Intraday analysis of USD/CHF and USD/CAD for July 02, 2014 Trend News

USD/CHF

The pair took support at 0.8860 levels and favor a pullback. In Ais'a session the pair is trading at 0.8878. The pair has strong resistance at 0.8908 levels (50-day Sma). The bulls are back on track above it. On the down side, if the pair breaks the 0.8857 levels, we can see another correction to 0.8830 and 0.8775 levels. The momentum oscillators in different time frames (H4 and daily) favor a pullback.

For an intraday basis, the pair has support at 0.8875 levels. Until it holds, the pair can move up to 0.8895, 0.8905, 0.8921 and 0.8940 levels. A day close above 0.8908, we can see some short covering.

Weekly key resistance- 0.8908

Weekly key support- 0.8857

USD/CAD

The pair has been in a downtrend from 1.0960 levels. The pair made a lot at 1.0629 and the nearest strong support is at 1.06 and 1.0575 levels. The pair is trading at 1.0641 in Asia's session. We can expect a pullback only above 1.0645 for 1.067 and 1.069 levels. Until the pair trades above 1.0645, the pair will face selling pressure. The hourly oscillators are indicating oversold levels. Another round of selling will take place below 1.0625 for 1.06 and 1.0575.

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Short-term levels and intraday recommendations for Gold (July 02, 2014) Trend News

GOLD

Short-term view:

The metal paused its up move at the 61.8 fib level. The next fresh up move is expected only above $1,334.60 for $1,342 and $1,360 levels. The daily momentum indicators are at an overbought zone. This may result in healthy correction towards $1,310, $1,306 and $1,300 levels. The metal has strong support at $1,310 (200 days Ema) and 1299 (50 weeks Sma). The current trading pattern is framed between $1,310-$1,334.50.

Intraday: $1,324.70

The metal is trading below 35 H Dema at $1,328 levels, it has supports at $1,320 and $1,317.90 levels. We expect the selling pressure to take place below $1,317.90 for $1,315 and $1,310. The panic button is seen below $1,310 for $1,306 and $1,300 levels. So, an intraday traders should keep their eyes on $1,317.90 and $1,310 levels. If the metal manages to get back above 35 H Dema at $1,328, it is anticipated to fly up to $1,330, $1,332 and $1,334.60. Fresh up move would occur only above the level of $1,335.

Cmp $1,324.70

Sell below $1,317.90

Buy above $1,328

Positional traders should buy only above $1,335 for $1,338, $1,340, $1,354, $1,360, $1,370 and $1,390 levels, sl 1299

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Technical analysis of Gold for July 02, 2014 Trend News

Technical outlook and chart setups:

1. Gold takes out immediate resistance around the $1,331.00 levels as seen here. We expect the metal to pull back from current levels towards $1,275.00/80.00 levels. A break below $1,270.00 would be the reason for bulls' worrying. Remain short for now; the risk remains around $1,340.00 levels.

2. Support is seen at $1,260.00 levels, followed by $1,240.00, $1,230, $1,210 while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher up respectively.

3. The structure indicates that Gold needs to at least to pull back into the $1,280.00 region before resuming.

Trading recommendations:

Remain short, stop at $1,340.00, target is open.

Good luck!

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Technical analysis of EUR/USD for July 02, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish unemployment change, final GDP q/q, and PPI m/m.The US will release its Challenger Job Cuts y/y, ADP Non-Farm Employment Change, Factory Orders m/m, and Crude Oil Inventories. So amid the reports, EUR/USD is seen to move low to medium volatility during this day.

Today’s technical levels:

Breakout BUY Level: 1.3748.

Strong Resistance:1.3739.

Original Resistance: 1.3726.

Inner Sell Area: 1.3713.

Target Inner Area: 1.3680.

Inner Buy Area: 1.3647.

Original Support: 1.3634.

Strong Support: 1.3621.

Breakout SELL Level: 1.3612.

Description:

Today EUR/USD has support and resistance at 1.3634 and 1.3726. The rate is accompanied by strong support at 1.3621 and by 1.3739 as strong resistance.

If EUR/USD breaks out and closes below the 1.3612 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3748 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 1.3647 and at 1.3713, a SELL position. In this case both targets should be placed at the level of 1.3680.

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 July 02, 2014 Trend News

In Asia, Japan will release its monetary base y/y data and the US will report its Challenger Job Cuts y/y; meanwhile, there also will be ADP Non-Farm Employment Change data, Factory Orders m/m, and Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium volatility during the US session.

Today’s technical levels:

Resistance. 3: 102.11.

Resistance. 2: 101.91.

Resistance. 1: 101.71.

Support. 1: 101.47.

Support. 2: 101.27.

Support. 3: 101.07.

Description:

Please, pay attention to the levels of support 3 (101.07) and resistance 3 (102.11). Normally, when the 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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Medium-term forecast of GBP/JPY for July-December, 2014 Trend News

The pair is enjoying its two and half year bull run. Now it reached the 6-month high at 174.75, the highest level since December 2013. We can see a fresh buying opportunity above the level of 174.75 for an upside target 185.63 with an intermediate strong resistance at the level of 178 (200 months Sma). We strongly recommend buying only above 174.75/175. The monthly RSI is indicating an overbought view and the momentum indicator provides the reason for an upside potential target at 178 and 185 levels. This view is valid with sl 168.30 (200 months Ema). The risk rewards ratio favors to buy on dips. In case the pair breaks below 169.50, we would see 168.30 and 165.50 levels (50 weeks Sma). For the short term, the key support level is at the level of 168 (200 Months Ema) levels.

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Weekly forecast and intraday analysis of EUR/USD for July 02-04, 2014 Trend News

EUR/USD

Traders are waiting for the ECB's monetary policy meeting on Thursday. In the EUR/USD pair, the weak component is the US dollar because of the Fed's actions. There are also non-farm payrolls that can affect the dollar. As we recommended earlier for the target of 1.37, it exactly reached the high at the level of 1.3700. If the pair manages to breach the 1.37 level, we are likely to see 1.3735, 1.3750 and 1.3775 levels this week.

The pair has strong support at 1.34 (50 Months Sma). A break below 1.34 could lead to large correction. Until the pair holds the 1.34 level, we can see another up move .

Intraday: cmp 1.3680

The pair is trading at 1.3680 in Asia's session. It has support at 1.3675 levels. Below it, we can see some weakness up to 1.3660 and 1.3640 levels. Meanwhile, we can see a selling pressure up to 1.3610, 1.36, 1.3585 and 1.3575 levels below the level of 1.3640 .

Sell below 1.3640

Buy above 1.37 targets 1.3735, 1.3750, 1.3775 and 1.38 levels.

1.3677-1.3503= 174 pips

174 pips+1.3646= 1.3820 levels.

The above view is valid with sl 1.3640 levels.

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Technical analysis of Silver for July 02, 2014 Trend News

Technical outlook and chart setups:

1. Silver is seen to be topping out around the $21.20 handle at the moment. A dip is expected through the $19.50-$20.00 levels at least, if not lower (potential low cannot be ruled out though). Remain short, risk remains around $21.50/60.

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 up.

3. The structure indicates that Silver may at least retrace/correct itself towards $19.50 levels. The resistance turned support line is also seen to be passing there.

Trading recommendations:

Remain short, stop at $21.50, target is open.

Good luck!

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Technical analysis of EUR/JPY for July 07, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has hit resistance at 139.10/20 levels as seen here, which is also the fibonacci 0.618 region. A bearish reaction can be expected here and short positions could be initiated here. Risk remains at 140.00 levels.

2. Support is seen at 137.70 levels, followed by 136.50, 134.00 and lower, while resistance is seen at 140.00, followed by 141.00, 142.50, 143.50 and higher up respectively.

3. The structure indicates that EUR/JPY is hinting at resumption of the bear trend from current levels around sub 139.00.

Trading recommendations:

Initiate short positions, stop at 140.00, target is open.

Good luck!

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Daily analysis of USDX for July 02, 2014 Trend News

Daily chart: The USDX has established below the resistance level of 80.11. If the USDX does make a breakout in the support level of 79.50, it's expected to fall to the level of 79.19, which has been a strong support level on the USDX. For now, we recommend being cautious when placing buy orders. The MACD indicator is in negative territory.

H4 chart: The USDX is forming a higher low pattern below resistance level of 79.93. If the USDX does make a breakout at the level of 79.50, it's expected to fall to the level of 79.33, which would help strengthen the bearish outlook on the USDX. The MACD indicator is entering oversold.

H1 chart: The USDX remains below the resistance level of 79.88, because the USDX has been moving sideways in below that level, so it is very likely that the USDX to fall in the coming hours to the level of support 79.64. If the USDX does make a breakout at that level, the next target would be the support level of 79.39. 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 79.64, take profit is at 79.39, and stop loss is at 79.90.

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Daily analysis of GBP/USD for July 02, 2014 Trend News

Daily chart: The GBP/USD had another session dominated by the bulls, because this pair was approaching the resistance level of 1.7169. If GBP/USD manages to make a breakout at that level, it would be expected to rise to the level of 1.7403 in the long term that could take this pair to new historical highs. The MACD indicator is in positive territory.

H4 chart: This pair stays above the 1.7140 level, at which one bullish trend line is. If GBP/USD manages to make a breakout at the level of 1.7220, it's expected to rise to the level of 1.7475, where there is a strong bullish trend line. The MACD indicator is entering overbought area.

H1 chart: The GBP/USD is trying to make a breakout on the resistance level of 1.7150, because during the last few hours, this pair has been forming a bullish pattern close to that level. If successful, it is expected to rise to the level of 1.7200 in the coming hours. 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 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.

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Technical analysis of USD/JPY for July 01, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with bearish bias after hitting five-week low at 101.24 on Monday. It is undermined by the negative dollar sentiment (ICE spot dollar index last 79.78 versus 80.04 early Monday) as worse-than-expected drop in U.S. ISM-Chicago PMI to 62.6 in June from 65.5 in May (versus 62.9 forecast) and lingering impact from last week's disappointing U.S. 1Q GDP and consumer spending data outweighed larger-than-expected 6.1% on-month increase in U.S. pending home sales index to 103.9 in May (versus +1.1% forecast) and rise in Dallas Fed's general business activity index to 11.4 in June from 8.0 in May. USD/JPY is also weighed by Japan's export sales and lower U.S. Treasury yields, diminished investor risk appetite (VIX fear gauge rose 2.75% to 11.57; U.S. stocks closed mostly lower Monday with S&P 500 down 0.04%, DJIA off 0.15%, Nasdaq up 0.23%) as caution sets in ahead of U.S. payrolls report Thursday. But USD/JPY losses are tempered by the demand from the Japanese importers.

Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold zone, 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 101.35. 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:

101.35

101.15

101

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Technical analysis of USD/CHF for July 01, 2014 Trend News

Overview:

USD/CHF is expected to trade in a lower range. It is undermined by the negative dollar sentiment and franc demand on soft EUR/CHF cross. But USD/CHF losses are tempered by the loose Swiss National Bank's monetary policy. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, 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 0.8840. A breach of this target will move the pair further downwards to 0.8815. The pivot point stands at 0.8905. 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 0.8925 and the second target at 0.8940.

Resistance levels:

0.8925

0.8940

0.8955

Support levels:

0.8840

0.8815

0.88

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Technical analysis of NZD/USD for July 01, 2014 Trend News

Overview:

NZD/USD is expected to range trade. It is supported by the negative dollar sentiment and hawkish Reserve Bank of New Zealand's monetary policy stance and NZD-USD interest differential. But NZD sentiment is dented by the drop in ANZ New Zealand business confidence in June. NZD/USD upside is also limited by the softer commodity prices, waning investor risk appetite and Kiwi sales on buoyant AUD/NZD cross. Daily chart is still 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 0.88 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:

0.8800

0.8835

0.8860

Support levels:

0.87

0.8680

0.8655

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Technical analysis of GBPJPY for July 01, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a higher range. It is supported by the buoyant EUR/USD undertone and demand from the Japanese importers. But GBP/JPY gains are tempered by the diminished investor risk appetite and Japan's export sales. Daily chart is mixed as MACD and stochastics are in a bullish mode but five- and 15-day moving averages is meandering sideways.

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 173.45 and the second target at 173.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.10. A breach of this target would push the pair further downwards and one may expect the second target at 171.85. The pivot point is at 172.35.

Resistance levels:

174.30

174.85

175.30

Support levels:

172.90

172.35

171.75

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EUR/NZD analysis for July 01, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5640, we are still waiting for larger volume and price action. According to previous price action, I have placed Fibonacci retracement levels to find potential resisntace levels and I have got Fibonacci retracement 61.8% at the price of 1.5615 (currently is being tested). According to previous price action, we can observe a resisntace level at the price of 1.5645, so be careful with buying EUR/NZD at this stage.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5650

R2: 1.5677

R3: 1.5721

Support levels:

S1: 1.5562

S2: 1.5535

S3: 1.5491

Trading recommendation: Be careful with buying the EUR/NZD pair and watch for selling opportunities after retracement.

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Elliott wave analysis of EUR/NZD for July 1, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5732

R2: 1.5700

R1: 1.5646

Current spot: 1.5630

S1: 1.5589

S2: 1.5540

S3: 1.5478

Technical summary:

We are still looking for hard evidence that a firm bottom is in place at 1.5478. The first strong evidence will be a short-term break above 1.5646 and more importantly a break above resistance at 1.5700, which will confirm that a firm bottom is found at 1.5478 and a major rally is about to be seen.

Trading recommendation:

We missed our buying target at 1.5585 by a few pips, but will hang on to this buying order, hoping that the next decline will make it to our target.

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Elliott wave analysis of EUR/JPY for July 1, 2014 Trend News

Today's Support and Resistance levels:

R3: 139.81

R2: 139.37

R1: 139.18

Current spot: 138.88

S1: 138.73

S2: 138.41

S3: 138.06

Technical summary:

The failure to accelerate lower yesterday is of course dissapointing and calls for a prolonged correction towards the 61.8% corrective target at 139.18 before wave ii finally is in place. From 139.18 or upon a break below support at 138.73, we will be looking for the next impulsive decline towards 136.23 and possibly even lower.

Trading recommendation:

Our stop at 139.00 was hit and we will sell EUR again at 139.15 with a stop at 140.15.

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Technical analysis of GBP/USD for July 1, 2014 Trend News

Trading recommendations :

• The GBP/USD pair in the short term.


• The resistance has already set at the level of 1.7124 and the support has placed at 1.7077 on July 1, 2014.


• So, according to the previous events, the price has still been trapped between 1.7103 and 1.7080, then it should be noted that the range will be around 50 pips today.


• Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.7077.


• Hence, below the price of 1.7077 look for further downside move with targets at 1.7110, if it can break the support for today (1.7110), thus the price will continue towards 1.7073.


• On the other hand, buy above 1.7073 in the short term of the same day with the first target at 1.7130; it might resume to 1.7164 tomorrow in order to test the strong resistance of this week.

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Technical analysis of EUR/USD for July 1, 2014 Trend News

Overview :

• The EUR/USD's resistance was broken and it turned to support around the area of 1.3624 since last week. Thus, the pair has already formed strong support at 1.3624. Also, it should be noted that the weekly pivot point is going to set at the same level on July 1, 2014. But a minor support will be set at the level of 1.3655. Moreover, it could not close below 1.3619 (23.6% Fibonacci retracements levels) and started indicating a bullish market. Additionally, the price has been placed above 23.6% Fibonacci for three or four days. Futhermore, it should also be noticed that the price has still been trapped between 50% Fibonacci retracement levels and 23.6%. Equally important, the RSI and the moving average (50, 75, 100) are still calling for uptrend. Therefore, the market indicates a bullish opportunity at the level of 1.3624 in H1 or H4 chart with the first target of 1.3700, and continues towards 1.3740. On the other hand, if the price closes below the minor support then the best location for placing a stop loss should be below 1.3616. So, the price will fall into the bearish market in order to go further towards the strong support at 1.3587 to test it again. However, the resistance for June 1, 2014 will be set at the level of 1.3751. Hence, it will be wisdom to sell at this level with the first target at the 1.3675 level, and it will continue towards 1.3624 (the weekly pivot point).

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#USDX technical analysis for July 1, 2014 Trend News

The Dollar index has reached our target below 80 at 79.75. The Dollar index has reached the Ichimoku cloud in the daily chart as I've been expecting for the last few weeks and has also touched the 61.8% Fibonacci retracement.

Short-term trend is bearish. Price continues to make lower lows and lower highs. Price is still below the Ichimoku cloud in the 4-hour chart. The Dollar index has reached the important support level of the 61.8% Fibonacci retracement as shown in the chart below. This is a price level where a trend reversal could take place. If this support fails to hold prices, we should expect the Dollar index to move towards 79.50. Resistance is found at 80.15-80.35 area.

The Dollar index has reached our target. Is this the time for a trend reversal. The support at the 61.8% retracement is the stop level that bulls should use. Although the trend remains bearish, bears should be very cautious.

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Gold technical analysis for July 1, 2014 Trend News

Gold price target has been achieved. Gold price made a new higher high yesterday but it looks like bulls are not very strong and that we are in the final stages of the rally from $1,240. We can still see a move higher towards $1,340-50 but the chances are getting slim.

Gold price is above the Ichimoku cloud support and above the red upward sloping trend line. This supports our view that there is an increased chance of seeing $1,340-50. We are at the final stages of wave E and we look to sell this rally as I expect a major reversal.

The above chart shows my wave count that I believe soon will be complete. Gold price could make a blowoff top by touching the upper red trend line resistance at $1,340-50. After this move is complete, I expect a move to new lows towards $1,000.

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Technical analysis of USD/CAD for July 1, 2014 Trend News

General overview for 01/07/2014 08:20 CET

The impulsive wave progression looks completed and now the market is in corrective cycle wave 4 red. The most possible corrective pattern for this cycle in this place is a triangle formation and this one has been indicated on the chart. When the corrective cycle is done, last wave to the downside is expected before any meaningful upward wave progression would start. The first target level for wave 5 red is at the level of 1.0614.

Support/Resistance:

1.0614 - WS1

1.0661 - Intraday Support

1.0685 - Weekly Pivot

1.0692 - Intraday Resistance

1.0711 - WR1

1.0750 - Previous wave (iv) Zone

1.0782 - WR2

1.0809 - WR3

Trading recommendations:

As the impulsive wave progression in red count has not been finished yet, 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 1.0696 - 1.0716, with SL above the level of 1.0750 and TP below the level of 1.0644.

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For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for July 1, 2014 . Thanks for your support on Technical analysis of USD/CAD for July 1, 2014