USD/CAD intraday technical levels and trading recommendations for July 11, 2014 Trend News

Since the USD/CAD pair failed to show enough bullish 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 between 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 is now being expressed at retesting of 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 has been retesting the backside of the broken upper limit since the beginning of this week.

That's why, price action was expected to be found allowing a BUY entry to be triggered. Possible targets are located around 1.0750 and 1.0820. SL should be set at daily closure below 1.0600.

The bulls should be conservative with the mentioned Stop Loss as the USD/CAD pair has been down-trending for quite a long period so far.

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Intraday technical levels and trading recommendations on GBP/USD for July 11, 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, during the previous visit 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 and 1.7150 thus challenging the new price levels that have not been visited since 2008.

Lack of bullish momentum and indecision are now observed on the daily chart. This renders the pair trapped within a small congestion zone between 1.7090 and 1.7170.

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 multiple-top pattern is probably being expressed.

A short position can be triggered after breakdown of the lower limit of the ongoing channel. Stop Loss should be located above 1.7180.

To avoid possible sudden reversals, bearish targets should be located at 1.7055 and 1.7000 where dependable demand levels are located.

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Daily analysis of Silver for July 11, 2014 Trend News

Overview

Based on the H4 chart above, silver stabilized below the Resistance level of 21.50 after hitting it yesterday then bouncing from it to take a slightly downward move as shown. If silver continues its bearish move and manages to break the Support level of 21.20, this will produce a strong indicator for the downward move and open the way towards the Support level of 20.90. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this Resistance level will indicate a bullish strength providing new buy-signals from this level till reaching the Resistance level of 21.75 then 22.00.

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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Intraday technical levels and trading recommendations on EUR/USD for July 11, 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.

Previous prominent bullish engulfing daily candlesticks 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 backside of the broken bearish channel keeps holding the price above, the bulls will keep pushing higher towards 1.3660 and probably 1.3740.

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 to express evident 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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EUR/NZD analysis for July 11, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards. As we expected, the price tested the level of 1.5406 in a volume just below average according to the Daily chart. I have placed Fibonacci expansion levels to find the second down station. I got the second down station around the level of 1.5420 (currently on the test). 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 weak demand in the background, which is a sign that buying looks risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5470

R2: 1.5490

R3: 1.5518

Support levels:

S1: 1.5411

S2: 1.5392

S3: 1.5362

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 11, 2014 Trend News

Overview:

Since our last analysis, gold has been trading sideways. We are facing a quiet day and flat Gold around the price of 1,336.00. According to the daily timeframe, we can observe demand in a volume above the average, which is good sign for potential bullish movement. I have placed Fibonacci expansion levels 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). According to the 4H timeframe, we can observe weak supply on the market.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,345.33

R2: 1,350.47

R3: 1,358.80

Support levels:

S1: 1,328.68

S2: 1,323.53

S3: 1,315.20

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

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Forecast of USD/CHF for July 11, 2014 Trend News

USD/CHF

The pair is holding above the 50DSma in Asia's trading session. The pair may face strong resistance at the 0.90 levels. The pair was rejected once at 50 WSma and made a low at the 0.8857 levels. In the short-term view, the pair made a double bottom at 0.87 and was rejected at 50 WSma. The pair took the support at 50.0% fib levels. If the bulls managed to breach the 0.90 levels, we can see the short-term rally up to 0.9157 and 0.9180. Positional traders keep an eye on the 0.9015 levels.

The pair made a huge distribution at the 0.912 levels. Closing the week above 0.90/0.912, the bulls may get charged to print another 150-180 pips in the short term. On the down side, the pair has support at 0.8898 below this, 0.8857. We recommend to sell only below 0.8857 for a target of 0.87 (previous low).

Note, cmp 0.8931

the short-term bullish trend is above 0.9012

Intraday resistance is at 0.8938; above this level it can fly up to 0.8948 and 0.8975

Support existed at 0.8898 below 0.8857

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Technical analysis of GBP/USD for July 11, 2014 Trend News

Overview :

• The GBP/USD pair was not stable and the trend was not also so clear as well (it was tight sideway range). Moreover, according to the previous events, the price is going to move between the level of 1.7100 and 1.7180. So, we should be careful in this area. Therefore, wait for a period of tight sideways range market before breakouts. Then, the market is likely to start showing the signs of the bullish market from the support level of 1.7115. In other words, it will be a good sign to buy above 1.7115 with the first target of 1.7179 for testing the double top. It will climb towards 1.7225. However, if the pair does not break 1.7230, the market will indicate a bearish opportunity below resistance. Also, it should be noted that the resistance will be set at the level of 1.6473. Probably, the market will call for the downtrend from the level of 1.7230 (the maximum price on July 11, 2014) in order to continue the bearish move towards 1.7116 (the weekly pivot point).

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Technical analysis of EUR/USD for July 11, 2014 Trend News

Trading recommendations :

• Depending on the previous events, the price of the EUR/USD pair will be moved between the levels of 1.3585 and 1.3630.


• Buy above the price 1.3585 (100% of Fibonacci retracement levels) with the first target at 1.3629 in order to test the weekly pivot point, it might resume to 1.3667.


• Below 1.3675 (78.6% of Fibonacci retracement levels), look for further downside with the 1.3630 and 1.3580 targets.

Tools of chart :

Pair: EUR/USD.

• The trend was not so clear (sideways).


• The resistance will be set at the price of 1.3667 and the support stood at the 1.3585 price.


• We expect a range of 82 pips.


• At the level of 1.3585, a double bottom will be formed.


• The 1.3626 level is representing the weekly pivot point.


• The value of 50% Fibonacci retracement levels is: (High + Low) / 2 = 1.3642. (The key level to confirm the bullish market).


• Volatility is 122.84, so the market has called for a high volatility.

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Daily analysis of major pairs for July 11, 2014 Trend News

EUR/USD: This pair has been subject to whipsaws recently, with no protracted directional movements. Signals have been short-lived and not favorable to swing traders. Therefore, the condition in the market is favorable to intraday traders and scalpers, but not to swing and position traders. A swing trader would need to wait till the price breaks the resistance line at 1.3650 to the upside or the support line at 1.3600 to the downside.

USD/CHF: This market is also a victim of whipsaws that the EUR/USD pair is currently subject to. For a particular direction to be very vivid, the price would either need to break the resistance level at 0.8950 to the upside or the support level at 0.8900 to the downside. After this, swing traders can swing into action.

GBP/USD: In spite of the consolidation phase in this market, the bullish bias is still valid. It is more likely that when a sustained trading move resumes, it would be in the direction of an uptrend. Eventually, the price may break the distribution territory at 1.7150 to the upside.

USD/JPY: As it was expected, the USD/JPY pair was able to close below the supply level at 101.50. Although there is a weak upward bounce in the market, the price could test the demand level at 101.00. After this, the market could make further attempt to go towards the demand level at 100.50.

EUR/JPY: The price action in the chart is clearly bearish, and this cross is expected to go further downwards. The price is currently under the supply level at 138.00; plus the current upwards bounce is supposed to be contained at that level.

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Technical Analysis of USDX for July 11, 2014 Trend News

The weekly claims data supported the US dollar to move towards a week high. The European bank concerns also support the dollar. The dollar has a crucial resistance at 80.46 (50 WSma) levels. The dollar index must break the 50 weeks Sma, to erase its sell on the rise strategy. The trading range is framed between the 79.50-80.46 levels.

In Asia's session, the currency pair opened with a bullish note at 80.10 levels. It is facing strong resistance at 80.20-80.25 and 80.40 (200 DSma). On the down side, 80.10 is considered as an intraday support and 79.98 (double bottom) as a weekly support. We recommend to sell only below 79.98 for 79.90, 79.75, and 79.50. The panic situation will be triggered off only below 79.50. The daily RSI favors to buy on dips.

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Forecast of AUD/JPY for July 11, 2014 Trend News

The pair held the 20 WSma in yesterday's session and pulled a bit high, but rejected at 50 DSma to cross above that. In Asia's session, the pair is trading at 95.03. The pair hit the six-month support trend line and closed below it. Until the pair close above the 95.25 levels, the bears will have an upper hand in the coming session. On the down side, the pair has an initial support at 94.20, 93.90, 93.60, and 93 levels. On the uppper side, the pair will get entered into the new bull phase only above 96.45, a three-month high. The medium-term reversal will take place below 93 for a steep fall up to 88.25 levels.

A day close above 95.25, bulls back on track.

Positional -

Fresh buy above 95.25 with targets at 95.50, 96, and 96.40.

Fresh sell only below 94.60-94.20 with targets between the 93 and 88 levels.

Bullish reversal above 96.50 with target at 97.40, 98.10, and 101.50.

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Intraday analysis of USD/JPY for July 11, 2014 Trend News

USD/JPY

The pair drifted to the 7-week low. In yesterday's session, the pair hit the 50-week Sma and 200-day Ema. However, it managed to close above that. The pair had the last support level at 100.75. We can make it round figure at 100.0 mark. We can expect a steep fall below 100 mark for new lower targets at 99.5,98.6, and 97.80. On the upside, the pair was rejected twice at 200-month Ema and started drifting. The pair has a strong resistance at 101.93 (20-week Sma). The weekly momentum still favors selling.

The pair opened its session with a highly bearish phase opened higher. The pair favors to safe buy only above 101.35. If the pair breaches resistance at 101.35, it can fly up to 101.55, 101.66, and 101.85. The pair is trading below the hourly moving averages. On the down side, the pair had strong support at 101.03 levels. Yesterday, it made a low at 101.07. Safe traders can buy above 101.35. We can see strong momentum above 101.45 for 101.60 and 101.80 levels on an intraday basis. The hourly momentum oscillators indicate the oversold level.

Risky traders can buy in a panic situation at 101.03-100.80 levels with sl 100.75 levels.

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Elliott wave analysis of EUR/NZD for July 11, 2014 Trend News

Today's support and resistance levels:

R3: 1.5501

R2: 1.5489

R3: 1.5448

Current spot: 1.5422

S1: 1.5411

S2: 1.5384

S3: 1.5345

Technical summary:

Our 1.5416 downside target has been exceeded slightly as the low has been 1.5411. We think that the bottom has been found or will be found shortly for a break above minor resistance at 1.5448. More importantly, a break above resistance at 1.5501 calling for a continuation higher to 1.5706 and a break above here will confirm the bottom. That said, we have to be aware of the risk of more downside price-action as long as minor resistance at 1.5448 protects the upside.

Trading recommendation:

We bought EUR at 1.5425 with stop placed at 1.5385. If you are not long in EUR yet, then buy a break above 1.5448 with the same stop at 1.5385.

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Elliott wave analysis of EUR/JPY for July 11, 2014 Trend News

Today's support and resistance levels:

R3: 138.28

R2: 138.10

R1: 137.98

Current spot: 137.79

S1: 137.67

S2: 137.50

S3: 137.38

Technical summary:

Once support at 138.41 gave away, we saw the expected decline to 137.70 (the low came in at 137.50). Now, we should see resistance at 138.10 protecting upside for the next downside pressure to 137.50 on the way lower to 136.22 and 134.43. The unfolding wave C will be equal in length to wave A at 134.43. Of course, there is a possibility of wave C extending lower than 134.43, but if a bottom is seen there, we have not even seen the minimal correction of the rally from 94.10 to 145.69. So, it could indicate, that we should see only an X-wave from 134.43 before another zig-zag correction lower is seen, but only time will tell.

Trading Recommendation:

We are short in EUR from 138.95 and will move stop lower to 138.76. If you are not short in EUR yet, then sell near 138.10 or upon a break below 137.67 with the same stop at 138.76.

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Technical analysis of USD/CAD for July 11, 2014 Trend News

General overview for 11/07/2014 10:15 CET

The corrective cycle is getting more complex as the wave X brown of the overall larger cycle is unfolding. The target level for wave (c) blue of wave X brown is at the level of 1.0615. Then, some rebound is expected as one more wave to the upside is missing. The first projected target level for wave Y brown is at the level of 1.0695. So, the correction will still stay in the range zone. Any breakout higher or lower changes the outlook for this pair.

Support/Resistance:

1.0766 - WR3

1.0750 - Technical Resistance

1.0731 - WR2

1.0690 - WR1

1.0654 - Weekly Pivot

1.0645 - Intraday Resistance

1.0614 - WS1

1.0578 - WS2

Trading recommendations:

Short positions opened yesterday should still be kept open and the TP is at the level of 1.0615. Please, adjust the SL 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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Technical analysis of EUR/JPY for July 11, 2014 Trend News

General overview for 11/07/2014 10:05 CET

The impulsive wave progression to the downside is developing as anticipated and the alternative count has been invalidated. Currently, the market is in wave 4 corrective cycle. One more wave to the downside is missing, so lower prices should be expected when the correction is completed. Please, notice the invalidation level for the purple impulsive bearish count is at the level of 138.42 and any violation of this level would mean that the corrective cycle in wave 2 black is still in progress.

Support/Resistance:

139.88 - WR2

139.32 - WR1

138.73 - Weekly Pivot

138.14 - WS1

138.10 - Intraday Resistance

137.69 - Technical Support

137.54 - WS2

137.48 - Intraday Support

136.99 - WS3

Trading recommendations:

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

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#USDX Technical analysis for July 11, 2014 Trend News

The Dollar index is below the trend line resistance and is fighting to hold above the short-term Ichimoku cloud support. As shown in the 4 hour chart below, a buy signal will be given once we break above the blue trend line. A sell signal will be given if we break below the red trend line support at 80.

If the Dollar index breaks above the blue trend line resistance at 80.20, it will also break above the Ichimoku cloud. This will give me at least the 80.60 target with a great opportunity for a move higher towards 81. As long as we trade below the blue trend line, intaday traders should prefer to be neutral or bearish.

The daily chart shows me that price is supported and we should not go short at current levels. If support at 79.75 is broken, then we should prefer short positions. If the price breaks above 80.40 which is the previous high area, it will also have broken above the Ichimoku cloud in the daily chart. This will be a good buy signal that could bring the index near 80.70. Support is held for now. So, I prefer to be bullish as long as we hold above 79.75 on a daily basis .

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Gold Wave analysis for July 11, 2014 Trend News

The gold price made a breakout yesterday. In yesterday's analysis, I gave all the reasons why it was more probable to see a break higher than a downward move. The price was above the Ichimoku cloud and trend line support, while the crucial support levels at $1,310-15 were tested and not broken. A short-term trend remains bullish. Our target is $1,350.

The gold price is above the breakout territory and above the Ichimoku cloud. The trend remains upwards. Short-term support is found at $1,330-34 and short-term resistance is at $1,345-50. As long as the gold price is trading above $1,300, bulls will be safe. I believe we are currently in wave E of wave 4 as a part of the triangle as shown in the chart below.

If this wave count is correct, we should expect the gold price to make a top between $1,350-$1,360. This is the area where wave E should complete. This is the last wave of the triangle pattern as wave 4. After that, I expect the gold price to fall to new lows towards $1,000. The first sign that this scenario is correct will be a rejection and a reversal at $1,350-60. If the gold price breaks above that level and reaches $1,400, then the bearish scenario will have less chances and most probably will get canceled. Until then, we remain bullish for a short-term targeting at $1,350-60. This could changes if we break below $1,307.

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Technical analysis of USD/JPY for July 11, 2014 Trend News

In Asia, Japan will not release any economic indicators. The US will release the economic data such as Federal Budget Balance. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 101.86.

Resistance. 2: 101.66.

Resistance. 1: 101.46.

Support. 1: 101.21.

Support. 2: 101.01.

Support. 3: 100.81. DESCRIPTION:

Please, pay attention to the levels of support 3 (100.81) and resistance 3 (101.86). 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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Technical analysis of EUR/USD for July 11, 2014 Trend News

When the European market opens, some economic news will be released such as German Final CPI m/m and German WPI m/m. Besides, the US will release the economic data such as the Federal Budget Balance. So, amid the reports, EUR/USD will move with low volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3668.

Strong resistance:1.3660.

Original resistance: 1.3647.

Inner sell area: 1.3634.

Target inner area: 1.3602.

Inner buy area: 1.3570.

Original support: 1.3557.

Strong support: 1.3544.

Breakout SELL Level: 1.3536.

DESCRIPTION:

Today, EUR/USD has support at 1.3557 and resistance at 1.3647. The rate is accompanied by strong support at 1.3544 and by 1.3660 as strong resistance.

If EUR/USD breaks out and closes below the 1.3536 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3668 level, it will mean high bullish strength. Alternatively, for advanced traders, you can trade in a way to open a BUY position at the level of 1.3570 and at 1.3634, a SELL position. In this case both targets should be placed at the level of 1.3602. 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 11, 2014 Trend News

Technical outlook and chart setups:

1. Gold prints highs at sub $1,340.00 levels and pulls back. The metal could possibly push towards $1,356.00 levels before producing a meaningful pullback lower towards $1,280.00/85.00 levels. Recommendations are to remain flat for now, looking to buy lower.

2. Support is at $1,310.00, followed by $1,260.00, $1,230.00/10.00 and lower while resistance is at $1,350.00/60.00, followed by $1,388.00 and higher respectively.

3. The structure indicates that Gold has turned bullish for long term. Therefore, buying on dips is the recommended strategy.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for July 11, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair has taken out stops and also support at 137.70 for now. The pair would like to focus on 136.00 as its next level. Recommendations are to remain flat for now. Intraday pullbacks remain possible and could be used as opportunities to go short.

2. Now, support is at 136.00/20, followed by 134.00 and lower levels, while resistance is at 139.20, followed by 140.00, 141.50/142.50, 143.50 and higher respectively.

3. The structure indicates that EUR/JPY should remain in control of bears until the prices remain below 139.20 now.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for July 11, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair is bouncing off the fibonacci 0.50 support levels around 1.5250 levels, as seen here. Please, note that the past resistance turned to support is around the same levels. Recommendations are to initiate long positions, risk remains just below 1.5240.

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

3. The structure indicates that GBP/CHF pair may manage to push higher up from 1.5250 levels. Only a break below 1.5150 is a concern.

Trading recommendations:

Initiate longs, stop below 1.5240, target is open.

Good luck!

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Daily analysis of USDX for July 11, 2014 Trend News

Daily chart: The USDX is finding resistance at the 80.11 level, where the USDX could be forming a bearish pattern, as it remains below the 200 SMA and the resistance level of 80.11 is quite strong. For now, we recommend waiting for clearer patterns. The MACD indicator is in the positive territory.

H4 chart: The USDX is trying to form a bullish pattern above the 80.09 level, so the next target path remains bullish moving average 200 However, if the USDX manages to make a breakout at the level of 80.09, it is expected to fall to the level of 79.93. The MACD indicator is in the neutral territory.

H1 chart: The USDX is finding resistance at the 80.15 level, where the 200-day moving average is located. So, the USDX is likely to fall to the support level of 79.88. If the USDX does make a breakout at that level being the next target, it would be the support level of 79.64. The MACD indicator is in the overbought zone.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks a bearish support level 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 11, 2014 Trend News

Daily chart: The GBP/USD pair made a pullback to the resistance level of 1.7169. However, the pair forming a bullish pattern continues below this level, so that the GBP/USD pair remains strong in the bullish trend. Currently, the pair is likely to close the week moving sideways. The MACD indicator is in the negative territory.

H4 chart: This pair remains below the bullish trend line at 1.7200, so the GBP/USD pair is trying to stay above the 200-day moving average, which is at the support level of 1.6995. If GBP/USD manages to make a breakout at the level of 1.7225, it is expected to rise to the level of 1.7260. The MACD indicator is in the negative territory.

H1 chart: The GBP/USD found resistance at the 1.7150 level. Now, this pair is making a rebound on the 200-day moving average, which is close to the point of control at the level of 1.7110. If GBP/USD manages to make a breakout at the support level of 1.7100, it is expected to fall to the level of 1.7050. The MACD indicator is entering the 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 1.7150, take profit is at 1.7200, and stop loss is at 1.7100.

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USD/CAD intraday technical levels and trading recommendations for July 10, 2014 Trend News

Since the USD/CAD pair failed to show enough bullish 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 movement started obviously when retesting 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 at 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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