Technical analysis of EUR/JPY for July 17, 2014 Trend News

EUR/JPY

The pair drifts to a five-month low trading at 137.37 levels.

In the weekly chart, the pair has hit the 50 WSma and trading below that.

In the daily chart, the pair is trading below the daily, weekly, and medium-term moving averages.

On the down side, the pair's support is at 137 and 136.20 levels. If the euro hits the 136.20 level, gates will be open for a steep fall to 135.50, 132.40, and 131.20 levels. The weekly RSI is traveling to the South.

For the hourly trading purpose, the pair is trading below the hourly moving averages. The pair has resistance at 137.70, 137.95 and 138.05 levels. The hourly momentum oscillators are indicating oversold signs. Until the pair trades above 139.25, we can expect 136.87 on the down side.

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Technical analysis of EUR/USD for July 17, 2014 Trend News

When the European market opens, some economic news will be released such as CPI y/y, Core CPI y/y, Spanish 10-y Bond Auction. The US will release the economic data too such as the Building Permits, Unemployment Claims, Housing Starts, Philly Fed Manufacturing Index, Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3592.

Strong Resistance:1.3584.

Original Resistance: 1.3571.

Inner Sell Area: 1.3558.

Target Inner Area: 1.3526.

Inner Buy Area: 1.3494.

Original Support: 1.3481.

Strong Support: 1.3468.

Breakout SELL Level: 1.3460.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3481 and 1.3571. The rate is accompanied by strong support at 1.3468 and by 1.3584 as strong resistance. If EUR/USD breaks out and closes below the 1.3460 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3592 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 1.3494 and at 1.3558, a SELL position. In this case both targets should be placed at the level of 1.3526. 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 17, 2014 Trend News

In Asia, Japan will not release any economic data, but the US will release some economic data such as Building Permits, Unemployment Claims, Housing Starts, Philly Fed Manufacturing Index, Natural Gas Storage. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US 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.

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Technical analysis of GOLD for July 17, 2014 Trend News

The yellow metal holds support at 50 DSma at $1,291.40 levels and trading above it. The pair has resistance at $1,311-$1,3$1,3.50. For the short term basis, if the metal closes below $1,291, it can extend its fall up to $1,286, $1,284 and $1,280 levels. On the north side, it has resistance at $1,302.50 (30 DSma), above this, $1,311 (200DEma) and $1,3$1,3.50 will act as a major resistance level.

Supports $1,291, $1,286.

Resistance $1,303.50, $1,305.

For an intraday basis, the metal is slowly moving up towards the initial resistance level at $1,303.50 35HDema above this it can fly up to $1,307.75 (21HSma), $1,311, $1,313.40, and $1,317.50. Until the pair trades below $1,317.50 (34HSma), bears have an upper hand. The hourly RSI is indicating an oversold levels.

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Technical analysis of GBP/JPY for July 17, 2014 Trend News

GBP/JPY

The pair gave a symmetric triangle breakout, made a high at 175.35 (double top). The pair started correction and held at the breakout level. Currently, the pair is holding above the 30 DSma. The pair has support at 173.44 (30 DSma), 172.90 (breakout level) and 172.36 (50 DSma). For the near term the trading range is framed between 173.26-175.35 levels. On the down side, if the pair closes below 173.26, it can drift up to 172.56 which is strong support for the near and medium term. If a day close below 172.56, the near term turns to negative towards 171.80 170.95 levels. On an upside, if the pair manages to breach the double top at 175.35 we can see 178.80 (138% fib level).

Note-

The near term turns to negative towards 171.80, 170.95 levels, if it closes below 172.50.

Fresh buy above 175.50 for targets 178.80.

On an hourly basis, the pair is trading above the hourly moving averages. The pair has support at 174, 173.88, 173.80. Below 173.80 the pair looks weak for a downside target 173.55 and 173.26 levels.

Sell below 173.80.

Buy above 174.55.

Strong momentum is only above 176 for targets 178.80.

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Daily analysis of GBP/USD for July 17, 2014 Trend News

Daily chart: The GBP/USD remains in the bullish trend without major changes, because this pair has tried to make a breakout on the resistance level of 1.7169 but has not succeeded. If the pair manages to consolidate above this level, the next target would be the level of 1.7290. However, it is likely that the GBP/USD will make a pullback at current levels. The MACD indicator is in negative territory.

H4 chart: This pair made a rebound on the support level of 1.7062, which is close to the 200-day moving average, so GBP/USD is likely to try a breakout at the 1.7180 level, because this pair is forming a lower high pattern. GBP/USD remains bullish while above the 200 SMA. The MACD indicator is entering neutral territory.

H1 chart: The GBP/USD has moved sideways during the last hours, above the 200 SMA. Now this pair is trying to consolidate above the resistance level of 1.7150, which has been shown to be a strong level. However, it is likely that the GBP/USD will fall to the support level of 1.7100. The MACD indicator is in 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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Technical analysis of EUR/USD for July 17, 2014 Trend News

EUR/USD

The US dollar continued its rally due to Federal Chairwoman Yellen testimony. The EUR/USD pair continues sliding to the previous swing low at 1.35 levels. A break below 1.35 will trigger many sl and we can see a panic situation with an intermediate support at 1.3477 levels. On the down side, the pair has strong support at 1.35, 1.3477 and 1.3420 (weekly 200S/Ema). On the upside, it has strong resistance at 1.37 (monthly resistance). As we recommended earlier (to sell at 1.3646 with a target at 1.3525), yesterday it was completed. The pair made a low at 1.3520 levels.

Support: 1.35, 1.3477, 1.3420/1.34.

Resistance: 1.3651, 1.37.

A free fall mode will trigger below 1.34 (50MSma) for a downside target at 1.3220 levels. The weekly and monthly momentum oscillators are indicating a sell mode. So, the short-term outlook favors bears until it breaches the 1.37 levels. The pair is trying to hold the weekly support trend line, if it breaches, it can damage more in next few weeks.

The hourly momentum oscillators are indicating an oversold level, expecting the previous support to hold for a while between 1.3520-1.35 levels. The pair has strong resistance at 1.3560 and 1.3575 levels. Until the pair trades below the following levels, bears will mint the money.

35 DEma 1.3560.

Hourly trend reversal 1.3575.

34 HSma 1.3597.

21 HSma 1.3584.

Wait for an up move and sell again, below 1.35 more weaknesses. Until the pair trades above 1.3575, we are expecting 1.3525 and 1.3452 (1.3525 done).

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Technical analysis of USD/JPY for July 16, 2014 Trend News

Overview:

USD/JPY is expected to consolidate in a higher range. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 80.38 versus 80.17 early Tuesday) as U.S. Treasury yields rose after Federal Reserve Chairwoman Janet Yellen reiterated her prior commitment to near-zero policy rates in her Congressional testimony but said the Fed could move sooner to hike rates if economic data continues to surprise to the upside. USD/JPY is also supported by the demand from Japanese importers and jump in New York Fed Empire State manufacturing index to 25.60 in July, the highest level in more than four years, from 19.28 in June. But the USD sentiment is dented by the weaker-than-expected 0.2% on-month increase in U.S. June retail sales (versus +0.6% forecast); smaller-than-expected 0.1% on-month increase in U.S. June import price index (versus +0.4% forecast). The USD/JPY gains are also tempered by Japanese exporter sales and unwinding of JPY-funded carry trades amid diminished investor risk appetite (VIX fear gauge rose 1.18% to 11.96; S&P 500 fell 0.19% overnight to close at 1,973.28) as Yellen also noted considerable uncertainty about the economy and said that some stock valuations look stretched. Mixed FX impact on JPY Tuesday as Bank of Japan maintained its policy of increasing the country's monetary base at an annual pace of Y60 trillion to Y70 trillion but slightly trimmed its growth forecast for the country for the current fiscal year ending in March to 1.0% from 1.1%; BOJ Gov. Kuroda discounted speculation that weaker growth would prevent the BOJ from achieving its 2% inflation target, suggesting that no additional easing measures are on the table.

Technical comment:
Daily chart is mixed as MACD is bearish, but stochastics is in bullish 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 101.85 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 101.45.

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 16, 2014 Trend News

Overview:

USD/CHF is expected to trade in a higher range. The CHF sentiment is dented by the 0.5% year-on-year drop in Switzerland June PPI and 1.5% year-on-year drop in June import price index. USD/CHF is also supported by the positive dollar sentiment, dovish Swiss National Bank's monetary policy and franc sales on soft CHF/JPY cross and on buoyant EUR/CHF cross. The daily chart is positive-biased as stochastics is in bullish mode, MACD is turning bullish, five-day moving average is above 15-day MA and is advancing.

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 0.8910 and the second target at 0.8895. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9. A break of this target would push the pair further downwards and one may expect the second target at 0.9015. The pivot point is at 0.8950.

Resistance levels:

0.9

0.9015

0.9035



Support levels:

0.8910

0.8895

0.8865

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Technical analysis of NZD/USD for July 16, 2014 Trend News

Overview:

NZD/USD is expected to trade with a bearish bias. It is undermined by the softer-than-expected New Zealand 2Q CPI of +0.3% on-quarter (versus +0.4% forecast), 8.9% drop in GlobalDairyTrade Price index in overnight auction, the positive dollar sentiment, Kiwi sales on soft NZD/JPY cross amid subdued investor risk appetite, and Kiwi sales on firmer AUD/NZD cross. But NZD/USD losses are tempered by the hawkish Reserve Bank of New Zealand's monetary policy stance and NZD-USD interest differential. the daily chart is negative-biased as stochastics is falling from the overbought zone. MACD histogram bars are turning negative.

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 0.8675. A break of this target will move the pair further downwards to 0.8650. The pivot point stands at 0.8745. In case the price moves in the opposite direction and bounces back from the support level. 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 0.8785 and the second target at 0.8815.

Resistance levels:

0.8785

0.8815

0.8845

Support levels:

0.8675

0.8650

0.8625

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Technical analysis of GBPJPY for July 16, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is undermined by weak EUR sentiment as well as diminished investor risk appetite and Japanese export sales. But GBP/JPY losses are tempered by the demand from Japanese importers. The daily chart is negative-biased as MACD is bearish. Five-day moving average is below 15-day MA and is declining, although inside-day-range pattern was completed on Tuesday.

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 174.55 and the second target at 175.15. In an alternative scenario, if the price moves below its pivot points, short positions are advised 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:

174.55

175.15

175.40



Support levels:
173.20

172.85

172.35

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USD/CAD intraday technical levels and trading recommendations for July 16, 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 between 1.0910-1.0950 that was 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).

As expected, bullish price action was expressed at retesting 1.0630 which is the origin of the previous bullish impulse initiated in December 2013 and the backside of the upper limit of the broken 4H channel.

That's why, a valid BUY entry was suggested last week. Expected targets are located around 1.0750 and 1.0820. SL should be advanced to be slightly below 1.0650.

The bulls should be conservative with their targets and tight Stop Loss as the USD/CAD pair has been down-trending for a long period. The downtrend could be resumed anytime.

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GBP/USD intraday technical levels and trading recommendations for July 16, 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.

The price levels of 1.7050 constitute 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.

The GBP/USD pair remains trapped roughly between 1.7070 and 1.7170. Breakout in either direction is needed to pursue towards further targets. Breakout in the bullish direction is more likely to occur, so the bears should be conservative with their targets.

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Intraday technical levels and trading recommendations on EUR/USD for July 16, 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 facing 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. On the other hand, bearish pressure originated off 1.3650 which is applying pressure on 1.3560 (key level corresponding to the previous prominent bottom ).

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

As expected, the price zone between 1.3600-1.3560 ( 50% and 61.8% Fibonacci levels ) has been providing evident bullish price action until earlier today.

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 initially towards the price zone of 1.3530-1.3500 where the backside of the broken bearish channel is located.

Bullish pressure is expected to be applied around the current prices provided that the bears fail to fixate below 1.3500.

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Intraday technical levels and trading recommendations on GBP/USD for July 16, 2014 Trend News

Successive ascending 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 were observed on the daily chart. This means the pair is 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 significant bullish rejection was expressed at retesting that took place on Tuesday.

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 between 1.7140 - 1.7170 keeps providing evident bearish price movement each time a price zone gets tested.

A pattern of multiple-tops was confirmed after breakdown of the depicted bullish channel. Moreover, the first bearish target was hit around 1.7055.

However, the pair showed evident bullish recovery around 1.7060 that was able to challenge 1.7200 once again.

A short position can be triggered if the pair remains outside (below) the depicted channel. Stop Loss should be located above 1.7200.

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 GBP/JPY for July 16, 2014 Trend News

Overview

From the today's H4 chart and as it was expected yesterday, the pair might get a new bullish signal to continue its upward trend in case of closing 4H above the resistance level of 173.75 after it was tested yesterday. Today, the pair has managed to break it through. Currently, the price is testing the resistance level of 174.40 keeping its move inside the bullish channel. More bullish signals are still expected in case of closing above this resistance level with the first target few pips below the resistance level of 175.00. Hence, we should wait for more confirmations before making the decision.

Resistance and support levels: R3 (175.30), R2 (175.00), R1 (174.40), S1 (173.75), S2 (173.30), S3(172.75)

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EUR/NZD analysis for July 16, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.5594 in a volume above average according to the 4H timeframe. I have placed Fibonacci retracement to find potential resisntace level and I got Fibonacci retracement 61.8% at the price of 1.5588 (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 supply in a volume above the average.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5494

R2: 1.5509

R3: 1.5534

Support levels:

S1: 1.5443

S2: 1.5428

S3: 1.5402

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

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Daily analysis of Silver for July 16, 2014 Trend News

According to the attached H4 chart, the price closure below the resistance level of 20.75 gave the metal new opportunities for sell signals. Currently, the metal has already managed to close below the resistance level to trade below it. Besides, it was able to open the way towards 20.55 as the first target. Then, the metal must test the support level of 20.50 to get more bearish move till reaching 20.20 as the second target. On the other hand, the metal's rebound from the support level of 20.50 cancels the bearish scenario.

Resistance and support levels: R3 (21.20), R2 (21.00), R1 (20.75), S1 (20.50), S2 (20.20), S3(19.90)

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Gold analysis for July 16, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,291.97 in a high volume according to the 4H timeframe. According to the daily timeframe, we can observe supply in a high volume, which is a sign that buying at this stage looks risky. Now, we are in a bearish corrective phase, so be careful with buying. Our first support level at the price of 1,305.00 has been reached. So, we may expect testing the level of 1,282.00 (Fibonacci retracement 61.8%). According to the 4H timeframe, we can observe weak demand, which is a sign that we may see more downward movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,309.70

R2: 1,314.84

R3: 1,323.17

Support levels:

S1: 1,293.04

S2: 1,287.90

S3: 1,279.57

Trading recommendation: Be careful with buying Gold since it is in a bearish corrective phase.

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Technical analysis of GBP/USD for July 16, 2014 Trend News

Overview :

• The market of GBP/USD pair was not stable and the trend was not clear. Consequently, the market will probably start showing the signs of tight sideway range on July 16, 2014. Thus, the GBP/USD pair will be restricted by the levels of 1.7160 and 1.7085. So, it would be wise to pay attention to this area. Moreover, it should be noted that the double bottom is going to set at the price of 1.7085. Additionally, resistance stood at 1.7160. Thus, we predict a tiny range about 60 pips today. Therefore, try to buy at a lower price around the weekly support at the price of 1.7080 with the first target of 1.7120 (the price of 1.7119 is representing the weekly pivot point). It will climb towards 1.7154 (the weekly resistance one).

Notes :

• Expect a range of 60 pips.


• Strong support level will be formed at the price of 1.7080 today.


• The value of 50% Fibonacci retracement levels has set at the 1.7126 level. Moreover, it is the key level to confirm the bullish market.

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Technical analysis of NZD/USD for July 16, 2014 Trend News

Overview :

• The NZD/USD pair is going to continue rising upright from the price of 0.8540. Equally importantly, it should be noted that 38.2% of Fibonacci retracement levels and the level 0.8540 are conforming the same price for that. This level is probably going to form a strong support. Accordingly, the Kiwi is showing signs of strength following the break of the highest level at 0.8538. So, it will be a good sign to buy above the level of 38.2% of Fibonacci retracement levels in the daily chart with the first target at 0.8710 and further at 0.8830 (it will act as a strong resistance). Thus, it is going to be a good place to take profit. Besides, it also should be noted this level of taking profit will coincide at the double top. On the other hand, in case reversal takes place and the NZD/USD pair breaks through the support level of 0.8650, the market will lead to further decline to 0.8445, in order to indicate for a bearish market in the long term.

Notes :

• The level of 0.8846 is going to act as the highest level.


• The minor support has set at 0.8540.


• We expect a bullish market in coming days.

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Technical Analysis of USD/CAD for July 16, 2014 Trend News

USD/CAD

The pair held the weekly support trend line and 61.8% fib levels. The pair took a upturn and closed above the 50-W Sma, trading above two weeks high. The pair is facing resistance at 200-D Ema 1.0775 levels. If the pair closes above 1.0775 on a daily closing basis, we can see a short-term rally towards 1.0808 (50-D Sma) levels. The weekly momentum indicators turn in the positive direction.

Intraweek resistance - 1.0775

Intraweek support - 1.0732 1.0710 1.07

Monthly support - 1.0620

The pair is trading above the hourly moving averages. The pair breaks the descending trend line and is still holding above that. It has a support at 1.0734, 1.0717 and 1.0698 levels , resistance is at 1.0776 on the intraday basis. The pair looks weak below 1.0698. The hourly momentum oscillators mean an overbought sign. Traders can wait for a healthy correction to buy again.

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Technical Analysis of USD/CHF for July 16, 2014 Trend News

The pair is trading above the three weeks high and facing resistance at 50-W Sma at the 0.90 levels. Currently, the pair is trading at the 0.8959 levels. If the pair managed to close above 0.90 on a weekly closing basis, the bulls are back on track for the short-term rally. On the down side, the pair has support at the 0.89 levels.

Intraweek resistance - 0.8976 0.90

Intraweek support - 0.8945 0.8936 0.8899

Monthly support - 0.8857

The pair is close above the short-term averages in the daily chart. If the pair closes above 50-D Sma and 200-D Sma, it is a good sign. The pair has resistance at 0.8976 levels. For an intraday basis, the pair is facing strong resistance at 0.8963. Above this, it can fly up to 0.8976, 0.90, and 0.9059 levels. On the down side, it has support at 0.8955, below this at 0.8936, and 0.8926 levels. The pair looks weak below 0.8926 for a downside move to the 0.8912 and 0.8899 levels.

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Technical analysis of EUR/JPY for July 16, 2014 Trend News

General overview for 16/07/2014 10:40 CET

The corrective cycle in purple wave 4 might be considered completed. The golden trendline is still providing resistance. Nevertheless, this corrective cycle might get a little more complex if the level of intraday support at the level of 137.48 will not be clearly broken. This price action would mean a possible triangle pattern in purple wave 4 which is in progress. Besides, more range trading between the levels of 138.08 and 137.48 should be expected. On the other hand, a clear impulsive breakout below the level of 137.48 opens the bearish trade range. The target levels are on weekly support pivots at the levels of 137.17 and 136.67.

Support/resistance:

136.67 - WS2

136.17 - WS1

137.48 - intraday support

138.00 - weekly pivot

138.08 - intraday resistance

Trading recommendations:

The last wave to the downside is needed to complete the impulsive progression. So, short orders opened at the beginning of this week and earlier should be still kept open.

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Technical analysis of USD/CAD for July 16, 2014 Trend News

General overview for 16/07/2014 10:00 CET

The target level for this pair has not been hit yet. As long as the price is moving inside the golden channel and intraday support is not broken, there is still a possibility of higher prices with the target at the level of 1.0786. On the other hand, the clear bearish divergence on the momentum oscillator is indicating the possibility of a top in black wave 2. To confirm that, the market must breakout of the golden channel, violate the intraday support at the level of 1.0746 and get back to the weekly pivot level or lower.

Support/resistance:

1.0794 - 50% Fibo

1.0786 - WR1

1.0768 - intraday resistance

1.0746 - intraday support

1.0708 - weekly pivot

1.0695 - technical support

Trading recommendations:

Day traders might consider to open first aggressive sell orders from the current price levels with SL above the level of 1.0801 and TP at the level of 1.0708 with a possible downside extension. Please, notice there is still a possibility of the level of testing 50% Fibo before the downtrend resumes.

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Elliott wave analysis of EUR/NZD for July 16, 2014 Trend News

Today's support and resistance levels:

R3: 1.5706

R2: 1.5650

R1: 1.5617

Current spot: 1.5574

S1: 1.5541

S2: 1.5500

S3: 1.5466

Technical summary:

After a minor decline to 1.5432 (slightly below our expected support at 1.5439) we saw a new powerful rally above resistance at 1.5501 adding even more confidence to a bottom being in place at 1.5398. In the short run, we will be looking for support at 1.5541 for the next rally higher to at least 1.5617 and possibly even higher to 1.5668 before the first minor five wave rally from 1.5398 is over and a correction of the rally from 1.5398 is expected.

Trading recommendations:

We are long in EUR from 1.5425 and will move stop higher to 1.5430 and place take profit at 1.5655. If you are not long in EUR yet, buy near 1.5541 and use the same stop at take profit levels.

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Elliott wave analysis of EUR/JPY for July 16, 2014 Trend News

Today's support and resistance levels:

R3: 138.08

R2: 137.98

R1: 137.88

Current spot: 137.81

S1: 137.71

S2: 137.50

S3: 137.10

Technical summary:

As expected, the correction in blue wave ii ended at 138.45. It should be just a matter of time before we see acceleration lower to 135.49 as wave iii develops. A break below minor support at 137.63 will confirm the expected acceleration lower to 135.49. Wave iii could extend its decline, but taking into consideration, that the equality target between wave A and C comes in at 134.34. It will be reasonable to expect wave iii to end at 135.49 giving wave iv and v room to develop.

Trading recommendations:

We are short in EUR from 138.95 and will lower our stop to 138.50. If you are not short in EUR yet, then sell upon a break below 137.63 with stop placed at 138.50.

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Technical Analysis of EUR/USD for July 16, 2014 Trend News

EUR/USD

Zew investor sentiment index falls for the seventh consecutive month. German investor confidence fell by 2.7 points to 27.1. The pair drifted to the three week low and hit the previous support at 1.3575 levels. Now, the support has turned into the resistance level. The weekly momentum oscillators are indicating a bearish bias.

Intraweek resistance - 1.3575 1.3620 1.3640

Monthly resistance - 1.37

Intraweek support- 1.3540 1.3525 1.35

Monthly support- 1.34

For an intraday basis, the pair is holding above 1.3562 (16-hr low) and the nearest resistance is at 1.3576 above this, 1.3594, 1.36 and 1.3615 levels. Until the pair trades below 1.3615, the bears will take the pair towards 1.3540, 1.3525, and 1.35 levels.

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Forecast of Gold for July 16, 2014 Trend News

GOLD

Yellen testimony made the metal to extend its losses. The metal drifted to the other important key support level at $1,291.90 (50-D Sma). Obviously, it has been holding support in yesterday's session and today in Asia's session as well. It is trading at the $1,295.20 levels. It has key resistance at the $1,299.50 (50-W Sma) levels. The metal must close above the $1,300 level on a weekly basis to pause its downfall. The trading pattern is framed between the $1,300-$1,291.50 levels.

For an intraday basis, the metal is trading below the hourly moving averages, which is a bearish sign. The metal favors the bear market until it trades below $1,300 (50-W Sma) as well as $1,313.50 (16-hr high). The metal must cross the $1,322 levels to turn to the bullish view on a daily basis. It has support at $1,291.90 (12-hr low) below this. We can see $1,286 (200-D Sma) levels.

If a session closes below the $1,286 levels, we can see a huge fall up to $1,280, $1,261 and even $1,240 levels.

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#USDX Technical analysis for July 16, 2014 Trend News

The Dollar index has given a daily buy signal and is now in bullish trend. The price is supported both in short- and medium term. The US dollar is expected to strengthen even more. I favor long positions as long as we are above 80.

Yesterday, I mentioned that as long as the price is above the Ichimoku cloud, we should prefer long positions. Resistance at 80.25 was broken and our short-term target of 80.40 has been reached. The Dollar index has made a new short-term higher high and confirms that the trend is bullish. The price is above the Ichimoku cloud. Support is found at 80.15 and 80.

In the daily chart, the price has broken above the short-term top at 80.40 and above the daily Ichimoku cloud. These are two bullish signals. The trend is upwards. We should see the Dollar index to rise to 80.70 which is the next resistance. If that resistance is broken too, we should expect the Dollar index to reach 81. Support is at 80 and if broken there will be increased probability of breaking below 79.75. I believe the bearish scenario is the least favorable. I prefer to remain bullish.

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Daily analysis of major pairs for July 16, 2014 Trend News

EUR/USD: This is a clean bear market and the price has gone further downwards this week. The urge for the price to go bearish is very strong and it may test the support line at 1.3550. That support line is almost tested, and with the continuation of the bearish strength, the support line would be breached to the downside.

USD/CHF: This pair has been able to break out as it was prognosticated last week. This time, the breakout is in favor of the bulls and the price is now trading above the support level at 0.8950. The bulls can expect to take their profits at the great resistance level at 0.9000.

GBP/USD: This is a bull market, and the currency trading instrument could go on beyond the distribution territory at 1.7150. The RSI period 14 is above the level 50.

USD/JPY: This pair appears strong purely as a result of the strength of the Greenback. The strength has given this pair a renewed energy, making it form a Bullish Confirmation Pattern in the chart. The price is not expected to go upwards significantly, but it may test the supply level at 102.00. Any break above that supply level would suggest the continuous weakness in the Yen.

EUR/JPY: The weakness of the EUR has made the EUR/JPY cross weak. The weakness has brought the cross in alignment with the dominant bias on the market which is bearish. This means that the recent rally in the chart correctly predicted a sell-off in the context of a downtrend. The market could go on testing the demand zone at 137.50. The demand zone was tested last week, and thus it could be tested this week.

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