Next week we will update the complete analysis (near- and short-term).

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

General overview for 27/06/2014 08:10 CET

The market keeps making new lower lows and this is why I decided to take the second look at the four-hour time frame count to determine if the impulsive wave count is better than any other and if it can fit the overall picture. Currently, it looks like the wave progression is very impulsive and new lows should be expected as the impulsive cycle wich has not been finished yet. The target zone for wave (v) green is the area between the levels of 1.0644 - 1.0661 and some rebound in wave 4 red should be expected there. The key level for bulls to take control is the level of 1.0751 (breakout).

Support/Resistance:

1.0644 - 1.0661 - Wave (v) Target Zone

1.0716 - Technical Resistance

1.0751 - Wave (iv) High

1.0813 - Technical Resistance

Trading recommendations:

The swing traders should still keep the open sell positions running and the good level to add to the existing positions is the area between the levels of 1.0716 - 1.0751, with SL above the level of 1.0813 and TP below the level of 1.0644.

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