Technical analysis of USD/JPY for July 09, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with the bearish bias after hitting one-week low at 101.47 this morning as markets are awaiting the FOMC meeting minutes at 1800 GMT. Market participants would be looking for any hints of a more hawkish tone after the recent strong employment data, although the general view is that the recent improvement in the job market is not enough to cause the Federal Reserve to deviate from its current policy path. USD/JPY is undermined by selling yen crosses amid increased risk aversion (VIX fear gauge rose 5.74% to 11.98) as U.S. stocks fell overnight (S&P 500 closed down 0.7% at 1,963.71) before the start of the U.S. 2Q corporate-earnings season. USD/JPY is also weighed by the weaker dollar sentiment (ICE spot dollar index last 80.17 versus 80.22 early Tuesday) on lower U.S. Treasury yields and a surprise drop in U.S. NFIB Index of Small Business Optimism to 95.0 in June from 96.6 in May (versus forecast for rise to 97.0) as well as Japanese export sales. But USD/JPY losses are tempered by the demand from Japanese importers.

Technical comment:
The daily chart is negative-biased as stochastics is in bearish mode, MACD is turning bearish.

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 101.20. The pivot point stands at 101.80. In case the price moves in the opposite direction and bounces back from the support level, it would 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 and the second target at 102.25.

Resistance levels:

102

102.25

102.50

Support levels:

101.35

101.20

101

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Technical analysis of USD/CHF for July 09, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with the bearish bias after hitting a three-day low at 0.8918 on Tuesday. It is undermined by the weaker dollar sentiment. But CHF sentiment is dented by flat Switzerland's June CPI (versus forecast +0.1% on-year), nominal 1.0% fall in Swiss retail sales in May. USD/CHF downside is also limited by the franc sales on buoyant EUR/CHF cross and on soft CHF/JPY cross. The daily chart is still positive-biased as stochastics is bullish, negative MACD histogram bars are contracting, five-day moving average is above 15-day MA and is advancing.

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 0.89. A break of this target will move the pair further downward to 0.8880. The pivot point stands at 0.8960. In case the price moves in the opposite direction and bounces back from the support level, it will 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 0.8975 and the second target at 0.9000.

Resistance levels:

0.8975

0.90

0.9035

Support levels:

0.89

0.8880

0.8860

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Daily analysis of Silver for July 09, 2014 Trend News

Overview

As shown in today's H4 chart, the metal failed to break the Support level of 20.90 yesterday and is still trading above the support and below the Resistance level of 21.20. Currently, it is bouncing from the support level and starting the bullish move. So, we still suggest waiting for closing above the resistance level of 21.20 in case of bouncing from the support level to give us 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 toward 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 NZD/USD for July 09, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with the bullish bias after hitting a three-year high at 0.8805 on Tuesday. Kiwi sentiment is boosted after Fitch revised New Zealand's credit outlook to positive from stable as it affirms the nation's "AA" rating. NZD/USD is also supported by the weaker dollar sentiment and the hawkish monetary policy stance of the Reserve Bank of New Zealand as well as NZD-USD interest differential. But NZD/USD upside is limited by the Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion. The daily chart is positive-biased as MACD is bullish, stochastics is reverted to the bullish mode near the overbought zone; five-day moving average turned upward above advancing 15-day MA.

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 0.8835 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 0.8710. A break of this target would push the pair further downwards and one may expect the second target at 0.8680. The pivot point is at 0.8735.

Resistance levels:

0.8835

0.8860

0.8880

Support levels:

0.8735

0.8710

0.8680

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Technical analysis of GBPJPY for July 09, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is undermined by the increased investor risk aversion and Japanese export sales. But GBP/JPY losses are tempered by the demand from Japanese importers. The daily chart is negative-biased as stochastics is falling from the overbought zone, positive MACD histogram bars are contracting, five-day moving average is falling below 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 173.35. A break of this target will move the pair further downwards to 172.85. The pivot point stands at 174.55. 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 175.15 and the second target at 175.40.

Resistance levels:

175.15

175.40

175.85



Support levels:
173.35

172.85

172.45

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EUR/NZD analysis for July 09, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways. We are facing a quiet day and flat EUR/NZD around the price of 1.5460. According to the previous price movement, we can observe strong supply in an ultra high volume, according to the 1H timeframe, which is a sign that buying looks risky. I have placed Fibonacci expansion levels to find the second down station. I got the second down station around the level of 1.5420 (Fibonacci expansion 100%). Be careful when buying and watch for potential selling opportunities. The third major down station (short-term) is still at the price of 1.5335 (Fibonacci expansion 161.8%). According to the 4H timeframe, we can observe supply in a volume above average, which is a good sign for potential bearish continuation.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5546

R2: 1.5577

R3: 1.5627

Support levels:

S1: 1.5447

S2: 1.5416

S3: 1.5367

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

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Technical analysis of EUR/USD for July 9, 2014 Trend News

Trading recommendations :

• According to the previous events, the price of the EUR/USD pair is still between the levels of 1.3585 and 1.3625. Moreover, it should be noted that the market was quite stable and the downward trend was also obvious. Futhermore, likewise, the range was around 130 pips last week. Additionally, the value of 38.2% Fibonacci retracement levels is 1.3629 for that the key level of 1.3626, is available for a downtrend to confirm the bearsh market. Therefore, sell deals are recommended below the 1.3626 level with targets at 1.3585 (the double bottom) as it will resume towards 1.3552 in order to test weekly support 1. It should be noted the descending movement will probably be lower than 1.3511 level (it will form a new double bottom).


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

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Intraday technical levels and trading recommendations on GBP/USD for July 9, 2014 Trend News

Successive bottoms around 1.6465, 1.6555, and 1.6665 (corresponding to the uptrend line) constituted a solid bullish structure that kept pushing higher.

However, in May, the bullish momentum wasn't strong enough to allow the bullish breakout above 1.7000 to pursue towards further targets. Instead, this breakout lost its bullish momentum showing successive lower highs that temporarily managed to breakdown the depicted uptrend line.

This has been taking place until the GBP/USD pair showed bullish recovery around 1.6690 which was followed by strong bullish pressure that pushed above 1.7000 (the prominent top established on May 6) and 1.7150 thus challenging new price levels that have not been visited since 2008.

Lack of bullish momentum and indecision are now observed on the daily chart.

On the other hand, the most dependable DEMAND level is located around 1.7050 where the previous established top is located.

Bullish fixation above 1.7000 enhanced the bullish channel scenario, thus enabling the bulls to reach 1.7100 and 1.7160 shortly after.

The current price zone between 1.7140 - 1.7160 should be watched for early reversal of bearish price action. A reversal of a double-top pattern is probably being expressed now.

It should constitute a significant SUPPLY zone as it corresponds to the upper limit of the depicted channel and it has been providing resistance so far.

As expected, a short position could have been triggered on Tuesday with stop loss located above 1.7200.

Bearish targets should be located at 1.7055 and 1.7000 where the lower limit of the ongoing channel is located.

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Intraday technical levels and trading recommendations on EUR/USD for July 9, 2014 Trend News

The price zone of 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.

A Double Top pattern was formed after the neckline located at 1.3700 got broken-down. Projection targets have already been hit shortly after.

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 channel) thus fixating again above 1.3560 (the key-level corresponding to the previous prominent bottom).

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

The price zone between 1.3600-1.3560 ( 50% and 61.8% Fibonacci levels ) should be expected for a 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 chart.

As long as the bulls keep defending this demand zone, the bullish momentum is most likely to pursue towards further targets.

On the other hand, breakdown of 1.3550 invalidates the bullish structure allowing the bears to pursue towards lower targets. NB: This is less likely to occur in the current situation although the probability exists.

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Gold analysis for July 09, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,326.25 in a volume above average according to the 4H timeframe. Bullish movement is a result of very weak supply from yesterday. According to the daily timeframe, we can observe very weak supply with a volume below average in the background, which is a sign that supply lost its power. Buying Gold still looks unsafe since the price is near the resistance level at 1,333.00. Be careful with buying and watch for potential selling opportunities. If the price breaks the level of 1,333.00, we may see more upward movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,323.18

R2: 1,325.88

R3: 1,330.23

Support levels:

S1: 1,314.48

S2: 1,311.78

S3: 1,307.43

Trading recommendation: Be careful with buying since the price is near the resistance zone of 1,333.00.

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USD/CAD intraday technical levels and trading recommendations for July 9, 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 downtrending 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) where the pair has established a prominent congestion zone.

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

The pair was trapped within the depicted congestion zone between two very 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 originated quite obviously when 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 action 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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GBP/USD intraday technical levels and trading recommendations for July 9, 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 a bullish impulse towards 1.6900 and 1.7000.

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

Bullish pressure was applied at retesting 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 exercised. 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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Technical analysis of NZD/USD for July 9, 2014 Trend News

Overview :

• The NZD/USD pair is in the short term. The last double top had already set at the price of 0.8846 in the weekly chart. Moreover, it should be noted that the level of 0.8856 is representing the highest price. So, the market will turn to the bearish sentiment from the level of 0.8846. Additionally, support has reached 0.8725 and resistance is going to set at the spot of 0.8850. Hence, we expect a new range of 121 pips this week. Therefore, it will be a good sign to sell at the 0.8846 price with the first target of 0.88. Furthermore, it will continue in the downtrend in order to keep its bearish movement towards 0.8725 (it should be also noticed that the level of 0.8725 is going to form a strong support on July 9, 2014). Notwithstanding, the stop loss should never exceed your maximum exposure amounts. Accordingly, the stop loss should be placed above the double top (0.8846) at the level of 0.8880.

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Technical analysis of USD/CAD for July 9, 2014 Trend News

General overview for 09/07/2014 10:20 CET

The market is trading in a narrow range between the levels of 1.0617 - 1.0695. Due to the lack of any downside momentum, the simple correction might be getting more complex and time consuming. The possible shape of this complex cycle is a double three pattern. It means the market might stay in this range for some time and any breakout might be a false one. However, in a larger-term view the bias is still bearish.

Support/Resistance:

1.0766 - WR3

1.0750 - Technical Resistance

1.0731 - WR2

1.0690 - WR1

1.0660 - Intraday Support

1.0654 - Weekly Pivot

1.0614 - WS1

1.0578 - WS2

Trading recommendations:

Short positions opened yesterday should still be kept open and the SL and TP levels are the same. Please, adjust the TP orders, although in case the structure has changed into the complex one. Careful trading is advised.

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

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#USDX Technical analysis for July 9, 2014 Trend News

The Dollar index has broken the flag pattern I posted yesterday but on the downside. The price has fallen towards the 80.10 support and continues to slide lower. The price is still above the Ichimoku cloud in the 4-hour chart and needs to break above 80.20 to give a buy signal.

The downward sloping move of the Dollar index is apparently corrective to the bigger upward trend that started at 79.75. Short-term support is at 80.05 and short-term resistance is at 80.20. I believe that soon we should see another move higher towards 80.60. This will happen if the index breaks above the 80.20 resistance.

The daily chart shows clearly how the price was rejected at the 50% retracement at 80.45. So, on a daily basis we need to break above that level and close above it. The Dollar index has pulled back again to support levels of the Ichimoku cloud. This support should be strong enough to re-energise bulls and give another move higher towards 80.70 at least. I remain bullish.

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Technical analysis of EUR/JPY for July 9, 2014 Trend News

General overview for 09/07/2014 10:00 CET

The impulsive wave progression to the downside is developing in line with expectations. The alternate count however indicates a more complex corrective cycle which might lead to a triangle or a double three pattern in this corrective wave. Nevertheless, the bias is still bearish regardless of the final shape of the corrective cycle. The key level shouldn't be broken and the market should follow the downside path.

Support/Resistance:

139.88 - WR2

139.32 - WR1

138.62 - Intraday Resistance |Key Level|

138.73 - Weekly Pivot

138.14 - WS1

138.09 - Intraday Support

137.69 - Technical Support

137.54 - WS2

Trading recommendations:

Swing traders with active sell orders opened last week should still be kept open due to the lower price levels expectations.

Day traders still should keep the short orders opened at the beginning of the week and wait until the TP at the level of 137.69 is hit.

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Gold Technical analysis for July 9, 2014 Trend News

The gold price remains in a neutral sideways trend. Neither support nor resistance was broken yesterday and we continue to wait for the next big move. The $1,340-50 area remains the upside potential. The downward potential is $1,290-$1,250.

The price continues to trade between these levels. The trend is neutral. As long as the price trades above $1,307, there is still a chance of seeing a move towards $1,350. So, it is preferable to stay long while we are trading above $1,307. If we break support, then it is wise to turn bearish as there is an increasing risk of falling towards $1,250.

The gold price is trading sidewys and could be forming a bullish flag. Breaking above $1,334 will be a bullish signal. If it happens, my first target will be $1,340-50. This is a very imortant resistance area. If broken it could push the price towards $1,390-$1,400. If support at $1,307 fails, we could see Gold push towards the Ichimoku cloud support at $1,280-90.

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Elliott wave analysis of EUR/NZD for July 9, 2014 Trend News

Today's support and resistance levels:

R3: 1.5528

R2: 1.5494

R1: 1.5475

Current spot: 1.5462

S1: 1.5437

S2: 1.5389

S3: 1.5350

Technical summary:

The unexpected break below 1.5478 has once again revived the downtrend from 1.7274. As we have broken almost all possible support points, now it seems fit to expect a full 100% retracement of the rally from 1.4966 to 1.7274 in a flat correction. It means the last part of the decline clearly lacks momentum. Now, a bottom could be found any time to end the X-wave, which has been unfolding since the 1.7274 high. This has been a very difficulte wave to track and has caused a lot of burned fingers.

Trading recommendation:

Our stop at 1.5470 was hit and we still stay neutral for now.

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Elliott wave analysis of EUR/JPY for July 9, 2014 Trend News

Today's support and resistance levels:

R3: 138.83

R2: 138.70

R1: 138.56

Current Spot: 138.43

S1: 138.32

S2: 138.25

S1: 138.11

Technical summary:

Red wave i extended to 138.11 before finally coming to an end. We see a correction in red wave ii. This correction will ideally be capped at 138.83 for the next decline in red wave iii lowering to 137.70 on the way to 136.22.

The correction in red wave ii could have already been capped at 138.55, but we will have to allow for a move closer to the 61.8% corrective target in red wave ii before red wave iii is ready to take over.

Trading recommendation:

We are short in EUR at 138.95 with stop placed at 139.30. If you are not short in EUR yet, then sell near 138.83 or upon a break below 138.32 with the same stop at 139.30.

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Intraweek forecast and an intraday analysis of USD/CAD for July 09- July 11, 2014 Trend News

USD/CAD -

The pair has been taking support at the one-year aged weekly support trend line. In the last week's trading sessions, it took the support exactly on the trend line. On the upside, it has strong resistance at 1.0723 (50 WSma), the bulls must breach this level to take the pair under their control. Until the pair trades below the 1.0723, bears have an upper hand. If the bulls manage to break the 1.0723 level, they can push the pair towards 1.0761 and 1.0862 levels in the coming weeks. On the down side, it has a support zone between 1.60-1.5975-1.5960 levels. We recommend to sell below 1.0560 targets 1.0460 and 1.0410 levels. The weekly Stochastics indicating at an oversold level.

For an intraday basis, the pair is trading in a mild bullish note holding above the hourly moving averages. The pair supports at 1.0660 and 1.0657. The pair will face selling pressure below 1.0657 up to the 1.0630, 1.0620, 1.06, and 1.0575 levels. The pair has resistance at 1.0694 levels above this, the reversal trend existed at the 1.0720 levels.

Nutshell -

Trend reversal at 1.0720

Again panic below 1.0560

Buy on dip with sl 1.06 on a weekly closing basis, sell if below 1.06, target 1.046 and 1.041

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Technical analysis of Gold for July 09, 2014 Trend News

Technical outlook and chart setups:

1. Gold continues to trade in a tight range between $1,308.00/10.00 and $1,330.00 as seen here. Possibilities remain that the metal may push further up to $1,356.00 levels before correcting itself. Recommendations are to exit short positions.

2. Support is seen at $1,260.00, followed by $1,240.00/30.00, $1,210.00 and lower while resistance is seen at $1,350.00/60, followed by $1,388.00 and higher up respectively.

3. The structure indicates that Gold could push higher till prices remain above $1,310.00 levels for now.

Trading recommendations:

Remain flat for now. Looking to buy lower.

Good luck!

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Intraweek forecast and an intraday analysis of USD/CHF for July 09- July 11, 2014 Trend News

USD/CHF

Traders are keeping an eye on the FOMC meeting minutes. The pair is testing its luck at 50-day Sma 0.8920. This is the last support hold by bulls. If this happens, the pair would shift to a free fall mode towards 0.8887, 0.8870, and 0.8830 levels. On the upside, it has resistance at 20-day Sma 0.8937 and 0.8950 (200-day Sma). We recommend to sell below 0.8920 for 0.8887, and 0.8860 levels.

For an intraday basis, the pair is trading below the hourly moving averages. It has a support at 0.8920 breaks below this, it can try to hold at 0.8908 levels. We can see selling pressure below 0.8908 for 0.8895 and 0.8886 levels. On the upside, it has resistance at 0.8932 and 0.8940 levels. We can see fresh buying only above 0.8940 levels .

Safe buy above 0.8960 target 0.9060

Weakness below 0.8920, panic below 0.8908 . Safe sell below 0.8908

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Technical analysis of EUR/JPY for July 09, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair is bouncing off the intermediary support line ahead of 137.80 as seen here. A confirmed bullish reversal here would indicate that the next move could be higher. Recommendations are to exit short positions for a while.

2. Support is seen at 137.70/80, 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 may bounce off from the current levels around 138.00/20.

Trading recommendations:

Exit short positions now. Turn long. stop below 137.70, target is open.

Good luck!

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Technical analysis of GBP/CHF for July 09, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair is seen to be bouncing off the fibonacci 0.382 support levels around 1.5260 levels. A major resistance or top might have formed around 1.5350/60 but a confirmation is still required to conclude a reversal. The immediate support level of 1.5150/60 should be taken off.

2. Support is at 1.5150/60, followed by 1.4950, 1.4780 and lower while resistance is at 1.5350/60 respectively.

3. The structure indicates that GBP/CHF shall remain buy on dips till prices remain above 1.5150/60 levels.

Trading recommendations:

Remain flat for now. Look to buy lower on a bounce ahead of 1.5150/60.

Good luck!

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Intraday recommendation of GBP/USD for July 09, 2014 Trend News

The currency pair is weak in terms of economic data ahead for the UK. Traders keep an eye on tomorrow's monetary policy decision from the BoE. The bullish bets are decreasing as an interest rate hike could come sooner than expected. We don't expect fresh bullish fireworks. The cable is enjoying a strong bull run made high at the 1.7180 levels. If we get any surprise by the BoE, we can see 1.7330 levels from where it will fall. As we recommended earlier, fresh long only above the 1.7180/1.7167 levels.

The momentum indicator in the daily charts showing a short-term top was done at the 1.7180 levels. On the down side, it has support at 1.7054 (20-day Sma), 1.70, 1.6960 (30-day Sma) and 1.6915 (50-day Sma). For an intraday basis, the pair has resistance at 1.7145 (21-Hr Sma) above this, 1.7167, and 1.7180 levels.

Note - We recommend fresh buy only above 1.7180. Risky traders can short with sl 1.7180 target 1.7060 cmp 1.7139

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Intraday recommendation of EUR/USD for July 09, 2014 Trend News

The pair took the support at the 1.35 level and moved to 1.37 levels, but it made a monthly resistance at the 1.37 level. The bulls must break the 1.37 levels as soon as they can come out of the range. If it happens, then we can see new range of the 1.3775-1.3575 levels, currently it is the 1.37-1.35 levels. Currently, the pair is facing strong resistance at 50-week Sma at 1.3615 and 200-day Ema at 1.3617. We expect a strong upwards move to 1.3662 and 1.37. The level of 1.37 means strong resistance, above which we can consider the 1.3775 levels.

On the down side, there is a strong support zone 1.36 and 1.3574. Until the pair holds 1.3574, we can see 1.37 and 1.3775 levels. Positional traders can buy on a dip with sl 1.3540 for an upside target at 1.37 and 1.3775. The pair will gain more strength above 1.3625 levels.

Nutshell - cmp 1.3612

Risky - Buy with sl 1.3575 target 1.3660, 1.37, and 1.3775

Buying zone 1.36 - 1.3575 sl 1.3640

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Daily analysis of USDX for July 09, 2014 Trend News

Daily chart: The USDX is consolidating above the support level of 80.11 with the formation of a bullish pattern. However, remember that the USDX is very strong in the bearish trend, because it is located below the 200 SMA. For now, we recommend caution when placing trades in the long term for the USDX. The MACD indicator is in the positive territory.

H4 chart: The UUSDX found resistance at the level of 80.24 and the 200-day moving average. Now, the USDX is falling toward the support level of 79.99. If the USDX does make a breakout at that level, the drop would extend to the level of 79.74 in the medium term. The MACD indicator is in the negative territory.

H1 chart: The USDX has fallen to the 200-day moving average, where the USDX is trying to form a higher low pattern for a breakout. If successful, it is expected to fall to the level of 79.88. However, it is expected to rise to the level of 80.35 if the USDX makes a bullish rebound to current levels. The MACD indicator is in the 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.

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Daily analysis of GBP/USD for July 09, 2014 Trend News

Daily chart: The GBP/USD pair continues forming a bullish pattern below 1.7169 level. Now, this pair could make a pullback, because there is not enough power to run a breakout at that resistance level. However, the GBP/USD pair is likely to have strong movements during the Thursday session. The MACD indicator is in the overbought zone.

H4 chart: This pair has formed a fractal next to the 1.7085 level. Now, the GBP/USD pair is trying to make a bullish breakout again in the trend line which is at the level of 1.7165. If successful, it is expected to rise to the level of 1.7250 in the short term. The MACD indicator is entering the neutral territory.

H1 chart: The GBP/USD pair fell to the support the level of 1.7100. There, this pair made a bullish rebound, which also formed a point of control. For now, the GBP/USD pair is likely to rise to the resistance level of 1.7150. If the pair manages to consolidate above this level, it would be expected to rise to the level of 1.7200. The 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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Daily analysis of major pairs for July 9, 2014 Trend News

EUR/USD: The condition in this market could end up jeopardizing the bearish signal in the market. In fact, the bearish signal is currently being threatened. The price has gone slightly upwards this week, but it would be able to render the bearish signal invalid only when it breaks the resistance line at 1.3650 to the upside.

USD/CHF: The current consolidation to the downside is not a good thing to the recent bullish signal on this pair. The price should not go below the support level at 0.8900; otherwise the bullish signal would be rendered completely useless. Meanwhile, the price could probably go upwards to the resistance level at 0.8950. It could even breach it to the upside.

GBP/USD: In spite of the challenge the bulls encounter in this market, it is not yet rational to seek short trades. In fact, the price has a higher probability of going further upwards (it might also be added that the EUR/USD pair could go into positive correlation with it).

USD/JPY: Here, the price is below the EMA 56 and the RSI period 14 is below the level 50. Go short. The market may eventually reach the demand level at 101.00, but it should break the demand level at 101.50 first.

EUR/JPY: On the EUR/JPY cross, the bulls have given way, and this has resulted in a Bearish Confirmation Pattern in the chart. This occurred as the EMA 11 crossed the EMA 56 to the downside, and the RSI period 14 crossed the level 50 to the downside as well. The price would test the demand zone at 138.00, and could even breach it to the downside.

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