Daily analysis of Silver for July 10, 2014 Trend News

Overview

As it was expected, the metal took an upward move in case of closing above the resistance level of 21.20. Today, as it is shown in the H4 chart, the metal took a slightly upward move after breaking the Resistance area and it managed to close 4H above it. Currently, it is approaching the Resistance level of 21.50. More bullish signals are expected as long as silver is trading above this Resistance area with the first target few pips below the Resistance level of 21.75. But if silver closes 4H below 21.50 we should wait for testing the Support area again before making a decision and also cancel the bullish move scenario.

Resistance and support levels: R3 (22.00), R2 (21.75), R1 (21.50), S1 (21.20), S2 (20.90), S3 (20.50).

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Daily analysis of GBP/JPY for July 10, 2014 Trend News

Overview

As 4H chart shows, closing below the resistance level of 173.50 gives the price an opportunity of a slightly bearish move again. As it is shown here, currently, the price is trying to continue its bearish move by breaking the support level of 172.75 and closing 4H below. In that case, we may get another opportunity for more sell signals. It opens the way towards 170.30, as the first target. Then, the price should test the support level of 172.00 to continue its bearish move. But as long as the price stabilizes above the support level of 172.75, it cancels the first scenario.

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EUR/NZD analysis for July 10, 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, the price is working in a range between 1.5495-1.5435.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5488

R2: 1.5501

R3: 1.5521

Support levels:

S1: 1.5448

S2: 1.5435

S3: 1.5415

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

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Gold analysis for July 10, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,344.91 in an ultra high volume (buying climax) according to the 4H timeframe. Bullish movement is a result of very weak supply for 2 days. According to the daily timeframe, we can observe average demand. I have placed Fibonacci expansion to find a potential upper station. Besides, I got Fiboancci expansion 61.8% at the price of 1,368.00. We may see smaller bearish correction from sellers in reaction of buying climax. The support level is the level around the price of 1,332.00 (swing high like support).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,331.09

R2: 1,334.55

R3: 1,340.17

Support levels:

S1: 1,319.85

S2: 1,316.39

S3: 1,310.77

Trading recommendation: Be careful with selling Gold since we have got broken resistance in the background.

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Technical analysis of AUD/USD for July 10, 2014 Trend News

Overview:

• The price of the AUD/USD pair has still been trapped between 0.9370 and 0.9303. Therefore, the first step is to wait for a period of the tight sideways market before breakouts because resistance had set at the price of 0.9380 and the support stood at 0.93. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.9383 (the level of 0.9203 has formed a double top for two weeks) with the first target at 0.9337. The price will climb towards 0.93 in order to to test the lowest level. Also, it should bo noted that the level of 0.9301 is representing a minor support. Moreover, the major support had already set at 0.9203 in the daily chart.


• However, if the pair fails to break 0.9385, the market will indicate a bullish opportunity above 0.9385, then the level will act as strong support. Hence, it will be a good sign to buy above 0.9385 with the first target at 0.9420. It will call for an uptrend in order to continue bullish movement towards 0.9566 in coming days.

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Technical analysis of GBP/USD for July 10, 2014 Trend News

Overview :

• The trend of the GBP/USD pair was not stable because the trend has been moving between 1.7150 and 1.7095 since the 1st of July, 2014. Accordingly, it is wise to be careful in this area (1.7150 - 1.7095). So, the first step is waiting at this spot before investing. As a result, the GBP/USD pair might start showing the signs of the bullish market at the level of 1.7054 which represents the weekly support 1. In other words, it will be a good sign to buy above the price of 1.7054 with the first target of 1.7116 in order to test the weekly pivot point. It will call for uptrend to continue its bullish movement towards 1.7179 for forming the double top in H1 chart. However, the pair could not break 1.7179 (the double top). Consequently, the market will indicate a bearish opportunity at the spot of 1.7180. Thus, the level of 1.7180 will act as strong resistance today. For that, it is providing a clear signal for sell deals with the target seen at 1.7110. On the other hand, the stop loss should be placed above 1.7075.

Intraday technical levels :

Date and time:10/07/2014 13:49

Pair:GBP/USD

• R3: 1.7246


• R2: 1.7203


• R1: 1.7179


• PP: 1.7136


• S1: 1.7112


• S2: 1.7069


• S3: 1.7045

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Technical analysis of Gold for July 10, 2014 Trend News

Technical outlook and chart setups:

1. Gold has broken out above the $1,330.00 levels as seen here. The metal could possibly reach $1,356.00 before a meaningful correction could take place. The current rally from the $1,240.00 levels, has confirmed that Gold might have formed a meaningful low at the $1,240.00 levels. So, buying on dips could be the preferable strategy.

2. Support is seen at $1,310.00, followed by $1,260.00, $1,240.00 and lower while resistance is seen at $1,350.00/60.00, followed by $1,388.00 respectively.

3. The structure indicates that Gold is keeping buy on dips from here on.

Trading recommendations:

Remain flat. Look to buy on dips. ($1,280.00/90.00)

Good luck!

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Technical analysis of EUR/JPY for July 10, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair bounced off the intermediary support line ahead of the 137.80/90 levels yesterday. At the moment, the prices are returning back towards the same levels. A break here could be extremely bearish for the pair and expose the 137.70 levels, at least.

2. Support is seen at 137.70, followed by 136.00, 134.00 and lower while resistance is seen at 139.20, followed by 140.00, 141.00 and higher respectively.

3. The structure indicates that EUR/JPY could again come under pressure below the 138.00 levels.

Trading recommendations:

Remain long from yesterday, stop below 138.70.

Good luck!

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Technical analysis of GBP/CHF for July 10, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair has been drifting lower since turning back from the 1.5350/60 levels as seen here. The fibonacci 0.618 support is seen at 1.5225, and a bullish bounce from there could push the pair higher above 1.5350/60. The inner line of support seems to be passing the same levels. Watch for a reaction at 1.5225 for now.

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

3. The structure indicates that GBP/CHF pair needs to take out 1.5150 for bears to take control.

Trading recommendations:

Remain short, stop at break even levels now, reverse on a bullish bounce at 1.5225.

Good luck!

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#USDX Technical analysis for July 10, 2014 Trend News

The Dollar index got rejected yesterday by the downward sloping trend line and pulled back downwards to the 61.8% Fibonacci retracement level on the rise from 79.75. Short-term resistance is at 80.20. If broken, we should expect a move towards 80.60-80.70. Support at 80 is the 61.8% retracement. If broken, we will test the previous low at 79.75.

The price has fallen below the Ichimoku cloud support. Now, it is fighting to break back above it again. The Dollar index is trying to reverse upwards from the 61.8% Fibonacci retracement which is important support. Bulls want to see the Dollar index break above the downward sloping trend line at 80.20.

The daily chart is supported by the Ichimoku cloud. Daily resistance is found at 80.40. A daily close above this level will push prices towards 80.70. Support and major pivot level is the 79.75 low. If broken, we should expect the Dollar index to fall towards 79. I prefer to be bullish as long as the price is above 79.75 and add to long positions on signs of strength.

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Gold Technical analysis for July 10, 2014 Trend News

The gold price is testing important resistance levels. The gold price is near $1,330. So, bulls will need to show signs of strength now and break above resistance at $1,334. If bulls do not manage to break resistance and the gold price gets another rejection, we should expect prices to pull back towards $1,310 at least.

The gold price remains above Ichimoku cloud. The cloud is very thin and I expect a sharp move to start soon. The price is testing resistance. A rejection now will not be a good sign for bulls. Now, support by the Ichimoku cloud is at $1,320; support by the trend line is at $1,310. If the price breaks below these two levels, we shall confirm that the upward move from $1,240 is over.

The daily chart supports the bullish scenario. The gold price is above the Ichimoku cloud and is trying to break the sideways consolidation. Breaking above the previous highs will signal bullishness and a target near $1,350. Our longer-term view remains bearish as I believe we are in the final stages of wave E triangle of wave 4 and wave 5 should bring the gold price towards $1,000.

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Short-term forecast and intra week recommendations on AUD/USD for July 10, 2014 Trend News

AUD/USD

The Aussie dollar made a high at 0.9504 (four months high). The 20-month Sma pushed the pair off the top. The Aussie dollar had strong resistance at 0.9542 (the high of November 2013). Until the price breaks the previous high, trades can sell on the rally. If the pair manages to cross, we can see the bull extension path up to the 0.9757 and 0.9892 levels.

The monthly key resistance level is 0.9545, buy only above this.

For the intra week, the pair will face strong resistance at 0.9443 (high as on July 03). Fresh buyers, please buy only above this, or sell with sl 0.9443. If the pair breaks 0.9443, we can see some more upside movement to the 0.95 levels. In Asian session, the pair is holding above the 20-day Sma. It has support at 0.94 below 0.9348 (the 50-day Sma)

Sell below 0.94, Cmp 0.9423

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Forecast of USD/CHF for July 10, 2014 Trend News

USD/CHF

The pair is trading below the short, medium and long-term moving averages. During yesterday's session, the pair hit the 50-day Sma and closed below it. The hope of the bulls dried up. Again, the pair favors "selling the rally strategy" until it closes above the 0.8922 levels.

The pair has strong resistance at 0.8922 (50-day Sma) in the near term.

As for the short-term resistance, it existed at 0.90 (50-week Sma)

For the medium-term resistance, it existed at 0.9225 (50-month Sma)

Traders can use any rally to exit longs until it closes a week above the 0.90 levels. Currently, the pair is trading at 0.8906, the lowest point of this week as of now. Fresh longs can take place between the 0.90 and 0.92 levels.

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Short-term forecast of crude for July 10, 2014 Trend News

The oil price hit the 20-week Sma and closed below that, which suggests a sell call for a downside target of $96. The price has an initial parallel support at the 101.60 levels. Once breaking below 101.60, we can see a steep fall. In the daily charts, the price closes below the 20,30 and 50-day Sma, but it is holding the previous swing low. Sell again below that or sell on an upmove until it closes above the 103.50 levels. The RSI is in the oversold level in H4 and daily charts, but in the weekly chart it favors to sell.

Sell below 101.60 targets 100, 99.20, 98.30, and 96

Buy above 103.50.

Sell on the rally with sl 103.50

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Short-term trend levels and an intraday recommendation on EUR/USD for July 10, 2014 Trend News

The pair made a short-term top at the 1.37 levels. Perhaps, we can consider it as a double top in the monthly chart at the 1.37 levels. Until the pair break the 1.37 level, traders can make money using "selling the rally" strategy. Bulls will be back on track only above the 1.37 levels. For the July month, the pair has strong support at 1.34 (50-month Sma) with intermediate support at 1.3575, 1.35, 1.3477, and 1.3420 (50-week some). On the down side, the open target existed at the 1.33 and 1.32 levels with sl 1.37. We can see a free fall mode below 1.34 for the 1.32 levels.

For an intra week, the pair will face strong resistance at 1.3660 (50-day Sma) above 1.37 which is a monthly key resistance level. On the down side, it has found support at 1.3630 and 1.3615 (200-day Sma) breaking below this. The selling pressure will take the pair towards the 1.36,1.3575, and 1.35 levels.

1.37-1.3575= 0.0125

0.0125-1.3575= 1.3450

We can see some up move only above 1.3651 for 1.3660/1.3665, 1.3675 and 1.37

We are bullish only above 1.37, until sell is on an upmove.

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Elliott Wave Analysis of EUR/NZD for July 10, 2014 Trend News

Today's support and resistance levels:

R3: 1.5501

R2: 1.5489

R1: 1.5480

Current spot: 1.5478

S1: 1.5453

S2: 1.5436

S3: 1.5416

Technical summary:

This cross has been very hard to read since the top at 1.7274, but we still think that a bottom should be pretty close. As long as minor resistance at 1.5501 protects the upside, we should expect a little more downside to 1.5416 as the next possible target. From 1.5416 we should look for signs of a possible reversal. The first minor clue will be a break above 1.5501 and more importantly a break above 1.5585, which will call for a move higher to 1.5706 and possibly even higher.

Trading recommendation:

We will buy EUR at 1.5425 with stop at 1.5385.

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Technical analysis of USD/CAD for July 10, 2014 Trend News

General overview for 10/07/2014 09:30 CET

A very narrow trading range is currently present in this market. It looks like a more complex and time-consuming corrective cycle is currently unfolding. The golden trendline has provided support. Now, the market is trying to break above the intraday resistance level. The triangle pattern is still not confirmed. So, the market needs to make a clear breakout into or out of the bearish or bullish zones to confirm the direction.

Support/Resistance:

1.0766 - WR3

1.0750 - Technical Resistance

1.0731 - WR2

1.0690 - WR1

1.0660 - Intraday Resistance

1.0654 - Weekly Pivot

1.0640 - Intraday Support

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 in case the structure has changed into the complex one. Careful trading is advised.

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

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Elliott wave analysis of EUR/JPY for July 10, 2014 Trend News

Today's support and resistance levels:

R3: 138.86

R2: 138.67

R1: 138.58

Current spot: 138.51

S1: 138.41

S2: 138.30

S1: 138.11

Technical summary:

We have seen the expected correction toward the ideal target at 138.86 (the high has been 138.72). As long as support at 138.41 protects the downside, we could still see one final rally higher to 138.86. However, a break below 138.41 and more importantly a break below 138.30 will indicate that the correction is over and the lower wave iii has taken over for a decline to 137.70 on the way towards 136.22.

Trading recommendation:

We are short in EUR from 138.95 with stop place at 139.30. If you are not short in EUR yet, then sell near 138.86 or upon a break below 138.30 with the same stop at 139.30.

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Technical analysis of EUR/JPY for July 10, 2014 Trend News

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

The labeling has little changed due to a possibility of a irregular flat correction in wave 2 purple and two important intraday levels for bulls and bears have been added as well. The possibility of a downward wave progression is still high as long as the key level for bears is not violated. Please notice that the price is still trading in the bearish zone and the weekly pivot breakout has been a failure so far.

Support/Resistance:

139.88 - WR2

139.32 - WR1

138.76 - Intraday Resistance |Key Level for Bears|

138.73 - Weekly Pivot

138.14 - WS1

138.10 - Intraday Support |Key Level for Bulls|

137.69 - Technical Support

137.54 - WS2

Trading recommendations:

Swing traders with active sell orders opened last week should still keep them 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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Technical analysis of USD/JPY for July 10, 2014 Trend News

Overview:

USD/JPY is expected to trade in a range. It is underpinned by the yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 2.75% to 11.65) as U.S. stocks rose overnight (S&P 500 closed up 0.46% at 1,972.83) after the minutes from the Federal Reserve's latest policy meeting left expectations intact for the timing of interest-rate increases. The minutes showed that the Fed plans to finish winding down its bond-buying program in October. Policymakers discussed how to exit the current low-rate policies but gave no indications that increase to key policy rates were coming sooner than the market anticipated. USD/JPY is also supported by the demand from Japanese importers. But USD/JPY gains are tempered by the weaker dollar sentiment (ICE spot dollar index last 80.03 versus 80.17 early Wednesday) on lower U.S. Treasury yields following dovish FOMC minutes; Japanese export sales. Yen crosses vulnerable to China June trade balance data.

Technical comment:
The daily chart is still negative-biased as MACD and stochastics are in the bearish mode.

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 101.40. 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:

101.40

101.20

101

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Technical analysis of USD/CHF for July 10, 2014 Trend News

Overview:

USD/CHF is expected to trade in a lower range. It is undermined by the weaker dollar sentiment and franc demand on the buoyant CHF/JPY cross. But USD/CHF losses are tempered by Swiss National Bank's loose monetary policy. The daily chart is mixed as MACD is in the bearish mode, but stochastics turned neutral.

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 0.8880. A break of this target will move the pair further downward to 0.8860. The pivot point stands at 0.8940. 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 0.8960 and the second target at 0.8975.

Resistance levels:

0.8960

0.8975

0.90



Support levels:

0.8880

0.8860

0.8840

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Technical analysis of NZD/USD for July 10, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with the bullish bias after hitting the near-three-year high at 0.8829 on Wednesday. NZD/USD is supported by the ongoing impact from Fitch's upgrade of New Zealand's credit outlook to positive from stable, weaker dollar sentiment, Kiwi demand on NZD/JPY cross amid positive risk sentiment, Kiwi demand on soft AUD/NZD cross, hawkish Reserve Bank of New Zealand's monetary policy stance, and NZD-USD interest differential. The daily chart is positive-biased as MACD and stochastics are bullish; five and 15-day moving averages are advancing.

Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8860 and the second target at 0.8890. 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 0.8770.

Resistance levels:

0.8860

0.8890

0.8925

Support levels:

0.8735

0.8710

0.8680

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Technical analysis of GBPJPY for July 10, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is supported by the positive risk sentiment and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales. The daily chart is mixed as stochastics is bearish, but MACD is in the bullish mode.

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 173.75. A break of this target will move the pair further downwards to 173.35. 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:
173.75

173.35

172.85

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Daily analysis of major pairs for July 10, 2014 Trend News

EUR/USD: There is now a bullish signal for the EUR/USD pair, which would become particularly strong as soon as the market breaks the resistance line at 1.3650 to the upside. The Bullish Confirmation Pattern in the chart adds to the validity of the possibility that the price is going further northwards. In addition, more economic figures will be released today and they will have impact on the markets.

USD/CHF: Since the EUR/USD pair has gone upwards, the USD/CHF has gone downwards (in a negative correlation pattern). The price has crossed the EMAs 11 and 56 to the downside and the Williams’ % Range is also in the oversold region, confirming the strength of the bears. The support level at 0.8900 stands a good chance of being broken to the downside. After this has happened, the next target would be the support level at 0.8850, which could be broken this week or next week.

GBP/USD: The Cable remains on the bull market and it retains its determination to go further upwards. The adamant price territory at 1.7150 stands a great chance of being breached to the upside. The price may stay above it.

USD/JPY: The signal on this market is still bearish and the price may go towards the demand level at 101.00. But there is a need for it to breach the demand level at 101.50 downwards first – and there is a noteworthy resistance around that place.

EUR/JPY: We still need to consider this currency trading instrument with caution, because the price movement is erratic and unpredictable. One would need to wait for a further confirmation of the direction of the price.

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Technical analysis of EUR/USD for July 10, 2014 Trend News

When the European market opens, some economic news will be released such as French Industrial Production m/m, French CPI m/m, ECB Monthly Bulletin, and Italian Industrial Production m/m. The US will release the economic data too such as the Unemployment Claims, Wholesale Inventories m/m, Natural Gas Storage, and 30-y Bond Auction. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY level: 1.3709.

Strong resistance:1.3701.

Original resistance: 1.3688.

Inner sell area: 1.3675.

Target inner area: 1.3543.

Inner Buy Area: 1.3611.

Original support: 1.3598.

Strong support: 1.3585.

Breakout SELL level: 1.3577.

DESCRIPTION:

Today, EUR/USD has support and resistance at 1.3598 and 1.3688. The rate is accompanied by strong support at 1.3585 and by 1.3701 as strong resistance.

If EUR/USD breaks out and closes below the 1.3577 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3709 level, then it will denote high bullish strength. Alternatively, for advanced traders, you can trade in a way to open a BUY position at the level of 1.3611 and at 1.3675, a SELL position. In this case both targets should be placed at the level of 1.3543. 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 10, 2014 Trend News

In Asia, Japan will release the Core Machinery Orders m/m, Tertiary Industry Activity m/m, CGPI y/y, 30-y Bond Auction, Consumer Confidence.The US will release some economic data such as Unemployment Claims, Wholesale Inventories m/m, Natural Gas Storage, and 30-y Bond Auction. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.04.

Resistance. 2: 101.84.

Resistance. 1: 101.65.

Support. 1: 101.40.

Support. 2: 101.20.

Support. 3: 101.00. DESCRIPTION:

Please, pay attention to the levels of support 3 (101.00) and resistance 3 (102.04). 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 10, 2014 Trend News

Daily chart: The USDX has made a breakout at the level of 80.11. So, the next support is at the level of 79.70. If the USDX does make a breakout at that level, it is expected to fall to the level of 79.19, which would be a strong bearish consolidation on this chart. The MACD indicator is in the negative territory.

H4 chart: The USDX again found resistance at the 80.24 level, where the 200 SMA is located. Now, the USDX is trying to make a breakout at the support level of 79.93. If successful, it is expected to fall to the level of 79.74. On the other hand, if the USDX does make a breakout at that level, it is expected to fall to the level of 79.50. The MACD indicator is in the negative territory.

H1 chart: The USDX is trying to form a higher low pattern below the 80.15 level. If the USDX does make a breakout at the support level of 79.88, it is expected to fall to the level of 79.64. On the other hand, if the USDX makes a bullish rebound at the current levels, it is expected to rise to the level of 80.15. 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 support level is at 79.88, take profit is at 79.64, and stop loss is at 80.12.

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Daily analysis of GBP/USD for July 10, 2014 Trend News

Daily chart: The GBP/USD pair had a bullish momentum above the 1.7070 level. So, this pair is approaching the resistance level of 1.7169. If the pair manages to make a breakout at that level, it is expected to rise to the resistance level of 1.7403. On the other hand, the GBP/USD pair is still holding strong in the bullish trend, because this pair is above the support level of 1.7000. The MACD indicator is in the overbought zone.

H4 chart: The GBP/USD pair is trying to make a breakout at the level of 1.7160. However, this pair could find strong resistance at the current levels and fall to the support level of 1.7062. If GBP/USD manages to make a breakout at that level, it is expected to fall to the level of 1.6995. The MACD indicator is in the positive territory.

H1 chart: This pair has made a bullish rebound above the 200 SMA, which is located at the level of 1.7100. Now, the GBP/USD pair is trying to form a lower high pattern above the 1.7150 level. If GBP/USD manages to make a breakout at the level of 1.7200, it is expected to rise to the level of 1.7250. 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 1.7200, take profit is at 1.7250, and stop loss is at 1.7150.

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