Daily analysis of GBP/USD for July 04, 2014 Trend News

Daily chart: The GBP/USD has made a pullback on the resistance level of 1.7169, so this pair forming a bullish pattern continues below this level. If GBP/USD manages to make a breakout at the level of 1.7150, it's expected to fall to the support level of 1.7000. The MACD indicator is in positive territory.

H4 chart: This pair has found support on the bullish trend line that is near to the 1.7140 level, so it is very likely that the GBP/USD will attempt to climb to the level of 1.7250. If GBP/USD manages to make a bullish breakout in the trend line, it is expected to fall to the level of 1.7062. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has found support on the point of control that is close to the level of 1.7135, so the bullish outlook remains valid for this pair. If GBP/USD manages to make a breakout in the support level of 1.7150, it's expected to fall to the level of 1.7100. The MACD indicator is in positive 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 1.7200, take profit is at 1.7250, and stop loss is at 1.7150.

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Technical analysis of Crude for July 04, 2014 Trend News

CRUDE-

The oil took support at 103.67 levels (12 hr low). The oil is trading below the hourly moving averages. The hourly momentum oscillators are indicating an oversold sign. The trading pattern is framed between 103.67-104.36. We recommend to buy above 104.36 for 104.80, 105.15 and 105.50 and sell below 103.40 for targets 102.80 and 102.60 levels. If the price stays above yesterday's high at 104.30, we can see some pull back up to 105.60 levels.

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Technical analysis of Silver for July 04, 2014 Trend News

Technical outlook and chart setups:

1. Silver is trading around $21.10 levels for now and has probably resumed pullback/retracement towards $20.00 and $19.65 levels. Please note that the metal would remain supported at the back side of the resistance line for now. Recommendations are to remain short, risk remains above $21.50/60.

2. Support is seen at $20.00 (fibonacci), followed by $19.50, $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 remains vulnerable for a corrective dip which seems to be begun yesterday. $21.30 remains intermediary top.

Trading recommendations:

Remain short, stop at $21.50/60, target is $19.60.

Good luck!

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Technical analysis of Gold for July 04, 2014 Trend News

Technical outlook and chart setups:

1. Gold has probably resumed its pullback/retracement towards $1,290.00/80.00 levels yesterday. It looks like the metal has formed an intermediary top around $1,330.00 mark and next move is lower. Recommendations are to remain short for now, while risk remains above $1,340.00 to be on the safer side.

2. Support is seen at $1,280.00 (fibonacci), followed by $1,260.00, $1,240.00, $1,230, $1,210.00 and lower 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 retracement is on for now, targeting $1,280.00 levels at least.

Trading recommendations:

In the short and medium term, go short, stop at $1,340.00, target is at $1,280.00/90.00.

Good luck!

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Technical analysis of GBP/CHF for July 04, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair bounced off the fibonacci 0.382 support levels and printed fresh highs around 1.5330 levels. Immediate upside is still seen around the 1.5410/20 mark as seen here; before the pair could produce a meaningful bounce.

2. Support is seen at 1.5140, followed by 1.4950, 1.4900, 1.4780 and lower, while resistance is seen at 1.5410/20 levels respectively.

3. The structure indicates that the GBP/CHF pair could still push higher towards 1.5410/20 levels.

Trading recommendations:

Remain flat for now. Buy on dips utill prices are above 1.5150.

Good luck!

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Technical analysis of NZD/USD for July 03, 2014 Trend News

Overview:

NZD/USD is expected to consolidate as markets await U.S. non-farm payrolls report. NZD/USD is supported by the Kiwi demand on soft AUD/NZD cross, Kiwi demand on NZD/JPY cross amid positive investor risk appetite, hawkish Reserve Bank of New Zealand's monetary policy stance and NZD-USD interest differential. But NZD/USD gains are tempered by the positive USD sentiment. 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 03, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate in a higher range as markets await U.S. non-farm payrolls report. GBP/JPY is supported by the positive investor risk appetite and demand from the Japanese importers. But GBP/JPY gains are tempered by Japan's exporter sales. Daily chart is positive-biased as MACD and stochastics are bullish, five and 15-day moving averages are rising.

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 175.80 and the second target at 176.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 173.70. A breach of this target would push the pair further downwards and one may expect the second target at 173.30. The pivot point is at 173.70.

Resistance levels:

175.80

176.15

176.65

Support levels:

173.70

173.30

174.85

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Elliott wave analysis of EUR/NZD for July 3, 2014 Trend News

Today's support and resistance levels:

R3: 1.5650

R2: 1.5628

R1: 1.5615

Current spot: 1.5568

S1: 1.5567

S2: 1.5546

S3: 1.5516

Technical summary:

We are still looking for hard evidence that a firm bottom is in place with the 1.5478 low. Short-term break above 1.5628 will be the first indication, while a break above minor resistance at 1.5650 will call for a test of the important resistance at 1.5706. A break above it would confirm the bottom in place at 1.5478 for a continuation higher towards the 1.61 - 1.62 area, where major resistance would be found.

In the short term, only a break below support at 1.5515 would call for a new test of 1.5478.

Trading recommendation:

We are long EUR at 1.5585 with stop at 1.5470. If you are not long EUR yet, then buy EUR near 1.5546 or upon a break above 1.5615 with the same stop at 1.5470

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Elliott wave analysis of EUR/JPY for July 3, 2014 Trend News

Today's support and resistance levels:

R3: 139.58

R2: 139.37

R1: 139.28

Current Spot: 139.11

S1: 138.95

S2: 138.76

S1: 138.54

Technical summary:

Support at 138.48 was never in any real danger of being broken and we have seen a rally to 139.28 as the high. This should be more than enough to fulfil the target for wave ii and we will now be looking for a break below support at 138.95 as the first indication that wave ii did end at 139.28. Meanwhile, a break below support at 138.54 will confirm the top for a decline towards 136.23 and possibly even lower.

Trading recommendation:

Our stop at 139.25 was hit. We will sell EUR again upon a break below 138.95 with a stop at 139.35.

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Gold analysis for July 03, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,319.64 on volume above the average according to the 4H timeframe. According to the daily timeframe, we can observe successful rejection from our resisntace level at the price of 1,332.00, which caused price to start with downward movement. According to the previous price action, we got a support level at the price of 1,304.00 (Fibonacci retracement 38.2%). . I have placed Fibonacci retracement levels and I got Fibonacci retracement 61.8% around the price of 1,333.00. Be careful with buying and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,332.97

R2: 1,335.59

R3: 1,339.83

Support levels:

S1: 1,324.49

S2: 1,321.87

S3: 1,317.63

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 AUD/USD for July 3, 2014 Trend News

Overview :

• According to the previous events, the price of AUD/USD pair has still been trapped between 0.9303 and 0.9380. So, the range of this pair today is likely to be about 63 pips. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.9385 with the first target at 0.9335, and the price will climb towards 0.9303 in order to test this strong support on July 3, 2014; (it should be noted that at the level of 0.9303 a double bottom will be formed). However, if the pair fails to break 0.9303, the market will indicate a bullish opportunity above 0.9310 because this price will really act as a strong support. Hence, it will be a good sign to buy above 0.9310 with the first target at 0.9337 and it will call for an uptrend in order to continue bullish movement towards 0.9380.

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Technical analysis of USD/CAD for July 3, 2014 Trend News

Overview :

• The USD/CAD pair rebounded at the level of 1.0630 again, and it showed signs of strength following the level of 1.1060. Additionally, the resistance was broken and turned to support at the same key level (1.0600). Moreover, we expect a range between the levels of 1.0603 and 1.0730. Equally important, the price set above the support since the end of 2013 (16/12/2013). Consequently, the pair has already formed a strong support at 1.0600. Therefore, the USD/CAD pair started showing the signs of bullish market, so the market indicates the bullish opportunity at the level of 1.0603 with the first target of 1.0680, and continues towards the level of 1.0715. On the other hand, the stop loss should always be taken into account, hence it will of the discernment to set your stop loss at the 1.0575 price.

Notes :

• The weekly resistance is going to set at the level of 1.0730.


• The support has already set at 1.0602, this level is coinciding with the ratio of 38.2% Fibonacci retracement level.


• We expect a range around 130 pips this week.

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#USDX technical analysis for July 3, 2014 Trend News

The Dollar index is reversing its downward trend at exactly the level I expected and posted in my previous analysis. The 61.8% retracement and the Ichimoku cloud are important support levels. These levels are seen in the daily chart.

We currently see price making a short-term trend reversal from the level we expected. Bears now want to see the index breaking to new lows below the Ichimoku cloud support and below the 79.70 level. On the other hand, bulls need to hold above these levels no matter what.

The Dollar index has broken the short-term resistance I posted yesterday and gave a short-term buy signal targeting the downward sloping trend line and the Ichimoku cloud in the 4-hour chart. The bottom at 79.75 is now an important level for bulls that if broken could push the index towards 79.50. Resistance is found at 80.15 and 80.35. Breaking above these two levels will confirm the trend change. Volatility is expected to rise today.

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Gold technical analysis for July 3, 2014 Trend News

The current trend in Gold is mixed. Gold price is mainly moving sideways with no clear trend. Gold price has formed a short-term top at $1,330-35 area and is pulling back downwards near support at $1,310-15. This short-term support if broken will push Gold price towards $1,300-$1,290. If Gold price breaks above $1,335, we should expect a sharp rise towards $1,350-60.

Gold price is still above the Ichimoku cloud support and the upward sloping trend lines. Support is found between $1,315 and $1,295. If Gold breaks $1,315, we could say that a normal pull back that will not put the uptrend in danger could push price even towards $1,295. However, if the pullback breaks below $1,295, the up trend that started at $1,240 will most probably be complete.

Today I decided to show also my alternative bullish wave count for Gold price. My preferred wave count is the red one. The blue wave count is my bullish alternative. For now, I believe the red scenario has the most chances of success. In order for the blue scenario to be my first choice I will have to see Gold price break above the red triangle and above $1,391. Next I would like Gold price to break the blue downward sloping trend line resistance at $1,580.

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Technical analysis of EUR/JPY for July 3, 2014 Trend News

General overview for 03/07/2014 09:30 CET

The impulsive wave progression is about to be completed and two target zones has been projected on the chart: the first one is between the levels of 139.27 - 139.39 and the second one (in case of extension) is between the levels of 139.73 - 139.79. From that two levels a sell-off is expected as the wave c of wave 2 correction would be completed. The first confirmation comes with the intraday support breakout at the level of 138.49. Please notice that the bearish divergence on momentum oscillator is supporting the view. .

Support/Resistance:

139.89 - WR3

139.73 - 139.79 - Target Zone #2

139.40 - WR2

139.27 - 139.39 - Target Zone #1

139.12 - Intraday Resistance

138.89 - WR1

138.49 - Intraday Support

138.43 - Weekly Pivot

137.89 - WS1

137.69 - Wave b Low

137.40 - WS2

Trading recommendations:

Daytraders and swing traders should consider to open sell orders from the two target levels indicated on the chart with the SL above the level of 140.06 and TP open for now.

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Daily analysis of Silver for July 03, 2014 Trend News

Overview

According to our yesterday's expections, the price’s close below the Resistance level of 21.20 would give new opportunities for sell signals. As shown in the H4 chart, the metal has failed to break the Resistance level of 21.20 and bounced from it. Currently, the metal is trying to break the Support level of 20.90 and is approachig it to continue its bearish move. On the other hand, the metal's rebound from the Support level of 20.90 cancels the bearish scenario.

Resistance and support levels: R3 (21.75), R2 (21.50), R1 (21.20), S1 (20.90), S2 (20.50), S1(20.20).

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