GBP/USD intraday technical levels and trading recommendations for July 4, 2014 Trend News

Bullish breakout above the depicted bearish channel took place exposing price levels around 1.6985 as a projection target.

Simultaneously, daily closure above 1.6820 took place enhancing bullish impulse towards 1.6900 and 1.7000.

The GBP/USD managed to break through psychological resistance around 1.7000 which provided extensive bearish pressure at the last visit on May 6.

Bullish pressure was applied at retesting of the bullish channel lower limit depicted on the 4H chart. This pushed the pair towards 1.7150 where the upper limit of the depicted channel is located.

Note the bullish pressure being applied to break through the upper limit of the 4H movement channel.

No enough bullish pressure is being applied to ensure success of the bullish breakout.

On the other hand, intraday resistance is expected to be found there. A short-term SELL position can be taken at the current prices with SL located just above 1.7190.

Price levels of 1.7050 constitutes a significant support level to meet the pair on its way downwards. It's also a key-level to determine how deep bearish correction can go before resuming the bullish momentum.

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Intraday technical levels and trading recommendations on EUR/USD for July 4, 2014 Trend News

The price zone 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum that originated off the depicted bullish trend line.

Thus, a Double Top reversal pattern was established with a neckline located at 1.3700. This reversal pattern has already hit its projection levels.

On the other hand, we should highlight Thursday and Monday's bullish engulfing daily candlesticks which emerged off 1.3500 (the lower limit of the ongoing 4H channel) thus fixating again above 1.3560 (Key-Level corresponding to previous prominent bottom).

As long as the bulls keep defending the recent low around 1.3575 we considering the possibility of a bullish Head and Shoulders pattern with neck-line around 1.3650 with a breakout projection target to be anticipated around 1.3750.

Price zone 1.3600-1.3560 ( 50% and 61.8% Fibonacci levels ) should be anticipated for bullish price action offering a valid BUY entry at retesting.

This price zone corresponds not only to significant Fibonacci levels but also to the backside of the broken bearish channel depicted on the DAILY chart.

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Technical analysis of USD/JPY for July 04, 2014 Trend News

Overview:

USD/JPY is expected to trade in a higher range. Liquidity was thin as financial markets in U.S. are closed for the Independence Day holiday. USD/JPY is underpinned by positive dollar sentiment (ICE spot dollar index last 80.21 versus 79.95 early Thursday) after larger-than-expected 288,000 increase in U.S. June non-farm payrolls (versus +215,000 forecast) and lower-than-expected U.S. unemployment rate of 6.1% its lowest since September 2008 (versus 6.3% forecast), while May's jobs gain was revised up to 224,000 from 217,000 and April's improvement was upgraded to 304,000 from 282,000 and narrower-than-expected U.S. May trade deficit of $44.39 billion (versus $45.0 billion forecast). USD/JPY is also supported by the higher U.S. Treasury yields and demand from Japan's importers and yen-funded carry trades amid positive risk appetite (VIX fear gauge eased 4.62% to 10.32) as DJIA rose above 17,000 for first time, S&P 500 hit record high 1,985.59 before closing up 0.55% at 1,985.44 overnight. But USD/JPY gains are tempered by Japan's exporter sales and positions adjustment ahead weekend.

Technical comment:
Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turning positive and bullish parabolic stop-and-reverse signal was hit on Thursday.

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 102.30 and the second target at 102.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.65. A breach of this target would push the pair further downwards and one may expect the second target at 101.50. The pivot point is at 101.80.

Resistance levels:

102.30

102 .45

102.65

Support levels:

101.65

101.50

101.35

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

Overview:

USD/CHF is expected to trade in a higher range.It is supported by the positive dollar sentiment and franc sales on buoyant EUR/CHF cross. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross and positions adjustment before weekend. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold zone, spot rose above downtrend line that runs from June 16 high of 0.9013 .

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 0.8900 and the second target at 0.8880. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8880. A breach of this target would push the pair further downwards and one may expect the second target at 0.8860. The pivot point is at 0.8915.

Resistance levels:

0.8960

0.8975

0.90

Support levels:

0.89

0.8880

0.8860

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Technical analysis of NZD/USD for July 04, 2014 Trend News

Overview:

NZD/USD is expected to range-trade. It is undermined by the positive USD sentiment. But NZD/USD downside is limited 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, NZD-USD interest differential and positions adjustment before weekend. Daily chart is mixed as MACD is bullish, but stochastics is turned bearish at overbought 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 0.8720. A breach of this target will move the pair further downwards to 0.87. The pivot point stands at 0.8790. 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 0.8835 and the second target at 0.8860.

Resistance levels:

0.8835

0.8860

0.8880

Support levels:

0.8720

0.87

0.8680

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Technical analysis of GBPJPY for July 04, 2014 Trend News

Overview:

GBP/JPY is expected to consolidate with bullish bias. 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 export sales and positions adjustment before weekend. Daily chart is positive-biased as MACD and stochastics are bullish, although latter is at overbought zone, 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 174.30. A breach of this target would push the pair further downwards and one may expect the second target at 173.70. The pivot point is at 174.80.

Resistance levels:

175.80

176.15

176.65

Support levels:

174.30

173.70

173.30

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EUR/NZD analysis for July 04, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards. As we expected, the price tested the level of 1.5524 on volume above the average, according to the daily timeframe. According to the previous price action, we can observe strong supply on ultra high volume, according to the 4H timeframe, which is a sign that buying looks risky. I have placed Fibonacci expansion levels to find potential down stations and I got first down station around the price of 1.5510 (Fibonacci expansion 61.8%). Be careful with buying and watch for potential selling opportunities. Third down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5592

R2: 1.5612

R3: 1.5643

Support levels:

S1: 1.5530

S2: 1.5510

S3: 1.5479

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

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Gold analysis for July 04, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,309.48 on ultra high volume, according to the 4H timeframe. According to the daily timeframe, we can observe suppply on volume just below the average. Buying Gold still looks unsafe so my advice is to watch for larger bearish correction before you place your buying positions. I have placed Fibonacci retracement levels and I got Fibonacci retracement 61.8% around the price of 1,305.00. Be careful with buying and watch for potential selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,327.16

R2: 1,331.78

R3: 1,339.28

Support levels:

S1: 1,312.18

S2: 1,307.56

S3: 1,300.07

Trading recommendation: Be careful with buying since we may see more downward movement.

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Elliott wave analysis of EUR/NZD for July 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5646

R2: 1.5628

R1: 1.5605

Current spot: 1.5568

S1: 1.5546

S2: 1.5516

S3: 1.5478

Technical summary:

Nothing much to add for this cross. We are still in a small wave ii correction, which should stay above the bottom at 1.5478 for a break above minor resistance at 1.5605 as the first indication that this wave ii correction is over, while a break above resistance at 1.5646 confirms for a new rally to 1.5706 and higher towards 1.5900 and the 1.6100 - 1.6200 area. In the longer term we are look for much higher levels, but first we need to confirm that a firm bottom has been seen at 1.5478.

Trading receommendation:

We are long in EUR from 1.5585 with stop placed at 1.5470. If you are not long in EUR yet, then buy near 1.5558 or upon a break above 1.5605 with the same stop at 1.5470.

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Elliott wave analysis of EUR/JPY for July 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 138.93

R2: 138.88

R1: 138.83

Current spot: 138.81

S1: 138.52

S2: 138.32

S3: 138.15

Technical summary:

The decline from the 139.28 high does look impulsive, but we will still like the final confirmation in the form of a break below support at 138.54, confirming a new decline to 137.70 on the way lower towards 135.23 and maybe even lower. As long as support at 138.54 protects the downside, we can not really exclude a new rally towards the upside, but the odds of a new high above 139.28 is very slime and we expect that minor resistance at 138.93 will protect the upside in case of a rally.

Trading Receommendation:

We sold EUR at 138.95 and placed stop at 139.35. If you are not short EUR yet, then sell near 138.93 or upon a break below support at 138.54 with the same stop.

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Technical analysis of GBP/USD for July 4, 2014 Trend News

Overview :

• The resistance of the GBP/USD pair has been already set at the level of 1.7166 as well as the support has been set at 1.7110. So,depending on the previous proceedings, the price is going to move between the level of 1.7110 and 1.7166, then it should be noted that the range will be around 56 pips today. Consequently, the trend in the H1 time frame is calling for a bearish market at the level of 1.7166 because this level is representing the last wave of the GBP/USD pair on July 4, 2014. Hence, below the price of 1.7166 look for further downside move with targets at 1.7135, thereafter the price will continue towards 1.7110 or lower. On the contrary, buy above 1.71 in the short term of the same day with the first target at 1.7165; if the trend will be able to break this strong resistance at 1.7166, it might resume to 1.7185 in order to form a new top this week.

Intraday technical levels :

Date : 4/07/2014

Pair : GBP/USD

• R3: 1.7198


• R2: 1.7188


• R1: 1.7162


• PP: 1.7152


• S1: 1.7126


• S2: 1.7116


• S3: 1.7090

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Technical analysis of EUR/USD for July 4, 2014 Trend News

Intraday trading recommendations :

• The EUR/USD pair in the short term.


• According to the previous events, the price has still moved between 1.3575 and 1.3600. The level of 1.3624 will indicate strong resistance, and minor resistance has set at 1.3597. Moreover, the price will form a new strong spot at this level. Also, it should be noted that the price of 1.3624 is coinciding with the weekly pivot point in H1 chart. Therefore, it will be of prudence to sell at 1.3624 or 1.3597 in the short term with the first target at 1.3585, then it will continue towards 1.3565 in order to test the weekly support 1. On the other hand, the level of 1.3565 will indicate strong support. Additionally, this price will form a double bottom at 1.3562 (on July 4, 2014). For that reason, it will be very profitable to buy at 1.3562 with the first target at 1.3600, then continue towards 1.3625. And the stop loss should be placed below 1.3560 at the level of 1.3533.


• Please check out the market volatility before investing, because the price may have already been reached and scenarios might have become invalidated.

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#USDX technical analysis for July 4, 2014 Trend News

Trend reversal from the Ichimoku cloud and the 61.8% retracement has been confirmed. For the last few weeks I've been expecting the Dollar index to drop towards 79.75 before making an upward price reversal.

Short-term trend has changed to bullish as price has broken above the short-term resistance of 79.88 and has reached the longer-term resistance of 80.35 where the Ichimoku cloud is found. Additionally price has broken above the downward sloping red trend line and is now back testing it.

Bears were warned on time of an expected and highly possible trend reversal from the 61.8% Fibonacci retracement level. This is exactly what happened and we now need to see if there is a followup. Breaking above 80.70 will increase the chances of reaching 81 and why not breaking above it. The trend remains bullish as long as we trade above 79.75.

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Gold technical analysis for July 4, 2014 Trend News

Gold price was very volatile yesterday. We saw Gold price pull back towards $1,310 but as we mentioned in yesterday's analysis this was the short-term support level that should hold. Support did not break and Gold is back above $1,320 trying to break above the double top at $1,334.

The Ichimoku cloud provides strong support for Gold. Gold price has short-term resistance at $1,334 and support at $1,310. Since price is supported we feel it is more probable to see an upward breakout towards $1,350-60. If support fails, then we could see $1,290 being tested.

Wave E is still under way and and as price is breaking above the Ichimoku cloud in the daily chart, we can expect a short-term blow off towards $1,350-60. Our preferred scenario remains the longer-term bearish and that is why I'm looking for a good sell level and sell setup to arise.

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Daily analysis of Silver for July 04, 2014 Trend News

As shown in today's H4 chart, the metal has 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'll be waiting for it closing above the Resistance level of 21.20 in case of bouncing from the Support level in order to provide us with 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), S1(20.20).

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Technical Analysis of AUD/USD for July 04, 2014 Trend News

AUD/USD

The Aussie dollar was beaten very badly. The US jobs figures and the RBA Governor concerns regarding the overvalued Aussie dollar made a very bad move in yesterday's session which plunged into a weekly low. The pair exactly took support at an upper end of the trend line. The pair chopped the 50 days Sma and well managed to close above it. Today in Asia's session, it is trading at 0.9347 just above the 50 days Sma. If the pair closes below the 50 days Sma 0.9338, it can extend its fall up to 0.9318 and 9288 (200 days Sma). On the upside, the pair has strong resistance at 0.9397 (20 D Sma)above 0.9443 and 0.95, the pair favors selling on the rallies.

For an intraday session, the pair is trading below the hourly moving averages. In yesterday's session we gave an alert at 0.9433, sells at 0.9428 made a low at 0.9329, exactly 100 pips. We are still in a sell mode. The pair prepared a huge distribution pattern in the hourly chart. The pair resistance is at 0.9362, 0.9381 and 0.94. The hourly momentum oscillators are indicating oversold levels, so we expect a small pullback. Sellers can take this opportunity to sell again for 0.9320, 0.93 and 0.9270. Until the pair trades below 0.94, bears will have an upper hand. The pair has been making lower high's from 12 hours.

Buy above 0.9381 target 0.94 and 0.9420

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Technical analysis of EUR/JPY for July 4, 2014 Trend News

General overview for 04/07/2014 08:30 CET

The target zone has been hit and price has failed to break above this level so now it is in a retreat mode. This cycle might be the beginning of a much more impulsive downward wave progression and even a start for a wave 3 green to the downside. Nevertheless, traders should notice that the corrective cycle might as well become more complex and time-consuming as long as the level of 137.89 is not broken. Any new high above the level of 139.27 invalidates the count.

Support/Resistance:

139.89 - WR3

139.40 - WR2

139.27 - 139.39 - Old Target Zone #1

138.94 - 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:

The short orders opened yesterday should be still kept open as the lower prices are anticipated. Stop loss is above the level of 140.10 and take profit level is currently open.

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Technical analysis of EUR/USD for July 04, 2014 Trend News

When the European market opens, some economic news will be released such asRetail PMI, German Factory Orders m/m.The US will not release any economic data because of the forth of July (the US Independence Day). So amid the reports, EUR/USD will move low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3673.

Strong Resistance:1.3665.

Original Resistance: 1.3652.

Inner Sell Area: 1.3639.

Target Inner Area: 1.3607.

Inner Buy Area: 1.3575.

Original Support: 1.3562.

Strong Support: 1.3549.

Breakout SELL Level: 1.3541.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3562 and 1.3652. The rate is accompanied by strong support at 1.3549 and by 1.3665 as strong resistance.

If EUR/USD breaks out and closes below the 1.3541 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3673 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 1.3575 and a SELL position at 13639, . In this case both targets should be placed at the level of 1.3607.

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 Gold for July 04, 2014 Trend News

GOLD

The US NFP and ECB comments made the yellow metal drop 1%. The metal chopped the 200 days Ema and managed to close above it. In Asia's session, the metal is trading at $1,319.40 levels. As we recommended yesterday, positional traders should buy only above $1,335. So far, today we recommend the same thing. In the daily chart, the RSI is still standing at an overbought level. The trading pattern is framed between $1,309-$1,332 levels.

On anintraday basis, the metal is trading below the hourly moving averages. The metal is facing resistance at $1,321 (8hr high) and support at $1,318.40 (8hr low). It has a rough road ahead at $1,320.90 above $1,321.90 (12 hr high), $1,323.90 (34 hr Sma) and $1,326.20 (35 Hr Dema). We recommend trading at these levels or long only above $1,326.50 for $1,331.70 above $1,334 levels. Sell below $1,318.40 targets $1,315.50 and $1,310. We can see heavy selling pressure below $1,315.

Safe traders sell below $1,318.40

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Technical analysis of EUR/USD for July 04, 2014 Trend News

EUR/USD

The ECB has kept the interest rates on hold. On the other hand, the non-farm payrolls rose by 288,000 in the previous month, which supported the US dollar. The pair EUR/USD is drifting to 1.3596 levels. The pair has made a minor double top on the monthly chart at 1.37 levels. Until the pair trades below it, the near-term look favors bears. The pair has immediate support at 1.3574 (previous week's low). In yesterday's session the pair broke the 200 days Ema and 20days. Now the 200 days Ema is at 1.3620 acting as very strong resistance. We recommend safe traders entering buy side only above 1.3620.

On an intraday basis, the pair is trading in a complete bearish mode. It is trading below the hourly moving averages. In Asia's session the pair is trading at 1.3609 nearest support at 1.3595. Below it, there is weekly support at the level of 1.3575. If the pair chops the 1.3575, it can drift to 1.3545 and below. The panic situation would open gates for 1.35, 1.3477 and even lower 1.3420(weekly 200 Ema). On the upside, it has resistance at 1.3620, 1.3645 and 1.3660 levels.

Cmp 1.3609

Positional traders buy only above 1.37

Intraday sell below 1.3575 targets 1.3545 1.3520 1.35 and 1.3477

July key level to breach 1.37. If not, we can see 1.3420 first, then 1.3220 levels.

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Technical analysis of USD/JPY for July 04, 2014 Trend News

In Asia, Japan will release no news and the US will not unveil any economic data too because of the forth of July (US Independence Day). So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.67.

Resistance. 2: 102.47.

Resistance. 1: 102.27.

Support. 1: 102.02.

Support. 2: 101.82.

Support. 3: 101.62. DESCRIPTION:

Please, pay attention to the levels of support 3 (101.62) and resistance 3 (102.67). 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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Daily analysis of USDX for July 04, 2014 Trend News

Daily chart: The USDX has made a breakout at the 80.11 level and now is trying to consolidate above this level for rise to the 200-day moving average, which is close to the 80.50 level. However, if the USDX makes a pullback at current levels, it is expected to fall to the level of 79.75. The MACD indicator is entering oversold territory.

H4 chart: The USDX has found resistance at the 200-day moving average and now the USDX is forming a bullish pattern below the resistance level of 80.34. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.60, which is above the 200 SMA. The MACD indicator is in positive territory.

H1 chart: The USDX has consolidated above the 200 SMA and the 80.15 level, where the USDX is trying to form a bullish pattern. However, if the USDX does make a breakout at that level, it would be expected to fall back to the support level of 79.88. 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 80.15, take profit is at 79.88, and stop loss is at 80.42.

The material has been provided by InstaForex Company - www.instaforex.com



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