Weekly forecast and an intraday analysis of Gold for July 07-11, 2014 Trend News

GOLD-

The metal opened on a minor bearish note in Asia's session. The metal looks good only above $1,320.70 levels on the down side, it has support at $1,315 levels. On the weekly basis, as we recommended earlier, fresh longs are only above $1,332, now it is above $1,320.70. On the down side, it has weekly support at $1,309.50, below this, $1,305.80 levels. The daily RSI still favors bears.

Intraday- cmp $1,319.70

The metal is trading below the hourly moving averages. The metal has strong resistance at $1,320.70, above this, $1,321.50, $1,323 and $1,324.60. Until the metal breaches $1,320.70, we expect it to fall to $1,315 initially and later $1,309.50. A fter a break below $1,315 only, we can see next down fall. Traders can take partial profit at $1,315 levels. The bulls are back on track only above $1,326.50.

Recommendation- cmp $1,319.70.

Sell with sl $1,320.70 and targets $1,315, sell more below $1,315 for $1,309.50.

Safe buying is only above $1,326.50.

Risky traders, buy above $1,321 with targets $1,323, $1,324.60 and $1,326.50.

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Weekly forecast and an intraday analysis of GBP/USD for July 07-11, 2014 Trend News

GBP/USD

Overview-

The pair has been in a highly bullish zone, moving towards the 50.0 fib level at 1.7330 (monthly chart). The monthly momentum indicator is almost near the pervious peek made on November 2011 2.1161 levels. With the help of this, we can expect the pair in the short term to head around 1.73 levels. On the downside, the pair has strong support at 1.6690. The medium-term trend will become negative below 1.6690 levels. The monthly key support level is at 1.7043 levels.

Weekly July- 07-11

The pair opened with a mild bearish note in Asia's session as of now. We recommend to go, fresh longs, only above 1.7167 or previous week's high at 1.7180. On the down side, it has support at 1.7130, 1.7095, breaking below this, it will test its monthly support level at 1.7043. The daily RSI is indicating an overbought sign. The weekly support is between 1.7020-1.70 for July 07-11, 2014.

Note- cmp 1.7148.

Buy above 1.7080.

Intraday- cmp 1.7163.

The cable is trading below the hourly moving averages. It has last support at 1.71 levels, below this, it can fall to 1.7050, 1.7020 levels. We recommend to buy above 1.7167, safe buyers, only above 1.7180 levels. The hourly RSI is indicating a down move.

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Weekly forecast and daily analysis of USD/CAD for July 07-11, 2014 Trend News

USD/CAD

Overview-

Today traders eye the economic data on building permits and Ivey PMI data. The pair has been in a down trend from 1.1279 levels (March 2014 high). The pair almost erased its gains in the month of January 2014, holding near its strong support zones. The nearest strong support zones are between 1.06-1.0589 (January 2014 low). Once the pair breaks below this, we can see another huge downfall up to 1.0560 and 1.0527 (20-month Sma).

Weekly review- July 07-11

The pair is still trading below the 50-week Sma at 1.0723 levels. The pair is nearing the two-year support trend line, a break below that will ignite the bear's power again for a steep downfall. The bulls are back on track only above 1.0723 levels. The trading pattern is framed between 1.0560-1.06-1.0723 levels for the week July 07-11, 2014.

Safe positional traders, buy above 1.0723, sell again below 1.0560.

Intraday- cmp 1.0652.

The pair is trading above the hourly moving averages and opened in a mild bullish mode. For an intraday view, we recommend to buy only above 1.0660 levels for an intraday target at 1.0680, 1.0697 and 1.0710 levels. The pair has an intraday support at 1.0645, 1.0629 and 1.06.

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

When the European market opens, some economic news will be released such as Sentix Investor Confidence, and German Industrial Production m/m. Today US will not release any economic data, so amid the reports, EUR/USD will move low volatility during today.

Today’s technical levels:

Breakout BUY Level: 1.3654.

Strong Resistance:1.3646.

Original Resistance: 1.3633.

Inner Sell Area: 1.3620.

Target Inner Area: 1.3589.

Inner Buy Area: 1.3558.

Original Support: 1.3545.

Strong Support: 1.3532.

Breakout SELL Level: 1.3524.

Description:

Today EUR/USD has support and resistance at 1.3545 and 1.3633. The rate is accompanied by strong support at 1.3532 and by 1.3646 as strong resistance.

If EUR/USD breaks out and closes below the 1.3524 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3654 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 1.3558 and at 1.3620, a SELL position. In this case both targets should be placed at the level of 1.3589.

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 07, 2014 Trend News

In Asia, Japan will release the Leading Indicators and the US will not release any economic data. So there is a big probability USD/JPY will move with low volatility today.

Today’s technical levels:
Resistance. 3: 102.69.

Resistance. 2: 102.49.

Resistance. 1: 102.29.

Support. 1: 102.03.

Support. 2: 101.83.

Support. 3: 101.63.

Description:
Please, pay attention to the levels of support 3 (101.63) and resistance 3 (102.69). 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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Technical analysis of Gold for July 07, 2014 Trend News

Technical outlook and chart setups:

1. Gold is finally seen to be reversing after printing highs at $1,330.00 levels last week. The downfall should accelerate towards at least $1,290.00/80.00 levels if not lower. Recommendations are to remain short for now.

2. Support is seen at $1,280.00, followed by $1,260.00, $1,240.00, $1,230.00 and lower while resistance is seen at $1,350.00/60.00, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold is headed lower for now before reversing.

Trading recommendations:

Remain short, stop at $1,340.00, 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 returns from 139.20 levels as seen here. Please note that inner line and fibonacci 0.618 are also seen passing through the same level. The pair should remain in control of bears until price remains below 140.00.

2. Support is seen at 137.70, followed by 136.00, 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 could continue drifting lower until price remains below the 140.00 mark.

Trading recommendations:

Remain short, stop at 140.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for July 07, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair produced a potential top and reversal candle after printing fresh highs at 1.5350 levels on Friday. The pair could continue to print higher highs until price remains above 1.5140 levels. A pullback towards 1.5250/1.5200 could be potential level to enter long positions.

2. Support is at 1.5140, followed by 1.4950, 1.4780 and lower, while resistance is at 1.5350 for now.

3. The structure indicates that GBP/CHF remains in control of bulls until price remains above 1.5140 levels. Only a break below could be a concern.

Trading recommendations:

Buy on dips.

Good luck!

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Daily analysis of USDX for July 07, 2014 Trend News

Daily chart: The USDX continues its bullish movements above the support level of 80.11 and is now approaching the 200-day moving average, where the USDX could find resistance. However, if the USDX does make a breakout on the resistance level of 80.62, it's expected to rise to the level of 81.50 in the medium term. The MACD indicator is oversold.

H4 chart: The USDX is trying to stay above the 200 SMA with the formation of a lower high pattern. If the USDX does make a breakout on the resistance level of 80.34, it's expected to rise to the level of 80.60. For now, the USDX is trying to find a clear trend for this week. The MACD indicator is in positive territory.

H1 chart: The USDX continues to move in the range above 200 SMA and the support level of 80.15. However, the USDX could make a pullback at current levels and fall back to the support level of 80.15. If the USDX does make a breakout in the support level of 80.15, it's expected to fall to the level of 79.88. The MACD indicator is entering neutral 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.

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Daily analysis of GBP/USD for July 07, 2014 Trend News

Daily chart: The GBP/USD stays below the resistance level of 1.7169 where the pair is forming a lower high pattern, because the GBP/USD has made sideways movements in recent days. By now, we should wait for a breakout of this pair at that level to continue placing long orders. The MACD indicator is in positive territory.

H4 chart: The GBP/USD continues to find support on the bullish trend line which is near the level of 1.7135 and now the pair is trying to consolidate above this level. However, if the GBP/USD manages to make a breakout in the trend line, it is expected to fall to the support level of 1.7062. The MACD indicator is in negative territory.

H1 chart: This pair continues to move sideways above the point of control at the level of 1.7150. The GBP/USD is also trying to have a bullish momentum for a breakout on the resistance level of 1.7200 and up to the 1.7250 level. The MACD indicator is entering neutral 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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Daily analysis of major pairs for July 7, 2014 Trend News

EUR/USD: As it was said in the last forecast, this pair has already assumed a new bearish bias, going downwards. Right now, the price closed below the resistance line at 1.3600. The target for this week is at the support line at 1.3550; and the Bullish Confirmation Pattern in the market makes it is logical that the price would go further downwards.

USD/CHF: After much effort from the bulls, the USD/CHF has turned bullish, going further north. The resistance level at 0.8950 has been challenged and it would be breached to the upside as the bullish energy continues. But it is unlikely that the price would also breach the great resistance level at 0.9000 to the upside; therefore buyers may want to take their profits around that resistance level.

GBP/USD: The Cable is still facing a big challenge around the price territory at 1.7150. However, the market is expected to go further upwards as a result of the strong northward bias on it. Should this happen, the price would go towards the distribution territory at 1.7200.

USD/JPY: This is a bull market, and the price ought to go further upwards. Nevertheless, the bullish journey is not without difficulties. As long as the price is above the demand level at 101.50, the bullish outlook is sensible.

EUR/JPY: This market is not yet attractive, and one may do well to abstain from it until there is a clean directional bias in the market. The EUR is weak and the Yen is also weak, but one must be strong than the other so that a direction can be determined.

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