Daily analysis of GBP/JPY for July 15, 2014 Trend News

Overview

As it was expected yesterday, the pair reversed its downward move taking an upward move from the Support level of 173.00 after its failure to break it yesterday. Today and as shown in the H4 chart, the pair bounced from the Support area breaking the Resistance level of 173.50. Currently, it is approaching the Resistance level of 174.40 trying to break it through to continue its bullish move which means more buy signals. So, we should wait till the price closes above the Resistance level of 174.40 before making the decision to have a bullish signals with the first target few pips below the next Resistance level at 174.75. But closing below the Resistance level of 174.40 cancels the bullish move scenario.

Resistance and Support levels: R3 (175.25), R2(174.75), R1(174.40), S1 (173.50), S2 (173.00), S3(172.30)

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Technical analysis of USD/JPY for July 15, 2014 Trend News

Overview:

USD/JPY is expected to consolidate with the bullish bias. Markets are awaiting 1400 GMT Federal Reserve Chairwoman Yellen's Monetary Policy Report to the U.S. Senate Banking Committee. Her comments will be scrutinized for clues of the Federal Reserve's timing for an interest rate rise, which is currently expected in mid-2015. USD/JPY is supported by the yen-funded carry trades amid positive risk sentiment (VIX fear gauge eased 2.15% to 11.82, S&P 500 rose 0.48% overnight to close at 1,977.1) as better-than-expected earnings from Citigroup lifted investor mood and concerns over Portuguese banking system fade. USD/JPY is also supported by the demand from Japanese importers and higher U.S. Treasury yields. But USD/JPY gains are tempered by Japanese export sales.

Technical comment:
The daily chart is mixed as MACD is bearish, but stochastics is turning bullish.

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 101.85 and the second target at 102.05. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.20. A break of this target would push the pair further downwards and one may expect the second target at 101.05. The pivot point is at 101.35.

Resistance levels:

101.85

102.05

102.25

Support levels:

101.20

101.05

100.80

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Technical analysis of USD/CHF for July 15, 2014 Trend News

Overview:

USD/CHF is expected to trade in a higher range. It is undermined by the franc demand on buoyant CHF/JPY cross. But USD/CHF downside move is limited by the dovish Swiss National Bank's monetary policy and franc sales on buoyant EUR/CHF cross. The daily chart is mixed as stochastics is bullish, but MACD is in the bearish mode.

Trading recommendations:

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 0.8975 and the second target at 0.8990. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8895. A break of this target would push the pair further downwards and one may expect the second target at 0.8880. The pivot point is at 0.8920.

Resistance levels:

0.8975

0.8990

0.9025



Support levels:

0.8895

0.8880

0.8860

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Technical analysis of NZD/USD for July 15, 2014 Trend News

Overview:

NZD/USD is expected to trade in a lower range. It is supported by the Kiwi demand on NZD/JPY cross amid reduced risk aversion, hawkish Reserve Bank of New Zealand's monetary policy stance, and NZD-USD interest differential. But NZD/USD upside move is limited by the Kiwi sales on rebounding AUD/NZD cross. The daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing, but stochastics is turning bearish in the overbought zone.

Trading recommendations:
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 0.8735. A break of this target will move the pair further downwards to 0.8710. The pivot point stands at 0.88. In case the price moves in the opposite direction and bounces back from the support level, and then 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 0.8835 and the second target at 0.8860.

Resistance levels:

0.8835

0.8860

0.8890

Support levels:

0.8735

0.8710

0.8685

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Technical analysis of GBPJPY for July 15, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a higher 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 MACD is bearish, but stochastics is turning bullish.

Trading recommendations:
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 174.60 and the second target at 175.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 173.20. A break of this target would push the pair further downwards and one may expect the second target at 172.85. The pivot point is at 173.90.

Resistance levels:

174.60

175.15

175.40



Support levels:
173.20

172.85

172.35

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Elliott wave analysis of EUR/NZD for July 15, 2014 Trend News

Today's support and resistance levels:

R3: 1.5520

R2: 1.5501

R1: 1.5490

Current spot: 1.5488

S1: 1.5445

S2: 1.5438

S3: 1.5398

Technical summary:

The break above the resistance line is the first strong indication, that we have seen a firm bottom at 1.5398. That said, we still need more evidence to confirm the bottom. The next strong indication will be given, when we break above minor resistance at 1.5501 for a continuation higher to 1.5647. In the short run, we expect support at 1.5439 which will protect the downside for the break above 1.5501. However, second waves are allowed to correct all of the first wave. So, you should wait for a deeper correction, but it can not break below 1.5398 as it will invalidate the bullish count.

Trading recommendations:

We are long in EUR from 1.5425 with stop placed at 1.5385. If you are not long in EUR yet, the buy close to 1.5439 or upon a break above 1.5501 with the same stop at 1.5385.

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Technical analysis of USD/CAD for July 15, 2014 Trend News

Overview :

• The USD/CAD pair is going to call for a bullish market on July 15, 2014. The price will probably move between the 1.0620 and 1.0788 levels in order to form a range of 168 pips this week. Additionally, the price of 1.0620 is representing a double bottom in the H1 chart. So, the area between 1.0620 - 1.0600 is acting as strong support today. Therefore, the bulls are going to buy above 1.0620 with a first target of 1.0750, it might resume to 1.0790. It should be also noted that a double top is going to set at the level of 1.0825. However, the stop loss should never exceed your maximum exposure amounts. Hence, set stop loss below the support at the level of 1.6000.


• On the other hand, the resistance is set at the level of 1.0725. So, the trend will call for a bearish market at the level of 1.0790 in the short term. Thus, it will be rather gainful to sell below the price 1.0790 and look for further downside for 1.0730 and 1.0660 targets.

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Technical Analysis of USD/JPY for July 15, 2014 Trend News

The pair has been trying its fortune at the crucial support of 50-W Sma. In last week's session, the pair hit support and managed to close above that. The pair has a weekly resistance at the 101.91 (20-W Sma) levels. In Asia's session, the pair opened with a minor bullish bias at 101.53. It is facing resistance at 101.66, 101.73 (20-D Sma) and 101.90 (50-D Sma). If closing a session above 101.90, we see can a sharp run towards 102.30 and 102.80 levels.

On an intraday basis, the pair is trading above the hourly moving averages, which is a bullish sign. The pair has an intraday support at 101.53 and 101.40 levels and an immediate resistance at 101.64 (8-hr high). The hourly Stochstics are indicating an overbought sign. Fresh buy will be gainful only above the 101.66 levels. It will face some selling below 101.40.

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Weekly forecast and an intraday analysis of Gold for July 08-11, 2014 Trend News

GOLD

The yellow metal hammered almost 2% in yesterday's session. Portugal bank is erasing concerns which made metal to melt towards the crucial support levels. Today, traders keep an eye on Fed Chairwoman Yellen speech. On the down side, the metal has strong supports at $1,299.50 (50-W Sma). We can see another round of selling only below the $1,299.50 levels. The weekly Stochastics turn cross. The metal has strong resistance at the $1,311.50 levels.

The trading pattern is framed between $1,299.50-$1,311.50. On the lower side, if the metal hits support at $1,299.50, it can fall to $1,292 (50-D Sma) and $1,286.50 (200-D Sma). On the other hand, if it breaches $1,311.50, it can fly up to $1,318.50 (20-D Sma).

For an intraday basis, the hourly momentum oscillators are indicating oversold signs. The metal has strong support at $1,303 (16-hr low) and the resistance at $1,309.10 (6-hr high). If the metal breaks $1,309.10, it can fly up to the $1,311.40 levels, which is a strong key resistance level.

Note, cmp $1,307

Until the metal trades below $1,311.40 (200-E Sma), the hourly trend will favor bears.

Until the metal trades below $1,323 (35-hr Dema), $1,324.50 (34-hr Sma), and $1,327.50 (21-hr Sma), the intraweek trend will favor for bears.

Buy above $1,311.50

Sell below $1,299.50

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Elliott wave analysis of EUR/JPY for July 15, 2014 Trend News

Today's support and resistance levels:

R3: 138.73

R2: 138.51

R1: 138.34

Current spot: 138.31

S1: 138.17

S2: 137.82

S3: 137.65

Technical summary:

As expected, we saw the ongoing correction move a little higher. We were looking for a correction to 138.32 as the ideal target, but it moves slightly higher to 138.42. However, it has changed nothing in the larger picture. Now, we are looking for a break below support at 138.17 to indicate that the uderlying downtrend has resumed for a decline to 137.50 on the way lower to 136.22 and the equality target at 134.34.

Trading recommendations:

We are short in EUR at 138.95 with stop placed at 138.76. If you are not short in EUR yet, then sell upon a break below 138.17 with the same stop at 138.76.

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Weekly forecast and an intraday analysis of GBP/USD for July 08-11, 2014 Trend News

GBP/USD

The cable pushed to the key support level at 1.7060. In yesterday's article, we recommended to sell only below 1.7060. The currency pair made a low at the 1.7070 levels. In Asian today's session, the cable is trading at the 1.7083 levels. The daily RSI is indicating a downward sign. As we recommend positional traders to buy only above the 1.7180 levels, the recommendation remains valid. If the cable hits the 1.7060 levels, it can fall to another key support level at 1.70. The bears may take the pair fully into their hands below 1.70 for the nearest possible target at 1.6953, 1.6932, and 1.6920 levels. If the pair closes below 1.6930, the short-term view will turn to negative.

For an intraday basis, the cable is trading below the hourly moving averages, which is not a good sign.

Supports - 1.7080 and 1.7070-1.7060

Resistance - 1.7091 (8-hr high) 1.71 and 1.7120

We can see the clear trend for the near term with the key economic data such as CPI data, BOE governor Carney speech, and Federal chair's Yellen testimony. Please, note the key support level at 1.7060, sell only below this or buy with sl 1.7060. Strong momentum is only above 1.7180 for an upside target at the 1.7330 levels.

Levels to watch 1.7330< 1.7180 < 1.7060 < 1.70 < 1.6930

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Technical analysis of USD/CHF for July 15, 2014 Trend News

Overview :

• The USD/CHF pair has not shown signs of breaking the highest level of 0.8863. The support has already set at the spot of 0.8860 for three months. Therefore, it will be a good sign to buy above the level of 0.8863 with the first target of 0.8950 and resume to 0.9009 in order to form a triple top this week. Moreover, the resistance is going to be placed at the price of 0.9009. Hence, we expect a range of 114 pips in the coming days. However, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.8863, then the market will lead to further decline to 0.8813. Additionally, it will be able to indicate the correction movement at this level. But it should be noted that the channel emerging of RSI is still positive in the daily frame. So, the RSI calls for a new upleg at this level (0.8863). Also, we should notice a point of view that the MA(100) would be rather a confirmation for the uptrend but in a short-term period.

Intraday technical levels :

• R3: 0.8966


• R2: 0.8948


• R1: 0.8933


• PP: 0.8915


• S1: 0.8900


• S2: 0.8882


• S3: 0.8867

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#USDX Technical analysis for July 15, 2014 Trend News

The Dollar index has moved above the Ichimoku cloud and bulls are trying to change the trend to bullish. The support at 80.05 is still valid and the price has managed to hold above 80.15. There is no clear trend and traders should be very cautious. Bulls feel a bit safer than bears now because the price is above short-term resistance and above support.

Breaking below the Ichimoku cloud at 80.05 will push the index towards 79.80-79.75. Short-term resistance is found at 80.25. If broken, the price is expected to move towards the previous high of 80.40. The ichimoku cloud provides strong support that could help bulls push it higher. Strong resistance at 80.40 (if broken) will push the index towards 80.70.

The daily chart continues to trade inside the Ichimoku cloud. The trend is neutral in the daily chart. Breaking above 80.40 gives us a buy signal with 80.80 target. Support is at 80 and then at 79.75. Breaking below 79.75 will be a very bad daily signal for bulls.

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Gold Wave analysis for July 15, 2014 Trend News

The gold price has made a sharp decline yesterday and has found support at the 38% Fibonacci retracement of the rise from $1,240 to $1,346. The decline is impulsive. This means that more downside should be expected. The gold price has broken below the Ichimoku cloud support and below the trend line support. The trend is bearish.

The gold price is forming a bearish flag in the 4 hour chart. Going below $1,303 will break the flag and push the gold price towards $1,290-80 support at the 50% or 61.8% retracement. The decline from $1,346 is impulsive. Currently, we are in wave 4 and should see a wave 5 down to complete the 1st impulsive wave of the expcted long-term decline towards $1,000.

The gold price has most probably completed wave E of wave 4 of the triangle. I expect wave 5 to move towards $1,000. Short-term stop for short positions is $1,346. The triangle scenario will be canceled if price breaks above $1,391.

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Weekly forecast and an intraday analysis of EUR/USD for July 15-18, 2014 Trend News

EUR/USD

Today, traders keep an eye on German Zew economic sentiment and Federal chair Yellen's testimony. In yesterday's session, the pair pushed to the 1.3640 selling zone again pulling back to the 1.36 levels. The pair is holding above the rising trend line in the daily chart. Yesterday, it was rejected around 50-day Sma levels. Today, in Asia's session, it is holding above 1.3617 (200-D Ema) and facing resistance at 20-D Sma between the 1.3623 levels and 1.3640 (50-D Sma). The bulls are back on track only above 1.3651 for 1.3666, 1.3675, and 1.37 levels.

The pair is holding above the hourly moving averages. As of now, in Asia's session the pair opened with a minor bullish bias opened lower at the 1.3618 levels.

Intraday supports - 1.3618, 1.3609 and 1.3598 (12-hr low) levels

Positional supports - 1.36 and 1.3575

The trading pattern is framed between 1.3575-1.3650. If any side breaks out, we can see a new range. On the upper side, if it breaks 1.3650 we can see the 1.3666 and 1.37 levels. The bulls must break the 1.37 levels as soon they can. If not, the 1.37 level will act as the multi-month resistance. It is likely to push to 1.3450 and 1.3215 levels.

Sell on an upward move until it breaks 1.37

Hourly momentum only above 1.3651

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Technical analysis of EUR/JPY for July 15, 2014 Trend News

General overview for 15/07/2014 07:50 CET

The bearish impulsive purple wave count has been invalidated due to wave 1 and wave 4 overlaps. However, there is still a chance for a leading diagonal pattern to emerge. This scenario is valid as long as the level of 138.75 is not broken. However, if the level of 138.75 is broken, then the market is going to test the recent high of green wave 2 at the level of 139.27.

Support/Resistance:

139.31 - WR2

139.27 - Swing High

138.75 - Leading Diagonal Count Invalidation Line

138.49 - WR1

138.43 - Intraday Resistance

138.21 - Intraday Support

138.00 - Weekly Pivot

137.49 - Swing Low

Trading recommendations:

Day traders should consider opening short orders from the price zone between the levels of 138.50 - 138.75, with the SL above the level of 138.76 and TP below the level of 137.49.

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Technical analysis of USD/CAD for July 15, 2014 Trend News

General overview for 15/07/2014 07:30 CET

The wave progression develops almost as anticipated but it is still unclear if the top for wave Y brown is in place. There are two possible scenarios for the further price action. The key levels are 1.0695 for bulls and 1.0746 for bears. One of this levels will be broken soon and one of the scenarios will be invalidated. Breakout below the level of 1.0695 confirms the top for wave Y brown is in place and further price decline is expected. Breakout above the level of 1.0746 confirms the last wave to the upside is in progress and the target is at the level of 1.0786.

Support/Resistance:

1.0794 - 50%Fibo

1.0786 - WR1

1.0746 - Intraday Resistance

1.0724 - Intraday Resistance

1.0708 - Weekly Pivot

1.0695 - Technical Support

Trading recommendations:

Day traders should wait for the important levels to be broken before making any trading decisions now. As the outlook is not clear, and a little bit more of patience is needed.

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Technical analysis of EUR/USD for July 15, 2014 Trend News

When the European market opens, some economic news will be released such as German ZEW Economic Sentiment, ZEW Economic Sentiment. The U.S. will release the economic data too such as the Core Retail Sales m/m, Retail Sales m/m, Empire State Manufacturing Index, Import Prices m/m, Fed Chair Yellen's Testimony, and Business Inventories m/m. So, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY level: 1.3686.

Strong resistance:1.3678.

Original resistance: 1.3665.

Inner sell area: 1.3652.

Target inner area: 1.3620.

Inner buy area: 1.3588.

Original support: 1.3575.

Strong support: 1.3562.

Breakout SELL level: 1.3554.

DESCRIPTION:

Today, EUR/USD has support at 1.3575 and resistance at 1.3665. The rate is accompanied by strong support at 1.3562 and by 1.3678 as strong resistance. If EUR/USD breaks out and closes below the 1.3554 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3686 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3588 and at 1.3652, a SELL position. In this case both targets should be placed at the level of 1.3620. 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 15, 2014 Trend News

In Asia, Japan will release the Monetary Policy Statement, BOJ will held the press conference. The U.S. will release some economic data such as Core Retail Sales m/m, Retail Sales m/m, Empire State Manufacturing Index, Import Prices m/m, Fed Chair Yellen's Testimony, and Business Inventories m/m. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the U.S. session.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.11.

Resistance. 2: 101.91.

Resistance. 1: 101.71.

Support. 1: 101.47.

Support. 2: 101.27.

Support. 3: 101.07 DESCRIPTION:

Please, pay attention to the levels of support 3 (101.07) and resistance 3 (102.11). 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. The material has been provided by InstaForex Company - www.instaforex.com



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Daily analysis of major pairs for July 15, 2014 Trend News

EUR/USD: This pair continues to prove difficult for swing traders, but very agreeable to intraday traders and scalpers. For swing traders, it is better to wait till a clean direction is formed: either the resistance line at 1.3650 is broken to the upside or the support line at 1.3600 is broken to the downside. After this, a strong direction could be determined.

USD/CHF: The situation with the USD/CHF pair is quite similar to that of EUR/USD. This is an equilibrium market. So, it would be prudent to stay away from it until there is a directional movement – a breakout from either above the resistance level at 0.8950 or the support level at 0.8900.

GBP/USD: Now, it seems that the bulls are unable to breach the distribution territory at 1.7150 to the upside. In fact, the market is now trading below the distribution territory at 1.7100. A break below another accumulation territory at 1.7050 would signal the end of the dominant bullish outlook.

USD/JPY: This currency trading instrument is experiencing some rally in the context of an uptrend. This rally should be checked at the supply level at 102.00. Otherwise, the bearish outlook would be invalid. The price should fall down further.

EUR/JPY: The EUR/JPY pair faced a rally on Monday. The rally is supposed to take place in the supply zone of 138.50. After this, the price may go towards the demand zone at 138.00; breaking to the downside, and going towards another demand zone at 137.50 (which is the target for this week). Should the price go above the supply zone at 138.50, it could pose a threat to the extant bearish outlook.

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Daily analysis of USDX for July 15, 2014 Trend News

Daily chart: The USDX remains above the support level of 80.11. So, the USDX is likely to have a bullish momentum in the coming days because of the strength that the support level has accumulated. If the USDX manages to consolidate above the 200 SMA, it is expected to rise to the resistance level of 80.62. The indicator is entering the neutral territory.

H4 chart: The USDX remains below the resistance level of 80.24, which is also located on the bearish trend line. If the USDX does make a breakout at that level, it would be expected to rise to the level of 80.35. However, if the USDX does make a breakout at the level of 79.93, it is expected to fall to the level of 79.74. The MACD indicator is in the neutral territory.

H1 chart: The USDX has managed to hold above the support level of 80.15. So, the next target for the USDX would be the resistance level of 80.35. However, if the USDX does make a breakout at that level, it is expected to rise to the level of 80.59. 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 15, 2014 Trend News

Daily chart: The GBP/USD pair had another day that recorded falls below the level of 1.7100. So, this pair is approaching the support level of 1.7000. That is the nearest target, because the GBP/USD pair has been very weak and the bearish force has become more obvious in the past hours. The MACD indicator is in the negative territory.

H4 chart: This pair is forming a higher low pattern above the support level of 1.7062, where the GBP/USD pair has formed a fractal. If the pair manages to make a breakout at that level, it is expected to fall to the support level of 1.6995. On the other hand, if the GBP/USD takes a bullish rebound at current levels, it is expected to rise to the resistance level of 1.7179. The MACD indicator is in the negative territory.

H1 chart: The GBP/USD pair is trying to form a bearish pattern below the resistance level of 1.7100. If GBP/USD manages to make a breakout at the support level of 1.7050, it is expected to fall to the level of 1.7000, which would be a bearish consolidation, as this pair is below the 200 SMA. Nevertheless, the MACD indicator is moving into the positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.7050, take profit is at 1.7000, and stop loss is at 1.7100.

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Intraday technical levels and trading recommendations on GBP/USD for July 14, 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 previously 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.

As expected, the price zone around 1.7140 - 1.7170 provided evident bearish price action.

A pattern of multiple-tops is probably being confirmed after breakdown of the current bullish channel.

A short position can be triggered if the current breakdown remains defended by the bears. 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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Intraday technical levels and trading recommendations on EUR/USD for July 14, 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 1.3640 and probably 1.3740.

The EUR/USD pair has been finding difficulty to fixate above the key level around 1.3640-1.3660. Successive bearish candlesticks originated off this price zone.

That's why, bullish fixation above this zone is a must to pursue towards further bullish targets.

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.

As expected, the price zone between 1.3600-1.3560 ( 50% and 61.8% Fibonacci levels ) expressed 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 though the probability exists.

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Technical analysis of USD/JPY for July 14, 2014 Trend News

Overview:

USD/JPY is expected to trade in a higher range. It is supported by the buying of yen crosses amid diminished risk aversion (VIX fear gauge eased 4.05% to 12.08 , S&P 500 rose 0.15% Friday to close at 1,967.57) as markets returned to the calm mode after Thursday's jolt over euro-zone banking sector woes. USD/JPY is also buoyed by the demand from Japanese importers. But USD/JPY upside is limited by Japan export sales and lower U.S. Treasury yields as well as caution ahead of Fed Chairwoman Janet Yellen's semiannual testimony before lawmakers on the economy and rate-policy release the outlook on Tuesday and Wednesday. The two-day policy meeting of Bank of Japan started on Monday. BOJ is expected to maintain its policy of increasing the country's monetary base at an annual pace of Y60 trillion to Y70 trillion. It may stick to its upbeat view on inflation, possibly stifling expectations for additional monetary easing in the coming months.

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

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 101.80 and the second target at 102. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 101.20. A break of this target would push the pair further downwards and one may expect the second target at 101.05. The pivot point is at 101.35.

Resistance levels:

101.80

102

102.25

Support levels:

101.20

101.05

100.80

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Technical analysis of USD/CHF for July 14, 2014 Trend News

Overview:

USD/CHF is expected to trade in a range. It is undermined by the franc demand on soft EUR/CHF and CAD/CHF crosses. But USD/CHF downside is limited by the dovish Swiss National Bank's monetary policy. The daily chart is mixed as MACD is in the bearish mode, but stochastics is bullish, five-day moving average is meandering sideways above the declining 15-day MA.

Trading recommendations:

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 0.8895. A break of this target will move the pair further downwards to 0.8880. 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:

0.8895

0.8880

0.8860

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Technical analysis of NZD/USD for July 14, 2014 Trend News

Overview:

NZD/USD is expected to trade in a range. It is supported by the Kiwi demand on soft AUD/NZD cross, reduced risk aversion, hawkish Reserve Bank of New Zealand's monetary policy stance, NZD-USD interest differential, and NZD demand on buoyant NZD/CAD cross. But NZD/USD upside is limited by profit-taking on long NZD positions. The daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at the overbought zone, 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 0.8835 and the second target at 0.8860. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8770. A break of this target would push the pair further downwards and one may expect the second target at 0.8735. The pivot point is at 0.8795.

Resistance levels:

0.8835

0.8860

0.8890

Support levels:

0.8770

0.8735

0.8710

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GBP/USD intraday technical levels and trading recommendations for July 14, 2014 Trend News

Bullish breakout above the DAILY 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 previously 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 once applied as a trial to break through the upper limit of the 4H movement channel. However, lack of follow-through existed as bullish pressure being applied was not enough to ensure success of the bullish breakout.

On the other hand, Intraday resistance was established around 1.7150-1.7190. A short-term SELL position was suggested in the previous articles with SL located just above 1.7190.

Persistence of 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 GBPJPY for July 14, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is supported by the reduced risk aversion and demand from Japanese importers. But GBP/JPY gains are tempered by Japanese export sales. The daily chart is still negative-biased as MACD and stochastics are in the bearish mode. Five-day moving average is below 15-day MA and is declining.

Trading recommendations:
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 172.85. A break of this target will move the pair further downwards to 172.35. The pivot point stands at 174.40. In case the price moves in the opposite direction and bounces back from the support level, and then 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 175.15 and the second target at 175.40.

Resistance levels:

175.15

175.40

175.85



Support levels:
172.85

172.35

172

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