Daily analysis of GBP/USD for July 08, 2014 Trend News

Daily chart: The GBP/USD has made a pullback at the resistance level of 1.7170. Now, this pair is trying to stay strong in the bullish outlook with the formation of a lower high pattern. If GBP/USD manages to make a breakout at the level of 1.7100, it's expected to fall to the support level of 1.7000. The MACD indicator is in the overbought zone.

H4 chart: This pair has consolidated below the bullish trend line that is located at the 1.7160 level. However, the GBP/USD pair is likely to fall to the support level of 1.7062. If the pair manages to make a breakout at that level, it would be expected to fall to the 1.6995 level in the short term. The MACD indicator is in the negative territory.

H1 chart: The GBP/USD has made a breakout at the level of 1.7150. Now, this pair is finding support in the vicinity of the point of control. If the pair manages to make a breakout at the support level of 1.7100, it's expected to fall to the level of 1.7050, which is below the 200 SMA. MACD indicator is in the 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 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.

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

Overview:

USD/JPY is expected to consolidate after lackluster U.S. holiday-thinned trading on Friday. USD/JPY is buoyed by the positive dollar sentiment after Thursday's better-than-expected U.S. June non-farm payrolls and unemployment data. USD/JPY is also supported by buoyant U.S. Treasury yields and demand from Japan importers. But USD/JPY upside is limited by the Japan export sales and diminished risk appetite as Stoxx Europe 600 index shed 0.1% to 348.53 on Friday.

Technical comment:
The Daily chart is still positive-biased as MACD and stochastics are bullish, five-day moving average is rising above 15-day MA.

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 101.65. A breach of this target will move the pair further downwards to 101.50. The pivot point stands at 102.25. 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 102.45 and the second target at 102.65.

Resistance levels:

102 .45

102.65

102.95

Support levels:

101.65

101.50

101.35

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

Overview:

USD/CHF is expected to consolidate with the bullish bias after hitting six-day high at 0.8952 on Friday. It is supported by the positive dollar sentiment and franc sales on buoyant EUR/CHF cross and on weaker CHF/JPY cross. The Daily chart is positive-biased as stochastics is rising from the oversold zone, negative MACD histogram bars are contracting.

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 0.8960 and the second target at 0.8975. 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 0.8925.

Resistance levels:

0.8960

0.8975

0.90

Support levels:

0.8880

0.8860

0.8840

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Technical analysis of GBPJPY for July 07, 2014 Trend News

Overview:

GBP/JPY is expected to range-trade. It is supported by the demand from Japan importers. But GBP/JPY upside is limited by the diminished risk appetite and Japan export sales. The Daily chart is mixed as MACD is bullish, but stochastics is turned bearish at the 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 173.90. A breach of this target will move the pair further downwards to 173.30. The pivot point stands at 175.40. 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 175.80 and the second target at 176.15.

Resistance levels:

175.80

176.15

176.65

Support levels:

173.90

173.30

172.65

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

Overview:

NZD/USD is expected to consolidate with risks skewed lower. It is undermined by the positive USD sentiment, Kiwi sales on rebounding AUD/NZD cross and subdued risk appetite. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand's monetary policy stance and NZD/USD interest differential. The Daily chart is negative-biased as stochastics is falling from the overbought zone, MACD is staging bearish crossover against its exponential moving average, although inside-day-range pattern was completed on Friday.

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 0.8725.

Resistance levels:

0.8800

0.8835

0.8860

Support levels:

0.87

0.8680

0.8650

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GBP/USD intraday technical levels and trading recommendations for July 7, 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 pair 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.

Bullish pressure was applied to break-through the upper limit of the 4H movement channel. However, lack of follow-through is now witnessed on the chart as bullish pressure being applied is not enough to ensure success of the bullish breakout.

On the other hand, intraday resistance is being expressed. A short-term SELL position can be taken at the current prices with SL located just above 1.7190. Breakdown of 1.7120 - 1.7100 ensures a deeper bearish correction towards 1.7050 initially.

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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USD/CAD intraday technical levels and trading recommendations for July 7, 2014 Trend News

Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been down trending within the depicted bearish channel, which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.

The USD/CAD pair found solid resistance around 1.0910-1.0950 that was able to pursue the ongoing bearish momentum.

The pair was trapped within the depicted congestion zone between the two such important Fibonacci Levels until bearish breakout turned to the bearish side.

Bearish projection targets got visited at 1.0725 and 1.0685 respectively (the lower limit of the ongoing bearish channel).

Bullish price action will probably originate at retesting of 1.0655-1.0630 which is the origin of the previous bullish impulse initiated in December 2013.

Please also note the steep bearish channel depicted on the 4H chart. The price keeps respecting its limits at retesting. The pair is currently retesting the backside of the broken upper limit.

That's why, price movement should be watched for a possible BUY entry. SL should be set as daily closure below 1.0600.

Note the state of indecision taking place around the current prices. This should render the bulls conservative with the mentioned Stop Loss and their potential targets around 1.0790-1.0800.

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Gold analysis for July 07, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways. We can face a quiete day and very flat Gold around the price of 1,314.00. According to the daily timeframe, we can observe very weak demand in the background on ultra low volume, which is sign that buying looks risky . 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: 1,320.83

R2: 1,321.91

R3: 1,323.67

Support levels:

S1: 1,317.31

S2: 1,316.23

S3: 1,314.47

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

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Gold analysis for July 07, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways. We are facing a quiet day and very flat Gold around the price of 1,314.00. According to the daily timeframe, we can observe very weak demand in the background on ultra low volume, which is sign that buying looks risky . 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: 1,320.83

R2: 1,321.91

R3: 1,323.67

Support levels:

S1: 1,317.31

S2: 1,316.23

S3: 1,314.47

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

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Weekly technical levels of GBP/USD for July 7-11, 2014 Trend News

Trading recommendations :

• According to the previous events, the GBP/USD pair has still been moving between 1.7179 and 1.7103. It should be noted that the key price is set at the level of 1.7116 (the weekly pivot point for July 7-11, 2014). Equally important, the double top will be formed at the 1.7179 level. As it is known, history will probably repeat itself at this level again. Therefore, it will a good sign to sell below 1.7179 with the first target of 1.7115. It will call for downtrend in order to continue its bearish movement towards 1.7060.


• On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above 1.7190 at the price of 1.7225.

The weekly technical levels of GBP/USD pair:

Notes :

• If the trend is buoyant, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.


• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a trading range; it looks like the trend is trapping and going up or down. If you sell or buy in the long term, you will surely lose your profit.


• As a rule, the market is highly volatile if the previous day or week had huge volatility (292.30).

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Weekly technical levels of EUR/USD for July 7-11, 2014 Trend News

Weekly technical levels:

Overview :

• The EUR/USD pair has opened above the weekly support one at the level of 1.3593. So, the strong support will set at the spot of 1.3550 today. Also, you have to consider the price of 1.3667 which represents a strong resistance on July 7, 2014. Consequently, we expect a range about 60 pips in coming hours. Therefore, the market will probably indicate a bullish opportunity at the level of 1.3563 and the weekly pivot point will act as minor resistance around the area of 1.3626. Thus, according to the previous events, the price is going to move between the price of 1.3560 and the 1.3625 level. Thenceforward, the area above 1.3626 (above the weekly pivot point) looks for further upside with the first target at the 1.3645 level and continue towards 1.3667 in order to form to test the weekly resistance 1 tomorrow. However, stop loss should be placed below the price of 1.3540.

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Technical analysis of USD/CAD for July 7, 2014 Trend News

General overview for 07/07/2014 10:50 CET This pair is still in the corrective cycle that has been labeled as a simple (a)(b)(c) structure for now, but it might get more complex and time consuming. There are two types of the correction that might be in progress now and they have been indicated on the chart in brown and blue arrows. The main scenario (brown arrows) indicates a possibility of a irregular flat correction with the wave (c) blue target in the area between the levels of 1.0750 - 1.0766. The other scenario, the blue one, indicates another corrective cycle that might be a sideways range trading market in a regular flat correction with the target below the technical resistance at the level of 1.0695. Support/Resistance:

1.0766 - WR3

1.0750 - Technical Resistance

1.0731 - WR2

1.0690 - WR1

1.0678 - Intraday Resistance

1.0654 - Weekly Pivot

1.0614 - WS1

1.0578 - WS2

Trading recommendations:

Buying the dips in corrective structure seems to be the strategy for those traders who like to trade a range/corrective structures. In that case, the entry levels should be as close as possible to the level of 1.0618 with a very tight SL, and the TP order should be set above the level of 1.0678 with a possible upside extension.

Any other traders who does not feel comfortable trading ranges should refrain from trading until the corrective cycle is completed.

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Technical analysis of EUR/JPY for July 7,2014 Trend News

General overview for 07/07/2014 10:20 CET As anticipated last week, the impulsive wave progression in last wave (c) on the whole corrective cycle is now completed. The price is currently in first stages of a possible downward continuation. The red trendline has been broken but the market is still trading within the yellow range zone and only a breakout below the level of 138.48 would open the road to lower support levels. Please, notice that even if the market will breakout above the intraday resistance at the level of 138.82, it can still be a corrective move, as long as the level of 139.is is broken.

Support/Resistance:

139.88 - WR2

139.32 - WR1

138.20 - Intraday Resistance

138.73 - Weekly Pivot

138.48 - Intraday Support

138.14 - WS1

137.69 - Technical Support

137.54 - WS2

Trading recommendations:

The swing sell orders opened last week should still be kept open due to the lower price levels anticipation. Day traders might enter the short side of the market if the level of 138.48 is clearly broken (H1 candle close below this level), with SL above the level of 138.82 and TP at the level of 138.14 with a very possible downside extension to the level of 137.69.

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#USDX Technical analysis for July 7, 2014 Trend News

The Dollar index has broken short-term resistance levels after bouncing off our support target at 79.75 and is heading higher towards intermediate-term resistance levels that if broken could change the longer-term trend.

the price is above the Ichimoku cloud and above the red downward sloping trend line resistance. The Dollar index is also trading inside an upward sloping channel. The trend favors bulls. Short-term support is found at 80.15 and 80.05. Short-term resistance is found at 80.60-80.70.

The daily chart shows how the Dollar index is bouncing higher towards the 50% retracement of the decline from 81. Next important daily resistance is found at the 61.8% retracement at the 80.55 and 80.75 level. So, a daily close above these levels will be a sign of strength and a sign that the Dollar index is changing longer-term trend to up.

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Gold Technical analysis for July 7, 2014 Trend News

The gold price has made a double top at $1,1330-$1,334 and is pulling back down below $1,320 again. The gold price is making lower highs and lower lows in the short run. It is testing the upward sloping interrmediate-term trend line as shown in the chart below. The price is also entering the Ichimoku cloud and this means that bulls are losing momentum while bears are getting stronger.

Support is found between $1,300-$1,290. Breaking below that level will increase the chances that the upward move from $1,240 is complete. So, is the wave E of the triangle pattern I've been talking for so long. The gold price has short-term support at $1,310. If broken, I expect the gold price to test $1,290. Short-term resistance is found at $1,323. If broken, we will then anticipate a move to challenge $1,334 highs.

Nothing has changed our preferred longer-term bearish view. Wave E could very well be complete. If not, we will get a buy signal when the price breaks above $1,334 targeting $1,350-60. With the current price setup, I feel that we might have already completed the upward move from $1,240 and we are heading lower towards $1,260. Breaking below $1,250-40 will confirm that wave E is complete.

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Elliott wave analysis of EUR/NZD for July 7, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5650

R2: 1.5615

R1: 1.5594

Current spot: 1.5559

S1: 1.5545

S2: 1.5505

S3: 1.5478

Technical summary:

All odds favor wave 2 being in place at 1.5505 and we should now be looking for a break above minor resistance at 1.5610 as the first strong indication that this is the case. However, a break above resistance at 1.5650 is needed to confirm that wave 2 is indeed in place for a new strong rally in wave 3 higher to at least 1.5780 and likely even higher to 1.5951.

Only unexpected break below 1.5505 will question the expected rally, but it will take a break below 1.5478 to invalidate our bullish count. Even if the unlikely event of a break below 1.5478 should happen, the downside potential should be very limited.

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 1.5535 or upon a break above 1.5610 with the same stop at 1.5470.

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Elliott wave analysis of EUR/JPY for July 7, 2014 Trend News

Today's Support and Resistance levels:

R3: 139.00

R2: 138.92

R1: 138.83

Current spot: 138.64

S1: 138.54

S2: 138.37

S3: 138.10

Technical summary:

The decline from 139.28 is impulsive that indicates that more downside should be seen. That means we would still like to see a break below minor support at 138.54 as an extra indication that a top was indeed found at 139.28 for a decline towards at least 138.10 and more likely lower to 137.66.

In the short term a minor correction towards the 138.83 - 139.00 area cannot be excluded before the next real downside pressure takes over for the break below 138.54 on the way lower to 138.10.

Trading recommendation:

We are short in EUR from 138.95 with stop placed at 139.35. If you are not short in EUR yet, then sell near 139.00 or upon a break below 138.54 with the same stop at 139.35.

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Forecast of EUR/GBP for July 07, 2014 Trend News

EUR/GBP

The pair made a double bottom in the weekly chart at 0.7918 as of now in Asia's session. The pair made a low at 0.7918 during last week's session and is holding above that. Currently, the pair is trading at 0.7923 levels. On the down side, if it breaches the low at 0.7918, it can extend its fall up to 0.79-0.7886, 0.7788-0.7757 (200-monthly Ema and previous swing low). On the upper side, it has a resistance level at 0.7972 and 0.8034 levels and the 2013 support trend line became resistance. The bulls need to breach 0.8034 to spike to 0.8157 levels.

We recommend to sell only below 0.7918, or risky traders can buy with sl 0.7918 for targets 0.7935, 0.7958, 0.7972 and 0.8034 levels. Sell below 0.7918 with targets 0.7886, 0.7932, 0.7790 and 0.7757. We can see a strong momentum above 0.7935 levels. The RSI and Stochastics favor limited downside/pullback from the oversold levels.

Sell only below 0.7918.

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